Ladies and gentlemen, thank you for standing by, and welcome to the JOYY Inc's fourth quarter and full- year 2021 earnings call. At this time, all participants are in a listen-only mode. After the management's prepared remarks, there'll be a question-and-answer session. I'd now like to hand the conference over to your host today, Jane Xie, the company's Senior Manager of Investor Relations. Please go ahead, Jane. Thank you, operator. Hello, everyone. Welcome to JOYY's fourth quarter and full -year 2021 earnings conference call. Joining us today are Mr. David Xueling Li, Chairman and CEO of JOYY, Ms. Ting Li, our COO, and Mr. Alex Liu, the General Manager of Finance. For today's call, management will first provide a review of the quarter, and then we will conduct a Q&A session. The financial results and webcasts of this conference call are available at ir.joyy.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 apply to this call as well as we will make forward-looking statements. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in US dollar. I will now turn the call over to our Chairman and CEO, Mr. David Xueling Li. Please go ahead, sir. Hello, everyone. Welcome to our first quarter of 2021 earnings call. Let me start the call with an overview of our first quarter results. We grew our total revenues by 16.8% year-over-year to $663.7 million. Specifically, BIGO's revenue increased by 30.2% year-over-year to $576.1 million. Meanwhile, we further improved our non-GAAP profitability at the group level when excluding YY Live as we earned a non-GAAP net profit of $98.3 million and improved our non-GAAP net margin to 40.8%. BIGO's non-GAAP net profit expanded to $103.5 million, while its non-GAAP net margin improved to 18% from 8.7% in the previous quarter. As a result, for the full- year of 2021, we generated $2.62 billion in total revenue, an increase of 36.5% from 2020. Notably, we grew BIGO's full- year 2021 revenues by 34.1% to $2.32 billion at the group level. Our global business reached another major milestone as we achieved full- year non-GAAP profitability for the first time when excluding YY Live, having booked $108.9 million in non-GAAP net profit with 4.2% non-GAAP net margin. This was mainly attributed to BIGO's strong financial performance as it turned profitable for the full -year for the first time by generating $182 million in non-GAAP net profit with a corresponding non-GAAP net margin of 7.8%. Looking back at 2021 as a year marked by growth, strategic adaptation, and breakthroughs. On the growth front in 2021, we continued to expand our revenue, driven by our enhanced monetization capabilities across multiple social entertainment products. Consequently, for the full- year of 2021, BIGO LIVE's revenue grew by 31.3%. Likee's revenue grew by 97.8%, and HAGO's revenue grew by 54.6%, all contributing to the 36.5% top line growth at the group level. On the strategic adaptation front, we proactively implemented some strategic alignments. In early 2021, because we value the long-term growth, health, and sustainability of our products, we made certain adjustments to Likee and HAGO's marketing strategies and priorities, investment in their content and social ecosystems, which we believe are fundamental to the user experience and the long-term competitiveness of our products. After a few quarters of executing those adjustments under a more prudent marketing strategy, we are pleased to report significant improvement in the monetization efficiency, financial and operational healthiness of these products. As a result, we substantially narrowed their operating losses even though their MAUs experienced a few short-term fluctuations. The combination of the increased monetization of the aforementioned products, our proactive adjustment in marketing strategies, the growing synergy among our products, and our enhanced operational efficiency across the board had led us to an important breakthrough, enabling us to achieve full-year profitability for our global business for the first time since the deconsolidation of YY Live. Our healthy cash flows demonstrate that we have entered into a new phase of sustainable development. Following a positive operating cash flow of $77.6 million in the third quarter, we generated another positive operating cash flow of $150.2 million in the fourth quarter. Looking back, we continue to achieve innovative breakthroughs as evidenced by our proven track record of incubating, developing, and monetizing our products. With our existing global market presence, healthy cash flows, and sustainable growth momentum, we are confident in our future prospect as we continue to reinvent ourselves, explore the global market, increase our global market share, and capture future growth opportunities in the social entertainment industry. Next, let me share greater details of the progress we made in each of our product lines during the fourth quarter. Let's start with the BIGO LIVE. Our efforts in cultivating a diversified global content ecosystem have been fruitful in expanding our product reach as the BIGO LIVE's MAU grew by 11.9% year-over-year to $32.2 million in the first quarter. Despite macroeconomic uncertainties, challenges posed by the resurgence of COVID-19, and some depreciation of certain currencies against the US dollar, that partially offset our growth momentum. Our business demonstrated superb resilience. On a year-over-year basis, BIGO LIVE's live streaming revenue and paying users increased by 12.5% and 10.3% respectively in the first quarter as we continue to make headway with BIGO LIVE's growth trajectory in multiple geographic regions. In particular, revenues and paying users from Europe increased by 42.2% and 40.7% respectively. While revenues and paying users from Southeast Asia and other emerging markets increased by 16.6% and 24.4% respectively. In the first quarter, we made additional progress in diversifying our content ecosystem, enriching our localized content offerings, increasing our supply of premium content, and improving user engagement. In December 2021 and January 2022, we hosted a series of online events in multiple regions across the globe, such as Europe and the Middle East. Those events featured many popular regional artists, musicians, singers, and dancers, in addition to the region's top live streamers. To provide a user with a refreshing and immersive social experience, we launched the innovative product features in the first quarter, incorporating computer vision, virtual reality, augmented reality, and many other cutting-edge technologies. In December, we introduced a brand-new feature called Virtual Live, which enable users to create custom 3D digital avatars as their virtual representations that mirror their live body movements and facial expressions via camera when streaming on BIGO LIVE. We plan to upgrade the Virtual Live feature continuously in the future to increase our user personalization, boosting user interactions, and enhance user engagement. Beyond that, we also introduced into BIGO LIVE a virtual background feature for single user live streaming rooms and implemented a tiered system for granting special user privileges in multi-user live streaming rooms. All these technology innovations have produced encouraging results as average and cumulative duration of live streaming sessions increased year-over-year by 12.1% and 8.3% respectively in the first quarter. To enhance our brand influence, we continue to organize signature events by leveraging the extensive localized operational experience of our international talent. For example, in January this year, we hosted the BIGO Awards Gala, inviting around 100 streamers from variety of culture backgrounds to perform through video feeds in front of their global fans. During the Annual Gala through the grand debut of our recently launched Virtual Live 3D avatar feature in collaboration with Twice, a Thai singer, BIGO LIVE delivered a brand-new view experience through seamless integration of physical and virtual realities. As is the tradition for this annual event, we selected BIGO LIVE's most influential streamers of the year and featured them on advertising billboards at famous landmarks around the world, including Times Square in New York and many more. Going forward, BIGO LIVE will continue executing its globalization strategy to enhance its leadership position in the social entertainment live streaming industry across the world. It will continue to focus on key regions like North America, Europe and the Middle East, and the Eastern Pacific, while accelerating investments in emerging markets. BIGO LIVE will also continue to localize, diversify its social content ecosystem with a focus on content categories such as music, dance, comedy, games and e-commerce. Further increase the proportion of its premium content to elevate user expansion and engagement. Meanwhile, through content products innovation and localized operations, BIGO LIVE will seek to construct interest-based online communities to help users establish more fulfilling social connections on the platform. We believe that diversified content and positive social relationships on the platform will further enrich our users social entertainment experience, attract more users onto our community, cultivate their spending habits and ultimately drive BIGO LIVE's monetization growth. Next, let me share some recent updates on Likee. As discussed on our previous earnings calls, we have been fine-tuning Likee marketing strategy since the first quarter of 2021, and prioritizing our investment in our content and social ecosystem. Likee's overall MAU experienced some short-term fluctuations as a result, and reached 67 million. The downward trend moderated further during the first quarter, especially in the Gulf States in the Middle East region. Likee's live streaming revenue continued to grow during the first quarter, increasing by 26.5% year-over-year. Its revenue from the Middle East increased by 59.1% year-over-year. With a focus on identifying and cultivating talented content creators via its comprehensive creator support program, LIKE continue its efforts in fostering a friendly and vibrant content creation community, motivated by a series of incentive programs. The number of certified creators on LIKE increased by 22% consequently in the first quarter. The number of certified creators for the gaming category, which are widely popular among Gen Z user, increased by 173% consequently. The average quantity of premium gaming content produced per day increased by 97% consequently. As part of our effort to cultivate and support creators, LIKE rolled out a series of upgrades of its product features during the first quarter. LIKE expand the implementation of Super Like feature to a broader user base, leading Super Like to become a unique icon for users to publicly endorse their favorite creators and support premium content. Meanwhile, certified creators received nearly six times more incentives through the Super Like feature in December than September. In addition, we introduced another new feature called Super Follow to enable creators to publish exclusive content for their super followers by earning monthly subscription fee on Likee. All these new feature provide more diverse monetization channels to creators, enrich their interactions with fans, and incentive them to produce more individualized and high-quality content. In 2022, we will continue to invest more resources in identifying and nurturing talented creators. We will provide these creators across various content verticals with abundant user traffic support, sufficient content creation tools, professional support for our localized operation teams, and diverse monetization methods to pave a path for their long-term personal growth and career development. We believe a vibrant content community and lively interactions between creators and fans are fundamental to sustaining Likee's monetization growth and reversing Likee's user downward trend in the future. In addition to monetization via live streaming, we are also steadily steering the growth of Likee's brand advertising business and further diversifying its revenue streams. Going forward, we are confident that Likee will be able to maintain its top line growth trajectory, further narrow its operation loss, and gradually resume user expansion over a long period of time. Last, on HAGO. During the first quarter, HAGO continued its monetization growth momentum. Its live streaming revenue and the paying user increased by 32.1% and 33.9% year-over-year respectively. Mainly driven by the optimizing of several fan engagement features and the launch of new couple features in dating-themed live streaming rooms. We also upgrade HAGO's products to better satisfy the user demand for multiple players' social interactions. Considering the difference in user life circles and user regions, we implement and update recommendation algorithms for users to easily locate their favorite live streaming rooms. As a result, in the first quarter, the penetration rates for HAGO's feature channels increased by 2.2% sequentially. In 2022, HAGO will continue to provide users with better multiplayer interactive entertainment experience by optimizing its product features, enhancing user matching capabilities, and diversifying user interactions to culture and interest-based social entertainment community. We believe that we will continue to drive HAGO's monetization growth, further narrow its operating loss, and make further progress on its path towards breakeven in 2022. In summary, 2021 was a fruitful year for JOYY. The enhanced monetization capability across multi-products helped us achieve full-year revenue growth of 36.5%. The combination of our increased monetization for the aforementioned products, proactive adjustment in marketing strategies, better synergy among multiple products, and enhanced operational efficiency across the board led us to full-year profitability, not only for BIGO, but also for the whole group. On the capital return front for the full- year, our board of directors has authorized the additional share purchase program of $1.2 billion. As of December 31, 2021, we have bought back a cumulative $393 million of our shares, $236 million of which was out of the $1.2 billion newly added purchase plan. Additionally, we have paid out a total of $160 million in dividends. These efforts are to demonstrate our confidence in the company's long-term growth perspectives, and to reward our shareholders for their long-term support of the company. Looking ahead, we will continue to localize our diversified global social entertainment ecosystem, expand our market reach, and fortify our leadership position in core geographic regions. As an innovator and a pioneer, we remain committed to our vision of bridging communications among people from around the globe and bring them joyful and youthful experience. This concludes my prepared remarks. I will now turn the call to our General Manager of Finance, Alex Liu, for a more detailed explanation of our financial results. Thanks, David. Hello, everyone. As JOYY's General Manager of Finance, I'll talk about the financial results. Since a majority of our revenues and expenses are now denominated in USD, starting from January 1st, 2021, we have changed our reporting currency from renminbi to US dollar to better illustrate our operational results. Please note that the financial information and non-GAAP financial information disclosed in our earnings press release is presented on a continuing operations basis, unless otherwise specifically stated. As the sale of YY Live was substantially completed on February 8th, 2021, with certain customary matters to be completed in the near future. The historical financial results of YY Live are reflected in the company's consolidated financial statements as discontinued operations accordingly, starting from the first quarter of 2020. During the first quarter of 2021, despite the recent volatility in the macro environment and increased uncertainty due to COVID-19 and some depreciation of certain currencies against the US dollar that possibly offset our growth momentum, our business growth remains resilient. Our total revenues for the first quarter increased by 16.8% year-over-year to $663.7 million, from $568.2 million in the same period of 2020. Primarily attributable to the enhanced monetization capabilities across multiple products, including BIGO LIVE, Likee, and HAGO. In particular, our live streaming revenues for the first quarter increased by 15% year-over-year to $620.9 million. Other revenues in the first quarter increased by 50.3% to $42.8 million. Cost of revenues for the first quarter increased by 9.6% year-over-year to $440.2 million. Revenue sharing fees and content costs increased to $297.3 million in the first quarter from $254.2 million in the same period of 2020, which was in line with the increase in live streaming revenues. Bandwidth costs decreased to $20.6 million from $27 million in the same period of 2020, primarily due to the company's improved efficiency in bandwidth usage, partially offset by the increased bandwidth usage as a result of continued user base expansion of BIGO LIVE. Gross profit increased by 34.2% year-over-year to $223.5 million. Gross margin in the first quarter of 2021 improved to 33.7% from 29.3% in the same period of 2020. Operating expenses for the first quarter decreased to $168.2 million from $251.6 million in the same period of 2020. Among the operating expenses, sales and marketing expenses decreased to $112.6 million from $146.4 million due to disciplined spending on user acquisition via advertisements for certain products, including Likee and HAGO. Through the combination of improved synergy among multiple products, enhanced operating leverage, and prudent marketing strategy, we continued to achieve a steady expansion in profitability for both BIGO segment and for the entire group. Our GAAP operating income for the first quarter was $60.6 million, compared to operating loss of $83.8 million in the same period of 2020. Operating income margin for the first quarter was 9.1% compared to operating loss margin of 14.7% in the same period of 2020. Our non-GAAP operating income for the first quarter, which excludes share-based compensation expenses, amortization of intangible assets from business acquisitions, as well as impairment of goodwill and investments and gain on the disposal of subsidiaries and business, was $83.5 million in this quarter, compared to non-GAAP operating loss of $33.2 million in the same period of 2020. Our non-GAAP operating income margin for the first quarter was 12.6% compared to non-GAAP operating loss margin of 5.8% in the prior year period. GAAP net income from continuing operations attributable to controlling interest of JOYY in the first quarter of 2021 was $73.2 million compared to net loss of $118.9 million in the same period of 2020. Net income margin was 11% in the first quarter of 2021 compared to net loss margin of 20.9% in the corresponding period of 2020. At the group level, we continued to achieve a positive non-GAAP net income from continuing operations attributable to controlling interest of JOYY in the first quarter. With a non-GAAP net income of $98.3 million compared to non-GAAP net loss of $22.4 million in the same period of 2020. The group's non-GAAP net income margin was 14.8% in the first quarter of 2021 compared to non-GAAP net loss margin of 3.9% in the same period of 2020. Notably, BIGO also continued to achieve a positive non-GAAP net income as its non-GAAP net income expanded to $103.5 million in the fourth quarter, with non-GAAP net income margin improved to 18% from non-GAAP net loss margin of 0.4% in the prior year period. Now turning to our results for the full- year of 2021. Our total net revenues increased by 36.5% year-over-year to $2.62 billion. Our net loss attributable to controlling interest of JOYY for the full- year of 2021 was $115.9 million compared to $18.7 million in 2020. We have attained the first full- year non-GAAP profitability at group level since we deconsolidated [YY Live]. Our non-GAAP net income attributable to controlling interest and common shareholders of JOYY for the full- year of 2021 was $108.9 million, compared to non-GAAP net loss of $164 million in 2020. non-GAAP net income margin for the full- year of 2021 was 4.2% compared to non-GAAP net loss margin of 8.6% in 2020. In addition, in accordance with our quarterly dividend plan approved on August 11, 2020, and on November 16, 2020, we will be distributing a dividend of $0.59 per ADS for the first quarter of 2021, which is expected to be paid on April 29, 2022 to shareholders of record as of the close of business on April 14, 2022. Next, an update on our execution of the share repurchase program. In September and November 2021, our board of directors have authorized additional share repurchase plans in which the company may repurchase up to $1.2 billion of its shares in total. As of December 31, 2021, the company had repurchased approximately $235.7 million of its shares under these programs. This means that for the full- year of 2021, we have bought back a cumulative $393 million of our shares. These efforts demonstrate our confidence in the company's long-term growth prospects and our sincerity to reward our shareholders for their long-term support of the company. We will continue to actively utilize share repurchases to create value for our shareholders. Going forward, we will continue to further expand our global market reach, cultivate our highly engaged user community, and enhance our high-quality content offerings. Beginning in the second quarter of 2021, we had anticipated some negative impacts on users' online social entertainment activities from the gradual lift of pandemic-related lockdowns in certain countries. We expect our net revenues for the first quarter of 2022 to be between $601 million and $660 million, excluding the revenue contribution from YY Live in the same period of last year. We currently have limited visibility surrounding the COVID-19 epidemic's long-term impacts and geopolitical uncertainties on our business and the markets in which we operate. Therefore, this forecast only reflects our current and preliminary views on the market and operational conditions, which are subject to change. That concludes our prepared remarks. Operator, we would now like to open up the call to questions. Thanks. Thank you. We will now begin the question and answer session. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. For the convenience of everyone on the call, please ask one question at a time. If you wish to ask more questions, please rejoin the queue. Also, when asking a question, please state your question in Chinese first, then immediately repeat your question in English. Thank you. Our first question comes from Alex Poon at Morgan Stanley. Please go ahead. [Non-English content] Thanks, management, for taking my question. My first question is related to our revenue growth outlook in 2022, how are the major countries performing? What's the outlook for 2022? My second question is regarding our margins. Our margin in the last few quarters have been on an uptrend. From here onwards, any cost savings we can continue to do? For the YY Core segment, when can we see a breakeven point? Thank you very much. [Non-English content] Thank you, Alex, for your question. As the world enters the post-pandemic era, the macro environment that we encounter has become of increased uncertainty and volatility. On the one hand, you see that with multiple countries gradually lifting lockdown bans, there has been negative impact on users' online social entertainment activities. On the other hand, the resurgence of COVID-19 in certain areas pose increased uncertainty on the potential economic growth. Together with the ongoing high inflation pressure across multiple regions, we do see weakened consumer confidence and capacity, which have negative impact on users' paying behavior. Despite the above complex macro environment, we have achieved a 36.5% revenue growth for the year 2021, which indicates that our diversified globalization strategy, which focus on various numbers of different regions across the world, and our diversified growth engines empowered by multiple social entertainment products, are effective, enabling our global business to have greater resilience. Looking forward to 2022, we will continue to execute the above-mentioned strategy. We expect to have a resilient and steady top-line growth driven by multiple key regions including Europe, North America, Middle East, Eastern Pacific, and Southeast Asia, and also by monetization growth across multiple products including BIGO LIVE, Likee, HAGO, and other products. We'd like to remind you that the current outlook for our first quarter 2022 do reflect some fluctuations related to seasonality of our business, so we expect our business growth to accelerate gradually in the second half of 2022. In terms of the latest growth trend for the key regions, we do see promising trends in Europe, Eastern Pacific, including countries like Japan, South Korea, Australia, New Zealand, and also the Southeast Asia region to be good in Q4. In 2022, we expect our business continue to be diversified among the above-mentioned regions. Thank you. [Non-English content] Thank you. This is Alex Liu. I will take your second question. As David just mentioned, we prove the profitability of our global business by achieving a 7.8% GAAP net profit margin for BIGO segment for the full- year. Also, a 4.2% non-GAAP net profit margin for the whole group in 2021. This means that we have officially enter into a sustainable growth stage. In 2022, we want to balance growth and profit, and this means that on the one hand, we will seize the opportunity to continue to invest and explore the global market and continue to increase the influence and market share of our products. On the other hand, we expect to remain profitable and steadily improve the profitability level of our business. Specifically for BIGO segment, on top of the non-GAAP net margin that we achieved in the year 2021, we expect to continue to steadily improve BIGO's non-GAAP profitability for the full- year in the year 2022, and this is based on the assumption that BIGO LIVE continues to maintain a relatively stable level of operating profitability, while the losses of other product lines such as Likee are continuing to narrow. In terms of the cost and expense margins, with the increased monetization across multiple products and the improvement of enhanced operational efficiency, we believe that cost savings could happen across various expense items. For the other segments, we have successfully narrowed its full -year non-GAAP loss by 35% in the year 2021. In 2022, as the monetization of HAGO and also other products continue to pick up, we expect that the non-GAAP net losses of this segment to be further narrowed in the year of 2022. Thank you. Next question. Our next question comes from Thomas Chong at Jefferies. Please go ahead. [Non-English content] Thanks management for taking my questions. My first question is about the competitive landscape in overseas market. How should we assess the changes in this year and how should we think about the seasonality? My second question is about the YY Live transaction. Can management share about the progress as well as any strategies that can be shared? Thank you. [Non-English content] Thank you, Thomas. Regarding your first question on the competitive landscape, I share my views multiple times in our previous earnings calls as well. I've just mentioned that our global business turn profitable in the year 2021, and we have officially enter into a sustainable growth stage. This means that under the current complex, increasingly complex macro environment, this makes our business more resilient, and allow us to gain additional competitive advantages on top of our already existing extensive global business presence and also our proven global localized operational capacity. Turning losses into profits means that we have more space and time to think and plan our business from a longer term development perspective. As we have said before, there is still a lot of potential for the global social entertainment market. We believe that with the support of our abundant cash flow and also with our healthy growth model, we will be better positioned to seize market opportunity and further increase the market share and influence of our multiple products. Regarding our business seasonality, we have to admit that the outbreak and recurrence of the pandemic has actually disrupted the normal pattern from time to time. According to our limited observation of our business trends in the past, the first half of the year is usually a lower season, and business growth usually accelerate in the second half of the year. The current outlook for our first quarter 2022 reflects such seasonality fluctuation, and we expect our business both to accelerate gradually in the second half of 2022. [Non-English content] Regarding your second question about the sale of YY Live, the deal is still ongoing, and if there is any updates, further information will be disclosed when then as required by applicable law. Thank you. Next question please. Our next question comes from Yiwen Zhang at China Renaissance. Please go ahead. [Non-English content] Thank you management for taking my question. I have a couple questions. Firstly regarding Likee, what's our plan for the user acquisition pace this year? Additionally, what's our expectation on the Likee monetization loss controlling and also user trend? Secondly, could you share more about now live streaming business, how to work at the target for this year? Thank you. [Non-English content] Regarding your first question about Likee, as I just mentioned in the prepared remarks in the year 2021, we took some proactive changes to Likee to adjust Likee's marketing strategy and focus on the identification and cultivation of content creators. As a result, although Likee's MAU did suffer some fluctuation, after several quarters of executing the marketing adjustment, Likee has also achieved several key results. In the past year, we see that Likee's live streaming revenue has increased by nearly 100%, and its operating loss for the full -year was significantly narrowed by 67% compared to the year of 2020. Meaning that the product overall growth model has become much more healthier. For 2022, we believe that Likee will continue to invest more resources into identifying and nurturing the content creators. We believe that a vibrant content community and the lively interaction between the creators and the fans are fundamental to sustaining Likee's monetization growth and also reversing Likee's user downward trend in the future. In terms of monetization, Likee will continue to increase the penetration rate of live streaming and improve its monetization efficiency in the year 2022. We expect Likee to maintain steady monetization growth in the year 2022. In terms of its marketing strategy, we'll continue to observe the performance of Likee in multiple core markets, including the Middle East and Southeast Asia, and its user engagement level, retention, and also content progress in these markets. At the right time, we might consider re-increasing investment on its user acquisition. We still expect Likee's operating loss for the full -year to be further narrowed, and we'll have the opportunity to be one step closer towards self-sustainability. Regarding your second question about our non-live streaming revenue, our non-live streaming revenue in 2021 increased by 39% throughout the year, accounting for 5.4% of our total revenue, mainly from our advertising and also membership subscription revenues. Monetization contribution from the recently launched features such as Likee's Super Like and Super Follow are still very, very small, as their primary focus at this stage is still to provide additional support to our KOL pool. As mentioned before in the previous quarters, the growth of our advertising revenue is closely related to our content pool and also the scale of our user base. At this stage, we will prioritize the cultivation of our content pool and our product experience, and also steadily advancing our diversified monetization plan. I believe that the newly introduced, the latest, product features have demonstrated our efforts towards this direction. Thank you. Thank you. That's the end of our Q&A. Thank you, management. I'll hand back to you for closing comments. Thank you for joining our call. We look forward to speaking with everyone next quarter. Thank you.