Technology
HUYA Inc. Reports Second Quarter 2024 Unaudited Financial Results and Announces Share Repurchase Program Extension and Special Cash Dividend
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1 month agoon
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GUANGZHOU, China, Aug. 13, 2024 /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 second quarter ended June 30, 2024.
Second Quarter 2024 Highlights[1]
Total net revenues for the second quarter of 2024 were RMB1,541.6 million (US$212.1 million), compared with RMB1,837.8 million for the same period of 2023.Net income attributable to HUYA Inc. was RMB29.6 million (US$4.1 million) for the second quarter of 2024, compared with RMB20.3 million for the same period of 2023.Non-GAAP net income attributable to HUYA Inc.[2] was RMB97.0 million (US$13.3 million) for the second quarter of 2024, compared with RMB117.0 million for the same period of 2023.Average mobile MAUs[3] of Huya Live for the second quarter of 2024 was 83.5 million, compared with 82.9 million for the same period of 2023.
“Huya Live’s average mobile MAUs increased to 83.5 million for the second quarter of 2024, mainly driven by the success of several e-sports events that we organized. While we continue to enrich our content and improve user experience, we are also enhancing our platform ecology by strengthening our cooperation with various content platforms. We have begun selectively offering our live-streaming and video content on other content platforms to increase the Huya platform’s influence and reach a wider range of users,” said Mr. Junhong Huang, Acting Co-Chief Executive Officer and Senior Vice President of Huya. “Our strategic transformation initiatives to expand our game industry presence with more game-related services also continued to advance. As we increased collaboration on game promotion, distribution, and in-game item sales with a growing roster of game titles, revenues from our game-related services, advertising and other businesses increased by 152.7% year over year and 26.6% quarter over quarter to RMB308.5 million in the second quarter, accounting for 20.0% of total net revenues. Furthermore, the expansion of our game-related services contributed to a sequential increase in paying users[4] on Huya Live, reaching 4.5 million in the quarter. Looking ahead, we will continue to consolidate our foundation as we explore long-term possibilities across the game industry chain, driving development through content and platform ecology upgrades, technology advancement and product innovation.”
Ms. Ashley Xin Wu, Huya’s Acting Co-Chief Executive Officer and Vice President of Finance, continued, “Despite ongoing uncertainties in the macro environment and industry landscape, our second quarter total net revenues returned to growth quarter over quarter to reach RMB1.54 billion, driven by game-related services, advertising, and other businesses. The increased contribution of the higher-margin game-related services business to total net revenues and our continued operational efficiency improvements, highlighted by a 26.3% year-over-year reduction in total operating expenses, further enhanced our overall operating results. In terms of shareholder returns, we have repurchased 17.1 million Huya shares with a total aggregate consideration of US$56.7 million as of the end of June 2024. Upon review of our financials, business plans, capital requirements, and cash position, we are also pleased to declare a special cash dividend totaling approximately US$250 million for our shareholders. We believe that Huya’s solid balance sheet and improving financial fundamentals will continue to support our ability to deliver shareholder returns going forward.”
[1] In December 2023, the Company acquired a global mobile application service provider from Tencent Holdings Limited for an aggregate cash consideration of US$81 million, the principal terms of which were previously disclosed. As a result of this business combination under common control, in accordance with ASC 805, Business Combinations, the Company has consolidated the financial results of this mobile application service provider on a retrospective basis since the first quarter of 2022. Accordingly, retrospective adjustments have been made to the Company’s consolidated historical financial information presented herein, reflecting the consolidation of this mobile application service provider. The Company does not believe the retrospective adjustments to the Company’s results to be material, as compared to the historical financial information previously presented. Given that this was a transaction that involved entities under common control of Tencent Holdings Limited, all assets and assumed liabilities transferred have been recognized at the historical cost of the parent.
[2] “Non-GAAP net income attributable to HUYA Inc.” is defined as net income attributable to HUYA Inc. excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. For more information, please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.
[3] Refers to average monthly active users on mobile apps. Average mobile MAUs for any period is calculated by dividing (i) the sum of active users on the mobile apps for each month during such relevant period, by (ii) the number of months during such relevant period.
[4] Refers to the sum of user accounts that purchased various products and services on the Company’s platform at least once during such relevant period.
Second Quarter 2024 Financial Results
Total net revenues for the second quarter of 2024 were RMB1,541.6 million (US$212.1 million), compared with RMB1,837.8 million for the same period of 2023.
Live streaming revenues were RMB1,233.1 million (US$169.7 million) for the second quarter of 2024, compared with RMB1,715.7 million for the same period of 2023, primarily due to the continued soft macroeconomic and industry environment and the Company’s proactive business adjustments in support of its strategic transformation and prudent operations.
Game-related services, advertising and other revenues (formerly known as advertising and other revenues) were RMB308.5 million (US$42.5 million) for the second quarter of 2024, compared with RMB122.1 million for the same period of 2023, primarily due to increased revenues from game distribution and advertising services and in-game item sales.
Cost of revenues decreased by 14.4% to RMB1,326.7 million (US$182.6 million) for the second quarter of 2024 from RMB1,549.7 million for the same period of 2023, primarily due to decreased revenue sharing fees and content costs, as well as bandwidth costs.
Revenue sharing fees and content costs decreased by 12.6% to RMB1,170.2 million (US$161.0 million) for the second quarter of 2024 from RMB1,338.4 million for the same period of 2023, primarily due to decreased live streaming revenue sharing fees associated with the decline in live streaming revenues, partially offset by increased game-related services, advertising and other revenue sharing fees, as well as content costs for in-house produced content.
Bandwidth costs decreased by 40.2% to RMB60.9 million (US$8.4 million) for the second quarter of 2024 from RMB101.8 million for the same period of 2023, primarily due to improved bandwidth cost management, favorable pricing terms and continued technology enhancement efforts.
Gross profit was RMB214.9 million (US$29.6 million) for the second quarter of 2024, compared with RMB288.1 million for the same period of 2023. Gross margin was 13.9% for the second quarter of 2024, compared with 15.7% for the same period of 2023. This change was primarily attributable to increased revenue sharing fees and content costs as a percentage of total net revenues, which rose partially due to higher content costs incurred for in-house produced content.
Research and development expenses decreased by 11.5% to RMB128.7 million (US$17.7 million) for the second quarter of 2024 from RMB145.4 million for the same period of 2023, primarily due to decreased personnel-related expenses and share-based compensation expenses.
Sales and marketing expenses decreased by 48.0% to RMB61.7 million (US$8.5 million) for the second quarter of 2024 from RMB118.6 million for the same period of 2023, primarily due to decreased marketing and promotion fees, as well as personnel-related expenses.
General and administrative expenses decreased by 21.0% to RMB63.7 million (US$8.8 million) for the second quarter of 2024 from RMB80.7 million for the same period of 2023, primarily due to decreased professional service fees, personnel-related expenses and share-based compensation expenses.
Other income was RMB13.2 million (US$1.8 million) for the second quarter of 2024, compared with RMB23.8 million for the same period of 2023, primarily due to decreased government subsidies.
Operating loss was RMB26.0 million (US$3.6 million) for the second quarter of 2024, compared with RMB32.9 million for the same period of 2023.
Interest income was RMB102.5 million (US$14.1 million) for the second quarter of 2024, compared with RMB125.3 million for the same period of 2023.
Net income attributable to HUYA Inc. was RMB29.6 million (US$4.1 million) for the second quarter of 2024, compared with RMB20.3 million for the same period of 2023.
Non-GAAP net income attributable to HUYA Inc. was RMB97.0 million (US$13.3 million) for the second quarter of 2024, compared with RMB117.0 million for the same period of 2023.
Basic and diluted net income per American depositary share (“ADS”) were each RMB0.13 (US$0.02) for the second quarter of 2024. Basic and diluted net income per ADS were each RMB0.08 for the second quarter of 2023. Each ADS represents one Class A ordinary share of the Company.
Non-GAAP basic and diluted net income per ADS were RMB0.42 (US$0.06) and RMB0.41 (US$0.06), respectively, for the second quarter of 2024. Non-GAAP basic and diluted net income per ADS were each RMB0.48 and RMB0.47, respectively, for the second quarter of 2023.
As of June 30, 2024, the Company had cash and cash equivalents, short-term deposits, short-term investment and long-term deposits of RMB8,193.3 million (US$1,127.4 million), compared with RMB9,419.8 million as of March 31, 2024.
Share Repurchase Program
On August 15, 2023, the board of directors of the Company authorized a share repurchase program under which the Company may repurchase up to US$100 million of its ADSs or ordinary shares over a 12-month period. As of June 30, 2024, the Company had repurchased 17.1 million ADSs with a total aggregate consideration of US$56.7 million under this program.
In August 2024, the board of directors of the Company authorized the renewal and continued use of the unutilized quota under the existing share repurchase program of US$43.3 million, which is effective through March 31, 2025.
Declaration of Special Cash Dividend
The board of directors of the Company has declared a special cash dividend of US$1.08 per ordinary share, or US$1.08 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on October 9, 2024, payable in U.S. dollars. The total amount of cash to be distributed for the special cash dividend is expected to be approximately US$250 million, which will be funded by surplus cash on the Company’s balance sheet. The payment date for holders of ordinary shares and holders of ADSs is expected to be on or around October 25, 2024. Holders of the Company’s ADSs will receive the cash dividend through the depositary bank, subject to the terms of the deposit agreement.
Earnings Webinar
The Company’s management will host a Tencent Meeting Webinar at 8:00 a.m. U.S. Eastern Time on August 13, 2024 (8:00 p.m. Beijing/Hong Kong time on August 13, 2024), to review and discuss the Company’s business and financial performance.
For participants who wish to join the webinar, please complete the online registration in advance using the links provided below. Upon registration, participants will receive an email with webinar access information, including meeting ID, meeting link, dial-in numbers, and a unique attendee ID to join the webinar.
Participant Online Registration:
Chinese Mainland[5]: https://meeting.tencent.com/dw/r34tNk4Y7eOs
International: https://voovmeeting.com/dw/r34tNk4Y7eOs
A live webcast of the webinar will be accessible at https://ir.huya.com, and a replay of the webcast will be available following the session.
[5] For the purpose of this announcement only, Chinese Mainland excludes the Hong Kong Special Administrative Region, the Macao Special Administrative Region of the People’s Republic of China, and Taiwan.
About HUYA Inc.
HUYA Inc. is a leading game live streaming platform in China. As a technology-driven company, Huya offers rich and dynamic content across games, e-sports, and other entertainment genres where it has cultivated a large, highly engaged, interactive, immersive community of game enthusiasts. Building on its success in game live streaming and through close collaboration with game companies, e-sports tournament organizers, broadcasters and talent agencies, Huya is expanding its presence in the game industry, both domestically and internationally. By providing more innovative game-related services, the Company is committed to meeting the evolving needs of game enthusiasts, content creators, and industry partners.
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 loss, non-GAAP net income attributable to HUYA Inc., non-GAAP net income attributable to ordinary shareholders, non-GAAP basic and diluted net income per ordinary shares, and non-GAAP basic and diluted net income 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 loss is operating loss excluding share-based compensation expenses and amortization of intangible assets from business acquisitions. Non-GAAP net income attributable to HUYA Inc. is net income attributable to HUYA Inc. excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP net income attributable to ordinary shareholders is net income attributable to ordinary shareholders excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP basic and diluted net income per ADS is non-GAAP net income attributable to ordinary shareholders divided by weighted average number of ADS used in the calculation of non-GAAP basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the impact of (i) share-based compensation expenses, (ii) impairment loss of investments, and (iii) amortization of intangible assets from business acquisitions (net of income taxes), 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 measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures represent useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, and (ii) amortization of intangible assets from business acquisitions (net of income taxes), which have been and will continue to be significant recurring expenses in its business, and (iii) impairment loss of investments, which may recur when there is observable price change in the future. 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 a non-GAAP financial measure in isolation from or as an alternative to the financial measures 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. Unaudited 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 RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollar 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 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 live streaming market and game 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 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
Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: huya@tpg-ir.com
In the United States:
Piacente Financial Communications
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 June 30,
2023
2024
2024
RMB
RMB
US$
Assets
Current assets
Cash and cash equivalents
511,973
1,005,513
138,363
Restricted cash
18,137
16,384
2,255
Short-term deposits
6,851,160
5,567,750
766,148
Short-term investments
–
10,000
1,376
Accounts receivable, net
64,258
70,295
9,673
Prepaid assets and amounts due from related
parties, net
148,648
301,710
41,517
Prepayments and other current assets, net
556,435
624,873
85,985
Total current assets
8,150,611
7,596,525
1,045,317
Non-current assets
Long-term deposits
2,553,293
1,610,000
221,543
Investments
751,844
643,507
88,550
Goodwill
456,976
459,821
63,273
Property and equipment, net
326,765
408,779
56,250
Intangible assets, net
161,739
143,441
19,738
Right-of-use assets, net
379,006
361,339
49,722
Prepayments and other non-current assets
144,120
121,086
16,662
Total non-current assets
4,773,743
3,747,973
515,738
Total assets
12,924,354
11,344,498
1,561,055
Liabilities and shareholders’ equity
Current liabilities
Accounts payable
14,961
18,444
2,538
Advances from customers and deferred revenue
412,257
287,343
39,540
Income taxes payable
49,914
50,433
6,940
Accrued liabilities and other current liabilities
1,474,827
1,251,704
172,239
Amounts due to related parties
177,714
139,205
19,155
Lease liabilities due within one year
31,832
32,504
4,473
Total current liabilities
2,161,505
1,779,633
244,885
Non-current liabilities
Lease liabilities
48,069
33,335
4,587
Deferred tax liabilities
42,317
30,688
4,223
Deferred revenue
47,864
35,862
4,935
Total non-current liabilities
138,250
99,885
13,745
Total liabilities
2,299,755
1,879,518
258,630
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 June 30,
2023
2024
2024
RMB
RMB
US$
Shareholders’ equity
Class A ordinary shares (US$0.0001 par value;
750,000,000 shares authorized as of December
31, 2023 and June 30, 2024, respectively;
82,696,852 and 75,985,187 shares issued and
outstanding as of December 31, 2023 and June
30, 2024, respectively)
61
51
7
Class B ordinary shares (US$0.0001 par value;
200,000,000 shares authorized as of December
31, 2023 and June 30, 2024, respectively;
150,386,517 and 150,386,517 shares issued and
outstanding as of December 31, 2023 and June
30, 2024, respectively)
98
98
13
Treasury shares
(206,345)
(58,668)
(8,073)
Additional paid-in capital
12,000,100
10,606,904
1,459,559
Statutory reserves
122,429
122,429
16,847
Accumulated deficit
(2,052,336)
(1,951,701)
(268,563)
Accumulated other comprehensive income
760,592
745,867
102,635
Total shareholders’ equity
10,624,599
9,464,980
1,302,425
Total liabilities and shareholders’ equity
12,924,354
11,344,498
1,561,055
HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except share, ADS, per share data and per ADS data)
Three Months Ended
Six Months Ended
June 30,
2023*
March 31,
2024
June 30,
2024
June 30,
2024
June 30,
2023*
June 30,
2024
June 30,
2024
RMB
RMB
RMB
US$
RMB
RMB
US$
Net revenues
Live streaming
1,715,684
1,260,444
1,233,064
169,675
3,575,608
2,493,508
343,118
Game-related services, advertising and other
revenues
122,079
243,603
308,518
42,453
224,605
552,121
75,974
Total net revenues
1,837,763
1,504,047
1,541,582
212,128
3,800,213
3,045,629
419,092
Cost of revenues(1)
(1,549,681)
(1,283,502)
(1,326,710)
(182,561)
(3,243,061)
(2,610,212)
(359,177)
Gross profit
288,082
220,545
214,872
29,567
557,152
435,417
59,915
Operating expenses(1)
Research and development expenses
(145,416)
(135,106)
(128,710)
(17,711)
(298,778)
(263,816)
(36,302)
Sales and marketing expenses
(118,620)
(76,232)
(61,689)
(8,489)
(221,908)
(137,921)
(18,979)
General and administrative expenses
(80,719)
(60,032)
(63,729)
(8,769)
(154,183)
(123,761)
(17,030)
Total operating expenses
(344,755)
(271,370)
(254,128)
(34,969)
(674,869)
(525,498)
(72,311)
Other income, net
23,792
12,309
13,219
1,819
27,968
25,528
3,513
Operating loss
(32,881)
(38,516)
(26,037)
(3,583)
(89,749)
(64,553)
(8,883)
Interest income
125,349
117,052
102,523
14,108
221,721
219,575
30,215
Impairment loss of investments
(65,115)
–
(45,079)
(6,203)
(65,115)
(45,079)
(6,203)
Foreign currency exchange (losses) gains, net
(2,465)
(2,419)
364
50
(2,052)
(2,055)
(283)
Income before income tax expenses
24,888
76,117
31,771
4,372
64,805
107,888
14,846
Income tax expenses
(4,592)
(5,084)
(2,169)
(298)
(4,896)
(7,253)
(998)
Net income attributable to HUYA Inc.
20,296
71,033
29,602
4,074
59,909
100,635
13,848
Net income attributable to ordinary
shareholders
20,296
71,033
29,602
4,074
59,909
100,635
13,848
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
Six Months Ended
June 30,
2023*
March 31,
2024
June 30,
2024
June 30,
2024
June 30,
2023*
June 30,
2024
June 30,
2024
RMB
RMB
RMB
US$
RMB
RMB
US$
Net income per ADS**
—Basic
0.08
0.30
0.13
0.02
0.25
0.43
0.06
—Diluted
0.08
0.30
0.13
0.02
0.24
0.43
0.06
Net income per ordinary share
—Basic
0.08
0.30
0.13
0.02
0.25
0.43
0.06
—Diluted
0.08
0.30
0.13
0.02
0.24
0.43
0.06
Weighted average number of ADS used in
calculating net income per ADS
—Basic
243,751,192
233,157,641
231,022,644
231,022,644
243,751,192
232,098,893
232,098,893
—Diluted
246,832,447
236,271,702
234,167,978
234,167,978
246,832,447
235,275,697
235,275,697
* HUYA Inc. Unaudited Condensed Consolidated Statements of Operations for three months ended June 30, 2023 and six months ended June 30,
2023 have been retrospectively adjusted due to the business combination under common control as stated in footnote 1 of this press release.
** Each ADS represents one Class A ordinary share
(1) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
Three Months Ended
Six Months Ended
June 30,
2023
March 31,
2024
June 30,
2024
June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2024
RMB
RMB
RMB
US$
RMB
RMB
US$
Cost of revenues
5,347
4,285
4,492
618
13,611
8,777
1,208
Research and development expenses
12,897
7,616
7,873
1,083
32,837
15,489
2,131
Sales and marketing expenses
716
366
446
61
1,943
812
112
General and administrative expenses
7,806
4,268
4,573
629
19,068
8,841
1,217
HUYA INC.
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS, per share data and per ADS data)
Three Months Ended
Six Months Ended
June 30,
2023*
March 31,
2024
June 30,
2024
June 30,
2024
June 30,
2023*
June 30,
2024
June 30,
2024
RMB
RMB
RMB
US$
RMB
RMB
US$
Gross profit
288,082
220,545
214,872
29,567
557,152
435,417
59,915
Share-based compensation expenses allocated
in cost of revenues
5,347
4,285
4,492
618
13,611
8,777
1,208
Non-GAAP gross profit
293,429
224,830
219,364
30,185
570,763
444,194
61,123
Operating loss
(32,881)
(38,516)
(26,037)
(3,583)
(89,749)
(64,553)
(8,883)
Share-based compensation expenses
26,766
16,535
17,384
2,391
67,459
33,919
4,668
Amortization of intangible assets from
business acquisitions
5,865
5,930
5,941
818
11,612
11,871
1,634
Non-GAAP operating loss
(250)
(16,051)
(2,712)
(374)
(10,678)
(18,763)
(2,581)
Net income attributable to HUYA Inc.
20,296
71,033
29,602
4,074
59,909
100,635
13,848
Impairment loss of investments
65,115
–
45,079
6,203
65,115
45,079
6,203
Share-based compensation expenses
26,766
16,535
17,384
2,391
67,459
33,919
4,668
Amortization of intangible assets from
business acquisitions, net of income taxes
4,868
4,922
4,931
679
9,638
9,853
1,356
Non-GAAP net income attributable to
HUYA Inc.
117,045
92,490
96,996
13,347
202,121
189,486
26,075
Net income attributable to ordinary
shareholders
20,296
71,033
29,602
4,074
59,909
100,635
13,848
Impairment loss of investments
65,115
–
45,079
6,203
65,115
45,079
6,203
Share-based compensation expenses
26,766
16,535
17,384
2,391
67,459
33,919
4,668
Amortization of intangible assets from
business acquisitions, net of income taxes
4,868
4,922
4,931
679
9,638
9,853
1,356
Non-GAAP net income attributable to
ordinary shareholders
117,045
92,490
96,996
13,347
202,121
189,486
26,075
Non-GAAP net income per ordinary share
—Basic
0.48
0.40
0.42
0.06
0.83
0.82
0.11
—Diluted
0.47
0.39
0.41
0.06
0.82
0.81
0.11
Non-GAAP net income per ADS
—Basic
0.48
0.40
0.42
0.06
0.83
0.82
0.11
—Diluted
0.47
0.39
0.41
0.06
0.82
0.81
0.11
Weighted average number of ADS used in
calculating Non-GAAP net income per
ADS
—Basic
243,751,192
233,157,641
231,022,644
231,022,644
243,751,192
232,098,893
232,098,893
—Diluted
246,832,447
236,271,702
234,167,978
234,167,978
246,832,447
235,275,697
235,275,697
* HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results for three months ended June 30, 2023 and six months ended June 30,
2023 have been retrospectively adjusted due to the business combination under common control as stated in footnote 1 of this press release.
View original content:https://www.prnewswire.com/news-releases/huya-inc-reports-second-quarter-2024-unaudited-financial-results-and-announces-share-repurchase-program-extension-and-special-cash-dividend-302220868.html
SOURCE HUYA Inc.
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National Center for Charter School Accountability Launches with Analysis of State Charter School Laws
Published
52 mins agoon
September 23, 2024By
The National Center for Charter School Accountability provides research and recommendations on increasing transparency and accountability for charter schools.
NEW YORK, Sept. 23, 2024 /PRNewswire/ — The Network for Public Education (NPE) announces a new project, the National Center for Charter School Accountability (NCCSA), to provide research and recommendations on increasing transparency and accountability for charter schools. NPE is the leading organization that advocates revising state charter laws to make charter schools better align with the original vision of charter schools as teacher and parent-led schools of innovation that complement, not compete with, the public school system.
“The charter sector, now saturated with impersonal national chains and for-profit management corporations, has strayed far from the original mission of charter schools. A few states follow that vision; most do not. We regularly receive calls from charter school parents, teachers, and public school advocates raising concerns. The Center will educate the public with facts and provide information on how best to address concerns,” said Carol Burris, the Executive Director of NPE.
The Center includes a searchable database of news stories highlighting problems regarding charter schools. It also provides a portal where parents and taxpayers can submit questions and complaints. It also provides access to nine NPE research reports on charter schools, including reports on charter closures and for-profit-run charter schools.
In addition to research and reports, NCCSA evaluates state laws based on accountability, responsible growth, community input, and protections for students and taxpayers. An interactive map shows the number of open and closed charter schools in each state.
“The Center will grow over time, providing information unavailable on charter trade group sites. One million students have been displaced due to charter closures. In the age of choice, parents and taxpayers deserve the facts,” Burris added.
Commenting on the new project, NPE President Diane Ravitch noted, “NCCSA is a valuable resource for parents, taxpayers, policymakers, and the press who want to be informed about the status of charter schools. Accountability matters, and the Center will provide it via accurate and timely information.”
Access to NCCSA can be found here.
The Network for Public Education is a national advocacy organization with over 350,000 members and 200 grassroots groups. Its mission is to preserve, promote, improve, and strengthen public schools for current and future generations of students.
Contact: Carol Burris
cburris@networkforpubliceducation.org
(646) 678-4477
View original content:https://www.prnewswire.com/news-releases/national-center-for-charter-school-accountability-launches-with-analysis-of-state-charter-school-laws-302256096.html
SOURCE Network for Public Education
Technology
Vermont State Dental Society, University of Detroit Mercy, Sanders, and Welch Announce Historic Effort to Advance Dental Care and Education Across State
Published
52 mins agoon
September 23, 2024By
BURLINGTON, Vt., Sept. 23, 2024 /PRNewswire/ — The Vermont State Dental Society (VSDS), University of Detroit Mercy (UDM), Senator Bernie Sanders, and Senator Peter Welch are partnering to bring an innovative Dental Oral Health Education Center to Vermont in Fall 2027. This new dental clinic and education program would bring UDM students to Vermont to complete their final years of training – strengthening the dental care provider pipeline and expanding access to much-needed care across the state.
At a recent press conference, VSDS, UDM, Sanders, and Welch celebrated the program receiving its accreditation from the Commission of Dental Accreditation (CODA) – an essential step in establishing the teaching program in Vermont.
Sanders and Welch are working to secure $4.6 million in federal funding through the FY25 Congressionally Directed Spending process to support this historic initiative. The funding was recently approved by the Appropriations Committee and needs to be passed by the House and the Senate before being signed into law by President Biden.
The tentative location for the new center will be in Chittenden County.
VSDS, a nonprofit professional healthcare organization whose mission is to improve the oral health of Vermonters and to serve the profession of dentistry in the state, is pioneering the new institution with UDM as it brings more than 90 years of experience in educating dentists worldwide.
Beginning in the fall of 2025, this partnership will include two years of foundational and preclinical education at the UDM School of Dentistry Campus in Detroit, followed by two years of clinical and didactic education at a new dental clinic based in Colchester. The Detroit Mercy-Vermont dental program will offer DDS dental education in the state of Vermont, accredited by the Commission of Dental Accreditation (CODA).
University of Detroit Mercy-Vermont will house modern classrooms with on-site clinics to support its clinical education program and serve as a public health Medicaid clinic to provide dental care to qualifying individuals. Extending its reach beyond its Colchester facility, the new dental program will partner with clinical organizations in Vermont to reach areas with a shortage of dental health professionals and underserved populations.
As Vermont’s professional association for dentists, the VSDS works diligently to enhance the oral healthcare environment in the state. With just under 400 members, VSDS includes more than 80% of the state’s practicing dentists. VSDS provides resources, educational information, and support for its members and the public and advocates for public policies and systems to improve oral healthcare for all Vermonters.
University of Detroit Mercy is Michigan’s largest and most comprehensive independent Catholic university, sponsored by the Sisters of Mercy of the Americas and the Society of Jesus (the Jesuits). For more information, please visit www.udmercy.edu.
SOURCE University of Detroit Mercy
Technology
eBay Announces Samantha Wellington as Senior Vice President, Chief Legal Officer, General Counsel and Secretary
Published
52 mins agoon
September 23, 2024By
SAN JOSE, Calif., Sept. 23, 2024 /PRNewswire/ — eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, today announced the appointment of Samantha Wellington as Senior Vice President, Chief Legal Officer, General Counsel and Secretary. In this role, Samantha will oversee all global aspects of eBay’s legal department, including Government Relations, intellectual property, employment, litigation, regulatory and corporate work across our financial services, marketplaces, and product and technology organizations. Samantha will report directly to Jamie Iannone, eBay’s Chief Executive Officer, and will join the company on October 7, 2024.
Samantha joins eBay with a distinguished career in legal and business affairs, most recently serving as TriNet’s Executive Vice President of Business Affairs, Chief Legal Officer, and Secretary. In this role, Samantha led a team of professionals across Legal, Compliance, Government Affairs, Customer Service, Sales, Operations, Product Management, Engineering, Technology, and Risk. Her leadership focused on spearheading initiatives that address the evolving workplace dynamics for TriNet’s customers, facilitating capital access for small business owners, and enhancing customer service experiences to support business growth. Prior to TriNet, she spent 12 years at Oracle, where she held a number of senior legal positions.
“Samantha has successfully led multifaceted teams and navigated complex legal and regulatory environments throughout her career,” said Jamie Iannone, Chief Executive Officer, eBay. “Samantha’s expertise will be invaluable as we continue to innovate and grow our global marketplace while ensuring we meet our legal and ethical responsibilities. Her passion for empowering small businesses aligns perfectly with eBay’s purpose, and I’m excited to welcome her to the team.”
“My parents started their business by selling skateboard parts at the open market in Sydney, so I have a deep appreciation for eBay’s role in empowering businesses of all sizes,” said Samantha Wellington. “As a longtime eBay user and collector, I am passionate about helping others unlock similar opportunities and connecting people with what they love.”
Samantha holds Bachelor’s Degrees in Creative Arts and Laws from Wollongong University, as well as a Master of Laws in Communication and Technology Law from the University of New South Wales. She has served as a board member for the National Association of Professional Employer Organizations and BSA, The Software Alliance.
Samantha replaces Marie Oh Huber, who left eBay in June after nine years as General Counsel.
About eBay
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world’s largest and most vibrant marketplaces for discovering great value and unique selection. In 2023, eBay enabled more than $73 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/ebay-announces-samantha-wellington-as-senior-vice-president-chief-legal-officer-general-counsel-and-secretary-302256084.html
SOURCE eBay Inc.
National Center for Charter School Accountability Launches with Analysis of State Charter School Laws
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