Financial Highlights - The company reported net revenues of $494.4 million for Q1 2025, a decrease from $564.6 million in Q1 2024 [5] - Non-livestreaming revenues reached $123.0 million, marking a year-over-year increase of 25.3% and accounting for 24.9% of total net revenues for the first time [4][8] - Live streaming revenues were $371.3 million, down from $466.4 million in the same period last year, attributed to a decline in paying users and ARPPU [6][5] - GAAP operating profit was $12.2 million, a 244.5% increase year-over-year, while non-GAAP operating profit was $31.0 million, up 24.9% [12][13] - The company distributed approximately $49.1 million in dividends and repurchased $22.5 million worth of shares from January 1, 2025, to May 23, 2025 [4] Operational Highlights - The global average mobile MAUs decreased to 260.4 million from 277.3 million year-over-year, primarily due to optimized sales and marketing strategies [7] - The average mobile MAUs for Bigo Live, Likee, and Hago were 28.9 million, 30.2 million, and 3.3 million, respectively, all showing declines compared to the previous year [7] - The total number of paying users for BIGO was 1.45 million, down from 1.67 million in the same period last year [7] Cost and Profitability - Cost of revenues decreased by 14.5% to $315.7 million, leading to a gross profit of $178.6 million, with a gross margin of 36.1% [9][10] - Operating expenses were reduced to $167.2 million, down from $195.4 million in Q1 2024, with significant decreases in sales and marketing expenses [11] - Non-GAAP net income from continuing operations was $63.2 million, compared to $67.2 million in Q1 2024, with a non-GAAP net income margin of 12.8% [15] Balance Sheet and Cash Flow - As of March 31, 2025, the company had net cash of $3,385.9 million, an increase from $3,275.9 million at the end of 2024 [17] - Net cash from operating activities for Q1 2025 was $58.0 million [17] Business Outlook - For Q2 2025, the company expects net revenues to be between $499 million and $519 million, reflecting current market conditions and operational strategies [20] Shareholder Returns - The company has authorized a quarterly dividend program, with a total of approximately $600 million to be distributed over three years, declaring a dividend of $0.94 per ADS for Q2 2025 [22]

Financial Data and Key Metrics Changes - In Q4 2024, total net revenues were $549.4 million, down from $569.8 million in the same period last year [41] - Non-GAAP net income attributable to controlling interest was $96.1 million, up 49.7% from $64.2 million in Q4 2023 [48] - For the full year 2024, total net revenues were $2.24 billion, compared to $2.27 billion in 2023 [50] Business Line Data and Key Metrics Changes - The BIGO segment achieved revenues of $480 million in Q4 2024, with a non-GAAP operating profit of $81 million, up 11.2% quarter-over-quarter [16][47] - Non-livestreaming revenues for the group were $127 million, up 51.9% year-over-year, primarily due to increased BIGO advertising revenues [42] - BIGO's non-GAAP operating profit for the full year reached $286.3 million, exceeding previous expectations [17] Market Data and Key Metrics Changes - Revenue from Developed Countries increased by 24.6% year-over-year, accounting for 53.9% of total revenue [9] - Group revenues from Developed Countries and regions were up by 13.7% year-over-year [42] - The group's non-livestreaming revenue accounted for 20.1% of total group revenue, an increase of 7.4 percentage points compared to 2023 [20] Company Strategy and Development Direction - JOYY is focusing on a globalization strategy, emphasizing markets in Developed Countries for higher monetization efficiency [8] - AI is a key component of the company's strategy, aimed at enhancing product development and improving customer service [11][12] - The company aims to balance growth and efficiency while maintaining profitability and positive cash flow [10] Management's Comments on Operating Environment and Future Outlook - Management expects a stronger than usual negative seasonality impact in Q1 2025 due to Lunar New Year and Ramadan [60] - Despite recent challenges, management believes the adjustments made have provided a healthier foundation for 2025 [62] - For 2025, management anticipates continued strong growth in non-livestreaming revenue and gradual recovery in paying users for the BIGO segment [63] Other Important Information - The company announced a quarterly cash dividend program for the next three years, totaling approximately $600 million [22][52] - A new share repurchase program was approved, allowing for the repurchase of up to $300 million of shares until December 2027 [23] - The company reported a net cash position of $3.3 billion as of December 31, 2024 [22] Q&A Session Summary Question: User and revenue trends in 2025 - Management noted that non-livestreaming revenues continued to grow, while live streaming revenue declined due to adjustments and temporary platform removals [58][59] - They expect a lagging impact on monetization but do not foresee long-term growth being affected [61] Question: Outlook on 2025 experience and profitability change - Management highlighted operational efficiency improvements and expected stable non-GAAP operating profit for the BIGO segment in 2025 [70][71] - They anticipate a meaningful reduction in non-GAAP operating loss for all other segments [72] Question: Shareholder return plan rationale - The company has returned $1.684 billion to shareholders from 2020 to 2024 and plans to continue prioritizing shareholder returns [75] - The new plan represents approximately 35% of the current market cap, demonstrating commitment to sustainable shareholder returns [76] Question: Strategic priority and positioning for new initiatives - BIGO's advertising revenue is expected to maintain robust growth, driven by North America and Europe [81] - The company aims to enhance monetization efficiency and achieve positive cash flow for new initiatives [84]