SANTA
CLARA, Calif., Aug. 26,
2024 /PRNewswire/ -- Tuya Inc. ("Tuya" or the
"Company") (NYSE: TUYA; HKEX: 2391), a
global leading cloud platform service provider, today
announced that the board of directors of the Company (the
"Board") has approved the declaration of a special cash
dividend.
Declaration of Special Dividend and Record Date
On August 26, 2024, the Board has
approved the declaration and distribution of a special dividend
(the "Special Dividend") of US$0.0589 per ordinary share, or US$0.0589 per ADS, to such holders as at the
close of business on September 11,
2024, Hong Kong Time and New York Time, respectively. The
aggregate amount of the Special Dividend will be approximately
US$33 million, which is payable in
U.S. dollars and in cash, and will be funded by surplus cash and to
be paid out from the share premium account of the Company. The
determination to make distributions and the amount of such
distributions will be made at the discretion of its Board and will
be based upon the Company's operations and earnings, including, but
not limited, considerations of the Company's GAAP and Non-GAAP net
profits, cash flows, financial conditions and other relevant
factors.
In order to qualify for the Special Dividend, with respect to
ordinary shares registered on the Company's Hong Kong share register, all valid documents
for the transfers of shares accompanied by the relevant share
certificates must be lodged with the Company's Hong Kong share registrar, Computershare Hong
Kong Investor Services Limited, at Shops 1712-1716, 17th Floor,
Hopewell Centre, 183 Queen's Road East, Wan
Chai, Hong Kong, no later
than 4:30 p.m. on Wednesday, September 11,
2024, Hong Kong time; and
with respect to the ordinary shares registered on the Company's
principal share register in the Cayman
Islands, all valid documents for the transfers of shares
accompanied by the relevant share certificates must be lodged with
the Company's principal share registrar, Maples Fund Services
(Cayman) Limited, at PO Box 1093, Boundary Hall, Cricket Square,
Grand Cayman, KY1-1102,
Cayman Islands, no later than 3:30
p.m. on Tuesday, September 10, 2024,
Cayman Islands time (due to the
time difference between Cayman
Islands and Hong
Kong).
Dividend to be paid to the holders of ADSs issued by the
depositary of the ADSs will be subject to the terms of the deposit
agreement.
The payment date is expected to be on or around October 9, 2024 for holders of ordinary shares,
and on or around October 15, 2024 for
holders of ADSs.
For further information on the non-GAAP financial measures
presented above, see the section headed "Use of Non-GAAP Financial
Measures."
About Tuya Inc.
Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global
leading cloud platform service provider with a mission to build a
smart solutions developer ecosystem and enable everything to be
smart. Tuya has pioneered a purpose-built cloud
developer platform with cloud and generative AI capabilities
that delivers a full suite of offerings, including
Platform-as-a-Service, or
PaaS, Software-as-a-Service, or SaaS, and smart
solutions for developers of smart device, commercial applications,
and industries. Through its cloud
developer platform, Tuya has activated a vibrant global
developer community of brands, OEMs, AI agents, system integrators
and independent software vendors to collectively strive for smart
solutions ecosystem embodying the principles of green and
low-carbon, security, high efficiency, agility, and openness.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses
non-GAAP financial measures, such as non-GAAP operating expenses,
non-GAAP loss from operations (including non-GAAP operating
margin), non-GAAP net (loss)/profit (including non-GAAP net
margin), and non-GAAP basic and diluted net (loss)/profit per ADS,
as supplemental measures to review and assess its operating
performance. The presentation of 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
generally accepted accounting principles in the United States of America ("U.S. GAAP").
The Company defines non-GAAP financial measures by excluding the
impact of share-based compensation expenses, credit-related
impairment of long-term investments and litigation costs from the
respective GAAP financial measures. The Company presents the
non-GAAP financial measures because they are used by the management
to evaluate its operating performance and formulate business plans.
The Company also believes that the use of the non-GAAP financial
measures facilitates investors' assessment of its operating
performance.
Non-GAAP financial measures are not defined under U.S. GAAP and
are not presented in accordance with U.S. GAAP. Non-GAAP financial
measures have limitations as analytical tools. One of the key
limitations of using the aforementioned non-GAAP financial measures
is that they do not reflect all items of expenses that affect the
Company's operations. Share-based compensation expenses,
credit-related impairment of long-term investments and litigation
costs have been and may continue to be incurred in the business and
are not reflected in the presentation of non-GAAP measures.
Further, the non-GAAP financial measures may differ from the
non-GAAP information used by other companies, including peer
companies, and therefore their comparability may be limited. The
Company compensates for these limitations by reconciling the
non-GAAP measures to the most directly comparable U.S. GAAP
measures, all of which should be considered when evaluating the
Company's performance. The Company encourages you to review its
financial information in its entirety and not rely on a single
financial measure.
Reconciliations of Tuya's non-GAAP financial measures to the
most comparable U.S. GAAP measures are included at the end of this
press release.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about the Company's
beliefs, and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. In some cases, forward-looking statements can be
identified by words or phrases such as "may", "will", "expect",
"anticipate", "target", "aim", "estimate", "intend", "plan",
"believe", "potential", "continue", "is/are likely to" or other
similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in the Company's
filings with the SEC. The forward-looking statements included in
this press release are only made as of the date hereof, and the
Company disclaims any obligation to publicly update any
forward-looking statement to reflect subsequent events or
circumstances, except as required by law. All forward-looking
statements should be evaluated with the understanding of their
inherent uncertainty.
Investor Relations Contact
Tuya Inc.
Investor Relations
Email: ir@tuya.com
The Blueshirt Group
Gary Dvorchak, CFA
Phone: +1 (323) 240-5796
Email: gary@blueshirtgroup.co
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SOURCE Tuya Inc.