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Momo Announces Unaudited Financial Results for the First Quarter of 2021

BEIJING, June 8, 2021 /PRNewswire/ -- Momo Inc. (NASDAQ: MOMO) ("Momo" or the "Company"), a leading mobile social and entertainment platform in China, today announced its unaudited financial results for the first quarter of 2021.

First Quarter of 2021 Highlights

  • Net revenues decreased by 3.4% year over year to RMB3,470.6 million (US$529.7 million*) in the first quarter of 2021.
  • Net income attributable to Momo Inc. decreased to RMB461.7 million (US$70.5 million) in the first quarter of 2021 from RMB538.9 million in the same period of 2020.
  • Non-GAAP net income attributable to Momo Inc. (note 1) decreased to RMB633.7 million (US$96.7 million) in the first quarter of 2021, from RMB736.3 million in the same period of 2020.
  • Diluted net income per American Depositary Share ("ADS") was RMB2.14 (US$0.33) in the first quarter of 2021, compared to RMB2.46 in the same period of 2020.
  • Non-GAAP diluted net income per ADS (note 1) was RMB2.91 (US$0.44) in the first quarter of 2021, compared to RMB3.34 in the same period of 2020.
  • Monthly Active Users ("MAU") on Momo application were 115.3 million in March 2021, compared to 108.0 million in March 2020.
  • Total paying users of our live video service and value-added service, without double counting the overlap and including 3.5 million paying users of Tantan Limited ("Tantan"), were 12.6 million for the first quarter of 2021, compared to 12.8 million for the first quarter of 2020, which included 4.2 million paying users of Tantan.

"The first quarter of 2021 was a good quarter and a decent start to the year 2021", commented Li Wang, CEO of Momo. "We have stepped up our efforts to drive towards the strategic priorities that I set for my team at the beginning of the year. The initiatives we took have started bearing fruits. Despite the negative seasonality MAU reaching a record high, Momo core is on a steady improving trend and will continue to be a very productive and evolving cash cow business. This leaves us ample room to invest in new endeavors beyond Momo and Tantan. I am excited about the growth opportunities that we are seeing in Tantan and have put together a solid plan to unleash their full potential going forward."

_____________________

* 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 RMB6.5518 to US$1.00, the effective noon buying rate for March 31, 2021 as set forth in the H.10 statistical release of the Federal Reserve Board.

First Quarter of 2021 Financial Results

Net revenues

Total net revenues were RMB3,470.6 million (US$529.7 million) in the first quarter of 2021, a decrease of 3.4% from RMB3,594.1 million in the first quarter of 2020.

Live video service revenues were RMB1,962.1 million (US$299.5 million) in the first quarter of 2021, a decrease of 15.9% from RMB2,332.0 million during the same period of 2020. 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. The decrease was partially offset by the growth from Tantan's live video service, and live video service revenues from Tantan were RMB251.2 million (US$38.3 million) in the first quarter of 2021,compared to RMB6.1 million in the same period of 2020.

Value-added service revenues mainly include virtual gift revenues and membership subscription revenues. Total value-added service revenues were RMB1,455.5 million (US$222.2 million) in the first quarter of 2021, an increase of 23.8% from RMB1,175.8 million during the same period of 2020. 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 and operational ideas launched, and more paying scenarios introduced to enhance the social entertainment experience of Momo users, and to a lesser extent, the increase in the virtual gift revenues of new applications. The increase was partially offset by the decrease in the membership subscription revenues of Tantan, due to the decrease of paying users of Tantan.

Mobile marketing revenues were RMB38.7 million (US$5.9 million) in the first quarter of 2021, a decrease of 32.3% from RMB57.2 million during the same period of 2020. The decrease in mobile marketing revenues was primarily caused by our strategy to underweight the line in terms of resource allocation.

Mobile games revenues were RMB11.2 million (US$1.7 million) in the first quarter of 2021, a decrease of 11.9% from RMB12.7 million in the first quarter of 2020. The decrease in mobile game revenues was mainly due to the continued decrease in quarterly paying users of mobile games.

Net revenues from the Momo segment decreased from RMB3,202.1 million in the first quarter of 2020 to RMB2,901.8 million (US$442.9 million) in the first quarter of 2021, 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 the Tantan segment increased from RMB381.7 million in the first quarter of 2020 to RMB567.7 million (US$86.6 million) in the first quarter of 2021, which was mainly due to the increase in net revenues from live video service.

Cost and expenses

Cost and expenses were RMB3,016.3 million (US$460.4 million) in the first quarter of 2021, a decrease of 0.3% from RMB3,026.1 million in the first quarter of 2020. The decrease was primarily attributable to: (a) a decrease in revenue sharing with broadcasters related to Momo's core live video service; (b) a decrease in marketing and promotional expenses to promote our core live video services and attract users on Tantan; (c) a decrease in commission fees paid to payment channels. These decreases were partially offset by an increase in revenue sharing with virtual gift recipients for our virtual gift service, and an increase in revenue sharing with broadcasters related to Tantan's live video service.

Non-GAAP cost and expenses (note 1) were RMB2,835.3 million (US$432.8 million) in the first quarter of 2021, an increase of 0.6% from RMB2,819.2 million during the same period of 2020.

Income from operations

Income from operations was RMB480.2 million (US$73.3 million) in the first quarter of 2021, compared to RMB594.1 million during the same period of 2020. Income from operations of the Momo segment was RMB573.2 million (US$87.5 million) in the first quarter of 2021, which decreased from RMB770.3 million in the first quarter of 2020. Loss from operations of the Tantan segment was RMB89.3 million (US$13.6 million) in the first quarter of 2021, compared to loss from operations of RMB171.9 million in the first quarter of 2020.

Non-GAAP income from operations (note 1) was RMB661.2 million (US$100.9 million) in the first quarter of 2021, compared to RMB801.0 million during the same period of 2020. Non-GAAP income from operations of the Momo segment was RMB700.5 million (US$106.9 million) in the first quarter of 2021, which decreased from RMB903.1 million in the first quarter of 2020. Non-GAAP loss from operations of the Tantan segment was RMB35.6 million (US$5.4 million) in the first quarter of 2021, compared to non-GAAP loss from operations of RMB100.4 million in the first quarter of 2020.

Income tax expenses

Income tax expenses were RMB91.4 million (US$14.0 million) in the first quarter of 2021, decreasing from RMB162.9 million in the first quarter of 2020. The decrease in income tax expenses was mainly due to the lower profit and tax refund resulted from additional expense deduction related to previous year in the first quarter of 2021.

Net income

Net income was RMB460.9 million (US$70.3 million) in the first quarter of 2021, compared to RMB537.7 million during the same period of 2020. Net income from the Momo segment was RMB551.4 million (US$84.2 million) in the first quarter of 2021, which decreased from RMB707.1 million in the first quarter of 2020. Net loss from the Tantan segment was RMB86.8 million (US$13.3 million) in the first quarter of 2021, compared to net loss of RMB165.1 million in the first quarter of 2020.

Non-GAAP net income (note 1) was RMB633.0 million (US$96.6 million) in the first quarter of 2021, compared to RMB735.1 million during the same period of 2020. Non-GAAP net income from the Momo segment was RMB678.6 million (US$103.6 million) in the first quarter of 2021, which decreased from RMB839.9 million in the first quarter of 2020. Non-GAAP net loss of the Tantan segment was RMB42.0 million (US$6.4 million) in the first quarter of 2021, compared to non-GAAP net loss of RMB103.2 million in the first quarter of 2020.

Net income attributable to Momo Inc.

Net income attributable to Momo Inc. was RMB461.7 million (US$70.5 million) in the first quarter of 2021, compared to RMB538.9 million during the same period of 2020.

Non-GAAP net income (note 1) attributable to Momo Inc. was RMB633.7 million (US$96.7 million) in the first quarter of 2021, compared to RMB736.3 million during the same period of 2020.

Net income per ADS

Diluted net income per ADS was RMB2.14 (US$0.33) in the first quarter of 2021, compared to RMB2.46 in the first quarter of 2020.

Non-GAAP diluted net income per ADS (note 1) was RMB2.91 (US$0.44) in the first quarter of 2021, compared to RMB3.34 in the first quarter of 2020.

Cash and cash flow

As of March 31, 2021, Momo's cash, cash equivalents, short-term deposits, long-term deposits and restricted cash totaled RMB16,956.0 million (US$2,588.0 million), compared to RMB16,482.3 million as of December 31, 2020. Net cash provided by operating activities in the first quarter of 2021 was RMB501.6 million (US$76.6 million), compared to RMB543.5 million in the first quarter of 2020.

Recent Developments

Resignation and appointment of board directors

On June 4, 2021, Mr. David Ying Zhang resigned from the Company's board of directors for personal reasons, effective as of the same date.

On June 8, 2021, the board of directors of the Company appointed Mr. Ho Kee Harry Man as a new member of the board. Mr. Man joined Matrix Partners China as a founding member of the team with a focus on investments in the mobile internet sector in 2008. Prior to Matrix, Mr. Man was Partner at WI Harper Group and led investments in their China office in the TMT sector. Before WI Harper, Mr. Man led the corporate development teams of two US listed internet and mobile companies, and helped Linktone Ltd. (NASDAQ: LTON) and chinadotcom (Nasdaq: CHINA) in their investments in various sectors respectively. Mr. Man started his career as a management consultant with Arthur Andersen in 1998. Mr. Man has been investing in China since 2000, and always focuses on early stage internet and mobile sectors. During the past 15 years, Mr. Man led investments in Momo (Nasdaq: MOMO), XPENG (US: XPEV), 21Vianet (Nasdaq:VNET), iKang (Nasdaq: KANG), Sungy Mobile (Nasdaq: GOMO), Editgrid (sold to Apple), Career International (SZ: 300662), Didi Chuxing.

Payment of special cash dividends

In March 2021, Momo's board of directors declared a special cash dividend in the amount of US$0.64 per ADS, or US$0.32 per ordinary share. The cash dividend was paid in April 2021 to shareholders of record at the close of business on April 13, 2021. The aggregate amount of cash dividends paid was US$132 million.

Execution of share repurchase program

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 June 8, 2021, the Company has repurchased approximately 4.77 million ADSs for approximately US$65.5 million on the open market under this program, at an average purchase price of US$13.69 per ADS.

Business Outlook

For the second quarter of 2021, the Company expects total net revenues to be between RMB3.6 billion to RMB3.7 billion, representing a decrease of 6.9% to 4.3% year-over-year. This forecast reflects the Company's current and preliminary views on the market and operational conditions, which are 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, June 8, 2021, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on June 8, 2021).

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 LINK http://apac.directeventreg.com/registration/event/4099268

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 9:00 a.m. U.S. Eastern Time, June 16, 2021. The dial-in details for the replay are as follows:

International:  

+61-2-8199-0299

U.S. Toll Free:

+1-855-452-5696

Passcode:

4099268

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 social interactions based on location, interests and a variety of online recreational activities. Tantan, which was added into our family of applications through acquisition in May 2018, is a leading social and dating application. It is designed to help its users find and establish romantic connections as well as meet interesting people. We also operate a number of other applications to serve different social and entertainment demands from our users.

For investor and media inquiries, please contact:

Momo Inc.

Investor Relations
Phone: +86-10-5731-0538
Email: ir@immomo.com  

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: Eyuan@christensenir.com  

In US

Ms. Linda Bergkamp
Phone: +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 second quarter of 2021, 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 first quarter of 2021 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the second quarter of 2021 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 pandemic on 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


ended March 31



2020


2021


2021



RMB


RMB


US$


Net revenues:







Live video service

2,332,004


1,962,095


299,474


Value-added service

1,175,754


1,455,513


222,155


Mobile marketing

57,155


38,717


5,909


Mobile games

12,691


11,184


1,707


Other services

16,480


3,087


471


Total net revenues

3,594,084


3,470,596


529,716


Cost and expenses:







Cost of revenues

(1,876,916)


(1,938,245)


(295,834)


Research and development

(262,159)


(286,493)


(43,727)


Sales and marketing

(709,808)


(613,573)


(93,650)


General and administrative

(177,249)


(177,962)


(27,162)


Total cost and expenses

(3,026,132)


(3,016,273)


(460,373)


Other operating income

26,119


25,900


3,953


Income from operations

594,071


480,223


73,296


Interest income

130,823


96,694


14,758


Interest expense

(19,819)


(18,361)


(2,802)


Other gain or loss, net

(6,000)


(7,500)


(1,145)


Income before income tax and share of income on equity method
investments

699,075


551,056


84,107


Income tax expenses

(162,891)


(91,398)


(13,950)


Income before share of income on equity method investments

536,184


459,658


70,157


Share of income on equity method investments

1,527


1,261


192


Net income

537,711


460,919


70,349


Less: net loss attributable to non-controlling interest

(1,195)


(740)


(113)


Net income attributable to the shareholders of Momo Inc.

538,906


461,659


70,462


Net income per share attributable to ordinary shareholders







Basic

1.29


1.12


0.17


Diluted

1.23


1.07


0.16


Weighted average shares used in calculating net income per ordinary
share







Basic

417,294,242


411,968,817


411,968,817


Diluted

453,331,322


448,171,493


448,171,493


 

 

Momo Inc.

Unaudited Condensed Consolidated Statement of Comprehensive Income

(All amounts in thousands, except share and per share data)



Three months

ended March 31


2020


2021


2021


RMB


RMB


US$

Net income 

537,711


460,919


70,349

Other comprehensive loss, net of tax:






 Foreign currency translation adjustment

(867)


(3,802)


(580)

Comprehensive income 

536,844


457,117


69,769

Less: comprehensive (loss) income attributed to the non-
controlling interest

(5,569)


379


58

Comprehensive income attributable to Momo Inc.

542,413


456,738


69,711

 

 

Momo Inc.

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands, except share and per share data)








December 31


March 31


March 31


2020


2021


2021

RMB

RMB


US$

Assets






Current assets






Cash and cash equivalents

3,363,942


3,490,405


532,740

Short-term deposits

7,566,250


7,913,468


1,207,831

Restricted cash

2,130


2,132


325

Accounts receivable, net of allowance for doubtful accounts of
RMB15,390 and RMB15,785 as of December 31, 2020 and March 31,
2021, respectively

200,831


208,110


31,764

Prepaid expenses and other current assets

613,696


697,656


106,483

Total current assets

11,746,849


12,311,771


1,879,143

Long-term deposits

5,550,000


5,550,000


847,095

Right-of-use assets, net

278,175


261,561


39,922

Property and equipment, net

265,765


248,147


37,875

Intangible assets, net

687,211


652,553


99,599

Rental deposits

21,794


20,435


3,119

Long-term investments

454,996


443,147


67,637

Other non-current assets

94,868


99,152


15,134

Deferred tax assets

32,495


33,102


5,052

Goodwill

4,088,403


4,105,104


626,561

Total assets

23,220,556


23,724,972


3,621,137

Liabilities and equity






Current liabilities






Accounts payable

699,394


698,947


106,680

Deferred revenue

511,617


511,734


78,106

Accrued expenses and other current liabilities

854,835


726,767


110,926

Amount due to related parties

19,462


12,307


1,878

Lease liabilities due within one year

132,793


134,612


20,546

Income tax payable

236,490


259,380


39,589

Dividends payable

-


865,049


132,032

Deferred consideration in connection with business acquisitions

62,149


46,113


7,038

Total current liabilities

2,516,740


3,254,909


496,795

Deferred tax liabilities

171,803


163,138


24,900

Convertible senior notes

4,658,966


4,681,825


714,586

Share-based compensation liability

875,616


879,213


134,194

Lease liabilities

136,436


124,985


19,076

Other non-current liabilities

25,666


41,760


6,374

Total liabilities

8,385,227


9,145,830


1,395,925

Shareholder's equity (i)

14,835,329


14,579,142


2,225,212

Total liabilities and shareholder's equity

23,220,556


23,724,972


3,621,137







(i): As of March 31, 2021, the number of ordinary shares outstanding was 412,260,535.





 

 

Momo Inc.

Unaudited Condensed Consolidated Statement of Cash Flows

(All amounts in thousands, except share and per share data)




Three months


ended March 31


2020


2021


2021


RMB


RMB


US$

Cash flows from operating activities:






Net income 

537,711


460,919


70,349

Adjustments to reconcile net income to net cash provided by operating
activities:






Depreciation of property and equipment

52,381


42,543


6,493

Amortization of intangible assets

39,882


36,953


5,640

Share-based compensation

168,527


145,257


22,170

Share of income on equity method investments

(1,527)


(1,261)


(192)

Loss on long-term investments

6,000


7,500


1,145

Gain on subsidiary deconsolidation

(6,676)


-


-

Loss on disposal of property and equipment

-


22


3

Provision of (income) losses on receivable and other assets

(654)


395


60

Cash received on investment income distribution

1,153


-


-

Changes in operating assets and liabilities:






Accounts receivable

(37,979)


(7,580)


(1,157)

Prepaid expenses and other current assets

1,162


(86,677)


(13,229)

Amount due from a related party

2,123


-


-

Rental deposits

(173)


1,359


207

Deferred tax assets

2,038


(607)


(93)

Other non-current assets

14,840


12,330


1,882

Accounts payable

(80,073)


(1,067)


(163)

Income tax payable

20,344


22,891


3,494

Deferred revenue

(21,023)


(379)


(58)

Accrued expenses and other current liabilities

(154,243)


(118,972)


(18,159)

Amount due to related parties

4,984


(7,156)


(1,092)

Deferred tax liability

(9,971)


(9,238)


(1,410)

Other non-current liabilities

4,670


4,360


665

Net cash provided by operating activities

543,496


501,592


76,555

Cash flows from investing activities:






Purchase of property and equipment

(38,167)


(25,183)


(3,844)

Payment for long-term investments

(4,500)


-


-

Purchase of short-term deposits

(3,300,000)


(910,000)


(138,893)

Cash received on maturity of short-term deposits

2,979,140


569,294


86,891

Payment for short-term investments

(10,000)


-


-

Cash received from sales of short-term investment

10,000


-


-

Cash received on investment income distribution

-


5,610


856

Other investing activities

(791)


3


-

Net cash used in investing activities

(364,318)


(360,276)


(54,990)

Cash flows from financing activities:






Deferred payment for business acquisition

-


(12,907)


(1,970)

Repurchase of ordinary shares

-


(3,079)


(470)

Repurchase of subsidiary's share options

-


(2,781)


(424)

Net cash used in financing activities

-


(18,767)


(2,864)

Effect of exchange rate changes

7,293


3,916


601

Net increase in cash and cash equivalents 

186,471


126,465


19,302

Cash, cash equivalents and restricted cash at the beginning of period

2,612,743


3,366,072


513,763

Cash, cash equivalents and restricted cash at the end of period

2,799,214


3,492,537


533,065

 

 



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 March 31, 2020

ended March 31, 2021


ended March 31, 2021


GAAP

Amortization of
intangible assets f
rom business
acquisitions

Share-based
compensation

Tax
impacts

Non-GAAP


GAAP

Amortization of
intangible assets
from business
acquisitions 

Share-based
compensation

Tax
impacts

Non-GAAP


GAAP

Amortization of
intangible assets
from business
acquisitions

Share-based
compensation

Tax
impacts

Non-GAAP




(ii)





(ii)





(ii)


RMB

RMB

RMB

RMB

RMB

RMB

RMB

RMB

RMB

RMB

US$

US$

US$

US$

US$

Cost of revenues

(1,876,916)

18,645

6,969

-

(1,851,302)


(1,938,245)

17,311

3,724

-

(1,917,210)


(295,834)

2,642

568

-

(292,624)

Research and development

(262,159)

2,368

42,760

-

(217,031)


(286,493)

2,199

40,209

-

(244,085)


(43,727)

336

6,137

-

(37,254)

Sales and marketing

(709,808)

17,436

47,074

-

(645,298)


(613,573)

16,189

17,556

-

(579,828)


(93,650)

2,471

2,680

-

(88,499)

General and administrative

(177,249)

-

71,724

-

(105,525)


(177,962)

-

83,768

-

(94,194)


(27,162)

-

12,785

-

(14,377)

Cost and operating expenses

(3,026,132)

38,449

168,527

-

(2,819,156)


(3,016,273)

35,699

145,257

-

(2,835,317)


(460,373)

5,449

22,170

-

(432,754)

Income from operations

594,071

38,449

168,527

-

801,047


480,223

35,699

145,257

-

661,179


73,296

5,449

22,170

-

100,915

Net income attributable to Momo Inc.

538,906

38,449

168,527

(9,612)

736,270


461,659

35,699

145,257

(8,925)

633,690


70,462

5,449

22,170

(1,362)

96,719
















(ii) Includes tax impacts related to the amortization of intangible assets from business acquisition. 














 

 

Momo Inc.

Unaudited  Condensed Segment Report

(All amounts in thousands, except share and per share data)




Three months

  ended   March  31, 2021


Momo


Tantan


QOOL


Total


Total


RMB


RMB


RMB


RMB


US$

Net revenues:










Live video service

1,710,889


251,206


-


1,962,095


299,474

Value-added service

1,139,015


316,498


-


1,455,513


222,155

Mobile marketing

38,717


-


-


38,717


5,909

Mobile games

11,184


-


-


11,184


1,707

Other services

1,968


-


1,119


3,087


471

Total net revenues

2,901,773


567,704


1,119


3,470,596


529,716

Cost and expenses (iii):










Cost of revenues

(1,656,895)


(280,989)


(361)


(1,938,245)


(295,834)

Research and development

(205,330)


(81,163)


-


(286,493)


(43,727)

Sales and marketing

(326,829)


(286,710)


(34)


(613,573)


(93,650)

General and administrative

(159,451)


(14,121)


(4,390)


(177,962)


(27,162)

Total cost and expenses

(2,348,505)


(662,983)


(4,785)


(3,016,273)


(460,373)

Other operating income

19,961


5,938


1


25,900


3,953

Income (loss) from operations

573,229


(89,341)


(3,665)


480,223


73,296

Interest income

96,343


305


46


96,694


14,758

Interest expense

(18,361)


-


-


(18,361)


(2,802)

Other gain or loss, net

(7,500)


-


-


(7,500)


(1,145)

Income (loss) before income tax and share of income on equity method
investments

643,711


(89,036)


(3,619)


551,056


84,107

Income tax (expenses) benefits

(93,602)


2,204


-


(91,398)


(13,950)

Income (loss) before share of income on equity method investments

550,109


(86,832)


(3,619)


459,658


70,157

Share of loss on equity method investments

1,261


-


-


1,261


192

Net income (loss)

551,370


(86,832)


(3,619)


460,919


70,349











(iii) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

















Three months


ended March 31, 2021


Momo


Tantan


QOOL


Total


Total


RMB


RMB


RMB


RMB


US$

Cost of revenues

2,325


1,399


-


3,724


568

Research and development

30,525


9,684


-


40,209


6,137

Sales and marketing

12,906


4,650


-


17,556


2,680

General and administrative

81,484


2,284


-


83,768


12,785

Total cost and expenses

127,240


18,017


-


145,257


22,170

 

 

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 March 31, 2021


Momo


Tantan


QOOL


Total


Total


RMB


RMB


RMB


RMB


US$

Income (loss) from operations

573,229


(89,341)


(3,665)


480,223


73,296

Share-based compensation

127,240


18,017


-


145,257


22,170

Amortization of intangible assets from business
acquisitions

-


35,699


-


35,699


5,449

Non-GAAP income (loss) from operations

700,469


(35,625)


(3,665)


661,179


100,915











Net income (loss)

551,370


(86,832)


(3,619)


460,919


70,349

Share-based compensation

127,240


18,017


-


145,257


22,170

Amortization of intangible assets from business
acquisitions

-


35,699


-


35,699


5,449

Tax impacts

-


(8,925)


-


(8,925)


(1,362)

Non-GAAP net income (loss)

678,610


(42,041)


(3,619)


632,950


96,606

 

 

Momo Inc.

Unaudited Condensed Segment Report

(All amounts in thousands, except share and per share data)




Three months

ended March 31, 2020


Momo


Tantan


QOOL


Total


Total


RMB


RMB


RMB


RMB


US$[1]

Net revenues:










Live video service

2,325,945


6,059


-


2,332,004


329,342

Value-added service

800,103


375,651


-


1,175,754


166,049

Mobile marketing

57,155


-


-


57,155


8,072

Mobile games

12,691


-


-


12,691


1,792

Other services

6,195


-


10,285


16,480


2,327

Total net revenues

3,202,089


381,710


10,285


3,594,084


507,582

Cost and expenses (iv):










Cost of revenues

(1,736,517)


(132,278)


(8,121)


(1,876,916)


(265,071)

Research and development

(183,900)


(78,259)


-


(262,159)


(37,024)

Sales and marketing

(394,364)


(315,421)


(23)


(709,808)


(100,244)

General and administrative

(143,135)


(27,680)


(6,434)


(177,249)


(25,032)

Total cost and expenses

(2,457,916)


(553,638)


(14,578)


(3,026,132)


(427,371)

Other operating income

26,119


-


-


26,119


3,689

Income (loss) from operations

770,292


(171,928)


(4,293)


594,071


83,900

Interest income

129,278


1,472


73


130,823


18,476

Interest expense

(19,819)


-


-


(19,819)


(2,799)

Other gain or loss, net

(6,000)


-


-


(6,000)


(847)

Income (loss) before income tax and share of income on equity
method investments

873,751


(170,456)


(4,220)


699,075


98,730

Income tax (expenses) benefits

(168,212)


5,321


-


(162,891)


(23,005)

Income (loss) before share of income on equity method investments

705,539


(165,135)


(4,220)


536,184


75,725

Share of loss on equity method investments

1,527


-


-


1,527


216

Net income (loss)

707,066


(165,135)


(4,220)


537,711


75,941











(iv) Share-based compensation was allocated in cost of revenues and operating expenses as follows:


















Three months


ended March 31, 2020


Momo


Tantan


QOOL


Total


Total


RMB


RMB


RMB


RMB


US$

Cost of revenues

5,611


1,358


-


6,969


984

Research and development

26,802


15,958


-


42,760


6,039

Sales and marketing

45,441


1,633


-


47,074


6,648

General and administrative

54,984


14,121


2,619


71,724


10,129

Total cost and expenses

132,838


33,070


2,619


168,527


23,800











[1] All translations from RMB to U.S. dollars are made at a rate of RMB 7.0808 to US$1.00, the effective noon buying rate for March 31, 2020 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 March 31, 2020


Momo


Tantan


QOOL


Total


Total


RMB


RMB


RMB


RMB


US$

Income (loss) from operations

770,292


(171,928)


(4,293)


594,071


83,900

Share-based compensation

132,838


33,070


2,619


168,527


23,800

Amortization of intangible assets from
business acquisitions

-


38,449


-


38,449


5,429

Non-GAAP income (loss) from
operations

903,130


(100,409)


(1,674)


801,047


113,129











Net income (loss)

707,066


(165,135)


(4,220)


537,711


75,941

Share-based compensation

132,838


33,070


2,619


168,527


23,800

Amortization of intangible assets from
business acquisitions

-


38,449


-


38,449


5,429

Tax impacts

-


(9,612)


-


(9,612)


(1,357)

Non-GAAP net income (loss)

839,904


(103,228)


(1,601)


735,075


103,813

 

 

Cision View original content:http://www.prnewswire.com/news-releases/momo-announces-unaudited-financial-results-for-the-first-quarter-of-2021-301307468.html

SOURCE Momo Inc.

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