DUBAI, UAE, May 20, 2024
/PRNewswire/ -- Yalla Group Limited ("Yalla" or the "Company")
(NYSE: YALA), the largest Middle
East and North Africa
(MENA)-based online social networking and gaming company, today
announced its unaudited financial results for the first quarter
ended March 31, 2024.
First Quarter 2024 Financial and Operating
Highlights
- Revenues were US$78.7 million in the first quarter of
2024, representing an increase of 7.1% from the first quarter of
2023.
- Revenues generated from chatting services in the first quarter
of 2024 were US$52.2 million.
- Revenues generated from games services in the first quarter of
2024 were US$26.5 million.
- Net income was US$31.1 million in the first quarter of
2024, a 56.2% increase from US$19.9 million in the first quarter of
2023. Net margin1 was 39.5% in the first quarter of
2024.
- Non-GAAP net income2 was US$35.3 million in the first quarter of
2024, a 38.4% increase from US$25.5 million in the first quarter of
2023. Non-GAAP net margin3 was 44.8% in the first
quarter of 2024.
- Average MAUs4 increased by 14.6%
to 37.8 million in the first quarter of 2024 from 33.0
million in the first quarter of 2023.
- The number of paying users5 on our
platform decreased by 5.2% to 12.8 million in the first
quarter of 2024 from 13.5 million in the first quarter of
2023.
|
1 Net
margin is net income as a percentage of revenues.
|
|
2
Non-GAAP net income represents net income excluding share-based
compensation. Non-GAAP net income is a non-GAAP financial
measure. See the sections entitled "Non-GAAP Financial Measures"
and "Reconciliations of GAAP and Non-GAAP Results" for more
information about the non-GAAP measures referred to in this press
release.
|
|
3
Non-GAAP net margin is non-GAAP net income as a percentage of
revenues.
|
|
4
"Average MAUs" refers to the average monthly active users in a
given period calculated by dividing (i) the sum of active users
for
each month of such period, by (ii) the number of months in such
period. "Active users" refers to registered users who accessed any
of
our main mobile applications at least once during a given period.
Yalla, Yalla Ludo, Yalla Parchis, YallaChat and 101 Okey Yalla
have
been our main mobile applications for the periods presented herein;
WeMuslim has been our main mobile application since the second
quarter of 2023; and Ludo Royal has been our main mobile
application since the third quarter of 2023.
|
|
5
"Paying users" refers to registered users who played a game or
purchased our virtual items or upgrade services using virtual
currencies
on our main mobile applications at least once in a given period,
except for users who received all of their virtual currencies
directly or
indirectly from us for free; YallaChat and WeMuslim do not
involve the usage of virtual currencies, and the metrics of "paying
users"
and "ARPPU" do not reflect user activities on YallaChat and
WeMuslim. "Registered users" refers to users who have registered
accounts
on our main mobile applications as of a given time; a registered
user is not necessarily a unique user, as an individual may
register
multiple accounts on our main mobile applications.
|
|
Key Operating
Data
|
For the three months
ended
|
|
|
March 31,
2023
|
|
|
March 31,
2024
|
|
|
|
|
|
|
|
|
Average MAUs (in
thousands)
|
|
32,973
|
|
|
|
37,791
|
|
|
|
|
|
|
|
|
Paying users (in
thousands)
|
|
13,514
|
|
|
|
12,806
|
|
"We kicked off 2024 with a solid set of operational and
financial results. In the first quarter, despite the impact posed
by Ramadan beginning on March 11, our
revenues increased by 7.1% year-over-year to US$78.7 million, landing in the upper end of our
guidance and once again demonstrating the remarkable strength of
our flagship applications," said Mr. Yang
Tao, Founder, Chairman and CEO of Yalla. "We also
reaped rewards as we continued optimizing our user acquisition
strategies and strengthening user engagement by leveraging our
local know-how. For the first quarter, our group's average MAUs
reached 37.8 million, up 14.6% year-over-year. Our paying users
also sequentially increased by 7.3% from last quarter to 12.8
million, reflecting users' increasing willingness to pay for our
products.
"Furthermore, we continued to explore and invest in Yalla Game,
with a strategic focus on new game development. We are actively
communicating with potential premium partners and recently joined
the UK Interactive Entertainment Association (UKIE), deepening our
commitment to enhancing connectivity within the global gaming
industry and enriching the Middle Eastern gaming community with
diverse, high-quality game content. We remain confident in the vast
opportunities in MENA's gaming industry. By capitalizing on our
extensive expertise and resources in the MENA region, we are
well-positioned to unlock the growth potential in the addressable
market. As always, we are dedicated to delivering high-quality,
tailored digital products that cater to the evolving needs of local
users," Mr. Yang concluded.
Ms. Karen Hu, CFO of Yalla,
commented, "Our financial performance remained robust throughout
the first quarter of 2024. Our ongoing efforts to deliver
high-quality growth and enhance our operating efficiency resulted
in meaningful profitability improvements, with net income
increasing 56.2% year-over-year to US$31.1 million and net margin expanding from
27.1% to 39.5%. Looking ahead, we are confident that our strong
cash position and excellent execution will empower us to capitalize
on future opportunities, driving sustainable growth and creating
value for all our stakeholders."
First Quarter 2024 Financial
Results
Revenues
Our revenues were US$78.7 million in the first quarter of
2024, a 7.1% increase from US$73.5 million in the first quarter of
2023. The increase was primarily driven by our broadening user base
and enhanced monetization capability. Our average MAUs increased by
14.6% from 33.0 million in the first quarter of 2023 to
37.8 million in the first quarter of 2024. Our solid revenue
growth was also partially attributable to the significant increase
in ARPPU,6 which grew from US$5.39 in the first quarter of 2023 to
US$6.03 in the first quarter of
2024.
In the first quarter of 2024, our revenues generated from
chatting services were US$52.2
million, and revenues from games services were US$26.5 million.
Costs and expenses
Our total costs and expenses were US$49.6 million in the first quarter of
2024, a 12.7% decrease from US$56.8 million in the first quarter of
2023.
Our cost of revenues was US$28.6 million in the first quarter of
2024, a 2.6% increase from US$27.9 million in the same period last
year, primarily due to higher commission fees paid to third-party
payment platforms as a result of increasing revenue generated. Cost
of revenues as a percentage of our total revenues decreased to
36.3% in the first quarter of 2024, compared with 37.9% in the
first quarter of 2023.
Our selling and marketing expenses were US$8.1 million in the first quarter of 2024,
a 28.7% decrease from US$11.4 million in the same period last
year, primarily driven by our more disciplined advertising and
promotion approach and lower share-based compensation expenses
recognized in the first quarter of 2024. Selling and marketing
expenses as a percentage of our total revenues decreased from 15.4%
in the first quarter of 2023 to 10.3% in the first quarter of
2024.
Our general and administrative expenses were US$6.6 million in the first quarter of 2024,
a 34.6% decrease from US$10.2 million in the same period last
year, primarily driven by lower share-based compensation expenses
recognized in the first quarter of 2024 and a decrease in
professional service fees. General and administrative expenses as a
percentage of our total revenues decreased from 13.8% in the first
quarter of 2023 to 8.4% in the first quarter of 2024.
Our technology and product development expenses were
US$6.3 million in the first quarter
of 2024, a 15.5% decrease from US$7.4
million in the same period of last year, primarily due to a
lower amount in performance-based bonuses recognized during this
quarter. Technology and product development expenses as a
percentage of our total revenues decreased from 10.1% in the first
quarter of 2023 to 8.0% in the first quarter of 2024.
Operating income
Operating income was US$29.1
million in the first quarter of 2024, a 74.2% increase from
US$16.7 million in the first quarter
of 2023.
Non-GAAP operating
income7
Non-GAAP operating income in the first quarter of 2024 was
US$33.3 million, a 49.3% increase
from US$22.3 million in the same
period last year.
Interest income
Our interest income was US$6.6
million in the first quarter of 2024, compared with
US$3.1 million in the first quarter
of 2023, primarily due to an increase in interest rates applicable
to the Company's bank deposits.
Income tax expense
Our income tax expense was US$3.48
million in the first quarter of 2024, compared with
US$0.62 million in the first quarter
of 2023. The increase was primarily due to the introduction and
implementation of the UAE Corporate Tax Law, which is effective for
the financial years starting on or after June 1, 2023.
Net income
As a result of the foregoing, our net income was US$31.1 million in the first quarter of 2024, a
56.2% increase from US$19.9 million
in the first quarter of 2023.
Non-GAAP net income
Non-GAAP net income in the first quarter of 2024 was
US$35.3 million, a 38.4% increase
from US$25.5 million in the same
period last year.
Earnings per ordinary share
Basic and diluted earnings per ordinary share were US$0.20 and US$0.17, respectively, in the first quarter of
2024, while basic and diluted earnings per ordinary share were
US$0.13 and US$0.11, respectively, in the same period of
2023.
Non-GAAP earnings per ordinary
share8
Non-GAAP basic and diluted earnings per ordinary share were
US$0.22 and US$0.20, respectively, in the first quarter of
2024, compared with US$0.16 and
US$0.14, respectively, in the same
period of 2023.
Cash and cash equivalents, restricted cash, term deposits
and short-term investments
As of March 31, 2024, we had cash
and cash equivalents, restricted cash, term deposits and short-term
investments of US$482.7 million,
compared with US$535.7 million as of
December 31, 2023. The decrease was
primarily due to the reallocation of some of the Company's cash
reserves to long-term investments in the first quarter of 2024.
Extension of the Share Repurchase Program
Pursuant to the Company's share repurchase program beginning on
May 21, 2021 with an extended
expiration date of May 21, 2024, the
Company had completed cash repurchases in the open market of
3,972,876 American depositary shares ("ADSs"), representing
3,972,876 Class A ordinary shares, for an aggregate amount of
approximately US$35.5 million, as of
March 31, 2024. The aggregate value
of ADSs and/or Class A ordinary shares that remain available for
purchase under the current share repurchase program was
US$114.5 million as of March 31, 2024. On May 16,
2024, the Company's board of directors approved an extension
of the expiration date of the share repurchase program to
May 21, 2025.
Outlook
For the second quarter of 2024, Yalla currently
expects revenues to be between US$72.0
million and US$79.0 million.
The above outlook is based on current market conditions and
reflects the Company management's current and preliminary estimates
of market and operating conditions and customer demand, which are
all subject to change.
|
6 "ARPPU"
refers to average revenues per paying user in a given period, which
is calculated by dividing (i) revenues for such period,
by (ii) the number of paying users for such period. When
calculating the ARPPU, we include revenues generated from Yalla,
Yalla
Ludo, Yalla Parchis, 101 Okey Yalla and Ludo Royal (since the third
quarter of 2023) in a given period.
|
|
7 Non-GAAP
operating income represents operating income excluding share-based
compensation. Non-GAAP operating income is
a non-GAAP financial measure. See the sections entitled "Non-GAAP
Financial Measures" and "Reconciliations of GAAP and Non-
GAAP Results" for more information about the non-GAAP measures
referred to in this press release.
|
|
8 Non-GAAP
earnings per ordinary share is non-GAAP net income attributable to
Yalla Group Limited's shareholders, divided by
weighted average number of basic and diluted shares outstanding.
Non-GAAP net income attributable to Yalla Group Limited's
shareholders represents net income attributable to Yalla Group
Limited's shareholders, excluding share-based compensation.
Non-
GAAP earnings per ordinary share and non-GAAP net income
attributable to Yalla Group Limited's shareholders are non-GAAP
financial measures. See the sections entitled "Non-GAAP Financial
Measures" and "Reconciliations of GAAP and Non-GAAP Results"
for more information about the non-GAAP measures referred to in
this press release.
|
Conference Call
The Company's management will host an earnings conference call
on Monday, May 20, 2024, at 8:00
PM U.S. Eastern Time, Tuesday, May 21, 2024, at
4:00 AM Dubai Time, or Tuesday, May 21,
2024, at 8:00 AM Beijing/Hong Kong time.
Dial-in details for the earnings conference call are as
follows:
|
United States Toll
Free:
|
+1-888-317-6003
|
|
International:
|
+1-412-317-6061
|
|
United Arab Emirates
Toll Free:
|
80-003-570-3589
|
|
Mainland China Toll
Free:
|
400-120-6115
|
|
Hong Kong, China Toll
Free:
|
800-963-976
|
|
Access Code:
|
3921468
|
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website
at https://ir.yalla.com.
A replay of the conference call will be accessible until
May 27, 2024, by dialing the
following telephone numbers:
|
United States Toll
Free:
|
+1-877-344-7529
|
|
International:
|
+1-412-317-0088
|
|
Access Code:
|
7146269
|
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with
generally accepted accounting principles in the United States, or GAAP, this press release
presents non-GAAP financial measures, namely non-GAAP operating
income, non-GAAP net income, non-GAAP net margin and non-GAAP basic
and diluted earnings per ordinary share, as supplemental measures
to review and assess the Company's operating performance. The
presentation of the 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 U.S. GAAP. We
define non-GAAP operating income as operating income excluding
share-based compensation. We define non-GAAP net income as net
income excluding share-based compensation. We define non-GAAP net
margin as non-GAAP net income as a percentage of revenues. We
define non-GAAP net income attributable to Yalla Group Limited's
shareholders as net income attributable to Yalla Group Limited's
shareholders, excluding share-based compensation. We define
non-GAAP earnings per ordinary share as non-GAAP net income
attributable to Yalla Group Limited's shareholders, divided by the
weighted average number of basic and diluted shares
outstanding.
By excluding the impact of share-based compensation expenses,
which are non-cash charges, the Company believes that the non-GAAP
financial measures help identify underlying trends in its business
and enhance the overall understanding of the Company's past
performance and future prospects. Investors can better understand
the Company's operating and financial performance, compare business
trends among different reporting periods on a consistent basis and
assess its core operating results, as they exclude share-based
compensation expenses, which are not expected to result in cash
payments. The Company also believes that the non-GAAP financial
measures allow for greater visibility with respect to key metrics
used by the Company's management in its financial and operational
decision-making.
The non-GAAP financial measure is not defined under U.S. GAAP
and is not presented in accordance with U.S. GAAP. The non-GAAP
financial measure has limitations as analytical tools. One of the
key limitations of using the non-GAAP financial measures is that
they do not reflect all items of income and expense that affect the
Company's operations. Share-based compensation has been and may
continue to be incurred in the Company's business and is not
reflected in the presentation of non-GAAP financial measures.
Further, the non-GAAP financial measure 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 providing the
relevant disclosure of its non-GAAP financial measures in the
reconciliations to the nearest U.S. GAAP performance measures, all
of which should be considered when evaluating its performance. The
Company encourages investors and others to review its financial
information in its entirety and not rely on a single financial
measure.
Reconciliations of GAAP and non-GAAP results are set forth at
the end of this press release.
About Yalla Group Limited
Yalla Group Limited is the largest MENA-based online social
networking and gaming company, in terms of revenue in 2022. The
Company operates two flagship mobile applications, Yalla, a
voice-centric group chat platform, and Yalla Ludo, a casual gaming
application featuring online versions of board games, popular in
MENA, with in-game voice chat and localized Majlis functionality.
Building on the success of Yalla and Yalla Ludo, the Company
continues to add engaging new content, creating a
regionally-focused, integrated ecosystem dedicated to fulfilling
MENA users' evolving online social networking and gaming needs.
Through its holding subsidiary, Yalla Game Limited, the Company has
expanded its capabilities in mid-core and hard-core games in the
MENA region, leveraging its local expertise to bring innovative
gaming content to its users. In addition, the growing Yalla
ecosystem includes YallaChat, an IM product tailored for Arabic
users, WeMuslim, a product that supports Arabic users in observing
their customs, and casual games such as Yalla Baloot and 101 Okey
Yalla, developed to sustain vibrant local gaming communities in
MENA. Yalla is also actively exploring outside of MENA with Yalla
Parchis, a Ludo game designed for the South American markets.
Yalla's mobile applications deliver a seamless experience that
fosters a sense of loyalty and belonging, establishing highly
devoted and engaged user communities through close attention to
detail and localized appeal that profoundly resonates with
users.
For more information, please visit: https://ir.yalla.com.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements pursuant to the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "aims,"
"future," "intends," "plans," "believes," "estimates," "likely to"
and similar statements. Statements that are not historical facts,
including statements about Yalla Group Limited's beliefs, plans and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. Further
information regarding these and other risks is included in Yalla
Group Limited's filings with the SEC. All information provided in
this press release is as of the date of this press release, and
Yalla Group Limited does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please contact:
Yalla Group Limited
Investor Relations
Kerry Gao - IR Director
Tel: +86-571-8980-7962
Email: ir@yalla.com
Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
Email: yalla@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: yalla@tpg-ir.com
|
YALLA GROUP
LIMITED
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
As of
|
|
|
|
December 31,
2023
|
|
|
March 31,
2024
|
|
|
|
US$
|
|
|
US$
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
311,883,463
|
|
|
|
296,550,420
|
|
|
Restricted
cash
|
|
|
423,567
|
|
|
|
422,833
|
|
|
Term
deposits
|
|
|
213,105,501
|
|
|
|
175,330,585
|
|
|
Short-term
investments
|
|
|
10,282,329
|
|
|
|
10,394,214
|
|
|
Amounts due from a
related party
|
|
|
109,507
|
|
|
|
—
|
|
|
Prepayments and other
current assets
|
|
|
33,340,602
|
|
|
|
36,199,326
|
|
|
Total current
assets
|
|
|
569,144,969
|
|
|
|
518,897,378
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
1,583,604
|
|
|
|
1,346,083
|
|
|
Intangible asset,
net
|
|
|
1,133,715
|
|
|
|
1,074,036
|
|
|
Operating lease
right-of-use assets
|
|
|
2,382,026
|
|
|
|
2,114,623
|
|
|
Long-term
investments
|
|
|
51,692,218
|
|
|
|
131,516,864
|
|
|
Other assets
|
|
|
13,015,729
|
|
|
|
12,993,165
|
|
|
Total non-current
assets
|
|
|
69,807,292
|
|
|
|
149,044,771
|
|
|
Total
assets
|
|
|
638,952,261
|
|
|
|
667,942,149
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
928,055
|
|
|
|
867,064
|
|
|
Deferred
revenue
|
|
|
46,558,571
|
|
|
|
49,336,350
|
|
|
Operating lease
liabilities, current
|
|
|
1,153,691
|
|
|
|
1,107,495
|
|
|
Amounts due to a
related party
|
|
|
—
|
|
|
|
47,036
|
|
|
Accrued expenses and
other current liabilities
|
|
|
26,694,999
|
|
|
|
18,171,848
|
|
|
Total current
liabilities
|
|
|
75,335,316
|
|
|
|
69,529,793
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
Operating lease
liabilities, non-current
|
|
|
949,970
|
|
|
|
466,142
|
|
|
Total non-current
liabilities
|
|
|
949,970
|
|
|
|
466,142
|
|
|
Total
liabilities
|
|
|
76,285,286
|
|
|
|
69,995,935
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
Shareholders' equity
of Yalla Group Limited
|
|
|
|
|
|
|
|
Class A Ordinary
Shares
|
|
|
13,778
|
|
|
|
13,811
|
|
|
Class B Ordinary
Shares
|
|
|
2,473
|
|
|
|
2,473
|
|
|
Additional paid-in
capital
|
|
|
313,306,523
|
|
|
|
317,571,228
|
|
|
Treasury
stock
|
|
|
(35,527,305)
|
|
|
|
(35,527,305)
|
|
|
Accumulated other
comprehensive loss
|
|
|
(2,341,740)
|
|
|
|
(2,415,420)
|
|
|
Retained
earnings
|
|
|
292,223,525
|
|
|
|
323,817,628
|
|
|
Total shareholders'
equity of Yalla Group Limited
|
|
|
567,677,254
|
|
|
|
603,462,415
|
|
|
Non-controlling
interests
|
|
|
(5,010,279)
|
|
|
|
(5,516,201)
|
|
|
Total
equity
|
|
|
562,666,975
|
|
|
|
597,946,214
|
|
|
Total liabilities
and equity
|
|
|
638,952,261
|
|
|
|
667,942,149
|
|
|
YALLA GROUP
LIMITED
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS
|
|
OF
OPERATIONS
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
2023
|
|
|
December 31,
2023
|
|
|
March 31,
2024
|
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
Revenues
|
|
|
73,518,613
|
|
|
|
80,925,228
|
|
|
|
78,728,578
|
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
(27,852,477)
|
|
|
|
(30,571,656)
|
|
|
|
(28,571,261)
|
|
|
Selling and marketing
expenses
|
|
|
(11,354,975)
|
|
|
|
(10,356,555)
|
|
|
|
(8,099,936)
|
|
|
General and
administrative expenses
|
|
|
(10,164,394)
|
|
|
|
(11,300,036)
|
|
|
|
(6,647,892)
|
|
|
Technology and product
development expenses
|
|
|
(7,411,188)
|
|
|
|
(5,411,303)
|
|
|
|
(6,262,254)
|
|
|
Total costs and
expenses
|
|
|
(56,783,034)
|
|
|
|
(57,639,550)
|
|
|
|
(49,581,343)
|
|
|
Operating
income
|
|
|
16,735,579
|
|
|
|
23,285,678
|
|
|
|
29,147,235
|
|
|
Interest
income
|
|
|
3,118,289
|
|
|
|
6,479,095
|
|
|
|
6,644,884
|
|
|
Government
grants
|
|
|
177,659
|
|
|
|
154,908
|
|
|
|
67,332
|
|
|
Investment income
(loss)
|
|
|
491,889
|
|
|
|
271,566
|
|
|
|
(1,288,127)
|
|
|
Income before income
taxes
|
|
|
20,523,416
|
|
|
|
30,191,247
|
|
|
|
34,571,324
|
|
|
Income tax
expense
|
|
|
(616,358)
|
|
|
|
(539,276)
|
|
|
|
(3,483,208)
|
|
|
Net
income
|
|
|
19,907,058
|
|
|
|
29,651,971
|
|
|
|
31,088,116
|
|
|
Net loss attributable
to non-controlling interests
|
|
|
554,591
|
|
|
|
1,533,491
|
|
|
|
505,987
|
|
|
Net income
attributable to Yalla Group
Limited's shareholders
|
|
|
20,461,649
|
|
|
|
31,185,462
|
|
|
|
31,594,103
|
|
|
Earnings per
ordinary share
|
|
|
|
|
|
|
|
|
|
|
——Basic
|
|
|
0.13
|
|
|
|
0.20
|
|
|
|
0.20
|
|
|
——Diluted
|
|
|
0.11
|
|
|
|
0.17
|
|
|
|
0.17
|
|
|
Weighted average
number of shares
outstanding used in computing earnings
per ordinary share
|
|
|
|
|
|
|
|
|
|
|
——Basic
|
|
|
157,976,350
|
|
|
|
159,656,332
|
|
|
|
160,379,455
|
|
|
——Diluted
|
|
|
180,517,715
|
|
|
|
182,819,044
|
|
|
|
183,260,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation was allocated in cost of revenues, selling and
marketing expenses, general and administrative expenses and
technology and product development expenses as follows:
|
|
|
|
Three Months
Ended
|
|
|
|
|
March 31,
2023
|
|
|
|
December 31,
2023
|
|
|
|
March 31,
2024
|
|
|
|
|
US$
|
|
|
|
US$
|
|
|
|
US$
|
|
|
Cost of
revenues
|
|
|
1,030,249
|
|
|
|
1,479,600
|
|
|
|
1,902,717
|
|
|
Selling and marketing
expenses
|
|
|
971,335
|
|
|
|
692,727
|
|
|
|
700,115
|
|
|
General and
administrative expenses
|
|
|
3,245,278
|
|
|
|
1,417,835
|
|
|
|
1,333,314
|
|
|
Technology and product
development expenses
|
|
|
349,277
|
|
|
|
198,803
|
|
|
|
262,731
|
|
|
Total share-based
compensation expenses
|
|
|
5,596,139
|
|
|
|
3,788,965
|
|
|
|
4,198,877
|
|
|
YALLA GROUP
LIMITED
|
|
RECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
2023
|
|
|
December 31,
2023
|
|
|
March 31,
2024
|
|
|
|
US$
|
|
|
US$
|
|
|
US$
|
|
|
Operating
income
|
|
|
16,735,579
|
|
|
|
23,285,678
|
|
|
|
29,147,235
|
|
|
Share-based
compensation expenses
|
|
|
5,596,139
|
|
|
|
3,788,965
|
|
|
|
4,198,877
|
|
|
Non-GAAP operating
income
|
|
|
22,331,718
|
|
|
|
27,074,643
|
|
|
|
33,346,112
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
19,907,058
|
|
|
|
29,651,971
|
|
|
|
31,088,116
|
|
|
Share-based
compensation expenses,
net of tax effect of nil
|
|
|
5,596,139
|
|
|
|
3,788,965
|
|
|
|
4,198,877
|
|
|
Non-GAAP net
income
|
|
|
25,503,197
|
|
|
|
33,440,936
|
|
|
|
35,286,993
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Yalla
Group Limited's shareholders
|
|
|
20,461,649
|
|
|
|
31,185,462
|
|
|
|
31,594,103
|
|
|
Share-based
compensation expenses,
net of tax effect of nil
|
|
|
5,596,139
|
|
|
|
3,788,965
|
|
|
|
4,198,877
|
|
|
Non-GAAP net income
attributable to
Yalla Group Limited's shareholders
|
|
|
26,057,788
|
|
|
|
34,974,427
|
|
|
|
35,792,980
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings
per ordinary share
|
|
|
|
|
|
|
|
|
|
|
——Basic
|
|
|
0.16
|
|
|
|
0.22
|
|
|
|
0.22
|
|
|
——Diluted
|
|
|
0.14
|
|
|
|
0.19
|
|
|
|
0.20
|
|
|
Weighted average
number of shares
outstanding used in computing earnings
per ordinary share
|
|
|
|
|
|
|
|
|
|
|
——Basic
|
|
|
157,976,350
|
|
|
|
159,656,332
|
|
|
|
160,379,455
|
|
|
——Diluted
|
|
|
180,517,715
|
|
|
|
182,819,044
|
|
|
|
183,260,168
|
|
View original
content:https://www.prnewswire.com/news-releases/yalla-group-limited-announces-unaudited-first-quarter-2024-financial-results-302150138.html
SOURCE Yalla Group Limited