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BEIJING, Dec. 1, 2020 /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 2020.
Third Quarter of 2020 Highlights
First Nine Months of 2020 Highlights
"The third quarter of 2020 was a busy quarter for us. As a result of management's commitment and the persistence of our colleagues, the structural reform within the core live broadcasting business has achieved initial success." Commented Li Wang, CEO of Momo. "The critical metrics reflecting the healthiness of the ecosystem have been showing positive signs. As the content ecosystem gradually improved, non-event days' revenue is also seeing strong rebound. Although we have more hard work to do down the path, what we have achieved so far gives us the confidence that our live streaming business has entered into a virtuous cycle supported by a sustainable content ecosystem."
* 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 RMB6.7896 to US$1.00, the effective noon buying rate for September 30, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board. |
Third Quarter of 2020 Financial Results
Net revenues
Total net revenues were RMB3,766.7 million (US$554.8 million) in the third quarter of 2020, a decrease of 15.4% from RMB4,451.6 million in the third quarter of 2019.
Live video service revenues were RMB2,374.8 million (US$349.8 million) in the third quarter of 2020, a decrease of 27% from RMB3,275.4 million during the same period of 2019. The decrease was primarily due to our structural reform on Momo's core live video business, which was used to revive the long tail content ecosystem and to a lesser extent, the impact of COVID-19 adversely affecting the sentiment of our paying users, especially among the top of the pyramid paying users. The decrease was partially offset by the growth from Tantan's live video service, and live video service revenues from Tantan were RMB396.7 million (US$58.4 million) in the third quarter of 2020.
Value-added service revenues mainly include virtual gift revenues and membership subscription revenues. Total value-added service revenues were RMB1,330.8 million (US$196.0 million) in the third quarter of 2020, an increase of 25% from RMB1,064.6 million during the same period of 2019. The year-over-year increase was primarily attributable to the continued growth of the virtual gift business on the Momo application driven by more innovative products launched and more paying scenarios introduced to enhance the social entertainment experience of Momo users, and to a lesser extent, the increase in the membership subscription revenues of Tantan.
Mobile marketing revenues were RMB50.4 million (US$7.4 million) in the third quarter of 2020, a decrease of 38% from RMB81.9 million during the same period of 2019. The decrease in mobile marketing revenues was primarily caused by the decreased demand from our advertising and marketing customers as well as our strategy to underweight the line in terms of resource allocation.
Mobile games revenues were RMB8.0 million (US$1.2 million) in the third quarter of 2020, a decrease of 49% from RMB15.8 million in the third quarter of 2019. The decrease in mobile game revenues was mainly due to the continued decrease in quarterly paying users of mobile games.
Net revenues from Momo segment decreased from RMB4,138.9 million in the third quarter of 2019 to RMB3,037.0 million (US$447.3 million) in the third quarter of 2020, primarily due to the decrease in net revenues from live video service, partially offset by the increase in net revenues from value-added service. Net revenues from Tantan segment increased from RMB310.0 million in the third quarter of 2019 to RMB728.9 million (US$107.4 million) in the third quarter of 2020, which was mainly due to the increase in net revenues from live video service and to a lesser extent, the increase in net revenues from value-added services.
Cost and expenses
Cost and expenses were RMB3,258.5 million (US$479.9 million) in the third quarter of 2020, a decrease of 6.6% from RMB3,487.9 million in the third quarter of 2019. The decrease was primarily attributable to: (a) a decrease in revenue sharing with broadcasters related to our live video service; (b) a decrease in personnel related costs, professional fees and infrastructure-related spending, such as bandwidth costs and server depreciation costs. The decrease was partially offset by an increase in revenue sharing with virtual gift recipients for our virtual gift service, and an increase in marketing and promotional expenses to attract users on Tantan.
Non-GAAP cost and expenses (note 1) were RMB3,052.0 million (US$449.5 million) in the third quarter of 2020, a decrease of 7.1% from RMB3,284.0 million during the same period of 2019.
Income from operations
Income from operations was RMB531.1 million (US$78.2 million) in the third quarter of 2020, compared to RMB993.1 million during the same period of 2019. Income from operations of Momo segment was RMB658.7 million (US$97.0 million) in the third quarter of 2020, decreasing from RMB1,227.2 million in the third quarter of 2019. Loss from operations of Tantan segment was RMB121.5 million (US$17.9 million) in the third quarter of 2020, compared to loss from operations of RMB228.7 million in the third quarter of 2019.
Non-GAAP income from operations (note 1) was RMB737.6 million (US$108.6 million) in the third quarter of 2020, compared to RMB1,196.9 million during the same period of 2019. Non-GAAP income from operations of Momo segment was RMB805.8 million (US$118.7 million) in the third quarter of 2020, decreasing from RMB1,364.1 million in the third quarter of 2019. Non-GAAP loss from operations of Tantan segment was RMB64.7 million (US$9.5 million) in the third quarter of 2020, compared to non-GAAP loss from operations of RMB164.4 million in the third quarter of 2019.
Income tax expenses
Income tax expenses were RMB143.6 million (US$21.2 million) in the third quarter of 2020, decreasing from RMB182.6 million in the third quarter of 2019. The decrease in income tax expenses was mainly due to the lower profit in the third quarter of 2020.
Net income
Net income was RMB456.0 million (US$67.2 million) in the third quarter of 2020, compared to RMB890.8 million during the same period of 2019. Net income from Momo segment was RMB576.2 million (US$84.9 million) in the third quarter of 2020, decreasing from RMB1,110.2 million in the third quarter of 2019. Net loss from Tantan segment was RMB114.2 million (US$16.8 million) in the third quarter of 2020, compared to net loss of RMB214.1 million in the third quarter of 2019.
Non-GAAP net income (note 1) was RMB653.1 million (US$96.2 million) in the third quarter of 2020, compared to RMB1,084.9 million during the same period of 2019. Non-GAAP net income from Momo segment was RMB723.4 million (US$106.5 million) in the third quarter of 2020, decreasing from RMB1,247.2 million in the third quarter of 2019. Non-GAAP net loss of Tantan segment was RMB66.9 million (US$9.8 million) in the third quarter of 2020, compared to non-GAAP net loss of RMB159.5 million in the third quarter of 2019.
Net income attributable to Momo Inc.
Net income attributable to Momo Inc. was RMB456.7 million (US$67.3 million) in the third quarter of 2020, compared to RMB893.9 million during the same period of 2019.
Non-GAAP net income (note 1) attributable to Momo Inc. was RMB653.8 million (US$96.3 million) in the third quarter of 2020, compared to RMB1,088.1 million during the same period of 2019.
Net income per ADS
Diluted net income per ADS was RMB2.11 (US$0.31) in the third quarter of 2020, compared to RMB4.04 in the third quarter of 2019.
Non-GAAP diluted net income per ADS (note 1) was RMB2.98 (US$0.44) in the third quarter of 2020, compared to RMB4.90 in the third quarter of 2019.
Cash and cash flow
As of September 30, 2020, Momo's cash, cash equivalents, short-term deposits and long-term deposits totaled RMB15,764.1 million (US$2,321.8 million), compared to RMB15,225.3 million as of December 31, 2019. Net cash provided by operating activities in the third quarter of 2020 was RMB691.1 million (US$101.8 million), compared to RMB1,175.9 million in the third quarter of 2019.
First Nine Months of 2020 Financial Results
Net revenues for the first nine months of 2020 were RMB11,229.0 million (US$1,653.9 million), a decrease of 8.9% from RMB12,327.2 million in the same period of 2019.
Net income attributable to Momo Inc. was RMB1,452.0 million (US$213.9 million) for the first nine months of 2020, compared to RMB1,915.0 million during the same period of 2019.
Non-GAAP net income attributable to Momo Inc. (note 1) was RMB2,059.8 million (US$303.4 million) for the first nine months of 2020, compared to RMB3,240.8 million during the same period of 2019.
Diluted net income per ADS was RMB6.68 (US$0.98) during the first nine months of 2020, compared to RMB8.76 in the same period of 2019.
Non-GAAP diluted net income per ADS (note 1) was RMB9.36 (US$1.38) during the first nine months of 2020, compared to RMB14.65 in the same period of 2019.
Net cash provided by operating activities was RMB2,041.8 million (US$300.7 million) during the first nine months of 2020, compared to RMB3,773.8 million in the same period of 2019.
Recent Developments
On September 3, 2020, Momo's board of directors authorized a share repurchase program under which the Company may repurchase up to US$300 million of its shares over the next 12 months. As of November 30, 2020, the Company had repurchased approximately 1.66 million ADSs for approximately US$23.3 million on the open market under this program, at an average purchase price of US$14.03 per ADS.
Mr. Xiaoliang Lei will step down from the Company's Chief Strategy Officer position for personal reasons effective from December 2020, and he will continue to serve as a senior advisor to the Company.
Business Outlook
For the fourth quarter of 2020, the Company expects total net revenues to be between RMB3.65 billion to RMB3.75 billion, representing a decrease of 22.1% to 20.0% year over year. This forecast considers the potential impact of the COVID-19 outbreak and reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change, particularly as to the potential impact of the COVID-19 on the economy in China.
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, December 1, 2020, at 8:00 a.m. U.S. Eastern Time (9:00 p.m. Beijing / Hong Kong Time on December 1, 2020).
All participants must preregister online prior to the call to receive the dial-in details. Once preregistration has been complete, participants will receive dial-in numbers, direct event passcode, and a unique registrant ID.
PRE-REGISTER LINKhttp://apac.directeventreg.com/registration/event/1217808
To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the passcode followed by your registrant ID, and you will join the conference instantly.
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 9, 2020. The dial-in details for the replay are as follows:
International: | +61-2-8199-0299 |
U.S. Toll Free: | +1-855-452-5696 |
Passcode: | 1217808 |
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
We are a leading player in China's online social and entertainment space. Through Momo, Tantan and other properties within our product portfolio, we enable users to discover new relationships, expand their social connections and build meaningful interactions. Momo is a mobile application that connects people and facilitates interactions based on location, interests and a variety of recreational activities including live talent shows, short videos, social games as well as other video- and audio-based interactive experiences, such as live chats and mobile karaoke experience. Tantan, which was added into our family of applications through acquisition in May 2018, is a leading social and dating application for the younger generation. Tantan 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: +86-10-5731-0538Email: ir@immomo.com
Christensen In ChinaMr. Eric Yuan Phone: +86-10-5900-1548 E-mail: Eyuan@christensenir.com
In US Ms. Linda BergkampPhone: +1-480-614-3004 Email: lbergkamp@christensenir.com
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, our financial outlook for the fourth quarter of 2020, as well as the amount of, timing, methods and funding sources for repurchases of our shares under the share repurchase program.
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 2020 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the fourth quarter of 2020 and may be unable to grow our business in the manner planned. We may also modify our strategy for growth. Moreover, 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, our ability to anticipate and develop new services and enhance existing services to meet the demand of our users or customers, the impact of the COVID-19 to Momo's business operations and the economy in China, the market price of Momo's stock prevailing from time to time, the nature of other investment opportunities presented to Momo from time to time, Momo's cash flows from operations, general economic conditions, and other factors. 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 | |||||||||||||
2019 | 2020 | 2020 | 2019 | 2020 | 2020 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
Net revenues: | ||||||||||||||
Live video service | 3,275,354 | 2,374,824 | 349,774 | 9,064,654 | 7,309,704 | 1,076,603 | ||||||||
Value-added service | 1,064,606 | 1,330,839 | 196,012 | 2,916,849 | 3,710,913 | 546,559 | ||||||||
Mobile marketing | 81,894 | 50,415 | 7,425 | 238,831 | 145,534 | 21,435 | ||||||||
Mobile games | 15,785 | 7,975 | 1,175 | 78,033 | 32,230 | 4,747 | ||||||||
Other services | 14,003 | 2,598 | 382 | 28,824 | 30,606 | 4,507 | ||||||||
Total net revenues | 4,451,642 | 3,766,651 | 554,768 | 12,327,191 | 11,228,987 | 1,653,851 | ||||||||
Cost and expenses: | ||||||||||||||
Cost of revenues | (2,203,350) | (2,020,779) | (297,629) | (6,140,787) | (5,934,000) | (873,984) | ||||||||
Research and development | (301,754) | (299,221) | (44,070) | (802,843) | (840,382) | (123,775) | ||||||||
Sales and marketing | (771,338) | (754,892) | (111,184) | (1,965,795) | (2,116,200) | (311,683) | ||||||||
General and administrative | (211,423) | (183,649) | (27,049) | (1,314,679) | (540,959) | (79,675) | ||||||||
Total cost and expenses | (3,487,865) | (3,258,541) | (479,932) | (10,224,104) | (9,431,541) | (1,389,117) | ||||||||
Other operating income | 29,342 | 22,944 | 3,379 | 202,197 | 140,392 | 20,678 | ||||||||
Income from operations | 993,119 | 531,054 | 78,215 | 2,305,284 | 1,937,838 | 285,412 | ||||||||
Interest income | 105,384 | 104,232 | 15,352 | 299,337 | 343,591 | 50,605 | ||||||||
Interest expense | (20,117) | (19,885) | (2,929) | (58,421) | (59,825) | (8,811) | ||||||||
Impairment loss on long-term investments | (11,211) | - | - | (15,711) | (6,000) | (884) | ||||||||
Income before income tax and share of income on equity method investments | 1,067,175 | 615,401 | 90,638 | 2,530,489 | 2,215,604 | 326,322 | ||||||||
Income tax expenses | (182,578) | (143,615) | (21,152) | (630,097) | (750,139) | (110,484) | ||||||||
Income before share of income on equity method investments | 884,597 | 471,786 | 69,486 | 1,900,392 | 1,465,465 | 215,838 | ||||||||
Share of income (loss) on equity method investments | 6,185 | (15,763) | (2,322) | 8,056 | (16,203) | (2,386) | ||||||||
Net income | 890,782 | 456,023 | 67,164 | 1,908,448 | 1,449,262 | 213,452 | ||||||||
Less: net loss attributable to non-controlling interest | (3,115) | (705) | (104) | (6,543) | (2,772) | (408) | ||||||||
Net income attributable to the shareholders of Momo Inc. | 893,897 | 456,728 | 67,268 | 1,914,991 | 1,452,034 | 213,860 | ||||||||
Net income per share attributable to ordinary shareholders | ||||||||||||||
Basic | 2.15 | 1.09 | 0.16 | 4.62 | 3.48 | 0.51 | ||||||||
Diluted | 2.02 | 1.05 | 0.16 | 4.38 | 3.34 | 0.49 | ||||||||
Weighted average shares used in calculating net income per ordinary share | ||||||||||||||
Basic | 415,615,139 | 417,884,266 | 417,884,266 | 414,790,186 | 417,580,609 | 417,580,609 | ||||||||
Diluted | 452,571,862 | 452,724,863 | 452,724,863 | 450,470,088 | 452,854,314 | 452,854,314 | ||||||||
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 | ||||||||||||||||||
2019 | 2020 | 2020 | 2019 | 2020 | 2020 | ||||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
Net income | 890,782 | 456,023 | 67,164 | 1,908,448 | 1,449,262 | 213,452 | |||||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||||||||
Foreign currency translation adjustment | 62,771 | (80,618) | (11,874) | 30,689 | (72,667) | (10,703) | |||||||||||||
Comprehensive income | 953,553 | 375,405 | 55,290 | 1,939,137 | 1,376,595 | 202,749 | |||||||||||||
Less: comprehensive income (loss) attributed to the non- controlling interest | 3,519 | (9,953) | (1,466) | 556 | (16,945) | (2,496) | |||||||||||||
Comprehensive income attributable to Momo Inc. | 950,034 | 385,358 | 56,756 | 1,938,581 | 1,393,540 | 205,245 | |||||||||||||
Momo Inc. | |||||
Unaudited Condensed Consolidated Balance Sheets | |||||
(All amounts in thousands, except share and per share data) | |||||
December 31 | September 30 | September 30 | |||
2019 | 2020 | 2020 | |||
RMB | RMB | US$ | |||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 2,612,743 | 3,176,406 | 467,834 | ||
Short-term deposits | 12,312,585 | 7,937,692 | 1,169,096 | ||
Accounts receivable, net of allowance for doubtful accounts of RMB12,209 and RMB17,621 as of December 31, 2019 and September 30, 2020, respectively | 265,155 | 233,398 | 34,376 | ||
Amount due from a related party | 4,382 | - | - | ||
Prepaid expenses and other current assets | 599,000 | 738,502 | 108,769 | ||
Total current assets | 15,793,865 | 12,085,998 | 1,780,075 | ||
Long-term deposits | 300,000 | 4,650,000 | 684,871 | ||
Right-of-use assets, net | 190,552 | 112,012 | 16,498 | ||
Property and equipment, net | 346,345 | 305,420 | 44,983 | ||
Intangible assets | 890,303 | 752,470 | 110,827 | ||
Rental deposits | 25,028 | 24,922 | 3,671 | ||
Long-term investments | 495,905 | 476,815 | 70,227 | ||
Other non-current assets | 44,009 | 94,368 | 13,899 | ||
Deferred tax assets | 37,064 | 34,031 | 5,012 | ||
Goodwill | 4,360,610 | 4,253,297 | 626,443 | ||
Total assets | 22,483,681 | 22,789,333 | 3,356,506 | ||
Liabilities and equity | |||||
Current liabilities | |||||
Accounts payable | 714,323 | 634,249 | 93,415 | ||
Deferred revenue | 503,461 | 487,234 | 71,761 | ||
Accrued expenses and other current liabilities | 985,873 | 858,038 | 126,376 | ||
Amount due to related parties | 29,606 | 31,868 | 4,694 | ||
Lease liabilities due within one year | 135,169 | 92,500 | 13,624 | ||
Income tax payable | 153,976 | 331,831 | 48,873 | ||
Deferred consideration in connection with business acquisitions | 84,346 | 64,669 | 9,525 | ||
Total current liabilities | 2,606,754 | 2,500,389 | 368,268 | ||
Deferred tax liabilities | 222,576 | 188,118 | 27,707 | ||
Convertible senior notes | 4,954,352 | 4,843,751 | 713,407 | ||
Share-based compensation liability | 902,047 | 910,197 | 134,057 | ||
Lease liabilities | 56,498 | 15,287 | 2,252 | ||
Other non-current liabilities | 22,672 | 34,495 | 5,081 | ||
Total liabilities | 8,764,899 | 8,492,237 | 1,250,772 | ||
Shareholder's equity (i) | 13,718,782 | 14,297,096 | 2,105,734 | ||
Total liabilities and shareholder's equity | 22,483,681 | 22,789,333 | 3,356,506 | ||
(i): As of September 30, 2020, the number of ordinary shares outstanding was 415,801,407. | |||||
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 | |||||||||||
2019 | 2020 | 2020 | 2019 | 2020 | 2020 | |||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Cash flows from operating activities: | ||||||||||||
Net income | 890,782 | 456,023 | 67,164 | 1,908,448 | 1,449,262 | 213,452 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation of property and equipment | 50,216 | 49,024 | 7,220 | 146,852 | 153,615 | 22,625 | ||||||
Amortization of intangible assets | 40,100 | 39,347 | 5,795 | 117,715 | 119,517 | 17,603 | ||||||
Share-based compensation | 165,163 | 168,475 | 24,814 | 1,240,774 | 521,102 | 76,751 | ||||||
Share of (income) loss on equity method investments | (6,185) | 15,763 | 2,322 | (8,056) | 16,203 | 2,386 | ||||||
Impairment loss on long-term investments | 11,211 | - | - | 15,711 | 6,000 | 884 | ||||||
Gain on subsidiary deconsolidation | - | - | - | - | (6,676) | (983) | ||||||
Gain on disposal of property and equipment | (64) | (284) | (42) | (398) | (285) | (42) | ||||||
Provision of allowance for doubtful accounts | 2,900 | 26,006 | 3,830 | 12,209 | 26,412 | 3,890 | ||||||
Cash received on investment income distribution | - | - | - | - | 1,153 | 170 | ||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable | (103,290) | 15,968 | 2,352 | 331,836 | 17,714 | 2,609 | ||||||
Prepaid expenses and other current assets | (24,378) | (207,586) | (30,574) | (23,182) | (163,753) | (24,118) | ||||||
Amount due from a related party | (1,335) | 2,029 | 299 | (1,606) | 4,382 | 645 | ||||||
Rental deposits | 2,033 | (83) | (12) | (362) | 107 | 16 | ||||||
Deferred tax assets | (2,803) | 561 | 83 | 23,304 | 3,034 | 447 | ||||||
Other non-current assets | (33,254) | 9,930 | 1,463 | (20,611) | 28,181 | 4,151 | ||||||
Accounts payable | (133,863) | (62,189) | (9,159) | (45,775) | (78,664) | (11,586) | ||||||
Income tax payable | (16,064) | 112,799 | 16,613 | (23,052) | 177,855 | 26,195 | ||||||
Deferred revenue | 84,711 | 17,442 | 2,569 | 54,789 | (15,830) | (2,332) | ||||||
Accrued expenses and other current liabilities | 278,181 | 52,819 | 7,779 | 136,558 | (161,411) | (23,773) | ||||||
Amount due to related parties | (10,550) | 13,495 | 1,988 | (53,267) | 2,262 | 333 | ||||||
Deferred tax liability | (10,025) | (9,837) | (1,449) | (35,322) | (29,880) | (4,401) | ||||||
Other non-current liabilities | (7,556) | (8,648) | (1,274) | (2,762) | (28,500) | (4,198) | ||||||
Net cash provided by operating activities | 1,175,930 | 691,054 | 101,781 | 3,773,803 | 2,041,800 | 300,724 | ||||||
Cash flows from investing activities: | ||||||||||||
Purchase of property and equipment | (59,933) | (24,078) | (3,546) | (154,413) | (108,048) | (15,914) | ||||||
Proceeds from disposal of property and equipment | 294 | 457 | 67 | 804 | 474 | 70 | ||||||
Payment for long-term investments | (19,000) | - | - | (43,000) | (4,500) | (663) | ||||||
Prepayment of long-term investments | - | - | - | (15,000) | - | - | ||||||
Cash dividend received | - | - | - | - | 233 | 34 | ||||||
Cash outflow due to subsidiary deconsolidation | - | - | - | - | (1,026) | (151) | ||||||
Purchase of short-term deposits | (4,786,130) | (3,053,307) | (449,704) | (14,501,135) | (11,295,165) | (1,663,598) | ||||||
Cash received on maturity of short-term deposits | 4,785,400 | 4,337,085 | 638,784 | 12,650,430 | 15,622,659 | 2,300,969 | ||||||
Payment for short-term investments | (30,000) | - | - | (280,000) | (10,000) | (1,473) | ||||||
Cash received from sales of short-term investment | 80,000 | - | - | 240,000 | 10,000 | 1,473 | ||||||
Purchase of long-term deposits | - | (1,550,000) | (228,290) | - | (4,350,000) | (640,686) | ||||||
Net cash used in investing activities | (29,369) | (289,843) | (42,689) | (2,102,314) | (135,373) | (19,939) | ||||||
Cash flows from financing activities: | ||||||||||||
Deferred payment for business acquisition | (759) | - | - | (379,507) | (18,355) | (2,703) | ||||||
Proceeds from exercise of share options | 71 | 54 | 8 | 186 | 55 | 8 | ||||||
Deferred payment of purchase of property and equipment | (16,893) | - | - | (16,987) | - | - | ||||||
Repurchase of ordinary shares | - | (132,407) | (19,501) | - | (132,407) | (19,501) | ||||||
Repurchase of subsidiary's share options | - | (24,900) | (3,667) | - | (24,900) | (3,667) | ||||||
Dividends payment | - | - | - | (877,346) | (1,123,983) | (165,545) | ||||||
Net cash used in financing activities | (17,581) | (157,253) | (23,160) | (1,273,654) | (1,299,590) | (191,408) | ||||||
Effect of exchange rate changes | 6,200 | (45,135) | (6,649) | 5,054 | (43,174) | (6,358) | ||||||
Net increase in cash and cash equivalents | 1,135,180 | 198,823 | 29,283 | 402,889 | 563,663 | 83,019 | ||||||
Cash and cash equivalents at the beginning of period | 1,735,743 | 2,977,583 | 438,551 | 2,468,034 | 2,612,743 | 384,815 | ||||||
Cash and cash equivalents at the end of period | 2,870,923 | 3,176,406 | 467,834 | 2,870,923 | 3,176,406 | 467,834 | ||||||
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, 2019 | ended September 30, 2020 | ended September 30, 2020 | ||||||||||||||||||||||||||||||
GAAP RMB | Amortization of intangible assets from business acquisitions RMB | Share-based compensation RMB | Tax impacts (ii)RMB | Non-GAAP RMB | GAAP RMB | Amortization of intangible assets from business acquisitions RMB | Share-based compensationRMB | Tax impacts (ii) RMB | Non-GAAP RMB | GAAP US$ | Amortization of intangible assets from business acquisitions US$ | Share-based compensation US$ | Tax impacts (ii) US$ | Non-GAAP US$ | ||||||||||||||||||
Cost of revenues | (2,203,350) | 18,751 | 6,738 | - | (2,177,861) | (2,020,779) | 18,472 | 4,434 | - | (1,997,873) | (297,629) | 2,721 | 653 | - | (294,255) | |||||||||||||||||
Research and development | (301,754) | 2,381 | 45,345 | - | (254,028) | (299,221) | 2,346 | 44,610 | - | (252,265) | (44,070) | 346 | 6,570 | - | (37,154) | |||||||||||||||||
Sales and marketing | (771,338) | 17,535 | 52,100 | - | (701,703) | (754,892) | 17,275 | 41,583 | - | (696,034) | (111,184) | 2,544 | 6,125 | - | (102,515) | |||||||||||||||||
General and administrative | (211,423) | - | 60,980 | - | (150,443) | (183,649) | - | 77,848 | - | (105,801) | (27,049) | - | 11,466 | - | (15,583) | |||||||||||||||||
Cost and operating expenses | (3,487,865) | 38,667 | 165,163 | - | (3,284,035) | (3,258,541) | 38,093 | 168,475 | - | (3,051,973) | (479,932) | 5,611 | 24,814 | - | (449,507) | |||||||||||||||||
Income from operations | 993,119 | 38,667 | 165,163 | - | 1,196,949 | 531,054 | 38,093 | 168,475 | - | 737,622 | 78,215 | 5,611 | 24,814 | - | 108,640 | |||||||||||||||||
Net income attributable to Momo Inc. | 893,897 | 38,667 | 165,163 | (9,667) | 1,088,060 | 456,728 | 38,093 | 168,475 | (9,523) | 653,773 | 67,268 | 5,611 | 24,814 | (1,403) | 96,290 | |||||||||||||||||
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, 2019 | ended September 30, 2020 | ended September 30, 2020 | ||||||||||||||||||||||||||||||
GAAP RMB | Amortization of intangible assets from business acquisitions RMB | Share-based compensation RMB | Tax impacts (ii) RMB | Non-GAAP RMB | GAAP RMB | Amortization of intangible assets from business acquisitions RMB | Share-based compensation RMB | Tax impacts (ii) RMB | Non-GAAP RMB | GAAP US$ | Amortization of intangible assets from business acquisitions US$ | Share-based compensation US$ | Tax impacts (ii) US$ | Non-GAAP US$ | ||||||||||||||||||
Cost of revenues | (6,140,787) | 54,999 | 16,371 | - | (6,069,417) | (5,934,000) | 56,046 | 14,207 | - | (5,863,747) | (873,984) | 8,255 | 2,092 | - | (863,637) | |||||||||||||||||
Research and development | (802,843) | 6,985 | 129,598 | - | (666,260) | (840,382) | 7,118 | 137,355 | - | (695,909) | (123,775) | 1,048 | 20,231 | - | (102,496) | |||||||||||||||||
Sales and marketing | (1,965,795) | 51,433 | 142,845 | - | (1,771,517) | (2,116,200) | 52,413 | 131,780 | - | (1,932,007) | (311,683) | 7,720 | 19,409 | - | (284,554) | |||||||||||||||||
General and administrative | (1,314,679) | - | 951,960 | - | (362,719) | (540,959) | - | 237,760 | - | (303,199) | (79,675) | - | 35,019 | - | (44,656) | |||||||||||||||||
Cost and operating expenses | (10,224,104) | 113,417 | 1,240,774 | - | (8,869,913) | (9,431,541) | 115,577 | 521,102 | - | (8,794,862) | (1,389,117) | 17,023 | 76,751 | - | (1,295,343) | |||||||||||||||||
Income from operations | 2,305,284 | 113,417 | 1,240,774 | - | 3,659,475 | 1,937,838 | 115,577 | 521,102 | - | 2,574,517 | 285,412 | 17,023 | 76,751 | - | 379,186 | |||||||||||||||||
Net income attributable to Momo Inc. | 1,914,991 | 113,417 | 1,240,774 | (28,355) | 3,240,827 | 1,452,034 | 115,577 | 521,102 | (28,894) | 2,059,819 | 213,860 | 17,023 | 76,751 | (4,255) | 303,379 | |||||||||||||||||
(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 Condensed Segment Report | |||||||||
(All amounts in thousands, except share and per share data) | |||||||||
Three months | |||||||||
ended September 30, 2020 | |||||||||
Momo | Tantan | QOOL | Total | Total | |||||
RMB | RMB | RMB | RMB | US$ | |||||
Net revenues: | |||||||||
Live video service | 1,978,098 | 396,726 | - | 2,374,824 | 349,774 | ||||
Value-added service | 998,668 | 332,171 | - | 1,330,839 | 196,012 | ||||
Mobile marketing | 50,415 | - | - | 50,415 | 7,425 | ||||
Mobile games | 7,975 | - | - | 7,975 | 1,175 | ||||
Other services | 1,810 | - | 788 | 2,598 | 382 | ||||
Total net revenues | 3,036,966 | 728,897 | 788 | 3,766,651 | 554,768 | ||||
Cost and expenses (iii): | |||||||||
Cost of revenues | (1,660,806) | (358,743) | (1,230) | (2,020,779) | (297,629) | ||||
Research and development | (214,597) | (84,624) | - | (299,221) | (44,070) | ||||
Sales and marketing | (361,448) | (393,437) | (7) | (754,892) | (111,184) | ||||
General and administrative | (164,331) | (13,620) | (5,698) | (183,649) | (27,049) | ||||
Total cost and expenses | (2,401,182) | (850,424) | (6,935) | (3,258,541) | (479,932) | ||||
Other operating income | 22,893 | - | 51 | 22,944 | 3,379 | ||||
Income (loss) from operations | 658,677 | (121,527) | (6,096) | 531,054 | 78,215 | ||||
Interest income | 103,477 | 706 | 49 | 104,232 | 15,352 | ||||
Interest expense | (19,885) | - | - | (19,885) | (2,929) | ||||
Income (loss) before income tax and share of income on equity method investments | 742,269 | (120,821) | (6,047) | 615,401 | 90,638 | ||||
Income tax (expenses) benefits | (150,278) | 6,663 | - | (143,615) | (21,152) | ||||
Income (loss) before share of income on equity method investments | 591,991 | (114,158) | (6,047) | 471,786 | 69,486 | ||||
Share of loss on equity method investments | (15,763) | - | - | (15,763) | (2,322) | ||||
Net income (loss) | 576,228 | (114,158) | (6,047) | 456,023 | 67,164 | ||||
(iii) Share-based compensation was allocated in cost of revenues and operating expenses as follows: | |||||||||
Three months | |||||||||
ended September 30, 2020 | |||||||||
Momo | Tantan | QOOL | Total | Total | |||||
RMB | RMB | RMB | RMB | US$ | |||||
Cost of revenues | 3,338 | 1,096 | - | 4,434 | 653 | ||||
Research and development | 32,296 | 12,314 | - | 44,610 | 6,570 | ||||
Sales and marketing | 37,110 | 4,473 | - | 41,583 | 6,125 | ||||
General and administrative | 74,416 | 837 | 2,595 | 77,848 | 11,466 | ||||
Total cost and expenses | 147,160 | 18,720 | 2,595 | 168,475 | 24,814 | ||||
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, 2020 | |||||||||
Momo | Tantan | QOOL | Total | Total | |||||
RMB | RMB | RMB | RMB | US$ | |||||
Operating income (loss) | 658,677 | (121,527) | (6,096) | 531,054 | 78,215 | ||||
Share-based compensation | 147,160 | 18,720 | 2,595 | 168,475 | 24,814 | ||||
Amortization of intangible assets from business acquisitions | - | 38,093 | - | 38,093 | 5,611 | ||||
Non-GAAP operating income (loss) | 805,837 | (64,714) | (3,501) | 737,622 | 108,640 | ||||
Net income (loss) | 576,228 | (114,158) | (6,047) | 456,023 | 67,164 | ||||
Share-based compensation | 147,160 | 18,720 | 2,595 | 168,475 | 24,814 | ||||
Amortization of intangible assets from business acquisitions | - | 38,093 | - | 38,093 | 5,611 | ||||
Tax impacts | - | (9,523) | - | (9,523) | (1,403) | ||||
Non-GAAP net income (loss) | 723,388 | (66,868) | (3,452) | 653,068 | 96,186 | ||||
Momo Inc. | |||||||||
Unaudited Condensed 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$[1] | |||||
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 (iv): | |||||||||
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 investments | (11,211) | - | - | (11,211) | (1,568) | ||||
Income (loss) before income tax and share of income on equity method investments | 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 income on equity method investments | 1,103,996 | (214,063) | (5,336) | 884,597 | 123,761 | ||||
Share of income on equity method investments | 6,185 | - | - | 6,185 | 865 | ||||
Net income (loss) | 1,110,181 | (214,063) | (5,336) | 890,782 | 124,626 | ||||
(iv) 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 | ||||
[1] All translations from RMB to U.S. dollars are made at a rate of RMB 7.1477 to US$1.00, the effective noon buying rate for September 30, 2019 as set forth in the H.10 statistical release of the Federal Reserve Board. | |||||||||
Momo Inc. | |||||||||
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report | |||||||||
(All amounts in thousands, except share and per share data) | |||||||||
Three months | |||||||||
ended September 30, 2019 | |||||||||
Momo | Tantan | QOOL | Total | Total | |||||
RMB | RMB | RMB | RMB | US$ | |||||
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 business acquisitions | - | 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 business acquisitions | - | 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 Condensed Segment Report | |||||||||
(All amounts in thousands, except share and per share data) | |||||||||
First nine months | |||||||||
ended September 30, 2020 | |||||||||
Momo | Tantan | QOOL | Total | Total | |||||
RMB | RMB | RMB | RMB | US$ | |||||
Net revenues: | |||||||||
Live video service | 6,715,266 | 594,438 | - | 7,309,704 | 1,076,603 | ||||
Value-added service | 2,677,575 | 1,033,338 | - | 3,710,913 | 546,559 | ||||
Mobile marketing | 145,534 | - | - | 145,534 | 21,435 | ||||
Mobile games | 32,230 | - | - | 32,230 | 4,747 | ||||
Other services | 9,168 | - | 21,438 | 30,606 | 4,507 | ||||
Total net revenues | 9,579,773 | 1,627,776 | 21,438 | 11,228,987 | 1,653,851 | ||||
Cost and expenses (v): | |||||||||
Cost of revenues | (5,189,765) | (723,466) | (20,769) | (5,934,000) | (873,984) | ||||
Research and development | (601,271) | (239,111) | - | (840,382) | (123,775) | ||||
Sales and marketing | (1,093,008) | (1,023,151) | (41) | (2,116,200) | (311,683) | ||||
General and administrative | (461,627) | (61,128) | (18,204) | (540,959) | (79,675) | ||||
Total cost and expenses | (7,345,671) | (2,046,856) | (39,014) | (9,431,541) | (1,389,117) | ||||
Other operating income | 140,202 | - | 190 | 140,392 | 20,678 | ||||
Income (loss) from operations | 2,374,304 | (419,080) | (17,386) | 1,937,838 | 285,412 | ||||
Interest income | 340,531 | 2,867 | 193 | 343,591 | 50,605 | ||||
Interest expense | (59,825) | - | - | (59,825) | (8,811) | ||||
Impairment loss on long-term investments | (6,000) | - | - | (6,000) | (884) | ||||
Income (loss) before income tax and share of income on equity method investments | 2,649,010 | (416,213) | (17,193) | 2,215,604 | 326,322 | ||||
Income tax (expenses) benefits | (762,768) | 12,629 | - | (750,139) | (110,484) | ||||
Income (loss) before share of income on equity method investments | 1,886,242 | (403,584) | (17,193) | 1,465,465 | 215,838 | ||||
Share of loss on equity method investments | (16,203) | - | - | (16,203) | (2,386) | ||||
Net income (loss) | 1,870,039 | (403,584) | (17,193) | 1,449,262 | 213,452 | ||||
(v) Share-based compensation was allocated in cost of revenues and operating expenses as follows: | |||||||||
First nine months | |||||||||
ended September 30, 2020 | |||||||||
Momo | Tantan | QOOL | Total | Total | |||||
RMB | RMB | RMB | RMB | US$ | |||||
Cost of revenues | 12,345 | 1,862 | - | 14,207 | 2,092 | ||||
Research and development | 95,768 | 41,587 | - | 137,355 | 20,231 | ||||
Sales and marketing | 121,456 | 10,324 | - | 131,780 | 19,409 | ||||
General and administrative | 207,650 | 22,238 | 7,872 | 237,760 | 35,019 | ||||
Total cost and expenses | 437,219 | 76,011 | 7,872 | 521,102 | 76,751 | ||||
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, 2020 | |||||||||
Momo | Tantan | QOOL | Total | Total | |||||
RMB | RMB | RMB | RMB | US$ | |||||
Operating income (loss) | 2,374,304 | (419,080) | (17,386) | 1,937,838 | 285,412 | ||||
Share-based compensation | 437,219 | 76,011 | 7,872 | 521,102 | 76,751 | ||||
Amortization of intangible assets from business acquisitions | - | 115,577 | - | 115,577 | 17,023 | ||||
Non-GAAP operating income (loss) | 2,811,523 | (227,492) | (9,514) | 2,574,517 | 379,186 | ||||
Net income (loss) | 1,870,039 | (403,584) | (17,193) | 1,449,262 | 213,452 | ||||
Share-based compensation | 437,219 | 76,011 | 7,872 | 521,102 | 76,751 | ||||
Amortization of intangible assets from business acquisitions | - | 115,577 | - | 115,577 | 17,023 | ||||
Tax impacts | - | (28,894) | - | (28,894) | (4,255) | ||||
Non-GAAP net income (loss) | 2,307,258 | (240,890) | (9,321) | 2,057,047 | 302,971 | ||||
Momo Inc. | |||||||||
Unaudited Condensed 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 (vi): | |||||||||
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 of income on equity method investments | 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 equity method investments | 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 | ||||
(vi) 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 from business acquisitions | - | 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 from business acquisitions | - | 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 | ||||
View original content:http://www.prnewswire.com/news-releases/momo-announces-unaudited-financial-results-for-the-third-quarter-of-2020-301182266.html
SOURCE Momo Inc.
