JOYY(US:YY)2022-03-16 15:10Financial Data and Key Metrics Changes - Total revenues increased by 16.8% year-over-year to $663.7 million in Q4 2021, with full-year revenues reaching $2.62 billion, a 36.5% increase from 2020 [5][31][26] - Non-GAAP net profit for the group was $98.3 million in Q4 2021, with a non-GAAP net margin of 14.8% [30][31] - BIGO's non-GAAP net profit expanded to $103.5 million in Q4 2021, with a non-GAAP net margin improving to 18% from 0.4% in the prior year [31][30] Business Line Data and Key Metrics Changes - BIGO's revenue grew by 30.2% year-over-year to $576.1 million in Q4 2021, contributing significantly to overall revenue growth [5][31] - BIGO LIVE's MAU increased by 11.9% year-over-year to 32.2 million, with live streaming revenue and paying users rising by 12.5% and 10.3%, respectively [11][12] - Likee's live streaming revenue grew by 26.5% year-over-year, with a 59.1% increase in revenue from the Middle East [18][19] - HAGO's live streaming revenue and paying users increased by 32.1% and 33.9% year-over-year, respectively [21] Market Data and Key Metrics Changes - Revenue and paying users from Europe increased by 42.2% and 40.7%, respectively, while Southeast Asia and other emerging markets saw increases of 16.6% and 24.4% [12] - Likee's MAU reached 67 million, experiencing short-term fluctuations but showing signs of recovery [17][50] Company Strategy and Development Direction - The company aims to enhance its leadership position in the social entertainment industry through globalization strategies and localized content [10][16] - Continued investment in content and marketing strategies for Likee and HAGO is planned to improve user engagement and monetization [8][20] - The company is focused on constructing interest-based online communities to enrich user experiences and drive monetization growth [17] Management's Comments on Operating Environment and Future Outlook - Management noted increased uncertainty and volatility in the macroenvironment, impacting user engagement and paying behavior [37] - Despite challenges, the company expects steady top-line growth in 2022, driven by key regions and product monetization [39][38] - The company anticipates a gradual acceleration in business growth in the second half of 2022 [39] Other Important Information - The company authorized an additional share repurchase program for $1.2 billion and has repurchased approximately $393 million of shares as of December 31, 2021 [23][33] - A dividend of $0.51 per ADS for Q4 2021 is expected to be paid on April 29, 2022 [32] Q&A Session Summary Question: Revenue growth outlook in 2022 and margin improvements - Management highlighted the complexity of the macroenvironment but noted the effectiveness of their diversified globalization strategy, expecting steady growth driven by multiple regions and products [37][38] Question: Competitive landscape in overseas markets - Management emphasized the resilience of their business and competitive advantages gained from profitability, while acknowledging disruptions caused by the pandemic [45][46] Question: Plans for Likee's marketing and monetization - Management stated that Likee will continue to invest in content creators and expects to narrow operating losses while maintaining steady monetization growth [50][49]