Tuya, Inc. · NYSE:TUYA
Tuya — Q1 2022 Earnings Presentation
15 slides from Tuya's earnings presentation, June 2022
Slide 1: Investor Presentation First Quarter 2022
Investor Presentation First Quarter 2022 June 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
Build an IoT Developer Ecosystem Enable Everything to Be Smart
Slide 4: Revenue Updates by Segment
Revenue Updates by Segment Revenue breakdown for the quarter (USD'M) Total Revenue IoT PaaS SaaS and Others Smart Device Distribution YoY YoY YoY YoY -2.7% -16.1% +147% +64% $56.9 $55.3 $49.8 $41.8 $5.8 $7.8 $4.8 $2.3 Q1’21 Q1’22 Q1’21 Q1’22 Q1’21 Q1’22 Q1’21 Q1’22 Overall Core Business Non-Core bus
Slide 5: PaaS Business — Dollar-Based Net Expansion Rate Remained over 120%+ for 10 Consecutive Quarters
PaaS Business — Dollar-Based Net Expansion Rate Remained over 120%+ for 10 Consecutive Quarters 210% 211% 188% 179% 181% 179% 173% 160% 153% 122% A LEADING LEVEL IN CLOUD PAAS AND SAAS INDUSTRY FOR TEN CONSECUTIVE QUARTERS Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Note: Tuya calcul
Slide 6: PaaS Business — Strengthening Ecosystem with Expanding Customer Base
PaaS Business — Strengthening Ecosystem with Expanding Customer Base Premium IoT PaaS customers1 Total IoT PaaS customers we served Contributed ~86% in Q1'22 of IoT PaaS revenue in Q1’22 (#Number of customers) 303 2,650 2,200 216 125 850 Q1'20 Q1'21 Q1'22 Q1'20 Q1'21 Q1'22 1. Tuya defines a premium
Slide 7: Lighting Products Underperformed in Q1'22 Due to Weakened Consumer Purchase Power
Lighting Products Underperformed in Q1'22 Due to Weakened Consumer Purchase Power Caused by Global Inflation Q1’21 vs Q1’22 Q1’21 Q1’22 Q1’21 Q1’22 Q1’21 Q1’22 Q1’21 Q1’22 Lighting & Electricals Consumer Security & Sensors Big & Small Appliances Others ~3x Smart penetration rate 1.05 to 1.10x sellin
Slide 8: Strong Revenue Growth in SaaS and Others
Strong Revenue Growth in SaaS and Others SaaS and Others revenue (USD'M) $7.3 $5.8 $5.6 $3.4 +147% $2.4 $2.3 Q1 SaaS and Others $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 Q1'22 7
Slide 9: Hotel SaaS — Strategic Partnership Between Tuya and Alipay
Hotel SaaS — Strategic Partnership Between Tuya and Alipay Tuya Hotel SaaS Integrates Surrounding Commercial Resources Efficiently For hotels: Software + Hardware IoT • Obtain the capability of connecting surrounding Capability commercial zones • More diversified revenue model Barber Shop • Integrat
Slide 10: Commercial Lighting SaaS — Delivered Many Benchmark Projects
Commercial Lighting SaaS — Delivered Many Benchmark Projects Overall Performance in Q1’22 Application Scenarios ~280 35,000+ School & Classroom Office Building Warehouse New Projects New Access Devices 20+ 15+ Chain Stores Garage Logistic Park New Obtained Potential Customers Brands SaaS Commercial
Slide 11: Stable Gross Margin
Stable Gross Margin Gross Margin Overall gross margin 41% 42% 42% 43% 41% 38% 34% Main drivers: 30% 30% 26% 28% 24% 25% • Effective implementation of pricing and cost management and efficiency IoT PaaS gross margin improvement initiatives 42% 42% 42% 43% 42% • Expansion into higher-margin IoT 40% 33
Slide 12: Operating Margin and Net Margin
Operating Margin and Net Margin Non-GAAP operating margin1 Non-GAAP net margin1 Main drivers: • Increased employee-related costs due to headcounts in Q1 (43%) (42%) • One-off compensations to employees (63%) After excluding (62%) After excluding due to team restructuring one-off losses one-off losse
Slide 13: Expanding Developer Ecosystem 582,000 Developers
Expanding Developer Ecosystem 582,000 Developers1 +14% Quarter over Quarter / +80% Year over Year Product Development App Development Cloud Development 1. "Developer" refers to registered developer, as of March 31, 2022. 12
Slide 14: Building an IoT Developer Ecosystem Enabling Everything to Be Smart
Building an IoT Developer Ecosystem Enabling Everything to Be Smart
Slide 15: Appendix: Reconciliation of Non-GAAP to GAAP
Appendix: Reconciliation of Non-GAAP to GAAP For the Three Months Ended For the Three Months Ended March 31, 2021 March 31, 2022 USD'000 USD'000 Reconciliation of operating expenses to non-GAAP operating expenses Research and development expenses (34,709) (47,588) Add: Share-based compensation 3,845