Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2024

Commission File Number: 001-36765

 

 

Hello Group Inc.

 

 

20th Floor, Block B

Tower 2, Wangjing SOHO

No.1 Futongdong Street

Chaoyang District, Beijing 100102

People’s Republic of China

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒     Form 40-F ☐

 

 

 


Exhibit Index

Exhibit 99.1—Press Release


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

Hello Group Inc.
By   :  

/s/ Cathy Hui Peng

Name   :   Cathy Hui Peng
Title   :   Chief Financial Officer

Date: September 3, 2024

EX-99.1

Exhibit 99.1

Hello Group Inc. Announces Unaudited Financial Results for the Second Quarter of 2024

BEIJING, CHINA, September 3, 2024 – Hello Group Inc. (NASDAQ: MOMO) (“Hello Group” or the “Company”), a leading player in mainland China’s online social networking space, today announced its unaudited financial results for the second quarter of 2024.

Second Quarter of 2024 Highlights

 

   

Net revenues decreased by 14.2% year over year to RMB2,691.4 million (US$370.3 million*) in the second quarter of 2024.

 

   

Net income attributable to Hello Group Inc. decreased to RMB397.8 million (US$54.7 million) in the second quarter of 2024, from RMB568.4 million in the same period of 2023.

 

   

Non-GAAP net income attributable to Hello Group Inc. (note 1) decreased to RMB449.2 million (US$61.8 million) in the second quarter of 2024, from RMB632.1 million in the same period of 2023.

 

   

Diluted net income per American Depositary Share (“ADS”) was RMB2.11 (US$0.29) in the second quarter of 2024, compared to RMB2.82 in the same period of 2023.

 

   

Non-GAAP diluted net income per ADS (note 1) was RMB2.38 (US$0.33) in the second quarter of 2024, compared to RMB3.14 in the same period of 2023.

 

   

Monthly Active Users (“MAU”) on Tantan app were 12.9 million in June 2024, compared to 17.3 million in June 2023.

 

   

For the Momo app total paying users was 7.2 million for the second quarter of 2024, compared to 7.9 million for the same period last year. Tantan had 1.0 million paying users for the second quarter of 2024 compared to 1.4 million from the year ago period.

First Half of 2024 Highlights

 

   

Net revenues decreased by 11.8% year over year to RMB5,251.8 million (US$722.7 million) for the first half of 2024.

 

   

Net income attributable to Hello Group Inc. was RMB403.0 million (US$55.5 million) for the first half of 2024, compared to RMB958.7 million during the same period of 2023.

 

   

Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB509.1 million (US$70.1 million) for the first half of 2024, compared to RMB1,104.1 million during the same period of 2023.

 

   

Diluted net income per ADS was RMB2.10 (US$0.29) for the first half of 2024, compared to RMB4.78 during the same period of 2023.

 

   

Non-GAAP diluted net income per ADS (note 1) was RMB2.65 (US$0.37) for the first half of 2024, compared to RMB5.49 during the same period of 2023.

“Q2 was a good quarter. I am pleased to see that our team has maintained the spirit of innovation and adaptation in a challenging environment,” commented Yan Tang, Chairman and CEO of Hello Group. “Momo’s cash cow business continued to be productive in a healthy community ecosystem. Regarding new endeavors, while strengthening the localization progress, we are more convinced of the revenue growth opportunities in overseas market.”

 

* 

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rate solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB7.2672 to US$1.00, the effective noon buying rate for June 28, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board.

 

1


Second Quarter of 2024 Financial Results

Net revenues

Total net revenues were RMB2,691.4 million (US$370.3 million) in the second quarter of 2024, a decrease of 14.2% from RMB3,137.7 million in the second quarter of 2023.

Live video service revenues were RMB1,303.0 million (US$179.3 million) in the second quarter of 2024, a decrease of 18.0% from RMB1,588.8 million during the same period of 2023. The decrease was primarily attributable to our proactive operational adjustments to de-emphasis large scale competition events in the Momo app and a soft consumer sentiment in the current macro environment, and to a lesser degree, Tantan pivoting away from the less dating-centric live video service.

Value-added service revenues mainly include virtual gift revenues and membership subscription revenues. Total value-added service revenues were RMB1,345.3 million (US$185.1 million) in the second quarter of 2024, a decrease of 10.3% from RMB1,499.5 million during the same period of 2023. The decrease was primarily due to our product adjustments to improve Momo app’s ecosystem as well as the impact of the macro economy on consumer sentiment, and to a lesser extent, the decline in Tantan’s paying users which was in turn due to the decrease in its user base, the recent product upgrade as well as adjustments in its membership auto renewal policy. The decrease was partially offset by the revenue growth from the new standalone apps.

Mobile marketing revenues were RMB42.0 million (US$5.8 million) in the second quarter of 2024, an increase of 13.5% from RMB37.0 million during the same period of 2023.

Net revenues from the Momo segment decreased from RMB2,816.6 million in the second quarter of 2023 to RMB2,457.2 million (US$338.1 million) in the second quarter of 2024, primarily due to the decrease in net revenues from value-added service and live video service on Momo app. The decrease was partially offset by the revenue growth of the new standalone apps. Net revenues from the Tantan segment decreased from RMB320.7 million in the second quarter of 2023 to RMB233.7 million (US$32.2 million) in the second quarter of 2024, mainly due to the decrease in net revenues from live video service and value-added service.

Cost and expenses

Cost and expenses were RMB2,275.2 million (US$313.1 million) in the second quarter of 2024, a decrease of 9.6% from RMB2,515.5 million in the second quarter of 2023. The decrease was primarily attributable to: (a) a decrease in revenue sharing with broadcasters related to live video service on Momo app and Tantan app, and a decrease in revenue sharing with virtual gift recipients of virtual gift service on Momo app. The decrease was partially offset by an increase in revenue sharing with virtual gift recipients for new standalone apps; (b) a decrease in salary expenses and share-based compensation expenses, due to our continuous optimization in personnel costs and the newly granted share options which had lower fair value. The decrease was partially offset by an increase in sales and marketing expenses due to more marketing spend in connection with the annual gala event of Momo’s live streaming service. Non-GAAP cost and expenses (note 1) were RMB2,223.8 million (US$306.0 million) in the second quarter of 2024, a decrease of 9.3% from RMB2,451.8 million during the same period of 2023.

 

2


Income from operations

Income from operations was RMB425.0 million (US$58.5 million) in the second quarter of 2024, compared to RMB645.1 million during the same period of 2023. Income from operations of the Momo segment was RMB409.4 million (US$56.3 million) in the second quarter of 2024, which decreased from RMB618.8 million in the second quarter of 2023. Income from operations of the Tantan segment was RMB16.4 million (US$2.3 million) in the second quarter of 2024, which decreased from RMB30.2 million in the second quarter of 2023.

Non-GAAP income from operations (note 1) was RMB476.5 million (US$65.6 million) in the second quarter of 2024, compared to RMB708.8 million during the same period of 2023. Non-GAAP income from operations of the Momo segment was RMB456.7 million (US$62.8 million) in the second quarter of 2024, which decreased from RMB680.8 million in the second quarter of 2023. Non-GAAP income from operations of the Tantan segment was RMB20.6 million (US$2.8 million) in the second quarter of 2024, compared to RMB31.9 million in the second quarter of 2023.

Income tax expenses

Income tax expenses were RMB102.6 million (US$14.1 million) in the second quarter of 2024, compared to RMB166.0 million in the second quarter of 2023. The decrease in income tax expenses was primarily due to the lower profit in the second quarter of 2024, and to a lesser extent, lower withholding tax rate due to our eligibility for a preferential tax rate since the beginning of the year.

Net income

Net income was RMB397.8 million (US$54.7 million) in the second quarter of 2024, compared to RMB567.6 million during the same period of 2023. Net income from the Momo segment was RMB382.8 million (US$52.7 million) in the second quarter of 2024, compared to RMB542.4 million in the same period of 2023. Net income from the Tantan segment was RMB15.8 million (US$2.2 million) in the second quarter of 2024, compared to RMB29.1 million in the second quarter of 2023.

Non-GAAP net income (note 1) was RMB449.2 million (US$61.8 million) in the second quarter of 2024, compared to RMB631.3 million during the same period of 2023. Non-GAAP net income from the Momo segment was RMB430.0 million (US$59.2 million) in the second quarter of 2024, which decreased from RMB604.4 million in the second quarter of 2023. Non-GAAP net income of the Tantan segment was RMB20.0 million (US$2.8 million) in the second quarter of 2024, compared to RMB30.8 million in the second quarter of 2023.

Net income attributable to Hello Group Inc.

Net income attributable to Hello Group Inc. was RMB397.8 million (US$54.7 million) in the second quarter of 2024, compared to RMB568.4 million during the same period of 2023.

Non-GAAP net income (note 1) attributable to Hello Group Inc. was RMB449.2 million (US$61.8 million) in the second quarter of 2024, compared to RMB632.1 million during the same period of 2023.

 

3


Net income per ADS

Diluted net income per ADS was RMB2.11 (US$0.29) in the second quarter of 2024, compared to RMB2.82 in the second quarter of 2023.

Non-GAAP diluted net income per ADS (note 1) was RMB2.38 (US$0.33) in the second quarter of 2024, compared to RMB3.14 in the second quarter of 2023.

Cash and cash flow

As of June 30, 2024, the Company’s cash, cash equivalents, short-term deposits, long-term deposits, short-term restricted cash and long-term restricted cash totaled RMB14,316.4 million (US$1,970.0 million), compared to RMB13,478.5 million as of December 31, 2023.

Net cash provided by operating activities in the second quarter of 2024 was RMB475.2 million (US$65.4 million), compared to RMB827.7 million in the second quarter of 2023.

First Half of 2024 Financial Results

Net revenues for the first half of 2024 were RMB5,251.8 million (US$722.7 million), a decrease of 11.8% from RMB5,956.5 million in the same period of 2023.

Net income attributable to Hello Group Inc. was RMB403.0 million (US$55.5 million) for the first half of 2024, compared to RMB958.7 million during the same period of 2023.

Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB509.1 million (US$70.1 million) for the first half of 2024, compared to RMB1,104.1 million during the same period of 2023.

Diluted net income per ADS was RMB2.10 (US$0.29) during the first half of 2024, compared to RMB4.78 in the same period of 2023.

Non-GAAP diluted net income per ADS (note 1) was RMB2.65 (US$0.37) during the first half of 2024, compared to RMB5.49 in the same period of 2023.

Net cash provided by operating activities was RMB875.4 million (US$120.5 million) during the first half of 2024, compared to RMB1,278.8 million in the same period of 2023.

Recent Development

Share repurchase program

On June 7, 2022, Hello Group’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$200 million of its shares up to June 6, 2024 (the “Share Repurchase Program”). On March 14, 2024, Hello Group’s board of directors approved to amend the Share Repurchase Program to (i) extend the term of the Share Repurchase Program up to June 30, 2026, and (ii) upsize the Share Repurchase Program so that the Company is authorized to, from time to time, acquire up to an aggregate of US$286.1 million worth of its shares in the form of ADSs and/or the ordinary shares of the Company in the open market and through privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations.

 

4


As of September 3, the Company has repurchased 30.9 million ADSs for US$174.6 million on the open market under Share Repurchase Program announced on June 7, 2022 and amended on March 14, 2024, at an average purchase price of US$5.63 per ADS.

Business Outlook

For the third quarter of 2024, the Company expects total net revenues to be between RMB2.58 billion to RMB2.68 billion, representing a decrease of 15.2% to 11.9% 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, Hello Group, use various non-GAAP financial measures that are adjusted from the most comparable GAAP results to exclude share-based compensation and such adjustment has no impact on income tax.

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 Hello Group Inc., and diluted net income per ADS) is adjusted from the most comparable GAAP results to exclude share-based compensation and such adjustment has no impact on income tax. A limitation of using these non-GAAP financial measures is that share-based compensation has been and will continue to be for the foreseeable future significant recurring expenses in our results of operations. We compensate for such limitation 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

Hello Group’s management will host an earnings conference call on Tuesday, September 3, 2024, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on September 3, 2024).

Participants can register for the conference call by navigating to:

https://s1.c-conf.com/diamondpass/10041441-w8sbhf.html.

 

5


Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. Please dial in 10 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 September 10, 2024. The dial-in details for the replay are as follows:

U.S. / Canada: 1-855-883-1031

Hong Kong: 800-930-639

Passcode: 10041441

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Hello Group’s website at https://ir.hellogroup.com.

About Hello Group Inc.

We are a leading player in mainland China’s online social networking 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. Tantan is designed to help its users find and establish romantic connections as well as meet interesting people. Starting from 2019, we have incubated a number of other new apps, such as Hertz, Soulchill, Duidui and Tietie, which target more niche markets and more selective demographics.

For investor and media inquiries, please contact:

Hello Group Inc.

Investor Relations

Phone: +86-10-5731-0538

Email: ir@hellogroup.com

Christensen

In China

Ms. Xiaoyan Su

Phone: +86-10-5900-1548

E-mail: Xiaoyan.Su@christensencomms.com

In U.S.

Ms. Linda Bergkamp

Phone: +1-480-614-3004

Email: linda.bergkamp@christensencomms.com

 

6


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 third quarter of 2024, 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 second quarter of 2024 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the third quarter of 2024 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 market price of the Company’s stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company’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.

 

7


Hello Group Inc.

Unaudited Condensed Consolidated Statement of Operations

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

 

     Three months     First half year  
   Ended June 30     Ended June 30  
     2023     2024     2024     2023     2024     2024  
     RMB     RMB     US$     RMB     RMB     US$  

Net revenues:

            

Live video service

     1,588,849       1,303,020       179,302       3,018,189       2,541,561       349,730  

Value-added service

     1,499,482       1,345,316       185,121       2,860,951       2,639,692       363,234  

Mobile marketing

     36,986       41,990       5,778       58,057       68,585       9,438  

Mobile games

     2,606       —        —        6,305       432       59  

Other services

     9,763       1,065       147       13,042       1,541       212  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total net revenues

     3,137,686       2,691,391       370,348       5,956,544       5,251,811       722,673  

Cost and expenses:

            

Cost of revenues

     (1,819,559     (1,595,789     (219,588     (3,483,747     (3,098,797     (426,409

Research and development

     (214,649     (193,168     (26,581     (451,452     (385,359     (53,027

Sales and marketing

     (356,525     (364,769     (50,194     (736,311     (658,200     (90,571

General and administrative

     (124,787     (121,482     (16,716     (263,085     (252,863     (34,795
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total cost and expenses

     (2,515,520     (2,275,208     (313,079     (4,934,595     (4,395,219     (604,802

Other operating income, net

     22,919       8,861       1,219       59,313       28,767       3,958  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     645,085       425,044       58,488       1,081,262       885,359       121,829  

Interest income

     115,321       130,937       18,018       215,108       252,044       34,682  

Interest expense

     (11,963     (32,493     (4,471     (22,378     (56,191     (7,732

Other gain or loss, net

     4,565       (34,625     (4,765     4,565       (43,870     (6,037
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

     753,008       488,863       67,270       1,278,557       1,037,342       142,742  

Income tax expenses

     (165,969     (102,614     (14,120     (288,582     (660,227     (90,850
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

     587,039       386,249       53,150       989,975       377,115       51,892  

Share of (loss) income on equity method investments

     (19,439     11,536       1,587       (32,914     25,854       3,558  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     567,600       397,785       54,737       957,061       402,969       55,450  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less: net loss attributable to non-controlling interest

     (795     —        —        (1,623     —        —   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to the shareholders of Hello Group Inc.

     568,395       397,785       54,737       958,684       402,969       55,450  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income per share attributable to ordinary shareholders

            

Basic

     1.50       1.10       0.15       2.54       1.09       0.15  

Diluted

     1.41       1.05       0.14       2.39       1.05       0.14  

Weighted average shares used in calculating net income per ordinary share

            

Basic

     377,920,901       362,394,762       362,394,762       377,471,487       368,522,705       368,522,705  

Diluted

     409,201,815       377,903,589       377,903,589       409,151,850       383,528,002       383,528,002  

 

 

8


Hello Group Inc.

Unaudited Condensed Consolidated Statement of Comprehensive Income

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

 

     Three months      First half year  
   Ended June 30      Ended June 30  
     2023      2024      2024      2023      2024      2024  
     RMB      RMB      US$      RMB      RMB      US$  

Net income

     567,600        397,785        54,737        957,061        402,969        55,450  

Other comprehensive income, net of tax:

                 

Foreign currency translation adjustment

     107,975        41,569        5,720        110,156        96,463        13,274  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Comprehensive income

     675,575        439,354        60,457        1,067,217        499,432        68,724  

Less: comprehensive income attributed to the non-controlling interest

     10,188        1,202        165        8,518        4,286        590  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Comprehensive income attributable to Hello Group Inc.

     665,387        438,152        60,292        1,058,699        495,146        68,134  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

9


Hello Group Inc.

Unaudited Condensed Consolidated Balance Sheets

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

 

     December 31
2023
RMB
     June 30
2024
RMB
     June 30
2024
US$
 

Assets

        

Current assets

        

Cash and cash equivalents

     5,620,466        5,958,586        819,929  

Short-term deposits

     1,270,626        350,000        48,162  

Restricted cash

     10,147        1,513,894        208,319  

Accounts receivable, net of allowance for doubtful accounts of RMB12,780 and RMB12,615 as of December 31, 2023 and June 30, 2024, respectively

     201,517        184,840        25,435  

Amounts due from related parties

     7,258        —         —   

Prepaid expenses and other current assets

     723,364        776,812        106,893  
  

 

 

    

 

 

    

 

 

 

Total current assets

     7,833,378        8,784,132        1,208,738  

Long-term deposits

     3,924,975        3,816,800        525,209  

Long-term restricted cash

     2,652,299        2,677,110        368,383  

Right-of-use assets, net

     109,572        304,301        41,873  

Property and equipment, net

     659,033        889,309        122,373  

Intangible assets, net

     17,086        14,527        1,999  

Rental deposits

     12,962        13,770        1,895  

Long-term investments

     786,911        726,981        100,036  

Amounts due from RPT-non current

     20,000        —         —   

Other non-current assets

     180,052        211,744        29,137  

Deferred tax assets

     31,741        35,820        4,929  
  

 

 

    

 

 

    

 

 

 

Total assets

     16,228,009        17,474,494        2,404,572  
  

 

 

    

 

 

    

 

 

 

Liabilities and equity

        

Current liabilities

        

Accounts payable

     616,681        607,035        83,532  

Deferred revenue

     442,805        444,657        61,187  

Accrued expenses and other current liabilities

     630,617        607,062        83,535  

Amounts due to related parties

     4,314        —         —   

Lease liabilities due within one year

     60,008        153,979        21,188  

Income tax payable

     94,719        58,224        8,012  

Deferred consideration in connection with business acquisitions

     27,261        27,904        3,840  

Long-term borrowings, current portion

     215,615        215,615        29,670  

Short-term borrowings

     —         1,331,635        183,239  
  

 

 

    

 

 

    

 

 

 

Total current liabilities

     2,092,020        3,446,111        474,203  

Deferred tax liabilities

     24,987        408,451        56,205  

Convertible Senior Notes

     19,571        20,067        2,761  

Long-term borrowings

     1,938,385        1,938,169        266,701  

Lease liabilities

     52,171        158,821        21,854  

Other non-current liabilities

     114,085        137,811        18,963  
  

 

 

    

 

 

    

 

 

 

Total liabilities

     4,241,219        6,109,430        840,687  

Shareholder’s equity (i)

     11,986,790        11,365,064        1,563,885  
  

 

 

    

 

 

    

 

 

 

Total liabilities and shareholder’s equity

     16,228,009        17,474,494        2,404,572  
  

 

 

    

 

 

    

 

 

 

 

(i):

As of June 30, 2024, the number of ordinary shares outstanding was 352,650,980.

 

10


Hello Group Inc.

Unaudited Condensed Consolidated Statement of Cash Flows

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

 

     Three months
Ended June 30
    First half year
Ended June 30
 
     2023     2024     2024     2023     2024     2024  
     RMB     RMB     US$     RMB     RMB     US$  

Cash flows from operating activities:

            

Net income

     567,600       397,785       54,737       957,061       402,969       55,450  

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

            

Depreciation of property and equipment

     18,787       13,525       1,861       41,631       27,835       3,830  

Amortization of intangible assets

     1,279       1,279       176       2,558       2,558       352  

Share-based compensation

     63,748       51,458       7,081       145,405       106,128       14,604  

Share of loss (income) on equity method investments

     19,439       (11,536     (1,587     32,914       (25,854     (3,558

Gain on repurchase of convertible senior notes

     (4,565     —        —        (4,565     —        —   

Cash received on distributions from equity method investments

     1,349       1,197       165       1,349       1,197       165  

Loss on long-term investments

     —        34,625       4,765       —        43,870       6,037  

Gain or loss on disposal of property and equipment

     (527     (178     (24     (460     80       11  

Provision of loss on receivable and other assets

     1,022       145       20       10,204       1,921       264  

Changes in operating assets and liabilities:

            

Accounts receivable

     (20,117     4,848       667       (20,665     15,828       2,178  

Prepaid expenses and other current assets

     170,514       15,043       2,070       194,866       5,366       738  

Amounts due from related parties

     —        —        —        55       —        —   

Rental deposits

     951       —        —        951       (802     (110

Deferred tax assets

     17       (1,580     (217     457       (4,078     (561

Other non-current assets

     30,424       (198,746     (27,348     22,939       (206,343     (28,394

Accounts payable

     11,459       (14,292     (1,967     31,838       (31,746     (4,368

Income tax payable

     2,674       (42,533     (5,853     (3,719     (36,497     (5,022

Deferred revenue

     (14,062     (15,268     (2,101     (22,873     1,406       193  

Accrued expenses and other current liabilities

     (54,827     121,547       16,725       (187,560     64,747       8,909  

Amount due to related parties

     (272     —        —        2,897       —        —   

Deferred tax liabilities

     48,397       14,410       1,983       82,517       379,421       52,210  

Other non-current liabilities

     (15,548     103,500       14,242       (8,984     127,393       17,530  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

     827,742       475,229       65,395       1,278,816       875,399       120,458  

Cash flows from investing activities:

            

Purchase of property and equipment

     (11,010     (199,842     (27,499     (21,244     (244,018     (33,578

Payment for long-term investments

     (9,000     (5,250     (722     (9,000     (5,250     (722

Purchase of short-term deposits

     —        —        —        (497,342     —        —   

Cash received on maturity of short-term deposits

     2,609,820       781,016       107,471       3,509,820       1,081,016       148,753  

Cash received on investment income distribution

     1,517       —        —        1,517       —        —   

Purchase of long-term deposits

     (1,350,000     —        —        (1,350,000     (718,860     (98,918

Cash received on maturity of long-term deposits

     —        —        —        —        718,860       98,918  

Cash received from sales of long-term investment

     —        —        —        —        2,000       275  

Other investing activities

     947       298       41       1,685       683       94  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by investing activities

     1,242,274       576,222       79,291       1,635,436       834,431       114,822  

Cash flows from financing activities:

            

Proceeds from exercise of share options

     16       2       —        19       13       2  

Payment in relation to the share repurchase program

     —        (394,561     (54,293     (3,237     (506,822     (69,741

Repurchase of subsidiary’s share options

     (2,557     —        —        (4,096     —        —   

Dividends payment

     (937,249     (716,302     (98,566     (937,249     (716,302     (98,566

Proceeds from short-term borrowings

     —        —        —        —        1,331,635       183,239  

Repayment of long-term borrowings

     —        —        —        —        (215     (30

Payment for redemption of convertible bonds

     (2,114,224     —        —        (2,593,010     —        —   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash (used in) provided by financing activities

     (3,054,014     (1,110,861     (152,859     (3,537,573     108,309       14,904  

Effect of exchange rate changes

     145,860       27,725       3,814       136,434       48,539       6,680  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net (decrease) increase in cash and cash equivalents

     (838,138     (31,685     (4,359     (486,887     1,866,678       256,864  

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

     5,549,852       10,181,275       1,400,990       5,198,601       8,282,912       1,139,767  

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

     4,711,714       10,149,590       1,396,631       4,711,714       10,149,590       1,396,631  

 

11


Hello Group 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 June 30, 2023     Ended June 30, 2024     Ended June 30, 2024  
     GAAP
RMB
    Share-based
compensation
RMB
     Non-GAAP
RMB
    GAAP
RMB
    Share-based
compensation
RMB
     Non-GAAP
RMB
    GAAP
US$
    Share-based
compensation
US$
     Non-GAAP
US$
 

Cost of revenues

     (1,819,559     1,552        (1,818,007     (1,595,789     1,796        (1,593,993     (219,588     247        (219,341

Research and development

     (214,649     13,821        (200,828     (193,168     13,512        (179,656     (26,581     1,860        (24,721

Sales and marketing

     (356,525     6,813        (349,712     (364,769     4,149        (360,620     (50,194     571        (49,623

General and administrative

     (124,787     41,562        (83,225     (121,482     32,001        (89,481     (16,716     4,403        (12,313
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Cost and operating expenses

     (2,515,520     63,748        (2,451,772     (2,275,208     51,458        (2,223,750     (313,079     7,081        (305,998

Income from operations

     645,085       63,748        708,833       425,044       51,458        476,502       58,488       7,081        65,569  

Net income attributable to Hello Group Inc.

     568,395       63,748        632,143       397,785       51,458        449,243       54,737       7,081        61,818  

 

12


Hello Group Inc.

Reconciliation of Non-GAAP financial measures to comparable GAAP measures

(All amounts in thousands, except per share data)

 

1.

Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income to comparable GAAP measures-continued.

 

     First half year     First half year     First half year  
   Ended June 30, 2023     Ended June 30, 2024     Ended June 30, 2024  
     GAAP
RMB
    Share-based
compensation
RMB
     Non-GAAP
RMB
    GAAP
RMB
    Share-based
compensation
RMB
     Non-GAAP
RMB
    GAAP
US$
    Share-based
compensation
US$
     Non-GAAP
US$
 

Cost of revenues

     (3,483,747     3,187        (3,480,560     (3,098,797     3,678        (3,095,119     (426,409     506        (425,903

Research and development

     (451,452     36,193        (415,259     (385,359     22,298        (363,061     (53,027     3,068        (49,959

Sales and marketing

     (736,311     14,559        (721,752     (658,200     10,266        (647,934     (90,571     1,413        (89,158

General and administrative

     (263,085     91,466        (171,619     (252,863     69,886        (182,977     (34,795     9,617        (25,178
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Cost and operating expenses

     (4,934,595     145,405        (4,789,190     (4,395,219     106,128        (4,289,091     (604,802     14,604        (590,198

Income from operations

     1,081,262       145,405        1,226,667       885,359       106,128        991,487       121,829       14,604        136,433  

Net income attributable to Hello Group Inc.

     958,684       145,405        1,104,089       402,969       106,128        509,097       55,450       14,604        70,054  

 

13


Hello Group Inc.

Unaudited Condensed Segment Report

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

 

     Three months
Ended June 30, 2024
 
     Momo
RMB
    Tantan
RMB
    QOOL
RMB
    Total
RMB
    Total
US$
 

Net revenues:

          

Live video service

     1,220,013       83,007       —        1,303,020       179,302  

Value-added service

     1,205,460       139,856       —        1,345,316       185,121  

Mobile marketing

     31,136       10,854       —        41,990       5,778  

Other services

     582       —        483       1,065       147  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total net revenues

     2,457,191       233,717       483       2,691,391       370,348  

Cost and expenses (ii):

          

Cost of revenues

     (1,491,925     (103,862     (2     (1,595,789     (219,588

Research and development

     (151,180     (41,988     —        (193,168     (26,581

Sales and marketing

     (301,121     (62,473     (1,175     (364,769     (50,194

General and administrative

     (112,387     (8,978     (117     (121,482     (16,716
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total cost and expenses

     (2,056,613     (217,301     (1,294     (2,275,208     (313,079

Other operating income

     8,858       1       2       8,861       1,219  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from operations

     409,436       16,417       (809     425,044       58,488  

Interest income

     130,777       158       2       130,937       18,018  

Interest expense

     (32,493     —        —        (32,493     (4,471

Other gain or loss, net

     (34,625     —        —        (34,625     (4,765
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

     473,095       16,575       (807     488,863       67,270  

Income tax expenses

     (101,865     (749     —        (102,614     (14,120
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

     371,230       15,826       (807     386,249       53,150  

Share of income on equity method investments

     11,536       —        —        11,536       1,587  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     382,766       15,826       (807     397,785       54,737  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(ii)

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

 

     Three months
Ended June 30, 2024
 
     Momo
RMB
     Tantan
RMB
     QOOL
RMB
     Total
RMB
     Total
US$
 

Cost of revenues

     1,796        —         —         1,796        247  

Research and development

     9,325        4,187        —         13,512        1,860  

Sales and marketing

     4,149        —         —         4,149        571  

General and administrative

     31,998        3        —         32,001        4,403  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total cost and expenses

     47,268        4,190        —         51,458        7,081  

 

14


Hello Group 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 June 30, 2024
 
     Momo
RMB
     Tantan
RMB
     QOOL
RMB
    Total
RMB
     Total
US$
 

Income (loss) from operations

     409,436        16,417        (809     425,044        58,488  

Share-based compensation

     47,268        4,190        —        51,458        7,081  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Non-GAAP income (loss) from operations

     456,704        20,607        (809     476,502        65,569  

Net income (loss)

     382,766        15,826        (807     397,785        54,737  

Share-based compensation

     47,268        4,190        —        51,458        7,081  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Non-GAAP net income (loss)

     430,034        20,016        (807     449,243        61,818  

 

15


Hello Group Inc.

Unaudited Condensed Segment Report

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

 

     Three months  
   Ended June 30, 2023  
     Momo     Tantan     QOOL     Total     Total  
     RMB     RMB     RMB     RMB     US$1  

Net revenues:

          

Live video service

     1,443,602       145,247       —        1,588,849       219,112  

Value-added service

     1,329,310       170,172       —        1,499,482       206,788  

Mobile marketing

     31,670       5,316       —        36,986       5,101  

Mobile games

     2,606       —        —        2,606       359  

Other services

     9,459       —        304       9,763       1,347  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total net revenues

     2,816,647       320,735       304       3,137,686       432,707  

Cost and expenses (iii):

          

Cost of revenues

     (1,658,335     (160,651     (573     (1,819,559     (250,929

Research and development

     (163,040     (51,609     —        (214,649     (29,601

Sales and marketing

     (282,903     (72,378     (1,244     (356,525     (49,167

General and administrative

     (116,197     (6,198     (2,392     (124,787     (17,209
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total cost and expenses

     (2,220,475     (290,836     (4,209     (2,515,520     (346,906

Other operating income, net

     22,648       271       —        22,919       3,161  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from operations

     618,820       30,170       (3,905     645,085       88,962  

Interest income

     114,946       358       17       115,321       15,903  

Interest expense

     (11,963     —        —        (11,963     (1,650

Other gain or loss, net

     4,565       —        —        4,565       630  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

     726,368       30,528       (3,888     753,008       103,845  

Income tax expenses

     (164,541     (1,428     —        (165,969     (22,888
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

     561,827       29,100       (3,888     587,039       80,957  

Share of loss on equity method investments

     (19,439     —        —        (19,439     (2,681
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     542,388       29,100       (3,888     567,600       78,276  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(iii)

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

 

     Three months  
     Ended June 30, 2023  
     Momo      Tantan      QOOL      Total      Total  
     RMB      RMB      RMB      RMB      US$  

Cost of revenues

     1,437        115        —         1,552        214  

Research and development

     12,222        1,599        —         13,821        1,906  

Sales and marketing

     6,813        —         —         6,813        940  

General and administrative

     41,554        8        —         41,562        5,732  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total cost and expenses

     62,026        1,722        —         63,748        8,792  

 

 

1 

All translations from RMB to U.S. dollars are made at a rate of RMB7.2513 to US$1.00, the effective noon buying rate for June 30, 2023 as set forth in the H.10 statistical release of the Federal Reserve Board.

 

16


Hello Group 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 June 30, 2023  
     Momo      Tantan      QOOL     Total      Total  
     RMB      RMB      RMB     RMB      US$  

Income (loss) from operations

     618,820        30,170        (3,905     645,085        88,962  

Share-based compensation

     62,026        1,722        —        63,748        8,792  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Non-GAAP income (loss) from operations

     680,846        31,892        (3,905     708,833        97,754  

Net income (loss)

     542,388        29,100        (3,888     567,600        78,276  

Share-based compensation

     62,026        1,722        —        63,748        8,792  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Non-GAAP net income (loss)

     604,414        30,822        (3,888     631,348        87,068  

 

17


Hello Group Inc.

Unaudited Condensed Segment Report

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

 

     First half year  
   Ended June 30, 2024  
     Momo     Tantan     QOOL     Total     Total  
     RMB     RMB     RMB     RMB     US$  

Net revenues:

          

Live video service

     2,370,857       170,704       —        2,541,561       349,730  

Value-added service

     2,354,745       284,947       —        2,639,692       363,234  

Mobile marketing

     49,029       19,556       —        68,585       9,438  

Mobile games

     432       —        —        432       59  

Other services

     1,016       —        525       1,541       212  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total net revenues

     4,776,079       475,207       525       5,251,811       722,673  

Cost and expenses (iv):

          

Cost of revenues

     (2,884,749     (214,046     (2     (3,098,797     (426,409

Research and development

     (302,041     (83,318     —        (385,359     (53,027

Sales and marketing

     (537,780     (116,955     (3,465     (658,200     (90,571

General and administrative

     (236,139     (16,569     (155     (252,863     (34,795
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total cost and expenses

     (3,960,709     (430,888     (3,622     (4,395,219     (604,802

Other operating income

     28,016       725       26       28,767       3,958  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from operations

     843,386       45,044       (3,071     885,359       121,829  

Interest income

     251,735       305       4       252,044       34,682  

Interest expense

     (56,191     —        —        (56,191     (7,732

Other gain or loss, net

     (43,870     —        —        (43,870     (6,037
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

     995,060       45,349       (3,067     1,037,342       142,742  

Income tax expenses

     (658,944     (1,283     —        (660,227     (90,850
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

     336,116       44,066       (3,067     377,115       51,892  

Share of income on equity method investments

     25,854       —        —        25,854       3,558  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     361,970       44,066       (3,067     402,969       55,450  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(iv)

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

 

     First half year  
     Ended June 30, 2024  
     Momo      Tantan      QOOL      Total      Total  
     RMB      RMB      RMB      RMB      US$  

Cost of revenues

     3,674        4        —         3,678        506  

Research and development

     17,963        4,335        —         22,298        3,068  

Sales and marketing

     10,266        —         —         10,266        1,413  

General and administrative

     69,872        14        —         69,886        9,617  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total cost and expenses

     101,775        4,353        —         106,128        14,604  

 

18


Hello Group Inc.

Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report

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

 

     First half year  
     Ended June 30, 2024  
     Momo      Tantan      QOOL     Total      Total  
     RMB      RMB      RMB     RMB      US$  

Income (loss) from operations

     843,386        45,044        (3,071     885,359        121,829  

Share-based compensation

     101,775        4,353        —        106,128        14,604  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Non-GAAP income (loss) from operations

     945,161        49,397        (3,071     991,487        136,433  

Net income (loss)

     361,970        44,066        (3,067     402,969        55,450  

Share-based compensation

     101,775        4,353        —        106,128        14,604  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Non-GAAP net income (loss)

     463,745        48,419        (3,067     509,097        70,054  

 

19


Hello Group Inc.

Unaudited Condensed Segment Report

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

 

     First half year  
   Ended June 30, 2023  
     Momo     Tantan     QOOL     Total     Total  
     RMB     RMB     RMB     RMB     US$  

Net revenues:

          

Live video service

     2,733,320       284,869       —        3,018,189       416,227  

Value-added service

     2,522,854       338,097       —        2,860,951       394,543  

Mobile marketing

     51,691       6,366       —        58,057       8,006  

Mobile games

     6,305       —        —        6,305       869  

Other services

     12,596       —        446       13,042       1,800  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total net revenues

     5,326,766       629,332       446       5,956,544       821,445  

Cost and expenses (v):

          

Cost of revenues

     (3,158,866     (323,765     (1,116     (3,483,747     (480,431

Research and development

     (332,348     (119,104     —        (451,452     (62,258

Sales and marketing

     (595,543     (138,230     (2,538     (736,311     (101,542

General and administrative

     (244,275     (13,944     (4,866     (263,085     (36,281
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total cost and expenses

     (4,331,032     (595,043     (8,520     (4,934,595     (680,512

Other operating income

     58,126       1,125       62       59,313       8,180  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from operations

     1,053,860       35,414       (8,012     1,081,262       149,113  

Interest income

     214,477       562       69       215,108       29,665  

Interest expense

     (22,378     —        —        (22,378     (3,086

Other gain or loss, net

     4,565       —        —        4,565       630  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

     1,250,524       35,976       (7,943     1,278,557       176,322  

Income tax expenses

     (286,183     (2,399     —        (288,582     (39,797
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

     964,341       33,577       (7,943     989,975       136,525  

Share of loss on equity method investments

     (32,914     —        —        (32,914     (4,539
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     931,427       33,577       (7,943     957,061       131,986  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(v)

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

 

     First half year  
     Ended June 30, 2023  
     Momo      Tantan      QOOL      Total      Total  
     RMB      RMB      RMB      RMB      US$  

Cost of revenues

     3,055        132        —         3,187        440  

Research and development

     25,392        10,801        —         36,193        4,991  

Sales and marketing

     14,554        5        —         14,559        2,008  

General and administrative

     91,450        16        —         91,466        12,614  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total cost and expenses

     134,451        10,954        —         145,405        20,053  

 

20


Hello Group Inc.

Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report

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

 

     First half year  
     ended June 30, 2023  
     Momo      Tantan      QOOL     Total      Total  
     RMB      RMB      RMB     RMB      US$  

Operating income (loss)

     1,053,860        35,414        (8,012     1,081,262        149,113  

Share-based compensation

     134,451        10,954        —        145,405        20,053  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Non-GAAP operating income (loss)

     1,188,311        46,368        (8,012     1,226,667        169,166  

Net income (loss)

     931,427        33,577        (7,943     957,061        131,986  

Share-based compensation

     134,451        10,954        —        145,405        20,053  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Non-GAAP net income (loss)

     1,065,878        44,531        (7,943     1,102,466        152,039  

 

21