DouYu International Holdings Limited Reports First Quarter 2021 Unaudited Financial Results

 
 

DouYu International Holdings Limited ("DouYu" or the "Company") (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the first quarter ended March 31, 2021 .

 

  First Quarter 2021 Financial and Operational Highlights  

 
  • Total net revenues in the first quarter of 2021 were RMB2,152.7 million ( US$328.6 million ), compared with RMB2,278.0 million in the same period of 2020.
  •  
  • Gross profit in the first quarter of 2021 was RMB260.2 million ( US$39.7 million ), compared with RMB485.9 million in the same period of 2020, implying a gross margin of 12.1% in the first quarter of 2021.
  •  
  • Net loss in the first quarter of 2021 was RMB101.8 million ( US$15.5 million ), compared with a net income of RMB254.5 million in the same period of 2020.
  •  
  • Adjusted net loss in the first quarter of 2021 was RMB70.7 million ( US$10.8 million ), compared with an adjusted net income of RMB296.9 million in the same period of 2020.
  •  
  • Average MAUs in the first quarter of 2021 increased by 21.3% to 191.9 million from 158.1 million in the same period of 2020.
  •  
  • Average mobile MAUs in the first quarter of 2021 increased by 4.5% to 59.1 million from 56.6 million in the same period of 2020.
  •  
  • Quarterly average paying user count in the first quarter of 2021 was 7.0 million, compared with 7.6 million in the same period of 2020.
  •  

Mr. Shaojie Chen , Chief Executive Officer of DouYu, commented, "We are pleased to announce that we maintained steady operational growth in the first quarter of 2021 as we continued to upgrade our operational system. On a year-over-year basis, our total average MAUs increased by 21.3% to 191.9 million while our average mobile MAUs increased by 4.5% to 59.1 million. By continuously enriching our content library and diversifying our live streaming, video, and community content offerings, we remain committed to developing a diversified and industry leading game-centric integrated platform."

 

Mr. Hao Cao, Vice President of DouYu, commented, "In the first quarter of 2021, our total revenues were RMB2.15 billion and gross profit was RMB260.2 million , representing a gross margin of 12.1%. During the quarter, we increased our investments in content, as we remained focused on improving our content production in both our video and community businesses. Looking ahead, we will continue to optimize the monetization capabilities and improve monetization efficiency of our platform while striving to generate more long-term value for our shareholders. "

 

  First Quarter 2021 Financial Results  

 

  Total net revenues in the first quarter of 2021 were RMB2,152.7 million ( US$328.6 million ), compared with RMB2,278.0 million in the same period of 2020.

 

  Live streaming revenues in the first quarter of 2021 were RMB1,998.6 million ( US$305.1 million ), compared with RMB2,113.0 million in the same period of 2020. This decrease was primarily due to the reversion of paying users' consumption of the virtual items to that of the pre-pandemic level, as the pandemic was gradually brought under control in China . This decline was partially offset by our implementation of more effective operational strategies, which helped improve the participation levels and paying behaviors of key paying users on our platform in the period.

 

  Advertising and other revenues in the first quarter of 2021 were RMB154.1 million ( US$23.5 million ), compared with RMB165.0 million in the same period of 2020. The year-over-year decrease was primarily attributable to the trend of game advertisers normalizing their marketing expenditures, which were relatively higher in the same period last year due to the COVID-19 pandemic.

 

  Cost of revenues in the first quarter of 2021 was RMB1,892.5 million ( US$288.9 million ), compared with RMB1,792.2 million in the same period of 2020, primarily due to increased revenue sharing fees and content costs.

 

  Revenue sharing fees and content costs in the first quarter of 2021 increased by 5.4% to RMB1,659.6 million ( US$253.3 million ) from RMB1,574.8 million in the same period of 2020. This was because of the Company's increased investments in the broadcasting rights for eSports tournaments, in-house production of proprietary events, and quality streamers in the overseas market.

 

  Bandwidth costs in the first quarter of 2021 were RMB172.1 million ( US$26.3 million ), compared with RMB152.9 million in the same period of 2020. This was mainly due to the promotion of high-quality viewing options offered on the Company's platform and was partially offset by improved bandwidth efficiency as a result of in-house technology upgrades.

 

  Gross profit in the first quarter of 2021 was RMB260.2 million ( US$39.7 million ), compared with RMB485.9 million in the same period of 2020. Gross margin in the first quarter of 2021 was 12.1%, compared with 21.3% in the same period of 2020. This decrease was primary due to the increase in content costs for eSports tournaments and bandwidth costs, together with the decrease in revenues.

 

  Sales and marketing expenses in the first quarter of 2021 were RMB209.9 million ( US$32.0 million ), compared with RMB107.4 million in the same period of 2020. This was mainly attributable to the increased sponsorships and promotions of eSports tournaments compared to the same period of 2020 during the COVID-19 pandemic as well as increased promotional activities for user acquisition.

 

  Research and development expenses in the first quarter of 2021 were RMB111.3 million ( US$17.0 million ), compared with RMB92.9 million in the same period of 2020. This increase was primarily due to our additional investments in technical personnel.

 

  General and administrative expenses in the first quarter of 2021 were RMB88.1 million ( US$13.4 million ), compared with RMB84.6 million in the same period of 2020.

 

  Other operating income, net in the first quarter of 2021 was RMB23.9 million ( US$3.7 million ), compared with RMB16.6 million in the same period of 2020.

 

  Loss   from operations in the first quarter of 2021 was RMB125.1 million ( US$19.1 million ), compared with a profit from operations of RMB217.6 million in the same period of 2020.

 

  Adjusted operating loss in the first quarter of 2021, which adds back share-based compensation expenses, was RMB91.8 million ( US$14.0 million ), compared with an adjusted operating income of RMB259.5 million in the same period of 2020.

 

  Income tax expenses in the first quarter of 2021 and 2020 were nil due to the Company's cumulative net losses and the resulting tax loss carryforward .

 

  Net loss in the first quarter of 2021 was RMB101.8 million ( US$15.5 million ), compared with a net income of RMB254.5 million in the same period of 2020.

 

  Adjusted net loss in the first quarter of 2021, which excludes share-based compensation expenses, share of income in equity method investments, and impairment loss of investments, was RMB70.7 million ( US$10.8 million ), compared with an adjusted net income of RMB296.9 million in the same period of 2020.

 

  Basic and diluted net loss per ADS   [1]   in the first quarter of 2021 were RMB0.19   (US$0.03) and RMB0.19   (US$0.03) respectively. Adjusted basic and diluted net loss per ADS in the first quarter of 2021 were RMB0.10   (US$0.01) and RMB0.10   (US$0.01) respectively.

 

  Conference Call Information  

 

The Company will hold a conference call on Tuesday, May 18, 2021 , at 8:00 am Eastern Time (or 8:00 pm Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:

 
 
            
 

  International:  

 
 

  1-412-317-6061  

 
 

  United States Toll Free:  

 
 

  1-888-317-6003  

 
 

  Mainland China Toll Free:  

 
 

  4001-206115  

 
 

  Hong Kong Toll Free:  

 
 

  800-963976  

 
 

  Singapore Toll Free:  

 
 

  800-120-5863  

 
 

  Conference ID:  

 
 

  6148890  

 
 
 

The replay will be accessible through May 25, 2021, by dialing the following numbers:

 
 
      
 

  International:  

 
 

  1-412-317-0088  

 
 

  United States Toll Free:  

 
 

  1-877-344-7529  

 
 

  Conference ID:  

 
 

  10156140  

 
 
 

A live and archived webcast of the conference call will also be available at the Company's investor relations website at   https://ir.douyu.com/   .

 
 
 
 

   [1] Every ten ADSs represent one ordinary share.  

 
 
 

  About DouYu International Holdings Limited  

 

Headquartered in Wuhan, China , DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps, through which users can enjoy immersive and interactive games and entertainment live streaming. DouYu's platform brings together a deep pool of top live streamers. By providing a sustainable streamer development system built on advanced technology infrastructure and capabilities, DouYu helps ensure a consistent supply of quality content. Through collaborations with a variety of participants across the eSports value chain, the Company has gained coveted access to a wide variety of premium eSports content, which further attracts viewers and enhances user experience. For more information, please see https://ir.douyu.com/ .

 

  Use of Non-GAAP Financial Measures  

 

Adjusted operating income (loss) is calculated as operating income (loss) adjusted for share-based compensation expenses. Adjusted net income is calculated as net loss adjusted for share-based compensation expenses, share of income (loss) in equity method investments, gain on disposal of investment or subsidiaries and impairment loss on investments. Adjusted net income attributable to DouYu is calculated as net income attributable to DouYu adjusted for share-based compensation expenses, share of income (loss) in equity method investments, gain on disposal of investment or subsidiaries and impairment loss of investments. Adjusted basic and diluted net income per ordinary share is non-GAAP net income attributable to ordinary shareholders divided by weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income per ordinary share. The Company adjusted the impact of (i) share-based compensation expenses, (ii) share of income (loss) in equity method investments, (iii) gain on disposal of investment or subsidiaries and (iv)impairment loss of investments to understand and evaluate the Company's core operating performance. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to its most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP.

 

For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP Results" near the end of this release.

 

  Exchange Rate Information  

 

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.5518 to US$1.00 , the noon buying rate in effect on March 31, 2021 , in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized or settled in U.S. dollars at that rate on March 31, 2021 , or at any other rate.

 

  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 Securities Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

 

In addition to factors previously disclosed in Huya and DouYu's documents filed with the SEC, the following factors, among others, could cause actual results to differ materially from forward-looking statements and information or historical performance: the occurrence of any event, change or other circumstances that could give rise to the right of one or both of Huya and DouYu to terminate the definitive merger agreement between Huya and DouYu; the outcome of any legal proceedings that may be instituted against Huya, DouYu or their respective shareholders or directors; the ability to obtain regulatory approvals and meet other closing conditions to the merger, including the risk that regulatory approvals required for the merger are not obtained or are obtained subject to conditions that are not anticipated or that are material and adverse to Huya's or DouYu's business; a delay in closing the merger; the ability to obtain approval by DouYu's shareholders on the expected terms and schedule; business disruptions from the proposed merger that will harm Huya's or DouYu's business, including current plans and operations; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the merger; certain restrictions during the pendency of the merger that may impact Huya's or DouYu's ability to pursue certain business opportunities or strategic transactions; the ability of Huya or DouYu to retain and hire key personnel; uncertainty as to the long-term value of the Class A ordinary shares of Huya following the merger; the continued availability of capital and financing following the merger; the business, economic and political conditions in the markets in which Huya and DouYu operate; changes in Huya's or DouYu's anticipated revenue and income; changes in DouYu's operating or other expenses; the degree to which Huya or DouYu encounters competition; and general political, economic and market conditions.

 

  Investor Relations Contact
 

 

  Mao Mao  
DouYu International Holdings Limited
Email: ir@douyu.tv  
Phone: +1 (646) 224-6934

 

  Xinran Rao  
ICR, Inc.
Email: DouYu.IR@icrinc.com  
Phone: +1 (646) 224-6934

 

  Media Relations Contact  

 

  Iris Ding  
DouYu International Holdings Limited
Email: pr_douyu@douyu.tv  
Phone: +1 (646) 308-1475

 

  Edmond Lococo  
ICR, Inc.
Email: DouYu.PR@icrinc.com  
Phone: +1 (646) 308-1475

 

 

 

 

 
 
                                                                                              
 

   UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS   

 
 

  (All amounts in thousands, except share, ADS, per share and per ADS data)  

 
 
 
 

   As of December 31   

 
 

   As of March 31   

 
 
 

   2020   

 
 

   2021   

 
 

   2021   

 
 
 

   RMB   

 
 

   RMB   

 
 

   US$    (1)   

 
 

   ASSETS   

 

   Current assets   

 
 
 
 
 

  Cash and cash equivalents  

 
 

  5,279,902  

 
 

  5,027,654  

 
 

  767,370  

 
 

  Restricted cash  

 
 

  11,875  

 
 

  11,841  

 
 

  1,807  

 
 

  Short-term bank deposits  

 
 

  2,230,229  

 
 

  2,439,973  

 
 

  372,413  

 
 

  Accounts receivable, net  

 
 

  199,744  

 
 

  176,378  

 
 

  26,921  

 
 

  Prepayments  

 
 

  66,257  

 
 

  60,618  

 
 

  9,252  

 
 

  Amounts due from related parties  

 
 

  9,045  

 
 

  10,024  

 
 

  1,530  

 
 

  Other current assets  

 
 

  236,704  

 
 

  382,446  

 
 

  58,373  

 
 

   Total current assets   

 
 

   8,033,756   

 
 

   8,108,934   

 
 

   1,237,666   

 
 
 
 
 
 

  Property and equipment, net  

 
 

  37,792  

 
 

  34,410  

 
 

  5,252  

 
 

  Intangible assets, net  

 
 

  141,672  

 
 

  120,867  

 
 

  18,448  

 
 

  Long-term bank deposits  

 
 

  100,000  

 
 

  100,000  

 
 

  15,263  

 
 

  Investments  

 
 

  500,659  

 
 

  533,729  

 
 

  81,463  

 
 

  Goodwill  

 
 

  12,933  

 
 

  13,025  

 
 

  1,988  

 
 

  Right-of-use assets  

 
 

  62,141  

 
 

  51,242  

 
 

  7,821  

 
 

  Other non-current assets  

 
 

  19,004  

 
 

  14,552  

 
 

  2,221  

 
 

   Total non-current assets   

 
 

   874,201   

 
 

   867,825   

 
 

   132,456   

 
 

   TOTAL ASSETS   

 
 

   8,907,957   

 
 

   8,976,759   

 
 

   1,370,122   

 
 
 
 
 
 
 

 

 
 
                                                
 

   LIABILITIES AND SHAREHOLDERS' EQUITY   

 
 

   LIABILITIES   

 
 

   Current liabilities   

 
 

  Accounts payable  

 
 

  986,073  

 
 

  1,019,272  

 
 

  155,571  

 
 

  Advances from customers  

 
 

  10,911  

 
 

  12,541  

 
 

  1,914  

 
 

  Deferred revenue  

 
 

  242,013  

 
 

  199,441  

 
 

  30,441  

 
 

  Accrued expenses and other current liabilities  

 
 

  384,041  

 
 

  372,551  

 
 

  56,862  

 
 

  Amounts due to related parties  

 
 

  223,525  

 

  36,281  

 
 

  353,923  

 

  31,698  

 
 

  54,019  

 

  4,838  

 
 

  Lease liabilities due within one year  

 
 

   Total current liabilities   

 
 

   1,882,844   

 
 

   1,989,426   

 
 

   303,645   

 
 
 
 
 
 

  Lease liabilities  

 
 

  16,952  

 
 

  13,433  

 
 

  2,050  

 
 

  Deferred revenue  

 
 

  30,779  

 
 

  27,898  

 
 

  4,258  

 
 

   Total non-current liabilities   

 
 

   47,731   

 
 

   41,331   

 
 

   6,308   

 
 

   TOTAL LIABILITIES   

 
 

   1,930,575   

 
 

   2,030,757   

 
 

   309,953   

 
 
 

 

 
 
 
 

   (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars are made at a rate of RMB6.5518 to US$1.00, the noon buying rate in effect on March 31, 2021, in the H.10
statistical release of the Federal Reserve Board.
 

 
 
 

 

 

 

 
 
                                                          
 

   UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)   

 
 

  (All amounts in thousands, except share, ADS, per share and per ADS data)  

 
 
 
 

   As of December 31   

 
 

   As of March 31   

 
 
 

   2020   

 
 

   2021   

 
 

   2021   

 
 
 

   RMB   

 
 

   RMB   

 
 

   US$    (1)   

 
 

   SHAREHOLDERS' EQUITY   

 
 
 
 
 

  Ordinary shares  

 
 

  23  

 
 

  23  

 
 

  4  

 
 

  Treasury shares  

 
 

  (695,098)  

 
 

  (695,098)  

 
 

  (106,093)  

 
 

  Additional paid-in capital  

 
 

  10,486,398  

 
 

  10,519,715  

 
 

  1,605,622  

 
 

  Accumulated deficit  

 
 

  (2,863,219)  

 
 

  (2,925,238)  

 
 

  (446,479)  

 
 

  Accumulated other comprehensive income  

 
 

  10,911  

 
 

  49,379  

 
 

  7,539  

 
 

   Total DouYu Shareholders' Equity   

 
 

   6,939,015   

 
 

   6,948,781   

 
 

   1,060,593   

 
 

  Noncontrolling interests  

 
 

  38,367  

 
 

  (2,779)  

 
 

  (424)  

 
 

   Total Shareholders' Equity   

 
 

   6,977,382   

 
 

   6,946,002   

 
 

   1,060,169   

 
 

   TOTAL LIABILITIES   

 
 
 
 
 

   AND SHAREHOLDERS' EQUITY   

 
 

   8,907,957   

 
 

   8,976,759   

 
 

   1,370,122   

 
 
 

 

 
 
 
 

   (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted,
all translations from RMB to U.S. dollars are made at a rate of RMB6.5518 to US$1.00, the noon buying rate in effect on March 31, 2021, in the
H.10 statistical release of the Federal Reserve Board.
 

 
 
 

 

 

 

 
 
                                                                                                                                                                                 
 

   UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)   

 
 

   (All amounts in thousands, except share, ADS, per share and per ADS data)   

 
 
 
 

   Three Months Ended   

 
 
 

   March 31,   

 
 

   December 31,   

 
 

   March 31,   

 
 

   March 31,   

 
 
 

   2020   

 
 

   2020   

 
 

   2021   

 
 

   2021   

 
 
 

   RMB   

 
 

   RMB   

 
 

   RMB   

 
 

   US$    (1)   

 
 

   Net revenues   

 
 

  2,278,035  

 
 

  2,269,197  

 
 

  2,152,687  

 
 

  328,564  

 
 

   Cost of revenues   

 
 

  (1,792,181)  

 
 

  (2,087,022)  

 
 

  (1,892,499)  

 
 

  (288,852)  

 
 

   Gross profit   

 
 

  485,854  

 
 

  182,175  

 
 

  260,188  

 
 

  39,712  

 
 

   Operating income (expense) (2)   

 
 
 
 
 
 

  Sales and marketing expenses  

 
 

  (107,357)  

 
 

  (170,708)  

 
 

  (209,877)  

 
 

  (32,033)  

 
 

  General and administrative expenses  

 
 

  (84,580)  

 
 

  (117,699)  

 
 

  (88,074)  

 
 

  (13,443)  

 
 

  Research and development expenses  

 
 

  (92,888)  

 
 

  (118,879)  

 
 

  (111,264)  

 
 

  (16,982)  

 
 

  Other operating income (expense), net  

 
 

  16,578  

 
 

  (7,272)  

 
 

  23,924  

 
 

  3,652  

 
 

   Total operating expenses   

 
 

  (268,246)  

 
 

  (414,558)  

 
 

  (385,291)  

 
 

  (58,806)  

 
 

   Income (loss) from operations   

 
 

  217,608  

 
 

  (232,383)  

 
 

  (125,103)  

 
 

  (19,094)  

 
 

  Other expenses, net  

 
 

  (10,018)  

 
 

  (3,403)  

 
 

  127  

 
 

  19  

 
 

  Interest income, net  

 
 

  45,044  

 
 

  23,104  

 
 

  20,930  

 
 

  3,195  

 
 

   Income (loss) before income taxes and share of
income (loss) in equity method investments
 
 

 
 

  252,634  

 
 

  (212,682)  

 
 

  (104,046)  

 
 

  (15,880)  

 
 

  Income tax expense  

 
 

  -  

 
 

  -  

 
 

  -  

 
 

   -   

 
 

  Share of income (loss) in equity method investments  

 
 

  1,892  

 
 

  (15,982)  

 
 

  2,213  

 
 

  338  

 
 

   Net income (loss)   

 
 

  254,526  

 
 

  (228,664)  

 
 

  (101,833)  

 
 

  (15,542)  

 
 

  Less: Net loss attributable to noncontrolling interest  

 
 

  (5,924)  

 
 

  (31,807)  

 
 

  (39,814)  

 
 

  (6,077)  

 
 

   Net income (loss) attributable to ordinary
shareholders of the Company
 
 

 
 

   260,450   

 
 

   (196,857)   

 
 

   (62,019)   

 
 

   (9,465)   

 
 

   Net income (loss) per ordinary share   

 
 
 
 
 
 

  Basic  

 
 

  8.18  

 
 

  (6.12)  

 
 

  (1.92)  

 
 

  (0.29)  

 
 

  Diluted  

 
 

  7.90  

 
 

  (6.12)  

 
 

  (1.92)  

 
 

  (0.29)  

 
 

   Net income (loss) per ADS (3)   

 
 
 
 
 
 

  Basic  

 
 

  0.82  

 
 

  (0.61)  

 
 

  (0.19)  

 
 

  (0.03)  

 
 

  Diluted  

 
 

  0.79  

 
 

  (0.61)  

 
 

  (0.19)  

 
 

  (0.03)  

 
 
 
 
 
 
 

   Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share   

 
 

  Basic  

 
 

  31,848,831  

 
 

  32,175,361  

 
 

  32,349,764  

 
 

  32,349,764  

 
 

  Diluted  

 
 

  32,976,034  

 
 

  32,175,361  

 
 

  32,349,764  

 
 

  32,349,764  

 
 
 
 
 
 
 

   Weighted average number of ADS used in calculating net income (loss) per ADS (    3    )   

 
 

  Basic  

 
 

  318,488,308  

 
 

  321,753,609  

 
 

  323,497,638  

 
 

  323,497,638  

 
 

  Diluted  

 
 

  329,760,341  

 
 

  321,753,609  

 
 

  323,497,638  

 
 

  323,497,638  

 
 
 
 
 
 
 
 

 

 

 

 
 
  
 

   (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars are made at a rate of RMB6.5518 to US$1.00, the noon buying rate in effect on March 31, 2021, in the H.10
statistical release of the Federal Reserve Board.
 

 
 

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

 
 
 

 

 
 
                                     
 
 

   Three Months Ended   

 
 
 

   March 31,   

 
 

   December 31,   

 
 

   March 31,   

 
 

   March 31,   

 
 
 

   2020   

 
 

   2020   

 
 

   2021   

 
 

   2021   

 
 
 

   RMB   

 
 

   RMB   

 
 

   RMB   

 
 

   US$    (1)   

 
 

  Research and development expenses  

 
 

  5,563  

 
 

  5,504  

 
 

  5,468  

 
 

  835  

 
 

  Sales and marketing expenses  

 
 

  1,174  

 
 

  1,232  

 
 

  1,217  

 
 

  186  

 
 

  General and administrative expenses  

 
 

  35,114  

 
 

  26,506  

 
 

  26,632  

 
 

  4,065  

 
 
 
 
 
 
 
 

 

 

 

 
 
 
 

   (3) Every ten ADSs represent one ordinary share.  

 
 
 

 

 

 

 
 
                                                                                                                                                                                      
 

   RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS   

 
 

  (All amounts in thousands, except share, ADS, per share and per ADS data)  

 
 
 
 

   Three Months Ended   

 
 
 

   March 31,   

 
 

   December 31,   

 
 

   March 31,   

 
 

   March 31,   

 
 
 

   2020   

 
 

   2020   

 
 

   2021   

 
 

   2021   

 
 
 

   RMB   

 
 

   RMB   

 
 

   RMB   

 
 

   US$    (1)   

 
 

   Income (loss) from operations   

 
 

  217,608  

 
 

  (232,383)  

 
 

  (125,103)  

 
 

  (19,094)  

 
 

   Add:   

 
 
 
 
 
 

  Share-based compensation expenses  

 
 

  41,850  

 
 

  33,242  

 
 

  33,317  

 
 

  5,086  

 
 

   Adjusted operating income (loss)   

 
 

   259,458   

 
 

   (199,141)   

 
 

   (91,786)   

 
 

   (14,008)   

 
 
 
 
 
 
 

   Net income (loss)   

 
 

  254,526  

 
 

  (228,664)  

 
 

  (101,833)  

 
 

  (15,542)  

 
 

   Add:   

 
 
 
 
 
 

  Share-based compensation expenses  

 
 

  41,850  

 
 

  33,242  

 
 

  33,317  

 
 

  5,086  

 
 

  Share of (income) loss in equity method investments  

 
 

  (1,892)  

 
 

  15,982  

 
 

  (2,213)  

 
 

  (338)  

 
 

  Impairment losses and fair value adjustments on
investments
 

 
 

  2,446  

 
 

  2,500  

 
 

  -  

 
 

  -  

 
 

   Adjusted net income (loss)   

 
 

   296,931   

 
 

   (176,940)   

 
 

   (70,729)   

 
 

   (10,794)   

 
 
 
 
 
 
 

   Net income (loss) attributable to DouYu   

 
 

  260,450  

 
 

  (196,857)  

 
 

  (62,019)  

 
 

  (9,465)  

 
 

   Add:   

 
 
 
 
 
 

  Share-based compensation expenses  

 
 

  41,850  

 
 

  33,242  

 
 

  33,317  

 
 

  5,086  

 
 

  Share of income (loss) in equity method investments  

 
 

  (1,892)  

 
 

  15,982  

 
 

  (2,213)  

 
 

  (338)  

 
 

  Impairment losses and fair value adjustments on
investments
 

 
 

  2,446  

 
 

  2,500  

 
 

  -  

 
 

  -  

 
 

   Adjusted net income (loss) attributable to DouYu   

 
 

   302,855   

 
 

   (145,133)   

 
 

   (30,915)   

 
 

   (4,717)   

 
 
 
 
 
 
 

   Adjusted net income (loss) per ordinary share   

 
 
 
 
 
 

  Basic  

 
 

  9.51  

 
 

  (4.51)  

 
 

  (0.96)  

 
 

  (0.15)  

 
 

  Diluted  

 
 

  9.51  

 
 

  (4.51)  

 
 

  (0.96)  

 
 

  (0.15)  

 
 
 
 
 
 
 

   Adjusted net income (loss) per ADS (2)   

 
 
 
 
 
 

  Basic  

 
 

  0.95  

 
 

  (0.45)  

 
 

  (0.10)  

 
 

  (0.01)  

 
 

  Diluted  

 
 

  0.95  

 
 

  (0.45)  

 
 

  (0.10)  

 
 

  (0.01)  

 
 
 
 
 
 
 

  Weighted average number of ordinary shares used in calculating adjusted net income (loss) per ordinary share  

 
 

  Basic  

 
 

  31,848,831  

 
 

  32,175,361  

 
 

  32,349,764  

 
 

  32,349,764  

 
 

  Diluted  

 
 

  31,848,831  

 
 

  32,175,361  

 
 

  32,349,764  

 
 

  32,349,764  

 
 
 
 
 
 
 

  Weighted average number of ordinary shares used in calculating adjusted net income per ADS (2)  

 
 

  Basic  

 
 

  318,488,308  

 
 

  321,753,609  

 
 

  323,497,638  

 
 

  323,497,638  

 
 

  Diluted  

 
 

  318,488,308  

 
 

  321,753,609  

 
 

  323,497,638  

 
 

  323,497,638  

 
 
 

 

 
 
  
 

   (1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars are made at a rate of RMB6.5518 to US$1.00, the noon buying rate in effect on March 31, 2021, in the H.10
statistical release of the Federal Reserve Board.
 

 
 

   (2) Every ten ADSs represent one ordinary share.  

 
 
 

 

 

 

 

 Cision View original content: https://www.prnewswire.com/news-releases/douyu-international-holdings-limited-reports-first-quarter-2021-unaudited-financial-results-301293278.html  

 

SOURCE DouYu International Holdings Limited

 
 

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Mobile Gaming Stocks: 10 Biggest Companies in 2025

According to market intelligence firm Newzoo, global gaming revenue came in at US$177.9 billion in 2024, with mobile gaming accounting for more than half of that amount at US$97.6 billion.

The firm states that the mobile gaming market has reached maturity but still achieved higher growth than the console and PC segments, with revenue up by 2.8 percent globally last year. The regions driving that growth are North America and Europe, where markets rebounded due to big releases and diversified revenue streams.

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NorthStar Gaming Announces Revocation of Management Cease Trade Order

NorthStar Gaming Announces Revocation of Management Cease Trade Order

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") is pleased to announce that effective May 16, 2025, the Ontario Securities Commission has revoked the temporary management cease trade order ("MCTO") it had previously granted to the Company on May 8, 2025 under National Policy 12-203 Management Cease Trade Orders, as the Company successfully completed the filing of its annual audited financial statements, management's discussion and analysis, and related certifications for the year ended December 31, 2024 (collectively, the "Annual Filings") on May 14, 2025.

The revocation of the MCTO means members of management are no longer prevented from trading the Company's securities. All of the Annual Filings are available under the Company's profile on SEDAR+ at www.sedarplus.ca.

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NorthStar Gaming Reports Year-End 2024 Results

NorthStar Gaming Reports Year-End 2024 Results

 

Annual Revenue Growth of 57%, Gross Margin up 91%

 

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announced its financial results for the three months and year ended December 31, 2024. The Company also announced that it will discuss the results on an investor webinar to be held Thursday, May 15, 2025 at 11:00am (please see below for details). All dollar figures are quoted in Canadian dollars.

 

"We delivered strong financial results in 2024, highlighted by 57% growth in revenue and a 91% increase in gross margin. At the same time, we held marketing expense to a 10% increase and reduced G&A expense, demonstrating the continually improving operating leverage built into our business model," said Michael Moskowitz, Chair and CEO of NorthStar. "Equally important, our team rolled out innovations in both our sportsbook and casino that have further differentiated NorthStar Bets as a premium offering and helped drive the retention of, and engagement with, our loyal customers."

 

Restatement of Results

 

The comparative results for the three months and twelve months ended December 31, 2023 have been restated in the financial statements and management's discussion & analysis ("FY2024 MD&A") for the year ended December 31, 2024 to include additional merchant fees and player bonus expenses which were not captured in the previously published financial statements (note 2 of the Financial Statements for the year ended December 31, 2024). The Company's payment processor deducted the additional merchant fee from the daily remittances to the Company, and the deductions were not accounted for by the Company. These additional fees were identified as part of the year-end reconciliation of the amount due from the payment processor, and the financial statements and FY2024 MD&A have been adjusted accordingly. These restatements did not impact the cash balances reported for the years ended December 31, 2022, 2023, or 2024. However, they did result in adjustments to the reported current asset balances for those periods.

 

Financial Highlights for the Fourth Quarter Ended December 31, 2024 ("Q4 2024"):

 
  •  Total Wagers1 at Northstarbets.ca were $303.0 million in Q4 2024, a 42% increase compared to $213.3 million in Q4 2023.
  •  
  •  Gross Gaming Revenue2 at Northstarbets.ca was $10.0 million in Q4 2024, a 31.6% increase from $7.6 million in Q4 2023.
  •  
  •  Revenue2 was $9.5 million in Q4 2024, a 51% increase from $6.3 million in Q4 2023. Revenue in Q4 2024 includes $1.5 million of managed services revenue, which compares to $0.2 million in Q4 2023.
  •  
  •  Gross Margin was $3.6 million, a 71% increase from $2.1 million in Q4 2023, while the Gross Margin percentage increased to 38.1%, up from 33.6% in Q4 2023.
  •  
  •  Profit/(loss) before marketing and other expenses1 was $0.6 million in Q4 2024 compared to a loss of $2.5 million in Q4 2023, indicating that gross margin is now sufficient to cover the Company's overhead expenses.
  •  

Financial Highlights for the Year Ended December 31, 2024 ("FY 2024"):

 
  •  Total Wagers2 at Northstarbets.ca were $980.0 million in FY 2024, a 51% increase compared to $648.8 million in the year ended December 31, 2023.
  •  
  •  Gross Gaming Revenue2 at Northstarbets.ca was $34.0 million in FY 2024, a 51% increase from $22.5 million in FY 2023.
  •  
  •  Revenue2 was $29.6 million in FY 2024, a 57% increase from $18.8 million in FY 2023. Revenue in FY 2024 includes $2.3 million of managed services revenue, which compares to $0.5 million in FY 2023.3
  •  
  •  Gross Margin was $10.5 million, marking a 91% increase from $5.5 million in FY 2023, with the Gross Margin increasing to 35.7%, up from 29.3% in FY 2023.
  •  
  •  Profit/(loss) before marketing and other expenses1 was $0.1 million in FY 2024 compared to a loss of $6.7 million in YTD 2023, an improvement of $6.8 million.
  •  

"Early in 2025, we completed our most significant fund-raising to date, with a $43.4 million debt financing. This capital gives us a long runway on which to continue our trajectory of growth in wagering, gross margins and improving operating leverage. This was a milestone event for our business," added Mr. Moskowitz.

 

2024 Operating Highlights:

 
  • Completed the inaugural Blackjack Championship tournament, an innovative online competition that helped drive the acquisition of new high-value players and engagement for existing customers while increasing Blackjack wagering activity.
  •  
  • Implemented a series of enhancements to the NorthStar Bets platform, highlighted by streamlined navigation in both the Casino and Sportsbook sections, a doubling of Casino game selection since the start of 2024, personalized prop bets and intelligent parlay suggestions.
  •  
  • Introduced the "NorthStar Elite" program and branded tables to help secure the loyalty and satisfaction of our most active players and reinforcing the Company's positioning as a premium offering.
  •  
  • Launched "Sports Insights 2.0," a robust suite of enhancements to our content vertical that includes a redesigned home page, comprehensive team and player statistics, injury and player news feeds, added coverage of popular sports and strengthened casino content.
  •  
  • Gained significant traction outside the Ontario market with managed services revenue from Northstarbets.com site, owned by the Abenaki Council of Wolinak, increasing from $0.5 million in FY 2023 to $2.3 million in FY 2024.
  •  
  • Outpaced the industry growth rates reported by iGaming Ontario in 2024 in both Total Wagers (51% for NorthStar vs. 33% for the industry) and Gross Gaming Revenue (51% for NorthStar vs. 31.5% for the industry).
  •  

Outlook

 

"We expect our consistent pattern of year-over-year revenue increases to continue throughout 2025, based on our ongoing success in attracting and engaging high-value players," said Mr. Moskowitz. "We will maintain disciplined control over costs so that incremental gross margin falls primarily to the bottom line. As we continue to focus on operational excellence, we remain confident that we have the capital necessary to reach profitability based on our current business platform."

 

FY 2024 Corporate Update Webinar

 

On May 15, 2025, Michael Moskowitz will present an in-depth Corporate Update, including a discussion of the Company's FY 2024 Earnings, current operations and strategic priorities. All investors and other interested parties are invited to register for the webinar at the link below.

 

Date: Thursday, May 15, 2025
Time: 11:00 am EDT
Register: Webinar Registration

 

Management will be available to answer your questions following the presentation on the webinar platform. You may also submit your question(s) beforehand in the registration form linked above.

 

Extension of Strategic Marketing Agreement

 

The Company also announced that its wholly owned subsidiary, NorthStar Gaming (Ontario) Inc. ("NorthStar Ontario"), has extended its strategic partnership with Playtech Software Limited ("Playtech Software") through the renewal of their previously announced strategic marketing agreement. Under the agreement, Playtech Software contributes services designed to accelerate NorthStar Ontario's player acquisition strategy in the province. The agreement was first implemented in June 2023 and has since been renewed several times. Pursuant to the latest renewal, Playtech Software will reimburse marketing expenses valued at a total of up to $1.5 million over a 3-month period through to March 31, 2025. Playtech Software will be compensated through a share of revenue from the income generated in connection with the marketing initiatives to which it contributes. The Transaction between Playtech and NorthStar Ontario is exempted from Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions.

 

"We are very pleased to renew the marketing services agreement with Playtech Software," said Michael Moskowitz, Chair and CEO of NorthStar. "The agreement serves to extend our marketing budget and has contributed to our tremendous growth in Ontario. Playtech plc continues to be a valuable strategic partner and we look forward to further collaboration."

 

Continuous Disclosure

 

Further to a review by the staff of the Ontario Securities Commission (the "OSC") of the Company's continuous disclosure, the FY2024 MD&A includes enhanced disclosures with respect to:

 
  • the Company's regulatory framework, licensing regimes applicable to its business operations and the legal authorizations necessary to conduct its business operations;
  •  
  • specific risk factors relating to the Company's business operations which include risks relating to operating in a heavily regulated industry, cyber security risks and risks relating to conflicts of interest with respect to directors and officers of the Company; and
  •  
  • the relationship between the Abenaki Council of Wolinak and the Company as well as its subsidiary, Slapshot Media Inc.
  •  

Such amended disclosure is being included in the FY2024 MD&A to address comments received from the OSC on its management's discussion & analysis, for the period ended September 30, 2024, and to improve the Company's disclosure.

 

As a result of having to include such enhanced disclosure after the OSC review, the Company will be placed on the public list of Refilings and Errors in accordance with OSC Staff Notice 51-711 (Revised) - Refilings and Corrections of Errors for a period of three (3) years.

 

Additional Information

 

For additional information, please refer to the Company's condensed consolidated financial statements for the year ended December 31, 2024, and the corresponding FY2024 MD&A. These documents are available on SEDAR+ at www.sedarplus.ca, and on the Company's corporate website at www.northstargaming.ca.

 

About NorthStar

 

NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.

 

As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.

 

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

 

Non-IFRS Financial Measures [/ Reconciliation of Non-IFRS Measures to IFRS Measures]

 

Throughout this document, management uses certain non-IFRS financial measures and supplementary financial measures to evaluate the performance of the Company. The terms "Gross Gaming Revenue" "Total Wagers" and "Profit/(Loss) before marketing and other expenses" are non-IFRS financial measures. These measures are not recognized measures under International Financial Reporting Standards ("IFRS") and do not have a standardized meaning prescribed by IFRS and are, therefore, not necessarily comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective and to discuss NorthStar's financial outlook. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including industry metrics, in the evaluation of companies in our industry. Management also uses non-IFRS measures and industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation.

 

Total Wagers

 

Total Wagers are calculated as the total amount of money bet by customers in respect of bets that have settled in the applicable period. Total Wagers does not include free bets or other promotional incentives, nor money bet by customers in respect of bets that are open at period end. Total Wagers is used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.

 

Gross Gaming Revenue

 

Gross Gaming Revenue is calculated as dollar amounts bet by customers less the dollar amounts paid out to the customers in respect of such bets which have settled in the applicable period.

 

Reconciliation of Non-IFRS Measures to IFRS Measures

 
                                
 In Q4 2024, the Company reported $10.0 million of Gross Gaming Revenue ($34.0 million in FY 2024) and has provided a reconciliation to the most comparable IFRS financial measure (Revenue) as follows:
$ Millions (unaudited)
Unaudited Three
months ended
Year ended
 Dec 31,
2024 
 Dec 31,
2023 
 Dec 31,
2024 
 Dec 31,
2023 
Gross gaming revenue from wagered games$10.0$ 7.6$ 34.0$22.5
Bonuses, promotional costs and free bets(2.0)(1.5)(6.7)(4.2)
Sub-total Gaming revenue8.06.127.318.3
Other revenue from managed services1.50.22.30.5
Revenue$ 9.5$ 6.3$ 29.6$ 18.8
 

 

 

Operating Results

 

Marketing expenses are a key driver of the business but are completely discretionary. Management considers "Profit/(Loss) before marketing and other expenses" to be a good indication of the extent to which the business' Gross Margin is in excess of its overhead costs, and therefore offsetting some portion of marketing expenses, reflecting improving economies of scale.

 
                                                    
$ Millions (unaudited) Unaudited Three 
months ended 
Year ended
 Dec 31,
2024 
 Dec 31,
2023 
 Dec 31,
2024 
 Dec 31,
2023 
Revenue$ 9,478$ 6,275$ 29,556$ 18,845
Cost of Revenues5,8684,16719,01313,317
Gross Margin3,6102,10810,5435,528
General and administrative expenses3,0334,45210,45312,277
 Profit/(Loss) before marketing and other expenses (1) 577(2,344)90(6,749)
Marketing5,2495,47215,45614,094
Loss before other expenses (1) (4,672)(7,816)(15,366)(20,843)
Other expenses(1,070)1493,6456,547
Net loss$ (3,602)$ (7,965)$ (19,011)$ (27,390)
 

 

 

(1) These measures are not defined by IFRS, do not have standard meanings and may not be comparable with other industries or companies.

 

Cautionary Note Regarding Forward-Looking Information and Statements

 

This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: expected performance of the Company's business, the Company's growth plans being fully funded, expansion into new markets and future growth opportunities, and expected benefits of transactions. The foregoing are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company's control.

 

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

 

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

 
 

For further information:

 

Company Contact:

 

Corey Goodman
Chief Development Officer 647-530-2387
investorrelations@northstargaming.ca

 

Investor Relations:
RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com

 
 

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NorthStar Gaming Announces Receipt of Management Cease Trade Order

NorthStar Gaming Announces Receipt of Management Cease Trade Order

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announces that its principal regulator, the Ontario Securities Commission, has granted its request for a management cease trade order ("MCTO") effective May 8, 2025.

As previously announced on April 29, 2025, the Company applied for the MCTO due to a delay in filing its annual audited financial statements, management's discussion and analysis and related certifications for the financial year ended December 31, 2024 (the "Annual Filings") which were required to be filed by April 30, 2025.

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