For the avoidance of confusion, the continuing operations for the three months ended September 30, 2023, June 30, 2024 and September 30, 2024 and for the nine months ended September 30, 2023 and September 30, 2024, as presented in this press release, primarily consisted of BIGO segment (primarily including Bigo Live, Likee and imo) and the All other segment, excluding YY Live.2 Net income (loss) attributable to controlling interest of JOYY is net income (loss) less net (loss) income attributable to the non-controlling interest shareholders and the mezzanine equity classified as non-controlling interest shareholders.3 Non-GAAP net income (loss) attributable to controlling interest of JOYY is a non-GAAP financial measure, which is defined as net income (loss) attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments which refer to those similar non-GAAP reconciling items of the Company, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for net (loss) income attributable to non-controlling interest shareholders.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS(All amounts in thousands, except share, ADS and per ADS data) Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2023 2024 2024 2023 2024 US$ US$ US$ US$ US$ Operating income 12,049 2,269 16,416 24,019 22,228 Share-based compensation expenses 6,297 6,351 4,915 24,734 17,394 Amortization of intangible assets from business acquisitions 15,890 13,590 13,540 47,670 42,262 Impairment of investments - 9,386 - - 9,386 Loss (gain) on deconsolidation and disposal of subsidiaries 6,177 (1,643) - 6,177 (1,643) Non-GAAP operating income 40,413 29,953 34,871 102,600 89,627 Net income 65,080 47,790 55,954 232,329 143,899 Share-based compensation expenses 6,297 6,351 4,915 24,734 17,394 Amortization of intangible assets from business acquisitions 15,890 13,590 13,540 47,670 42,262 Impairment of investments - 9,386 - - 9,386 Loss (gain) on deconsolidation and disposal of subsidiaries 6,177 (1,643) - 6,177 (1,643)Loss (gain) on disposal and deemed disposal of investments 2,673 - - (74,851) - (Gain) loss on fair value change of investments (7,112) 619 (9,281) (6,162) (9,647)Interest expenses related to the convertible bonds’ amortization to face value 238 198 - 1,344 435 Income tax effects on non-GAAP adjustments (4,070) (1,883) (1,574) (9,509) (5,679)Reconciling items on the share of equity method investments (10,521) (3,700) (6,167) (13,369) (5,433) Non-GAAP net income 74,652 70,708 57,387 208,363 190,974 Net income attributable to common shareholders of JOYY Inc. 123,909 51,719 60,210 301,866 156,868 Share-based compensation expenses 6,297 6,351 4,915 24,734 17,394 Amortization of intangible assets from business acquisitions 15,890 13,590 13,540 47,670 42,262 Impairment of investments - 9,386 - - 9,386 Loss (gain) on deconsolidation and disposal of subsidiaries 6,177 (1,643) - 6,177 (1,643)Loss (gain) on disposal and deemed disposal of investments 2,673 - - (74,851) - (Gain) loss on fair value change of investments (7,112) 619 (9,281) (6,162) (9,647)Interest expenses related to the convertible bonds’ amortization to face value 238 198 - 1,344 435 Accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders 1,566 347 347 6,698 1,041 Gain on repurchase of redeemable convertible preferred shares of a subsidiary (52,583) - - (52,583) - Income tax effects on non-GAAP adjustments (4,070) (1,883) (1,574) (9,509) (5,679)Reconciling items on the share of equity method investments (10,521) (3,700) (6,167) (13,369) (5,433)Non-GAAP adjustments for net loss attributable to the non-controlling interest shareholders (1,311) (949) (819) (3,693) (2,574) Non-GAAP net income attributable to controlling interest and common shareholders of JOYY Inc. 81,153 74,035 61,171 228,322 202,410 Non-GAAP net income per ADS ——Basic 1.30 1.24 1.08 3.43 3.41 ——Diluted 1.22 1.17 1.07 3.12 3.26 Weighted average number of ADS used in calculating Non-GAAP net income per ADS ——Basic 62,266,339 59,537,049 56,573,411 66,633,991 59,287,792 ——Diluted 67,669,387 64,101,951 57,220,581 75,061,963 62,803,046 JOYY INC.
The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses and amortization of intangible assets from business acquisitions, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, which have been and will continue to be significant recurring expenses in its business, (ii) impairment of goodwill and investments, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders and gain on repurchase of redeemable convertible preferred shares of a subsidiary which may not be recurring in its business, and (iii) income tax expenses and non-GAAP adjustments for net income (loss) attributable to non-controlling interest shareholders, which are affected by the above non-GAAP reconciling items.
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