ACROFAN

HUYA Inc. Reports Third Quarter 2019 Unaudited Financial Results

GUANGZHOU, China, Nov. 13, 2019 /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 third quarter ended September 30, 2019. Third Quarter 2019 Highlights Total net revenues for the third quarter of 2019 increased by 77.4% to RMB2,265.1 million (US$316.9 million), from RMB1,276.6 million in the same period of 2018. Net income attributable to Huya was RMB123.2 million (US$17.2 million) for the third quarter of 2019, representing an increase of 117.1% from RMB56.8 million in the same period of 2018. Non-GAAP net income attributable to Huya[1] was RMB206.4 million (US$28.9 million) for the third quarter of 2019, representing an increase of 70.5% from RMB121.0 million in the same period of 2018. Average mobile MAUs[2] in the third quarter of 2019 reached 63.8 million, representing an increase of 29.1% from 49.4 million in the third quarter of 2018. Average MAUs[3] in the third quarter of 2019 reached 146.1 million, representing an increase of 47.6% from 99.0 million in the third quarter of 2018. Total number of paying users[4] in the third quarter of 2019 reached 5.3 million, representing an increase of 28.5% from 4.2 million in the third quarter of 2018. [1] "Non-GAAP net income attributable to Huya" is defined as net income attributable to Huya before share-based compensation expenses, fair value loss on derivative liabilities, and gain on fair value change of investments and equity investee's investments. For more information, 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 average monthly active users on the Huya Live mobile app. Average mobile MAU for any period is calculated by dividing (i) the sum of our active users on our Huya Live mobile app for each month of such period, by (ii) the number of months in such period. [3] Refers to average monthly active users on Huya's domestic platform (excluding active users of Nimo TV). Average MAU for any period is calculated by dividing (i) the sum of active users for each month of such period, by (ii) the number of months in such period. [4] Refers to a registered user (excluding the registered users of Nimo TV) that has purchased virtual items on Huya's domestic platform at least once during the period presented. "We had another strong quarter exceeding the high end of Company's revenue guidance, together with positive achievement in technology initiatives that further enhanced user and broadcaster experience on Huya's platform," said Mr. Rongjie Dong, Chief Executive Officer of Huya. "Our robust MAU growth in the third quarter of 2019 was highlighted by a 14.1% quarter-over-quarter increase in mobile MAUs, thanks to the execution of mobile strategy and continued promotion efforts on e-sports activities in the summer. Having delivered a proven track record of outstanding performance, we are confident that Huya will sustain growth of its core business, setting a firm foundation to explore more diversified opportunities in both domestic and overseas markets over the long term." Mr. Henry Sha, Chief Financial Officer of Huya, commented, "Huya's solid third quarter results further reflected our execution capability to drive steady growth and our ability to optimize efficiency at the same time. In the third quarter of 2019, non-GAAP gross margin improved to 18.3% from 16.9% in the previous quarter, due to leveraging improvement across content cost and bandwidth utilization. In addition, non-GAAP operating income margin increased to 6.5%, compared with 5.8% on a sequential basis, driven by operating leverage and the ROI-oriented marketing expenditure strategy across the globe. Encouraged by the continued monetization capability and strengthened cost efficiencies, we believe Huya is well positioned to maximize long-term shareholder value." Third Quarter 2019 Financial Results Total net revenues for the third quarter of 2019 increased by 77.4% to RMB2,265.1 million (US$316.9 million), from RMB1,276.6 million in the same period of 2018. Live streaming revenues increased by 77.2% to RMB2,156.1 million (US$301.7 million) in the third quarter of 2019, from RMB1,216.5 million in the same period of 2018, primarily due to the increase in both average spending per paying user and the number of paying users on Huya's platform. The increase in average spending per paying user was primarily driven by the enhancement of content attractiveness, the improvement in user experience and the optimization of product features. The increase in the number of paying users was primarily driven by the Company's mobile strategy, diversification of content offerings and continued efforts in promotion activities and converting active users into paying users. Advertising and other revenues increased by 81.3% to RMB109.0 million (US$15.2 million) in the third quarter of 2019, from RMB60.1 million in the same period of 2018, primarily driven by rising demand from gaming advertisers, the newly launched advertising distribution platform by the Company and further recognition of Huya's brand name in China's online advertising market. Cost of revenues increased by 71.7% to RMB1,858.8 million (US$260.1 million) in the third quarter of 2019 from RMB1,082.9 million in the same period of 2018, primarily attributable to the increase in revenue sharing fees and content costs, bandwidth costs, as well as the increase in headcount of personnel involved in the operations of Company's platforms. Revenue sharing fees and content costs increased by 78.8% to RMB1,508.9 million (US$211.1 million) in the third quarter of 2019 from RMB844.0 million in the same period of 2018, primarily due to the increase in virtual item revenue sharing fees in relation to higher live streaming revenues and continued spending in e-sports content and content creators in both domestic and overseas markets, partially offset by benefits from economies of scale. Bandwidth costs increased by 21.0% to RMB210.5 million (US$29.4 million) in the third quarter of 2019 from RMB174.0 million in same period of 2018, primarily due to an increase in bandwidth usage as a result of increased user base on Huya's platforms and enhanced live streaming video quality, partially offset by improved efficiency in bandwidth utilization through continued deployment of new technologies in content distribution. Gross profit increased by 109.7% to RMB406.3 million (US$56.8 million) in the third quarter of 2019 from RMB193.7 million in the same period of 2018. Gross margin increased to 17.9% in the third quarter of 2019 from 15.2% in the same period of 2018. Research and development expenses increased by 80.9% to RMB135.0 million (US$18.9 million) for the third quarter of 2019 from RMB74.6 million for the third quarter of 2018, mainly attributable to increases in headcount of research and development personnel and share-based compensation expenses related to the share awards newly granted in the third quarter of 2019. Sales and marketing expenses increased by 98.2% to RMB122.3 million (US$17.1 million) for the third quarter of 2019 from RMB61.7 million for the third quarter of 2018. The increase was primarily attributable to the increased marketing expenses associated with promoting our products and brand name in both domestic and overseas market, including summer promotion activities for e-sports events and cooperation with various marketing channels. General and administrative expenses increased by 35.3% to RMB96.3 million (US$13.5 million) for the third quarter of 2019 from RMB71.2 million for the third quarter of 2018, mainly due to increase in headcount and improvement to compensation of general and administrative personnel. Operating income was RMB63.9 million (US$8.9 million) for the third quarter of 2019, compared with an operating loss of RMB2.7 million in the same period of 2018. Non-GAAP operating income, which excludes share-based compensation expenses, increased by 139.0% to RMB147.0 million (US$20.6 million) for the third quarter of 2019 from RMB61.5 million in the same period of 2018. Income tax expenses were RMB27.9 million (US$3.9 million) for the third quarter of 2019, compared with income tax benefits of RMB8.6 million in the same period of 2018. Net income attributable to HUYA Inc. in the third quarter increased by 117.1% to RMB123.2 million (US$17.2 million), from RMB56.8 million in the same period of 2018. Non-GAAP net income attributable to HUYA Inc. in the third quarter of 2019, which excludes share-based compensation expenses, increased by 70.5% to RMB206.4 million (US$28.9 million), from RMB121.0 million in the same period of 2018. Diluted net income per American depositary share ("ADS") was RMB0.52 (US$0.07) for the third quarter of 2019, compared with RMB0.26 for the same period of 2018. Each ADS represents one Class A ordinary share. Non-GAAP diluted net income per ADS was RMB0.87 (US$0.12) for the third quarter of 2019, compared with RMB0.55 for the same period of 2018. Balance Sheets and Cash Flows As of September 30, 2019, the Company had cash and cash equivalents, short-term deposits and short-term investments of RMB9,537.2 million (US$1,334.3 million). Net cash provided by operating activities was RMB302.2 million (US$42.3 million) for the third quarter of 2019, compared with net cash provided by operating activities of RMB237.7 million in the same period of 2018. Business Outlook For the fourth quarter of 2019, Huya currently expects total net revenues to be in the range of RMB2,340 million to RMB2,420 million, representing a year-over-year growth of between 55.5% and 60.8%. This forecast reflects our current and preliminary views on the market and operational conditions, which are subject to change. Conference Call The Company's management will host an earnings conference call at 8:00 p.m. U.S. Eastern Time on November 12, 2019 (9:00 a.m. Beijing/Hong Kong time on November 13, 2019). Dial-in details for the earnings conference call are as follows: United States: +1-845-675-0437 International: +65-6713-5090 Hong Kong, China: +852-3018-6771 Mainland China: 400-620-8038 Conference ID: 6985869 Participants should dial-in at least 10 minutes before the scheduled start time and ask to be connected to the call for "HUYA Inc" with the Conference ID as set forth above. Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.huya.com. A replay of the conference call will be accessible approximately two hours after the conclusion of the live call until November 19, 2019, by dialing the following telephone numbers: United States: +1-646-254-3697 International: +61-2-8199-0299 Hong Kong, China: +852-3051-2780 Mainland China: 400-632-2162 Replay Access Code: 6985869 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, non-GAAP operating income, non-GAAP net income attributable to HUYA Inc., non-GAAP net income attributable to ordinary shareholders, 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 income is operating income excluding share-based compensation expenses. Non-GAAP net income attributable to HUYA Inc. is net income attributable to HUYA Inc. excluding share-based compensation expenses, fair value loss on derivative liabilities and gain on fair value change of investments and equity investee's investments. Non-GAAP net income attributable to ordinary shareholders is net income attributable to ordinary shareholders excluding share-based compensation expenses, fair value loss on derivative liabilities, gain on fair value change of investments and equity investee's investments and deemed dividend to Series A redeemable convertible preferred shareholders. Non-GAAP basic and diluted net income per ADS is non-GAAP net income attributable to ordinary shareholders divided by weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of (i) share-based compensation expenses, (ii) fair value loss on derivative liabilities, (iii) gain on fair value change of investments and equity investee's investments and (iv) deemed dividend to Series A redeemable convertible preferred shareholders adds 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 measure for planning, forecasting and measuring results against the forecast. 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, which have been and will continue to be significant recurring expenses in its business, (ii) fair value loss on derivative liabilities and deemed dividend to Series A redeemable convertible preferred shareholders, which may not recur in the future, and (iii) gain on fair value change of investments and equity investee's 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 non-GAAP financial measure in isolation from or as an alternative to the financial measure 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. Reconciliations of GAAP and Non-GAAP Results" near the end of this release. 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 RMB7.1477 to US$1.00, the rate in effect as of September 30, 2019 as certified for customs purposes by the Federal Reserve Bank of New York. 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; fluctuations in general economic and business conditions in China 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 RelationsTel: +86-20-2290-7829E-mail: ir@huya.com The Piacente Group, Inc.Jenny CaiTel: +86-10-6508-0677E-mail: huya@tpg-ir.com In the United States: The Piacente Group, Inc. Brandi PiacenteTel: +1-212-481-2050E-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 September 30, 2018 2019 2019 RMB RMB US$ Assets Current assets Cash and cash equivalents 709,019 1,437,283 201,083 Restricted cash - 64,000 8,954 Short-term deposits 4,983,825 7,042,327 985,258 Short-term investments 300,162 1,057,606 147,965 Accounts receivable, net 43,849 117,779 16,478 Amounts due from related parties 238,839 46,960 6,570 Prepayments and other current assets 319,493 372,446 52,107 Total current assets 6,595,187 10,138,401 1,418,415 Non-current assets Deferred tax assets 30,945 35,123 4,914 Investments 219,827 367,798 51,457 Property and equipment, net 87,419 105,960 14,824 Intangible assets, net 51,979 47,682 6,671 Right-of-use assets, net - 108,797 15,221 Prepayments and other non-current assets 120,830 127,824 17,883 Total non-current assets 511,000 793,184 110,970 Total assets 7,106,187 10,931,585 1,529,385 Liabilities and shareholders' equity Current liabilities Accounts payable 9,221 10,985 1,537 Deferred revenue 469,378 740,233 103,562 Advances from customers 14,403 38,251 5,352 Income taxes payable - 33,618 4,703 Accrued liabilities and other current liabilities 852,771 1,155,958 161,726 Amounts due to related parties 34,673 166,043 23,230 Lease liabilities due within one year - 29,764 4,164 Total current liabilities 1,380,446 2,174,852 304,274 Non-current liabilities Lease liabilities - 77,252 10,808 Deferred revenue 80,734 148,701 20,804 Total non-current liabilities 80,734 225,953 31,612 Total liabilities 1,461,180 2,400,805 335,886 Shareholders' equity Class A ordinary shares (US$0.0001 par value; 750,000,000 shares authorized as of December 31, 2018 and September 30, 2019, respectively; 44,639,737 and 64,569,632 shares issued and outstanding as of December 31, 2018 and September 30, 2019, respectively) 29 43 6 Class B ordinary shares (US$0.0001 par value; 200,000,000 shares authorized as of December 31, 2018 and September 30, 2019, respectively; 159,157,321 and 154,357,321 shares issued and outstanding as of December 31, 2018 and September 30, 2019, respectively) 104 101 14 Additional paid-in capital 7,667,855 9,990,286 1,397,692 Statutory reserves 34,634 34,634 4,845 Accumulated deficit (2,424,182) (2,115,679) (295,994) Accumulated other comprehensive income 366,567 621,395 86,936 Total shareholders' equity 5,645,007 8,530,780 1,193,499 Total liabilities and shareholders' equity 7,106,187 10,931,585 1,529,385 HUYA INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All amounts in thousands, except share, ADS, per share data and per ADS data) Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, September 30, September 30, September 30, 2018 2019 2019 2019 2018 2019 2019 RMB RMB RMB US$ RMB RMB US$ Net revenues Live streaming 1,216,467 1,921,485 2,156,106 301,650 3,001,063 5,630,073 787,676 Advertising and others 60,130 88,976 108,986 15,248 157,448 276,958 38,748 Total net revenues 1,276,597 2,010,461 2,265,092 316,898 3,158,511 5,907,031 826,424 Cost of revenues(1) (1,082,857) (1,674,793) (1,858,772) (260,052) (2,667,355) (4,891,670) (684,370) Gross profit 193,740 335,668 406,320 56,846 491,156 1,015,361 142,054 Operating expenses(1)

"Seagoing+E-sports Competition" will Become Boyaa Interactive's Double Engine of Future Growth

ROZVADOV, Czech Republic, Oct. 15, 2019 /PRNewswire/ -- The Sixth BPT Classic Brand Event, 2019 BPT Europe Competition, created by Boyaa Interactive, will be launched in Europe from December 5 to 8, 2019, in Rozvadov, Czechoslovakia. Meanwhile, the tournament participators will work together with King's Resort, which has the largest poker room in Europe, to present a top poker tour for the top contestants from all the European countries. The complete schedule of the tournament has been officially announced recently. Since 2015, BPT has been successfully held in Dublin, Ireland, Macao, Sanya, Taipei, Ho Chi Minh of Vietnam and other European and Asian cities. In addition, many contestants are from over 30 countries and regions around the world. The cumulative number of players online and offline in the world is as high as 20 million. The company has sufficient funds and talent reserves to help Boyaa Interaction gradually go out of the difficult situation. Moreover, Boyaa Interactive is trying to find a new way of growing privately. E-sports has become a new fashion of socialization for new generation and the e-sports competition may have its great opportunity of development Nowadays, with the rapid development of mobile games, it's been a puzzle for mobile game operators and development teams to consider how to make more users into the game. The e-sports competition of mobile games makes it easier for game players to interact and meet the requirements of social relationship and game playing. In recent years, the state and local governments have had significant guidance for the e-sports industry, which is a positive signal for industrial investors. With the motivation of hosting games and enjoying good policies, with the characteristics of vitality, liveliness and popularity among young people, e-sports competition has had great influence on the development of other industries and made the local cultural and tourism industry more diversified. From the perspective of the industry, e-sports has become an important opportunity of investment. According to the Game Industry Report for the First Half of 2019 released by the Game Working Committee, the actual sales revenue of China's e-sports game market in the first half of the year was 46.5 billion, an increase of 11.3 percent over the same period last year. And, it has maintained rapid and steady growth in the past three years. As for the vast e-sports market, some game enterprises have gone into action without delay and found some business opportunities. As an industry giant, Tencent's e-sports business has been laid out as TGA (Tencent e-sports Games) since 2010, and its official brand was established on December 9, 2016. Meanwhile, with Tencent Games, China Literature Group, Tencent Pictures, and Tencent Animation have developed into the "New Literature Creation" digital content industry matrix. At the 2018 Tencent partner Conference, Yin Yu, Vice President of Tencent, revealed that in the e-competition section, Tencent would create e-sports ecology at the two key points including e-sports events and live-broadcasting platform. Therefore, it will promote the development of e-sports industry soundly and rapidly. Boyaa Interaction has implemented a strategic layout in e-sports events continuously in recent years. Besides the constant launch of a series of high-quality chess and card games, Boyaa Interaction has also gradually set up a diversified competition system at home and abroad. Explore the Operation Mode of Overseas Chess and Card Games to expand overseas Market with BPT Brand Event Series. In the first half of 2019, Boyaa Interactive successfully hosted the fifth BPT brand series, the 2019 BPT Asia Competition, aiming to promote player activity and loyalty and improve the influence of the game and game user base. Thus, it will bring the Boyaa BPT brand further into the global chess circle and enhance brand awareness of the company effectively. The 2019 BPT Asian online tournament started from mid-April to the end of June. It took the tournament more than two months to cover most of the Asian countries and offline satellite competitions. A total of nearly 500 people won the tickets to the Taiwan offline Finals and shared the total prize of NT $6.71 million for the main event. Apart from the local contestants from Taiwan, players from Thailand, Vietnam, Indonesia, Singapore, Malaysia, South Korea, Hong Kong, the United States and Ireland have come all the way to this top poker tournament in Asia. These results have proved that Boyaa Interaction doesn't simply have the ability of achieving short-term success overseas from the product promotion. The company also has the ability of obtaining new users continuously through long-term operations, IP linkage and e-sports events to maintain the game popularity. Furthermore, it even has the ability of continuing to set records. This also reflects the Boyaa Interaction in the seagoing operation has accumulated a relatively mature experience. With Boyaa Interaction's efforts from many aspects and event planning, the ARPPU value of the company's Texas Hold'em Poker web-page and other chess and card mobile terminals increased in the first half of this year. "Game Events + Public Welfare" innovates e-sports competition mode to transmit positive energy for the players and the society. Besides the BPT competitions, Boyaa Interactive took public welfare as the starting point and held the "Boyaa Cup" public welfare competitions in many regions throughout the country. In the competitions, Boyaa Interactive combines the chess and card games with social public welfare activities creatively. With rich rewards for contestants, Boya Interactive will also donate corresponding public welfare funds in the name of players according to the total number of participants. The funds will be used for garbage classification to support green environmental protection. In August this year, Boya Interactive held the "Boyaa Cup" 2019 Landlord Public Welfare Competition in Shenzhen and Changsha, combining chess and card competitions with public welfare actions to encourage and guide users to participate in social public welfare. It also promises to donate public welfare money to serve as a public welfare fund for users in each event. The two events have attracted thousands of contestants and have raised tens of thousands of yuan through the public welfare fund of the event. Boyaa Interaction has integrated the public welfare undertakings into its own development and combined board games effectively with public welfare. In addition, it guides and encourages Boyaa chess and card users to participate in public welfare undertakings actively. As a listed company in chess and card games, Boyaa Interactive has always adhered to the game concept of "competitiveness" and "education", and has held dozens of public welfare activities, large and small. What's more, it strives to provide people of all ages with healthy, intelligent, leisure and convenient multi-platform game experience. In this way, it will carry out the corporate vision of "everywhere, share happiness" .

Industry	Economy	TECH	GAME
Society	Comfort	AUTO	MEDIA

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