6-K
Yalla Group Ltd (YALA)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 6-K
REPORT OFFOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
November 2021
CommissionFile Number: 001-39552
YALLA GROUP LIMITED
#238,Building 16, Dubai Internet City
Dubai, United Arab Emirates
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
TABLE OF CONTENTS
| Exhibit 99.1 | Press release: Yalla Group Limited Announces Unaudited Third Quarter 2021 Financial Results |
|---|---|
| Exhibit 99.2 | Press release: Yalla Group Announces Appointment of Independent Director |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| YALLA GROUP LIMITED | |
|---|---|
| By: | /s/ Yang Hu |
| Name: | Yang Hu |
| Title: | Chief Financial Officer |
Date: November 10, 2021
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EX-99.1
Exhibit 99.1
Yalla Group Limited Announces Unaudited Third Quarter 2021 Financial Results
DUBAI, UAE, November 8, 2021 /PRNewswire/ -- Yalla Group Limited (“Yalla” or the “Company”) (NYSE: YALA), the leading voice-centric social networking and entertainment platform in the Middle East and North Africa (MENA), today announced its unaudited financial results for the third quarter ended September 30, 2021.
Third Quarter Ended September 30, 2021 Financial and Operating Highlights
| • | Revenues were US$71.3 million in the third quarter of 2021, representing an increase of 110.8% from<br>the third quarter of 2020. |
|---|---|
| • | Revenues generated from chatting services in the third quarter of 2021 were US$53.9 million.<br> |
| --- | --- |
| • | Revenues generated from games services in the third quarter of 2021 were US$17.4 million.<br> |
| --- | --- |
| • | Net income was US$25.3 million in the third quarter of 2021 and net margin was 35.5%, compared with<br>net loss of US$31.0 million in the third quarter of 2020. |
| --- | --- |
| • | Non-GAAP netincome^1^ was US$33.2 million in the third quarter of 2021, representing an increase of 114.5% from the third quarter of 2020. Non-GAAP net margin<br>was 46.6% in the third quarter of 2021. |
| --- | --- |
| • | Average MAUs ^2^ increased by 81.9% to<br>25.9 million in the third quarter of 2021 from 14.3 million in the third quarter of 2020. |
| --- | --- |
| • | The number of paying users ^3^ on our platform<br>increased by 51.3% to 7.7 million in the third quarter of 2021 from 5.1 million in the third quarter of 2020. |
| --- | --- |
| ^1^ | Non-GAAP net income represents net income before share-based compensation.<br>Non-GAAP net income is a non-GAAP financial measure. See the sections entitled “Non-GAAP Financial Measures” and<br>“Reconciliation of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release. |
| --- | --- |
| ^2^ | “Average MAUs” refers to the average monthly active users in a given period calculated by dividing<br>(i) the sum of active users for each month of such period, by (ii) the number of months in such period. “Active users” refers to registered users who accessed any of our mobile applications at least once during a given period.<br> |
| --- | --- |
| ^3^ | “Paying users” refers to registered users who played a game or purchased our virtual items or upgrade<br>services using virtual currencies on our platform at least once in a given period, except for users who receive all of their virtual currencies directly or indirectly from us for free. “Registered users” refers to users who have registered<br>accounts on our platform as of a given time; a registered user is not necessarily a unique user, however, as an individual may register multiple accounts on our platform, and consequently, the number of registered users we present in this press<br>release may not equal the number of unique users who have registered on our platform as of a given time. |
| --- | --- |
1
| Key Operating Data | For the three months ended | |||
|---|---|---|---|---|
| September 30, 2020 | September 30, 2021 | |||
| Average MAUs (inthousands)^4^ | **** | 14,267 | **** | 25,946 |
| Yalla | 5,500 | 9,470 | ||
| Yalla Ludo | 8,767 | 15,690 | ||
| Yalla Parchis | — | 786 | ||
| Paying users (in thousands) ^4^ | **** | 5,074 | **** | 7,677 |
| Yalla | 1,035 | 1,219 | ||
| Yalla Ludo | 4,039 | 6,159 | ||
| Yalla Parchis | — | 299 |
“We delivered another quarter of robust growth with excellent operating and financial results,” said Mr. Yang Tao, Founder, Chairman and Chief Executive Officer of Yalla. “We are happy to share with you that we are working on a cutting-edge social app, which will feature the first-ever social metaverse designed for the MENA region and may be made available to our users as early as the first quarter of 2022. These strategic initiatives enable us to meet the evolving online social networking needs of local users and foster synergies across all of Yalla’s social networking products. Yalla Parchis has also received positive feedback from the market since its launch and contributed 786,000 MAU for Yalla Group during the third quarter. Furthermore, we established Yalla Game, a holding subsidiary under Yalla Group, to focus on our mid-core and hard-core game distribution business in the MENA region. Our group’s MAUs continued to grow, up 81.9% year over year to 25.9 million, as we deepened our outreach activities and conducted effective and engaging marketing campaigns targeting the local culture. Growing user engagement on our platform propelled an increase in the number of paying users by 51.3% year over year to 7.7 million.
“We are delighted and proud to have won a prestigious Middle East Technology Excellence award in the “Gaming - Media & Entertainment” category, which is a testament to our technological achievements and a commendation of our leading social networking and entertainment ecosystem. As a company deeply rooted in the MENA region, we will continue to develop digital products tailored to the specific needs of local users and contribute to the development of the local digital economy,” concluded Mr. Yang.
| ^4^ | Beginning in the fourth quarter of 2021, we will report our average MAUs and paying users at the Company level<br>instead of by product, to better reflect our increasingly integrated product ecosystem. |
|---|
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“Yalla recorded remarkable operating and financial performance in the third quarter of 2021, with a rapidly expanding user base, outstanding operating efficiency and abundant cash reserves, underpinned by our unique market positioning,” said Ms. Karen Hu, Chief Financial Officer of Yalla. “We are pleased that our group’s total revenues grew by 110.8% year over year to US$71.3 million. We also maintained high profitability in the third quarter with a non-GAAP net margin of 46.6%, fueled by our strong monetization capabilities and disciplined SG&A spending. Going forward, we will continue to invest in innovative products and services to enhance our ecosystem and remain focused on our mission of building MENA’s most popular destination for online social networking and entertainment activities.”
Third Quarter 2021 Financial Results
Revenues
Our revenues were US$71.3 million in the third quarter of 2021, a 110.8% increase from US$33.8 million in the third quarter of 2020. The increase was primarily driven by the broadening of Yalla Group’s user base and monetization capability enhancements. Our average MAUs increased by 81.9% from 14.3 million in the third quarter of 2020 to 25.9 million in the third quarter of 2021. Another primary contributor to our solid revenue growth was the significant growth in the number of paying users, which increased from 5.1 million in the third quarter of 2020 to 7.7 million in the third quarter of 2021.
In the third quarter of 2021, our revenues generated from chatting services were US$53.9 million and our revenues generated from games services were US$17.4 million.
Costs andexpenses
Our total costs and expenses were US$45.6 million in the third quarter of 2021, compared with US$64.7 million in the third quarter of 2020. The decrease was primarily due to less share-based compensation recognized during the third quarter of 2021, which was partially offset by the increase in costs and expenses due to our expanding business scale.
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Our cost of revenues was US$23.4 million in the third quarter of 2021, compared with US$25.6 million in the third quarter of 2020.The decrease was mainly driven by lower share-based compensation expenses of US$1.3 million recognized during the third quarter of 2021, a 91.0% decrease from US$14.1 million in the third quarter of 2020, and partially offset by an increase in commission fees for third-party payment platforms resulting from our expanding business scale. Excluding share-based compensation expenses, cost of revenues as a percentage of our total revenues decreased from 34.1% in the third quarter of 2020 to 31.1% in the same period of 2021 due to continued optimization of our revenue mix which resulted in less increase in commission fees for third-party payment platforms.
Our selling and marketing expenses were US$11.0 million in the third quarter of 2021, compared with US$8.5 million in the same period last year. The increase was mainly driven by higher advertising and market promotion expenses led by our continued user acquisition efforts and expanding product portfolio, and partially offset by decreased share-based compensation expenses of US$1.8 million during the third quarter of 2021, compared with US$4.5 million in the third quarter of 2020. Excluding share-based compensation expenses, selling and marketing expenses as a percentage of our total revenues remained relatively stable at 12.9% in the third quarter of 2021.
Our general and administrative expenses were US$7.3 million in the third quarter of 2021, compared with US$28.9 million in the same period last year. The decrease was mainly driven by lower share-based compensation expenses of US$4.6 million recognized during the third quarter of 2021, an 82.9% decrease from US$27.1 million in the third quarter of 2020, and partially offset by an increase in salaries and other benefits for our general and administrative staff. This in turn was driven by an expansion of our general and administrative staff. Excluding share-based compensation expenses, general and administrative expenses as a percentage of our total revenues decreased from 5.3% in the third quarter of 2020 to 3.8% in the third quarter of 2021 due to economies of scale.
Our technology and product development expenses were US$3.9 million in the third quarter of 2021, compared with US$1.7 million in the same period last year. The increase was mainly driven by an increase in salaries and benefits for our technology and product development staff, and partially offset by decreased share-based compensation expenses of US$0.2 million during the third quarter of 2021, compared with US$0.8 million in the third quarter of 2020. Excluding share-based compensation expenses, technology and product development expenses as a percentage of our total revenues also increased from 2.6% in the third quarter of 2020 to 5.1% in the same period of 2021.
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Operating income
Operating income was US$25.7 million in the third quarter of 2021, compared with an operating loss of US$30.9 million in the third quarter of 2020.
Non-GAAP operating income^5^
Non-GAAP operating income (which excluded share-based compensation expenses) in the third quarter of 2021 was US$33.6 million, a 116.2% increase from US$15.6 million in the same quarter last year.
Income tax expense
Our income tax expense was US$0.42 million in the third quarter of 2021, compared with US$0.11 million in the third quarter of 2020.
Net income
As a result of the foregoing, our net income was US$25.3 million in the third quarter of 2021, compared with net loss of US$31.0 million in the third quarter of 2020.
Non-GAAP net income^6^
Non-GAAP net income (which excluded share-based compensation expenses) in the third quarter of 2021 was US$33.2 million, a 114.5% increase from US$15.5 million in the same quarter last year.
| ^5^ | Non-GAAP operating income represents operating income before<br>share-based compensation. Non-GAAP operating income is a non-GAAP financial measure. See the sections entitled “Non-GAAP<br>Financial Measures” and “Reconciliation of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release.<br> |
|---|---|
| ^6^ | Non-GAAP net income represents net income before share-based<br>compensation. Non-GAAP net income is a non-GAAP financial measure. See the sections entitled “Non-GAAP Financial<br>Measures” and “Reconciliation of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release.<br> |
| --- | --- |
5
Net income per share
Basic and diluted net income per ordinary share were US$0.17 and US$0.14 in the third quarter of 2021, while basic and diluted net loss per ordinary share were both US$0.43 in the same period of 2020.
Non-GAAP net income per ordinary share^7^
Non-GAAP basic and diluted net income per ordinary share were US$0.22 and US$0.18 respectively in the third quarter of 2021, compared to US$0.20 for both in the same period of 2020.
Cash andcash equivalents
As of September 30, 2021, we had cash and cash equivalents of US$326.3 million, as compared to cash and cash equivalents of US$292.4 million as of June 30, 2021.
Share Repurchase Program
Pursuant to the 2021 Share Repurchase Program announced on May 21, 2021, in the third quarter, the company repurchased 1,042,985 American depositary shares (“ADSs”) representing 1,042,985 Class A ordinary shares from the open market with cash for an aggregate amount of approximately US$14.0 million.
Outlook
For the fourth quarter of 2021, the management of the Company currently expects revenues to be between US$67.0 million and US$72.0 million, which would represent an increase of approximately 38.6% to 48.9% from US$48.3 million for the fourth quarter of 2020.
| ^7^ | Non-GAAP net income per ordinary share is non-GAAP net income attributable to ordinary shareholders of Yalla Group Limited, divided by weighted average number of basic and diluted share outstanding. Non-GAAP net<br>income per share is a non-GAAP financial measure. See the sections entitled “Non-GAAP Financial Measures” and “Reconciliation of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release. |
|---|
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The above outlook is based on the current market conditions and reflects the Company management’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.
Conference Call
The Company’s management will host an earnings conference call on Monday, November 8, 2021 at 8:00 P.M. U.S. Eastern Time, Tuesday, November 9, 2021 at 5:00 A.M. Dubai Time, or Tuesday, November 9, 2021 at 9:00 A.M. Beijing/Hong Kong time.
Dial-in details for the earnings conference call are as follows:
| United States Toll Free: | +1-888-317-6003 |
|---|---|
| International: | +1-412-317-6061 |
| United Arab Emirates Toll Free: | 80-003-570-3589 |
| Mainland China Toll Free: | 400-120-6115 |
| Hong Kong Toll Free: | 800-963-976 |
| Access Code: | 5970552 |
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.yallatech.ae/.
A replay of the conference call will be accessible until November 15, 2021, by dialing the following telephone numbers:
| United States Toll Free: | +1-877-344-7529 |
|---|---|
| International: | +1-412-317-0088 |
| Access Code: | 10161576 |
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Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP financial measures, namely non-GAAP operating income, non-GAAP net income, non-GAAP net margin and non-GAAP basic and diluted net income per ordinary share, as supplemental measures to review and assess the Company’s operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define non-GAAP operating income as operating income excluding share-based compensation. We define non-GAAP net income as net income excluding share-based compensation. Non-GAAP net margin is non-GAAP net income as a percentage of total net revenues. We define non-GAAP net income attributable to ordinary shareholders as net income attributable to ordinary shareholders excluding share-based compensation. We define non-GAAP net income per ordinary share as non-GAAP net income attributable to ordinary shareholders of Yalla Group Limited, divided by weighted average number of basic and diluted share outstanding.
By excluding the impact of share-based compensation expenses, which are non-cash charges, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. Investors can better understand the Company’s operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess its core operating results, as they exclude share-based compensation expenses, which are not expected to result in cash payments. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.
The non-GAAP financial measure is not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using the non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. Share-based compensation has been and may continue to be incurred in the Company’s business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP financial measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
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The Company compensates for these limitations by providing the relevant disclosure of its non-GAAP financial measures in the reconciliations to the nearest U.S. GAAP performance measures, all of which should be considered when evaluating its performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
Reconciliation of GAAP and non-GAAP results is set forth at the end of this press release.
About Yalla Group Limited
Yalla Group Limited is the leading voice-centric social networking and entertainment platform in the Middle East and Northern Africa (MENA). The Company’s flagship mobile application, Yalla, is specifically tailored for the people and local cultures of the region and primarily features Yalla rooms, a mirrored online version of the majlis or cafés where people spend their leisure time in casual chats. Voice chats are more suitable to the cultural norms in MENA compared to video chats. The Company strives to maintain users’ equal status on its platform, thereby encouraging all of them to freely communicate and interact with each other. The Company also operates Yalla Ludo, a mobile application featuring online versions of board games that are highly popular in MENA, such as Ludo and Domino. In-game real-time chats and Ludo chat room functions are popular social networking features among users. Through close attention to detail and localized appeal that deeply resonates with users, Yalla’s mobile applications deliver a seamless user experience that fosters a loyal sense of belonging, creating a highly devoted and engaged user community.
For more information, please visit: http://ir.yallatech.ae/
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about Yalla Group Limited’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Yalla Group Limited’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Yalla Group Limited does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
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For investor and media inquiries, please contact:
Yalla Group Limited
Investor Relations
Kerry Gao - IR Director
Tel: +86-571-8980-7962
Email: [email protected]
The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
Email: [email protected]
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
Email: [email protected]
SOURCE Yalla Group Limited
10
YALLA GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
| As of | |||
|---|---|---|---|
| December 31, 2020 | September 30, 2021 | ||
| US | US | ||
| ASSETS | |||
| Current assets | |||
| Cash and cash equivalents | |||
| Short-term investments | |||
| Prepayments and other current assets | |||
| Total current assets | **** | ||
| Non-current assets | |||
| Property and equipment, net | |||
| Other assets | |||
| Total assets | **** | ||
| LIABILITIES | |||
| Current liabilities | |||
| Accounts payable | |||
| Deferred revenue | |||
| Accrued expenses and other current liabilities | |||
| Total current liabilities | **** | ||
| Total liabilities | **** | ||
| SHAREHOLDERS’ EQUITY | |||
| Class A Ordinary Shares | |||
| Class B Ordinary Shares | |||
| Treasury stock | ) | ||
| Additional paid-in capital | |||
| Accumulated other comprehensive income | |||
| Retained earnings | |||
| Total shareholders’ equity | **** | ||
| Total liabilities and shareholders’ equity | **** |
All values are in US Dollars.
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YALLA GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
| Three Months Ended | Nine Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| September 30,2020 | June 30,2021 | September 30,2021 | September 30,2020 | September 30,2021 | ||||||
| US | US | US | US | US | ||||||
| Revenues | ||||||||||
| Costs and expenses | ||||||||||
| Cost of revenues | ) | ) | ) | ) | ) | |||||
| Selling and marketing expenses | ) | ) | ) | ) | ) | |||||
| General and administrative expenses | ) | ) | ) | ) | ) | |||||
| Technology and product development expenses | ) | ) | ) | ) | ) | |||||
| Total costs and expenses | ) | ) | ) | ) | ) | |||||
| Operating income (loss) | ) | **** | **** | ) | **** | |||||
| Interest income | ||||||||||
| Government grant | ||||||||||
| Investment income (loss) | ) | ) | ) | |||||||
| Income (loss) before income taxes | ) | **** | **** | ) | **** | |||||
| Income tax expense | ) | ) | ) | ) | ) | |||||
| Net income | ) | **** | **** | ) | **** | |||||
| Accretion of redeemable convertible preferred shares | ) | ) | ||||||||
| Dividends distributed to redeemable convertible preferred shareholders | ) | |||||||||
| Net income (loss) attributable to ordinary shareholders | ) | **** | **** | ) | **** |
All values are in US Dollars.
12
YALLA GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS (CONTINUED)
| Three Months Ended | Nine Months Ended | ||||||
|---|---|---|---|---|---|---|---|
| September 30,2020 | June 30,2021 | September 30,2021 | September 30,2020 | September 30,2021 | |||
| US | US | US | US | US | |||
| Net income (loss) per ordinary share | |||||||
| ——Basic | ) | ) | |||||
| **——**Diluted | ) | ) | |||||
| Weighted average number of ordinary shares and ordinary shares equivalents outstanding used incomputing earnings per ordinary share | |||||||
| **——**Basic | |||||||
| **——**Diluted |
All values are in US Dollars.
Share-based compensation was allocated in cost of revenues, selling and marketing expenses, general and administrative expenses and technology and product development expenses as follows:
| Three Months Ended | Nine Months Ended | ||||
|---|---|---|---|---|---|
| September 30,2020 | June 30,2021 | September 30,2021 | September 30,2020 | September 30,2021 | |
| US | US | US | US | US | |
| Cost of revenues | |||||
| Selling and marketing expenses | |||||
| General and administrative expenses | |||||
| Technology and product development expenses |
All values are in US Dollars.
13
YALLA GROUP LIMITED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
| Three Months Ended | Nine Months Ended | ||||||
|---|---|---|---|---|---|---|---|
| September 30,2020 | June 30,2021 | September 30,2021 | September 30,2020 | September 30,2021 | |||
| US | US | US | US | US | |||
| Operating income (loss) | ) | ) | |||||
| Share-based compensation expenses | |||||||
| Non-GAAP operating income | **** | **** | |||||
| Net income (loss) | ) | ) | |||||
| Share-based compensation expenses | |||||||
| Non-GAAP net income | **** | **** | |||||
| Net income (loss) attributable to ordinary shareholders | ) | ) | |||||
| Share-based compensation expenses | |||||||
| Non-GAAP net income attributable to ordinaryshareholders | **** | **** | |||||
| Non-GAAP net income per ordinary share | |||||||
| **——**Basic | |||||||
| ——Diluted | |||||||
| Weighted average number of ordinary shares and ordinary shares equivalents outstanding used incomputing earnings per ordinary share | |||||||
| **——**Basic | |||||||
| **——**Diluted |
All values are in US Dollars.
14
EX-99.2
Exhibit 99.2
Yalla Group Announces Appointment of Independent Director
DUBAI, UAE, Nov. 8, 2021 /PRNewswire/ — Yalla Group Limited (“Yalla” or the “Company”) (NYSE: YALA), the leading voice-centric social networking and entertainment platform in the Middle East and North Africa (MENA), today announced that Mr. Saeed Al Hamli, former Chief Executive Officer of Etisalat Egypt, has been appointed as an independent director to the board of directors (the “Board”), effective November 7^th^, 2021. Mr. Al Hamli will serve as a member of audit committee.
Mr. Al Hamli is an accomplished telecommunications executive with excellent leadership skills and extensive experience navigating challenging environments. He had held leading positions in Etisalat Group, a multinational Emirati-based telecommunications services provider, as CEO of Etisalat Egypt, and CEO of Etisalat Afghanistan. He was one of the early founders of Thuraya Satellite Telecommunications in 1997 and served in Thuraya in many roles, including Chief Commercial Officer. He is also the founder and CEO of Seattle Project Management Services, a service provider that embraces new technology trends by investing in and partnering with leading technology companies. Mr. Al Hamli received an Executive MBA from American University of Sharjah (AUS) in 2003 and a BSC in Electrical Engineering from Florida Institute of Technology (FIT) in 1991.
“We are very pleased to welcome Mr. Al Hamli to our Board. With his abundant leadership experience and telecommunications industry expertise, he will play a pivotal role at Yalla in terms of company oversight and governance,” said Tao Yang, Chairman of the Board and Chief Executive Officer. “I look forward to working with him and we are confident that he will make significant contributions toward Yalla’s efforts to provide better services to communities in the MENA region.”
“I am excited to take on this governance role on Yalla’s board, as the Company continues to improve its products and services with enhanced technology and cutting edge innovation. I look forward to working with the rest of the Board to further the Company’s mission,” said Mr. Al Hamli.
About Yalla Group Limited
Yalla Group Limited is the leading voice-centric social networking and entertainment platform in the Middle East and Northern Africa (MENA). The Company’s flagship mobile application, Yalla, is specifically tailored for the people and local cultures of the region and primarily features Yalla rooms, a mirrored online version of the majlis or cafés where people spend their leisure time in casual chats. Voice chats are more suitable to the cultural norms in MENA compared to video chats. The Company strives to maintain users’ equal status on its platform, thereby encouraging all users to freely communicate and interact with each other. The Company also operates Yalla Ludo, a mobile application featuring online versions of board games that are highly popular in MENA, such as Ludo and Domino. In-game real-time chats and Ludo chat room functions are popular social networking features among users. Through close attention to detail and localized appeal that deeply resonates with users, Yalla’s mobile applications deliver a seamless user experience that fosters a loyal sense of belonging, creating a highly devoted and engaged user community.
For more information, please visit: http://ir.yallatech.ae/
1
For investor and media inquiries, please contact:
Yalla Group Limited
Investor Relations
Kerry Gao – IR Director
Tel: +86-571-8980-7962
Email: [email protected]
The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
Email: [email protected]
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
Email: [email protected]
SOURCE Yalla Group Limited
2