SANTA CLARA, Calif.,
Feb. 27,
2024 /PRNewswire/ -- Tuya Inc. ("Tuya" or the
"Company") (NYSE: TUYA; HKEX: 2391), a
global leading IoT cloud development platform, today announced its
unaudited financial results for the fourth quarter ended
December 31, 2023.
Fourth Quarter 2023 Financial Highlights
- Total revenue was US$64.4
million, up approximately 42.2% year over year (4Q2022:
US$45.3 million).
- IoT
platform-as-a-service
("PaaS") revenue was US$47.2 million, up approximately 44.6% year over
year (4Q2022: US$32.6 million).
-
Software-as-a-service
("SaaS") and others revenue was
US$9.5 million, up approximately
19.3% year over year (4Q2022: US$7.9
million).
- Overall gross margin increased to 47.3%, up 2.7
percentage points year over year (4Q2022: 44.6%). Gross margin of
IoT PaaS increased to 44.8%, up 3.3 percentage points year over
year (4Q2022: 41.5%).
- Operating margin was negative 36.7%, improved by 35.8
percentage points year over year (4Q2022: negative 72.5%).
Non-GAAP operating margin was negative 0.4%,
improved by 33.4 percentage points year over year (4Q2022: negative
33.8%).
- Net margin was negative 16.8%, improved by 33.4
percentage points year over year (4Q2022: negative 50.2%).
Non-GAAP net margin was 19.5%, improved by
31.0 percentage points year over year (4Q2022: negative 11.5%).
- Net cash generated from operating activities was
US$31.8 million (4Q2022: net cash
used in operating activities was US$0.1
million).
- Total cash and cash equivalents, time deposits
and U.S. treasury securities recorded as
short-term and long-term
investments were US$984.3 million
as of December 31, 2023, compared to US$952.0 million as of December
31, 2022.
For further information on the non-GAAP financial measures
presented above, see the section headed "Use of Non-GAAP
Financial Measures."
Fourth Quarter 2023 Operating Highlights
- IoT PaaS customers1 for the fourth quarter of
2023 were approximately 2,200 (4Q2022: approximately 2,400). Total
customers for the fourth quarter of 2023 were approximately 3,200
(4Q2022: approximately 3,400). The Company's implementation of
key-account strategy has enabled it to be more focused on serving
strategic customers.
- Premium IoT PaaS customers2 for the trailing
12 months ended December 31, 2023
were 265 (4Q2022: 263). In the fourth quarter of 2023, the
Company's premium IoT PaaS customers contributed approximately
82.7% of its IoT PaaS revenue (4Q2022: approximately 77.0%).
- Dollar-based net expansion rate
("DBNER")3 of IoT PaaS for the
trailing 12 months ended December 31,
2023 was 103% (4Q2022: 51%).
- Registered IoT device and software
developers were approximately 993,000 as of December 31, 2023, up 40.3% from approximately
708,000 developers as of December 31,
2022.
1. The Company defines
an IoT PaaS customer for a given period as a customer who has
directly placed orders for IoT PaaS with the Company during that
period.
|
2. The Company defines
a premium IoT PaaS customer as a customer as of a given date
that contributed more than US$100,000 of IoT PaaS revenue during
the immediately preceding 12-month period.
|
3. The Company
calculates DBNER of IoT PaaS for a trailing 12-month period by
first identifying all customers in the prior 12-month period (i.e.,
those have placed at least one order for IoT PaaS during that
period), and then calculating the quotient from dividing the IoT
PaaS revenue generated from such customers in the current trailing
12-month period by the IoT PaaS revenue generated from the same
Company of customers in the prior 12-month period. The Company's
DBNER may change from period to period, due to a combination of
various factors, including changes in the customers' purchase
cycles and amounts and the Company's customer mix, among other
things. DBNER indicates the Company's ability to expand customer
use of the Tuya platform over time and generate revenue growth from
existing customers.
|
Mr. Xueji (Jerry) Wang, Founder and Chief Executive Officer of
Tuya, commented, "In the fourth quarter of 2023, we continued
to execute our proven development strategies of focusing on key
account customers and enhancing our product capabilities to boost
our value proposition, while also essentially completing our
organization adjustment. These combined efforts enabled us to
conclude the year with strong sequential growth momentum. Notably,
we achieved a 42.2% year-over-year revenue increase, reaching
approximately $64.4 million in the
quarter, alongside a record-high blended gross margin of 47.3%.
These results reflect the substantial value of our platform,
products, and services offer to our customers, affirming our
confidence in Tuya's resilience and its capability to navigate
industry cycles with improved operational leverage and financial
performance."
Ms. Yao (Jessie) Liu,
Director and Chief Financial Officer of Tuya, added, "The
fourth quarter marked our transition from recovery to growth,
efficiency enhancements, and margin expansion. During the quarter,
all three business sectors recorded robust revenue growth, and
their margins either improved or remained steady, a testament to
the effectiveness of our product focus and enrichment strategy. Our
strategic commitment to cost management and operational efficiency,
coupled with the steady growth of gross profits, resulted in
continued record-high non-GAAP net profits and positive net
operating cashflow. As we advance into 2024, we are confident that
Tuya's solid financial position and momentum will sustain our
business expansion and product profitability."
Fourth Quarter 2023 Unaudited Financial Results
REVENUE
Total revenue in the fourth quarter of 2023 increased by 42.2%
to US$64.4 million from US$45.3 million in the same period of 2022,
mainly due to the increase in IoT PaaS revenue, SaaS and others
revenue and smart device distribution revenue.
- IoT PaaS revenue in the fourth quarter of 2023 increased by
44.6% to US$47.2 million from
US$32.6 million in the same period of
2022, primarily due to the relief of downstream inventory backlog
and a global economic improvement compared with the same period of
2022, along with the effective customer-focus and
product-enhancement strategies the Company adopted to navigate
through the macroeconomic headwinds. Correspondingly, the Company's
DBNER of IoT PaaS for the trailing 12 months ended December 31, 2023 increased to 103% from 51% for
the trailing 12 months ended December 31,
2022.
- SaaS and others revenue in the fourth quarter of 2023 increased
by 19.3% to US$9.5 million from
US$7.9 million in the same period of
2022, primarily due to an increase in revenue from cloud software
products. The Company remained committed to offering value-added
services and a diverse range of software products with compelling
value propositions to its customers.
- Smart device distribution revenue in the fourth quarter of 2023
increased by 64.6% to US$7.8 million
from US$4.7 million in the same
period of 2022, primarily due to an increase in revenue from smart
device solutions and the variations in the timing and volume of
customer demands and purchases.
COST OF REVENUE
Cost of revenue in the fourth quarter of 2023 increased by 35.3%
to US$33.9 million from US$25.1 million in the same period of 2022,
generally in line with the increase in the Company's total
revenue.
GROSS PROFIT AND GROSS MARGIN
Total gross profit in the fourth quarter of 2023 increased by
50.9% to US$30.5 million from
US$20.2 million in the same period of
2022 and gross margin increased to 47.3% in the fourth quarter of
2023 from 44.6% in the same period of 2022.
- IoT PaaS gross margin in the fourth quarter of 2023 was 44.8%,
compared to 41.5% in the same period of 2022, primarily due to the
changes in product mix, enhancement in product value, and the
decrease in provision recorded for certain slow-moving IoT chips
and raw materials compared to the fourth quarter of last year.
- SaaS and others gross margin in the fourth quarter of 2023 was
74.2%, which remained relatively stable, compared to 75.2% in the
same period of 2022.
- Smart device distribution gross margin in the fourth quarter of
2023 was 29.7%, compared to 14.6% in the same period of 2022,
primarily due to higher-value product solutions we provided to our
customers during the fourth quarter of 2023.
OPERATING EXPENSES
Operating expenses increased by 2.0% to US$54.1 million in the fourth quarter of 2023
from US$53.0 million in the same
period of 2022.
Non-GAAP operating expenses, defined as operating expenses
excluding share-based compensation expenses and credit loss of
long-term investments, decreased by 13.5% to US$30.7 million in the fourth quarter of 2023
from US$35.5 million in the same
period of 2022. Share-based compensation expenses in the fourth
quarter of 2023 were US$15.9 million,
compared to US$17.5 million in the
same period of 2022. Credit loss of long-term investments was
US$7.4 million in the fourth quarter
of 2023, compared to nil in the same period of 2022.
- Research and development expenses in the fourth quarter of 2023
were US$22.8 million, down 17.9% from
US$27.8 million in the same period of
2022, primarily because of the strategic streamlining of the
Company's research and development team and operations. During this
quarter, average salaried employee headcount of the Company's
research and development team was down approximately 21.9% year
over year, compared to the same quarter in last year. Non-GAAP
adjusted research and development expenses in the fourth quarter of
2023 were US$19.4 million, compared
to US$23.8 million in the same period
of 2022.
- Sales and marketing expenses in the fourth quarter of 2023 were
US$10.9 million, down 2.4% from
US$11.2 million in the same period of
2022, primarily due to the strategic streamlining of the Company's
sales and marketing team, partially offset by increased spending in
marketing events as the revenue returned to a year-over-year growth
trajectory since the third quarter of 2023. Non-GAAP adjusted sales
and marketing expenses in the fourth quarter of 2023 were
US$9.5 million, compared to
US$9.6 million in the same period of
2022.
- General and administrative expenses in the fourth quarter of
2023 were US$23.8 million, up 46.8%
compared to US$16.2 million in the
same period of 2022, primarily due to the credit loss of
US$7.4 million of long-term
investments. Non-GAAP adjusted general and administrative expenses
in the fourth quarter of 2023 were US$5.3
million, compared to US$4.3
million in the same period of 2022.
- Other operating income, net in the fourth quarter of 2023 was
US$3.4 million, primarily due to the
receipt of software value-added tax refunds and various general
subsidies for enterprises.
LOSS FROM OPERATIONS AND OPERATING MARGIN
Loss from operations in the fourth quarter of 2023 narrowed by
28.0% to US$23.6 million from
US$32.8 million in the same period of
2022. Non-GAAP loss from operations in the fourth quarter of 2023
narrowed by 98.3% to US$0.3 million
from US$15.3 million in the same
period of 2022.
Operating margin in the fourth quarter of 2023 was negative
36.7%, improved by 35.8 percentage points from negative 72.5%
in the same period of 2022. Non-GAAP operating margin in the fourth
quarter of 2023 was negative 0.4%, improved by 33.4 percentage
points from negative 33.8% in the same period of 2022.
NET LOSS/PROFIT AND NET MARGIN
Net loss in the fourth quarter of 2023 narrowed by 52.4% to
US$10.8 million from US$22.7 million in the same period of 2022. The
difference between loss from operations and net loss in the fourth
quarter of 2023 was primarily because of a US$13.1 million interest income achieved mainly
due to well implemented treasury strategies on the Company's cash
and bank time deposits recorded as short-term and long-term
investments.
The Company had a non-GAAP net profit of US$12.6 million in the fourth quarter of 2023,
compared to a non-GAAP net loss of US$5.2
million in the same period of 2022, demonstrating the
Company's ability to sustain profitability on a non-GAAP basis.
Net margin in the fourth quarter of 2023 was negative
16.8%, improving by 33.4 percentage points from negative 50.2%
in the same period of 2022. Non-GAAP net margin in the fourth
quarter of 2023 was 19.5%, improving by 31.0 percentage points
from negative 11.5% in the same period of 2022.
BASIC AND DILUTED NET LOSS/PROFIT PER ADS
Basic and diluted net loss per ADS was US$0.02 in the fourth quarter of
2023, compared to US$0.04 in the
same period of 2022. Each ADS represents one Class A ordinary
share.
Non-GAAP basic and diluted net profit per ADS was US$0.02 in the fourth quarter of 2023, compared
to non-GAAP basic and diluted net loss of US$0.01 in the same period of 2022.
CASH AND CASH EQUIVALENTS,
TIME DEPOSITS AND U.S. TREASURY SECURITIES RECORDED AS
SHORT-TERM AND LONG-TERM
INVESTMENTS
Cash and cash equivalents, time deposits and U.S. treasury
securities recorded as short-term and long-term investments were
US$984.3 million as of December
31, 2023, compared to US$952.0
million as of December 31, 2022, which the Company
believes is sufficient to meet its current liquidity and working
capital needs.
NET CASH GENERATED FROM OPERATING ACTIVITIES
Net cash generated from operating activities in the fourth
quarter of 2023 was US$31.8
million, compared to net cash used in operating
activities US$0.1 million in the same
period of 2022. The net cash generated from operating activities
for the fourth quarter of 2023 improved mainly due to the increase
in the Company's revenue, and the decrease in operating
expenses, particularly employee-related costs, and
working capital changes in the ordinary course of business.
For further information on non-GAAP financial measures presented
above, see the section headed "Use of Non-GAAP Financial
Measures."
Business Outlook
In the fourth quarter of 2023, we continued to observe a
moderately declining yet persisting overall inflation, which
is expected to continually influence the discretionary consumer
electronics spending. On the supply chain front, we expect
downstream inventory levels to be normalizing ongoingly, providing
downstream smart device manufacturers, brands, and retail
channels with greater flexibility and resilience to adapt their
operational and procurement plans as necessary. This, in
turn, will revitalize their investment in smart business.
Overall, discretionary consumer electronic spending alongside
enterprise procurement are expected to prioritize
cost-effectiveness, reflecting a balanced approach widely
adopted in the current economic climate.
In response to this evolving market environment, the Company
will remain committed to continuously iterating and improving its
products and services, further enhancing software and hardware
capabilities, expanding key customer base, investing in
innovations and new opportunities, diversifying revenue
streams, and further optimizing operating efficiency. At the
same time, the Company understands that future trajectories
may encounter challenges, including shifting consumer spending
patterns, regional economic disparities, inventory
management, foreign exchange rate volatility, and broader
geopolitical uncertainties.
Conference Call Information
The Company's management will hold a conference call at
07:30 P.M. Eastern Time on
Tuesday, February 27, 2024 (08:30 A.M. Beijing Time on
Wednesday, February 28, 2024) to discuss the financial
results. In advance of the conference call, all participants
must use the following link to complete the online registration
process. Upon registering, each participant will receive
access details for this conference including a conference access
code, a PIN number (personal access code), the dial-in
number, and an e-mail with detailed instructions to join the
conference call.
Online
registration: https://www.netroadshow.com/events/login?show=a98d0a81&confId=60968
The replay will be accessible through March 5, 2024 by dialing the following
numbers:
International:
|
+1-929-458-6194
|
United
States:
|
+1-866-813-9403
|
Access
Code:
|
925036
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
https://ir.tuya.com.
About Tuya Inc.
Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global
leading IoT cloud development platform with a mission to build an
IoT developer ecosystem and enable everything to be smart. Tuya has
pioneered a purpose-built IoT cloud development platform that
delivers a full suite of offerings, including
Platform-as-a-Service, or PaaS, and
Software-as-a-Service, or SaaS, to businesses and
developers. Through its IoT cloud development platform, Tuya
has enabled developers to activate a vibrant IoT ecosystem of
brands, OEMs, partners and end users to engage and communicate
through a broad range of smart devices.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses
non-GAAP measures, such as non-GAAP operating
expenses, non-GAAP loss from operations (including non-GAAP
operating margin), non-GAAP net (loss)/profit (including
non-GAAP net margin), and non-GAAP basic and diluted net
(loss)/profit per ADS, as supplemental measures to review and
assess its operating performance. The presentation of non-GAAP
financial measures is not intended to be considered in isolation or
as a substitute for the financial information prepared and
presented in accordance with generally accepted accounting
principles in the United States of
America ("U.S. GAAP"). The Company defines non-GAAP
measures by excluding the impact of share-based compensation
expenses and credit-related impairment of long-term investments
from the respective GAAP measures. The Company presents the
non-GAAP financial measures because they are used by the management
to evaluate its operating performance and formulate business plans.
The Company also believes that the use of the non-GAAP measures
facilitates investors' assessment of its operating performance.
Non-GAAP financial measures are not defined under U.S. GAAP and
are not presented in accordance with U.S. GAAP. Non-GAAP financial
measures have limitations as analytical tools. One of the key
limitations of using the aforementioned non-GAAP financial measures
is that they do not reflect all items of expenses that affect the
Company's operations. Share-based compensation expenses and
credit-related impairment of long-term investments have been and
may continue to be incurred in the business and are not reflected
in the presentation of non-GAAP financial measures.
Further, the non-GAAP financial measures may differ from the
non-GAAP information used by other companies, including peer
companies, and therefore their comparability may be limited.
The Company compensates for these limitations by reconciling the
non-GAAP financial measures to the nearest U.S. GAAP performance
measures, all of which should be considered when evaluating the
Company's performance. The Company encourages you to review its
financial information in its entirety and not rely on a single
financial measure.
Reconciliations of Tuya's non-GAAP financial measures to the
most comparable U.S. GAAP measures are included at the end of this
press release.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about the
Company's beliefs, and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual
results to differ materially from those contained in any
forward-looking statement. In some cases, forward-looking
statements can be identified by words or phrases such as "may",
"will", "expect", "anticipate", "target", "aim", "estimate", "intend", "plan", "believe", "potential", "continue", "is/are
likely to" or other similar expressions. Further information
regarding these and other risks, uncertainties or factors is
included in the Company's filings with the SEC. The forward-looking
statements included in this press release are only made as of the
date hereof, and the Company disclaims any obligation to publicly
update any forward-looking statement to reflect subsequent events
or circumstances, except as required by law. All
forward-looking statements should be evaluated with the
understanding of their inherent uncertainty.
Investor Relations Contact
Tuya Inc.
Investor Relations
Email: ir@tuya.com
The Blueshirt Group
Gary Dvorchak, CFA
Phone: +1 (323) 240-5796
Email: gary@blueshirtgroup.com
TUYA
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
AS OF DECEMBER
31, 2022 AND 2023
|
(All amounts
in US$ thousands ("US$"),
|
except for share and
per share data, unless otherwise
noted)
|
|
|
As of December
31,
|
|
As of December
31,
|
2022
|
|
2023
|
ASSETS Current assets: Cash and cash equivalents
|
133,161
|
|
498,688
|
Short-term
investments
|
821,134
|
|
291,023
|
Accounts receivable,
net
|
12,172
|
|
9,214
|
Notes receivable,
net
|
2,767
|
|
4,955
|
Inventories,
net
|
45,380
|
|
32,865
|
Prepayments and other
current assets, net
|
8,752
|
|
11,053
|
Total current
assets
|
1,023,366
|
|
847,798
|
Non-current
assets: Property, equipment
and software, net
|
3,827
|
|
2,589
|
Operating lease
right-of-use assets, net
|
9,736
|
|
7,647
|
Long-term
investments
|
18,031
|
|
207,489
|
Other non-current
assets, net
|
1,179
|
|
877
|
Total non-current
assets
|
32,773
|
|
218,602
|
Total
assets
|
1,056,139
|
|
1,066,400
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY Current liabilities: Accounts payable
|
9,595
|
|
11,577
|
Advances from
customers
|
27,633
|
|
31,776
|
Deferred revenue,
current
|
6,821
|
|
6,802
|
Accruals and other
current liabilities
|
33,383
|
|
32,807
|
Incomes tax
payables
|
–
|
|
689
|
Lease liabilities,
current
|
3,850
|
|
3,883
|
Total current
liabilities
|
81,282
|
|
87,534
|
Non-current
liabilities: Lease
liabilities, non-current
|
5,292
|
|
3,904
|
Deferred revenue,
non-current
|
394
|
|
506
|
Other non-current
liabilities
|
7,004
|
|
3,891
|
Total non-current
liabilities
|
12,690
|
|
8,301
|
Total
liabilities
|
93,972
|
|
95,835
|
TUYA
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
(CONTINUED)
|
AS OF DECEMBER
31, 2022 AND 2023
|
(All amounts
in US$ thousands ("US$"),
|
except for share and
per share data, unless otherwise
noted)
|
|
|
As of
December
31,
|
As of
December
31,
|
|
2022
|
2023
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
Ordinary
shares
|
–
|
–
|
Class A ordinary
shares
|
25
|
25
|
Class B ordinary
shares
|
4
|
4
|
Treasury
stock
|
(86,438)
|
(53,630)
|
Additional
paid-in capital
|
1,584,764
|
1,616,105
|
Accumulated other
comprehensive loss
|
(22,115)
|
(17,091)
|
Accumulated
deficit
|
(514,073)
|
(574,848)
|
|
|
|
|
|
|
Total shareholders'
equity
|
962,167
|
970,565
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
1,056,139
|
1,066,400
|
TUYA
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF
|
COMPREHENSIVE
LOSS
|
(All amounts
in US$ thousands ("US$"),
|
except for share and
per share data, unless otherwise
noted)
|
|
|
For the Three Months
Ended
|
|
December
31, 2022
|
December
31, 2023
|
Revenue
|
45,286
|
64,411
|
Cost of
revenue
|
(25,100)
|
(33,948)
|
Gross
profit
|
20,186
|
30,463
|
Operating
expenses:
|
|
|
Research and
development expenses
|
(27,792)
|
(22,806)
|
Sales and marketing
expenses
|
(11,203)
|
(10,937)
|
General and
administrative expenses
|
(16,181)
|
(23,754)
|
Other operating
incomes, net
|
2,160
|
3,410
|
Total operating
expenses
|
(53,016)
|
(54,087)
|
Loss from
operations
|
(32,830)
|
(23,624)
|
Other
income/(loss)
|
|
|
Other non-operating
income, net
|
779
|
778
|
Financial income,
net
|
10,234
|
13,135
|
Foreign exchange
(loss)/gain, net
|
(102)
|
17
|
Loss before income
tax expense
|
(21,919)
|
(9,694)
|
Income tax
expense
|
(811)
|
(1,122)
|
Net
loss
|
(22,730)
|
(10,816)
|
|
|
|
Net loss
attributable to Tuya Inc.
|
(22,730)
|
(10,816)
|
|
|
|
Net loss attribute
to ordinary shareholders
|
(22,730)
|
(10,816)
|
|
|
|
Net
loss
|
(22,730)
|
(10,816)
|
Other comprehensive
(loss)/income
|
|
|
Changes in fair value
of long-term investments
|
(8,347)
|
(5,321)
|
Transfer out of fair
value changes of long-term investments
|
–
|
7,487
|
Foreign currency
translation
|
2,090
|
1,772
|
Total comprehensive
loss attributable to Tuya Inc.
|
(28,987)
|
(6,878)
|
|
|
|
TUYA
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF
|
COMPREHENSIVE LOSS
(CONTINUED)
|
(All amounts
in US$ thousands ("US$"),
|
except for share and
per share data, unless otherwise
noted)
|
|
|
For the Three Months Ended
|
|
December
31,
2022
|
December 31,
2023
|
|
|
|
Net loss attributable
to Tuya Inc.
|
(22,730)
|
(10,816)
|
|
|
|
|
|
|
Net loss attributable to ordinary
shareholders
|
(22,730)
|
(10,816)
|
|
|
|
|
|
|
Weighted average number
of ordinary shares used in computing
net loss per
share, basic and diluted
|
554,121,595
|
557,103,923
|
|
|
|
Net loss per share attributable to ordinary
shareholders,
basic
and diluted
|
(0.04)
|
(0.02)
|
|
|
|
Share-based compensation
expenses were included in:
|
|
|
Research and
development expenses
|
4,032
|
3,446
|
Sales and marketing
expenses
|
1,611
|
1,462
|
General and
administrative expenses
|
11,867
|
11,028
|
TUYA
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(All amounts
in US$ thousands ("US$"),
|
except for share and
per share data, unless otherwise
noted)
|
|
|
For the Three Months
Ended
|
|
|
December
31, 2022
|
December
31, 2023
|
|
Net cash (used
in)/generated from operating activities
|
(138)
|
31,760
|
|
Net cash (used
in)/generated from investing activities
|
(165,305)
|
299,763
|
|
Net cash (used
in)/generated from financing activities
|
(3,432)
|
162
|
|
Effect of exchange rate
changes on cash and cash equivalents,
restricted cash
|
2,138
|
729
|
|
Net
(decrease)/increase in cash and cash equivalents,
restricted cash
|
(166,737)
|
332,414
|
|
Cash and cash
equivalents, restricted cash at the beginning of period
|
299,898
|
166,274
|
|
Cash and cash
equivalents, restricted cash at the end of
period
|
133,161
|
498,688
|
|
|
|
|
|
TUYA
INC.
|
UNAUDITED
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST
DIRECTLY
|
COMPARABLE FINANCIAL
MEASURES
|
(All amounts
in US$ thousands ("US$"),
|
except for share and
per share data, unless otherwise
noted)
|
|
|
For the Three Months Ended
|
|
December
31,
2022
|
December 31,
2023
|
|
|
|
Reconciliation of operating expenses
to
non-GAAP operating
expenses
|
|
|
Research and
development expenses
|
(27,792)
|
(22,806)
|
Add: Share-based compensation
expenses
|
4,032
|
3,446
|
Adjusted Research and development
expenses
|
(23,760)
|
(19,360)
|
|
|
|
|
|
|
Sales and marketing
expenses
|
(11,203)
|
(10,937)
|
Add: Share-based compensation
expenses
|
1,611
|
1,462
|
Adjusted Sales and marketing
expenses
|
(9,592)
|
(9,475)
|
|
|
|
|
|
|
General and
administrative expenses
|
(16,181)
|
(23,754)
|
Add: Share-based compensation
expenses
|
11,867
|
11,028
|
Add: Credit-related
impairment of long-term investments
|
–
|
7,435
|
Adjusted General and administrative
expenses
|
(4,314)
|
(5,291)
|
|
|
|
|
|
|
Reconciliation of loss from operations
to
non-GAAP loss from
operations
|
|
|
Loss from
operations
|
(32,830)
|
(23,624)
|
Operating
margin
|
(72.5) %
|
(36.7) %
|
Add: Share-based compensation
expenses
|
17,510
|
15,936
|
Add: Credit-related
impairment of long-term investments
|
–
|
7,435
|
Non-GAAP Loss from
operations
|
(15,320)
|
(253)
|
|
|
|
|
|
|
Non-GAAP Operating
margin
|
(33.8) %
|
(0.4) %
|
|
|
|
|
|
|
Reconciliation of net loss to
non-GAAP
net (loss)/profit
|
|
|
Net loss
|
(22,730)
|
(10,816)
|
Net margin
|
(50.2) %
|
(16.8) %
|
Add: Share-based compensation
expenses
|
17,510
|
15,936
|
Add: Credit-related
impairment of long-term investments
|
–
|
7,435
|
Non-GAAP
Net (loss)/profit
|
(5,220)
|
12,555
|
|
|
|
|
|
|
Non-GAAP Net
margin
|
(11.5) %
|
19.5 %
|
|
|
|
|
|
|
Weighted average number
of ordinary shares used in
computing
non-GAAP net loss per share
|
|
|
– Basic
|
554,121,595
|
557,103,923
|
|
|
|
|
|
|
– Diluted
|
554,121,595
|
589,438,606
|
|
|
|
|
|
|
Non-GAAP
net (loss)/profit per share
attributable
to ordinary shareholders
|
|
|
– Basic
|
(0.01)
|
0.02
|
|
|
|
|
|
|
– Diluted
|
(0.01)
|
0.02
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/tuya-reports-fourth-quarter-2023-unaudited-financial-results-302073314.html
SOURCE Tuya Inc.