Momo Announces Unaudited Financial Results for the Fourth Quarter and Fiscal Year 2018
BEIJING, March 12, 2019 /PRNewswire/ -- Momo Inc. (NASDAQ: MOMO) ("Momo" or the "Company"), a leading mobile social networking platform in China, today announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2018.
Starting from the fourth quarter of 2018, the Company changed its reporting currency from U.S.
dollar ("US$") to Renminbi ("RMB"), to reduce the impact of increased volatility of the RMB to
US$ exchange rate on the Company's reported operating results. The aligning of the reporting
currency with the underlying operations will better depict the Company's results of operations for
each period. This release contains translations of certain RMB amounts into US$ for convenience*.
Prior period numbers have been recast into the new reporting currency.
Fourth Quarter of 2018 Highlights
-- Net revenues increased 50% year over year to RMB3,843.9 million
(US$559.1 million) in the fourth quarter of 2018.
-- Net income attributable to Momo Inc. increased to RMB660.8 million
(US$96.1 million) in the fourth quarter of 2018 from RMB644.8 million in
the same period of 2017.
-- Non-GAAP net income attributable to Momo Inc. (note 1) increased 22% to
RMB887.4 million (US$129.1 million) in the fourth quarter of 2018 from
RMB727.4 million in the same period of 2017.
-- Diluted net income per American Depositary Share ("ADS") was RMB3.04
(US$0.44), compared to RMB3.10 in the same period of 2017.
-- Non-GAAP diluted net income per ADS (note 1) was RMB4.05 (US$0.59),
compared to RMB3.49 in the same period of 2017.
-- Monthly Active Users ("MAU") on Momo application were 113.3 million in
December 2018, compared to 99.1 million in December 2017.
-- Total paying users of our live video service and value-added service,
without double counting the overlap, including 3.9 million paying users
of Tantan Limited ("Tantan"), were 13.0 million for the fourth quarter
of 2018, compared to 7.8 million for the fourth quarter of 2017.
Full Year 2018 Highlights
-- Net revenues increased 51% year over year to RMB13,408.4 million
(US$1,950.2 million) for the full year of 2018.
-- Net income attributable to Momo Inc. was RMB2,815.8 million (US$409.5
million) for the full year of 2018, compared with RMB2,148.1 million for
2017.
-- Non-GAAP net income attributable to Momo Inc. (note 1) was RMB3,462.1
million (US$503.5 million) for the full year of 2018, compared with
RMB2,483.1 million for 2017.
-- Diluted net income per ADS was RMB13.18 (US$1.92) for the full year of
2018, compared with RMB10.35 for 2017.
-- Non-GAAP diluted net income per ADS (note 1) was RMB16.17 (US$2.35) for
the full year of 2018, compared with RMB11.96 for 2017.
* Unless otherwise noted, all
translations from RMB to U.S.
dollars are made at a rate of
RMB 6.8755 to US$1.00, the
effective noon buying rate
for December 31, 2018 as set
forth in the H.10 statistical
release of the Federal
Reserve Board.
"Q4 was a solid quarter, closing out a fruitful year of 2018," commented Yan Tang, Chairman and CEO of Momo. "I am pleased with the progress we made in 2018 in product innovation, monetization, financial performance and the strengthening of the Company's position as a leading player in China's open social space. We look forward to delivering more results to our shareholders in 2019."
Fourth Quarter of 2018 Financial Results
Net revenues
Total net revenues were RMB3,843.9 million (US$559.1 million) in the fourth quarter of 2018, an increase of 50% from RMB2,554.9 million in the fourth quarter of 2017.
Live video service revenues were RMB2,959.2 million (US$430.4 million) in the fourth quarter of 2018, an increase of 36% from RMB2,169.0 million during the same period of 2017. The growth in live video revenues was contributed by the increase in quarterly paying users, as well as the increase in average revenues per paying user per quarter.
Value-added service revenues mainly include membership subscription revenues and virtual gift revenues. The total value-added service revenues were RMB722.4 million (US$105.1 million) in the fourth quarter of 2018, an increase of 272% from RMB194.3 million during the same period of 2017. The year-over-year increase was primarily attributable to the continued growth of the virtual gift business on the Momo application driven by more paying use cases introduced to enhance the social experience of Momo users, and to a lesser extent, the consolidation of Tantan's membership subscription revenues for the whole fourth quarter of 2018.
Mobile marketing revenues were RMB 122.1 million (US$17.8 million) in the fourth quarter of 2018, a decrease of 15% from RMB144.4 million during the same period of 2017. The decrease in mobile marketing revenues was driven by the decreased demand from our advertising and marketing customers.
Mobile games revenues were RMB25.5 million (US$3.7 million) in the fourth quarter of 2018, a decrease of 44% from RMB45.6 million in the fourth quarter of 2017. The decrease in game revenues was mainly due to the continued decrease in quarterly paying users.
Revenues from other services in the fourth quarter of 2018 mainly consisted of revenues from Phanta City, a TV variety show co-produced by the Company.
Cost and expenses
Cost and expenses were RMB3,195.7 million (US$464.8 million) in the fourth quarter of 2018, an increase of 65% from RMB1,939.5 million in the fourth quarter of 2017. The increase was primarily attributable to: (a) an increase in revenue sharing with the broadcasters related to our live video service and virtual gift recipients; (b) an increase in marketing and promotional expenses to enhance our brand awareness and attract users; (c) an increase in personnel related costs including share-based compensation expenses as a result of the Company's rapidly expanding talent pool; (d) an increase in fees to payment channels resulting from a higher volume of cash collection through such channels; and (e) an increase in amortization expenses related to the intangible assets from business acquisitions.
Non-GAAP cost and expenses (note 1) were RMB2,959.6 million (US$430.5 million) in the fourth quarter of 2018, an increase of 59% from RMB1,856.9 million during the same period of 2017.
Other operating income
Other operating income was RMB141.4 million (US$20.6 million) in the fourth quarter of 2018, a significant increase from RMB92.6 million during the fourth quarter of 2017. The increase was mainly due to more government incentives received in the fourth quarter of 2018.
Income from operations
Income from operations was RMB789.6 million (US$114.8 million) in the fourth quarter of 2018, compared to RMB708.1 million during the same period of 2017.
Non-GAAP income from operations (note 1) was RMB1,025.7 million (US$149.2 million) in the fourth quarter of 2018, compared to RMB790.6 million during the same period of 2017.
Income tax expenses
Income tax expenses were RMB183.3 million (US$26.7 million) in the fourth quarter of 2018 and increased from RMB126.0 million in the fourth quarter of 2017. The increase was mainly because we generated higher profit in the fourth quarter of 2018.
Net income attributable to Momo Inc.
Net income attributable to Momo Inc. was RMB660.8 million (US$96.1 million) in the fourth quarter of 2018, compared to RMB644.8 million during the same period of 2017.
Non-GAAP net income (note 1) attributable to Momo Inc. was RMB887.4 million (US$129.1 million) in the fourth quarter of 2018, compared to RMB727.4 million during the same period of 2017.
Net income per ADS
Diluted net income per ADS was RMB3.04 (US$0.44) in the fourth quarter of 2018, compared to RMB 3.10 in the fourth quarter of 2017.
Non-GAAP diluted net income per ADS (note 1) was RMB4.05 (US$0.59) in the fourth quarter of 2018, compared to RMB3.49 in the fourth quarter of 2017.
Cash and cash flow
As of December 31, 2018, Momo's cash, cash equivalents, term deposits and short-term investment totaled RMB11,292.6 million (US$1,642.4 million), compared to RMB6,904.7 million as of December 31, 2017. Net cash provided by operating activities in the fourth quarter of 2018 was RMB1,163.4 million (US$169.2 million), compared to RMB790.8 million in the fourth quarter of 2017.
Full Year 2018 Financial Results
Net revenues for the full year of 2018 were RMB13,408.4 million (US$1,950.2 million), an increase of 51% from RMB8,886.4 million in the same period of 2017, primarily driven by the significant increase in net revenues from live video service and value-added service.
Net income attributable to Momo Inc. was RMB2,815.8 million (US$409.5 million) in the full year of 2018, compared to RMB2,148.1 million during the same period of 2017.
Non-GAAP net income attributable to Momo Inc. (note 1) was RMB3,462.1 million (US$503.5 million) in the full year of 2018, compared to RMB2,483.1 million during the same period of 2017.
Diluted net income per ADS was RMB13.18 (US$1.92) during the full year of 2018, compared to RMB10.35 in the same period of 2017.
Non-GAAP diluted net income per ADS (note 1) was RMB16.17 (US$2.35) during the full year of 2018, compared to RMB11.96 in the same period of 2017.
Net cash provided by operating activities was RMB3,327.7 million (US$484.0 million) during the full year of 2018, compared to RMB2,886.1 million in the same period of 2017.
Recent Development - Declaration of Special Cash Dividend
Momo's board of directors has declared a special cash dividend in the amount of US$0.62 per ADS, or US$0.31 per ordinary share. The cash dividend will be paid on April 30, 2019 to shareholders of record at the close of business on April 5, 2019. The ex-dividend date will be April 4, 2019. The aggregate amount of cash dividends to be paid is approximately US$128 million, which will be funded by surplus cash on the Company's balance sheet.
Business Outlook
For the first quarter of 2019, the Company expects total net revenues to be between RMB3.55 billion to RMB3.65 billion, representing an increase of 28% to 32% year over year, on a constant currency basis. The Company is not providing the business outlook in USD terms due to the recent volatility and uncertainty in foreign exchange rate. These estimates reflect the Company's current and preliminary view, which is subject to change.
Note 1: Non-GAAP measures
To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), we use various non-GAAP financial measures that are adjusted from the most comparable GAAP results to exclude share-based compensation and amortization of intangible assets from business acquisitions, and tax impacts related to the amortization of intangible assets from business acquisitions.
Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.
Our non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of our continuing operations and our prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to the GAAP results. In addition, our calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.
Our non-GAAP information (including non-GAAP cost and operating expenses, income from operations, net income attributable to Momo Inc., and diluted net income per ADS) is adjusted from the most comparable GAAP results to exclude share-based compensation, amortization of intangible assets from business acquisitions, and tax impacts related to the amortization of intangible assets from business acquisitions. A limitation of using these non-GAAP financial measures is that share-based compensation, amortization of intangible assets from business acquisitions and tax impacts related to the amortization of intangible assets from business acquisitions have been and will continue to be for the foreseeable future a significant recurring expense in our results of operations. We compensate for these limitations by providing reconciliations of our non-GAAP measures to our U.S. GAAP measures. Please see the reconciliation tables at the end of this earnings release.
Conference Call
Momo's management will host an earnings conference call on Tuesday, March 12, 2019, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on March 12, 2019).
Dial-in details for the earnings conference call are as follows:
International: +65-6713-5090
U.S. Toll Free: +1-866-519-4004
Hong Kong Toll Free:
800-906601
Mainland China: 4006-208038
Passcode:
Momo
Please dial in 15 minutes before the call is scheduled to begin.
A telephone replay of the call will be available after the conclusion of the conference call through 8:00 a.m. U.S. Eastern Time, March 20, 2019. The dial-in details for the replay are as follows:
International: +61-2-8199-0299
U.S. Toll Free: +1-855-452-5696
Passcode: 3573546
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Momo's website at http://ir.immomo.com.
About Momo
Momo is a leading mobile social networking platform in China. Momo connects people in a personal and lively way through a revolutionary mobile-based social networking platform. With powerful and precise location-based features, Momo enables users to connect with each other and expand relationships from online to offline. Momo's platform includes the Momo mobile application and a variety of related features, functionalities, tools and services that it provides to users, customers and platform partners. Leveraging its social interest graph engine and analysis of user behavior data, Momo is able to provide users a customized experience based on their social preferences and needs. Momo users can maintain and strengthen their relationships through private and group communication tools, content creation and sharing functions, as well as the offline social activities promoted on Momo's platform. Momo users are also able to enjoy live video on our platform. In addition, in May 2018, Momo completed its acquisition of Tantan, a leading social and dating app for the younger generation. Tantan, whose primary users consist of young Chinese singles, is designed to help its users find and establish romantic connections, as well as meet interesting people.
For investor and media inquiries, please contact:
Momo Inc.
Investor Relations
Phone: +86-10-5731-0538
Email: ir@immomo.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10- 5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
Safe Harbor Statement
This news release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to our management quotes and our financial outlook for the first quarter of 2019.
Our forward-looking statements are not historical facts but instead represent only our belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and other circumstances may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. Announced results for the fourth quarter and full year of 2018 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the first quarter of 2019 and may be unable to grow our business in the manner planned. We may also modify our strategy for growth. In addition, there are other risks and uncertainties that could cause our actual results to differ from what we currently anticipate, including those relating to our ability to retain and grow our user base, our ability to attract and retain sufficiently trained professionals to support our operations, and our ability to anticipate and develop new services and enhance existing services to meet the demand of our users or customers. For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations, and prospects, please see our filings with the U.S. Securities and Exchange Commission.
All information provided in this press release and in the attachments is as of the date of the press release. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, after the date of this release, except as required by law. Such information speaks only as of the date of this release.
Momo Inc.
Unaudited Condensed Consolidated Statement of Operations
(All amounts in thousands, except share and per share data)
Three months
Year
ended December 31
ended December 31
---
2017 2018 2018 2017 2018 2018
RMB
RMB
US$
RMB
RMB
US$
Net revenues:
Live video service 2,168,998 2,959,222 430,401 7,429,906 10,709,491 1,557,631
Value-added service 194,287 722,414 105,071 695,798 1,883,150 273,893
Mobile marketing 144,360 122,143 17,765 514,279 500,321 72,769
Mobile games 45,569 25,502 3,709 241,388 130,392 18,965
Other services 1,722 14,635 2,128 5,019 185,067 26,916
---
Total net revenues 2,554,936 3,843,916 559,074 8,886,390 13,408,421 1,950,174
Cost and expenses:
Cost of revenues (1,323,876) (2,099,265) (305,325) (4,373,377) (7,182,897) (1,044,709)
Research and development (124,056) (243,499) (35,415) (346,144) (760,644) (110,631)
Sales and marketing (374,436) (618,268) (89,923) (1,467,376) (1,812,262) (263,583)
General and administrative (117,124) (234,700) (34,136) (422,005) (640,023) (93,087)
---
Total cost and expenses (1,939,492) (3,195,732) (464,799) (6,608,902) (10,395,826) (1,512,010)
Other operating income 92,634 141,420 20,569 156,764 253,697 36,899
---
Income from operations 708,078 789,604 114,844 2,434,252 3,266,292 475,063
Interest income 47,785 89,766 13,056 145,568 272,946 39,698
Interest expense (19,646) (2,857) (56,503) (8,218)
Impairment loss on long-term (43,200) (6,283) (30,085) (43,200) (6,283)
investments
Income before income tax 755,863 816,524 118,760 2,549,735 3,439,535 500,260
and share of income on
equity method
investments
Income tax expenses (125,956) (183,338) (26,665) (445,001) (699,648) (101,760)
---
Income before share of 629,907 633,186 92,095 2,104,734 2,739,887 398,500
income on equity method
investments
Share of income on equity 13,398 13,221 1,923 39,729 48,660 7,077
method investments
---
Net income 643,305 646,407 94,018 2,144,463 2,788,547 405,577
===
Less: net loss attributable to (1,498) (14,430) (2,100) (3,635) (27,228) (3,960)
non-controlling interest
---
Net income attributable to 644,803 660,837 96,118 2,148,098 2,815,775 409,537
Momo Inc.
Net income per share
attributable to ordinary
shareholders
Basic 1.62 1.60 0.23 5.44 6.92 1.01
Diluted 1.55 1.52 0.22 5.17 6.59 0.96
Weighted average shares
used in calculating net
income per ordinary share
Basic 397,753,884 413,732,538 413,732,538 394,549,323 407,009,875 407,009,875
Diluted 416,371,383 447,773,521 447,773,521 415,265,078 433,083,643 433,083,643
Momo Inc.
Unaudited Condensed Consolidated Statement of Comprehensive Income
(All amounts in thousands, except share and per share data)
Three months
Year
ended December 31
ended December 31
---
2017 2018 2018 2017 2018 2018
---
RMB
RMB
US$
RMB
RMB
US$
Net income 643,305 646,407 94,018 2,144,463 2,788,547 405,577
Other comprehensive income
(loss), net of tax of nil
Foreign currency translation (53,534) 5,171 752 (155,368) 198,654 28,893
adjustment
---
Comprehensive income 589,771 651,578 94,770 1,989,095 2,987,201 434,470
Less: comprehensive loss (1,498) (14,535) (2,114) (3,635) (24,613) (3,580)
attributed to the non-controlling
interest
---
Comprehensive income 591,269 666,113 96,884 1,992,730 3,011,814 438,050
attributable to Momo Inc.
shareholders
---
Momo Inc.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands, except share and per share data)
December 31
December 31
December 31
2017 2018 2018
RMB
RMB
US$
---
Assets
Current assets
Cash and cash equivalents 4,462,194 2,468,034 358,961
Term deposits 2,432,016 8,824,610 1,283,486
Short-term investment 10,500 -
Accounts receivable, net of allowance for 257,633 719,606 104,662
doubtful accounts of RMB585 and RMB nil
as of December 31, 2017 and 2018,
respectively
Prepaid expenses and other current assets 538,182 620,979 90,318
Amount due from related parties 33,460 -
Total current assets 7,733,985 12,633,229 1,837,427
Property and equipment, net 258,704 387,532 56,364
Intangible assets 48,553 1,036,986 150,823
Rental deposits 17,249 24,192 3,519
Long term investments 288,471 447,465 65,081
Deferred tax assets 46,825 57,786 8,405
Other non-current assets 55,271 71,519 10,402
Goodwill 22,130 4,306,829 626,402
Total assets 8,471,188 18,965,538 2,758,423
Liabilities and equity
Current liabilities
Accounts payable 484,945 718,362 104,481
Deferred revenue 422,028 441,892 64,271
Accrued expenses and other current 571,333 846,710 123,148
liabilities
Amount due to related parties 37,760 82,948 12,064
Income tax payable 175,887 137,090 19,939
Deferred consideration in connection with - 469,274 68,253
business acquisitions
Total current liabilities 1,691,953 2,696,276 392,156
Deferred tax liabilities 12,138 259,247 37,706
Convertible Senior Notes - 4,877,116 709,347
Share-based compensation liability - 86,767 12,620
Other non-current liabilities 14,997 23,273 3,385
Total liabilities 1,719,088 7,942,679 1,155,214
Shareholder's equity (Note a) 6,752,100 11,022,859 1,603,209
Total liabilities and shareholder's equity 8,471,188 18,965,538 2,758,423
Note a: As of December 31, 2018, the number of ordinary shares issued and outstanding was 413,876,480.
Momo Inc.
Unaudited Condensed Consolidated Statement of Cash Flows
(All amounts in thousands, except share and per share data)
Three months
Year
ended December 31
ended December 31
---
2017 2018 2018 2017 2018 2018
RMB
RMB
US$
RMB
RMB
US$
Cash flows from operating activities:
Net income 643,305 646,407 94,018 2,144,463 2,788,547 405,577
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation of property and equipment 25,906 42,244 6,144 78,885 148,238 21,560
Amortization of intangible assets 1,735 39,522 5,748 4,784 93,030 13,531
Share-based compensation 82,563 198,013 28,800 334,973 580,813 84,476
Share of income on equity method (13,398) (13,221) (1,923) (39,729) (48,660) (7,077)
investments
Impairment loss on long-term 43,200 6,283 30,085 43,200 6,283
investments
Impairment loss on intangible assets 1,266 1,266 -
Loss(income) on disposal of property and 128 (44) (6) 112 (1,283) (187)
equipment
Provision of allowance for doubtful accounts 585 (585) (85)
Changes in operating assets and liabilities:
Accounts receivable (49,685) (84,973) (12,359) (7,725) (440,644) (64,089)
Prepaid expenses and other current (150,633) 14,190 2,064 (306,838) (67,304) (9,789)
assets
Amount due from related parties (25,948) 56 8 (32,846) 33,463 4,867
Rental deposits (810) (4,062) (591) (10,902) (3,817) (555)
Deferred tax assets (45,383) (39,874) (5,799) (44,883) (10,961) (1,594)
Other non-current assets 7,119 (670) (97) (5,234) (45,534) (6,623)
Accounts payable (1,206) (18,987) (2,762) 174,290 233,713 33,992
Income tax payable 91,525 81,097 11,795 152,277 (38,791) (5,642)
Deferred revenue 113,197 12,470 1,814 135,443 (14,249) (2,072)
Accrued expenses and other current 156,071 235,104 34,194 292,054 51,903 7,549
liabilities
Amount due to related parties (41,941) 25,349 3,687 (16,070) 43,024 6,258
Deferred tax liability (343) (9,547) (1,389) (969) (22,923) (3,334)
Other non-current liabilities (2,653) (2,915) (424) 2,086 6,538 951
---
Net cash provided by operating activities 790,815 1,163,359 169,205 2,886,107 3,327,718 483,997
Momo Inc.
Unaudited Condensed Consolidated Statement of Cash Flows
(All amounts in thousands, except share and per share data)
Three months
Year
ended December 31
ended December 31
---
2017 2018 2018 2017 2018 2018
RMB
RMB
US$
RMB
RMB
US$
Cash flows from investing activities:
Purchase of property and equipment (86,183) (81,243) (11,816) (218,627) (242,843) (35,320)
Proceeds from disposal of property and 1 4 1 59 2,214 322
equipment
Payment for long term investments (20,000) (3,000) (436) (53,928) (65,125) (9,472)
Prepayment of long term investments (50,000) (8,000) (1,164) (50,000) (55,000) (7,999)
Payment for acquired intangible assets (18,979) -
Payment for business acquisition (40,632) (5,910) (3,318,841) (482,705)
Purchase of term deposits (480,645) (5,300,000) (770,853) (4,028,058) (20,287,302) (2,950,666)
Cash received on maturity of term deposits 882,645 4,600,000 669,042 4,191,859 13,922,393 2,024,928
Payment for short term investments (10,000) (103,000) (14,981) (15,700) (457,200) (66,497)
Cash received from sales of short term 5,200 218,000 31,707 5,200 467,700 68,024
investment
Net cash provided by (used in) investing 241,018 (717,871) (104,410) (188,174) (10,034,004) (1,459,385)
activities
Cash flows from financing activities:
Proceeds from exercise of options 680 1 3,839 5,313 773
Deferred payment of purchase of property (157) (23) (1,496) (8,562) (1,245)
and equipment
Capital contribution from non-controlling 12 2 490 12 2
interest shareholder
Proceeds from bank loan 1,913,190 278,262
Repayment of bank loan (2,041,680) (296,950)
Proceeds from issuance of convertible 4,820,387 701,096
notes, net of issuance cost of
RMB113,673
Payment of issuance cost of convertible (709) (103) (709) (103)
notes
Net cash provided by (used in) financing 680 (853) (124) 2,833 4,687,951 681,835
activities
Effect of exchange rate changes (8,207) 1,439 208 (26,840) 24,175 3,515
---
Net increase
(decrease)
in cash, cash 1,024,306 446,074 64,879 2,673,926 (1,994,160) (290,038)
equivalents, and restricted cash
Cash, cash equivalents, and restricted cash at 3,437,888 2,021,960 294,082 1,788,268 4,462,194 648,999
beginning of period
---
Cash, cash equivalents, and restricted cash at 4,462,194 2,468,034 358,961 4,462,194 2,468,034 358,961
end of period
===
Momo Inc.
Reconciliation of Non-GAAP financial measures to comparable GAAP measures
(All amounts in thousands, except per share data)
1. Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income to comparable GAAP measures.
Three months
Three months
Three months
ended December 31, 2017
ended December 31, 2018
ended December 31, 2018
---
Share- Non-GAAP
GAAP
Amortization
Share-
Tax
Non-GAAP
GAAP
Amortization
Share-
Tax
Non-GAAP
based compens of intangible based compensa impacts(a) of intangible based impacts(a)
ation RMB
RMB assets from tion RMB
RMB
US$ assets from compensa US$
US$
business business tion
GAAP
RMB acquisitions
RMB acquisitions
RMB
US$
RMB
US$
---
Cost of revenues (1,323,876) 4,160 (1,319,716) (2,099,265) 18,471 5,498 (2,075,296) (305,325) 2,686 800 (301,839)
Research and (124,056) 17,028 (107,028) (243,499) 2,345 47,215 (193,939) (35,415) 341 6,867 (28,207)
development
Sales and (374,436) 20,645 (353,791) (618,268) 17,273 43,707 (557,288) (89,923) 2,512 6,357 (81,054)
marketing
General and (117,124) 40,730 (76,394) (234,700) - 101,593 (133,107) (34,136) 14,776 (19,360)
administrative
---
Cost and (1,939,492) 82,563 (1,856,929) (3,195,732) 38,089 198,013 (2,959,630) (464,799) 5,539 28,800 (430,460)
operating
expenses
Income from 708,078 82,563 790,641 789,604 38,089 198,013 1,025,706 114,844 5,539 28,800 149,183
operations
Net income 644,803 82,563 727,366 660,837 38,089 (9,522) 887,417 96,118 5,539 (1,385) 129,072
attributable to
Momo Inc.
198,013 28,800
Momo Inc.
Reconciliation of Non-GAAP financial measures to comparable GAAP measures
(All amounts in thousands, except per share data)
Year
Year
Year
ended December 31, 2017
ended December 31, 2018
ended December 31, 2018
---
Share-
Non-GAAP
GAAP
Amortization
Share-
Tax
Non-GAAP GAAP
Amortization
Share-
Tax Non-GAAP
based of intangible based impacts(a) of intangible based impacts(a)
compen
RMB
RMB assets from compensa RMB
RMB US$ assets from compensa US$ US$
sation business tion business tion
GAAP acquisitions acquisitions
RMB RMB
RMB
US$
RMB
US$
---
Cost of revenues (4,373,377) 13,547 (4,359,830) (7,182,897) 42,336 21,661 (7,118,900) (1,044,709) 6,158 3,150 (1,035,401)
Research and (346,144) 59,190 (286,954) (760,644) 5,375 152,806 (602,463) (110,631) 782 22,225 (87,624)
development
Sales and (1,467,376) 79,032 (1,388,344) (1,812,262) 39,589 (1,629,746) (263,583) 5,758 20,788 (237,037)
marketing
142,927
General and (422,005) 183,204 (238,801) (640,023) 263,419 (376,604) (93,087) 38,313 (54,774)
administrative
---
Cost and (6,608,902) 334,973 (6,273,929) (10,395,826) 87,300 580,813 (9,727,713) (1,512,010) 12,698 84,476 (1,414,836)
operating
expenses
Income from 2,434,252 334,973 2,769,225 3,266,292 87,300 580,813 3,934,405 475,063 12,698 84,476 572,237
operations
Net income 2,148,098 334,973 2,483,071 2,815,775 87,300 580,813 (21,823) 3,462,065 409,537 12,698 84,476 (3,174) 503,537
attributable to
Momo Inc.
(a) Includes tax impacts related to the amortization of intangible assets from business acquisition. There is no tax impact related to share-
based compensation.
View original content:http://www.prnewswire.com/news-releases/momo-announces-unaudited-financial-results-for-the-fourth-quarter-and-fiscal-year-2018-300810713.html
SOURCE Momo Inc.
