GUANGZHOU, China, Aug. 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 second quarter ended
June 30, 2024.
Second Quarter 2024 Highlights[1]
- Total net revenues for the second quarter of 2024
were RMB1,541.6 million
(US$212.1 million), compared with
RMB1,837.8 million for the same
period of 2023.
- Net income attributable to HUYA Inc. was
RMB29.6 million (US$4.1 million) for the second quarter of
2024, compared with RMB20.3 million
for the same period of 2023.
- Non-GAAP net income attributable to HUYA
Inc.[2] was RMB97.0
million (US$13.3 million)
for the second quarter of 2024, compared with RMB117.0 million for the same period of
2023.
- Average mobile MAUs[3] of Huya
Live for the second quarter of 2024 was 83.5 million, compared
with 82.9 million for the same period of 2023.
"Huya Live's average mobile MAUs increased to 83.5 million for
the second quarter of 2024, mainly driven by the success of several
e-sports events that we organized. While we continue to enrich our
content and improve user experience, we are also enhancing our
platform ecology by strengthening our cooperation with various
content platforms. We have begun selectively offering
our live-streaming and video content on other content
platforms to increase the Huya platform's influence and reach a
wider range of users," said Mr. Junhong
Huang, Acting Co-Chief Executive Officer and Senior Vice
President of Huya. "Our strategic transformation initiatives
to expand our game industry presence with more game-related
services also continued to advance. As we increased collaboration
on game promotion, distribution, and in-game item sales with a
growing roster of game titles, revenues from our game-related
services, advertising and other businesses increased by 152.7%
year over year and 26.6% quarter over quarter to RMB308.5 million in the second quarter,
accounting for 20.0% of total net revenues. Furthermore, the
expansion of our game-related services contributed to a sequential
increase in paying users[4] on Huya Live, reaching
4.5 million in the quarter. Looking ahead, we will continue to
consolidate our foundation as we explore long-term possibilities
across the game industry chain, driving development through content
and platform ecology upgrades, technology advancement and product
innovation."
Ms. Ashley Xin Wu, Huya's Acting
Co-Chief Executive Officer and Vice President of Finance,
continued, "Despite ongoing uncertainties in the macro
environment and industry landscape, our second quarter total net
revenues returned to growth quarter over quarter to reach
RMB1.54 billion, driven by
game-related services, advertising, and other businesses. The
increased contribution of the higher-margin game-related services
business to total net revenues and our continued operational
efficiency improvements, highlighted by a 26.3% year-over-year
reduction in total operating expenses, further enhanced our overall
operating results. In terms of shareholder returns, we have
repurchased 17.1 million Huya shares with a total aggregate
consideration of US$56.7 million
as of the end of June 2024. Upon
review of our financials, business plans, capital requirements, and
cash position, we are also pleased to declare a special cash
dividend totaling approximately US$250
million for our shareholders. We believe that Huya's solid
balance sheet and improving financial fundamentals will continue to
support our ability to deliver shareholder returns going
forward."
|
[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, impairment loss
of investments, 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.
|
Second Quarter 2024 Financial Results
Total net revenues for the second quarter of 2024
were RMB1,541.6 million (US$212.1 million), compared with
RMB1,837.8 million for the same
period of 2023.
Live streaming revenues were RMB1,233.1 million (US$169.7 million) for the second quarter of
2024, compared with RMB1,715.7 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
RMB308.5 million (US$42.5 million) for the second quarter of 2024,
compared with RMB122.1 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 14.4% to RMB1,326.7 million (US$182.6 million) for the second quarter of 2024
from RMB1,549.7 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 12.6%
to RMB1,170.2 million
(US$161.0 million) for the
second quarter of 2024 from RMB1,338.4 million for the same period of
2023, primarily due to decreased live streaming revenue
sharing fees associated with the decline in live streaming
revenues, partially offset by increased game-related services,
advertising and other revenue sharing fees, as well as content
costs for in-house produced content.
Bandwidth costs decreased by 40.2% to RMB60.9 million (US$8.4 million) for the second quarter
of 2024 from RMB101.8 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 RMB214.9 million (US$29.6 million) for the second quarter
of 2024, compared with RMB288.1 million for the same period of
2023. Gross margin was 13.9% for the second quarter of 2024,
compared with 15.7% for the same period of 2023. This change was
primarily attributable to increased revenue sharing fees and
content costs as a percentage of total net revenues, which rose
partially due to higher content costs incurred for in-house
produced content.
Research and development expenses decreased by 11.5% to
RMB128.7 million (US$17.7 million) for the second quarter of
2024 from RMB145.4 million for the
same period of 2023, primarily due to decreased personnel-related
expenses and share-based compensation expenses.
Sales and marketing expenses decreased by 48.0% to
RMB61.7 million (US$8.5 million) for the second quarter
of 2024 from RMB118.6 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 21.0% to
RMB63.7 million (US$8.8 million) for the second quarter of
2024 from RMB80.7 million for the
same period of 2023, primarily due to decreased professional
service fees, personnel-related expenses and share-based
compensation expenses.
Other income was RMB13.2 million (US$1.8 million) for the second quarter of
2024, compared with RMB23.8 million for the same period of 2023,
primarily due to decreased government subsidies.
Operating loss was RMB26.0 million (US$3.6 million) for the second quarter of
2024, compared with RMB32.9 million for the same period of
2023.
Interest income was RMB102.5
million (US$14.1 million) for
the second quarter of 2024, compared with RMB125.3 million for the same period of 2023.
Net income attributable to HUYA Inc. was RMB29.6 million (US$4.1 million) for the second quarter
of 2024, compared with RMB20.3 million for the same period of
2023.
Non-GAAP net income attributable to HUYA Inc. was
RMB97.0 million (US$13.3 million) for the second quarter
of 2024, compared with RMB117.0
million for the same period of 2023.
Basic and diluted net income per American depositary share
("ADS") were each RMB0.13
(US$0.02) for the second quarter of
2024. Basic and diluted net income per ADS were each RMB0.08 for the second quarter of 2023. Each ADS
represents one Class A ordinary share of the Company.
Non-GAAP basic and diluted net income per ADS were
RMB0.42 (US$0.06) and RMB0.41 (US$0.06),
respectively, for the second quarter of 2024. Non-GAAP basic and
diluted net income per ADS were each RMB0.48 and RMB0.47, respectively, for the second quarter of
2023.
As of June 30, 2024, the Company
had cash and cash equivalents, short-term deposits, short-term
investment and long-term deposits of RMB8,193.3 million (US$1,127.4 million), compared with RMB9,419.8 million as of March 31, 2024.
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 June 30,
2024, the Company had repurchased 17.1 million ADSs
with a total aggregate consideration of US$56.7 million under this program.
In August 2024, the board of
directors of the Company authorized the renewal and continued use
of the unutilized quota under the existing share repurchase program
of US$43.3 million, which is
effective through March 31, 2025.
Declaration of Special Cash Dividend
The board of directors of the Company has declared a special
cash dividend of US$1.08 per ordinary
share, or US$1.08 per ADS, to holders
of ordinary shares and holders of ADSs of record as of the close of
business on October 9, 2024, payable
in U.S. dollars. The total amount of cash to be distributed for the
special cash dividend is expected to be approximately US$250 million, which will be funded by surplus
cash on the Company's balance sheet. The payment date for holders
of ordinary shares and holders of ADSs is expected to be on or
around October 25, 2024. Holders of
the Company's ADSs will receive the cash dividend through the
depositary bank, subject to the terms of the deposit agreement.
Earnings Webinar
The Company's management will host a Tencent Meeting Webinar at 8:00 a.m. U.S. Eastern Time on August 13, 2024 (8:00
p.m. Beijing/Hong Kong time on August 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/r34tNk4Y7eOs
International:
https://voovmeeting.com/dw/r34tNk4Y7eOs
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 attributable to HUYA Inc., non-GAAP net
income attributable to ordinary shareholders, non-GAAP basic and
diluted net income per ordinary shares, and non-GAAP basic and
diluted net income 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 attributable to HUYA Inc. is net
income attributable to HUYA Inc. excluding share-based
compensation expenses, impairment loss of investments, and
amortization of intangible assets from business acquisitions, net
of income taxes, to the extent applicable. Non-GAAP net income
attributable to ordinary shareholders is net income attributable to
ordinary shareholders excluding share-based compensation expenses,
impairment loss of investments, and amortization of intangible
assets from business acquisitions, net of income taxes, to the
extent applicable. Non-GAAP basic and diluted net income per ADS is
non-GAAP net income attributable to ordinary shareholders divided
by weighted average number of ADS used in the calculation of
non-GAAP basic and diluted net income per ADS. The Company believes
that separate analysis and exclusion of the impact of (i)
share-based compensation expenses, (ii) impairment loss of
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 loss of 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 RMB7.2672 to US$1.00, the noon buying rate in effect on
June 28, 2024, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the Renminbi or U.S. dollar 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 June
30,
|
|
|
2023
|
|
2024
|
|
2024
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
511,973
|
|
1,005,513
|
|
138,363
|
|
Restricted
cash
|
|
18,137
|
|
16,384
|
|
2,255
|
|
Short-term
deposits
|
|
6,851,160
|
|
5,567,750
|
|
766,148
|
|
Short-term
investments
|
|
-
|
|
10,000
|
|
1,376
|
|
Accounts receivable,
net
|
|
64,258
|
|
70,295
|
|
9,673
|
|
Prepaid assets and
amounts due from related
parties, net
|
|
148,648
|
|
301,710
|
|
41,517
|
|
Prepayments and other
current assets, net
|
|
556,435
|
|
624,873
|
|
85,985
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
8,150,611
|
|
7,596,525
|
|
1,045,317
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
Long-term
deposits
|
|
2,553,293
|
|
1,610,000
|
|
221,543
|
|
Investments
|
|
751,844
|
|
643,507
|
|
88,550
|
|
Goodwill
|
|
456,976
|
|
459,821
|
|
63,273
|
|
Property and
equipment, net
|
|
326,765
|
|
408,779
|
|
56,250
|
|
Intangible assets,
net
|
|
161,739
|
|
143,441
|
|
19,738
|
|
Right-of-use assets,
net
|
|
379,006
|
|
361,339
|
|
49,722
|
|
Prepayments and other
non-current assets
|
|
144,120
|
|
121,086
|
|
16,662
|
|
|
|
|
|
|
|
|
Total non-current
assets
|
|
4,773,743
|
|
3,747,973
|
|
515,738
|
|
|
|
|
|
|
|
|
Total
assets
|
|
12,924,354
|
|
11,344,498
|
|
1,561,055
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Accounts
payable
|
|
14,961
|
|
18,444
|
|
2,538
|
|
Advances from
customers and deferred revenue
|
|
412,257
|
|
287,343
|
|
39,540
|
|
Income taxes
payable
|
|
49,914
|
|
50,433
|
|
6,940
|
|
Accrued liabilities
and other current liabilities
|
|
1,474,827
|
|
1,251,704
|
|
172,239
|
|
Amounts due to related
parties
|
|
177,714
|
|
139,205
|
|
19,155
|
|
Lease liabilities due
within one year
|
|
31,832
|
|
32,504
|
|
4,473
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
2,161,505
|
|
1,779,633
|
|
244,885
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
Lease
liabilities
|
|
48,069
|
|
33,335
|
|
4,587
|
|
Deferred tax
liabilities
|
|
42,317
|
|
30,688
|
|
4,223
|
|
Deferred
revenue
|
|
47,864
|
|
35,862
|
|
4,935
|
|
|
|
|
|
|
|
|
Total non-current
liabilities
|
|
138,250
|
|
99,885
|
|
13,745
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
2,299,755
|
|
1,879,518
|
|
258,630
|
|
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 June
30,
|
|
|
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 June 30, 2024, respectively;
82,696,852 and 75,985,187 shares issued and
outstanding as of December 31, 2023 and June
30, 2024, respectively)
|
|
61
|
|
51
|
|
7
|
|
Class B ordinary
shares (US$0.0001 par value;
200,000,000 shares authorized as of December
31, 2023 and June 30, 2024, respectively;
150,386,517 and 150,386,517 shares issued and
outstanding as of December 31, 2023 and June
30, 2024, respectively)
|
|
98
|
|
98
|
|
13
|
|
Treasury
shares
|
|
(206,345)
|
|
(58,668)
|
|
(8,073)
|
|
Additional paid-in
capital
|
|
12,000,100
|
|
10,606,904
|
|
1,459,559
|
|
Statutory
reserves
|
|
122,429
|
|
122,429
|
|
16,847
|
|
Accumulated
deficit
|
|
(2,052,336)
|
|
(1,951,701)
|
|
(268,563)
|
|
Accumulated other
comprehensive income
|
|
760,592
|
|
745,867
|
|
102,635
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
10,624,599
|
|
9,464,980
|
|
1,302,425
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
12,924,354
|
|
11,344,498
|
|
1,561,055
|
|
HUYA
INC.
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(All amounts in
thousands, except share, ADS, per share data and per ADS
data)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
2023*
|
|
March
31,
2024
|
|
June
30,
2024
|
|
June
30,
2024
|
|
June
30,
2023*
|
|
June
30,
2024
|
|
June
30,
2024
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Live
streaming
|
|
1,715,684
|
|
1,260,444
|
|
1,233,064
|
|
169,675
|
|
3,575,608
|
|
2,493,508
|
|
343,118
|
|
Game-related services,
advertising and other
revenues
|
|
122,079
|
|
243,603
|
|
308,518
|
|
42,453
|
|
224,605
|
|
552,121
|
|
75,974
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net
revenues
|
|
1,837,763
|
|
1,504,047
|
|
1,541,582
|
|
212,128
|
|
3,800,213
|
|
3,045,629
|
|
419,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues(1)
|
|
(1,549,681)
|
|
(1,283,502)
|
|
(1,326,710)
|
|
(182,561)
|
|
(3,243,061)
|
|
(2,610,212)
|
|
(359,177)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
288,082
|
|
220,545
|
|
214,872
|
|
29,567
|
|
557,152
|
|
435,417
|
|
59,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
|
(145,416)
|
|
(135,106)
|
|
(128,710)
|
|
(17,711)
|
|
(298,778)
|
|
(263,816)
|
|
(36,302)
|
|
Sales and marketing
expenses
|
|
(118,620)
|
|
(76,232)
|
|
(61,689)
|
|
(8,489)
|
|
(221,908)
|
|
(137,921)
|
|
(18,979)
|
|
General and
administrative expenses
|
|
(80,719)
|
|
(60,032)
|
|
(63,729)
|
|
(8,769)
|
|
(154,183)
|
|
(123,761)
|
|
(17,030)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(344,755)
|
|
(271,370)
|
|
(254,128)
|
|
(34,969)
|
|
(674,869)
|
|
(525,498)
|
|
(72,311)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income,
net
|
|
23,792
|
|
12,309
|
|
13,219
|
|
1,819
|
|
27,968
|
|
25,528
|
|
3,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(32,881)
|
|
(38,516)
|
|
(26,037)
|
|
(3,583)
|
|
(89,749)
|
|
(64,553)
|
|
(8,883)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
125,349
|
|
117,052
|
|
102,523
|
|
14,108
|
|
221,721
|
|
219,575
|
|
30,215
|
|
Impairment loss of
investments
|
|
(65,115)
|
|
-
|
|
(45,079)
|
|
(6,203)
|
|
(65,115)
|
|
(45,079)
|
|
(6,203)
|
|
Foreign currency
exchange (losses) gains, net
|
|
(2,465)
|
|
(2,419)
|
|
364
|
|
50
|
|
(2,052)
|
|
(2,055)
|
|
(283)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expenses
|
|
24,888
|
|
76,117
|
|
31,771
|
|
4,372
|
|
64,805
|
|
107,888
|
|
14,846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expenses
|
|
(4,592)
|
|
(5,084)
|
|
(2,169)
|
|
(298)
|
|
(4,896)
|
|
(7,253)
|
|
(998)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to HUYA Inc.
|
|
20,296
|
|
71,033
|
|
29,602
|
|
4,074
|
|
59,909
|
|
100,635
|
|
13,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary
shareholders
|
|
20,296
|
|
71,033
|
|
29,602
|
|
4,074
|
|
59,909
|
|
100,635
|
|
13,848
|
|
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
|
|
Six Months
Ended
|
|
|
June
30,
2023*
|
|
March
31,
2024
|
|
June
30,
2024
|
|
June
30,
2024
|
|
June
30,
2023*
|
|
June
30,
2024
|
|
June
30,
2024
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
ADS**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.08
|
|
0.30
|
|
0.13
|
|
0.02
|
|
0.25
|
|
0.43
|
|
0.06
|
|
—Diluted
|
|
0.08
|
|
0.30
|
|
0.13
|
|
0.02
|
|
0.24
|
|
0.43
|
|
0.06
|
|
Net income
per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.08
|
|
0.30
|
|
0.13
|
|
0.02
|
|
0.25
|
|
0.43
|
|
0.06
|
|
—Diluted
|
|
0.08
|
|
0.30
|
|
0.13
|
|
0.02
|
|
0.24
|
|
0.43
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADS used in
calculating net income per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
243,751,192
|
|
233,157,641
|
|
231,022,644
|
|
231,022,644
|
|
243,751,192
|
|
232,098,893
|
|
232,098,893
|
|
—Diluted
|
|
246,832,447
|
|
236,271,702
|
|
234,167,978
|
|
234,167,978
|
|
246,832,447
|
|
235,275,697
|
|
235,275,697
|
|
|
* HUYA Inc. Unaudited
Condensed Consolidated Statements of Operations for three months
ended June 30, 2023 and six months ended June 30,
2023 have been retrospectively adjusted due to the business
combination under common control as stated in 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
|
|
Six Months
Ended
|
|
|
June
30,
2023
|
|
March
31,
2024
|
|
June
30,
2024
|
|
June
30,
2024
|
|
June
30,
2023
|
|
June
30,
2024
|
|
June
30,
2024
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
5,347
|
|
4,285
|
|
4,492
|
|
618
|
|
13,611
|
|
8,777
|
|
1,208
|
|
Research and
development expenses
|
|
12,897
|
|
7,616
|
|
7,873
|
|
1,083
|
|
32,837
|
|
15,489
|
|
2,131
|
|
Sales and marketing
expenses
|
|
716
|
|
366
|
|
446
|
|
61
|
|
1,943
|
|
812
|
|
112
|
|
General and
administrative expenses
|
|
7,806
|
|
4,268
|
|
4,573
|
|
629
|
|
19,068
|
|
8,841
|
|
1,217
|
|
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
|
|
Six Months
Ended
|
|
|
June
30,
2023*
|
|
March
31,
2024
|
|
June
30,
2024
|
|
June
30,
2024
|
|
June
30,
2023*
|
|
June
30,
2024
|
|
June
30,
2024
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
288,082
|
|
220,545
|
|
214,872
|
|
29,567
|
|
557,152
|
|
435,417
|
|
59,915
|
|
Share-based
compensation expenses allocated
in cost of revenues
|
|
5,347
|
|
4,285
|
|
4,492
|
|
618
|
|
13,611
|
|
8,777
|
|
1,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross
profit
|
|
293,429
|
|
224,830
|
|
219,364
|
|
30,185
|
|
570,763
|
|
444,194
|
|
61,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(32,881)
|
|
(38,516)
|
|
(26,037)
|
|
(3,583)
|
|
(89,749)
|
|
(64,553)
|
|
(8,883)
|
|
Share-based
compensation expenses
|
|
26,766
|
|
16,535
|
|
17,384
|
|
2,391
|
|
67,459
|
|
33,919
|
|
4,668
|
|
Amortization of
intangible assets from
business acquisitions
|
|
5,865
|
|
5,930
|
|
5,941
|
|
818
|
|
11,612
|
|
11,871
|
|
1,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
loss
|
|
(250)
|
|
(16,051)
|
|
(2,712)
|
|
(374)
|
|
(10,678)
|
|
(18,763)
|
|
(2,581)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to HUYA Inc.
|
|
20,296
|
|
71,033
|
|
29,602
|
|
4,074
|
|
59,909
|
|
100,635
|
|
13,848
|
|
Impairment loss of
investments
|
|
65,115
|
|
-
|
|
45,079
|
|
6,203
|
|
65,115
|
|
45,079
|
|
6,203
|
|
Share-based
compensation expenses
|
|
26,766
|
|
16,535
|
|
17,384
|
|
2,391
|
|
67,459
|
|
33,919
|
|
4,668
|
|
Amortization of
intangible assets from
business acquisitions, net of income taxes
|
|
4,868
|
|
4,922
|
|
4,931
|
|
679
|
|
9,638
|
|
9,853
|
|
1,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to
HUYA Inc.
|
|
117,045
|
|
92,490
|
|
96,996
|
|
13,347
|
|
202,121
|
|
189,486
|
|
26,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to ordinary
shareholders
|
|
20,296
|
|
71,033
|
|
29,602
|
|
4,074
|
|
59,909
|
|
100,635
|
|
13,848
|
|
Impairment loss of
investments
|
|
65,115
|
|
-
|
|
45,079
|
|
6,203
|
|
65,115
|
|
45,079
|
|
6,203
|
|
Share-based
compensation expenses
|
|
26,766
|
|
16,535
|
|
17,384
|
|
2,391
|
|
67,459
|
|
33,919
|
|
4,668
|
|
Amortization of
intangible assets from
business acquisitions, net of income taxes
|
|
4,868
|
|
4,922
|
|
4,931
|
|
679
|
|
9,638
|
|
9,853
|
|
1,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to
ordinary shareholders
|
|
117,045
|
|
92,490
|
|
96,996
|
|
13,347
|
|
202,121
|
|
189,486
|
|
26,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.48
|
|
0.40
|
|
0.42
|
|
0.06
|
|
0.83
|
|
0.82
|
|
0.11
|
|
—Diluted
|
|
0.47
|
|
0.39
|
|
0.41
|
|
0.06
|
|
0.82
|
|
0.81
|
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.48
|
|
0.40
|
|
0.42
|
|
0.06
|
|
0.83
|
|
0.82
|
|
0.11
|
|
—Diluted
|
|
0.47
|
|
0.39
|
|
0.41
|
|
0.06
|
|
0.82
|
|
0.81
|
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADS used in
calculating Non-GAAP net income per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
243,751,192
|
|
233,157,641
|
|
231,022,644
|
|
231,022,644
|
|
243,751,192
|
|
232,098,893
|
|
232,098,893
|
|
—Diluted
|
|
246,832,447
|
|
236,271,702
|
|
234,167,978
|
|
234,167,978
|
|
246,832,447
|
|
235,275,697
|
|
235,275,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* HUYA Inc. Unaudited
Reconciliations of GAAP and Non-GAAP Results for three months ended
June 30, 2023 and six months ended June 30,
2023 have been retrospectively adjusted due to the business
combination under common control as stated in footnote 1 of this
press release.
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content:https://www.prnewswire.com/news-releases/huya-inc-reports-second-quarter-2024-unaudited-financial-results-and-announces-share-repurchase-program-extension-and-special-cash-dividend-302220868.html
SOURCE HUYA Inc.