Earnings https://www.benzinga.com/views/taxonomy/term/16888 en Amid IPO Plans, Airbnb Revenue Fell 67% In Q2 As Losses Piled Up: Report https://www.benzinga.com/news/earnings/20/08/17064445/amid-ipo-plans-airbnb-revenue-fell-67-in-q2-as-losses-piled-up-report <p>Airbnb Inc&rsquo;s revenues declined and losses piled up in the second quarter,&nbsp;as the home-rental company&rsquo;s bookings sagged, Bloomberg <a href="https://www.bloomberg.com/news/articles/2020-08-12/airbnb-revenue-tanks-67-in-second-quarter-ipo-planned-for-2020?sref=XoUMza3N">reported</a> Wednesday.</p> <h3>What Happened</h3> <p>The San Francisco-based company&rsquo;s revenues fell to $335 million in the quarter ended June, a drop of 67%&nbsp; from the $1billion it reported in the same period last year, according to Bloomberg.</p> <p>The company incurred a loss before interest, taxes, depreciation, and amortization of $400 million, while in the preceding quarter it had posted an adjusted loss of $341 million. Bookings fell ...</p><p><a href=https://www.benzinga.com/news/earnings/20/08/17064445/amid-ipo-plans-airbnb-revenue-fell-67-in-q2-as-losses-piled-up-report alt=Amid IPO Plans, Airbnb Revenue Fell 67% In Q2 As Losses Piled Up: Report>Full story available on Benzinga.com</a></p> Airbnb Bloomberg Earnings GS MS News Vacation Rentals Tech Media GS US38141G1040 MS US6174464486 News Earnings Tech Media Benzinga Thu, 13 Aug 2020 03:23:10 +0000 Shivdeep Dhaliwal 17064445 at https://www.benzinga.com ALIANSCE SONAE: 98% of GLA open with high occupancy https://www.benzinga.com/pressreleases/20/08/n17064353/aliansce-sonae-98-of-gla-open-with-high-occupancy <p xmlns="http://www.w3.org/1999/xhtml"></p> <p xmlns="http://www.w3.org/1999/xhtml"><span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">RIO DE JANEIRO</span>, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">Aug. 12, 2020</span> /PRNewswire/ -- <b xmlns="http://www.w3.org/1999/xhtml">Aliansce Sonae Shopping Centers S.A. (B3: ALSO3</b>), one of the largest shopping mall owners and operators in <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Brazil</span>, announces its results for the second quarter of 2020 (2Q20).</p> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">2Q20 Highlights:</b></p> <p xmlns="http://www.w3.org/1999/xhtml" id="indentid" class="prnml40"><b xmlns="http://www.w3.org/1999/xhtml">98% of the portfolio&#39;s GLA opened. </b>The reopening process of Aliansce Sonae&#39;s portfolio started in May and accelerated during June and <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">July 2020</span>. As of the closing date of this report, 26 out of the 27 portfolio&#39;s owned malls are operating, representing 98.2% of the GLA and 98.4% of the 2019 NOI </p> <p xmlns="http://www.w3.org/1999/xhtml" id="indentid" class="prnml40"><b xmlns="http://www.w3.org/1999/xhtml">Sales recovery. </b>The malls located in the Northern Region of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Brazil</span> and the state of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Rio de Janeiro</span>, which remained open for a more extended period than the rest of the portfolio, stood out in terms of sales ...</p><p><a href=https://www.benzinga.com/pressreleases/20/08/n17064353/aliansce-sonae-98-of-gla-open-with-high-occupancy alt=ALIANSCE SONAE: 98% of GLA open with high occupancy>Full story available on Benzinga.com</a></p> Banking/Financial Services commercial real estate Earnings Press Releases Real Estate Thu, 13 Aug 2020 01:36:00 +0000 PRNewswire 17064353 at https://www.benzinga.com Mediagrif reports Financial Results for First Quarter Fiscal 2021 https://www.benzinga.com/pressreleases/20/08/n17063961/mediagrif-reports-financial-results-for-first-quarter-fiscal-2021 <p xmlns="http://www.w3.org/1999/xhtml" class="prntac"><b xmlns="http://www.w3.org/1999/xhtml"><i xmlns="http://www.w3.org/1999/xhtml">Significant 48% growth recorded for the Unified Commerce</i></b></p> <p xmlns="http://www.w3.org/1999/xhtml"><span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">MONTREAL</span>, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">Aug. 12, 2020</span> /CNW Telbec/ - Mediagrif Interactive Technologies Inc. (TSX:<a class="ticker" href="https://www.benzinga.com/stock/MDF#TSX" rel="nofollow">MDF</a>), a leader in SaaS digital commerce technologies, today released its financial results<sup xmlns="http://www.w3.org/1999/xhtml">3</sup> for the first quarter of fiscal 2021 which ended on <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2020</span>. All dollar amounts are expressed in Canadian currency and are prepared in accordance with International Financial Reporting Standards (IFRS).      </p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;Our Q1 F2021 results show that we now have positive momentum and that our strategy has started to work,&#34; commented <span xmlns="http://www.w3.org/1999/xhtml" class="xn-person">Luc Filiatreault</span>, President and Chief Executive Officer of Mediagrif. &#34;We believe that these reported results represent good progress in achieving our longer-term goals. We are particularly pleased with the performance of our core Unified Commerce platform which posted year-over-year and sequential revenue growth of 48% and 20% respectively. Additionally, our efforts to add strong, stable and recurring revenue growth via our SaaS offerings are also bearing fruit.&#34; </p> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">First Quarter Fiscal 2021 Financial Results</b></p> <p xmlns="http://www.w3.org/1999/xhtml">Total revenue was <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$20.5 million</span>, up 8.4% sequentially from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$18.9 million</span> reported in Q4 F2020. Adjusting for revenue from discontinued operations associated with the divestment of LesPAC in Q1 F2020, total revenue increased by 13.9% from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$18.0 million</span>, driven by 48% growth in the Unified Commerce platform, which benefitted from a surge in consumer online purchasing associated with the COVID-19 pandemic. </p> <p xmlns="http://www.w3.org/1999/xhtml">The surge had a significant impact on revenue<u xmlns="http://www.w3.org/1999/xhtml"> </u>throughout the quarter. Revenue in the other core platform, Strategic Sourcing, remained stable throughout the pandemic, growing by 2% year-over-year to <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$7.7 million</span>. 77 buying agencies were added during the quarter.</p> <p xmlns="http://www.w3.org/1999/xhtml">Adjusting for revenue from discontinued operations associated with the divestment of LesPAC in Q1 F2020, non-core platform revenues, which includes the marketplaces platforms, declined to <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$3.1 million</span> from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$3.9 million</span> in Q1 F2020. The marketplaces are comprised of platforms where the Company is focused on maximizing cash contribution. </p> <p xmlns="http://www.w3.org/1999/xhtml">Monthly recurring revenues (« MRR<sup xmlns="http://www.w3.org/1999/xhtml">4</sup> ») in Q1 F2021 was <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$15.8 million</span>, representing 77% of total revenue for the quarter. Total MRR grew by 11% over the previous Q1 reporting period, led by a 43% increase in Unified Commerce MRR, and 5% increase in Strategic Sourcing MRR. The Company views MRR as a key performance metric.  </p> <p xmlns="http://www.w3.org/1999/xhtml">As can be seen in the table below, MRR and the quality of Mediagrif&#39;s revenue have significantly increased since the fall of 2019, demonstrating the effectiveness of the Company&#39;s growth strategy. </p> <div xmlns="http://www.w3.org/1999/xhtml" class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder4221"> <p xmlns="http://www.w3.org/1999/xhtml"><a xmlns="http://www.w3.org/1999/xhtml" href="https://mma.prnewswire.com/media/1227904/Mediagrif_Interactive_Technologies_Inc__Mediagrif_reports_Financ.html" target="_blank" rel="nofollow" rel="nofollow"><img xmlns="http://www.w3.org/1999/xhtml" src="https://mma.prnewswire.com/media/1227904/Mediagrif_Interactive_Technologies_Inc__Mediagrif_reports_Financ.jpg" title="Mediagrif MRR Growth (CNW Group/Mediagrif Interactive Technologies Inc.)" alt="Mediagrif MRR Growth (CNW Group/Mediagrif Interactive Technologies Inc.)" /></a></p> </div> <p xmlns="http://www.w3.org/1999/xhtml">Gross margins reported for the first quarter of F2021 were 68% compared to 74% for the corresponding quarter last year.</p> <p xmlns="http://www.w3.org/1999/xhtml">Adjusted EBITDA<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> totaled <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.8 million</span> or 8.8% of revenue. Adjusted EBITDA in Q1 2021 includes an amount of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.5 million</span> of wage subsidy as part of the federal government&#39;s assistance program introduced on <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">March 27, 2020</span> in the context of COVID-19. Adjusted EBITDA also includes non-recurring costs totaling <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.3 million</span> consisting mainly of professional services fees and non-cash retention related to the acquisition of K-eCommerce.  This compared to the adjusted EBITDA of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$4.1 million</span> reported for Q1 2020. The reduction in adjusted EBITDA is mainly due to the divestment of LesPAC in Q1 2020, the results of K-eCommerce as well as the decrease in the non-core platforms and investments in the execution of the business plan.</p> <p xmlns="http://www.w3.org/1999/xhtml">The net loss in Q1 F2021 totalled <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.2 million</span> or <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">($0.08)</span> per share compared to a net profit of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1</span>.1 million or <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.07</span> per share in the corresponding quarter of F2020.</p> <p xmlns="http://www.w3.org/1999/xhtml"> &#34;As evidenced by our Q1 F2021 results, we are achieving overall growth while winding down our non-core platforms. In addition, the quality of our revenue base continues to improve with our focus on strong and stable recurring revenue growth. We believe this combination will deliver significant shareholder value in the quarters and years to come,&#34; concluded <span xmlns="http://www.w3.org/1999/xhtml" class="xn-person">Luc Filiatreault</span>.</p> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Conference Call Details</b></p> <p xmlns="http://www.w3.org/1999/xhtml">Date and time: <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">Thursday, August 13, ...</span></p><p><a href=https://www.benzinga.com/pressreleases/20/08/n17063961/mediagrif-reports-financial-results-for-first-quarter-fiscal-2021 alt=Mediagrif reports Financial Results for First Quarter Fiscal 2021>Full story available on Benzinga.com</a></p> analysis Earnings Economic news trends TSX:MDF Press Releases Thu, 13 Aug 2020 00:29:00 +0000 PRNewswire 17063961 at https://www.benzinga.com Imperial Reports Second Quarter 2020 Financial Results https://www.benzinga.com/pressreleases/20/08/g17063799/imperial-reports-second-quarter-2020-financial-results <link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css" /> <p align="justify">VANCOUVER, British Columbia, Aug. 12, 2020 (GLOBE NEWSWIRE) -- <strong>Imperial Metals Corporation </strong>(the "Company") (TSX:<a class="ticker" href="https://www.benzinga.com/stock/III#TSX" rel="nofollow">III</a>) reports financial results for the three and six months ended June 30, 2020, as summarized in this release and discussed in detail in the Management&#039;s Discussion &amp; Analysis. The Company&#039;s financial results are prepared in accordance with International Financial Reporting Standards. The reporting currency of the Company is the Canadian ("CDN") Dollar.</p> <p align="justify"><strong>QUARTER HIGHLIGHTS</strong></p> <p><strong>FINANCIAL</strong></p> <p align="justify">On February 20, 2019, the Company initiated a process for the sale of the Red Chris mine and in accordance with IFRS, the Company classified Red Chris mine as a discontinued operation effective January 1, 2019 up until the closing of the transaction with Newcrest on August 14, 2019. Effective August 15, 2019 the results from the Red Chris mine are presented on a proportionate basis relative to Imperial&#039;s 30% ownership in the joint venture. Unless otherwise stated, this MD&amp;A only compares the comparative quarter results from continuing operations and excludes discontinued operations even though the Red Chris mine is in both discontinued operations pre and post August 15, 2019.</p> <p align="justify">Total revenue from continuing operations increased to $45.1 million in the June 2020 quarter compared to $21.7 million in the 2019 comparative quarter, an increase of $23.4 million or 107.8%. The June 2019 amount only included revenue from the Mount Polley mine as the revenues from the Red Chris mine was classified in discontinued operations. However, in the June 2020 quarter, the Company included its portion of the 30% interest in the Red Chris mine. In June 2019, the revenue from discontinued operations was $61.9 million.</p> <p align="justify">In the June 2020 quarter, the Red Chris mine (100% basis) had 5.5 concentrate shipments (2019-3.1 concentrate shipments).</p> <p align="justify">Variations in revenue are impacted by the timing and quantity of concentrate shipments, metal prices and exchange rates, and period end revaluations of revenue attributed to concentrate shipments where copper and gold prices will settle at a future date.</p> <p align="justify">The London Metals Exchange cash settlement copper price per pound averaged US$2.42 in the June 2020 quarter compared to US$2.77 in the 2019 comparative quarter. LBMA cash settlement gold price per troy ounce averaged US$1,711 in the June 2020 quarter compared to US$1,310 in the 2019 comparative quarter. The average US/CDN Dollar exchange rate was 1.385 in the June 2020 quarter, 3.5% higher than the exchange rate of 1.338 in the June 2019 quarter. In CDN Dollar terms the average copper price in the June 2020 quarter was CDN$3.35 per pound compared to CDN$3.71 per pound in the 2019 comparative quarter, and the average gold price in the June 2020 quarter was CDN$2,248 per ounce compared to CDN$1,752 per ounce in the 2019 comparative quarter.</p> <p align="justify">Revenue in the June 2020 quarter increased by $5.8 million due to a positive revenue revaluation as compared to a $4.8 million negative revenue revaluation in the 2019 comparative quarter. Revenue revaluations are the result of the metal price on the settlement date and/or the current period balance sheet date being higher or lower than when the revenue was initially recorded or the metal price at the last balance sheet date and finalization of contained metal as a result of final assays.</p> <p align="justify">Net income from continuing operations for the June 2020 quarter was $0.7 million ($0.01 per share) compared to net loss of $9.7 million ($0.08 per share) in the 2019 comparative quarter. The decrease in net loss of $10.4 million was primarily due to the following factors:</p> <ul type="disc"> <li>Loss from mine operations went from $2.2 million in June 2019 to income of $11.8 million in June 2020, a decrease in net loss of $14.0 million.</li> <li>Interest expense went from $18.1 million in June 2019 to $0.4 million in June 2020, a decrease in net loss of $17.7 million.</li> <li>Foreign exchange gains/losses went from a gain of $9.1 million in June 2019 to a loss of $1.1 million in June 2020, an increase in net loss of $10.2 million.</li> <li>Tax recovery went from $4.0 million in June 2019 to an expense of $3.0 million in June 2020, an increase in net loss of $7.0 million.</li> </ul> <p align="justify">The average US/CDN Dollar exchange rate in the June 2020 quarter was 1.386 compared to an average of 1.338 in the 2019 comparative quarter.</p> <p align="justify">Cash flow was $16.4 million in the June 2020 quarter compared to $0.2 million in the 2019 comparative quarter. Cash flow is a measure used by the Company to evaluate its performance, however, it is not a term recognized under IFRS. The Company believes Cash flow is useful to investors and it is one of the measures used by management to assess the financial performance of the Company.</p> <p align="justify">Capital expenditures from continuing operations were $19.3 million in the June 2020 quarter, up from $0.8 million in the 2019 comparative quarter.</p> <p align="justify">At June 30, 2020, the Company has not hedged any copper, gold or CDN/US Dollar exchange. Quarterly revenues will fluctuate depending on copper and gold prices, the CDN/US Dollar exchange rate, and the timing of concentrate sales, which is dependent on concentrate production and the availability and scheduling of transportation.</p> <p align="justify"><strong>OPERATIONS</strong></p> <p align="justify">The Company&#039;s plans for 2020 and beyond could be adversely impacted by the effects of the coronavirus (2019-nCoV) global pandemic. In particular, the continued spread of the coronavirus and travel, and other operating restrictions established to curb the spread of coronavirus, could materially and adversely impact the Company&#039;s current plans by causing a temporary closure of the Red Chris mine, suspending planned exploration work, causing an economic slowdown resulting in a decrease in the demand for copper and gold, negatively impacting copper and gold prices, impacting the Company&#039;s ability to transport or market the Company&#039;s concentrate or causing disruptions in the Company&#039;s supply chains.</p> <p align="justify"><strong>Red Chris Mine </strong></p> <p align="justify">Red Chris metal production for the second quarter of 2020 was 26.5 million pounds copper and 22,057 ounces gold, up from 22.5 million pounds copper and 17,427 ounces gold in the first quarter of 2020.</p> <p align="justify">Imperial&#039;s 30% portion of Red Chris second quarter production was 7.9 million pounds copper and 6,617 ounces gold.</p> <p align="justify">Gold production was 27% higher than the prior quarter reflecting an increase in grade and recovery, partially offset by lower mill throughput.</p> <p align="justify">During the quarter, a number of improvement initiatives were implemented to improve efficiencies across the site, including the optimization of haul road conditions and dumping locations to reduce truck cycle times, and the introduction of <em>just in time fueling</em> to increase operating time.</p> <p align="justify">To date, Red Chris has not experienced any COVID-19 related disruptions to the supply of goods or services or to its workforce.</p> <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;"> <tr> <td style="border-top: solid black 1pt ; vertical-align: bottom ; "> </td> <td colspan="2" style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">Three Months Ended June 30*</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">Six Months Ended June 30*</td> </tr> <tr> <td style="max-width:39%; width:39%; min-width:39%;;border-bottom: solid black 1pt ; vertical-align: bottom ; "> </td> <td style="max-width:15%; width:15%; min-width:15%;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2020</td> <td style="max-width:15%; width:15%; min-width:15%;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2019</td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:15%; width:15%; min-width:15%;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2020</td> <td style="max-width:15%; width:15%; min-width:15%;;border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2019</td> </tr> <tr> <td style="vertical-align: bottom ; ">Ore milled – <em>tonnes</em></td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,455,053</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,694,090</td> <td style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,419,279</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,062,427</td> </tr> <tr> <td style="vertical-align: bottom ; ">Ore milled per calendar day – <em>tonnes</em></td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">26,979</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">29,605</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">24,282</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">27,969</td> </tr> <tr> <td style="vertical-align: bottom ; ">Grade % – copper</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.606</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.389</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.612</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.366</td> </tr> <tr> <td style="vertical-align: bottom ; ">Grade g/t – gold</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.506</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.206</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.501</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.216</td> </tr> <tr> <td style="vertical-align: bottom ; ">Recovery % – copper</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">80.6</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">76.2</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">82.1</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">75.2</td> </tr> <tr> <td style="vertical-align: bottom ; ">Recovery % – gold</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">55.2</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">42.6</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">55.4</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">45.3</td> </tr> <tr> <td style="vertical-align: bottom ; ">Copper – <em>000&#039;s pounds</em></td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">26,458</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">17,599</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">48,910</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">30,700</td> </tr> <tr> <td style="vertical-align: bottom ; ">Gold – <em>ounces</em></td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">22,057</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7,580</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">39,484</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">15,897</td> </tr> <tr> <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">Silver – <em>ounces</em></td> <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">50,581</td> <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">30,427</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">95,130</td> <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">53,054</td> </tr> </table> <p align="justify">* 100% Red Chris mine production</p> <p align="justify"><em>Exploration </em></p> <p align="justify">The highlight in the second quarter was drill hole RC625, which is the second hole drilled in the newly discovered high grade pod. First intersected by RC616 this new high grade pod is located on the western edge of the East zone.  Hole RC625 has returned a partial intercept of 400 metres grading 0.65 g/t gold and 0.51% copper, which includes a 60 metre interval grading 2.2 g/t gold and 1.3% copper. This has expanded the new high grade zone as RC625 is located 100 metres south west of RC616. Drilling to define and extend this new high grade zone is ongoing.</p> <p align="justify">Final results for drill hole RC623 (partial results ref: June 10, 2020 news release) were received. RC623 intersected 532 metres grading 1.3 g/t gold and 0.82% copper, including 122 metres grading 4.5 g/t gold and 2.3% copper. RC623 was drilled to expand and confirm the continuity of the discrete high-grade East Zone pod in the vicinity of RC09-350. Drill hole RC620, drilled 100 metres below RC611, has confirmed the extent of the +1 g/t gold halo which surrounds the high grade pod. Follow up infill drilling continues to define the extent of this high grade mineralization.</p> <p align="justify">The eastern most drill hole drilled by Newcrest Red Chris Joint Venture to date, is RC621 which is located on the eastern edge of the known mineralization about 400 metres east of RC09-350. Hole RC621 intercepted 414 metres grading 0.39 g/t gold and 0.32% copper, including an interval of 84 metres grading 0.73 g/t gold and 0.45% copper. Hole RC621 was drilled along a section that only one hole (RC-10-411) had been previously drilled and is expanding the mineralization on the eastern edge of the East zone.</p> <p align="justify">The East Zone Resource Definition program comprising 16 angled drill holes has been completed. A further 10 follow up infill holes were designed to define and extend the East zone high grade pods, of which 6 have been completed and 3 holes are underway.</p> <p align="justify">A total of 20,433 metres of drilling has been completed since the end of March 2020. The number of drill rigs was recently increased from six to eight.</p> <p align="justify">The Company&#039;s share of exploration, development and capital expenditures were $18.7 million in the June 2020 quarter compared to $11.7 million in the 2019 comparative quarter.</p> <p><strong>Mount Polley Mine </strong></p> <p align="justify">Mount Polley mine operations were shut down in May 2019, and the mine remains on care and maintenance status pending improvement of the economics of mining. Site personnel are maintaining access, fire watch, and managing the collection, treatment and discharge of site contact water.</p> <p align="justify">For the June 2020 quarter, Mount Polley incurred idle mine costs comprised of $3.0 million in operating costs and $1.1 million in depreciation expense.</p> <p align="justify"><em>Exploration </em></p> <p align="justify">A comprehensive exploration program was initiated at Mount Polley in late 2019. One targeted area is the Frypan/Morehead, a largely till covered magnetic "high" which has a similar magnetic response to that obtained over the Mount Polley mine host rock of monzonite and hydrothermally altered monzonite breccia pipes. The area is located west and north of the mine and is approximately three by three kilometres in size. There were 948 soil samples collected and analyzed using the Mobile Metal Ion technique. SJ Geophysics also completed an 80.7 line kilometre Volterra-3D Induced Polarization (IP) survey covering the same grid area. Numerous, high priority targets were outlined and will be tested once final analysis is completed.</p> <p align="justify">Last month the same kind of IP survey was conducted over the Mount Polley mine site to identify the geophysical response of the known mineralization to aid in prioritizing targets on the Frypan/Morehead area. The survey consisted of 81.5 line kilometres and was successful in delineating the known mineralization, as well as outlining several "new" un-tested areas in the vicinity of the mine.</p> <p align="justify">A drill program is being planned to test the geophysical anomalies later this summer.</p> <p><strong>Huckleberry Mine </strong></p> <p align="justify">Huckleberry mine operations were shut down in August 2016, and the mine remains on care and maintenance status, pending improvement of the economics of mining. Activities at the mine site have focused on water management, snow removal, maintenance of site infrastructure and equipment and environmental compliance monitoring. The tailings management facilities are actively monitored.</p> <p align="justify">For the June 2020 quarter, Huckleberry incurred idle mine costs comprised of $1.5 million in operating costs and $0.2 million in depreciation expense.</p> <p align="justify"><em>Exploration </em></p> <p align="justify">A diamond drill is being mobilized to the Huckleberry mine for exploration drilling in the vicinity of the East zone pit where the majority of the historic drill holes were stopped while still in copper mineralization. The initial focus of the exploration will be to investigate the East zone at depth below the historic drilling that ended in copper mineralization.</p> <p align="justify"><strong>EARNINGS AND CASH FLOW</strong></p> <p align="justify">The Company completed the sale of 70% interest in the Red Chris mine to Newcrest on August 15, 2019. As a result, this operation was classified as a discontinued operation effective January 1, 2019 to August 14, 2019.</p> <p align="justify"><strong>Select Quarter Financial Information</strong></p> <table style="border-collapse: collapse; margin-left:0px; width:100%; border-collapse:collapse ;"> <tr> <td style="vertical-align: top ; ">expressed in thousands, except share and per share amounts</td> <td colspan="3" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">Three Months Ended June 30</td> <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">Six Months Ended June 30</td> </tr> <tr> <td style="max-width:36%; width:36%; min-width:36%;;text-align: justify ; vertical-align: middle; vertical-align: top ; "> </td> <td style="max-width:16%; width:16%; min-width:16%;;border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ; ...</tr></table><p><a href=https://www.benzinga.com/pressreleases/20/08/g17063799/imperial-reports-second-quarter-2020-financial-results alt=Imperial Reports Second Quarter 2020 Financial Results>Full story available on Benzinga.com</a></p> Earnings TSX:III Press Releases Thu, 13 Aug 2020 00:05:51 +0000 Globe Newswire 17063799 at https://www.benzinga.com Akumin Inc. Announces Second Quarter 2020 Financial Results https://www.benzinga.com/pressreleases/20/08/n17063781/akumin-inc-announces-second-quarter-2020-financial-results <p xmlns="http://www.w3.org/1999/xhtml"><span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">TORONTO</span>, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">Aug. 12, 2020</span> /CNW/ - Akumin Inc. (TSX:<a class="ticker" href="https://www.benzinga.com/stock/AKU#TSX" rel="nofollow">AKU</a>) (TSX:<a class="ticker" href="https://www.benzinga.com/stock/AKU#TSX" rel="nofollow">AKU</a>) (&#34;<u xmlns="http://www.w3.org/1999/xhtml">Akumin</u>&#34; or the &#34;<u xmlns="http://www.w3.org/1999/xhtml">Corporation</u>&#34;) announced today its financial results for the quarter ended <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2020</span> (&#34;<u xmlns="http://www.w3.org/1999/xhtml">Q2 Fiscal 2020</u>&#34;).</p> <p xmlns="http://www.w3.org/1999/xhtml">Summary Consolidated Financial Results (in thousands, except for per share amounts)</p> <div xmlns="http://www.w3.org/1999/xhtml"> <table xmlns="http://www.w3.org/1999/xhtml" cellspacing="0" cellpadding="0" border="0" class="prntblns"> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">3-month period <br xmlns="http://www.w3.org/1999/xhtml" />ended</b></span></p> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">Jun. 30, 2020</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">3-month period <br xmlns="http://www.w3.org/1999/xhtml" />ended</b></span></p> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">Jun. 30, 2019</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">6-month period<br xmlns="http://www.w3.org/1999/xhtml" />ended</b></span></p> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">Jun. 30, 2020</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">6-month period <br xmlns="http://www.w3.org/1999/xhtml" />ended</b></span></p> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">Jun. 30, 2019</b></span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Volume in RVUs</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">1,094</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">1,163</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">2,619</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">2,229</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Revenue</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">53,628</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">53,985</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">124,980</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">101,536</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">EBITDA <sup xmlns="http://www.w3.org/1999/xhtml">(1)</sup></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">15,540</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">11,244</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">35,853</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">23,288</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Adjusted EBITDA <sup xmlns="http://www.w3.org/1999/xhtml">(1)</sup></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">13,723</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">12,290</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">28,691</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">21,542</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">EPS –Diluted</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(0.04)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(0.01)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(0.02)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">0.02</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Adjusted EPS – Diluted <sup xmlns="http://www.w3.org/1999/xhtml">(1)</sup></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">0.01</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">0.06</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">0.03</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">0.11</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" colspan="5" class="prnsbt1 prnsbr1 prnvab prnsbtb0 prntal prnpl6 prnsbl1 prnpr6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><sup xmlns="http://www.w3.org/1999/xhtml">(1)</sup> See &#34;Non-IFRS Measures&#34; below.</span></p> </td> </tr> </table> </div> <p xmlns="http://www.w3.org/1999/xhtml">Commenting on the Q2 Fiscal 2020 financial results, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-person">Riadh Zine</span>, President and Chief Executive Officer of the Corporation, said, &#34;During the quarter ending <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2020</span> we generated revenue of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$53.6 million</span>.  Although our RVU volume during the quarter declined by approximately 28% vs. that in Q1 Fiscal 2020, by effectively implementing our cost containment strategies, and with the help and dedication of our employees, we were able to generate Adjusted EBITDA of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$13.7 million</span>.</p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;Akumin&#39;s volume in Q2 Fiscal 2020 was approximately 1,094,000 RVUs, compared to approximately 1,163,000 RVUs in Q2 Fiscal 2019, a decrease of 6%.  On an organic volume basis, RVUs decreased by 30% compared to the same prior period.  During Q2 Fiscal 2020, our volumes were significantly impacted by the COVID-19 pandemic,&#34; Mr. Zine continued.  The Corporation reports the volume of procedures performed in its diagnostic imaging centers based on relative-value units, or RVUs, instead of the number of procedures.  RVUs are a standardized measure of value used in the U.S. Medicare reimbursement formula for physician services which provides weighting to distinguish the complexity of different procedures.</p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;As stay-at-home orders lifted and the general understanding of the coronavirus disease improved, our volume began to recover,&#34; added Mr. Zine.  &#34;As compared to early <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">March 2020</span>, our daily average volume recovered from a low point of an approximate 55% decline in <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">mid-April 2020</span>, a 25% decline by the end of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">May 2020</span> and a 15% decline by the end of June 2020.  While we have seen increased pandemic cases in <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Florida</span> and <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Texas</span>, two of our major markets, volume in the current Q3 Fiscal 2020 continues to be between 10 and 15% below early <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">March 2020</span> volumes.  This demonstrates the resiliency of the Akumin platform providing an essential healthcare service.  </p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;In addition, we finished the quarter with <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$28</span>.1 million cash-on-hand.  The increase of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$11.5 million</span> in the cash position during this quarter is mainly due to Free Cash Flow generation of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$4.9 million</span>, and the receipt of a <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1</span>.1 million grant from Health and Human Services (HHS) and accelerated Medicare payments of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$3.1 million</span> under the expanded Accelerated and Advance Payments Program from Centers for Medicare &amp; Medicaid Services (CMS).  The HHS grant and CMS advance were both received from programs made available to Medicare providers under the CARES Act.  The accelerated Medicare payments are expected to be repaid against future Medicare services performed starting in late Q3 2020.  Our revolving credit facility has over $40 million in undrawn committed capital, and we have not needed to draw on our revolving credit facility for working capital purposes since the COVID-19 pandemic began.&#34;</p> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Second Quarter Fiscal 2020 Financial Results Call</b></p> <p xmlns="http://www.w3.org/1999/xhtml">Akumin would like to invite interested parties to the Corporation&#39;s Second Quarter Fiscal 2020 Financial Results Call, to be held on <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">August 13, 2020</span> from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">8:30 a.m. to 9:00 a.m. Eastern Time</span>. To access the conference call, dial toll-free in <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Canada</span> or the U.S. 888-231-8191 or, for international callers, 647-427-7450. A related presentation will be available for download on Akumin&#39;s website (<a xmlns="http://www.w3.org/1999/xhtml" target="_blank" href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=2884559-1&amp;h=1881539751&amp;u=http%3A%2F%2Fwww.akumin.com%2F&amp;a=www.akumin.com" rel="nofollow" rel="nofollow">www.akumin.com</a>) and at <a xmlns="http://www.w3.org/1999/xhtml" target="_blank" href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=2884559-1&amp;h=4161112040&amp;u=https%3A%2F%2Fakum.in%2FAkuminSecondQuarter2020Results&amp;a=https%3A%2F%2Fakum.in%2FAkuminSecondQuarter2020Results" rel="nofollow" rel="nofollow">https://akum.in/AkuminSecondQuarter2020Results</a>. Participants are asked to connect at least 10 minutes prior to the beginning of the call to ensure participation.  The webcast archive will be available for 90 days.  A replay of the conference call will also be available until <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">Thursday, August 20, 2020</span> by calling 416-849-0833 or toll-free 1-855-859-2056, using passcode number 7967905.</p> <p xmlns="http://www.w3.org/1999/xhtml">Unless otherwise indicated, all amounts are expressed in U.S. dollars.  Certain metrics, including those expressed on an adjusted or comparable basis, are non-IFRS measures.  See &#34;Non-IFRS Measures&#34; and &#34;Selected Consolidated Financial Information&#34; of this press release for further details.  The Corporation&#39;s consolidated financial statements for Q2 Fiscal 2020 and related management&#39;s discussion and analysis are available under Akumin&#39;s profile on SEDAR (<a xmlns="http://www.w3.org/1999/xhtml" target="_blank" href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=2884559-1&amp;h=2467352101&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com" rel="nofollow" rel="nofollow">www.sedar.com</a>).</p> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">About Akumin</b></p> <p xmlns="http://www.w3.org/1999/xhtml">Akumin is a leading provider of freestanding, fixed-site outpatient diagnostic imaging services in <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">the United States</span> with a network of owned and/or operated imaging centers located in <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Florida</span>, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Texas</span>, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Pennsylvania</span>, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Delaware</span>, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Illinois</span>, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Kansas</span> and <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Georgia</span>.  By combining our clinical expertise with the latest advances in technology and information systems, our centers provide physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders and may reduce unnecessary invasive procedures, minimizing the cost and amount of care for patients. Our imaging procedures include MRI, CT, positron emission tomography (PET), ultrasound, diagnostic radiology (X-ray), mammography, and other interventional procedures.</p> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Non-IFRS Measures</b></p> <p xmlns="http://www.w3.org/1999/xhtml">This press release refers to certain non-IFRS measures. These non-IFRS measures are not recognized measures under the International Financial Reporting Standards (&#34;<u xmlns="http://www.w3.org/1999/xhtml">IFRS</u>&#34;) and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies.  Rather, these non-IFRS measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management&#39;s perspective.  Accordingly, these non-IFRS measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS.  We use non-IFRS financial measures, including &#34;EBITDA&#34;, &#34;Adjusted EBITDA&#34;, &#34;Adjusted EBITDA Margin&#34;, &#34;Adjusted net income (loss) attributable to shareholders of Akumin&#34; and &#34;Adjusted EPS – Diluted&#34;.  These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures.  We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers.  Our management uses non-IFRS measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts, and to determine components of management compensation. Definitions and reconciliations of non-IFRS measures to the relevant reported measures can be found in our Management&#39;s Discussion and Analysis dated <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">August 12, 2020</span> available at <a xmlns="http://www.w3.org/1999/xhtml" href="http://www.sedar.com" rel="nofollow" rel="nofollow">www.sedar.com</a>.</p> <p xmlns="http://www.w3.org/1999/xhtml">We define such non-IFRS measures as follows:</p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;<u xmlns="http://www.w3.org/1999/xhtml">EBITDA</u>&#34; means net income (loss) attributable to shareholders of the Corporation before interest expense (net), income tax expense (recovery) and depreciation and amortization.</p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;<u xmlns="http://www.w3.org/1999/xhtml">Adjusted EBITDA</u>&#34; means ...</p><p><a href=https://www.benzinga.com/pressreleases/20/08/n17063781/akumin-inc-announces-second-quarter-2020-financial-results alt=Akumin Inc. Announces Second Quarter 2020 Financial Results>Full story available on Benzinga.com</a></p> Earnings TSX:AKU TSX:AKU.U Press Releases Thu, 13 Aug 2020 00:02:00 +0000 PRNewswire 17063781 at https://www.benzinga.com Northland Power Reports Second Quarter 2020 Results https://www.benzinga.com/pressreleases/20/08/g17063628/northland-power-reports-second-quarter-2020-results <link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css" /> <p>TORONTO, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Northland Power Inc. ("<strong>Northland</strong>" or the "<strong>Company</strong>") (TSX:<a class="ticker" href="https://www.benzinga.com/stock/NPI#TSX" rel="nofollow">NPI</a>) today reported financial results for three and six months ended June 30, 2020. All dollar amounts are in Canadian dollars, unless otherwise stated.<br /></p> <p align="justify">"Our business has demonstrated resilience during the first half of the year amidst the challenges presented to the economy as a result of the COVID-19 pandemic," said Mike Crawley, Northland&#039;s President and Chief Executive Officer. "We are pleased with the financial results of our business and are extremely proud of how our employees have responded to the crisis.&#34; &#34;Our efforts remain focused on ensuring our employees, contractors and communities across our global operations are safe and healthy, while continuing to deliver our essential services. During the period, we strengthened our senior executive team and added expertise to enhance Northland&#039;s sustainability and power purchase agreement origination initiatives. We also increased our liquidity position through new financings that provided us with ample resources to advance our development projects as part of our long-term growth strategy."</p> <p><strong><u>Second Quarter Highlights</u></strong></p> <p><strong><em>Financial Results</em></strong></p> <ul type="disc"> <li><strong>Sales</strong> increased 25% to $429 million from $344 million in 2019 and <strong>gross profit</strong> increased 20% to $386 million from $322 million.</li> <li><strong>Adjusted EBITDA</strong> (a non-IFRS measure) increased 17% to $227 million from $194 million in 2019.</li> <li><strong>Free cash flow per share</strong> (a non-IFRS measure) decreased 55% to $0.09 from $0.20 in 2019.</li> <li><strong>Net income </strong>decreased 3% to $74 million from $76 million in 2019.</li> <li><strong>2020 Financial Guidance </strong>remains unchanged with management continuing to expect adjusted EBITDA in 2020 to be in the range of $1.1 billion to $1.2 billion and free cash flow per share in 2020 to be in the range of $1.70 to $2.05.</li> </ul> <p align="justify">Sales, gross profit and net income, as reported under IFRS, include consolidated results of entities non wholly-owned by Northland, whereas adjusted EBITDA and free cash flow measures include Northland&#039;s proportionate interest.</p> <p><strong><em>Significant Events and Updates</em></strong></p> <ul> <li><strong><em>COVID-19 Business Update </em></strong>– Each of Northland&#039;s operating facilities are deemed to be essential infrastructure and, as such, are operating uninterrupted as expected. Preventative measures remain in place in accordance with Northland&#039;s crisis response plans and applicable local government directives. Management continues to actively monitor the situation, which remains uncertain, and may take further actions as required or recommended by authorities.<br /><br />The impact of COVID-19 has had significant effects across global economies and sectors, including reduced power demand within the renewable energy sector. While the vast majority of Northland&#039;s revenues are contracted under long-term agreements with creditworthy counterparties, there is some, yet limited, exposure to the wholesale market price of electricity at the offshore wind facilities. Wholesale market prices in the first half of 2020 have had a moderately negative effect on Northland&#039;s revenues. Construction activities at La Lucha solar project in Mexico are currently progressing on schedule but could be affected by construction services and contractor unavailability as a result of COVID-19. <br /><br />Management believes Northland has sufficient liquidity available to limit the impact of COVID-19. Primarily as a result of two facility-level financings completed in the quarter, as at June 30, 2020, Northland had access to $561 million of cash and liquidity, comprising $106 million of corporate cash on hand and $455 million of liquidity available under its syndicated revolving facility.<br /></li> </ul> <ul type="disc"> <li><strong><em>Northland Reinstates the Treasury Dividend Reinvestment Plan</em></strong> – On August 12, 2020, Northland announced a change to the discount rate applicable to its DRIP, whereby common shareholders and Class A shareholders may elect to reinvest their dividends in common shares of Northland at 3% discount, from the previous 0% discount. Additionally, Northland intends to issue shares from treasury for purposes of the DRIP participants, but reserves the right to source shares through market purchases. This change is effective with the dividend currently scheduled to be paid on September 15, 2020, to shareholders of record on August 31, 2020. Management expects the net result will be a reinvestment of cash dividends into Northland, thus contributing to the funding of select growth initiatives.<br /><br /></li> <li><strong><em>EBSA, Colombian Regulated Power Distribution Utility Acquisition </em></strong>On July 7, 2020, Northland finalized the purchase price for its January 14, 2020 acquisition of a 99.2% interest in a power distribution utility, Empresa de Energía de Boyacá ("<strong>EBSA</strong>"), in Colombia for a total purchase price of COP 2,530 billion ($1,007 million) including existing debt of COP 550 billion ($219 million) (the "<strong>EBSA Acquisition</strong>"). Pursuant to the share purchase agreement, the purchase price had been subject to post-closing adjustments following a review of the final tariff resolution. Concurrent with the final tariff resolution, the final purchase price was adjusted from COP 2,412 billion ($960 million).<br /><br /></li> <li><strong><em>EBSA Financing Update </em></strong>– On June 24, 2020, Northland entered into a long-term, non-recourse financing agreement on behalf of EBSA for an aggregate amount of approximately $465 million ("<strong>EBSA Facility</strong>"), inclusive of a Canadian dollar tranche and a Colombian peso tranche. The financing closed in July 2020 and replaced the interim bridge credit facility ("<strong>EBSA Bridge</strong>") previously in place as well as facility-level borrowings. The EBSA Facility is structured as a $450 million term loan and a $15 million debt service reserve credit facility, for an initial two-year term, which Northland expects to renew annually. The facility has a blended interest rate of 5.3% and provides Northland with the ability to upsize EBSA&#039;s capital structure annually by increasing leverage commensurate with expected increases in EBSA&#039;s operating results.<br /><br /></li> <li><strong><em>North Battleford Upsizing of Non-Recourse Debt </em></strong>– On June 30, 2020, Northland upsized the debt on the North Battleford loan, generating gross proceeds of $52 million at an effective interest rate of 2.1%. The bond principal increased by $44 million to $577 million. Net proceeds will be used for general corporate purposes and to fund growth.<br /><br /></li> <li><strong><em>Base Shelf Prospectus Renewal </em></strong>– On June 9, 2020, Northland filed a base shelf prospectus with the securities regulatory authorities to replace Northland&#39;s expiring base shelf prospectus dated May 24, 2018. The base shelf prospectus will enable Northland to offer an aggregate of up to $1 billion of common shares, preferred shares, warrants, unsecured debentures, subscription receipts and units or any combination thereof, over a 25-month period.<br /><br /></li> <li><strong><em>Addition to Northland&#039;s Executive Team</em></strong> – On June 23, 2020, Northland announced the appointment of Wendy Franks as Executive Vice President, Strategy and Investment Management, effective June 29, 2020. Ms. Franks brings to Northland more than 15 years of leadership in business strategy, investment management, and making strategic investments in transformative growth opportunities (both organic and M&amp;A focused) across multiple technologies and jurisdictions within the renewable energy and infrastructure asset sectors.</li> </ul> <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;"> <tr> <td colspan="3"> </td> <td style="vertical-align: bottom ; "> </td> <td colspan="2" style="vertical-align: bottom ; "> </td> <td style="vertical-align: bottom ; "> </td> <td colspan="2" style="vertical-align: bottom ; "> </td> <td style="vertical-align: bottom ; "> </td> <td colspan="2" style="vertical-align: bottom ; "> </td> </tr> <tr> <td colspan="3"><strong><em>Summary of Consolidated Results</em></strong></td> <td style="vertical-align: bottom ; "> </td> <td colspan="2" style="vertical-align: bottom ; "> </td> <td style="vertical-align: bottom ; "> </td> <td colspan="2" style="vertical-align: bottom ; "> </td> <td style="vertical-align: bottom ; "> </td> <td colspan="2" style="vertical-align: bottom ; "> </td> </tr> <tr> <td colspan="1" style="border-top: solid black 1pt ; "><em>(in thousands of dollars, except per share amounts)</em></td> <td colspan="5" style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; "><strong>Three months ended June 30,</strong></td> <td style="border-top: solid black 1pt ; vertical-align: bottom ; "> </td> <td colspan="5" style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; "><strong>Six months ended June 30,</strong></td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; "><strong>2020</strong></td> <td style="vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; "><strong>2019</strong></td> <td style="vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; "><strong>2020</strong></td> <td style="vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; "><strong>2019</strong></td> </tr> <tr> <td colspan="1" style="border-top: solid black 1pt ; "><strong>FINANCIALS</strong></td> <td colspan="2" style="border-top: solid black 1pt ; vertical-align: bottom ; "> </td> <td style="border-top: solid black 1pt ; vertical-align: bottom ; "> </td> <td colspan="2" style="border-top: solid black 1pt ; vertical-align: bottom ; "> </td> <td style="border-top: solid black 1pt ; vertical-align: bottom ; "> </td> <td colspan="2" style="border-top: solid black 1pt ; vertical-align: bottom ; "> </td> <td style="border-top: solid black 1pt ; vertical-align: bottom ; "> </td> <td colspan="2" style="border-top: solid black 1pt ; vertical-align: bottom ; "> </td> </tr> <tr> <td style="max-width:37%; width:37%; min-width:37%;;vertical-align: middle; text-align: left; padding-left: 10.0px; ">Sales</td> <td style="max-width:1%; width:1%; min-width:1%;"><strong>$</strong></td> <td style="max-width:14%; width:14%; min-width:14%;;text-align: right ; vertical-align: middle; "><strong>429,231</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td> <td style="max-width:1%; width:1%; min-width:1%;">$</td> <td style="max-width:14%; width:14%; min-width:14%;;text-align: right ; vertical-align: middle; ">343,822</td> <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td> <td style="max-width:1%; width:1%; min-width:1%;"><strong>$</strong></td> <td style="max-width:14%; width:14%; min-width:14%;;text-align: right ; vertical-align: middle; "><strong>1,096,926</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; "> </td> <td style="max-width:1%; width:1%; min-width:1%;">$</td> <td style="max-width:14%; width:14%; min-width:14%;;text-align: right ; vertical-align: middle; ">842,362</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">Gross profit</td> <td colspan="2" style="text-align: right ; vertical-align: middle; "><strong>385,509</strong></td> <td style="vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; ">322,003</td> <td style="vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; "><strong>1,004,284</strong></td> <td style="vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; ">780,926</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">Operating income</td> <td colspan="2" style="text-align: right ; vertical-align: middle; "><strong>149,141</strong></td> <td style="vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; ">145,945</td> <td style="vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; "><strong>543,692</strong></td> <td style="vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; ">433,533</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">Net income (loss)</td> <td colspan="2" style="text-align: right ; vertical-align: middle; "><strong>74,277</strong></td> <td style="vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; ">76,234</td> <td style="vertical-align: ...</tr></table><p><a href=https://www.benzinga.com/pressreleases/20/08/g17063628/northland-power-reports-second-quarter-2020-results alt=Northland Power Reports Second Quarter 2020 Results>Full story available on Benzinga.com</a></p> Earnings TSX:NPI Press Releases Wed, 12 Aug 2020 23:42:45 +0000 Globe Newswire 17063628 at https://www.benzinga.com Stelco Holdings Inc. Reports Second Quarter 2020 Results https://www.benzinga.com/pressreleases/20/08/n17063581/stelco-holdings-inc-reports-second-quarter-2020-results <p xmlns="http://www.w3.org/1999/xhtml" class="prntac"><i xmlns="http://www.w3.org/1999/xhtml">/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">THE UNITED STATES</span>/</i></p> <p xmlns="http://www.w3.org/1999/xhtml"><i xmlns="http://www.w3.org/1999/xhtml">Stelco Holdings Inc. second quarter 2020 highlights include:</i></p> <ul xmlns="http://www.w3.org/1999/xhtml" type="disc"> <li xmlns="http://www.w3.org/1999/xhtml"><i xmlns="http://www.w3.org/1999/xhtml">Revenue of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$411 million</span> for the quarter, compared to <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$427 million</span> for Q2 2019</i> </li> <li xmlns="http://www.w3.org/1999/xhtml"><i xmlns="http://www.w3.org/1999/xhtml">Operating income of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$16 million</span> for the quarter, compared to <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$3 million</span> for Q2 2019</i> </li> <li xmlns="http://www.w3.org/1999/xhtml"><i xmlns="http://www.w3.org/1999/xhtml">Adjusted EBITDA* of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$34 million</span> for the quarter, compared to <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$32 million</span> for Q2 2019</i> </li> <li xmlns="http://www.w3.org/1999/xhtml"><i xmlns="http://www.w3.org/1999/xhtml">Shipments of 576,000 tons for the quarter, compared to 545,000 for Q2 2019</i></li> </ul> <p xmlns="http://www.w3.org/1999/xhtml"><span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">HAMILTON, ON</span>, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">Aug. 12, 2020</span> /CNW/ - Stelco Holdings Inc. (&#34;<b xmlns="http://www.w3.org/1999/xhtml">Stelco Holdings</b>&#34; or the &#34;<b xmlns="http://www.w3.org/1999/xhtml">Company</b>&#34;), (TSX:<a class="ticker" href="https://www.benzinga.com/stock/STLC#TSX" rel="nofollow">STLC</a>), a low cost, integrated and independent steelmaker with one of the newest and most technologically advanced integrated steelmaking facilities in <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">North America</span>, today announced financial results of the Company for the three months ended <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2020</span>. Stelco Holdings is the 100% owner of Stelco Inc. (&#34;<b xmlns="http://www.w3.org/1999/xhtml">Stelco</b>&#34;), the operating company.</p> <div xmlns="http://www.w3.org/1999/xhtml" class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder1"> <p xmlns="http://www.w3.org/1999/xhtml"> <a xmlns="http://www.w3.org/1999/xhtml" href="https://mma.prnewswire.com/media/1227251/Stelco_Stelco_Holdings_Inc__Reports_Second_Quarter_2020_Results.html" target="_blank" rel="nofollow" rel="nofollow"><br /> <img xmlns="http://www.w3.org/1999/xhtml" src="https://mma.prnewswire.com/media/1227251/Stelco_Stelco_Holdings_Inc__Reports_Second_Quarter_2020_Results.jpg" title="Stelco Holdings Inc. Logo (CNW Group/Stelco)" alt="Stelco Holdings Inc. Logo (CNW Group/Stelco)" /><br /> </a> </p> </div> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml"><u xmlns="http://www.w3.org/1999/xhtml">Selected Financial Information:</u></b></p> <div xmlns="http://www.w3.org/1999/xhtml"> <table xmlns="http://www.w3.org/1999/xhtml" cellspacing="0" cellpadding="0" border="0" class="prngen1"> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(in millions Canadian dollars, except volume, per share and nt figures)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml"><u xmlns="http://www.w3.org/1999/xhtml">Q2 2020</u></b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><u xmlns="http://www.w3.org/1999/xhtml">Q2 2019</u></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><u xmlns="http://www.w3.org/1999/xhtml">Change</u></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><u xmlns="http://www.w3.org/1999/xhtml">Q1 2020</u></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><u xmlns="http://www.w3.org/1999/xhtml">Change</u></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml"><u xmlns="http://www.w3.org/1999/xhtml">YTD 2020</u></b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><u xmlns="http://www.w3.org/1999/xhtml">YTD 2019</u></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><u xmlns="http://www.w3.org/1999/xhtml">Change</u></span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Revenue ($) <sup xmlns="http://www.w3.org/1999/xhtml">1</sup></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">411</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">427</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen10 prnpr4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(4)%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">445</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(8)%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">856</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">942</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(9)%</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Operating income ($)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">16</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">3</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen10 prnpr6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">433%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">7</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">129%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">23</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">47</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(51)%</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Net income (loss) ($)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">—</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">1</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prnsbtb0 prnrbrb0 prnsbtb0 prntar prnpl6 prnsblb0 prnpr4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(100)%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen10"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(24)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">100%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen10"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">(24)</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">44</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(155)%</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Adjusted net income (loss) ($) *</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">10</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">6</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prnsbtb0 prnrbrb0 prnsbtb0 prntar prnpl6 prnsblb0 prnpr6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">67%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen10"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(26)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">138%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen10"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">(16)</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">66</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(124)%</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Net income (loss) per common share </span><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(diluted) ($)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">—</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">0.01</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(100)%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen10"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(0.27)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">100%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen10"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">(0.27)</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">0.50</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(154)%</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Adjusted net income (loss) per common </span><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">share (diluted) ($) *</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">0.11</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">0.07</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">57%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen10"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(0.29)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">138%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen10"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">(0.18)</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">0.74</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(124)%</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Average selling price per nt ($) <sup xmlns="http://www.w3.org/1999/xhtml">1,</sup> *</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">700</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">754</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(7)%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">705</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(1)%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">703</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">791</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(11)%</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Shipping volume (in thousands of nt) *</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">576</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">545</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">6%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">621</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(7)%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">1,197</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">1,157</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">3%</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Adjusted EBITDA ($) *</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">34</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">32</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">6%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">20</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">70%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">54</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">108</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(50)%</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen12"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Adjusted EBITDA per nt ($) *</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">59</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">59</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen13"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">— %</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">32</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen13"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">84%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">45</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">93</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen14"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(52)%</span></p> </td> </tr> </table> </div> <div xmlns="http://www.w3.org/1999/xhtml"> <table xmlns="http://www.w3.org/1999/xhtml" id="convertedTableebfd" cellspacing="0" cellpadding="0" border="0" class="prnbcc"> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen15"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen15"><br xmlns="http://www.w3.org/1999/xhtml" /></td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen15"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">1</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen15"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Certain comparative results have been adjusted to conform to the Q2 2020 presentation of revenue.</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen15"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">* </span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen15"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">See &#34;Non-IFRS measures&#34; for a description of certain Non-IFRS measures used in this Press Release and &#34;Non-IFRS Measures Reconciliation&#34; below.</span></p> </td> </tr> </table> </div> <p><br xmlns="http://www.w3.org/1999/xhtml" /><br /> </p><p xmlns="http://www.w3.org/1999/xhtml">&#34;Despite market headwinds during the second quarter, our business was able to once again succeed and generate Adjusted EBITDA of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$34 million</span> – an increase of 70% over the previous quarter,&#34; said <span xmlns="http://www.w3.org/1999/xhtml" class="xn-person">Alan Kestenbaum</span>, Executive Chairman and Chief Executive Officer. &#34;I am proud of our team&#39;s ability to adapt our business to changing market conditions and the uncertainty created in recent months resulting from the global pandemic. As a result of the hard work we have done to date, Stelco remains one of the lowest-cost integrated producers in <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">North America</span> and we will improve on that position as we complete our blast furnace upgrade project this quarter, making Stelco exceptionally well positioned to participate in the economic recovery during the latter part of this year.&#34;</p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;On <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">July 17th</span>, we commenced work on the blast furnace reline project at our Lake Erie Works facility. When this 75-day project is completed, we will benefit from significant upgrades that will improve our cost structure and increase our steelmaking capacity and quality. The completion of this project will represent the third strategic milestone that we have reached in 2020. To date we have successfully increased our penetration in downstream, value-added markets and, as we announced last quarter, we secured a long-term supply of competitively priced high quality iron ore as well as an option to purchase a 25% ownership interest in the Minntac Mine - the largest and lowest cost iron pellet mine in our region. Collectively, these strategic measures further position Stelco as a low-cost producer with the ability to deploy our tactical flexibility model to take advantage of market opportunities at every point in the cycle as demonstrated by our second quarter results,&#34; continued Kestenbaum.</p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;I am exceptionally proud of what the Stelco team has been able to accomplish during these unprecedented times. Once again, we expect to be sold out in the third quarter, benefiting from increased demand from almost all of our key end-markets, albeit at about half of our normal shipping level due to the blast furnace upgrade project. We expect to complete this project by the end of this quarter positioning us for substantial growth in the fourth quarter in terms of production. Each and every employee has remained focused on the task at hand and as a result we have succeeded in keeping our employees, their families and the community at large safe, while at the same time meeting the needs of our customers and delivering the highest quality steel products. I am excited to see the benefits of the strategic initiatives we&#39;ve undertaken and am exceptionally pleased that our business is in a position to succeed not just today, but well into the future,&#34; said Kestenbaum. </p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;In recent months we have all seen and heard the movement for social justice across <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">North America</span>. I was proud to sign the Black North Initiative CEO Pledge (<a xmlns="http://www.w3.org/1999/xhtml" target="_blank" href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=2883212-1&amp;h=2035770501&amp;u=http%3A%2F%2Fwww.blacknorth.ca%2F&amp;a=www.blacknorth.ca" rel="nofollow" rel="nofollow">www.blacknorth.ca</a>) not only acknowledging the existence of systemic racism in our society, but committing to taking action to improve diversity, inclusion and equity for all underrepresented groups, including Black Canadians and other racialized communities. One of our missions at Stelco is to run our business successfully so that we can deliver value for our shareholders and keep our workers working, even in the most difficult times, and to offer that equally to all who are qualified. Signing this Pledge is not the complete answer but it is a positive step towards promoting equality in our workplace and promoting meaningful change in society,&#34; concluded Kestenbaum.</p> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Second Quarter 2020 Financial Review:</b></p> <p xmlns="http://www.w3.org/1999/xhtml"><u xmlns="http://www.w3.org/1999/xhtml">Compared to Q2 2019</u></p> <p xmlns="http://www.w3.org/1999/xhtml">Q2 2020 revenue decreased <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$16 million</span>, or 4%, from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$427 million</span> in Q2 2019, primarily due to a 7% decrease in average selling prices and lower non-steel sales of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$8 million</span>, partly offset by 6% higher steel shipping volumes. The average selling price of our steel products decreased from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$754</span> per nt in Q2 2019 to <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$700</span> per nt in Q2 2020, due largely to decreases in market prices for flat steel products. Shipping volumes increased 31 thousand nt, from 545 thousand nt in Q2 2019 to 576 thousand nt in Q2 2020, mostly from higher hot rolled and coated steel product shipments, partly offset by lower other steel product sales including slabs.</p> <p xmlns="http://www.w3.org/1999/xhtml">The Company realized operating income of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$16 million</span> for the quarter, compared to <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$3 million</span> in Q2 2019, an increase of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$13 million</span> due to higher gross profit of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$13 million</span> consisting of a decrease in revenue of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$16 million</span>, more than offset by lower cost of goods sold of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$29 million</span>. </p> <p xmlns="http://www.w3.org/1999/xhtml">Finance costs increased by <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$9 million</span>, from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$3 million</span> in Q2 2019, due to the following: <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$9 million</span> related to the remeasurement impact from our employee benefit commitment and <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2 million</span> increase in interest on loans and borrowings, partly offset by <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2 million</span> in lower accretion expense in connection with the employee benefit commitment obligation.</p> <p xmlns="http://www.w3.org/1999/xhtml">Other costs for the quarter include a <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$5 million</span> write-down charge in connection with certain capital projects that are no longer being pursued by the Company, representing aborted construction in progress costs without future benefit to Stelco.</p> <p xmlns="http://www.w3.org/1999/xhtml">The Company realized net income of nil for the quarter, compared to <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1 million</span> in the second quarter of 2019, a decrease of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1 million</span> due to the following: <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$13 million</span> increase in gross profit, more than offset by <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$9 million</span> in higher finance costs and a <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$5 million</span> increase in other costs. Adjusted net income increased by <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$4 million</span> year-over-year, from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$6 million</span> in Q2 2019 to <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$10 million</span> in Q2 2020.</p> <p xmlns="http://www.w3.org/1999/xhtml">Adjusted EBITDA in Q2 2020 totaled <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$34 million</span>, an increase of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2 million</span> from adjusted EBITDA of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$32 million</span> in Q2 2019, which primarily reflects the decrease in revenue from average price of steel sales and reduced non-steel sales, more than offset by a decrease in cost of goods sold, increase in other income and higher shipping volumes realized during the quarter.</p> <p xmlns="http://www.w3.org/1999/xhtml"><u xmlns="http://www.w3.org/1999/xhtml">Compared to Q1 2020</u></p> <p xmlns="http://www.w3.org/1999/xhtml">Q2 2020 revenue decreased <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$34 million</span>, or 8%, from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$445 million</span> in Q1 2020, primarily due to a 7% decrease in steel shipping volumes and 1% decline in average steel selling prices. Shipping volumes decreased 45 thousand nt, from 621 thousand nt in Q1 2020 to 576 thousand nt in Q2 2020, mostly from lower hot rolled and cold rolled steel product shipments.</p> <p xmlns="http://www.w3.org/1999/xhtml">Operating income increased to <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$16 million</span> in Q2 2020, from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$7 million</span> in Q1 2020. Adjusted EBITDA increased to <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$34 million</span> from Q1 2020 adjusted EBITDA of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$20 million</span>, which primarily reflects the decrease in revenue from lower shipping volumes realized during the quarter and reduced average price of steel sales, more than offset by a decrease in cost of goods sold and increase in other income.</p> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Summary of Net Tons Shipped by Product:</b></p> <div xmlns="http://www.w3.org/1999/xhtml"> <table xmlns="http://www.w3.org/1999/xhtml" cellspacing="0" cellpadding="0" border="0" class="prngen1"> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" colspan="9" class="prnsbtb0 prnrbrb0 prnvat prnsbb1 prnpl6 prnsblb0 prnpr6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(in thousands of nt)</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" rowspan="2" class="prnsbtb0 prnrbrb0 prnvat prnsbbs prnpl6 prnsblb0 prnpr14"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" rowspan="2" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml"><u xmlns="http://www.w3.org/1999/xhtml">Q2 2020</u></b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" rowspan="2" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><u xmlns="http://www.w3.org/1999/xhtml">Q2 2019</u></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" rowspan="2" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><u xmlns="http://www.w3.org/1999/xhtml">Change</u></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" rowspan="2" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><u xmlns="http://www.w3.org/1999/xhtml">Q1 2020</u></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" rowspan="2" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><u xmlns="http://www.w3.org/1999/xhtml">Change</u></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" rowspan="2" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml"><u xmlns="http://www.w3.org/1999/xhtml">YTD 2020</u></b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" rowspan="2" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><u xmlns="http://www.w3.org/1999/xhtml">YTD 2019</u></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" rowspan="2" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><u xmlns="http://www.w3.org/1999/xhtml">Change</u></span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen15"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">Tons Shipped <br xmlns="http://www.w3.org/1999/xhtml" />by </b></span><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">Product</b></span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Hot-rolled</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">423</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">375</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">13%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">447</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(5)%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">870</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">892</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(2)%</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Coated</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">109</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">67</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">63%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">112</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(3)%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">221</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">133</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">66%</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Cold-rolled</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">15</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">19</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(21)%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">35</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(57)%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">50</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">23</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">117%</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Other <sup xmlns="http://www.w3.org/1999/xhtml">a</sup></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">29</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">84</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen14"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(65)%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">27</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen13"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">7%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">56</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">109</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen14"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(49)%</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Total</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">576</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">545</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">6 %</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">621</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(7)%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">1,197</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">1,157</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">3 %</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">Shipments <br xmlns="http://www.w3.org/1999/xhtml" />by </b></span><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">Product (%)</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"><br xmlns="http://www.w3.org/1999/xhtml" /></td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Hot-rolled</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">73%</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">69%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">72%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">73%</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">77%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"><br xmlns="http://www.w3.org/1999/xhtml" /></td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Coated</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">19%</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">12%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">18%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">18%</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">12%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"><br xmlns="http://www.w3.org/1999/xhtml" /></td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Cold-rolled</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">3%</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">4%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">6%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">4%</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">2%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"><br xmlns="http://www.w3.org/1999/xhtml" /></td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Other <sup xmlns="http://www.w3.org/1999/xhtml">a</sup></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen13"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">5%</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen13"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">15%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" ...</td></tr></table></div><p><a href=https://www.benzinga.com/pressreleases/20/08/n17063581/stelco-holdings-inc-reports-second-quarter-2020-results alt=Stelco Holdings Inc. Reports Second Quarter 2020 Results>Full story available on Benzinga.com</a></p> Earnings TSX:STLC Press Releases Wed, 12 Aug 2020 23:35:00 +0000 PRNewswire 17063581 at https://www.benzinga.com MCAN Mortgage Corporation Announces Q2 2020 Results and Declares Q3 2020 Dividend https://www.benzinga.com/pressreleases/20/08/n17063567/mcan-mortgage-corporation-announces-q2-2020-results-and-declares-q3-2020-dividend <p xmlns="http://www.w3.org/1999/xhtml"><span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">TORONTO</span>, Aug. 12, 2020 /CNW/ - MCAN Mortgage Corporation (&#34;MCAN&#34;, the &#34;Company&#34; or &#34;we&#34;) (TSX:<a class="ticker" href="https://www.benzinga.com/stock/MKP#TSX" rel="nofollow">MKP</a>) reported solid net income of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$7</span>.8 million (<span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.32</span> earnings per share) for the second quarter ended <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2020</span>. For the same period in the prior year, net income was <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$8.9 million</span> (<span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.37</span> earnings per share). For the six months ended <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2020</span>, MCAN reported a net loss of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1</span>.9 million (<span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.08</span> loss per share), compared to net income of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$23</span>.2 million (<span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.97</span> earnings per share) in the prior year. In 2020, we recorded a <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$14</span>.3 million net loss on securities as a result of general market declines related to the pandemic.</p> <div xmlns="http://www.w3.org/1999/xhtml" class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder1"> <p xmlns="http://www.w3.org/1999/xhtml"> <a xmlns="http://www.w3.org/1999/xhtml" href="https://mma.prnewswire.com/media/1227915/MCAN_Mortgage_Corporation_MCAN_Mortgage_Corporation_Announces_Q2.html" target="_blank" rel="nofollow" rel="nofollow"><br /> <img xmlns="http://www.w3.org/1999/xhtml" src="https://mma.prnewswire.com/media/1227915/MCAN_Mortgage_Corporation_MCAN_Mortgage_Corporation_Announces_Q2.jpg" title="MCAN Mortgage Corporation Logo (CNW Group/MCAN Mortgage Corporation)" alt="MCAN Mortgage Corporation Logo (CNW Group/MCAN Mortgage Corporation)" /><br /> </a> </p> </div> <p xmlns="http://www.w3.org/1999/xhtml">The Board of Directors (the &#34;Board&#34;) declared a third quarter dividend of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.34</span> per share on August 12, 2020 to be paid September 30, 2020 to shareholders of record as of September 15, 2020.</p> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml"><u xmlns="http://www.w3.org/1999/xhtml">CEO Commentary</u></b><br xmlns="http://www.w3.org/1999/xhtml" /></p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;MCAN&#39;s business performed well in the second quarter as all team members adjusted to remote work and continued our normal business activities in line with our long term strategy&#34;, said <span xmlns="http://www.w3.org/1999/xhtml" class="xn-person">Karen Weaver</span>, President and Chief Executive Officer.  &#34;I want to thank the entire MCAN team for their contributions to our business and I appreciate all of their day to day efforts.  We continue to adapt to market conditions as we look to grow our assets and invest in marketable and non-marketable securities.  We will remain focused on guiding the company through the impacts of COVID-19 and look to the long term to execute our strategy.&#34;</p> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml"><u xmlns="http://www.w3.org/1999/xhtml">Highlights</u></b></p> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Business and Financial Update</b></p> <ul xmlns="http://www.w3.org/1999/xhtml" type="disc"> <li xmlns="http://www.w3.org/1999/xhtml">Corporate assets totalled <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.40 billion</span> at <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2020</span>, a decrease of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$21 million</span> (1%) from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">March 31, 2020</span> and an increase of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$42 million</span> (3%) from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">December 31, 2019</span>.<br xmlns="http://www.w3.org/1999/xhtml" /><br xmlns="http://www.w3.org/1999/xhtml" /></li> <li xmlns="http://www.w3.org/1999/xhtml">Corporate mortgage portfolio totalled <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.1 billion</span> at <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2020</span>, a decrease of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$69 million</span> (6%) from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">March 31, 2020</span> and an increase of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$30 million</span> (3%) from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">December 31, 2019</span>.<br xmlns="http://www.w3.org/1999/xhtml" /><br xmlns="http://www.w3.org/1999/xhtml" /></li> <li xmlns="http://www.w3.org/1999/xhtml">Uninsured single family portfolio totalled <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$410 million</span> at <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2020</span>, an increase of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$14 million</span> (4%) from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">March 31, 2020</span> and an increase of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$27 million</span> (7%) from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">December 31, 2019</span>. <br xmlns="http://www.w3.org/1999/xhtml" /><br xmlns="http://www.w3.org/1999/xhtml" /></li> <li xmlns="http://www.w3.org/1999/xhtml">Uninsured single family originations were <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$51 million</span> in Q2 2020, a decrease of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1 million</span> (2%) from Q1 2020 and a decrease of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$4 million</span> (8%) from Q2 2019.<br xmlns="http://www.w3.org/1999/xhtml" /><br xmlns="http://www.w3.org/1999/xhtml" /></li> <li xmlns="http://www.w3.org/1999/xhtml">Insured single family originations were <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$102 million</span> in Q2 2020, an increase of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$3 million</span> (3%) from Q1 2020 and an increase of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$45 million</span> (79%) from Q2 2019.<br xmlns="http://www.w3.org/1999/xhtml" /><br xmlns="http://www.w3.org/1999/xhtml" /></li> <li xmlns="http://www.w3.org/1999/xhtml">Securitization volumes were <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$174 million</span> in Q2 2020, an increase of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$80 million</span> (84%) from Q1 2020 and an increase of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$100 million</span> (133%) from Q2 2019. Securitization volumes in Q2 2020 consisted of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$154 million</span> insured single family mortgages (Q1 2020 - <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$80 million</span>; Q2 2019 - <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$75 million</span>) and <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$20 million</span> of insured multi family mortgages (Q1 2020 - <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$15 million</span>; Q2 2019 - $nil).<br xmlns="http://www.w3.org/1999/xhtml" /><br xmlns="http://www.w3.org/1999/xhtml" /></li> <li xmlns="http://www.w3.org/1999/xhtml">Construction and commercial portfolios totalled <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$518 million</span> at <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2020</span>, a decrease of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$72 million</span> (12%) from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">March 31, 2020</span> and a decrease of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$33 million</span> (6%) from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">December 31, 2019</span>.<br xmlns="http://www.w3.org/1999/xhtml" /><br xmlns="http://www.w3.org/1999/xhtml" /></li> <li xmlns="http://www.w3.org/1999/xhtml">Net corporate mortgage spread income<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> increased by <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.4 million</span> for Q2 2020 from Q2 2019 and <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.2 million</span> for year to date 2020 from 2019. The net corporate mortgage spread income<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> increased due to a higher average corporate mortgage portfolio balance<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> partly offset by a decrease in the spread of corporate mortgages over term deposit interest<sup xmlns="http://www.w3.org/1999/xhtml">1</sup>. The decrease in the spread of corporate mortgages over term deposit interest<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> is partly due to a portfolio mix with a greater proportion of lower-yield single family to higher-yield construction and commercial loans, continued market competition, the yield on our primarily floating-rate construction loan portfolio decreasing, and increased competition for term deposit funding, particularly in the first half of Q2 2020 when term deposit rates remained high and even increased notwithstanding substantial decreases in the Bank of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Canada</span> overnight rates.<br xmlns="http://www.w3.org/1999/xhtml" /><br xmlns="http://www.w3.org/1999/xhtml" /></li> <li xmlns="http://www.w3.org/1999/xhtml">Net securitized mortgage spread income<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> decreased by <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.6 million</span> for Q2 2020 from Q2 2019 and <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.0 million</span> for year to date 2020 from 2019. The net securitized mortgage spread income<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> decreased due to a lower average securitized mortgage portfolio balance<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> and a reduction in the spread of securitized mortgages over liabilities<sup xmlns="http://www.w3.org/1999/xhtml">1</sup>. The decrease in the spread of securitized mortgages over liabilities<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> is mainly due to higher indemnity expense on early repaid mortgages that was higher than penalty income.<br xmlns="http://www.w3.org/1999/xhtml" /><br xmlns="http://www.w3.org/1999/xhtml" /></li> <li xmlns="http://www.w3.org/1999/xhtml">Our Q2 2020 and year to date 2020 provision for credit losses on our corporate mortgage portfolio increased by <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.5 million</span> and <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2.3 million</span>, respectively, compared to the related periods in the prior year. The increase mainly relates to the economic impacts from COVID-19.<br xmlns="http://www.w3.org/1999/xhtml" /><br xmlns="http://www.w3.org/1999/xhtml" /></li> <li xmlns="http://www.w3.org/1999/xhtml">Equity income from MCAP Commercial LP (&#34;MCAP&#34;) totalled <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$3.1 million</span> in Q2 2020, a decrease of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.6 million</span> (34%) from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$4.7 million</span> in Q2 2019, and <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$6.6 million</span> for year to date 2020, a decrease of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.7 million</span> (10%) from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$7.3 million</span> year to date 2019, mainly due to higher financial instrument losses, primarily as a result of hedge losses, and lower net interest income on securitized mortgages related to lower prime-CDOR spreads. This was partially offset by increases in mortgage origination fee income, which is expected to continue in the next quarter, and decreases in origination and mortgage funding costs. With respect to MCAP&#39;s hedging activities, hedge gains and losses on funded mortgages are designed to be roughly offset by corresponding losses and gains related to the fair value of the mortgages and the fair value of the mortgage commitments. The timing of the offsets will, however, lag based on the timing of the actual funding of the mortgages. <br xmlns="http://www.w3.org/1999/xhtml" /><br xmlns="http://www.w3.org/1999/xhtml" /></li> <li xmlns="http://www.w3.org/1999/xhtml">In Q2 2020, we recorded a <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.4 million</span> net gain on securities which positively impacted Q2 2020 earnings per share by <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.06</span> compared to a <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.0 million</span> net loss on securities in Q2 2019 which negatively impacted earnings per share by <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.04</span>. Year to date net loss on securities was <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$14.3 million</span> for 2020 which negatively impacted 2020 earnings per share by <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.59</span> compared to a year to date net gain on securities of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$7.0 million</span> for 2019 which positively impacted earnings per share by <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.29</span>. In 2020, market prices for REITs have been severely impacted by COVID-19.<br xmlns="http://www.w3.org/1999/xhtml" /><br xmlns="http://www.w3.org/1999/xhtml" /></li> <li xmlns="http://www.w3.org/1999/xhtml">Return on average shareholders&#39; equity<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> was 9.96% in Q2 2020, a decrease of 1.31% from 11.27% in Q2 2019. Return on average shareholders&#39; equity<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> was (1.21)% for 2020 year to date, which compares to 14.79% in 2019.</li> </ul> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Credit Quality</b></p> <ul xmlns="http://www.w3.org/1999/xhtml" type="disc"> <li xmlns="http://www.w3.org/1999/xhtml">The impaired corporate mortgage ratio<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> was 1.26% at <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2020</span> compared to 0.39% at <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">March 31, 2020</span> and 0.32% at <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">December 31, 2019</span>. The increase in the second quarter is due to one construction mortgage where an asset recovery program was initiated. We anticipate full recovery of past due interest and principal. The impairment of this construction mortgage is not related to COVID-19.<br xmlns="http://www.w3.org/1999/xhtml" /><br xmlns="http://www.w3.org/1999/xhtml" /></li> <li xmlns="http://www.w3.org/1999/xhtml">The impaired total mortgage ratio<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> was 0.77% at <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2020</span> compared to 0.28% at <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">March 31, 2020</span> and 0.23% at <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">December ...</span></li></ul><p><a href=https://www.benzinga.com/pressreleases/20/08/n17063567/mcan-mortgage-corporation-announces-q2-2020-results-and-declares-q3-2020-dividend alt=MCAN Mortgage Corporation Announces Q2 2020 Results and Declares Q3 2020 Dividend>Full story available on Benzinga.com</a></p> Banking/Financial Services Earnings TSX:MKP Dividends Retail Sales Press Releases Real Estate Wed, 12 Aug 2020 23:33:00 +0000 PRNewswire 17063567 at https://www.benzinga.com Liberty Gold Reports Q2 2020 Financial and Operating Results https://www.benzinga.com/pressreleases/20/08/g17063395/liberty-gold-reports-q2-2020-financial-and-operating-results <link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css" /> <p align="justify">VANCOUVER, British Columbia, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Liberty Gold Corp. (LGD - TSX) (&#34;Liberty Gold&#34; or the &#34;Company&#34;), is pleased to announce its financial and operating results for the six months ended June 30, 2020. All amounts are presented in United States dollars ("<strong>USD</strong>") unless otherwise stated.<br /></p> <p align="justify">Liberty Gold is focused on advancing a pipeline of Carlin-Style gold deposits in the Great Basin, U.S.A., a mining-friendly jurisdiction that is home to large-scale oxide gold systems ideal for open-pit heap leach mining. The Great Basin covers portions of the states of Nevada, Utah and Idaho. The Company has a proven track-record in discovery and building value in this region.</p> <p align="justify"><strong>Recent Highlights</strong></p> <ul type="disc"> <li style="text-align:justify;">On August 12, 2020 Liberty Gold announced the closing of the sale of the Halilağa porphyry copper gold deposit in Turkey, and receipt of the first of staged payments of $6.0 million. A further two $6.0 million installments are bank guaranteed and will be received on August 15, 2021 and August 15, 2022 respectively.</li> <li style="text-align:justify;">On June 2, 2020 Liberty Gold received $1.25 million and 8.8 million common shares in New Placer Dome Corp. ("<strong>New Placer Dome</strong>"), the first staged payment pursuant to a purchase-option agreement agreement to sell our interest in the Kinsley Mountain gold deposit to New Placer Dome for aggregate gross proceeds of $6.25 million plus 9.9% of New Placer Dome, to be received in three stages over two years<sup>1</sup>.</li> <li style="text-align:justify;">Since January 1, 2020, to the date of this MD&amp;A we have received a total of C$2.55 million and C$0.74 million from the early exercise of Liberty Gold common share purchase warrants ("<strong>Warrants</strong>") issued pursuant to the bought deal financings that closed on <a href="https://www.libertygold.ca/news/2018-news/323-liberty-gold-raises-11-6-million-through-a-bought-deal-financing-including-full-exercise-of-the-over-allotment-option.html" rel="nofollow" target="_blank" rel="nofollow"><u>October 2, 2018</u></a> and <a href="https://www.libertygold.ca/news/2018-news/302-liberty-gold-closes-10-5-million-bought-deal-private-placement.html" rel="nofollow" target="_blank" rel="nofollow"><u>January 26, 2018</u></a>, respectively; the Warrants are exercisable for C$0.60 and C$0.65, respectively, for a period of three years from issue.</li> </ul> <p align="justify"><u>At Black Pine we:</u></p> <ul type="disc"> <li style="text-align:justify;">Discovered a third high-grade oxide gold zone (D-3), in close proximity to the D-1 and D-2 zones and accretive to the overall gold endowment in the Black Pine gold system. Highlights include<sup>2</sup>:<br />-  1.98 grams per tonne gold ("<strong>g/t Au</strong>") over 33.5 metres ("<strong>m</strong>"), including 3.93 g/t Au over 15.2 m, and 1.11 g/t Au over 30.5 m in LBP127.<br />-  1.44 g/t Au over 96.0 m, including 1.95 g/t Au over 32.0 m and including 5.31 g/t Au over 1.5 m and 1.86 g/t Au over 29.0 m in LBP152<br />-  1.43 g/t Au over 9.1 m and 1.20 g/t Au over 67.1 m including 2.57 g/t Au over 16.8 m and including 8.51 g/t Au over 3.0 m in LBP138.<br />-  0.82 g/t Au over 76.2 m including 1.65 g/t Au over 22.9 m in LBP131.</li> <li style="text-align:justify;">Released results from drilling at the D-1, D-2 and F zones. Highlights include<sup>3</sup>:<br />-  3.04 g/t Au over 19.8 m including 8.54 g/t Au over 4.6 m in LBP150 (D-1 zone)<br />-  2.21 g/t Au over 22.9 m including 7.42 g/t Au over 4.6 m in LBP149 (F zone)<br />-  0.88 g/t Au over 6.1 m and 0.75 g/t Au over 21.3 m including 2.05 g/t Au over 3.0 m in LBP137 (D-2 zone)</li> <li style="text-align:justify;">Reported weighted average 79% extraction in column testing of six bulk samples with a range up to 92.8% gold extraction. Gold extraction was rapid, with &gt;80% of the leachable gold extracted within the first 10 days of column leaching<sup>3</sup>.<strong> </strong></li> <li style="text-align:justify;">Announced an increase to the strategic land holding at Black Pine by staking 243 new claims covering a total of 19 square kilometres ("<strong>km<sup>2</sup></strong>"), increasing the size of the core Black Pine claim block as well as adding a new area to the west of the original claims.<sup>4</sup></li> <li style="text-align:justify;">Will, through the remainder of 2020, aim to de-risk and add value through: completion of our 46,000 m Reverse Circulation ("<strong>RC</strong>") drilling program for resource estimation and a comprehensive test of the 7.3 km<sup>2,</sup> permitted portion of the gold mineralized system; completion of our 2,000 m diamond core drilling program to obtain additional material for Phase 3 metallurgical column testing; obtaining an amendment to our Plan of Operations to permit drilling over an additional 4.6 km<sup>2</sup> of the gold system; and investigation of basin hydrology, preliminary engineering and other activities pursuant to initiating a Preliminary Economic Assessment.</li> </ul> <p align="justify"><strong>SELECTED FINANCIAL DATA</strong></p> <p align="justify">The following selected financial data is derived from our unaudited condensed interim financial statements and related notes thereto (the "Interim Financial Statements") for the three and six months ended June 30, 2020 as prepared in accordance with International Accounting Standards – IAS 34: Interim Financial Statements.</p> <p align="justify">A copy of the Interim Financial Statements ...</p><p><a href=https://www.benzinga.com/pressreleases/20/08/g17063395/liberty-gold-reports-q2-2020-financial-and-operating-results alt=Liberty Gold Reports Q2 2020 Financial and Operating Results>Full story available on Benzinga.com</a></p> Earnings LGDTF TSX:LGD Press Releases Wed, 12 Aug 2020 23:07:37 +0000 Globe Newswire 17063395 at https://www.benzinga.com Willow Biosciences Reports Second Quarter 2020 Results and Operational Update https://www.benzinga.com/pressreleases/20/08/n17063368/willow-biosciences-reports-second-quarter-2020-results-and-operational-update <p xmlns="http://www.w3.org/1999/xhtml"><span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">CALGARY, AB</span>, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">Aug. 12, 2020</span> /CNW/ -<b xmlns="http://www.w3.org/1999/xhtml"> </b>Willow Biosciences Inc. (&#34;<b xmlns="http://www.w3.org/1999/xhtml">Willow</b>&#34; or the &#34;<b xmlns="http://www.w3.org/1999/xhtml">Company</b>&#34;) (TSX: WLLW) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CANSF#OTCQX" rel="nofollow">CANSF</a>) has released its financial and operating results for the three and six months ended <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2020</span>, reporting significant advancement in its operations and strong liquidity.</p> <div xmlns="http://www.w3.org/1999/xhtml" class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder1"> <p xmlns="http://www.w3.org/1999/xhtml"> <a xmlns="http://www.w3.org/1999/xhtml" href="https://mma.prnewswire.com/media/1227886/Willow_Biosciences_Inc__Willow_Biosciences_Reports_Second_Quarte.html" target="_blank" rel="nofollow" rel="nofollow"><br /> <img xmlns="http://www.w3.org/1999/xhtml" src="https://mma.prnewswire.com/media/1227886/Willow_Biosciences_Inc__Willow_Biosciences_Reports_Second_Quarte.jpg" title="Willow Biosciences Inc. Logo (CNW Group/Willow Biosciences Inc.)" alt="Willow Biosciences Inc. Logo (CNW Group/Willow Biosciences Inc.)" /><br /> </a> </p> </div> <p xmlns="http://www.w3.org/1999/xhtml">&#34;We have continued to make better-than-expected progress towards commercialization over the past few months,&#34; said <span xmlns="http://www.w3.org/1999/xhtml" class="xn-person">Trevor Peters</span>, Willow&#39;s President and Chief Executive Officer. &#34;Following important scientific breakthroughs, we have expanded our portfolio of cannabinoids from one to five and expedited our pilot phase. We are now less than a year away from commercializing our first cannabinoid and generating revenue, well ahead of our initial expectations. As a first mover, with a highly pure and sustainably-produced cannabinoid, we will be in a strong position to capture market share as the industry develops.&#34;</p> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Highlights for the Quarter</b></p> <ul xmlns="http://www.w3.org/1999/xhtml" type="disc"> <li xmlns="http://www.w3.org/1999/xhtml">Willow broadened its cannabinoid portfolio with the addition of four new cannabinoids with future production potential. These cannabinoids have promising therapeutic benefits but cannot be produced in appreciable quantities in the plant, making biosynthetic production a valuable alternative. <br xmlns="http://www.w3.org/1999/xhtml" /><br xmlns="http://www.w3.org/1999/xhtml" /></li> <li xmlns="http://www.w3.org/1999/xhtml">As a result of reaching development milestones ahead of schedule, Willow expedited its 500 litre pilot program to Q3 2020 from Q4 2020. The Company expects to deliver samples of its first cannabinoid, cannabigerol (&#34;<b xmlns="http://www.w3.org/1999/xhtml">CBG</b>&#34;) in Q3 2020, making it the first company to biosynthetically produce material amounts of cannabinoids. <br xmlns="http://www.w3.org/1999/xhtml" /><br xmlns="http://www.w3.org/1999/xhtml" /></li> <li xmlns="http://www.w3.org/1999/xhtml">Willow continued to protect its proprietary rights on significant discoveries and has filed multiple patent applications covering a diverse collection of more than 200 novel genes that help to increase cannabinoid production and purity in yeast. The majority of the discovered genes originate from the Company&#39;s proprietary genomic databases that are expected to lead to multiple additional discoveries and patents throughout 2020 and beyond. <br xmlns="http://www.w3.org/1999/xhtml" /><br xmlns="http://www.w3.org/1999/xhtml" /></li> <li xmlns="http://www.w3.org/1999/xhtml">The Company continued to strengthen its senior management team and prepare for the transition from a research-focused company to a production company during the quarter by promoting Dr. <span xmlns="http://www.w3.org/1999/xhtml" class="xn-person">Chris Savile</span> to Chief Operating Officer and hiring <span xmlns="http://www.w3.org/1999/xhtml" class="xn-person">Chris Speed</span> to the position of Senior Vice President, Sales and Marketing. <br xmlns="http://www.w3.org/1999/xhtml" /><br xmlns="http://www.w3.org/1999/xhtml" /></li> <li xmlns="http://www.w3.org/1999/xhtml">Willow ended the quarter with strong liquidity, including approximately <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$12.2 million</span> of cash on hand as at <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2020</span>.</li> </ul> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Operational Update</b></p> <p xmlns="http://www.w3.org/1999/xhtml">During the second quarter of 2020, Willow, along with its development partner, Albany Molecular Research, Inc. (&#34;<b xmlns="http://www.w3.org/1999/xhtml">AMRI</b>&#34;), focused on three key development components: increasing cannabinoid product concentrations, optimizing the fermentation process, and developing a cost-effective downstream isolation and purification process. Through execution of this strategy, Willow has now achieved ample performance to initiate a 500 litre pilot-scale campaign to advance its scaling development toward commercial production and generate product samples for multiple interested consumer packaged goods companies.  Willow will continue to optimize its process at pilot scale with the goal of advancing to larger, commercial-scale fermentation vessels as early as the first half of 2021.</p> <p xmlns="http://www.w3.org/1999/xhtml">In addition to advancing its work to develop a cannabidiol (&#34;<b xmlns="http://www.w3.org/1999/xhtml">CBD</b>&#34;) producing yeast ...</p><p><a href=https://www.benzinga.com/pressreleases/20/08/n17063368/willow-biosciences-reports-second-quarter-2020-results-and-operational-update alt=Willow Biosciences Reports Second Quarter 2020 Results and Operational Update>Full story available on Benzinga.com</a></p> CANSF CSE:WLLW Earnings Small Cap Press Releases Wed, 12 Aug 2020 23:04:00 +0000 PRNewswire 17063368 at https://www.benzinga.com Chorus Aviation announces second quarter 2020 financial results and market update https://www.benzinga.com/pressreleases/20/08/n17063293/chorus-aviation-announces-second-quarter-2020-financial-results-and-market-update <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Recent Highlights</b></p> <ul xmlns="http://www.w3.org/1999/xhtml" type="disc"> <li xmlns="http://www.w3.org/1999/xhtml">Net income of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$29.2 million</span>, or <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.18</span> per basic share; a period-over-period decrease of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$9.7 million</span> due to the global economic impact of COVID-19 on its results, partially offset by a change in unrealized foreign exchange of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$6.3 million</span>. </li> <li xmlns="http://www.w3.org/1999/xhtml">Adjusted net income<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$21.6 million</span>, or <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.13</span> per basic share; a decrease of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2.5 million</span> quarter-over-quarter due to the economic impact of COVID-19 noted above. </li> <li xmlns="http://www.w3.org/1999/xhtml">Adjusted EBITDA<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$91.0 million</span>; an increase of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$5.3 million</span> over second quarter 2019 primarily generated by the growth in aircraft leasing. </li> <li xmlns="http://www.w3.org/1999/xhtml">Liquidity, inclusive of available credit, was <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$189.0 million</span> as at <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2020</span>. </li> <li xmlns="http://www.w3.org/1999/xhtml">Aircraft transactions completed post the second quarter further increased liquidity by <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$39.0 million</span>, bringing total liquidity to <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$228.0 million</span>. </li> <li xmlns="http://www.w3.org/1999/xhtml">Third-party leasing revenue collected in July grew to 38%, up from approximately 28% in <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 2020</span>.</li> </ul> <p xmlns="http://www.w3.org/1999/xhtml"><span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">HALIFAX, NS</span>, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">Aug. 12, 2020</span> /CNW/ - Chorus Aviation Inc. (&#39;Chorus&#39;) (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CHR#TSX" rel="nofollow">CHR</a>) today announced second quarter 2020 financial results and an update on the impact of COVID-19.</p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;The global aviation industry continues to be significantly challenged by the effects of the COVID-19 epidemic. Our focus remains on ensuring the safety of our employees and passengers and maintaining ample liquidity.  The team has dramatically reduced costs, curtailed capital investment and raised new funding. With <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$228 million</span> in liquidity, we are well positioned to manage through an extended recovery period and to participate in the growth of the aviation industry in the future,&#34; stated <span xmlns="http://www.w3.org/1999/xhtml" class="xn-person">Joe Randell</span>, President and Chief Executive Officer, Chorus.</p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;The COVID-19 crisis, provincial and federal government-imposed travel restrictions and border closures continue to have a devastating effect on passenger demand for Canadian air travel. While these may have been necessary in the beginning, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Canada&#39;s</span> federal and interprovincial travel restrictions are now one of the most severe in the world.  The mandatory two-week quarantine requirement in <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Nova Scotia</span>, as an example, makes doing business very difficult.  The Canadian and provincial governments need to look to other G20 countries that have implemented safe, thoughtful, practical and science-based approaches to strategically easing travel restrictions in order to enable business and economies to restart and succeed within this new normal. Unlike other countries, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Canada</span> has not provided sector support to the aviation industry.&#34; </p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;Since the start of this crisis, we&#39;ve had to make very difficult but necessary decisions, including the reduction to our workforce by approximately 65%, or almost 3,200 employees. At the end of the second quarter, Air Canada announced the discontinuation of 21 Air Canada Express regional routes operated by Jazz, and the closure of eight Jazz-managed stations at regional airports.   I am saddened by the impact these service cancellations have on our employees, suppliers and the affected communities many of which have lost their only link to <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Canada&#39;s</span> domestic and global air service networks.  These are unprecedented times; I respect and understand the tough choice our partner, Air Canada, has had to make. Without regional air service, many businesses, academia and tourism operators will struggle. Action needs to be taken by government to ensure <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Canada</span> has an efficient and accessible air transportation network across our vast country.&#34;</p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;While the industry remains challenged and fragile, we are encouraged by some positive signs of a resurgence.  As expected, regional aircraft have been affirmed as fundamentally important to most countries&#39; domestic transportation networks.  Regional aviation is generally resuming flying earlier and at a quicker pace than long-haul travel.  For example, in the second quarter our Air Canada Express operation flew approximately 9% of the block hours flown in the same period last year; however, we expect this to increase to be between 20% and 30% for the balance of this year compared to 2019. Approximately 50% of our third-party leased fleet is now flying with the number of flight hours up from the low points of this past spring.&#34;</p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;The prolonged uncertainty and instability triggered by the pandemic has caused most aircraft lessors around the world to provide rent deferrals to lessees and to review asset valuations.  Our assessment of the economic impact of COVID-19 on Chorus Aviation Capital&#39;s overall leasing portfolio with a net book value of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.5 billion</span>, led to a non-cash impairment provision of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$9.5 million</span> in the quarter, representing less than 1% of Chorus&#39; leased aircraft portfolio.&#34;  </p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;Overall, our portfolio of leased aircraft is holding up well.  Approximately 28% of lease revenue was collected in the second quarter and subsequently increased to approximately 38% in July. Although the industry remains under significant stress, we are encouraged by the improving traffic trends and the utilization of regional aircraft when compared with other aircraft types.&#34; </p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;We recognize the revitalization of the regional sector will be protracted, sporadic and will extend well into 2021 and beyond. We are taking all reasonable measures to protect and preserve our company and the value we&#39;ve created for our shareholders. I extend my gratitude to all our employees who have done tremendous work to ensure we weather this crisis.  Their continued commitment, resilience and focus on safety have been critical,&#34; concluded Mr. Randell.</p> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Second Quarter Summary</b></p> <p xmlns="http://www.w3.org/1999/xhtml">In the second quarter of 2020, Chorus reported adjusted EBITDA of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$91.0 million</span>, an increase of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$5.3 million</span> over the second quarter of 2019.</p> <p xmlns="http://www.w3.org/1999/xhtml">The Regional Aircraft Leasing segment&#39;s adjusted EBITDA increased by <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$8.2 million</span> primarily related to the growth in aircraft earning leasing revenue partially offset by a <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.1 million</span> expected credit loss provision related to management&#39;s assessment of its lessees&#39; credit risk.</p> <p xmlns="http://www.w3.org/1999/xhtml">The Regional Aviation Services segment&#39;s adjusted EBITDA decreased by <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2.9 million</span>. The second quarter results were impacted by:</p> <ul xmlns="http://www.w3.org/1999/xhtml" type="disc"> <li xmlns="http://www.w3.org/1999/xhtml">a reduction in other revenue due to a decrease in third-party maintenance, repair and overhaul (&#39;MRO&#39;) activity, lower aircraft part sales, and reduced contract flying in Voyageur due to the economic impact of COVID-19; </li> <li xmlns="http://www.w3.org/1999/xhtml">decreased capitalization of major maintenance overhauls on owned aircraft operated under the capacity purchase agreement (&#39;CPA&#39;) between Jazz and Air Canada of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2.9 million</span> over the previous period; and </li> <li xmlns="http://www.w3.org/1999/xhtml">expected credit loss and inventory provisions of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.3 million</span> in Voyageur; partially offset by </li> <li xmlns="http://www.w3.org/1999/xhtml">decreased stock-based compensation of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2.6 million</span> due to the change in the Share price inclusive of the change in fair value of the Total Return Swap; </li> <li xmlns="http://www.w3.org/1999/xhtml">increased aircraft leasing under the CPA; and </li> <li xmlns="http://www.w3.org/1999/xhtml">decreased general administrative expenses.</li> </ul> <p xmlns="http://www.w3.org/1999/xhtml">Adjusted net income was <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$21.6 million</span> for the quarter, a decrease of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2.5 million</span> due to:</p> <ul xmlns="http://www.w3.org/1999/xhtml" type="disc"> <li xmlns="http://www.w3.org/1999/xhtml">an increase in depreciation of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$5.9 million</span> primarily related to additional aircraft in the Regional Aircraft Leasing segment; </li> <li xmlns="http://www.w3.org/1999/xhtml">an increase in net interest costs of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$3.2 million</span> primarily related to the 5.75% Unsecured Debentures, the unsecured revolving credit facility and additional aircraft debt in the Regional Aircraft Leasing segment; and </li> <li xmlns="http://www.w3.org/1999/xhtml">a decrease of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.8 million</span> due to a loss of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.4 million</span> versus a gain of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.4 million</span> on disposal of property and equipment; partially offset by </li> <li xmlns="http://www.w3.org/1999/xhtml">a <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$5.3 million</span> increase in adjusted EBITDA as previously described; </li> <li xmlns="http://www.w3.org/1999/xhtml">a <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2.5 million</span> decrease in income tax expense resulting from a reduction in EBT<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> combined with a decrease in certain provincial tax rates and non-deductible expenses of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$5.0 million</span> offset by a tax recovery on adjusted items of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2.5 million</span>; and </li> <li xmlns="http://www.w3.org/1999/xhtml">a decrease of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.6 million</span> in realized foreign exchange and unrealized foreign exchange losses on working capital.</li> </ul> <p xmlns="http://www.w3.org/1999/xhtml">Net income decreased <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$9.8 million</span> due to the previously noted <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2.5 million</span> decrease in adjusted net income, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$9.5 million</span> on impairment provisions and <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$8.0 million</span> on lease repossession costs; offset by the change in net unrealized foreign exchange on long-term debt of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$6.3 million</span>, tax recovery on adjusted items of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2.5 million</span> and decreased employee separation program costs of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.4 million</span>.</p> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Year-to-date Summary </b></p> <p xmlns="http://www.w3.org/1999/xhtml">Chorus reported adjusted EBITDA of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$179.6 million</span> year-to-date, an increase of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$19.2 million</span> over 2019.</p> <p xmlns="http://www.w3.org/1999/xhtml">The Regional Aircraft Leasing segment&#39;s adjusted EBITDA increased by <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$24.7 million</span> which was primarily due to the growth in aircraft earning leasing revenue partially offset by a <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.1 million</span> expected credit loss provision related to management&#39;s assessment of its lessees&#39; credit risk.</p> <p xmlns="http://www.w3.org/1999/xhtml">The Regional Aviation Services segment&#39;s adjusted EBITDA decreased by <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$5.5 million</span>. The 2020 results were impacted by: </p> <ul xmlns="http://www.w3.org/1999/xhtml" type="disc"> <li xmlns="http://www.w3.org/1999/xhtml">a reduction in other revenue due to a decrease in third-party MRO activity, lower aircraft part sales, and reduced contract flying in Jazz and Voyageur due to the economic impact of COVID-19; </li> <li xmlns="http://www.w3.org/1999/xhtml">decreased capitalization of major maintenance overhauls on owned CPA aircraft of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.3 million</span> over the previous period; and </li> <li xmlns="http://www.w3.org/1999/xhtml">expected credit loss and inventory provisions of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.3 million</span> in Voyageur; partially offset by </li> <li xmlns="http://www.w3.org/1999/xhtml">decreased stock-based compensation of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$5.2 million</span> due to the change in the Share price inclusive of the change in fair value of the Total Return Swap and </li> <li xmlns="http://www.w3.org/1999/xhtml">increased aircraft leasing under the CPA.</li> </ul> <p xmlns="http://www.w3.org/1999/xhtml">Adjusted net income was <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$45.5 million</span> year-to-date, an increase over 2019 of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2.9 million</span> due to:</p> <ul xmlns="http://www.w3.org/1999/xhtml" type="disc"> <li xmlns="http://www.w3.org/1999/xhtml">a <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$19.2 million</span> increase in adjusted EBITDA as previously described; </li> <li xmlns="http://www.w3.org/1999/xhtml">a decrease in income tax expense of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2.9 million</span> resulting from a reduction in EBT combined with a decrease in certain provincial tax rates and non-deductible expenses of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$5.9 million</span> offset by a tax recovery on adjusted items of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$3.0 million</span>; and </li> <li xmlns="http://www.w3.org/1999/xhtml">a decrease of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2.0 million</span> in realized foreign exchange and unrealized foreign exchange losses on working capital; partially offset by </li> <li xmlns="http://www.w3.org/1999/xhtml">an increase in depreciation of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$11.7 million</span> primarily related to additional aircraft in the Regional Aircraft Leasing segment and impairment on aircraft; </li> <li xmlns="http://www.w3.org/1999/xhtml">an increase in net interest costs of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$7.6 million</span> primarily related to additional aircraft debt in the Regional Aircraft Leasing segment, the 5.75% Unsecured Debentures and the unsecured revolving credit facility; and </li> <li xmlns="http://www.w3.org/1999/xhtml">a decrease of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.8 million</span> due to a loss of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.4 million</span> versus a gain of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.4 million</span> on disposal of property and equipment.</li> </ul> <p xmlns="http://www.w3.org/1999/xhtml">Net income decreased <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$60.5 million</span> over 2019 due to the change in net unrealized foreign exchange on long-term debt of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$48.8 million</span>, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$15.5 million</span> on non-cash impairment provisions, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2.0 million</span> on lease repossession costs net of the Flybe security package recovered, and increased employee separation program costs of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2.1 million</span>; offset by the previously noted increase of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2.9 million</span> in adjusted net income, tax recovery on adjusted items of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$3.0 million</span> and decreased signing bonuses of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2.0 million</span> related to the Jazz pilot collective agreement. </p> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Consolidated Financial Analysis</b></p> <div xmlns="http://www.w3.org/1999/xhtml"> <table xmlns="http://www.w3.org/1999/xhtml" cellspacing="0" cellpadding="0" border="1" class="prntblns"> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" rowspan="3" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><i xmlns="http://www.w3.org/1999/xhtml">(unaudited)  </i></span></p> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><i xmlns="http://www.w3.org/1999/xhtml">(expressed in thousands of Canadian dollars)</i></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="8" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">Three months ended June 30,</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="8" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">Six months ended June 30,</b></span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">2020</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">2019</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">Change</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">Change</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">2020</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">2019</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">Change</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen9"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">Change</b></span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen10"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">$</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen11"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">$</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen12"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">$</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen12"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">%</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen10"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">$</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen11"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">$</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen12"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">$</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prnsbt1 prnrbrs prnvab prnsbb1 prntac prnpl6 prnsbl1 prnpr6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">%</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen14"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen14"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen15"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen15"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen15"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen14"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen15"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen15"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen16"><br xmlns="http://www.w3.org/1999/xhtml" /></td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen17"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Operating revenue<sup xmlns="http://www.w3.org/1999/xhtml">(1)</sup></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen18"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">184,214</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen19"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen19"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">332,520</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen19"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen20"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(148,306)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen19"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen20"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(44.6)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen19"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen18"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">542,238</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen19"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen19"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">676,387</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen19"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen20"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(134,149)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen19"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen20"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(19.8)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen21"><br xmlns="http://www.w3.org/1999/xhtml" /></td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen17"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Operating expenses<sup xmlns="http://www.w3.org/1999/xhtml">(1)</sup></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen18"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">150,531</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen19"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen19"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">282,159</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen19"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen20"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(131,628)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen19"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen20"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(46.7)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen19"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen18"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">461,863</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen19"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen19"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">585,907</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen19"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen20"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(124,044)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen19"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen20"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(21.2)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen21"><br xmlns="http://www.w3.org/1999/xhtml" /></td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen14"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen14"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen15"><br ...</td></tr></table></div><p><a href=https://www.benzinga.com/pressreleases/20/08/n17063293/chorus-aviation-announces-second-quarter-2020-financial-results-and-market-update alt=Chorus Aviation announces second quarter 2020 financial results and market update>Full story available on Benzinga.com</a></p> Airlines/Aviation Earnings TSX:CHR Press Releases Wed, 12 Aug 2020 23:00:00 +0000 PRNewswire 17063293 at https://www.benzinga.com Ottawa Bancorp, Inc. Announces Second Quarter 2020 Results https://www.benzinga.com/pressreleases/20/08/g17063242/ottawa-bancorp-inc-announces-second-quarter-2020-results <link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css" /> <p>OTTAWA, Ill., Aug. 12, 2020 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the "Company") (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/OTTW#OTCQX" rel="nofollow">OTTW</a>), the holding company for Ottawa Savings Bank, FSB (the "Bank"), announced net income of $0.8 million, or $0.25 per basic and diluted common share for the three months ended June 30, 2020, compared to net income of $0.4 million, or $0.14 per basic and diluted common share for the three months ended June 30, 2019.  For the six months ended June 30, 2020, the Company announced net income of $0.8 million, or $0.27 per basic and diluted common share, compared to net income of $0.8 million, or $0.26 per basic and diluted common share for the six months ended June 30, 2019.  During the second quarter of 2020, the Company experienced an increase in loan originations which drove growth in the loan portfolio.  The loan portfolio, net of allowance, increased to $254.6 million as of June 30, 2020 from $247.8 million as of December 31, 2019. Non-performing loans decreased from $2.3 million at December 31, 2019 to $1.9 million at June 30, 2020, which caused the ratio of non-performing loans to gross loans to decrease from 0.90% at December 31, 2019 to 0.74% at June 30, 2020.  Additionally, through June 30, 2020, the Company has repurchased a total of 401,214 shares of its common stock at an average price of $13.80 per share as part of the stock repurchase program approved on November 20, 2019 and its previous stock repurchase programs that expired in November 2018 and November 2019. </p> <p align="justify">Craig Hepner, President and Chief Executive Officer of the Company, said "I continue to be very pleased with the response of our organization to the challenges presented by the COVID-19 pandemic.  We reopened our lobbies on June 8, 2020 after suspending access to them on March 19, 2020.  We are following the Centers for Disease Control and Prevention (CDC) and Illinois Department of Health (IDPH) guidelines regarding operating in the COVID-19 pandemic environment to ensure the health and safety of our employees and customers.  We continue to have a number of our employees working remotely and to leverage the use of our recently upgraded digital banking platform to continue to serve our customers."</p> <p align="justify">"For over 148 years, the communities we serve have counted on Ottawa Savings Bank to help them manage through difficult times, and this current crisis is no different.  We continue to actively work with our customers that have been impacted by the COVID-19 pandemic to support them through this temporary downturn in the economy.  We assisted a number of our commercial customers through participating in the Small Business Administration&#039;s Paycheck Protection Program to help support numerous employees in our markets.  Additionally, we are assisting those impacted by the effects of the COVID-19 pandemic through other programs to ease the financial demands during this hardship.  We continue to participate in local efforts to further assist our communities."</p> <p align="justify">"While the duration of the COVID-19 pandemic and the timing and strength of the eventual economic recovery remain uncertain, we believe we are well positioned from a capital and liquidity standpoint to play a critical role in supporting our communities as we work together to manage through this crisis," said Mr. Hepner.   </p> <p><strong><em>Comparison of Results of Operations for the Three Months Ended June 30, 2020 and June 30, 2019</em></strong></p> <p align="justify">Net income for the three months ended June 30, 2020 was $0.8 million compared to net income of $0.4 million for the three months ended June 30, 2019. Total interest and dividend income was $3.0 million for the three months ended June 30, 2020 as compared to $3.1 million for the three months ended June 30, 2019.  Interest expense was $0.1 million lower during the three months ended June 30, 2020.  In addition, a provision for loan losses of $130,000 was taken during the three months ended June 30, 2020.  Due to the anticipated impact of the COVID-19 pandemic on the local and national economies, a qualitative factor was adjusted negatively which led to the provision level for the quarter along with the growth in the loan portfolio.  Net interest income after provision for loan losses remained comparable at $2.2 million.  Total other income increased to $1.1 million for the three months ended June 30, 2020, an increase of $0.6 million from the three months ended June 30, 2019, primarily due to strong loan origination levels for one-to-four family loans during the second quarter and an increase in gain on sale of loans and loan origination and servicing income.  Total other expenses rose to $2.3 million for the three months ended June 30, 2020 from $2.1 million for the three months ended June 30, 2019.  The increase of $0.2 million this quarter as compared to the second quarter of 2019 is primarily due to salaries and employee benefits increasing by $0.2 million as commissions on loan production were higher and data processing increased by $0.1 million during the second quarter of 2020.  These increases were slightly offset by a decrease in other expenses of $0.1 million.    <br />    <br />Net interest income increased by $0.1 million, or 4.3%, to $2.4 million for the three months ended June 30, 2020, compared to $2.3 million for the three months ended June 30, 2019.  Interest and dividend income were comparable between the periods.  There was an increase in the average balances of interest-earning assets of $21.1 million. The increase in interest and dividend income was slightly offset by a decrease in yield on earning assets from 4.54% for the three months ended June 30, 2019 to 4.10% for the three months ended June 30, 2020.  Additionally, there was a decrease in interest expense as the average cost of funds decreased 23 basis points to 1.11% for the three months ended June 30, 2020. The net interest margin decreased 25 basis points during the three months ended June 30, 2020 to 3.20% from 3.45% during the three months ended June 30, 2019.</p> <p align="justify">The Company recorded a provision for loan losses of $0.1 million for the three month period ended June 30, 2020 as compared to $0.2 million for the three months ended June 30, 2019. The allowance for loan losses was $3.5 million, or 1.30% of total gross loans at June 30, 2020 compared to $2.6 million, or 1.07% of gross loans at June 30, 2019.  Net charge-offs during the second quarter of 2020 were $26,902 compared to $150,560 during the second quarter of 2019.  General allocation of reserves were higher at June 30, 2020, when compared to June 30, 2019, primarily due to the balances in most loan categories increasing during the twelve months ended June 30, 2020.  In addition, due to the anticipated impact of the COVID-19 pandemic on the local and national economies, a qualitative factor was adjusted negatively which led to the allowance for loan losses level for the second quarter of 2020.  Since non-performing loans increased, the necessary reserves on non-performing loans as of June 30, 2020 were approximately $37,000 higher than they were as of June 30, 2019 due to the deterioration of some credits and the fact that some of the non-performing loans that were added required higher specific allocation of reserves than those removed.</p> <p align="justify">Total other income was $1.1 million for the three months ended June 30, 2020 as compared to $0.5 million for the three months ended June 30, 2019.  Due to increased levels of loan originations for the one-to-four family residential loan category, gain on sale of loans increased by $0.3 million and loan origination and servicing income increased by $0.2 million.  Additionally, the origination of mortgage servicing rights, net of amortization grew by $0.1 million.  Offsetting these increases slightly were decreases in customer service fees, gain on sale of repossessed assets and other income.</p> <p align="justify">Total other expense was $2.3 million for the three months ended June 30, 2020 as compared to $2.1 million for the three months ended June 30, 2019.  There was an increase of $0.2 million in the salaries and employee benefits category and an increase of $0.1 million in data processing.  Salaries and employee benefits increased due to the higher commissions paid to the mortgage loan originators and overtime for support staff to process the loan application volume during the period.  Data processing increased due to the enhancement of our infrastructure to support the implementation of our new core processing system.  These increases were partially offset by decreases in loan expenses and other expenses. </p> <p align="justify">The Company recorded income tax expense of approximately $0.3 million for the three month period ended June 30, 2020 as compared to $0.1 million for the three months ended June 30, 2019.</p> <p><strong><em>Comparison of Results of Operations for the Six Months Ended June 30, 2020 and June 30, 2019</em></strong></p> <p align="justify">Net income was $0.8 million for both of the six-month periods ended June 30, 2020 and 2019.<br />    <br />Net interest income decreased by $0.1 million, or 2.1%, to $4.7 million for the six months ended June 30, 2020, from $4.8 million for the six months ended June 30, 2019.  Interest and dividend income decreased $0.1 million, or 1.0%, primarily due to a decrease of 35 basis points in the average yield on assets as it declined to 4.23% for the six months ended June 30, 2020 from 4.58% for the six months ended June 30, 2019.  This decrease was partially offset by an increase in the average balances of interest-earning assets of $19.3 million.  Additionally, there was a decrease in interest expense as the average cost of funds decreased 6 basis points to 1.23% for the six months ended June 30, 2020 from 1.29% for the six months ended June 30, 2019.  Average interest bearing liabilities grew by $17.0 million which offset the savings due to the lower rate environment so overall interest expense was comparable at $1.4 million.  Overall, the net interest margin decreased 30 basis points, or 8.52% during the six months ended June 30, 2020 to 3.22% from 3.52% as the lower rates caused a larger decline in the yield on the portfolio.</p> <p align="justify">We recorded a provision for loan losses of $0.6 million for the six-month period ended June 30, 2020 as compared to $0.3 million for the sixth-month period ended June 30, 2019.  The allowance for loan losses was $3.5 million, or 1.30% of total gross loans at June 30, 2020 compared to $2.6 million, or 1.07% of gross loans at June 30, 2019.  Net charge-offs during the first six months of 2020 were $0.1 million compared to $0.3 million during the first six months of 2019.  General allocation of reserves were higher at June 30, 2020, when compared to June 30, 2019, primarily due to the balances in all loan categories increasing during the twelve months ended June 30, 2020.  In addition, due to the anticipated impact of the COVID-19 pandemic on the local and national economies, qualitative factors were adjusted negatively which led to an increase in the allowance level.  Since non-performing loans increased, the necessary reserves on non-performing loans as of June 30, 2020 were approximately $37,000 higher than they were as of June 30, 2019 due to the deterioration of some credits and the fact that some of the non-performing loans added required higher specific allocation of reserves than those removed.</p> <p align="justify">Total other income was $1.5 million for the six months ended June 30, 2020 as compared to $0.9 million for the six months ended June 30, 2019.  Due to increased levels of loan originations for the 1 to 4 family residential loan category, gain on sale of loans increased by $0.3 million and loan origination and servicing income increased by $0.2 million.  Additionally, the origination of mortgage servicing rights, net of amortization grew by $0.1 million.  There was a slight decrease in customer service fees which slightly offset the increases.</p> <p align="justify">Total other expense increased $0.2 million, or 4.7%, to $4.4 million for the six months ended June 30, 2020, as compared to $4.2 million for the six months ended June 30, 2019.  The increase was primarily due to higher salaries and employee benefits due to the commissions paid to loan originators for elevated levels of loan originations and overtime for staff to process the loan applications. Additionally, data processing costs were elevated due to the enhancement of our infrastructure to support the implementation of our new core processing system.  These increases were partially offset by lower costs in loan expense and other expense. </p> <p align="justify">We recorded income tax expense of approximately $0.3 million for both of the six-month periods ended June 30, 2020 and 2019.</p> <p align="justify"><strong><em>Comparison of Financial Condition at June 30, 2020 and December 31, 2019</em></strong></p> <p align="justify">Total consolidated assets as of June 30, 2020 were $312.2 million, an increase of $11.7 million, or 3.8%, from $300.5 million at December 31, 2019.  The increase was primarily due to an increase of $8.4 million in cash and cash equivalents, a $6.8 million increase in the net loan portfolio and a $1.4 million increase in other assets.  These increases were partially offset by a decrease in federal funds sold of $0.9 million, a decrease in securities available for sale of $1.1 million, a decrease in time deposits of $1.2 million, and a decrease in loans held for sale of $1.2 million.  Various other categories decreased by $0.5 million.  </p> <p align="justify">Cash and cash equivalents increased $8.4 million, or 150.0%, to $14.4 million at June 30, 2020 from $6.0 million at December 31, 2019.  The increase in cash and cash equivalents was primarily a result of cash provided from financing activities of $12.4 million exceeding cash used in operating activities of $0.2 million and cash used in investing activities of $3.8 million.</p> <p align="justify">Securities available for sale decreased $1.1 million, or 4.7%, to $23.4 million at June 30, 2020 from $24.5 million at December 31, 2019, as paydowns, calls, and maturities exceeded new securities purchases. </p> <p align="justify">Net loans increased $6.8 million, or 2.7%, to $254.6 million at June 30, 2020 compared to $247.8 million at December 31, 2019 primarily as a result of a $1.5 million increase in one-to-four family loans, an increase of $1.3 million in multi-family loans, an increase of $4.7 million in non-residential real estate loans and a $5.6 million increase in commercial loans.  The increases were offset by decreases of $3.0 million in consumer direct loans and $2.8 million in purchased auto loans.  Additionally, the allowance for loan losses grew by $0.5 million.     </p> <p align="justify">Total deposits increased $6.2 million, or 2.6%, to $242.5 million at June 30, 2020 from $236.3 million at December 31, 2019.  For the six months ended June 30, 2020, savings accounts increased by $4.4 million, non-interest bearing checking accounts increased by $9.2 million and money market accounts increased by $1.9 million as compared to December 31, 2019.  The increases were offset by decreases in interest bearing checking accounts of $4.3 million and in certificates of deposit of $5.0 million as compared to December 31, 2019.</p> <p align="justify">FHLB advances increased $8.5 million, or 93.4% to $17.6 million at June 30, 2020 compared to $9.1 million at December 31, 2019.  The increase was related to the low rate environment and management extending out maturities to fund future loan growth. </p> <p align="justify">Stockholders&#039; equity decreased $1.1 million, or 2.2% to $49.6 million at June 30, 2020 from $50.7 million at December 31, 2019.  The decrease reflects $0.8 million used to repurchase and cancel 60,545 outstanding shares of Company common stock, and $1.5 million in cash dividends.  The decreases were partially offset by net income of $0.8 million for the six months ended June 30, 2020, an increase of $0.3 million in other comprehensive income due to an increase in fair value of securities available for sale and proceeds from stock options exercised, equity incentive plan shares issued and the allocation of ESOP shares totaling $0.1 million.    </p> <p align="justify"><strong><em>About Ottawa Bancorp, Inc.</em></strong></p> <p align="justify">Ottawa Bancorp, Inc. is the holding company for Ottawa Savings Bank, FSB which provides various financial services to individual and corporate customers in the United States. The Bank offers various deposit accounts, including checking, money market, regular savings, club savings, certificates of deposit and various retirement accounts. Its loan portfolio includes one-to-four family residential mortgage, multi-family and non-residential real estate, commercial and construction loans as well as auto loans and home equity lines of credit. Ottawa Savings Bank, FSB was founded in 1871 and is headquartered in Ottawa, Illinois. For more information about the Company and the Bank, please visit <u>www.ottawasavings.com</u>.</p> <p align="justify"><strong><em>Cautionary Statement Regarding Forward-Looking Statements</em></strong></p> <p align="justify">This news release contains forward-looking statements within the meaning of the federal securities laws. Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements, identified by words such as "will," "expected," "believe," and "prospects," involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends and changes in interest rates, increased competition, changes in consumer demand for financial services, the possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations, market disruptions and the potential effects of the COVID-19 pandemic on the local and national economic environment, on our customers and on our operations as well as any changes to federal, state and local government laws, regulations and orders in connection with the pandemic.  Ottawa Bancorp, Inc. undertakes no obligation to release revisions to these forward-looking statements publicly to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission. </p> <p align="justify"><em><strong>Contact Information</strong></em></p> <p align="justify">Craig Hepner<br />1-815-433-2525</p> <p> <br /></p> <table style="border-collapse: collapse; margin-left:0; width:100%; border-collapse:collapse ;"> <tr> <td colspan="8" style="text-align: center ; vertical-align: middle; "><strong>Ottawa Bancorp, Inc. &amp; Subsidiary</strong></td> </tr> <tr> <td colspan="8" style="text-align: center ; vertical-align: middle; "><strong>Consolidated Balance Sheets</strong></td> </tr> <tr> <td colspan="8" style="text-align: center ; vertical-align: middle; "><strong>June 30, 2020 and December 31, 2019</strong></td> </tr> <tr> <td colspan="8" style="text-align: center ; vertical-align: middle; ">(Unaudited)</td> </tr> <tr> <td> </td> <td colspan="3" style="text-align: center ; vertical-align: middle; "><strong>June 30,</strong></td> <td> </td> <td colspan="3" style="text-align: center ; vertical-align: middle; "><strong>December 31, </strong></td> </tr> <tr> <td> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: center ; vertical-align: middle; "><strong>2020</strong></td> <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: center ; vertical-align: middle; "> </td> <td style="text-align: center ; vertical-align: middle; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ; vertical-align: middle; "> </td> <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: center ; vertical-align: middle; "><strong>2019</strong></td> <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td><strong>Assets</strong></td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> </tr> <tr> <td>Cash and due from banks</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">$</td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">   9,328,130</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">$</td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  5,272,925</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td>Interest bearing deposits</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; ">  5,098,694</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; ">   765,486</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; "><strong>Total cash and cash equivalents</strong></td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  14,426,824</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  6,038,411</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td>Time deposits</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">   250,000</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  1,483,500</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td>Federal funds sold</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  3,265,000</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  4,185,000</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td>Securities available for sale</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  23,409,087</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  24,515,759</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td>Loans, net of allowance for loan losses of $3,460,693 and $2,937,632</td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">at June 30, 2020 and December 31, 2019, respectively</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  254,583,540</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  247,775,814</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td>Loans held for sale</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">   -</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  1,225,526</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td>Premises and equipment, net</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  6,393,260</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  6,517,922</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td>Accrued interest receivable</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  839,091</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  875,104</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td>Foreclosed real estate</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  18,000</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  -</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td>Deferred tax assets</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  1,489,692</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  1,743,161</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td>Cash value of life insurance</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  2,415,132</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  2,389,530</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td>Goodwill</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  649,869</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  649,869</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td>Core deposit intangible</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  150,998</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  169,999</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td>Other assets</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; ">  4,333,403</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; ">  2,962,101</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; "><strong>Total assets</strong></td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: double 15px 3pt ; ">$</td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: double 15px 3pt ; ">  312,223,896</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: double 15px 3pt ; ">$</td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: double 15px 3pt ; ">  300,531,696</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td><strong> </strong><br /><br /> <strong>Liabilities and Stockholders&#39; Equity</strong></td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> </tr> <tr> <td>Liabilities</td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">Deposits:</td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Non-interest bearing</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">$</td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  22,874,013</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; ">$</td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  13,664,986</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; ">Interest bearing</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; ">  219,578,389</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; ">  222,648,518</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; "><strong>Total deposits</strong></td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  242,452,402</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  236,313,504</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">Accrued interest payable</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">   97,519</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  8,146</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">FHLB advances</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  17,558,339</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">   9,068,030</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">Other liabilities</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; ">  2,504,410</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; ">  4,431,141</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; "><strong>Total liabilities</strong></td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; ">  262,613,670</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; ">  249,820,821</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> </tr> <tr> <td><strong>Stockholders&#39; Equity</strong></td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">Common stock, $.01 par value, 12,000,000 shares authorized; 3,108,270 and 3,159,494</td> <td colspan="3"> </td> <td> </td> <td colspan="3"> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 15.0px; ">shares issued at June 30, 2020 and December 31, 2019, respectively</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  31,083</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  31,594</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">Additional paid-in-capital</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  32,149,753</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> <td> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; ">  32,845,639</td> <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; ">Retained earnings</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "> </td> <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ...</tr></table><p><a href=https://www.benzinga.com/pressreleases/20/08/g17063242/ottawa-bancorp-inc-announces-second-quarter-2020-results alt=Ottawa Bancorp, Inc. Announces Second Quarter 2020 Results>Full story available on Benzinga.com</a></p> Earnings OTTW Retail Sales Press Releases Wed, 12 Aug 2020 22:53:20 +0000 Globe Newswire 17063242 at https://www.benzinga.com Alvopetro Announces Second Quarter 2020 Results, Operational Update and Semi-Annual Gas Price Redetermination https://www.benzinga.com/pressreleases/20/08/n17063130/alvopetro-announces-second-quarter-2020-results-operational-update-and-semi-annual-gas-price-redet <p xmlns="http://www.w3.org/1999/xhtml"><span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">CALGARY, AB</span>, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">Aug. 12, 2020</span> /CNW/ - Alvopetro Energy Ltd. (TSXV:<a class="ticker" href="https://www.benzinga.com/stock/ALV#TSXV" rel="nofollow">ALV</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/ALVOF#OTCQX" rel="nofollow">ALVOF</a>) announces second quarter results and an operational update including our first month of natural gas sales from our Caburé Project under our long-term Gas Sales Agreement (&#34;GSA&#34;) with Bahiagás.  The Caburé Project is the culmination of a conventional upstream natural gas development coupled with a natural gas commercial solution that includes highly strategic midstream assets.   Commercial deliveries commenced on <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">July 5</span><sup xmlns="http://www.w3.org/1999/xhtml">th</sup> and on <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">July 6</span><sup xmlns="http://www.w3.org/1999/xhtml">th</sup> we ramped up to our planned daily firm delivery rate of 10.6 mmcfpd (300 10<sup xmlns="http://www.w3.org/1999/xhtml">3</sup>m<sup xmlns="http://www.w3.org/1999/xhtml">3</sup>/d).  In July, we delivered a total of 7.9 million m<sup xmlns="http://www.w3.org/1999/xhtml">3</sup> (280 mmcf) of natural gas for a calendar month average of 256 10<sup xmlns="http://www.w3.org/1999/xhtml">3</sup>m<sup xmlns="http://www.w3.org/1999/xhtml">3</sup>/d (9.0 mmcfpd), with associated condensate sales of 66 barrels per day.  The semi-annual price redetermination under our GSA was completed effective <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">August 1</span>, 2020.  Sales from <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">August 1, 2020</span> through <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">January 1, 2021</span> will be priced at BRL$0.96/m<sup xmlns="http://www.w3.org/1999/xhtml">3</sup>.  As of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">August 1, 2020</span>, this translates into <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">US$5.58</span>/mcf based on Alvopetro&#39;s average heat content to-date at a 7% premium.  Future realized US$ denominated sales will be impacted by changes in BRL/USD exchange rates.</p> <p xmlns="http://www.w3.org/1999/xhtml"><span xmlns="http://www.w3.org/1999/xhtml" class="xn-person">Corey Ruttan</span>, President and CEO, commented, &#34;We have now finished our first month of production from our Caburé project.  I am extremely proud of our team who are responsible for making this a tremendous success, during a very challenging environment.  Leveraging off our new highly strategic infrastructure, we are focused on our next phase of growth and on unlocking the further natural gas potential in our portfolio.&#34;</p> <p xmlns="http://www.w3.org/1999/xhtml"><u xmlns="http://www.w3.org/1999/xhtml">Future Growth</u></p> <p xmlns="http://www.w3.org/1999/xhtml">We plan to continue the evaluation of the Gomo tight gas deliverability at our 183-1 wellbore and expect to undertake a longer duration production test in the second half of 2020. Concurrently, we plan to complete the permitting process for an 8-kilometre flowline to connect the 183-1 well to our Caburé Transfer Pipeline. </p> <p xmlns="http://www.w3.org/1999/xhtml">We expect to commence civil work on our 182-C1 and 183-B1 natural gas exploration prospects located 9-kilometres north of our Gas Treatment Plant.  We expect to fund these wells from free cash flow and to commence drilling in the first half of 2021.  Our strategy is to balance stakeholder returns with the reinvestment of cash flows in the upstream part of our business and other new business development initiatives to maximize the utilization through our Gas Treatment Plant. </p> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Financial and Operating Highlights – Second Quarter of 2020</b></p> <ul xmlns="http://www.w3.org/1999/xhtml" type="disc"> <li xmlns="http://www.w3.org/1999/xhtml">In the second quarter of 2020, commissioning operations at the gas treatment facility and the 11-kilometre Caburé transfer pipeline were completed. A total of 60 mmcf of natural gas was produced from the Caburé unit during commissioning operations. Commercial natural gas sales commenced on <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">July 5, 2020</span>. </li> <li xmlns="http://www.w3.org/1999/xhtml">Effective <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">May 1, 2020</span>, Bahiagás began prepayments to Alvopetro for natural gas at a rate of 120 10<sup xmlns="http://www.w3.org/1999/xhtml">3</sup>m<sup xmlns="http://www.w3.org/1999/xhtml">3</sup>/d for total prepaid volumes of 7.3 million m<sup xmlns="http://www.w3.org/1999/xhtml">3</sup> (259 mmcf) in the quarter, recorded as unearned revenue of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.2 million</span>. </li> <li xmlns="http://www.w3.org/1999/xhtml">Capital expenditures of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.6 million</span> in the quarter were largely attributable to final costs for our Caburé midstream development including <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.5 million</span> in costs at the gas treatment facility (including commissioning costs in the quarter), and <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.1 million</span> for our 11-kilometre transfer pipeline. Additional capital expenditures in the quarter included capitalized G&amp;A of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.4 million</span> and capitalized finance expenses of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.6 million</span>. </li> <li xmlns="http://www.w3.org/1999/xhtml">Our sales volumes averaged 14 bbls/d in the quarter comprised of 2 bbls/d of natural gas liquids (condensate) sales from the Caburé unit and 12 bbls/d of oil from the Mãe-da-lua field. Despite reduced production expenses, as a result of the declining Brent price in the quarter, we realized an operating loss of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.78</span>/bbl. </li> <li xmlns="http://www.w3.org/1999/xhtml">We reported a net loss of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.2 million</span> in the quarter, primarily due to negative funds flow of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.0 million</span> and finance expenses of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.1 million</span>. </li> <li xmlns="http://www.w3.org/1999/xhtml">Our net working capital deficit of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$0.3 million</span> as of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2020</span>, includes cash and cash equivalents of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$3.2 million</span>. We drew an additional <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$2.0 million</span> on our credit facility (the &#34;Credit Facility&#34;) in the quarter, bringing the total balance outstanding to <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$15.2 million</span> as at <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2020</span>.</li> </ul> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Summary of Q2 2020 Financial and Operating Results </b></p> <p xmlns="http://www.w3.org/1999/xhtml">The following table provides a summary of Alvopetro&#39;s financial and operating results for the three and six months ended <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2020</span> and <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">June 30, 2019</span>. The consolidated financial statements with the Management&#39;s Discussion and Analysis (&#34;MD&amp;A&#34;) are available on our website at <u xmlns="http://www.w3.org/1999/xhtml"><a xmlns="http://www.w3.org/1999/xhtml" target="_blank" href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=2884417-1&amp;h=2030110492&amp;u=https%3A%2F%2Falvopetro.com%2F&amp;a=www.alvopetro.com" rel="nofollow" rel="nofollow">www.alvopetro.com</a></u> and will be available on the System for Electronic Document Analysis and Retrieval (SEDAR) website at <u xmlns="http://www.w3.org/1999/xhtml"><a xmlns="http://www.w3.org/1999/xhtml" target="_blank" href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=2884417-1&amp;h=536217561&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com" rel="nofollow" rel="nofollow">www.sedar.com</a></u>. </p> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">SELECTED QUARTERLY RESULTS</b></p> <div xmlns="http://www.w3.org/1999/xhtml"> <table xmlns="http://www.w3.org/1999/xhtml" cellspacing="0" cellpadding="0" border="0" class="prntblns"> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prngen18"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">As at and Three Months <br xmlns="http://www.w3.org/1999/xhtml" />Ended June 30, </b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prngen18"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">As at and Six Months <br xmlns="http://www.w3.org/1999/xhtml" />Ended June 30,</b></span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen5"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">2020</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">2019</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">2020</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">2019</b></span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">Financial</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">($000s, except where noted)</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"><br xmlns="http://www.w3.org/1999/xhtml" /></td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">Oil and condensate sales </b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">40</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">30</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">101</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">98</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Net loss</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">(1,168)</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(841)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">(3,531)</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(1,604)</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnml10"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Per share – basic and diluted ($)<sup xmlns="http://www.w3.org/1999/xhtml">(1)</sup></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">(0.01)</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(0.01)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">(0.04)</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(0.02)</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Funds flow from operations <sup xmlns="http://www.w3.org/1999/xhtml">(2)</sup></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">(973)</b></span></p> </td> <td ...</tr></table></div><p><a href=https://www.benzinga.com/pressreleases/20/08/n17063130/alvopetro-announces-second-quarter-2020-results-operational-update-and-semi-annual-gas-price-redet alt=Alvopetro Announces Second Quarter 2020 Results, Operational Update and Semi-Annual Gas Price Redetermination>Full story available on Benzinga.com</a></p> ALVOF Earnings Oil TSXV:ALV Utilities Commodities Small Cap Press Releases Wed, 12 Aug 2020 22:37:00 +0000 PRNewswire 17063130 at https://www.benzinga.com Stuart Olson Reports Second Quarter 2020 Results https://www.benzinga.com/pressreleases/20/08/n17063081/stuart-olson-reports-second-quarter-2020-results <p xmlns="http://www.w3.org/1999/xhtml"><span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">CALGARY, AB</span>, <span xmlns="http://www.w3.org/1999/xhtml" class="xn-chron">Aug. 12, 2020</span> /CNW/ - <b xmlns="http://www.w3.org/1999/xhtml">Stuart Olson Inc.</b> (TSX:<a class="ticker" href="https://www.benzinga.com/stock/SOX#TSX" rel="nofollow">SOX</a>) (&#34;Stuart Olson&#34; or the &#34;Company&#34;) today announced the financial results for the second quarter and first six months of 2020.</p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;Our second quarter results reflect impacts to our business of the COVID-19 pandemic, including an 8% year-over-year decline in second quarter revenue to <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$220 million</span>. However, proactive responses by management to the current challenging economic and operating environments, including active cost controls in respect of all spending, contributed to a meaningful reduction in administrative costs in the period. In the second quarter we were also able to maintain our consolidated backlog at <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$1.6 billion</span>, and subsequent to quarter end added contracts valued at an estimated <span xmlns="http://www.w3.org/1999/xhtml" class="xn-money">$225 million</span>. These new contract awards consisted of a large construction management project at a post-secondary institution in <span xmlns="http://www.w3.org/1999/xhtml" class="xn-location">Ontario</span> and a four-year maintenance and turnaround contract at a new oil sands site,&#34; said <span xmlns="http://www.w3.org/1999/xhtml" class="xn-person">David LeMay</span>, President &amp; CEO of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-person">Stuart Olson</span>.</p> <p xmlns="http://www.w3.org/1999/xhtml">&#34;The announced combination of Bird Construction and <span xmlns="http://www.w3.org/1999/xhtml" class="xn-person">Stuart Olson</span> will create a leading Canadian construction company with increased scale and diversification across services, end-markets and geographies, which, combined with a stronger balance sheet and appropriate capital structure, will be better positioned to deliver sustainable value to all stakeholders going forward,&#34; added Mr. LeMay. &#34;In terms of the announced transaction with Bird, we have secured the support of 31% of <span xmlns="http://www.w3.org/1999/xhtml" class="xn-person">Stuart Olson&#39;s</span> shareholders, 100% of our secured bank lenders and 100% of the unsecured convertible debenture holders. We expect this transaction to close early in the fourth quarter of 2020.&#34; <br xmlns="http://www.w3.org/1999/xhtml" /></p> <p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">FINANCIAL HIGHLIGHTS </b></p> <div xmlns="http://www.w3.org/1999/xhtml"> <table xmlns="http://www.w3.org/1999/xhtml" cellspacing="0" cellpadding="0" border="0" class="prntblns"> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" nowrap="nowrap" class="prngen2"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" nowrap="nowrap" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">Three months ended</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" nowrap="nowrap" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">Six months ended</b></span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" nowrap="nowrap" class="prngen2"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" nowrap="nowrap" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">June 30</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" nowrap="nowrap" class="prngen3"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">June 30</b></span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" nowrap="nowrap" class="prngen4"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><i xmlns="http://www.w3.org/1999/xhtml">$ millions, except percentages and per share amounts</i></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">2020</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">2019</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">2020</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen5"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">2019</b></span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" nowrap="nowrap" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Contract revenue</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">220.1</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">239.5</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">445.0</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">460.3</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" nowrap="nowrap" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Contract income</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">18.4</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">22.7</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">35.1</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">44.1</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" nowrap="nowrap" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnml10"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><i xmlns="http://www.w3.org/1999/xhtml">Contract income margin</i></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><i xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">8.4%<span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">  </span></b></i></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><i xmlns="http://www.w3.org/1999/xhtml">9.5%<span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">  </span></i></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><i xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">7.9%<span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">  </span></b></i></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><i xmlns="http://www.w3.org/1999/xhtml">9.6%<span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">  </span></i></span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" nowrap="nowrap" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Administrative costs</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">17.4</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">22.6</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">35.8</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">44.9</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" nowrap="nowrap" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Impairment loss</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">41.2</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">nil    </span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">43.5</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">nil    </span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" nowrap="nowrap" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Adjusted EBITDA</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">8.7</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">6.9</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">14.3</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">15.0</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" nowrap="nowrap" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnml10"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><i xmlns="http://www.w3.org/1999/xhtml">Adjusted EBITDA margin</i></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><i xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">4.0%</b></i></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><i xmlns="http://www.w3.org/1999/xhtml">2.9%</i></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><i xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">3.2%</b></i></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen7"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><i xmlns="http://www.w3.org/1999/xhtml">3.3%</i></span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" nowrap="nowrap" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Net loss</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">(40.1)</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(2.2)</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span"><b xmlns="http://www.w3.org/1999/xhtml">(45.5)</b></span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen8"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">(4.7)</span></p> </td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" nowrap="nowrap" class="prngen2"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"><br xmlns="http://www.w3.org/1999/xhtml" /></td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" nowrap="nowrap" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnews_p"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Loss per share</span></p> </td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"><br xmlns="http://www.w3.org/1999/xhtml" /></td> <td xmlns="http://www.w3.org/1999/xhtml" nowrap="nowrap" class="prngen2"><br xmlns="http://www.w3.org/1999/xhtml" /></td> </tr> <tr xmlns="http://www.w3.org/1999/xhtml"> <td xmlns="http://www.w3.org/1999/xhtml" colspan="2" nowrap="nowrap" class="prngen6"> <p xmlns="http://www.w3.org/1999/xhtml" class="prnml10"><span xmlns="http://www.w3.org/1999/xhtml" class="prnews_span">Basic loss per ...</span></p></td></tr></table></div><p><a href=https://www.benzinga.com/pressreleases/20/08/n17063081/stuart-olson-reports-second-quarter-2020-results alt=Stuart Olson Reports Second Quarter 2020 Results>Full story available on Benzinga.com</a></p> Earnings TSX:SOX Press Releases Wed, 12 Aug 2020 22:33:00 +0000 PRNewswire 17063081 at https://www.benzinga.com JOYY Reports Second Quarter 2020 Unaudited Financial Results https://www.benzinga.com/pressreleases/20/08/g17063070/joyy-reports-second-quarter-2020-unaudited-financial-results <link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css" /> <p align="justify">GUANGZHOU, China, Aug. 13, 2020 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YY#NASDAQ" rel="nofollow">YY</a>) ("JOYY" or the "Company," formerly known as YY Inc.), a global video-based social media platform, today announced its unaudited financial results for the second quarter of 2020. <br /></p> <p align="justify"><strong>Second Quarter 2020 Financial Highlights<sup>1</sup></strong></p> <ul type="disc"> <li style="text-align:justify;"><strong>Net revenues</strong> increased by 36.3% to RMB5,840.1 million (US$826.6 million) from RMB4,284.8 million in the corresponding period of 2019.</li> <li style="text-align:justify;"><strong>Net income from continuing operations attributable to controlling interest of </strong><strong>JOYY</strong><strong> Inc.</strong><sup>2</sup> was RMB619.4 million (US$87.7 million), compared to net loss RMB6.1 million in the corresponding period of 2019, primarily due to the impact of income from fair value change in investment.</li> <li style="text-align:justify;"><strong>Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY Inc.</strong><sup>3</sup> increased by 38.3% to RMB493.6 million (US$69.9 million) from RMB357.0 million in the corresponding period of 2019, primarily due to the decrease in the operation loss of Bigo Inc ("Bigo").</li> </ul> <p align="justify"><strong>Second Quarter 2020 Operational Highlights </strong></p> <ul type="disc"> <li style="text-align:justify;"><strong>Global average mobile MAUs</strong><sup>4</sup> increased by 21.0% to 457.1 million, among that 91.0% were from markets outside of China.</li> <li style="text-align:justify;"><strong>Average mobile MAUs of Likee </strong>(formerly known as Like) increased by 86.2% to 150.3 million from 80.7 million in the corresponding period of 2019.</li> <li style="text-align:justify;"><strong>Average mobile MAUs of global live streaming services </strong>increased by 20.4% to 102.3 million from 85.0 million in the corresponding period of 2019, among that (i) 41.2 million were from YY, which increased by 6.0% year over year; and (ii) 61.1 million were from outside of China, including 29.4 million from Bigo Live, which increased by 41.3% year over year, and 31.7 million from HAGO, which increased by 25.3% year over year.</li> <li style="text-align:justify;"><strong>Average mobile MAUs of</strong><strong> video communication service</strong> was 204.4 million.</li> <li style="text-align:justify;"><strong>Total number of paying users</strong><sup>5</sup><strong> of YY </strong>decreased by 2.2% to 4.1 million from 4.2 million in the corresponding period of 2019, primarily due to the impact of COVID-19.</li> </ul> <p align="justify">Mr. David Xueling Li, Chairman and Chief Executive Officer of JOYY, commented, "During the second quarter of 2020, we maintained our focus on empowering our live streaming and short-form video dual-growth engine as we continued to upgrade our platforms, localize our operations, and create joyful experiences for people around the world. To help people cope with the difficulties of COVID-19, we leveraged Bigo Live and our extensive global coverage to launch a series of online charity events, including a 24-hour non-stop globe charity concert, to enhance Bigo Live&#039;s brand recognition in various markets and fuel the platform&#039;s robust operating performance. As a result, during the quarter, Bigo Live&#039;s mobile MAUs and paying users achieved very impressive growth, and live streaming revenues of Bigo segment contributed more than half of our total live streaming revenues for the first time ever. On the short-form video front, we also focused on cultivating Likee&#039;s global ecosystem by diversifying its content offerings, refining its product features, and tailoring its expansion initiatives to different regions. Likee&#039;s total MAUs increased by 86.2% year over year to 150.3 million in the second quarter of 2020. Meanwhile, we also continued to pave the way for Hago&#039;s future growth by refining its social features to cultivate the platform&#039;s social atmosphere and enhance its monetization capabilities."</p> <p align="justify">Mr. Li continued, "On the domestic front, we continued to strengthen our leadership in China&#039;s entertainment live streaming industry by further diversifying YY Live&#039;s live streaming content offerings through the introduction of new live streaming celebrity variety shows and more diverse live streaming channels. Looking ahead, we believe that our thriving global ecosystem will enable our network effects to strengthen, product matrix synergies to evolve, and user base to expand. Despite the outbreak of COVID-19 and resulting macroeconomic and geopolitical uncertainty, we believe that the global landscape for live streaming and short-form videos remains promising, and we plan to uphold our commitment to building a truly world-class video-based social media platform for all."</p> <p align="justify">Mr. Bing Jin, Chief Financial Officer of JOYY, further commented, "Despite the myriad of challenges we have faced from the COVID-19 outbreak and geopolitical uncertainties, we once again delivered strong financial results. In the second quarter of 2020, our total revenues grew by 36.3% year over year to RMB5.84 billion, exceeding the high-end of our previous guidance. In particular, the Bigo segment&#039;s revenue grew by 148.8% year over year to RMB 3,062.7 million, mostly driven by live streaming revenue growth. While the impact of COVID-19 on the macro economy is generally impossible to predict, we are confident that the underlying strength of our business model, sufficient cash reserves, and strong cash generation capabilities will enable us to sustain our growth momentum going forward. As such, our long-term plans remain largely unchanged, and we will continue to invest in cultivating our global live streaming and short-from video ecosystem to empower our dual-growth engine."</p> <p align="justify"><strong>Second Quarter 2020 Financial Results</strong></p> <p align="justify"><strong><em>NET REVENUES </em></strong><br />Net revenues increased by 36.3% to RMB5,840.1 million (US$826.6 million) in the second quarter of 2020 from RMB4,284.8 million in the corresponding period of 2019, primarily driven by an increase in live streaming revenues in Bigo segment.</p> <p align="justify">Live streaming revenues increased by 40.1% to RMB5,607.7 million (US$793.7 million) in the second quarter of 2020 from RMB4,001.3 million in the corresponding period of 2019, primarily attributable to the continued live streaming revenues growth in Bigo segment.</p> <p align="justify">Other revenues decreased by 18.0% to RMB232.3 million (US$32.9 million) in the second quarter of 2020 from RMB283.5 million in the corresponding period of 2019, primarily due to the decrease in other revenues in YY segment.</p> <p align="justify"><strong><em>COST OF REVENUES AND GROSS PROFIT </em></strong><br />Cost of revenues increased by 50.8% to RMB3,769.1 million (US$533.5 million) in the second quarter of 2020 from RMB2,499.0 million in the corresponding period of 2019. Revenue-sharing fees and content costs increased to RMB2,597.4 million (US$367.6 million) in the second quarter of 2020 from RMB1,793.7 million in the corresponding period of 2019 as a result of the increase in live streaming revenues of the Company. Bandwidth costs increased to RMB280.7 million (US$39.7 million) in the second quarter of 2020 from RMB228.1 million in the corresponding period of 2019, as the overseas user base and time spent continued to expand following the consolidation of Bigo.</p> <p align="justify">Gross profit increased by 16.0% to RMB2,071.0 million (US$293.1 million) in the second quarter of 2020 from RMB1,785.7 million in the corresponding period of 2019. Gross margin was 35.5% in the second quarter of 2020, compared to 41.7% in the corresponding period of 2019. The gross margin contraction was primarily caused by the fact that Bigo segment had lower gross margin but contributed significantly greater portions of net revenues in the second quarter of 2020, compared to the corresponding period of 2019.</p> <p align="justify"><strong><em>OPERATING INCOME</em></strong><br />Operating expenses were RMB2,016.0 million (US$285.3 million) in the second quarter of 2020, compared to RMB1,791.6 million in the corresponding period of 2019. Among the operating expenses, sales and marketing expenses decreased to RMB909.8 million (US$128.8 million) in the second quarter of 2020 from RMB979.9 million in the corresponding period of 2019, primarily due to the Company&#039;s less spending in sales and marketing activities in overseas markets due to the COVID-19 outbreak. Research and development expenses increased to RMB693.5 million (US$98.2 million) in the second quarter of 2020 from RMB550.0 million in the corresponding period of 2019, mostly due to the increasing headcount and investments in talent recruitment as part of the Company&#039;s efforts to enhance its research and development capabilities.</p> <p align="justify">Operating income was RMB95.2 million (US$13.5 million) in the second quarter of 2020, compared to RMB4.3 million in the corresponding period of 2019. Operating margin was 1.6% in the second quarter of 2020, compared to 0.1% in the corresponding period of 2019, primarily due to the decrease in operation loss of Bigo segment.</p> <p align="justify">Non-GAAP operating income<sup>6</sup> increased by 24.6% to RMB509.3 million (US$72.1 million) in the second quarter of 2020 from RMB408.7 million in the corresponding period of 2019. Non-GAAP operating margin<sup>7</sup> was 8.7% in the second quarter of 2020, compared to 9.5% in the corresponding period of 2019.</p> <p align="justify"><strong><em>NET INCOME</em></strong><br />Net income from continuing operations attributable to controlling interest of JOYY Inc. was RMB619.4 million (US$87.7 million) in the second quarter of 2020, compared to net loss RMB6.1 million in the corresponding period of 2019. Net margin was 10.6% in the second quarter of 2020, compared to negative 0.1% in the corresponding period of 2019, mainly due to the income from fair value gain resulting in fair value change in an investment which recorded observable price change in the second quarter of 2020.</p> <p align="justify">Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY Inc. increased by 38.3% to RMB493.6 million (US$69.9 million) in the second quarter of 2020 from RMB357.0 million in the corresponding period of 2019. Non-GAAP net margin<sup>8</sup> increased to 8.5% in the second quarter of 2020 from 8.3% in the corresponding period of 2019.</p> <p align="justify"><strong><em>NET INCOME PER ADS</em></strong><br />Diluted net income from continuing operations per ADS<sup>9</sup> was RMB7.39 (US$1.05) in the second quarter of 2020, compared to diluted net loss from continuing operations per ADS RMB0.28 in the corresponding period of 2019.</p> <p align="justify">Non-GAAP diluted net income from continuing operations per ADS<sup>10</sup> increased by 27.2% to RMB5.57 (US$0.79) in the second quarter of 2020 from RMB4.38 in the corresponding period of 2019.</p> <p align="justify"><strong><em>BALANCE SHEET AND CASH FLOWS</em></strong><br />As of June 30, 2020, the Company had cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits and short-term investments of RMB19,360.5 million (US$2,740.3 million). For the second quarter of 2020, net cash from operating activities was RMB840.8 million (US$119.0 million).</p> <p align="justify"><strong><em>SHARES OUTSTANDING </em></strong><br />As of June 30, 2020, the Company had a total of 1,616.1 million common shares, or the equivalent of 80.8 million ADSs, outstanding.</p> <p align="justify"><strong>Business Outlook</strong><br />For the third quarter of 2020, the Company expects net revenues to be between RMB5.85 billion and RMB6.00 billion, representing a year-over-year growth of 26.7% to 29.9%, excluding the revenue contribution from Huya in the same period of last year. This forecast considers the potential impact of the COVID-19 outbreak and reflects the Company&#039;s current and preliminary views on the market and operational conditions, which are subject to change, particularly as to the potential impact of the COVID-19 on the economy in China and elsewhere.</p> <p align="justify"><strong>Quarterly Dividend </strong><br />On August 11, 2020, the Company&#39;s board of directors approved a quarterly dividend policy for the next three years commencing in the second quarter of 2020. Under the policy, quarterly dividends will be set at approximately US$25.0 million in each fiscal quarter. The board of directors has accordingly declared a dividend of US$0.31 per ADS, or US$0.0155 per common share, for the second quarter of 2020, which is expected to be paid on September 18, 2020 to shareholders of record as of the close of business on September 4, 2020. The ex-dividend date will be September 3, 2020. Under the policy, the board of directors of the Company reserves the discretion relating to the determination to make dividend distributions and the amount of such distributions in any particular quarter, depending on the Company&#039;s operations and earnings, cash flow, financial condition and other relevant factors.</p> <p align="justify"><strong>Recent Developments</strong><br />On August 10, 2020, the Company entered into a definitive share transfer agreement with Linen Investment Limited, a wholly-owned subsidiary of Tencent Holdings Limited ("Tencent"), pursuant to which the Company will transfer 30,000,000 Class B ordinary shares of HUYA Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUYA#NYSE" rel="nofollow">HUYA</a>) ("Huya"), a leading game live streaming platform in China, to Tencent for an aggregate purchase price of US$810.0 million in cash. The share transfer is subject to customary closing conditions. Immediately after the closing of such share transfer, the Company would hold 38,374,463 Class B ordinary shares of Huya.</p> <p align="justify"><strong>Conference Call Information</strong><br />The Company will hold a conference call on 9:00 PM U.S. Eastern Time on Wednesday, August 12, 2020 (9:00 AM Beijing/Hong Kong Time on Thursday, August 13, 2020) to discuss the financial results. Details for the conference call are as follows:</p> <p align="justify">Event Title: JOYY&#039;s Second Quarter 2020 Earnings Conference Call<br />Conference ID: #1085396</p> <p align="justify">All participants must use the link provided below to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique registrant ID by email.</p> <p align="justify">PRE-REGISTER LINK: <br /><a href="https://www.globenewswire.com/Tracker?data=X2m-wrrFMrX8EIUbJgYLBqfJi-HTWjxpcuygmrKVJLMWgPHNZVDHmJw8KUZD_MvhVmDXMITQ5zd6lMLTucDbhidmaM7V4303Osylhf0HnwZpIKHiN7WvfDFpMVpkMBaBYLQ7wZLU3Z3vugzI56gL_NYmr4ZJrYsjumVoTcgnBvVOHIqvo7qtZgcGPiq0Z2WU" rel="nofollow" target="_blank" rel="nofollow">http://apac.directeventreg.com/registration/event/1085396</a></p> <p align="justify">A live and archived webcast of the conference call will also be available at the Company&#39;s investor relations website at <a href="https://www.globenewswire.com/Tracker?data=X2m-wrrFMrX8EIUbJgYLBnXLB0nLpZO3xFUzZg-21tQO6FmU9ioiTaztHwJMqtKJ0t7-uq97QSsp6dr-1PWRzQ==" rel="nofollow" target="_blank" rel="nofollow">http://ir.yy.com/</a>.</p> <p align="justify">The replay will be accessible through August 20, 2020, by dialing the following numbers:</p> <p align="justify">United States: +1-646-254-3697<br />International: +61-2-8199-0299<br />Conference ID: #1085396</p> <p align="justify"><strong>Exchange Rate</strong><br />This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB7.0651 to US$1.00, the noon buying rate in effect on June 30, 2020 in the City of New York for cable transfers in Renminbi per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York.</p> <p align="justify"><strong>About JOYY Inc.</strong><br />JOYY Inc. is a global social media platform. The Company&#039;s highly engaged users contribute to a vibrant social community by creating, sharing, and enjoying a vast range of entertainment content and activities. JOYY enables users to interact with each other in real time through online live media and offers users a uniquely engaging and immersive entertainment experience. JOYY owns YY Live, a leading live streaming social media platform in China. In addition, JOYY completed the acquisition of Bigo in March 2019. Bigo is a fast-growing global tech company. Headquartered in Singapore, Bigo owns Bigo Live, a leading global live streaming platform outside China; Likee, a leading global short-form video social platform; and video communication service and others. JOYY has created an online community for global video and live streaming users. JOYY Inc. was listed on the NASDAQ in November 2012.</p> <p align="justify"><strong>Safe Harbor Statement</strong><br />This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as JOYY&#039;s strategic and operational plans, contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to fourth parties. Statements that are not historical facts, including statements about JOYY&#039;s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JOYY&#039;s goals and strategies; JOYY&#039;s future business development, results of operations and financial condition; the expected growth of the online communication social platform market in China; the expectation regarding the rate at which to gain active users, especially paying users; JOYY&#039;s ability to monetize the user base; fluctuations in general economic and business conditions in China; the impact of the COVID-19 to JOYY&#039;s business operations and the economy in China and elsewhere generally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in JOYY&#039;s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JOYY does not undertake any obligation to update any forward-looking statement, except as required under applicable law.</p> <p align="justify"><strong>Use of Non-GAAP Financial Measures</strong><br />The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). JOYY uses non-GAAP operating income, non-GAAP operating margin, non-GAAP net income from continuing operations attributable to controlling interest of JOYY Inc., non-GAAP net margin attributable to controlling interest of JOYY Inc., non-GAAP net income from continuing operations attributable to common shareholders of JOYY Inc., and basic and diluted non-GAAP net income per ADS, which are non-GAAP financial measures. Non-GAAP operating income is operating income excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, and gain on disposal of subsidiaries and business. Non-GAAP operating margin is non-GAAP operating income as a percentage of net revenues. Non-GAAP net income from continuing operations is net income from continuing operations excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain on disposal of subsidiaries and business, gain on disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, fair value change on derivatives, interest expenses related to the convertible bonds&#039; amortization to face value, and income tax effects of above non-GAAP reconciling items. Non-GAAP net income from continuing operations attributable to controlling interest of JOYY Inc. is net income from continuing operations attributable to controlling interest of JOYY Inc. excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain on disposal of subsidiaries and business, gain on disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, fair value change on derivatives, interest expenses related to the convertible bonds&#039; amortization to face value, income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income from continuing operations attributable to non-controlling interest shareholders. Non-GAAP net margin is non-GAAP net income from continuing operations attributable to controlling interest of JOYY Inc. as a percentage of net revenues. Non-GAAP net income from continuing operations attributable to common shareholders of JOYY Inc. is net income from continuing operations attributable to common shareholders of JOYY Inc. excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain on disposal of subsidiaries and business, gain on disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, fair value change on derivatives, interest expenses related to the convertible bonds&#039; amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries&#039; preferred shareholders and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income from continuing operations attributable to non-controlling interest shareholders. After the non-GAAP reconciliation, non-GAAP net income from continuing operations attributable to controlling interests of JOYY Inc. is equal to the non-GAAP net income from continuing operations attributable to common shareholders of JOYY Inc. Basic and diluted non-GAAP net income from continuing operations per ADS is non-GAAP net income from continuing operations attributable to common shareholders of JOYY Inc. divided by weighted average number of ADS used in the calculation of basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of above reconciling items adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses and amortization of intangible assets from business acquisitions, fair value change on derivatives, interest expenses related to the convertible bonds&#039; amortization to face value, which have been and will continue to be significant recurring expenses in its business, (ii) impairment of goodwill and investments, gain on disposal of subsidiaries and business, gain on disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, and accretion, cumulative dividend and deemed dividend to subsidiaries&#039; preferred shareholders, which may not be recurring in its business, and (iii) income tax expenses and non-GAAP adjustments for net (loss) income from continuing operations attributable to non-controlling interest shareholders, which are affected by above non-GAAP reconciling items. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company&#039;s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.</p> <p align="justify">The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "JOYY Inc. Reconciliation of GAAP and Non-GAAP Results" near the end of this release.</p> <p align="justify"><strong>Investor Relations Contact</strong><br />JOYY Inc.<br />Matthew Zhao<br />Maggie Yan<br />Tel: +86 (20) 8212-0000<br />Email: <a href="https://www.globenewswire.com/Tracker?data=Md9ZfF5WRg12y4NnQIs8HDNedbrNDwy3YEuh2NJhXycA5qDkv19w_Hdqne0hRRQ4" rel="nofollow" target="_blank" rel="nofollow">IR@YY.com</a></p> <p align="justify">ICR, Inc. <br />Jack Wang<br />Tel: +1 (646) 915-1611<br />Email: <a href="https://www.globenewswire.com/Tracker?data=Md9ZfF5WRg12y4NnQIs8HK8Fr0oxYTtWh3vdYKAZ4M3wf5WFcBB2vOANgnEJ6sn4" rel="nofollow" target="_blank" rel="nofollow">IR@YY.com</a></p> <p> </p> <hr /> <p align="justify"><sup>1</sup> On April 3, 2020, the Company transferred 16,523,819 Class B ordinary shares of HUYA Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUYA#NYSE" rel="nofollow">HUYA</a>) ("Huya") to Linen Investment Limited, a wholly-owned subsidiary of Tencent Holdings Limited ("Tencent") for an aggregate purchase price of approximately US$262.6 million, pursuant to Tencent&#039;s exercise of its option to purchase additional shares of Huya from JOYY. Immediately after the closing of such share transfer, Tencent increased its voting power in Huya to 50.1% on a fully-diluted basis, or 50.9% calculated based on the then total issued and outstanding shares of Huya, and started to consolidate financial statements of Huya. Starting from the second quarter of 2020, the Company deconsolidated Huya and Huya&#039;s historical financial results are and will be reflected in the Company&#039;s consolidated financial statements as discontinued operations accordingly. The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated. After the deconsolidation of Huya, the Company accounts for its investment in Huya as an equity method investment and apply the equity method accounting one quarter in arrears to enable the Company to provide its financial disclosures regardless of Huya&#39;s reporting schedule, which may be different with that of the Company. Share of income or loss from the investment in Huya will be included in net income or loss from continuing operations.<br /></p> <p align="justify"><sup>2</sup> Net income from continuing operations attributable to controlling interest of JOYY Inc., is net income from continuing operations less net (loss) income from continuing operations attributable to the non-controlling interest shareholders and the mezzanine equity classified as non-controlling interest shareholders.</p> <p align="justify"><sup>3</sup> Non-GAAP net income from continuing operations attributable to controlling interest of JOYY Inc. is a non-GAAP financial measure, which is defined as net income from continuing operations attributable to controlling interest of JOYY Inc. excluding share-based compensation expenses, impairment of goodwill and investment, amortization of intangible assets from business acquisitions, gain on disposal of subsidiaries and business, gain on disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments which refer to those similar non-GAAP reconciling items of the Company, fair value change on derivatives, interest expenses related to the convertible bonds amortization to face value, income tax effects on non-GAAP adjustments and non-GAAP adjustments for net (loss) income attributable to non-controlling interest shareholders. These adjustments amounted to reversal of RMB125.8 million (US$17.8 million) and RMB363.1 million in the second quarters of 2020 and 2019, respectively. Please refer to the section titled "Reconciliation of GAAP and Non-GAAP Results" for more details.</p> <p align="justify"><sup>4</sup> Refers to mobile average monthly active users. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company&#039;s mobile active users for each month of such period, by (ii) the number of months in such period.</p> <p align="justify"><sup>5</sup> Refers to a registered user that has purchased virtual items on YY&#039;s platforms at least once during the period presented.</p> <p align="justify"><sup>6</sup> Non-GAAP operating income is a non-GAAP financial measure, which is defined as operating income excluding share-based compensation expenses, amortization of intangible assets from business acquisitions, impairment of goodwill and investments and gain on disposal of subsidiaries and business. Please refer to the section titled "Reconciliation of GAAP and Non-GAAP Results" for details.</p> <p align="justify"><sup>7</sup> Non-GAAP operating margin is a non-GAAP financial measure, which is defined as non-GAAP operating income as a percentage of net revenues. Please refer to the section titled "Reconciliation of GAAP and Non-GAAP Results" for details.</p> <p align="justify"><sup>8</sup> Non-GAAP net margin is non-GAAP net income from continuing operations attributable to controlling interest of JOYY Inc. as a percentage of net revenues.</p> <p align="justify"><sup>9</sup> ADS is American Depositary Share. Each ADS represents twenty Class A common shares of the Company. Diluted net income per ADS is net income attributable to common shareholders of JOYY Inc. divided by weighted average number of diluted ADS.</p> <p align="justify"><sup>10</sup> Non-GAAP diluted net income from continuing operations per ADS is a non-GAAP financial measure, which is defined as non-GAAP net income from continuing operations attributable to common shareholders of JOYY Inc. divided by weighted average number of ADS used in the calculation of diluted net income per ADS. Please refer to the section titled "Reconciliation of GAAP and Non-GAAP Results" for details.</p> <p align="justify"><br /></p> <p align="center"><strong><br /></strong></p> <p align="center"><strong><br />JOYY INC.</strong><br /><strong> UNAUDITED </strong><strong>CONDENSED</strong> <strong>CONSOLIDATED BALANCE SHEETS</strong><br />(All amounts in thousands, except share, ADS and per ADS data)</p> <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;"> <tr> <td style="max-width:60%; width:60%; min-width:60%;;vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="max-width:2%; width:2%; min-width:2%;;vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:12%; width:12%; min-width:12%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>December</strong><br /><strong> 31,</strong><br /><strong>2019</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:12%; width:12%; min-width:12%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong>3</strong><strong>0</strong><strong>,</strong><br /><strong>2020</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:12%; width:12%; min-width:12%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong>3</strong><strong>0</strong><strong>,</strong><br /><strong>2020</strong></td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">US$</td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Assets</strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Current assets</strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Cash and cash equivalents</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,780,345</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,756,617</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">673,255</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Restricted cash and cash equivalents</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,500</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,500</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">495</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Short-term deposits</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">10,027,440</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">10,171,997</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,439,753</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Restricted short-term deposits</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">653,034</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">503,040</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">71,201</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Short-term investments</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,402,658</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,925,328</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">555,594</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Accounts receivable, net</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">675,196</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">946,684</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">133,994</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Amounts due from related parties</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,709</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,581</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,922</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Financing receivables, net</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">105,344</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">32,216</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,560</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Prepayments and other current assets</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">569,730</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">619,324</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">87,661</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Assets held for sale</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">10,581,013</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">-</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">-</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Total current assets</strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">28,799,969</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">20,972,287</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">2,968,435</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Non-current assets</strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Deferred tax assets</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">81,819</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">82,732</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">11,710</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Investments<sup>(1)</sup></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,983,483</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">10,997,816</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,556,640</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Property and equipment, net</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,159,674</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,374,904</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">336,146</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Land use rights, net</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,736,544</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,712,496</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">242,388</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Intangible assets, net</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,134,778</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,813,681</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">398,251</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Right-of-use assets, net</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">172,783</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">161,688</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">22,885</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Goodwill</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">12,947,192</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,138,748</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,859,669</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Financing receivables, net</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">129,380</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">129,389</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">18,314</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Other non-current assets</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">289,131</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">346,928</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">49,104</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Assets held for sale</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">774,730</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">-</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">-</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Total non-current assets</strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">23,409,514</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">31,758,382</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">4,495,107</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="text-align: justify ; vertical-align: middle; vertical-align: bottom ; "><strong>Total assets</strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: double 15px 3pt ; vertical-align: bottom ; ">52,209,483</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: double 15px 3pt ; vertical-align: bottom ; ">52,730,669</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: double 15px 3pt ; vertical-align: bottom ; ">7,463,542</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "><strong> </strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Liabilities, mezzanine equity and shareholders&#039; equity</strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Current liabilities</strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Accounts payable</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">120,826</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">132,177</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">18,708</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Deferred revenue</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">548,303</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">572,704</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">81,061</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Advances from customers</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">99,130</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">94,948</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,439</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Income taxes payable</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">425,572</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">432,757</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">61,253</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Accrued liabilities and other current liabilities</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,150,303</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,282,825</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">464,654</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Amounts due to related parties</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">205,921</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">31,105</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,403</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Lease liabilities due within one year</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">83,686</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">99,301</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">14,055</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Short-term loans</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">557,203</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,062,770</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">150,425</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Liabilities held for sale</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">2,446,677</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">-</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">-</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Total current liabilities</strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">7,637,621</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">5,708,587</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">807,998</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Non-current liabilities</strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Convertible bonds</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,008,571</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,293,255</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">749,212</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Lease liabilities</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">92,669</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">72,496</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">10,261</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Deferred revenue</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">75,628</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">66,363</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">9,393</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Deferred tax liabilities</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">264,639</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">319,475</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">45,219</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Other non-current liabilities</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">11,495</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; ">Liabilities held for sale</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">235,023 </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">-</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">-</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Total non-current liabilities</strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">5,688,025</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">5,751,589</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">814,085</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Total liabilities</strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: double 15px 3pt ; vertical-align: bottom ; ">13,325,646</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: double 15px 3pt ; vertical-align: bottom ; ">11,460,176</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; border-bottom: double 15px 3pt ; vertical-align: bottom ; ">1,622,083</td> </tr> </table> <p align="center"><strong><br /></strong></p> <p align="center"><strong><br /></strong></p> <p align="center"><strong><br />JOYY INC.</strong><br /><strong>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)</strong><br />(All amounts in thousands, except share, ADS and per ADS data)</p> <table style="border-collapse: collapse; margin-left:0; width:100%; border-collapse:collapse ;"> <tr> <td style="max-width:61%; width:61%; min-width:61%;;vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:12%; width:12%; min-width:12%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>December </strong><br /><strong>31,</strong><br /><strong>2019</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:12%; width:12%; min-width:12%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong> 3</strong><strong>0</strong><strong>,</strong><br /><strong>2020</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:12%; width:12%; min-width:12%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong> 3</strong><strong>0</strong><strong>,</strong><br /><strong>2020</strong></td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: top ; ">US$</td> </tr> <tr> <td style="vertical-align: top ; "><strong> </strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: top ; "> </td> </tr> <tr> <td style="max-width:59%; min-width:59%;;vertical-align: top ; "><strong>Mezzanine equity</strong></td> <td style="max-width:1%; min-width:1%;;vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:12%; min-width:12%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">466,071</td> <td style="max-width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:12%; min-width:12%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">493,531</td> <td style="max-width:12%; min-width:12%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:12%; min-width:12%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: top ; ">69,855</td> </tr> <tr> <td style="vertical-align: top ; "><strong> </strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: top ; "> </td> </tr> <tr> <td style="vertical-align: top ; "><strong>Shareholders&#039; equity</strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: top ; "> </td> </tr> <tr> <td style="vertical-align: top ; ">Class A common shares (US$0.00001 par value; 10,000,000,000 and 10,000,000,000 shares authorized, 1,301,845,404 shares issued and 1,293,162,504 shares outstanding as of December 31, 2019; 1,309,725,264 shares issued and 1,289,554,068 shares outstanding as of June 30, 2020, respectively)</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">80</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">80</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">11</td> </tr> <tr> <td style="vertical-align: top ; ">Class B common shares (US$0.00001 par value; 1,000,000,000 and 1,000,000,000 shares authorized, 326,509,555 and 326,509,555 shares issued and outstanding as of December 31, 2019 and June 30, 2020, respectively)</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">24</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">24</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3</td> </tr> <tr> <td style="vertical-align: top ; ">Treasury Shares (US$0.00001 par value; 8,682,900 and 20,171,196 shares held as of December 31, 2019 and June 30, 2020, respectively)</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(168,072)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(320,858)</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(45,415)</td> </tr> <tr> <td style="vertical-align: top ; ">Additional paid-in capital</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">21,921,562</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">22,372,972</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,166,689</td> </tr> <tr> <td style="vertical-align: top ; ">Statutory reserves</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">149,961</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">85,282</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">12,071</td> </tr> <tr> <td style="vertical-align: top ; ">Retained earnings</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">10,272,122</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">17,691,628</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,504,087</td> </tr> <tr> <td style="vertical-align: top ; ">Accumulated other comprehensive income</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">890,209</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">919,491</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">130,146</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: top ; "><strong>Total JOYY Inc.&#039;s shareholders&#039; equity</strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">33,065,886</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">40,748,619</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">5,767,592</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; ">Non-controlling interests</td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">5,351,880</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">28,343</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">4,012</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Total shareholders&#039; equity<sup>(2)</sup></strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">38,417,766</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">40,776,962</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; ">5,771,604</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Total liabilities,</strong> <strong>mezzanine equity and</strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "><strong>shareholders&#039; equity</strong></td> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: double 15px 3pt ; vertical-align: bottom ; ">52,209,483</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: double 15px 3pt ; vertical-align: bottom ; ">52,730,669</td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; border-bottom: double 15px 3pt ; vertical-align: bottom ; ">7,463,542</td> </tr> </table> <p align="justify"><br /></p> <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;"> <tr> <td style="max-width:5%; width:5%; min-width:5%;;text-align: left ; vertical-align: middle; vertical-align: top ; ">(1)</td> <td style="max-width:95%; width:95%; min-width:95%;;text-align: left ; vertical-align: middle; vertical-align: top ; ">Increase in the amounts of investments was mainly attributable to the Group&#39;s investment in Huya. On April 3rd, 2020, Huya ceased to be a subsidiary of the Company and the Company recognized its investment in Huya as an equity method investment.</td> </tr> <tr> <td style="max-width:5%; width:5%; min-width:5%;;text-align: left ; vertical-align: middle; vertical-align: top ; "> </td> <td style="max-width:95%; width:95%; min-width:95%;;text-align: left ; vertical-align: middle; vertical-align: top ; "> </td> </tr> <tr> <td style="text-align: left ; vertical-align: middle; vertical-align: top ; ">(2)</td> <td style="text-align: left ; vertical-align: middle; text-align: justify ; vertical-align: middle; vertical-align: top ; ">On January 1, 2020, the Company adopted ASC326, "Financial Instruments-Credit Losses" using modified-retrospective transition approach. Following the adoption of this guidance, a cumulative-effect adjustment to shareholders&#039; equity, amounting to RMB12.1 million, was recognized as of January 1, 2020.</td> </tr> </table> <p align="center"><strong><br /></strong></p> <p align="center"><strong><br /></strong></p> <p align="center"><strong><br />JOYY INC.</strong><br /><strong>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</strong><br />(All amounts in thousands, except share, ADS and per ADS data)</p> <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;"> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="7" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Three Months Ended</strong></td> <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="5" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Six Months Ended</strong></td> </tr> <tr> <td rowspan="3" style="max-width:30%; width:30%; min-width:30%;;vertical-align: bottom ; "> </td> <td rowspan="3" style="max-width:1%; width:1%; min-width:1%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>March </strong></td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong></td> <td rowspan="3" style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June </strong></td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June </strong></td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June </strong></td> </tr> <tr> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>30</strong><strong>,</strong></td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>31,</strong></td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong> 30,</strong></td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>30,</strong></td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>30,</strong></td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>30,</strong></td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>30,</strong></td> </tr> <tr> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>2019</strong></td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>2020</strong></td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>2020</strong></td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>2020</strong></td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>2019</strong></td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>2020</strong></td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>2020</strong></td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">US$</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">US$</td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Net revenues</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="max-width:43%; min-width:43%;;vertical-align: bottom ; ">Live streaming<sup>(1)</sup></td> <td style="max-width:1%; min-width:1%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:6%; min-width:6%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,001,276</td> <td style="max-width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:6%; min-width:6%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,481,761</td> <td style="max-width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:6%; min-width:6%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,607,748</td> <td style="max-width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:6%; min-width:6%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">793,725</td> <td style="max-width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:6%; min-width:6%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,933,814</td> <td style="max-width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:6%; min-width:6%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">10,089,509</td> <td style="max-width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:6%; min-width:6%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,428,077</td> </tr> <tr> <td style="vertical-align: bottom ; ">Others</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">283,510</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">255,736</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">232,344</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">32,886</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">500,078</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">488,080</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">69,083</td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Total net revenues</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,284,786</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,737,497</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,840,092</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">826,611</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7,433,892</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">10,577,589</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,497,160</td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; ">Cost of revenues<sup>(2)</sup></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(2,499,048)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(3,008,678)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(3,769,095)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(533,481)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(4,301,268)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(6,777,773)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(959,332)</td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Gross profit</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,785,738</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,728,819</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,070,997</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">293,130</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,132,624</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,799,816</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">537,828</td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Operating expenses</strong><sup><strong>(2)</strong></sup></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; ">Research and development expenses</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(550,010)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(566,164)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(693,458)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(98,153)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(864,702)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,259,622)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(178,288)</td> </tr> <tr> <td style="vertical-align: bottom ; ">Sales and marketing expenses</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(979,902)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(932,264)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(909,825)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(128,777)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,435,974)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,842,089)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(260,731)</td> </tr> <tr> <td style="vertical-align: bottom ; ">General and administrative expenses</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(261,645)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(198,136)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(412,714)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(58,416)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(452,258)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(610,850)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(86,460)</td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Total operating expenses</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,791,557)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,696,564)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(2,015,997)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(285,346)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(2,752,934)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(3,712,561)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(525,479)</td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; ">Other income</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">10,075</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">20,810</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">40,243</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,696</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">69,899</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">61,053</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">8,641</td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Operating income</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,256</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">53,065</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">95,243</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,480</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">449,589</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">148,308</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">20,990</td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; ">Interest expenses</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(12,268)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(124,515)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(131,656)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(18,635)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(18,487)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(256,171)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(36,259)</td> </tr> <tr> <td style="vertical-align: bottom ; ">Interest income and investment income</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">81,598</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">114,393</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">162,519</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">23,003</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">175,302</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">276,912</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">39,194</td> </tr> <tr> <td style="vertical-align: bottom ; ">Foreign currency exchange gains (losses), net</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,014</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(11,979)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,246</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">459</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">14,721</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(8,733)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,236)</td> </tr> <tr> <td style="vertical-align: bottom ; ">Gain (loss) on deemed disposal and disposal of investments</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">108,903</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(13,444)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,903)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">95,459</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,511</td> </tr> <tr> <td style="vertical-align: bottom ; ">Gain on fair value change of investments</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">14,291</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">333,794</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">708,633</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">100,300</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,664,134</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,042,427</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">147,546</td> </tr> <tr> <td style="vertical-align: bottom ; ">Fair value change on derivatives</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">10,346</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,174</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">308</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">12,520</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,772</td> </tr> <tr> <td style="vertical-align: bottom ; ">Other non-operating expenses</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(12,000)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(4,257)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(603)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(16,257)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(2,301)</td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Income before income tax expenses</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">100,891</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">472,007</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">822,458</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">116,409</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,285,259</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,294,465</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">183,217</td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; ">Income tax expenses</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(122,264)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(144,456)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(187,246)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(26,503)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(227,267)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(331,702)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(46,949)</td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>(Loss) income before share of income (loss) in equity method investments, net of income taxes</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(21,373)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">327,551</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">635,212</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">89,906</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,057,992</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">962,763</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">136,268</td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; ">Share of income (loss) in equity method investments, net of income taxes</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,991</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(12,091)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(23,544)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(3,332)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">14,148</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(35,635)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(5,044)</td> </tr> <tr> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Net(loss) income from continuing operations</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(14,382)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">315,460</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">611,668</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">86,574</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,072,140</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">927,128</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">131,224</td> </tr> <tr> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Net income from discontinued operations</strong><sup><strong>(3)</strong></sup></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">121,801</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">171,226</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,343,255</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">897,830</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">185,261</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,514,481</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">922,065</td> </tr> <tr> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Net income </strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">107,419</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">486,686</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,954,923</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">984,404</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,257,401</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7,441,609</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,053,289</td> </tr> <tr> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; ">Less: Net income (loss) attributable to the non-controlling interest shareholders and the mezzanine equity classified as non-controlling interest shareholders</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">65,342</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">100,021</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(43,062)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(6,095)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">94,891</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">56,959</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">8,062</td> </tr> <tr> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Net income attributable to controlling interest of JOYY Inc.</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">42,077</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">386,665</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,997,985</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">990,499</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,162,510</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7,384,650</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,045,227</td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Including:</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Net (loss) income from continuing operations attributable to controlling interest of JOYY Inc.</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(6,140)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">320,138</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">619,426</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">87,674</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,086,265</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">939,564</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">132,987</td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Net income from discontinued operations attributable to controlling interest of JOYY Inc.</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">48,217</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">66,527</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,378,559</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">902,825</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">76,245</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,445,086</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">912,240</td> </tr> <tr> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; ">Less: Accretion of subsidiaries&#039; redeemable convertible preferred shares to redemption value</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">9,476</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">9,705</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">9,865</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,396</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">18,841</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">19,570</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,770</td> </tr> <tr> <td style="vertical-align: bottom ; ">Cumulative dividend on subsidiary&#039;s Series A Preferred Shares</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,811</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,975</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7,090</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,004</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,541</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">14,065</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,991</td> </tr> <tr> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Net income attributable to common shareholders of JOYY Inc.</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">25,790</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">369,985</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,981,030</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">988,099</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,130,128</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7,351,015</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,040,466</td> </tr> <tr> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>Including:</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Net (loss) income from continuing operations attributable to common shareholders of JOYY Inc.</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(22,427)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">303,458</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">602,471</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">85,274</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,053,883</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">905,929</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">128,226</td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Net income from discontinued operations attributable to common shareholders of JOYY Inc.</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">48,217</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">66,527</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,378,559</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">902,825</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">76,245</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,445,086</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">912,240</td> </tr> </table> <p><br /></p> <p align="center"><strong><br /></strong></p> <p align="center"><strong><br />JOYY INC.</strong><br /><strong>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)</strong><br />(All amounts in thousands, except share, ADS and per ADS data)</p> <table style="border-collapse: collapse; margin-left:0px; width:100%; border-collapse:collapse ;"> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="7" style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Three Months Ended</strong></td> <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td> <td colspan="5" style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Six</strong><strong> Months Ended</strong></td> </tr> <tr> <td style="max-width:30%; width:30%; min-width:30%;;vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong> 30,</strong><br /><strong>2019</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>March</strong><br /><strong> 31,</strong><br /><strong>2020</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong>30,</strong><br /><strong>2020</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong>30,</strong><br /><strong>2020</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong> 30,</strong><br /><strong>2019</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong> 30,</strong><br /><strong>2020</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong>30,</strong><br /><strong>2020</strong></td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">US$</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">US$</td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Net income (loss) per ADS</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="max-width:41%; min-width:41%;;vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">—Basic</td> <td style="max-width:1%; min-width:1%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:8%; min-width:8%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.32</td> <td style="max-width:1%; min-width:1%;;padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:8%; min-width:8%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4.63</td> <td style="max-width:8%; min-width:8%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:8%; min-width:8%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">87.69</td> <td style="max-width:8%; min-width:8%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:8%; min-width:8%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">12.41</td> <td style="max-width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:8%; min-width:8%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">42.06</td> <td style="max-width:8%; min-width:8%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:8%; min-width:8%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">92.12</td> <td style="max-width:8%; min-width:8%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:8%; min-width:8%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13.04</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">  Continuing operations</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(0.28)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3.79</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7.57</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1.07</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">41.04</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">11.35</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1.61</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">  Discontinued operations</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.60</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.84</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">80.12</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">11.34</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1.02</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">80.77</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">11.43</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">—Diluted</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.28</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4.49</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">85.68</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">12.13</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">41.31</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">90.20</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">12.76</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">  Continuing operations</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(0.28)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3.73</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7.39</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1.05</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">40.38</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">11.12</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1.57</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">  Discontinued operations</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.56</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.76</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">78.29</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">11.08</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.93</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79.08</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">11.19</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 30.0px; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; ">Weighted average number of ADS used in calculating net income (loss) per ADS</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">—Basic</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,682,966</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,980,844</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,609,517</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,609,517</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">74,418,556</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,795,181</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,795,181</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">—Diluted</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,682,966</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">81,410,241</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">81,477,788</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">81,477,788</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">75,764,380</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">81,446,128</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">81,446,128</td> </tr> </table> <p>(1)     Live streaming revenues by geographical areas were as follows:</p> <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;"> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="7" style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Three Months Ended</strong></td> <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td> <td colspan="5" style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Six</strong><strong> Months Ended</strong></td> </tr> <tr> <td style="max-width:30%; width:30%; min-width:30%;;vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong> 30,</strong><br /><strong>201</strong><strong>9</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>March</strong><br /><strong> 31,</strong><br /><strong>2020</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong> 30</strong><strong>,</strong><br /><strong>2020</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong>30</strong><strong>,</strong><br /><strong>2020</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong> 30,</strong><br /><strong>2019</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong>30,</strong><br /><strong>2020</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong>30,</strong><br /><strong>2020</strong></td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">US$</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">US$</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; ">PRC</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,108,244</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,819,599</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,965,737</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">419,773</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,748,282</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,785,336</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">818,861</td> </tr> <tr> <td style="vertical-align: bottom ; ">Non-PRC</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">893,032</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,662,162</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,642,011</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">373,952</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,185,532</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,304,173</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">609,216</td> </tr> </table> <p>(2)     Share-based compensation was allocated in cost of revenues and operating expenses as follows:</p> <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;"> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="7" style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Three Months Ended</strong></td> <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td> <td colspan="5" style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Six</strong><strong> Months Ended</strong></td> </tr> <tr> <td style="max-width:30%; width:30%; min-width:30%;;vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong> 30</strong><strong>,</strong><br /><strong>201</strong><strong>9</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>March</strong><br /><strong> 31,</strong><br /><strong>2020</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong> 30</strong><strong>,</strong><br /><strong>2020</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong>30</strong><strong>,</strong><br /><strong>2020</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong> 30,</strong><br /><strong>2019</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong> 30,</strong><br /><strong>2020</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong> 30,</strong><br /><strong>2020</strong></td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">US$</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">US$</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; ">Cost of revenues</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">11,334</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">11,649</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">9,637</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,364</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">21,623</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">21,286</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,013</td> </tr> <tr> <td style="vertical-align: bottom ; ">Research and development expenses</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">146,098</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">88,000</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">92,465</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,088</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">204,881</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">180,465</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">25,542</td> </tr> <tr> <td style="vertical-align: bottom ; ">Sales and marketing expenses</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,545</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,915</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,024</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">286</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,617</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,939</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">558</td> </tr> <tr> <td style="vertical-align: bottom ; ">General and administrative expenses</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">55,696</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">45,202</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">91,019</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">12,883</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">99,495</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">136,221</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">19,281</td> </tr> </table> <p>(3)     Gain from the disposal and deconsolidation amounted to around RMB6.4 billion was reported as part of the net income from discontinued operations in the second quarter of 2020.</p> <p align="center"><strong><br /></strong></p> <p align="center"><strong><br /></strong></p> <p align="center"><strong><br />JOYY INC.</strong><br /><strong>RECONCILIATION OF GAAP AND NON-GAAP RESULTS</strong><br />(All amounts in thousands, except share, ADS and per ADS data)</p> <table style="border-collapse: collapse; margin-left:0px; width:100%; border-collapse:collapse ;"> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; text-align: center ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="7" style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Three Months Ended</strong></td> <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td> <td colspan="5" style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Six </strong><strong>Months Ended</strong></td> </tr> <tr> <td style="max-width:30%; width:30%; min-width:30%;;vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong>30</strong><strong>,</strong><br /><strong>201</strong><strong>9</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>March</strong><br /><strong>3</strong><strong>1</strong><strong>,</strong><br /><strong>2020</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong>30</strong><strong>,</strong><br /><strong>2020</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong>30</strong><strong>,</strong><br /><strong>2020</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong> 30,</strong><br /><strong>2019</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong>30,</strong><br /><strong>2020</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;border-top: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>June</strong><br /><strong>30,</strong><br /><strong>2020</strong></td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">US$</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">US$</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; ">Operating income</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,256</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">53,065</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">95,243</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,480</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">449,589</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">148,308</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">20,990</td> </tr> <tr> <td style="vertical-align: bottom ; ">Share-based compensation expenses</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">215,673</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">146,766</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">195,145</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">27,621</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">329,616</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">341,911</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">48,394</td> </tr> <tr> <td style="vertical-align: bottom ; ">Impairment of goodwill and investments</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">43,861</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,208</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">43,861</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,208</td> </tr> <tr> <td style="vertical-align: bottom ; ">Amortization of intangible assets from business acquisitions</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">188,740</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">186,189</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">175,043</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">24,776</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">250,740</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">361,232</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">51,129</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="text-align: justify ; vertical-align: middle; vertical-align: bottom ; "><strong>Non-GAAP operating income</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">408,669</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">386,020</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">509,292</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">72,085</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,029,945</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">895,312</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">126,721</td> </tr> </table> <p><br /></p> <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;"> <tr> <td style="max-width:30%; width:30%; min-width:30%;;vertical-align: bottom ; ">Net (loss) income from continuing operations</td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(14,382)</td> <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">315,460</td> <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">611,668</td> <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">86,574</td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,072,140</td> <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">927,128</td> <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">131,224</td> </tr> <tr> <td style="vertical-align: bottom ; ">Share-based compensation expenses</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">215,673</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">146,766</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">195,145</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">27,621</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">329,616</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">341,911</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">48,394</td> </tr> <tr> <td style="vertical-align: bottom ; ">Impairment of goodwill and investments</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">43,861</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,208</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">43,861</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,208</td> </tr> <tr> <td style="vertical-align: bottom ; ">Amortization of intangible assets from business acquisitions</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">188,740</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">186,189</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">175,043</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">24,776</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">250,740</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">361,232</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">51,129</td> </tr> <tr> <td style="vertical-align: bottom ; ">(Gain) loss on deemed disposal and disposal of investments</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(108,903)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,444</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,903</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(95,459)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(13,511)</td> </tr> <tr> <td style="vertical-align: bottom ; ">Gain on fair value change of investments<sup>(1)</sup></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(14,291)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(333,794)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(708,633)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(100,300)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(2,664,134)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,042,427)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(147,546)</td> </tr> <tr> <td style="vertical-align: bottom ; ">Reconciling items on the share of equity method investments<sup>(1)</sup></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">959</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,433</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">8,805</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,246</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(4,536)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">11,238</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,591</td> </tr> <tr> <td style="vertical-align: bottom ; ">Fair value change on derivative</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(10,346)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(2,174)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(308)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(12,520)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,772)</td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; ">Interest expenses related to the convertible bonds&#039; amortization to face value</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,287</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">102,242</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">106,908</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">15,132</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,287</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">209,150</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">29,603</td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; ">Income tax effects on non-GAAP adjustments</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(31,891)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">20,555</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">42,452</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,009</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(48,887)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">63,007</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">8,918</td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Non-GAAP net income from continuing operations</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">349,095</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">320,602</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">486,519</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">68,861</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">939,226</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">807,121</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">114,238</td> </tr> </table> <p><br /></p> <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;"> <tr> <td style="max-width:30%; width:30%; min-width:30%;;vertical-align: bottom ; ">Net (loss) income from continuing operations attributable to common shareholders of JOYY Inc.</td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(22,427)</td> <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">303,458 </td> <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">602,471</td> <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">85,274</td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,053,883 </td> <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">905,929</td> <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">128,226</td> </tr> <tr> <td style="vertical-align: bottom ; ">Share-based compensation expenses</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">215,673</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">146,766</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">195,145</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">27,621</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">329,616</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">341,911</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">48,394</td> </tr> <tr> <td style="vertical-align: bottom ; ">Impairment of goodwill and investments</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">43,861</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,208</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">43,861</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,208</td> </tr> <tr> <td style="vertical-align: bottom ; ">Amortization of intangible assets from business acquisitions</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">188,740</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">186,189</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">175,043</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">24,776</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">250,740</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">361,232</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">51,129</td> </tr> <tr> <td style="vertical-align: bottom ; ">(Gain) loss on deemed disposal and disposal of investments</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(108,903)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,444</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,903</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(95,459)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(13,511)</td> </tr> <tr> <td style="vertical-align: bottom ; ">Gain on fair value change of investments</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(14,291)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(333,794)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(708,633)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(100,300)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(2,664,134)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,042,427)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(147,546)</td> </tr> <tr> <td style="vertical-align: bottom ; ">Reconciling items on the share of equity method investments</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">959</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,433</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">8,805</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,246</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(4,536)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">11,238</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,591</td> </tr> <tr> <td style="vertical-align: bottom ; ">Fair value change on derivative</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(10,346)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(2,174)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(308)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(12,520)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,772)</td> </tr> <tr> <td style="vertical-align: bottom ; ">Interest expenses related to the convertible bonds&#039; amortization to face value</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,287</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">102,242</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">106,908</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">15,132</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,287</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">209,150</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">29,603</td> </tr> <tr> <td style="vertical-align: bottom ; ">Accretion, cumulative dividend and deemed dividend to subsidiaries&#039; preferred shareholders</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">16,287</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">16,680</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">16,955</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,400</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">32,382</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">33,635</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,761</td> </tr> <tr> <td style="vertical-align: bottom ; ">Income tax effects on non-GAAP adjustments</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(31,891)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">20,555</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">42,452</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,009</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(48,887)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">63,007</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">8,918</td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; ">Non-GAAP adjustments for net income (loss) attributable to the non-controlling interest shareholders</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(342)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,276</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(688)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(97)</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(819)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">588</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">83</td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td colspan="2" style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> <td style="display: none; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: bottom ; "><strong>Non-GAAP net income from continuing operations attributable to </strong><strong>controlling interest and common shareholders of JO</strong><strong>YY Inc.</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">356,995</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">326,556 </td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">493,589</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">69,864</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">952,532 </td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">820,145</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: double 15px 3pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">116,084</td> </tr> </table> <p><br /></p> <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;"> <tr> <td style="max-width:30%; width:30%; min-width:30%;;vertical-align: bottom ; "><strong>Non-GAAP net income from continuing operations per ADS</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:9%; width:9%; min-width:9%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">—Basic</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4.48</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4.08</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6.20</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.88</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">12.80</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">10.28</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1.46</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">—Diluted</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4.38</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3.76</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5.57</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.79</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">12.59</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">9.33</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1.32</td> </tr> <tr> <td style="vertical-align: bottom ; ">Weighted average number of ADS used in calculating Non-GAAP  net income from continuing operations per ADS</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">—Basic</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,682,966</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,980,844</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,609,517</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,609,517</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">74,418,556</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,795,181</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,795,181</td> </tr> <tr> <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">—Diluted</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">81,855,180</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">91,837,341</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">91,904,888</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">91,904,888</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">75,764,380</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">91,873,228</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">91,873,228</td> </tr> </table> <p><br /></p> <table style="border-collapse: collapse; width:100%; border-collapse:collapse ;"> <tr> <td style="max-width:5%; width:5%; min-width:5%;;text-align: left ; vertical-align: middle; vertical-align: top ; ">(1)</td> <td style="max-width:95%; width:95%; min-width:95%;;text-align: left ; vertical-align: middle; vertical-align: top ; ">Gain (loss) on fair value change of equity investees&#039; investments was reclassified to the reconciling items on the equity method investments from gain on fair value change of investments.</td> </tr> </table> <p align="left" style="text-align: left;"><strong><br /></strong></p> <p align="center"><strong><br /></strong></p> <p align="center"><strong><br />JOYY INC.</strong><br /><strong>UNAUDITED SEGMENT REPORT</strong><br />(All amounts in thousands, except share, ADS and per ADS data)</p> <table style="border-collapse: collapse; margin-left:0px; width:100%; border-collapse:collapse ;"> <tr> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="9" style="text-align: center ; vertical-align: middle; vertical-align: top ; "><strong>Three Months Ended</strong></td> </tr> <tr> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="9" style="text-align: center ; vertical-align: middle; vertical-align: top ; "><strong>June 30</strong><strong>, 2020</strong></td> </tr> <tr> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong> </strong></td> </tr> <tr> <td style="max-width:42%; width:42%; min-width:42%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:10%; width:10%; min-width:10%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>YY</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:10%; width:10%; min-width:10%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>Bigo</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:13%; width:13%; min-width:13%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>Elimination<sup>(1)</sup></strong></td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:10%; width:10%; min-width:10%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>Total</strong></td> <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:10%; width:10%; min-width:10%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>Total</strong></td> </tr> <tr> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">RMB</td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">US$</td> </tr> <tr> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>Net revenues</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="max-width:54%; min-width:54%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Live streaming</td> <td style="max-width:1%; min-width:1%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:8%; min-width:8%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,661,788</td> <td style="max-width:1%; min-width:1%;;padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:8%; min-width:8%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,945,960</td> <td style="max-width:1%; min-width:1%;;padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:8%; min-width:8%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="max-width:1%; min-width:1%;;padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:8%; min-width:8%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,607,748</td> <td style="max-width:1%; min-width:1%;;padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="max-width:8%; min-width:8%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">793,725</td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Others</td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">115,618</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">116,726</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">232,344</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">32,886</td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>Total net revenues</strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,777,406</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,062,686</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,840,092</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">826,611</td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Cost of revenues<sup>(2)</sup></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,583,125)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(2,185,970)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(3,769,095)</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(533,481)</td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td colspan="2" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="display: none; "> </td> <td style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td colspan="2" style="display: none; "> </td> <td style="display: none; "> </td> </tr> <tr> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>Gross profit </strong></td> <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,194,281</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">876,716</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">-</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "> </td> <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,070,997</td> <td style="padding-left: 0 ; text-align: right ; vertical-align: ...</tr></table><p><a href=https://www.benzinga.com/pressreleases/20/08/g17063070/joyy-reports-second-quarter-2020-unaudited-financial-results alt=JOYY Reports Second Quarter 2020 Unaudited Financial Results>Full story available on Benzinga.com</a></p> Earnings HUYA YY Press Releases Wed, 12 Aug 2020 22:30:10 +0000 Globe Newswire 17063070 at https://www.benzinga.com