Technology
Tuya Reports Second Quarter 2024 Unaudited Financial Results and Declaration of Special Dividend
Published
3 months agoon
By
SANTA CLARA, Calif., Aug. 26, 2024 /PRNewswire/ — Tuya Inc. (“Tuya” or the “Company”) (NYSE: TUYA; HKEX: 2391), a global leading cloud platform service provider, today announced its unaudited financial results for the second quarter ended June 30, 2024 and the declaration of a special cash dividend.
Second Quarter 2024 Financial Highlights
Total revenue was US$73.3 million, up approximately 28.6% year over year (2Q2023: US$57.0 million).
IoT platform-as-a-service (“PaaS”) revenue was US$54.3 million, up approximately 32.0% year over year (2Q2023: US$41.1 million).
Software-as-a-service (“SaaS”) and others revenue was US$9.6 million, up approximately 2.4% year over year (2Q2023: US$9.4 million).
Smart solution revenue was US$9.4 million, up approximately 44.2% year over year (2Q2023: US$6.5 million).
Overall gross margin increased to 48.0%, up 1.3 percentage points year over year (2Q2023: 46.7%). Gross margin of IoT PaaS increased to 47.6%, up 3.4 percentage points year over year (2Q2023: 44.2%).
Operating margin was negative 14.1%, improved by 41.0 percentage points year over year (2Q2023: negative 55.1%). Non-GAAP operating margin was 10.0%, improved by 21.2 percentage points year over year (2Q2023: negative 11.2%), marking the Company’s first positive quarterly non-GAAP operating margin.
Net margin was 4.3%, improved by 45.6 percentage points year over year (2Q2023: negative 41.3%). Non-GAAP net margin was 28.4%, improved by 25.7 percentage points year over year (2Q2023: 2.7%).
Net cash generated from operating activities was US$11.8 million (2Q2023: US$7.5 million).
Total cash and cash equivalents, time deposits and treasury securities recorded as short- term and long-term investments were US$1,000.1 million as of June 30, 2024, compared to US$984.3 million as of December 31, 2023.
For further information on the non-GAAP financial measures presented above, see the section headed “Use of Non-GAAP Financial Measures.”
Second Quarter 2024 Operating Highlights
IoT PaaS customers1 for the second quarter of 2024 were approximately 2,100 (2Q2023: approximately 2,300). Total customers for the second quarter of 2024 were approximately 3,000 (2Q2023: approximately 3,300). The Company’s key-account strategy has enabled it to focus on serving strategic customers.
Premium IoT PaaS customers2 for the trailing 12 months ended June 30, 2024 were 280 (2Q2023: 251). In the second quarter of 2024, the Company’s premium IoT PaaS customers contributed approximately 84.8% of its IoT PaaS revenue (2Q2023: approximately 79.8%).
Dollar-based net expansion rate (“DBNER”)3 of IoT PaaS for the trailing 12 months ended June 30, 2024 was 127% (2Q2023: 58%).
Registered IoT device and software developers were over 1,192,000 as of June 30, 2024, up 20.1% from approximately 993,000 developers as of December 31, 2023.The Company defines an IoT PaaS customer for a given period as a customer who has directly placed orders for IoT PaaS with the Company during that period.
The Company defines a premium IoT PaaS customer as a customer as of a given date that contributed more than US$100,000 of IoT PaaS revenue during the immediately preceding 12-month period.
The Company calculates DBNER of IoT PaaS for a trailing 12-month period by first identifying all customers in the prior 12-month period (i.e., those have placed at least one order for IoT PaaS during that period), and then calculating the quotient from dividing the IoT PaaS revenue generated from such customers in the current trailing 12-month period by the IoT PaaS revenue generated from the same Company of customers in the prior 12-month period. The Company’s DBNER may change from period to period, due to a combination of various factors, including changes in the customers’ purchase cycles and amounts and the Company’s customer mix, among other things. DBNER indicates the Company’s ability to expand customer use of the Tuya platform over time and generate revenue growth from existing customers.
Mr. Xueji (Jerry) Wang, Founder and Chief Executive Officer of Tuya, commented, “The second quarter of 2024 marks a significant milestone for our company, as we attained a quarterly non- GAAP operating profit for the first time in our history with an operating margin of about 10%. This achievement demonstrates the effectiveness of our business model and highlights the operational leverage within our business, as well as our commitment to delivering on our promises. As the world’s leading cloud platform service provider, we are entering a new phase in the smart technology sector. This progress is fueled by a more favorable competitive environment, GenAI technology advancements, renewed momentum in the smart consumer electronics and smart business markets, and, more importantly, Tuya’s unwavering commitment to strategic decisions and execution focused on customers, product innovation, and operations. Looking ahead, we remain focused on driving long-term revenue growth and achieving solid profit margins, while continuing to deliver the best smart technology solutions to our global customers and partners.”
Ms. Yao (Jessie) Liu, Director and Chief Financial Officer of Tuya, added, “Our strong financial performance in the second quarter was underscored by a 29% year-over-year increase in total revenue, reaching $73.3 million. Our IoT PaaS revenue grew by 32% year-over-year, fueled by a resurgence in industry demand and our ability to attract new customers while strengthening partnerships with existing ones. Meanwhile, our smart solutions revenue saw a 44.2% year-over- year increase, reflecting the strong market demand and the value proposition of our offerings. Crucially, our strong revenue growth, enhanced efficiency, stable gross margins, and excellent control over expenses and costs led to Tuya’s first-ever non-GAAP operational profitability in this quarter. Looking ahead, we are confident that Tuya’s strong financial and operational foundation will continue to drive sustainable growth and profit margin improvements.”
Second Quarter 2024 Unaudited Financial Results
REVENUE
Total revenue in the second quarter of 2024 increased by 28.6% to US$73.3 million from US$57.0 million in the same period of 2023, mainly due to the increase in IoT PaaS revenue and smart solution revenue.
IoT PaaS revenue in the second quarter of 2024 increased by 32.0% to US$54.3 million from US$41.1 million in the same period of 2023, primarily due to reduced downstream inventory backlog, a global economic recovery compared with the same period of 2023, and the Company’s strategic focus on customer needs and product enhancements. As a result, the Company’s DBNER of IoT PaaS for the trailing 12 months ended June 30, 2024 increased to 127% from 58% for the trailing 12 months ended June 30, 2023.
SaaS and others revenue in the second quarter of 2024 increased by 2.4% to US$9.6 million from US$9.4 million in the same period of 2023. During the quarter, the Company remained committed to offering value-added services and a diverse range of software products with compelling value propositions to its customers.
Smart solution revenue in the second quarter of 2024 increased by 44.2% to US$9.4 million from US$6.5 million in the same period of 2023, primarily due to the increasing customer demand for smart devices with integrated intelligent software capabilities the Company developed beyond IoT.
COST OF REVENUE
Cost of revenue in the second quarter of 2024 increased by 25.4% to US$38.1 million from US$30.4 million in the same period of 2023, generally in line with the increase in the Company’s total revenue.
GROSS PROFIT AND GROSS MARGIN
Total gross profit in the second quarter of 2024 increased by 32.1% to US$35.2 million from US$26.6 million in the same period of 2023 and gross margin increased to 48.0% in the second quarter of 2024 from 46.7% in the same period of 2023.
IoT PaaS gross margin in the second quarter of 2024 was 47.6%, compared to 44.2% in the same period of 2023, primarily due to the changes in product mix and increased product value.
SaaS and others gross margin in the second quarter of 2024 was 71.0%, compared to 74.5% in the same period of 2023, due to the variations in product and service mix.
Smart solution gross margin in the second quarter of 2024 was 26.8%, compared to 23.0% in the same period of 2023, primarily due to the high-value product solutions the Company provided to its customers during the second quarter of 2024.
OPERATING EXPENSES
Operating expenses decreased by 21.6% to US$45.5 million in the second quarter of 2024 from US$58.1 million in the same period of 2023. Non-GAAP operating expenses decreased by 15.6% to US$27.8 million in the second quarter of 2024 from US$33.0 million in the same period of 2023. For further information on the non-GAAP financial measures presented above, see the section headed “Use of Non-GAAP Financial Measures.”
Research and development expenses in the second quarter of 2024 were US$23.0 million, down 13.1% from US$26.5 million in the same period of 2023, primarily due to the decrease in employee-related costs. During this quarter, average salaried employee headcount of the Company’s research and development team was down approximately 16.7% year over year, but remained relatively stable compared to the previous quarter. Non-GAAP adjusted research and development expenses in the second quarter of 2024 were US$19.6 million, compared to US$22.5 million in the same period of 2023.
Sales and marketing expenses in the second quarter of 2024 were US$9.4 million, down 4.5% from US$9.8 million in the same period of 2023, primarily due to the decrease in employee- related costs. Non-GAAP adjusted sales and marketing expenses in the second quarter of 2024 were US$8.2 million, compared to US$8.2 million in the same period of 2023.
General and administrative expenses in the second quarter of 2024 were US$16.9 million, down 30.5% compared to US$24.3 million in the same period of 2023, primarily due to the decline in credit-related impairment of long-term investments. Non-GAAP adjusted general and administrative expenses in the second quarter of 2024 were US$3.7 million, compared to US$4.8 million in the same period of 2023.
Other operating income, net in the second quarter of 2024 was US$3.7 million, primarily due to the receipt of software value-added tax refunds and various general subsidies for enterprises.
LOSS/PROFIT FROM OPERATIONS AND OPERATING MARGIN
Loss from operations in the second quarter of 2024 narrowed by 67.1% to US$10.3 million from US$31.4 million in the same period of 2023. The Company had a non-GAAP profit from operations of US$7.4 million in the second quarter of 2024, compared to a non-GAAP loss from operations of US$6.4 million in the same period of 2023, achieving operating profitability on a non-GAAP basis for the first time.
Operating margin in the second quarter of 2024 was negative 14.1%, improved by 41.0 percentage points from negative 55.1% in the same period of 2023. Non-GAAP operating margin in the second quarter of 2024 was 10.0%, improved by 21.2 percentage points from negative 11.2% in the same period of 2023.
NET LOSS/PROFIT AND NET MARGIN
The Company had a net profit of US$3.1 million in the second quarter of 2024, compared to a net loss of US$23.5 million in the same period of 2023, marking it the first fiscal quarter that the Company has achieved break-even profitability on a GAAP basis. The difference between loss from operations and net profit in the second quarter of 2024 was primarily because of a US$12.5 million interest income achieved mainly due to well implemented treasury strategies on the Company’s cash, time deposits and treasury securities recorded as short-term and long-term investments.
The Company had a non-GAAP net profit of US$20.8 million in the second quarter of 2024, up 1,276.5% compared to US$1.5 million in the same period of 2023, demonstrating the Company’s ability to sustain strong profitability on a non-GAAP basis.
Net margin in the second quarter of 2024 was 4.3%, improving by 45.6 percentage points from negative 41.3% in the same period of 2023. Non-GAAP net margin in the second quarter of 2024 was 28.4%, improving by 25.7 percentage points from 2.7% in the same period of 2023.
BASIC AND DILUTED NET LOSS/PROFIT PER ADS
Basic and diluted net profit per ADS was US$0.01 in the second quarter of 2024, compared to basic and diluted net loss of US$0.04 in the same period of 2023. Each ADS represents one Class A ordinary share.
Non-GAAP basic and diluted net profit per ADS was US$0.04 in the second quarter of 2024, compared to non-GAAP basic and diluted net profit of US$0.00 in the same period of 2023.
CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND TREASURY SECURITIES RECORDED AS SHORT-TERM AND LONG-TERM INVESTMENTS
Cash and cash equivalents, time deposits and treasury securities recorded as short-term and long- term investments were US$1,000.1 million as of June 30, 2024, compared to US$984.3 million as of December 31, 2023, which the Company believes is sufficient to meet its current liquidity and working capital needs.
NET CASH GENERATED FROM OPERATING ACTIVITIES
Net cash generated from operating activities in the second quarter of 2024 was US$11.8 million, compared to US$7.5 million in the same period of 2023. The net cash generated from operating activities for the second quarter of 2024 improved mainly due to the increase in the Company’s revenue, and the decrease in operating expenses, particularly employee-related costs, and working capital changes in the ordinary course of business.
For further information on non-GAAP financial measures presented above, see the section headed “Use of Non-GAAP Financial Measures.”
Business Outlook
With the stabilizing macroeconomic environment, normalizing downstream inventory levels, and growing demand for consumer electronics, the industry is currently on a positive trajectory. With the effective implementation of the Company’s customer and product strategies, along with the utilization and innovation of emerging technologies like generative AI, the Company is confident in its business prospects.
The Company will remain committed to continuously iterating and improving its products and services, further enhancing software and hardware capabilities, expanding key customer base, investing in innovations and new opportunities, diversifying revenue streams, and further optimizing operating efficiency. At the same time, the Company understands that future trajectories may encounter challenges, including shifting consumer spending patterns, regional economic disparities, inventory management, foreign exchange rate and interests rate volatility, and broader geopolitical uncertainties.
Declaration of Special Dividend and Record Date
On August 26, 2024, the Board has approved the declaration and distribution of a special dividend (the “Special Dividend”) of US$0.0589 per ordinary share, or US$0.0589 per ADS, to such holders as at the close of business on September 11, 2024, Hong Kong Time and New York Time, respectively. The aggregate amount of the Special Dividend will be approximately US$33 million, which is payable in U.S. dollars and in cash, and will be funded by surplus cash and to be paid out from the share premium account of the Company. The determination to make distributions and the amount of such distributions will be made at the discretion of its Board and will be based upon the Company’s operations and earnings, including, but not limited, considerations of the Company’s GAAP and Non-GAAP net profits, cash flows, financial conditions and other relevant factors.
In order to qualify for the Special Dividend, with respect to ordinary shares registered on the Company’s Hong Kong share register, all valid documents for the transfers of shares accompanied by the relevant share certificates must be lodged with the Company’s Hong Kong share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong, no later than 4:30 p.m. on Wednesday, September 11, 2024, Hong Kong time; and with respect to the ordinary shares registered on the Company’s principal share register in the Cayman Islands, all valid documents for the transfers of shares accompanied by the relevant share certificates must be lodged with the Company’s principal share registrar, Maples Fund Services (Cayman) Limited, at PO Box 1093, Boundary Hall, Cricket Square, Grand Cayman, KY1-1102, Cayman Islands, no later than 3:30 p.m. on Tuesday, September 10, 2024, Cayman Islands time (due to the time difference between Cayman Islands and Hong Kong).
Dividend to be paid to the holders of ADSs issued by the depositary of the ADSs will be subject to the terms of the deposit agreement.
The payment date is expected to be on or around October 9, 2024 for holders of ordinary shares, and on or around October 15, 2024 for holders of ADSs.
Conference Call Information
The Company’s management will hold a conference call at 08:30 P.M. Eastern Time on Monday, August 26, 2024 (08:30 A.M. Beijing Time on Tuesday, August 27, 2024) to discuss the financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this conference including a conference access code, a PIN number (personal access code), the dial- in number, and an e-mail with detailed instructions to join the conference call.
Online registration: https://register.vevent.com/register/BI51298387e78143d9935bd5c0ea03f104
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.tuya.com, and a replay of the webcast will be available following the session.
About Tuya Inc.
Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading cloud platform service provider with a mission to build a smart solutions developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built cloud developer platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, Software-as-a- Service, or SaaS, and smart solutions for developers of smart device, commercial applications, and industries. Through its cloud developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low- carbon, security, high efficiency, agility, and openness.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses non-GAAP financial measures, such as non-GAAP operating expenses, non-GAAP loss from operations (including non-GAAP operating margin), non-GAAP net (loss)/profit (including non-GAAP net margin), and non-GAAP basic and diluted net (loss)/profit per ADS, as supplemental measures to review and assess its operating performance. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company defines non-GAAP financial measures by excluding the impact of share-based compensation expenses, credit-related impairment of long-term investments and litigation costs from the respective GAAP financial measures. The Company presents the non-GAAP financial measures because they are used by the management to evaluate its operating performance and formulate business plans. The Company also believes that the use of the non-GAAP financial measures facilitates investors’ assessment of its operating performance.
Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using the aforementioned non-GAAP financial measures is that they do not reflect all items of expenses that affect the Company’s operations. Share-based compensation expenses, credit-related impairment of long-term investments and litigation costs have been and may continue to be incurred in the business and are not reflected in the presentation of non-GAAP measures. Further, the non-GAAP financial measures may differ from the non- GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP measures to the most directly comparable U.S. GAAP measures, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.
Reconciliations of Tuya’s non-GAAP financial measures to the most comparable U.S. GAAP measures are included at the end of this press release.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “target”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. The forward-looking statements included in this press release are only made as of the date hereof, and the Company disclaims any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty.
Investor Relations Contact
Tuya Inc.
Investor Relations Email: ir@tuya.com
The Blueshirt Group Gary Dvorchak, CFA
Phone: +1 (323) 240-5796
Email: gary@blueshirtgroup.co
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND JUNE 30, 2024
(All amounts in US$ thousands (“US$”),
except for share and per share data, unless otherwise noted)
As of December
31,
2023
As of June
30,
2024
ASSETS
Current assets:
Cash and cash equivalents
498,688
614,767
Restricted cash
–
152
Short-term investments
291,023
175,218
Accounts receivable, net
9,214
6,763
Notes receivable, net
4,955
7,271
Inventories, net
32,865
28,088
Prepayments and other current assets, net
11,053
19,027
Total current assets
847,798
851,286
Non-current assets:
Property, equipment and software, net
2,589
2,394
Operating lease right-of-use assets, net
7,647
6,007
Long-term investments
207,489
220,401
Other non-current assets, net
877
9,562
Total non-current assets
218,602
238,364
Total assets
1,066,400
1,089,650
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
11,577
11,638
Advances from customers
31,776
32,299
Deferred revenue, current
6,802
6,504
Accruals and other current liabilities
32,807
30,625
Incomes tax payables
689
–
Lease liabilities, current
3,883
3,872
Total current liabilities
87,534
84,938
Non-current liabilities:
Lease liabilities, non-current
Lease liabilities, non-current
3,904
2,120
Deferred revenue, non-current
506
425
Other non-current liabilities
3,891
2,300
Total non-current liabilities
8,301
4,845
Total liabilities
95,835
89,783
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
AS OF DECEMBER 31, 2023 AND JUNE 30, 2024
(All amounts in US$ thousands (“US$”),
except for share and per share data, unless otherwise noted)
As of
December 31,
2023
As of June
30,
2024
Shareholders’ equity:
Ordinary shares
–
–
Class A ordinary shares
25
25
Class B ordinary shares
4
4
Treasury stock
(53,630)
(43,628)
Additional paid-in capital
1,616,105
1,637,052
Accumulated other comprehensive loss
(17,091)
(18,323)
Accumulated deficit
(574,848)
(575,263)
Total shareholders’ equity
970,565
999,867
Total liabilities and shareholders’ equity
1,066,400
1,089,650
COMPREHENSIVE LOSS
(All amounts in US$ thousands (“US$”),
except for share and per share data, unless otherwise noted)
For the Three Months Ended
For the Six Months Ended
June 30,
2023
June 30,
2024
June 30,
2023
June 30,
2024
Revenue
57,004
73,279
104,489
134,941
Cost of revenue
(30,363)
(38,087)
(56,820)
(70,264)
Gross profit
26,641
35,192
47,669
64,677
Operating expenses:
Research and development expenses
(26,474)
(22,993)
(54,525)
(46,467)
Sales and marketing expenses
(9,826)
(9,387)
(20,085)
(18,370)
General and administrative expenses
(24,273)
(16,861)
(41,066)
(32,335)
Other operating incomes, net
2,514
3,705
4,294
5,784
Total operating expenses
(58,059)
(45,536)
(111,382)
(91,388)
Loss from operations
(31,418)
(10,344)
(63,713)
(26,711)
Other income
Other non-operating incomes, net
778
1,869
1,556
2,647
Financial income, net
7,305
12,452
18,775
25,259
Foreign exchange gain/(loss), net
937
(257)
903
(362)
(Loss)/profit before income tax expense
(22,398)
3,720
(42,479)
833
Income tax expense
(1,151)
(592)
(2,115)
(1,248)
Net (loss)/profit
(23,549)
3,128
(44,594)
(415)
Net (loss)/profit attributable to Tuya Inc.
(23,549)
3,128
(44,594)
(415)
Net (loss)/profit attributable to ordinary shareholders
(23,549)
3,128
(44,594)
(415)
Net (loss)/profit
(23,549)
3,128
(44,594)
(415)
Other comprehensive (loss)/income
Changes in fair value of long-term investments
(1,053)
(139)
(1,053)
(139)
Transfer out of fair value changes of long-term
investments
8,050
–
8,050
(65)
Foreign currency translation
(6,882)
(600)
(5,254)
(1,028)
Total comprehensive (loss)/income attributable to Tuya Inc.
(23,434)
2,389
(42,851)
(1,647)
COMPREHENSIVE LOSS (CONTINUED)
(All amounts in US$ thousands (“US$”),
except for share and per share data, unless otherwise noted)
For the Three Months Ended
For the Six Months Ended
June 30,
2023
June 30,
2024
June 30,
2023
June 30,
2024
Net (loss)/profit attributable to Tuya Inc.
(23,549)
3,128
(44,594)
(415)
Net (loss)/profit attributable to ordinary shareholders
(23,549)
3,128
(44,594)
(415)
Weighted average number of ordinary shares used in computing net
loss per share
– Basic
554,945,739
559,710,445
554,472,706
559,421,815
– Diluted
554,945,739
592,735,568
554,472,706
559,421,815
Net (loss)/profit per share attributable to ordinary shareholders
– Basic
(0.04)
0.01
(0.08)
0.00
– Diluted
(0.04)
0.01
(0.08)
0.00
Share-based compensation expenses were included in:
Research and development expenses
4,006
3,376
8,123
6,882
Sales and marketing expenses
1,620
1,169
3,226
2,554
General and administrative expenses
11,386
10,864
22,983
21,787
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in US$ thousands (“US$”),
except for share and per share data, unless otherwise noted)
For the Three Months Ended
For the Six Months Ended
June 30,
2023
June 30,
2024
June 30,
2023
June 30,
2024
Net cash generated from/(used in) operating activities
7,495
11,829
(11,387)
26,319
Net cash generated from/(used in) investing activities
11,489
73,890
(22,335)
90,085
Net cash generated from/(used in) financing activities
104
(104)
(2,067)
150
Effect of exchange rate changes on cash and cash equivalents,
restricted cash
(3,791)
(197)
(2,830)
(323)
Net increase/(decrease) in cash and cash equivalents, restricted
cash
15,297
85,418
(38,619)
116,231
Cash and cash equivalents, restricted cash at the beginning of period
79,245
529,501
133,161
498,688
Cash and cash equivalents, restricted cash at the end of period
94,542
614,919
94,542
614,919
UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST
DIRECTLY COMPARABLE FINANCIAL MEASURES
(All amounts in US$ thousands (“US$”),
except for share and per share data, unless otherwise noted)
For the Three Months Ended
For the Six Months Ended
June 30,
2023
June 30,
2024
June 30,
2023
June 30,
2024
Reconciliation of operating expenses to non-GAAP operating expenses
Research and development expenses
(26,474)
(22,993)
(54,525)
(46,467)
Add: Share-based compensation
4,006
3,376
8,123
6,882
Adjusted Research and development expenses
(22,468)
(19,617)
(46,402)
(39,585)
Sales and marketing expenses
(9,826)
(9,387)
(20,085)
(18,370)
Add: Share-based compensation
1,620
1,169
3,226
2,554
Adjusted Sales and marketing expenses
(8,206)
(8,218)
(16,859)
(15,816)
General and administrative expenses
(24,273)
(16,861)
(41,066)
(32,335)
Add: Share-based compensation
11,386
10,864
22,983
21,787
Add: Credit-related impairment of long-term investments
8,050
189
8,050
189
Add: Litigation costs
–
2,100
–
2,100
Adjusted General and administrative expenses
(4,837)
(3,708)
(10,033)
(8,259)
Reconciliation of loss from operations to non-GAAP
(loss)/profit from operations
Loss from operations
(31,418)
(10,344)
(63,713)
(26,711)
Add: Share-based compensation expenses
17,012
15,409
34,332
31,223
Add: Credit-related impairment of long-term investments
8,050
189
8,050
189
Add: Litigation costs
–
2,100
–
2,100
Non-GAAP (Loss)/Profit from operations
(6,356)
7,354
(21,331)
6,801
Non-GAAP Operating margin
(11.2) %
10.0 %
(20.4) %
5.0 %
Reconciliation of net (loss)/profit to non-GAAP net profit/(loss)
Net (loss)/profit
(23,549)
3,128
(44,594)
(415)
Add: Share-based compensation expenses
17,012
15,409
34,332
31,223
Add: Credit-related impairment of long-term investments
8,050
189
8,050
189
Add: Litigation costs
–
2,100
–
2,100
Non-GAAP Net profit/(loss)
1,513
20,826
(2,212)
33,097
Non-GAAP Net margin
2.7 %
28.4 %
(2.1) %
24.5 %
Weighted average number of ordinary shares used in computing non-
GAAP net profit/(loss) per share
– Basic
554,945,739
559,710,445
554,472,706
559,421,815
– Diluted
586,513,021
592,735,568
554,472,706
591,970,099
Non-GAAP net profit/(loss) per share attributable to ordinary
shareholders
– Basic
0.00
0.04
0.00
0.06
– Diluted
0.00
0.04
0.00
0.06
View original content:https://www.prnewswire.com/news-releases/tuya-reports-second-quarter-2024-unaudited-financial-results-and-declaration-of-special-dividend-302230822.html
SOURCE Tuya Inc.
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Technology
Hyundai Motor Group Announces 2024 Second Half Key Executive Appointments
Published
45 minutes agoon
November 15, 2024By
Jaehoon Chang is promoted to Vice Chair of Hyundai Motor Group – Automotive DivisionJosé Muñoz appointed as CEO of Hyundai Motor CompanySung Kim appointed as President of Hyundai Motor CompanyJun Young Choi is promoted to President of Kia Corporation; and Kyoo Bok Lee is promoted to President of Hyundai GlovisAppointment of new CEOs for the Group’s affiliates, including Cheol Seung Baek, Hyundai Transys; Joon Dong Oh, Hyundai KEFICO; Hanwoo Lee, Hyundai E&C; Woo Jeong Joo, Hyundai Engineering
SEOUL, South Korea, Nov. 14, 2024 /PRNewswire/ — Hyundai Motor Group (the Group) today announced key executive appointments for the year 2024 as part of its aims to solidify sustainable growth and better prepare for uncertainties in the global business environment.
This appointment reflects its commitment to a performance-based approach that aligns with outstanding achievements. By consolidating the Group’s core competencies and strategically placing proven leaders with verified track records in key positions, the Group aims to strengthen organizational foundations and accelerate our future transformation.
Jaehoon Chang is promoted to Vice Chair of Hyundai Motor Group – Automotive Division, effective Jan. 1st, 2025, to further strengthen the future competitiveness of the Group’s mobility business.
Looking ahead, Chang will oversee the entire value chain, including product planning, supply chain management manufacturing, and quality assessment. He will optimize business operations across the automotive business while securing internal synergies and building foundational systems for cost and quality innovation to ensure sustainable future competitiveness.
José Muñoz is appointed President and CEO of Hyundai Motor Company to advance global management framework and solidify customer-focused mobility innovation through diverse powertrain offerings, including electric, hybrid, ICE and hydrogen technologies, effective Jan. 1st, 2025.
As a result, Muñoz is appointed as the first non-Korean CEO of Hyundai Motor – identified as the ideal fit to further enhance the company’s performance thanks to his merit-based management philosophy and his commitment to recruiting top global talent. Going forward, he is expected to enhance the company’s global management systems and further elevate its stature as a leading global brand.
Sung Kim is appointed as President of Hyundai Motor Company to manage the business effectively through global economic uncertainties, effective Jan. 1st, 2025.
As part of his appointment to enhance the company’s Think Tank capabilities and better navigate various geopolitical challenges, Kim will oversee global external affairs, analyze and research domestic and international policy trends, and lead communications and PR initiatives. He will focus on increasing synergies across the company’s intelligence functions, strengthening external networking and advancing global protocol capabilities.
Jun Young Choi is promoted to President of Kia Corporation from Head of Domestic Production Division and Chief Safety Officer (CSO). Kyoo Bok Lee, CEO of Hyundai Glovis, is promoted to President.
To strengthen sustainable management and accelerate business transformation, the Group has appointed Cheol Seung Baek as CEO of Hyundai Transys and Joon Dong Oh as CEO of Hyundai KEFICO.
To address challenges in the construction industry and accelerate fundamental improvements, the Group has appointed Hanwoo Lee as CEO of Hyundai Engineering & Construction Co., Ltd. (Hyundai E&C) and Woo Jeong Joo as CEO of Hyundai Engineering Co., Ltd.
* Editor’s note: Appointment of all CEOs referenced are subject to approval by the relevant Group affiliate’s Board of Directors
About Hyundai Motor Group
Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group’s mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication and the will to take on any challenges, we strive to create a better future for all.
More information about Hyundai Motor Group can be found at:
http://www.hyundaimotorgroup.com or Newsroom: Media Hub by Hyundai, Kia Global Media Center (kianewscenter.com), Genesis Media Center.
SOURCE Hyundai Motor Group
Technology
GreenPower Provides Business Update and Reports Second Quarter Fiscal 2025 Results
Published
45 minutes agoon
November 15, 2024By
Shareholder Call Scheduled for November 15, 2024 at 10 a.m. EST/7 a.m. PST
VANCOUVER, BC, Nov. 14, 2024 /PRNewswire/ — GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) (“GreenPower” and the “Company”), a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today reported its second quarter fiscal year 2025 results and provided an update on its manufacturing operations.
“GreenPower spent the quarter advancing the school bus production process at its West Virginia facility by setting up an oversized paint booth and establishing production stations to increase throughput in order to meet customer orders and demands,” said GreenPower President Brendan Riley. “The increase in production coupled with manufacturing process improvements is expected to result in higher gross profit margins and cost reductions on a per unit basis as throughput improves.”
Riley said that the Company has been systematically increasing its production workforce to provide for its growing production. “Putting the workforce in place and validating the manufacturing process is key to our efficiency, and production growth which is expected to drive cost savings on a per unit basis. With these in place, GreenPower will be able to attain its longer-term manufacturing goal of producing 20 school buses per month,” he said, noting that steady, measured growth, a foundation of GreenPower’s model, is critical for maintaining quality throughout the production process.
“The growth in production complements GreenPower’s sales strategy of focusing on states where there are money and mandates for electric school buses,” added Fraser Atkinson, CEO of GreenPower. “While we continue to manufacture and sell EV school buses for current orders and contracts under both state and federal programs, the future is more focused on states that have put policies and plans in place to provide a cleaner, healthier ride for students through the deployment of electric school buses. States like California and New York, and regions like the Southwest.”
During the second quarter of GreenPower’s fiscal year 2025, the manufacturing process was exhibited when the Company produced the first Type D BEAST all-electric, purpose-built, zero-emission school bus for the 37 BEAST order from the state of West Virginia from its South Charleston plant, which was delivered at the beginning of our current quarter. That was the second BEAST produced in the facility following the production of the Kanawha County bus purchased directly by the school district outside of the state order. Additional deliveries to fulfill the state order are planned to take place in the third and fourth quarters.
Second Quarter 2025 Highlights:
Generated revenues of $5.3 million for the three months ended September 30, 2024, an increase of 78% over the previous quarter.Delivered 11 BEAST Type D all-electric school buses, six EV Star Cargo and EV Star Cargo Plus and five EV Star Passenger Vans.Deferred revenue increased to $10.4 million, including the current portion of $7.5 million, which is expected to be realized over the next year.At the end of the quarter GreenPower had working capital of $10.1 million including inventory of $31.7 million consisting of $9.3 million of finished goods, $18.6 million of work-in-process and $3.8 million of parts and components.Received order for school buses under EPA’s Clean School Bus Program from the RWC Group for Arizona.
In October the Company completed an underwritten offering of 3,000,000 common shares raising gross proceeds of $3 million. The net proceeds from this offering are intended for the production of all-electric vehicles, including BEAST school buses and EV Star commercial vehicles, product development, with the remainder, if any, for general corporate purposes.
For additional information on the results of operations for the periods ended September 30, 2024 review the interim financial statements and related reports posted on GreenPower’s website as well as on www.sedar.com or filed on EDGAR.
Shareholder Call Information
Date: Friday November 15, 2024
Time: 7 a.m. PST/10 a.m. EST
Participant dial-in: (US) 1-844-739-3982 (Canada); 1-866-605-3852; (International) 1-412-317-5718. Ask to be joined into the GreenPower Motor Company Inc. conference call.
Webcast Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=pVZ0NwpL
Replay: (US) 1-877-344-7529; (Canada) 1-855-669-9658; (International) 1-412-317-0088
Replay access code: 4413647
For further information contact:
Fraser Atkinson, CEO
(604) 220-8048
Brendan Riley, President
(510) 910-3377
Michael Sieffert, CFO
(604) 563-4144
About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to www.greenpowermotor.com
Forward-Looking Statements
This document contains forward-looking statements relating to, among other things, GreenPower’s business and operations and the environment in which it operates, which are based on GreenPower’s operations, estimates, forecasts and projections. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “upon”, “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. A number of important factors including those set forth in other public filings (filed under the Company’s profile on www.sedar.com) could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. All amounts in U.S. dollars. ©2024 GreenPower Motor Company Inc. All rights reserved.
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SOURCE GreenPower Motor Company
Technology
Announcing the Launch of “JPxData Portal (beta version)”, a Portal Site Comprehensively Covering Data Provided by JPX Group, etc.
Published
45 minutes agoon
November 15, 2024By
TOKYO, Nov. 14, 2024 /PRNewswire/ — The JPX Market Innovation & Research, Inc., a leading global provider of Japan’s financial market data, promptly began provision of “JPxData Portal (beta version)” (hereinafter referred to as “Website”), a portal site that comprehensively introduces data provided by Japan Exchange Group, Japan Exchange Group companies and partner companies (hereinafter referred to as “JPX Group, etc.”), as of August 2024.
What is JPxData Portal?
JPX Group, etc. currently provide over 200 types of data, which are used by a wide range of users, including investors, brokerage firms, and listed companies. However, JPXI received feedback that it is difficult for users to search through due to the overwhelmingly large amount of data and know what kind of data can be used for what. This feedback led us to the launch of Website providing users with easy access to data they seek and showing how to use the data.
“JPxData Portal” is named after “a data portal site of JPX Group, etc.” and “a place where “Japan (JP)” and “data(Data)” are combined” with the letter “x.” JPXI will aim to develop Website further to make it an easy-to-use site, where any data on the Japanese market are accessible in the future.
Click here for JPxData Portal (beta version): https://clientportal.jpx.co.jp/ClientPortalEN/s/
JPxData Portal Main Features
Product List
Users can search over 200 types of data by using simple keywords such as “stock price,” “derivatives,” “margin trading,” and “ESG.”Users can check the frequency and timing of updates, the period of historical data available, file formats (PDF, CSV, Excel, etc.), and if such data are provided via an API.For some data, sample data and articles on how to use them are also provided.
Use cases
Users can find articles introducing how to use data, including examples of analysis using the data, and the differences among similar data such as stock price data and issue master data with comparison of them.Users can discover related data from an article about data users initially searched for.
Company search
Users can check basic information, timely disclosure information, filing information, corporate governance, and other information about each issue.In addition to company names and codes, users can also search by using keywords such as “cloud” and “digital transformation” based on generative AI technology.The current list of listed issues is available for free download.
Disclosure search
Users can search TDnet disclosures published for the past one year*.
* The latest one is for two business days prior.Users can leverage browser machine translation easily for financial statements and other information disclosed in HTML format. An article on how to use browser’s machine translation features and detailed usage notes is also provided.English tags are attached to Japanese documents to facilitate primary extraction of information so that users easily search for information in English.
Useful links
Users can check a list of useful websites related to the securities market*.
* Currently, only websites managed by JPX Group or related companies are available.)
About JPX Market Innovation & Research
JPX Market Innovation & Research, Inc. (JPXI) was established as a subsidiary of Japan Exchange Group, Inc. (TOKYO:8697) in 2022. It consolidates JPX Group’s data/index services and system-related services, and leads further business enhancement of JPX Group by leveraging IT technologies and new business partnerships.
Contact
Frontier Development Department,
JPX Market Innovation & Research, Inc.
E-mail: inf_dev@jpx.co.jp
Inquiry form: https://clientportal.jpx.co.jp/ClientPortalEN/s/InquiryFormEn
View original content:https://www.prnewswire.com/news-releases/announcing-the-launch-of-jpxdata-portal-beta-version-a-portal-site-comprehensively-covering-data-provided-by-jpx-group-etc-302306517.html
SOURCE JPX Market Innovation & Research, Inc.
Hyundai Motor Group Announces 2024 Second Half Key Executive Appointments
GreenPower Provides Business Update and Reports Second Quarter Fiscal 2025 Results
Announcing the Launch of “JPxData Portal (beta version)”, a Portal Site Comprehensively Covering Data Provided by JPX Group, etc.
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