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1、JOYY Reports Third Quarter 2024 Unaudited Financial ResultsNovember 27,2024SINGAPORE,Nov.27,2024(GLOBE NEWSWIRE)-JOYY Inc.(NASDAQ:YY)(“JOYY”or the“Company”),a global technology company,todayannounced its unaudited financial results for the third quarter of 2024.Third Quarter 2024 Financial Highlight

2、s1Net revenues were US$558.7 million,compared to US$567.1 million in the corresponding period of 2023.Net income attributable to controlling interest of JOYY2 was US$60.6 million,compared to US$72.9 million in thecorresponding period of 2023.Non-GAAP net income attributable to controlling interest a

3、nd common shareholders of JOYY3 was US$61.2 million,compared to US$81.2 million in the corresponding period of 2023.Third Quarter 2024 Operational HighlightsAverage mobile MAUs of Bigo Live was 36.5 million,compared to 40.3 million in the corresponding period of 2023.Average mobile MAUs of Likee was

4、 33.9 million,compared to 41.0 million in the corresponding period of 2023,primarilydue to disciplined spending on user acquisition via advertisement.Average mobile MAUs of Hago was 4.3 million,compared to 5.0 million in the corresponding period of 2023,primarilydue to disciplined spending on user a

5、cquisition via advertisement.Global average mobile MAUs4 was 272.4 million,compared to 276.8 million in the corresponding period of 2023.Total number of paying users of BIGO(including Bigo Live,Likee and imo)5 was 1.62 million,compared to 1.61million in the corresponding period of 2023.Average reven

6、ue per paying user,or ARPPU,of BIGO(including Bigo Live,Likee and imo)6 was US$231.4,compared to US$253.4 in the corresponding period of 2023.Ms.Ting Li,Chairperson and Chief Executive Officer of JOYY,commented,“During the third quarter,we continued to execute effectively on ourstrategic priorities,

7、cultivating our global social and content ecosystem and enhancing our global operational capabilities and efficiencies,whichyielded solid results.Our groups GAAP and non-GAAP operating income was US$16.4 million and US$34.9 million respectively,up by 623.5%and16.4%on a quarterly basis.During the thi

8、rd quarter,we continued to cultivate long-run initiatives that will further diversify our revenue.Our groupsnon-livestreaming revenues grew by 13.1%to US$119.2 million quarter-over-quarter,contributing 21.3%of the groups total revenue in the thirdquarter.In addition,we reaffirmed our commitment to s

9、hareholder returns by repurchasing an additional US$117.8 million worth of our shares duringthe quarter.”“Looking ahead,we remain focused on enhancing user experiences through product innovation,advancing operational excellence across our globalfootprint,and further diversifying our revenue streams.

10、Supported by our strong cash flow and healthy financial position,we are well-positioned todeliver sustainable,profitable growth and create lasting value for our shareholders.”Third Quarter 2024 Financial ResultsNET REVENUESNet revenues were US$558.7 million in the third quarter of 2024,compared to U

11、S$567.1 million in the corresponding period of 2023.Live streaming revenues were US$439.5 million in the third quarter of 2024,compared to US$495.8 million in the corresponding period of 2023.Thedecrease was mainly the result of decreased ARPPU of BIGO,and certain adjustments to our audio livestream

12、ing products.Other revenues increased by 67.2%to US$119.2 million in the third quarter of 2024 from US$71.3 million in the corresponding period of 2023,primarily due to the substantial growth of our advertisement revenues.COST OF REVENUES AND GROSS PROFITCost of revenues decreased by 2.1%to US$350.5

13、 million in the third quarter of 2024 from US$357.9 million in the corresponding period of 2023.BIGOs cost of revenues increased by 4.5%to US$312.6 million,primarily due to increased revenue-sharing fees and content costs,driven byincreased traffic acquisition costs paid to third-party partners in r

14、elation to our expanding advertising business.All others cost of revenues decreasedby 35.3%to US$38.1 million,consistent with the decline in segment revenue.Gross profit was US$208.1 million in the third quarter of 2024,compared to US$209.2 million in the corresponding period of 2023.Gross margin wa

15、s37.3%in the third quarter of 2024,compared to 36.9%in the corresponding period of 2023.OPERATING EXPENSES AND INCOMEOperating expenses were US$192.0 million in the third quarter of 2024,compared to US$191.3 million in the corresponding period of 2023.Among theoperating expenses,sales and marketing

16、expenses decreased to US$83.5 million for the third quarter of 2024 from US$92.5 million in thecorresponding period of 2023,primarily due to the Companys optimization of overall sales and marketing strategies across various product lines to bemore focused on return-on-investment and effectiveness of

17、 user acquisition.General and administrative expenses increased to US$36.1 million forthe third quarter of 2024 from US$27.1 million in the corresponding period of 2023,primarily due to increases in salary and welfare for general andadministrative personnel.Operating income was US$16.4 million in th

18、e third quarter of 2024,compared to US$12.0 million in the corresponding period of 2023.Operatingincome margin was 2.9%in the third quarter of 2024,compared to 2.1%in the corresponding period of 2023.Non-GAAP operating income7 was US$34.9 million in the third quarter of 2024,compared to US$40.4 mill

19、ion in the corresponding period of 2023.Non-GAAP operating income margin8 was 6.2%in the third quarter of 2024,compared to 7.1%in the corresponding period of 2023.NET INCOMENet income attributable to controlling interest of JOYY was US$60.6 million in the third quarter of 2024,compared to US$72.9 mi

20、llion in thecorresponding period of 2023.Net income margin was 10.8%in the third quarter of 2024,compared to 12.9%in the corresponding period of 2023.Non-GAAP net income attributable to controlling interest and common shareholders of JOYY was US$61.2 million in the third quarter of 2024,compared to

21、US$81.2 million in the corresponding period of 2023.Non-GAAP net income margin9 was 10.9%in the third quarter of 2024,compared tonon-GAAP net income margin of 14.3%in the corresponding period of 2023.NET INCOME PER ADSDiluted net income per ADS10 was US$1.05 in the third quarter of 2024,compared to

22、US$1.86 in the corresponding period of 2023.Non-GAAP diluted net income per ADS11 was US$1.07 in the third quarter of 2024,compared to US$1.22 in the corresponding period of 2023.BALANCE SHEET AND CASH FLOWSAs of September 30,2024,the Company had net cash12 of US$3,302.1 million,compared with US$3,3

23、57.9 million as of December 31,2023.For thethird quarter of 2024,net cash from operating activities was US$61.1 million.SHARES OUTSTANDINGAs of September 30,2024,the Company had a total of 1,076.6 million common shares outstanding,representing the equivalent of 53.8 million ADSsassuming the conversi

24、on of all common shares into ADSs.Business OutlookFor the fourth quarter of 2024,the Company expects net revenues to be between US$546 million and US$563 million.This forecast reflects theCompanys current and preliminary views on the market,operational conditions and business strategies,which are su

25、bject to changes,particularly asto the potential impact from increasing macroeconomic uncertainties.Share Repurchase ProgramDuring the quarter ended September 30,2024,the Company repurchased 3.43 million of its ADSs for a total of US$117.8 million on the open market.During the first three quarters o

26、f 2024,the Company has repurchased 7.31 million of its ADSs for a total of US$243.7 million.Pursuant to the share repurchase program which was extended by the board of directors in August 2024,the Company may repurchase up to US$400million of its shares until the end of November 2025.As of September

27、 30,2024,the Company has utilized US$117.8 million under the program.Conference Call InformationThe Company will hold a conference call at 9:00 PM U.S.Eastern Time on Tuesday,November 26,2024(10:00 AM Singapore/Hong Kong Time onWednesday,November 27,2024).Details for the conference call are as follo

28、ws:Event Title:JOYY Inc.Third Quarter 2024 Earnings Conference CallConference ID:#10043422All participants may use the link provided below to complete the online registration process in advance of the conference call.Upon registration,eachparticipant will receive a set of participant dial-in numbers

29、,the Direct Event passcode,and a unique PIN by email.PRE-REGISTER LINK:https:/s1.c- live and archived webcast of the conference call will also be available at the Companys investor relations website at https:/.The replay will be accessible through December 4,2024,by dialing the following numbers:Uni

30、ted States:1-855-883-1031Singapore:800-101-3223Hong Kong:800-930-639Conference ID:#10043422 About JOYY Inc.JOYY is a leading global technology company with a mission to enrich lives through technology.JOYY currently operates several social products,including Bigo Live for live streaming,Likee for sh

31、ort-form videos,Hago for multiplayer social networking,an instant messaging product,and others.The Company has created a highly engaging and vibrant user community for users across the globe.JOYYs ADSs have been listed on the NASDAQsince November 2012.Safe Harbor StatementThis press release contains

32、 forward-looking statements.These statements are made under the“safe harbor”provisions of the U.S.Private SecuritiesLitigation Reform Act of 1995.These forward-looking statements can be identified by terminology such as“will,”“expects,”“anticipates,”“future,”“intends,”“plans,”“believes,”“estimates”a

33、nd similar statements.Among other things,the business outlook and quotations from management in thispress release,as well as JOYYs strategic and operational plans,contain forward-looking statements.JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S.Secur

34、ities and Exchange Commission(“SEC”),in its annual report to shareholders,in pressreleases and other written materials and in oral statements made by its officers,directors or employees to third parties.Statements that are nothistorical facts,including statements about JOYYs beliefs and expectations

35、,are forward-looking statements.Forward-looking statements involveinherent risks and uncertainties.A number of factors could cause actual results to differ materially from those contained in any forward-lookingstatement,including but not limited to the following:JOYYs goals and strategies;JOYYs futu

36、re business development,results of operations andfinancial condition;the expected growth of the global online communication social platform market;the expectation regarding the rate at which to gainactive users,especially paying users;JOYYs ability to monetize the user base;the developments in the s

37、ale of YY Live;fluctuations in globaleconomic and business conditions;and assumptions underlying or related to any of the foregoing.A more detailed and full discussion of those risksand other potential risks is included in JOYYs filings with the SEC.All information provided in this press release and

38、 in the attachments is as of thedate of this press release,and JOYY does not undertake any obligation to update any forward-looking statement,except as required under applicablelaw.Use of Non-GAAP Financial MeasuresThe unaudited condensed consolidated financial information is prepared in conformity

39、with accounting principles generally accepted in the UnitedStates of America(“U.S.GAAP”).JOYY uses non-GAAP operating income,non-GAAP operating(loss)margin,non-GAAP net income(loss)attributable to controlling interest of JOYY,non-GAAP net income(loss)margin attributable to controlling interest of JO

40、YY,non-GAAP net income(loss)attributable to common shareholders of JOYY,and basic and diluted non-GAAP net income(loss)per ADS,all of which are non-GAAP financialmeasures adjusted from the most comparable U.S.GAAP results.Non-GAAP operating income(loss)is operating income(loss)excludingshare-based c

41、ompensation expenses,impairment of goodwill and investments,amortization of intangible assets from business acquisitions,and gain(loss)on disposal of subsidiaries and business.Non-GAAP operating(loss)margin is non-GAAP operating income as a percentage of net revenues.Non-GAAP net income(loss)is net

42、income(loss)excluding share-based compensation expenses,impairment of goodwill and investments,amortization of intangible assets from business acquisitions,gain(loss)on disposal of subsidiaries and business,gain(loss)on disposal and deemeddisposal of investments,gain(loss)on fair value change of inv

43、estments,reconciling items on the share of equity method investments(referring toshare of income(loss)from equity method investments resulting from non-recurring or non-cash items of the equity method investments),gain(loss)on extinguishment of debt and derivative,interest expenses related to the co

44、nvertible bonds amortization to face value,and income tax effects of theabove non-GAAP reconciling items.Non-GAAP net income(loss)attributable to controlling interest of JOYY is net income(loss)attributable tocontrolling interest of JOYY excluding share-based compensation expenses,impairment of good

45、will and investments,amortization of intangible assetsfrom business acquisitions,gain(loss)on disposal of subsidiaries and business,gain(loss)on disposal and deemed disposal of investments,gain(loss)on fair value change of investments,reconciling items on the share of equity method investments,gain(

46、loss)on extinguishment of debt andderivative,interest expenses related to the convertible bonds amortization to face value,income tax effects of the above non-GAAP reconciling itemsand adjustments for non-GAAP reconciling items for the net(loss)income attributable to non-controlling interest shareho

47、lders.Non-GAAP net income(loss)margin is non-GAAP net income(loss)attributable to controlling interest of JOYY as a percentage of net revenues.Non-GAAP net income(loss)attributable to common shareholders of JOYY is net income(loss)attributable to common shareholders of JOYY excluding share-based com

48、pensationexpenses,impairment of goodwill and investments,amortization of intangible assets from business acquisitions,gain(loss)on disposal of subsidiariesand business,gain(loss)on disposal and deemed disposal of investments,gain(loss)on fair value change of investments,reconciling items on theshare

49、 of equity method investments,gain(loss)on extinguishment of debt and derivative,interest expenses related to the convertible bondsamortization to face value,accretion,cumulative dividend and deemed dividend to subsidiaries preferred shareholders,gain on repurchase ofredeemable convertible preferred

50、 shares of a subsidiary and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAPreconciling items for the net income(loss)attributable to non-controlling interest shareholders.After the non-GAAP adjustment,non-GAAP net income(loss)attributable to controlling interests

51、of JOYY is equal to the non-GAAP net income(loss)attributable to common shareholders of JOYY.Basic anddiluted non-GAAP net income(loss)per ADS is non-GAAP net income(loss)attributable to common shareholders of JOYY divided by weightedaverage number of ADS used in the calculation of basic and diluted

52、 net income per ADS.The Company believes that separate analysis and exclusionof the non-cash impact of above reconciling items adds clarity to the constituent parts of its performance.The Company reviews these non-GAAPfinancial measures together with GAAP financial measures to obtain a better unders

53、tanding of its operating performance.It uses the non-GAAPfinancial measure for planning,forecasting and measuring results against the forecast.The Company believes that non-GAAP financial measure isuseful supplemental information for investors and analysts to assess its operating performance without

54、 the non-cash effect of(i)share-basedcompensation expenses and amortization of intangible assets from business acquisitions,gain(loss)on extinguishment of debt and derivative,interest expenses related to the convertible bonds amortization to face value,which have been and will continue to be signifi

55、cant recurring expensesin its business,(ii)impairment of goodwill and investments,gain(loss)on disposal of subsidiaries and business,gain(loss)on disposal and deemeddisposal of investments,gain(loss)on fair value change of investments,reconciling items on the share of equity method investments,accre

56、tion,cumulative dividend and deemed dividend to subsidiaries preferred shareholders and gain on repurchase of redeemable convertible preferred sharesof a subsidiary which may not be recurring in its business,and(iii)income tax expenses and non-GAAP adjustments for net income(loss)attributableto non-

57、controlling interest shareholders,which are affected by the above non-GAAP reconciling items.However,the use of non-GAAP financialmeasures has material limitations as an analytical tool.One of the limitations of using non-GAAP financial measures is that they do not include allitems that impact the C

58、ompanys net income(loss)for the period.In addition,because non-GAAP financial measures are not measured in the samemanner 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 non-GAAP financ

59、ial measure in isolation from or as an alternative to the financial measure 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 financialinformation prepared and presented in accordan

60、ce with U.S.GAAP.For more information on these non-GAAP financial measures,please see thetable captioned“JOYY Inc.Unaudited Reconciliation of GAAP and Non-GAAP Results”near the end of this press release.Investor Relations ContactJOYY Inc.Jane Xie/Maggie YanEmail:joyy-ICR,Inc.Robin YangEmail:1On Nove

61、mber 16,2020,the Company entered into definitive agreements with affiliates of Baidu,Inc.(“Baidu”),subsequently amended on February7,2021.Pursuant to the agreements,Baidu would acquire JOYYs video-based entertainment live streaming business in mainland China,which theCompany refers to as YY Live,inc

62、luding the YY mobile app,the YY.com website and the YY PC app,among others,for an aggregate purchase priceof approximately US$3.6 billion in cash,subject to certain adjustments.Subsequently,the sale was substantially completed as of February 8,2021,with certain matters remaining to be completed,incl

63、uding necessary regulatory approvals from government authorities.As a result,YY Lives historicalresults were presented in the Companys consolidated financial statements as discontinued operations and the Company ceased consolidation of YYLives business since February 8,2021.On January 1,2024,the Com

64、pany received a written notice from an affiliate of Baidu,purporting to terminatethe share purchase agreement.Baidu asserted in the written notice that it has and exercised the right to terminate the referenced share purchaseagreement and effectively cancel the transaction.The Company is in discussi

65、on with Baidu on the next steps following the termination of the sharepurchase agreement.The Company is also seeking legal advice and will consider all options at its disposal in response to Baidus written notice andexpressly reserve all rights.From January 1,2024 to the date of this press release,t

66、he Company has not obtained control of YY Live and has notconsolidated YY Live.To the date of this press release,the latest development of the transaction has not affected the Companys operating activitiesor financial results.The financial information and non-GAAP financial information disclosed in

67、this press release is presented on a continuing operations basis,unlessotherwise specifically stated.For the avoidance of confusion,the continuing operations for the three months ended September 30,2023,June 30,2024 and September 30,2024 and for the nine months ended September 30,2023 and September

68、30,2024,as presented in this press release,primarily consisted of BIGO segment(primarily including Bigo Live,Likee and imo)and the All other segment,excluding YY Live.2Net income(loss)attributable to controlling interest of JOYY is net income(loss)less net(loss)income attributable to the non-control

69、ling interestshareholders and the mezzanine equity classified as non-controlling interest shareholders.3Non-GAAP net income(loss)attributable to controlling interest of JOYY is a non-GAAP financial measure,which is defined as net income(loss)attributable to controlling interest of JOYY excluding sha

70、re-based compensation expenses,impairment of goodwill and investments,amortization ofintangible assets from business acquisitions,gain(loss)on disposal of subsidiaries and business,gain(loss)on disposal and deemed disposal ofinvestments,gain(loss)on fair value change of investments,reconciling items

71、 on the share of equity method investments which refer to those similarnon-GAAP reconciling items of the Company,gain(loss)on extinguishment of debt and derivative,interest expenses related to the convertible bondsamortization to face value,income tax effects of the above non-GAAP reconciling items

72、and adjustments for non-GAAP reconciling items for net(loss)income attributable to non-controlling interest shareholders.These adjustments amounted to US$0.6 million and US$8.3 million in the third quarter of2024 and 2023,respectively.Please refer to the section titled“Use of Non-GAAP Financial Meas

73、ures”and the table captioned“JOYY Inc.UnauditedReconciliation of GAAP and Non-GAAP Results”near the end of this press release for details.4Refers to average mobile monthly active users of the social entertainment platforms operated by the Company,including Bigo Live,Likee,imo andHago.Average mobile

74、MAU for any period is calculated by dividing(i)the sum of the Companys mobile active users for each month of such period,by(ii)the number of months in such period.5The number of paying users during a given period is calculated as the cumulative number of registered user accounts that have purchased

75、virtualitems or other products and services on Bigo Live,Likee or imo at least once during the relevant period.6Average revenue per user is calculated by dividing our total revenues from live streaming on Bigo Live,Likee and imo during a given period by thenumber of paying users for the Companys liv

76、e streaming services on these platforms for that period.7Non-GAAP operating income(loss)is a non-GAAP financial measure,which is defined as operating income(loss)excluding share-basedcompensation expenses,amortization of intangible assets from business acquisitions,impairment of goodwill and investm

77、ents and gain(loss)ondisposal of subsidiaries and business.Please refer to the section titled“Use of Non-GAAP Financial Measures”and the table captioned“JOYY Inc.Unaudited Reconciliation of GAAP and Non-GAAP Results”near the end of this press release for details.8Non-GAAP operating income(loss)margi

78、n is a non-GAAP financial measure,which is defined as non-GAAP operating income(loss)as apercentage of net revenues.Please refer to the section titled“Use of Non-GAAP Financial Measures”and the table captioned“JOYY Inc.UnauditedReconciliation of GAAP and Non-GAAP Results”near the end of this press r

79、elease for details.9 Non-GAAP net income(loss)margin is non-GAAP net income(loss)attributable to controlling interest of JOYY as a percentage of net revenues.10ADS refers to American Depositary Share.Each ADS represents twenty Class A common shares of the Company.Diluted net income(loss)perADS is ne

80、t income(loss)attributable to common shareholders of JOYY divided by weighted average number of diluted ADS.11Non-GAAP diluted net income(loss)per ADS is a non-GAAP financial measure,which is defined as non-GAAP net income(loss)attributable tocommon shareholders of JOYY divided by weighted average n

81、umber of ADS used in the calculation of diluted net income(loss)per ADS.Please referto the section titled“Use of Non-GAAP Financial Measures”and the table captioned“JOYY Inc.Unaudited Reconciliation of GAAP and Non-GAAPResults”near the end of this press release for details.12 Net cash is calculated

82、as the sum of cash and cash equivalents,restricted cash and cash equivalents,short-term deposits,restricted short-termdeposits,short-term investments and long-term deposits,less convertible bonds,short-term loans,and long-term loans.JOYY INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amount

83、s in thousands,except share,ADS and per ADS data)December 31,September 30,2023 2024 US$US$Assets Current assets Cash and cash equivalents 1,063,956 481,763 Restricted cash and cash equivalents 319,250 396,377 Short-term deposits 1,970,346 1,791,808 Restricted short-term deposits 57,243 35,143 Short-

84、term investments 274,846 191,578 Accounts receivable,net 130,700 129,337 Amounts due from related parties 810 740 Prepayments and other current assets(1)255,489 260,412 Total current assets 4,072,640 3,287,158 Non-current assets Long-term deposits 130,000 460,000 Investments 544,542 567,504 Property

85、 and equipment,net 390,681 462,916 Land use rights,net 316,070 313,075 Intangible assets,net 333,715 291,004 Right-of-use assets,net 30,173 23,295 Goodwill 2,649,281 2,649,297 Other non-current assets 16,763 25,894 Total non-current assets 4,411,225 4,792,985 Total assets 8,483,865 8,080,143 Liabili

86、ties,mezzanine equity and shareholders equity Current liabilities Short-term loans 52,119 54,523 Accounts payable 66,755 91,483 Deferred revenue 73,673 72,321 Advances from customers 6,047 4,628 Income taxes payable 86,100 79,338 Accrued liabilities and other current liabilities(1)2,381,189 2,380,13

87、0 Amounts due to related parties 2,533 1,896 Lease liabilities due within one year 12,388 11,721 Convertible bonds 405,603 -Total current liabilities 3,086,407 2,696,040 Non-current liabilities Lease liabilities 18,422 11,881 Deferred revenue 12,932 13,284 Deferred tax liabilities 53,955 48,897 Tota

88、l non-current liabilities 85,309 74,062 Total liabilities 3,171,716 2,770,102 JOYY INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(CONTINUED)(All amounts in thousands,except share,ADS and per ADS data)December 31,September 30,2023 2024 US$US$Mezzanine equity 22,133 23,333 Shareholders equity Cla

89、ss A common shares(US$0.00001 par value;10,000,000,000 and 10,000,000,000 sharesauthorized,1,317,840,464 shares issued and 890,843,639 shares outstanding as of December31,2023;1,317,840,464 shares issued and 750,061,822 shares outstanding as of September 30,2024,respectively)9 8 Class B common share

90、s(US$0.00001 par value;1,000,000,000 and 1,000,000,000 sharesauthorized,326,509,555 and 326,509,555 shares issued and outstanding as of December 31,2023 and September 30,2024,respectively)3 3 Treasury shares(US$0.00001 par value;426,996,825 and 567,778,642 shares held as ofDecember 31,2023 and Septe

91、mber 30,2024,respectively)(913,939)(1,157,649)Additional paid-in capital 3,282,754 3,340,387 Statutory reserves 37,709 37,686 Retained earnings 2,947,160 3,104,051 Accumulated other comprehensive loss(197,010)(167,269)Total JOYY Inc.s shareholders equity 5,156,686 5,157,217 Non-controlling interests

92、 133,330 129,491 Total shareholders equity 5,290,016 5,286,708 Total liabilities,mezzanine equity and shareholders equity 8,483,865 8,080,143 (1)JOYY has ceased consolidation of YY Live business since February 8,2021 and classified and presented all the related assets and liabilitiesrelated to YY Li

93、ve business on a net basis within prepayments and other current assets.The consideration received by the Company to date remainswithin cash and cash equivalents,restricted cash and cash equivalents,and short-term deposits.Correspondingly,the advanced payments receivedhas been recorded as accrued lia

94、bilities and other current liabilities.JOYY INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(All amounts in thousands,except share,ADS and per ADS data)Three Months Ended Nine Months Ended September 30,June 30,September 30,September 30,September 30,2023 2024 2024 2023 2024 US$US$US$US$U

95、S$Net revenues Live streaming(1)495,801 459,730 439,482 1,493,175 1,365,603 Others 71,268 105,398 119,172 204,856 322,739 Total net revenues 567,069 565,128 558,654 1,698,031 1,688,342 Cost of revenues(2)(357,914)(366,189)(350,536)(1,086,482)(1,085,922)Gross profit 209,155 198,939 208,118 611,549 60

96、2,420 Operating expenses(2)Research and development expenses(71,608)(69,856)(72,360)(222,923)(211,255)Sales and marketing expenses(92,515)(88,132)(83,524)(277,319)(266,294)General and administrative expenses(27,139)(40,686)(36,073)(88,074)(108,502)Total operating expenses(191,262)(198,674)(191,957)(

97、588,316)(586,051)(Loss)gain on deconsolidation and disposal of subsidiaries (6,177)1,643 -(6,177)1,643 Other income 333 361 255 6,963 4,216 Operating income 12,049 2,269 16,416 24,019 22,228 Interest expenses(2,139)(1,864)(535)(8,305)(4,535)Interest income and investment income 47,330 46,702 41,067

98、138,067 136,696 Foreign currency exchange(losses)gains,net(5,143)1,125 (10,742)5,252 (8,849)(Loss)gain on disposal and deemed disposal ofinvestments(2,673)-74,851 -Gain(loss)on fair value change of investments 7,112 (619)9,281 6,162 9,647 Income before income tax expenses 56,536 47,613 55,487 240,04

99、6 155,187 Income tax expenses(3,001)(2,628)(6,279)(16,541)(13,444)Income before share of income in equity methodinvestments,net of income taxes 53,535 44,985 49,208 223,505 141,743 Share of income in equity method investments,net ofincome taxes 11,545 2,805 6,746 8,824 2,156 Net income 65,080 47,790

100、 55,954 232,329 143,899 Net loss attributable to the non-controlling interestshareholders and the mezzanine equity classified asnon-controlling interest shareholders 7,812 4,276 4,603 23,652 14,010 Net income attributable to controlling interest of JOYYInc.72,892 52,066 60,557 255,981 157,909 Accret

101、ion of subsidiaries redeemable convertible preferredshares to redemption value(1,566)(347)(347)(4,698)(1,041)Cumulative dividend on subsidiarys Series A PreferredShares-(2,000)-Gain on repurchase of redeemable convertible preferredshares of a subsidiary 52,583 -52,583 -Net income attributable to com

102、mon shareholders ofJOYY Inc.123,909 51,719 60,210 301,866 156,868 JOYY INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(CONTINUED)(All amounts in thousands,except share,ADS and per ADS data)Three Months Ended Nine Months Ended September 30,June 30,September 30,September 30,September 30,

103、2023 2024 2024 2023 2024 US$US$US$US$US$Net income per ADS Basic 1.99 0.87 1.06 4.53 2.65 Diluted 1.86 0.83 1.05 4.11 2.55 Weighted average number of ADS used in calculatingnet income per ADS Basic 62,266,339 59,537,049 56,573,411 66,633,991 59,287,792 Diluted 67,669,387 64,101,951 57,220,581 75,061

104、,963 62,803,046 (1)Revenues by geographical areas were as follows:Three Months Ended Nine Months Ended September 30,June 30,September 30,September 30,September 30,2023 2024 2024 2023 2024 US$US$US$US$US$Developed countries and regions 252,089 306,099 306,633 701,872 903,768 Middle East 108,299 75,53

105、0 77,152 338,257 240,140 Mainland China 74,525 62,604 57,952 278,939 180,357 Southeast Asia and others 132,156 120,895 116,917 378,963 364,077 Note:Developed countries and region mainly included the United States of America,Great Britain,Japan,South Korea and Australia.Middle Eastmainly included Sau

106、di Arabia and other countries located in the region.Southeast Asia and others mainly included Indonesia,Vietnam and rest of theworld.(2)Share-based compensation was allocated in cost of revenues and operating expenses as follows:Three Months Ended Nine Months Ended September 30,June 30,September 30,

107、September 30,September 30,2023 2024 2024 2023 2024 US$US$US$US$US$Cost of revenues 493 778 (16)2,754 1,425 Research and development expenses 4,108 3,282 2,960 15,395 9,634 Sales and marketing expenses 110 108 193 664 432 General and administrative expenses 1,586 2,183 1,778 5,921 5,903 JOYY INC.UNAU

108、DITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS(All amounts in thousands,except share,ADS and per ADS data)Three Months Ended Nine Months Ended September 30,June 30,September 30,September 30,September 30,2023 2024 2024 2023 2024 US$US$US$US$US$Operating income 12,049 2,269 16,416 24,019 22,228 Sha

109、re-based compensation expenses 6,297 6,351 4,915 24,734 17,394 Amortization of intangible assets from businessacquisitions 15,890 13,590 13,540 47,670 42,262 Impairment of investments-9,386 -9,386 Loss(gain)on deconsolidation and disposal of subsidiaries 6,177 (1,643)-6,177 (1,643)Non-GAAP operating

110、 income 40,413 29,953 34,871 102,600 89,627 Net income 65,080 47,790 55,954 232,329 143,899 Share-based compensation expenses 6,297 6,351 4,915 24,734 17,394 Amortization of intangible assets from businessacquisitions 15,890 13,590 13,540 47,670 42,262 Impairment of investments-9,386 -9,386 Loss(gai

111、n)on deconsolidation and disposal of subsidiaries 6,177 (1,643)-6,177 (1,643)Loss(gain)on disposal and deemed disposal ofinvestments 2,673 -(74,851)-(Gain)loss on fair value change of investments(7,112)619 (9,281)(6,162)(9,647)Interest expenses related to the convertible bondsamortization to face va

112、lue 238 198 -1,344 435 Income tax effects on non-GAAP adjustments(4,070)(1,883)(1,574)(9,509)(5,679)Reconciling items on the share of equity methodinvestments(10,521)(3,700)(6,167)(13,369)(5,433)Non-GAAP net income 74,652 70,708 57,387 208,363 190,974 Net income attributable to common shareholders o

113、f JOYYInc.123,909 51,719 60,210 301,866 156,868 Share-based compensation expenses 6,297 6,351 4,915 24,734 17,394 Amortization of intangible assets from businessacquisitions 15,890 13,590 13,540 47,670 42,262 Impairment of investments-9,386 -9,386 Loss(gain)on deconsolidation and disposal of subsidi

114、aries 6,177 (1,643)-6,177 (1,643)Loss(gain)on disposal and deemed disposal ofinvestments 2,673 -(74,851)-(Gain)loss on fair value change of investments(7,112)619 (9,281)(6,162)(9,647)Interest expenses related to the convertible bondsamortization to face value 238 198 -1,344 435 Accretion,cumulative

115、dividend and deemed dividend tosubsidiaries preferred shareholders 1,566 347 347 6,698 1,041 Gain on repurchase of redeemable convertible preferredshares of a subsidiary(52,583)-(52,583)-Income tax effects on non-GAAP adjustments(4,070)(1,883)(1,574)(9,509)(5,679)Reconciling items on the share of eq

116、uity methodinvestments(10,521)(3,700)(6,167)(13,369)(5,433)Non-GAAP adjustments for net loss attributable to thenon-controlling interest shareholders(1,311)(949)(819)(3,693)(2,574)Non-GAAP net income attributable to controllinginterest and common shareholders of JOYY Inc.81,153 74,035 61,171 228,322

117、 202,410 Non-GAAP net income per ADS Basic 1.30 1.24 1.08 3.43 3.41 Diluted 1.22 1.17 1.07 3.12 3.26 Weighted average number of ADS used in calculatingNon-GAAP net income per ADS Basic 62,266,339 59,537,049 56,573,411 66,633,991 59,287,792 Diluted 67,669,387 64,101,951 57,220,581 75,061,963 62,803,0

118、46 JOYY INC.UNAUDITED SEGMENT REPORT(All amounts in thousands,except share,ADS and per ADS data)Three Months Ended September 30,2024 BIGO All other Elimination(1)Total US$US$US$US$Net revenues Live streaming417,762 21,720 -439,482 Others78,247 41,317 (392)119,172 Total net revenues496,009 63,037 (39

119、2)558,654 Cost of revenues(2)(312,561)(38,050)75 (350,536)Gross profit183,448 24,987 (317)208,118 Operating expenses(2)Research and development expenses(44,884)(27,702)226 (72,360)Sales and marketing expenses(61,582)(21,968)26 (83,524)General and administrative expenses(14,249)(21,889)65 (36,073)Tot

120、al operating expenses(120,715)(71,559)317 (191,957)Other income6 249 -255 Operating income(loss)62,739 (46,323)-16,416 Interest expenses(1,335)(117)917 (535)Interest income and investment income13,107 28,877 (917)41,067 Foreign currency exchange losses,net(10,290)(452)-(10,742)Gain on fair value cha

121、nge of investments5,466 3,815 -9,281 Income(loss)before income tax(expenses)benefits69,687 (14,200)-55,487 Income tax(expenses)benefits(6,408)129 -(6,279)Income(loss)before share of income in equity methodinvestments,net of income taxes63,279 (14,071)-49,208 Share of income in equity method investme

122、nts,net of income taxes-6,746 -6,746 Net income(loss)63,279 (7,325)-55,954 (1)The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments,and interest income andinterest expenses generated from the loan between BIGO and All other segments.(2)Sha

123、re-based compensation was allocated in cost of revenues and operating expenses as follows:Three Months Ended September 30,2024 BIGO All other Total US$US$US$Cost of revenues(261)245 (16)Research and development expenses1,571 1,389 2,960 Sales and marketing expenses39 154 193 General and administrati

124、ve expenses(186)1,964 1,778 JOYY INC.UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT(All amounts in thousands,except share,ADS and per ADS data)Three Months Ended September 30,2024 BIGO All other Total US$US$US$Operating income(loss)62,739 (46,323)16,416 Share-based

125、 compensation expenses1,163 3,752 4,915 Amortization of intangible assets from business acquisitions8,950 4,590 13,540 Non-GAAP operating income(loss)72,852 (37,981)34,871 Net income(loss)63,279 (7,325)55,954 Share-based compensation expenses1,163 3,752 4,915 Amortization of intangible assets from b

126、usiness acquisitions8,950 4,590 13,540 Gain on fair value change of investments(5,466)(3,815)(9,281)Income tax effects on non-GAAP adjustments(778)(796)(1,574)Reconciling items on the share of equity method investments-(6,167)(6,167)Non-GAAP net income(loss)67,148 (9,761)57,387 JOYY INC.UNAUDITED SE

127、GMENT REPORT(All amounts in thousands,except share,ADS and per ADS data)Three Months Ended June 30,2024 BIGO All other Elimination(1)Total US$US$US$US$Net revenues Live streaming439,394 20,336 -459,730 Others67,760 38,024 (386)105,398 Total net revenues507,154 58,360 (386)565,128 Cost of revenues(2)

128、(327,735)(38,530)76 (366,189)Gross profit179,419 19,830 (310)198,939 Operating expenses(2)Research and development expenses(42,715)(27,370)229 (69,856)Sales and marketing expenses(66,720)(21,435)23 (88,132)General and administrative expenses(12,180)(28,564)58 (40,686)Total operating expenses(121,615

129、)(77,369)310 (198,674)Gain on disposal of subsidiary-1,643 -1,643 Other income177 184 -361 Operating income(loss)57,981 (55,712)-2,269 Interest expenses(1,475)(1,400)1,011 (1,864)Interest income and investment income15,256 32,457 (1,011)46,702 Foreign currency exchange gains,net1,005 120 -1,125(Loss

130、)gain on fair value change of investments(2,610)1,991 -(619)Income(loss)before income tax(expenses)benefits70,157 (22,544)-47,613 Income tax(expenses)benefits(5,575)2,947 -(2,628)Income(loss)before share of income in equity methodinvestments,net of income taxes64,582 (19,597)-44,985 Share of income

131、in equity method investments,net of income taxes-2,805 -2,805 Net income(loss)64,582 (16,792)-47,790 (1)The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments,and interest income andinterest expenses generated from the loan between BIGO and

132、 All other segments.(2)Share-based compensation was allocated in cost of revenues and operating expenses as follows:Three Months Ended June 30,2024 BIGO All other Total US$US$US$Cost of revenues446 332 778 Research and development expenses1,543 1,739 3,282 Sales and marketing expenses45 63 108 Gener

133、al and administrative expenses408 1,775 2,183 JOYY INC.UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT(All amounts in thousands,except share,ADS and per ADS data)Three Months Ended June 30,2024 BIGO All other Total US$US$US$Operating income(loss)57,981 (55,712)2,269

134、 Share-based compensation expenses2,442 3,909 6,351 Amortization of intangible assets from business acquisitions8,950 4,640 13,590 Impairment of investments-9,386 9,386 Gain on disposal of subsidiary-(1,643)(1,643)Non-GAAP operating income(loss)69,373 (39,420)29,953 Net income(loss)64,582 (16,792)47

135、,790 Share-based compensation expenses2,442 3,909 6,351 Amortization of intangible assets from business acquisitions8,950 4,640 13,590 Impairment of investments-9,386 9,386 Gain on disposal of subsidiary-(1,643)(1,643)Loss(gain)on fair value change of investments2,610 (1,991)619 Interest expenses re

136、lated to the convertible bonds amortization to face value-198 198 Income tax effects on non-GAAP adjustments(778)(1,105)(1,883)Reconciling items on the share of equity method investments-(3,700)(3,700)Non-GAAP net income(loss)77,806 (7,098)70,708 JOYY INC.UNAUDITED SEGMENT REPORT(All amounts in thou

137、sands,except share,ADS and per ADS data)Three Months Ended September 30,2023 BIGO All other Elimination(1)Total US$US$US$US$Net revenues Live streaming468,577 27,224 -495,801 Others25,486 46,241 (459)71,268 Total net revenues494,063 73,465 (459)567,069 Cost of revenues(2)(299,231)(58,785)102 (357,91

138、4)Gross profit194,832 14,680 (357)209,155 Operating expenses(2)Research and development expenses(39,684)(32,191)267 (71,608)Sales and marketing expenses(75,715)(16,828)28 (92,515)General and administrative expenses(11,297)(15,904)62 (27,139)Total operating expenses(126,696)(64,923)357 (191,262)Loss

139、on deconsolidation and disposal of subsidiaries-(6,177)-(6,177)Other income(expenses)373 (40)-333 Operating income(loss)68,509 (56,460)-12,049 Interest expenses(1,768)(1,667)1,296 (2,139)Interest income and investment income11,158 37,468 (1,296)47,330 Foreign currency exchange losses,net(4,349)(794)

140、-(5,143)Loss on disposal and deemed disposal of investments-(2,673)-(2,673)Gain on fair value change of investments312 6,800 -7,112 Income(loss)before income tax(expenses)benefits73,862 (17,326)-56,536 Income tax(expenses)benefits(3,626)625 -(3,001)Income(loss)before share of income in equity method

141、investments,net of income taxes70,236 (16,701)-53,535 Share of income in equity method investments,net of income taxes-11,545 -11,545 Net income(loss)70,236 (5,156)-65,080 (1)The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments,and intere

142、st income andinterest expenses generated from the loan between BIGO and All other segments.(2)Share-based compensation was allocated in cost of revenues and operating expenses as follows:Three Months Ended September 30,2023 BIGO All other Total US$US$US$Cost of revenues406 87 493 Research and develo

143、pment expenses1,752 2,356 4,108 Sales and marketing expenses37 73 110 General and administrative expenses20 1,566 1,586 JOYY INC.UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT(All amounts in thousands,except share,ADS and per ADS data)Three Months Ended September 3

144、0,2023 BIGO All other Total US$US$US$Operating income(loss)68,509 (56,460)12,049 Share-based compensation expenses2,215 4,082 6,297 Amortization of intangible assets from business acquisitions11,225 4,665 15,890 Loss on deconsolidation and disposal of subsidiaries-6,177 6,177 Non-GAAP operating inco

145、me(loss)81,949 (41,536)40,413 Net income(loss)70,236 (5,156)65,080 Share-based compensation expenses2,215 4,082 6,297 Amortization of intangible assets from business acquisitions11,225 4,665 15,890 Loss on deconsolidation and disposal of subsidiaries-6,177 6,177 Loss on disposal and deemed disposal

146、of investments-2,673 2,673 Gain on fair value change of investments(312)(6,800)(7,112)Interest expenses related to the convertible bonds amortization to face value-238 238 Income tax effects on non-GAAP adjustments(1,415)(2,655)(4,070)Reconciling items on the share of equity method investments-(10,521)(10,521)Non-GAAP net income(loss)81,949 (7,297)74,652