Tuya, Inc. · NYSE:TUYA
Tuya — Q2 2022 Earnings Presentation
16 slides from Tuya's earnings presentation, August 2022
Slide 1: Presentation Second Quarter 2022
Presentation Second Quarter 2022 August 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: Q2'22 Updates
Q2'22 Updates
Slide 5: 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 -26% -38% +114% +77% $84.7 $76.9 $62.5 $47.6 $7.2 $7.8 $3.4 $4.4 Q2'21 Q2'22 Q2'21 Q2'22 Q2'21 Q2'22 Q2'21 Q2'22 Overall Core Business Non-Core busine
Slide 6: PaaS Business — Customers Movement
PaaS Business — Customers Movement Premium IoT PaaS customers1 Total IoT PaaS customers we served Contributed ~82% in Q2'22 of IoT PaaS revenue in Q2’22 Number of customers 285 2,800 267 2,600 133 1,200 Q2'20 Q2'21 Q2'22 Q2'20 Q2'21 Q2'22 *Decrease in PCs represents that some customers fell below th
Slide 7: Strong Revenue Growth in SaaS and Others
Strong Revenue Growth in SaaS and Others SaaS and Others revenue (USD'M) $7.3 $7.2 $5.8 $5.6 $3.4 +114% $2.4 $2.3 Q2 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 Q2'22 6
Slide 8: Industry SaaS Updates
Industry SaaS Updates Commercial Lighting/Building SaaS Hotel/Apartment Industrial Progress China International # of Newly obtained brands A Large High-voltage Electrical Control # of Newly obtained projects Equipment Supplier in China Optimize with more Scale our coverage with # of Newly accessed d
Slide 9: Value-added Service Demonstrates Obvious Growth Potential
Value-added Service Demonstrates Obvious Growth Potential Selected Value-added Services YoY Growth IPC Cloud Storage & Video Streaming OEM APP Voice Skills IoT Certification Cloud Development Framework APP Advanced Functions 8
Slide 10: New Tens Cube Solution are Making Steady Progress
Cube Solution are Making Steady Progress New Exemplary customers acquired Tens Top enterprises leads Vehicle South East Asia PRC Mainland Energy Campus Management One of the largest A PRC large multinational electrical, comprehensive electronics, automobiles and Industry Investment other appliances
Slide 11: Stable Gross Margin under Headwinds
Stable Gross Margin under Headwinds Gross Margin Key points: Overall gross margin 42% 43% 43% 43% • Showing our value proposition all the 41% 41% 38% time, including under headwinds 34% 30% 30% 28% 24% 25% 26% • Remained relatively stable for several quarters IoT PaaS gross margin • Due to effective
Slide 12: Operating Margin and Net Margin
Operating Margin and Net Margin Non-GAAP operating margin1 Non-GAAP net margin1 Main drivers: since Q2'21 to Q2'22 since Q2'21 to Q2'22 • Significantly decreased basic payroll and benefits due to headcounts down in Q2 After excluding • One-off headcount optimization costs After excluding (23%) one-o
Slide 13: Strong Cash Position — One of The Largest Advantages & Protection
Strong Cash Position — One of The Largest Advantages & Protection Operating cash flow Organic operating cash flow Main drivers: since Q2'21 to Q2'22 since Q2'21 to Q2'22 (USD'M) (USD'M) • Operating cashflow improved significantly quarter over quarter, $5.8 reversing the trend of sequential $0.4 decr
Slide 14: Expanding Developer Ecosystem 629,000 Developers
Expanding Developer Ecosystem 629,000 Developers1 +8% Quarter over Quarter / +64% Year over Year Product Development App Development Cloud Development 1. “Developer” refers to the registered developer, as of June 30, 2022. 13
Slide 15: Building an IoT Developer Ecosystem Enabling Everything to Be Smart
Building an IoT Developer Ecosystem Enabling Everything to Be Smart
Slide 16: Appendix: Reconciliation of Non-GAAP to GAAP
Appendix: Reconciliation of Non-GAAP to GAAP For the Three Months Ended For the Three Months Ended June 30, 2021 June 30, 2022 USD'000 USD'000 Reconciliation of operating expenses to non-GAAP operating expenses Research and development expenses (42,657) (37,221) Add: Share-based compensation 2,956 3