Tuya Inc. (TUYA) Q4 2022 Earnings Call Transcript

Tuya Inc. (NYSE:TUYA) This autumn 2022 Earnings Convention Name March 1, 2023 7:00 PM ET

Firm Individuals

Reg Chai – Investor Relations

Jerry Wang – Founder and Chief Govt Officer

Jessie Liu – Chief Monetary Officer

Convention Name Individuals

Yang Liu – Morgan Stanley

Timothy Zhao – Goldman Sachs

Li Mingran – CICC


Good morning and good night, girls and gents. Thanks for standing by and welcome to Tuya Inc. Fourth Quarter and Full 12 months 2022 Earnings Convention Name. [Operator Instructions] I’d now like to show the decision over to the primary speaker immediately, Mr. Reg Chai, Investor Relations Director of Tuya. Please go forward, sir.

Reg Chai

Thanks. Hey, everybody. Welcome to our fourth quarter 2022 earnings name. Becoming a member of us immediately are Founder and CEO of Tuya, Mr. Jerry Wang; and our CFO, Ms. Jessie Liu. The primary quarter 2022 monetary outcomes and webcast of this convention name can be found at ir.tuya.com. A replay of this name will even be obtainable on our web site in just a few hours. Earlier than we proceed, I refer you to our Secure Harbor assertion in our earnings press launch, which applies to this name as we are going to make forward-looking statements.

With that, I’ll now flip the decision to our Founder and CEO, Mr. Jerry Wang. Jerry will ship his remarks in Chinese language, which will likely be adopted by corresponding English translation.

Jerry Wang

Hey, everybody. Thanks for becoming a member of our fourth quarter and full yr 2022 earnings name.

In 2022, we skilled our first yr of income decline attributable to stock destocking as shopper product finish market turned down after 7 years of hyper development since inception. Our 2022 full yr income decreased by simply over 30% to $210 million. Within the fourth quarter, finish market consumption was sluggish, totaling income to lower by about 40% year-over-year to $45 million. Notably, {industry}