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 ...

Exhibit 99.1 JOYY Reports First Quarter 2023 Unaudited Financial Results Singapore, May 31, 2023 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: YY) ("JOYY" or the "Company," formerly known as YY Inc.), a global technology company, today announced its unaudited financial results for the first quarter of 2023. First Quarter 2023 Financial Highlights ● Net revenues were US$583.6 million, compared to US$623.8 million in the corresponding period of 2022. ● Net income attributable to controlling interest of JOYYwas US$28 ...

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, 2022. 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2023 Commission File Number: 001-35729 JOYY INC. 30 Pasir Panjang Road #15-31A Mapletree Business City, Singapore 117440 (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F þ Form 4 ...

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. ...

Financial Data and Key Metrics Changes - JOYY recorded revenues of $586.7 million in Q3 2022, down from $650.5 million in the same period of 2021, primarily due to macroeconomic uncertainties and unfavorable exchange rates [7][25] - Non-GAAP net profit for the group was $76.9 million, with a non-GAAP net margin of 13.1%, compared to $35.1 million and 5.4% in Q3 2021 [7][29] - BIGO segment achieved a non-GAAP net profit of $84.1 million, with a non-GAAP net margin of 17.4%, up from 8.7% in the prior year [29] Business Line Data and Key Metrics Changes - Bigo Live's MAUs increased by 14.2% year-over-year to 45.4 million, with significant growth in Europe and Southeast Asia [10][13] - Likee's operating loss was reduced by 86% compared to the same period last year, indicating progress in narrowing losses [17] - Hago's livestreaming revenue and number of paying users both increased year-over-year, with a significant revenue increase of 409% sequentially from Hago Space [20][21] Market Data and Key Metrics Changes - Bigo Live's MAUs in Europe and the Middle East increased by 9.8% and 7.8% respectively, while Southeast Asia saw a 19.2% increase year-over-year [13] - The company noted that macro uncertainties such as inflation and currency fluctuations are negatively affecting user spending sentiment across various markets [8][34] Company Strategy and Development Direction - JOYY aims to prioritize sustainable, high-quality growth while enhancing operational efficiencies, focusing on product upgrades and localized content offerings [9][22] - The company is committed to a globalization strategy, enhancing international and localized operational capabilities to mitigate risks from relying on any single market [12] - JOYY plans to continue cultivating diverse premium content and innovating interactive product features to improve user experience and community growth [11][22] Management Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic challenges but expressed confidence in the company's resilience and ability to capture long-term growth opportunities [9][22] - The company expects Q4 2022 revenues to be between $594 million and $619 million, reflecting limited visibility due to macroeconomic uncertainties [32] - Management highlighted the importance of adapting to shifting market conditions and focusing on high-quality growth despite external challenges [31][34] Other Important Information - JOYY repurchased $14.1 million of its shares in Q3 2022, with a total of $342 million repurchased under a $1.2 billion program [21][30] - The company plans to distribute a dividend of $0.51 per ADS for Q3 2022, reflecting its commitment to returning value to shareholders [30] Q&A Session Summary Question: Q4 revenue guidance breakdown and geographic trends - Management noted that macro uncertainties are affecting user sentiment, but operational activities in Q4, including BIGO's Annual Gala, are expected to offset some negative impacts [33][34] Question: Progress on cost discipline and margin outlook for 2023 - Management reported improved margins in Q3 2022, with BIGO achieving a non-GAAP net margin of 17.4%, and emphasized ongoing cost optimization efforts [36][37] Question: User growth outlook for next year - Management indicated that Bigo Live's user growth has been organic and effective, with plans to continue enhancing monetization capabilities for Likee and Hago [39][40] Question: Impact of the World Cup on operations - Management acknowledged potential negative impacts on user engagement but also highlighted opportunities for special content activities related to the World Cup [41][43] Question: Geopolitical risks and cash usage plans - Management stated that geopolitical risks are a normal operational factor for global companies and emphasized a balanced approach to cash usage, prioritizing core business investments and shareholder returns [44][46][47]

```markdown [Q3 2022 Performance Overview](index=1&type=section&id=JOYY%20Reports%20Third%20Quarter%202022%20Unaudited%20Financial%20Results) JOYY's Q3 2022 saw a **revenue decrease to US$586.7 million**, but **GAAP net income surged to US$515.3 million** due to a **one-off gain**, with **non-GAAP net income more than doubling to US$76.9 million**, driven by **improved margins and cost discipline**, while **Bigo Live's mobile MAUs growing 14.2%** [Financial Highlights](index=1&type=section&id=Third%20Quarter%202022%20Financial%20Highlights) In Q3 2022, JOYY's **net revenues decreased to US$586.7 million** year-over-year. However, **GAAP net income surged to US$515.3 million** due to a **one-off gain**, and **non-GAAP net income more than doubled to US$76.9 million**, driven by **improved margins and cost discipline** Q3 2022 Key Financial Metrics | Metric | Q3 2022 | Q3 2021 | Change (YoY) | | :--- | :--- | :--- | :--- | | Net Revenues | US$586.7 million | US$650.5 million | -9.8% | | Net Income (GAAP) | US$515.3 million | US$7.5 million | +6770.7% | | Non-GAAP Net Income | US$76.9 million | US$35.1 million | +119.1% | - The **significant increase in non-GAAP net income** was primarily attributed to **improved gross margin**, **disciplined marketing spending**, and **enhanced operating efficiency** at the group level[2](index=2&type=chunk) [Operational Highlights](index=1&type=section&id=Third%20Quarter%202022%20Operational%20Highlights) Operational results showed a **strategic shift**, with **Bigo Live's mobile MAUs growing 14.2% to 35.4 million**. Conversely, **MAUs for Likee and Hago decreased by 34.1% and 29.6% respectively** due to **reduced user acquisition spending**. The **total number of paying users for BIGO remained stable**, but the **average revenue per paying user decreased** - **Bigo Live's average mobile MAUs grew by 14.2% YoY to 35.4 million**[3](index=3&type=chunk) - **MAUs for Likee and Hago decreased by 34.1% and 29.6% respectively**, primarily due to **reduced spending on user acquisition via advertisement**[3](index=3&type=chunk) BIGO Operational Metrics (Q3 2022 vs Q3 2021) | Metric | Q3 2022 | Q3 2021 | Change (YoY) | | :--- | :--- | :--- | :--- | | Total Paying Users | 1.51 million | 1.52 million | -0.5% | | Avg. Revenue per Paying User | US$259.8 | US$307.9 | -15.6% | [Management Commentary](index=1&type=section&id=Management%20Commentary) The Chairman and CEO, Mr. David Xueling Li, highlighted that **improved profitability** was achieved despite a volatile macro environment, crediting the company's **strategic planning and optimization measures**. The focus remains on **long-term growth** through **product upgrades, localized content, and enhancing user experience** to drive sustainable value - Management attributes the **improved profitability** to **forward-looking strategic planning and effective execution of optimization measures**[4](index=4&type=chunk) - The company's **long-term growth strategy focuses on product upgrades and diverse localized content offerings**, which resulted in a **14.2% YoY growth in Bigo Live's MAUs**[4](index=4&type=chunk) - Future strategy involves **adapting to the macro environment, bolstering resilience, optimizing efficiency, and capturing long-term growth opportunities**[4](index=4&type=chunk) [Detailed Financial Results](index=2&type=section&id=Third%20Quarter%202022%20Financial%20Results) Detailed financial results for Q3 2022 show a **9.8% decrease in net revenues** to **US$586.7 million**, primarily from live streaming, offset by a **significant improvement in gross margin to 37.5%** and **operating income nearly tripling to US$19.8 million** due to cost controls and a **one-off gain on investments** [Revenues](index=2&type=section&id=NET%20REVENUES) **Net revenues** for Q3 2022 were **US$586.7 million**, a decrease from **US$650.5 million** in Q3 2021. The decline was driven by a drop in **live streaming revenues**, which were negatively impacted by macroeconomic uncertainties and unfavorable currency exchange rates affecting user spending Revenue Breakdown (Q3 2022 vs Q3 2021) | Revenue Stream | Q3 2022 | Q3 2021 | Change (YoY) | | :--- | :--- | :--- | :--- | | Live Streaming | US$542.8 million | US$612.2 million | -11.3% | | Other Revenues | US$44.0 million | US$38.4 million | +14.6% | | **Total Net Revenues** | **US$586.7 million** | **US$650.5 million** | **-9.8%** | - The **decrease in live streaming revenue** was primarily due to a **lower average revenue per paying user at BIGO**, influenced by **global macroeconomic uncertainties and the appreciation of the U.S. dollar**[5](index=5&type=chunk) [Cost of Revenues and Gross Profit](index=2&type=section&id=COST%20OF%20REVENUES%20AND%20GROSS%20PROFIT) **Cost of revenues decreased by 16.7% to US$366.5 million**, leading to a **4.5% increase in gross profit to US$220.2 million**. The **gross margin significantly improved to 37.5% from 32.4%** in the prior year, mainly due to the **optimization of revenue sharing and other operational costs** Gross Profit and Margin (Q3 2022 vs Q3 2021) | Metric | Q3 2022 | Q3 2021 | Change | | :--- | :--- | :--- | :--- | | Cost of Revenues | US$366.5 million | US$439.8 million | -16.7% | | Gross Profit | US$220.2 million | US$210.8 million | +4.5% | | Gross Margin | 37.5% | 32.4% | +5.1 percentage points | [Operating Expenses and Income](index=2&type=section&id=OPERATING%20EXPENSES%20AND%20INCOME) **Operating expenses were reduced by 3.1% to US$202.2 million**, driven by **lower sales and marketing expenses from reduced user acquisition for Likee and Hago**. This cost control, combined with higher gross profit, resulted in **operating income nearly tripling to US$19.8 million** and the **operating margin expanding to 3.4%** - **Sales and marketing expenses decreased to US$96.8 million from US$106.3 million YoY**, primarily due to **reduced user acquisition spending for Likee and Hago**[7](index=7&type=chunk) Operating Income (Q3 2022 vs Q3 2021) | Metric | Q3 2022 | Q3 2021 | Change | | :--- | :--- | :--- | :--- | | Operating Income (GAAP) | US$19.8 million | US$6.9 million | +187.0% | | Operating Margin (GAAP) | 3.4% | 1.1% | +2.3 percentage points | | Non-GAAP Operating Income | US$43.1 million | US$31.3 million | +37.7% | | Non-GAAP Operating Margin | 7.4% | 4.8% | +2.6 percentage points | [Net Income and EPS](index=2&type=section&id=NET%20INCOME) **GAAP net income attributable to controlling interest skyrocketed to US$515.3 million from US$7.5 million**, primarily due to a **one-off gain on fair value change of investments**. **Non-GAAP net income also showed strong growth, increasing to US$76.9 million**. Consequently, **diluted EPS (GAAP) was US$6.28**, and **non-GAAP diluted EPS was US$0.96** - The **substantial increase in GAAP net income** was mainly due to a **one-off remeasurement gain from the consolidation of a previously held equity investment**[9](index=9&type=chunk) Net Income and EPS (Q3 2022 vs Q3 2021) | Metric | Q3 2022 | Q3 2021 | | :--- | :--- | :--- | | Net Income (GAAP) | US$515.3 million | US$7.5 million | | Non-GAAP Net Income | US$76.9 million | US$35.1 million | | Diluted EPS (GAAP) | US$6.28 | US$0.07 | | Non-GAAP Diluted EPS | US$0.96 | US$0.42 | [Balance Sheet and Cash Flows](index=2&type=section&id=BALANCE%20SHEET%20AND%20CASH%20FLOWS) As of September 30, 2022, JOYY maintained a **strong liquidity position with cash, cash equivalents, and short-term investments totaling approximately US$4.28 billion**. The company generated a **net cash inflow from operating activities of US$117.1 million** during the third quarter - The company held a **total of US$4,276.7 million in cash and cash equivalents, restricted cash, short-term deposits, and short-term investments** as of September 30, 2022[12](index=12&type=chunk) - **Net cash inflow from operating activities for the third quarter of 2022 was US$117.1 million**[12](index=12&type=chunk)[13](index=13&type=chunk) [Business Outlook and Shareholder Returns](index=4&type=section&id=Business%20Outlook%20and%20Shareholder%20Returns) JOYY forecasts **Q4 2022 net revenues between US$594 million and US$619 million**, while continuing to **prioritize shareholder returns** through a **US$0.51 per ADS quarterly dividend** and an **extended US$800 million share repurchase program** [Q4 2022 Business Outlook](index=4&type=section&id=Business%20Outlook) For the fourth quarter of 2022, JOYY anticipates **net revenues to be in the range of US$594 million to US$619 million**. This forecast is subject to changes based on market conditions and macroeconomic uncertainties - The Company expects **net revenues for the fourth quarter of 2022 to be between US$594 million and US$619 million**[14](index=14&type=chunk) [Shareholder Returns (Dividend and Share Repurchase)](index=4&type=section&id=Shareholder%20Returns) JOYY **continues to return value to shareholders**, declaring a **quarterly dividend of US$0.51 per ADS for Q3 2022**. Additionally, the company **repurchased US$14.1 million of its shares** during the quarter and **extended its share repurchase program**, authorizing the use of the **remaining US$800 million for another 12 months** - A **dividend of US$0.51 per ADS for the third quarter of 2022** was declared, payable on January 6, 2023[15](index=15&type=chunk) - The company **repurchased approximately US$14.1 million of its shares in Q3 2022**[17](index=17&type=chunk) - In November 2022, the board authorized the **extension of the share repurchase program**, with an **unutilized quota of US$800 million**, for another 12-month period[17](index=17&type=chunk) [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for Q3 2022 reveal **total assets of US$9.39 billion**, a **significant GAAP net income of US$509.5 million** driven by a **US$430.6 million gain on fair value change of investments**, and the **Bigo segment as the primary revenue and profit driver** [Unaudited Condensed Consolidated Balance Sheets](index=9&type=section&id=JOYY%20INC.%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) The balance sheet as of September 30, 2022, shows **total assets of US$9.39 billion**, up from **US$9.12 billion** at the end of 2021. **Total liabilities remained stable at US$3.51 billion**. The **increase in assets was primarily driven by a rise in goodwill and non-current assets**, while **cash and short-term investments decreased** Key Balance Sheet Items (in thousands USD) | Account | Sep 30, 2022 (in thousands USD) | Dec 31, 2021 (in thousands USD) | | :--- | :--- | :--- | | Cash and cash equivalents | 1,226,602 | 1,837,185 | | Total current assets | 4,599,254 | 5,070,322 | | Goodwill | 2,656,137 | 1,958,263 | | **Total assets** | **9,393,243** | **9,120,012** | | **Total liabilities** | **3,509,442** | **3,491,714** | | **Total shareholders' equity** | **5,794,035** | **5,562,465** | [Unaudited Condensed Consolidated Statements of Operations](index=11&type=section&id=JOYY%20INC.%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) The income statement for Q3 2022 details the components leading to the **net income of US$509.5 million**. Key drivers include a **gross profit of US$220.2 million**, **operating income of US$19.8 million**, and a **significant gain on fair value change of investments of US$430.6 million** Q3 2022 Income Statement Highlights (in thousands USD) | Account | Q3 2022 (in thousands USD) | Q3 2021 (in thousands USD) | | :--- | :--- | :--- | | Total net revenues | 586,729 | 650,545 | | Gross profit | 220,215 | 210,784 | | Operating income | 19,827 | 6,864 | | Gain on fair value change of investments | 430,622 | (12,549) | | Net income from continuing operations | 509,518 | 4,125 | [Reconciliation of GAAP and Non-GAAP Results](index=14&type=section&id=JOYY%20INC.%20UNAUDITED%20RECONCILIATION%20OF%20GAAP%20AND%20NON-GAAP%20RESULTS) This section reconciles GAAP to non-GAAP financial measures. For Q3 2022, the **largest adjustment to net income was the exclusion of a US$430.6 million gain on fair value change of investments**. Other **significant adjustments** included **share-based compensation**, **amortization of intangible assets**, and reconciling items on **equity method investments** - To arrive at Non-GAAP net income of **US$70.5 million** from GAAP net income of **US$509.5 million**, the company made several adjustments, the **largest being the exclusion of a US$430.6 million gain on fair value change of investments** and a **US$56.2 million gain on extinguishment of debt**[47](index=47&type=chunk) - **Non-cash and non-recurring expenses added back to calculate non-GAAP operating income** included **US$9.8 million in share-based compensation** and **US$13.5 million in amortization of intangible assets from business acquisitions**[47](index=47&type=chunk) [Segment Performance Analysis](index=16&type=section&id=JOYY%20INC.%20UNAUDITED%20SEGMENT%20REPORT) The **Bigo segment remains the primary driver of JOYY's business**, **generating US$483.3 million in revenue and US$58.0 million in operating income in Q3 2022**. The **'All other' segments collectively reported revenues of US$103.4 million and an operating loss of US$38.1 million**, indicating **Bigo's central role in the company's profitability** Q3 2022 Segment Performance (in thousands USD) | Segment | Total Net Revenues (in thousands USD) | Operating Income (Loss) (in thousands USD) | | :--- | :--- | :--- | | Bigo | 483,332 | 57,965 | | All other | 103,446 | (38,138) | | **Total** | **586,729** | **19,827** | - The **Bigo segment's non-GAAP operating income was US$73.4 million in Q3 2022**, while the **'All other' segment had a non-GAAP operating loss of US$30.3 million**[54](index=54&type=chunk) ```

OYY Inc. (NASDAQ:YY) Q2 2022 Earnings Conference Call August 29, 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 Alex Poon - Morgan Stanley Thomas Chong - Jefferies Daniel Chen - JPMorgan Yiwen Zhang - China Renaissance Operator Good morning, ladies and gentlemen. Thank you for standing by, and welcome to the JOYY Inc. ...

JOYY Inc. (NASDAQ:YY) Q1 2022 Earnings Conference Call May 31, 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 Conference Call Participants Alex Poon - Morgan Stanley Thomas Chong - Jefferies Yiwen Zhang - China Renaissance Operator Ladies and gentlemen, thank you for standing by and welcome to the JOYY Inc.'s First Quarter 2022 Earnings Call. At this time, all participants are in ...