JOYY Inc. (YY) Q1 2023 Earnings Call Transcript

JOYY Inc. (NASDAQ:YY) Q1 2023 Earnings Conference Call May 30, 2023 9:00 PM ET

Company Participants

Jane Xie - Senior Manager, Investor Relations

David Xueling Li - Chairman and Chief Executive Officer

Ting Li - Chief Operating Officer

Alex Liu - Vice President, Finance

Conference Call Participants

Thomas Chong - Jefferies

Yiwen Zhang - China Renaissance

Jasmine Wang - Credit Suisse

Operator

Ladies and gentlemen, thank you for standing by and welcome to JOYY Inc.’s First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] I’d now like to hand the conference over to your host today, Jane Xie, the company’s Senior Manager of Investor Relations. Please go ahead, Jane.

Jane Xie

Thank you, operator. Hello, everyone. Welcome to JOYY’s first quarter 2023 earnings conference call. Joining us today are Mr. David Xueling Li, Chairman and CEO of JOYY; Ms. Ting Li, our COO; and Mr. Alex Liu, the Vice President of Finance.

For today’s call, management will first provide a review of the quarter and then we will conduct a Q&A session. The financial results and webcast of this conference call are available at ir.joyy.com. A replay of this call will also be available on our website in a few hours.

Before we continue, I would like to remind you that we may make forward-looking statements, which are inherently subject to risks and uncertainties that may cause actual results to differ from our current expectations. For detailed discussions of the risks and uncertainties, please refer to our latest annual report on Form 20-F and other documents filed with the SEC. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in U.S. dollar.

I will now turn the call over to our Chairman and CEO, Mr. David Xueling Li. Please go ahead, sir.

David Xueling Li

Hello, everyone. Welcome to our first quarter 2023 earnings call. We kicked off 2023 with a strong quarter despite ongoing macro uncertainties. Let me first touch briefly upon some of our most notable achievements, which I will discuss in more detail shortly.

First, during the quarter, we recorded $583.6 million in revenues, including $467.9 million of revenue from BIGO, exceeding the high-end of our guidance. Notably, we maintained our profit growth momentum. Our group’s non-GAAP net profit reached $49.9 million, representing a year-over-year increase of 138.7%, with a non-GAAP net margin of 8.5%. The BIGO segment recorded a non-GAAP net profit of $56.8 million, with a non-GAAP net margin of 12.1%. We also maintained a healthy positive operating cash flow of $67.5 million during the quarter, further enhancing our robust financial position.