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1、JOYY Reports First Quarter 2024 Unaudited Financial ResultsMay 28,2024SINGAPORE,May 29,2024(GLOBE NEWSWIRE)-JOYY Inc.(NASDAQ:YY)(“JOYY”or the“Company”),a global technology company,todayannounced its unaudited financial results for the first quarter of 2024.First Quarter 2024 Financial Highlights1Net

2、 revenues were US$564.6 million,compared to US$583.6 million in the corresponding period of 2023.Net income attributable to controlling interest of JOYY2 was US$45.3 million,compared to US$28.0 million in thecorresponding period of 2023.Non-GAAP net income attributable to controlling interest and co

3、mmon shareholders of JOYY3 was US$67.2 million,compared to US$49.9 million in the corresponding period of 2023.First Quarter 2024 Operational HighlightsAverage mobile MAUs of Bigo Live was 37.1 million,compared to 37.7 million in the corresponding period of 2023.Average mobile MAUs of Likee was 37.5

4、 million,compared to 44.9 million in the corresponding period of 2023,primarilydue to disciplined spending on user acquisition via advertisement.Average mobile MAUs of Hago was 4.5 million,compared to 5.9 million in the corresponding period of 2023,primarilydue to disciplined spending on user acquis

5、ition via advertisement.Global average mobile MAUs4 was 277.3 million,compared to 272.9 million in the corresponding period of 2023.Total number of paying users of BIGO(including Bigo Live,Likee and imo)5 was 1.67 million,compared to 1.57million in the corresponding period of 2023.Average revenue pe

6、r paying user of BIGO(including Bigo Live,Likee and imo)6 was US$235.4,compared toUS$244.8 in the corresponding period of 2023.Mr.David Xueling Li,Chairman and Chief Executive Officer of JOYY,commented,“We are off to a strong start in 2024,executing on our strategicpriorities and delivering results

7、that exceeded our expectations.During the quarter,BIGO maintained its topline recovery momentum,achieving an8.0%year-over-year increase in revenue,driven by a steady 6.9%year-over-year increase in paying users.In addition,as we continued tostrategically expand and diversify our revenue streams,BIGOs

8、 non-livestreaming revenues grew substantially year over year.Continued disciplinedcost expenditures and efficiency improvement contributed to year-over-year increases of 61.8%and 34.8%in GAAP and non-GAAP net profits at thegroup level,respectively.”“Backed by our robust cash flow and strong financi

9、al position,we remain committed to returning value to our shareholders.In the first quarter of 2024,we repurchased an additional US$54.5 million worth of our shares,reflecting our confidence in the companys long-term prospects.Looking ahead,wewill continue to enhance our product experience and drive

10、 operational innovations to generate a sustainable and profitable growth for our globalbusiness.”First Quarter 2024 Financial ResultsNET REVENUESNet revenues were US$564.6 million in the first quarter of 2024,compared to US$583.6 million in the corresponding period of 2023.Live streaming revenues we

11、re US$466.4 million in the first quarter of 2024,compared to US$520.4 million in the corresponding period of 2023,primarily due to our proactive adjustments to certain non-core products.Other revenues increased by 55.2%to US$98.2 million in the first quarter of 2024 from US$63.2 million in the corre

12、sponding period of 2023,primarilydue to the substantial growth of our advertisement revenues as we strategically expanded and diversified the revenue streams of BIGO.COST OF REVENUES AND GROSS PROFITCost of revenues decreased by 2.6%to US$369.2 million in the first quarter of 2024 from US$379.0 mill

13、ion in the corresponding period of 2023.Revenue-sharing fees and content costs were US$268.4 million in the first quarter of 2024,compared to US$248.1 million in the corresponding periodof 2023.Gross profit was US$195.4 million in the first quarter of 2024,compared to US$204.6 million in the corresp

14、onding period of 2023.Gross margin was34.6%in the first quarter of 2024,compared to 35.1%in the corresponding period of 2023.OPERATING EXPENSES AND INCOMEOperating expenses were US$195.4 million in the first quarter of 2024,compared to US$205.3 million in the corresponding period of 2023.Among theop

15、erating expenses,sales and marketing expenses decreased to US$94.6 million in the first quarter of 2024 from US$97.6 million in thecorresponding period of 2023.Research and development expenses decreased to US$69.0 million in the first quarter of 2024 from US$75.8 million inthe corresponding period

16、of 2023,primarily due to decreased personnel-related expenses and share-based compensation expenses.Operating income was US$3.5 million in the first quarter of 2024,compared to US$2.5 million in the corresponding period of 2023.Operating incomemargin was 0.6%in the first quarter of 2024,compared to

17、0.4%in the corresponding period of 2023.Non-GAAP operating income7 was US$24.8 million in the first quarter of 2024,compared to US$27.8 million in the corresponding period of 2023.Non-GAAP operating income margin8 was 4.4%in the first quarter of 2024,compared to 4.8%in the corresponding period of 20

18、23.NET INCOMENet income attributable to controlling interest of JOYY was US$45.3 million in the first quarter of 2024,compared to US$28.0 million in thecorresponding period of 2023.Net income margin was 8.0%in the first quarter of 2024,compared to 4.8%in the corresponding period of 2023.Non-GAAP net

19、 income attributable to controlling interest and common shareholders of JOYY was US$67.2 million in the first quarter of 2024,compared to US$49.9 million in the corresponding period of 2023.Non-GAAP net income margin9 was 11.9%in the first quarter of 2024,compared tonon-GAAP net income margin of 8.5

20、%in the corresponding period of 2023.NET INCOME PER ADSDiluted net income per ADS10 was US$0.69 in the first quarter of 2024,compared to US$0.35 in the corresponding period of 2023.Non-GAAP diluted net income per ADS11 was US$1.02 in the first quarter of 2024,compared to US$0.64 in the corresponding

21、 period of 2023.BALANCE SHEET AND CASH FLOWSAs of March 31,2024,the Company had cash and cash equivalents,restricted cash and cash equivalents,short-term deposits,restricted short-termdeposits and short-term investments of US$3,578.4 million.For the first quarter of 2024,net cash from operating acti

22、vities was US$75.0 million.SHARES OUTSTANDINGAs of March 31,2024,the Company had a total of 1,186.4 million common shares outstanding,representing the equivalent of 59.3 million ADSsassuming the conversion of all common shares into ADSs.Business OutlookFor the second quarter of 2024,the Company expe

23、cts net revenues to be between US$538 million and US$569 million.This forecast reflects theCompanys current and preliminary views on the market,operational conditions and business strategies,which are subject to changes,particularly asto the potential impact from increasing macroeconomic uncertainti

24、es.Share Repurchase ProgramDuring the quarter ended March 31,2024,the Company repurchased US$54.5 million of its ADSs on the open market under its current US$530 millionshare repurchase program,which is effective till the end of November 2024.Conference Call InformationThe Company will hold a confer

25、ence call at 9:00 PM U.S.Eastern Time on Tuesday,May 28,2024(9:00 AM Singapore/Hong Kong Time onWednesday,May 29,2024).Details for the conference call are as follows:Event Title:JOYY Inc.First Quarter 2024 Earnings Conference CallConference ID:#10039137All participants may use the link provided belo

26、w to complete the online registration process in advance of the conference call.Upon registration,eachparticipant will receive a set of participant dial-in numbers,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

27、 also be available at the Companys investor relations website at https:/.The replay will be accessible through June 5,2024,by dialing the following numbers:United States:1-855-883-1031Singapore:800-101-3223Hong Kong:800-930-639Conference ID:#10039137 About JOYY Inc.JOYY is a leading global technolog

28、y company with a mission to enrich lives through technology.JOYY currently operates several social products,including Bigo Live for live streaming,Likee for short-form videos,Hago for multiplayer social networking,an instant messaging product,and others.The Company has created a highly engaging and

29、vibrant user community for users across the globe.JOYYs ADSs have been listed on the NASDAQsince November 2012.Safe Harbor StatementThis press release contains forward-looking statements.These statements are made under the“safe harbor”provisions of the U.S.Private SecuritiesLitigation Reform Act of

30、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 business outlook and quotations from management in thispress release,as well as JOYYs strategic

31、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.Securities and Exchange Commission(“SEC”),in its annual report to shareholders,in pressreleases and other written materials and in oral statements

32、 made by its officers,directors or employees to third parties.Statements that are nothistorical facts,including statements about JOYYs beliefs and expectations,are forward-looking statements.Forward-looking statements involveinherent risks and uncertainties.A number of factors could cause actual res

33、ults to differ materially from those contained in any forward-lookingstatement,including but not limited to the following:JOYYs goals and strategies;JOYYs future business development,results of operations andfinancial condition;the expected growth of the global online communication social platform m

34、arket;the expectation regarding the rate at which to gainactive users,especially paying users;JOYYs ability to monetize the user base;the developments in the sale of YY Live;fluctuations in globaleconomic and business conditions;and assumptions underlying or related to any of the foregoing.A more de

35、tailed 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 in the attachments is as of thedate of this press release,and JOYY does not undertake any obligation to update any forward-looking statement

36、,except as required under applicablelaw.Use of Non-GAAP Financial MeasuresThe unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the UnitedStates of America(“U.S.GAAP”).JOYY uses non-GAAP operating income,non-GAAP operati

37、ng(loss)margin,non-GAAP net income(loss)attributable to controlling interest of JOYY,non-GAAP net income(loss)margin attributable to controlling interest of JOYY,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 a

38、re non-GAAP financialmeasures adjusted from the most comparable U.S.GAAP results.Non-GAAP operating income(loss)is operating income(loss)excludingshare-based compensation expenses,impairment of goodwill and investments,amortization of intangible assets from business acquisitions,and gain(loss)on dis

39、posal 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 income(loss)excluding share-based compensation expenses,impairment of goodwill and investments,amortization of intangible assets from busines

40、s acquisitions,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(referring toshare of income(loss)from equity method investments resultin

41、g 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 convertible bonds amortization to face value,and income tax effects of theabove non-GAAP reconciling items.Non-GAAP net income(loss)attributabl

42、e to controlling interest of JOYY is net income(loss)attributable tocontrolling interest of JOYY excluding share-based compensation expenses,impairment of goodwill and investments,amortization of intangible assetsfrom business acquisitions,gain(loss)on disposal of subsidiaries and business,gain(loss

43、)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(loss)on extinguishment of debt andderivative,interest expenses related to the convertible bonds amortization to face value,income tax effects

44、 of the above non-GAAP reconciling itemsand adjustments for non-GAAP reconciling items for the net(loss)income attributable to non-controlling interest shareholders.Non-GAAP net income(loss)margin is non-GAAP net income(loss)attributable to controlling interest of JOYY as a percentage of net revenue

45、s.Non-GAAP net income(loss)attributable to common shareholders of JOYY is net income(loss)attributable to common shareholders of JOYY excluding share-based compensationexpenses,impairment of goodwill and investments,amortization of intangible assets from business acquisitions,gain(loss)on disposal o

46、f subsidiariesand business,gain(loss)on disposal and deemed disposal of investments,gain(loss)on fair value change of investments,reconciling items on theshare of equity method investments,gain(loss)on extinguishment of debt and derivative,interest expenses related to the convertible bondsamortizati

47、on to face value,accretion,cumulative dividend and deemed dividend to subsidiaries preferred shareholders,gain on repurchase ofredeemable convertible preferred shares of a subsidiary and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAPreconciling items for the net

48、income(loss)attributable to non-controlling interest shareholders.After the non-GAAP adjustment,non-GAAP net income(loss)attributable to controlling interests 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 AD

49、S 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 net income per ADS.The Company believes that separate analysis and exclusionof the non-cash impact of above reconciling items adds clarity t

50、o the constituent parts of its performance.The Company reviews these non-GAAPfinancial measures together with GAAP financial measures to obtain a better understanding of its operating performance.It uses the non-GAAPfinancial measure for planning,forecasting and measuring results against the forecas

51、t.The Company believes that non-GAAP financial measure isuseful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of(i)share-basedcompensation expenses and amortization of intangible assets from business acquisitions,gain(loss)on exti

52、nguishment of debt and derivative,interest expenses related to the convertible bonds amortization to face value,which have been and will continue to be significant recurring expensesin its business,(ii)impairment of goodwill and investments,gain(loss)on disposal of subsidiaries and business,gain(los

53、s)on disposal and deemeddisposal of investments,gain(loss)on fair value change of investments,reconciling items on the share of equity method investments,accretion,cumulative dividend and deemed dividend to subsidiaries preferred shareholders and gain on repurchase of redeemable convertible preferre

54、d 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-controlling interest shareholders,which are affected by the above non-GAAP reconciling items.However,the use of non-GAAP financialmeasures ha

55、s 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 Companys net income(loss)for the period.In addition,because non-GAAP financial measures are not measured in the samemanner by all companies,th

56、ey 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 financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S.GAAP.The presentation of these no

57、n-GAAP financial measures is not intended to be considered in isolation from,or as a substitute for,the financialinformation prepared and presented in accordance with U.S.GAAP.For more information on these non-GAAP financial measures,please see thetable captioned“JOYY Inc.Unaudited Reconciliation of

58、 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 November 16,2020,the Company entered into definitive agreements with affiliates of Baidu,Inc.(“Baidu”),subsequently amended on February7,2021.Pur

59、suant to the agreements,Baidu would acquire JOYYs video-based entertainment live streaming business in mainland China,which theCompany refers to as YY Live,including 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

60、cash,subject to certain adjustments.Subsequently,the sale was substantially completed as of February 8,2021,with certain matters remaining to be completed,including necessary regulatory approvals from government authorities.As a result,YY Lives historicalresults were presented in the Companys consol

61、idated financial statements as discontinued operations and the Company ceased consolidation of YYLives business since February 8,2021.On January 1,2024,the Company received a written notice from an affiliate of Baidu,purporting to terminatethe share purchase agreement.Baidu asserted in the written n

62、otice that it has and exercised the right to terminate the referenced share purchaseagreement and effectively cancel the transaction.The Company is in discussion with Baidu on the next steps following the termination of the sharepurchase agreement.The Company is also seeking legal advice and will co

63、nsider 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,the Company has not obtained control of YY Live and has notconsolidated YY Live.To the date of this press release,the latest development of th

64、e transaction has not affected the Companys operating activitiesor financial results.The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis,unlessotherwise specifically stated.For the avoidance of confusion,the conti

65、nuing operations for the three months ended March 31,2023,December 31,2023 and March 31,2024,as presented in this press release,primarily consisted of BIGO segment(primarily including Bigo Live,Likee and imo)andthe All other segment,excluding YY Live.2Net income(loss)attributable to controlling inte

66、rest of JOYY is net income(loss)less net(loss)income attributable to the non-controlling 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 d

67、efined as net income(loss)attributable to controlling interest of JOYY excluding share-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 di

68、sposal ofinvestments,gain(loss)on fair value change of investments,reconciling items 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 bondsam

69、ortization to face value,income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for net(loss)income attributable to non-controlling interest shareholders.These adjustments amounted to US$21.9 million and US$21.9 million in the first quarterof 2024 a

70、nd 2023,respectively.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.4Refers to average mobile monthly active users of the social entertainment

71、platforms operated by the Company,including Bigo Live,Likee,imo andHago.Average mobile 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

72、is calculated as the cumulative number of registered user accounts that have purchased 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 Liv

73、e,Likee and imo during a given period by thenumber of paying users for the Companys live streaming services on these platforms for that period.7 Non-GAAP operating income(loss)is a non-GAAP financial measure,which is defined as operating income(loss)excluding share-basedcompensation expenses,amortiz

74、ation of intangible assets from business acquisitions,impairment of goodwill and investments 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 Resu

75、lts”near the end of this press release for details.8Non-GAAP operating income(loss)margin 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“JO

76、YY Inc.UnauditedReconciliation of GAAP and Non-GAAP Results”near the end of this press release for details.9Non-GAAP net income(loss)margin is non-GAAP net income(loss)attributable to controlling interest of JOYY as a percentage of net revenues.10 ADS refers to American Depositary Share.Each ADS rep

77、resents twenty Class A common shares of the Company.Diluted net income(loss)perADS is net income(loss)attributable to common shareholders of JOYY divided by weighted average number of diluted ADS.11 Non-GAAP diluted net income(loss)per ADS is a non-GAAP financial measure,which is defined as non-GAAP

78、 net income(loss)attributable tocommon shareholders of JOYY divided by weighted average number 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

79、Non-GAAPResults”near the end of this press release for details.JOYY INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands,except share,ADS and per ADS data)December 31,March 31,2023 2024 US$US$Assets Current assets Cash and cash equivalents 1,063,956 728,228 Restricted cash an

80、d cash equivalents 319,250 374,111 Short-term deposits 1,970,346 2,229,229 Restricted short-term deposits 57,243 57,243 Short-term investments 274,846 189,611 Accounts receivable,net 130,700 126,703 Amounts due from related parties 810 636 Prepayments and other current assets(1)255,489 264,875 Total

81、 current assets 4,072,640 3,970,636 Non-current assets Long-term deposits 130,000 290,000 Investments 544,542 555,825 Property and equipment,net 390,681 415,044 Land use rights,net 316,070 313,418 Intangible assets,net 333,715 318,314 Right-of-use assets,net 30,173 27,816 Goodwill 2,649,281 2,649,27

82、8 Other non-current assets 16,763 16,252 Total non-current assets 4,411,225 4,585,947 Total assets 8,483,865 8,556,583 Liabilities,mezzanine equity and shareholders equity Short-term loan 52,119 77,831 Accounts payable 66,755 65,692 Deferred revenue 73,673 73,333 Advances from customers 6,047 7,249

83、Income taxes payable 86,100 90,001 Accrued liabilities and other current liabilities(1)2,381,189 2,386,996 Amounts due to related parties 2,533 2,658 Lease liabilities due within one year 12,388 11,661 Convertible bonds 405,603 405,840 Total current liabilities 3,086,407 3,121,261 Non-current liabil

84、ities Lease liabilities 18,422 16,829 Deferred revenue 12,932 13,567 Deferred tax liabilities 53,955 50,264 Total non-current liabilities 85,309 80,660 Total liabilities 3,171,716 3,201,921 JOYY INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(CONTINUED)(All amounts in thousands,except share,ADS

85、and per ADS data)December 31,March 31,2023 2024 US$US$Mezzanine equity 22,133 22,533 Shareholders equity Class 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 December 31,2023;1,317,840,464 s

86、hares issued and 859,936,179 shares outstanding as of March 31,2024,respectively)9 9 Class B common shares(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 March 31,2024,respectively)3 3 Treasur

87、y Shares(US$0.00001 par value;426,996,825 and 457,904,285 shares held as ofDecember 31,2023 and March 31,2024,respectively)(913,939)(968,433)Additional paid-in capital 3,282,754 3,330,791 Statutory reserves 37,709 37,709 Retained earnings 2,947,160 2,992,098 Accumulated other comprehensive loss(197,

88、010)(196,756)Total JOYY Inc.s shareholders equity 5,156,686 5,195,421 Non-controlling interests 133,330 136,708 Total shareholders equity 5,290,016 5,332,129 Total liabilities,mezzanine equity and shareholders equity 8,483,865 8,556,583 (1)JOYY has ceased consolidation of YY Live business since Febr

89、uary 8,2021 and classified and presented all the related assets and liabilitiesrelated to YY Live business on a net basis within prepayments and other current assets.The consideration received by the Company to date has beenrecorded as advance payments received within accrued liabilities and other c

90、urrent liabilities.JOYY INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(All amounts in thousands,except share,ADS and per ADS data)Three Months Ended March 31,December 31,March 31,2023 2023 2024 US$US$US$Net revenues Live streaming 520,393 486,196 466,391 Others 63,235 83,643 98,169 To

91、tal net revenues(1)583,628 569,839 564,560 Cost of revenues(2)(379,002)(368,360)(369,197)Gross profit 204,626 201,479 195,363 Operating expenses(2)Research and development expenses(75,775)(72,580)(69,039)Sales and marketing expenses(97,599)(92,258)(94,638)General and administrative expenses(31,969)(

92、34,587)(31,743)Total operating expenses(205,343)(199,425)(195,420)Other income 3,248 2,742 3,600 Operating income 2,531 4,796 3,543 Interest expenses(3,109)(2,115)(2,136)Interest income and investment income 44,135 47,145 48,927 Foreign currency exchange(losses)gains,net(9,921)(8,158)768 Loss on dis

93、posal and deemed disposal of investments(213)-Gain on fair value change of investments 1,285 6,263 985 Income before income tax expenses 34,708 47,931 52,087 Income tax expenses(8,158)(2,315)(4,537)Income before share of loss in equity method investments,net of income taxes 26,550 45,616 47,550 Shar

94、e of loss in equity method investments,net of income taxes(6,606)(5,527)(7,395)Net income 19,944 40,089 40,155 Net loss attributable to the non-controlling interest shareholders and the mezzanineequity classified as non-controlling interest shareholders 8,042 5,746 5,131 Net income attributable to c

95、ontrolling interest of JOYY Inc.27,986 45,835 45,286 Accretion of subsidiaries redeemable convertible preferred shares to redemptionvalue(1,566)(350)(347)Cumulative dividend on subsidiarys Series A Preferred Shares(1,000)-Net income attributable to common shareholders of JOYY Inc.25,420 45,485 44,93

96、9 JOYY INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(CONTINUED)(All amounts in thousands,except share,ADS and per ADS data)Three Months Ended March 31,December 31,March 31,2023 2023 2024 US$US$US$Net income per ADS Basic 0.36 0.74 0.73 Diluted 0.35 0.70 0.69 Weighted average number o

97、f ADS used in calculating net income per ADS Basic 70,451,631 61,876,261 61,783,347 Diluted 80,846,062 67,384,074 67,152,622 (1)Revenues by geographical areas were as follows:Three Months Ended March 31,December 31,March 31,2023 2023 2024 US$US$US$Developed countries and regions 217,851 266,353 291,

98、036 Middle East 118,786 103,020 87,458 Mainland China 122,819 68,886 59,801 Southeast Asia and others 124,172 131,580 126,265 Note:Developed countries and region mainly included the United States of America,Great Britain,Japan,South Korea and Australia.Middle Eastmainly included Saudi Arabia and oth

99、er 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 March 31,December 31,March 31,2023 2023 2024 US$US$US$Cost of revenue

100、s 1,236 821 663 Research and development expenses 5,761 4,020 3,392 Sales and marketing expenses 234 133 131 General and administrative expenses 2,108 2,271 1,942 JOYY INC.UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS(All amounts in thousands,except share,ADS and per ADS data)Three Months En

101、ded March 31,December 31,March 31,2023 2023 2024 US$US$US$Operating income 2,531 4,796 3,543 Share-based compensation expenses 9,339 7,245 6,128 Amortization of intangible assets from business acquisitions 15,890 15,890 15,132 Non-GAAP operating income 27,760 27,931 24,803 Net income 19,944 40,089 4

102、0,155 Share-based compensation expenses 9,339 7,245 6,128 Amortization of intangible assets from business acquisitions 15,890 15,890 15,132 Loss on disposal and deemed disposal of investments 213 -Gain on fair value change of investments(1,285)(6,263)(985)Interest expenses related to the convertible

103、 bonds amortization to face value 578 239 237 Income tax effects on non-GAAP adjustments(2,311)(2,095)(2,222)Reconciling items on the share of equity method investments 724 4,278 4,434 Non-GAAP net income 43,092 59,383 62,879 Net income attributable to common shareholders of JOYY Inc.25,420 45,485 4

104、4,939 Share-based compensation expenses 9,339 7,245 6,128 Amortization of intangible assets from business acquisitions 15,890 15,890 15,132 Loss on disposal and deemed disposal of investments 213 -Gain on fair value change of investments(1,285)(6,263)(985)Interest expenses related to the convertible

105、 bonds amortization to face value 578 239 237 Accretion,cumulative dividend and deemed dividend to subsidiaries preferredshareholders 2,566 350 347 Income tax effects on non-GAAP adjustments(2,311)(2,095)(2,222)Reconciling items on the share of equity method investments 724 4,278 4,434 Non-GAAP adju

106、stments for net loss attributable to the non-controlling interestshareholders(1,267)(929)(806)Non-GAAP net income attributable to controlling interest and commonshareholders of JOYY Inc.49,867 64,200 67,204 Non-GAAP net income per ADS Basic 0.71 1.04 1.09 Diluted 0.64 0.97 1.02 Weighted average numb

107、er of ADS used in calculating Non-GAAP net income perADS Basic 70,451,631 61,876,261 61,783,347 Diluted 80,846,062 67,384,074 67,152,622 JOYY INC.UNAUDITED SEGMENT REPORT(All amounts in thousands,except share,ADS and per ADS data)Three Months Ended March 31,2024 BIGO All other Elimination(1)Total US

108、$US$US$US$Net revenues Live streaming442,154 24,237 -466,391 Others63,049 35,518 (398)98,169 Total net revenues505,203 59,755 (398)564,560 Cost of revenues(2)(328,583)(40,692)78 (369,197)Gross profit176,620 19,063 (320)195,363 Operating expenses(2)Research and development expenses(41,022)(28,258)241

109、 (69,039)Sales and marketing expenses(74,430)(20,232)24 (94,638)General and administrative expenses(14,075)(17,723)55 (31,743)Total operating expenses(129,527)(66,213)320 (195,420)Other income3,296 304 -3,600 Operating income(loss)50,389 (46,846)-3,543 Interest expenses(1,765)(1,681)1,310 (2,136)Int

110、erest income and investment income15,441 34,796 (1,310)48,927 Foreign currency exchange gains,net379 389 -768 Gain(loss)on fair value change of investments1,267 (282)-985 Income(loss)before income tax(expenses)benefits65,711 (13,624)-52,087 Income tax(expenses)benefits(4,662)125 -(4,537)Income(loss)

111、before share of loss in equity method investments,net of income taxes61,049 (13,499)-47,550 Share of loss in equity method investments,net of income taxes-(7,395)-(7,395)Net income(loss)61,049 (20,894)-40,155 (1)The elimination mainly consists of revenues and expenses generated from services among B

112、IGO and All other segments,and interest 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 March 31,2024 BIGO All other Total US$US$US$Cost of reven

113、ues 391 272 663 Research and development expenses 1,641 1,751 3,392 Sales and marketing expenses 47 84 131 General and administrative expenses 96 1,846 1,942 JOYY INC.UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT(All amounts in thousands,except share,ADS and per A

114、DS data)Three Months Ended March 31,2024 BIGO All other Total US$US$US$Operating income(loss)50,389 (46,846)3,543 Share-based compensation expenses 2,175 3,953 6,128 Amortization of intangible assets from business acquisitions 10,467 4,665 15,132 Non-GAAP operating income(loss)63,031 (38,228)24,803

115、Net income(loss)61,049 (20,894)40,155 Share-based compensation expenses 2,175 3,953 6,128 Amortization of intangible assets from business acquisitions 10,467 4,665 15,132(Gain)loss on fair value change of investments(1,267)282 (985)Interest expenses related to the convertible bonds amortization to f

116、ace value-237 237 Income tax effects on non-GAAP adjustments(1,203)(1,019)(2,222)Reconciling items on the share of equity method investments-4,434 4,434 Non-GAAP net income(loss)71,221 (8,342)62,879 JOYY INC.UNAUDITED SEGMENT REPORT(All amounts in thousands,except share,ADS and per ADS data)Three Mo

117、nths Ended December 31,2023 BIGO All other Elimination(1)Total US$US$US$US$Net revenues Live streaming459,152 27,044 -486,196 Others32,109 51,992 (458)83,643 Total net revenues491,261 79,036 (458)569,839 Cost of revenues(2)(308,977)(59,481)98 (368,360)Gross profit182,284 19,555 (360)201,479 Operatin

118、g expenses(2)Research and development expenses(41,011)(31,839)270 (72,580)Sales and marketing expenses(74,944)(17,343)29 (92,258)General and administrative expenses(15,321)(19,327)61 (34,587)Total operating expenses(131,276)(68,509)360 (199,425)Other income2,003 739 -2,742 Operating income(loss)53,0

119、11 (48,215)-4,796 Interest expenses(1,803)(1,652)1,340 (2,115)Interest income and investment income13,262 35,223 (1,340)47,145 Foreign currency exchange(losses)gains,net(8,176)18 -(8,158)Gain on fair value change of investments1,060 5,203 -6,263 Income(loss)before income tax(expenses)benefits57,354

120、(9,423)-47,931 Income tax(expenses)benefits(5,334)3,019 -(2,315)Income(loss)before share of loss in equity method investments,net of income taxes52,020 (6,404)-45,616 Share of loss in equity method investments,net of income taxes-(5,527)-(5,527)Net income(loss)52,020 (11,931)-40,089 (1)The eliminati

121、on 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)Share-based compensation was allocated in cost of revenues and operating expenses as follows:T

122、hree Months Ended December 31,2023 BIGO All other Total US$US$US$Cost of revenues 492 329 821 Research and development expenses 1,856 2,164 4,020 Sales and marketing expenses 38 95 133 General and administrative expenses 351 1,920 2,271 JOYY INC.UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

123、OF UNAUDITED SEGMENT REPORT(All amounts in thousands,except share,ADS and per ADS data)Three Months Ended December 31,2023 BIGO All other Total US$US$US$Operating income(loss)53,011 (48,215)4,796 Share-based compensation expenses 2,737 4,508 7,245 Amortization of intangible assets from business acqu

124、isitions 11,225 4,665 15,890 Non-GAAP operating income(loss)66,973 (39,042)27,931 Net income(loss)52,020 (11,931)40,089 Share-based compensation expenses 2,737 4,508 7,245 Amortization of intangible assets from business acquisitions 11,225 4,665 15,890 Gain on fair value change of investments(1,060)

125、(5,203)(6,263)Interest expenses related to the convertible bonds amortization to face value-239 239 Income tax effects on non-GAAP adjustments(1,415)(680)(2,095)Reconciling items on the share of equity method investments-4,278 4,278 Non-GAAP net income(loss)63,507 (4,124)59,383 JOYY INC.UNAUDITED SE

126、GMENT REPORT(All amounts in thousands,except share,ADS and per ADS data)Three Months Ended March 31,2023 BIGO All other Elimination(1)Total US$US$US$US$Net revenues Live streaming446,586 73,807 -520,393 Others21,356 41,909 (30)63,235 Total net revenues467,942 115,716 (30)583,628 Cost of revenues(2)(

127、293,705)(85,327)30 (379,002)Gross profit174,237 30,389 -204,626 Operating expenses(2)Research and development expenses(41,212)(34,563)-(75,775)Sales and marketing expenses(74,084)(23,515)-(97,599)General and administrative expenses(13,701)(18,268)-(31,969)Total operating expenses(128,997)(76,346)-(2

128、05,343)Other income2,950 298 -3,248 Operating income(loss)48,190 (45,659)-2,531 Interest expenses(1,463)(2,797)1,151 (3,109)Interest income and investment income9,216 36,070 (1,151)44,135 Foreign currency exchange losses,net(9,680)(241)-(9,921)Loss on disposal and deemed disposal of investments-(213

129、)-(213)Gain on fair value change of investments688 597 -1,285 Income(loss)before income tax expenses46,951 (12,243)-34,708 Income tax expenses(3,569)(4,589)-(8,158)Income(loss)before share of loss in equity method investments,net of income taxes43,382 (16,832)-26,550 Share of loss in equity method i

130、nvestments,net of income taxes-(6,606)-(6,606)Net income(loss)43,382 (23,438)-19,944 (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 segme

131、nts.(2)Share-based compensation was allocated in cost of revenues and operating expenses as follows:Three Months Ended March 31,2023 BIGO All other Total US$US$US$Cost of revenues 650 586 1,236 Research and development expenses 2,827 2,934 5,761 Sales and marketing expenses 96 138 234 General and ad

132、ministrative expenses 758 1,350 2,108 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 March 31,2023 BIGO All other Total US$US$US$Operating income(loss)48,190 (45,659)2,531 Share-

133、based compensation expenses 4,331 5,008 9,339 Amortization of intangible assets from business acquisitions 11,225 4,665 15,890 Non-GAAP operating income(loss)63,746 (35,986)27,760 Net income(loss)43,382 (23,438)19,944 Share-based compensation expenses 4,331 5,008 9,339 Amortization of intangible ass

134、ets from business acquisitions 11,225 4,665 15,890 Loss on disposal and deemed disposal of investments-213 213 Gain on fair value change of investments(688)(597)(1,285)Interest expenses related to the convertible bonds amortization to face value-578 578 Income tax effects on non-GAAP adjustments(1,415)(896)(2,311)Reconciling items on the share of equity method investments-724 724 Non-GAAP net income(loss)56,835 (13,743)43,092