JOYY Inc. (YY) Q3 2022 Earnings Call Transcript

JOYY Inc. (NASDAQ:YY) Q3 2022 Results Conference Call November 28, 2022 9:00 PM ET

Company Participants

Jane Xie - Senior Manager of Investor Relations

David Xueling Li - Chairman & Chief Executive Officer

Alex Liu - General Manager of Finance

Ting Li - Chief Operating Officer

Conference Call Participants

Thomas Chong - Jefferies

Alex Poon - Morgan Stanley

Jasmine Wang - Credit Suisse

Yiwen Zhang - China Renaissance

Brian Gong - Citi

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the JOYY Incorporated Third Quarter 2022 Earnings Call. [Operator Instructions]

I would 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 third 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 USD.

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 third quarter 2022 earnings call. Let me start with an overview of our quarterly results. Despite global macroeconomic uncertainties, we recorded $586.7 million in revenues, including $483.3 million of revenues from BIGO, in line with our previous guidance. Our decisive and proactive optimization measures to improve our operational efficiency have been proven effective. During the third quarter, we generated a non-GAAP net profit of $76.9 million at the Group level, with a non-GAAP net margin of 13.1% when excluding YY Live. The BIGO segment recorded $84.1 million in non-GAAP net profit, with a non-GAAP net margin of 17.4%. More importantly, our operating cash inflow remained strong, reaching $117.1 million for the quarter.