Q2 2024 Tuya Inc Earnings Call Transcript
Key Points
- Tuya Inc (TUYA) achieved a robust year-over-year revenue growth of approximately 29% in Q2 2024.
- The company recorded its first quarterly non-GAAP operational profit with a margin of around 10%.
- IoT PaaS business experienced a year-over-year growth of approximately 32%, driven by industrial recovery and increased demand in Asia.
- Revenue from smart solutions grew by approximately 44% year-over-year, maintaining a gross margin of nearly 27%.
- Tuya Inc (TUYA) has a strong financial position with over $1 billion in net cash and positive operating cash flow for five consecutive quarters.
- The number of customers served in Q2 2024 decreased slightly compared to the same period last year.
- There is a potential slowdown in momentum for household appliances exports, which could impact future growth.
- The company faces challenges in providing accurate year-over-year growth numbers for Q3 due to high base comparisons from 2023.
- GAAP operating profit or loss and net profit may experience quarterly fluctuations due to non-operational factors such as share-based compensation expenses.
- The company’s future profitability and dividend distribution are subject to market volatility and interest rate changes.
Good day and thank you for standing by. Welcome to the Tuya Inc. second quarter 2024 earnings conference call. (Operator Instructions) Please be advised, today's conference is being recorded. I would now like to turn the call over to your first speaker for today, Mr. Reg Chai, Investor Relations Director of Tuya. Please go ahead, sir.
Okay. Thank you Hello, everyone. Welcome to our second quarter 2024 earnings call. Joining us today are Founder and CEO of Tuya, Ms. Jerry Wang, our current CFO, Ms. Jessie Liu, and our Co-Founder and incoming CFO, Alex Yang. The second quarter 2024 financial results and webcasts of this conference call are available at ir.tuya.com. A replay of this call will also be available on our IR website in a few hours.
Before we continue, I refer you to our safe harbor statement in our earnings press release which applies to this call as we will make forward-looking statements. With that, I will now turn the call to our Founder and CEO, Ms. Jerry Wang. Jerry will deliver his remarks
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