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HUYA Inc. Reports Second Quarter 2024 Unaudited Financial Results and Announces Share Repurchase Program Extension and Special Cash Dividend

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GUANGZHOU, China, Aug. 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 second quarter ended June 30, 2024.

Second Quarter 2024 Highlights[1]

Total net revenues for the second quarter of 2024 were RMB1,541.6 million (US$212.1 million), compared with RMB1,837.8 million for the same period of 2023.Net income attributable to HUYA Inc. was RMB29.6 million (US$4.1 million) for the second quarter of 2024, compared with RMB20.3 million for the same period of 2023.Non-GAAP net income attributable to HUYA Inc.[2] was RMB97.0 million (US$13.3 million) for the second quarter of 2024, compared with RMB117.0 million for the same period of 2023.Average mobile MAUs[3] of Huya Live for the second quarter of 2024 was 83.5 million, compared with 82.9 million for the same period of 2023.

“Huya Live’s average mobile MAUs increased to 83.5 million for the second quarter of 2024, mainly driven by the success of several e-sports events that we organized. While we continue to enrich our content and improve user experience, we are also enhancing our platform ecology by strengthening our cooperation with various content platforms. We have begun selectively offering our live-streaming and video content on other content platforms to increase the Huya platform’s influence and reach a wider range of users,” said Mr. Junhong Huang, Acting Co-Chief Executive Officer and Senior Vice President of Huya. “Our strategic transformation initiatives to expand our game industry presence with more game-related services also continued to advance. As we increased collaboration on game promotion, distribution, and in-game item sales with a growing roster of game titles, revenues from our game-related services, advertising and other businesses increased by 152.7% year over year and 26.6% quarter over quarter to RMB308.5 million in the second quarter, accounting for 20.0% of total net revenues. Furthermore, the expansion of our game-related services contributed to a sequential increase in paying users[4] on Huya Live, reaching 4.5 million in the quarter. Looking ahead, we will continue to consolidate our foundation as we explore long-term possibilities across the game industry chain, driving development through content and platform ecology upgrades, technology advancement and product innovation.”

Ms. Ashley Xin Wu, Huya’s Acting Co-Chief Executive Officer and Vice President of Finance, continued, “Despite ongoing uncertainties in the macro environment and industry landscape, our second quarter total net revenues returned to growth quarter over quarter to reach RMB1.54 billion, driven by game-related services, advertising, and other businesses. The increased contribution of the higher-margin game-related services business to total net revenues and our continued operational efficiency improvements, highlighted by a 26.3% year-over-year reduction in total operating expenses, further enhanced our overall operating results. In terms of shareholder returns, we have repurchased 17.1 million Huya shares with a total aggregate consideration of US$56.7 million as of the end of June 2024. Upon review of our financials, business plans, capital requirements, and cash position, we are also pleased to declare a special cash dividend totaling approximately US$250 million for our shareholders. We believe that Huya’s solid balance sheet and improving financial fundamentals will continue to support our ability to deliver shareholder returns going forward.”

[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, impairment loss of investments, 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.

Second Quarter 2024 Financial Results

Total net revenues for the second quarter of 2024 were RMB1,541.6 million (US$212.1 million), compared with RMB1,837.8 million for the same period of 2023.

Live streaming revenues were RMB1,233.1 million (US$169.7 million) for the second quarter of 2024, compared with RMB1,715.7 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 RMB308.5 million (US$42.5 million) for the second quarter of 2024, compared with RMB122.1 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 14.4% to RMB1,326.7 million (US$182.6 million) for the second quarter of 2024 from RMB1,549.7 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 12.6% to RMB1,170.2 million (US$161.0 million) for the second quarter of 2024 from RMB1,338.4 million for the same period of 2023, primarily due to decreased live streaming revenue sharing fees associated with the decline in live streaming revenues, partially offset by increased game-related services, advertising and other revenue sharing fees, as well as content costs for in-house produced content.

Bandwidth costs decreased by 40.2% to RMB60.9 million (US$8.4 million) for the second quarter of 2024 from RMB101.8 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 RMB214.9 million (US$29.6 million) for the second quarter of 2024, compared with RMB288.1 million for the same period of 2023. Gross margin was 13.9% for the second quarter of 2024, compared with 15.7% for the same period of 2023. This change was primarily attributable to increased revenue sharing fees and content costs as a percentage of total net revenues, which rose partially due to higher content costs incurred for in-house produced content.

Research and development expenses decreased by 11.5% to RMB128.7 million (US$17.7 million) for the second quarter of 2024 from RMB145.4 million for the same period of 2023, primarily due to decreased personnel-related expenses and share-based compensation expenses.

Sales and marketing expenses decreased by 48.0% to RMB61.7 million (US$8.5 million) for the second quarter of 2024 from RMB118.6 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 21.0% to RMB63.7 million (US$8.8 million) for the second quarter of 2024 from RMB80.7 million for the same period of 2023, primarily due to decreased professional service fees, personnel-related expenses and share-based compensation expenses.

Other income was RMB13.2 million (US$1.8 million) for the second quarter of 2024, compared with RMB23.8 million for the same period of 2023, primarily due to decreased government subsidies.

Operating loss was RMB26.0 million (US$3.6 million) for the second quarter of 2024, compared with RMB32.9 million for the same period of 2023.

Interest income was RMB102.5 million (US$14.1 million) for the second quarter of 2024, compared with RMB125.3 million for the same period of 2023.

Net income attributable to HUYA Inc. was RMB29.6 million (US$4.1 million) for the second quarter of 2024, compared with RMB20.3 million for the same period of 2023.

Non-GAAP net income attributable to HUYA Inc. was RMB97.0 million (US$13.3 million) for the second quarter of 2024, compared with RMB117.0 million for the same period of 2023.

Basic and diluted net income per American depositary share (“ADS”) were each RMB0.13 (US$0.02) for the second quarter of 2024. Basic and diluted net income per ADS were each RMB0.08 for the second quarter of 2023. Each ADS represents one Class A ordinary share of the Company.

Non-GAAP basic and diluted net income per ADS were RMB0.42 (US$0.06) and RMB0.41 (US$0.06), respectively, for the second quarter of 2024. Non-GAAP basic and diluted net income per ADS were each RMB0.48 and RMB0.47, respectively, for the second quarter of 2023.

As of June 30, 2024, the Company had cash and cash equivalents, short-term deposits, short-term investment and long-term deposits of RMB8,193.3 million (US$1,127.4 million), compared with RMB9,419.8 million as of March 31, 2024.

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 June 30, 2024, the Company had repurchased 17.1 million ADSs with a total aggregate consideration of US$56.7 million under this program.

In August 2024, the board of directors of the Company authorized the renewal and continued use of the unutilized quota under the existing share repurchase program of US$43.3 million, which is effective through March 31, 2025.

Declaration of Special Cash Dividend

The board of directors of the Company has declared a special cash dividend of US$1.08 per ordinary share, or US$1.08 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on October 9, 2024, payable in U.S. dollars. The total amount of cash to be distributed for the special cash dividend is expected to be approximately US$250 million, which will be funded by surplus cash on the Company’s balance sheet. The payment date for holders of ordinary shares and holders of ADSs is expected to be on or around October 25, 2024. Holders of the Company’s ADSs will receive the cash dividend through the depositary bank, subject to the terms of the deposit agreement.

Earnings Webinar

The Company’s management will host a Tencent Meeting Webinar at 8:00 a.m. U.S. Eastern Time on August 13, 2024 (8:00 p.m. Beijing/Hong Kong time on August 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/r34tNk4Y7eOs
International:                    https://voovmeeting.com/dw/r34tNk4Y7eOs

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 attributable to HUYA Inc., non-GAAP net income attributable to ordinary shareholders, non-GAAP basic and diluted net income per ordinary shares, 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 loss is operating loss excluding share-based compensation expenses and amortization of intangible assets from business acquisitions. Non-GAAP net income attributable to HUYA Inc. is net income attributable to HUYA Inc. excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP net income attributable to ordinary shareholders is net income attributable to ordinary shareholders excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP basic and diluted net income per ADS is non-GAAP net income attributable to ordinary shareholders divided by weighted average number of ADS used in the calculation of non-GAAP basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the impact of (i) share-based compensation expenses, (ii) impairment loss of 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 loss 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 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 RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollar 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 June 30,

2023

2024

2024

RMB

RMB

US$

Assets

Current assets

Cash and cash equivalents

511,973

1,005,513

138,363

Restricted cash

18,137

16,384

2,255

Short-term deposits

6,851,160

5,567,750

766,148

Short-term investments

–

10,000

1,376

Accounts receivable, net

64,258

70,295

9,673

Prepaid assets and amounts due from related
    parties, net

148,648

301,710

41,517

Prepayments and other current assets, net

556,435

624,873

85,985

Total current assets

8,150,611

7,596,525

1,045,317

Non-current assets

Long-term deposits

2,553,293

1,610,000

221,543

Investments

751,844

643,507

88,550

Goodwill

456,976

459,821

63,273

Property and equipment, net

326,765

408,779

56,250

Intangible assets, net

161,739

143,441

19,738

Right-of-use assets, net

379,006

361,339

49,722

Prepayments and other non-current assets

144,120

121,086

16,662

Total non-current assets

4,773,743

3,747,973

515,738

Total assets

12,924,354

11,344,498

1,561,055

Liabilities and shareholders’ equity

Current liabilities

Accounts payable

14,961

18,444

2,538

Advances from customers and deferred revenue

412,257

287,343

39,540

Income taxes payable

49,914

50,433

6,940

Accrued liabilities and other current liabilities

1,474,827

1,251,704

172,239

Amounts due to related parties

177,714

139,205

19,155

Lease liabilities due within one year

31,832

32,504

4,473

Total current liabilities

2,161,505

1,779,633

244,885

Non-current liabilities

Lease liabilities

48,069

33,335

4,587

Deferred tax liabilities

42,317

30,688

4,223

Deferred revenue

47,864

35,862

4,935

Total non-current liabilities

138,250

99,885

13,745

Total liabilities

2,299,755

1,879,518

258,630

 

 

 

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 June 30,

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 June 30, 2024, respectively;
    82,696,852 and 75,985,187 shares issued and
    outstanding as of December 31, 2023 and June
    30, 2024, respectively)

61

51

7

Class B ordinary shares (US$0.0001 par value;
    200,000,000 shares authorized as of December
    31, 2023 and June 30, 2024, respectively;
    150,386,517 and 150,386,517 shares issued and
    outstanding as of December 31, 2023 and June
    30, 2024, respectively)

98

98

13

Treasury shares

(206,345)

(58,668)

(8,073)

Additional paid-in capital

12,000,100

10,606,904

1,459,559

Statutory reserves

122,429

122,429

16,847

Accumulated deficit

(2,052,336)

(1,951,701)

(268,563)

Accumulated other comprehensive income

760,592

745,867

102,635

Total shareholders’ equity

10,624,599

9,464,980

1,302,425

Total liabilities and shareholders’ equity

12,924,354

11,344,498

1,561,055

 

 

 

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

Six Months Ended

June 30,

2023*

March 31,

2024

June 30,

2024

June 30,

2024

June 30,

2023*

June 30,

2024

June 30,

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Net revenues

Live streaming

1,715,684

1,260,444

1,233,064

169,675

3,575,608

2,493,508

343,118

Game-related services, advertising and other
    revenues

122,079

243,603

308,518

42,453

224,605

552,121

75,974

Total net revenues

1,837,763

1,504,047

1,541,582

212,128

3,800,213

3,045,629

419,092

Cost of revenues(1)

(1,549,681)

(1,283,502)

(1,326,710)

(182,561)

(3,243,061)

(2,610,212)

(359,177)

Gross profit

288,082

220,545

214,872

29,567

557,152

435,417

59,915

Operating expenses(1)

Research and development expenses

(145,416)

(135,106)

(128,710)

(17,711)

(298,778)

(263,816)

(36,302)

Sales and marketing expenses

(118,620)

(76,232)

(61,689)

(8,489)

(221,908)

(137,921)

(18,979)

General and administrative expenses

(80,719)

(60,032)

(63,729)

(8,769)

(154,183)

(123,761)

(17,030)

Total operating expenses

(344,755)

(271,370)

(254,128)

(34,969)

(674,869)

(525,498)

(72,311)

Other income, net

23,792

12,309

13,219

1,819

27,968

25,528

3,513

Operating loss

(32,881)

(38,516)

(26,037)

(3,583)

(89,749)

(64,553)

(8,883)

Interest income

125,349

117,052

102,523

14,108

221,721

219,575

30,215

Impairment loss of investments

(65,115)

–

(45,079)

(6,203)

(65,115)

(45,079)

(6,203)

Foreign currency exchange (losses) gains, net

(2,465)

(2,419)

364

50

(2,052)

(2,055)

(283)

Income before income tax expenses

24,888

76,117

31,771

4,372

64,805

107,888

14,846

Income tax expenses

(4,592)

(5,084)

(2,169)

(298)

(4,896)

(7,253)

(998)

Net income attributable to HUYA Inc.

20,296

71,033

29,602

4,074

59,909

100,635

13,848

Net income attributable to ordinary
    shareholders

20,296

71,033

29,602

4,074

59,909

100,635

13,848

 

 

 

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

Six Months Ended

June 30,

2023*

March 31,

2024

June 30,

2024

June 30,

2024

June 30,

2023*

June 30,

2024

June 30,

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Net income per ADS**

—Basic

0.08

0.30

0.13

0.02

0.25

0.43

0.06

—Diluted

0.08

0.30

0.13

0.02

0.24

0.43

0.06

Net income per ordinary share

—Basic

0.08

0.30

0.13

0.02

0.25

0.43

0.06

—Diluted

0.08

0.30

0.13

0.02

0.24

0.43

0.06

Weighted average number of ADS used in
    calculating net income per ADS

—Basic

243,751,192

233,157,641

231,022,644

231,022,644

243,751,192

232,098,893

232,098,893

—Diluted

246,832,447

236,271,702

234,167,978

234,167,978

246,832,447

235,275,697

235,275,697

* HUYA Inc. Unaudited Condensed Consolidated Statements of Operations for three months ended June 30, 2023 and six months ended June 30,
2023 have been retrospectively adjusted due to the business combination under common control as stated in 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

Six Months Ended

June 30,

2023

March 31,

2024

June 30,

2024

June 30,

2024

June 30,

2023

June 30,

2024

June 30,

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Cost of revenues

5,347

4,285

4,492

618

13,611

8,777

1,208

Research and development expenses

12,897

7,616

7,873

1,083

32,837

15,489

2,131

Sales and marketing expenses

716

366

446

61

1,943

812

112

General and administrative expenses

7,806

4,268

4,573

629

19,068

8,841

1,217

 

 

 

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

Six Months Ended

June 30,

2023*

March 31,

2024

June 30,

2024

June 30,

2024

June 30,

2023*

June 30,

2024

June 30,

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Gross profit

288,082

220,545

214,872

29,567

557,152

435,417

59,915

Share-based compensation expenses allocated
    in cost of revenues

5,347

4,285

4,492

618

13,611

8,777

1,208

Non-GAAP gross profit

293,429

224,830

219,364

30,185

570,763

444,194

61,123

Operating loss

(32,881)

(38,516)

(26,037)

(3,583)

(89,749)

(64,553)

(8,883)

Share-based compensation expenses

26,766

16,535

17,384

2,391

67,459

33,919

4,668

Amortization of intangible assets from
business acquisitions

5,865

5,930

5,941

818

11,612

11,871

1,634

Non-GAAP operating loss

(250)

(16,051)

(2,712)

(374)

(10,678)

(18,763)

(2,581)

Net income attributable to HUYA Inc.

20,296

71,033

29,602

4,074

59,909

100,635

13,848

Impairment loss of investments

65,115

–

45,079

6,203

65,115

45,079

6,203

Share-based compensation expenses

26,766

16,535

17,384

2,391

67,459

33,919

4,668

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

4,868

4,922

4,931

679

9,638

9,853

1,356

Non-GAAP net income attributable to
    HUYA Inc.

117,045

92,490

96,996

13,347

202,121

189,486

26,075

Net income attributable to ordinary
    shareholders

20,296

71,033

29,602

4,074

59,909

100,635

13,848

Impairment loss of investments

65,115

–

45,079

6,203

65,115

45,079

6,203

Share-based compensation expenses

26,766

16,535

17,384

2,391

67,459

33,919

4,668

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

4,868

4,922

4,931

679

9,638

9,853

1,356

Non-GAAP net income attributable to
    ordinary shareholders

117,045

92,490

96,996

13,347

202,121

189,486

26,075

Non-GAAP net income per ordinary share

—Basic

0.48

0.40

0.42

0.06

0.83

0.82

0.11

—Diluted

0.47

0.39

0.41

0.06

0.82

0.81

0.11

Non-GAAP net income per ADS

—Basic

0.48

0.40

0.42

0.06

0.83

0.82

0.11

—Diluted

0.47

0.39

0.41

0.06

0.82

0.81

0.11

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

—Basic

243,751,192

233,157,641

231,022,644

231,022,644

243,751,192

232,098,893

232,098,893

—Diluted

246,832,447

236,271,702

234,167,978

234,167,978

246,832,447

235,275,697

235,275,697

* HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results for three months ended June 30, 2023 and six months ended June 30,
2023 have been retrospectively adjusted due to the business combination under common control as stated in footnote 1 of this press release.

 

 

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SOURCE HUYA Inc.

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Great Place To Work names Invisors on the 2026 Best Workplaces for Women List, Ranking no.65

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July 24, 2026

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Invisors named a UK’s Best Workplaces for Women™!

GLASGOW, Scotland, July 24, 2026 /PRNewswire/ — Invisors, a Workday Services Partner has officially been recognized as one of UK’s Best Workplaces for Women 2026™, in 65th place out of the 350 ranked organisations.

Invisors’ values and culture are among the reasons women at our organisation say it is a great place to work. Discover how the team brings this philosophy to life at invisors.com/company-overview.

The 2026 UK’s Best Workplaces for Women list is made up of employers whose people have told Great Place To Work® UK they work for a place that is inclusive and equitable for all. The 350 companies on the list are committed to ensuring a reasonable balance of women and men across the organisation; removing barriers to women’s career advancement; and creating workplaces where all employees, regardless of gender, can flourish.

“I’m incredibly proud to see Invisors recognized as a Top Place for Women to Work. This award reflects the culture we’ve built together—one that values inclusivity, flexibility and empowerment. It’s a place where people are supported to bring their whole selves to work, grow their careers and strive for excellence every day.” Jennifer Donnelly-Corbett, EMEA Manager, HCM and Absence at Invisors.

Benedict Gautrey, Managing Director of Great Place To Work UK says:

“This year’s UK’s Best Workplaces for Women list celebrates businesses making a genuine difference day to day, not just in what they say, but in how people experience work. What matters most is that this recognition comes directly from women working in these organisations, who tell us they feel supported, valued, and able to grow.

Our research demonstrates that these organisations creating high-trust environments deliver stronger results, whether in financial outcomes, impact, or service delivery, alongside greater agility and resilience in the face of change.

Congratulations to Invisors for creating an environment where inclusion is clearly felt in practice.” 

Matt Smith, Managing Director, Global HR Operations, Invisors “Being named as one of the UK’s Best Workplaces for Women list is an achievement because it reflects what our people actually experience, not just what we aspire to. We’ve worked to build an environment where career growth and success aren’t something women have to fight for — it’s built into how we operate. This recognition is a great step in the journey, not the finish line, and we’re committed to keeping that bar high as Invisors grows within the UK.”

About Invisors

As a certified Workday Services Partner, Invisors helps clients leverage their organisational data to make better-informed business decisions through the deployment of Workday. Invisors’ success is measured by their clients’ ability to achieve their big-picture vision. From initial deployments to ongoing projects, Invisors is dedicated to elevating perspectives and transforming results. To learn more, visit invisors.com. 

About Great Place To Work®

Great Place To Work® is the global authority on workplace culture, helping organisations to create exceptional, high-performing workplaces where employees feel trusted and valued. The UK’s Best Workplaces for Women™ enables these outstanding organisations to celebrate their achievements, build their employer brand, and inspire others to take action. For more information, visit www.greatplacetowork.co.uk.

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SOURCE Invisors

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Auction Direct USA in Raleigh, NC, Makes It Easy to Shop for Used Vehicles Online

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July 24, 2026

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RALEIGH, N.C., July 24, 2026 /PRNewswire/ — Auction Direct USA in Raleigh, NC, helps shoppers browse used-vehicle inventory, compare options, and complete key steps of the buying process online for a faster, more convenient shopping experience.

Auction Direct USA in Raleigh, NC, is simplifying the used vehicle shopping experience by offering convenient online tools that help drivers browse inventory, compare options, and begin the purchasing process from the comfort of home.

With a user-friendly website, shoppers can explore an extensive selection of used cars, trucks, and SUVs that fit a variety of budgets and lifestyles. Detailed vehicle listings provide important information, including photos, key features, specifications, pricing, and availability, allowing customers to make informed decisions before visiting the dealership.

The online platform also makes it easy to narrow vehicle choices using search filters for make, model, body style, price range, mileage, model year, and other preferences. These features help shoppers quickly find vehicles that meet their individual needs while saving valuable time.

In addition to browsing inventory, customers can use several digital shopping tools to streamline the buying process. Visitors can estimate monthly payments, value a trade-in, complete a finance application, and schedule a test drive online. These resources allow shoppers to prepare for their dealership visit with greater confidence and convenience.

Auction Direct USA in Raleigh, NC, regularly updates its online inventory, giving customers access to fresh vehicle selections as they become available. Whether someone is searching for a dependable commuter car, a family-friendly SUV, or a capable pickup truck, the website provides an efficient way to explore available options before stepping into the showroom.

The dealership remains committed to delivering a straightforward, customer-focused buying experience by combining a wide range of high-quality used vehicles with digital tools that simplify every stage of the shopping journey.

Drivers looking to begin their search can visit Auction Direct USA in Raleigh, NC, or browse the current inventory online to compare vehicles and take advantage of convenient shopping resources before visiting the dealership in person.

About Auction Direct USA in Raleigh, NC

Auction Direct USA in Raleigh, NC, offers a diverse inventory of quality used cars, trucks, and SUVs to meet a wide range of driving needs and budgets. By combining a customer-focused approach with convenient online shopping tools, the dealership helps make finding and purchasing a used vehicle simple, efficient, and enjoyable.

Media Contact: Tony Kicinski, 844-678-8048, tonyk@auctiondirectusa.com

 

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SOURCE Auction Direct USA

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FLAGSTAR BANK, N.A. ANNOUNCES $250 MILLION SHARE REPURCHASE PROGRAM

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July 24, 2026

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Board of Directors Authorizes Repurchase of Up to $250 Million of Outstanding Common Stock, Reflecting the Bank’s Strong Capital Position and Commitment to Long-Term Shareholder Value

HICKSVILLE, N.Y., July 24, 2026 /PRNewswire/ — Flagstar Bank, N.A. (NYSE: FLG) (the “Bank”) today announced that its Board of Directors has authorized a common stock repurchase program under which the Bank may repurchase up to $250 million of its outstanding common stock over the next 12-month period.

Commenting on the repurchase program, Joseph M. Otting, Executive Chairman and Chief Executive Officer stated, “We are pleased to announce our stock buyback program, which reflects the meaningful progress we have made in executing our strategic plan, the strength of the balance sheet, and Flagstar’s long-term growth prospects. We have consistently maintained capital levels well above regulatory requirements, and we believe that returning capital to our shareholders through a share repurchase program represents a compelling and disciplined use of our excess capital at this time.

“We remain deeply committed to serving our customers and communities and we are confident that this program — alongside our continued investment in our people, products, systems, and technology — will deliver sustainable, long-term value for our shareholders.”

Repurchases may be conducted through open-market purchases, which may include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. The timing and exact amount of any share repurchases will be subject to a variety of factors, including the availability of stock for repurchases, the Bank’s capital position and financial performance, regulatory considerations, and general market conditions. The share repurchase program does not obligate the Bank to acquire any specific number of shares and may be modified, suspended, or discontinued at any time without prior notice. Any future stock repurchase programs would be subject to the approval of the Board of Directors and other various factors, including the Bank’s liquidity, capital position and financial performance, accounting and regulatory considerations, and general market conditions.

Flagstar Bank, N.A.

Flagstar Bank, N.A. is one of the largest regional banks in the country and is headquartered in Hicksville, New York. At June 30, 2026, the Bank had $87.7 billion of assets, $61.2 billion of loans, deposits of $67.5 billion, and total stockholders’ equity of $8.1 billion. Flagstar Bank, N.A. operates approximately 340 locations across nine states, with strong footholds in the greater New York/New Jersey metropolitan region and in the upper Midwest, along with a significant presence in fast-growing markets in Florida and the West Coast.

Cautionary Statements Regarding Forward-Looking Language

This press release may include forward‐looking statements by us and our authorized officers pertaining to such matters as our goals, beliefs, intentions, and expectations regarding, among other things: (a) revenues, earnings, loan production, asset quality, liquidity position, capital levels, risk analysis, divestitures, acquisitions, and other material transactions, among other matters; (b) the future costs and benefits of the actions we may take; (c) our assessments of credit risk and probable losses on loans and associated allowances and reserves; (d) our assessments of interest rate and other market risks; (e) our ability to achieve profitability goals within projected timeframes and to execute on our strategic plan, including the sufficiency of our internal resources, procedures and systems; (f) our ability to execute our capital management strategies, including our ability to complete our current stock repurchase program and to implement future stock repurchase programs; (g) our ability to attract, incentivize, and retain key personnel and the roles of key personnel; (h) our ability to achieve our financial and other strategic goals, including those related to our recent holding company reorganization, which was completed in October 2025 (the “Reorganization”), our merger with Flagstar Bancorp, Inc., which was completed in December 2022, our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, which was completed in March 2023, and our ability to comply with the heightened regulatory standards with respect to governance and risk management programs to which we are subject as a national bank with assets of $50 billion or more; (i) the impact of the $1.05 billion capital raise we completed in March 2024; (j) the conversion or exchange of shares of our preferred stock; (k) the payment of dividends on shares of our capital stock, including adjustments to the amount of dividends payable on shares of our preferred stock; (l) the dilution of existing equity holders associated with future equity awards and stock issuances; (m) the effects of the reverse stock split we effected in July 2024; and (n) the impact of the 2024 sale of our mortgage servicing operations, third party mortgage loan origination business, and mortgage warehouse business.

Forward‐looking statements are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “should,” “confident,” and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward‐looking statements speak only as of the date they are made; we do not assume any duty, and do not undertake, to update our forward‐looking statements. Furthermore, because forward‐looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in our statements, and our future performance could differ materially from our historical results.

Our forward‐looking statements are subject to, among others, the following principal risks and uncertainties: general economic conditions and trends, either nationally or locally; conditions in the securities, credit and financial markets; changes in interest rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of our loan or investment portfolios, including associated allowances and reserves; changes in future allowance for credit losses, including changes required under relevant accounting and regulatory requirements; the ability to pay future dividends; the ability to implement future stock repurchase programs, which are subject to the approval of the Board of Directors and other various factors, including the Bank’s liquidity, capital position, and financial performance, accounting and regulatory considerations, as well as general market conditions; changes in our capital management and balance sheet strategies and our ability to successfully implement such strategies; our ability to achieve the anticipated benefits of the Reorganization; changes in our Board of Directors and our executive management team; changes in our strategic plan, including changes in our internal resources, procedures and systems, and our ability to successfully implement such plan; changes in competitive pressures among financial institutions or from non‐financial institutions; changes in legislation, regulations, and policies; changes relating to rent regulation and housing, including recent legislative action in New York City to freeze rents on certain rent-regulated properties; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the outcome of federal, state, and local elections and the resulting economic and other impact on the areas in which we conduct business; the impact of changing political conditions or federal government shutdowns; the imposition of restrictions on our operations by bank regulators; the outcome of pending or threatened litigation, or of investigations or any other matters before regulatory agencies, whether currently existing or commencing in the future; our ability to comply with heightened regulatory standards with respect to governance and risk management programs to which we are subject as a national bank with assets of $50 billion or more; the restructuring of our mortgage business; our ability to achieve anticipated cost savings and enhanced efficiencies with respect to our balance sheet and expense reduction strategies; the impact of failures or disruptions in or breaches of our operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the impact of natural disasters, extreme weather events, civil unrest, international military conflict, terrorism or other geopolitical events; and a variety of other matters which, by their nature, are subject to significant uncertainties and/or are beyond our control. Our forward-looking statements are also subject to the following principal risks and uncertainties with respect to our merger with Flagstar Bancorp, which was completed in December 2022, and our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, which was completed in March 2023: the possibility that the anticipated benefits of the transactions will not be realized when expected or at all; the possibility of increased legal and compliance costs, including with respect to any litigation or regulatory actions related to the business practices of acquired companies or the combined business; diversion of management’s attention from ongoing business operations and opportunities; the possibility that we may be unable to achieve expected synergies and operating efficiencies in or as a result of the transactions within the expected timeframes or at all; and revenues following the transactions may be lower than expected.

More information regarding some of these factors is provided in the Risk Factors section of our Annual Report on Form 10‐K for the year ended December 31, 2025, and in other reports we file with the Office of the Comptroller of the Currency (the “OCC”) and voluntarily file with the Securities and Exchange Commission (the “SEC”), and which are also available on our Investor Relations website. Our forward‐looking statements may also be subject to other risks and uncertainties, including those we may discuss in this news release, on our conference call, during investor presentations, or in our securities disclosure filings. All such files are accessible on our website at ir.flagstar.com, on the OCC’s website at www.occ.gov, and on the SEC’s website at www.sec.gov.

Investor Contact:
Salvatore J. DiMartino
(516) 683-4286

Media Contact:
Jessica Torchia
(248) 312-6451

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SOURCE Flagstar Bank, N.A.

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