JUMP REPORT

GUANGZHOU, China, March 26, 2021 (GLOBE NEWSWIRE) — JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”, formerly known as YY Inc.), a global video-based social media platform, today announced its unaudited financial results for the fourth quarter and full year of 2020.Fourth Quarter 2020 Financial Highlights1Net revenues increased by 77.5% to RMB3,783.5 million (US$579.9 million) from RMB2,131.9 million in the corresponding period of 2019.Net loss from continuing operations attributable to controlling interest of JOYY2 was RMB791.9 million (US$121.4 million), compared to RMB816.6 million in the corresponding period of 2019, primarily due to the decrease in the operation loss of Bigo Inc (“BIGO”).Non-GAAP net loss from continuing operations attributable to controlling interest and common shareholders of JOYY3 decreased by 67.2% to RMB149.4 million (US$22.9 million) from RMB455.7 million in the corresponding period of 2019, primarily due to the decrease in the operation loss of BIGO.Full Year 2020 Highlights Net revenues increased by 112.1% to RMB13,230.9 million (US$2,027.7 million) from RMB6,239.3 million in 2019.Net loss from continuing operations attributable to controlling interest of JOYY was RMB105.1 million (US$16.1 million), compared to RMB516.7 million in 2019.Non-GAAP net loss from continuing operations attributable to controlling interest and common shareholders of JOYY was RMB1,142.3 million (US$175.1 million), compared to RMB1,963.2 million in 2019.Fourth Quarter 2020 Operational HighlightsGlobal average mobile MAUs4 decreased by 7.1% to 393.7 million from 423.6 million in the corresponding period of 2019, primarily due to the impact of the Indian government’s measures to block Chinese-owned apps in its local market, which included Bigo Live, Likee and Hago, partially offset by increases in MAUs outside India.Average mobile MAUs of Likee increased by 4.2% to 120.1 million from 115.3 million in the corresponding period of 2019.Average mobile MAUs of Bigo Live increased by 24.5% to 28.7 million from 23.1 million in the corresponding period of 2019.Average mobile MAUs of Hago decreased by 49.9% to 16.5 million from 33.0 million in the corresponding period of 2019 primarily due to the impact of the Indian government’s measures to block Chinese-owned apps in its local market.Total number of paying users of YY Live decreased by 1.1% to 4.25 million from 4.30 million in the corresponding period of 2019, mainly due to the impacts of COVID-19 adversely affecting the sentiment of some users on the live streaming platforms of YY Live.Mr. David Xueling Li, Chairman and Chief Executive Officer of JOYY, commented, “In the fourth quarter, we remained focused on executing our dual-engine growth strategy. Through a combination of globalized market reach and localized operations management, we continued to expand our international footprint and enhance our monetization capabilities. As a result, several of our platforms achieved solid revenue growth in the quarter, with revenues from Bigo Live increased by 100.4%, Likee by 407.5%, and Hago by 69.4% year over year. In terms of geographic coverage, we achieved promising results in both developed markets and the Middle East. For the whole year of 2020, our overseas business segment, BIGO, generated larger revenue than YY Live. Such progress illustrates not only our ability to capture the overseas market potential, but also our solid execution of growth strategies over the past several years. Through optimization of our products’ social features and improvement of content production tools, we continued to improve user experience and user engagement levels in the quarter. In 2021, we will continue to focus on the development of our platform’s content and social community via localized operations, further reducing content production barriers, and empowering content creators in all aspects of their activities. Such efforts will contribute to the abundant flow of high-quality content, which ultimately ensures the long-term sustainable growth of our social entertainment ecosystem.”Mr. Bing Jin, Chief Financial Officer of JOYY, further commented, “During the fourth quarter of 2020, we grew our total revenues by 77.5% year over year to RMB3,783.5 million (US$579.9 million), with revenues from Bigo grew by 87.9% year over year to RMB3,389.8 million (US$519.5 million), mostly driven by an uptick in its live streaming revenues. Due to its improved product monetization capabilities, BIGO has achieved a positive non-GAAP operating margin for the second consecutive quarter. Going forward, we will continue to invest in our business development initiatives to further expand our global market reach, cultivate our highly engaged user community, and grow our high-quality content offerings. We will also actively explore flexible ways to return value to our shareholders and maximize shareholder value.”Fourth Quarter 2020 Financial ResultsNET REVENUES Net revenues increased by 77.5% to RMB3,783.5 million (US$579.9 million) in the fourth quarter of 2020 from RMB2,131.9 million in the corresponding period of 2019, primarily driven by the growth of live streaming revenues from BIGO.Live streaming revenues increased by 93.3% to RMB3,593.9 million (US$550.8 million) in the fourth quarter of 2020 from RMB1,859.1 million in the corresponding period of 2019, primarily attributable to continued user base growth and enhanced monetization capabilities of BIGO.Other revenues decreased by 30.5% to RMB189.6 million (US$29.1 million) in the fourth quarter of 2020 from RMB272.8 million in the corresponding period of 2019, primarily due to the decrease in other revenues in all other segment.COST OF REVENUES AND GROSS PROFIT Cost of revenues increased by 76.6% to RMB2,674.7 million (US$409.9 million) in the fourth quarter of 2020 from RMB1,514.5 million in the corresponding period of 2019. Revenue-sharing fees and content costs increased to RMB1,693.1 million (US$259.5 million) in the fourth quarter of 2020 from RMB708.6 million in the corresponding period of 2019 as a result of the increase in live streaming revenues of the Company. Bandwidth costs decreased to RMB179.5 million (US$27.5 million) in the fourth quarter of 2020 from RMB221.8 million in the corresponding period of 2019, primarily related to the Company’s improved efficiency and the termination of bandwidth usage for users in India after its measures to block certain Chinese mobile apps in late June 2020, partially offset by the continued user base expansion outside India.Gross profit increased by 79.6% to RMB1,108.9 million (US$169.9 million) in the fourth quarter of 2020 from RMB617.4 million in the corresponding period of 2019. Gross margin improved to 29.3% in the fourth quarter of 2020 from 29.0% in the corresponding period of 2019.OPERATING INCOME Operating expenses were RMB1,675.2 million (US$256.7 million) in the fourth quarter of 2020, compared to RMB1,576.2 million in the corresponding period of 2019. Among the operating expenses, sales and marketing expenses increased to RMB973.8 million (US$149.2 million) in the fourth quarter of 2020 from RMB782.0 million in the corresponding period of 2019, primarily due to the Company’s increased efforts in sales and marketing activities in overseas markets. General and administrative expenses were RMB236.3 million (US$36.2 million) in the fourth quarter of 2020, compared to RMB319.8 million in the corresponding period of 2019. The decrease in general and administrative expenses was mainly attributable to a decrease in provision for loss allowances of receivables.Operating loss was RMB557.6 million (US$85.5 million) in the fourth quarter of 2020, compared to RMB863.3 million in the corresponding period of 2019. Operating loss margin was 14.7% in the fourth quarter of 2020, compared to 40.5% in the corresponding period of 2019, primarily due to the decrease in operation loss of BIGO.Non-GAAP operating loss5 decreased by 60.7% to RMB220.7 million (US$33.8 million) in the fourth quarter of 2020 from RMB561.5 million in the corresponding period of 2019. Non-GAAP operating loss margin6 was 5.8% in the fourth quarter of 2020, compared to 26.3% in the corresponding period of 2019.NET INCOME Net loss from continuing operations attributable to controlling interest of JOYY was RMB791.9 million (US$121.4 million) in the fourth quarter of 2020, compared to RMB816.6 million in the corresponding period of 2019. Net loss margin was 20.9% in the fourth quarter of 2020, compared to 38.3% in the corresponding period of 2019, primarily due to the decrease in operation loss of BIGO.Non-GAAP net loss from continuing operations attributable to controlling interest and common shareholders of JOYY was RMB149.4 million (US$22.9 million) in the fourth quarter of 2020, compared to RMB455.7 million in the corresponding period of 2019. Non-GAAP net loss margin7 was 3.9% in the fourth quarter of 2020, compared to 21.4% in the corresponding period of 2019.NET INCOME PER ADS Diluted net loss from continuing operations per ADS8 was RMB10.07 (US$1.54) in the fourth quarter of 2020, compared to RMB10.43 in the corresponding period of 2019.Non-GAAP diluted net loss from continuing operations per ADS9 was RMB1.86 (US$0.29) in the fourth quarter of 2020, compared to RMB5.70 in the corresponding period of 2019.BALANCE SHEET AND CASH As of December 31, 2020, the Company had cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits and short-term investments of RMB23,503.6 million (US$3,602.1 million).SHARES OUTSTANDING As of December 31, 2020, the Company had a total of 1,598.9 million common shares, or the equivalent of 79.9 million ADSs, outstanding.Full Year 2020 Financial ResultsNet revenues for the full year of 2020 increased by 112.1% to RMB13,230.9 million (US$2,027.7 million) from RMB6,239.3 million in 2019, primarily driven by a 135.0% year-over-year increase in live streaming revenues.Net loss from continuing operations attributable to controlling interest of JOYY for the full year of 2020 decreased by 79.7% to RMB105.1 million (US$16.1 million) from RMB516.7 million in 2019. Net loss margin for the full year of 2020 was 0.8%, compared with 8.3% in 2019.Non-GAAP net loss from continuing operations attributable to controlling interest and common shareholders of JOYY for the full year of 2020 was RMB1,142.3 (US$175.1 million), compared to RMB1,963.2 million in 2019. Non-GAAP net loss margin for the full year of 2020 was 8.6%, compared to 31.5% in 2019.Diluted net loss from continuing operations per ADS for the full year of 2020 decreased by 71.6% to RMB2.14 (US$0.33) from RMB7.54 in 2019. Non-GAAP diluted net loss from continuing operations per ADS was RMB14.28 (US$2.19) in 2020, compared to RMB25.42 in the corresponding period of 2019.Business Outlook For the first quarter of 2021, the Company expects net revenues to be between USD$590 million and USD$605 million, representing a year-over-year growth of 72.5% to 76.9%. This guidance excludes the revenue contribution from Huya and YY Live in the same period of last year. This forecast considers the potential impact of the COVID-19 pandemic and reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to changes, particularly as to the potential impact of the COVID-19 on the global economy and users’ paying capabilities.Quarterly Dividend On August 11, 2020, the Company’s board of directors approved a quarterly dividend policy for the next three years commencing in the third quarter of 2020. Aggregating such quarterly cash dividend under another adopted quarterly dividend policy with the quarterly cash dividend announced on November 16, 2020, the board of directors has accordingly declared a dividend of US$0.51 per ADS, or US$0.0255 per common share, for the fourth quarter of 2020, which is expected to be paid on April 30, 2021 to shareholders of record as of the close of business on April 19, 2021. The ex-dividend date will be April 20, 2021. Under the policy, the board of directors of the Company reserves the discretion relating to the determination to make dividend distributions and the amount of such distributions in any particular quarter, depending on the Company’s operations and earnings, cash flow, financial condition and other relevant factors.Recent Developments Changes in Management CompositionMr. Bing Jin is pursuing a new job opportunity and will leave his position as the Company’s Chief Financial Officer at the end of April 2021. Mr. Jin has served as the Company’s Chief Financial Officer since 2017 and in that role made significant contributions to the Company’s business, finance, and corporate governance. The Company greatly appreciates Mr. Jin’s many contributions and wishes him well. Although leaving the Chief Financial Officer position, Mr. Jin has agreed to continue on as an advisor to JOYY to assist with transition through April 2022. The Company has commenced a search process for a new Chief Financial Officer in which Mr. Jin will actively participate.Independent Review ConclusionAs noted in the Company’s February 8, 2021 Form 6-K, the Company’s audit committee previously commenced an independent review of allegations raised in a November 18, 2020 short seller report targeting JOYY. With the assistance of independent counsel, working with a team of experienced forensic auditors and data analytics experts, the audit committee previously concluded that the allegations raised and conclusions reached in the report about the YY Live business were not substantiated. The audit committee has now also concluded its work as to the handful of claims in the report unrelated to the YY Live business (concerning BIGO) and likewise found the short seller allegations unsubstantiated. The audit committee’s review has thus concluded, with no adverse findings.Share Repurchase ProgramOn May 2020, the Company announced that its board of directors has authorized to extend its existing share repurchase program, as previously approved by the board of directors in August 2019, for another 12-month period upon its original expiry date under which the Company may repurchase up to US$300 million of its shares between August 2019 and August 2021. As of December 31, 2020, the Company had repurchased approximately US$139.5 million of its shares.Conference Call Information The Company will hold a conference call on 9:00 PM U.S. Eastern Time on Thursday, March 25, 2021 (09:00 AM Beijing/Hong Kong Time on Friday, March 26, 2021). Details for the conference call are as follows:Event Title:JOYY Inc. Fourth Quarter and Full Year 2020 Earnings Conference CallConference ID:#4784747All participants must use the link provided below to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique registrant ID by email.PRE-REGISTER LINK: http://apac.directeventreg.com/registration/event/4784747A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.joyy.sg/.The replay will be accessible through April 2, 2021 by dialing the following numbers:United States:+1-646-254-3697International:+61-2-8199-0299Conference ID:#4784747Exchange Rate This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB6.525 to US$1.00, the noon buying rate in effect on December 31, 2020 in the City of New York for cable transfers in Renminbi per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York.About JOYY Inc. JOYY is a leading global social media platform that enables users to interact with each other in real time through online live media. On a mission to connect people and enrich their lives through video, JOYY currently operates several social platforms, including Bigo live for live streaming, Likee for short-form videos, Hago for casual games, and instant messaging platform and others. The Company has created highly engaging and vibrant user communities for users across the globe. JOYY was listed on the NASDAQ in November 2012.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 business outlook and quotations from management in this announcement, as well as JOYY’s strategic and operational plans, contain forward-looking statements. JOYY 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 fourth parties. Statements that are not historical facts, including statements about JOYY’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: JOYY’s goals and strategies; JOYY’s future business development, results of operations and financial condition; the expected growth of the online communication social platform market in China; the expectation regarding the rate at which to gain active users, especially paying users; JOYY’s ability to monetize the user base; fluctuations in general economic and business conditions in China; the impact of the COVID-19 to JOYY’s business operations and the economy in China and elsewhere generally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in JOYY’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 JOYY does not undertake any obligation to update any forward-looking statement, except as required under applicable law.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”). JOYY uses non-GAAP operating income, non-GAAP operating margin, non-GAAP net income from continuing operations attributable to controlling interest of JOYY, non-GAAP net margin attributable to controlling interest of JOYY, non-GAAP net income from continuing operations attributable to common shareholders of JOYY, and basic and diluted non-GAAP net income per ADS, which are non-GAAP financial measures. Non-GAAP operating income is operating income excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, and gain on disposal of subsidiaries and business. Non-GAAP operating margin is non-GAAP operating income as a percentage of net revenues. Non-GAAP net income from continuing operations is net income from continuing operations excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain on disposal of subsidiaries and business, (loss) gain on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, fair value change on derivatives, interest expenses related to the convertible bonds’ amortization to face value, and income tax effects of above non-GAAP reconciling items. Non-GAAP net income from continuing operations attributable to controlling interest of JOYY is net income from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, (loss) gain on disposal and deemed disposal of subsidiaries and business, gain on disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, fair value change on derivatives, interest expenses related to the convertible bonds’ amortization to face value, income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income from continuing operations attributable to non-controlling interest shareholders. Non-GAAP net margin is non-GAAP net income from continuing operations attributable to controlling interest of JOYY as a percentage of net revenues. Non-GAAP net income from continuing operations attributable to common shareholders of JOYY is net income from continuing operations attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, (loss) gain on disposal and deemed disposal of subsidiaries and business, gain on disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, fair value change on derivatives, interest expenses related to the convertible bonds’ amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income from continuing operations attributable to non-controlling interest shareholders. After the non-GAAP reconciliation, non-GAAP net income from continuing operations attributable to controlling interests of JOYY is equal to the non-GAAP net income from continuing operations attributable to common shareholders of JOYY. Basic and diluted non-GAAP net income from continuing operations per ADS is non-GAAP net income from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of above reconciling items adds 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 measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses and amortization of intangible assets from business acquisitions, fair value change on derivatives, interest expenses related to the convertible bonds’ amortization to face value, which have been and will continue to be significant recurring expenses in its business, (ii) impairment of goodwill and investments, gain on disposal of subsidiaries and business, (loss) gain on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, and accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders, which may not be recurring in its business, and (iii) income tax expenses and non-GAAP adjustments for net (loss) income from continuing operations attributable to non-controlling interest shareholders, which are affected by above non-GAAP reconciling items. 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 non-GAAP financial measure in isolation from or as an alternative to the financial measure 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 “JOYY Inc. Reconciliation of GAAP and Non-GAAP Results” near the end of this release.Investor Relations Contact JOYY Inc. Jane Xie/Maggie Yan Tel: +86 (20) 8212-0000 Email: IR@joyy.sgICR, Inc. Jack Wang Tel: +1 (646) 915-1611 Email: IR@joyy.sg1 Starting from the second quarter of 2020, the Company deconsolidated HUYA Inc. (NYSE: HUYA) (“Huya”) and Huya’s historical financial results were reflected in the Company’s consolidated financial statements as discontinued operations accordingly. The financial information and non-GAAP financial information of the Company disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated. After the deconsolidation of Huya, the Company accounted for its investment in Huya as an equity method investment and applied the equity method accounting one quarter in arrears. Share of income or loss from the investment in Huya was included in net income or loss from continuing operations.On November 16, 2020, the Company entered into definitive agreements with Baidu, Inc. (Nasdaq: BIDU) (“Baidu”). Pursuant to the agreements, Baidu would acquire JOYY’s domestic video-based entertainment live streaming business (“YY Live”), which includes YY mobile app, YY.com website and PC YY, among others, for an aggregate purchase price of approximately US$3.6 billion in cash, subject to certain adjustments. Subsequently, the sale was substantially completed on February 8, 2021, with certain customary matters remaining to be completed in the near future. As a result, the historical financial results of YY Live are reflected in the Company’s consolidated financial statements as discontinued operations accordingly. The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated.2 Net income from continuing operations attributable to controlling interest of JOYY, is net income from continuing operations less net (loss) income from continuing operations attributable to the non-controlling interest shareholders and the mezzanine equity classified as non-controlling interest shareholders. 3 Non-GAAP net income from continuing operations attributable to controlling interest of JOYY is a non-GAAP financial measure, which is defined as net income from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investment, amortization of intangible assets from business acquisitions, gain on disposal of subsidiaries and business, gain on disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments which refer to those similar non-GAAP reconciling items of the Company, fair value change on derivatives, interest expenses related to the convertible bonds amortization to face value, income tax effects on non-GAAP adjustments and non-GAAP adjustments for net (loss) income attributable to non-controlling interest shareholders. These adjustments amounted to RMB642.5 million (US$98.5 million) and RMB360.9 million in the fourth quarter of 2020 and 2019, respectively. Please refer to the section titled “Reconciliation of GAAP and Non-GAAP Results” for more details. 4 Refers to mobile average monthly active users. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile active users for each month of such period, by (ii) the number of months in such period. 5 Non-GAAP operating income is a non-GAAP financial measure, which is defined as operating income excluding share-based compensation expenses, amortization of intangible assets from business acquisitions, impairment of goodwill and investments and gain on disposal of subsidiaries and business. Please refer to the section titled “Reconciliation of GAAP and Non-GAAP Results” for details. 6 Non-GAAP operating margin is a non-GAAP financial measure, which is defined as non-GAAP operating income as a percentage of net revenues. Please refer to the section titled “Reconciliation of GAAP and Non-GAAP Results” for details. 7 Non-GAAP net margin is non-GAAP net income from continuing operations attributable to controlling interest of JOYY as a percentage of net revenues. 8 ADS is American Depositary Share. Each ADS represents twenty Class A common shares of the Company. Diluted net income per ADS is net income attributable to common shareholders of JOYY divided by weighted average number of diluted ADS. 9 Non-GAAP diluted net income from continuing operations per ADS is a non-GAAP financial measure, which is defined as non-GAAP net income from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of diluted net income per ADS. Please refer to the section titled “Reconciliation of GAAP and Non-GAAP Results” for details.JOYY INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share, ADS and per ADS data) December 31, 2019 December 31, 2020 December 31, 2020 RMB RMB US$Assets Current assets Cash and cash equivalents 2,710,623 11,371,264 1,742,722Restricted cash and cash equivalents 3,500 89,604 13,732Short-term deposits 10,027,440 8,645,939 1,325,048Restricted short-term deposits 653,034 205,461 31,488Short-term investments 3,332,331 3,191,338 489,094Accounts receivable, net 668,342 933,057 142,997Amounts due from related parties 1,709 3,986 611Financing receivables, net 105,344 1,122 172Prepayments and other current assets 538,089 671,230 102,871Assets held for sale(1) 10,759,557 342,743 52,528 Total current assets 28,799,969 25,455,744 3,901,263 Non-current assets Deferred tax assets 67,111 – -Investments(2) 1,983,483 8,086,663 1,239,335Property and equipment, net 2,079,084 2,620,797 401,655Land use rights, net 1,736,544 1,688,448 258,766Intangible assets, net 3,082,259 2,245,962 344,209Right-of-use assets, net 172,783 140,802 21,579Goodwill 12,947,192 12,215,156 1,872,055Financing receivables, net 129,380 128,644 19,716Other non-current assets 275,957 70,196 10,758Assets held for sale(1) 935,721 166,382 25,499 Total non-current assets 23,409,514 27,363,050 4,193,572 Total assets 52,209,483 52,818,794 8,094,835 Liabilities, mezzanine equity and shareholders’ equity Current liabilities Accounts payable 120,826 136,733 20,955Deferred revenue 192,754 438,669 67,229Advances from customers 7,908 5,058 775Income taxes payable 422,113 397,334 60,894Accrued liabilities and other current liabilities 2,420,588 3,160,985 484,442Amounts due to related parties 205,921 24,941 3,822Lease liabilities due within one year 83,686 93,513 14,331Short-term loans 557,203 734,371 112,547Liabilities held for sale(1) 3,626,622 1,168,667 179,106 Total current liabilities 7,637,621 6,160,271 944,101 Non-current liabilities Convertible bonds 5,008,571 5,084,362 779,213Lease liabilities 92,669 52,989 8,121Deferred revenue 17,418 20,437 3,132Deferred tax liabilities 264,639 276,802 42,422Other non-current liabilities 11,495 – -Liabilities held for sale(1) 293,233 28,807 4,415 Total non-current liabilities 5,688,025 5,463,397 837,303 Total liabilities 13,325,646 11,623,668 1,781,404JOYY INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (All amounts in thousands, except share, ADS and per ADS data) December 31, 2019 December 31, 2020 December 30, 2020 RMB RMB US$ Mezzanine equity 466,071 473,816 72,615 Shareholders’ equity Class A common shares (US$0.00001 par value; 10,000,000,000 and 10,000,000,000 shares authorized, 1,301,845,404 shares issued and 1,293,162,504 shares outstanding as of December 31, 2019; 1,314,208,824 shares issued and 1,272,346,218 shares outstanding as of December 31, 2020, respectively) 80 78 12 Class B common shares (US$0.00001 par value; 1,000,000,000 and 1,000,000,000 shares authorized, 326,509,555 and 326,509,555 shares issued and outstanding as of December 31, 2019 and December 31, 2020, respectively) 24 24 4 Treasury Shares (US$0.00001 par value; 8,682,900 and 41,862,606 shares held as of December 31, 2019 and December 31, 2020, respectively) (168,072) (938,038) (143,761)Additional paid-in capital 21,921,562 22,853,665 3,502,477 Statutory reserves 149,961 114,871 17,605 Retained earnings 10,272,122 19,510,874 2,990,172 Accumulated other comprehensive income 890,209 (856,032) (131,190) Total JOYY Inc.’s shareholders’ equity 33,065,886 40,685,442 6,235,319 Non-controlling interests 5,351,880 35,868 5,497 Total shareholders’ equity(3) 38,417,766 40,721,310 6,240,816 Total liabilities, mezzanine equity and shareholders’ equity 52,209,483 52,818,794 8,094,835 (1) As a result of the definitive agreements entered into with Baidu on the sale of YY Live, assets and liabilities to be disposed of in connection with this transaction were classified as held for sale as of December 31, 2020.(2) Increase in the amounts of investments was mainly attributable to the Group’s investment in Huya. On April 3rd, 2020, Huya ceased to be a subsidiary of the Company and the Company recognized its investment in Huya as an equity method investment.(3) On January 1, 2020, the Company adopted ASC326, “Financial Instruments-Credit Losses” using modified-retrospective transition approach. Following the adoption of this guidance, a cumulative-effect adjustment to shareholders’ equity, amounting to RMB12.1 million, was recognized as of January 1, 2020.JOYY INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All amounts in thousands, except share, ADS and per ADS data) Three Months Ended Twelve Months Ended December 31, 2019 September 30, 2020 December 31, 2020 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2020 RMB RMB RMB US$ RMB RMB US$ Net revenues Live streaming(1) 1,859,105 3,543,546 3,593,945 550,796 5,330,790 12,524,825 1,919,513 Others 272,753 159,482 189,588 29,056 908,519 706,120 108,218 Total net revenues 2,131,858 3,703,028 3,783,533 579,852 6,239,309 13,230,945 2,027,731 Cost of revenues(2) (1,514,466)(2,625,634)(2,674,674)(409,912)(4,552,658)(9,509,589)(1,457,408) Gross profit 617,392 1,077,394 1,108,859 169,940 1,686,651 3,721,356 570,323 Operating expenses(2) Research and development expenses (474,404)(542,469)(465,133)(71,285)(1,633,668)(2,096,796)(321,348)Sales and marketing expenses (782,034)(933,110)(973,776)(149,238)(2,794,724)(3,484,814)(534,071)General and administrative expenses (319,760)(253,445)(236,270)(36,210)(938,219)(1,016,544)(155,792) Total operating expenses (1,576,198)(1,729,024)(1,675,179)(256,733)(5,366,611)(6,598,154)(1,011,211) Gain on disposal of subsidiaries and business 82,699 – – – 82,699 – – Other income 12,801 31,756 8,724 1,337 39,306 56,111 8,599 Operating loss (863,306)(619,874)(557,596)(85,456)(3,557,955)(2,820,687)(432,289) Interest expenses (124,574)(135,193)(130,651)(20,023)(266,517)(522,015)(80,002)Interest income and investment income 136,451 151,903 186,836 28,634 426,631 614,014 94,102 Foreign currency exchange (losses) gains, net (21,830)(55,002)(55,124)(8,448)8,639 (118,859)(18,216)Gain (loss) on disposal and deemed disposal of investments(3) – 2,040,359 (238,690)(36,581)- 1,897,128 290,748 Gain (loss) on fair value change of investments 26,670 (39,792)125,079 19,169 2,679,312 1,127,714 172,830 Fair value change on derivatives (14,258)(29,664)(25,176)(3,858)(16,011)(42,320)(6,486)Other non-operating expenses – (1,000)- – – (17,257)(2,645) (Loss) income before income tax expenses (860,847)1,311,737 (695,322)(106,563)(725,901)117,718 18,042 Income tax benefit (expenses) 32,845 (20,477)(57,574)(8,824)141,108 (192,337)(29,477) (Loss) income before share of income in equity method investments, net of income taxes (828,002)1,291,260 (752,896)(115,387)(584,793)(74,619)(11,435) Share of income (loss) in equity method investments, net of income taxes 5,978 26,550 (42,674)(6,540)41,315 (51,759)(7,932) Net (loss) income from continuing operations (822,024)1,317,810 (795,570)(121,927)(543,478)(126,378)(19,367) Net income from discontinued operations(4) 1,086,845 980,235 779,076 119,398 4,243,507 9,849,538 1,509,507 Net income (loss) 264,821 2,298,045 (16,494)(2,529)3,700,029 9,723,160 1,490,140 Less: Net income (loss) attributable to the non-controlling interest shareholders and the mezzanine equity classified as non-controlling interest shareholders 92,024 (5,148)(3,682)(565)254,794 48,129 7,376 Net income (loss) attributable to controlling interest of JOYY Inc. 172,797 2,303,193 (12,812)(1,964)3,445,235 9,675,031 1,482,764 Including: Net (loss) income from continuing operations attributable to controlling interest of JOYY Inc. (816,566)1,322,958 (791,888)(121,362)(516,703)(105,112)(16,109)Net income from discontinued operations attributable to controlling interest of JOYY Inc. 989,363 980,235 779,076 119,398 3,961,938 9,780,143 1,498,873 Less: Accretion of subsidiaries’ redeemable convertible preferred shares to redemption value 9,790 9,642 9,262 1,420 38,346 38,474 5,896 Cumulative dividend on subsidiary’s Series A Preferred Shares 7,036 6,930 6,656 1,020 27,559 27,651 4,238 Net income (loss) attributable to common shareholders of JOYY Inc. 155,971 2,286,621 (28,730)(4,404)3,379,330 9,608,906 1,472,630 Including: Net (loss) income from continuing operations attributable to common shareholders of JOYY Inc. (833,392)1,306,386 (807,806)(123,802)(582,608)(171,237)(26,243)Net income from discontinued operations attributable to common shareholders of JOYY Inc. 989,363 980,235 779,076 119,398 3,961,938 9,780,143 1,498,873 JOYY INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) (All amounts in thousands, except share, ADS and per ADS data) Three Months Ended Twelve Months Ended December 31, 2019 September 30, 2020 December 31, 2020 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2020 RMB RMB RMB US$ RMB RMB US$ Net income (loss) per ADS —Basic 1.95 28.49 (0.35)(0.05)43.77 120.10 18.40 Continuing operations (10.43)16.28 (10.07)(1.54)(7.54)(2.14)(0.33)Discontinued operations 12.38 12.21 9.72 1.49 51.31 122.24 18.73 —Diluted 1.89 25.92 (0.35)(0.05)43.59 120.04 18.39 Continuing operations (10.43)15.39 (10.07)(1.54)(7.54)(2.14)(0.33)Discontinued operations 12.32 10.53 9.72 1.49 51.13 122.18 18.72 Weighted average number of ADS used in calculating net income (loss) per ADS —Basic 79,917,791 80,262,892 80,191,367 80,191,367 77,219,846 80,009,988 80,009,988 —Diluted 79,917,791 93,076,688 80,191,367 80,191,367 77,219,846 80,009,988 80,009,988 (1) Live streaming revenues by geographical areas were as follows: Three Months Ended Twelve Months Ended December 31, 2019 September 30, 2020 December 31, 2020 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2020 RMB RMB RMB US$ RMB RMB US$ PRC 448,898 604,907 672,976 103,138 1,555,879 2,361,042 361,846 Non-PRC 1,410,207 2,938,639 2,920,969 447,658 3,774,911 10,163,783 1,557,667 (2) Share-based compensation was allocated in cost of revenues and operating expenses as follows: Three Months Ended Twelve Months Ended December 31, 2019 September 30, 2020 December 31, 2020 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2020 RMB RMB RMB US$ RMB RMB US$ Cost of revenues 13,501 9,372 11,270 1,727 41,006 39,910 6,116 Research and development expenses 94,396 74,382 60,616 9,290 362,441 295,289 45,256 Sales and marketing expenses 1,474 1,657 2,816 432 5,000 9,018 1,382 General and administrative expenses 27,857 88,236 97,648 14,965 117,629 291,759 44,714 (3) (Loss) gain on disposal and deemed disposal of investments in the third quarter of 2020 mainly represented the gain from our further disposal of our equity interest in Huya.(4) Gain from the disposal and deconsolidation amounted to around RMB6.4 billion was reported as part of the net income from discontinued operations in the second quarter of 2020.JOYY INC. RECONCILIATION OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except share, ADS and per ADS data) Three Months Ended Twelve Months Ended December September December December December December December 31, 30, 31, 31, 31, 31, 31, 2019 2020 2020 2020 2019 2020 2020 RMB RMB RMB US$ RMB RMB US$ Operating loss (863,306)(619,874)(557,596)(85,456)(3,557,955)(2,820,687)(432,289)Share-based compensation expenses 137,228 173,647 172,350 26,414 526,076 635,976 97,468 Impairment of goodwill and investments 52,334 – – – 62,334 43,861 6,722 Amortization of intangible assets from business acquisitions 194,982 171,085 164,550 25,218 639,209 696,867 106,800 Gain on deconsolidation and disposal of a subsidiary (82,699)- – – (82,699)- – Non-GAAP operating loss (561,461)(275,142)(220,696)(33,824)(2,413,035)(1,443,983)(221,299) Net (loss) income from continuing operations (822,024)1,317,810 (795,570)(121,927)(543,478)(126,378)(19,367)Share-based compensation expenses 137,228 173,647 172,350 26,414 526,076 635,976 97,468 Impairment of goodwill and investments 52,334 – – – 62,334 43,861 6,722 Amortization of intangible assets from business acquisitions 194,982 171,085 164,550 25,218 639,209 696,867 106,800 Gain on deconsolidation and disposal of a subsidiary (82,699)- – – (82,699)- – (Gain) loss on disposal and deemed disposal of investments – (2,040,359)238,690 36,581 – (1,897,128)(290,748)(Gain) loss on fair value change of investments(1) (26,670)39,792 (125,079)(19,169)(2,679,312)(1,127,714)(172,830)Reconciling items on the share of equity method investments(1) 2,060 25,879 81,137 12,435 (11,937)118,254 18,123 Fair value change on derivatives 14,258 29,664 25,176 3,858 16,011 42,320 6,486 Interest expenses related to the convertible bonds’ amortization to face value 102,510 107,728 106,446 16,314 207,682 423,324 64,877 Income tax effects on non-GAAP adjustments (30,889)(15,241)(20,835)(3,193)(119,942)26,931 4,127 Non-GAAP net loss from continuing operations (458,910)(189,995)(153,135)(23,469)(1,986,056)(1,163,687)(178,342) Net (loss) income from continuing operations attributable to common shareholders of JOYY Inc. (833,392)1,306,386 (807,806)(123,802)(582,608)(171,237)(26,243)Share-based compensation expenses 137,228 173,647 172,350 26,414 526,076 635,976 97,468 Impairment of goodwill and investments 52,334 – – – 62,334 43,861 6,722 Amortization of intangible assets from business acquisitions 194,982 171,085 164,550 25,218 639,209 696,867 106,800 Gain on deconsolidation and disposal of a subsidiary (82,699)- – – (82,699)- – (Gain) loss on disposal and deemed disposal of investments – (2,040,359)238,690 36,581 – (1,897,128)(290,748)(Gain) loss on fair value change of investments (26,670)39,792 (125,079)(19,169)(2,679,312)(1,127,714)(172,830)Reconciling items on the share of equity method investments 2,060 25,879 81,137 12,435 (11,937)118,254 18,123 Fair value change on derivatives 14,258 29,664 25,176 3,858 16,011 42,320 6,486 Interest expenses related to the convertible bonds’ amortization to face value 102,510 107,728 106,446 16,314 207,682 423,324 64,877 Accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders 16,826 16,572 15,918 2,440 65,905 66,125 10,134 Income tax effects on non-GAAP adjustments (30,889)(15,241)(20,835)(3,193)(119,942)26,931 4,127 Non-GAAP adjustments for net (loss) income attributable to the non-controlling interest shareholders (2,205)(569)87 13 (3,871)106 16 Non-GAAP net loss from continuing operations attributable to controlling interest and common shareholders of JOYY Inc. (455,657)(185,416)(149,366)(22,891)(1,963,152)(1,142,315)(175,068) Non-GAAP net loss from continuing operations per ADS —Basic (5.70)(2.31)(1.86)(0.29)(25.42)(14.28)(2.19)—Diluted (5.70)(2.31)(1.86)(0.29)(25.42)(14.28)(2.19)Weighted average number of ADS used in calculating Non-GAAP net loss from continuing operations per ADS —Basic 79,917,791 80,262,892 80,191,367 80,191,367 77,219,846 80,009,988 80,009,988 —Diluted 79,917,791 80,262,892 80,191,367 80,191,367 77,219,846 80,009,988 80,009,988 (1) (Gain) loss on fair value change of equity investees’ investments was reclassified to the reconciling items on the equity method investments from gain on fair value change of investmentsJOYY INC. UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) Three Months Ended December 31, 2020 Bigo All other(1) Elimination(2) Total Total RMB RMB RMB RMB US$ Net revenues Live streaming 3,250,717 343,228 – 3,593,945 550,796 Others 139,117 50,471 – 189,588 29,056 Total net revenues 3,389,834 393,699 – 3,783,533 579,852 Cost of revenues(3) (2,338,161)(336,513)- (2,674,674)(409,912) Gross profit 1,051,673 57,186 – 1,108,859 169,940 Operating expenses(3) Research and development expenses (313,673)(151,460)- (465,133)(71,285)Sales and marketing expenses (867,278)(106,498)- (973,776)(149,238)General and administrative expenses (139,675)(96,595)- (236,270)(36,210) Total operating expenses (1,320,626)(354,553)- (1,675,179)(256,733) Other income 3,669 5,055 – 8,724 1,337 Operating loss (265,284)(292,312)- (557,596)(85,456) Interest expenses (11,835)(125,066)6,250 (130,651)(20,023)Interest income and investment income 268 192,818 (6,250)186,836 28,634 Foreign currency exchange gains (loss), net (53,763)(1,361)- (55,124)(8,448)Loss on disposal and deemed disposal of investments – (238,690)- (238,690)(36,581)Gain on fair value change of investments – 125,079 – 125,079 19,169 Fair value change on derivatives (1,841)(23,335)- (25,176)(3,858) Loss before income tax expenses (332,455)(362,867)- (695,322)(106,563) Income tax (expenses) benefit 31,859 (89,433)- (57,574)(8,824) Loss before share of loss in equity method investments, net of income taxes (300,596)(452,300)- (752,896)(115,387) Share of gain in equity method investments, net of income taxes – (42,674)- (42,674)(6,540) Net loss from continuing operations (300,596)(494,974)- (795,570)(121,927)(1) As a result of the definitive agreements entered into with Baidu on the sale of YY Live, YY Live is represented as discontinued operations. YY segment is renamed as “all other” segment and has been recast to exclude the financial numbers of YY Live.(2) The elimination mainly consists of interest income and interest expenses generated from the loan between Bigo and all other segments.(3) Share-based compensation was allocated in cost of revenues and operating expenses as follows: Three Months Ended December 31, 2020 Bigo All other Total Total RMBRMBRMBUS$ Cost of revenues 6,8914,37911,2701,727Research and development expenses 50,52810,08860,6169,290Sales and marketing expenses 1,5531,2632,816432General and administrative expenses 91,1486,50097,64814,965JOYY INC. RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) Three Months Ended December 31, 2020 Bigo All other Total Total RMB RMB RMB US$ Operating loss (265,284)(292,312)(557,596)(85,456)Share-based compensation expenses 150,120 22,230 172,350 26,414 Amortization of intangible assets from business acquisitions 164,327 223 164,550 25,218 Non-GAAP operating income(loss) 49,163 (269,859)(220,696)(33,824) Net loss from continuing operations (300,596)(494,974)(795,570)(121,927)Share-based compensation expenses 150,120 22,230 172,350 26,414 Amortization of intangible assets from business acquisitions 164,327 223 164,550 25,218 Loss on disposal and deemed disposal of investments – 238,690 238,690 36,581 Gain on fair value change of investments – (125,079)(125,079)(19,169)Reconciling items on the share of equity method investments – 81,137 81,137 12,435 Fair value change on derivatives 1,841 23,335 25,176 3,858 Interest expenses related to the convertible bonds’ amortization to face value – 106,446 106,446 16,314 Income tax effects on non-GAAP adjustments (28,364)7,529 (20,835)(3,193) Non-GAAP net loss from continuing operations (12,672)(140,463)(153,135)(23,469) JOYY INC. UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) Three Months Ended September 30, 2020 Bigo All other Elimination(1) Total Total RMB RMB RMB RMB US$ Net revenues Live streaming 3,278,214 265,332 – 3,543,546 521,908 Others 116,624 42,858 – 159,482 23,489 Total net revenues 3,394,838 308,190 – 3,703,028 545,397 Cost of revenues(2) (2,337,547)(288,087)- (2,625,634)(386,714) Gross profit 1,057,291 20,103 – 1,077,394 158,683 Operating expenses(2) Research and development expenses (332,868)(209,601)- (542,469)(79,897)Sales and marketing expenses (852,808)(80,302)- (933,110)(137,432)General and administrative expenses (190,079)(63,366)- (253,445)(37,328) Total operating expenses (1,375,755)(353,269)- (1,729,024)(254,657) Other income 6,515 25,241 – 31,756 4,677 Operating loss (311,949)(307,925)- (619,874)(91,297) Other non-operating expenses – (1,000)- (1,000)(147)Interest expenses (12,516)(127,167)4,490 (135,193)(19,912)Interest income and investment income 139 156,254 (4,490)151,903 22,373 Foreign currency exchange gains, net (56,016)1,014 – (55,002)(8,101)Fair value change on derivatives – (29,664)- (29,664)(4,369)Gain on disposal and deemed disposal of investments – 2,040,359 – 2,040,359 300,512 Gain on fair value change of investments – (39,792)- (39,792)(5,861) (Loss) income before income tax expenses (380,342)1,692,079 – 1,311,737 193,198 Income tax expenses (2,636)(17,841)- (20,477)(3,016) (Loss) income before share of loss in equity method investments, net of income taxes (382,978)1,674,238 – 1,291,260 190,182 Share of income in equity method investments, net of income taxes – 26,550 – 26,550 3,910 Net (loss) income from continuing operations (382,978)1,700,788 – 1,317,810 194,092 (1) The elimination mainly consists of interest income and interest expenses generated from the loan between Bigo and all other segments.(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows: Three Months Ended September 30, 2020 Bigo All other Total Total RMBRMBRMBUS$ Cost of revenues 3,9385,4349,3721,380Research and development expenses 49,86124,52174,38210,955Sales and marketing expenses 9726851,657244General and administrative expenses 93,114(4,878)88,23612,996JOYY INC. RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) Three Months Ended September 30, 2020 Bigo All other Total Total RMB RMB RMB US$ Operating loss (311,949)(307,925)(619,874)(91,297)Share-based compensation expenses 147,885 25,762 173,647 25,575 Amortization of intangible assets from business acquisitions 171,085 – 171,085 25,198 Non-GAAP operating income (loss) 7,021 (282,163)(275,142)(40,524) Net (loss) income from continuing operations (382,978)1,700,788 1,317,810 194,092 Share-based compensation expenses 147,885 25,762 173,647 25,575 Amortization of intangible assets from business acquisitions 171,085 – 171,085 25,198 Loss on fair value change of investments – 39,792 39,792 5,861 Gain on deemed disposal and disposal of investments – (2,040,359)(2,040,359)(300,512)Reconciling items on the share of equity method investments – 25,879 25,879 3,812 Fair value change on derivatives – 29,664 29,664 4,369 Interest expenses related to the convertible bonds’ amortization to face value – 107,728 107,728 15,867 Income tax effects on non-GAAP adjustments (7,993)(7,248)(15,241)(2,245) Non-GAAP net loss from continuing operations (72,001)(117,994)(189,995)(27,983) JOYY INC. UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) Three Months Ended December 31, 2019 Bigo All other Elimination(1) Total Total RMB RMB RMB RMB US$ Net revenues Live streaming 1,638,731 220,374 – 1,859,105 267,044 Others 165,550 107,203 – 272,753 39,179 Total net revenues 1,804,281 327,577 – 2,131,858 306,223 Cost of revenues(2) (1,257,845)(256,621)- (1,514,466)(217,539) Gross profit 546,436 70,956 – 617,392 88,684 Operating expenses(2) Research and development expenses (302,737)(171,667)- (474,404)(68,144)Sales and marketing expenses (608,108)(173,926)- (782,034)(112,332)General and administrative expenses (126,364)(193,396)- (319,760)(45,931) Total operating expenses (1,037,209)(538,989)- (1,576,198)(226,407) Gain on disposal of subsidiaries and business – 82,699 – 82,699 11,879 Other income 1,315 11,486 – 12,801 1,839 Operating loss (489,458)(373,848)- (863,306)(124,005) Interest expenses (15,282)(123,570)14,278 (124,574)(17,894)Interest income and investment income 714 150,015 (14,278)136,451 19,600 Foreign currency exchange (losses) gains, net (19,609)(2,221)- (21,830)(3,136)Fair value change on derivatives – (14,258)- (14,258)(2,048)Gain on fair value change of investments – 26,670 – 26,670 3,831 Loss before income tax expenses (523,635)(337,212)- (860,847)(123,652) Income tax benefits 5,529 27,316 – 32,845 4,717 Loss before share of income in equity method investments, net of income taxes (518,106)(309,896)- (828,002)(118,935) Share of income in equity method investments, net of income taxes – 5,978 – 5,978 859 Net loss from continuing operations (518,106)(303,918)- (822,024)(118,076)(1) The elimination mainly consists of interest income and interest expenses generated from the loan between Bigo and all other segments.(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows: Three Months Ended December 31, 2019 Bigo All other Total Total RMB RMB RMB US$ Cost of revenues 8,738 4,763 13,501 1,939 Research and development expenses 71,307 23,089 94,396 13,559 Sales and marketing expenses 1,090 384 1,474 212 General and administrative expenses 9,392 18,465 27,857 4,001 JOYY INC. RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) Three Months Ended December 31, 2019 Bigo All other Total Total RMB RMB RMB US$ Operating loss (489,458)(373,848)(863,306)(124,005)Share-based compensation expenses 90,527 46,701 137,228 19,711 Impairment of goodwill and investments – 52,334 52,334 7,517 Amortization of intangible assets from business acquisitions 194,982 – 194,982 28,007 Gain on deconsolidation and disposal of a subsidiary – (82,699)(82,699)(11,879) Non-GAAP operating loss (203,949)(357,512)(561,461)(80,649) Net loss from continuing operations (518,106)(303,918)(822,024)(118,076)Share-based compensation expenses 90,527 46,701 137,228 19,711 Impairment of goodwill and investments – 52,334 52,334 7,517 Amortization of intangible assets from business acquisitions 194,982 – 194,982 28,007 Gain on deconsolidation and disposal of a subsidiary – (82,699)(82,699)(11,879)Gain on fair value change of investments – (26,670)(26,670)(3,831)Reconciling items on the share of equity method investments – 2,060 2,060 296 Fair value change on derivatives – 14,258 14,258 2,048 Interest expenses related to the convertible bonds’ amortization to face value – 102,510 102,510 14,725 Income tax effects on non-GAAP adjustments (40,124)9,235 (30,889)(4,437) Non-GAAP net loss from continuing operations (272,721)(186,189)(458,910)(65,919)

JOYY Inc. ( NASDAQ:YY ), might not be a large cap stock, but it saw a significant share price rise of over 20% in the…

GUANGZHOU, China, March 21, 2021 (GLOBE NEWSWIRE) — JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”, formerly known as YY Inc.), a global video-based social media platform, today announced that it plans to release its fourth quarter and full year 2020 financial results after the U.S. market closes on March 25, 2021. The Company’s management will host an earnings conference call at 9:00 PM U.S. Eastern Time on Thursday, March 25, 2021 (9:00 AM Beijing/Hong Kong Time on Friday, March 26, 2021). Details for the conference call are as follows: Event Title: JOYY Inc. Fourth Quarter and Full Year 2020 Earnings Conference CallConference ID: #4784747 Due to the global outbreak of the COVID-19, operator assisted conference calls are not available at the moment. All participants must use the link provided below to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique registrant ID by email. PRE-REGISTER LINK: http://apac.directeventreg.com/registration/event/4784747 A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.joyy.sg/. The replay will be accessible through April 2, 2021, by dialing the following numbers: United States: +1-646-254-3697International: +61-2-8199-0299Conference ID: #4784747 About JOYY Inc.JOYY Inc. is a leading global social media platform that enables users to interact with each other in real time through online live media. On a mission to connect people and enrich their lives through video, JOYY Inc. currently operates several social platforms, including Bigo Live for live streaming, Likee for short-form videos, Hago for casual games, and instant messaging platform and others. The Company has created highly engaging and vibrant user communities for users across the globe. JOYY Inc. was listed on the NASDAQ in November 2012. Investor Relations Contact:JOYY Inc.Jane Xie/Maggie YanTel: +86 (20) 8212-0000Email: IR@YY.com ICR, Inc.Jack WangTel: (+1) 646 915-1611Email: IR@YY.com

JOYY (NASDAQ:YY) has had a great run on the share market with its stock up by a significant 38% over the last three…

Today we will run through one way of estimating the intrinsic value of JOYY Inc. ( NASDAQ:YY ) by taking the forecast…