JOYY Inc. (NASDAQ:YY) Q1 2020 Earnings Conference Call May 20, 2020 9:00 PM ET Company Representatives David Xueling Li - Chairman, Chief Executive Officer Bing Jin - Chief Financial Officer Ting Li - Chief Operating Officer Matthew Zhao - General Manager of Investor Relations Conference Call Participants Thomas Chong - Jefferies Lei Zhang - Bank of America Natalie Wu - CICC Tian Hou - T.H. Capital Daniel Chen - JPMorgan Operator Ladies and gentlemen, thank you for standing by and welcome to JOYY Inc.'s Fir ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITI ...

JOYY, Inc. (NASDAQ:YY) Q4 2019 Earnings Conference Call March 16, 2020 9:00 PM ET Corporate Participants Matthew Zhao - Director, Investor Relations David Xueling Li - Chairman and Chief Executive Officer Bing Jin - Chief Financial Officer Conference Call participants Thomas Chong - Jefferies Lei Zhang - Bank of America Securities Brian Gong - Citigroup Daniel Chen - JPMorgan Lee Joon - Goldman Sachs Yu Zhiqiang - CICC Operator Ladies and gentlemen, thank you for standing by and welcome to JOYY Inc.'s Fourt ...

YY Inc. (NASDAQ:YY) Q3 2019 Earnings Conference Call November 12, 2019 9:00 PM ET Company Participants Matthew Zhao - Investor Relations, Director David Xueling Li - Chairman & Chief Executive Officer Bing Jin - Chief Financial Officer Ting Li - Chief Operating Officer Conference Call Participants Thomas Chong - Jefferies Daniel Chen - JPMorgan Natalie Wu - CICC Lei Zhang - Bank of America Alex Liu - China Renaissance Jialong Shi - Nomura Operator Ladies and gentlemen, thank you for standing by and welcome ...

YY Inc. (NASDAQ:YY) Q2 2019 Earnings Conference Call August 13, 2019 9:00 PM ET Company Participants Matthew Zhao - Investor Relations, Director David Xueling Li - Chairman and Chief Executive Officer Bing Jin - Chief Financial Officer Ting Li - Chief Operating Officer Conference Call Participants Thomas Chong - Jefferies Daniel Chen - JPMorgan Natalie Wu - CICC Jialong Shi - Nomura Operator Ladies and gentlemen, thank you for standing by and welcome to YY Inc. Second Quarter 2019 Earnings Conference Call. ...

Financial Data and Key Metrics Changes - Total revenues increased by 47.1% year-on-year to RMB4.78 billion in Q1 2019 [5][17] - Live streaming revenues grew by 47.9% year-over-year to RMB4.49 billion, accounting for 93.8% of total net revenues [17] - GAAP net income attributable to controlling interest was RMB3.1 billion, compared to RMB963.5 million in the prior period, mainly due to a measurement gain from Bigo [21] - Non-GAAP net income attributable to controlling interest was RMB653.5 million, down from RMB713 million in the prior period [21] Business Line Data and Key Metrics Changes - Revenue from game live streaming subsidiary Huya increased by 93.4% year-over-year to RMB1.63 billion [6] - Mobile contributed 69.6% of live streaming revenues, with mobile live streaming MAUs increasing by 65.6% to 59.8 million [17] - Live streaming paying users of YY increased by 17.1% to 4.1 million in Q1 2019 [17] Market Data and Key Metrics Changes - Over 400 million average mobile MAUs in Q1 2019, with more than 75% from outside China [5] - IMO, a global video communication application, had 211.8 million MAUs, with video communication services used over 55 million times per day [7][21] - Bigo's short form video and live streaming services saw average MAUs increase by 160.6% year-over-year to 78.7 million [9] Company Strategy and Development Direction - The company aims to strengthen its global presence and enhance its AI technology capabilities [5][16] - Plans to develop IMO into a super app by embedding diverse content functions and services [8] - Focus on expanding the user base and improving monetization strategies across different platforms [33][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong growth due to the successful integration of Bigo and ongoing globalization efforts [5][16] - The company anticipates net revenues for Q2 2019 to be between RMB6 billion and RMB6.2 billion, representing a year-over-year increase of 59% to 64.3% [22] - Management highlighted the importance of AI technology in enhancing user experience and content management [25][26] Other Important Information - Gross profit increased by 31.4% year-over-year to RMB1.62 billion, with a gross margin of 33.9% [18] - Operating expenses rose significantly due to increased sales and marketing efforts and R&D investments [19][20] Q&A Session Summary Question: How will the company utilize its global user data for products in the next few years? - Management emphasized the application of AI technology in content management and user experience enhancement [24][25][26] Question: Can management provide a breakdown of the second quarter guidance and Bigo's operating metrics? - Management indicated that the guidance includes contributions from YY, Huya, and Bigo, with Bigo's ARPU being high in the Middle East but lower in other emerging markets [29][30][31] Question: What is the full-year outlook for YY Life and Hago's monetization progress? - Management noted that YY Life's revenue grew over 10% in Q1 and expects similar patterns to continue throughout the year [35][36] Question: What are the challenges faced in overseas markets and the strategy for IMO? - Management highlighted the importance of localized marketing strategies and the potential for IMO to evolve into a super app [45][46][48] Question: How does the company envision marketing efforts abroad and the margin outlook? - Management stated that performance-based advertising will be a key strategy, with expectations of better ROI in foreign markets [51][52][54]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018. OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ¨ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF ...

Financial Data and Key Metrics Changes - Total revenues for Q4 2018 increased by 28% year-over-year to RMB4.64 billion, exceeding previous guidance [8][14] - Live streaming revenues grew by 30.4% year-over-year to RMB4.39 billion, accounting for 94.6% of total revenues [14][15] - Gross profit for Q4 2018 increased by 13.8% year-over-year to RMB1.63 billion, with a gross margin of 35.1% compared to 39.4% in the prior year [16] - GAAP net income attributable to YY was RMB684 million, down from RMB740.4 million in the prior year [17][18] - Non-GAAP net income attributable to YY was RMB836.2 million, compared to RMB932.1 million in the prior period [18] Business Line Data and Key Metrics Changes - Revenue from game live streaming subsidiary Huya increased by 100.31% year-over-year to RMB1.5 billion [8] - Mobile live streaming monthly active users increased by 18.1% to 90.4 million, while live streaming paying users increased by 36.6% to 8.9 million [8][15] - Mobile contributed 64% of live streaming revenues [15] Market Data and Key Metrics Changes - Bigo's total MAUs reached around 69 million at the end of 2018, with rapid growth expected throughout 2019 [31] - HAGO, a casual game-oriented social media platform, reached 20.9 million monthly active users and topped app charts in Indonesia and Vietnam [10] Company Strategy and Development Direction - The acquisition of Bigo is seen as a significant milestone, enhancing YY's globalization strategy and expanding its global footprint [6][8] - Focus on international expansion, content upgrades, and AI technology enhancement to drive future growth [9][12] - Plans to diversify content offerings and improve monetization capabilities through advanced AI technology [12][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the live streaming market's potential, particularly in overseas markets [25][28] - The company anticipates continued growth in user engagement and monetization through strategic partnerships and product innovations [45][61] - Despite macroeconomic challenges, the live streaming sector remains resilient, with user stickiness increasing [59] Other Important Information - The company expects Q1 2019 net revenues to be between RMB4.01 billion and RMB4.16 billion, representing a year-over-year increase of 23.4% to 28% [20] - R&D expenses as a percentage of revenue are projected to increase from 5% to 7% in 2019, reflecting a focus on AI technology development [51] Q&A Session Summary Question: Strategies for overseas expansion post-Bigo acquisition - Management highlighted Bigo's focus on overseas expansion and the synergies between Bigo Live and LIKE, emphasizing the promising future of the live streaming business internationally [22][24] Question: Bigo financials and scalability - Management noted that Bigo's MAUs are growing rapidly, but specific financial details are still being streamlined [30][31] Question: AI investment and related areas - The company plans to focus on content understanding, recommendation systems, and internal management through AI technology, with increased R&D expenses anticipated [34][41] Question: Domestic business outlook and traffic acquisition - Management indicated that while international expansion is key, efforts to attract new traffic domestically will continue, with a focus on new product launches and partnerships [43][45] Question: Competition in the overseas market - Management acknowledged competition from TikTok but expressed confidence in LIKE's competitive position due to its unique features and user experience [53][55] Question: Macro impact on domestic business - Management stated that the live streaming industry is less impacted by economic slowdowns, with user engagement remaining strong [59]