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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting

Summary information by segment

For the year ended December 31, 2019:

​

​	​	​	​	​	​	​	​	​	​	​
​		YY		Huya		Bigo		Elimination		Total
​		RMB		RMB		RMB		RMB		RMB
​	​	​	​	​	​	​	​	​	​	​
Net revenues	​	​	​	​	​	​	​	​	​	​
Live streaming		11,490,325		7,976,214		4,561,760		—		24,028,299
Others		743,205		398,287		406,556		(143)		1,547,905
​	​	​	​	​	​	​	​	​	​	​
Total net revenues		12,233,530		8,374,501		4,968,316		(143)		25,576,204
​	​	​	​	​	​	​	​	​	​	​
Cost of revenues(1)		(6,747,434)		(6,892,579)		(3,508,480)		143		(17,148,350)
​	​	​	​	​	​	​	​	​	​	​
Gross profit		5,486,096		1,481,922		1,459,836		—		8,427,854
Operating expenses(1)	​	​	​	​	​	​	​	​	​	​
Research and development expenses		(1,047,615)		(508,714)		(979,153)		—		(2,535,482)
Sales and marketing expenses		(1,242,523)		(438,396)		(2,058,805)		—		(3,739,724)
General and administrative expenses		(805,210)		(352,824)		(331,461)		—		(1,489,495)
​	​	​	​	​	​	​	​	​	​	​
Total operating expenses		(3,095,348)		(1,299,934)		(3,369,419)		—		(7,764,701)
​	​	​	​	​	​	​	​	​	​	​
Gain on disposal of subsidiaries and business		82,699		—		—	​	—	​	82,699
Other income		233,132		79,390		9,581		—		322,103
​	​	​	​	​	​	​	​	​	​	​
Operating income		2,706,579		261,378		(1,900,002)		—		1,067,955
​	​	​	​	​	​	​	​	​	​	​
Interest expense		(265,513)		—		(31,956)		30,952		(266,517)
Interest income and investment income		457,353		304,491		2,684		(30,952)		733,576
Foreign currency exchange (losses) gains, net		(4,569)		1,157		13,208		—		9,796
Gain on fair value changes of investment		2,679,312		—		—		—		2,679,312
Fair value loss on derivative liabilities		(16,011)		—		—		—		(16,011)
Other non-operating expenses		—		—		—		—		—
​	​	​	​	​	​	​	​	​	​	​
Income (loss) before income tax expenses		5,557,151		567,026		(1,916,066)		—		4,208,111
​	​	​	​	​	​	​	​	​	​	​
Income tax (expenses) benefits		(587,481)		(96,078)		136,937		—		(546,622)
​	​	​	​	​	​	​	​	​	​	​
Income (loss) before share of income (loss) in equity method investments, net of income taxes		4,969,670		470,948		(1,779,129)		—		3,661,489
​	​	​	​	​	​	​	​	​	​	​
Share of income (loss) in equity method investments, net of income taxes		41,315		(2,775)		—		—		38,540
​	​	​	​	​	​	​	​	​	​	​
Net income (loss)		5,010,985		468,173		(1,779,129)		—		3,700,029

(1) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

​

32.  Segment Reporting (continued)

​

​	​	​	​	​	​	​	​	​
​		YY		Huya		Bigo		Total
​		RMB		RMB		RMB		RMB
​	​	​	​	​	​	​	​	​
Cost of revenues		21,411		31,593		28,250		81,254
Research and development expenses		119,104		86,296		300,297		505,697
Sales and marketing expenses		2,543		5,919		4,256		12,718
General and administrative expense		158,081		157,936		32,462		348,479

​

The following table presents summary information by segment:

​

For the year ended December 31, 2018:

​

​	​	​	​	​	​	​	​	​
​		YY		Huya		Elimination		Total
​	​	RMB	​	RMB	​	RMB	​	RMB
​	​	​	​	​	​	​	​	​
Net revenues
Live streaming		10,434,822		4,442,845		—		14,877,667
Others		667,350		220,595		(2,055)		885,890
​
Total net revenues		11,102,172		4,663,440		(2,055)		15,763,557
​
Cost of revenues(1)		(6,083,487)		(3,933,647)		—		(10,017,134)
​
Gross profit		5,018,685		729,793		(2,055)		5,746,423
​
Operating expenses(1)
Research and development expenses		(926,900)		(265,152)		—		(1,192,052)
Sales and marketing expenses		(962,164)		(189,207)		2,055		(1,149,316)
General and administrative expenses		(595,515)		(287,710)		—		(883,225)
​
Total operating expenses		(2,484,579)		(742,069)		2,055		(3,224,593)
​
Other income		78,922		38,938		—		117,860
​
Operating income		2,613,028		26,662		—		2,639,690
​
Interest expense		(8,616)		—		—		(8,616)
Interest income and investment income		329,003		156,549		—		485,552
Foreign currency exchange (losses) gains, net		(565)		51		—		(514)
Gain on deemed disposal and disposal of investments		16,178		—		—		16,178
Gain on fair value changes of investment		1,487,405		—		201,999		1,689,404
Fair value loss on derivative liabilities		—		(2,285,223)		—		(2,285,223)
Other non-operating expenses		(2,000)		—		—		(2,000)
​
Income (loss) before income tax expenses		4,434,433		(2,101,961)		201,999		2,534,471
​
Income tax (expenses) benefits		(501,683)		50,943		(26,967)		(477,707)
​
Income (loss) before share of income (loss) in equity method investments, net of income taxes		3,932,750		(2,051,018)		175,032		2,056,764
​
Share of income (loss) in equity method investments, net of income taxes		120,636		113,329		(175,032)		58,933
​
Net income (loss)		4,053,386		(1,937,689)		—		2,115,697

(1) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

​

32.  Segment Reporting (continued)

​

​	​	​	​	​	​	​
​	​	YY	​	Huya	​	Total
​		RMB		RMB		RMB
​	​	​	​	​	​	​
Cost of revenues		63,867		10,472		74,339
Research and development expenses		194,530		30,643		225,173
Sales and marketing expenses		3,891		1,832		5,723
General and administrative expenses		159,042		183,748		342,790

​

The following table presents summary information by segment:

For the year ended December 31, 2017:

​

​	​	​	​	​	​	​
​	​	YY	​	Huya	​	Total
​		RMB		RMB		RMB
​	​	​	​	​	​	​
Net revenues
Live streaming		8,601,418		2,069,536		10,670,954
Others		808,558		115,280		923,838
​	​	​	​	​	​	​
Total net revenues		9,409,976		2,184,816		11,594,792
​	​	​	​	​	​	​
Cost of revenues(1)		(5,096,538)		(1,929,864)		(7,026,402)
​	​	​	​	​	​	​
Gross profit		4,313,438		254,952		4,568,390
​	​	​	​	​	​	​
Operating expenses(1)
Research and development expenses		(611,726)		(170,160)		(781,886)
Sales and marketing expenses		(603,989)		(87,292)		(691,281)
General and administrative expenses		(442,646)		(101,995)		(544,641)
Goodwill impairment		(2,527)		—		(2,527)
​	​	​	​	​	​	​
Total operating expenses		(1,660,888)		(359,447)		(2,020,335)
​	​	​	​	​	​	​
Gain on disposal of subsidiaries		37,989		—		37,989
Other income		103,558		9,629		113,187
​	​	​	​	​	​	​
Operating income (loss)		2,794,097		(94,866)		2,699,231
​	​	​	​	​	​	​
Interest expense		(32,122)		—		(32,122)
Interest income and investment income		166,335		14,049		180,384
Foreign currency exchange losses, net		(2,176)		—		(2,176)
Gain on deemed disposal and disposal of investments		45,861		—		45,861
​	​	​	​	​	​	​
Income (loss) before income tax expenses		2,971,995		(80,817)		2,891,178
​	​	​	​	​	​	​
Income tax expenses		(415,811)		—		(415,811)
​	​	​	​	​	​	​
Income (loss) before share of income (loss) in equity method investments, net of income taxes		2,556,184		(80,817)		2,475,367
​	​	​	​	​	​	​
Share of income (loss) in equity method investments, net of income taxes		33,175		(151)		33,024
​	​	​	​	​	​	​
Net income (loss)		2,589,359		(80,968)		2,508,391

​

​

32.  Segment Reporting (continued)

(1) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

​

​	​	​	​	​	​	​
​	​	YY	​	Huya	​	Total
​		RMB		RMB		RMB
​	​	​	​	​	​	​
Cost of revenues		39,882		2,877		42,759
Research and development expenses		113,174		9,174		122,348
Sales and marketing expenses		3,626		791		4,417
General and administrative expenses		60,871		27,266		88,137

Summary of revenues and property and equipment for of the Company's geographic operations

​

​	​	​	​	​	​	​
​	​	For the twelve months ended December 31,
​		2017		2018		2019
Revenues:	​	​	​	​	​	​
PRC		11,587,563		15,757,603		21,308,083
Non- PRC		7,229		5,954		4,268,121

​

​	​	​	​	​
​		As of December 31,		As of December 31,
​		2018		2019
Property and equipment, net:	​	​	​	​
PRC		1,295,171		1,498,423
Non- PRC		1,148		757,937

X

- Definition

Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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