GUANGZHOU, China, May 13, 2024
/PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a
leading game live streaming platform in China, today announced its unaudited financial
results for the first quarter ended March
31, 2024.
First Quarter 2024 Highlights[1]
- Total net revenues for the first quarter of 2024 were
RMB1,504.0 million (US$208.3 million), compared with RMB1,962.5 million for the same period of
2023.
- Net income attributable to HUYA Inc. was
RMB71.0 million (US$9.8 million) for the first quarter of 2024,
compared with RMB39.6 million for the
same period of 2023.
- Non-GAAP net income attributable to HUYA
Inc.[2] was RMB92.5
million (US$12.8 million) for
the first quarter of 2024, compared with RMB85.1 million for the same period of 2023.
- Average mobile MAUs[3] of Huya
Live for the first quarter of 2024 was 82.6 million, compared
with 82.1 million for the same period of 2023.
Mr. Junhong Huang, Acting
Co-Chief Executive Officer and Senior Vice President of Huya,
commented, "In the first quarter of 2024, strong strategic
execution delivered advancements across the board as we navigated
an evolving industry environment. We upgraded the Huya Live mobile
application and held an array of innovative cross-platform e-sports
events and operational activities, further enhancing our content
influence and brand awareness. As a result, Huya Live's average
mobile MAUs grew marginally year-over-year to 82.6 million in the
first quarter. Furthermore, we made encouraging progress in the
commercialization of our game-related services. Rapid growth in
revenues from game distribution and advertising services, as well
as in-game item sales, drove our game-related services, advertising
and other revenues for the first quarter to RMB243.6 million, a year-over-year increase of
137.6% and a quarter-over-quarter increase of 30.7%. Moreover,
paying users[4] on Huya Live increased sequentially to
4.4 million in the quarter. These improvements reflect a strong
base of high-value gamer users and a potential validation of our
new direction. More importantly, we are seeing that our
game-related services business tends to have a higher gross margin,
driving an overall profitability enhancement. As we move through
2024, we will continue to address changes in user demand and
industry dynamics with upgrades across content, platform ecology,
technology, products and commercialization methods, as well as
deepened cooperation with industry partners and content creators.
We remain dedicated to seizing opportunities and delivering future
business growth."
Ms. Ashley Xin Wu, Huya's Acting
Co-Chief Executive Officer and Vice President of Finance,
continued, "Our total net revenues for the first quarter were
approximately RMB1.5 billion, with
revenues from our game-related services, advertising and other
businesses accounting for 16.2% of total net revenues, up from 5.2%
for the same period last year. The growing revenue contribution
from businesses with higher gross margins and our continued cost
optimization efforts drove an increase in our gross margin to 14.7%
for the first quarter. We also reduced total operating expenses by
17.8% year-over-year through further operational efficiency
enhancements. Furthermore, we continued to return value to
shareholders. As of the end of March
2024, we had repurchased US$48.5
million of Huya shares through our share repurchase program.
We also announced a special cash dividend declaration totaling
approximately US$150 million in
March 2024. These initiatives are
expected to return an aggregate value of nearly US$200 million to our shareholders. Going
forward, we will remain focused on enhancing our financial and
operational performance while building long-term shareholder
value."
|
[1] In December
2023, the Company acquired a global mobile application service
provider from Tencent Holdings Limited for an aggregate cash
consideration of US$81 million, the principal terms of which were
previously disclosed. As a result of this business combination
under common control, in accordance with ASC 805, Business
Combinations, the Company has consolidated the financial results of
this mobile application service provider on a retrospective basis
since the first quarter of 2022. Accordingly, retrospective
adjustments have been made to the Company's consolidated historical
financial information presented herein, reflecting the
consolidation of this mobile application service provider. The
Company does not believe the retrospective adjustments to the
Company's results to be material, as compared to the historical
financial information previously presented. Given that this was a
transaction that involved entities under common control of Tencent
Holdings Limited, all assets and assumed liabilities transferred
have been recognized at the historical cost of the
parent.
|
|
[2] "Non-GAAP net
income attributable to HUYA Inc." is defined as net income
attributable to HUYA Inc. excluding share-based compensation
expenses and amortization of intangible assets from business
acquisitions, net of income taxes, to the extent applicable. For
more information, please refer to the section titled "Use of
Non-GAAP Financial Measures" and the table captioned "HUYA Inc.
Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end
of this press release.
|
|
[3] Refers to
average monthly active users on mobile apps. Average mobile MAUs
for any period is calculated by dividing (i) the sum of active
users on the mobile apps for each month during such relevant
period, by (ii) the number of months during such relevant
period.
|
|
[4] Refers to the
sum of user accounts that purchased various products and services
on the Company's platform at least once during such relevant
period.
|
First Quarter 2024 Financial Results
Total net revenues for the first quarter of 2024 were
RMB1,504.0 million (US$208.3 million), compared with RMB1,962.5 million for the same period of
2023.
Live streaming revenues were RMB1,260.4 million (US$174.6 million) for the first quarter of 2024,
compared with RMB1,859.9 million for
the same period of 2023, primarily due to the continued soft
macroeconomic and industry environment and the Company's proactive
business adjustments in support of its strategic transformation and
prudent operations.
Game-related services, advertising and other revenues
(formerly known as advertising and other revenues) were
RMB243.6 million (US$33.7 million) for the first quarter of 2024,
compared with RMB102.5 million for
the same period of 2023, primarily due to increased revenues from
game distribution and advertising services and in-game item
sales.
Cost of revenues decreased by 24.2% to RMB1,283.5 million (US$177.8 million) for the first quarter of 2024
from RMB1,693.4 million for the same
period of 2023, primarily due to decreased revenue sharing fees and
content costs, as well as bandwidth costs.
Revenue sharing fees and content costs decreased by 24.7%
to RMB1,123.0 million (US$155.5 million) for the first quarter of 2024
from RMB1,490.4 million for the same
period of 2023, primarily due to the decrease in revenue sharing
fees associated with the decline in live streaming revenues, as
well as lower costs related to e-sports content.
Bandwidth costs decreased by 35.8% to RMB60.3 million (US$8.3
million) for the first quarter of 2024 from RMB93.9 million for the same period of 2023,
primarily due to improved bandwidth cost management, favorable
pricing terms and continued technology enhancement efforts.
Gross profit was RMB220.5
million (US$30.5 million) for
the first quarter of 2024, compared with RMB269.1 million for the same period of 2023.
Gross margin was 14.7% for the first quarter of 2024,
compared with 13.7% for the same period of 2023, primarily due to
decreased revenue sharing fees and content costs as a percentage of
total net revenues.
Research and development expenses decreased by 11.9% to
RMB135.1 million (US$18.7 million) for the first quarter of 2024
from RMB153.4 million for the same
period of 2023, primarily due to decreased share-based compensation
expenses.
Sales and marketing expenses decreased by 26.2% to
RMB76.2 million (US$10.6 million) for the first quarter of 2024
from RMB103.3 million for the same
period of 2023, primarily due to decreased marketing and promotion
fees, as well as personnel-related expenses.
General and administrative expenses decreased by 18.3% to
RMB60.0 million (US$8.3 million) for the first quarter of 2024
from RMB73.5 million for the same
period of 2023, primarily due to decreased share-based compensation
expenses.
Other income was RMB12.3
million (US$1.7 million) for
the first quarter of 2024, compared with RMB4.2 million for the same period of 2023,
primarily due to higher government subsidies.
Operating loss was RMB38.5
million (US$5.3 million) for
the first quarter of 2024, compared with RMB56.9 million for the same period of 2023.
Interest income was RMB117.1
million (US$16.2 million) for
the first quarter of 2024, compared with RMB96.4 million for the same period of 2023.
Net income attributable to HUYA Inc. was RMB71.0 million (US$9.8
million) for the first quarter of 2024, compared with
RMB39.6 million for the same period
of 2023.
Non-GAAP net income attributable to HUYA Inc. was
RMB92.5 million (US$12.8 million) for the first quarter of 2024,
compared with RMB85.1 million for the
same period of 2023.
Basic and diluted net income per American depositary share
("ADS") were each RMB0.30
(US$0.04) for the first quarter of
2024. Basic and diluted net income per ADS were each RMB0.16 for the first quarter of 2023. Each ADS
represents one Class A ordinary share of the Company.
Non-GAAP basic and diluted net income per ADS were
RMB0.40 (US$0.05) and RMB0.39 (US$0.05),
respectively, for the first quarter of 2024. Non-GAAP basic and
diluted net income per ADS were each RMB0.35 for the first quarter of 2023.
As of March 31, 2024, the Company
had cash and cash equivalents, short-term deposits, short-term
investment and long-term deposits of RMB9,419.8 million (US$1,304.6 million), compared with RMB9,916.4 million as of December 31, 2023.
Share Repurchase Program
On August 15, 2023, the board of
directors of the Company authorized a share repurchase program
under which the Company may repurchase up to US$100 million of its ADSs or ordinary shares
over a 12-month period. As of March 31,
2024, the Company had repurchased 15.2 million ADSs with a
total aggregate consideration of US$48.5
million under this program.
Earnings Webinar
The Company's management will host a Tencent Meeting Webinar at 8:00 a.m. U.S. Eastern Time on May 13, 2024 (8:00
p.m. Beijing/Hong Kong time on May
13, 2024), to review and discuss the Company's business and
financial performance.
For participants who wish to join the webinar, please complete
the online registration in advance using the links provided below.
Upon registration, participants will receive an email with webinar
access information, including meeting ID, meeting link, dial-in
numbers, and a unique attendee ID to join the webinar.
Participant Online Registration:
|
Chinese
Mainland[5]:
|
https://meeting.tencent.com/dw/HQ2A15tcVgld
|
|
International:
|
https://voovmeeting.com/dw/HQ2A15tcVgld
|
A live webcast of the webinar will be accessible
at https://ir.huya.com, and a replay of the webcast will be
available following the session.
|
[5] For the
purpose of this announcement only, Chinese Mainland excludes the
Hong Kong Special Administrative Region, the Macao Special
Administrative Region of the People's Republic of China, and
Taiwan.
|
About HUYA Inc.
HUYA Inc. is a leading game live streaming platform in
China. As a technology-driven
company, Huya offers rich and dynamic content across games,
e-sports, and other entertainment genres where it has cultivated a
large, highly engaged, interactive, immersive community of game
enthusiasts. Building on its success in game live streaming and
through close collaboration with game companies, e-sports
tournament organizers, broadcasters and talent agencies, Huya is
expanding its presence in the game industry, both domestically and
internationally. By providing more innovative game-related
services, the Company is committed to meeting the evolving needs of
game enthusiasts, content creators, and industry partners.
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"), except that the consolidated
statement of changes in shareholders' equity, consolidated
statements of cash flows, and the detailed notes have not been
presented. Huya uses non-GAAP gross profit, non-GAAP operating
loss, non-GAAP net income (loss) attributable to HUYA Inc.,
non-GAAP net income (loss) attributable to ordinary shareholders,
non-GAAP basic and diluted net income (loss) per ordinary shares,
and non-GAAP basic and diluted net income (loss) per ADS, which are
non-GAAP financial measures. Non-GAAP gross profit is gross profit
excluding share-based compensation expenses allocated in cost of
revenues. Non-GAAP operating loss is operating loss excluding
share-based compensation expenses and amortization of intangible
assets from business acquisitions. Non-GAAP net income (loss)
attributable to HUYA Inc. is net income (loss) attributable to HUYA
Inc. excluding share-based compensation expenses, impairment of
goodwill and investments, and amortization of intangible assets
from business acquisitions, net of income taxes, to the extent
applicable. Non-GAAP net income (loss) attributable to ordinary
shareholders is net income (loss) attributable to ordinary
shareholders excluding share-based compensation expenses,
impairment of goodwill and investments, and amortization of
intangible assets from business acquisitions, net of income taxes,
to the extent applicable. Non-GAAP basic and diluted net income
(loss) per ADS is non-GAAP net income (loss) attributable to
ordinary shareholders divided by weighted average number of ADS
used in the calculation of non-GAAP basic and diluted net income
(loss) per ADS. The Company believes that separate analysis and
exclusion of the impact of (i) share-based compensation expenses,
(ii) impairment of goodwill and investments, and (iii) amortization
of intangible assets from business acquisitions (net of income
taxes), add 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 measures for
planning, forecasting and measuring results against the forecast.
The Company believes that non-GAAP financial measures represent
useful supplemental information for investors and analysts to
assess its operating performance without the effect of (i)
share-based compensation expenses, and (ii) amortization of
intangible assets from business acquisitions (net of income taxes),
which have been and will continue to be significant recurring
expenses in its business, and (iii) impairment of goodwill and
investments, which may recur when there is observable price change
in the future. 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 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 a non-GAAP
financial measure in isolation from or as an alternative to the
financial measures 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 "HUYA Inc. Unaudited
Reconciliations of GAAP and Non-GAAP Results" at the end of this
announcement.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at a specified rate solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB
to U.S. dollars are made at a rate of RMB7.2203 to US$1.00, the noon buying rate in effect on
March 29, 2024, in the H.10 statistical release of the Federal
Reserve Board. The Company makes no representation that the
Renminbi or U.S. dollars amounts referred to in this announcement
could have been or could be converted into U.S. dollars or
Renminbi, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement 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 quotations from management in this announcement, as well as
Huya's strategic and operational plans, contain forward-looking
statements. Huya 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 Huya'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: Huya's goals and strategies; Huya's future business
development, results of operations and financial condition; the
expected growth of the live streaming market and game market; the
expectation regarding the rate at which to gain active users,
especially paying users; Huya's ability to monetize the user base;
Huya's efforts in complying with applicable data privacy and
security regulations; fluctuations in general economic and business
conditions in China; the economy
in China and elsewhere generally;
any regulatory developments in laws, regulations, rules, policies
or guidelines applicable to Huya; and assumptions underlying or
related to any of the foregoing. Further information regarding
these and other risks is included in Huya'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 Huya does
not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
For investor and media inquiries, please
contact:
In China:
HUYA Inc.
Investor Relations
Tel: +86-20-2290-7829
E-mail: ir@huya.com
Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: huya@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: huya@tpg-ir.com
|
HUYA
INC.
|
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(All amounts in
thousands, except share, ADS, per share data and per ADS
data)
|
|
|
|
As of December
31,
|
|
As of March
31,
|
|
|
2023
|
|
2024
|
|
2024
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
511,973
|
|
542,122
|
|
75,083
|
|
Restricted
cash
|
|
18,137
|
|
19,632
|
|
2,719
|
|
Short-term
deposits
|
|
6,851,160
|
|
6,624,848
|
|
917,531
|
|
Short-term
investment
|
|
-
|
|
10,000
|
|
1,385
|
|
Accounts receivable,
net
|
|
64,258
|
|
74,365
|
|
10,299
|
|
Prepaid assets and
amounts due from related
parties, net
|
|
148,648
|
|
158,902
|
|
22,008
|
|
Prepayments and other
current assets, net
|
|
556,435
|
|
645,010
|
|
89,333
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
8,150,611
|
|
8,074,879
|
|
1,118,358
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
Long-term
deposits
|
|
2,553,293
|
|
2,242,850
|
|
310,631
|
|
Investments
|
|
751,844
|
|
751,890
|
|
104,136
|
|
Goodwill
|
|
456,976
|
|
457,771
|
|
63,401
|
|
Property and
equipment, net
|
|
326,765
|
|
376,244
|
|
52,109
|
|
Intangible assets,
net
|
|
161,739
|
|
151,978
|
|
21,049
|
|
Right-of-use assets,
net
|
|
379,006
|
|
370,832
|
|
51,360
|
|
Prepayments and other
non-current assets
|
|
144,120
|
|
144,119
|
|
19,960
|
|
|
|
|
|
|
|
|
Total non-current
assets
|
|
4,773,743
|
|
4,495,684
|
|
622,646
|
|
|
|
|
|
|
|
|
Total
assets
|
|
12,924,354
|
|
12,570,563
|
|
1,741,004
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Accounts
payable
|
|
14,961
|
|
35,383
|
|
4,900
|
|
Advances from
customers and deferred revenue
|
|
412,257
|
|
337,500
|
|
46,743
|
|
Income taxes
payable
|
|
49,914
|
|
55,943
|
|
7,748
|
|
Accrued liabilities
and other current liabilities
|
|
1,474,827
|
|
1,266,372
|
|
175,391
|
|
Amounts due to related
parties
|
|
177,714
|
|
134,145
|
|
18,579
|
|
Lease liabilities due
within one year
|
|
31,832
|
|
32,706
|
|
4,530
|
|
Dividends
payable
|
|
-
|
|
1,066,238
|
|
147,672
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
2,161,505
|
|
2,928,287
|
|
405,563
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
Lease
liabilities
|
|
48,069
|
|
41,356
|
|
5,728
|
|
Deferred tax
liabilities
|
|
42,317
|
|
41,348
|
|
5,727
|
|
Deferred
revenue
|
|
47,864
|
|
41,880
|
|
5,800
|
|
|
|
|
|
|
|
|
Total non-current
liabilities
|
|
138,250
|
|
124,584
|
|
17,255
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
2,299,755
|
|
3,052,871
|
|
422,818
|
|
|
|
|
|
|
|
|
HUYA
INC.
|
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS (CONTINUED)
|
|
(All amounts in
thousands, except share, ADS, per share data and per ADS
data)
|
|
|
|
As of December
31,
|
|
As of March
31,
|
|
|
2023
|
|
2024
|
|
2024
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Class A ordinary
shares (US$0.0001 par value;
750,000,000 shares authorized as of December
31, 2023 and March 31, 2024, respectively;
82,696,852 and 77,310,723 shares issued and
outstanding as of December 31, 2023 and March
31, 2024, respectively)
|
|
61
|
|
62
|
|
9
|
|
Class B ordinary
shares (US$0.0001 par value;
200,000,000 shares authorized as of December
31, 2023 and March 31, 2024, respectively;
150,386,517 and 150,386,517 shares issued and
outstanding as of December 31, 2023
and March 31, 2024, respectively)
|
|
98
|
|
98
|
|
14
|
|
Treasury
shares
|
|
(206,345)
|
|
(346,576)
|
|
(48,000)
|
|
Additional paid-in capital
|
|
12,000,100
|
|
10,950,396
|
|
1,516,612
|
|
Statutory reserves
|
|
122,429
|
|
122,429
|
|
16,956
|
|
Accumulated deficit
|
|
(2,052,336)
|
|
(1,981,303)
|
|
(274,407)
|
|
Accumulated other comprehensive
income
|
|
760,592
|
|
772,586
|
|
107,002
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
10,624,599
|
|
9,517,692
|
|
1,318,186
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
12,924,354
|
|
12,570,563
|
|
1,741,004
|
|
HUYA
INC.
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(All amounts in
thousands, except share, ADS, per share data and per ADS
data)
|
|
|
|
Three Months
Ended
|
|
|
March
31,
2023*
|
|
December
31,
2023
|
|
March
31,
2024
|
|
March
31,
2024
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
Live
streaming
|
|
1,859,924
|
|
1,343,463
|
|
1,260,444
|
|
174,569
|
|
|
Game-related services,
advertising and other
revenues
|
|
102,526
|
|
186,349
|
|
243,603
|
|
33,739
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net
revenues
|
|
1,962,450
|
|
1,529,812
|
|
1,504,047
|
|
208,308
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues(1)
|
|
(1,693,380)
|
|
(1,514,602)
|
|
(1,283,502)
|
|
(177,763)
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
269,070
|
|
15,210
|
|
220,545
|
|
30,545
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses(1)
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
|
(153,362)
|
|
(137,001)
|
|
(135,106)
|
|
(18,712)
|
|
|
Sales and marketing
expenses
|
|
(103,288)
|
|
(113,342)
|
|
(76,232)
|
|
(10,558)
|
|
|
General and
administrative expenses
|
|
(73,464)
|
|
(100,239)
|
|
(60,032)
|
|
(8,314)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(330,114)
|
|
(350,582)
|
|
(271,370)
|
|
(37,584)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income,
net
|
|
4,176
|
|
13,105
|
|
12,309
|
|
1,705
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
(56,868)
|
|
(322,267)
|
|
(38,516)
|
|
(5,334)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
96,372
|
|
129,480
|
|
117,052
|
|
16,212
|
|
|
Impairment loss of
investments
|
|
-
|
|
(79,911)
|
|
-
|
|
-
|
|
|
Foreign currency
exchange gains (losses), net
|
|
413
|
|
2,224
|
|
(2,419)
|
|
(335)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income tax expenses
|
|
39,917
|
|
(270,474)
|
|
76,117
|
|
10,543
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expenses
|
|
(304)
|
|
(4,497)
|
|
(5,084)
|
|
(704)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to HUYA Inc.
|
|
39,613
|
|
(274,971)
|
|
71,033
|
|
9,839
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to ordinary
shareholders
|
|
39,613
|
|
(274,971)
|
|
71,033
|
|
9,839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HUYA
INC.
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
|
|
(All amounts in
thousands, except share, ADS, per share data and per ADS
data)
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
2023*
|
|
December
31,
2023
|
|
March
31,
2024
|
|
March
31,
2024
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per ADS**
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.16
|
|
(1.14)
|
|
0.30
|
|
0.04
|
|
—Diluted
|
|
0.16
|
|
(1.14)
|
|
0.30
|
|
0.04
|
|
Net income
(loss) per ordinary share
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.16
|
|
(1.14)
|
|
0.30
|
|
0.04
|
|
—Diluted
|
|
0.16
|
|
(1.14)
|
|
0.30
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADS used in
calculating net income (loss) per
ADS
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
242,786,352
|
|
240,915,572
|
|
233,157,641
|
|
233,157,641
|
|
—Diluted
|
|
246,437,853
|
|
240,915,572
|
|
236,271,702
|
|
236,271,702
|
|
|
|
|
|
|
|
|
|
|
|
* HUYA Inc.
Unaudited Condensed Consolidated Statements of Operations for three
months ended March 31, 2023 have been retrospectively
adjusted due to the business combination under common
control as stated in the footnote 1 of this press
release.
|
|
|
|
** Each ADS represents
one Class A ordinary share.
|
|
|
(1)
|
Share-based
compensation was allocated in cost of revenues and operating
expenses as follows:
|
|
|
Three Months
Ended
|
|
|
March
31,
2023
|
|
December
31,
2023
|
|
March
31,
2024
|
|
March
31,
2024
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
8,264
|
|
(17)
|
|
4,285
|
|
593
|
|
Research and
development expenses
|
|
19,940
|
|
546
|
|
7,616
|
|
1,055
|
|
Sales and marketing
expenses
|
|
1,227
|
|
248
|
|
366
|
|
51
|
|
General and
administrative expenses
|
|
11,262
|
|
(393)
|
|
4,268
|
|
591
|
|
HUYA
INC.
|
|
UNAUDITED RECONCILIATIONS OF GAAP AND
NON-GAAP RESULTS
|
|
(All amounts in
thousands, except share, ADS, per share data and per ADS
data)
|
|
|
|
Three Months
Ended
|
|
|
March
31,
2023*
|
|
December
31,
2023
|
|
March
31,
2024
|
|
March
31,
2024
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
269,070
|
|
15,210
|
|
220,545
|
|
30,545
|
|
Share-based
compensation expenses allocated in
cost of revenues
|
|
8,264
|
|
(17)
|
|
4,285
|
|
593
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross
profit
|
|
277,334
|
|
15,193
|
|
224,830
|
|
31,138
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
(56,868)
|
|
(322,267)
|
|
(38,516)
|
|
(5,334)
|
|
Share-based
compensation expenses
|
|
40,693
|
|
384
|
|
16,535
|
|
2,290
|
|
Amortization of
intangible assets from business
acquisitions
|
|
5,747
|
|
5,965
|
|
5,930
|
|
821
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
operating loss
|
|
(10,428)
|
|
(315,918)
|
|
(16,051)
|
|
(2,223)
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to HUYA Inc.
|
|
39,613
|
|
(274,971)
|
|
71,033
|
|
9,839
|
|
Impairment loss of
investments
|
|
-
|
|
79,911
|
|
-
|
|
-
|
|
Share-based
compensation expenses
|
|
40,693
|
|
384
|
|
16,535
|
|
2,290
|
|
Amortization of
intangible assets from business
acquisitions, net of income taxes
|
|
4,770
|
|
4,951
|
|
4,922
|
|
682
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
(loss) attributable to
HUYA Inc.
|
|
85,076
|
|
(189,725)
|
|
92,490
|
|
12,811
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to ordinary
shareholders
|
|
39,613
|
|
(274,971)
|
|
71,033
|
|
9,839
|
|
Impairment loss of
investments
|
|
-
|
|
79,911
|
|
-
|
|
-
|
|
Share-based
compensation expenses
|
|
40,693
|
|
384
|
|
16,535
|
|
2,290
|
|
Amortization of
intangible assets from business
acquisitions, net of income taxes
|
|
4,770
|
|
4,951
|
|
4,922
|
|
682
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
(loss) attributable to
ordinary shareholders
|
|
85,076
|
|
(189,725)
|
|
92,490
|
|
12,811
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
(loss) per ordinary share
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.35
|
|
(0.79)
|
|
0.40
|
|
0.05
|
|
—Diluted
|
|
0.35
|
|
(0.79)
|
|
0.39
|
|
0.05
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
(loss) per ADS
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.35
|
|
(0.79)
|
|
0.40
|
|
0.05
|
|
—Diluted
|
|
0.35
|
|
(0.79)
|
|
0.39
|
|
0.05
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADS used in
calculating Non-GAAP net income (loss) per
ADS
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
242,786,352
|
|
240,915,572
|
|
233,157,641
|
|
233,157,641
|
|
—Diluted
|
|
246,437,853
|
|
240,915,572
|
|
236,271,702
|
|
236,271,702
|
|
* HUYA Inc. Unaudited
Reconciliations of GAAP and Non-GAAP Results for three months ended March 31, 2023
have been retrospectively
adjusted due to the business combination under common control as
stated in the footnote 1 of this press release.
|
View original
content:https://www.prnewswire.com/news-releases/huya-inc-reports-first-quarter-2024-unaudited-financial-results-302143357.html
SOURCE HUYA Inc.