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HUYA Inc. (HUYA) Q4 2021 Earnings Call Transcript

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HUYA Inc. ( HUYA -7.60% )
Q4 2021 Earnings Call
Mar 22, 2022, 7:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Hello, ladies and gentlemen. Thank you for standing by for the fourth quarter and fiscal year 2021 earnings conference call for HUYA Inc. [Operator instructions] Today’s conference call is being recorded. Now turn the call over to Ms.

Hanyu Liu, company investor relations. Please go ahead.

Hanyu LiuInvestor Relations

Hello everyone, and welcome to HUYA’s fourth quarter and fiscal year 2021 earnings conference call. The company’s financial and operational results were issued earlier today and are posted online. You can also view the earnings press release by visiting the IR website at ir.huya.com. A replay of the call will be available on the IR website in a few hours.

Participants on today’s call will be Mr. Rongjie Dong, chief executive officer of HUYA; and Ms. Ashley Wu, vice president of finance. Management will begin with prepared remarks, and the call will conclude with a Q&A session.

Before we continue. Please know that today’s discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.

As such, the company’s results may be materially different from the views expressed today. Further information regarding this and other risks and uncertainties is included in the accompanying prospectus and other public filings filed with the U.S. Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements except as required under applicable law. Please also know that Huya’s earnings press release and this conference call include discussions of unaudited GAAP financial information, as well as unaudited non-GAAP financial measures.

Huya’s press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures. I will now turn the call over to our CEO, Mr. Rongjie Dong. Please go ahead.

Rongjie DongChief Executive Officer

Hello, everyone. Thank you all for joining our conference call today. 2021 was a [Inaudible] the year for HUYA as we use [Inaudible] to fortify our leadership position in China’s  [Inaudible] livestreaming market. Amid the macro headwinds related to the subsiding pandemic effects and the evolving regulatory landscape, we finished the first quarter with a record high mobile user base, and net revenues of RMB 2.8 billion.

For full year 2021, we performed steadily overall generating RMB 11.4 billion total net revenues, and RMB 434 million non-GAAP net income. Throughout the year, we expanded our investments in lives — license e-sports tournaments, self produced content, and the content creators across our platform, and continued to advance technology and product development. Launching innovative impactful features to further enhance user experience and the bolster user engagement. We also broadened our commitment to corporate social responsibility, fostering deeper bonds with our community, our users and broadcasters, and we promoted positive social values nationwide.

First, let’s look at our user growth. Driven by e-sports events and then new game launches in Q4, our user base sustained healthy growth momentum and Huya Live’s mobile MAUs reach the 85.4 million during the quarter, up 7% year-over-year. Our annual basis Huya Live’s mobile MAUs were 8.9 million in 2021, compared with 76 million in 2020. And we remained focused on ramping up content investment and rolling out product innovations, we maintained our Huya Live app.

[Inaudible] user retention rate about 70% on average in 2021. Next, I would like to provide some updates on our recent efforts to advance technology and product development. Let’s begin with our open platform for third party applications development. [Inaudible] which is growing rapidly and gaining popularity with users, broadcasters, and the developers alike.

By the end of December 2021, more than 320 Huya [Inaudible] tours had to be created and offered by developers through this open platform, extensively diversifying and enlarging our user’s livestreaming, interacting with new formats. Furthermore, in the fourth quarter of 2021, the average number of broadcasters using mini tours a day — increased by approximately 130% year-over-year, and sales tools engaged more than 5 million daily active users during the quarter , up over 240% year-over-year. When noteworthy [Inaudible] sample is [Inaudible] a recently added mini tool utilizing incremental pan features to help streamers increase users loyalty to their live broadcast rooms by enticing users with virtual world when they visit. Also, to build on that successful launch, our series of impactful features, including give the drop and when connected to join broadcasters gameplay.

Earlier in 2021, when we introduced more innovative features in the first quarter, further enhancing game livestreaming experiences. For instance, in December, we joined forces with Peacekeeper Elite to roll out house three day campaign featuring our livestreaming sale for in-game virtual items, inviting a few popular streamers to promote in-game schemes and other virtual items during their live broadcast senses. Notably, that campaign generated a record of gross billing for our livestreaming sale on our platform, with users viewing [Inaudible] title on our app during the week of their campaign growing by 50% sequentially. On top of our general livestreaming e-commerce functions which allow users to place orders directly during streaming services, so Peacekeeper Elite event included an — inventive feature enabling users to receive virtual in-game — purchases immediately in their game accounts by connecting the game ID with their HUYA account.

While great rate benefiting the games operations, events like this also support new livestreaming content creation and increased streamers engagement in the game value chain says potentially diversifying their income to this. Our initial success in this — initiative also demonstrated the value our enhanced cooperation with [Inaudible] games studios. [Inaudible] effort to propel growth while delivering a better experience to our users and the broadcasters. We are also working to combine the above mentioned — managing the HUYA mini tools and the interactive features to enhance sound mutual benefits as a mini tools connect — connects us with application developers and the interactive features links with game companies, we can leverage sales synergies to integrate upstream and the downstream partners, raising our platforms profile as an industry leader.

And for corporate social responsibility, we held lead about our efforts by upgrading our risk control and the compliance system, expanding our HUYA volunteer team and encouraging our broadcasters to create more content in pursuit of positive social impact. In 2021, over 9,600 broadcasters on our platform joined our campaign to promote a healthier and more positive social environment, and they performed approximately 83,000 hours on related livestreaming, covering a wider range of topics such as [Inaudible] fraud, educating volunteer social activities, and cultural heritage. We also made encouraging progress with our business diversification in their initiatives in the past year, providing game videos appealing to a wider range of audience demographics. Furthermore, our international product Nimo TV, recorded for the user engaging and significant revenue growth driven by Nimo’s solid performance.

International business is emerging as a growth event for our company, Ashley will elaborate on [Inaudible] in just a moment. Last but not least, although our initial growth role in the first quarter, primarily due to a softer macro environment, we sustained our strategic efforts in content investment to expand our offering and driving continued user growth that we believe is the key to our sustainable business development. This, however, closed higher costs and lower margins for the fourth quarter. Overall, we are proud of our accomplishments in 2021 and ready to embrace the challenges and opportunities the New Year is likely to bring.

As we enter 2022, macro economic uncertainties and the regulatory changes continue to pose pressure for us, as we are experiencing a softer start, compared with previous years. Nevertheless, we will remain confident in our business fundamentals and operational capabilities, given our leadership position in the game streaming industry and our strong value for our position in the massive game and the e-sports market. As a market evens out and user sentiment returns to more favorable levels, we expect to see a recovery in our financials with our investments paying off. Looking ahead, in order to deliver long-term value to our stakeholders, we will strategically focus on enriching sound quality and the diversity of our content cultivating content creators and advancing technology and product innovations, as well as further improving operational efficiency and exploring new business opportunities as we strive to support our better, happier community.

Given that E-sports titles are now included in the official Mando programs of the Asia Games, we see tremendous opportunities to leverage our genesis in e-sports content to enhance we as brand image, and promote overall industry development. With that overview, I will now turn the call over to our VP of financial, Ashley Wu, to share more details on our operating metrics and financial assessments. Ashley, please go ahead.

Ashley WuVice President of Finance

Thank you, Mr. Dong, and hello, everyone. To expand on this [Inaudible] remarks, I will start with updates on our content enrichment and diversification initiative. Professional e-sports content remain viable on our platform.

During the fourth quarter, we broadcast 125 third party e-sports tournaments, generating total viewership of approximately 605 million. Notably, the 2021 season of League of Legends World Championship over 2021 achieved record high viewership on our platform, and peak concurrent viewers of this event to both compare with their peer with additions in 2020. KCL Autumn, [Inaudible] Cup, The International 2021, and PEL Season four are also quite popular among our users. Furthermore, we have some exciting news to share about e-sports broadcasting rights.

Following our agreement with TJ Sports last year, through which we locked down the 2021 to 2024 exclusive broadcasting growth in China for LPL, LDL, and LPL All-Star Weekend Series, we are securing rights for a greater variety of licensed e-sports tournaments by forming multi-year partnerships with e-sports event organizers. In November, we signed an exclusive Chinese media rights agreement with ESL gaming for a series of its [Inaudible] events in 2022 and 2023, including ESL Dota two and ESL mobile ecosystems, as well as the ESL [Inaudible] and Starcraft two. This collaboration will help us enhance the license coverage for those games tournaments as well as at high quality international e-sports content to our platform. On the self-produced content front, we broadcasted 64 e-sports tournaments and entertainment PGC shows in the fourth quarter.

[Inaudible] total viewership reached 153 million in the fourth quarter, growing over 40% year-over-year. The HUYA All-Star Cup final season, [Foreign language] for Peacekeeper Elite. [Foreign language] for LOL Wild Rift, our top performing self-organized events. Going forward, we plan to proactively generate more HUYA brand and programs, and further increase the proportion of self-produced content in our content portfolio, as self produced offerings are typically differentiated to gain user traction and deliver a good return on investment by leveraging our reach e-sport and game livestreaming content resources.

Joining forces with our existing broadcasters and establishing new cooperation with video content creators. We continue to enrich video content offerings on our platform. As of now, a majority of the chief broadcasters on our platform have already participated in radio content creation. As a result, the number of video uploaded and video viewership of recorded with the four-digit sequential growth in the fourth quarter.

We believe our efforts to build synergy between our video content and livestreaming content will promote our user growth and content consumption, as well as [Foreign language] opportunity. In terms of our international business, Nimo TV [Inaudible] MAUs increased to more than 30 million in the fourth quarter, highlighted by strong user growth in Indonesia, particularly by cooperating with game studios and broadcasting local e-sports tournaments. We certified our leading position in that region. Within Nimo TV, we continue to add entertainment genre such as live show and [Inaudible] to build a more comprehensive content ecosystem, which also helps to enhance its monetization capability.

Our overseas revenues grew by over 110% year-over-year in the fourth quarter, [Inaudible] by our cooperation with local talent agencies to pursue a more sustainable and healthy future revenue growth. Next, let me walk you through our Q4 financial results, unless otherwise specified, the growth rates I will be reviewing on a year-over-ear basis. For the fourth quarter of 2021, our total net revenues are approximately RMB 2.8 billion, increasing by 6.1% year-over-year. Our livestreaming revenues were RMB 2.6 billion for Q4, compared with Q3, but decreased from our RMB 2.8 billion for the same period last year.

The decline was mainly due to the lower number of paying users and our spending per paying user of HUYA Live, partially offset by growth in overseas livestreaming revenue. As Microsoft missed in Q4 adversely affected users [Inaudible], we saw a decrease of paying users for HUYA Live from 6 million in Q4 of last year to 5.6 million in this quarter, as well as a lower [Inaudible]. Advertising and other revenues increased by 11.6% year-over-year to nearly 196 million for Q4, primarily driven by revenues from content licensing. To provide more color on company licensing contribution, because our content licensing revenues are related to the licensing of e-sport tournament purchasing rights.

In our recognized according to event schedule, we often experience frustration in this category between quarters. Cost of revenue increased by 17.3% to RMB 2.8 billion for Q4, primarily due to the increase in revenue sharing fees and content costs as well as bandwidth costs. Revenue sharing fees and content costs increased by 20.5% to close to RMB 22.5 billion for Q4, primarily due to the increase in spending on e-sports content and the increase in revenue sharing fees in relation to certain broadcaster incentive programs. Particularly, the impact from content cost in relation to LOL Worlds 2021 was greater than previous years, mainly because this last tournament occurred in Q4 and we book the events [Inaudible]  in one single quarter.

Whereas in the past, it usually spent two quarters, Q3 and Q4. Bandwidth cost increased by 9.6% to RMB 183 million for Q4, primarily due to an increase in bandwidth usage as a result of our higher concurrent user base during the large e-sport event in the quarter. Gross profit was RMB 1.1 million, and gross margin was a perfectly  0 for Q4, excluding share-based compensation expenses. Non-GAAP gross profit was RMB 16.2 million, and non-GAAP gross — non-GAAP gross margin was 0.6% for Q4.

Research and development expenses decreased by 4.6% to RMB 206 million for Q4, primarily due to decreased personnel-related expenses. Sales and marketing expenses increased by 13.1% to RMB 218 million for Q4, primarily due to increased marketing expenses to promote our content products, services, and branding, particularly in promotional activities for e-sports events partially offset by decreased personnel-related expenses. General and administrative expenses decreased by 5.8% to RMB 90 million for Q4, primarily due to decreased professional service fees. Other income was RMB — 56 million for Q4 compared with RMB 95 million for the same period of 2020, primarily attributable to lower tax response income for most businesses.

As a result, operating loss was RMB 457 million for Q4, compared with operating income of RMB 187 million for the same period of 2020, excluding share-based compensation expenses. Non-GAAP operating loss was RMB 386 million, and non-GAAP operating margin was negative 13.8% for Q4. Net loss attributable to HUYA Inc was RMB 313 million for Q4, compared with net income attributable to HUYA Inc of RMB 253 million for the same period of 2020. Non-GAAP net loss attributable to HUYA Inc was RMB 242 million for Q4, compared with non-GAAP net income attributable to HUYA Inc of RMB 306 million for the same period of 2020, non-GAAP net loss margin was 8.6% for Q4.

Diluted net loss per ADS was RMB 1.31 for Q4. Non-GAAP diluted net loss per ADS was RMB 1.01 for Q4. As of December 31, 2020, we had cash and cash equivalents, short-term deposits, and short-term investments around RMB 11 billion compared, with RMB 11.1 billion as of September 30, 2021. Move on to our full year 2021 results.

Total net revenue for 2021 increased by 4% to RMB 11.4 billion from RMB 10.9 billion for the — prior year. Livestreaming revenues were RMB 10.2 billion for 2021, compared with RMB 10.3 billion for the prior year. Advertising and other revenues increased by 93% to RMB 1.2 billion for 2021, from RMB 603 million for the prior year. Notably, advertising and others accounted for approximately 10% of our total revenue for 2021 increased from 5.5% from 2020.

Non-GAAP gross profit was RMB 1.7 billion, and non-GAAP gross margin was 14.6% for 2021. Non-GAAP operating income was RMB 260 million, and non-GAAP operating margin was 2.3% for 2021. Non-GAAP net income attributable to HUYA Inc, was RMB 454 million, and non-GAAP net margin was 4% for 2021. Non-GAAP diluted net income per ADS was RMB 1.88 for 2021.

[Inaudible] of our earnings call, for the full year 2021 financial results. I will encourage listeners to refer to our earnings press release for further details. With that, I would now like to open the call to our — to your questions. Thank you.

Questions & Answers:

Operator

[Operator instructions] Our first question comes from the line of Thomas Chong from Jefferies. Please ask your question.

Thomas ChongJefferies — Analyst

[Foreign language] Thanks, management for taking my questions. My question is about the 2022 outlook. OK, management share about the overall strategic direction as well as the trend for user and revenue? Thank you.

Rongjie DongChief Executive Officer

[Foreign language] Thank you for that question. This is from Mr. Dong, CEO of the company. We always believe that users are the core of our business growth, and we will continue to have user-driven growth for our long-term development strategy.

For the year 2021, our user increased by 6.4% with Q4 MAU reached 85.4 million. Further, cementing our leading position in game livestreaming area. In 2022, HUYA will continue to increase our market share in game livestreaming and to cement our leading position. Of course, HUYA will continue to explore the diversification of our business and to enhance our monetization ability. [Foreign language] In order to hit our user growth target, HUYA in 2022 will continue to invest effectively on the content and product, try to cover the mainstream tournaments and e-sport events, and also to enhance our ability to make self-produced tournaments and content and increase the proportion of self-produced content.

On top of that, we will continue to acquire streamers to adjust our incentive schemes according to the market dynamics, and also keep an eye on overseas livestreaming and video businesses. [Foreign language] On top of that, HUYA will continue to improve its strategy — its technology and product, trying to have a virtual streamers to optimize our audio and video technology to improve the user’s viewing experience, and to promote interactive features on live streaming as well as HUYA mini programs. Also will try to step up our effort in — partnering Tencent and explore new operating models and commercialization models for e-sports as a whole. In terms of operation, well, we’ll try to enhance and continue to be compliant in our platform, trying to adapt to regulatory changes and to realize long-term business development.

Ashley WuVice President of Finance

[Foreign language] Ms. Ashley Wu, VP of finance. As to the — trend of our user growth and revenue outlook for the year 2022, our target is to keep the mobile user number increase for the year by enriching our content in our platforms and also to enhance interactions with our users. It is worth noticing that the user numbers has seasonality changes pretty much depending on the scheduling of the big events, as well as holidays and other seasonal issues. [Foreign language] In terms of revenue, we noticed that the paying behavior of our users in Q4 2021 somehow was affected by the macro economy, the negative impact.

And because these, regulatory changes and macro economy impact is still continuing. We expect that for the first half of 2022, our revenue probably will continue to be under some pressure. But generally speaking, the fluctuations in our revenue are mainly due to external forces. Our company will continue to work on and have the right confidence that our business will enjoy a sustainable growth for the long-term. [Foreign language] Generally speaking, the users are the key to our business development and will continue to have content driven user growth.

And we believe that when the market situation turns better, our business will return to a growing business growth.

Hanyu LiuInvestor Relations

OK. Next question, please.

Operator

Our next question comes from Lei Zhang from Bank of America Merrill Lynch. Please ask a question.

Lei ZhangBank of America Merrill Lynch — Analyst

[Foreign language] Thanks, management for taking my question. My question is mainly regarding your contact strategy, particularly on e-sports tournament set. Consider your competitors adjustments in e-sports tournament recently. And then, of course, you’re all [Inaudible] here.

Yeah. Thank you.

Rongjie DongChief Executive Officer

[Foreign language] Thank you for a question. This is from CEO, Mr. Dong. In order to enhance our competitiveness and to continue to provide attractive content to our users, we’ll continue to purchase and establish high quality content, including IP tournaments, self-produced events, as well as PGC programs and streaming content.

To be more specific in terms of IP tournaments, we’ll continue to provide popular tournaments and events in the men’s remote games, for instance, in our League of Legends. China, we have the LPL in China, as well as the only platform that provides LCK, LEC, LCS as well PCS. In terms of Honor of King and Peacekeeper Elite, we are also covering the men events and tournament as well as the professional league in China. In terms of a new moba — new games, for instance, LOL mobile, we had established the livestreaming for its professional league, our WRL,  Wild Rift League.

And I also mentioned that last year in November, we have established a two-year exclusive IP agreement with ESL for Dota two and CSGO. And this actually help us to make up for the shortcomings we had in the past in the portfolio of games, and make it a more complete platform that provides professional live streaming content for the games. And to be more specific, as of year 2021 Q4, we live streamed 124 IP games and with a viewership of 605 million in total. [Foreign language] We will continue to invest effectively on high quality IP events, and while also considering the cost efficiency while we are purchasing them.

Even though some IP events or top events, they are quite expensive, but we believe these are very important for us to keep traffic of user and provide better services for our existing users. In terms of the self-produced content, the strategy is to increase the proportion of self-produced content by making better use of our program IP metrics as well as self-produced tournament. For instance, right now we have a HUYA content that covers mobile gaming arena. [Foreign language] as well All-star Cup [Foreign language] World Cup, and Fortune Cup, and we also have made many seasons of our GodLie entertainment programs as well.

And gradually we form a very good and solid user base for these events and programs. In Q4 2021, the total viewership for our self-produced content and PCG content reached to 153 million within year-on-year growth of over 40%. Generally speaking, self-produced content can give us a better ROI, and for the longer term help us to balance the cost for making the content of all. Thank you.

[Foreign language] In terms of livestreaming on top of keeping investing in the streamer split as well as contracting them. We will also explore virtual streamers as well as virtual studio technologies trying to create more innovative and more cost efficient live streaming content. We would also trying to launch more interaction technologies so as to create more fun and have more interactions and engage the users. So by combining the existing tournaments programs and live streaming content we have, we would also trying to explore video content in order to enrich our content on a platform and to create some synergies between the live streaming and video content.

Hanyu LiuInvestor Relations

Next, please. Thank you.

Operator

Our next question comes from Brian Gong from Citigroup. Please ask a question.

Unknown speaker

Thanks, management for taking my questions. This is Nelson again on behalf of Brian. I have a question on margin and cost. Can management share your view on content cost and streamer cost outlook in 2022? And how about the margin trend outlook going forward? [Foreign language]

Ashley WuVice President of Finance

Thank you for that question. Ashley Wu, VP for finance. In order to increase our attraction to streamers since Q3 last year while maintaining the split policy stable, we had tried to provide more incentives for streamers according to the market dynamic. And due to the year-end event in Q4 last year, the split ratio was slightly higher, so that was a seasonal impact.

So based on our overall operation of the platform and monetization ability, I believe that our split policy for the streamers now quite attractive. And for now, we expect that a total split ratio for the year 2022 will be at the same level we had for the year 2021. [Foreign language] While we continue our investment in content and also to carry forward our split policy since the second half of 2021, we believe that the content cost as a percentage to our revenue for the year 2022 would be slightly higher than that in 2021. And therefore, the whole year gross margin rate will somehow be affected a little bit. In terms of operating expenses, we’ll try to continue to optimize our expe — operating efficiency.

But due to a slightly lower gross margin level, our operating margin will be lower than the year 2021. [Foreign language] Given the major challenges for the whole industry and [Inaudible] economy, we believe that it is necessary for us to continue to invest in content because it would help us to increase competitiveness and increase the market share. Of course, we will try to be more optimized in terms of operating efficiency, for instance, to be more specific in analyzing the content ROI, and to allocate our resources to make more result and efficient. For instance, we would probably also trying to optimize our bandwidth of technology, make it more efficient, and also to optimize on our operating expenses, such as marketing expenses. Our content investment strategy enjoys a certain level of flexibility which can be adjusted to market situation.

And for a long time, HUYA has always been very healthy in our cash flow, in our financial performances, which lay down a very good foundation for our further investment in content. [Foreign language] Right now, the revenue situation is somehow subjected to the external impact. As we mentioned before, we have a good foundation for our user growth, our users are [Inaudible] to our platform. The second month, our retention rate for our users on the on the application is 70%, and we have very nice commercialization capability. So when the market situation turns better, we believe that our revenue will continue to rebound and grow. [Foreign language] On top of the gifting income, we would also actively explore other models for revenue and businesses, for instance, to have overseas livestreaming or video with advertisement income.

We could also make money out of IP sells. Now, streaming revenue in a year of 2021 accounted for over 10% of our total revenue. And we believe that for the mid and longer term, our now streaming revenue as a percentage will keep growing. In terms of the profitability and margin, we will continue to optimize our cost and operating efficiency and to make our resources more effective.

And we’ll also have a better evaluation of content ROI. And while the competition landscape would become stabilizes, we would be able to address our split, our cost, as well as other costs for our content producing. And our loss rate in overseas business will continue to narrow down, so for the longer term, I believe that we are able to drive a profit.

Hanyu LiuInvestor Relations

Thank you. Our last question, please.

Operator

Thank you. Last question comes from Yiwen Zhang from China Renaissance. Please go ahead.

Yiwen ZhangChina Renaissance Securities — Analyst

Thank you, management for taking my question. So I have a quick question [Inaudible]. Can management show today’s update [Inaudible] and our target for 2022. Thank you.

Ashley WuVice President of Finance

[Foreign language] In Q4 2021, our overseas business achieved a very nice positive progress with a MAU over 30 million with a new record high. And our revenue also registered in year-on-year 110 percentage growth. The overseas business gave us about 4% of the revenue for our — for a company in the year 2021. [Foreign language] In the year 2021, we allocate resources to Southeast Asia and those key areas, while optimizing all costs, we increase our user base.

In terms of Nimo content, while providing our popular games and a tournament which are popular in region, in the regional level, we had also increased a pan entertainment content on our platform to make our ecosystem more complete and it is also favorable for us to monetize on our content. [Foreign language] Based on my experience in 2021, we will continue this strategy for our overseas business in 2022 with a goal to further consolidate and increase user base and increase our revenue, and also at the same time trying to optimize and reduce loss.

Hanyu LiuInvestor Relations

OK. We finished the answer.

Operator

Right. Thank you. So now, I’d like to turn the call back to the company for closing remarks.

Hanyu LiuInvestor Relations

Yeah. Thank you once again for joining us today. If you have further questions, please feel free to contact HUYA’s investor relations through the contact information provided on our website or TPG Investor Relations. Thank you. 

Operator

[Operator signoff]

Duration: 64 minutes

Call participants:

Hanyu LiuInvestor Relations

Rongjie DongChief Executive Officer

Ashley WuVice President of Finance

Thomas ChongJefferies — Analyst

Lei ZhangBank of America Merrill Lynch — Analyst

Unknown speaker

Yiwen ZhangChina Renaissance Securities — Analyst

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