DouYu International Holdings Limited Reports Fourth Quarter and Full Year 2023 Unaudited Financial Results
WUHAN, China,
Fourth Quarter 2023 Financial and Operational Highlights
- Total net revenues in the fourth quarter of 2023 were
RMB1,296.0 million (US$182.5 million ), compared withRMB1,681.1 million in the same period of 2022. - Gross profit in the fourth quarter of 2023 was
RMB126.2 million (US$17.8 million ), compared withRMB186.1 million in the same period of 2022. - Net loss in the fourth quarter of 2023 was
RMB62.2 million (US$8.8 million ), compared with net income ofRMB41.8 million in the same period of 2022. - Adjusted net loss[1] in the fourth quarter of 2023 was
RMB5.0 million (US$0.7 million ), compared withRMB4.3 million in the same period of 2022. - Average mobile MAUs[2] in the fourth quarter of 2023 were 51.7 million, compared with 57.4 million in the same period of 2022.
- The number of quarterly average paying users[3] in the fourth quarter of 2023 was 3.7 million, compared with 5.6 million in the same period of 2022.
Full Year 2023 Financial Highlights
- Total net revenues for the full year of 2023 were
RMB5,530.4 million (US$778.9 million ), compared withRMB7,108.2 million for the full year of 2022. - Gross profit for the full year of 2023 was
RMB684.0 million (US$96.3 million ), compared withRMB990.1 million for the full year of 2022. - Net income for the full year of 2023 was
RMB35.5 million (US$5.0 million ), compared with net loss ofRMB90.4 million for the full year of 2022. - Adjusted net income for the full year of 2023 was
RMB154.0 million (US$21.7 million ), compared with adjusted net loss ofRMB7.6 million for the full year of 2022.
The interim management committee of
Mr.
Fourth Quarter 2023 Financial Results
Total net revenues in the fourth quarter of 2023 decreased by 22.9% to
Livestreaming revenues in the fourth quarter of 2023 decreased by 36.1% to
Advertising and other revenues in the fourth quarter of 2023 increased by 226.5% to
Cost of revenues in the fourth quarter of 2023 was
Revenue sharing fees and content costs in the fourth quarter of 2023 decreased by 30.3% to
Bandwidth costs in the fourth quarter of 2023 decreased by 27.4% to
Gross profit in the fourth quarter of 2023 was
Sales and marketing expenses in the fourth quarter of 2023 decreased by 32.2% to
Research and development expenses in the fourth quarter of 2023 decreased by 26.7% to
General and administrative expenses in the fourth quarter of 2023 increased by 45.0% to
Other operating loss, net in the fourth quarter of 2023 was
Loss from operations in the fourth quarter of 2023 was
Adjusted operating loss, which added back impairment loss of goodwill and intangible assets, was
Net loss in the fourth quarter of 2023 was
Adjusted net loss, which excludes share-based compensation expenses, the share of income (loss) in equity method investments, gain on disposal of investment, impairment loss of investments and impairment loss of goodwill and intangible assets, was
Basic and diluted net loss per ADS
[4]
in the fourth quarter of 2023 were both
Full Year 2023 Financial Results
Total net revenues for the full year of 2023 were
Gross profit for the full year of 2023 was
Loss from operations for the full year of 2023 was
Adjusted net income for the full year of 2023, which excludes share-based compensation expenses, the share of loss (income) in equity method investments, gain on disposal of investment, impairment loss of investments, and impairment of goodwill and intangible assets, was
Basic and diluted net income per ADS for the full year of 2023 were both
Cash and cash equivalents, restricted cash and bank deposits
As 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: |
4708948 |
The replay will be accessible through
International: |
+1-412-317-0088 |
United States Toll Free: |
+1-877-344-7529 |
Conference ID: |
1682032 |
A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.douyu.com.
[1] "Adjusted net income" is defined as net income excluding share-based compensation expenses, and share of income (loss) in equity method investments, gain on disposal of investment, impairment loss of investments and impairment loss of goodwill and intangible assets. 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 ten ADSs represent one ordinary share for the relevant period and calendar year. |
About DouYu International Holdings Limited
Headquartered in
Use of Non-GAAP Financial Measures
Adjusted operating income (loss) is calculated as operating income (loss) adjusted for share-based compensation expenses. Adjusted net income (loss) is calculated as net income (loss) adjusted for share-based compensation expenses, share of income (loss) in equity method investments, gain on disposal of investment, impairment loss of investments, and impairment loss of goodwill and intangible assets. 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 December 31 |
||
|
2022 |
|
2023 |
|
2023 |
ASSETS |
RMB |
|
RMB |
|
US$ (1) |
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
4,041,603 |
|
4,440,131 |
|
625,379 |
Restricted cash |
6,057 |
|
- |
|
- |
Short-term bank deposits |
2,511,150 |
|
1,716,540 |
|
241,770 |
Accounts receivable, net |
109,180 |
|
73,453 |
|
10,346 |
Prepayments |
26,064 |
|
38,181 |
|
5,378 |
Amounts due from related parties |
46,126 |
|
68,994 |
|
9,718 |
Other current assets |
337,004 |
|
348,129 |
|
49,031 |
Total current assets |
7,077,184 |
|
6,685,428 |
|
941,622 |
|
|
|
|
|
|
Property and equipment, net |
16,988 |
|
13,808 |
|
1,945 |
Intangible assets, net |
106,723 |
|
120,694 |
|
16,999 |
Long-term bank deposits |
250,000 |
|
630,000 |
|
88,734 |
Investments |
531,911 |
|
436,197 |
|
61,437 |
|
13,804 |
|
- |
|
- |
Right-of-use assets, net |
49,911 |
|
22,792 |
|
3,210 |
Other non-current assets |
98,845 |
|
163,184 |
|
22,984 |
Total non-current assets |
1,068,182 |
|
1,386,675 |
|
195,309 |
TOTAL ASSETS |
8,145,366 |
|
8,072,103 |
|
1,136,931 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
666,985 |
|
534,428 |
|
75,273 |
Advances from customers |
6,459 |
|
12,911 |
|
1,818 |
Deferred revenue |
288,152 |
|
315,969 |
|
44,503 |
Accrued expenses and other current liabilities |
302,801 |
|
246,601 |
|
34,733 |
Amounts due to related parties |
266,788 |
|
251,392 |
|
35,408 |
Lease liabilities due within one year |
27,479 |
|
14,768 |
|
2,080 |
Total current liabilities |
1,558,664 |
|
1,376,069 |
|
193,815 |
|
|
|
|
|
|
Lease liabilities |
19,572 |
|
6,701 |
|
944 |
Deferred revenue |
6,570 |
|
- |
|
- |
Total non-current liabilities |
26,142 |
|
6,701 |
|
944 |
TOTAL LIABILITIES |
1,584,806 |
|
1,382,770 |
|
194,759 |
(1)
Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) |
|||||
(All amounts in thousands, except share, ADS, per share and per ADS data) |
|||||
|
|||||
|
As of |
|
As of |
||
|
2022 |
|
2023 |
|
2023 |
|
RMB |
|
RMB |
|
US$ (1) |
SHAREHOLDERS' EQUITY |
|
|
|
|
|
Ordinary shares |
23 |
|
23 |
|
3 |
|
(911,217) |
|
(911,217) |
|
(128,342) |
Additional paid-in capital |
10,670,287 |
|
10,670,287 |
|
1,502,878 |
Accumulated deficit |
(3,520,525) |
|
(3,485,007) |
|
(490,853) |
Accumulated other comprehensive income |
321,991 |
|
415,247 |
|
58,486 |
Total DouYu Shareholders' Equity |
6,560,559 |
|
6,689,333 |
|
942,172 |
Noncontrolling interests |
1 |
|
- |
|
- |
Total Shareholders' Equity |
6,560,560 |
|
6,689,333 |
|
942,172 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
8,145,366 |
|
8,072,103 |
|
1,136,931 |
|
(1)
Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) |
||||||||||||||
(All amounts in thousands, except share, ADS, per share and per ADS data) |
||||||||||||||
|
||||||||||||||
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
2022 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2023 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ (1) |
|
RMB |
|
RMB |
|
US$ (1) |
|
Net revenues |
1,681,054 |
|
1,359,189 |
|
1,295,962 |
|
182,532 |
|
7,108,238 |
|
5,530,405 |
|
778,941 |
|
Cost of revenues |
(1,494,998) |
|
(1,166,771) |
|
(1,169,712) |
|
(164,750) |
|
(6,118,128) |
|
(4,846,371) |
|
(682,597) |
|
Gross profit |
186,056 |
|
192,418 |
|
126,250 |
|
17,782 |
|
990,110 |
|
684,034 |
|
96,344 |
|
Operating (expenses) income(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
(123,912) |
|
(89,996) |
|
(83,998) |
|
(11,831) |
|
(639,871) |
|
(351,727) |
|
(49,540) |
|
General and administrative expenses |
(55,175) |
|
(50,994) |
|
(80,031) |
|
(11,272) |
|
(288,242) |
|
(237,756) |
|
(33,487) |
|
Research and development expenses |
(80,566) |
|
(74,510) |
|
(59,072) |
|
(8,320) |
|
(383,091) |
|
(276,936) |
|
(39,006) |
|
Other operating income, net |
17,580 |
|
14,272 |
|
(9,618) |
|
(1,355) |
|
122,214 |
|
32,315 |
|
4,551 |
|
Impairment of goodwill |
- |
|
- |
|
(13,967) |
|
(1,967) |
|
- |
|
(13,967) |
|
(1,967) |
|
Total operating expenses |
(242,073) |
|
(201,228) |
|
(246,686) |
|
(34,745) |
|
(1,188,990) |
|
(848,071) |
|
(119,449) |
|
Loss from operations |
(56,017) |
|
(8,810) |
|
(120,436) |
|
(16,963) |
|
(198,880) |
|
(164,037) |
|
(23,105) |
|
Other expenses, net |
(17,692) |
|
1,401 |
|
(21,844) |
|
(3,077) |
|
(80,301) |
|
(52,874) |
|
(7,447) |
|
Interest income, net |
55,256 |
|
80,747 |
|
82,556 |
|
11,628 |
|
129,858 |
|
284,982 |
|
40,139 |
|
Foreign exchange (loss) income |
- |
|
4 |
|
(122) |
|
(17) |
|
- |
|
126 |
|
18 |
|
(Loss) income before income taxes and share of (loss) income in equity method investments
|
(18,453) |
|
73,342 |
|
(59,846) |
|
(8,429) |
|
(149,323) |
|
68,197 |
|
9,605 |
|
Income tax expense |
(3,487) |
|
- |
|
(1,069) |
|
(151) |
|
(3,487) |
|
(1,069) |
|
(151) |
|
Share of (loss) income in equity method investments |
63,781 |
|
3,035 |
|
(1,310) |
|
(185) |
|
62,395 |
|
(31,610) |
|
(4,452) |
|
Net (loss) income |
41,841 |
|
76,377 |
|
(62,225) |
|
(8,765) |
|
(90,415) |
|
35,518 |
|
5,002 |
|
Less: Net income(loss) attributable to noncontrolling interest |
(3,479) |
|
- |
|
- |
|
- |
|
(14,992) |
|
- |
|
- |
|
Net (loss)income attributable to ordinary shareholders of the Company
|
45,320 |
|
76,377 |
|
(62,225) |
|
(8,765) |
|
(75,423) |
|
35,518 |
|
5,002 |
|
Net (loss) income per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
1.42 |
|
2.39 |
|
(1.95) |
|
(0.27) |
|
(2.36) |
|
1.11 |
|
0.16 |
|
Diluted |
1.42 |
|
2.39 |
|
(1.95) |
|
(0.27) |
|
(2.36) |
|
1.11 |
|
0.16 |
|
Net (loss) income per ADS(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.14 |
|
0.24 |
|
(0.19) |
|
(0.03) |
|
(0.24) |
|
0.11 |
|
0.02 |
|
Diluted |
0.14 |
|
0.24 |
|
(0.19) |
|
(0.03) |
|
(0.24) |
|
0.11 |
|
0.02 |
|
Weighted average number of ordinary shares used in calculating net (loss) income per ordinary share |
||||||||||||||
Basic |
32,023,641 |
|
31,977,665 |
|
31,977,665 |
|
31,977,665 |
|
31,971,245 |
|
31,977,665 |
|
31,977,665 |
|
Diluted |
32,023,641 |
|
31,977,665 |
|
31,977,665 |
|
31,977,665 |
|
31,971,245 |
|
31,977,665 |
|
31,977,665 |
|
Weighted average number of ADS used in calculating net (loss) income per ADS(3) |
||||||||||||||
Basic |
320,236,412 |
|
319,776,650 |
|
319,776,650 |
|
319,776,650 |
|
319,712,449 |
|
319,776,650 |
|
319,776,650 |
|
Diluted |
320,236,412 |
|
319,776,650 |
|
319,776,650 |
|
319,776,650 |
|
319,712,449 |
|
319,776,650 |
|
319,776,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of |
(2) Share-based compensation expenses were allocated in cost of revenues and operating expenses as follows: |
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
2022 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2023 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ (1) |
|
RMB |
|
RMB |
|
US$ (1) |
|
Research and development expenses |
- |
|
- |
|
- |
|
- |
|
11,476 |
|
- |
|
- |
|
Sales and marketing expenses |
- |
|
- |
|
- |
|
- |
|
2,560 |
|
- |
|
- |
|
General and administrative expenses |
- |
|
- |
|
- |
|
- |
|
52,705 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Every ten ADSs represent one ordinary share for the relevant period and calendar year. |
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS |
|||||||||||||
(All amounts in thousands, except share, ADS, per share and per ADS data) |
|||||||||||||
|
|||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||
|
2022 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2023 |
|
RMB |
|
RMB |
|
RMB |
|
US$ (1) |
|
RMB |
|
RMB |
|
US$ (1) |
Loss from operations |
(56,017) |
|
(8,810) |
|
(120,436) |
|
(16,963) |
|
(198,880) |
|
(164,037) |
|
(23,105) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expenses |
- |
|
- |
|
- |
|
- |
|
66,741 |
|
- |
|
- |
Impairment of goodwill and intangible assets |
- |
|
- |
|
34,035 |
|
4,794 |
|
- |
|
34,035 |
|
4,794 |
Adjusted O p erating loss |
(56,017) |
|
(8,810) |
|
(86,401) |
|
(12,169) |
|
(132,139) |
|
(130,002) |
|
(18,311) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
41,841 |
|
76,377 |
|
(62,225) |
|
(8,765) |
|
(90,415) |
|
35,518 |
|
5,002 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expenses |
- |
|
- |
|
- |
|
- |
|
66,741 |
|
- |
|
- |
Share of loss (income) in equity method investments |
(63,781) |
|
(3,035) |
|
1,310 |
|
185 |
|
(62,395) |
|
31,610 |
|
4,452 |
Impairment losses of investments |
17,592 |
|
3,731 |
|
21,844 |
|
3,077 |
|
78,461 |
|
58,006 |
|
8,170 |
Gain on disposal of investment |
- |
|
(5,132) |
|
- |
|
- |
|
- |
|
(5,132) |
|
(723) |
Impairment losses of goodwill and intangible assets |
- |
|
- |
|
34,035 |
|
4,794 |
|
- |
|
34,035 |
|
4,794 |
Adjusted net (loss) income |
(4,348) |
|
71,941 |
|
(5,036) |
|
(709) |
|
(7,608) |
|
154,037 |
|
21,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to |
45,320 |
|
76,377 |
|
(62,225) |
|
(8,765) |
|
(75,423) |
|
35,518 |
|
5,002 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expenses |
- |
|
- |
|
- |
|
- |
|
66,741 |
|
- |
|
- |
Share of loss (income) in equity method investments |
(63,781) |
|
(3,035) |
|
1,310 |
|
185 |
|
(62,395) |
|
31,610 |
|
4,452 |
Impairment losses of investments |
17,592 |
|
3,731 |
|
21,844 |
|
3,077 |
|
78,461 |
|
58,006 |
|
8,170 |
Gain on disposal of investment |
- |
|
(5,132) |
|
- |
|
- |
|
- |
|
(5,132) |
|
(723) |
Impairment losses of goodwill and intangible assets |
- |
|
- |
|
34,035 |
|
4,794 |
|
- |
|
34,035 |
|
4,794 |
Adjusted net (loss) income attributable to |
(869) |
|
71,941 |
|
(5,036) |
|
(709) |
|
7,384 |
|
154,037 |
|
21,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted n et (loss) income per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
(0.03) |
|
2.25 |
|
(0.16) |
|
(0.02) |
|
0.23 |
|
4.82 |
|
0.68 |
Diluted |
(0.03) |
|
2.25 |
|
(0.16) |
|
(0.02) |
|
0.23 |
|
4.82 |
|
0.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net (loss) income per ADS(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
(0.00) |
|
0.22 |
|
(0.02) |
|
(0.00) |
|
0.02 |
|
0.48 |
|
0.07 |
Diluted |
(0.00) |
|
0.22 |
|
(0.02) |
|
(0.00) |
|
0.02 |
|
0.48 |
|
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares used in calculating Adjusted net (loss) income per ordinary share |
|||||||||||||
Basic |
32,023,641 |
|
31,977,665 |
|
31,977,665 |
|
31,977,665 |
|
31,971,245 |
|
31,977,665 |
|
31,977,665 |
Diluted |
32,023,641 |
|
31,977,665 |
|
31,977,665 |
|
31,977,665 |
|
31,971,245 |
|
31,977,665 |
|
31,977,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ADS used in calculating net (loss) income per ADS(2) |
|||||||||||||
Basic |
320,236,412 |
|
319,776,650 |
|
319,776,650 |
|
319,776,650 |
|
319,712,449 |
|
319,776,650 |
|
319,776,650 |
Diluted |
320,236,412 |
|
319,776,650 |
|
319,776,650 |
|
319,776,650 |
|
319,712,449 |
|
319,776,650 |
|
319,776,650 |
(1)
Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of |
(2) Every ten ADSs represent one ordinary share for the relevant period and calendar year. |
View original content:https://www.prnewswire.com/news-releases/douyu-international-holdings-limited-reports-fourth-quarter-and-full-year-2023-unaudited-financial-results-302099163.html
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