GUANGZHOU, China, Nov. 12,
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 third quarter ended
September 30, 2024.
Third Quarter 2024 Highlights[1]
- Total net revenues were RMB1,537.7 million (US$219.1 million) for the third quarter of 2024,
compared with RMB1,664.3 million for
the same period of 2023.
- Game-related services, advertising and other revenues
(formerly known as advertising and other revenues) were
RMB410.2 million (US$58.4 million) for the third quarter of 2024,
compared with RMB132.6 million for
the same period of 2023.
- Net income attributable to HUYA Inc. was RMB23.6 million (US$3.4
million) for the third quarter of 2024, compared with
RMB10.5 million for the same period
of 2023.
- Non-GAAP net income attributable to HUYA Inc.[2] was RMB78.0 million (US$11.1
million) for the third quarter of 2024, compared with
RMB106.7 million for the same period
of 2023.
- Average mobile MAUs[3] for the third quarter of
2024 was 84.0 million, compared with 86.0 million for the same
period of 2023.
"In the third quarter of 2024, our game-related services
business achieved robust growth thanks to our continuous efforts to
enhance cooperation with game studios and deepen broadcasters'
engagement on our platform. Revenues from game-related services,
advertising, and others grew by 209.3% year-over-year in the third
quarter, reaching RMB410.2 million
and contributing a record high of 26.7% of our total net revenues,"
said Mr. Junhong Huang, Acting
Co-Chief Executive Officer and Senior Vice President of Huya. "We
also maintained stable engagement across our high-quality user
base. Our paying users[4]
rose by 9.5% year-over-year to 4.6 million in the third quarter,
driven by the increase in users paying for game-related services.
Furthermore, our growing collaborations with various content
platforms brought our compelling game live streaming and video
content to a wider audience, unlocking new commercialization
opportunities. Going forward, we will continue to foster in-house
content initiatives and develop productive partnerships, unleashing
our potential across game-related services and live streaming and
propelling our long-term business development."
Mr. Raymond Peng Lei, Acting
Co-Chief Executive Officer and Chief Financial Officer of Huya,
continued, "We recorded total net revenues of RMB1.54 billion in the third quarter. While the
macroeconomic and industry environment continued to weigh on our
live streaming revenues, we proactively adjusted our business
structure to support our strategic transformation. Game-related
services, advertising and other businesses maintained strong
growth momentum and made a more meaningful contribution to our
topline. Overall, we delivered a stable year-over-year operating
performance by improving efficiency and reducing total operating
expenses by 20.9% year-over-year. Regarding shareholder returns, as
of the end of September 2024, we had
repurchased US$61.1 million of Huya
shares through our share repurchase program. We have also returned
an aggregate value of approximately US$400
million through two rounds of special cash dividends this
year. As always, we remain committed to enhancing our financial and
operating performance and creating greater value for
shareholders."
Third Quarter 2024 Financial Results
Total net revenues for the third quarter of 2024
were RMB1,537.7 million (US$219.1 million), compared with
RMB1,664.3 million for the same
period of 2023.
Live streaming revenues were RMB1,127.5 million (US$160.7 million) for the third quarter
of 2024, compared with RMB1,531.7 million for the same period of
2023, primarily due to the continued impact of the 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
were RMB410.2 million (US$58.4 million) for the third quarter
of 2024, compared with RMB132.6 million for the same period of
2023, primarily due to increased revenues from game
distribution and advertising services and in-game item
sales,
which was mainly attributable to the Company's deepened cooperation with Tencent
and other game companies.
Cost of revenues decreased by 6.1% to RMB1,334.1 million (US$190.1 million) for the third quarter of 2024
from RMB1,421.5 million for the same
period of 2023, primarily due to decreased revenue sharing fees and
content costs, as well as bandwidth and server custody fees.
Revenue sharing fees and content costs decreased by
4.9% to RMB1,172.7 million
(US$167.1 million) for the
third quarter of 2024 from RMB1,233.2
million for the same period of 2023, primarily due to
decreased live streaming revenue sharing fees associated with
the decline in live streaming revenues as well as lower costs
related to licensed e-sports content, partially offset by increased
game-related services, advertising and other revenue sharing
fees.
Bandwidth and server custody fees decreased by
26.4% to RMB61.4 million
(US$8.8 million) for the
third quarter of 2024 from RMB83.4
million for the same period of 2023, primarily due to
continued technology and management enhancement efforts, as well as
favorable pricing terms.
Gross profit was RMB203.6 million (US$29.0 million) for the third quarter
of 2024, compared with RMB242.8 million for the same period of
2023. Gross margin was 13.2% for the third quarter of 2024,
compared with 14.6% 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
mainly because the decrease in live streaming revenues outpaced the
decrease in content costs.
Research and development expenses decreased by 12.1% to
RMB125.5 million (US$17.9 million) for the third quarter
of 2024 from RMB142.8 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 30.4% to
RMB73.3 million (US$10.4 million) for the third quarter
of 2024 from RMB105.4 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 24.7% to
RMB50.0 million (US$7.1 million) for the third quarter
of 2024 from RMB66.4 million for
the same period of 2023, primarily due to decreased professional
service fees and personnel-related expenses.
Other income was RMB13.0
million (US$1.8 million)
for the third quarter of 2024, compared with RMB40.2 million for the same period of 2023,
primarily attributable to realized damages received in the third
quarter of 2023 from a favorable outcome in a broadcaster-related
lawsuit and lower government subsidies.
Operating loss was RMB32.3 million
(US$4.6 million) for the
third quarter of 2024, compared with RMB31.6 million for the same period of
2023.
Interest income was RMB96.6
million (US$13.8 million) for
the third quarter of 2024, compared with RMB128.5 million for the same period of 2023,
primarily due to lower time deposit balance, which was mainly
attributable to the special cash dividends paid in May 2024 and October
2024.
Net income attributable to HUYA Inc. was RMB23.6 million (US$3.4
million) for the third quarter of 2024, compared with
RMB10.5 million for the same period
of 2023.
Non-GAAP net income attributable to HUYA Inc. was
RMB78.0 million (US$11.1 million) for the third quarter
of 2024, compared with RMB106.7 million for the same period of
2023.
Basic and diluted net income per American depositary share
("ADS") were each RMB0.10
(US$0.01) for the third quarter of
2024. Basic and diluted net income per ADS were each RMB0.04 for the third quarter of 2023. Each ADS
represents one Class A ordinary share of the Company.
Non-GAAP basic and diluted net income per ADS were each
RMB0.34 (US$0.05) for the third quarter of 2024. Non-GAAP
basic and diluted net income per ADS were RMB0.44 and RMB0.43, respectively, for the third quarter of
2023.
As of September 30, 2024, the
Company had cash and cash equivalents, short-term deposits,
short-term investment and long-term deposits of RMB8,078.4 million (US$1,151.2 million), compared with RMB8,193.3 million as of June 30, 2024.
Share Repurchase Program
The board of directors of the Company authorized a share
repurchase program in August 2023,
under which the Company may repurchase up to US$100 million of its ADSs or ordinary shares
over a 12-month period. In August
2024, the board of directors of the Company authorized an
extension of the expiry date of the share repurchase program to
March 31, 2025. As of September 30, 2024, the Company had repurchased
18.2 million ADSs with a total aggregate consideration of
US$61.1 million under this
program.
Earnings Webinar
The Company's management will host a Tencent Meeting Webinar at 7:00 a.m. U.S. Eastern Time on November 12, 2024 (8:00
p.m. Beijing/Hong Kong time on November 12, 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/6WRc9Ojhmp5c
International:
https://voovmeeting.com/dw/6WRc9Ojhmp5c
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.
|
[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 the average mobile monthly active users who accessed the
Company's domestic Huya Live platform and related services.
Average mobile MAUs for any period is calculated by dividing (i)
the sum of mobile active users 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 domestic Huya Live platform and
related services at least once during such relevant
period.
[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 RMB7.0176 to US$1.00, the noon buying rate in effect on
September 30, 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 September
30,
|
|
|
2023
|
|
2024
|
|
2024
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
511,973
|
|
1,095,785
|
|
156,148
|
|
Restricted
cash
|
|
18,137
|
|
17,840
|
|
2,542
|
|
Short-term
deposits
|
|
6,851,160
|
|
5,472,648
|
|
779,846
|
|
Accounts receivable,
net
|
|
64,258
|
|
89,927
|
|
12,814
|
|
Prepaid assets and
amounts due from related
parties, net
|
|
148,648
|
|
337,175
|
|
48,047
|
|
Prepayments and other
current assets, net
|
|
556,435
|
|
689,311
|
|
98,226
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
8,150,611
|
|
7,702,686
|
|
1,097,623
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
Long-term
deposits
|
|
2,553,293
|
|
1,510,000
|
|
215,173
|
|
Investments
|
|
751,844
|
|
606,455
|
|
86,419
|
|
Goodwill
|
|
456,976
|
|
452,118
|
|
64,426
|
|
Property and
equipment, net
|
|
326,765
|
|
447,592
|
|
63,781
|
|
Intangible assets,
net
|
|
161,739
|
|
134,063
|
|
19,104
|
|
Right-of-use assets,
net
|
|
379,006
|
|
348,001
|
|
49,590
|
|
Prepayments and other
non-current assets
|
|
144,120
|
|
123,461
|
|
17,593
|
|
|
|
|
|
|
|
|
Total non-current
assets
|
|
4,773,743
|
|
3,621,690
|
|
516,086
|
|
|
|
|
|
|
|
|
Total
assets
|
|
12,924,354
|
|
11,324,376
|
|
1,613,709
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Accounts
payable
|
|
14,961
|
|
68,337
|
|
9,738
|
|
Advances from
customers and deferred revenue
|
|
412,257
|
|
265,491
|
|
37,832
|
|
Income taxes
payable
|
|
49,914
|
|
54,923
|
|
7,826
|
|
Accrued liabilities
and other current liabilities
|
|
1,474,827
|
|
1,294,164
|
|
184,414
|
|
Amounts due to related
parties
|
|
177,714
|
|
150,096
|
|
21,389
|
|
Lease liabilities due
within one year
|
|
31,832
|
|
29,558
|
|
4,212
|
|
Dividends
payable
|
|
-
|
|
1,744,867
|
|
248,642
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
2,161,505
|
|
3,607,436
|
|
514,053
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
Lease
liabilities
|
|
48,069
|
|
24,658
|
|
3,514
|
|
Deferred tax
liabilities
|
|
42,317
|
|
29,267
|
|
4,171
|
|
Deferred
revenue
|
|
47,864
|
|
37,843
|
|
5,393
|
|
|
|
|
|
|
|
|
Total non-current
liabilities
|
|
138,250
|
|
91,768
|
|
13,078
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
2,299,755
|
|
3,699,204
|
|
527,131
|
|
|
|
|
|
|
|
|
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 September
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 September 30, 2024, respectively;
82,696,852 and 75,455,486 shares issued and
outstanding as of December 31, 2023 and
September 30, 2024, respectively)
|
|
61
|
|
52
|
|
7
|
|
Class B ordinary
shares (US$0.0001 par value;
200,000,000 shares authorized as of December
31, 2022 and September 30, 2023, respectively;
150,386,517 and 150,386,517 shares issued and
outstanding as of December 31, 2023 and
September 30, 2024, respectively)
|
|
98
|
|
98
|
|
14
|
|
Treasury
shares
|
|
(206,345)
|
|
(90,042)
|
|
(12,831)
|
|
Additional paid-in
capital
|
|
12,000,100
|
|
8,849,094
|
|
1,260,986
|
|
Statutory
reserves
|
|
122,429
|
|
122,429
|
|
17,446
|
|
Accumulated
deficit
|
|
(2,052,336)
|
|
(1,928,088)
|
|
(274,750)
|
|
Accumulated other
comprehensive income
|
|
760,592
|
|
671,629
|
|
95,706
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
10,624,599
|
|
7,625,172
|
|
1,086,578
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
12,924,354
|
|
11,324,376
|
|
1,613,709
|
|
HUYA
INC.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in
thousands, except share, ADS, per share data and per ADS
data)
|
|
|
|
Three Months
Ended
|
|
Nine
Months Ended
|
|
|
September
30,
2023*
|
|
June
30,
2024
|
|
September
30,
2024
|
|
September
30,
2024
|
|
September
30,
2023*
|
|
September
30,
2024
|
|
September
30,
2024
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Live
streaming
|
|
1,531,711
|
|
1,233,064
|
|
1,127,499
|
|
160,667
|
|
5,107,319
|
|
3,621,007
|
|
515,989
|
|
Game-related services,
advertising and other
revenues
|
|
132,591
|
|
308,518
|
|
410,160
|
|
58,447
|
|
357,196
|
|
962,281
|
|
137,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net
revenues
|
|
1,664,302
|
|
1,541,582
|
|
1,537,659
|
|
219,114
|
|
5,464,515
|
|
4,583,288
|
|
653,113
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues(1)
|
|
(1,421,460)
|
|
(1,326,710)
|
|
(1,334,085)
|
|
(190,106)
|
|
(4,664,521)
|
|
(3,944,297)
|
|
(562,058)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
242,842
|
|
214,872
|
|
203,574
|
|
29,008
|
|
799,994
|
|
638,991
|
|
91,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
|
(142,832)
|
|
(128,710)
|
|
(125,508)
|
|
(17,885)
|
|
(441,610)
|
|
(389,324)
|
|
(55,478)
|
|
Sales and marketing
expenses
|
|
(105,354)
|
|
(61,689)
|
|
(73,330)
|
|
(10,449)
|
|
(327,262)
|
|
(211,251)
|
|
(30,103)
|
|
General and
administrative expenses
|
|
(66,417)
|
|
(63,729)
|
|
(50,025)
|
|
(7,129)
|
|
(220,600)
|
|
(173,786)
|
|
(24,764)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(314,603)
|
|
(254,128)
|
|
(248,863)
|
|
(35,463)
|
|
(989,472)
|
|
(774,361)
|
|
(110,345)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income,
net
|
|
40,185
|
|
13,219
|
|
12,958
|
|
1,847
|
|
68,153
|
|
38,486
|
|
5,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(31,576)
|
|
(26,037)
|
|
(32,331)
|
|
(4,608)
|
|
(121,325)
|
|
(96,884)
|
|
(13,806)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
128,480
|
|
102,523
|
|
96,580
|
|
13,763
|
|
350,201
|
|
316,155
|
|
45,052
|
|
Impairment loss of
investments
|
|
(80,774)
|
|
(45,079)
|
|
(36,298)
|
|
(5,172)
|
|
(145,889)
|
|
(81,377)
|
|
(11,596)
|
|
Foreign currency
exchange (losses)/gains, net
|
|
(1,765)
|
|
364
|
|
(1,225)
|
|
(175)
|
|
(3,817)
|
|
(3,280)
|
|
(467)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expenses
|
|
14,365
|
|
31,771
|
|
26,726
|
|
3,808
|
|
79,170
|
|
134,614
|
|
19,183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expenses
|
|
(3,822)
|
|
(2,169)
|
|
(3,113)
|
|
(444)
|
|
(8,718)
|
|
(10,366)
|
|
(1,477)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to HUYA Inc.
|
|
10,543
|
|
29,602
|
|
23,613
|
|
3,364
|
|
70,452
|
|
124,248
|
|
17,706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary
shareholders
|
|
10,543
|
|
29,602
|
|
23,613
|
|
3,364
|
|
70,452
|
|
124,248
|
|
17,706
|
|
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
|
|
Nine
Months Ended
|
|
|
September
30,
2023*
|
|
June
30,
2024
|
|
September
30,
2024
|
|
September
30,
2024
|
|
September
30,
2023*
|
|
September
30,
2024
|
|
September
30,
2024
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
ADS**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.04
|
|
0.13
|
|
0.10
|
|
0.01
|
|
0.29
|
|
0.54
|
|
0.08
|
|
—Diluted
|
|
0.04
|
|
0.13
|
|
0.10
|
|
0.01
|
|
0.29
|
|
0.53
|
|
0.08
|
|
Net income
per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.04
|
|
0.13
|
|
0.10
|
|
0.01
|
|
0.29
|
|
0.54
|
|
0.08
|
|
—Diluted
|
|
0.04
|
|
0.13
|
|
0.10
|
|
0.01
|
|
0.29
|
|
0.53
|
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADS used in
calculating net income per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
244,651,286
|
|
231,022,644
|
|
231,366,502
|
|
231,366,502
|
|
243,736,441
|
|
231,852,981
|
|
231,852,981
|
|
—Diluted
|
|
246,437,179
|
|
234,167,978
|
|
232,948,154
|
|
232,948,154
|
|
246,529,235
|
|
234,514,598
|
|
234,514,598
|
|
|
* HUYA Inc.
Unaudited Condensed Consolidated Statements of Operations for three
months ended September 30, 2023 and nine months ended September
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
|
|
Nine
Months Ended
|
|
|
September
30,
2023
|
|
June
30,
2024
|
|
September
30,
2024
|
|
September
30,
2024
|
|
September
30,
2023
|
|
September
30,
2024
|
|
September
30,
2024
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
2,543
|
|
4,492
|
|
3,521
|
|
502
|
|
16,154
|
|
12,298
|
|
1,752
|
|
Research and
development expenses
|
|
7,296
|
|
7,873
|
|
5,497
|
|
783
|
|
40,133
|
|
20,986
|
|
2,990
|
|
Sales and marketing
expenses
|
|
651
|
|
446
|
|
171
|
|
24
|
|
2,594
|
|
983
|
|
140
|
|
General and
administrative expenses
|
|
(68)
|
|
4,573
|
|
4,014
|
|
572
|
|
19,000
|
|
12,855
|
|
1,832
|
|
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
|
|
Nine
Months Ended
|
|
|
September
30,
2023*
|
|
June
30,
2024
|
|
September
30,
2024
|
|
September
30,
2024
|
|
September
30,
2023*
|
|
September
30,
2024
|
|
September
30,
2024
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
242,842
|
|
214,872
|
|
203,574
|
|
29,008
|
|
799,994
|
|
638,991
|
|
91,055
|
|
Share-based
compensation expenses allocated
in cost of revenues
|
|
2,543
|
|
4,492
|
|
3,521
|
|
502
|
|
16,154
|
|
12,298
|
|
1,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross
profit
|
|
245,385
|
|
219,364
|
|
207,095
|
|
29,510
|
|
816,148
|
|
651,289
|
|
92,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(31,576)
|
|
(26,037)
|
|
(32,331)
|
|
(4,608)
|
|
(121,325)
|
|
(96,884)
|
|
(13,806)
|
|
Share-based
compensation expenses
|
|
10,422
|
|
17,384
|
|
13,203
|
|
1,881
|
|
77,881
|
|
47,122
|
|
6,714
|
|
Amortization of
intangible assets from
business acquisitions
|
|
5,993
|
|
5,941
|
|
5,937
|
|
846
|
|
17,605
|
|
17,808
|
|
2,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
loss
|
|
(15,161)
|
|
(2,712)
|
|
(13,191)
|
|
(1,881)
|
|
(25,839)
|
|
(31,954)
|
|
(4,554)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to HUYA Inc.
|
|
10,543
|
|
29,602
|
|
23,613
|
|
3,364
|
|
70,452
|
|
124,248
|
|
17,706
|
|
Impairment loss of
investments
|
|
80,774
|
|
45,079
|
|
36,298
|
|
5,172
|
|
145,889
|
|
81,377
|
|
11,596
|
|
Share-based
compensation expenses
|
|
10,422
|
|
17,384
|
|
13,203
|
|
1,881
|
|
77,881
|
|
47,122
|
|
6,714
|
|
Amortization of
intangible assets from
business acquisitions, net of income taxes
|
|
4,974
|
|
4,931
|
|
4,928
|
|
702
|
|
14,612
|
|
14,781
|
|
2,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to
HUYA Inc.
|
|
106,713
|
|
96,996
|
|
78,042
|
|
11,119
|
|
308,834
|
|
267,528
|
|
38,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to ordinary
shareholders
|
|
10,543
|
|
29,602
|
|
23,613
|
|
3,364
|
|
70,452
|
|
124,248
|
|
17,706
|
|
Impairment loss of
investments
|
|
80,774
|
|
45,079
|
|
36,298
|
|
5,172
|
|
145,889
|
|
81,377
|
|
11,596
|
|
Share-based
compensation expenses
|
|
10,422
|
|
17,384
|
|
13,203
|
|
1,881
|
|
77,881
|
|
47,122
|
|
6,714
|
|
Amortization of
intangible assets from
business acquisitions, net of income
taxes
|
|
4,974
|
|
4,931
|
|
4,928
|
|
702
|
|
14,612
|
|
14,781
|
|
2,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to
ordinary shareholders
|
|
106,713
|
|
96,996
|
|
78,042
|
|
11,119
|
|
308,834
|
|
267,528
|
|
38,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.44
|
|
0.42
|
|
0.34
|
|
0.05
|
|
1.27
|
|
1.15
|
|
0.16
|
|
—Diluted
|
|
0.43
|
|
0.41
|
|
0.34
|
|
0.05
|
|
1.25
|
|
1.14
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.44
|
|
0.42
|
|
0.34
|
|
0.05
|
|
1.27
|
|
1.15
|
|
0.16
|
|
—Diluted
|
|
0.43
|
|
0.41
|
|
0.34
|
|
0.05
|
|
1.25
|
|
1.14
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADS used in
calculating Non-GAAP net income per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
244,651,286
|
|
231,022,644
|
|
231,366,502
|
|
231,366,502
|
|
243,736,441
|
|
231,852,981
|
|
231,852,981
|
|
—Diluted
|
|
246,437,179
|
|
234,167,978
|
|
232,948,154
|
|
232,948,154
|
|
246,529,235
|
|
234,514,598
|
|
234,514,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* HUYA Inc. Unaudited
Reconciliations of GAAP and Non-GAAP Results for three months
ended September 30, 2023 and nine months
ended September
30, 2023 have been retrospectively adjusted due to the
business combination under common control as stated in footnote 1
of this press release.
|
View original
content:https://www.prnewswire.com/news-releases/huya-inc-reports-third-quarter-2024-unaudited-financial-results-302302343.html
SOURCE HUYA Inc.
