UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2024
Commission File Number: 001-38482
HUYA
Inc.
Building A3, E-Park, 280 Hanxi Road
Panyu District, Guangzhou 511446
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
EXHIBIT INDEX
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
HUYA Inc. |
| |
|
| |
By: |
/s/ Ashley Xin Wu |
| |
|
Name: |
Ashley Xin Wu |
| |
|
Title: |
Acting Co-Chief Executive Officer and Vice President of Finance |
Date: August 13, 2024
Exhibit 99.1
HUYA Inc. Reports Second Quarter 2024 Unaudited
Financial Results and Announces Share Repurchase Program Extension and Special Cash Dividend
GUANGZHOU, China, August 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 Highlights1
| · | 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 MAUs3
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 users4
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.”
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.
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.”
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 Mainland5: |
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.
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.
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.
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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