Q3 2024 Tuya Inc Earnings Call Transcript
Key Points
- Tuya Inc (TUYA) achieved a 34% year-over-year revenue growth in the third quarter of 2024.
- The company maintained a high operating efficiency, achieving a non-GAAP operating margin of around 9%.
- The smart solutions segment saw over 100% year-over-year revenue growth, driven by strong market demand.
- Tuya Inc (TUYA) reported a non-GAAP net profit margin of around 25%, aided by substantial interest income.
- The company's dollar-based net expansion rate stood at a healthy 124%, indicating strong growth among existing customers.
- The company faces potential challenges from tariff increases in the US, which could impact customer behavior.
- There is uncertainty regarding the gross profit margin (GPM) stability due to changes in product mix.
- Despite strong financial performance, the company has not yet achieved annual profitability to support regular dividends.
- The AI monetization strategy is still in the pilot stage, with no immediate revenue contribution guidance.
- The overall gross margin may decline gradually due to the increasing proportion of smart solutions, which have lower margins compared to software.
Good morning, and good evening, ladies and gentlemen. Thank you for standing by, and welcome to Tuya Inc. third-quarter 2024 earnings conference call. (Operator Instructions). Please be advised that today's conference is being recorded.
I'll now turn the call over to your first speaker today, Mr. Reg Chai, Investor Relations Director of Tuya. Please go ahead, Reg.
Okay. Thank you, Emma. Thank you. Hello, everyone. Welcome to our third-quarter 2024 Earnings Call.
Joining us today are Founder and CEO of Tuya, Mr. Jerry Wang; and our CFO, Ms. Alex Yang. The third-quarter 2024 financial results and webcast of this conference call are available at ir.tuya.com. A replay of this call will also be available on our 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, Mr. Wang. Jerry will deliver his
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