BEIJING, March 12, 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 fourth quarter and the full year ended December 31, 2018.
Starting from the fourth quarter of 2018, the Company changed its reporting currency from U.S.
dollar ("US$") to Renminbi ("RMB"), to reduce the impact of increased volatility of the RMB to
US$ exchange rate on the Company's reported operating results. The aligning of the reporting
currency with the underlying operations will better depict the Company's results of operations for
each period. This release contains translations of certain RMB amounts into US$ for convenience*.
Prior period numbers have been recast into the new reporting currency.
Fourth Quarter of 2018 Highlights
Full Year 2018 Highlights
* Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 6.8755 to US$1.00, the effective noon buying rate for December 31, 2018 as set forth in the H.10 statistical release of the Federal Reserve Board. |
"Q4 was a solid quarter, closing out a fruitful year of 2018," commented Yan Tang, Chairman and CEO of Momo. "I am pleased with the progress we made in 2018 in product innovation, monetization, financial performance and the strengthening of the Company's position as a leading player in China's open social space. We look forward to delivering more results to our shareholders in 2019."
Fourth Quarter of 2018 Financial Results
Net revenues
Total net revenues were RMB3,843.9 million (US$559.1 million) in the fourth quarter of 2018, an increase of 50% from RMB2,554.9 million in the fourth quarter of 2017.
Live video service revenues were RMB2,959.2 million (US$430.4 million) in the fourth quarter of 2018, an increase of 36% from RMB2,169.0 million during the same period of 2017. The growth in live video revenues was contributed by the increase in quarterly paying users, as well as the increase in average revenues per paying user per quarter.
Value-added service revenues mainly include membership subscription revenues and virtual gift revenues. The total value-added service revenues were RMB722.4 million (US$105.1 million) in the fourth quarter of 2018, an increase of 272% from RMB194.3 million during the same period of 2017. The year-over-year increase was primarily attributable to the continued growth of the virtual gift business on the Momo application driven by more paying use cases introduced to enhance the social experience of Momo users, and to a lesser extent, the consolidation of Tantan's membership subscription revenues for the whole fourth quarter of 2018.
Mobile marketing revenues were RMB 122.1 million (US$17.8 million) in the fourth quarter of 2018, a decrease of 15% from RMB144.4 million during the same period of 2017. The decrease in mobile marketing revenues was driven by the decreased demand from our advertising and marketing customers.
Mobile games revenues were RMB25.5 million (US$3.7 million) in the fourth quarter of 2018, a decrease of 44% from RMB45.6 million in the fourth quarter of 2017. The decrease in game revenues was mainly due to the continued decrease in quarterly paying users.
Revenues from other services in the fourth quarter of 2018 mainly consisted of revenues from Phanta City, a TV variety show co-produced by the Company.
Cost and expenses
Cost and expenses were RMB3,195.7 million (US$464.8 million) in the fourth quarter of 2018, an increase of 65% from RMB1,939.5 million in the fourth quarter of 2017. The increase was primarily attributable to: (a) an increase in revenue sharing with the broadcasters related to our live video service and virtual gift recipients; (b) an increase in marketing and promotional expenses to enhance our brand awareness and attract users; (c) an increase in personnel related costs including share-based compensation expenses as a result of the Company's rapidly expanding talent pool; (d) an increase in fees to payment channels resulting from a higher volume of cash collection through such channels; and (e) an increase in amortization expenses related to the intangible assets from business acquisitions.
Non-GAAP cost and expenses (note 1) were RMB2,959.6 million (US$430.5 million) in the fourth quarter of 2018, an increase of 59% from RMB1,856.9 million during the same period of 2017.
Other operating income
Other operating income was RMB141.4 million (US$20.6 million) in the fourth quarter of 2018, a significant increase from RMB92.6 million during the fourth quarter of 2017. The increase was mainly due to more government incentives received in the fourth quarter of 2018.
Income from operations
Income from operations was RMB789.6 million (US$114.8 million) in the fourth quarter of 2018, compared to RMB708.1 million during the same period of 2017.
Non-GAAP income from operations (note 1) was RMB1,025.7 million (US$149.2 million) in the fourth quarter of 2018, compared to RMB790.6 million during the same period of 2017.
Income tax expenses
Income tax expenses were RMB183.3 million (US$26.7 million) in the fourth quarter of 2018 and increased from RMB126.0 million in the fourth quarter of 2017. The increase was mainly because we generated higher profit in the fourth quarter of 2018.
Net income attributable to Momo Inc.
Net income attributable to Momo Inc. was RMB660.8 million (US$96.1 million) in the fourth quarter of 2018, compared to RMB644.8 million during the same period of 2017.
Non-GAAP net income (note 1) attributable to Momo Inc. was RMB887.4 million (US$129.1 million) in the fourth quarter of 2018, compared to RMB727.4 million during the same period of 2017.
Net income per ADS
Diluted net income per ADS was RMB3.04 (US$0.44) in the fourth quarter of 2018, compared to RMB 3.10 in the fourth quarter of 2017.
Non-GAAP diluted net income per ADS (note 1) was RMB4.05 (US$0.59) in the fourth quarter of 2018, compared to RMB3.49 in the fourth quarter of 2017.
Cash and cash flow
As of December 31, 2018, Momo's cash, cash equivalents, term deposits and short-term investment totaled RMB11,292.6 million (US$1,642.4 million), compared to RMB6,904.7 million as of December 31, 2017. Net cash provided by operating activities in the fourth quarter of 2018 was RMB1,163.4 million (US$169.2 million), compared to RMB790.8 million in the fourth quarter of 2017.
Full Year 2018 Financial Results
Net revenues for the full year of 2018 were RMB13,408.4 million (US$1,950.2 million), an increase of 51% from RMB8,886.4 million in the same period of 2017, primarily driven by the significant increase in net revenues from live video service and value-added service.
Net income attributable to Momo Inc. was RMB2,815.8 million (US$409.5 million) in the full year of 2018, compared to RMB2,148.1 million during the same period of 2017.
Non-GAAP net income attributable to Momo Inc. (note 1) was RMB3,462.1 million (US$503.5 million) in the full year of 2018, compared to RMB2,483.1 million during the same period of 2017.
Diluted net income per ADS was RMB13.18 (US$1.92) during the full year of 2018, compared to RMB10.35 in the same period of 2017.
Non-GAAP diluted net income per ADS (note 1) was RMB16.17 (US$2.35) during the full year of 2018, compared to RMB11.96 in the same period of 2017.
Net cash provided by operating activities was RMB3,327.7 million (US$484.0 million) during the full year of 2018, compared to RMB2,886.1 million in the same period of 2017.
Recent Development - Declaration of Special Cash Dividend
Momo's board of directors has declared a special cash dividend in the amount of US$0.62 per ADS, or US$0.31 per ordinary share. The cash dividend will be paid on April 30, 2019 to shareholders of record at the close of business on April 5, 2019. The ex-dividend date will be April 4, 2019. The aggregate amount of cash dividends to be paid is approximately US$128 million, which will be funded by surplus cash on the Company's balance sheet.
Business Outlook
For the first quarter of 2019, the Company expects total net revenues to be between RMB3.55 billion to RMB3.65 billion, representing an increase of 28% to 32% year over year, on a constant currency basis. The Company is not providing the business outlook in USD terms due to the recent volatility and uncertainty in foreign exchange rate. 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 from operations, 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, March 12, 2019, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on March 12, 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, March 20, 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: |
3573546 |
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: ir@immomo.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10- 5900-1548
E-mail: carnell@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 and our financial outlook for the first 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 fourth quarter and full year of 2018 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the first 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 |
Year |
||||||||||
ended December 31 |
ended December 31 |
||||||||||
2017 |
2018 |
2018 |
2017 |
2018 |
2018 |
||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
||||||
Net revenues: |
|||||||||||
Live video service |
2,168,998 |
2,959,222 |
430,401 |
7,429,906 |
10,709,491 |
1,557,631 |
|||||
Value-added service |
194,287 |
722,414 |
105,071 |
695,798 |
1,883,150 |
273,893 |
|||||
Mobile marketing |
144,360 |
122,143 |
17,765 |
514,279 |
500,321 |
72,769 |
|||||
Mobile games |
45,569 |
25,502 |
3,709 |
241,388 |
130,392 |
18,965 |
|||||
Other services |
1,722 |
14,635 |
2,128 |
5,019 |
185,067 |
26,916 |
|||||
Total net revenues |
2,554,936 |
3,843,916 |
559,074 |
8,886,390 |
13,408,421 |
1,950,174 |
|||||
Cost and expenses: |
|||||||||||
Cost of revenues |
(1,323,876) |
(2,099,265) |
(305,325) |
(4,373,377) |
(7,182,897) |
(1,044,709) |
|||||
Research and development |
(124,056) |
(243,499) |
(35,415) |
(346,144) |
(760,644) |
(110,631) |
|||||
Sales and marketing |
(374,436) |
(618,268) |
(89,923) |
(1,467,376) |
(1,812,262) |
(263,583) |
|||||
General and administrative |
(117,124) |
(234,700) |
(34,136) |
(422,005) |
(640,023) |
(93,087) |
|||||
Total cost and expenses |
(1,939,492) |
(3,195,732) |
(464,799) |
(6,608,902) |
(10,395,826) |
(1,512,010) |
|||||
Other operating income |
92,634 |
141,420 |
20,569 |
156,764 |
253,697 |
36,899 |
|||||
Income from operations |
708,078 |
789,604 |
114,844 |
2,434,252 |
3,266,292 |
475,063 |
|||||
Interest income |
47,785 |
89,766 |
13,056 |
145,568 |
272,946 |
39,698 |
|||||
Interest expense |
- |
(19,646) |
(2,857) |
- |
(56,503) |
(8,218) |
|||||
Impairment loss on long-term |
- |
(43,200) |
(6,283) |
(30,085) |
(43,200) |
(6,283) |
|||||
Income before income tax |
755,863 |
816,524 |
118,760 |
2,549,735 |
3,439,535 |
500,260 |
|||||
Income tax expenses |
(125,956) |
(183,338) |
(26,665) |
(445,001) |
(699,648) |
(101,760) |
|||||
Income before share of |
629,907 |
633,186 |
92,095 |
2,104,734 |
2,739,887 |
398,500 |
|||||
Share of income on equity |
13,398 |
13,221 |
1,923 |
39,729 |
48,660 |
7,077 |
|||||
Net income |
643,305 |
646,407 |
94,018 |
2,144,463 |
2,788,547 |
405,577 |
|||||
Less: net loss attributable to |
(1,498) |
(14,430) |
(2,100) |
(3,635) |
(27,228) |
(3,960) |
|||||
Net income attributable to |
644,803 |
660,837 |
96,118 |
2,148,098 |
2,815,775 |
409,537 |
|||||
Net income per share |
|||||||||||
Basic |
1.62 |
1.60 |
0.23 |
5.44 |
6.92 |
1.01 |
|||||
Diluted |
1.55 |
1.52 |
0.22 |
5.17 |
6.59 |
0.96 |
|||||
Weighted average shares |
|||||||||||
Basic |
397,753,884 |
413,732,538 |
413,732,538 |
394,549,323 |
407,009,875 |
407,009,875 |
|||||
Diluted |
416,371,383 |
447,773,521 |
447,773,521 |
415,265,078 |
433,083,643 |
433,083,643 |
|||||
Momo Inc. |
|||||||||||
Unaudited Condensed Consolidated Statement of Comprehensive Income |
|||||||||||
(All amounts in thousands, except share and per share data) |
|||||||||||
Three months |
Year |
||||||||||
ended December 31 |
ended December 31 |
||||||||||
2017 |
2018 |
2018 |
2017 |
2018 |
2018 |
||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
||||||
Net income |
643,305 |
646,407 |
94,018 |
2,144,463 |
2,788,547 |
405,577 |
|||||
Other comprehensive income |
|||||||||||
Foreign currency translation |
(53,534) |
5,171 |
752 |
(155,368) |
198,654 |
28,893 |
|||||
Comprehensive income |
589,771 |
651,578 |
94,770 |
1,989,095 |
2,987,201 |
434,470 |
|||||
Less: comprehensive loss |
(1,498) |
(14,535) |
(2,114) |
(3,635) |
(24,613) |
(3,580) |
|||||
Comprehensive income |
591,269 |
666,113 |
96,884 |
1,992,730 |
3,011,814 |
438,050 |
|||||
Momo Inc. |
|||||
Unaudited Condensed Consolidated Balance Sheets |
|||||
(All amounts in thousands, except share and per share data) |
|||||
December 31 |
December 31 |
December 31 |
|||
2017 |
2018 |
2018 |
|||
RMB |
RMB |
US$ |
|||
Assets |
|||||
Current assets |
|||||
Cash and cash equivalents |
4,462,194 |
2,468,034 |
358,961 |
||
Term deposits |
2,432,016 |
8,824,610 |
1,283,486 |
||
Short-term investment |
10,500 |
- |
- |
||
Accounts receivable, net of allowance for |
257,633 |
719,606 |
104,662 |
||
Prepaid expenses and other current assets |
538,182 |
620,979 |
90,318 |
||
Amount due from related parties |
33,460 |
- |
- |
||
Total current assets |
7,733,985 |
12,633,229 |
1,837,427 |
||
Property and equipment, net |
258,704 |
387,532 |
56,364 |
||
Intangible assets |
48,553 |
1,036,986 |
150,823 |
||
Rental deposits |
17,249 |
24,192 |
3,519 |
||
Long term investments |
288,471 |
447,465 |
65,081 |
||
Deferred tax assets |
46,825 |
57,786 |
8,405 |
||
Other non-current assets |
55,271 |
71,519 |
10,402 |
||
Goodwill |
22,130 |
4,306,829 |
626,402 |
||
Total assets |
8,471,188 |
18,965,538 |
2,758,423 |
||
Liabilities and equity |
|||||
Current liabilities |
|||||
Accounts payable |
484,945 |
718,362 |
104,481 |
||
Deferred revenue |
422,028 |
441,892 |
64,271 |
||
Accrued expenses and other current |
571,333 |
846,710 |
123,148 |
||
Amount due to related parties |
37,760 |
82,948 |
12,064 |
||
Income tax payable |
175,887 |
137,090 |
19,939 |
||
Deferred consideration in connection with |
- |
469,274 |
68,253 |
||
Total current liabilities |
1,691,953 |
2,696,276 |
392,156 |
||
Deferred tax liabilities |
12,138 |
259,247 |
37,706 |
||
Convertible Senior Notes |
- |
4,877,116 |
709,347 |
||
Share-based compensation liability |
- |
86,767 |
12,620 |
||
Other non-current liabilities |
14,997 |
23,273 |
3,385 |
||
Total liabilities |
1,719,088 |
7,942,679 |
1,155,214 |
||
Shareholder's equity (Note a) |
6,752,100 |
11,022,859 |
1,603,209 |
||
Total liabilities and shareholder's equity |
8,471,188 |
18,965,538 |
2,758,423 |
||
Note a: As of December 31, 2018, the number of ordinary shares issued and outstanding was 413,876,480. |
|||||
Momo Inc. |
|||||||||||
Unaudited Condensed Consolidated Statement of Cash Flows |
|||||||||||
(All amounts in thousands, except share and per share data) |
|||||||||||
Three months |
Year |
||||||||||
ended December 31 |
ended December 31 |
||||||||||
2017 |
2018 |
2018 |
2017 |
2018 |
2018 |
||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
||||||
Cash flows from operating activities: |
|||||||||||
Net income |
643,305 |
646,407 |
94,018 |
2,144,463 |
2,788,547 |
405,577 |
|||||
Adjustments to reconcile net income to net |
|||||||||||
Depreciation of property and equipment |
25,906 |
42,244 |
6,144 |
78,885 |
148,238 |
21,560 |
|||||
Amortization of intangible assets |
1,735 |
39,522 |
5,748 |
4,784 |
93,030 |
13,531 |
|||||
Share-based compensation |
82,563 |
198,013 |
28,800 |
334,973 |
580,813 |
84,476 |
|||||
Share of income on equity method |
(13,398) |
(13,221) |
(1,923) |
(39,729) |
(48,660) |
(7,077) |
|||||
Impairment loss on long-term |
- |
43,200 |
6,283 |
30,085 |
43,200 |
6,283 |
|||||
Impairment loss on intangible assets |
1,266 |
- |
- |
1,266 |
- |
- |
|||||
Loss(income) on disposal of property and |
128 |
(44) |
(6) |
112 |
(1,283) |
(187) |
|||||
Provision of allowance for doubtful accounts |
- |
- |
- |
585 |
(585) |
(85) |
|||||
Changes in operating assets and liabilities: |
|||||||||||
Accounts receivable |
(49,685) |
(84,973) |
(12,359) |
(7,725) |
(440,644) |
(64,089) |
|||||
Prepaid expenses and other current |
(150,633) |
14,190 |
2,064 |
(306,838) |
(67,304) |
(9,789) |
|||||
Amount due from related parties |
(25,948) |
56 |
8 |
(32,846) |
33,463 |
4,867 |
|||||
Rental deposits |
(810) |
(4,062) |
(591) |
(10,902) |
(3,817) |
(555) |
|||||
Deferred tax assets |
(45,383) |
(39,874) |
(5,799) |
(44,883) |
(10,961) |
(1,594) |
|||||
Other non-current assets |
7,119 |
(670) |
(97) |
(5,234) |
(45,534) |
(6,623) |
|||||
Accounts payable |
(1,206) |
(18,987) |
(2,762) |
174,290 |
233,713 |
33,992 |
|||||
Income tax payable |
91,525 |
81,097 |
11,795 |
152,277 |
(38,791) |
(5,642) |
|||||
Deferred revenue |
113,197 |
12,470 |
1,814 |
135,443 |
(14,249) |
(2,072) |
|||||
Accrued expenses and other current |
156,071 |
235,104 |
34,194 |
292,054 |
51,903 |
7,549 |
|||||
Amount due to related parties |
(41,941) |
25,349 |
3,687 |
(16,070) |
43,024 |
6,258 |
|||||
Deferred tax liability |
(343) |
(9,547) |
(1,389) |
(969) |
(22,923) |
(3,334) |
|||||
Other non-current liabilities |
(2,653) |
(2,915) |
(424) |
2,086 |
6,538 |
951 |
|||||
Net cash provided by operating activities |
790,815 |
1,163,359 |
169,205 |
2,886,107 |
3,327,718 |
483,997 |
|||||
Momo Inc. |
|||||||||||
Unaudited Condensed Consolidated Statement of Cash Flows |
|||||||||||
(All amounts in thousands, except share and per share data) |
|||||||||||
Three months |
Year |
||||||||||
ended December 31 |
ended December 31 |
||||||||||
2017 |
2018 |
2018 |
2017 |
2018 |
2018 |
||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
||||||
Cash flows from investing activities: |
|||||||||||
Purchase of property and equipment |
(86,183) |
(81,243) |
(11,816) |
(218,627) |
(242,843) |
(35,320) |
|||||
Proceeds from disposal of property and |
1 |
4 |
1 |
59 |
2,214 |
322 |
|||||
Payment for long term investments |
(20,000) |
(3,000) |
(436) |
(53,928) |
(65,125) |
(9,472) |
|||||
Prepayment of long term investments |
(50,000) |
(8,000) |
(1,164) |
(50,000) |
(55,000) |
(7,999) |
|||||
Payment for acquired intangible assets |
- |
- |
- |
(18,979) |
- |
- |
|||||
Payment for business acquisition |
- |
(40,632) |
(5,910) |
- |
(3,318,841) |
(482,705) |
|||||
Purchase of term deposits |
(480,645) |
(5,300,000) |
(770,853) |
(4,028,058) |
(20,287,302) |
(2,950,666) |
|||||
Cash received on maturity of term deposits |
882,645 |
4,600,000 |
669,042 |
4,191,859 |
13,922,393 |
2,024,928 |
|||||
Payment for short term investments |
(10,000) |
(103,000) |
(14,981) |
(15,700) |
(457,200) |
(66,497) |
|||||
Cash received from sales of short term |
5,200 |
218,000 |
31,707 |
5,200 |
467,700 |
68,024 |
|||||
Net cash provided by (used in) investing |
241,018 |
(717,871) |
(104,410) |
(188,174) |
(10,034,004) |
(1,459,385) |
|||||
Cash flows from financing activities: |
|||||||||||
Proceeds from exercise of options |
680 |
1 |
- |
3,839 |
5,313 |
773 |
|||||
Deferred payment of purchase of property |
- |
(157) |
(23) |
(1,496) |
(8,562) |
(1,245) |
|||||
Capital contribution from non-controlling |
- |
12 |
2 |
490 |
12 |
2 |
|||||
Proceeds from bank loan |
- |
- |
- |
- |
1,913,190 |
278,262 |
|||||
Repayment of bank loan |
- |
- |
- |
- |
(2,041,680) |
(296,950) |
|||||
Proceeds from issuance of convertible |
- |
- |
- |
- |
4,820,387 |
701,096 |
|||||
Payment of issuance cost of convertible |
- |
(709) |
(103) |
- |
(709) |
(103) |
|||||
Net cash provided by (used in) financing |
680 |
(853) |
(124) |
2,833 |
4,687,951 |
681,835 |
|||||
Effect of exchange rate changes |
(8,207) |
1,439 |
208 |
(26,840) |
24,175 |
3,515 |
|||||
Net increase (decrease) in cash, cash |
1,024,306 |
446,074 |
64,879 |
2,673,926 |
(1,994,160) |
(290,038) |
|||||
Cash, cash equivalents, and restricted cash at |
3,437,888 |
2,021,960 |
294,082 |
1,788,268 |
4,462,194 |
648,999 |
|||||
Cash, cash equivalents, and restricted cash at |
4,462,194 |
2,468,034 |
358,961 |
4,462,194 |
2,468,034 |
358,961 |
|||||
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 December 31, 2017 |
ended December 31, 2018 |
ended December 31, 2018 |
||||||||||||||||||||||||
GAAP RMB |
Share- RMB |
Non-GAAP RMB |
GAAP RMB |
Amortization |
Share- RMB |
Tax |
Non-GAAP RMB |
GAAP US$ |
Amortization US$ |
Share- US$ |
Tax |
Non-GAAP US$ |
||||||||||||||
Cost of revenues |
(1,323,876) |
4,160 |
(1,319,716) |
(2,099,265) |
18,471 |
5,498 |
- |
(2,075,296) |
(305,325) |
2,686 |
800 |
- |
(301,839) |
|||||||||||||
Research and |
(124,056) |
17,028 |
(107,028) |
(243,499) |
2,345 |
47,215 |
- |
(193,939) |
(35,415) |
341 |
6,867 |
- |
(28,207) |
|||||||||||||
Sales and |
(374,436) |
20,645 |
(353,791) |
(618,268) |
17,273 |
43,707 |
- |
(557,288) |
(89,923) |
2,512 |
6,357 |
- |
(81,054) |
|||||||||||||
General and |
(117,124) |
40,730 |
(76,394) |
(234,700) |
- |
101,593 |
- |
(133,107) |
(34,136) |
- |
14,776 |
- |
(19,360) |
|||||||||||||
Cost and |
(1,939,492) |
82,563 |
(1,856,929) |
(3,195,732) |
38,089 |
198,013 |
- |
(2,959,630) |
(464,799) |
5,539 |
28,800 |
- |
(430,460) |
|||||||||||||
Income from |
708,078 |
82,563 |
790,641 |
789,604 |
38,089 |
198,013 |
- |
1,025,706 |
114,844 |
5,539 |
28,800 |
- |
149,183 |
|||||||||||||
Net income |
644,803 |
82,563 |
727,366 |
660,837 |
38,089 |
198,013 |
(9,522) |
887,417 |
96,118 |
5,539 |
28,800 |
(1,385) |
129,072 |
|||||||||||||
Momo Inc. |
||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP financial measures to comparable GAAP measures |
||||||||||||||||||||||||||||||
(All amounts in thousands, except per share data) |
||||||||||||||||||||||||||||||
Year |
Year |
Year |
||||||||||||||||||||||||||||
ended December 31, 2017 |
ended December 31, 2018 |
ended December 31, 2018 |
||||||||||||||||||||||||||||
GAAP RMB |
Share- RMB |
Non-GAAP RMB |
GAAP RMB |
Amortization |
Share- RMB |
Tax |
Non-GAAP RMB |
GAAP US$ |
Amortization US$ |
Share- US$ |
Tax |
Non-GAAP US$ |
||||||||||||||||||
Cost of revenues |
(4,373,377) |
13,547 |
(4,359,830) |
(7,182,897) |
42,336 |
21,661 |
- |
(7,118,900) |
(1,044,709) |
6,158 |
3,150 |
- |
(1,035,401) |
|||||||||||||||||
Research and |
(346,144) |
59,190 |
(286,954) |
(760,644) |
5,375 |
152,806 |
- |
(602,463) |
(110,631) |
782 |
22,225 |
- |
(87,624) |
|||||||||||||||||
Sales and |
(1,467,376) |
79,032 |
(1,388,344) |
(1,812,262) |
39,589 |
142,927 |
- |
(1,629,746) |
(263,583) |
5,758 |
20,788 |
- |
(237,037) |
|||||||||||||||||
General and |
(422,005) |
183,204 |
(238,801) |
(640,023) |
- |
263,419 |
- |
(376,604) |
(93,087) |
- |
38,313 |
- |
(54,774) |
|||||||||||||||||
Cost and |
(6,608,902) |
334,973 |
(6,273,929) |
(10,395,826) |
87,300 |
580,813 |
- |
(9,727,713) |
(1,512,010) |
12,698 |
84,476 |
- |
(1,414,836) |
|||||||||||||||||
Income from |
2,434,252 |
334,973 |
2,769,225 |
3,266,292 |
87,300 |
580,813 |
- |
3,934,405 |
475,063 |
12,698 |
84,476 |
- |
572,237 |
|||||||||||||||||
Net income |
2,148,098 |
334,973 |
2,483,071 |
2,815,775 |
87,300 |
580,813 |
(21,823) |
3,462,065 |
409,537 |
12,698 |
84,476 |
(3,174) |
503,537 |
|||||||||||||||||
(a) Includes tax impacts related to the amortization of intangible assets from business acquisition. There is no tax impact related to share- |
||||||||||||||||||||||||||||||
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