BEIJING, Aug. 22, 2017 /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 second
quarter 2017.
Second Quarter 2017 Highlights
- Net revenues increased 215% year over year to $312.2 million.
- Net income attributable to Momo Inc. increased to $60.8 million in the second quarter of 2017 from
$15.4 million in the same period last
year.
- Non-GAAP net income attributable to Momo Inc. (Note 1) increased 218% to $73.8 million in second quarter of 2017 from
$23.2 million in the same period last
year.
- Diluted net income per American Depositary Share ("ADS") was
$0.29, compared to $0.08 in the same period last year.
- Non-GAAP diluted net income per ADS (Note 1) was $0.35, compared to $0.12 in the same period last year.
- Monthly Active Users ("MAU")[1] were 91.3
million in June 2017, compared to
74.8 million in June 2016
First Half 2017 Highlights
- Net revenues increased 285% year over year to $577.5 million for the first half of 2017.
- Net income attributable to Momo Inc. was $142.0 million for the first half of 2017,
compared with $22.5 million during
the same period of 2016.
- Non-GAAP net income attributable to Momo Inc. (Note 1) was $164.5
million for the first half of 2017, compared with
$35.9 million during the same period
of 2016.
- Diluted net income per ADS was $0.69 for the first half of 2017, compared with
$0.11 million during the same period
of 2016.
- Non-GAAP diluted income per ADS (Note 1) was $0.80 for the first half of 2017, compared with
$0.18 million during the same period
of 2016.
"I'm pleased that we delivered another strong quarter to our
shareholders. User base growth continued to accelerate, driven by
the expansion of our video content ecosystem. The usage of short
video service has reached new milestones and revenues from live
video service has hit new record highs," commented Yan
Tang, Chairman and CEO of Momo. "More importantly, with the
newly launched 8 series, we have moved on to make new explorations
and innovations in the social and entertainment territories. We
believe these pioneering efforts will allow us to capture the many
emerging opportunities that we are seeing on the horizon and thus
will help us build longer term growth drivers for the Company."
[1]
|
MAU during a given
calendar month is defined as Momo users who accessed the Momo
platform through Momo mobile application and utilized any of the
functions on the Momo platform for at least one day during the
30-day period counting back from the last day of such calendar
month. The active users on Hani, the Company's stand-alone live
video application, were not included in the MAU disclosed
herein.
|
Second Quarter 2017 Financial Results
Net revenues
Total net revenues were $312.2
million in the second quarter of 2017, an increase of 215%
from $99.0 million in the second
quarter of 2016.
Live video service continued its momentum and generated revenues
of $259.4 million in the second
quarter of 2017. The rapid growth in live video revenues was
largely contributed by the increase in the quarterly paying users,
which was 4.1 million for the second quarter of 2017, and to a
lesser extent, the increase in the average revenues per paying user
per quarter.
Value-added service revenues mainly include membership
subscription revenues and virtual gift revenues, the latter of
which we launched in the fourth quarter of 2016 to enrich
communication experience among users. The total value-added service
revenues were $24.6 million in the
second quarter of 2017, an increase of 58% from $15.6 million during the same period of 2016. The
year over year increase was primarily driven by the increase in the
number of paying users and the increase in the average revenues per
paying user per quarter as a result of that we introduced more
value-added services to our users. Total paying users of our
value-added service were 4.5 million and 3.2 million as of
June 30, 2017 and 2016,
respectively.
Mobile marketing revenues were $19.0
million in the second quarter of 2017, an increase of 15%
from $16.6 million during the same
period of 2016. The growth in mobile marketing business was driven
by better sell-through of our existing advertisement
inventories.
Mobile games revenues were $9.1
million in the second quarter of 2017, an increase of 23%
from $7.4 million during the second
quarter of 2016. The increase in game revenues was mainly due to
the contribution of a self-developed game, for which we recognized
revenue on a gross basis.
Cost and expenses
Cost and expenses were $246.0
million in the second quarter of 2017, an increase of 189%
from $85.2 million in the second
quarter of 2016. 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) increase in
marketing and promotional expenses to enhance our brand awareness,
attract users and promote the live video service; (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)
increased infrastructure related spending, such as bandwidth costs
and server depreciation costs, driven by more functions introduced
on Momo's platform.
Non-GAAP cost and expenses (Note
1) were $233.0 million in the second
quarter of 2017, an increase of 201% from $77.3 million during the same period last
year.
Other operating income
Other operating income was $7.6
million in the second quarter of 2017, a significant
increase from $0.2 million during the
second quarter of 2016. The increase was mainly due to government
incentives received in the second quarter of 2017.
Income from operations
Income from operations was $73.7
million in the second quarter of 2017, compared to
$14.0 million during the same period
last year.
Non-GAAP income from operations (Note 1) was $86.7
million in second quarter of 2017, compared to $21.8 million during the same period last
year.
Income tax expenses
Income tax expenses were $13.9
million in the second quarter of 2017, increased from
$0.4 million in the second quarter of
2016. The increase was mainly because the tax holiday of one of our
major profit generating entities changed from 100% exemption to 50%
exemption of income tax.
Net income
Net income attributable to Momo Inc. was $60.8 million in the second quarter of 2017,
compared to $15.4 million during the
same period last year.
Non-GAAP net income (Note 1)
attributable to Momo Inc. was $73.8
million in the second quarter of 2017, compared to
$23.2 million during the same period
last year.
Net income per ADS
Diluted net income per ADS was $0.29 in the second quarter of 2017, compared to
$0.08 in the second quarter of
2016.
Non-GAAP diluted net income per ADS (Note 1) was $0.35 in the second quarter of 2017, compared to
$0.12 in the second quarter of
2016.
Cash and cash flow
As of June 30, 2017, Momo's cash,
cash equivalents and term deposits totaled $846.3 million, compared to $651.3 million as of December 31, 2016. Net cash provided by operating
activities in the second quarter of 2017 was $108.1 million, compared to $42.6 million for the same quarter of 2016.
First Half 2017 Financial Results
Net revenues for the first half of 2017 were $577.5 million, an increase of 285% from
$149.9 million in the same period of
2016, primarily driven by the significant increase in net revenues
from live video service, value-added service, mobile marketing
business, and mobile games.
Net income attributable to Momo Inc. was $142.0 million in the first half of 2017,
compared to $22.5 million during the
same period of 2016.
Non-GAAP net income attributable to Momo Inc. (Note 1) was $164.5
million in the first half of 2017, compared to $35.9 million during the same period of 2016.
Diluted net income per ADS was $0.69 during the first half of 2017, compared to
$0.11 in the same period of 2016.
Non-GAAP diluted net income per ADS (Note 1) was $0.80 during the first half of 2017, compared to
$0.18 in the same period of 2016.
Net cash provided by operating activities was $203.4 million during the first half of 2017,
compared to $48.2 in the same period
of 2016.
Business Outlook
For the third quarter of 2017, the Company expects total net
revenues to be between $337.0 million and
$342.0 million, representing a year-over-year increase of
115% to 118%. These estimates reflect the Company's current and
preliminary view, which is subject to change.
Appointment of Chief Technology Officer
The Company has recently appointed Mr. Chunlai Wang as its chief technology
officer. Prior to his appointment as Momo's chief technology
officer, Mr. Wang had served as the vice president of technology of
Momo since April 2015. From June
2014 to April 2015, Mr. Wang
served as the technology director of Momo. Before that, he had been
in charge of the technology team of Momo since June 2013 and had been actively involved in the
development of key technological infrastructures of Momo since he
joined the Company in February 2012. Prior to joining Momo,
Mr. Wang served as an engineer and a senior engineer in NetEase
between September 2010 and February
2012. From March 2009 to
September 2010, he co-founded a
business dedicated to semantic search services. Mr. Wang
received his master's degree in engineering from Peking University
in July 2013, and his bachelor's
degree from Beijing Jiaotong University in June 2009.
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.
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 earnings per ADS) is adjusted from the most
comparable GAAP results to exclude share-based compensation. A
limitation of using these non-GAAP financial measures is that
share-based compensation charge has 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, August 22,
2017 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time
on August 22, 2017).
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, August 31, 2017. The dial-in details for the
replay are as follows:
International:
|
+61-2-8199
0299
|
U.S. Toll
Free:
|
+1 855 452
5696
|
Passcode:
|
60708123
|
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, the Hani 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. For
more information, please visit http://ir.immomo.com.
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
third quarter of 2017.
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 2017 are preliminary,
unaudited and subject to audit adjustment. In addition, we may not
meet our financial outlook for the third quarter of 2017 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
|
(US dollars in
thousands, except per share data)
|
|
Three
months
|
|
First half
year
|
ended June
30
|
|
ended June
30
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
Net
revenues:
|
|
|
|
|
|
|
|
Live video
service
|
57,912
|
|
259,417
|
|
73,490
|
|
471,994
|
Value-added
service
|
15,599
|
|
24,636
|
|
30,462
|
|
47,503
|
Mobile
marketing
|
16,569
|
|
19,018
|
|
28,927
|
|
36,907
|
Mobile
games
|
7,436
|
|
9,143
|
|
14,870
|
|
20,704
|
Other
services
|
1,496
|
|
10
|
|
2,185
|
|
354
|
Total net
revenues
|
99,012
|
|
312,224
|
|
149,934
|
|
577,462
|
Cost and
expenses:
|
|
|
|
|
|
|
|
Cost of
revenues
|
(42,252)
|
|
(150,668)
|
|
(62,482)
|
|
(271,112)
|
Research and
development
|
(7,789)
|
|
(10,317)
|
|
(14,679)
|
|
(18,876)
|
Sales and
marketing
|
(26,380)
|
|
(69,084)
|
|
(38,902)
|
|
(103,081)
|
General and
administrative
|
(8,741)
|
|
(15,978)
|
|
(15,248)
|
|
(28,078)
|
Total cost and
expenses
|
(85,162)
|
|
(246,047)
|
|
(131,311)
|
|
(421,147)
|
Other operating
income
|
154
|
|
7,569
|
|
308
|
|
8,474
|
Income from
operations
|
14,004
|
|
73,746
|
|
18,931
|
|
164,789
|
Interest
income
|
1,781
|
|
4,628
|
|
3,480
|
|
8,380
|
Impairment loss on
long-term investments
|
(306)
|
|
(4,386)
|
|
(306)
|
|
(4,386)
|
Income before
income tax and share of income on equity method
investments
|
15,479
|
|
73,988
|
|
22,105
|
|
168,783
|
Income tax
expenses
|
(352)
|
|
(13,938)
|
|
(906)
|
|
(29,715)
|
Income before
share of income on equity method investments
|
15,127
|
|
60,050
|
|
21,199
|
|
139,068
|
Share of income on
equity method investments
|
285
|
|
514
|
|
1,264
|
|
2,697
|
Net
income
|
15,412
|
|
60,564
|
|
22,463
|
|
141,765
|
Less: net loss
attributable to non-controlling interest
|
-
|
|
(198)
|
|
-
|
|
(205)
|
Net income
attributable to Momo Inc.
|
15,412
|
|
60,762
|
|
22,463
|
|
141,970
|
Net income per share
attributable to ordinary shareholders
|
|
|
|
|
|
|
|
Basic
|
0.04
|
|
0.15
|
|
0.06
|
|
0.36
|
Diluted
|
0.04
|
|
0.15
|
|
0.06
|
|
0.34
|
Weighted average
shares used in calculating net income per ordinary share
|
|
|
|
|
|
|
|
Basic
|
379,031,710
|
|
394,579,193
|
|
367,107,794
|
|
392,220,292
|
Diluted
|
400,937,985
|
|
416,635,812
|
|
402,702,145
|
|
413,773,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Momo
Inc.
|
Unaudited
Condensed Consolidated Statement of Comprehensive
Income
|
(US dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
Three
months
|
|
First half
year
|
ended June
30
|
|
ended June
30
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
Net
income
|
15,412
|
|
60,564
|
|
22,463
|
|
141,765
|
Other comprehensive
income (loss), net of tax of nil
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
(3,461)
|
|
6,680
|
|
(2,861)
|
|
8,943
|
Comprehensive
income
|
11,951
|
|
67,244
|
|
19,602
|
|
150,708
|
Less: comprehensive
loss attributed to the non-controlling interest
|
-
|
|
(200)
|
|
-
|
|
(207)
|
Comprehensive
income attributable to Momo Inc.
shareholders
|
11,951
|
|
67,444
|
|
19,602
|
|
150,915
|
Momo
Inc.
|
Unaudited
Condensed Consolidated Balance Sheets
|
( US dollars in
thousands)
|
|
|
|
|
|
December 31
|
|
June 30
|
2016
|
2017
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
257,564
|
|
443,088
|
Term
deposits
|
393,759
|
|
403,255
|
Accounts receivable,
net of allowance for doubtful accounts of $nil and $85 as of
December 31, 2016 and June 30, 2017, respectively
|
36,078
|
|
37,171
|
Prepaid expenses and
other current assets
|
32,592
|
|
46,789
|
Deferred tax assets,
current
|
72
|
|
-
|
Amount due from
related parties
|
88
|
|
610
|
Total current
assets
|
720,153
|
|
930,913
|
Property and
equipment, net
|
13,932
|
|
24,004
|
Intangible
assets
|
-
|
|
7,210
|
Rental
deposits
|
920
|
|
2,404
|
Long term
investments
|
31,932
|
|
34,601
|
Deferred tax assets,
non-current
|
208
|
|
213
|
Other non-current
assets
|
2,593
|
|
793
|
Total
assets
|
769,738
|
|
1,000,138
|
Liabilities and
equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
40,457
|
|
56,376
|
Deferred
revenue
|
41,277
|
|
43,621
|
Accrued expenses and
other current liabilities
|
39,965
|
|
66,516
|
Amount due to related
parties
|
8,117
|
|
9,394
|
Income tax
payable
|
3,881
|
|
11,957
|
Total current
liabilities
|
133,697
|
|
187,864
|
Deferred tax
liabilities, non-current
|
-
|
|
1,803
|
Other non-current
liabilities
|
2,022
|
|
2,815
|
Total
liabilities
|
135,719
|
|
192,482
|
Shareholder's equity
(Note a)
|
634,019
|
|
807,656
|
Total liabilities
and shareholder's equity
|
769,738
|
|
1,000,138
|
|
Note a: As of June
30, 2017, the number of ordinary shares issued and outstanding was
395,761,291.
|
Momo
Inc.
|
Unaudited
Condensed Consolidated Statement of Cash Flows
|
(US dollars in
thousands)
|
|
|
|
|
|
|
|
Three
months
|
|
First half
year
|
|
ended June
30
|
|
ended June
30
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
|
15,412
|
|
60,564
|
|
22,463
|
|
141,765
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation of
property and equipment
|
2,048
|
|
2,463
|
|
4,111
|
|
4,585
|
Amortization of
intangible assets
|
-
|
|
183
|
|
-
|
|
183
|
Share-based
compensation
|
7,815
|
|
12,998
|
|
13,460
|
|
22,507
|
Share of income on
equity method investments
|
(285)
|
|
(514)
|
|
(1,264)
|
|
(2,697)
|
Impairment loss on
long-term investments
|
306
|
|
4,386
|
|
306
|
|
4,386
|
Loss (income) on
disposal of property and equipment
|
4
|
|
(2)
|
|
5
|
|
(2)
|
Provision of allowance
for doubtful accounts
|
-
|
|
85
|
|
-
|
|
85
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(4,163)
|
|
(4,228)
|
|
(7,122)
|
|
(318)
|
Prepaid expenses and
other current assets
|
(3,980)
|
|
(8,041)
|
|
(1,969)
|
|
(12,616)
|
Amount due from
related parties
|
(271)
|
|
(176)
|
|
(140)
|
|
(513)
|
Rental
deposits
|
(20)
|
|
(271)
|
|
(147)
|
|
(1,440)
|
Deferred tax
assets
|
-
|
|
-
|
|
-
|
|
73
|
Other non-current
assets
|
-
|
|
(48)
|
|
-
|
|
(781)
|
Accounts
payable
|
6,761
|
|
5,165
|
|
13,509
|
|
11,621
|
Income tax
payable
|
-
|
|
(1,754)
|
|
-
|
|
8,043
|
Deferred
revenue
|
7,157
|
|
1,757
|
|
5,477
|
|
1,333
|
Accrued expenses and
other current liabilities
|
12,004
|
|
34,208
|
|
(370)
|
|
25,276
|
Amount due to related
parties
|
(2)
|
|
1,463
|
|
179
|
|
1,208
|
Deferred tax
liability
|
-
|
|
(46)
|
|
-
|
|
(46)
|
Other non-current
liabilities
|
(154)
|
|
(109)
|
|
(308)
|
|
793
|
Net cash provided
by operating activities
|
42,632
|
|
108,083
|
|
48,190
|
|
203,445
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
(1,713)
|
|
(4,140)
|
|
(2,515)
|
|
(11,344)
|
Proceeds from disposal
of property and equipment
|
36
|
|
3
|
|
38
|
|
7
|
Payment for long term
investments
|
-
|
|
(2,114)
|
|
(8,529)
|
|
(3,629)
|
Consideration paid for
assets acquisition
|
-
|
|
(2,187)
|
|
-
|
|
(2,765)
|
Purchase of term
deposits
|
(50,091)
|
|
(130,181)
|
|
(319,377)
|
|
(391,968)
|
Cash received on
maturity of term deposits
|
15,313
|
|
79,502
|
|
315,313
|
|
384,109
|
Net cash used in
investing activities
|
(36,455)
|
|
(59,117)
|
|
(15,070)
|
|
(25,590)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from exercise
of options
|
108
|
|
111
|
|
138
|
|
410
|
Deferred payment of
purchase of property and equipment
|
(160)
|
|
(30)
|
|
(293)
|
|
(204)
|
Net cash provided
by (used in) financing activities
|
(52)
|
|
81
|
|
(155)
|
|
206
|
Effect of exchange
rate on cash and cash equivalents
|
(3,163)
|
|
5,342
|
|
(3,000)
|
|
7,463
|
Net increase
in cash and cash equivalents
|
2,962
|
|
54,389
|
|
29,965
|
|
185,524
|
Cash and cash
equivalent at beginning of period
|
196,472
|
|
388,699
|
|
169,469
|
|
257,564
|
Cash and cash
equivalent at end of period
|
199,434
|
|
443,088
|
|
199,434
|
|
443,088
|
Momo
Inc.
|
Reconciliation of
Non-GAAP financial measures to comparable GAAP
measures
|
(US dollars 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
|
ended June 30,
2016
|
ended June 30,
2017
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
Cost and operating
expenses
|
(85,162)
|
|
7,815 (a)
|
|
(77,347)
|
|
(246,047)
|
|
12,998 (b)
|
|
(233,049)
|
Income from
operations
|
14,004
|
|
7,815 (a)
|
|
21,819
|
|
73,746
|
|
12,998 (b)
|
|
86,744
|
Net income
attributable to Momo Inc.
|
15,412
|
|
7,815 (a)
|
|
23,227
|
|
60,762
|
|
12,998 (b)
|
|
73,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First half
year
|
|
First half
year
|
ended June 30,
2016
|
ended June 30,
2017
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
Cost and operating
expenses
|
(131,311)
|
|
13,460 (c)
|
|
(117,851)
|
|
(421,147)
|
|
22,507 (d)
|
|
(398,640)
|
Income from
operations
|
18,931
|
|
13,460 (c)
|
|
32,391
|
|
164,789
|
|
22,507 (d)
|
|
187,296
|
Net income
attributable to Momo Inc.
|
22,463
|
|
13,460 (c)
|
|
35,923
|
|
141,970
|
|
22,507 (d)
|
|
164,477
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
(a)
Adjustments to exclude share-based compensation of $7,815 from the
unaudited condensed consolidated statements.
(b)
Adjustments to exclude share-based compensation of $12,998 from the
unaudited condensed consolidated statements.
(c)
Adjustments to exclude share-based compensation of $13,460 from the
unaudited condensed consolidated statements.
(d)
Adjustments to exclude share-based compensation of $22,507 from the
unaudited condensed consolidated statements.
|
View original
content:http://www.prnewswire.com/news-releases/momo-announces-unaudited-financial-results-for-the-second-quarter-2017-300507543.html
SOURCE Momo Inc.