Tuya Reports Second Quarter 2024 Unaudited Financial Results and Declaration of Special Dividend
Second Quarter 2024 Financial Highlights
-
Total revenue was
US$73.3 million , up approximately 28.6% year over year (2Q2023:US$57.0 million ). -
IoT platform-as-a-service ("PaaS") revenue was
US$54.3 million , up approximately 32.0% year over year (2Q2023:US$41.1 million ). -
Software-as-a-service ("SaaS") and others revenue was
US$9.6 million , up approximately 2.4% year over year (2Q2023:US$9.4 million ). -
Smart solution revenue was
US$9.4 million , up approximately 44.2% year over year (2Q2023:US$6.5 million ). -
Overall gross margin increased to 48.0%, up 1.3 percentage points year over year (2Q2023: 46.7%). Gross margin of IoT PaaS increased to 47.6%, up 3.4 percentage points year over year (2Q2023: 44.2%).
-
Operating margin was negative 14.1%, improved by 41.0 percentage points year over year (2Q2023: negative 55.1%). Non-GAAP operating margin was 10.0%, improved by 21.2 percentage points year over year (2Q2023: negative 11.2%), marking the Company's first positive quarterly non-GAAP operating margin.
-
Net margin was 4.3%, improved by 45.6 percentage points year over year (2Q2023: negative 41.3%). Non-GAAP net margin was 28.4%, improved by 25.7 percentage points year over year (2Q2023: 2.7%).
-
Net cash generated from operating activities was
US$11.8 million (2Q2023:US$7.5 million ). -
Total cash and cash equivalents, time deposits and treasury securities recorded as short- term and long-term investments were
US$1,000.1 million as ofJune 30, 2024 , compared toUS$984.3 million as ofDecember 31, 2023 .
For further information on the non-GAAP financial measures presented above, see the section headed "Use of Non-GAAP Financial Measures."
Second Quarter 2024 Operating Highlights
-
IoT PaaS customers1 for the second quarter of 2024 were approximately 2,100 (2Q2023: approximately 2,300). Total customers for the second quarter of 2024 were approximately 3,000 (2Q2023: approximately 3,300). The Company's key-account strategy has enabled it to focus on serving strategic customers.
-
Premium IoT PaaS customers2 for the trailing 12 months ended
June 30, 2024 were 280 (2Q2023: 251). In the second quarter of 2024, the Company's premium IoT PaaS customers contributed approximately 84.8% of its IoT PaaS revenue (2Q2023: approximately 79.8%). -
Dollar-based net expansion rate ("DBNER")3 of IoT PaaS for the trailing 12 months ended
June 30, 2024 was 127% (2Q2023: 58%). -
Registered IoT device and software developers were over 1,192,000 as of
June 30, 2024 , up 20.1% from approximately 993,000 developers as ofDecember 31, 2023 .
- 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.
- 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. - 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, "The second quarter of 2024 marks a significant milestone for our company, as we attained a quarterly non- GAAP operating profit for the first time in our history with an operating margin of about 10%. This achievement demonstrates the effectiveness of our business model and highlights the operational leverage within our business, as well as our commitment to delivering on our promises. As the world's leading cloud platform service provider, we are entering a new phase in the smart technology sector. This progress is fueled by a more favorable competitive environment, GenAI technology advancements, renewed momentum in the smart consumer electronics and smart business markets, and, more importantly, Tuya's unwavering commitment to strategic decisions and execution focused on customers, product innovation, and operations. Looking ahead, we remain focused on driving long-term revenue growth and achieving solid profit margins, while continuing to deliver the best smart technology solutions to our global customers and partners."
Ms.
Second Quarter 2024 Unaudited Financial Results
REVENUE
Total revenue in the second quarter of 2024 increased by 28.6% to
- IoT PaaS revenue in the second quarter of 2024 increased by 32.0% to
US$54.3 million fromUS$41.1 million in the same period of 2023, primarily due to reduced downstream inventory backlog, a global economic recovery compared with the same period of 2023, and the Company's strategic focus on customer needs and product enhancements. As a result, the Company's DBNER of IoT PaaS for the trailing 12 months endedJune 30, 2024 increased to 127% from 58% for the trailing 12 months endedJune 30, 2023 . - SaaS and others revenue in the second quarter of 2024 increased by 2.4% to
US$9.6 million fromUS$9.4 million in the same period of 2023. During the quarter, the Company remained committed to offering value-added services and a diverse range of software products with compelling value propositions to its customers. - Smart solution revenue in the second quarter of 2024 increased by 44.2% to
US$9.4 million fromUS$6.5 million in the same period of 2023, primarily due to the increasing customer demand for smart devices with integrated intelligent software capabilities the Company developed beyond IoT.
COST OF REVENUE
Cost of revenue in the second quarter of 2024 increased by 25.4% to US$38.1 million from
GROSS PROFIT AND GROSS MARGIN
Total gross profit in the second quarter of 2024 increased by 32.1% to
- IoT PaaS gross margin in the second quarter of 2024 was 47.6%, compared to 44.2% in the same period of 2023, primarily due to the changes in product mix and increased product value.
- SaaS and others gross margin in the second quarter of 2024 was 71.0%, compared to 74.5% in the same period of 2023, due to the variations in product and service mix.
- Smart solution gross margin in the second quarter of 2024 was 26.8%, compared to 23.0% in the same period of 2023, primarily due to the high-value product solutions the Company provided to its customers during the second quarter of 2024.
OPERATING EXPENSES
Operating expenses decreased by 21.6% to
- Research and development expenses in the second quarter of 2024 were
US$23.0 million , down 13.1% fromUS$26.5 million in the same period of 2023, primarily due to the decrease in employee-related costs. During this quarter, average salaried employee headcount of the Company's research and development team was down approximately 16.7% year over year, but remained relatively stable compared to the previous quarter. Non-GAAP adjusted research and development expenses in the second quarter of 2024 wereUS$19.6 million , compared toUS$22.5 million in the same period of 2023. - Sales and marketing expenses in the second quarter of 2024 were
US$9.4 million , down 4.5% fromUS$9.8 million in the same period of 2023, primarily due to the decrease in employee- related costs. Non-GAAP adjusted sales and marketing expenses in the second quarter of 2024 wereUS$8.2 million , compared toUS$8.2 million in the same period of 2023. - General and administrative expenses in the second quarter of 2024 were
US$16.9 million , down 30.5% compared toUS$24.3 million in the same period of 2023, primarily due to the decline in credit-related impairment of long-term investments. Non-GAAP adjusted general and administrative expenses in the second quarter of 2024 wereUS$3.7 million , compared toUS$4.8 million in the same period of 2023. - Other operating income, net in the second quarter of 2024 was
US$3.7 million , primarily due to the receipt of software value-added tax refunds and various general subsidies for enterprises.
LOSS/PROFIT FROM OPERATIONS AND OPERATING MARGIN
Loss from operations in the second quarter of 2024 narrowed by 67.1% to
Operating margin in the second quarter of 2024 was negative 14.1%, improved by 41.0 percentage points from negative 55.1% in the same period of 2023. Non-GAAP operating margin in the second quarter of 2024 was 10.0%, improved by 21.2 percentage points from negative 11.2% in the same period of 2023.
NET LOSS/PROFIT AND
The Company had a net profit of
The Company had a non-GAAP net profit of
Net margin in the second quarter of 2024 was 4.3%, improving by 45.6 percentage points from negative 41.3% in the same period of 2023. Non-GAAP net margin in the second quarter of 2024 was 28.4%, improving by 25.7 percentage points from 2.7% in the same period of 2023.
BASIC AND DILUTED NET LOSS/PROFIT PER ADS
Basic and diluted net profit per ADS was
Non-GAAP basic and diluted net profit per ADS was
CASH AND CASH EQUIVALENTS, TIME DEPOSITS AND TREASURY SECURITIES RECORDED AS SHORT-TERM AND LONG-TERM INVESTMENTS
Cash and cash equivalents, time deposits and treasury securities recorded as short-term and long- term investments were US$1,000.1 million as of June 30, 2024, compared to US$984.3 million as of
NET CASH GENERATED FROM OPERATING ACTIVITIES
Net cash generated from operating activities in the second quarter of 2024 was
For further information on non-GAAP financial measures presented above, see the section headed "Use of Non-GAAP Financial Measures."
Business Outlook
With the stabilizing macroeconomic environment, normalizing downstream inventory levels, and growing demand for consumer electronics, the industry is currently on a positive trajectory. With the effective implementation of the Company's customer and product strategies, along with the utilization and innovation of emerging technologies like generative AI, the Company is confident in its business prospects.
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 and interests rate volatility, and broader geopolitical uncertainties.
Declaration of Special Dividend and Record Date
On
In order to qualify for the Special Dividend, with respect to ordinary shares registered on the Company's
Dividend to be paid to the holders of ADSs issued by the depositary of the ADSs will be subject to the terms of the deposit agreement.
The payment date is expected to be on or around
Conference Call Information
The Company's management will hold a conference call at 08:30 P.M. Eastern Time on Monday, August 26, 2024 (08:30 A.
Online registration: https://register.vevent.com/register/BI51298387e78143d9935bd5c0ea03f104
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.tuya.com, and a replay of the webcast will be available following the session.
About Tuya Inc.
Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading cloud platform service provider with a mission to build a smart solutions developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built cloud developer platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, Software-as-a- Service, or SaaS, and smart solutions for developers of smart device, commercial applications, and industries. Through its cloud developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low- carbon, security, high efficiency, agility, and openness.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses non-GAAP financial 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
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, credit-related impairment of long-term investments and litigation costs have been and may continue to be incurred in the business and are not reflected in the presentation of non-GAAP 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 measures to the most directly comparable U.S. GAAP 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
Investor Relations Contact
Investor Relations Email: ir@tuya.com
The Blueshirt Group Gary Dvorchak, CFA
Phone: +1 (323) 240-5796
Email: gary@blueshirtgroup.co
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||||||
|
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|
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As of December |
|
As of June |
|
||||||||
|
ASSETS |
|
|
|
|
||||||||
|
Current assets: |
|
|
|
|
||||||||
|
Cash and cash equivalents |
498,688 |
|
614,767 |
|
||||||||
|
Restricted cash |
– |
|
152 |
|
||||||||
|
Short-term investments |
291,023 |
|
175,218 |
|
||||||||
|
Accounts receivable, net |
9,214 |
|
6,763 |
|
||||||||
|
Notes receivable, net |
4,955 |
|
7,271 |
|
||||||||
|
Inventories, net |
32,865 |
|
28,088 |
|
||||||||
|
Prepayments and other current assets, net |
11,053 |
|
19,027 |
|
||||||||
|
Total current assets |
847,798 |
|
851,286 |
|
||||||||
|
Non-current assets:
|
2,589 |
|
2,394 |
|
||||||||
|
Operating lease right-of-use assets, net |
7,647 |
|
6,007 |
|
||||||||
|
Long-term investments |
207,489 |
|
220,401 |
|
||||||||
|
Other non-current assets, net |
877 |
|
9,562 |
|
||||||||
|
Total non-current assets |
218,602 |
|
238,364 |
|
||||||||
|
Total assets |
1,066,400 |
|
1,089,650 |
|
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|
|
|
|
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LIABILITIES AND SHAREHOLDERS
'
EQUITY
|
|
|
|
|
||||||||
|
Current liabilities: |
|
|
|
|
||||||||
|
Accounts payable |
11,577 |
|
11,638 |
|
||||||||
|
Advances from customers |
31,776 |
|
32,299 |
|
||||||||
|
Deferred revenue, current |
6,802 |
|
6,504 |
|
||||||||
|
Accruals and other current liabilities |
32,807 |
|
30,625 |
|
||||||||
|
Incomes tax payables |
689 |
|
– |
|
||||||||
|
Lease liabilities, current |
3,883 |
|
3,872 |
|
||||||||
|
Total current liabilities |
87,534 |
|
84,938 |
|
||||||||
|
Non-current liabilities: |
|
|
|
|
||||||||
|
Lease liabilities, non-current |
3,904 |
|
2,120 |
|
||||||||
|
Deferred revenue, non-current |
506 |
|
425 |
|
||||||||
|
Other non-current liabilities |
3,891 |
|
2,300 |
|
||||||||
|
Total non-current liabilities |
8,301 |
|
4,845 |
|
||||||||
|
Total liabilities |
95,835 |
|
89,783 |
|
||||||||
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) |
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As of |
As of June |
|
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Shareholders ' equity: |
|
|
|
|
|
|
|
|||||
|
Ordinary shares |
– |
– |
|
|||||||||
|
Class A ordinary shares |
25 |
25 |
|
|||||||||
|
Class B ordinary shares |
4 |
4 |
|
|||||||||
|
|
(53,630) |
(43,628) |
|
|||||||||
|
Additional paid-in capital |
1,616,105 |
1,637,052 |
|
|||||||||
|
Accumulated other comprehensive loss |
(17,091) |
(18,323) |
|
|||||||||
|
Accumulated deficit |
(574,848) |
(575,263) |
|
|||||||||
|
|
|
|
|
|||||||||
|
Total shareholders ' equity |
970,565 |
999,867 |
|
|||||||||
|
|
|
|
|
|||||||||
|
Total liabilities and shareholders ' equity |
1,066,400 |
1,089,650 |
|
|||||||||
|
COMPREHENSIVE LOSS
|
||||||||||||
|
|
||||||||||||
|
|
|
For the Three Months Ended |
For the Six Months Ended |
|
||||||||
|
|
|
|
|
|
|
|||||||
|
Revenue |
57,004 |
73,279 |
104,489 |
134,941 |
|
|||||||
|
Cost of revenue |
(30,363) |
(38,087) |
(56,820) |
(70,264) |
|
|||||||
|
Gross profit |
26,641 |
35,192 |
47,669 |
64,677 |
|
|||||||
|
Operating expenses: |
|
|
|
|
|
|||||||
|
Research and development expenses |
(26,474) |
(22,993) |
(54,525) |
(46,467) |
|
|||||||
|
Sales and marketing expenses |
(9,826) |
(9,387) |
(20,085) |
(18,370) |
|
|||||||
|
General and administrative expenses |
(24,273) |
(16,861) |
(41,066) |
(32,335) |
|
|||||||
|
Other operating incomes, net |
2,514 |
3,705 |
4,294 |
5,784 |
|
|||||||
|
Total operating expenses |
(58,059) |
(45,536) |
(111,382) |
(91,388) |
|
|||||||
|
Loss from operations |
(31,418) |
(10,344) |
(63,713) |
(26,711) |
|
|||||||
|
Other income |
|
|
|
|
|
|||||||
|
Other non-operating incomes, net |
778 |
1,869 |
1,556 |
2,647 |
|
|||||||
|
Financial income, net |
7,305 |
12,452 |
18,775 |
25,259 |
|
|||||||
|
Foreign exchange gain/(loss), net |
937 |
(257) |
903 |
(362) |
|
|||||||
|
(Loss)/profit before income tax expense |
(22,398) |
3,720 |
(42,479) |
833 |
|
|||||||
|
Income tax expense |
(1,151) |
(592) |
(2,115) |
(1,248) |
|
|||||||
|
Net (loss)/profit |
(23,549) |
3,128 |
(44,594) |
(415) |
|
|||||||
|
|
|
|
|
|
|
|||||||
|
Net (loss)/profit attributable to |
(23,549) |
3,128 |
(44,594) |
(415) |
|
|||||||
|
|
|
|
|
|
|
|||||||
|
Net (loss)/profit attributable to ordinary shareholders |
(23,549) |
3,128 |
(44,594) |
(415) |
|
|||||||
|
|
|
|
|
|
|
|||||||
|
Net (loss)/profit |
(23,549) |
3,128 |
(44,594) |
(415) |
|
|||||||
|
Other comprehensive (loss)/income |
|
|
|
|
|
|||||||
|
Changes in fair value of long-term investments |
(1,053) |
(139) |
(1,053) |
(139) |
|
|||||||
|
Transfer out of fair value changes of long-term |
8,050 |
– |
8,050 |
(65) |
|
|||||||
|
Foreign currency translation |
(6,882) |
(600) |
(5,254) |
(1,028) |
|
|||||||
|
Total comprehensive (loss)/income attributable to |
(23,434) |
2,389 |
(42,851) |
(1,647) |
|
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| COMPREHENSIVE LOSS (CONTINUED) |
||||||||||||
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
|||||||
|
|
|
|
|
|
|
|
||||||
|
Net (loss)/profit attributable to Tuya Inc. |
(23,549) |
3,128 |
|
(44,594) |
(415) |
|
||||||
|
Net (loss)/profit attributable to ordinary shareholders |
(23,549) |
3,128 |
|
(44,594) |
(415) |
|
||||||
|
|
|
|
|
|
|
|
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Weighted average number of ordinary shares used in computing net |
|
|
|
|
|
|
||||||
|
– Basic |
554,945,739 |
559,710,445 |
|
554,472,706 |
559,421,815 |
|
||||||
|
– Diluted |
554,945,739 |
592,735,568 |
|
554,472,706 |
559,421,815 |
|
||||||
|
Net (loss)/profit per share attributable to ordinary shareholders |
|
|
|
|
|
|
||||||
|
– Basic |
(0.04) |
0.01 |
(0.08) |
0.00 |
|
|||||||
|
– Diluted |
(0.04) |
0.01 |
(0.08) |
0.00 |
|
|||||||
|
Share-based compensation expenses were included in: |
|
|
|
|
|
|
||||||
|
Research and development expenses |
4,006 |
3,376 |
8,123 |
6,882 |
|
|||||||
|
Sales and marketing expenses |
1,620 |
1,169 |
3,226 |
2,554 |
|
|||||||
|
General and administrative expenses |
11,386 |
10,864 |
22,983 |
21,787 |
|
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
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|
||||||||||||
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|
For the Three Months Ended |
For the Six Months Ended |
|
|||||||||
|
|
|
|
|
|
|
|||||||
|
Net cash generated from/(used in) operating activities |
7,495 |
11,829 |
(11,387) |
26,319 |
|
|||||||
|
Net cash generated from/(used in) investing activities |
11,489 |
73,890 |
(22,335) |
90,085 |
|
|||||||
|
Net cash generated from/(used in) financing activities |
104 |
(104) |
(2,067) |
150 |
|
|||||||
|
Effect of exchange rate changes on cash and cash equivalents, |
(3,791) |
(197) |
(2,830) |
(323) |
|
|||||||
|
Net increase/(decrease) in cash and cash equivalents, restricted |
15,297 |
85,418 |
(38,619) |
116,231 |
|
|||||||
|
Cash and cash equivalents, restricted cash at the beginning of period |
79,245 |
529,501 |
133,161 |
498,688 |
|
|||||||
|
Cash and cash equivalents, restricted cash at the end of period |
94,542 |
614,919 |
94,542 |
614,919 |
|
|||||||
|
UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST |
||||||||||||
|
|
||||||||||||
|
|
|
For the Three Months Ended |
For the Six Months Ended |
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Reconciliation of operating expenses to non-GAAP operating expenses |
|
|
|
|
|
|||||||
|
Research and development expenses |
(26,474) |
(22,993) |
(54,525) |
(46,467) |
|
|||||||
|
Add: Share-based compensation |
4,006 |
3,376 |
8,123 |
6,882 |
|
|||||||
|
|
(22,468) |
(19,617) |
(46,402) |
(39,585) |
|
|||||||
|
Sales and marketing expenses |
(9,826) |
(9,387) |
(20,085) |
(18,370) |
|
|||||||
|
Add: Share-based compensation |
1,620 |
1,169 |
3,226 |
2,554 |
|
|||||||
|
Adjusted Sales and marketing expenses |
(8,206) |
(8,218) |
(16,859) |
(15,816) |
|
|||||||
|
General and administrative expenses |
(24,273) |
(16,861) |
(41,066) |
(32,335) |
|
|||||||
|
Add: Share-based compensation |
11,386 |
10,864 |
22,983 |
21,787 |
|
|||||||
|
Add: Credit-related impairment of long-term investments |
8,050 |
189 |
8,050 |
189 |
|
|||||||
|
Add: Litigation costs |
– |
2,100 |
– |
2,100 |
|
|||||||
|
Adjusted General and administrative expenses |
(4,837) |
(3,708) |
(10,033) |
(8,259) |
|
|||||||
|
Reconciliation of loss from operations to non-GAAP |
|
|
|
|
|
|||||||
|
(loss)/profit from operations |
|
|
|
|
|
|||||||
|
Loss from operations |
(31,418) |
(10,344) |
(63,713) |
(26,711) |
|
|||||||
|
Add: Share-based compensation expenses |
17,012 |
15,409 |
34,332 |
31,223 |
|
|||||||
|
Add: Credit-related impairment of long-term investments |
8,050 |
189 |
8,050 |
189 |
|
|||||||
|
Add: Litigation costs |
– |
2,100 |
– |
2,100 |
|
|||||||
|
Non-GAAP (Loss)/Profit from operations |
(6,356) |
7,354 |
(21,331) |
6,801 |
|
|||||||
|
Non-GAAP Operating margin |
(11.2) % |
10.0 % |
(20.4) % |
5.0 % |
|
|||||||
|
Reconciliation of net (loss)/profit to non-GAAP net profit/(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/profit |
(23,549) |
3,128 |
(44,594) |
(415) |
|
|||||||
|
Add: Share-based compensation expenses |
17,012 |
15,409 |
34,332 |
31,223 |
|
|||||||
|
Add: Credit-related impairment of long-term investments |
8,050 |
189 |
8,050 |
189 |
|
|||||||
|
Add: Litigation costs |
– |
2,100 |
– |
2,100 |
|
|||||||
|
Non-GAAP Net profit/(loss) |
1,513 |
20,826 |
(2,212) |
33,097 |
|
|||||||
|
Non-GAAP Net margin |
2.7 % |
28.4 % |
(2.1) % |
24.5 % |
|
|||||||
|
Weighted average number of ordinary shares used in computing non- |
|
|
|
|
|
|
||||||
|
– Basic |
554,945,739 |
559,710,445 |
554,472,706 |
559,421,815 |
|
|||||||
|
– Diluted |
586,513,021 |
592,735,568 |
554,472,706 |
591,970,099 |
|
|||||||
|
Non-GAAP net profit/(loss) per share attributable to ordinary |
|
|
|
|
|
|
||||||
|
– Basic |
0.00 |
0.04 |
0.00 |
0.06 |
|
|||||||
|
– Diluted |
0.00 |
0.04 |
0.00 |
0.06 |
|
|||||||
View original content:https://www.prnewswire.com/news-releases/tuya-reports-second-quarter-2024-unaudited-financial-results-and-declaration-of-special-dividend-302230822.html
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