2024-12-23 01:43:53
Author: HUYA Inc. / 2023-07-24 01:39 / Source: HUYA Inc.

HUYA Inc. Reports Fourth Quarter and Fiscal Year 2022 Unaudited Financial Results

GUANGZHOU,China,March 21,2023 -- 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 31,2022.

Fourth Quarter 2022 Highlights

Total net revenues for the fourth quarter of 2022 were RMB2,102.2 million (US$304.8 million),compared with RMB2,808.7 million for the same period of 2021.

Net loss attributable to HUYA Inc. was RMB524.4 million (US$76.0 million) for the fourth quarter of 2022,compared with RMB312.7 million for the same period of 2021.

Non-GAAP net loss attributable to HUYA Inc.[1] was RMB440.0 million (US$63.8 million) for the fourth quarter of 2022,compared with RMB241.7 million for the same period of 2021.

Average mobile MAUs[2] of Huya Live for the fourth quarter of 2022 was 85.5 million,compared with 85.4 million for the same period of 2021.

Total number of paying users[3] of Huya Live for the fourth quarter of 2022 was 5.5 million,compared with 5.6 million for the same period of 2021.

Fiscal Year 2022 Highlights

Total net revenues in fiscal year 2022 were RMB9,220.5 million (US$1,336.8 million),compared with RMB11,351.4 million in 2021.

Net loss attributable to HUYA Inc. in fiscal year 2022 was RMB486.7 million (US$70.6 million),compared with a net income attributable to HUYA Inc. of RMB583.5 million in 2021.

Non-GAAP net loss attributable to HUYA Inc. in fiscal year 2022 was RMB281.4 million (US$40.8 million),compared with a non-GAAP net income attributable to HUYA Inc. of RMB454.4 million in 2021.

Average mobile MAUs of Huya Live in fiscal year 2022 was 84.3 million,compared with 80.9 million in 2021.

Average quarterly paying users of Huya Live in fiscal year 2022 was 5.6 million,compared with 5.8 million in 2021.

"We ended a challenging 2022 with our full-year average mobile MAUs of Huya Live up by 4.2% to 84.3 million and annual total revenues of approximately RMB9.2 billion. In the fourth quarter,we continued to bring high-quality e-sports tournaments and entertainment programs to our users. We also enhanced the interactive experience between broadcasters and viewers through in-depth collaborations with game studios,helping us stabilize our user scale and achieve healthy user engagement levels," said Mr. Rongjie Dong,Chief Executive Officer of Huya. "While we may face continued pressure from the volatile market environment in the near term,we are shoring up our long term prospects. We will continue to reinforce Huya's core competencies and actively explore a diversified business ecosystem for new growth opportunities,while maintaining our leadership position in the game live streaming market."

Ms. Ashley Xin Wu,Vice President of Finance of Huya,commented,"Against the backdrop of macro headwinds and the COVID-19 pandemic resurgence at the end of the year,our total revenues were RMB2.1 billion for the fourth quarter of 2022. Lower revenues and higher content costs associated with a large e-sports event in the quarter contributed to a gross loss for the period. At the same time,we continued to promote operational efficiencies,reducing our total operating expenses in the fourth quarter by 34.7% year-over-year. Looking ahead,we will further optimize our cost and expense structure and focus our resources on areas with better returns to strengthen our operational and financial performance."

[1] "Non-GAAP net loss attributable to HUYA Inc." is defined as net loss attributable to HUYA Inc. excluding (i) share-based compensation expenses,(ii) gain on fair value change of investments,net of income taxes,(iii) gain arising from disposal of an equity investment,(iv) impairment loss of investments and (v) loss on equity method investment,net of income taxes. 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.

[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.

Fourth Quarter 2022 Financial Results

Total net revenues for the fourth quarter of 2022 were RMB2,808.7 million for the same period of 2021.

Live streaming revenues were RMB1,975.2 million (US$286.4 million) for the fourth quarter of 2022,612.9 million for the same period of 2021,primarily due to lower average spending per paying user and a decreased number of paying users on Huya Live,as the recent macro and regulatory environment adversely affected the sentiment of the Company's paying users.

Advertising and other revenues were RMB127.0 million (US$18.4 million) for the fourth quarter of 2022,compared with RMB195.8 million for the same period of 2021,primarily due to soft demand for advertising services resulting from the challenging macro environment,and lower content sub-licensing revenues.

Cost of revenues decreased by 15.0% to RMB2,386.4 million (US$346.0 million) for the fourth quarter of 2022 from RMB2,807.7 million for the same period of 2021,primarily due to decreased revenue sharing fees and content costs,as well as bandwidth costs.

Revenue sharing fees and content costs decreased by 11.9% to RMB2,170.6 million (US$314.7 million) for the fourth quarter of 2022 from RMB2,463.1 million for the same period of 2021,primarily due to the decrease in revenue sharing fees associated with the decline in live streaming revenues. This was partially offset by the increase in spending on e-sports content,which was mainly related to the higher content cost booked for a large e-sports event that occurred in the fourth quarter of 2022.

Bandwidth costs decreased by 45.5% to RMB99.5 million (US$14.4 million) for the fourth quarter of 2022 from RMB182.7 million for the same period of 2021,primarily due to improved bandwidth cost management and continued technology enhancement efforts,as well as less overseas bandwidth usage as a result of the strategic adjustment in the Company's overseas business to focus on key markets.

Gross loss was RMB284.2 million (US$41.2 million) for the fourth quarter of 2022,compared with a gross profit of RMB1.1 million for the same period of 2021,primarily due to lower revenues and increased content costs related to e-sports content. Gross margin was negative 13.5% for the fourth quarter of 2022,compared with approximately zero for the same period of 2021.

Research and development expenses decreased by 30.0% to RMB143.9 million (US$20.9 million) for the fourth quarter of 2022 from RMB205.7 million for the same period of 2021,primarily due to decreased personnel-related expenses and share-based compensation expenses.

Sales and marketing expenses decreased by 48.2% to RMB113.2 million (US$16.4 million) for the fourth quarter of 2022 from RMB218.5 million for the same period of 2021,primarily due to decreased marketing and promotion fees,as well as personnel-related expenses.

General and administrative expenses decreased by 12.6% to RMB79.1 million (US$11.5 million) for the fourth quarter of 2022 from RMB90.5 million for the same period of 2021,primarily due to decreased share-based compensation expenses.

Other income was RMB43.8 million (US$6.4 million) for the fourth quarter of 2022,compared with RMB56.3 million for the same period of 2021,primarily due to lower tax refunds and government subsidies.

Operating loss was RMB576.7 million (US$83.6 million) for the fourth quarter of 2022,compared with RMB457.3 million for the same period of 2021.

Interest and short-term investments income were RMB101.7 million (US$14.7 million) for the fourth quarter of 2022,compared with RMB61.6 million for the same period of 2021,primarily due to increased interest rates.

Net loss attributable to HUYA Inc. was RMB524.4 million (US$76.0 million) for the fourth quarter of 2022,compared with RMB312.7 million for the same period of 2021.

Non-GAAP net loss attributable to HUYA Inc.,which excludes share-based compensation expenses,impairment loss of investments and loss on equity method investment,was RMB440.0 million (US$63.8 million) for the fourth quarter of 2022,compared with RMB241.7 million for the same period of 2021,which excludes share-based compensation expenses.

Basic and diluted net loss per American depositary share ("ADS") were each RMB2.16 (US$0.31) for the fourth quarter of 2022. Basic and diluted net loss per ADS were each RMB1.31 for the fourth quarter of 2021. Each ADS represents one Class A ordinary share of the Company.

Non-GAAP basic and diluted net loss per ADS were each RMB1.81 (US$0.26) for the fourth quarter of 2022. Non-GAAP basic and diluted net loss per ADS were each RMB1.01 for the fourth quarter of 2021.

As of December 31,2022,the Company had cash and cash equivalents,short-term deposits,short-term investments and long-term deposits of RMB10,749.2 million (US$1,558.5 million),008.2 million as of September 30,2022.

Fiscal Year 2022 Financial Results

Total net revenues were RMB9,336.8 million) in fiscal year 2022,351.4 million in the prior year.

Live streaming revenues were RMB8,195.9 million (US$1,188.3 million) in fiscal year 2022,compared with RMB10,186.2 million in the prior year,as the macro and regulatory environment during the year adversely affected the sentiment of the Company's paying users.

Advertising and other revenues were RMB1,024.6 million (US$148.5 million) in fiscal year 2022,compared with RMB1,165.2 million in the prior year,due to soft demand for advertising services resulting from the challenging macro environment.

Cost of revenues decreased by 11.7% to RMB8,609.6 million (US$1,248.3 million) in fiscal year 2022 from RMB9,751.2 million in the prior year,as well as bandwidth costs.

Revenue sharing fees and content costs decreased by 10.0% to RMB7,535.7 million (US$1,092.6 million) in fiscal year 2022 from RMB8,374.6 million in the prior year,primarily due to the decrease in revenue sharing fees associated with declined live streaming revenues,and lower costs related to content creators,partially offset by the increase in spending on e-sports content.

Bandwidth costs decreased by 24.7% to RMB537.2 million (US$77.9 million) in fiscal year 2022 from RMB713.7 million in the prior year,as well as less overseas bandwidth usage as a result of the strategic adjustment in the Company's overseas business to focus on key markets.

Gross profit was RMB610.9 million (US$88.6 million) in fiscal year 2022,600.3 million in the prior year,primarily due to lower revenues and increased content costs related to e-sports content. Gross margin was 6.6% in fiscal year 2022,compared with 14.1% in fiscal year 2021.

Research and development expenses decreased by 16.9% to RMB680.4 million (US$98.6 million) in fiscal year 2022 from RMB818.9 million in the prior year,primarily due to decreased share-based compensation expenses and personnel-related expenses.

Sales and marketing expenses decreased by 36.4% to RMB482.9 million (US$70.0 million) in fiscal year 2022 from RMB759.5 million in the prior year,as well as personnel-related expenses.

General and administrative expenses were RMB320.4 million (US$46.5 million) in fiscal year 2022,compared with RMB326.8 million in the prior year,primarily attributable to decreased share-based compensation expenses.

Other income was RMB166.3 million (US$24.1 million) in fiscal year 2022,compared with RMB274.7 million in the prior year,primarily attributable to lower tax refunds and government subsidies in fiscal year 2022 and realized damages received in the first quarter of 2021 from a favorable outcome in a broadcaster-related lawsuit.

Operating loss was RMB706.5 million (US$102.4 million) in fiscal year 2022,compared with RMB30.2 million in the prior year.

Interest and short-term investments income were RMB298.2 million (US$43.2 million) in fiscal year 2022,compared with RMB247.0 million in the prior year,primarily due to increased interest rates.

Share of loss in equity method investments,net of income taxes was RMB0.5 million (US$0.1 million) in fiscal year 2022,compared with share of income in equity method investments,net of income taxes of RMB379.2 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 loss attributable to HUYA Inc. was RMB486.7 million (US$70.6 million) in fiscal year 2022,compared with a net income attributable to HUYA Inc. of RMB583.5 million in the prior year.

Non-GAAP net loss attributable to HUYA Inc.,gain on fair value change of investments,impairment loss of investments,and loss on equity method investment,net of income taxes was RMB281.4 million (US$40.8 million) in fiscal year 2022,compared with a non-GAAP net income attributable to HUYA Inc. of RMB454.4 million in the prior year,and gain arising from disposal of an equity investment,net of income taxes.

Basic and diluted net loss per ADS were each RMB2.02 (US$0.29) in fiscal year 2022. Basic and diluted net income per ADS were RMB2.45 and RMB2.41,respectively,in fiscal year 2021.

Non-GAAP basic and diluted net loss per ADS were each RMB1.17 (US$0.17) in fiscal year 2022. Non-GAAP basic and diluted net income per ADS were RMB1.91 and RMB1.88,in fiscal year 2021.

Conference Call

The Company's management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on March 21,2023 (8:00 p.m. Beijing/Hong Kong time on March 21,2023).

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,a personal PIN and an e-mail with detailed instructions to join the conference call.

Participant Online Registration: https://register.vevent.com/register/BI2946f2083b1740f6aced48c04ff6e362

Once complete the registration,please dial-in at least 10 minutes before the scheduled start time of the earnings call and enter the personal PIN as instructed to connect to the call.

A live webcast of the earnings call will be accessible at https://ir.huya.com and a replay of the webcast will be available following the session.

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 (loss),non-GAAP operating (loss) income,non-GAAP net (loss) income attributable to HUYA Inc.,non-GAAP net (loss) income attributable to ordinary shareholders,non-GAAP basic and diluted net (loss) income per ordinary shares,and non-GAAP basic and diluted net (loss) income per ADS,which are non-GAAP financial measures. Non-GAAP gross profit (loss) is gross profit (loss) excluding share-based compensation expenses allocated in cost of revenues. Non-GAAP operating (loss) income is operating (loss) income excluding share-based compensation expenses. Non-GAAP net (loss) income attributable to HUYA Inc. is net (loss) income attributable to HUYA Inc. excluding share-based compensation expenses,gain arising from disposal of an equity investment,to the extent applicable,and impairment loss of investments. Non-GAAP net (loss) income attributable to ordinary shareholders is net (loss) income attributable to ordinary shareholders excluding share-based compensation expenses,gain arising from the disposal of an equity investment,to the extent applicable. Non-GAAP basic and diluted net (loss) income per ADS is non-GAAP net (loss) income attributable to ordinary shareholders divided by weighted average number of ADS used in the calculation of non-GAAP basic and diluted net (loss) income per ADS. The Company believes that separate analysis and exclusion of the impact of (i) share-based compensation expenses,(iv) impairment loss of investments,and (v) loss on equity method 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 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,which have been and will continue to be significant recurring expenses in its business,and (ii) gain on fair value change 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 (loss) 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 RMB6.8972 to US$1.00,the noon buying rate in effect on December 30,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

HUYAINC.

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,


2021


2022


2022


RMB


RMB


US$


Assets


Current assets


Cash and cash equivalents


1,790,784


655,241


95,001

Restricted cash


55,670


4,050


587

Short-term deposits


8,351,945


9,018,298


1,307,530

Short-term investments


816,331


3,117


452

Accounts receivable,net


88,034


75,898


11,004

Amounts due from related parties,net


148,560


59,702


8,656

Prepayments and other current assets,net


664,945


637,225


92,389


Total current assets


11,916,269


10,453,531


1,515,619


Non-current assets


Long-term deposits


-


1,072,548


155,505

Deferred tax assets


20,245


-


-

Investments


608,617


906,215


131,389

Property and equipment,net


79,611


200,893


29,127

Intangible assets,net


83,942


57,810


8,382

Right-of-use assets,net


395,371


345,136


50,040

Prepayments and other non-current assets


150,887


110,874


16,075


Total non-current assets


1,338,673


2,693,476


390,518


Total assets


13,254,942


13,147,007


1,906,137


Liabilities and shareholders' equity


Current liabilities


Accounts payable


12,579


22,517


3,265

Advances from customers and deferred revenue


459,509


445,620


64,609

Income taxes payable


5,944


28,924


4,194

Accrued liabilities and other current liabilities


1,845,452


1,592,455


230,884

Amounts due to related parties


216,128


81,814


11,862

Lease liabilities due within one year


36,473


29,801


4,321


Total current liabilities


2,576,085


2,201,131


319,135


Non-current liabilities


Lease liabilities


45,084


8,617


1,249

Deferred tax liabilities


4,597


20,533


2,977

Deferred revenue


118,975


73,354


10,635


Total non-current liabilities


168,656


102,504


14,861


Total liabilities


2,744,741


2,303,635


333,996


HUYAINC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands,


2021


2022


2022


RMB


RMB


US$


Shareholders' equity


Class A ordinary shares (US$0.0001 par value;


750,000,000 shares authorized as of December


31,2021 and 2022 respectively; 86,993,764 and


89,401,484 shares issued and outstanding as of


December 31,2021 and 2022,respectively)


58


60


9

Class B ordinary shares (US$0.0001 par value;


200,respectively; 151,076,517


and 150,386,517 shares issued and outstanding


as of December 31,2021 and 2022


respectively)


99


98


14

Additional paid-in capital


11,764,059


11,922,820


1,728,646

Statutory reserves


122,429


122,429


17,751

Accumulated deficit


(1,300,144)


(1,786,800)


(259,062)

Accumulated other comprehensive (loss) income


(76,300)


584,765


84,783


Total shareholders' equity


10,510,201


10,843,372


1,572,141


Total liabilities and shareholders' equity


13,137

HUYAINC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(All amounts in thousands,per share data and per ADS data)


Three Months Ended


Twelve Months Ended


December 31,

2021


September 30,

2022


December 31,

2021


December 31,

2022


RMB


RMB


RMB


US$


RMB


RMB


US$


Net revenues


Live streaming


2,612,897


2,017,128


1,975,155


286,371


10,186,204


8,195,907


1,188,295

Advertising and others


195,844


361,416


127,038


18,419


1,165,242


1,024,555


148,547


Total net revenues


2,808,378,544


2,102,193


304,790


11,446


9,220,462


1,336,842


Cost of revenues(1)


(2,807,672)


(2,036,191)


(2,375)


(345,992)


(9,751,160)


(8,609,594)


(1,248,274)


Gross profit(loss)


1,069


342,353


(284,182)


(41,202)


1,600,286


610,868


88,568


Operating expenses(1)


Research and development expenses


(205,709)


(171,779)


(143,942)


(20,870)


(818,882)


(680,383)


(98,646)

Sales and marketing expenses


(218,473)


(124,293)


(113,249)


(16,420)


(759,507)


(482,871)


(70,010)

General and administrative expenses


(90,478)


(78,653)


(79,120)


(11,471)


(326,772)


(320,386)


(46,452)


Total operating expenses


(514,660)


(374,725)


(336,311)


(48,761)


(1,905,161)


(1,483,640)


(215,108)


Other income,net


56,289


43,949


43,797


6,350


274,704


166,307


24,112


Operating (loss) income


(457,302)


11,577


(576,696)


(83,613)


(30,171)


(706,465)


(102,428)


Interest and short-term investments income


61,589


71,703


101,663


14,740


247,009


298,201


43,235

Gain on fair value change of investments


-


-


-


-


44,161


7,602


1,102

Impairment loss of investments


-


-


(55,201)


(8,003)


-


(55,003)

Foreign currency exchange gains (losses)


net


89


(3,309)


3,831


555


(1,480)


(2,402)


(348)


(Loss) income before income tax benefits


(expenses)


(395,624)


79,971


(526,403)


(76,321)


259,519


(458,265)


(66,442)


Income tax benefits (expenses)


83,051


(19,593)


2,418


351


(55,227)


(27,871)


(4,041)


(Loss) income before share of (loss) income


in equity method investments,net of


income taxes


(312,573)


60,378


(523,985)


(75,970)


204,292


(486,136)


(70,483)


Share of (loss) income in equity method


investments,net of income taxes


(96)


45


(414)


(60)


379,207


(520)


(76)


Net (loss) incomeattributable to HUYA Inc.


(312,669)


60,423


(524,399)


(76,030)


583,499


(486,656)


(70,559)


Net (loss) income attributable to ordinary


shareholders


(312,559)


HUYAINC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

(All amounts in thousands,

2022


RMB


RMB


RMB


US$


RMB


RMB


US$


Net (loss) income per ADS*


—Basic


(1.31)


0.25


(2.16)


(0.31)


2.45


(2.02)


(0.29)

—Diluted


(1.31)


0.25


(2.16)


(0.31)


2.41


(2.02)


(0.29)

Net (loss) income per ordinary share


—Basic


(1.31)


0.25


(2.16)


(0.31)


2.45


(2.02)


(0.29)

—Diluted


(1.31)


0.25


(2.16)


(0.31)


2.41


(2.02)


(0.29)


Weighted average number of ADS used in


calculating net (loss) income per ADS


—Basic


239,233,239


242,117,367


242,506,902


242,902


238,198,117


241,437,842


241,842

—Diluted


239,287,157


242,902


241,445


241,842


* 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,

2022


RMB


RMB


RMB


US$


RMB


RMB


US$


Cost of revenues


15,156


9,054


6,122


888


56,629


31,955


4,633

Research and development expenses


31,629


22,289


14,427


2,092


135,316


67,242


9,749

Sales and marketing expenses


2,245


1,507


1,077


156


8,318


4,477


649

General and administrative expenses


21,968


12,813


7,200


1,044


89,442


52,804


7,656

HUYAINC.

UNAUDITEDRECONCILIATIONSOF GAAP AND NON-GAAP RESULTS

(All amounts in thousands,

2022


RMB


RMB


RMB


US$


RMB


RMB


US$


Gross profit(loss)


1,568

Share-based compensation expenses allocated


in cost of revenues


15,633


Non-GAAP gross profit(loss)


16,225


351,407


(278,060)


(40,314)


1,656,915


642,823


93,201


Operating (loss) income


(457,428)

Share-based compensation expenses


70,998


45,663


28,826


4,180


289,705


156,478


22,687


Non-GAAP operating (loss) income


(386,304)


57,240


(547,870)


(79,433)


259,534


(549,987)


(79,741)


Net (loss) income attributable to HUYA Inc.


(312,559)

Gain on fair value change of investments,net

of income taxes


-


-


-


-


(40,130)


(6,842)


(992)

Gain arising from disposal of an equity

investment,net of income taxes


-


-


-


-


(378,679)


-


-

Impairment loss of investments


-


-


55,201


8,003


-


55,003

Loss onequity method investment,net of


income taxes


-


-


414


60


-


414


60

Share-based compensation expenses


70,687


Non-GAAP net (loss) income attributable to


HUYA Inc.


(241,671)


106,086


(439,958)


(63,787)


454,395


(281,405)


(40,801)


Net (loss) income attributable to ordinary


shareholders


(312,687


Non-GAAP net (loss) incomeattributable to


ordinary shareholders


(241,801)


Non-GAAP net (loss) income per ordinary


share


—Basic


(1.01)


0.44


(1.81)


(0.26)


1.91


(1.17)


(0.17)

—Diluted


(1.01)


0.44


(1.81)


(0.26)


1.88


(1.17)


(0.17)


Non-GAAP net (loss) income per ADS


—Basic


(1.01)


0.44


(1.81)


(0.26)


1.91


(1.17)


(0.17)

—Diluted


(1.01)


0.44


(1.81)


(0.26)


1.88


(1.17)


(0.17)


Weighted average number of ADS used in


calculating Non-GAAP net (loss)


income per ADS


—Basic


239,842

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