$JOYY
YY Inc.
CIK:0001530238|SEC Filings
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Cash flows from operating activities | |||
| Net income (loss) from continuing operations | $ 211,301 | $ (242,638) | $ 272,418 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Depreciation of property and equipment | 29,088 | 25,388 | 46,576 |
| Amortization of acquired intangible assets and land use rights | 64,044 | 65,517 | 73,383 |
| Operating lease expense | 12,691 | 11,702 | 12,541 |
| Expected credit loss of receivables | 1,733 | 10,682 | 1,654 |
| (Gains) losses on disposal of property and equipment, intangible assets and other long-term assets | 1,171 | (141) | (274) |
| Impairment of investments | 15,000 | 9,386 | 0 |
| Impairment of property and equipment | 8,580 | 0 | 0 |
| Impairment of goodwill | 0 | 454,935 | 0 |
| Impairment of other assets | 6,212 | 0 | 0 |
| Share-based compensation | 25,800 | 23,200 | 31,979 |
| Share of (income) loss in equity method investments, net of income taxes | (11,610) | 1,637 | (3,297) |
| Gain on disposal and deemed disposal of investments | 0 | 0 | (74,851) |
| Loss (gain) on deconsolidation and disposal of subsidiaries | 0 | (1,643) | 6,177 |
| Deferred income taxes, net | 362 | (7,982) | (11,808) |
| Foreign currency exchange losses(gains), net | 14,111 | (764) | 2,906 |
| Interest expense | 1,181 | 1,831 | 3,143 |
| Gain on fair value changes of investments | (12,320) | (6,636) | (12,425) |
| Accounts receivable | (45,008) | (13,651) | (32,422) |
| Prepayments and other assets | (74,075) | (2,852) | (30,660) |
| Amounts due from related parties | 2,591 | 7,695 | 5,622 |
| Lease liabilities | (12,231) | (11,712) | (12,546) |
| Amounts due to related parties | 8,549 | (28,128) | (1,783) |
| Accounts payable | (3,480) | (22,726) | (5,563) |
| Deferred revenue | (8,238) | (7,151) | (9,163) |
| Advances from customers | 1,399 | (1,914) | 2,557 |
| Income taxes payable | (14,814) | (7,813) | 7,883 |
| Accrued liabilities and other current liabilities | 80,288 | 52,435 | 23,532 |
| Net cash provided by operating activities | 302,325 | 308,657 | 295,579 |
| Cash flows from investing activities | |||
| Placements of short-term and long-term deposits | (2,170,967) | (3,061,621) | (3,046,581) |
| Maturities of short-term and long-term deposits | 2,005,319 | 3,247,560 | 3,293,451 |
| Placements of short-term investments | (410,121) | (369,904) | (657,639) |
| Maturities of short-term investments | 188,030 | 19,433 | 752,196 |
| Purchase of property and equipment | (143,111) | (83,722) | (81,567) |
| Purchase of intangible assets and land use right | (284) | (775) | (445) |
| Cash paid for investments | (29,141) | (26,575) | (66,014) |
| Cash received from disposal of investments | 0 | 0 | 222,097 |
| Proceeds from disposal of a subsidiary | 0 | 70,715 | 0 |
| Loans to employees and third parties | 0 | (18) | (650) |
| Repayments of loans from employees, related parties and third parties | 274 | 785 | 1,048 |
| Proceeds from disposal of property and equipment | 7,510 | 721 | 3,830 |
| Others | 8,796 | (6,848) | 647 |
| Net cash provided (used in) by continuing investing activities | (543,695) | (210,249) | 420,373 |
| Net cash provided by discontinued investing activities | 87,598 | 0 | 0 |
| Net cash provided by (used in) investing activities | (456,097) | (210,249) | 420,373 |
| Cash flows from financing activities | |||
| Proceeds from exercise of vested share options | 87 | 113 | 180 |
| Dividends paid to shareholders | (155,527) | 0 | (84,197) |
| Purchase of non-controlling interests and redeemable non-controlling interests | 0 | 0 | (22,000) |
| Purchase of capped call option in relation to repurchase of common shares | 0 | 0 | (50,000) |
| Proceeds from bank borrowings | 10,537 | 42,168 | 95,169 |
| Repayment of bank borrowings | (10,633) | (84,646) | (82,544) |
| Repurchase of shares | (132,779) | (259,428) | (273,896) |
| Cash paid on extinguishment of convertible bonds | 0 | (406,038) | (432,232) |
| Settlement of capped call options | 0 | 0 | 7,775 |
| Net cash used in financing activities | (288,315) | (707,831) | (841,745) |
| Net decrease in cash, cash equivalents and restricted cash | (442,087) | (609,423) | (125,793) |
| Cash, cash equivalents and restricted cash at the beginning of the year | 836,815 | 1,440,449 | 1,565,560 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,113 | 5,789 | 682 |
| Cash, cash equivalents and restricted cash at the end of the year | 395,841 | 836,815 | 1,440,449 |
| Supplemental disclosure of cash flows information of continuing operation: | |||
| -Cash paid for interest, net of amounts capitalized | (516) | (3,016) | (7,829) |
| -Income taxes paid | (33,744) | (29,052) | (22,084) |
| Supplemental disclosures of non-cash investing and financing activities of continuing operation: | |||
| -Accrued capital expenditure | 62,108 | 95,049 | 47,109 |
| -Disposal of investments and business | $ 0 | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | $ 374,248 | $ 444,761 |
| Restricted cash and cash equivalents | 21,593 | 371,332 |
| Short-term deposits | 192,535 | 1,061,011 |
| Restricted short-term deposits | 7,182 | 20,722 |
| Short-term investments | 613,702 | 288,589 |
| Accounts receivable, net of allowance of US$20,938 and US$21,023 as of December 31, 2024 and 2025, respectively | 154,439 | 121,861 |
| Amounts due from related parties, net of allowance of US$1 and nil as of December 31, 2024 and 2025, respectively | $ 106 | $ 467 |
| Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] | Related Party | Related Party |
| Prepayments and other current assets, net of allowance of US$20,486 and US$20,884 as of December 31, 2024 and 2025, respectively | $ 255,566 | $ 247,538 |
| Total current assets | 1,619,371 | 2,556,281 |
| Non-current assets | ||
| Long-term deposits and held-to-maturity investments | 2,059,386 | 1,124,308 |
| Deferred tax assets | 9,782 | 2,563 |
| Investments | 551,802 | 530,685 |
| Property and equipment, net | 565,124 | 499,723 |
| Land use rights, net | 301,390 | 303,115 |
| Intangible assets, net | 221,963 | 277,257 |
| Right-of-use assets, net | 21,241 | 20,457 |
| Goodwill | 2,194,358 | 2,194,324 |
| Other non-current assets | 8,071 | 19,084 |
| Total non-current assets | 5,933,117 | 4,971,516 |
| Total assets | 7,552,488 | 7,527,797 |
| Current liabilities (including amounts of the consolidated VIEs without recourse to the Company of US$190,356 and US$137,979 as of December 31, 2024 and 2025, respectively) | ||
| Accounts payable | 71,551 | 84,015 |
| Deferred revenue | 61,713 | 66,813 |
| Advances from customers | 5,408 | 4,031 |
| Income taxes payable | 64,533 | 78,304 |
| Accrued liabilities and other current liabilities | 626,678 | 2,393,923 |
| Amounts due to related parties | $ 24,472 | $ 1,378 |
| Other Liability, Current, Related Party, Type [Extensible Enumeration] | Related Party | Related Party |
| Lease liabilities due within one year | $ 8,939 | $ 10,775 |
| Short-term loans | 10,672 | 34,853 |
| Total current liabilities | 873,966 | 2,674,092 |
| Non-current liabilities (including amounts of the consolidated VIEs without recourse to the Company of US$14,259 and US$15,688 as of December 31, 2024 and 2025, respectively) | ||
| Lease liabilities | 12,029 | 9,948 |
| Deferred revenue | 9,522 | 12,635 |
| Deferred tax liabilities | 54,941 | 47,631 |
| Total non-current liabilities | 76,492 | 70,214 |
| Total liabilities | 950,458 | 2,744,306 |
| Commitments and contingencies (Note 30) | ||
| Mezzanine equity | 25,333 | 23,733 |
| Shareholders' equity | ||
| Treasury Shares (US$0.00001 par value; 603,177,267 and 633,551,270 shares held as of December 31, 2024 and December 31, 2025, respectively) | (1,302,098) | (1,223,186) |
| Additional paid-in capital | 3,315,070 | 3,345,536 |
| Statutory reserves | 37,869 | 40,500 |
| Retained earnings | 4,699,089 | 2,796,745 |
| Accumulated other comprehensive loss | (208,093) | (247,615) |
| Total JOYY Inc.'s shareholders' equity | 6,541,847 | 4,711,990 |
| Non-controlling interests | 34,850 | 47,768 |
| Total shareholders' equity | 6,576,697 | 4,759,758 |
| Total liabilities, mezzanine equity and shareholders' equity | 7,552,488 | 7,527,797 |
| Class A common shares | ||
| Shareholders' equity | ||
| Common shares | 7 | 7 |
| Class B common shares | ||
| Shareholders' equity | ||
| Common shares | $ 3 | $ 3 |