HUYA Inc. Reports Second Quarter 2024 Unaudited Financial Results and Announces Share Repurchase Program Extension and Special Cash Dividend
Second Quarter 2024 Highlights[1]
-
Total net revenues for the second quarter of 2024 were
RMB1,541 .6 million (US$212.1 million ), compared withRMB1,837 .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 withRMB20.3 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 withRMB117.0 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.
Ms.
[1] In |
[2] "Non-GAAP net income attributable to |
[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
Live streaming revenues were
Game-related services, advertising and other revenues (formerly known as advertising and other revenues) were
Cost of revenues decreased by 14.4% to
Revenue sharing fees and content costs decreased by 12.6% to
Bandwidth costs decreased by 40.2% to
Gross profit was
Research and development expenses decreased by 11.5% to
Sales and marketing expenses decreased by 48.0% to
General and administrative expenses decreased by 21.0% to
Other income was
Operating loss was RMB26.0 million (
Interest income was
Net income attributable to
Non-GAAP net income attributable to
Basic and diluted net income per American depositary share ("ADS") were each
Non-GAAP basic and diluted net income per ADS were
As of
Share Repurchase Program
On
In
Declaration of Special Cash Dividend
The board of directors of the Company has declared a special cash dividend of
Earnings Webinar
The Company's management will host a
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 |
About
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in
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
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
For investor and media inquiries, please contact:
In
Investor Relations
Tel: +86-20-2290-7829
E-mail: ir@huya.com
Tel: +86-10-6508-0677
E-mail: huya@tpg-ir.com
In
Piacente Financial Communications
Tel: +1-212-481-2050
E-mail: huya@tpg-ir.com
|
||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(All amounts in thousands, except share, ADS, per share data and per ADS data) |
||||||
|
||||||
|
|
As of |
|
As of |
||
|
|
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 |
|
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 |
|
|
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 |
|
||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) |
||||||
(All amounts in thousands, except share, ADS, per share data and per ADS data)
|
||||||
|
||||||
|
|
As of |
|
As of |
||
|
|
2023 |
|
2024 |
|
2024 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
Class A ordinary shares ( |
|
61 |
|
51 |
|
7 |
Class B ordinary shares ( |
|
98 |
|
98 |
|
13 |
|
|
(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 |
|
||||||||||||||
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 |
||||||||||
|
|
2023* |
|
2024 |
|
2024 |
|
2024 |
|
2023* |
|
2024 |
|
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 |
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I ncome 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 |
|
20,296 |
|
71,033 |
|
29,602 |
|
4,074 |
|
59,909 |
|
100,635 |
|
13,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary |
|
20,296 |
|
71,033 |
|
29,602 |
|
4,074 |
|
59,909 |
|
100,635 |
|
13,848 |
|
||||||||||||||||||||||||||
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 |
||||||||||||||||||||||
|
|
2023* |
|
2024 |
|
2024 |
|
2024 |
|
2023* |
|
2024 |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
—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 |
||||||||||||
|
||||||||||||||||||||||||||
* |
||||||||||||||||||||||||||
** 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 |
||||||||||
|
|
2023 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
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 |
|
||||||||||||||
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 |
||||||||||
|
|
2023* |
|
2024 |
|
2024 |
|
2024 |
|
2023* |
|
2024 |
|
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 |
|
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 |
|
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 |
|
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 |
|
4,868 |
|
4,922 |
|
4,931 |
|
679 |
|
9,638 |
|
9,853 |
|
1,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income attributable to |
|
117,045 |
|
92,490 |
|
96,996 |
|
13,347 |
|
202,121 |
|
189,486 |
|
26,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to ordinary |
|
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 |
|
4,868 |
|
4,922 |
|
4,931 |
|
679 |
|
9,638 |
|
9,853 |
|
1,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income attributable to |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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|
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|
View original 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
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