Momo Announces Unaudited Financial Results for the Fourth Quarter and Fiscal Year 2020
Fourth Quarter of 2020 Highlights
- Net revenues decreased by 19.0% year over year to
RMB3,795.2 million (US$581.6 million *) in the fourth quarter of 2020. - Net income attributable to
Momo Inc. decreased toRMB651.5 million (US$99.8 million ) in the fourth quarter of 2020 fromRMB1,055.9 million in the same period of 2019. - Non-GAAP net income attributable to
Momo Inc. (note 1) decreased toRMB836.4 million (US$128.2 million ) in the fourth quarter of 2020, fromRMB1,252.5 million in the same period of 2019. - Diluted net income per American Depositary Share ("ADS") was
RMB2.98 (US$0.46 ) in the fourth quarter of 2020, compared toRMB4.74 in the same period of 2019. - Non-GAAP diluted net income per ADS (note 1) was
RMB3.80 (US$0.58 ) in the fourth quarter of 2020, compared toRMB5.61 in the same period of 2019. - Monthly Active Users ("MAU") on
Momo application were 113.8 million inDecember 2020 , compared to 114.5 million inDecember 2019 . - Total paying users of our live video service and value-added service, without double counting the overlap and including 3.8 million paying users of
Tantan Limited ("Tantan"), were 12.8 million for the fourth quarter of 2020, compared to 13.8 million for the fourth quarter of 2019, which included 4.5 million paying users of Tantan.
Full Year 2020 Highlights
- Net revenues decreased by 11.7% year over year to
RMB15,024.2 million (US$2,302.6 million ) for the full year of 2020. - Net income attributable to
Momo Inc. wasRMB2,103.5 million (US$322.4 million ) for the full year of 2020, compared withRMB2,970.9 million during the same period of 2019. - Non-GAAP net income attributable to
Momo Inc. (note 1) wasRMB2,896.2 million (US$443.9 million ) for the full year of 2020, compared withRMB4,493.3 million during the same period of 2019. - Diluted net income per ADS was
RMB9.65 (US$1.48 ) for the full year of 2020, compared withRMB13.52 during the same period of 2019. - Non-GAAP diluted net income per ADS (note 1) was
RMB13.16 (US$2.02 ) for the full year of 2020, compared withRMB20.26 during the same period of 2019.
* This press release contains translations of certain Renminbi amounts into |
"2020 was a tough year for us. I am proud that my teams were able to navigate through the many challenges with relentless focus on our core mission. Our commitment to the core mission enabled us to make difficult but right decision in the past year for the long term wellbeing of our company and our community," commented
Fourth Quarter of 2020 Financial Results
Net revenues
Total net revenues were
Live video service revenues were
Value-added service revenues mainly include virtual gift revenues and membership subscription revenues. Total value-added service revenues were
Mobile marketing revenues were
Mobile games revenues were
Net revenues from the
Cost and expenses
Cost and expenses were
Non-GAAP cost and expenses (note 1) were
Other operating income
Other operating income was
Income from operations
Income from operations was
Non-GAAP income from operations (note 1) was
Income tax expenses
Income tax expenses were
Net income
Net income was
Non-GAAP net income (note 1) was
Net income attributable to
Net income attributable to
Non-GAAP net income (note 1) attributable to
Net income per ADS
Diluted net income per ADS was
Non-GAAP diluted net income per ADS (note 1) was
Cash and cash flow
As of
Full Year 2020 Financial Results
Net revenues for the full year of 2020 were
Net income attributable to
Non-GAAP net income attributable to
Diluted net income per ADS was
Non-GAAP diluted net income per ADS (note 1) was
Net cash provided by operating activities was
Recent Developments
Declaration of a special cash dividend
Execution of share repurchase program
On
Resignation of Chief Technology Officer
Mr.
Business Outlook
For the first quarter of 2021, the Company expects total net revenues to be between
Note 1: Non-GAAP measures
To supplement our consolidated financial statements presented in accordance with
Reconciliations of our non-GAAP financial measures to our
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
Conference Call
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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, April 1, 2021. The dial-in details for the replay are as follows:
International: |
+61-2-8199-0299 |
|
+1-855-452-5696 |
Passcode: |
2751618 |
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of
About
We are a leading player in
For investor and media inquiries, please contact:
Investor Relations
Phone: +86-10-5731-0538
Email: ir@immomo.com
Christensen
In
Mr.
Phone: +86-10-5900-1548
E-mail: Eyuan@christensenir.com
In US
Ms.
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 first 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 fourth quarter of 2020 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the first 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
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.
|
||||||||||||||
Unaudited Condensed Consolidated Statement of Operations |
||||||||||||||
(All amounts in thousands, except share and per share data) |
||||||||||||||
Three months |
Year |
|||||||||||||
Ended |
ended December 31 |
|||||||||||||
2019 |
2020 |
2020 |
2019 |
2020 |
2020 |
|||||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||||
Net revenues: |
||||||||||||||
Live video service |
3,383,477 |
2,327,875 |
356,762 |
12,448,131 |
9,637,579 |
1,477,024 |
||||||||
Value-added service |
1,189,114 |
1,401,269 |
214,754 |
4,105,963 |
5,112,182 |
783,476 |
||||||||
Mobile marketing |
92,991 |
52,663 |
8,071 |
331,822 |
198,197 |
30,375 |
||||||||
Mobile games |
14,418 |
7,334 |
1,124 |
92,451 |
39,564 |
6,063 |
||||||||
Other services |
7,898 |
6,060 |
929 |
36,722 |
36,666 |
5,620 |
||||||||
Total net revenues |
4,687,898 |
3,795,201 |
581,640 |
17,015,089 |
15,024,188 |
2,302,558 |
||||||||
Cost and expenses: |
||||||||||||||
Cost of revenues |
(2,351,309) |
(2,042,781) |
(313,070) |
(8,492,096) |
(7,976,781) |
(1,222,495) |
||||||||
Research and development |
(292,188) |
(327,295) |
(50,160) |
(1,095,031) |
(1,167,677) |
(178,954) |
||||||||
Sales and marketing |
(725,029) |
(697,722) |
(106,931) |
(2,690,824) |
(2,813,922) |
(431,252) |
||||||||
General and administrative |
(212,603) |
(222,191) |
(34,052) |
(1,527,282) |
(763,150) |
(116,958) |
||||||||
Total cost and expenses |
(3,581,129) |
(3,289,989) |
(504,213) |
(13,805,233) |
(12,721,530) |
(1,949,659) |
||||||||
Other operating income |
142,646 |
88,385 |
13,546 |
344,843 |
228,777 |
35,062 |
||||||||
Income from operations |
1,249,415 |
593,597 |
90,973 |
3,554,699 |
2,531,435 |
387,961 |
||||||||
Interest income |
108,205 |
100,880 |
15,461 |
407,542 |
444,471 |
68,118 |
||||||||
Interest expense |
(20,190) |
(19,047) |
(2,919) |
(78,611) |
(78,872) |
(12,088) |
||||||||
Other gain or loss, net |
- |
7,500 |
1,149 |
(15,711) |
1,500 |
230 |
||||||||
Income before income tax |
1,337,430 |
682,930 |
104,664 |
3,867,919 |
2,898,534 |
444,221 |
||||||||
Income tax expenses |
(253,704) |
(5,481) |
(840) |
(883,801) |
(755,620) |
(115,804) |
||||||||
Income before share of |
1,083,726 |
677,449 |
103,824 |
2,984,118 |
2,142,914 |
328,417 |
||||||||
Share of loss on equity |
(31,406) |
(26,319) |
(4,034) |
(23,350) |
(42,522) |
(6,517) |
||||||||
Net income |
1,052,320 |
651,130 |
99,790 |
2,960,768 |
2,100,392 |
321,900 |
||||||||
Less: net loss attributable to |
(3,579) |
(320) |
(49) |
(10,122) |
(3,092) |
(474) |
||||||||
Net income attributable to |
1,055,899 |
651,450 |
99,839 |
2,970,890 |
2,103,484 |
322,374 |
||||||||
Net income per share |
||||||||||||||
Basic |
2.53 |
1.57 |
0.24 |
7.15 |
5.05 |
0.77 |
||||||||
Diluted |
2.37 |
1.49 |
0.23 |
6.76 |
4.83 |
0.74 |
||||||||
Weighted average shares |
||||||||||||||
Basic |
416,878,784 |
414,839,350 |
414,839,350 |
415,316,627 |
416,914,898 |
416,914,898 |
||||||||
Diluted |
453,937,852 |
449,683,596 |
449,683,596 |
451,206,091 |
452,081,642 |
452,081,642 |
||||||||
|
|||||||||||||||||||
Unaudited Condensed Consolidated Statement of Comprehensive Income |
|||||||||||||||||||
(All amounts in thousands, except share and per share data) |
|||||||||||||||||||
Three months |
Year |
||||||||||||||||||
ended December 31 |
ended |
||||||||||||||||||
2019 |
2020 |
2020 |
2019 |
2020 |
2020 |
||||||||||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
||||||||||||||
Net income |
1,052,320 |
651,130 |
99,790 |
2,960,768 |
2,100,392 |
321,900 |
|||||||||||||
Other comprehensive loss, net of |
|||||||||||||||||||
Foreign currency translation |
(39,524) |
(69,010) |
(10,576) |
(8,835) |
(141,677) |
(21,713) |
|||||||||||||
Comprehensive income |
1,012,796 |
582,120 |
89,214 |
2,951,933 |
1,958,715 |
300,187 |
|||||||||||||
Less: comprehensive loss |
(8,637) |
(9,059) |
(1,388) |
(8,081) |
(26,004) |
(3,985) |
|||||||||||||
Comprehensive income |
1,021,433 |
591,179 |
90,602 |
2,960,014 |
1,984,719 |
304,172 |
|||||||||||||
|
|||||
Unaudited Condensed Consolidated Balance Sheets |
|||||
(All amounts in thousands, except share and per share data) |
|||||
|
|
|
|||
2019 |
2020 |
2020 |
|||
RMB |
RMB |
US$ |
|||
Assets |
|||||
Current assets |
|||||
Cash and cash equivalents |
2,612,743 |
3,363,942 |
515,547 |
||
Short-term deposits |
12,312,585 |
7,566,250 |
1,159,579 |
||
Restricted cash |
- |
2,130 |
326 |
||
Accounts receivable, net of allowance for doubtful accounts of |
265,155 |
200,831 |
30,779 |
||
Amount due from a related party |
4,382 |
- |
- |
||
Prepaid expenses and other current assets |
599,000 |
613,696 |
94,053 |
||
Total current assets |
15,793,865 |
11,746,849 |
1,800,284 |
||
Long-term deposits |
300,000 |
5,550,000 |
850,575 |
||
Right-of-use assets, net |
190,552 |
278,175 |
42,632 |
||
Property and equipment, net |
346,345 |
265,765 |
40,730 |
||
Intangible assets |
890,303 |
687,211 |
105,320 |
||
Rental deposits |
25,028 |
21,794 |
3,340 |
||
Long-term investments |
495,905 |
454,996 |
69,731 |
||
Other non-current assets |
44,009 |
94,868 |
14,539 |
||
Deferred tax assets |
37,064 |
32,495 |
4,980 |
||
|
4,360,610 |
4,088,403 |
626,575 |
||
Total assets |
22,483,681 |
23,220,556 |
3,558,706 |
||
Liabilities and equity |
|||||
Current liabilities |
|||||
Accounts payable |
714,323 |
699,394 |
107,186 |
||
Deferred revenue |
503,461 |
511,617 |
78,409 |
||
Accrued expenses and other current liabilities |
985,873 |
854,835 |
131,009 |
||
Amount due to related parties |
29,606 |
19,462 |
2,983 |
||
Lease liabilities due within one year |
135,169 |
132,793 |
20,351 |
||
Income tax payable |
153,976 |
236,490 |
36,244 |
||
Deferred consideration in connection with business acquisitions |
84,346 |
62,149 |
9,525 |
||
Total current liabilities |
2,606,754 |
2,516,740 |
385,707 |
||
Deferred tax liabilities |
222,576 |
171,803 |
26,330 |
||
Convertible senior notes |
4,954,352 |
4,658,966 |
714,018 |
||
Share-based compensation liability |
902,047 |
875,616 |
134,194 |
||
Lease liabilities |
56,498 |
136,436 |
20,910 |
||
Other non-current liabilities |
22,672 |
25,666 |
3,933 |
||
Total liabilities |
8,764,899 |
8,385,227 |
1,285,092 |
||
Shareholder's equity (i) |
13,718,782 |
14,835,329 |
2,273,614 |
||
Total liabilities and shareholder's equity |
22,483,681 |
23,220,556 |
3,558,706 |
||
(i): As of December 31, 2020, the number of ordinary shares outstanding was 411,981,508. |
|
||||||||||||
Unaudited Condensed Consolidated Statement of Cash Flows |
||||||||||||
(All amounts in thousands, except share and per share data) |
||||||||||||
Three months |
Year |
|||||||||||
ended December 31 |
ended |
|||||||||||
2019 |
2020 |
2020 |
2019 |
2020 |
2020 |
|||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Cash flows from operating activities: |
||||||||||||
Net income |
1,052,320 |
651,130 |
99,790 |
2,960,768 |
2,100,392 |
321,900 |
||||||
Adjustments to reconcile net income to net cash provided by o |
||||||||||||
Depreciation of property and equipment |
51,385 |
55,375 |
8,487 |
198,237 |
208,990 |
32,029 |
||||||
Amortization of intangible assets |
40,239 |
37,741 |
5,784 |
157,954 |
157,258 |
24,101 |
||||||
Share-based compensation |
167,458 |
157,584 |
24,151 |
1,408,232 |
678,686 |
104,013 |
||||||
Share of loss on equity method investments |
31,406 |
26,319 |
4,034 |
23,350 |
42,522 |
6,517 |
||||||
Gain or loss on long-term investments |
- |
(7,500) |
(1,149) |
15,711 |
(1,500) |
(230) |
||||||
Gain on subsidiary deconsolidation |
- |
- |
- |
- |
(6,676) |
(1,023) |
||||||
Loss (gain) on disposal of property and equipment |
- |
3 |
- |
(398) |
(282) |
(43) |
||||||
Provision of losses on receivable and other assets |
- |
19,663 |
3,013 |
12,209 |
46,075 |
7,061 |
||||||
Cash received on investment income distribution |
- |
- |
- |
- |
1,153 |
177 |
||||||
Changes in operating assets and liabilities: |
||||||||||||
Accounts receivable |
110,340 |
34,533 |
5,292 |
442,176 |
52,247 |
8,007 |
||||||
Prepaid expenses and other current assets |
49,554 |
104,636 |
16,036 |
26,372 |
(59,117) |
(9,060) |
||||||
Amount due from a related party |
(2,776) |
- |
- |
(4,382) |
4,382 |
672 |
||||||
Rental deposits |
(474) |
(4,372) |
(670) |
(836) |
(4,265) |
(654) |
||||||
Deferred tax assets |
(2,582) |
1,535 |
235 |
20,722 |
4,569 |
700 |
||||||
Other non-current assets |
(3,411) |
(166,665) |
(25,543) |
(24,022) |
(138,484) |
(21,224) |
||||||
Accounts payable |
98,021 |
66,948 |
10,260 |
52,246 |
(11,716) |
(1,796) |
||||||
Income tax payable |
39,938 |
(95,341) |
(14,612) |
16,886 |
82,514 |
12,646 |
||||||
Deferred revenue |
6,852 |
24,740 |
3,792 |
61,641 |
8,910 |
1,366 |
||||||
Accrued expenses and other current liabilities |
75,791 |
41,048 |
6,291 |
212,349 |
(120,363) |
(18,446) |
||||||
Amount due to related parties |
235 |
(12,406) |
(1,901) |
(53,032) |
(10,144) |
(1,555) |
||||||
Deferred tax liability |
(10,060) |
(9,435) |
(1,446) |
(45,382) |
(39,315) |
(6,025) |
||||||
Other non-current liabilities |
(29,153) |
113,553 |
17,403 |
(31,915) |
85,053 |
13,035 |
||||||
Net cash provided by operating activities |
1,675,083 |
1,039,089 |
159,247 |
5,448,886 |
3,080,889 |
472,168 |
||||||
Cash flows from investing activities: |
||||||||||||
Purchase of property and equipment |
(32,109) |
(16,095) |
(2,467) |
(186,522) |
(124,143) |
(19,026) |
||||||
Proceeds from disposal of property and equipment |
4 |
2 |
- |
808 |
476 |
73 |
||||||
Payment for long-term investments |
(21,500) |
(9,000) |
(1,379) |
(64,500) |
(13,500) |
(2,069) |
||||||
Prepayment of long-term investments |
- |
- |
- |
(15,000) |
- |
- |
||||||
Cash dividend received |
- |
- |
- |
- |
233 |
36 |
||||||
Cash outflow due to subsidiary deconsolidation |
- |
- |
- |
- |
(1,026) |
(157) |
||||||
Purchase of short-term deposits |
(7,650,000) |
(3,654,500) |
(560,077) |
(22,151,135) |
(14,949,665) |
(2,291,136) |
||||||
Cash received on maturity of short-term deposits |
6,036,000 |
3,954,500 |
606,054 |
18,686,430 |
19,577,159 |
3,000,331 |
||||||
Payment for short-term investments |
(80,000) |
- |
- |
(360,000) |
(10,000) |
(1,533) |
||||||
Cash received from sales of short-term investment |
120,000 |
- |
- |
360,000 |
10,000 |
1,533 |
||||||
Cash received from sales of long term investment |
- |
12,000 |
1,839 |
- |
12,000 |
1,839 |
||||||
Purchase of long-term deposits |
(300,000) |
(900,000) |
(137,931) |
(300,000) |
(5,250,000) |
(804,598) |
||||||
Net cash used in investing activities |
(1,927,605) |
(613,093) |
(93,961) |
(4,029,919) |
(748,466) |
(114,707) |
||||||
Cash flows from financing activities: |
||||||||||||
Deferred payment for business acquisition |
- |
- |
- |
(379,507) |
(18,355) |
(2,813) |
||||||
Proceeds from exercise of share options |
1 |
171 |
26 |
187 |
226 |
35 |
||||||
Deferred payment of purchase of property and equipment |
(127) |
- |
- |
(17,114) |
- |
- |
||||||
Repurchase of ordinary shares |
- |
(197,799) |
(30,314) |
- |
(330,206) |
(50,606) |
||||||
Repurchase of subsidiary's share options |
- |
(932) |
(143) |
- |
(25,832) |
(3,959) |
||||||
Dividends payment |
- |
- |
- |
(877,346) |
(1,123,983) |
(172,258) |
||||||
Net cash used in financing activities |
(126) |
(198,560) |
(30,431) |
(1,273,780) |
(1,498,150) |
(229,601) |
||||||
Effect of exchange rate changes |
(5,532) |
(37,770) |
(5,788) |
(478) |
(80,944) |
(12,407) |
||||||
Net (decrease) increase in cash and cash equivalents |
(258,180) |
189,666 |
29,067 |
144,709 |
753,329 |
115,453 |
||||||
Cash and cash equivalents at the beginning of period |
2,870,923 |
3,176,406 |
486,806 |
2,468,034 |
2,612,743 |
400,420 |
||||||
Cash, cash equivalent and restricted cash at the end of |
2,612,743 |
3,366,072 |
515,873 |
2,612,743 |
3,366,072 |
515,873 |
|
||||||||||||||||||||||||||||||||
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, 2019 |
ended December 31, 2020 |
ended December 31, 2020 |
||||||||||||||||||||||||||||||
GAAP RMB |
Amortization |
Share- RMB |
Tax (ii) |
Non-GAAP RMB |
GAAP RMB |
Amortization |
Share- RMB |
Tax (ii) RMB |
Non-GAAP RMB |
GAAP US$ |
Amortization US$ |
Share- US$ |
Tax (ii) US$ |
Non-GAAP US$ |
||||||||||||||||||
Cost of revenues |
(2,351,309) |
18,818 |
7,601 |
- |
(2,324,890) |
(2,042,781) |
17,694 |
4,242 |
- |
(2,020,845) |
(313,070) |
2,712 |
650 |
- |
(309,708) |
|||||||||||||||||
Research and |
(292,188) |
2,390 |
45,455 |
- |
(244,343) |
(327,295) |
2,247 |
38,515 |
- |
(286,533) |
(50,160) |
344 |
5,903 |
- |
(43,913) |
|||||||||||||||||
Sales and marketing |
(725,029) |
17,598 |
53,466 |
- |
(653,965) |
(697,722) |
16,547 |
27,122 |
- |
(654,053) |
(106,931) |
2,536 |
4,157 |
- |
(100,238) |
|||||||||||||||||
General and |
(212,603) |
- |
60,936 |
- |
(151,667) |
(222,191) |
- |
87,705 |
- |
(134,486) |
(34,052) |
- |
13,441 |
- |
(20,611) |
|||||||||||||||||
Cost and operating |
(3,581,129) |
38,806 |
167,458 |
- |
(3,374,865) |
(3,289,989) |
36,488 |
157,584 |
- |
(3,095,917) |
(504,213) |
5,592 |
24,151 |
- |
(474,470) |
|||||||||||||||||
Income from |
1,249,415 |
38,806 |
167,458 |
- |
1,455,679 |
593,597 |
36,488 |
157,584 |
- |
787,669 |
90,973 |
5,592 |
24,151 |
- |
120,716 |
|||||||||||||||||
Net income |
1,055,899 |
38,806 |
167,458 |
(9,701) |
1,252,462 |
651,450 |
36,488 |
157,584 |
(9,122) |
836,400 |
99,839 |
5,592 |
24,151 |
(1,398) |
128,184 |
|||||||||||||||||
|
||||||||||||||||||||||||||||||||
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. |
|||||||||||||||||||||||||||||||
Year |
Year |
Year |
||||||||||||||||||||||||||||||
ended December 31, 2019 |
ended December 31, 2020 |
ended December 31, 2020 |
||||||||||||||||||||||||||||||
GAAP RMB |
Amortization |
Share- RMB |
Tax (ii) |
Non-GAAP RMB |
GAAP RMB |
Amortization |
Share- RMB |
Tax (ii) RMB |
Non-GAAP RMB |
GAAP US$ |
Amortization US$ |
Share- US$ |
Tax (ii) US$ |
Non-GAAP US$ |
||||||||||||||||||
Cost of revenues |
(8,492,096) |
73,817 |
23,972 |
- |
(8,394,307) |
(7,976,781) |
73,740 |
18,449 |
- |
(7,884,592) |
(1,222,495) |
11,301 |
2,827 |
- |
(1,208,367) |
|||||||||||||||||
Research and |
(1,095,031) |
9,375 |
175,053 |
- |
(910,603) |
(1,167,677) |
9,365 |
175,870 |
- |
(982,442) |
(178,954) |
1,435 |
26,953 |
- |
(150,566) |
|||||||||||||||||
Sales and marketing |
(2,690,824) |
69,031 |
196,311 |
- |
(2,425,482) |
(2,813,922) |
68,960 |
158,902 |
- |
(2,586,060) |
(431,252) |
10,569 |
24,353 |
- |
(396,330) |
|||||||||||||||||
General and |
(1,527,282) |
- |
1,012,896 |
- |
(514,386) |
(763,150) |
- |
325,465 |
- |
(437,685) |
(116,958) |
- |
49,880 |
- |
(67,078) |
|||||||||||||||||
Cost and operating |
(13,805,233) |
152,223 |
1,408,232 |
- |
(12,244,778) |
(12,721,530) |
152,065 |
678,686 |
- |
(11,890,779) |
(1,949,659) |
23,305 |
104,013 |
- |
(1,822,341) |
|||||||||||||||||
Income from |
3,554,699 |
152,223 |
1,408,232 |
- |
5,115,154 |
2,531,435 |
152,065 |
678,686 |
- |
3,362,186 |
387,961 |
23,305 |
104,013 |
- |
515,279 |
|||||||||||||||||
Net income |
2,970,890 |
152,223 |
1,408,232 |
(38,056) |
4,493,289 |
2,103,484 |
152,065 |
678,686 |
(38,016) |
2,896,219 |
322,374 |
23,305 |
104,013 |
(5,826) |
443,866 |
|||||||||||||||||
(ii) Includes tax impacts related to the amortization of intangible assets from business acquisition. |
|
|||||||||
Unaudited Condensed Segment Report |
|||||||||
(All amounts in thousands, except share and per share data) |
|||||||||
Three months |
|||||||||
ended December 31, 2020 |
|||||||||
|
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Net revenues: |
|||||||||
Live video service |
1,923,544 |
404,331 |
- |
2,327,875 |
356,762 |
||||
Value-added service |
1,065,062 |
336,207 |
- |
1,401,269 |
214,754 |
||||
Mobile marketing |
52,663 |
- |
- |
52,663 |
8,071 |
||||
Mobile games |
7,334 |
- |
- |
7,334 |
1,124 |
||||
Other services |
2,743 |
- |
3,317 |
6,060 |
929 |
||||
Total net revenues |
3,051,346 |
740,538 |
3,317 |
3,795,201 |
581,640 |
||||
Cost and expenses (iii): |
|||||||||
Cost of revenues |
(1,676,071) |
(365,350) |
(1,360) |
(2,042,781) |
(313,070) |
||||
Research and development |
(243,555) |
(83,740) |
- |
(327,295) |
(50,160) |
||||
Sales and marketing |
(361,115) |
(336,558) |
(49) |
(697,722) |
(106,931) |
||||
General and administrative |
(202,831) |
(11,891) |
(7,469) |
(222,191) |
(34,052) |
||||
Total cost and expenses |
(2,483,572) |
(797,539) |
(8,878) |
(3,289,989) |
(504,213) |
||||
Other operating income |
83,110 |
3,945 |
1,330 |
88,385 |
13,546 |
||||
Income (loss) from operations |
650,884 |
(53,056) |
(4,231) |
593,597 |
90,973 |
||||
Interest income |
100,347 |
486 |
47 |
100,880 |
15,461 |
||||
Interest expense |
(19,047) |
- |
- |
(19,047) |
(2,919) |
||||
Other gain or loss, net |
7,500 |
- |
- |
7,500 |
1,149 |
||||
Income (loss) before income tax and |
739,684 |
(52,570) |
(4,184) |
682,930 |
104,664 |
||||
Income tax (expenses) benefits |
(7,565) |
2,084 |
- |
(5,481) |
(840) |
||||
Income (loss) before share of income |
732,119 |
(50,486) |
(4,184) |
677,449 |
103,824 |
||||
Share of loss on equity method |
(26,319) |
- |
- |
(26,319) |
(4,034) |
||||
Net income (loss) |
705,800 |
(50,486) |
(4,184) |
651,130 |
99,790 |
||||
(iii) Share-based compensation was allocated in cost of revenues and operating expenses as follows: |
|||||||||
Three months |
|||||||||
ended December 31, 2020 |
|||||||||
|
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Cost of revenues |
2,844 |
1,398 |
- |
4,242 |
650 |
||||
Research and development |
31,946 |
6,569 |
- |
38,515 |
5,903 |
||||
Sales and marketing |
21,452 |
5,670 |
- |
27,122 |
4,157 |
||||
General and administrative |
84,706 |
644 |
2,355 |
87,705 |
13,441 |
||||
Total cost and expenses |
140,948 |
14,281 |
2,355 |
157,584 |
24,151 |
|
|||||||||
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report |
|||||||||
(All amounts in thousands, except share and per share data) |
|||||||||
Three months |
|||||||||
ended December 31, 2020 |
|||||||||
|
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Income (loss) from operations |
650,884 |
(53,056) |
(4,231) |
593,597 |
90,973 |
||||
Share-based compensation |
140,948 |
14,281 |
2,355 |
157,584 |
24,151 |
||||
Amortization of intangible assets from business |
- |
36,488 |
- |
36,488 |
5,592 |
||||
Non-GAAP income (loss) from operations |
791,832 |
(2,287) |
(1,876) |
787,669 |
120,716 |
||||
Net income (loss) |
705,800 |
(50,486) |
(4,184) |
651,130 |
99,790 |
||||
Share-based compensation |
140,948 |
14,281 |
2,355 |
157,584 |
24,151 |
||||
Amortization of intangible assets from business |
- |
36,488 |
- |
36,488 |
5,592 |
||||
Tax impacts |
- |
(9,122) |
- |
(9,122) |
(1,398) |
||||
Non-GAAP net income (loss) |
846,748 |
(8,839) |
(1,829) |
836,080 |
128,135 |
|
|||||||||
Unaudited Condensed Segment Report |
|||||||||
(All amounts in thousands, except share and per share data) |
|||||||||
Three months |
|||||||||
ended December 31, 2019 |
|||||||||
|
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$[1] |
|||||
Net revenues: |
|||||||||
Live video service |
3,383,477 |
- |
- |
3,383,477 |
486,006 |
||||
Value-added service |
819,325 |
369,789 |
- |
1,189,114 |
170,806 |
||||
Mobile marketing |
92,991 |
- |
- |
92,991 |
13,357 |
||||
Mobile games |
14,418 |
- |
- |
14,418 |
2,071 |
||||
Other services |
7,111 |
- |
787 |
7,898 |
1,134 |
||||
Total net revenues |
4,317,322 |
369,789 |
787 |
4,687,898 |
673,374 |
||||
Cost and expenses (iv): |
|||||||||
Cost of revenues |
(2,222,912) |
(127,748) |
(649) |
(2,351,309) |
(337,744) |
||||
Research and development |
(205,793) |
(86,395) |
- |
(292,188) |
(41,970) |
||||
Sales and marketing |
(379,940) |
(345,089) |
- |
(725,029) |
(104,144) |
||||
General and administrative |
(192,789) |
(13,275) |
(6,539) |
(212,603) |
(30,539) |
||||
Total cost and expenses |
(3,001,434) |
(572,507) |
(7,188) |
(3,581,129) |
(514,397) |
||||
Other operating income |
142,613 |
- |
33 |
142,646 |
20,490 |
||||
Income (loss) from operations |
1,458,501 |
(202,718) |
(6,368) |
1,249,415 |
179,467 |
||||
Interest income |
105,947 |
2,197 |
61 |
108,205 |
15,543 |
||||
Interest expense |
(20,190) |
- |
- |
(20,190) |
(2,900) |
||||
Income (loss) before income tax and |
1,544,258 |
(200,521) |
(6,307) |
1,337,430 |
192,110 |
||||
Income tax (expenses) benefits |
(265,981) |
12,277 |
- |
(253,704) |
(36,442) |
||||
Income (loss) before share of income |
1,278,277 |
(188,244) |
(6,307) |
1,083,726 |
155,668 |
||||
Share of loss on equity method |
(31,406) |
- |
- |
(31,406) |
(4,511) |
||||
Net income (loss) |
1,246,871 |
(188,244) |
(6,307) |
1,052,320 |
151,157 |
||||
(iv) Share-based compensation was allocated in cost of revenues and operating expenses as follows: |
|||||||||
Three months |
|||||||||
ended December 31, 2019 |
|||||||||
|
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Cost of revenues |
6,000 |
1,601 |
- |
7,601 |
1,092 |
||||
Research and development |
26,980 |
18,475 |
- |
45,455 |
6,529 |
||||
Sales and marketing |
45,971 |
7,495 |
- |
53,466 |
7,680 |
||||
General and administrative |
56,467 |
1,384 |
3,085 |
60,936 |
8,753 |
||||
Total cost and expenses |
135,418 |
28,955 |
3,085 |
167,458 |
24,054 |
||||
[1] All translations from RMB to |
|
|||||||||
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report |
|||||||||
(All amounts in thousands, except share and per share data) |
|||||||||
Three months |
|||||||||
ended December 31, 2019 |
|||||||||
|
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Income (loss) from operations |
1,458,501 |
(202,718) |
(6,368) |
1,249,415 |
179,467 |
||||
Share-based compensation |
135,418 |
28,955 |
3,085 |
167,458 |
24,054 |
||||
Amortization of intangible assets from business |
- |
38,806 |
- |
38,806 |
5,574 |
||||
Non-GAAP income (loss) from operations |
1,593,919 |
(134,957) |
(3,283) |
1,455,679 |
209,095 |
||||
Net income (loss) |
1,246,871 |
(188,244) |
(6,307) |
1,052,320 |
151,157 |
||||
Share-based compensation |
135,418 |
28,955 |
3,085 |
167,458 |
24,054 |
||||
Amortization of intangible assets from business |
- |
38,806 |
- |
38,806 |
5,574 |
||||
Tax impacts |
- |
(9,701) |
- |
(9,701) |
(1,394) |
||||
Non-GAAP net income (loss) |
1,382,289 |
(130,184) |
(3,222) |
1,248,883 |
179,391 |
|
|||||||||
Unaudited Condensed Segment Report |
|||||||||
(All amounts in thousands, except share and per share data) |
|||||||||
Year |
|||||||||
ended |
|||||||||
|
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Net revenues: |
|||||||||
Live video service |
8,638,810 |
998,769 |
- |
9,637,579 |
1,477,024 |
||||
Value-added service |
3,742,637 |
1,369,545 |
- |
5,112,182 |
783,476 |
||||
Mobile marketing |
198,197 |
- |
- |
198,197 |
30,375 |
||||
Mobile games |
39,564 |
- |
- |
39,564 |
6,063 |
||||
Other services |
11,911 |
- |
24,755 |
36,666 |
5,620 |
||||
Total net revenues |
12,631,119 |
2,368,314 |
24,755 |
15,024,188 |
2,302,558 |
||||
Cost and expenses (v): |
|||||||||
Cost of revenues |
(6,865,836) |
(1,088,816) |
(22,129) |
(7,976,781) |
(1,222,495) |
||||
Research and development |
(844,826) |
(322,851) |
(1,167,677) |
(178,954) |
|||||
Sales and marketing |
(1,454,123) |
(1,359,709) |
(90) |
(2,813,922) |
(431,252) |
||||
General and administrative |
(664,458) |
(73,019) |
(25,673) |
(763,150) |
(116,958) |
||||
Total cost and expenses |
(9,829,243) |
(2,844,395) |
(47,892) |
(12,721,530) |
(1,949,659) |
||||
Other operating income |
223,312 |
3,945 |
1,520 |
228,777 |
35,062 |
||||
Income (loss) from operations |
3,025,188 |
(472,136) |
(21,617) |
2,531,435 |
387,961 |
||||
Interest income |
440,878 |
3,353 |
240 |
444,471 |
68,118 |
||||
Interest expense |
(78,872) |
- |
- |
(78,872) |
(12,088) |
||||
Other gain or loss, net |
1,500 |
- |
- |
1,500 |
230 |
||||
Income (loss) before income tax |
3,388,694 |
(468,783) |
(21,377) |
2,898,534 |
444,221 |
||||
Income tax (expenses) benefits |
(770,333) |
14,713 |
- |
(755,620) |
(115,804) |
||||
Income (loss) before share of |
2,618,361 |
(454,070) |
(21,377) |
2,142,914 |
328,417 |
||||
Share of loss on equity method |
(42,522) |
- |
- |
(42,522) |
(6,517) |
||||
Net income (loss) |
2,575,839 |
(454,070) |
(21,377) |
2,100,392 |
321,900 |
||||
(v) Share-based compensation was allocated in cost of revenues and operating expenses as follows: |
|||||||||
Year |
|||||||||
ended December 31, 2020 |
|||||||||
|
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Cost of revenues |
15,189 |
3,260 |
- |
18,449 |
2,827 |
||||
Research and development |
127,714 |
48,156 |
- |
175,870 |
26,953 |
||||
Sales and marketing |
142,908 |
15,994 |
- |
158,902 |
24,353 |
||||
General and administrative |
292,356 |
22,882 |
10,227 |
325,465 |
49,880 |
||||
Total cost and expenses |
578,167 |
90,292 |
10,227 |
678,686 |
104,013 |
|
|||||||||
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report |
|||||||||
(All amounts in thousands, except share and per share data) |
|||||||||
Year |
|||||||||
ended December 31, 2020 |
|||||||||
|
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Income (loss) from operations |
3,025,188 |
(472,136) |
(21,617) |
2,531,435 |
387,961 |
||||
Share-based compensation |
578,167 |
90,292 |
10,227 |
678,686 |
104,013 |
||||
Amortization of intangible assets from business |
- |
152,065 |
- |
152,065 |
23,305 |
||||
Non-GAAP income (loss) from operations |
3,603,355 |
(229,779) |
(11,390) |
3,362,186 |
515,279 |
||||
Net income (loss) |
2,575,839 |
(454,070) |
(21,377) |
2,100,392 |
321,900 |
||||
Share-based compensation |
578,167 |
90,292 |
10,227 |
678,686 |
104,013 |
||||
Amortization of intangible assets from business |
- |
152,065 |
- |
152,065 |
23,305 |
||||
Tax impacts |
- |
(38,016) |
- |
(38,016) |
(5,826) |
||||
Non-GAAP net income (loss) |
3,154,006 |
(249,729) |
(11,150) |
2,893,127 |
443,392 |
|
|||||||||
Unaudited Condensed Segment Report |
|||||||||
(All amounts in thousands, except share and per share data) |
|||||||||
Year |
|||||||||
ended |
|||||||||
|
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Net revenues: |
|||||||||
Live video service |
12,448,131 |
- |
- |
12,448,131 |
1,788,062 |
||||
Value-added service |
2,846,057 |
1,259,906 |
- |
4,105,963 |
589,785 |
||||
Mobile marketing |
331,822 |
- |
- |
331,822 |
47,663 |
||||
Mobile games |
92,451 |
- |
- |
92,451 |
13,280 |
||||
Other services |
22,354 |
- |
14,368 |
36,722 |
5,275 |
||||
Total net revenues |
15,740,815 |
1,259,906 |
14,368 |
17,015,089 |
2,444,065 |
||||
Cost and expenses (vi): |
|||||||||
Cost of revenues |
(8,065,300) |
(415,688) |
(11,108) |
(8,492,096) |
(1,219,813) |
||||
Research and development |
(797,471) |
(297,560) |
- |
(1,095,031) |
(157,291) |
||||
Sales and marketing |
(1,521,511) |
(1,162,912) |
(6,401) |
(2,690,824) |
(386,513) |
||||
General and administrative |
(641,269) |
(851,099) |
(34,914) |
(1,527,282) |
(219,380) |
||||
Total cost and expenses |
(11,025,551) |
(2,727,259) |
(52,423) |
(13,805,233) |
(1,982,997) |
||||
Other operating income |
323,444 |
- |
21,399 |
344,843 |
49,534 |
||||
Income (loss) from operations |
5,038,708 |
(1,467,353) |
(16,656) |
3,554,699 |
510,602 |
||||
Interest income |
396,672 |
10,706 |
164 |
407,542 |
58,540 |
||||
Interest expense |
(78,611) |
- |
- |
(78,611) |
(11,292) |
||||
Other gain or loss, net |
(15,711) |
- |
- |
(15,711) |
(2,257) |
||||
Income (loss) before income tax |
5,341,058 |
(1,456,647) |
(16,492) |
3,867,919 |
555,593 |
||||
Income tax (expenses) benefits |
(917,265) |
33,464 |
- |
(883,801) |
(126,950) |
||||
Income (loss) before share of |
4,423,793 |
(1,423,183) |
(16,492) |
2,984,118 |
428,643 |
||||
Share of income on equity method |
(23,350) |
- |
- |
(23,350) |
(3,354) |
||||
Net income (loss) |
4,400,443 |
(1,423,183) |
(16,492) |
2,960,768 |
425,289 |
||||
(vi) Share-based compensation was allocated in cost of revenues and operating expenses as follows: |
|||||||||
Year |
|||||||||
ended December 31, 2019 |
|||||||||
|
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Cost of revenues |
20,393 |
3,579 |
- |
23,972 |
3,443 |
||||
Research and development |
103,655 |
71,398 |
- |
175,053 |
25,145 |
||||
Sales and marketing |
175,657 |
20,654 |
- |
196,311 |
28,198 |
||||
General and administrative |
207,053 |
795,033 |
10,810 |
1,012,896 |
145,493 |
||||
Total cost and expenses |
506,758 |
890,664 |
10,810 |
1,408,232 |
202,279 |
|
|||||||||
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report |
|||||||||
(All amounts in thousands, except share and per share data) |
|||||||||
Year |
|||||||||
ended December 31, 2019 |
|||||||||
|
Tantan |
QOOL |
Total |
Total |
|||||
RMB |
RMB |
RMB |
RMB |
US$ |
|||||
Income (loss) from operations |
5,038,708 |
(1,467,353) |
(16,656) |
3,554,699 |
510,602 |
||||
Share-based compensation |
506,758 |
890,664 |
10,810 |
1,408,232 |
202,279 |
||||
Amortization of intangible assets from business |
- |
152,223 |
- |
152,223 |
21,866 |
||||
Non-GAAP income (loss) from operations |
5,545,466 |
(424,466) |
(5,846) |
5,115,154 |
734,747 |
||||
Net income (loss) |
4,400,443 |
(1,423,183) |
(16,492) |
2,960,768 |
425,289 |
||||
Share-based compensation |
506,758 |
890,664 |
10,810 |
1,408,232 |
202,279 |
||||
Amortization of intangible assets from business |
- |
152,223 |
- |
152,223 |
21,866 |
||||
Tax impacts |
- |
(38,056) |
- |
(38,056) |
(5,466) |
||||
Non-GAAP net income (loss) |
4,907,201 |
(418,352) |
(5,682) |
4,483,167 |
643,968 |
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