Yalla Group(US:YALA)2024-11-11 13:00Financial Performance - Revenues for the third quarter of 2024 were US$88.9 million, a 4.4% increase from US$85.2 million in the same period of 2023[7]. - Net income increased by 11.2% to US$39.2 million in the third quarter of 2024, compared to US$35.2 million in the third quarter of 2023[15]. - Yalla Group Limited reported revenues of $88,922,031 for the three months ended September 30, 2024, representing an increase from $85,187,360 in the same period of 2023, a growth of approximately 3.3%[31]. - The company's net income for the three months ended September 30, 2024, was $39,180,943, up from $35,231,006 in the same period of 2023, reflecting a year-over-year increase of about 11.1%[31]. - Non-GAAP net income was US$42.6 million in the third quarter of 2024, reflecting an 11.3% increase from US$38.3 million in the same period of 2023[16]. - Non-GAAP operating income for the three months ended September 30, 2024, was $32,497,667, compared to $32,400,525 in the same period of 2023, indicating stable operational performance[31]. - Total net income for the nine months ended September 30, 2023, was $83,406,465, with a projected increase to $101,620,485 for the same period in 2024[33]. - Non-GAAP net income for the nine months ended September 30, 2023, was $97,547,342, with an expected increase to $113,139,735 for the same period in 2024[33]. User Metrics - Average monthly active users (MAUs) rose by 14.5% to 40.2 million in the third quarter of 2024 from 35.1 million in the same period last year[4]. - The number of paying users increased by 12.0% to 12.6 million in the third quarter of 2024, up from 11.2 million in the third quarter of 2023[4]. Expenses and Costs - Total costs and expenses were US$56.4 million in the third quarter of 2024, a 6.9% increase from US$52.8 million in the third quarter of 2023[8]. - Selling and marketing expenses decreased by 34.9% to US$7.4 million in the third quarter of 2024, down from US$11.3 million in the same period last year[9]. - The company reported total share-based compensation expenses of $3,431,077 for the three months ended September 30, 2024, compared to $3,048,700 in the same period of 2023, indicating an increase of approximately 12.5%[32]. Assets and Liabilities - Cash and cash equivalents, restricted cash, term deposits, and short-term investments totaled US$570.1 million as of September 30, 2024, compared to US$535.7 million as of December 31, 2023[19]. - Total current assets increased from $569,144,969 as of December 31, 2023, to $611,623,974 as of September 30, 2024, marking an increase of approximately 7.5%[30]. - The total assets of Yalla Group Limited rose from $638,952,261 as of December 31, 2023, to $764,306,022 as of September 30, 2024, an increase of about 19.6%[30]. - The company’s total liabilities increased from $76,285,286 to $94,499,155 during the same period, reflecting a rise of approximately 24%[30]. Shareholder Information - Yalla Group Limited's earnings per ordinary share (diluted) for the three months ended September 30, 2024, was $0.22, compared to $0.20 for the same period in 2023, representing a growth of 10%[31]. - The company repurchased 1,736,383 American depositary shares for approximately US$7.0 million in the third quarter of 2024, with a total repurchase amount of US$42.5 million to date[20]. Strategic Initiatives - The company has expanded its gaming capabilities through its subsidiary, Yalla Game Limited, focusing on mid-core and hard-core games in the MENA region[26]. - Yalla Group Limited is actively exploring markets outside of MENA with the launch of Yalla Parchis, a Ludo game aimed at South American users[26].