DUBAI, UAE, March 14, 2022 /PRNewswire/ -- Yalla Group
Limited ("Yalla" or the "Company") (NYSE: YALA), the leading
voice-centric social networking and entertainment platform in the
Middle East and North Africa (MENA), today announced its
unaudited financial results for the fourth quarter and full year
ended December 31, 2021.
Fourth Quarter Ended December
31, 2021 Financial and Operating Highlights
- Revenues were US$67.6
million in the fourth quarter of 2021, representing an
increase of 39.7% from the fourth quarter of 2020.
-
- Revenues generated from chatting services in the fourth quarter
of 2021 were US$49.0 million.
- Revenues generated from games services in the fourth quarter of
2021 were US$18.6 million.
- Net income was US$19.1
million in the fourth quarter of 2021 and net
margin[1] was 28.2%, compared with net income of
US$9.0 million in the fourth quarter
of 2020.
- Non-GAAP net income[2] was
US$27.6 million in the fourth quarter
of 2021, representing an increase of 18.2% from the fourth quarter
of 2020. Non-GAAP net margin[3] was 40.8% in the fourth
quarter of 2021.
- Average MAUs[4] increased by 71.0% to
28.1 million in the fourth quarter of 2021 from 16.4 million in the
fourth quarter of 2020.
- The number of paying users[5] on our
platform increased by 61.0% to 8.4 million in the fourth quarter of
2021 from 5.2 million in the fourth quarter of 2020.
[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 "Reconciliation
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
mobile applications at least once during a given period.
|
[5] "Paying users"
refers to registered users who played a game or purchased our
virtual items or upgrade services using virtual currencies on our
platform at least once in a given period, except for users who
receive all of their virtual currencies directly or indirectly from
us for free. "Registered users" refers to users who have registered
accounts on our platform as of a given time; a registered user is
not necessarily a unique user, however, as an individual may
register multiple accounts on our platform, and consequently, the
number of registered users we present in this press release may not
equal the number of unique users who have registered on our
platform as of a given time.
|
Full Year 2021 Highlights
- Revenues were US$273.1
million in 2021, representing an increase of 102.4% from
2020.
-
- Revenues generated from chatting services were US$208.2 million.
- Revenues generated from games services were US$64.9 million.
- Net income was US$82.6
million in 2021 and net margin was 30.2%, compared with net
income of US$3.2 million in
2020.
- Non-GAAP net income was US$126.5
million in 2021, representing an increase of 97.7% from
2020. Non-GAAP net margin was 46.3% in 2021.
Key Operating
Data
|
For the three
months ended
|
|
December 31,
2020
|
|
December 31,
2021
|
|
|
|
|
Average MAUs
(in thousands)
|
16,413
|
|
28,060
|
|
|
|
|
Paying users
(in thousands)
|
5,236
|
|
8,429
|
|
|
|
|
"2021 was a remarkable year for Yalla. We made tremendous
progress in expanding our product portfolio, establishing an
integrated ecosystem and elevating the rich diversity of our
business and its services to new heights," said Mr. Yang Tao, Founder, Chairman and CEO of Yalla.
"Of special note, we successfully launched the MENA region's
first-ever social metaverse app, WAHA, enabling our users to enjoy
immersive, 3D social scenes. We also recently released YallaChat
version 0.3, iterating our IM product with new features tailored to
MENA's local user preferences. Moreover, our game distribution
business progressed smoothly, with investments in mid-core to
hard-core game projects. As always, we strive to broaden our
product range through diverse developments, investments and
collaborations devoted to fulfilling MENA users' evolving online
social networking and entertainment needs.
"Our operating performance maintained robust growth momentum in
the fourth quarter of 2021. Our group's MAUs reached 28.1 million,
up 71.0% year over year, and our paying users swelled to 8.4
million, representing growth of 61.0% year over year. We will
continue to extend and deepen our relationship with our user base
and promote the monetization of our products. In addition, we will
soon release our first annual ESG report. We remain relentless in
our social responsibility efforts and committed to delivering
long-term sustainable value for our shareholders," Mr. Yang
concluded.
"We sustained our steady financial performance through the
fourth quarter of 2021, achieving a 39.7% year over year increase
in the group's total revenues to $67.6
million," said Ms. Karen Hu,
Chief Financial Officer of Yalla. "For the full year of 2021, our
revenues reached US$273.1 million,
more than doubling year-over-year, driven by the growth in our user
base and advanced monetization capabilities. We also maintained a
net margin of 30.2% and non-GAAP net margin of 46.3% in 2021 while
at the same time accelerating our new business, demonstrating our
effective cost management. As we advance, we remain committed to
our growth strategy – we are confident that enhancements to our
product portfolio will create future growth opportunities by
further expanding our user base and revenues, providing a sound
foundation for long-term profitability."
Fourth Quarter 2021 Financial Results
Revenues
Our revenues were US$67.6 million
in the fourth quarter of 2021, a 39.7% increase from US$48.3 million in the fourth quarter of 2020.
The increase was primarily driven by the broadening of Yalla's and
Yalla Ludo's user base and monetization capability enhancements.
Our average MAUs increased by 71.0% from 16.4 million in the fourth
quarter of 2020 to 28.1 million in the fourth quarter of 2021.
Another primary contributor to our solid revenue growth was the
significant growth in the number of paying users, which increased
from 5.2 million in the fourth quarter of 2020 to 8.4 million in
the fourth quarter of 2021.
In the fourth quarter of 2021, our revenues generated from
chatting services were US$49.0
million and our revenues generated from games services were
US$18.6 million.
Costs and expenses
Our total costs and expenses were US$49.3
million in the fourth quarter of 2021, compared with
US$39.0 million in the fourth quarter
of 2020. The increase was primarily due to our expanding business
scale, partially offset by lower share-based compensation expenses
recognized during the fourth quarter of 2021.
Our cost of revenues was US$23.9
million in the fourth quarter of 2021, compared with
US$18.4 million in the fourth quarter
of 2020.The increase was mainly driven by an increase in commission
fees for third-party payment platforms resulting from our expanding
business scale, partially offset by lower share-based compensation
expenses of US$1.6 million recognized
during the fourth quarter of 2021, a 25.7% decrease from
US$2.2 million in the fourth quarter
of 2020. Excluding share-based compensation expenses, cost of
revenues as a percentage of our total revenues remained relatively
stable at 33.0% in the fourth quarter of 2021, compared with 33.6%
in the fourth quarter of 2020.
Our selling and marketing expenses were US$13.3 million in the fourth quarter of 2021,
compared with US$7.6 million in the
same period last year. The increase was mainly driven by higher
advertising and market promotion expenses led by our continued user
acquisition efforts and expanding product portfolio, partially
offset by lower share-based compensation expenses of US$1.9 million during the fourth quarter of 2021,
compared with US$3.2 million in the
fourth quarter of 2020. Excluding share-based compensation
expenses, selling and marketing expenses as a percentage of our
total revenues increased from 9.2% in the fourth quarter of 2020 to
16.9% in the fourth quarter of 2021.
Our general and administrative expenses were US$8.1 million in the fourth quarter of 2021,
compared with US$11.3 million in the
same period last year. The decrease was mainly driven by lower
share-based compensation expenses of US$4.7
million recognized during the fourth quarter of 2021, a
46.4% decrease from US$8.8 million in
the fourth quarter of 2020, partially offset by an increase in
salaries and other benefits for our general and administrative
staff. This in turn was driven by an expansion of our general and
administrative staff. Excluding share-based compensation expenses,
general and administrative expenses as a percentage of our total
revenues remained relatively stable at 5.1% in the fourth quarter
of 2021, compared with 5.4% in the fourth quarter of 2020.
Our technology and product development expenses were
US$3.9 million in the fourth quarter
of 2021, compared with US$1.6 million
in the same period last year. The increase was mainly driven by an
increase in salaries and benefits for our technology and product
development staff. As a result, excluding share-based compensation
expenses, technology and product development expenses as a
percentage of our total revenues increased from 2.9% in the fourth
quarter of 2020 to 5.3% in the same period of 2021.
Operating income
Operating income was US$18.3
million in the fourth quarter of 2021, compared with
operating income of US$9.3 million in
the fourth quarter of 2020.
Non-GAAP operating income[6]
Non-GAAP operating income (which excluded share-based
compensation expenses) in the fourth quarter of 2021 was
US$26.8 million, a 13.2% increase
from US$23.7 million in the same
quarter last year.
[6] 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 "Reconciliation of GAAP and Non-GAAP Results" for more
information about the non-GAAP measures referred to in this press
release.
|
Income tax expense
Our income tax expense was US$0.79
million in the fourth quarter of 2021, compared with
US$0.33 million in the fourth quarter
of 2020.
Net income
As a result of the foregoing, our net income was US$19.1 million in the fourth quarter of 2021,
compared with net income of US$9.0
million in the fourth quarter of 2020.
Non-GAAP net income
Non-GAAP net income (which excluded share-based compensation
expenses) in the fourth quarter of 2021 was US$27.6 million, a 18.2% increase from
US$23.3 million in the same quarter
last year.
Earnings per ordinary share
Basic and diluted earnings per ordinary share were US$0.13 and US$0.11
respectively in the fourth quarter of 2021, while basic and diluted
earnings per ordinary share were both US$0.06 in the same period of 2020.
Non-GAAP earnings per ordinary
share[7]
Non-GAAP basic and diluted earnings per ordinary share were
US$0.18 and US$0.16 respectively in the fourth quarter of
2021, compared with US$0.16 and US$0.15 respectively in the same period of
2020.
[7] 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 earnings per
ordinary share is a non-GAAP financial measure. See the sections
entitled "Non-GAAP Financial Measures" and "Reconciliation of GAAP
and Non-GAAP Results" for more information about the non-GAAP
measures referred to in this press release.
|
Cash and cash equivalents
As of December 31, 2021, we had
cash and cash equivalents of US$351.5
million, compared with cash and cash equivalents of
US$326.3 million as of September 30, 2021.
Share Repurchase Program
Pursuant to the 2021 Share Repurchase Program announced on
May 21, 2021, in the fourth quarter,
the company repurchased 418,289 American depositary shares ("ADSs")
representing 418,289 Class A ordinary shares from the open market
with cash for an aggregate amount of approximately US$3.1 million.
Full Year 2021 Financial Results
Revenues
Our revenues were US$273.1 million
in 2021, a 102.4% increase from US$134.9
million in 2020. The increase was primarily driven by the
expansion of Yalla's and Yalla Ludo's user base and monetization
capability enhancements.
Our revenues generated from chatting services were US$208.2 million in 2021, and our revenues
generated from games services were US$64.9
million in 2021.
Costs and expenses
Our total costs and expenses were US$190.1 million in 2021, compared with
US$131.2 million in 2020. The
increase was primarily due to our expanding business scale.
Our cost of revenues was US$95.1
million in 2021, compared with US$61.3 million in last year. The increase was
mainly driven by an increase in commission fees for third-party
payment platforms resulting from our expanding business scale,
partially offset by lower share-based compensation expenses of
US$6.3 million recognized during the
fourth quarter of 2021, a 61.2% decrease from US$16.3 million in 2020. Excluding share-based
compensation expenses, cost of revenues as a percentage of our
total revenues remained relatively stable at 32.5% in 2021,
compared with 33.4% in 2020.
Our selling and marketing expenses were US$42.4 million in 2021, compared with
US$21.7 million in 2020. The increase
was mainly driven by higher advertising and market promotion
expenses attributable to our continued user acquisition efforts and
expanding product portfolio. Excluding share-based compensation
expenses, selling and marketing expenses as a percentage of our
total revenues increased from 10.4% in 2020 to 11.8% in 2021,
primarily due to higher spending on marketing activities related to
new products.
Our general and administrative expenses were US$38.3 million in 2021, compared with
US$43.0 million in 2020. The decrease
was mainly driven by lower share-based compensation expenses of
US$26.7 million recognized in 2021, a
25.5% decrease from US$35.9 million
in 2020, partially offset by an increase in salaries and other
benefits for our general and administrative staff. This in turn was
driven by an expansion of our general and administrative staff.
Excluding share-based compensation expenses, general and
administrative expenses as a percentage of our total revenues
decreased from 5.3% in 2020 to 4.2% in 2021 due to economies of
scale.
Our technology and product development expenses were
US$14.3 million in 2021, compared
with US$5.2 million in 2020. The
increase was mainly driven by an increase in salaries and benefits
for our technology and product development staff. Excluding
share-based compensation expenses, technology and product
development expenses as a percentage of our total revenues also
increased from 3.1% in 2020 to 4.9% in 2021, due to the company's
continuous efforts in developing new products and diversifying its
product portfolio.
Operating income
Operating income was US$83.0
million in 2021, compared with operating income of
US$3.8 million in 2020.
Non-GAAP operating income
Non-GAAP operating income (which excludes share-based
compensation expenses) for 2021 was US$127.0
million, a 96.7% increase from US$64.6 million for 2020.
Income tax expense
Our income tax expense was US$2.02
million in 2021, compared with US$0.86 million in 2020.
Net income
Our net income was US$82.6 million
in 2021, compared with net income of US$3.2
million in 2020.
Non-GAAP net income
Non-GAAP net income (which excludes share-based compensation
expenses) in 2021 was US$126.5
million, a 97.7% increase from US$64.0 million in 2020.
Earnings (loss) per ordinary share
Basic and diluted earnings per ordinary share were US$0.56 and US$0.46
in 2021, while basic and diluted loss per ordinary share
were US$0.02 in 2020. Non-GAAP basic and diluted earnings per
ordinary share (which exclude share-based compensation
expenses) were US$0.85 and US$0.70 respectively, compared with US$0.64
and US$0.57 respectively in
2020.
Outlook
For the first quarter of 2022, the management of the Company
currently expects revenues to be between US$66.0 million and US$69.0 million.
The above outlook is based on the 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.
Conference Call
The Company's management will host an earnings conference call
on Monday, March 14, 2022 at
8:00 P.M. U.S. Eastern Time,
Tuesday, March 15, 2022 at
4:00 A.M. Dubai Time, or Tuesday, March 15, 2022 at 8:00 A.M. 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 Toll
Free:
|
800-963-976
|
Access
Code:
|
5927256
|
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website at
http://ir.yallatech.ae/.
A replay of the conference call will be accessible until
March 21, 2022, by dialing the
following telephone numbers:
United States Toll
Free:
|
+1-877-344-7529
|
International:
|
+1-412-317-0088
|
Access
Code:
|
1743579
|
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 is 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 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 are 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.
Reconciliation of GAAP and non-GAAP results is set forth at the
end of this press release.
About Yalla Group Limited
Yalla Group Limited is the leading voice-centric social
networking and entertainment platform in the Middle East and Northern Africa (MENA). The Company's flagship
mobile application, Yalla, is specifically tailored for the people
and local cultures of the region and primarily features Yalla
rooms, a mirrored online version of the majlis or cafés where
people spend their leisure time in casual chats. Voice chats are
more suitable to the cultural norms in MENA compared to video
chats. The Company strives to maintain users' equal status on its
platform, thereby encouraging all of them to freely communicate and
interact with each other. The Company also operates Yalla Ludo, a
mobile application featuring online versions of board games that
are highly popular in MENA, such as Ludo and Domino. In-game
real-time chats and Ludo chat room functions are popular social
networking features among users. Through close attention to detail
and localized appeal that deeply resonates with users, Yalla's
mobile applications deliver a seamless user experience that fosters
a loyal sense of belonging, creating a highly devoted and engaged
user community.
For more information, please visit: http://ir.yallatech.ae/
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@yallatech.ae
The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
Email: yalla@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
Email: yalla@tpg-ir.com
YALLA GROUP
LIMITED
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
As
of
|
|
|
December 31,
2020
|
|
December 31,
2021
|
|
|
US$
|
|
US$
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
236,883,282
|
|
351,485,602
|
Short-term
investments
|
|
766,295
|
|
2,906,344
|
Prepayments and other
current assets
|
|
15,725,424
|
|
21,957,230
|
Total current
assets
|
|
253,375,001
|
|
376,349,176
|
Non-current
assets
|
|
|
|
|
Property and
equipment, net
|
|
1,241,756
|
|
1,832,952
|
Operating lease
right-of-use assets
|
|
—
|
|
857,474
|
Long-term
investments
|
|
—
|
|
1,768,455
|
Total non-current
assets
|
|
1,241,756
|
|
4,458,881
|
Total
assets
|
|
254,616,757
|
|
380,808,057
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
|
1,573,784
|
|
4,392,330
|
Deferred
revenue
|
|
13,359,827
|
|
24,971,203
|
Operating lease
liabilities, current
|
|
—
|
|
472,734
|
Accrued expenses and
other current liabilities
|
|
6,148,486
|
|
14,896,134
|
Total current
liabilities
|
|
21,082,097
|
|
44,732,401
|
Non-current
liabilities
|
|
|
|
|
Operating lease
liabilities, non-current
|
|
—
|
|
195,596
|
Total non-current
liabilities
|
|
—
|
|
195,596
|
Total
liabilities
|
|
21,082,097
|
|
44,927,997
|
|
|
|
|
|
EQUITY
|
|
|
|
|
Shareholders'
equity of Yalla Group Limited
|
|
|
|
|
Class A Ordinary
Shares
|
|
11,920
|
|
12,484
|
Class B Ordinary
Shares
|
|
2,473
|
|
2,473
|
Treasury
stock
|
|
—
|
|
(25,419,808)
|
Additional paid-in
capital
|
|
220,623,005
|
|
265,647,268
|
Accumulated other
comprehensive income
|
|
373,989
|
|
520,010
|
Retained
earnings
|
|
12,523,273
|
|
95,123,951
|
Total
shareholders' equity of Yalla Group Limited
|
|
233,534,660
|
|
335,886,378
|
Non-controlling
interests
|
|
—
|
|
(6,318)
|
Total
equity
|
|
233,534,660
|
|
335,880,060
|
Total liabilities
and equity
|
|
254,616,757
|
|
380,808,057
|
YALLA GROUP
LIMITED
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS
|
OF
OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December 31,
2020
|
|
September 30,
2021
|
|
December 31,
2021
|
|
December 31,
2020
|
|
December 31,
2021
|
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
Revenues
|
|
48,343,470
|
|
71,308,909
|
|
67,556,824
|
|
134,927,410
|
|
273,134,908
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(18,429,067)
|
|
(23,414,397)
|
|
(23,928,785)
|
|
(61,270,887)
|
|
(95,144,945)
|
Selling and marketing
expenses
|
|
(7,621,296)
|
|
(10,968,881)
|
|
(13,317,368)
|
|
(21,701,852)
|
|
(42,404,862)
|
General and
administrative expenses
|
|
(11,349,102)
|
|
(7,328,752)
|
|
(8,130,904)
|
|
(42,974,825)
|
|
(38,271,252)
|
Technology and
product development expenses
|
|
(1,634,465)
|
|
(3,859,988)
|
|
(3,916,387)
|
|
(5,221,124)
|
|
(14,286,120)
|
Total costs and
expenses
|
|
(39,033,930)
|
|
(45,572,018)
|
|
(49,293,444)
|
|
(131,168,688)
|
|
(190,107,179)
|
Operating
income
|
|
9,309,540
|
|
25,736,891
|
|
18,263,380
|
|
3,758,722
|
|
83,027,729
|
Interest
income
|
|
13,343
|
|
40,196
|
|
35,218
|
|
202,474
|
|
111,881
|
Government
grant
|
|
5,627
|
|
—
|
|
1,406,028
|
|
99,277
|
|
1,419,837
|
Investment income
(loss)
|
|
1,947
|
|
(33,383)
|
|
147,154
|
|
13,994
|
|
54,824
|
Income before
income taxes
|
|
9,330,457
|
|
25,743,704
|
|
19,851,780
|
|
4,074,467
|
|
84,614,271
|
Income tax
expense
|
|
(331,427)
|
|
(417,716)
|
|
(794,413)
|
|
(861,081)
|
|
(2,019,911)
|
Net
income
|
|
8,999,030
|
|
25,325,988
|
|
19,057,367
|
|
3,213,386
|
|
82,594,360
|
Net loss attributable
to non-controlling interests
|
|
—
|
|
—
|
|
6,318
|
|
—
|
|
6,318
|
Accretion of
redeemable convertible preferred
shares
|
|
—
|
|
—
|
|
—
|
|
(1,577,026)
|
|
—
|
Dividends distributed
to redeemable convertible
preferred shareholders
|
|
—
|
|
—
|
|
—
|
|
(3,704,083)
|
|
—
|
Net income (loss)
attributable to Yalla Group
Limited's shareholders
|
|
8,999,030
|
|
25,325,988
|
|
19,063,685
|
|
(2,067,723)
|
|
82,600,678
|
YALLA GROUP
LIMITED
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS
|
OF OPERATIONS
(CONTINUED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December 31,
2020
|
|
September 30,
2021
|
|
December 31,
2021
|
|
December 31,
2020
|
|
December 31,
2021
|
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
Earinings (loss)
per ordinary share
|
|
|
|
|
|
|
|
|
|
|
——Basic
|
|
0.06
|
|
0.17
|
|
0.13
|
|
(0.02)
|
|
0.56
|
——Diluted
|
|
0.06
|
|
0.14
|
|
0.11
|
|
(0.02)
|
|
0.46
|
Weighted average
number of shares
outstanding used in computing earnings (loss)
per ordinary share
|
|
|
|
|
|
|
|
|
|
|
——Basic
|
|
144,267,234
|
|
149,873,794
|
|
149,516,472
|
|
91,755,810
|
|
148,739,986
|
——Diluted
|
|
157,062,018
|
|
180,232,792
|
|
176,907,506
|
|
91,755,810
|
|
179,899,466
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Year
Ended
|
|
|
December 31,
2020
|
|
September 30,
2021
|
|
December 31,
2021
|
|
December 31,
2020
|
|
December 31,
2021
|
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
Cost of
revenues
|
|
2,196,453
|
|
1,265,422
|
|
1,632,754
|
|
16,255,275
|
|
6,299,864
|
Selling and marketing
expenses
|
|
3,187,921
|
|
1,768,260
|
|
1,878,389
|
|
7,672,437
|
|
10,102,733
|
General and
administrative expenses
|
|
8,750,756
|
|
4,632,605
|
|
4,689,722
|
|
35,861,913
|
|
26,729,432
|
Technology and
product development expenses
|
|
211,881
|
|
216,047
|
|
325,757
|
|
1,015,858
|
|
807,418
|
YALLA GROUP
LIMITED
|
RECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December 31,
2020
|
|
September 30,
2021
|
|
December 31,
2021
|
|
December 31,
2020
|
|
December 31,
2021
|
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
Operating
income
|
|
9,309,540
|
|
25,736,891
|
|
18,263,380
|
|
3,758,722
|
|
83,027,729
|
Share-based
compensation expenses
|
|
14,347,011
|
|
7,882,334
|
|
8,526,622
|
|
60,805,483
|
|
43,939,447
|
Non-GAAP operating
income
|
|
23,656,551
|
|
33,619,225
|
|
26,790,002
|
|
64,564,205
|
|
126,967,176
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
8,999,030
|
|
25,325,988
|
|
19,057,367
|
|
3,213,386
|
|
82,594,360
|
Share-based
compensation expenses
|
|
14,347,011
|
|
7,882,334
|
|
8,526,622
|
|
60,805,483
|
|
43,939,447
|
Non-GAAP net
income
|
|
23,346,041
|
|
33,208,322
|
|
27,583,989
|
|
64,018,869
|
|
126,533,807
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Yalla
Group Limited's shareholders
|
|
8,999,030
|
|
25,325,988
|
|
19,063,685
|
|
(2,067,723)
|
|
82,600,678
|
Share-based
compensation expenses
|
|
14,347,011
|
|
7,882,334
|
|
8,526,622
|
|
60,805,483
|
|
43,939,447
|
Non-GAAP net
income attributable to
Yalla Group Limited's shareholders
|
|
23,346,041
|
|
33,208,322
|
|
27,590,307
|
|
58,737,760
|
|
126,540,125
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings
per ordinary share
|
|
|
|
|
|
|
|
|
|
|
——Basic
|
|
0.16
|
|
0.22
|
|
0.18
|
|
0.64
|
|
0.85
|
——Diluted
|
|
0.15
|
|
0.18
|
|
0.16
|
|
0.57
|
|
0.70
|
Weighted average
number of shares
outstanding used in computing earnings
per ordinary share
|
|
|
|
|
|
|
|
|
|
|
——Basic
|
|
144,267,234
|
|
149,873,794
|
|
149,516,472
|
|
91,755,810
|
|
148,739,986
|
——Diluted
|
|
157,062,018
|
|
180,232,792
|
|
176,907,506
|
|
102,806,360
|
|
179,899,466
|
View original
content:https://www.prnewswire.com/news-releases/yalla-group-limited-announces-unaudited-fourth-quarter-and-full-year-2021-financial-results-301501848.html
SOURCE Yalla Group Limited