DouYu International Holdings Limited Reports Second Quarter 2024 Unaudited Financial Results
WUHAN, China,
Second Quarter 2024 Financial and Operational Highlights
- Total net revenues in the second quarter of 2024 were
RMB1,032.0 million (US$142.0 million ), compared withRMB1,392.2 million in the same period of 2023. - Gross profit in the second quarter of 2024 was
RMB84.2 million (US$11.6 million ), compared withRMB188.9 million in the same period of 2023. - Net loss in the second quarter of 2024 was
RMB49.2 million (US$6.8 million ), compared with net income ofRMB6.8 million in the same period of 2023. - Adjusted net loss[1] in the second quarter of 2024 was
RMB45.5 million (US$6.3 million ), compared with adjusted net income ofRMB61.4 million in the same period of 2023. - Average mobile MAUs[2] in the second quarter of 2024 were 44.1 million, compared with 50.3 million in the same period of 2023.
- The number of quarterly average paying users[3] in the second quarter of 2024 was 3.4 million, compared with 4.0 million in the same period of 2023.
The interim management committee of
Mr.
Second Quarter 2024 Financial Results
Total net revenues in the second quarter of 2024 decreased by 25.9% to
Livestreaming revenues in the second quarter of 2024 decreased by 37.2% to
Innovative business, advertising and other revenues (formerly known as advertising and other revenues) in the second quarter of 2024 increased by 80.7% to
Cost of revenues in the second quarter of 2024 decreased by 21.2% to
Revenue-sharing fees and content costs in the second quarter of 2024 decreased by 18.1% to
Bandwidth costs in the second quarter of 2024 decreased by 33.0% to
Gross profit in the second quarter of 2024 was
Sales and marketing expenses in the second quarter of 2024 decreased by 11.5% to
Research and development expenses in the second quarter of 2024 decreased by 29.4% to
General and administrative expenses in the second quarter of 2024 increased by 3.4% to
Other operating
expenses, net in the second quarter of 2024 were
Loss from operations in the second quarter of 2024 was
Net
loss in the second quarter of 2024 was
Adjusted net loss, which excludes the share of loss in equity method investments, and impairment loss of investments, was
Basic and diluted net
loss per ADS[4] in the second quarter of 2024 were both
Cash and cash equivalents, restricted cash and bank deposits
As of
Updates of Share Repurchase Program
On
Conference Call Information
The Company will hold a conference call on
International: |
+1-412-317-6061 |
United States Toll-Free: |
+1-888-317-6003 |
Mainland China Toll-Free: |
4001-206115 |
Hong Kong Toll Free: |
800-963976 |
Singapore Toll Free: |
800-120-5863 |
Conference ID: |
8687804 |
The replay will be accessible through
International: |
+1-412-317-0088 |
United States Toll Free: |
+1-877-344-7529 |
Conference ID: |
1678388 |
A live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.douyu.com.
[1] "Adjusted net loss" is defined as net loss excluding share of loss in equity method investments, and impairment loss of investments. For more information, please refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release. [2] Refers to the number of mobile devices that launched our mobile apps in a given period. Average mobile MAUs for a given period is calculated by dividing (i) the sum of active mobile users for each month of such period by (ii) the number of months in such period. [3] "Quarterly average paying users" refers to the average paying users for each quarter during a given period of time calculated by dividing (i) the sum of paying users for each quarter of such period by (ii) the number of quarters in such period. "Paying user" refers to a registered user that has purchased virtual gifts on our platform at least once during the relevant period. [4] Every one ADS represents one ordinary share for the relevant period and calendar year. |
About DouYu International Holdings Limited
Headquartered in
Use of Non-GAAP Financial Measures
Adjusted net income (loss) is calculated as net income (loss) adjusted for share of loss in equity method investments, and impairment loss of investments. Adjusted net income (loss) attributable to
For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP Results" near the end of this release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
Investor Relations Contact
In
Email: ir@douyu.tv Tel: +86 (10) 6508-0677
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Email: douyu@tpg-ir.com Tel: +86 (10) 6508-0677
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In
Email: douyu@tpg-ir.com Tel: +1-212-481-2050
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Media Relations Contact
In
Email: pr_douyu@douyu.tv Tel: +86 (10) 6508-0677
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share, ADS, per share and per ADS data) |
|||||
|
|||||
|
As of |
|
As of |
||
|
2023 |
|
2024 |
|
2024 |
ASSETS |
RMB |
|
RMB |
|
US$ (1) |
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
4,440,131 |
|
4,061,140 |
|
558,831 |
Restricted cash |
- |
|
21 |
|
3 |
Short-term bank deposits |
1,716,540 |
|
1,974,461 |
|
271,695 |
Accounts receivable, net |
73,453 |
|
52,279 |
|
7,194 |
Prepayments |
38,181 |
|
26,085 |
|
3,589 |
Amounts due from related parties |
68,994 |
|
61,859 |
|
8,512 |
Other current assets, net |
348,129 |
|
482,012 |
|
66,327 |
Total current assets |
6,685,428 |
|
6,657,857 |
|
916,151 |
|
|
|
|
|
|
Property and equipment, net |
13,808 |
|
8,525 |
|
1,172 |
Intangible assets, net |
120,694 |
|
141,671 |
|
19,495 |
Long-term bank deposits |
630,000 |
|
450,000 |
|
61,922 |
Investments |
436,197 |
|
431,112 |
|
59,323 |
Right-of-use assets, net |
22,792 |
|
5,925 |
|
815 |
Other non-current assets |
163,184 |
|
138,797 |
|
19,099 |
Total non-current assets |
1,386,675 |
|
1,176,030 |
|
161,826 |
TOTAL ASSETS |
8,072,103 |
|
7,833,887 |
|
1,077,977 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
534,428 |
|
464,509 |
|
63,919 |
Advances from customers |
12,911 |
|
10,194 |
|
1,403 |
Deferred revenue |
315,969 |
|
271,061 |
|
37,299 |
Accrued expenses and other current liabilities |
246,601 |
|
191,607 |
|
26,366 |
Amounts due to related parties |
251,392 |
|
382,574 |
|
52,644 |
Lease liabilities due within one year |
14,768 |
|
4,523 |
|
622 |
Total current liabilities |
1,376,069 |
|
1,324,468 |
|
182,253 |
|
|
|
|
|
|
Lease liabilities |
6,701 |
|
563 |
|
77 |
Total non-current liabilities |
6,701 |
|
563 |
|
77 |
TOTAL LIABILITIES |
1,382,770 |
|
1,325,031 |
|
182,330 |
|
|
|
|
|
|
(1) Translations of certain RMB amounts into
all translations from RMB to
H.10 statistical release of the |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (All amounts in thousands, except share, ADS, per share and per ADS data) |
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As of |
|
As of |
||
|
2023 |
|
2024 |
|
2024 |
|
RMB |
|
RMB |
|
US$ (1) |
SHAREHOLDERS' EQUITY |
|
|
|
|
|
Ordinary shares |
23 |
|
23 |
|
3 |
|
(911,217) |
|
(991,370) |
|
(136,417) |
Additional paid-in capital |
10,670,287 |
|
10,670,287 |
|
1,468,280 |
Accumulated deficit |
(3,485,007) |
|
(3,622,129) |
|
(498,422) |
Accumulated other comprehensive income |
415,247 |
|
452,045 |
|
62,203 |
Total DouYu Shareholders' Equity |
6,689,333 |
|
6,508,856 |
|
895,647 |
Total Shareholders' Equity |
6,689,333 |
|
6,508,856 |
|
895,647 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
8,072,103 |
|
7,833,887 |
|
1,077,977 |
|
|
|
|
|
|
(1) Translations of certain RMB amounts into
all translations from RMB to
H.10 statistical release of the |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (All amounts in thousands, except share, ADS, per share and per ADS data) |
|||||||||||||
|
|||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||
|
202 3 |
|
202 4 |
|
202 4 |
|
202 4 |
|
202 3 |
|
202 4 |
|
202 4 |
|
RMB |
|
RMB |
|
RMB |
|
US$ (1) |
|
RMB |
|
RMB |
|
US$ (1) |
Net revenues |
1,392,193 |
|
1,039,684 |
|
1,032,041 |
|
142,014 |
|
2,875,253 |
|
2,071,725 |
|
285,079 |
Cost of revenues |
(1,203,294) |
|
(930,678) |
|
(947,823) |
|
(130,425) |
|
(2,509,888) |
|
(1,878,501) |
|
(258,490) |
Gross profit |
188,899 |
|
109,006 |
|
84,218 |
|
11,589 |
|
365,365 |
|
193,224 |
|
26,589 |
Operating income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
(87,047) |
|
(75,570) |
|
(76,963) |
|
(10,590) |
|
(177,733) |
|
(152,533) |
|
(20,989) |
General and administrative expenses |
(46,938) |
|
(42,797) |
|
(48,496) |
|
(6,673) |
|
(106,731) |
|
(91,293) |
|
(12,562) |
Research and development expenses |
(71,043) |
|
(54,150) |
|
(50,135) |
|
(6,899) |
|
(143,354) |
|
(104,285) |
|
(14,350) |
Other operating income (expense), net |
8,615 |
|
(103,428) |
|
(28,189) |
|
(3,879) |
|
27,661 |
|
(131,617) |
|
(18,111) |
Total operating expenses |
(196,413) |
|
(275,945) |
|
(203,783) |
|
(28,041) |
|
(400,157) |
|
(479,728) |
|
(66,012) |
Loss from operations |
(7,514) |
|
(166,939) |
|
(119,565) |
|
(16,452) |
|
(34,792) |
|
(286,504) |
|
(39,423) |
Other expenses, net |
(24,431) |
|
- |
|
(943) |
|
(130) |
|
(32,431) |
|
(943) |
|
(130) |
Interest income |
67,252 |
|
81,094 |
|
75,972 |
|
10,454 |
|
121,679 |
|
157,066 |
|
21,613 |
Foreign exchange gain, net |
1,641 |
|
153 |
|
604 |
|
83 |
|
245 |
|
757 |
|
104 |
Income (loss) before income taxes and share of loss in equity method investments |
36,948 |
|
(85,692) |
|
(43,932) |
|
(6,045) |
|
54,701 |
|
(129,624) |
|
(17,836) |
Income tax expense |
- |
|
- |
|
(2,510) |
|
(345) |
|
- |
|
(2,510) |
|
(345) |
Share of loss in equity method investments |
(30,100) |
|
(2,261) |
|
(2,727) |
|
(375) |
|
(33,336) |
|
(4,988) |
|
(686) |
Net income (loss) |
6,848 |
|
(87,953) |
|
(49,169) |
|
(6,765) |
|
21,365 |
|
(137,122) |
|
(18,867) |
Net income (loss) attributable to ordinary shareholders of the Company |
6,848 |
|
(87,953) |
|
(49,169) |
|
(6,765) |
|
21,365 |
|
(137,122) |
|
(18,867) |
Net income (loss) per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.21 |
|
(2.77) |
|
(1.58) |
|
(0.22) |
|
0.67 |
|
(4.36) |
|
(0.60) |
Diluted |
0.21 |
|
(2.77) |
|
(1.58) |
|
(0.22) |
|
0.67 |
|
(4.36) |
|
(0.60) |
Net income (loss) per ADS(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.21 |
|
(2.77) |
|
(1.58) |
|
(0.22) |
|
0.67 |
|
(4.36) |
|
(0.60) |
Diluted |
0.21 |
|
(2.77) |
|
(1.58) |
|
(0.22) |
|
0.67 |
|
(4.36) |
|
(0.60) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share |
|||||||||||||
Basic |
31,977,665 |
|
31,807,180 |
|
31,128,544 |
|
31,128,544 |
|
32,000,608 |
|
31,467,862 |
|
31,467,862 |
Diluted |
31,977,665 |
|
31,807,180 |
|
31,128,544 |
|
31,128,544 |
|
32,000,608 |
|
31,467,862 |
|
31,467,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ADS used in calculating net income (loss) per ADS (2) |
|||||||||||||
Basic |
31,977,665 |
|
31,807,180 |
|
31,128,544 |
|
31,128,544 |
|
32,000,608 |
|
31,467,862 |
|
31,467,862 |
Diluted |
31,977,665 |
|
31,807,180 |
|
31,128,544 |
|
31,128,544 |
|
32,000,608 |
|
31,467,862 |
|
31,467,862 |
|
|||||||||||||
(1) Translations of certain RMB amounts into
translations from RMB to
release of the (2) Every one ADS represents one ordinary share. |
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except share, ADS, per share and per ADS data) |
|||||||||||||
|
|||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||
|
202 3 |
|
202 4 |
|
202 4 |
|
202 4 |
|
202 3 |
|
202 4 |
|
202 4 |
|
RMB |
|
RMB |
|
RMB |
|
US$ (1) |
|
RMB |
|
RMB |
|
US$ (1) |
Loss from operations |
(7,514) |
|
(166,939) |
|
(119,565) |
|
(16,452) |
|
(34,792) |
|
(286,504) |
|
(39,423) |
Adjusted operating loss |
(7,514) |
|
(166,939) |
|
(119,565) |
|
(16,452) |
|
(34,792) |
|
(286,504) |
|
(39,423) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
6,848 |
|
(87,953) |
|
(49,169) |
|
(6,765) |
|
21,365 |
|
(137,122) |
|
(18,867) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of loss in equity method investments |
30,100 |
|
2,261 |
|
2,727 |
|
375 |
|
33,336 |
|
4,988 |
|
686 |
Impairment loss of investments(2) |
24,431 |
|
- |
|
943 |
|
130 |
|
32,431 |
|
943 |
|
130 |
Adjusted net income (loss) |
61,379 |
|
(85,692) |
|
(45,499) |
|
(6,260) |
|
87,132 |
|
(131,191) |
|
(18,051) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to |
6,848 |
|
(87,953) |
|
(49,169) |
|
(6,765) |
|
21,365 |
|
(137,122) |
|
(18,867) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of loss in equity method investments |
30,100 |
|
2,261 |
|
2,727 |
|
375 |
|
33,336 |
|
4,988 |
|
686 |
Impairment loss of investments |
24,431 |
|
- |
|
943 |
|
130 |
|
32,431 |
|
943 |
|
130 |
Adjusted net income (loss) attributable to |
61,379 |
|
(85,692) |
|
(45,499) |
|
(6,260) |
|
87,132 |
|
(131,191) |
|
(18,051) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income (loss) per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
1.92 |
|
(2.69) |
|
(1.46) |
|
(0.20) |
|
2.72 |
|
(4.17) |
|
(0.57) |
Diluted |
1.92 |
|
(2.69) |
|
(1.46) |
|
(0.20) |
|
2.72 |
|
(4.17) |
|
(0.57) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income (loss) per ADS( 3 )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
1.92 |
|
(2.69) |
|
(1.46) |
|
(0.20) |
|
2.72 |
|
(4.17) |
|
(0.57) |
Diluted |
1.92 |
|
(2.69) |
|
(1.46) |
|
(0.20) |
|
2.72 |
|
(4.17) |
|
(0.57) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares used in calculating Adjusted net income (loss) per ordinary share |
|||||||||||||
Basic |
31,977,665 |
|
31,807,180 |
|
31,128,544 |
|
31,128,544 |
|
32,000,608 |
|
31,467,862 |
|
31,467,862 |
Diluted |
31,977,665 |
|
31,807,180 |
|
31,128,544 |
|
31,128,544 |
|
32,000,608 |
|
31,467,862 |
|
31,467,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ADS used in calculating net income (loss) per ADS(2) |
|||||||||||||
Basic |
31,977,665 |
|
31,807,180 |
|
31,128,544 |
|
31,128,544 |
|
32,000,608 |
|
31,467,862 |
|
31,467,862 |
Diluted |
31,977,665 |
|
31,807,180 |
|
31,128,544 |
|
31,128,544 |
|
32,000,608 |
|
31,467,862 |
|
31,467,862 |
|
|||||||||||||
(1) Translations of certain RMB amounts into
translations from RMB to
release of the (2) Impairment loss of investments was included in line item "Other expenses, net" of condensed consolidated statements of income (loss). ( 3 ) Every one ADS represents one ordinary share. |
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