Tuya, Inc. · NYSE:TUYA
Tuya — FY2021 Earnings Presentation
18 slides from Tuya's earnings presentation, March 2022
Slide 1: Investor Presentation Fourth Quarter and Fiscal Year 2021
Investor Presentation Fourth Quarter and Fiscal Year 2021 March 2022
Slide 2: Disclaimer
Disclaimer This presentation and the accompanying oral presentation (the “Presentation”) have been prepared by Tuya Inc. (the "Company") solely for informational purposes and have not been independently verified. No representations, warranties or undertakings, express or implied, are made by the Com
Slide 3: Build an IoT Developer Ecosystem, Enable Everything to Be Smart
Build an IoT Developer Ecosystem Enable Everything to Be Smart
Slide 4: Global Influence in 2021 at A Glance
Global Influence in 2021 at A Glance 12 Gartner reports 👍 Tuya Selected by , the world’s leading IT research firm, in 12 research reports including Digital Twins, IoT Platforms and IIOT1 10+ Mn annual IoT PaaS deployments achieved by single customer for the first time An international brands with…
Slide 5: Our Product Launching Roadmap
Our Product Launching Roadmap 2015 2016 2017 2018 2019 2020 2021 2022 SaaS Business IoT PaaS SaaS Smart Device Empowered … Categories Consumer Sports, Wellness Lighting & Electrical Safety & Sensors Appliances & Entertainment Outdoor More LTE Cat 1 Communication Bluetooth zigbee Wi-Fi + BLE Protocol
Slide 6: Expanding IoT PaaS and SaaS Customers
Expanding IoT PaaS and SaaS Customers E X PA N D I N G E C O S Y S T E M Note: Selected customers as of December 31, 2021. 5
Slide 7: Strong Performance in SaaS and Others
Strong Performance in SaaS and Others Customers of Real Estate/Community/Park Solutions Real Estate/Community/Park • Re-align SaaS with a "IoT+PaaS+SaaS" model, enabling customers to pick and choose on demand • Over 100 community projects delivered during the year • Tens of large-scale community pro
Slide 8: Expanding Developer Ecosystem
Expanding Developer Ecosystem 510,000 Developers1 +14% Quarter over Quarter / +95% Year over Year Product Development App Development Cloud Development 1. "Developer" refers to registered developer, as of December 31, 2021. 7
Slide 9: Strong Revenue Growth
Strong Revenue Growth Total revenue (USD'M) Annual revenue Quarterly revenue 68% YoY Growth / 69% 3-year CAGR 19% YoY Growth in Q4'21 $302.1 $84.7 $85.6 $75.0 $63.0 $59.1 $56.9 $179.9 $38.8 $33.5 $34.2 $105.8 $21.8 $18.9 $16.3 FY19 FY20 FY21 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'2
Slide 10: Strong Revenue Growth: Revenue Breakdown
Strong Revenue Growth Revenue breakdown for the year (USD'M) IoT PaaS SaaS and Others Smart Device Distribution YoY YoY YoY +72% +203% Flat $261.4 Q4 Q4 Q4 Q1-3 $62.1 Q1-3 Q1-3 $151.7 $54.5 $22.1 $22.2 $199.3 $18.6 $6.2 $5.6 $7.3 $6.1 $97.2 $2.4 $15.9 $16.6 $11.3 $3.7 FY20 FY21 FY20 FY21 FY20 FY21 9
Slide 11: World-Class Dollar-Based Net Expansion Rate
World-Class Dollar-Based Net Expansion Rate 210% 211% 188% 179% 181% 179% 153% 173% 160% A LEADING LEVEL IN CLOUD PAAS AND SAAS INDUSTRY FOR NINE CONSECUTIVE QUARTERS Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Note: Tuya calculates dollar-based net expansion rate of IoT PaaS for a trailin
Slide 12: Large Customer Growth
Large Customer Growth Premium IoT PaaS customers1 Average LTM IoT PaaS revenue2 Contributed ~87/88% of Q4'21/FY21 IoT PaaS revenue Per premium IoT PaaS customer (USD'K) 311 747 99.5% Retention Rate3 706 188 127 510 Q4'19 Q4'20 Q4'21 Q4'19 Q4'20 Q4'21 1. Tuya defines a premium IoT PaaS customer as a
Slide 13: Strong Revenue Growth in SaaS and Others
Strong Revenue Growth in SaaS and Others SaaS and Others revenue (USD'M) $7.3 $5.6 $3.4 +205% $2.4 Q4 SaaS and Others $2.3 $1.8 Revenue Y/Y Growth $1.2 $0.7 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 12
Slide 14: Improving Gross Margin
Improving Gross Margin +5 pps Overall gross margin 42% 43% 41% 42% 38% 34% 30% 30% Improvement drivers: 28% 25% 26% 24% • Increased economies of scale and cost savings Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 • Improved efficiency achieved IoT PaaS gross margin +3 pps
Slide 15: Operating Margin and Net Margin
Operating Margin and Net Margin Non-GAAP operating margin Non-GAAP operating margin and net margin1 (FY21) and net margin1 (Q4'21) Main factors: • Stable growth of gross margin …offset by… (25%) (24%) (32%) • Increased R&D personnel to keep (34%) (36%) sufficient reserve of talents (39%) (42%) (45%)
Slide 16: Operating Cashflows
Operating Cashflows Net cash used in operating activities1 Net cash used in operating activities1 as % of revenue (FY21) as % of revenue (Q4'21) Main factors: • Increasing gross profits (14)% …offset by… (27)% • Increased payment for employee-related expenses (42)% • Working capital changes2 due to
Slide 17: Building an IoT Developer Ecosystem, Enabling Everything to Be Smart
Building an IoT Developer Ecosystem Enabling Everything to Be Smart
Slide 18: Appendix: Reconciliation of Non-GAAP to GAAP
Appendix: Reconciliation of Non-GAAP to GAAP For the Three Months Ended For the Three Months Ended Dec 31, 2020 Dec 31, 2021 USD'000 USD'000 Reconciliation of operating expenses to non-GAAP operating expenses Research and development expenses (25,467) (46,187) Add: Share-based compensation 961 4,093