SANTA CLARA,
Calif., May, 20,
2024 /PRNewswire/ -- Tuya Inc. ("Tuya" or the
"Company") (NYSE: TUYA; HKEX: 2391), a global leading cloud
platform service provider, today announced its unaudited financial
results for the first quarter ended March
31, 2024.
First Quarter 2024 Financial
Highlights
- Total revenue was US61.7 million, up approximately 29.9%
year over year (1Q2023: US$47.5
million).
- IoT platform-as-a-service ("PaaS") revenue was
US$45.6 million, up approximately
35.7% year over year (1Q2023: US$33.6
million).
- Software-as-a-service ("SaaS") and others revenue was
US$8.6 million, up approximately 1.8%
year over year (1Q2023: US$8.5
million).
- Smart solution revenue was US$7.5
million, up approximately 37.3% year over year (1Q2023:
US$5.4 million).
- Overall gross margin increased to 47.8%, up 3.5
percentage points year over year (1Q2023: 44.3%). Gross margin of
IoT PaaS increased to 46.4%, up 5.9 percentage points year over
year (1Q2023: 40.5%).
- Operating margin was negative 26.5%, improved by 41.5
percentage points year over year (1Q2023: negative 68.0%).
Non-GAAP operating margin was negative 0.9%, improved by
30.6 percentage points year over year (1Q2023: negative
31.5%).
- Net margin was negative 5.7%, improved by 38.6
percentage points year over year (1Q2023: negative 44.3%).
Non-GAAP net margin was 19.9%, improved by 27.7 percentage
points year over year (1Q2023: negative 7.8%).
- Net cash generated from operating activities was
US$14.5 million (1Q2023: net cash
used in operating activities was US$18.9
million).
- Total cash and cash equivalents, time deposits and U.S.
treasury securities recorded as short-term and long-term
investments were US$998.8 million
as of March 31, 2024, compared to
US$984.3 million as of December 31, 2023.
For further information on the non-GAAP financial
measures presented above, see the section headed "Use of Non-GAAP
Financial Measures."
- IoT PaaS customers[1] for the first quarter
of 2024 were approximately 2,000 (1Q2023: approximately 2,000).
Total customers for the first quarter of 2024 were approximately
3,000 (1Q2023: approximately 2,800).
- Premium IoT PaaS customers[2] for the
trailing 12 months ended March 31,
2024 were 269 (1Q2023: 261). In the first quarter of 2024,
the Company's premium IoT PaaS customers contributed approximately
85.1% of its IoT PaaS revenue (1Q2023: approximately 80.2%).
- Dollar-based net expansion rate ("DBNER")[3]
of IoT PaaS for the trailing 12 months ended March 31, 2024 was 116% (1Q2023: 49%).
- Registered IoT device and software developers were
approximately 1,074,000 as of March 31,
2024, up 8.2% from approximately 993,000 developers as of
December 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, "We started 2024, our tenth anniversary year, with
strong financial and operating performances in the quarter
highlighted by meaningful strategic advancements. During the
quarter, we recorded solid growth in our total revenue and set new
records in our blended gross margin, and achieving non-GAAP
profitability in what is typically a slow quarter for the first
time. Going forward, technology innovation remains at the heart of
our strategy. We are fully embracing generative AI, integrating it
into our products and services to enable global developers to
efficiently create more engaging and valuable smart devices and
intelligent spaces. The integration will also offer the potential
to dramatically enhance user interaction experiences and explore
new smart business opportunities. As such, we remain confident in
our ability to lead the evolving smart technology landscape and
deliver sustained value to our customers and stakeholders."
Ms. Yao (Jessie)
Liu, Director and Chief Financial Officer of Tuya, added,
"In the first quarter of 2024, we delivered strong financial
performance, surpassing market expectations. Our core business
segment, IoT PaaS, continued its strong rebound, driven by the
recovery in overseas consumer electronics demand and the steady
rise in global demand for smart solutions. Meanwhile, we also
achieved further improvement in our profit margins and operational
efficiency. Looking ahead, we are committed to sustaining this
momentum, driving long-term revenue growth, and maintaining
profitability, and ultimately delivering better returns for our
shareholders."
REVENUE
Total revenue in the first quarter of 2024
increased by 29.9% to US$61.7 million
from US$47.5 million in the same
period of 2023, mainly due to the increase in IoT PaaS
revenue, SaaS and others revenue and smart solution revenue.
- IoT PaaS revenue in the first quarter of 2024 increased by
35.7% to US$45.6 million from
US$33.6 million in the same period of
2023, primarily due to the relief of downstream inventory backlog
and a global economic improvement compared with the same period of
2023, 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 March 31, 2024 increased to 116% from 49% for the
trailing 12 months ended March 31,
2023.
- SaaS and others revenue in the first quarter of 2024 increased
by 1.8% to US$8.6 million from
US$8.5 million in the same period of
2023, primarily due to an increase in revenue from cloud software
products, partially offset by the decrease in revenue from
technical development services. 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 (formerly known as smart device distribution)
revenue in the first quarter of 2024 increased by 37.3% to
US$7.5 million from US$5.4 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 first quarter of 2024
increased by 21.6% to US$32.2 million
from US$26.5 million in the same
period of 2023, generally in line with the increase in the
Company's total revenue.
GROSS PROFIT AND GROSS MARGIN
Total gross profit in the first quarter of 2024
increased by 40.2% to US$29.5 million
from US$21.0 million in the same
period of 2023 and gross margin increased to 47.8% in the first
quarter of 2024 from 44.3% in the same period of 2023.
- IoT PaaS gross margin in the first quarter of 2024 was 46.4%,
compared to 40.5% in the same period of 2023, primarily due to the
changes in product mix, enhancement in product value, and the
reversal recorded for certain slow-moving IoT chips and raw
materials compared to the provision of such IoT chips and raw
materials in the first quarter of last year.
- SaaS and others gross margin in the first quarter of 2024 was
72.3%, remained relatively stable compared to 74.1% in the same
period of 2023.
- Smart solution gross margin in the first quarter of 2024 was
28.3%, compared to 21.0% in the same period of 2023, primarily due
to higher-value product solutions we provided to our customers
during the first quarter of 2024.
OPERATING EXPENSES
Operating expenses decreased by 14.0% to
US$45.9 million in the first quarter
of 2024 from US$53.3 million in the
same period of 2023.
Non-GAAP operating expenses, defined as operating
expenses excluding share-based compensation expenses and credit
loss of long-term investments, decreased by 16.6% to US$30.0 million in the first quarter of 2024 from
US$36.0 million in the same period of
2023. Share-based compensation expenses in the first quarter of
2024 were US$15.8 million, compared
to US$17.3 million in the same period
of 2023. Credit loss of long-term investments was nil in the first
quarter of 2023 and 2024, respectively.
- Research and development expenses in the first quarter of 2024
were US$23.5 million, down 16.3% from
US$28.1 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
20.1% year over year, but remained largely stable compared to the
previous quarter. Non-GAAP adjusted research and development
expenses in the first quarter of 2024 were US$20.0 million, compared to US$23.9 million in the same period of 2023.
- Sales and marketing expenses in the first quarter of 2024 were
US$9.0 million, down 12.4% from
US$10.3 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 first quarter
of 2024 were US$7.6 million, compared
to US$8.7 million in the same period
of 2023.
- General and administrative expenses in the first quarter of
2024 were US$15.5 million, down 7.9%
compared to US$16.8 million in the
same period of 2023, primarily due to (i) the decrease in
employee-related costs, and (ii) the decrease in professional
service fee compared to the same period of 2023. Non-GAAP adjusted
general and administrative expenses in the first quarter of 2024
were US$4.6 million, compared to
US$5.2 million in the same period of
2023.
- Other operating income, net in the first quarter of 2024 was
US$2.1 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 first quarter of 2024
narrowed by 49.3% to US$16.4 million
from US$32.3 million in the same
period of 2023. Non-GAAP loss from operations in the first quarter
of 2024 narrowed by 96.3% to US$0.6
million from US$15.0 million
in the same period of 2023.
Operating margin in the first quarter of 2024 was
negative 26.5%, improved by 41.5 percentage points from negative
68.0% in the same period of 2023. Non-GAAP operating margin in the
first quarter of 2024 was negative 0.9%, improved by 30.6
percentage points from negative 31.5% in the same period of
2023.
NET LOSS/PROFIT AND NET MARGIN
Net loss in the first quarter of 2024 narrowed by 83.2% to
US$3.5 million from US$21.0 million in the same period of 2023. The
difference between loss from operations and net loss in the first
quarter of 2024 was primarily because of a US$12.8 million interest income achieved mainly
due to well implemented treasury strategies on the Company's cash,
time deposits and U.S. treasury securities recorded as
short-term and long-term investments.
The Company had a non-GAAP net profit of
US$12.3 million in the first quarter
of 2024, compared to a non-GAAP net loss of US$3.7 million in the same period of 2023,
demonstrating the Company's ability to sustain profitability on a
non-GAAP basis.
Net margin in the first quarter of 2024 was
negative 5.7%, improving by 38.6 percentage points from negative
44.3% in the same period of 2023. Non-GAAP net margin in the first
quarter of 2024 was 19.9%, improving by 27.7 percentage points from
negative 7.8% in the same period of 2023.
BASIC AND DILUTED NET LOSS/PROFIT PER
ADS
Basic and diluted net loss per ADS was
US$0.01 in the first quarter of 2024,
compared to US$0.04 in the same
period of 2023. Each ADS represents one Class A ordinary share.
Non-GAAP basic and diluted net profit per ADS was
US$0.02 in the first quarter of 2024,
compared to non-GAAP basic and diluted net loss of US$0.01 in the same period of 2023.
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$998.8
million as of March 31, 2024,
compared to US$984.3 million as of
December 31, 2023, 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 first quarter of 2024 was US$14.5
million, compared to net cash used in operating activities
US$18.9 million in the same period of
2023. The net cash generated from operating activities for the
first quarter of 2024 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
With the stabilizing macroeconomic environment
and normalizing downstream inventory levels, 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 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.
Conference Call Information
The Company's management will hold a conference
call at 08:30 P.M. Eastern Time on
Monday, May 20, 2024 (08:30
A.M. Beijing Time on Tuesday, May 21,
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=a28be759&confId=64913
The replay will be accessible through
May 27, 2024 by dialing the following
numbers:
International:
|
+1-929-458-6194
|
United
States:
|
+1-866-813-9403
|
Access Code:
|
969529
|
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 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 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.co
TUYA
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
AS OF DECEMBER 31,
2023 AND MARCH 31, 2024
|
(All amounts in US$
thousands ("US$"),
|
except for share and
per share data, unless otherwise noted)
|
|
|
As of
|
As of
|
December 31,
|
March
31,
|
|
2023
|
2024
|
|
|
|
|
|
|
ASSETS
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
498,688
|
529,501
|
Short-term
investments
|
291,023
|
261,740
|
Accounts receivable,
net
|
9,214
|
10,124
|
Notes receivable,
net
|
4,955
|
3,862
|
Inventories,
net
|
32,865
|
32,831
|
Prepayments and other
current assets, net
|
11,053
|
11,470
|
|
|
|
Total current
assets
|
847,798
|
849,528
|
|
|
|
Non-current
assets:
|
|
|
Property, equipment
and software, net
|
2,589
|
2,455
|
Operating lease
right-of-use assets, net
|
7,647
|
6,959
|
Long-term
investments
|
207,489
|
217,320
|
Other non-current
assets, net
|
877
|
959
|
|
|
|
Total non-current
assets
|
218,602
|
227,693
|
|
|
|
Total
assets
|
1,066,400
|
1,077,221
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
11,577
|
16,112
|
Advances from
customers
|
31,776
|
31,565
|
Deferred revenue,
current
|
6,802
|
6,806
|
Accruals and other
current liabilities
|
32,807
|
29,467
|
Incomes tax
payables
|
689
|
270
|
Lease liabilities,
current
|
3,883
|
3,896
|
|
|
|
Total current
liabilities
|
87,534
|
88,116
|
|
|
|
Non-current
liabilities:
|
|
|
Lease liabilities,
non-current
|
3,904
|
3,162
|
Deferred revenue,
non-current
|
506
|
437
|
Other non-current
liabilities
|
3,891
|
3,113
|
|
|
|
Total non-current
liabilities
|
8,301
|
6,712
|
|
|
|
Total
liabilities
|
95,835
|
94,828
|
|
|
|
|
|
|
TUYA
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS (CONTINUED)
|
AS OF DECEMBER 31,
2023 AND MARCH 31, 2024
|
(All amounts in US$
thousands ("US$"),
|
except for share and
per share data, unless otherwise noted)
|
|
|
As of
|
As of
|
December 31,
|
March
31,
|
|
2023
|
2024
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
Ordinary
shares
|
–
|
–
|
Class A ordinary
shares
|
25
|
25
|
Class B ordinary
shares
|
4
|
4
|
Treasury
stock
|
(53,630)
|
(45,316)
|
Additional paid-in
capital
|
1,616,105
|
1,623,655
|
Accumulated other
comprehensive loss
|
(17,091)
|
(17,584)
|
Accumulated
deficit
|
(574,848)
|
(578,391)
|
|
|
|
Total shareholders'
equity
|
970,565
|
982,393
|
|
|
|
Total liabilities
and shareholders' equity
|
1,066,400
|
1,077,221
|
|
|
|
TUYA INC.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF
|
COMPREHENSIVE
LOSS
|
(All amounts in US$
thousands ("US$"),
|
except for share and
per share data, unless otherwise noted)
|
|
|
For the Three Months
Ended
|
March
31,
|
March
31,
|
|
2023
|
2024
|
|
|
|
|
|
|
Revenue
|
47,485
|
61,662
|
Cost of
revenue
|
(26,457)
|
(32,177)
|
|
|
|
Gross
profit
|
21,028
|
29,485
|
|
|
|
Operating
expenses:
|
|
|
Research and
development expenses
|
(28,051)
|
(23,474)
|
Sales and marketing
expenses
|
(10,259)
|
(8,983)
|
General and
administrative expenses
|
(16,793)
|
(15,474)
|
Other operating
incomes, net
|
1,780
|
2,079
|
|
|
|
Total operating
expenses
|
(53,323)
|
(45,852)
|
|
|
|
Loss from
operations
|
(32,295)
|
(16,367)
|
|
|
|
Other
income/(loss)
|
|
|
Other non-operating
income, net
|
778
|
778
|
Financial income,
net
|
11,470
|
12,807
|
Foreign exchange loss,
net
|
(34)
|
(105)
|
|
|
|
Loss before income
tax expense
|
(20,081)
|
(2,887)
|
Income tax
expense
|
(964)
|
(656)
|
|
|
|
Net
loss
|
(21,045)
|
(3,543)
|
|
|
|
Net loss
attributable to Tuya Inc.
|
(21,045)
|
(3,543)
|
|
|
|
Net loss
attributable to ordinary shareholders
|
(21,045)
|
(3,543)
|
|
|
|
Net
loss
|
(21,045)
|
(3,543)
|
Other comprehensive
income/(loss)
|
|
|
Transfer out of fair
value changes of long-term investments
|
–
|
(65)
|
Foreign currency
translation
|
1,628
|
(428)
|
|
|
|
Total comprehensive
loss attributable to Tuya Inc.
|
(19,417)
|
(4,036)
|
|
|
|
TUYA
INC.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF
|
COMPREHENSIVE LOSS
(CONTINUED)
|
(All amounts in US$
thousands ("US$"),
|
except for share and
per share data, unless otherwise noted)
|
|
|
For the Three Months
Ended
|
March
31,
|
March
31,
|
|
2023
|
2024
|
|
|
|
|
|
|
Net loss attributable
to Tuya Inc.
|
(21,045)
|
(3,543)
|
|
|
|
Net loss
attributable to ordinary shareholders
|
(21,045)
|
(3,543)
|
|
|
|
Weighted average number
of ordinary shares used in computing
|
553,994,418
|
559,133,184
|
net loss per share,
basic and diluted
|
|
|
|
Net loss per share
attributable to ordinary shareholders, basic
|
(0.04)
|
(0.01)
|
and
diluted
|
|
|
|
Share-based
compensation expenses were included in:
|
|
|
Research and
development expenses
|
4,117
|
3,506
|
Sales and marketing
expenses
|
1,606
|
1,385
|
General and
administrative expenses
|
11,597
|
10,923
|
|
|
|
TUYA INC.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(All amounts in US$
thousands ("US$"),
|
except for share and
per share data, unless otherwise noted)
|
|
|
For the Three Months
Ended
|
March
31,
|
March
31,
|
|
2023
|
2024
|
|
|
|
|
|
|
Net cash (used
in)/generated from operating activities
|
(18,882)
|
14,490
|
Net cash (used
in)/generated from investing activities
|
(33,824)
|
16,195
|
Net cash (used
in)/generated from financing activities
|
(2,171)
|
254
|
Effect of exchange rate
changes on cash and cash equivalents,
|
961
|
(126)
|
restricted
cash
|
|
|
|
Net
(decrease)/increase in cash and cash
equivalents,
|
(53,916)
|
30,813
|
restricted
cash
|
|
|
|
Cash and cash
equivalents, restricted cash at the
|
133,161
|
498,688
|
beginning of
period
|
|
|
|
Cash and cash
equivalents, restricted cash at the end of period
|
79,245
|
529,501
|
TUYA
INC.
|
UNAUDITED
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST
DIRECTLY
|
COMPARABLE FINANCIAL
MEASURES
|
(All amounts in US$
thousands ("US$"),
|
except for share and
per share data, unless otherwise noted)
|
|
|
For the Three Months
Ended
|
March
31,
|
March
31,
|
|
2023
|
2024
|
|
|
|
|
|
|
Reconciliation of
operating expenses to
|
|
|
non-GAAP operating
expenses
|
Research and
development expenses
|
(28,051)
|
(23,474)
|
Add: Share-based
compensation expenses
|
4,117
|
3,506
|
Adjusted Research
and development expenses
|
(23,934)
|
(19,968)
|
|
|
|
Sales and marketing
expenses
|
(10,259)
|
(8,983)
|
Add: Share-based
compensation expenses
|
1,606
|
1,385
|
Adjusted Sales and
marketing expenses
|
(8,653)
|
(7,598)
|
|
|
|
General and
administrative expenses
|
(16,793)
|
(15,474)
|
Add: Share-based
compensation expenses
|
11,597
|
10,923
|
Adjusted General and
administrative expenses
|
(5,196)
|
(4,551)
|
|
|
|
Reconciliation of
loss from operations to
|
|
|
non-GAAP loss from
operations
|
Loss from
operations
|
(32,295)
|
(16,367)
|
Operating
margin
|
(68.0) %
|
(26.5) %
|
Add: Share-based
compensation expenses
|
17,320
|
15,814
|
Non-GAAP Loss from
operations
|
(14,975)
|
(553)
|
|
|
|
Non-GAAP Operating
margin
|
(31.5) %
|
(0.9) %
|
|
|
|
Reconciliation of
net loss to non-GAAP net (loss)/profit
|
|
|
Net loss
|
(21,045)
|
(3,543)
|
Net margin
|
(44.3) %
|
(5.7) %
|
Add: Share-based
compensation expenses
|
17,320
|
15,814
|
Non-GAAP Net
(loss)/profit
|
(3,725)
|
12,271
|
|
|
|
Non-GAAP Net
margin
|
(7.8) %
|
19.9 %
|
|
|
|
Weighted average number
of ordinary shares used in
|
|
|
computing non-GAAP net
loss per share
|
– Basic
|
553,994,418
|
559,133,184
|
|
|
|
– Diluted
|
553,994,418
|
591,737,410
|
|
|
|
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-first-quarter-2024-unaudited-financial-results-302150570.html
SOURCE Tuya Inc.