JOYY Reports Third Quarter 2024 Unaudited Financial Results
JOYY Inc (NASDAQ: YY) reported Q3 2024 financial results with net revenues of US$558.7 million, down from US$567.1 million in Q3 2023. Net income was US$60.6 million, compared to US$72.9 million year-over-year. The company's non-livestreaming revenues grew by 13.1% to US$119.2 million quarter-over-quarter. Operating income increased to US$16.4 million with a 2.9% margin. During Q3, JOYY repurchased US$117.8 million worth of shares and maintained a strong net cash position of US$3,302.1 million. The company expects Q4 2024 revenues between US$546-563 million.
JOYY Inc (NASDAQ: YY) ha riportato i risultati finanziari del terzo trimestre 2024 con ricavi netti di 558,7 milioni di dollari USA, in calo rispetto ai 567,1 milioni di dollari USA del terzo trimestre 2023. Il reddito netto è stato di 60,6 milioni di dollari USA, rispetto ai 72,9 milioni di dollari USA dell'anno precedente. I ricavi non legati allo streaming sono aumentati del 13,1% a 119,2 milioni di dollari USA rispetto al trimestre precedente. Il reddito operativo è salito a 16,4 milioni di dollari USA con un margine del 2,9%. Durante il terzo trimestre, JOYY ha riacquistato azioni per un valore di 117,8 milioni di dollari USA e ha mantenuto una solida posizione di liquidità netta di 3.302,1 milioni di dollari USA. L'azienda prevede ricavi per il quarto trimestre 2024 compresi tra 546 e 563 milioni di dollari USA.
JOYY Inc (NASDAQ: YY) informó sobre los resultados financieros del tercer trimestre de 2024, con ingresos netos de 558,7 millones de dólares estadounidenses, una disminución en comparación con los 567,1 millones de dólares estadounidenses del tercer trimestre de 2023. La utilidad neta fue de 60,6 millones de dólares estadounidenses, en comparación con los 72,9 millones de dólares estadounidenses del año anterior. Los ingresos no relacionados con transmisiones en vivo crecieron un 13,1% hasta 119,2 millones de dólares estadounidenses trimestre a trimestre. El ingreso operativo aumentó a 16,4 millones de dólares estadounidenses con un margen del 2,9%. Durante el tercer trimestre, JOYY recompró acciones por un valor de 117,8 millones de dólares estadounidenses y mantuvo una sólida posición de efectivo neto de 3.302,1 millones de dólares estadounidenses. La empresa espera ingresos para el cuarto trimestre de 2024 entre 546 y 563 millones de dólares estadounidenses.
JOYY Inc (NASDAQ: YY)는 2024년 3분기 재무 결과를 발표했으며, 순수익은 5억 5천 87만 달러로 2023년 3분기의 5억 6천 71만 달러에서 감소했습니다. 순이익은 6천 6백 만 달러로 전년 대비 7천 29만 달러에서 감소했습니다. 비라이브 스트리밍 수익은 분기마다 13.1% 증가하여 1억 1천 92만 달러에 달했습니다. 운영 수익은 1천 64만 달러로 2.9%의 마진을 기록했습니다. 3분기 동안 JOYY는 1억 1천 78만 달러 상당의 자사주를 매입했으며, 33억 21만 달러의 강력한 순현금 위치를 유지했습니다. 회사는 2024년 4분기 수익이 5억 4천 6백만에서 5억 6천 3백만 달러 사이일 것으로 기대하고 있습니다.
JOYY Inc (NASDAQ: YY) a annoncé les résultats financiers du troisième trimestre 2024 avec des revenus nets de 558,7 millions de dollars US, en baisse par rapport à 567,1 millions de dollars US au troisième trimestre 2023. Le revenu net s'est élevé à 60,6 millions de dollars US, comparé à 72,9 millions de dollars US d'une année sur l'autre. Les revenus non liés au streaming ont augmenté de 13,1 % pour atteindre 119,2 millions de dollars US d'un trimestre à l'autre. Le revenu opérationnel a augmenté à 16,4 millions de dollars US avec une marge de 2,9 %. Au cours du troisième trimestre, JOYY a racheté des actions d'une valeur de 117,8 millions de dollars US et a maintenu une solide position de liquidités nettes de 3 302,1 millions de dollars US. L'entreprise s'attend à des revenus pour le quatrième trimestre 2024 compris entre 546 et 563 millions de dollars US.
JOYY Inc (NASDAQ: YY) hat die finanziellen Ergebnisse für das dritte Quartal 2024 berichtet, mit Nettoumsätzen von 558,7 Millionen US-Dollar, ein Rückgang von 567,1 Millionen US-Dollar im dritten Quartal 2023. Der Nettogewinn betrug 60,6 Millionen US-Dollar, verglichen mit 72,9 Millionen US-Dollar im Vorjahr. Die nicht-streaming Einnahmen wuchsen im Quartalsvergleich um 13,1% auf 119,2 Millionen US-Dollar. Der operative Gewinn stieg auf 16,4 Millionen US-Dollar bei einer Marge von 2,9%. Im dritten Quartal hat JOYY Aktien im Wert von 117,8 Millionen US-Dollar zurückgekauft und eine starke Nettobarmittelposition von 3.302,1 Millionen US-Dollar aufrechterhalten. Das Unternehmen erwartet für das vierte Quartal 2024 Einnahmen zwischen 546 und 563 Millionen US-Dollar.
- Operating income increased 623.5% quarter-over-quarter to US$16.4 million
- Non-livestreaming revenues grew 13.1% QoQ to US$119.2 million
- Strong cash position with US$3,302.1 million in net cash
- Advertisement revenues showed substantial growth
- Gross margin improved to 37.3% from 36.9% YoY
- Net revenues declined to US$558.7 million from US$567.1 million YoY
- Net income decreased to US$60.6 million from US$72.9 million YoY
- Average mobile MAUs declined across all platforms YoY
- ARPPU decreased to US$231.4 from US$253.4 YoY
- Live streaming revenues dropped to US$439.5 million from US$495.8 million YoY
Insights
JOYY's Q3 2024 results show mixed performance with some concerning trends. Revenue declined slightly to
Key operational metrics show weakness, with declining MAUs across major platforms Bigo Live, Likee and Hago. The ARPPU dropped to
The strategic shift toward revenue diversification is showing promise, with non-livestreaming revenues growing
The company's disciplined approach to marketing spend and focus on ROI-driven user acquisition suggests a mature strategy, though it may limit near-term growth. The Q4 guidance of
SINGAPORE, Nov. 27, 2024 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”), a global technology company, today announced its unaudited financial results for the third quarter of 2024.
Third Quarter 2024 Financial Highlights1
- Net revenues were US
$558.7 million , compared to US$567.1 million in the corresponding period of 2023. - Net income attributable to controlling interest of JOYY2 was US
$60.6 million , compared to US$72.9 million in the corresponding period of 2023. - Non-GAAP net income attributable to controlling interest and common shareholders of JOYY3 was US
$61.2 million , compared to US$81.2 million in the corresponding period of 2023.
Third Quarter 2024 Operational Highlights
- Average mobile MAUs of Bigo Live was 36.5 million, compared to 40.3 million in the corresponding period of 2023.
- Average mobile MAUs of Likee was 33.9 million, compared to 41.0 million in the corresponding period of 2023, primarily due to disciplined spending on user acquisition via advertisement.
- Average mobile MAUs of Hago was 4.3 million, compared to 5.0 million in the corresponding period of 2023, primarily due to disciplined spending on user acquisition via advertisement.
- Global average mobile MAUs4 was 272.4 million, compared to 276.8 million in the corresponding period of 2023.
- Total number of paying users of BIGO (including Bigo Live, Likee and imo)5 was 1.62 million, compared to 1.61 million in the corresponding period of 2023.
- Average revenue per paying user, or ARPPU, of BIGO (including Bigo Live, Likee and imo)6 was US
$231.4 , compared to US$253.4 in the corresponding period of 2023.
Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, “During the third quarter, we continued to execute effectively on our strategic priorities, cultivating our global social and content ecosystem and enhancing our global operational capabilities and efficiencies, which yielded solid results. Our group’s GAAP and non-GAAP operating income was US
“Looking ahead, we remain focused on enhancing user experiences through product innovation, advancing operational excellence across our global footprint, and further diversifying our revenue streams. Supported by our strong cash flow and healthy financial position, we are well-positioned to deliver sustainable, profitable growth and create lasting value for our shareholders.”
Third Quarter 2024 Financial Results
NET REVENUES
Net revenues were US
Live streaming revenues were US
Other revenues increased by
COST OF REVENUES AND GROSS PROFIT
Cost of revenues decreased by
Gross profit was US
OPERATING EXPENSES AND INCOME
Operating expenses were US
Operating income was US
Non-GAAP operating income7 was US
NET INCOME
Net income attributable to controlling interest of JOYY was US
Non-GAAP net income attributable to controlling interest and common shareholders of JOYY was US
NET INCOME PER ADS
Diluted net income per ADS10 was US
Non-GAAP diluted net income per ADS11 was US
BALANCE SHEET AND CASH FLOWS
As of September 30, 2024, the Company had net cash12 of US
SHARES OUTSTANDING
As of September 30, 2024, the Company had a total of 1,076.6 million common shares outstanding, representing the equivalent of 53.8 million ADSs assuming the conversion of all common shares into ADSs.
Business Outlook
For the fourth quarter of 2024, the Company expects net revenues to be between US
Share Repurchase Program
During the quarter ended September 30, 2024, the Company repurchased 3.43 million of its ADSs for a total of US
Pursuant to the share repurchase program which was extended by the board of directors in August 2024, the Company may repurchase up to US
Conference Call Information
The Company will hold a conference call at 9:00 PM U.S. Eastern Time on Tuesday, November 26, 2024 (10:00 AM Singapore/Hong Kong Time on Wednesday, November 27, 2024). Details for the conference call are as follows:
Event Title: JOYY Inc. Third Quarter 2024 Earnings Conference Call
Conference ID: #10043422
All participants may use the link provided below to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique PIN by email.
PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10043422-tuhgyr.html
A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.joyy.com.
The replay will be accessible through December 4, 2024, by dialing the following numbers:
| United States: | 1-855-883-1031 |
| Singapore: | 800-101-3223 |
| Hong Kong: | 800-930-639 |
| Conference ID: | #10043422 |
About JOYY Inc.
JOYY is a leading global technology company with a mission to enrich lives through technology. JOYY currently operates several social products, including Bigo Live for live streaming, Likee for short-form videos, Hago for multiplayer social networking, an instant messaging product, and others. The Company has created a highly engaging and vibrant user community for users across the globe. JOYY’s ADSs have been listed on the NASDAQ since November 2012.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this press release, as well as JOYY’s strategic and operational plans, contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JOYY’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JOYY’s goals and strategies; JOYY’s future business development, results of operations and financial condition; the expected growth of the global online communication social platform market; the expectation regarding the rate at which to gain active users, especially paying users; JOYY’s ability to monetize the user base; the developments in the sale of YY Live; fluctuations in global economic and business conditions; and assumptions underlying or related to any of the foregoing. A more detailed and full discussion of those risks and other potential risks is included in JOYY’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JOYY does not undertake any obligation to update any forward- looking statement, except as required under applicable law.
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). JOYY uses non-GAAP operating income, non-GAAP operating (loss) margin, non-GAAP net income (loss) attributable to controlling interest of JOYY, non-GAAP net income (loss) margin attributable to controlling interest of JOYY, non-GAAP net income (loss) attributable to common shareholders of JOYY, and basic and diluted non-GAAP net income (loss) per ADS, all of which are non-GAAP financial measures adjusted from the most comparable U.S. GAAP results. Non-GAAP operating income (loss) is operating income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, and gain (loss) on disposal of subsidiaries and business. Non-GAAP operating (loss) margin is non-GAAP operating income as a percentage of net revenues. Non-GAAP net income (loss) is net income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments (referring to share of income (loss) from equity method investments resulting from non-recurring or non-cash items of the equity method investments), gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, and income tax effects of the above non-GAAP reconciling items. Non-GAAP net income (loss) attributable to controlling interest of JOYY is net income (loss) attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income attributable to non-controlling interest shareholders. Non-GAAP net income (loss) margin is non-GAAP net income (loss) attributable to controlling interest of JOYY as a percentage of net revenues. Non-GAAP net income (loss) attributable to common shareholders of JOYY is net income (loss) attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders, gain on repurchase of redeemable convertible preferred shares of a subsidiary and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net income (loss) attributable to non-controlling interest shareholders. After the non-GAAP adjustment, non-GAAP net income (loss) attributable to controlling interests of JOYY is equal to the non-GAAP net income (loss) attributable to common shareholders of JOYY. Basic and diluted non-GAAP net income (loss) per ADS is non-GAAP net income (loss) attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of above reconciling items adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses and amortization of intangible assets from business acquisitions, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, which have been and will continue to be significant recurring expenses in its business, (ii) impairment of goodwill and investments, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders and gain on repurchase of redeemable convertible preferred shares of a subsidiary which may not be recurring in its business, and (iii) income tax expenses and non-GAAP adjustments for net income (loss) attributable to non-controlling interest shareholders, which are affected by the above non-GAAP reconciling items. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release.
Investor Relations Contact
JOYY Inc.
Jane Xie/Maggie Yan
Email: joyy-ir@joyy.com
ICR, Inc.
Robin Yang
Email: joyy@icrinc.com
1 On November 16, 2020, the Company entered into definitive agreements with affiliates of Baidu, Inc. (“Baidu”), subsequently amended on February 7, 2021. Pursuant to the agreements, Baidu would acquire JOYY’s video-based entertainment live streaming business in mainland China, which the Company refers to as YY Live, including the YY mobile app, the YY.com website and the YY PC app, among others, for an aggregate purchase price of approximately US
The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated. For the avoidance of confusion, the continuing operations for the three months ended September 30, 2023, June 30, 2024 and September 30, 2024 and for the nine months ended September 30, 2023 and September 30, 2024, as presented in this press release, primarily consisted of BIGO segment (primarily including Bigo Live, Likee and imo) and the All other segment, excluding YY Live.
2 Net income (loss) attributable to controlling interest of JOYY is net income (loss) less net (loss) income attributable to the non-controlling interest shareholders and the mezzanine equity classified as non-controlling interest shareholders.
3 Non-GAAP net income (loss) attributable to controlling interest of JOYY is a non-GAAP financial measure, which is defined as net income (loss) attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments which refer to those similar non-GAAP reconciling items of the Company, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for net (loss) income attributable to non-controlling interest shareholders. These adjustments amounted to US
4 Refers to average mobile monthly active users of the social entertainment platforms operated by the Company, including Bigo Live, Likee, imo and Hago. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile active users for each month of such period, by (ii) the number of months in such period.
5 The number of paying users during a given period is calculated as the cumulative number of registered user accounts that have purchased virtual items or other products and services on Bigo Live, Likee or imo at least once during the relevant period.
6 Average revenue per user is calculated by dividing our total revenues from live streaming on Bigo Live, Likee and imo during a given period by the number of paying users for the Company’s live streaming services on these platforms for that period.
7 Non-GAAP operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses, amortization of intangible assets from business acquisitions, impairment of goodwill and investments and gain (loss) on disposal of subsidiaries and business. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.
8 Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) as a percentage of net revenues. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.
9 Non-GAAP net income (loss) margin is non-GAAP net income (loss) attributable to controlling interest of JOYY as a percentage of net revenues.
10 ADS refers to American Depositary Share. Each ADS represents twenty Class A common shares of the Company. Diluted net income (loss) per ADS is net income (loss) attributable to common shareholders of JOYY divided by weighted average number of diluted ADS.
11 Non-GAAP diluted net income (loss) per ADS is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of diluted net income (loss) per ADS. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.
12 Net cash is calculated as the sum of cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits, short-term investments and long-term deposits, less convertible bonds, short-term loans, and long-term loans.
| JOYY INC. | |||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||
| December 31, | September 30, | ||||||
| 2023 | 2024 | ||||||
| US$ | US$ | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | 1,063,956 | 481,763 | |||||
| Restricted cash and cash equivalents | 319,250 | 396,377 | |||||
| Short-term deposits | 1,970,346 | 1,791,808 | |||||
| Restricted short-term deposits | 57,243 | 35,143 | |||||
| Short-term investments | 274,846 | 191,578 | |||||
| Accounts receivable, net | 130,700 | 129,337 | |||||
| Amounts due from related parties | 810 | 740 | |||||
| Prepayments and other current assets(1) | 255,489 | 260,412 | |||||
| Total current assets | 4,072,640 | 3,287,158 | |||||
| Non-current assets | |||||||
| Long-term deposits | 130,000 | 460,000 | |||||
| Investments | 544,542 | 567,504 | |||||
| Property and equipment, net | 390,681 | 462,916 | |||||
| Land use rights, net | 316,070 | 313,075 | |||||
| Intangible assets, net | 333,715 | 291,004 | |||||
| Right-of-use assets, net | 30,173 | 23,295 | |||||
| Goodwill | 2,649,281 | 2,649,297 | |||||
| Other non-current assets | 16,763 | 25,894 | |||||
| Total non-current assets | 4,411,225 | 4,792,985 | |||||
| Total assets | 8,483,865 | 8,080,143 | |||||
| Liabilities, mezzanine equity and shareholders’ equity | |||||||
| Current liabilities | |||||||
| Short-term loans | 52,119 | 54,523 | |||||
| Accounts payable | 66,755 | 91,483 | |||||
| Deferred revenue | 73,673 | 72,321 | |||||
| Advances from customers | 6,047 | 4,628 | |||||
| Income taxes payable | 86,100 | 79,338 | |||||
| Accrued liabilities and other current liabilities(1) | 2,381,189 | 2,380,130 | |||||
| Amounts due to related parties | 2,533 | 1,896 | |||||
| Lease liabilities due within one year | 12,388 | 11,721 | |||||
| Convertible bonds | 405,603 | - | |||||
| Total current liabilities | 3,086,407 | 2,696,040 | |||||
| Non-current liabilities | |||||||
| Lease liabilities | 18,422 | 11,881 | |||||
| Deferred revenue | 12,932 | 13,284 | |||||
| Deferred tax liabilities | 53,955 | 48,897 | |||||
| Total non-current liabilities | 85,309 | 74,062 | |||||
| Total liabilities | 3,171,716 | 2,770,102 | |||||
| JOYY INC. | |||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) | |||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||
| December 31, | September 30, | ||||||
| 2023 | 2024 | ||||||
| US$ | US$ | ||||||
| Mezzanine equity | 22,133 | 23,333 | |||||
| Shareholders’ equity | |||||||
| Class A common shares (US | 9 | 8 | |||||
| Class B common shares (US | 3 | 3 | |||||
| Treasury shares (US | (913,939 | ) | (1,157,649 | ) | |||
| Additional paid-in capital | 3,282,754 | 3,340,387 | |||||
| Statutory reserves | 37,709 | 37,686 | |||||
| Retained earnings | 2,947,160 | 3,104,051 | |||||
| Accumulated other comprehensive loss | (197,010 | ) | (167,269 | ) | |||
| Total JOYY Inc.’s shareholders’ equity | 5,156,686 | 5,157,217 | |||||
| Non-controlling interests | 133,330 | 129,491 | |||||
| Total shareholders’ equity | 5,290,016 | 5,286,708 | |||||
| Total liabilities, mezzanine equity and shareholders’ equity | 8,483,865 | 8,080,143 | |||||
| (1) JOYY has ceased consolidation of YY Live business since February 8, 2021 and classified and presented all the related assets and liabilities related to YY Live business on a net basis within prepayments and other current assets. The consideration received by the Company to date remains within cash and cash equivalents, restricted cash and cash equivalents, and short-term deposits. Correspondingly, the advanced payments received has been recorded as accrued liabilities and other current liabilities. | |||||||
| JOYY INC. | |||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | |||||||||||
| US$ | US$ | US$ | US$ | US$ | |||||||||||
| Net revenues | |||||||||||||||
| Live streaming(1) | 495,801 | 459,730 | 439,482 | 1,493,175 | 1,365,603 | ||||||||||
| Others | 71,268 | 105,398 | 119,172 | 204,856 | 322,739 | ||||||||||
| Total net revenues | 567,069 | 565,128 | 558,654 | 1,698,031 | 1,688,342 | ||||||||||
| Cost of revenues(2) | (357,914 | ) | (366,189 | ) | (350,536 | ) | (1,086,482 | ) | (1,085,922 | ) | |||||
| Gross profit | 209,155 | 198,939 | 208,118 | 611,549 | 602,420 | ||||||||||
| Operating expenses(2) | |||||||||||||||
| Research and development expenses | (71,608 | ) | (69,856 | ) | (72,360 | ) | (222,923 | ) | (211,255 | ) | |||||
| Sales and marketing expenses | (92,515 | ) | (88,132 | ) | (83,524 | ) | (277,319 | ) | (266,294 | ) | |||||
| General and administrative expenses | (27,139 | ) | (40,686 | ) | (36,073 | ) | (88,074 | ) | (108,502 | ) | |||||
| Total operating expenses | (191,262 | ) | (198,674 | ) | (191,957 | ) | (588,316 | ) | (586,051 | ) | |||||
| (Loss) gain on deconsolidation and disposal of subsidiaries | (6,177 | ) | 1,643 | - | (6,177 | ) | 1,643 | ||||||||
| Other income | 333 | 361 | 255 | 6,963 | 4,216 | ||||||||||
| Operating income | 12,049 | 2,269 | 16,416 | 24,019 | 22,228 | ||||||||||
| Interest expenses | (2,139 | ) | (1,864 | ) | (535 | ) | (8,305 | ) | (4,535 | ) | |||||
| Interest income and investment income | 47,330 | 46,702 | 41,067 | 138,067 | 136,696 | ||||||||||
| Foreign currency exchange (losses) gains, net | (5,143 | ) | 1,125 | (10,742 | ) | 5,252 | (8,849 | ) | |||||||
| (Loss) gain on disposal and deemed disposal of investments | (2,673 | ) | - | - | 74,851 | - | |||||||||
| Gain (loss) on fair value change of investments | 7,112 | (619 | ) | 9,281 | 6,162 | 9,647 | |||||||||
| Income before income tax expenses | 56,536 | 47,613 | 55,487 | 240,046 | 155,187 | ||||||||||
| Income tax expenses | (3,001 | ) | (2,628 | ) | (6,279 | ) | (16,541 | ) | (13,444 | ) | |||||
| Income before share of income in equity method investments, net of income taxes | 53,535 | 44,985 | 49,208 | 223,505 | 141,743 | ||||||||||
| Share of income in equity method investments, net of income taxes | 11,545 | 2,805 | 6,746 | 8,824 | 2,156 | ||||||||||
| Net income | 65,080 | 47,790 | 55,954 | 232,329 | 143,899 | ||||||||||
| Net loss attributable to the non-controlling interest shareholders and the mezzanine equity classified as non-controlling interest shareholders | 7,812 | 4,276 | 4,603 | 23,652 | 14,010 | ||||||||||
| Net income attributable to controlling interest of JOYY Inc. | 72,892 | 52,066 | 60,557 | 255,981 | 157,909 | ||||||||||
| Accretion of subsidiaries’ redeemable convertible preferred shares to redemption value | (1,566 | ) | (347 | ) | (347 | ) | (4,698 | ) | (1,041 | ) | |||||
| Cumulative dividend on subsidiary’s Series A Preferred Shares | - | - | - | (2,000 | ) | - | |||||||||
| Gain on repurchase of redeemable convertible preferred shares of a subsidiary | 52,583 | - | - | 52,583 | - | ||||||||||
| Net income attributable to common shareholders of JOYY Inc. | 123,909 | 51,719 | 60,210 | 301,866 | 156,868 | ||||||||||
| JOYY INC. | |||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) | |||||||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | |||||||||||
| US$ | US$ | US$ | US$ | US$ | |||||||||||
| Net income per ADS | |||||||||||||||
| ——Basic | 1.99 | 0.87 | 1.06 | 4.53 | 2.65 | ||||||||||
| ——Diluted | 1.86 | 0.83 | 1.05 | 4.11 | 2.55 | ||||||||||
| Weighted average number of ADS used in calculating net income per ADS | |||||||||||||||
| ——Basic | 62,266,339 | 59,537,049 | 56,573,411 | 66,633,991 | 59,287,792 | ||||||||||
| ——Diluted | 67,669,387 | 64,101,951 | 57,220,581 | 75,061,963 | 62,803,046 | ||||||||||
| (1) Revenues by geographical areas were as follows: | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | |||||||||||
| US$ | US$ | US$ | US$ | US$ | |||||||||||
| Developed countries and regions | 252,089 | 306,099 | 306,633 | 701,872 | 903,768 | ||||||||||
| Middle East | 108,299 | 75,530 | 77,152 | 338,257 | 240,140 | ||||||||||
| Mainland China | 74,525 | 62,604 | 57,952 | 278,939 | 180,357 | ||||||||||
| Southeast Asia and others | 132,156 | 120,895 | 116,917 | 378,963 | 364,077 | ||||||||||
| Note: Developed countries and region mainly included the United States of America, Great Britain, Japan, South Korea and Australia. Middle East mainly included Saudi Arabia and other countries located in the region. Southeast Asia and others mainly included Indonesia, Vietnam and rest of the world. | |||||||||||||||
| (2) Share-based compensation was allocated in cost of revenues and operating expenses as follows: | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | |||||||||||
| US$ | US$ | US$ | US$ | US$ | |||||||||||
| Cost of revenues | 493 | 778 | (16 | ) | 2,754 | 1,425 | |||||||||
| Research and development expenses | 4,108 | 3,282 | 2,960 | 15,395 | 9,634 | ||||||||||
| Sales and marketing expenses | 110 | 108 | 193 | 664 | 432 | ||||||||||
| General and administrative expenses | 1,586 | 2,183 | 1,778 | 5,921 | 5,903 | ||||||||||
| JOYY INC. | |||||||||||||||
| UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS | |||||||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | |||||||||||
| US$ | US$ | US$ | US$ | US$ | |||||||||||
| Operating income | 12,049 | 2,269 | 16,416 | 24,019 | 22,228 | ||||||||||
| Share-based compensation expenses | 6,297 | 6,351 | 4,915 | 24,734 | 17,394 | ||||||||||
| Amortization of intangible assets from business acquisitions | 15,890 | 13,590 | 13,540 | 47,670 | 42,262 | ||||||||||
| Impairment of investments | - | 9,386 | - | - | 9,386 | ||||||||||
| Loss (gain) on deconsolidation and disposal of subsidiaries | 6,177 | (1,643 | ) | - | 6,177 | (1,643 | ) | ||||||||
| Non-GAAP operating income | 40,413 | 29,953 | 34,871 | 102,600 | 89,627 | ||||||||||
| Net income | 65,080 | 47,790 | 55,954 | 232,329 | 143,899 | ||||||||||
| Share-based compensation expenses | 6,297 | 6,351 | 4,915 | 24,734 | 17,394 | ||||||||||
| Amortization of intangible assets from business acquisitions | 15,890 | 13,590 | 13,540 | 47,670 | 42,262 | ||||||||||
| Impairment of investments | - | 9,386 | - | - | 9,386 | ||||||||||
| Loss (gain) on deconsolidation and disposal of subsidiaries | 6,177 | (1,643 | ) | - | 6,177 | (1,643 | ) | ||||||||
| Loss (gain) on disposal and deemed disposal of investments | 2,673 | - | - | (74,851 | ) | - | |||||||||
| (Gain) loss on fair value change of investments | (7,112 | ) | 619 | (9,281 | ) | (6,162 | ) | (9,647 | ) | ||||||
| Interest expenses related to the convertible bonds’ amortization to face value | 238 | 198 | - | 1,344 | 435 | ||||||||||
| Income tax effects on non-GAAP adjustments | (4,070 | ) | (1,883 | ) | (1,574 | ) | (9,509 | ) | (5,679 | ) | |||||
| Reconciling items on the share of equity method investments | (10,521 | ) | (3,700 | ) | (6,167 | ) | (13,369 | ) | (5,433 | ) | |||||
| Non-GAAP net income | 74,652 | 70,708 | 57,387 | 208,363 | 190,974 | ||||||||||
| Net income attributable to common shareholders of JOYY Inc. | 123,909 | 51,719 | 60,210 | 301,866 | 156,868 | ||||||||||
| Share-based compensation expenses | 6,297 | 6,351 | 4,915 | 24,734 | 17,394 | ||||||||||
| Amortization of intangible assets from business acquisitions | 15,890 | 13,590 | 13,540 | 47,670 | 42,262 | ||||||||||
| Impairment of investments | - | 9,386 | - | - | 9,386 | ||||||||||
| Loss (gain) on deconsolidation and disposal of subsidiaries | 6,177 | (1,643 | ) | - | 6,177 | (1,643 | ) | ||||||||
| Loss (gain) on disposal and deemed disposal of investments | 2,673 | - | - | (74,851 | ) | - | |||||||||
| (Gain) loss on fair value change of investments | (7,112 | ) | 619 | (9,281 | ) | (6,162 | ) | (9,647 | ) | ||||||
| Interest expenses related to the convertible bonds’ amortization to face value | 238 | 198 | - | 1,344 | 435 | ||||||||||
| Accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders | 1,566 | 347 | 347 | 6,698 | 1,041 | ||||||||||
| Gain on repurchase of redeemable convertible preferred shares of a subsidiary | (52,583 | ) | - | - | (52,583 | ) | - | ||||||||
| Income tax effects on non-GAAP adjustments | (4,070 | ) | (1,883 | ) | (1,574 | ) | (9,509 | ) | (5,679 | ) | |||||
| Reconciling items on the share of equity method investments | (10,521 | ) | (3,700 | ) | (6,167 | ) | (13,369 | ) | (5,433 | ) | |||||
| Non-GAAP adjustments for net loss attributable to the non-controlling interest shareholders | (1,311 | ) | (949 | ) | (819 | ) | (3,693 | ) | (2,574 | ) | |||||
| Non-GAAP net income attributable to controlling interest and common shareholders of JOYY Inc. | 81,153 | 74,035 | 61,171 | 228,322 | 202,410 | ||||||||||
| Non-GAAP net income per ADS | |||||||||||||||
| ——Basic | 1.30 | 1.24 | 1.08 | 3.43 | 3.41 | ||||||||||
| ——Diluted | 1.22 | 1.17 | 1.07 | 3.12 | 3.26 | ||||||||||
| Weighted average number of ADS used in calculating Non-GAAP net income per ADS | |||||||||||||||
| ——Basic | 62,266,339 | 59,537,049 | 56,573,411 | 66,633,991 | 59,287,792 | ||||||||||
| ——Diluted | 67,669,387 | 64,101,951 | 57,220,581 | 75,061,963 | 62,803,046 | ||||||||||
| JOYY INC. | |||||||||||
| UNAUDITED SEGMENT REPORT | |||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||
| Three Months Ended | |||||||||||
| September 30, 2024 | |||||||||||
| BIGO | All other | Elimination(1) | Total | ||||||||
| US$ | US$ | US$ | US$ | ||||||||
| Net revenues | |||||||||||
| Live streaming | 417,762 | 21,720 | - | 439,482 | |||||||
| Others | 78,247 | 41,317 | (392 | ) | 119,172 | ||||||
| Total net revenues | 496,009 | 63,037 | (392 | ) | 558,654 | ||||||
| Cost of revenues(2) | (312,561 | ) | (38,050 | ) | 75 | (350,536 | ) | ||||
| Gross profit | 183,448 | 24,987 | (317 | ) | 208,118 | ||||||
| Operating expenses(2) | |||||||||||
| Research and development expenses | (44,884 | ) | (27,702 | ) | 226 | (72,360 | ) | ||||
| Sales and marketing expenses | (61,582 | ) | (21,968 | ) | 26 | (83,524 | ) | ||||
| General and administrative expenses | (14,249 | ) | (21,889 | ) | 65 | (36,073 | ) | ||||
| Total operating expenses | (120,715 | ) | (71,559 | ) | 317 | (191,957 | ) | ||||
| Other income | 6 | 249 | - | 255 | |||||||
| Operating income (loss) | 62,739 | (46,323 | ) | - | 16,416 | ||||||
| Interest expenses | (1,335 | ) | (117 | ) | 917 | (535 | ) | ||||
| Interest income and investment income | 13,107 | 28,877 | (917 | ) | 41,067 | ||||||
| Foreign currency exchange losses, net | (10,290 | ) | (452 | ) | - | (10,742 | ) | ||||
| Gain on fair value change of investments | 5,466 | 3,815 | - | 9,281 | |||||||
| Income (loss) before income tax (expenses) benefits | 69,687 | (14,200 | ) | - | 55,487 | ||||||
| Income tax (expenses) benefits | (6,408 | ) | 129 | - | (6,279 | ) | |||||
| Income (loss) before share of income in equity method investments, net of income taxes | 63,279 | (14,071 | ) | - | 49,208 | ||||||
| Share of income in equity method investments, net of income taxes | - | 6,746 | - | 6,746 | |||||||
| Net income (loss) | 63,279 | (7,325 | ) | - | 55,954 | ||||||
| (1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments. | ||||||||
| (2) Share-based compensation was allocated in cost of revenues and operating expenses as follows: | ||||||||
| Three Months Ended | ||||||||
| September 30, 2024 | ||||||||
| BIGO | All other | Total | ||||||
| US$ | US$ | US$ | ||||||
| Cost of revenues | (261 | ) | 245 | (16 | ) | |||
| Research and development expenses | 1,571 | 1,389 | 2,960 | |||||
| Sales and marketing expenses | 39 | 154 | 193 | |||||
| General and administrative expenses | (186 | ) | 1,964 | 1,778 | ||||
| JOYY INC. | ||||||||
| UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT | ||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | ||||||||
| Three Months Ended | ||||||||
| September 30, 2024 | ||||||||
| BIGO | All other | Total | ||||||
| US$ | US$ | US$ | ||||||
| Operating income (loss) | 62,739 | (46,323 | ) | 16,416 | ||||
| Share-based compensation expenses | 1,163 | 3,752 | 4,915 | |||||
| Amortization of intangible assets from business acquisitions | 8,950 | 4,590 | 13,540 | |||||
| Non-GAAP operating income (loss) | 72,852 | (37,981 | ) | 34,871 | ||||
| Net income (loss) | 63,279 | (7,325 | ) | 55,954 | ||||
| Share-based compensation expenses | 1,163 | 3,752 | 4,915 | |||||
| Amortization of intangible assets from business acquisitions | 8,950 | 4,590 | 13,540 | |||||
| Gain on fair value change of investments | (5,466 | ) | (3,815 | ) | (9,281 | ) | ||
| Income tax effects on non-GAAP adjustments | (778 | ) | (796 | ) | (1,574 | ) | ||
| Reconciling items on the share of equity method investments | - | (6,167 | ) | (6,167 | ) | |||
| Non-GAAP net income (loss) | 67,148 | (9,761 | ) | 57,387 | ||||
| JOYY INC. | |||||||||||
| UNAUDITED SEGMENT REPORT | |||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||
| Three Months Ended | |||||||||||
| June 30, 2024 | |||||||||||
| BIGO | All other | Elimination(1) | Total | ||||||||
| US$ | US$ | US$ | US$ | ||||||||
| Net revenues | |||||||||||
| Live streaming | 439,394 | 20,336 | - | 459,730 | |||||||
| Others | 67,760 | 38,024 | (386 | ) | 105,398 | ||||||
| Total net revenues | 507,154 | 58,360 | (386 | ) | 565,128 | ||||||
| Cost of revenues(2) | (327,735 | ) | (38,530 | ) | 76 | (366,189 | ) | ||||
| Gross profit | 179,419 | 19,830 | (310 | ) | 198,939 | ||||||
| Operating expenses(2) | |||||||||||
| Research and development expenses | (42,715 | ) | (27,370 | ) | 229 | (69,856 | ) | ||||
| Sales and marketing expenses | (66,720 | ) | (21,435 | ) | 23 | (88,132 | ) | ||||
| General and administrative expenses | (12,180 | ) | (28,564 | ) | 58 | (40,686 | ) | ||||
| Total operating expenses | (121,615 | ) | (77,369 | ) | 310 | (198,674 | ) | ||||
| Gain on disposal of subsidiary | - | 1,643 | - | 1,643 | |||||||
| Other income | 177 | 184 | - | 361 | |||||||
| Operating income (loss) | 57,981 | (55,712 | ) | - | 2,269 | ||||||
| Interest expenses | (1,475 | ) | (1,400 | ) | 1,011 | (1,864 | ) | ||||
| Interest income and investment income | 15,256 | 32,457 | (1,011 | ) | 46,702 | ||||||
| Foreign currency exchange gains, net | 1,005 | 120 | - | 1,125 | |||||||
| (Loss) gain on fair value change of investments | (2,610 | ) | 1,991 | - | (619 | ) | |||||
| Income (loss) before income tax (expenses) benefits | 70,157 | (22,544 | ) | - | 47,613 | ||||||
| Income tax (expenses) benefits | (5,575 | ) | 2,947 | - | (2,628 | ) | |||||
| Income (loss) before share of income in equity method investments, net of income taxes | 64,582 | (19,597 | ) | - | 44,985 | ||||||
| Share of income in equity method investments, net of income taxes | - | 2,805 | - | 2,805 | |||||||
| Net income (loss) | 64,582 | (16,792 | ) | - | 47,790 | ||||||
| (1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments. | ||||||||
| (2) Share-based compensation was allocated in cost of revenues and operating expenses as follows: | ||||||||
| Three Months Ended | ||||||||
| June 30, 2024 | ||||||||
| BIGO | All other | Total | ||||||
| US$ | US$ | US$ | ||||||
| Cost of revenues | 446 | 332 | 778 | |||||
| Research and development expenses | 1,543 | 1,739 | 3,282 | |||||
| Sales and marketing expenses | 45 | 63 | 108 | |||||
| General and administrative expenses | 408 | 1,775 | 2,183 | |||||
| JOYY INC. | ||||||||
| UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT | ||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | ||||||||
| Three Months Ended | ||||||||
| June 30, 2024 | ||||||||
| BIGO | All other | Total | ||||||
| US$ | US$ | US$ | ||||||
| Operating income (loss) | 57,981 | (55,712 | ) | 2,269 | ||||
| Share-based compensation expenses | 2,442 | 3,909 | 6,351 | |||||
| Amortization of intangible assets from business acquisitions | 8,950 | 4,640 | 13,590 | |||||
| Impairment of investments | - | 9,386 | 9,386 | |||||
| Gain on disposal of subsidiary | - | (1,643 | ) | (1,643 | ) | |||
| Non-GAAP operating income (loss) | 69,373 | (39,420 | ) | 29,953 | ||||
| Net income (loss) | 64,582 | (16,792 | ) | 47,790 | ||||
| Share-based compensation expenses | 2,442 | 3,909 | 6,351 | |||||
| Amortization of intangible assets from business acquisitions | 8,950 | 4,640 | 13,590 | |||||
| Impairment of investments | - | 9,386 | 9,386 | |||||
| Gain on disposal of subsidiary | - | (1,643 | ) | (1,643 | ) | |||
| Loss (gain) on fair value change of investments | 2,610 | (1,991 | ) | 619 | ||||
| Interest expenses related to the convertible bonds’ amortization to face value | - | 198 | 198 | |||||
| Income tax effects on non-GAAP adjustments | (778 | ) | (1,105 | ) | (1,883 | ) | ||
| Reconciling items on the share of equity method investments | - | (3,700 | ) | (3,700 | ) | |||
| Non-GAAP net income (loss) | 77,806 | (7,098 | ) | 70,708 | ||||
| JOYY INC. | |||||||||||
| UNAUDITED SEGMENT REPORT | |||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||
| Three Months Ended | |||||||||||
| September 30, 2023 | |||||||||||
| BIGO | All other | Elimination(1) | Total | ||||||||
| US$ | US$ | US$ | US$ | ||||||||
| Net revenues | |||||||||||
| Live streaming | 468,577 | 27,224 | - | 495,801 | |||||||
| Others | 25,486 | 46,241 | (459 | ) | 71,268 | ||||||
| Total net revenues | 494,063 | 73,465 | (459 | ) | 567,069 | ||||||
| Cost of revenues(2) | (299,231 | ) | (58,785 | ) | 102 | (357,914 | ) | ||||
| Gross profit | 194,832 | 14,680 | (357 | ) | 209,155 | ||||||
| Operating expenses(2) | |||||||||||
| Research and development expenses | (39,684 | ) | (32,191 | ) | 267 | (71,608 | ) | ||||
| Sales and marketing expenses | (75,715 | ) | (16,828 | ) | 28 | (92,515 | ) | ||||
| General and administrative expenses | (11,297 | ) | (15,904 | ) | 62 | (27,139 | ) | ||||
| Total operating expenses | (126,696 | ) | (64,923 | ) | 357 | (191,262 | ) | ||||
| Loss on deconsolidation and disposal of subsidiaries | - | (6,177 | ) | - | (6,177 | ) | |||||
| Other income (expenses) | 373 | (40 | ) | - | 333 | ||||||
| Operating income (loss) | 68,509 | (56,460 | ) | - | 12,049 | ||||||
| Interest expenses | (1,768 | ) | (1,667 | ) | 1,296 | (2,139 | ) | ||||
| Interest income and investment income | 11,158 | 37,468 | (1,296 | ) | 47,330 | ||||||
| Foreign currency exchange losses, net | (4,349 | ) | (794 | ) | - | (5,143 | ) | ||||
| Loss on disposal and deemed disposal of investments | - | (2,673 | ) | - | (2,673 | ) | |||||
| Gain on fair value change of investments | 312 | 6,800 | - | 7,112 | |||||||
| Income (loss) before income tax (expenses) benefits | 73,862 | (17,326 | ) | - | 56,536 | ||||||
| Income tax (expenses) benefits | (3,626 | ) | 625 | - | (3,001 | ) | |||||
| Income (loss) before share of income in equity method investments, net of income taxes | 70,236 | (16,701 | ) | - | 53,535 | ||||||
| Share of income in equity method investments, net of income taxes | - | 11,545 | - | 11,545 | |||||||
| Net income (loss) | 70,236 | (5,156 | ) | - | 65,080 | ||||||
| (1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments. | ||||||||
| (2) Share-based compensation was allocated in cost of revenues and operating expenses as follows: | ||||||||
| Three Months Ended | ||||||||
| September 30, 2023 | ||||||||
| BIGO | All other | Total | ||||||
| US$ | US$ | US$ | ||||||
| Cost of revenues | 406 | 87 | 493 | |||||
| Research and development expenses | 1,752 | 2,356 | 4,108 | |||||
| Sales and marketing expenses | 37 | 73 | 110 | |||||
| General and administrative expenses | 20 | 1,566 | 1,586 | |||||
| JOYY INC. | ||||||||
| UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT | ||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | ||||||||
| Three Months Ended | ||||||||
| September 30, 2023 | ||||||||
| BIGO | All other | Total | ||||||
| US$ | US$ | US$ | ||||||
| Operating income (loss) | 68,509 | (56,460 | ) | 12,049 | ||||
| Share-based compensation expenses | 2,215 | 4,082 | 6,297 | |||||
| Amortization of intangible assets from business acquisitions | 11,225 | 4,665 | 15,890 | |||||
| Loss on deconsolidation and disposal of subsidiaries | - | 6,177 | 6,177 | |||||
| Non-GAAP operating income (loss) | 81,949 | (41,536 | ) | 40,413 | ||||
| Net income (loss) | 70,236 | (5,156 | ) | 65,080 | ||||
| Share-based compensation expenses | 2,215 | 4,082 | 6,297 | |||||
| Amortization of intangible assets from business acquisitions | 11,225 | 4,665 | 15,890 | |||||
| Loss on deconsolidation and disposal of subsidiaries | - | 6,177 | 6,177 | |||||
| Loss on disposal and deemed disposal of investments | - | 2,673 | 2,673 | |||||
| Gain on fair value change of investments | (312 | ) | (6,800 | ) | (7,112 | ) | ||
| Interest expenses related to the convertible bonds’ amortization to face value | - | 238 | 238 | |||||
| Income tax effects on non-GAAP adjustments | (1,415 | ) | (2,655 | ) | (4,070 | ) | ||
| Reconciling items on the share of equity method investments | - | (10,521 | ) | (10,521 | ) | |||
| Non-GAAP net income (loss) | 81,949 | (7,297 | ) | 74,652 | ||||
FAQ
What was JOYY's (YY) revenue in Q3 2024?
How much cash does JOYY (YY) have as of Q3 2024?
What is JOYY's (YY) revenue guidance for Q4 2024?
How many shares did JOYY (YY) repurchase in Q3 2024?
