Momo Announces Unaudited Financial Results for the Third Quarter of 2019
BEIJING, Nov. 26, 2019 /PRNewswire/ -- Momo Inc. (NASDAQ: MOMO) ("Momo" or the "Company"), a leading mobile social networking platform in China, today announced its unaudited financial results for the third quarter of 2019.
Third Quarter of 2019 Highlights
- Net revenues increased by 22% year over year to RMB4,451.6 million (US$622.8 million*) in the third quarter of 2019.
- Net income attributable to Momo Inc. increased to RMB893.9 million (US$125.1 million) in the third quarter of 2019 from RMB579.5 million in the same period of 2018.
- Non-GAAP net income attributable to Momo Inc. (note 1) increased to RMB1,088.1 million (US$152.2 million) in the third quarter of 2019, from RMB777.6 million in the same period of 2018.
- Diluted net income per American Depositary Share ("ADS") was RMB4.04 (US$0.57) in the third quarter of 2019, compared to RMB2.69 in the same period of 2018.
- Non-GAAP diluted net income per ADS (note 1) was RMB4.90 (US$0.69) in the third quarter of 2019, compared to RMB3.57 in the same period of 2018.
- Monthly Active Users ("MAU") on Momo application were 114.1 million in September 2019, compared to 110.5 million in September 2018.
- Total paying users of our live video service and value-added service, without double counting the overlap and including 4.5 million paying users of Tantan, were 13.4 million for the third quarter of 2019, compared to 12.5 million for the third quarter of 2018, which included 3.6 million paying users of Tantan.
* This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB7.1477 to US$1.00, the effective noon buying rate for September 30, 2019 as set forth in the H.10 statistical release of the Federal Reserve Board. |
First Nine Months of 2019 Highlights
- Net revenues increased 29% year over year to RMB12,327.2 million (US$1,724.6 million) for the first nine months of 2019.
- Net income attributable to Momo Inc. was RMB1,915.0 million (US$267.9 million) for the first nine months of 2019, compared with RMB2,154.9 million during the same period of 2018.
- Non-GAAP net income attributable to Momo Inc. (note 1) was RMB3,240.8 million (US$453.4 million) for the first nine months of 2019, compared with RMB2,574.6 million during the same period of 2018.
- Diluted net income per ADS was RMB8.76 (US$1.23) for the first nine months of 2019, compared with RMB10.16 during the same period of 2018.
- Non-GAAP diluted net income per ADS (note 1) was RMB14.65 (US$2.05) for the first nine months of 2019, compared with RMB12.12 during the same period of 2018.
"The third quarter of 2019 was another robust quarter," commented Yan Tang, Chairman and CEO of Momo. "We continued to deliver strong financial results both in terms of revenues and profitability. Moreover, we are also making solid progress with our product initiatives and sowing the seeds for future growth."
Third Quarter of 2019 Financial Results
Net revenues
Total net revenues were RMB4,451.6 million (US$622.8 million) in the third quarter of 2019, an increase of 22% from RMB3,647.6 million in the third quarter of 2018.
Live video service revenues were RMB3,275.4 million (US$458.2 million) in the third quarter of 2019, an increase of 18% from RMB2,769.2 million during the same period of 2018, as a result of the successful strategy to apply different products and operational efforts to drive spending from different cohorts of users.
Value-added service revenues mainly include virtual gift revenues and membership subscription revenues. Total value-added service revenues were RMB1,064.6 million (US$148.9 million) in the third quarter of 2019, an increase of 86% from RMB573.1 million during the same period of 2018. The year-over-year increase was primarily attributable to the continued growth of the virtual gift business on the Momo application driven by more functions launched and more paying scenarios introduced to enhance the social experience of Momo users, and to a lesser extent, the increase in the membership subscription revenues of Tantan.
Mobile marketing revenues were RMB81.9 million (US$11.5 million) in the third quarter of 2019, a decrease of 30% from RMB117.3 million during the same period of 2018. The decrease in mobile marketing revenues was primarily caused by the decreased demand from our advertising and marketing customers and the decrease in advertisement properties on Momo's platform.
Mobile games revenues were RMB15.8 million (US$2.2 million) in the third quarter of 2019, a decrease of 43% from RMB27.9 million in the third quarter of 2018. The decrease in mobile game revenues was mainly due to the continued decrease in quarterly paying users of mobile games.
Revenues from other services in the third quarter of 2018 mainly consisted of revenues from Phanta City, a TV variety show co-produced by the Company, which did not generate revenues in the third quarter of 2019.
Net revenues from Momo segment increased from RMB3,325.1 million in the third quarter of 2018 to RMB4,138.9 million (US$579.1 million) in the third quarter of 2019, primarily driven by the significant increase in net revenues from live video service and value-added service. Net revenues from Tantan segment increased from RMB164.1 million in the third quarter of 2018 to RMB310.0 million (US$43.4million) in the third quarter of 2019, which was mainly due to the increase in the number of paying users of Tantan.
Cost and expenses
Cost and expenses were RMB3,487.9 million (US$488.0 million) in the third quarter of 2019, an increase of 16% from RMB3,009.1 million in the third quarter of 2018. The increase was primarily attributable to: (a) an increase in revenue sharing with broadcasters related to our live video service and virtual gift recipients; (b) an increase in marketing and promotional expenses to attract users on both Momo and Tantan platforms and promote our live video services; (c) an increase in personnel related costs as a result of the Company's rapidly expanding talent pool; (d) an increase in infrastructure-related spending, such as bandwidth costs and server depreciation costs, driven by more functions introduced on Momo's platform. The increase was partially offset by a decrease in production cost in connection with a television program.
Non-GAAP cost and expenses (note 1) were RMB3,284.0 million (US$459.5 million) in the third quarter of 2019, an increase of 17% from RMB2,801.6 million during the same period of 2018.
Income from operations
Income from operations was RMB993.1 million (US$138.9 million) in the third quarter of 2019, compared to RMB643.8 million during the same period of 2018. Income from operations of Momo segment was RMB1,227.2 million (US$171.7 million) in the third quarter of 2019, increasing from RMB943.9 million in the third quarter of 2018. Loss from operations of Tantan segment was RMB228.7 million (US$32.0 million) in the third quarter of 2019, compared to loss from operations of RMB227.6 million in the third quarter of 2018.
Non-GAAP income from operations (note 1) was RMB1,196.9 million (US$167.5 million) in the third quarter of 2019, compared to RMB851.3 million during the same period of 2018. Non-GAAP income from operations of Momo segment was RMB1,364.1 million (US$190.9 million) in the third quarter of 2019, increasing from RMB1,055.9 million in the third quarter of 2018. Non-GAAP loss from operations of Tantan segment was RMB164.4 million (US$23.0 million) in the third quarter of 2019, compared to non-GAAP loss from operations of RMB132.2 million in the third quarter of 2018.
Income tax expenses
Income tax expenses were RMB182.6 million (US$25.5 million) in the third quarter of 2019, increasing from RMB146.8 million in the third quarter of 2018. The increase was mainly because we generated higher profit in the third quarter of 2019.
Net income
Net income was RMB890.8 million (US$124.6 million) in the third quarter of 2019, compared to RMB571.9 million during the same period of 2018. Net income from Momo segment was RMB1,110.2 million (US$155.3 million) in the third quarter of 2019, increasing from RMB862.4 million in the third quarter of 2018. Net loss from Tantan segment was RMB214.1 million (US$29.9 million) in the third quarter of 2019, compared to net loss of RMB218.1 million in the third quarter of 2018.
Non-GAAP net income (note 1) was RMB1,084.9 million (US$151.8 million) in the third quarter of 2019, compared to RMB770.0 million during the same period of 2018. Non-GAAP net income from Momo segment was RMB1,247.2 million (US$174.5 million) in the third quarter of 2019, increasing from RMB974.4 million in the third quarter of 2018. Non-GAAP net loss of Tantan segment was RMB159.5 million (US$22.3 million) in the third quarter of 2019, compared to non-GAAP net loss of RMB132.0 million in the third quarter of 2018.
Net income attributable to Momo Inc.
Net income attributable to Momo Inc. was RMB893.9 million (US$125.1 million) in the third quarter of 2019, compared to RMB579.5 million during the same period of 2018.
Non-GAAP net income (note 1) attributable to Momo Inc. was RMB1,088.1 million (US$152.2 million) in the third quarter of 2019, compared to RMB777.6 million during the same period of 2018.
Net income per ADS
Diluted net income per ADS was RMB4.04 (US$0.57) in the third quarter of 2019, compared to RMB2.69 in the third quarter of 2018.
Non-GAAP diluted net income per ADS (note 1) was RMB4.90 (US$0.69) in the third quarter of 2019, compared to RMB3.57 in the third quarter of 2018.
Cash and cash flow
As of September 30, 2019, Momo's cash, cash equivalents, term deposits and short-term investment totaled RMB13,669.9 million (US$1,912.5 million), compared to RMB11,292.6 million as of December 31, 2018. Net cash provided by operating activities in the third quarter of 2019 was RMB1,175.9 million (US$164.5 million), compared to RMB346.5 million in the third quarter of 2018.
First Nine Months of 2019 Financial Results
Net revenues for the first nine months of 2019 were RMB12,327.2 million (US$1,724.6 million), an increase of 29% from RMB9,564.5 million in the same period of 2018, primarily driven by the significant increase in net revenues from live video service and value-added service.
Net income attributable to Momo Inc. was RMB1,915.0 million (US$267.9 million) for the first nine months of 2019, compared to RMB2,154.9 million during the same period of 2018.
Non-GAAP net income attributable to Momo Inc. (note 1) was RMB3,240.8 million (US$453.4 million) for the first nine months of 2019, compared to RMB2,574.6 million during the same period of 2018.
Diluted net income per ADS was RMB8.76 (US$1.23) during the first nine months of 2019, compared to RMB10.16 in the same period of 2018.
Non-GAAP diluted net income per ADS (note 1) was RMB14.65 (US$2.05) during the first nine months of 2019, compared to RMB12.12 in the same period of 2018.
Net cash provided by operating activities was RMB3,773.8 million (US$528.0 million) during the first nine months of 2019, compared to RMB2,164.4 million in the same period of 2018.
Business Outlook
For the fourth quarter of 2019, the Company expects total net revenues to be between RMB4.52 billion to RMB4.62 billion, representing an increase of 18% to 20% year over year. These estimates reflect the Company's current and preliminary view, which is subject to change.
Note 1: Non-GAAP measures
To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), we use various non-GAAP financial measures that are adjusted from the most comparable GAAP results to exclude share-based compensation and amortization of intangible assets from business acquisitions, and tax impacts related to the amortization of intangible assets from business acquisitions.
Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.
Our non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of our continuing operations and our prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to the GAAP results. In addition, our calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.
Our non-GAAP information (including non-GAAP cost and operating expenses, income (loss) from operations, net income (loss), net income attributable to Momo Inc., and diluted net income per ADS) is adjusted from the most comparable GAAP results to exclude share-based compensation, amortization of intangible assets from business acquisitions, and tax impacts related to the amortization of intangible assets from business acquisitions. A limitation of using these non-GAAP financial measures is that share-based compensation, amortization of intangible assets from business acquisitions and tax impacts related to the amortization of intangible assets from business acquisitions have been and will continue to be for the foreseeable future a significant recurring expense in our results of operations. We compensate for these limitations by providing reconciliations of our non-GAAP measures to our U.S. GAAP measures. Please see the reconciliation tables at the end of this earnings release.
Conference Call
Momo's management will host an earnings conference call on Tuesday, November 26, 2019, at 8:00 a.m. U.S. Eastern Time (9:00 p.m. Beijing / Hong Kong Time on November 26, 2019).
Dial-in details for the earnings conference call are as follows:
International: |
+65-6713-5090 |
U.S. Toll Free: |
+1-866-519-4004 |
Hong Kong Toll Free: |
800-906601 |
Mainland China: |
4006-208038 |
Passcode: |
Momo |
Please dial in 15 minutes before the call is scheduled to begin.
A telephone replay of the call will be available after the conclusion of the conference call through 8:00 a.m. U.S. Eastern Time, December 4, 2019. The dial-in details for the replay are as follows:
International: |
+61-2-8199-0299 |
U.S. Toll Free: |
+1-855-452-5696 |
Passcode: |
9698746 |
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Momo's website at http://ir.immomo.com.
About Momo
Momo is a leading mobile social networking platform in China. Momo connects people in a personal and lively way through a revolutionary mobile-based social networking platform. With powerful and precise location-based features, Momo enables users to connect with each other and expand relationships from online to offline. Momo's platform includes the Momo mobile application and a variety of related features, functionalities, tools and services that it provides to users, customers and platform partners. Leveraging its social interest graph engine and analysis of user behavior data, Momo is able to provide users a customized experience based on their social preferences and needs. Momo users can maintain and strengthen their relationships through private and group communication tools, content creation and sharing functions, as well as the offline social activities promoted on Momo's platform. Momo users are also able to enjoy live video on our platform. In addition, in May 2018, Momo completed its acquisition of Tantan, a leading social and dating app for the younger generation. Tantan, whose primary users consist of young Chinese singles, is designed to help its users find and establish romantic connections, as well as meet interesting people.
For investor and media inquiries, please contact:
Momo Inc.
Investor Relations
Phone: +86-10-5731-0538
Email: [email protected]
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: [email protected]
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]
Safe Harbor Statement
This news release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to our management quotes and our financial outlook for the fourth quarter of 2019.
Our forward-looking statements are not historical facts but instead represent only our belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and other circumstances may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. Announced results for the third quarter of 2019 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the fourth quarter of 2019 and may be unable to grow our business in the manner planned. We may also modify our strategy for growth. In addition, there are other risks and uncertainties that could cause our actual results to differ from what we currently anticipate, including those relating to our ability to retain and grow our user base, our ability to attract and retain sufficiently trained professionals to support our operations, and our ability to anticipate and develop new services and enhance existing services to meet the demand of our users or customers. For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations, and prospects, please see our filings with the U.S. Securities and Exchange Commission.
All information provided in this press release and in the attachments is as of the date of the press release. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, after the date of this release, except as required by law. Such information speaks only as of the date of this release.
Momo Inc. |
||||||||||||||
Unaudited Condensed Consolidated Statement of Operations |
||||||||||||||
(All amounts in thousands, except share and per share data) |
||||||||||||||
Three months |
First nine months |
|||||||||||||
ended September 30 |
ended September 30 |
|||||||||||||
2018 |
2019 |
2019 |
2018 |
2019 |
2019 |
|||||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||||
Net revenues: |
||||||||||||||
Live video service |
2,769,231 |
3,275,354 |
458,239 |
7,750,269 |
9,064,654 |
1,268,192 |
||||||||
Value-added service |
573,148 |
1,064,606 |
148,944 |
1,160,735 |
2,916,849 |
408,082 |
||||||||
Mobile marketing |
117,336 |
81,894 |
11,457 |
378,178 |
238,831 |
33,414 |
||||||||
Mobile games |
27,880 |
15,785 |
2,208 |
104,890 |
78,033 |
10,917 |
||||||||
Other services |
160,002 |
14,003 |
1,960 |
170,432 |
28,824 |
4,032 |
||||||||
Total net revenues |
3,647,597 |
4,451,642 |
622,808 |
9,564,504 |
12,327,191 |
1,724,637 |
||||||||
Cost and expenses: |
||||||||||||||
Cost of revenues |
(2,031,652) |
(2,203,350) |
(308,260) |
(5,083,632) |
(6,140,787) |
(859,128) |
||||||||
Research and development |
(245,661) |
(301,754) |
(42,217) |
(517,144) |
(802,843) |
(112,322) |
||||||||
Sales and marketing |
(563,564) |
(771,338) |
(107,914) |
(1,193,994) |
(1,965,795) |
(275,025) |
||||||||
General and administrative |
(168,189) |
(211,423) |
(29,579) |
(405,323) |
(1,314,679) |
(183,930) |
||||||||
Total cost and expenses |
(3,009,066) |
(3,487,865) |
(487,970) |
(7,200,093) |
(10,224,104) |
(1,430,405) |
||||||||
Other operating income |
5,298 |
29,342 |
4,105 |
112,277 |
202,197 |
28,288 |
||||||||
Income from operations |
643,829 |
993,119 |
138,943 |
2,476,688 |
2,305,284 |
322,520 |
||||||||
Interest income |
82,728 |
105,384 |
14,744 |
183,180 |
299,337 |
41,879 |
||||||||
Interest expense |
(24,421) |
(20,117) |
(2,814) |
(36,857) |
(58,421) |
(8,173) |
||||||||
Impairment loss on long-term |
- |
(11,211) |
(1,568) |
- |
(15,711) |
(2,198) |
||||||||
Income before income tax |
702,136 |
1,067,175 |
149,305 |
2,623,011 |
2,530,489 |
354,028 |
||||||||
Income tax expenses |
(146,776) |
(182,578) |
(25,544) |
(516,310) |
(630,097) |
(88,154) |
||||||||
Income before share of |
555,360 |
884,597 |
123,761 |
2,106,701 |
1,900,392 |
265,874 |
||||||||
Share of income on equity |
16,524 |
6,185 |
865 |
35,439 |
8,056 |
1,127 |
||||||||
Net income |
571,884 |
890,782 |
124,626 |
2,142,140 |
1,908,448 |
267,001 |
||||||||
Less: net loss attributable to |
(7,655) |
(3,115) |
(436) |
(12,798) |
(6,543) |
(915) |
||||||||
Net income attributable to |
579,539 |
893,897 |
125,062 |
2,154,938 |
1,914,991 |
267,916 |
||||||||
Net income per share |
||||||||||||||
Basic |
1.42 |
2.15 |
0.30 |
5.32 |
4.62 |
0.65 |
||||||||
Diluted |
1.34 |
2.02 |
0.28 |
5.08 |
4.38 |
0.61 |
||||||||
Weighted average shares |
||||||||||||||
Basic |
409,378,536 |
415,615,139 |
415,615,139 |
404,744,362 |
414,790,186 |
414,790,186 |
||||||||
Diluted |
445,871,236 |
452,571,862 |
452,571,862 |
428,148,904 |
450,470,088 |
450,470,088 |
||||||||
Momo Inc. |
|||||||||||||||||||
Unaudited Condensed Consolidated Statement of Comprehensive Income |
|||||||||||||||||||
(All amounts in thousands, except share and per share data) |
|||||||||||||||||||
Three months |
First nine months |
||||||||||||||||||
ended September 30 |
ended September 30 |
||||||||||||||||||
2018 |
2019 |
2019 |
2018 |
2019 |
2019 |
||||||||||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
||||||||||||||
Net income |
571,884 |
890,782 |
124,626 |
2,142,140 |
1,908,448 |
267,001 |
|||||||||||||
Other comprehensive income, net |
|||||||||||||||||||
Foreign currency translation |
125,760 |
62,771 |
8,782 |
193,482 |
30,689 |
4,294 |
|||||||||||||
Comprehensive income |
697,644 |
953,553 |
133,408 |
2,335,622 |
1,939,137 |
271,295 |
|||||||||||||
Less: comprehensive (loss) |
(6,041) |
3,519 |
492 |
(10,078) |
556 |
78 |
|||||||||||||
Comprehensive income |
703,685 |
950,034 |
132,916 |
2,345,700 |
1,938,581 |
271,217 |
|||||||||||||
Momo Inc. |
|||||
Unaudited Condensed Consolidated Balance Sheets |
|||||
(All amounts in thousands, except share and per share data) |
|||||
December 31 |
September 30 |
September 30 |
|||
2018 |
2019 |
2019 |
|||
RMB |
RMB |
US$ |
|||
Assets |
|||||
Current assets |
|||||
Cash and cash equivalents |
2,468,034 |
2,870,923 |
401,657 |
||
Term deposits |
8,824,610 |
10,759,003 |
1,505,240 |
||
Short-term investment |
- |
40,000 |
5,596 |
||
Accounts receivable, net of allowance for doubtful accounts of RMB |
719,606 |
375,575 |
52,545 |
||
Amounts due from a related party |
- |
1,606 |
225 |
||
Prepaid expenses and other current assets |
620,979 |
649,563 |
90,877 |
||
Total current assets |
12,633,229 |
14,696,670 |
2,056,140 |
||
Property and equipment, net |
387,532 |
367,285 |
51,385 |
||
Intangible assets |
1,036,986 |
953,901 |
133,456 |
||
Rental deposits |
24,192 |
24,553 |
3,435 |
||
Long-term investments |
447,465 |
505,810 |
70,765 |
||
Deferred tax assets |
57,786 |
34,482 |
4,824 |
||
Other non-current assets |
71,519 |
15,072 |
2,109 |
||
Right-of-use assets, net[1] |
- |
216,078 |
30,230 |
||
Goodwill |
4,306,829 |
4,476,460 |
626,280 |
||
Total assets |
18,965,538 |
21,290,311 |
2,978,624 |
||
Liabilities and equity |
|||||
Current liabilities |
|||||
Accounts payable |
718,362 |
618,109 |
86,475 |
||
Deferred revenue |
441,892 |
496,691 |
69,490 |
||
Accrued expenses and other current liabilities |
846,710 |
911,963 |
127,588 |
||
Amount due to related parties |
82,948 |
29,371 |
4,109 |
||
Income tax payable |
137,090 |
114,039 |
15,955 |
||
Lease liabilities due within one year1 |
- |
135,304 |
18,930 |
||
Deferred consideration in connection with business acquisitions |
469,274 |
86,599 |
12,116 |
||
Total current liabilities |
2,696,276 |
2,392,076 |
334,663 |
||
Deferred tax liabilities |
259,247 |
238,475 |
33,364 |
||
Convertible senior notes |
4,877,116 |
5,082,352 |
711,047 |
||
Share-based compensation liability |
86,767 |
925,068 |
129,422 |
||
Lease liabilities1 |
- |
79,723 |
11,154 |
||
Other non-current liabilities |
23,273 |
29,294 |
4,098 |
||
Total liabilities |
7,942,679 |
8,746,988 |
1,223,748 |
||
Shareholder's equity (i) |
11,022,859 |
12,543,323 |
1,754,876 |
||
Total liabilities and shareholder's equity |
18,965,538 |
21,290,311 |
2,978,624 |
||
(i): As of September 30, 2019, the number of ordinary shares issued and outstanding was 416,748,172. |
|||||
[1] On January 1, 2019, the Company adopted ASU 2016-02, the new lease standard, using the modified retrospective basis and did not restate comparative periods. |
|||||
Momo Inc. |
|||||||||||
Unaudited Condensed Consolidated Statement of Cash Flows |
|||||||||||
(All amounts in thousands, except share and per share data) |
|||||||||||
Three months |
First nine months |
||||||||||
ended September 30 |
ended September 30 |
||||||||||
2018 |
2019 |
2019 |
2018 |
2019 |
2019 |
||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
||||||
Cash flows from operating activities: |
|||||||||||
Net income |
571,884 |
890,782 |
124,626 |
2,142,140 |
1,908,448 |
267,001 |
|||||
Adjustments to reconcile net income to net cash provided |
|||||||||||
Depreciation of property and equipment |
39,412 |
50,216 |
7,025 |
105,994 |
146,852 |
20,545 |
|||||
Amortization of intangible assets |
38,930 |
40,100 |
5,610 |
53,508 |
117,715 |
16,469 |
|||||
Share-based compensation |
169,959 |
165,163 |
23,107 |
382,800 |
1,240,774 |
173,590 |
|||||
Share of income on equity method investments |
(16,524) |
(6,185) |
(865) |
(35,439) |
(8,056) |
(1,127) |
|||||
Impairment loss on long-term investments |
- |
11,211 |
1,568 |
- |
15,711 |
2,198 |
|||||
Loss on disposal of property and equipment |
(1,241) |
(64) |
(9) |
(1,239) |
(398) |
(56) |
|||||
Provision of allowance for doubtful accounts |
- |
2,900 |
406 |
(585) |
12,209 |
1,708 |
|||||
Changes in operating assets and liabilities: |
|||||||||||
Accounts receivable |
(420,015) |
(103,290) |
(14,451) |
(355,671) |
331,836 |
46,426 |
|||||
Prepaid expenses and other current assets |
(171,185) |
(24,378) |
(3,411) |
(81,494) |
(23,182) |
(3,243) |
|||||
Amount due from related parties |
13,379 |
(1,335) |
(187) |
33,407 |
(1,606) |
(225) |
|||||
Rental deposits |
(577) |
2,033 |
284 |
245 |
(362) |
(51) |
|||||
Deferred tax assets |
342 |
(2,803) |
(392) |
28,913 |
23,304 |
3,260 |
|||||
Other non-current assets |
(6,670) |
(33,254) |
(4,652) |
(44,864) |
(20,611) |
(2,884) |
|||||
Accounts payable |
159,002 |
(133,863) |
(18,728) |
252,700 |
(45,775) |
(6,404) |
|||||
Income tax payable |
(16,727) |
(16,064) |
(2,247) |
(119,888) |
(23,052) |
(3,225) |
|||||
Deferred revenue |
32,601 |
84,711 |
11,852 |
(26,719) |
54,789 |
7,665 |
|||||
Accrued expenses and other current liabilities |
(52,348) |
278,181 |
38,919 |
(183,201) |
136,558 |
19,105 |
|||||
Amount due to related parties |
17,256 |
(10,550) |
(1,476) |
17,675 |
(53,267) |
(7,452) |
|||||
Deferred tax liability |
(9,732) |
(10,025) |
(1,403) |
(13,376) |
(35,322) |
(4,942) |
|||||
Other non-current liabilities |
(1,238) |
(7,556) |
(1,057) |
9,453 |
(2,762) |
(386) |
|||||
Net cash provided by operating activities |
346,508 |
1,175,930 |
164,519 |
2,164,359 |
3,773,803 |
527,972 |
|||||
Cash flows from investing activities: |
|||||||||||
Purchase of property and equipment |
(71,399) |
(59,933) |
(8,385) |
(161,600) |
(154,413) |
(21,603) |
|||||
Proceeds from disposal of property and equipment |
2,200 |
294 |
41 |
2,210 |
804 |
112 |
|||||
Payment for long-term investments |
(8,000) |
(19,000) |
(2,658) |
(62,125) |
(43,000) |
(6,016) |
|||||
Prepayment of long-term investments |
- |
- |
- |
(47,000) |
(15,000) |
(2,099) |
|||||
Payment for business acquisition, net of cash acquired |
- |
(759) |
(106) |
(3,278,209) |
(379,507) |
(53,095) |
|||||
Purchase of term deposits |
(7,418,072) |
(4,786,130) |
(669,604) |
(14,987,302) |
(14,501,135) |
(2,028,783) |
|||||
Cash received on maturity of term deposits |
2,100,000 |
4,785,400 |
669,502 |
9,322,393 |
12,650,430 |
1,769,860 |
|||||
Payment for short-term investments |
(354,200) |
(30,000) |
(4,197) |
(354,200) |
(280,000) |
(39,173) |
|||||
Cash received from sales of short-term investment |
239,200 |
80,000 |
11,192 |
249,700 |
240,000 |
33,577 |
|||||
Net cash used in investing activities |
(5,510,271) |
(30,128) |
(4,215) |
(9,316,133) |
(2,481,821) |
(347,220) |
|||||
Cash flows from financing activities: |
|||||||||||
Proceeds from exercise of options |
2,820 |
71 |
10 |
5,312 |
186 |
26 |
|||||
Deferred payment of purchase of property and equipment |
- |
(16,893) |
(2,363) |
(8,405) |
(16,987) |
(2,377) |
|||||
Dividends payment |
- |
- |
- |
- |
(877,346) |
(122,745) |
|||||
Proceeds from bank loan |
- |
- |
- |
1,913,190 |
- |
- |
|||||
Repayment of bank loan |
(2,041,680) |
- |
- |
(2,041,680) |
- |
- |
|||||
Proceeds from issuance of Convertible Senior Notes, net |
4,820,387 |
- |
- |
4,820,387 |
- |
- |
|||||
Net cash provided by (used in) financing activities |
2,781,527 |
(16,822) |
(2,353) |
4,688,804 |
(894,147) |
(125,096) |
|||||
Effect of exchange rate changes |
14,450 |
6,200 |
867 |
22,736 |
5,054 |
710 |
|||||
Net (decrease) increase in cash, cash equivalents, and |
(2,367,786) |
1,135,180 |
158,818 |
(2,440,234) |
402,889 |
56,366 |
|||||
Cash, cash equivalents, and restricted cash at beginning of |
4,389,746 |
1,735,743 |
242,839 |
4,462,194 |
2,468,034 |
345,291 |
|||||
Cash, cash equivalents, and restricted cash at end of period |
2,021,960 |
2,870,923 |
401,657 |
2,021,960 |
2,870,923 |
401,657 |
|||||
Momo Inc. |
||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP financial measures to comparable GAAP measures |
||||||||||||||||||||||||||||||
(All amounts in thousands, except per share data) |
||||||||||||||||||||||||||||||
1. |
Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income to comparable GAAP measures. |
|||||||||||||||||||||||||||||
Three months |
Three months |
Three months |
||||||||||||||||||||||||||||
ended September 30, 2018 |
ended September 30, 2019 |
ended September 30, 2019 |
||||||||||||||||||||||||||||
GAAP RMB |
Amortization |
Share- RMB |
Tax (ii) |
Non-GAAP RMB |
GAAP RMB |
Amortization |
Share- RMB |
Tax (ii) RMB |
Non-GAAP RMB |
GAAP US$ |
Amortization US$ |
Share- US$ |
Tax (ii) US$ |
Non-GAAP US$ |
||||||||||||||||
Cost of revenues |
(2,031,652) |
18,183 |
5,880 |
- |
(2,007,589) |
(2,203,350) |
18,751 |
6,738 |
- |
(2,177,861) |
(308,260) |
2,623 |
943 |
- |
(304,694) |
|||||||||||||||
Research and |
(245,661) |
2,309 |
45,919 |
- |
(197,433) |
(301,754) |
2,381 |
45,345 |
- |
(254,028) |
(42,217) |
333 |
6,344 |
- |
(35,540) |
|||||||||||||||
Sales and marketing |
(563,564) |
17,004 |
43,760 |
- |
(502,800) |
(771,338) |
17,535 |
52,100 |
- |
(701,703) |
(107,914) |
2,453 |
7,289 |
- |
(98,172) |
|||||||||||||||
General and |
(168,189) |
- |
74,400 |
- |
(93,789) |
(211,423) |
- |
60,980 |
- |
(150,443) |
(29,579) |
- |
8,531 |
- |
(21,048) |
|||||||||||||||
Cost and operating |
(3,009,066) |
37,496 |
169,959 |
- |
(2,801,611) |
(3,487,865) |
38,667 |
165,163 |
- |
(3,284,035) |
(487,970) |
5,409 |
23,107 |
- |
(459,454) |
|||||||||||||||
Income from operations |
643,829 |
37,496 |
169,959 |
- |
851,284 |
993,119 |
38,667 |
165,163 |
- |
1,196,949 |
138,943 |
5,409 |
23,107 |
- |
167,459 |
|||||||||||||||
Net income attributable to |
579,539 |
37,496 |
169,959 |
(9,374) |
777,620 |
893,897 |
38,667 |
165,163 |
(9,667) |
1,088,060 |
125,062 |
5,409 |
23,107 |
(1,352) |
152,226 |
|||||||||||||||
Momo Inc. |
||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP financial measures to comparable GAAP measures |
||||||||||||||||||||||||||||||
(All amounts in thousands, except per share data) |
||||||||||||||||||||||||||||||
1. |
Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income to comparable GAAP measures-continued. |
|||||||||||||||||||||||||||||
First nine months |
First nine months |
First nine months |
||||||||||||||||||||||||||||
ended September 30, 2018 |
ended September 30, 2019 |
ended September 30, 2019 |
||||||||||||||||||||||||||||
GAAP RMB |
Amortization |
Share- RMB |
Tax (ii) |
Non-GAAP RMB |
GAAP RMB |
Amortization business |
Share- RMB |
Tax (ii) RMB |
Non-GAAP RMB |
GAAP US$ |
Amortization US$ |
Share- US$ |
Tax (ii) US$ |
Non-GAAP US$ |
||||||||||||||||
Cost of revenues |
(5,083,632) |
23,865 |
16,163 |
- |
(5,043,604) |
(6,140,787) |
54,999 |
16,371 |
- |
(6,069,417) |
(859,128) |
7,695 |
2,290 |
- |
(849,143) |
|||||||||||||||
Research and |
(517,144) |
3,030 |
105,591 |
- |
(408,523) |
(802,843) |
6,985 |
129,598 |
- |
(666,260) |
(112,322) |
978 |
18,131 |
- |
(93,213) |
|||||||||||||||
Sales and marketing |
(1,193,994) |
22,316 |
99,220 |
- |
(1,072,458) |
(1,965,795) |
51,433 |
142,845 |
- |
(1,771,517) |
(275,025) |
7,196 |
19,985 |
- |
(247,844) |
|||||||||||||||
General and |
(405,323) |
- |
161,826 |
- |
(243,497) |
(1,314,679) |
- |
951,960 |
- |
(362,719) |
(183,930) |
- |
133,184 |
- |
(50,746) |
|||||||||||||||
Cost and operating |
(7,200,093) |
49,211 |
382,800 |
- |
(6,768,082) |
(10,224,104) |
113,417 |
1,240,774 |
- |
(8,869,913) |
(1,430,405) |
15,869 |
173,590 |
- |
(1,240,946) |
|||||||||||||||
Income from |
2,476,688 |
49,211 |
382,800 |
- |
2,908,699 |
2,305,284 |
113,417 |
1,240,774 |
- |
3,659,475 |
322,520 |
15,869 |
173,590 |
- |
511,979 |
|||||||||||||||
Net income attributable |
2,154,938 |
49,211 |
382,800 |
(12,301) |
2,574,648 |
1,914,991 |
113,417 |
1,240,774 |
(28,355) |
3,240,827 |
267,916 |
15,869 |
173,590 |
(3,967) |
453,408 |
|||||||||||||||
(ii) Includes tax impacts related to the amortization of intangible assets from business acquisition. There is no tax impact related to share-based compensation. |
||||||||||||||||||||||||||||||
Momo Inc. |
|||||||||
Unaudited Segment Report |
|||||||||
(All amounts in thousands, except share and per share data) |
|||||||||
Three months |
|||||||||
ended September 30, 2019 |
|||||||||
Momo |
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Net revenues: |
|||||||||
Live video service |
3,275,354 |
- |
- |
3,275,354 |
458,239 |
||||
Value-added service |
754,629 |
309,977 |
- |
1,064,606 |
148,944 |
||||
Mobile marketing |
81,894 |
- |
- |
81,894 |
11,457 |
||||
Mobile games |
15,785 |
- |
- |
15,785 |
2,208 |
||||
Other services |
11,234 |
- |
2,769 |
14,003 |
1,960 |
||||
Total net revenues |
4,138,896 |
309,977 |
2,769 |
4,451,642 |
622,808 |
||||
Cost and expenses (iii): |
|||||||||
Cost of revenues |
(2,101,678) |
(99,722) |
(1,950) |
(2,203,350) |
(308,260) |
||||
Research and development |
(225,539) |
(76,215) |
- |
(301,754) |
(42,217) |
||||
Sales and marketing |
(422,034) |
(349,274) |
(30) |
(771,338) |
(107,914) |
||||
General and administrative |
(191,832) |
(13,425) |
(6,166) |
(211,423) |
(29,579) |
||||
Total cost and expenses |
(2,941,083) |
(538,636) |
(8,146) |
(3,487,865) |
(487,970) |
||||
Other operating income |
29,342 |
- |
- |
29,342 |
4,105 |
||||
Income (loss) from operations |
1,227,155 |
(228,659) |
(5,377) |
993,119 |
138,943 |
||||
Interest income |
102,749 |
2,594 |
41 |
105,384 |
14,744 |
||||
Interest expense |
(20,117) |
- |
- |
(20,117) |
(2,814) |
||||
Impairment loss on long-term |
(11,211) |
- |
- |
(11,211) |
(1,568) |
||||
Income (loss) before income tax |
1,298,576 |
(226,065) |
(5,336) |
1,067,175 |
149,305 |
||||
Income tax (expenses) benefits |
(194,580) |
12,002 |
- |
(182,578) |
(25,544) |
||||
Income (loss) before share of |
1,103,996 |
(214,063) |
(5,336) |
884,597 |
123,761 |
||||
Share of income on equity method |
6,185 |
- |
- |
6,185 |
865 |
||||
Net income (loss) |
1,110,181 |
(214,063) |
(5,336) |
890,782 |
124,626 |
||||
(iii) Share-based compensation was allocated in cost of revenues and operating expenses as follows: |
|||||||||
Three months |
|||||||||
ended September 30, 2019 |
|||||||||
Momo |
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Cost of revenues |
5,917 |
821 |
- |
6,738 |
943 |
||||
Research and development |
27,375 |
17,970 |
- |
45,345 |
6,344 |
||||
Sales and marketing |
46,831 |
5,269 |
- |
52,100 |
7,289 |
||||
General and administrative |
56,860 |
1,486 |
2,634 |
60,980 |
8,531 |
||||
Total cost and expenses |
136,983 |
25,546 |
2,634 |
165,163 |
23,107 |
||||
Momo Inc. |
|||||||||
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report |
|||||||||
(All amounts in thousands, except share and per share data) |
|||||||||
Three months |
|||||||||
ended September 30, 2019 |
|||||||||
Momo |
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Operating income (loss) |
1,227,155 |
(228,659) |
(5,377) |
993,119 |
138,943 |
||||
Share-based compensation |
136,983 |
25,546 |
2,634 |
165,163 |
23,107 |
||||
Amortization of intangible assets from |
- |
38,667 |
- |
38,667 |
5,409 |
||||
Non-GAAP operating income (loss) |
1,364,138 |
(164,446) |
(2,743) |
1,196,949 |
167,459 |
||||
Net income (loss) |
1,110,181 |
(214,063) |
(5,336) |
890,782 |
124,626 |
||||
Share-based compensation |
136,983 |
25,546 |
2,634 |
165,163 |
23,107 |
||||
Amortization of intangible assets from |
- |
38,667 |
- |
38,667 |
5,409 |
||||
Tax impacts |
- |
(9,667) |
- |
(9,667) |
(1,352) |
||||
Non-GAAP net income (loss) |
1,247,164 |
(159,517) |
(2,702) |
1,084,945 |
151,790 |
||||
Momo Inc. |
|||||||||
Unaudited Segment Report |
|||||||||
(All amounts in thousands, except share and per share data) |
|||||||||
Three months |
|||||||||
ended September 30, 2018 |
|||||||||
Momo |
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$[2] |
|||||
Net revenues: |
|||||||||
Live video service |
2,769,231 |
- |
- |
2,769,231 |
403,208 |
||||
Value-added service |
409,087 |
164,061 |
- |
573,148 |
83,452 |
||||
Mobile marketing |
117,336 |
- |
- |
117,336 |
17,084 |
||||
Mobile games |
27,880 |
- |
- |
27,880 |
4,059 |
||||
Other services |
1,589 |
- |
158,413 |
160,002 |
23,297 |
||||
Total net revenues |
3,325,123 |
164,061 |
158,413 |
3,647,597 |
531,100 |
||||
Cost and expenses (iv): |
|||||||||
Cost of revenues |
(1,743,108) |
(73,369) |
(215,175) |
(2,031,652) |
(295,814) |
||||
Research and development |
(168,147) |
(77,514) |
- |
(245,661) |
(35,769) |
||||
Sales and marketing |
(350,985) |
(201,172) |
(11,407) |
(563,564) |
(82,056) |
||||
General and administrative |
(124,281) |
(39,648) |
(4,260) |
(168,189) |
(24,489) |
||||
Total cost and expenses |
(2,386,521) |
(391,703) |
(230,842) |
(3,009,066) |
(438,128) |
||||
Other operating income |
5,271 |
27 |
- |
5,298 |
771 |
||||
Income (loss) from operations |
943,873 |
(227,615) |
(72,429) |
643,829 |
93,743 |
||||
Interest income |
82,528 |
172 |
28 |
82,728 |
12,045 |
||||
Interest expense |
(24,421) |
- |
- |
(24,421) |
(3,556) |
||||
Income (loss) before income tax and share |
1,001,980 |
(227,443) |
(72,401) |
702,136 |
102,232 |
||||
Income tax (expenses) benefits |
(156,150) |
9,374 |
- |
(146,776) |
(21,371) |
||||
Income (loss) before share of income on |
845,830 |
(218,069) |
(72,401) |
555,360 |
80,861 |
||||
Share of income on equity method investments |
16,524 |
- |
- |
16,524 |
2,406 |
||||
Net income (loss) |
862,354 |
(218,069) |
(72,401) |
571,884 |
83,267 |
||||
[2] All translations from RMB to U.S. dollars are made at a rate of RMB 6.868 to US$1.00, the effective noon buying rate for September 28, |
|||||||||
(iv) Share-based compensation was allocated in cost of revenues and operating expenses as follows: |
|||||||||
Three months |
|||||||||
ended September 30, 2018 |
|||||||||
Momo |
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Cost of revenues |
3,777 |
2,103 |
- |
5,880 |
856 |
||||
Research and development |
24,826 |
21,093 |
- |
45,919 |
6,686 |
||||
Sales and marketing |
39,595 |
4,165 |
- |
43,760 |
6,372 |
||||
General and administrative |
43,812 |
30,588 |
- |
74,400 |
10,833 |
||||
Total cost and expenses |
112,010 |
57,949 |
- |
169,959 |
24,747 |
||||
Momo Inc. |
|||||||||
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report |
|||||||||
(All amounts in thousands, except share and per share data) |
|||||||||
Three months |
|||||||||
ended September 30, 2018 |
|||||||||
Momo |
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Operating income (loss) |
943,873 |
(227,615) |
(72,429) |
643,829 |
93,743 |
||||
Share-based compensation |
112,010 |
57,949 |
- |
169,959 |
24,747 |
||||
Amortization of intangible assets from |
- |
37,496 |
- |
37,496 |
5,460 |
||||
Non-GAAP operating income (loss) |
1,055,883 |
(132,170) |
(72,429) |
851,284 |
123,950 |
||||
Net income (loss) |
862,354 |
(218,069) |
(72,401) |
571,884 |
83,267 |
||||
Share-based compensation |
112,010 |
57,949 |
- |
169,959 |
24,747 |
||||
Amortization of intangible assets from |
- |
37,496 |
- |
37,496 |
5,460 |
||||
Tax impacts |
- |
(9,374) |
- |
(9,374) |
(1,365) |
||||
Non-GAAP net income (loss) |
974,364 |
(131,998) |
(72,401) |
769,965 |
112,109 |
||||
Momo Inc. |
|||||||||
Unaudited Segment Report |
|||||||||
(All amounts in thousands, except share and per share data) |
|||||||||
First nine months |
|||||||||
ended September 30, 2019 |
|||||||||
Momo |
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Net revenues: |
|||||||||
Live video service |
9,064,654 |
- |
- |
9,064,654 |
1,268,192 |
||||
Value-added service |
2,026,732 |
890,117 |
- |
2,916,849 |
408,082 |
||||
Mobile marketing |
238,831 |
- |
- |
238,831 |
33,414 |
||||
Mobile games |
78,033 |
- |
- |
78,033 |
10,917 |
||||
Other services |
15,243 |
- |
13,581 |
28,824 |
4,032 |
||||
Total net revenues |
11,423,493 |
890,117 |
13,581 |
12,327,191 |
1,724,637 |
||||
Cost and expenses (v): |
|||||||||
Cost of revenues |
(5,842,388) |
(287,940) |
(10,459) |
(6,140,787) |
(859,128) |
||||
Research and development |
(591,678) |
(211,165) |
- |
(802,843) |
(112,322) |
||||
Sales and marketing |
(1,141,571) |
(817,823) |
(6,401) |
(1,965,795) |
(275,025) |
||||
General and administrative |
(448,480) |
(837,824) |
(28,375) |
(1,314,679) |
(183,930) |
||||
Total cost and expenses |
(8,024,117) |
(2,154,752) |
(45,235) |
(10,224,104) |
(1,430,405) |
||||
Other operating income |
180,831 |
- |
21,366 |
202,197 |
28,288 |
||||
Income (loss) from operations |
3,580,207 |
(1,264,635) |
(10,288) |
2,305,284 |
322,520 |
||||
Interest income |
290,725 |
8,509 |
103 |
299,337 |
41,879 |
||||
Interest expense |
(58,421) |
- |
- |
(58,421) |
(8,173) |
||||
Impairment loss on long-term investments |
(15,711) |
- |
- |
(15,711) |
(2,198) |
||||
Income (loss) before income tax and share |
3,796,800 |
(1,256,126) |
(10,185) |
2,530,489 |
354,028 |
||||
Income tax (expenses) benefits |
(651,284) |
21,187 |
- |
(630,097) |
(88,154) |
||||
Income (loss) before share of income on |
3,145,516 |
(1,234,939) |
(10,185) |
1,900,392 |
265,874 |
||||
Share of income on equity method investments |
8,056 |
- |
- |
8,056 |
1,127 |
||||
Net income (loss) |
3,153,572 |
(1,234,939) |
(10,185) |
1,908,448 |
267,001 |
||||
(v) Share-based compensation was allocated in cost of revenues and operating expenses as follows: |
|||||||||
First nine months |
|||||||||
ended September 30, 2019 |
|||||||||
Momo |
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Cost of revenues |
14,393 |
1,978 |
- |
16,371 |
2,290 |
||||
Research and development |
76,675 |
52,923 |
- |
129,598 |
18,131 |
||||
Sales and marketing |
129,686 |
13,159 |
- |
142,845 |
19,985 |
||||
General and administrative |
150,586 |
793,649 |
7,725 |
951,960 |
133,184 |
||||
Total cost and expenses |
371,340 |
861,709 |
7,725 |
1,240,774 |
173,590 |
||||
Momo Inc. |
|||||||||
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report |
|||||||||
(All amounts in thousands, except share and per share data) |
|||||||||
First nine months |
|||||||||
ended September 30, 2019 |
|||||||||
Momo |
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Operating income (loss) |
3,580,207 |
(1,264,635) |
(10,288) |
2,305,284 |
322,520 |
||||
Share-based compensation |
371,340 |
861,709 |
7,725 |
1,240,774 |
173,590 |
||||
Amortization of intangible assets |
- |
113,417 |
- |
113,417 |
15,869 |
||||
Non-GAAP operating income (loss) |
3,951,547 |
(289,509) |
(2,563) |
3,659,475 |
511,979 |
||||
Net income (loss) |
3,153,572 |
(1,234,939) |
(10,185) |
1,908,448 |
267,001 |
||||
Share-based compensation |
371,340 |
861,709 |
7,725 |
1,240,774 |
173,590 |
||||
Amortization of intangible assets |
- |
113,417 |
- |
113,417 |
15,869 |
||||
Tax impacts |
- |
(28,355) |
- |
(28,355) |
(3,967) |
||||
Non-GAAP net income (loss) |
3,524,912 |
(288,168) |
(2,460) |
3,234,284 |
452,493 |
||||
Momo Inc. |
|||||||||
Unaudited Segment Report |
|||||||||
(All amounts in thousands, except share and per share data) |
|||||||||
First nine months |
|||||||||
ended September 30, 2018 |
|||||||||
Momo |
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Net revenues: |
|||||||||
Live video service |
7,750,269 |
- |
- |
7,750,269 |
1,128,461 |
||||
Value-added service |
965,705 |
195,030 |
- |
1,160,735 |
169,006 |
||||
Mobile marketing |
378,178 |
- |
- |
378,178 |
55,064 |
||||
Mobile games |
104,890 |
- |
- |
104,890 |
15,272 |
||||
Other services |
4,095 |
- |
166,337 |
170,432 |
24,815 |
||||
Total net revenues |
9,203,137 |
195,030 |
166,337 |
9,564,504 |
1,392,618 |
||||
Cost and expenses (vi): |
|||||||||
Cost of revenues |
(4,612,322) |
(92,100) |
(379,210) |
(5,083,632) |
(740,191) |
||||
Research and development |
(411,577) |
(105,567) |
- |
(517,144) |
(75,298) |
||||
Sales and marketing |
(905,695) |
(268,875) |
(19,424) |
(1,193,994) |
(173,849) |
||||
General and administrative |
(341,995) |
(53,952) |
(9,376) |
(405,323) |
(59,016) |
||||
Total cost and expenses |
(6,271,589) |
(520,494) |
(408,010) |
(7,200,093) |
(1,048,354) |
||||
Other operating income |
112,189 |
88 |
- |
112,277 |
16,348 |
||||
Income (loss) from operations |
3,043,737 |
(325,376) |
(241,673) |
2,476,688 |
360,612 |
||||
Interest income |
182,889 |
236 |
55 |
183,180 |
26,671 |
||||
Interest expense |
(36,857) |
- |
- |
(36,857) |
(5,366) |
||||
Income (loss) before income tax and share |
3,189,769 |
(325,140) |
(241,618) |
2,623,011 |
381,917 |
||||
Income tax (expenses) benefits |
(528,612) |
12,302 |
- |
(516,310) |
(75,176) |
||||
Income (loss) before share of income on |
2,661,157 |
(312,838) |
(241,618) |
2,106,701 |
306,741 |
||||
Share of income on equity method |
35,439 |
- |
- |
35,439 |
5,160 |
||||
Net income (loss) |
2,696,596 |
(312,838) |
(241,618) |
2,142,140 |
311,901 |
||||
(vi) Share-based compensation was allocated in cost of revenues and operating expenses as follows: |
|||||||||
First nine months |
|||||||||
ended September 30, 2018 |
|||||||||
Momo |
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Cost of revenues |
12,114 |
4,049 |
- |
16,163 |
2,353 |
||||
Research and development |
65,744 |
39,847 |
- |
105,591 |
15,374 |
||||
Sales and marketing |
91,286 |
7,934 |
- |
99,220 |
14,447 |
||||
General and administrative |
121,169 |
40,657 |
- |
161,826 |
23,562 |
||||
Total cost and expenses |
290,313 |
92,487 |
- |
382,800 |
55,736 |
||||
Momo Inc. |
|||||||||
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report |
|||||||||
(All amounts in thousands, except share and per share data) |
|||||||||
First nine months |
|||||||||
ended September 30, 2018 |
|||||||||
Momo |
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Operating income (loss) |
3,043,737 |
(325,376) |
(241,673) |
2,476,688 |
360,612 |
||||
Share-based compensation |
290,313 |
92,487 |
- |
382,800 |
55,736 |
||||
Amortization of intangible assets from |
- |
49,211 |
- |
49,211 |
7,165 |
||||
Non-GAAP operating income (loss) |
3,334,050 |
(183,678) |
(241,673) |
2,908,699 |
423,513 |
||||
Net income (loss) |
2,696,596 |
(312,838) |
(241,618) |
2,142,140 |
311,901 |
||||
Share-based compensation |
290,313 |
92,487 |
- |
382,800 |
55,736 |
||||
Amortization of intangible assets from |
- |
49,211 |
- |
49,211 |
7,165 |
||||
Tax impacts |
- |
(12,301) |
- |
(12,301) |
(1,791) |
||||
Non-GAAP net income (loss) |
2,986,909 |
(183,441) |
(241,618) |
2,561,850 |
373,011 |
||||
SOURCE Momo Inc.
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