SANTA
CLARA, Calif., Nov. 28,
2023 /PRNewswire/ -- Tuya Inc. ("Tuya" or the
"Company") (NYSE: TUYA; HKEX: 2391), a global leading IoT
cloud development platform, today announced its unaudited financial
results for the third quarter ended September 30, 2023.
Third Quarter 2023 Financial Highlights
- Total revenue was US$61.1
million, up approximately 35.7% year over year (3Q2022:
US$45.0 million).
- IoT platform-as-a-service ("PaaS") revenue was
US$45.8 million, up approximately
48.1% year over year (3Q2022: US$30.9
million).
- Software-as-a-service ("SaaS") and
others revenue was US$8.5
million, down approximately 5.0% year over year (3Q2022:
US$8.9 million).
- Overall gross margin increased to 46.7%, up 3.1
percentage points year over year (3Q2022: 43.6%). Gross margin of
IoT PaaS increased to 44.6%, up 7.4 percentage points year over
year (3Q2022: 37.2%).
- Operating margin was negative 30.3%, improving by 59.5
percentage points year over year (3Q2022: negative 89.8%). Non
GAAP operating margin was negative 5.7%, improving by 47.0
percentage points year over year (3Q2022: negative 52.7%).
- Net margin was negative 8.0%, improving by 64.5
percentage points year over year (3Q2022: negative 72.5%).
Non-GAAP net margin was 16.5%, improving by 51.9 percentage
points year over year (3Q2022: negative 35.4%).
- Net cash generated from operating activities was
US$16.1 million (3Q2022: net cash
used in operating activities of US$13.5
million).
- Total cash and cash equivalents, and time deposits recorded
as short-term and long- term investments were US$961.0 million as of September 30, 2023, compared to US$952.0 million as of December 31, 2022.
For further information on the non-GAAP financial measures
presented above, see the section headed "Use of Non-GAAP Financial
Measures."
Third Quarter 2023 Operating Highlights
- IoT PaaS customers[1] for the third quarter
2023 were approximately 2,100 (3Q2022: approximately 2,700). Total
customers for the third quarter 2023 were approximately 3,000
(3Q2022: approximately 3,100). The Group's implementation of
key-account strategy has enabled it to be more focused on serving
strategic customers.
- Premium IoT PaaS customers[2] for the
trailing 12 months ended September 30,
2023 were 263 (3Q2022: 265). In the third quarter 2023, the
Group's premium IoT PaaS customers contributed approximately 83.5%
of its IoT PaaS revenue (3Q2022: approximately 79.8%).
- Dollar-based net expansion rate ("DBNER")[3]
of IoT PaaS for the trailing 12 months ended September 30, 2023 was 78% (3Q2022: 63%).
- Registered IoT device and software developers ("registered
developers") were over 909,000 as of September 30, 2023, up 28.5% from approximately
708,000 developers as of December 31,
2022.
- The Group defines
an IoT PaaS customer for a given period as a customer
who has directly placed orders for
IoT PaaS
with the Group during that period.
- The Group defines a premium IoT PaaS customer as a
customer as of a given date that contributed more than US$100,000 of IoT PaaS revenue
during the immediately preceding 12-month period.
- The Group calculates DBNER of IoT PaaS for a trailing 12-month
period by first identifying all customers in the prior 12-month
period (i.e., those have placed at least one order for IoT PaaS
during that period), and then calculating the quotient from
dividing the IoT PaaS revenue generated from such customers in the
current trailing 12-month period by the IoT PaaS revenue generated
from the same group of customers in the prior 12-month period. The
Group's DBNER may change from period to period, due to a
combination of various factors, including changes in the customers'
purchase cycles and amounts and the Group's customer mix, among
other things. DBNER indicates the Group's ability to expand
customer use of the Tuya platform over time and generate revenue
growth from existing customers.
Mr. Xueji (Jerry) Wang, Founder
and Chief Executive Officer of Tuya, commented, "In the third
quarter of 2023, Tuya achieved a pivotal milestone, reporting
$61.1 million in total revenue, a
year-over-year growth of 35.7%, marking a significant rebound. Our
comprehensive improvements across key performance metrics,
including enhanced margin profiles, robust cash flow, and strong
cash positions, reflect our dynamic response and strategic
recalibration to recent challenges. Our advancements in IoT device
technology underscore our unwavering commitment to innovation and
meeting customer needs. As we emerge from the industry's cyclical
downturn, our focus remains on broadening our high-quality customer
base, bolstering product strength, and exploring new markets beyond
consumer electronics. Looking forward, we aim to balance growth
with profitability, thereby creating sustained value for our
customers, shareholders, and the wider industry."
Ms. Yao (Jessie) Liu, Director
and Chief Financial Officer of Tuya, added, "We achieved a return
to year-over-year revenue growth in the third quarter, fueled by a
48.1% increase in IoT PaaS revenue and a 32.1% increase in IoT
Smart device distribution revenue. We also sustained our gross
margin at record levels, demonstrating resilience and strategic
acumen amidst challenging times. These financial results are a
testament to our focused efforts on our customers, products, and
operational efficiency. In addition, our financial discipline is
evident in our reduced non- GAAP operating expenses, down 26.2%
year-over-year, and our improved profitability, with a significant
increase in non-GAAP net profit to $10.1
million. While we remain cautious in the face of market
uncertainties, we are confident in our ability to continue
delivering strong results. As we progress through the final stages
of inventory normalization and observe the stabilization of the IoT
consumer electronics sector, our persistent efforts will support
our growth in the quarters and years ahead."
Third Quarter 2023 Unaudited Financial Results
REVENUE
Total revenue
in the third quarter of 2023 increased
by 35.7% to US$61.1 million from US$45.0
million in the same period of 2022, mainly due to the increase
in IoT PaaS revenue and smart
device distribution revenue,
partially offset by the decrease
in SaaS and others revenue. This
growth was in part affected
by an adverse impact of US$3.3 million,
or 7.3 percentage points,
caused by fluctuations in foreign
exchange rate compared
to the same period of 2022.
- IoT PaaS revenue in the third quarter of 2023 increased by
48.1% to US$45.8 million from
US$30.9 million in the same period of
2022. This recovered year-over-year growth was due to the relief of
downstream inventory backlog and a global economic improvement
compared with the same period of 2022, along with the effective
strategies the Company adopted to navigate through the
macroeconomic headwinds. Sequentially, the global economy is still
undergoing a gradual recovery, thus enterprise customers' purchases
and discretionary electronic consumer spendings remained a cautious
and deliberate approach. Correspondingly, the Group's DBNER of IoT
PaaS for the trailing 12 months ended September 30, 2023 was 78% compared to previous
periods.
- SaaS and others revenue in the third quarter of 2023 decreased
by 5.0% to US$8.5 million from
US$8.9 million in the same period of
2022, primarily due to the adverse foreign exchange translating
pressures and the decrease in revenue from specific development
services, such as "OEM APP", which is aligned with the Company's
customer-focus strategy compared to the same period of 2022,
partially offset by a notable increase in revenue from cloud
value-added services and software products, including SaaS
solutions and Cube solution. The Group remained committed to
offering value-added services and a diverse range of software
products with compelling value propositions to its customers.
- Smart device distribution revenue in the third quarter of 2023
increased by 32.1% to US$6.8 million
from US$5.2 million in the same
period of 2022, primarily due to the increase in revenue from IoT
device solutions and the variations in the timing and volume of
customer demands and purchases.
COST OF REVENUE
Cost of revenue in the third quarter of 2023 increased by 28.4%
to US$32.6 million from US$25.4 million in the same period of 2022,
generally in line with the increase in the Group's total
revenue.
GROSS PROFIT AND GROSS MARGIN
Total gross profit in the third quarter of 2023 increased by
45.2% to US$28.5 million from
US$19.6 million in the same period of
2022 and gross margin increased to 46.7% in the third quarter of
2023 from 43.6% in the same period of 2022.
- IoT PaaS gross margin in the third quarter of 2023 was 44.6%,
compared to 37.2% in the same period of 2022. The improved gross
margin was primarily due to the changes in product mix and the
significant decrease in provision recorded for certain slow-moving
IoT chips and raw materials compared to the third quarter of last
year.
- SaaS and others gross margin in the third quarter of 2023 was
73.9%, remaining consistent sequentially across quarters, compared
to 83.7% in the same period of 2022 which was higher primarily due
to variations in service and product mix.
- Smart device distribution gross margin in the third quarter of
2023 was 26.9%, compared to 12.9% in the same period of 2022,
primarily due to higher-value product solutions we provided to our
customers during the third quarter of 2023.
OPERATING EXPENSES
Operating expenses decreased by 21.7% to US$47.0 million in the third quarter of 2023 from
US$60.1 million in the same period of
2022.
Non-GAAP operating expenses, defined as operating expenses
excluding share-based compensation expenses and credit-related
impairment of long-term investments, decreased by 26.2% to
US$32.0 million in the third quarter
of 2023 from US$43.4 million in the
same period of 2022. Share-based compensation expenses in the third
quarter of 2023 were US$14.9 million,
compared to US$16.7 million in the
same period of 2022. Credit-related impairment of long-term
investments was US$0.1 million in the
third quarter of 2023, compared to nil in the same period of
2022.
- Research and development expenses in the third quarter of 2023
were US$24.9 million, down 22.9% from
US$32.3 million in the same period of
2022, primarily because of the strategic streamlining of the
Group's research and development team and operations. During this
quarter, average salaried employee headcount of the Group's
research and development team was down approximately 33.8% year
over year, compared to the same quarter in last year. Non-GAAP
adjusted research and development expenses in the third quarter of
2023 were US$21.8 million, compared
to US$29.3 million in the same period
of 2022.
- Sales and marketing expenses in the third quarter of 2023 were
US$9.4 million, down 33.3% from
US$14.1 million in the same period of
2022, primarily due to (i) the strategic streamlining of the
Group's sales and marketing team, and (ii) the Group's efforts to
control expenditure and improve sales and marketing efficiency.
Non-GAAP adjusted sales and marketing expenses in the third quarter
of 2023 were US$8.7 million, compared
to US$12.4 million in the same period
of 2022.
- General and administrative expenses in the third quarter of
2023 were US$15.8 million, down 2.0%
compared to US$16.2 million in the
same period of 2022, remained generally stable. Non-GAAP adjusted
general and administrative expenses in the third quarter of 2023
were US$4.8 million, compared to
US$4.3 million in the same period of
2022.
- Other operating income, net in the third quarter of 2023 was
US$3.2 million, primarily due to the
receipt of software value-added tax refunds and various general
subsidies for enterprises.
LOSS FROM OPERATIONS AND OPERATING MARGIN
Loss from operations in the third quarter of 2023 narrowed by
54.3% to US$18.5 million from
US$40.4 million in the same period of
2022. Non-GAAP loss from operations in the third quarter of 2023
narrowed by 85.3% to US$3.5 million
from US$23.7 million in the same
period of 2022.
Operating margin in the third quarter of 2023 was negative
30.3%, improving by 59.5 percentage points from negative 89.8% in
the same period of 2022. Non-GAAP operating margin in the third
quarter of 2023 was negative 5.7%, improving by 47.0 percentage
points from negative 52.7% in the same period of 2022.
NET LOSS/PROFIT AND NET MARGIN
Net loss in the third quarter of 2023 narrowed by 85.0% to
US$4.9 million from US$32.6 million in the same period of 2022. The
difference between loss from operations and net loss in the third
quarter of 2023 was primarily because of a US$13.1 million interest income achieved mainly
due to well implemented treasury strategies on the Group's cash and
bank deposits recorded as short- term and long-term investment.
The Group had a non-GAAP net profit of US$10.1 million in the third quarter of 2023,
compared to a non-GAAP net loss of US$15.9
million in the same period of 2022, demonstrating the
Group's ability to sustain profitability on a non-GAAP basis.
Net margin in the third quarter of 2023 was negative 8.0%,
improving 64.5 percentage points from negative 72.5% in the same
period of 2022. Non-GAAP net margin in the third quarter of 2023
was 16.5%, improving 51.9 percentage points from negative 35.4% in
the same period of 2022.
BASIC AND DILUTED NET LOSS/PROFIT PER ADS
Basic and diluted net loss per ADS was US$0.01 in the third quarter of 2023, compared to
US$0.06 in the same period of 2022.
Each ADS represents one Class A ordinary share.
Non-GAAP basic and diluted net profit per ADS was US$0.02 in the third quarter of 2023, compared to
non GAAP basic and diluted net loss of US$0.03 in the same period of 2022.
CASH AND CASH EQUIVALENTS, AND TIME DEPOSITS RECORDED AS
SHORT- TERM AND LONG-TERM INVESTMENTS
Cash and cash equivalents, and time deposits recorded as
short-term and long-term investments were US$961.0 million as of September 30, 2023, compared to US$952.0 million as of December 31, 2022, which the Group believes is
sufficient to meet its current liquidity and working capital
needs.
NET CASH GENERATED FROM OPERATING ACTIVITIES
Net cash generated from operating activities for the third
quarter of 2023 was US$16.1 million,
compared to net cash used in operating activities US$13.5 million in the same period of 2022. The
net cash generated from operating activities for the third quarter
of 2023 improved mainly due to the significant decrease in
operating expenses, particularly employee-related costs, and
working capital changes in the ordinary course of business.
For further information on non-GAAP financial measures presented
above, see the section headed "Use of Non-GAAP Financial
Measures."
Business Outlook
In the third quarter of 2023, we observed a moderately declining
yet persisting overall inflation. Going forward, in the fourth
quarter, we anticipate a gradual recovery in discretionary consumer
electronics demand, continually influenced by ongoing cautiousness
in end-consumer spending amid the current economic situation. On
the supply chain front, we expect downstream inventory levels to be
normalizing, providing downstream smart device manufacturers,
brands, and retail channels with greater flexibility and resilience
to adapt their operational and procurement plans as necessary,
revitalizing their investment in smart business. Overall,
discretionary consumer electronic spending alongside enterprise
procurement are expected to remain prudent, with a focus on
cost-effectiveness, reflecting a balanced approach widely adopted
in the current economic climate.
In response to this evolving market environment, the Group will
remain committed to continuously iterating its products and
services, further enhancing software and hardware capabilities,
expanding key customer base, investing in innovations and new
opportunities, diversifying revenue streams, and further optimizing
operating efficiency. At the same time, the Group understands that
future trajectories may encounter challenges, including shifting
consumer spending patterns, regional economic disparities,
inventory management, foreign exchange rate volatility, and broader
geopolitical uncertainties.
Conference Call Information
The Company's management will hold a conference call at
07:30 P.M. Eastern Time on Tuesday,
November 28, 2023 (08:30 A.M. Beijing
Time on Wednesday, November 29, 2023)
to discuss the financial results. In advance of the conference
call, all participants must use the following link to complete the
online registration process. Upon registering, each participant
will receive access details for this conference including a
conference access code, a PIN number (personal access code), the
dial-in number, and an e-mail with detailed instructions to join
the conference call.
Online registration:
https://www.netroadshow.com/events/login?show=9ce5867d&confId=57437
The replay will be accessible through December 5, 2023 by dialing the following
numbers:
International:
|
+1-929-458-6194
|
United States:
|
+1-866-813-9403
|
Access Code:
|
601527
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
https://ir.tuya.com.
About Tuya Inc.
Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading IoT cloud
development platform with a mission to build an IoT developer
ecosystem and enable everything to be smart. Tuya has pioneered a
purpose-built IoT cloud development platform that delivers a full
suite of offerings, including Platform-as-a-Service, or PaaS, and
Software-as-a-Service, or SaaS, to businesses and developers.
Through its IoT cloud development platform, Tuya has enabled
developers to activate a vibrant IoT ecosystem of brands, OEMs,
partners and end users to engage and communicate through a broad
range of smart devices.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses
non-GAAP measures, such as non- GAAP operating expenses, non-GAAP
loss from operations (including non-GAAP operating margin),
non-GAAP net (loss)/profit (including non-GAAP net margin), and
non-GAAP basic and diluted net (loss)/profit per ADS, as
supplemental measures to review and assess its operating
performance. The presentation of non-GAAP financial measures is not
intended to be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with
generally accepted accounting principles in the United States of America ("U.S. GAAP").
The Company defines non-GAAP measures by excluding the impact of
share-based compensation expenses and credit-related impairment of
long-term investments from the respective GAAP measures. The
Company presents the non-GAAP financial measures because they are
used by the management to evaluate its operating performance and
formulate business plans. The Company also believes that the use of
the non-GAAP measures facilitates investors' assessment of its
operating performance.
Non-GAAP financial measures are not defined under U.S. GAAP and
are not presented in accordance with U.S. GAAP. Non-GAAP financial
measures have limitations as analytical tools. One of the key
limitations of using the aforementioned non-GAAP financial measures
is that they do not reflect all items of expenses that affect the
Company's operations. Share-based compensation expenses and
credit-related impairment of long-term investments have been and
may continue to be incurred in the business and are not reflected
in the presentation of non-GAAP financial measures. Further, the
non-GAAP financial measures may differ from the non-GAAP
information used by other companies, including peer companies, and
therefore their comparability may be limited. The Company
compensates for these limitations by reconciling the non-GAAP
financial measures to the nearest U.S. GAAP performance measures,
all of which should be considered when evaluating the Company's
performance. The Company encourages you to review its financial
information in its entirety and not rely on a single financial
measure.
Reconciliations of Tuya's non-GAAP financial measures to the
most comparable U.S. GAAP measures are included at the end of this
press release.
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. Statements that
are not historical facts, including statements about the Company's
beliefs, and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. In some cases, forward-looking statements can be
identified by words or phrases such as "may", "will", "expect",
"anticipate", "target", "aim", "estimate", "intend", "plan",
"believe", "potential", "continue", "is/are likely to" or other
similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in the Company's
filings with the SEC. The forward-looking statements included in
this press release are only made as of the date hereof, and the
Company disclaims any obligation to publicly update any
forward-looking statement to reflect subsequent events or
circumstances, except as required by law. All forward-looking
statements should be evaluated with the understanding of their
inherent uncertainty.
Investor Relations Contact
Tuya Inc.
Investor Relations Email: ir@tuya.com
The Blueshirt Group Gary Dvorchak, CFA
Phone: +1 (323) 240-5796
Email: gary@blueshirtgroup.com
TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER
31, 2022 AND SEPTEMBER 30, 2023
(All amounts in US$ thousands ("US$"), except for share and per
share data, unless otherwise noted)
|
|
|
|
|
|
As of December
31,
|
|
As of September
30,
|
2022
|
|
2023
|
US$
|
|
US$
|
|
|
(Unaudited)
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
133,161
|
|
166,274
|
Short-term
investments
|
821,134
|
|
612,541
|
Accounts receivable,
net
|
12,172
|
|
12,630
|
Notes receivable,
net
|
2,767
|
|
4,055
|
Inventories,
net
|
45,380
|
|
32,843
|
Prepayments and other
current assets, net
|
8,752
|
|
10,914
|
|
|
|
|
Total current
assets
|
1,023,366
|
|
839,257
|
|
|
|
|
Non-current
assets:
|
|
|
|
Property, equipment and
software, net
|
3,827
|
|
2,676
|
Operating lease
right-of-use assets, net
|
9,736
|
|
6,480
|
Long-term
investments
|
18,031
|
|
199,731
|
Other non-current
assets, net
|
1,179
|
|
895
|
|
|
|
|
Total non-current
assets
|
32,773
|
|
209,782
|
|
|
|
|
Total
assets
|
1,056,139
|
|
1,049,039
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
9,595
|
|
10,494
|
Advance from
customers
|
27,633
|
|
27,355
|
Deferred revenue,
current
|
6,821
|
|
6,758
|
Accruals and other
current liabilities
|
33,383
|
|
30,538
|
Income tax
payables
|
–
|
|
726
|
Lease liabilities,
current
|
3,850
|
|
3,062
|
|
|
|
|
Total current
liabilities
|
81,282
|
|
78,933
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
Lease liabilities,
non-current
|
5,292
|
|
3,504
|
Deferred revenue,
non-current
|
394
|
|
470
|
Other non-current
liabilities
|
7,004
|
|
4,669
|
|
|
|
|
Total non-current
liabilities
|
12,690
|
|
8,643
|
|
|
|
|
Total
liabilities
|
93,972
|
|
87,576
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
Class A ordinary
shares
|
25
|
|
25
|
Class B ordinary
shares
|
4
|
|
4
|
Treasury
stock
|
(86,438)
|
|
(62,490)
|
Additional paid-in
capital
|
1,584,764
|
|
1,608,985
|
Accumulated other
comprehensive loss
|
(22,115)
|
|
(21,029)
|
Accumulated
deficit
|
(514,073)
|
|
(564,032)
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
962,167
|
|
961,463
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
1,056,139
|
|
1,049,039
|
|
|
|
|
TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS
(All amounts in US$ thousands ("US$"), except for share and per
share data, unless otherwise noted)
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
|
Revenue
|
45,015
|
|
61,090
|
|
162,886
|
|
165,579
|
Cost of
revenue
|
(25,368)
|
|
(32,567)
|
|
(93,649)
|
|
(89,387)
|
|
|
|
|
|
|
|
|
Gross
profit
|
19,647
|
|
28,523
|
|
69,237
|
|
76,192
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development expenses
|
(32,341)
|
|
(24,946)
|
|
(117,150)
|
|
(79,471)
|
Sales and marketing
expenses
|
(14,120)
|
|
(9,418)
|
|
(44,459)
|
|
(29,503)
|
General and
administrative expenses
|
(16,172)
|
|
(15,843)
|
|
(51,332)
|
|
(56,909)
|
Other operating
incomes, net
|
2,572
|
|
3,197
|
|
8,348
|
|
7,491
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
(60,061)
|
|
(47,010)
|
|
(204,593)
|
|
(158,392)
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(40,414)
|
|
(18,487)
|
|
(135,356)
|
|
(82,200)
|
|
|
|
|
|
|
|
|
Other
income/(loss)
|
|
|
|
|
|
|
|
Other non-operating
incomes, net
|
778
|
|
779
|
|
2,125
|
|
2,335
|
Financial income,
net
|
6,763
|
|
13,066
|
|
8,312
|
|
31,841
|
Foreign exchange
gain/(loss), net
|
1,017
|
|
(251)
|
|
2,543
|
|
652
|
|
|
|
|
|
|
|
|
Loss before income
tax expense
|
(31,856)
|
|
(4,893)
|
|
(122,376)
|
|
(47,372)
|
Income tax
expense
|
(767)
|
|
(12)
|
|
(1,069)
|
|
(2,127)
|
|
|
|
|
|
|
|
|
Net
loss
|
(32,623)
|
|
(4,905)
|
|
(123,445)
|
|
(49,499)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to Tuya Inc.
|
(32,623)
|
|
(4,905)
|
|
(123,445)
|
|
(49,499)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attribute
to ordinary shareholders
|
(32,623)
|
|
(4,905)
|
|
(123,445)
|
|
(49,499)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(32,623)
|
|
(4,905)
|
|
(123,445)
|
|
(49,499)
|
Other comprehensive
(loss)/income
|
|
|
|
|
|
|
|
Changes in fair value
of long-term investments
|
–
|
|
(1,417)
|
|
(1,146)
|
|
(2,470)
|
Transfer out of fair
value changes of long-term investments
|
–
|
|
–
|
|
–
|
|
8,050
|
Foreign currency
translation
|
(8,982)
|
|
760
|
|
(17,032)
|
|
(4,494)
|
|
|
|
|
|
|
|
|
Total comprehensive
loss attributable to Tuya Inc.
|
(41,605)
|
|
(5,562)
|
|
(141,623)
|
|
(48,413)
|
|
|
|
|
|
|
|
|
Net loss attributable
to Tuya Inc.
|
(32,623)
|
|
(4,905)
|
|
(123,445)
|
|
(49,499)
|
|
|
|
|
|
|
|
|
Net loss
attributable to ordinary shareholders
|
(32,623)
|
|
(4,905)
|
|
(123,445)
|
|
(49,499)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of ordinary shares used in
computing net loss per share, basic and diluted
|
553,043,213
|
|
555,782,518
|
|
553,327,332
|
|
554,914,108
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to ordinary shareholders,
basic and diluted
|
(0.06)
|
|
(0.01)
|
|
(0.22)
|
|
(0.09)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses were included in:
|
|
|
|
|
|
|
|
Research and
development expenses
|
3,078
|
|
3,165
|
|
10,660
|
|
11,288
|
Sales and marketing
expenses
|
1,714
|
|
758
|
|
5,214
|
|
3,984
|
General and
administrative expenses
|
11,891
|
|
11,025
|
|
35,635
|
|
34,008
|
TUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(All amounts in US$ thousands ("US$"), except for share and per
share data, unless otherwise noted)
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
|
Net cash (used
in)/generated from operating activities
|
(13,543)
|
|
16,070
|
|
(70,516)
|
|
4,683
|
Net cash (used
in)/generated from investing activities
|
(294,131)
|
|
55,027
|
|
(548,920)
|
|
32,692
|
Net cash generated
from/(used in) financing activities
|
13,495
|
|
(318)
|
|
(35,150)
|
|
(2,385)
|
Effect of exchange rate
changes on cash and cash equivalents,
restricted cash
|
(5,136)
|
|
953
|
|
(10,092)
|
|
(1,877)
|
|
|
|
|
|
|
|
|
Net
(decrease)/increase in cash and cash equivalents,
restricted cash
|
(299,315)
|
|
71,732
|
|
(664,678)
|
|
33,113
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, restricted cash at the beginning of period
|
599,213
|
|
94,542
|
|
964,576
|
|
133,161
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, restricted cash at the end of period
|
299,898
|
|
166,274
|
|
299,898
|
|
166,274
|
TUYA INC.
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY
COMPARABLE FINANCIAL MEASURES
(All amounts in US$ thousands ("US$"), except for share and per
share data, unless otherwise noted)
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
operating expenses to non-GAAP
operating expenses
|
|
|
|
|
|
|
|
Research and
development expenses
|
(32,341)
|
|
(24,946)
|
|
(117,150)
|
|
(79,471)
|
Add: Share-based
compensation expenses
|
3,078
|
|
3,165
|
|
10,660
|
|
11,288
|
Adjusted Research
and development expenses
|
(29,263)
|
|
(21,781)
|
|
(106,490)
|
|
(68,183)
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses
|
(14,120)
|
|
(9,418)
|
|
(44,459)
|
|
(29,503)
|
Add: Share-based
compensation expenses
|
1,714
|
|
758
|
|
5,214
|
|
3,984
|
Adjusted Sales and
marketing expenses
|
(12,406)
|
|
(8,660)
|
|
(39,245)
|
|
(25,519)
|
|
|
|
|
|
|
|
|
General and
administrative expenses
|
(16,172)
|
|
(15,843)
|
|
(51,332)
|
|
(56,909)
|
Add: Share-based
compensation expenses
|
11,891
|
|
11,025
|
|
35,635
|
|
34,008
|
Add: Credit-related
impairment of long-term investments
|
–
|
|
52
|
|
–
|
|
8,102
|
Adjusted General and
administrative expenses
|
(4,281)
|
|
(4,766)
|
|
(15,697)
|
|
(14,799)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
loss from operations to non-GAAP
loss from operations
|
|
|
|
|
|
|
|
Loss from
operations
|
(40,414)
|
|
(18,487)
|
|
(135,356)
|
|
(82,200)
|
Operating
margin
|
-89.8 %
|
|
-30.3 %
|
|
-83.1 %
|
|
-49.6 %
|
Add: Share-based
compensation expenses
|
16,683
|
|
14,948
|
|
51,509
|
|
49,280
|
Add: Credit-related
impairment of long-term investments
|
–
|
|
52
|
|
–
|
|
8,102
|
Non-GAAP Loss from
operations
|
(23,731)
|
|
(3,487)
|
|
(83,847)
|
|
(24,818)
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
margin
|
-52.7 %
|
|
-5.7 %
|
|
-51.5 %
|
|
-15.0 %
|
|
|
|
|
|
|
|
|
Reconciliation of
net loss to non-GAAP net (loss)/profit
|
|
|
|
|
|
|
|
Net loss
|
(32,623)
|
|
(4,905)
|
|
(123,445)
|
|
(49,499)
|
Net margin
|
-72.5 %
|
|
-8.0 %
|
|
-75.8 %
|
|
-29.9 %
|
Add: Share-based
compensation expenses
|
16,683
|
|
14,948
|
|
51,509
|
|
49,280
|
Add: Credit-related
impairment of long-term investments
|
–
|
|
52
|
|
–
|
|
8,102
|
Non-GAAP Net
(loss)/profit
|
(15,940)
|
|
10,095
|
|
(71,936)
|
|
7,883
|
|
|
|
|
|
|
|
|
Non-GAAP Net
margin
|
-35.4 %
|
|
16.5 %
|
|
-44.2 %
|
|
4.8 %
|
|
|
|
|
|
|
|
|
Weighted average number
of ordinary shares used in computing
non-GAAP net loss per share
|
|
|
|
|
|
|
|
– Basic
|
553,043,213
|
|
555,782,518
|
|
553,327,332
|
|
554,914,108
|
– Diluted
|
553,043,213
|
|
586,434,725
|
|
553,327,332
|
|
586,533,052
|
|
|
|
|
|
|
|
|
Non-GAAP net
(loss)/profit per share attributable to ordinary
shareholders
|
|
|
|
|
|
|
|
– Basic
|
(0.03)
|
|
0.02
|
|
(0.13)
|
|
0.01
|
– Diluted
|
(0.03)
|
|
0.02
|
|
(0.13)
|
|
0.01
|
View original
content:https://www.prnewswire.com/news-releases/tuya-reports-third-quarter-2023-unaudited-financial-results-301999843.html
SOURCE Tuya Inc.