GUANGZHOU, China,
March 22, 2022 /PRNewswire/ -- HUYA Inc. ("Huya" or the
"Company") (NYSE: HUYA), a leading game live streaming platform in
China, today announced its
unaudited financial results for the fourth quarter and fiscal year
ended December 31, 2021.
Fourth Quarter 2021 Highlights
- Total net revenues for the fourth quarter of 2021 were
RMB2,808.7 million (US$440.8 million), compared with RMB2,990.3 million for the same period of
2020.
- Net loss attributable to HUYA Inc. was RMB312.7 million (US$49.1
million) for the fourth quarter of 2021, compared with a net
income attributable to HUYA Inc. of RMB253.2
million for the same period of 2020.
- Non-GAAP net loss attributable to HUYA Inc.[1] was RMB241.7 million (US$37.9
million) for the fourth quarter of 2021, compared with a
non-GAAP net income attributable to HUYA Inc. of RMB305.9 million for the same period of
2020.
- Average mobile MAUs[2] of Huya
Live in the fourth quarter of 2021 increased by 7.4% to 85.4
million from 79.5 million in the same period of 2020.
- Total number of paying users[3]
of Huya Live in the fourth quarter of 2021 was 5.6 million,
compared with 6.0 million in the same period of 2020.
Fiscal Year 2021 Highlights
- Total net revenues in fiscal year 2021 were RMB11,351.4 million (US$1,781.3 million), an increase of 4.0% from
RMB10,914.4 million in the prior
year.
- Net income attributable to HUYA Inc. in fiscal year 2021
was RMB583.5 million (US$91.6 million), compared with RMB884.2 million in 2020.
- Non-GAAP net income attributable to HUYA Inc. in fiscal
year 2021 was RMB454.4 million
(US$71.3 million), compared with
RMB1,261.5 million in 2020.
[1]
"Non-GAAP net (loss) income attributable to HUYA Inc." is defined
as net (loss) income attributable to HUYA Inc. before (i)
share-based compensation expenses, (ii) gains on fair value change
of investments and equity investee's investments; and gain arising
from partial disposal of an investment owned by an equity investee,
net of income taxes, and (iii) gain arising from disposal of an
equity investment. For more information, please refer to "Use of
Non-GAAP Financial Measures" and "Reconciliations of GAAP and
Non-GAAP Results" at the end of this press release.
|
[2] 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.
|
[3] Refers to the sum of user
accounts that purchased various products and services on our
platform at least once during such relevant period.
|
"Amid the macro headwinds of the subsiding pandemic effects and
evolving market landscape, we sustained healthy user growth in the
fourth quarter and closed 2021 with an increase in revenues for the
full year. Specifically, Huya Live's mobile MAUs grew by 7.4%
year-over-year and reached 85.4 million in the fourth quarter,
mainly driven by e-sports events and new game launches during the
period," said Mr. Rongjie Dong,
Chief Executive Officer of Huya. "Throughout the year, our primary
focus remained on increasing investments in quality content and
content creators, advancing our technology and enhancing our
products. By propelling these initiatives forward, we received
positive feedback from our broadcasters and users, further
solidifying our market leadership and strengthening our path to
sustainable business development. Moving into 2022, we will
continue to provide more meaningful content and experience to users
as we grow our user community and enhance Huya's value proposition
in the massive game and e-sports market."
Ms. Ashley Xin Wu, Vice President
of Finance of Huya, commented, "Despite volatility in the operating
environment, we reported full-year total net revenues of
RMB11.4 billion and our non-GAAP net
income reached RMB454.4 million for
2021. Our revenue growth slowed in the fourth quarter, primarily
due to a soft macro environment. At the same time, we sustained our
strategic efforts in content investment and e-sports to expand our
offering and drive continued user growth, which caused higher costs
and lower margins for the fourth quarter. Nevertheless, we remain
optimistic about our future business outlook with solid financial
fundamentals and operational capabilities. Embracing the challenges
and opportunities ahead of us, we are committed to growing our user
base, enhancing operational efficiency and exploring business
diversification to deliver long-term value to all of our
stakeholders."
Fourth Quarter 2021 Financial Results
Total net revenues for the fourth quarter of 2021 were
RMB2,808.7 million (US$440.8 million), compared with RMB2,990.3 million for the same period of
2020.
Live streaming revenues were RMB2,612.9 million (US$410.0 million) for the fourth quarter of 2021,
compared with RMB2,814.9 million for
the same period of 2020, primarily due to decreased number of
paying users and average spending per paying user on Huya Live, as
the recent macro environment adversely affected the paying users'
sentiment.
Advertising and other revenues increased by 11.6% to
RMB195.8 million (US$30.7 million) for the fourth quarter of 2021
from RMB175.5 million for the same
period of 2020, primarily driven by revenues from content
licensing.
Cost of revenues increased by 17.3% to RMB2,807.7 million (US$440.6 million) for the fourth quarter of 2021
from RMB2,392.7 million for the same
period of 2020, primarily due to the increase in revenue sharing
fees and content costs, as well as bandwidth costs.
Revenue sharing fees and content costs increased by 20.5%
to RMB2,463.1 million (US$386.5 million) for the fourth quarter of 2021
from RMB2,044.6 million for the same
period of 2020, primarily due to the increase in spending on
e-sports content, which was mainly related to the higher content
cost booked for a large e-sports event occurred in the fourth
quarter of 2021, and the increase in revenue sharing fees in
relation to certain broadcaster incentive programs.
Bandwidth costs increased by 9.6% to RMB182.7 million (US$28.7
million) for the fourth quarter of 2021 from RMB166.7 million for the same period of 2020,
primarily due to an increase in bandwidth usage as a result of the
Company's higher concurrent user base during large e-sports events
in the fourth quarter of 2021.
Gross profit was RMB1.1
million (US$0.2 million) for
the fourth quarter of 2021, compared with RMB597.7 million for the same period of 2020,
primarily due to lower revenues and increased cost of revenues
primarily driven by higher revenue sharing fees and content costs
and bandwidth costs. Gross margin was approximately zero for
the fourth quarter of 2021, compared with 20.0% for the same
period of 2020.
Research and development expenses decreased by 4.6% to
RMB205.7 million (US$32.3 million) for the fourth quarter of 2021
from RMB215.7 million for the same
period of 2020, primarily due to decreased personnel-related
expenses.
Sales and marketing expenses increased by 13.1% to
RMB218.5 million (US$34.3 million) for the fourth quarter of 2021
from RMB193.1 million for the same
period of 2020, primarily due to increased marketing expenses to
promote the Company's content, products, services and brand name,
particularly including promotional activities for e-sports events,
partially offset by decreased personnel-related expenses.
General and administrative expenses decreased by 5.8% to
RMB90.5 million (US$14.2 million) for the fourth quarter of 2021
from RMB96.1 million for the same
period of 2020, primarily due to decreased professional service
fees.
Other income was RMB56.3
million (US$8.8 million) for
the fourth quarter of 2021, compared with RMB94.5 million for the same period of 2020,
primarily attributable to lower tax refunds and government
subsidies.
Operating loss was RMB457.3
million (US$71.8 million) for
the fourth quarter of 2021, compared with an operating income of
RMB187.4 million for the same period
of 2020.
Interest and short-term investments income were
RMB61.6 million (US$9.7 million) for the fourth quarter of 2021,
compared with RMB74.0 million for the
same period of 2020, primarily due to decreased interest rates.
Income tax benefits were RMB83.1
million (US$13.0 million) for
the fourth quarter of 2021, compared with income tax expenses of
RMB37.3 million for the same period
of 2020. The income tax benefits resulted primarily from the net
loss incurred in the fourth quarter of 2021.
Net loss attributable to HUYA Inc. was
RMB312.7 million (US$49.1 million) for the fourth quarter of 2021,
compared with a net income attributable to HUYA Inc. of
RMB253.2 million for the same period
of 2020.
Non-GAAP net loss attributable to HUYA Inc., which
excludes share-based compensation expenses, was RMB241.7 million (US$37.9
million) for the fourth quarter of 2021, compared with a
non-GAAP net income attributable to HUYA Inc. of RMB305.9 million for the same period of 2020,
which excludes share-based compensation expenses, gains on fair
value change of investments and equity investee's investments, and
gain arising from partial disposal of an investment owned by an
equity investee, net of income taxes.
Diluted net loss per American depositary share ("ADS")
was RMB1.31 (US$0.21) for the fourth quarter of 2021,
compared with diluted net income per ADS of RMB1.05 for the same period of 2020. Each ADS
represents one Class A ordinary share of the Company.
Non-GAAP diluted net loss per ADS was RMB1.01 (US$0.16)
for the fourth quarter of 2021, compared with non-GAAP diluted net
income per ADS of RMB1.27 for the
same period of 2020.
As of December 31, 2021, the
Company had cash and cash equivalents, short-term deposits and
short-term investments of RMB10,959.1
million (US$1,719.7 million),
compared with RMB11,119.6 million as
of September 30, 2021.
Fiscal Year 2021 Financial Results
Total net revenues in fiscal year 2021 increased by 4.0%
to RMB11,351.4 million (US$1,781.3 million), from RMB10,914.4 million in the prior year.
Live streaming revenues were RMB10,186.2 million (US$1,598.4 million) in fiscal year 2021, compared
with RMB10,311.6 million in the prior
year, primarily due to decreased number of average quarterly paying
users of Huya Live, partially offset by the increase in the
overseas live streaming revenues.
Advertising and other revenues increased by 93.3% to
RMB1,165.2 million (US$182.9 million) in fiscal year 2021 from
RMB602.8 million in the prior year,
primarily driven by revenues from content licensing.
Cost of revenues increased by 12.8% to RMB9,751.2 million (US$1,530.2 million) in fiscal year 2021 from
RMB8,646.3 million in the prior year,
primarily attributable to the increase in revenue sharing fees and
content costs, partially offset by the decrease in bandwidth
costs.
Revenue sharing fees and content costs increased by 18.2%
to RMB8,374.6 million (US$1,314.2 million) in fiscal year 2021 from
RMB7,086.8 million in the prior year,
primarily due to the increase in spending on e-sports and
self-produced content, as well as on content creators, and the
increase in revenue sharing fees in relation to certain broadcaster
incentive programs.
Bandwidth costs decreased by 18.8% to RMB713.7 million (US$112.0
million) in fiscal year 2021 from RMB879.2 million in the prior year, primarily due
to improved management in bandwidth costs and continuous technology
enhancement efforts.
Gross profit decreased by 29.4% to RMB1,600.3 million (US$251.1 million) in fiscal year 2021 from
RMB2,268.1 million in the prior year,
primarily due to increased cost of revenues driven by higher
revenue sharing fees and content costs. Gross margin was
14.1% in fiscal year 2021, compared with 20.8% in fiscal year
2020.
Research and development expenses increased by 11.5% to
RMB818.9 million (US$128.5 million) in fiscal year 2021 from
RMB734.3 million in the prior year,
primarily due to increased personnel-related expenses.
Sales and marketing expenses increased by 36.1% to
RMB759.5 million (US$119.2 million) in fiscal year 2021 from
RMB558.0 million in the prior year,
primarily due to the increased marketing expenses to promote the
Company's content, products, services and brand name.
General and administrative expenses decreased by 26.6% to
RMB326.8 million (US$51.3 million) in fiscal year 2021 from
RMB445.0 million in the prior year,
primarily due to decreased share-based compensation expenses.
Other income was RMB274.7
million (US$43.1 million) in
fiscal year 2021, compared with RMB194.2
million in the prior year, primarily attributable to higher
tax refunds and government subsidies.
Operating loss was RMB30.2
million (US$4.7 million) in
fiscal year 2021, compared with an operating income of RMB725.0 million in the prior year.
Interest and short-term investments income were
RMB247.0 million (US$38.8 million) in fiscal year 2021, compared
with RMB313.4 million in the prior
year, primarily due to decreased interest rates.
Income tax expenses decreased by 68.8% to RMB55.2 million (US$8.7
million) in fiscal year 2021 from RMB176.8 million in the prior year, primarily due
to lower taxable income in fiscal year 2021.
Share of income in equity method investments, net of income
taxes was RMB379.2 million
(US$59.5 million) in fiscal year
2021, compared with RMB28.4 million
in the prior year, primarily due to the investment gain related to
a disposal of equity investment in the third quarter of 2021, as
disclosed in a Form 6-K filed on July 6,
2021.
Net income attributable to HUYA Inc. was
RMB583.5 million (US$91.6 million) in fiscal year 2021, compared
with RMB884.2 million in the prior
year.
Non-GAAP net income attributable to HUYA Inc., which
excludes share-based compensation expenses, gains on fair value
change of investments and equity investee's investments, gain
arising from partial disposal of an investment owned by an
investee, net of income taxes, and gain arising from disposal of an
equity investment, was RMB454.4
million (US$71.3 million) in
fiscal year 2021, compared with RMB1,261.5
million in the prior year, which excludes share-based
compensation expenses, gains on fair value change of investments
and equity investee's investments, and gain arising from partial
disposal of an investment owned by an equity investee, net of
income taxes.
Diluted net income per ADS was RMB2.41 (US$0.38)
in fiscal year 2021, compared with RMB3.71 in the prior year.
Non-GAAP diluted net income per ADS was RMB1.88 (US$0.29)
in fiscal year 2021, compared with RMB5.29 in the prior year.
Net cash provided by operating activities was
RMB327.5 million (US$51.4 million) for fiscal year 2021.
Conference Call
The Company's management will host an earnings conference call
at 7:00 a.m. U.S. Eastern Time on
March 22, 2022 (7:00 p.m. Beijing/Hong
Kong time on March 22,
2022).
For participants who wish to join the call, please complete
online registration using the link provided below 20 minutes prior
to the scheduled call start time. Upon registration, participants
will receive the conference call access information, including
dial-in numbers, Direct Event passcode, a unique registrant ID and
an e-mail with detailed instructions to join the conference
call.
Participant Online
Registration: http://apac.directeventreg.com/registration/event/5387135
After registration is complete, please dial-in 10 minutes before
the scheduled start time of the earnings call and enter the Direct
Event passcode and registrant ID as instructed to connect to the
call.
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website at
http://ir.huya.com.
A replay of the conference call will be accessible approximately
two hours after the conclusion of the live call until March 29, 2022, by dialing the following
telephone numbers:
United
States:
|
+1-646-254-3697
|
International:
|
+61-2-8199-0299
|
Hong Kong,
China:
|
+852-3051-2780
|
Replay Access
Code:
|
5387135
|
About HUYA Inc.
HUYA Inc. is a leading game live streaming platform in
China with a large and active game
live streaming community. The Company cooperates with e-sports
event organizers, as well as major game developers and publishers,
and has developed e-sports live streaming as one of the most
popular content genres on its platform. The Company has created an
engaged, interactive and immersive community for game enthusiasts
of China's young generation.
Building on its success in game live streaming, Huya has also
extended its content to other entertainment content genres. Huya's
open platform also functions as a marketplace for broadcasters and
talent agencies to congregate and closely collaborate with the
Company.
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is
prepared in conformity with accounting principles generally
accepted in the United States of
America ("U.S. GAAP"), except that the consolidated
statement of changes in shareholders' equity, consolidated
statements of cash flows, and the detailed notes have not been
presented. Huya uses non-GAAP gross profit, non-GAAP operating
income (loss), non-GAAP net income (loss) attributable to HUYA
Inc., non-GAAP net income (loss) attributable to ordinary
shareholders, and non-GAAP basic and diluted net income (loss) per
ADS, which are non-GAAP financial measures. Non-GAAP gross profit
is gross profit excluding share-based compensation expenses
allocated in cost of revenues. Non-GAAP operating income (loss) is
operating income (loss) excluding share-based compensation
expenses, gains on fair value change of investments and equity
investee's investments, gain arising from partial disposal of an
investment owned by an investee, net of income taxes, and gain
arising from disposal of an equity investment. Non-GAAP net income
(loss) attributable to HUYA Inc. is net income (loss) attributable
to HUYA Inc. excluding share-based compensation expenses, gains on
fair value change of investments and equity investee's investments,
gain arising from partial disposal of an investment owned by an
investee, net of income taxes, and gain arising from disposal of an
equity investment. Non-GAAP net income (loss) attributable to
ordinary shareholders is net income (loss) attributable to ordinary
shareholders excluding share-based compensation expenses, gains on
fair value change of investments and equity investee's investments,
gain arising from partial disposal of an investment owned by an
investee, net of income taxes, and gain arising from disposal of an
equity investment. Non-GAAP basic and diluted net income (loss) per
ADS is non-GAAP net income (loss) attributable to ordinary
shareholders divided by weighted average number of ordinary shares
used in the calculation of non-GAAP basic and diluted net income
(loss) per ADS. The Company believes that separate analysis and
exclusion of the impact of (i) share-based compensation expenses,
(ii) gains on fair value change of investments and equity
investee's investments; and gain arising from partial disposal of
an investment owned by an equity investee, net of income taxes, and
(iii) gain arising from disposal of an equity investment add
clarity to the constituent parts of its performance. The Company
reviews these non-GAAP financial measures together with GAAP
financial measures to obtain a better understanding of its
operating performance. It uses the non-GAAP financial measure for
planning, forecasting and measuring results against the forecast.
The Company believes that non-GAAP financial measure is useful
supplemental information for investors and analysts to assess its
operating performance without the effect of (i) share-based
compensation expenses, which have been and will continue to be
significant recurring expenses in its business, and (ii) gains on
fair value change of investments and equity investee's investments;
and gain arising from partial disposal of an investment owned by an
equity investee, net of income taxes, which all may recur when
there is observable price change in the future, and (iii) gain
arising from disposal of an equity investment. However, the use of
non-GAAP financial measures has material limitations as an
analytical tool. One of the limitations of using non-GAAP financial
measures is that they do not include all items that impact the
Company's net income for the period. In addition, because non-GAAP
financial measures are not measured in the same manner by all
companies, they may not be comparable to other similar titled
measures used by other companies. In light of the foregoing
limitations, you should not consider 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 non-GAAP financial measures is not
intended to be considered in isolation from, or as a substitute
for, the financial information prepared and presented in accordance
with U.S. GAAP. For more information on these non-GAAP financial
measures, please see the table captioned "HUYA Inc. Reconciliations
of GAAP and Non-GAAP Results" at the end of this announcement.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at a specified rate solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB
to U.S. dollars are made at a rate of RMB6.3726 to US$1.00, the noon buying rate in effect on
December 30, 2021, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the Renminbi or U.S. dollars amounts
referred to in this announcement could have been or could be
converted into U.S. dollars or Renminbi, as the case may be, at any
particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as Huya's strategic and operational plans,
contain forward-looking statements. Huya may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission ("SEC"), in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about Huya's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Huya's goals and strategies; Huya's future business
development, results of operations and financial condition; the
expected growth of the game live streaming market; the expectation
regarding the rate at which to gain active users, especially paying
users; Huya's ability to monetize the user base; Huya's efforts in
complying with applicable data privacy and security regulations;
fluctuations in general economic and business conditions in
China; the impact of the COVID-19
to Huya's business operations and the economy in China and elsewhere generally; any regulatory
developments in laws, regulations, rules, policies or guidelines
applicable to Huya; and assumptions underlying or related to any of
the foregoing. Further information regarding these and other risks
is included in Huya's filings with the SEC. All information
provided in this press release and in the attachments is as of the
date of this press release, and Huya does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
For investor and media inquiries, please contact:
In China:
HUYA Inc.
Investor Relations
Tel: +86-20-2290-7829
E-mail: ir@huya.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86-10-6508-0677
E-mail: huya@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: huya@tpg-ir.com
HUYA
INC.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(All amounts in
thousands, except share, ADS, per share data and per ADS
data)
|
|
|
|
As of December
31,
|
|
As of December
31,
|
|
|
2020
|
|
2021
|
|
2021
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
3,293,573
|
|
1,790,784
|
|
281,013
|
Restricted
cash
|
|
164,889
|
|
55,670
|
|
8,736
|
Short-term
deposits
|
|
5,974,790
|
|
8,351,945
|
|
1,310,602
|
Short-term
investments
|
|
1,206,539
|
|
816,331
|
|
128,100
|
Accounts receivable,
net
|
|
71,237
|
|
88,034
|
|
13,814
|
Amounts due from
related parties, net
|
|
64,802
|
|
148,560
|
|
23,312
|
Prepayments and other
current assets, net
|
|
495,108
|
|
664,945
|
|
104,344
|
|
|
|
|
|
|
|
Total current
assets
|
|
11,270,938
|
|
11,916,269
|
|
1,869,921
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
Deferred tax
assets
|
|
48,313
|
|
20,245
|
|
3,177
|
Investments
|
|
467,206
|
|
608,617
|
|
95,505
|
Property and
equipment, net
|
|
94,555
|
|
79,611
|
|
12,493
|
Intangible assets,
net
|
|
62,796
|
|
83,942
|
|
13,172
|
Right-of-use assets,
net
|
|
87,418
|
|
395,371
|
|
62,042
|
Prepayments and other
non-current assets
|
|
379,461
|
|
150,887
|
|
23,677
|
|
|
|
|
|
|
|
Total non-current
assets
|
|
1,139,749
|
|
1,338,673
|
|
210,066
|
|
|
|
|
|
|
|
Total
assets
|
|
12,410,687
|
|
13,254,942
|
|
2,079,987
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts
payable
|
|
10,083
|
|
12,579
|
|
1,974
|
Advances from
customers and deferred revenue
|
|
485,878
|
|
459,509
|
|
72,107
|
Income taxes
payable
|
|
56,861
|
|
5,944
|
|
933
|
Accrued liabilities
and other current liabilities
|
|
1,707,289
|
|
1,845,452
|
|
289,588
|
Amounts due to
related parties
|
|
95,457
|
|
216,128
|
|
33,915
|
Lease liabilities due
within one year
|
|
29,227
|
|
36,473
|
|
5,723
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
2,384,795
|
|
2,576,085
|
|
404,240
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
Lease
liabilities
|
|
57,620
|
|
45,084
|
|
7,075
|
Deferred tax
liabilities
|
|
13,350
|
|
4,597
|
|
721
|
Deferred
revenue
|
|
178,144
|
|
118,975
|
|
18,670
|
|
|
|
|
|
|
|
Total non-current
liabilities
|
|
249,114
|
|
168,656
|
|
26,466
|
|
|
|
|
|
|
|
Total
liabilities
|
|
2,633,909
|
|
2,744,741
|
|
430,706
|
|
|
|
|
|
|
|
HUYA
INC.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
|
(All amounts in
thousands, except share, ADS, per share data and per ADS
data)
|
|
|
|
As of December
31,
|
|
As of December
31,
|
|
|
2020
|
|
2021
|
|
2021
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
Class
A ordinary shares (US$0.0001 par value;
750,000,000 shares authorized as of December
31, 2020 and 2021, respectively; 83,490,841 and
86,993,764 shares issued and outstanding as of
December 31, 2020 and 2021, respectively)
|
|
55
|
|
58
|
|
9
|
Class B
ordinary shares (US$0.0001 par value;
200,000,000
shares authorized as of December
31, 2020 and 2021, respectively; 152,357,321
and 151,076,517 shares issued and outstanding
as of December 31, 2020 and 2021,
respectively)
|
|
100
|
|
99
|
|
16
|
Additional
paid-in capital
|
|
11,465,575
|
|
11,764,059
|
|
1,846,038
|
Statutory
reserves
|
|
122,429
|
|
122,429
|
|
19,212
|
Accumulated
deficit
|
|
(1,883,643)
|
|
(1,300,144)
|
|
(204,021)
|
Accumulated
other comprehensive income (loss)
|
|
72,262
|
|
(76,300)
|
|
(11,973)
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
9,776,778
|
|
10,510,201
|
|
1,649,281
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
12,410,687
|
|
13,254,942
|
|
2,079,987
|
HUYA
INC.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(All
amounts in thousands, except share, ADS, per share data and per ADS
data)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
2020
|
|
September
30,
2021
|
|
December
31,
2021
|
|
December
31,
2021
|
|
December
31,
2020
|
|
December
31,
2021
|
|
December
31,
2021
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Live
streaming
|
|
2,814,869
|
|
2,601,854
|
|
2,612,897
|
|
410,021
|
|
10,311,624
|
|
10,186,204
|
|
1,598,438
|
Advertising and
others
|
|
175,473
|
|
373,692
|
|
195,844
|
|
30,732
|
|
602,750
|
|
1,165,242
|
|
182,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net
revenues
|
|
2,990,342
|
|
2,975,546
|
|
2,808,741
|
|
440,753
|
|
10,914,374
|
|
11,351,446
|
|
1,781,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues(1)
|
|
(2,392,681)
|
|
(2,471,536)
|
|
(2,807,672)
|
|
(440,585)
|
|
(8,646,308)
|
|
(9,751,160)
|
|
(1,530,170)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
597,661
|
|
504,010
|
|
1,069
|
|
168
|
|
2,268,066
|
|
1,600,286
|
|
251,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
|
(215,664)
|
|
(206,203)
|
|
(205,709)
|
|
(32,280)
|
|
(734,261)
|
|
(818,882)
|
|
(128,500)
|
Sales and marketing
expenses
|
|
(193,110)
|
|
(229,404)
|
|
(218,473)
|
|
(34,283)
|
|
(558,012)
|
|
(759,507)
|
|
(119,183)
|
General and
administrative expenses
|
|
(96,053)
|
|
(80,073)
|
|
(90,478)
|
|
(14,198)
|
|
(445,006)
|
|
(326,772)
|
|
(51,278)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(504,827)
|
|
(515,680)
|
|
(514,660)
|
|
(80,761)
|
|
(1,737,279)
|
|
(1,905,161)
|
|
(298,961)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income,
net
|
|
94,519
|
|
94,804
|
|
56,289
|
|
8,833
|
|
194,169
|
|
274,704
|
|
43,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
187,353
|
|
83,134
|
|
(457,302)
|
|
(71,760)
|
|
724,956
|
|
(30,171)
|
|
(4,734)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and
short-term investments income
|
|
73,993
|
|
62,561
|
|
61,589
|
|
9,665
|
|
313,366
|
|
247,009
|
|
38,761
|
Gain on fair value
change of investments
|
|
-
|
|
40,568
|
|
-
|
|
-
|
|
2,160
|
|
44,161
|
|
6,930
|
Other non-operating
expenses
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(10,010)
|
|
-
|
|
-
|
Foreign currency
exchange (losses) gains,
net
|
|
(221)
|
|
(31)
|
|
89
|
|
14
|
|
2,056
|
|
(1,480)
|
|
(232)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income tax (expenses)
benefits
|
|
261,125
|
|
186,232
|
|
(395,624)
|
|
(62,081)
|
|
1,032,528
|
|
259,519
|
|
40,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expenses)
benefits
|
|
(37,285)
|
|
(40,577)
|
|
83,051
|
|
13,033
|
|
(176,784)
|
|
(55,227)
|
|
(8,666)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before share of income (loss)
in equity method investments, net of
income taxes
|
|
223,840
|
|
145,655
|
|
(312,573)
|
|
(49,048)
|
|
855,744
|
|
204,292
|
|
32,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of income
(loss) in equity method
investments, net of income
taxes
|
|
29,321
|
|
378,724
|
|
(96)
|
|
(15)
|
|
28,414
|
|
379,207
|
|
59,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to HUYA Inc.
|
|
253,161
|
|
524,379
|
|
(312,669)
|
|
(49,063)
|
|
884,158
|
|
583,499
|
|
91,565
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to ordinary
shareholders
|
|
253,161
|
|
524,379
|
|
(312,669)
|
|
(49,063)
|
|
884,158
|
|
583,499
|
|
91,565
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HUYA
INC.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(CONTINUED)
|
(All
amounts in thousands, except share, ADS, per share data and per ADS
data)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31, 2020
|
|
September
30, 2021
|
|
December
31, 2021
|
|
December
31, 2021
|
|
December
31, 2020
|
|
December
31, 2021
|
|
December
31, 2021
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per ADS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
1.07
|
|
2.20
|
|
(1.31)
|
|
(0.21)
|
|
3.89
|
|
2.45
|
|
0.38
|
—Diluted
|
|
1.05
|
|
2.17
|
|
(1.31)
|
|
(0.21)
|
|
3.71
|
|
2.41
|
|
0.38
|
Net income
(loss) per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
1.07
|
|
2.20
|
|
(1.31)
|
|
(0.21)
|
|
3.89
|
|
2.45
|
|
0.38
|
—Diluted
|
|
1.05
|
|
2.17
|
|
(1.31)
|
|
(0.21)
|
|
3.71
|
|
2.41
|
|
0.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADS used in
calculating net income (loss) per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
236,099,598
|
|
238,814,217
|
|
239,233,239
|
|
239,233,239
|
|
227,081,238
|
|
238,198,117
|
|
238,198,117
|
—Diluted
|
|
240,985,724
|
|
241,449,111
|
|
239,233,239
|
|
239,233,239
|
|
238,631,613
|
|
241,790,445
|
|
241,790,445
|
*
|
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
|
|
Twelve Months
Ended
|
|
|
December
31, 2020
|
|
September
30, 2021
|
|
December
31, 2021
|
|
December
31, 2021
|
|
December
31, 2020
|
|
December
31, 2021
|
|
December
31, 2021
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
17,003
|
|
11,883
|
|
15,156
|
|
2,378
|
|
64,942
|
|
56,629
|
|
8,886
|
Research and
development expenses
|
|
36,653
|
|
34,720
|
|
31,629
|
|
4,963
|
|
150,723
|
|
135,316
|
|
21,234
|
Sales and marketing
expenses
|
|
2,050
|
|
2,512
|
|
2,245
|
|
352
|
|
9,879
|
|
8,318
|
|
1,305
|
General and
administrative expenses
|
|
26,281
|
|
21,714
|
|
21,968
|
|
3,447
|
|
182,664
|
|
89,442
|
|
14,035
|
HUYA
INC.
|
RECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS
|
(All amounts in
thousands, except share, ADS, per share data and per ADS
data)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31, 2020
|
|
September
30, 2021
|
|
December
31, 2021
|
|
December
31, 2021
|
|
December
31, 2020
|
|
December
31, 2021
|
|
December
31, 2021
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
597,661
|
|
504,010
|
|
1,069
|
|
168
|
|
2,268,066
|
|
1,600,286
|
|
251,120
|
Share-based
compensation expenses allocated
in cost of revenues
|
|
17,003
|
|
11,883
|
|
15,156
|
|
2,378
|
|
64,942
|
|
56,629
|
|
8,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross
profit
|
|
614,664
|
|
515,893
|
|
16,225
|
|
2,546
|
|
2,333,008
|
|
1,656,915
|
|
260,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
187,353
|
|
83,134
|
|
(457,302)
|
|
(71,760)
|
|
724,956
|
|
(30,171)
|
|
(4,734)
|
Share-based
compensation expenses
|
|
81,987
|
|
70,829
|
|
70,998
|
|
11,140
|
|
408,208
|
|
289,705
|
|
45,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income (loss)
|
|
269,340
|
|
153,963
|
|
(386,304)
|
|
(60,620)
|
|
1,133,164
|
|
259,534
|
|
40,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to HUYA Inc.
|
|
253,161
|
|
524,379
|
|
(312,669)
|
|
(49,063)
|
|
884,158
|
|
583,499
|
|
91,565
|
Gains on fair value
change of investments and
equity investee's investments; and
gain
arising from partial disposal of an
investment owned by an equity
investee,
net of income taxes
|
|
(29,231)
|
|
(36,511)
|
|
-
|
|
-
|
|
(30,851)
|
|
(40,130)
|
|
(6,297)
|
Gain arising from
disposal of an equity
investment
|
|
-
|
|
(378,679)
|
|
-
|
|
-
|
|
-
|
|
(378,679)
|
|
(59,423)
|
Share-based
compensation expenses
|
|
81,987
|
|
70,829
|
|
70,998
|
|
11,140
|
|
408,208
|
|
289,705
|
|
45,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income (loss) attributable to
HUYA Inc.
|
|
305,917
|
|
180,018
|
|
(241,671)
|
|
(37,923)
|
|
1,261,515
|
|
454,395
|
|
71,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to ordinary
shareholders
|
|
253,161
|
|
524,379
|
|
(312,669)
|
|
(49,063)
|
|
884,158
|
|
583,499
|
|
91,565
|
Gains on fair value
change of investments and
equity investee's investments; and
gain
arising from partial disposal of an
investment owned by an equity
investee,
net of income taxes
|
|
(29,231)
|
|
(36,511)
|
|
-
|
|
-
|
|
(30,851)
|
|
(40,130)
|
|
(6,297)
|
Gain arising from
disposal of an equity
investment
|
|
-
|
|
(378,679)
|
|
-
|
|
-
|
|
-
|
|
(378,679)
|
|
(59,423)
|
Share-based
compensation expenses
|
|
81,987
|
|
70,829
|
|
70,998
|
|
11,140
|
|
408,208
|
|
289,705
|
|
45,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income (loss) attributable to
ordinary shareholders
|
|
305,917
|
|
180,018
|
|
(241,671)
|
|
(37,923)
|
|
1,261,515
|
|
454,395
|
|
71,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income (loss) per ordinary
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
1.30
|
|
0.75
|
|
(1.01)
|
|
(0.16)
|
|
5.56
|
|
1.91
|
|
0.30
|
—Diluted
|
|
1.27
|
|
0.75
|
|
(1.01)
|
|
(0.16)
|
|
5.29
|
|
1.88
|
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income (loss) per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
1.30
|
|
0.75
|
|
(1.01)
|
|
(0.16)
|
|
5.56
|
|
1.91
|
|
0.30
|
—Diluted
|
|
1.27
|
|
0.75
|
|
(1.01)
|
|
(0.16)
|
|
5.29
|
|
1.88
|
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADS used in
calculating Non-GAAP net
income
(loss) per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
236,099,598
|
|
238,814,217
|
|
239,233,239
|
|
239,233,239
|
|
227,081,238
|
|
238,198,117
|
|
238,198,117
|
—Diluted
|
|
240,985,724
|
|
241,449,111
|
|
239,233,239
|
|
239,233,239
|
|
238,631,613
|
|
241,790,445
|
|
241,790,445
|
View original
content:https://www.prnewswire.com/news-releases/huya-inc-reports-fourth-quarter-and-fiscal-year-2021-unaudited-financial-results-301507497.html
SOURCE HUYA Inc.