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    Ciente | MarTechCiente | MarTech
    Home»Strategy & Management»HUYA Inc. Reports First Quarter 2024 Unaudited Financial Results
    Strategy & Management

    HUYA Inc. Reports First Quarter 2024 Unaudited Financial Results

    By PRNEWSWIREMay 13, 2024No Comments20 Mins Read
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    HUYA Inc. Reports First Quarter 2024 Unaudited Financial Results
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    GUANGZHOU, China, May 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 first quarter ended March 31, 2024.

    First Quarter 2024 Highlights[1]

    Total net revenues for the first quarter of 2024 were RMB1,504.0 million (US$208.3 million), compared with RMB1,962.5 million for the same period of 2023.
    Net income attributable to HUYA Inc. was RMB71.0 million (US$9.8 million) for the first quarter of 2024, compared with RMB39.6 million for the same period of 2023.
    Non-GAAP net income attributable to HUYA Inc.[2] was RMB92.5 million (US$12.8 million) for the first quarter of 2024, compared with RMB85.1 million for the same period of 2023.
    Average mobile MAUs[3] of Huya Live for the first quarter of 2024 was 82.6 million, compared with 82.1 million for the same period of 2023.
    Mr. Junhong Huang, Acting Co-Chief Executive Officer and Senior Vice President of Huya, commented, “In the first quarter of 2024, strong strategic execution delivered advancements across the board as we navigated an evolving industry environment. We upgraded the Huya Live mobile application and held an array of innovative cross-platform e-sports events and operational activities, further enhancing our content influence and brand awareness. As a result, Huya Live’s average mobile MAUs grew marginally year-over-year to 82.6 million in the first quarter. Furthermore, we made encouraging progress in the commercialization of our game-related services. Rapid growth in revenues from game distribution and advertising services, as well as in-game item sales, drove our game-related services, advertising and other revenues for the first quarter to RMB243.6 million, a year-over-year increase of 137.6% and a quarter-over-quarter increase of 30.7%. Moreover, paying users[4] on Huya Live increased sequentially to 4.4 million in the quarter. These improvements reflect a strong base of high-value gamer users and a potential validation of our new direction. More importantly, we are seeing that our game-related services business tends to have a higher gross margin, driving an overall profitability enhancement. As we move through 2024, we will continue to address changes in user demand and industry dynamics with upgrades across content, platform ecology, technology, products and commercialization methods, as well as deepened cooperation with industry partners and content creators. We remain dedicated to seizing opportunities and delivering future business growth.”

    Ms. Ashley Xin Wu, Huya’s Acting Co-Chief Executive Officer and Vice President of Finance, continued, “Our total net revenues for the first quarter were approximately RMB1.5 billion, with revenues from our game-related services, advertising and other businesses accounting for 16.2% of total net revenues, up from 5.2% for the same period last year. The growing revenue contribution from businesses with higher gross margins and our continued cost optimization efforts drove an increase in our gross margin to 14.7% for the first quarter. We also reduced total operating expenses by 17.8% year-over-year through further operational efficiency enhancements. Furthermore, we continued to return value to shareholders. As of the end of March 2024, we had repurchased US$48.5 million of Huya shares through our share repurchase program. We also announced a special cash dividend declaration totaling approximately US$150 million in March 2024. These initiatives are expected to return an aggregate value of nearly US$200 million to our shareholders. Going forward, we will remain focused on enhancing our financial and operational performance while building long-term shareholder value.”

    [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 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.

    First Quarter 2024 Financial Results

    Total net revenues for the first quarter of 2024 were RMB1,504.0 million (US$208.3 million), compared with RMB1,962.5 million for the same period of 2023.

    Live streaming revenues were RMB1,260.4 million (US$174.6 million) for the first quarter of 2024, compared with RMB1,859.9 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 RMB243.6 million (US$33.7 million) for the first quarter of 2024, compared with RMB102.5 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 24.2% to RMB1,283.5 million (US$177.8 million) for the first quarter of 2024 from RMB1,693.4 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 24.7% to RMB1,123.0 million (US$155.5 million) for the first quarter of 2024 from RMB1,490.4 million for the same period of 2023, primarily due to the decrease in revenue sharing fees associated with the decline in live streaming revenues, as well as lower costs related to e-sports content.

    Bandwidth costs decreased by 35.8% to RMB60.3 million (US$8.3 million) for the first quarter of 2024 from RMB93.9 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 RMB220.5 million (US$30.5 million) for the first quarter of 2024, compared with RMB269.1 million for the same period of 2023. Gross margin was 14.7% for the first quarter of 2024, compared with 13.7% for the same period of 2023, primarily due to decreased revenue sharing fees and content costs as a percentage of total net revenues.

    Research and development expenses decreased by 11.9% to RMB135.1 million (US$18.7 million) for the first quarter of 2024 from RMB153.4 million for the same period of 2023, primarily due to decreased share-based compensation expenses.

    Sales and marketing expenses decreased by 26.2% to RMB76.2 million (US$10.6 million) for the first quarter of 2024 from RMB103.3 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 18.3% to RMB60.0 million (US$8.3 million) for the first quarter of 2024 from RMB73.5 million for the same period of 2023, primarily due to decreased share-based compensation expenses.

    Other income was RMB12.3 million (US$1.7 million) for the first quarter of 2024, compared with RMB4.2 million for the same period of 2023, primarily due to higher government subsidies.

    Operating loss was RMB38.5 million (US$5.3 million) for the first quarter of 2024, compared with RMB56.9 million for the same period of 2023.

    Interest income was RMB117.1 million (US$16.2 million) for the first quarter of 2024, compared with RMB96.4 million for the same period of 2023.

    Net income attributable to HUYA Inc. was RMB71.0 million (US$9.8 million) for the first quarter of 2024, compared with RMB39.6 million for the same period of 2023.

    Non-GAAP net income attributable to HUYA Inc. was RMB92.5 million (US$12.8 million) for the first quarter of 2024, compared with RMB85.1 million for the same period of 2023.

    Basic and diluted net income per American depositary share (“ADS”) were each RMB0.30 (US$0.04) for the first quarter of 2024. Basic and diluted net income per ADS were each RMB0.16 for the first quarter of 2023. Each ADS represents one Class A ordinary share of the Company.

    Non-GAAP basic and diluted net income per ADS were RMB0.40 (US$0.05) and RMB0.39 (US$0.05), respectively, for the first quarter of 2024. Non-GAAP basic and diluted net income per ADS were each RMB0.35 for the first quarter of 2023.

    As of March 31, 2024, the Company had cash and cash equivalents, short-term deposits, short-term investment and long-term deposits of RMB9,419.8 million (US$1,304.6 million), compared with RMB9,916.4 million as of December 31, 2023.

    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 March 31, 2024, the Company had repurchased 15.2 million ADSs with a total aggregate consideration of US$48.5 million under this program.

    Earnings Webinar

    The Company’s management will host a Tencent Meeting Webinar at 8:00 a.m. U.S. Eastern Time on May 13, 2024 (8:00 p.m. Beijing/Hong Kong time on May 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/HQ2A15tcVgld

    International:

    https://voovmeeting.com/dw/HQ2A15tcVgld

    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 (loss) attributable to HUYA Inc., non-GAAP net income (loss) attributable to ordinary shareholders, non-GAAP basic and diluted net income (loss) per ordinary shares, and non-GAAP basic and diluted net income (loss) per ADS, which are non-GAAP financial measures. Non-GAAP gross profit is gross profit excluding share-based compensation expenses allocated in cost of revenues. Non-GAAP operating loss is operating loss excluding share-based compensation expenses and amortization of intangible assets from business acquisitions. Non-GAAP net income (loss) attributable to HUYA Inc. is net income (loss) attributable to HUYA Inc. excluding share-based compensation expenses, impairment of goodwill and investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP net income (loss) attributable to ordinary shareholders is net income (loss) attributable to ordinary shareholders excluding share-based compensation expenses, impairment of goodwill and investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP basic and diluted net income (loss) per ADS is non-GAAP net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS used in the calculation of non-GAAP basic and diluted net income (loss) per ADS. The Company believes that separate analysis and exclusion of the impact of (i) share-based compensation expenses, (ii) impairment of goodwill and 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 of goodwill and 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 RMB7.2203 to US$1.00, the noon buying rate in effect on March 29, 2024, 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 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 March 31,

    2023

    2024

    2024

    RMB

    RMB

    US$

    Assets

    Current assets

    Cash and cash equivalents

    511,973

    542,122

    75,083

    Restricted cash

    18,137

    19,632

    2,719

    Short-term deposits

    6,851,160

    6,624,848

    917,531

    Short-term investment

    –

    10,000

    1,385

    Accounts receivable, net

    64,258

    74,365

    10,299

    Prepaid assets and amounts due from related
    parties, net

    148,648

    158,902

    22,008

    Prepayments and other current assets, net

    556,435

    645,010

    89,333

    Total current assets

    8,150,611

    8,074,879

    1,118,358

    Non-current assets

    Long-term deposits

    2,553,293

    2,242,850

    310,631

    Investments

    751,844

    751,890

    104,136

    Goodwill

    456,976

    457,771

    63,401

    Property and equipment, net

    326,765

    376,244

    52,109

    Intangible assets, net

    161,739

    151,978

    21,049

    Right-of-use assets, net

    379,006

    370,832

    51,360

    Prepayments and other non-current assets

    144,120

    144,119

    19,960

    Total non-current assets

    4,773,743

    4,495,684

    622,646

    Total assets

    12,924,354

    12,570,563

    1,741,004

    Liabilities and shareholders’ equity

    Current liabilities

    Accounts payable

    14,961

    35,383

    4,900

    Advances from customers and deferred revenue

    412,257

    337,500

    46,743

    Income taxes payable

    49,914

    55,943

    7,748

    Accrued liabilities and other current liabilities

    1,474,827

    1,266,372

    175,391

    Amounts due to related parties

    177,714

    134,145

    18,579

    Lease liabilities due within one year

    31,832

    32,706

    4,530

    Dividends payable

    –

    1,066,238

    147,672

    Total current liabilities

    2,161,505

    2,928,287

    405,563

    Non-current liabilities

    Lease liabilities

    48,069

    41,356

    5,728

    Deferred tax liabilities

    42,317

    41,348

    5,727

    Deferred revenue

    47,864

    41,880

    5,800

    Total non-current liabilities

    138,250

    124,584

    17,255

    Total liabilities

    2,299,755

    3,052,871

    422,818

    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 March 31,

    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 March 31, 2024, respectively;
    82,696,852 and 77,310,723 shares issued and
    outstanding as of December 31, 2023 and March
    31, 2024, respectively)

    61

    62

    9

    Class B ordinary shares (US$0.0001 par value;
    200,000,000 shares authorized as of December
    31, 2023 and March 31, 2024, respectively;
    150,386,517 and 150,386,517 shares issued and
    outstanding as of December 31, 2023
    and March 31, 2024, respectively)

    98

    98

    14

    Treasury shares

    (206,345)

    (346,576)

    (48,000)

           Additional paid-in capital

    12,000,100

    10,950,396

    1,516,612

           Statutory reserves

    122,429

    122,429

    16,956

           Accumulated deficit

    (2,052,336)

    (1,981,303)

    (274,407)

           Accumulated other comprehensive income

    760,592

    772,586

    107,002

    Total shareholders’ equity

    10,624,599

    9,517,692

    1,318,186

    Total liabilities and shareholders’ equity

    12,924,354

    12,570,563

    1,741,004

    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

    March 31,

    2023*

    December 31,

    2023

    March 31,

    2024

    March 31,

    2024

    RMB

    RMB

    RMB

    US$

    Net revenues

    Live streaming

    1,859,924

    1,343,463

    1,260,444

    174,569

    Game-related services, advertising and other
    revenues

    102,526

    186,349

    243,603

    33,739

    Total net revenues

    1,962,450

    1,529,812

    1,504,047

    208,308

    Cost of revenues(1)

    (1,693,380)

    (1,514,602)

    (1,283,502)

    (177,763)

    Gross profit

    269,070

    15,210

    220,545

    30,545

    Operating expenses(1)

    Research and development expenses

    (153,362)

    (137,001)

    (135,106)

    (18,712)

    Sales and marketing expenses

    (103,288)

    (113,342)

    (76,232)

    (10,558)

    General and administrative expenses

    (73,464)

    (100,239)

    (60,032)

    (8,314)

    Total operating expenses

    (330,114)

    (350,582)

    (271,370)

    (37,584)

    Other income, net

    4,176

    13,105

    12,309

    1,705

    Operating loss

    (56,868)

    (322,267)

    (38,516)

    (5,334)

    Interest income

    96,372

    129,480

    117,052

    16,212

    Impairment loss of investments

    –

    (79,911)

    –

    –

    Foreign currency exchange gains (losses), net

    413

    2,224

    (2,419)

    (335)

    Income (loss) before income tax expenses

    39,917

    (270,474)

    76,117

    10,543

    Income tax expenses

    (304)

    (4,497)

    (5,084)

    (704)

    Net income (loss) attributable to HUYA Inc.

    39,613

    (274,971)

    71,033

    9,839

    Net income (loss) attributable to ordinary
    shareholders

    39,613

    (274,971)

    71,033

    9,839

    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

    March 31,

    2023*

    December 31,

    2023

    March 31,

    2024

    March 31,

    2024

    RMB

    RMB

    RMB

    US$

    Net income (loss) per ADS**

    —Basic

    0.16

    (1.14)

    0.30

    0.04

    —Diluted

    0.16

    (1.14)

    0.30

    0.04

    Net income (loss) per ordinary share

    —Basic

    0.16

    (1.14)

    0.30

    0.04

    —Diluted

    0.16

    (1.14)

    0.30

    0.04

    Weighted average number of ADS used in
    calculating net income (loss) per ADS

    —Basic

    242,786,352

    240,915,572

    233,157,641

    233,157,641

    —Diluted

    246,437,853

    240,915,572

    236,271,702

    236,271,702

    • HUYA Inc. Unaudited Condensed Consolidated Statements of Operations for three months ended March 31, 2023 have been retrospectively
      adjusted due to the business combination under common control as stated in the 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

    March 31,

    2023

    December 31,

    2023

    March 31,

    2024

    March 31,

    2024

    RMB

    RMB

    RMB

    US$

    Cost of revenues

    8,264

    (17)

    4,285

    593

    Research and development expenses

    19,940

    546

    7,616

    1,055

    Sales and marketing expenses

    1,227

    248

    366

    51

    General and administrative expenses

    11,262

    (393)

    4,268

    591

    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

    March 31,

    2023*

    December 31,

    2023

    March 31,

    2024

    March 31,

    2024

    RMB

    RMB

    RMB

    US$

    Gross profit

    269,070

    15,210

    220,545

    30,545

    Share-based compensation expenses allocated in
    cost of revenues

    8,264

    (17)

    4,285

    593

    Non-GAAP gross profit

    277,334

    15,193

    224,830

    31,138

    Operating loss

    (56,868)

    (322,267)

    (38,516)

    (5,334)

    Share-based compensation expenses

    40,693

    384

    16,535

    2,290

    Amortization of intangible assets from business
    acquisitions

    5,747

    5,965

    5,930

    821

    Non-GAAP operating loss

    (10,428)

    (315,918)

    (16,051)

    (2,223)

    Net income (loss) attributable to HUYA Inc.

    39,613

    (274,971)

    71,033

    9,839

    Impairment loss of investments

    –

    79,911

    –

    –

    Share-based compensation expenses

    40,693

    384

    16,535

    2,290

    Amortization of intangible assets from business
    acquisitions, net of income taxes

    4,770

    4,951

    4,922

    682

    Non-GAAP net income (loss) attributable to
    HUYA Inc.

    85,076

    (189,725)

    92,490

    12,811

    Net income (loss) attributable to ordinary
    shareholders

    39,613

    (274,971)

    71,033

    9,839

    Impairment loss of investments

    –

    79,911

    –

    –

    Share-based compensation expenses

    40,693

    384

    16,535

    2,290

    Amortization of intangible assets from business
    acquisitions, net of income taxes

    4,770

    4,951

    4,922

    682

    Non-GAAP net income (loss) attributable to
    ordinary shareholders

    85,076

    (189,725)

    92,490

    12,811

    Non-GAAP net income (loss) per ordinary share

    —Basic

    0.35

    (0.79)

    0.40

    0.05

    —Diluted

    0.35

    (0.79)

    0.39

    0.05

    Non-GAAP net income (loss) per ADS

    —Basic

    0.35

    (0.79)

    0.40

    0.05

    —Diluted

    0.35

    (0.79)

    0.39

    0.05

    Weighted average number of ADS used in
    calculating Non-GAAP net income (loss) per
    ADS

    —Basic

    242,786,352

    240,915,572

    233,157,641

    233,157,641

    —Diluted

    246,437,853

    240,915,572

    236,271,702

    236,271,702

    • HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results for three months ended March 31, 2023 have been retrospectively
      adjusted due to the business combination under common control as stated in the footnote 1 of this press release.

    SOURCE HUYA Inc.

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