JOYY Inc. (YY) Q4 2022 Earnings Call Transcript

JOYY Inc. (NASDAQ:YY) Q4 2022 Earnings Conference Call March 15, 2023 9:00 PM ET

Company Participants

Jane Xie - Senior Manager, Investor Relations

David Xueling Li - Chairman & Chief Executive Officer

Alex Liu - General Manager of Finance

Conference Call Participants

Thomas Chong - Jefferies

Thomas Shen - Nomura

Jasmine Wang - Credit Suisse

Yiwen Zhang - China Renaissance

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the JOYY Inc. Fourth Quarter and Full Year 2022 Earnings Call. At this time, all participants are in a listen-only mode. After management’s prepared remarks, there will be a question-and-answer session.

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 fourth quarter 2022 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 General Manager 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 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 20F and other documents filed with the SEC. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in US 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 fourth quarter 2022 earnings call. Let me start with an overview of our fourth quarter and -- results. In the fourth quarter, we recorded a $604.9 million in revenues include $476.5 million of revenue from BIGO and generated $50 million in non-GAAP net profit, include $57.7 million in non-GAAP net profit from BIGO.

For the full year of 2022, we achieved $2.4 billion in revenues at the group level -- million of which come from BIGO. We further improved our non-GAAP profitability at the group level as we earn a non-GAAP net profit of $199.3 million with a non-GAAP net margin of 8.3%. The BIGO segment recorded $288 million in non-GAAP net profit with a non-GAAP net margin of 14.4%.