BEIJING, Nov. 28, 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 third quarter 2017.
Third Quarter 2017 Highlights
- Net revenues increased 126% year over year to $354.5 million.
- Net income attributable to Momo Inc. increased to $79.1 million in the third quarter of 2017 from
$39.0 million in the same period last
year.
- Non-GAAP net income attributable to Momo Inc. (note 1)
increased 89% to $93.8 million in the
third quarter of 2017 from $49.5
million in the same period last year.
- Diluted net income per American Depositary Share ("ADS") was
$0.38, compared to $0.19 in the same period last year.
- Non-GAAP diluted net income per ADS (note 1) was $0.45, compared to $0.24 in the same period last year.
- Monthly Active Users ("MAU")[1] were 94.4
million in September 2017, compared
to 77.4 million in September
2016.
First Nine Months 2017 Highlights
- Net revenues increased 204% year over year to $931.9 million for the first nine months of
2017.
- Net income attributable to Momo Inc. was $221.1 million for the first nine months of 2017,
compared with $61.5 million during
the same period of 2016.
- Non-GAAP net income attributable to Momo Inc. (note 1) was
$258.2 million for the first nine
months of 2017, compared with $85.4
million during the same period of 2016.
- Diluted net income per ADS was $1.07 for the first nine months of 2017, compared
with $0.30 during the same period of
2016.
- Non-GAAP diluted net income per ADS (note 1) was $1.24 for the first nine months of 2017, compared
with $0.42 during the same period of
2016.
"We've had a good quarter with strong financial performance and
progresses in other operational areas", commented Yan Tang, Chairman and CEO of Momo. "Momo 8.0
allows us to further diversify the social and entertainment
offerings on the platform. We are confident that Momo will continue
to drive user growth through product innovations, use case
expansions as well as a more result driven marketing plan. "
[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.
|
Third Quarter 2017 Financial Results
Net revenues
Total net revenues were $354.5
million in the third quarter of 2017, an increase of 126%
from $157.0 million in the third
quarter of 2016.
Live video service continued its momentum and generated revenues
of $302.6 million in the third
quarter of 2017. The rapid growth in live video revenues was
contributed by the increase in the quarterly paying users, which
was 4.1 million for the third quarter of 2017, as well as, 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 $26.3 million in the
third quarter of 2017, an increase of 45% from $18.1 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 to a lesser extent, the increase in the
average revenues per paying user per quarter with the result that
we introduced more value-added services to our users. Total paying
users of our value-added service were 4.8 million and 3.4 million
as of September 30, 2017 and 2016,
respectively.
Mobile marketing revenues were $17.4
million in the third quarter of 2017, a decrease of 1% from
$17.7 million during the same period
of 2016. The slight decrease in mobile marketing revenues was
driven by the decrease of our advertisement inventories in the new
version of Momo 8.0 which was partially offset by the increase of
brand advertising revenues.
Mobile games revenues were $8.0
million in the third quarter of 2017, a decrease of 14% from
$9.3 million in the third quarter of
2016. The decrease in game revenues was mainly due to our strategy
to defocus on jointly operated games and the decrease in the
quarterly paying users.
Cost and expenses
Cost and expenses were $266.3
million in the third quarter of 2017, an increase of 122%
from $120.0 million in the third
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) an
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) increased infrastructure related
spending, such as short messaging service charges, bandwidth costs
and server depreciation costs, driven by more functions introduced
on Momo's platform; (e) an increase in fees to payment channels
resulting from a higher volume of cash collection through such
channels.
Non-GAAP cost and expenses (note 1) were $251.7 million in the third quarter of 2017, an
increase of 130% from $109.5 million
during the same period last year.
Income from operations
Income from operations was $89.0
million in the third quarter of 2017, compared to
$37.2 million during the same period
last year.
Non-GAAP income from operations (note 1) was $103.7 million in third quarter of 2017, compared
to $47.7 million during the same
period last year.
Income tax expenses
Income tax expenses were $17.2
million in the third quarter of 2017, increased from
$1.0 million in the third quarter of
2016. The increase was mainly because we generated higher profit in
the third quarter of 2017 and 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 $79.1 million in the third quarter of 2017,
compared to $39.0 million during the
same period last year.
Non-GAAP net income (note 1) attributable to Momo Inc. was
$93.8 million in the third quarter of
2017, compared to $49.5 million
during the same period last year.
Net income per ADS
Diluted net income per ADS was $0.38 in the third quarter of 2017, compared to
$0.19 in the third quarter of
2016.
Non-GAAP diluted net income per ADS (note 1) was $0.45 in the third quarter of 2017, compared to
$0.24 in the third quarter of
2016.
Cash and cash flow
As of September 30, 2017, Momo's
cash, cash equivalents and term deposits totaled $949.7 million, compared to $651.3 million as of December 31, 2016. Net cash provided by operating
activities in the third quarter of 2017 was $104.6 million, compared to $62.9 million for the same quarter of 2016.
First Nine Months 2017 Financial
Results
Net revenues for the first nine months of 2017 were $931.9 million, an increase of 204% from
$307.0 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 $221.1 million in the first nine months of 2017,
compared to $61.5 million during the
same period of 2016.
Non-GAAP net income attributable to Momo Inc. (note 1) was
$258.2 million in the first nine
months of 2017, compared to $85.4
million during the same period of 2016.
Diluted net income per ADS was $1.07 during the first nine months of 2017,
compared to $0.30 in the same period
of 2016.
Non-GAAP diluted net income per ADS (note 1) was $1.24 during the first nine months of 2017,
compared to $0.42 in the same period
of 2016.
Net cash provided by operating activities was $308.0 million during the first nine months of
2017, compared to $111.1 million in
the same period of 2016.
Business Outlook
For the fourth quarter of 2017, the Company expects total net
revenues to be between $370.0 million and
$385.0 million, representing a year-over-year increase of
50% to 56%. These estimates reflect the Company's current and
preliminary view, which is subject to change.
Recent Development- resignations and appointment of Board
Directors
On November 24, 2017, each of Ms.
Sichuan Zhang, Mr. Feng Yu and Mr.
Joseph C. Tsai resigned from the
Company's board of directors for personal reasons, effective as of
the same date. Upon resignation of these directors, the board of
directors of the Company consisted of six members, namely Mr.
Yan Tang, Mr. Yong Li, Mr. David Ying
Zhang, Mr. Neil Nanpeng Shen, Dr. Dave Daqing Qi and Mr.
Benson Bing Chung Tam.
On November 28, 2017, the board of
directors of the Company has appointed Mr. Li Wang, the Chief Operating Officer and
Co-president of the Company, as a new member of the board. As a
result, the board size of the Company has been increased to seven.
Mr. Wang joined the Company as its operation director in
July 2011. Mr. Wang has been the
Company's Chief Operating Officer since June
2014 and Co-president since April
2017. Prior to joining the Company, Mr. Wang worked at NEC
China Co., Ltd. Mr. Wang received his bachelor's degree in
management from Beijing University
of Aeronautics and Astronautics in China in 2004.
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, November 28,
2017 at 8:00 a.m. U.S. Eastern Time (9:00 p.m. Beijing / Hong Kong Time
on November 28, 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, December 8, 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:
|
3787669
|
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
fourth 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 third quarter of 2017 are preliminary,
unaudited and subject to audit adjustment. In addition, we may not
meet our financial outlook for the fourth 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 nine
months
|
|
ended September
30
|
|
ended September
30
|
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
Net
revenues:
|
|
|
|
|
|
|
|
|
Live video
service
|
108,595
|
|
302,603
|
|
182,085
|
|
774,597
|
|
Value-added
service
|
18,074
|
|
26,256
|
|
48,536
|
|
73,759
|
|
Mobile
marketing
|
17,682
|
|
17,441
|
|
46,609
|
|
54,348
|
|
Mobile
games
|
9,284
|
|
8,024
|
|
24,154
|
|
28,728
|
|
Other
services
|
3,411
|
|
129
|
|
5,596
|
|
483
|
|
Total net
revenues
|
157,046
|
|
354,453
|
|
306,980
|
|
931,915
|
|
Cost and
expenses:
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(68,762)
|
|
(177,967)
|
|
(131,244)
|
|
(449,079)
|
|
Research and
development
|
(8,987)
|
|
(13,855)
|
|
(23,666)
|
|
(32,731)
|
|
Sales and
marketing
|
(29,876)
|
|
(57,734)
|
|
(68,778)
|
|
(160,815)
|
|
General and
administrative
|
(12,378)
|
|
(16,792)
|
|
(27,626)
|
|
(44,870)
|
|
Total cost and
expenses
|
(120,003)
|
|
(266,348)
|
|
(251,314)
|
|
(687,495)
|
|
Other operating
income
|
155
|
|
897
|
|
463
|
|
9,371
|
|
Income from
operations
|
37,198
|
|
89,002
|
|
56,129
|
|
253,791
|
|
Interest
income
|
1,975
|
|
6,029
|
|
5,455
|
|
14,409
|
|
Impairment loss on
long-term investments
|
-
|
|
-
|
|
(306)
|
|
(4,386)
|
|
Income before
income tax and share of income on equity method
investments
|
39,173
|
|
95,031
|
|
61,278
|
|
263,814
|
|
Income tax
expenses
|
(1,048)
|
|
(17,218)
|
|
(1,954)
|
|
(46,933)
|
|
Income before
share of income on equity method investments
|
38,125
|
|
77,813
|
|
59,324
|
|
216,881
|
|
Share of income on
equity method investments
|
879
|
|
1,166
|
|
2,143
|
|
3,863
|
|
Net
income
|
39,004
|
|
78,979
|
|
61,467
|
|
220,744
|
|
Less: net loss
attributable to non-controlling interest
|
-
|
|
(110)
|
|
-
|
|
(315)
|
|
Net income
attributable to Momo Inc.
|
39,004
|
|
79,089
|
|
61,467
|
|
221,059
|
|
Net income per share
attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
Basic
|
0.10
|
|
0.20
|
|
0.16
|
|
0.56
|
|
Diluted
|
0.10
|
|
0.19
|
|
0.15
|
|
0.53
|
|
Weighted average
shares used in calculating net income per ordinary share
|
|
|
|
|
|
|
|
|
Basic
|
386,338,146
|
|
395,926,878
|
|
373,564,700
|
|
393,469,398
|
|
Diluted
|
409,603,891
|
|
417,066,439
|
|
405,049,516
|
|
414,884,571
|
|
Momo
Inc.
|
Unaudited
Condensed Consolidated Statement of Comprehensive
Income
|
(US dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
Three
months
|
|
First nine
months
|
ended September
30
|
|
ended September
30
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
Net
income
|
39,004
|
|
78,979
|
|
61,467
|
|
220,744
|
Other comprehensive
income (loss), net of tax of nil
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
(444)
|
|
9,021
|
|
(3,305)
|
|
17,964
|
Comprehensive
income
|
38,560
|
|
88,000
|
|
58,162
|
|
238,708
|
Less: comprehensive
loss attributed to the non-controlling interest
|
-
|
|
(115)
|
|
-
|
|
(322)
|
Comprehensive
income attributable to Momo
Inc. shareholders
|
38,560
|
|
88,115
|
|
58,162
|
|
239,030
|
Momo
Inc.
|
Unaudited
Condensed Consolidated Balance Sheets
|
( US dollars in
thousands)
|
|
|
|
|
|
December
31
|
|
September
30
|
2016
|
2017
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
257,564
|
|
516,719
|
Term
deposits
|
393,759
|
|
433,027
|
Accounts receivable, net of
allowance for doubtful accounts of $nil and $88
as of December 31, 2016 and September 30, 2017,
respectively
|
36,078
|
|
31,255
|
Prepaid expenses and
other current assets
|
32,592
|
|
58,848
|
Deferred tax assets,
current
|
72
|
|
-
|
Amount due from
related parties
|
88
|
|
1,129
|
Short-term
investment
|
-
|
|
857
|
Total current
assets
|
720,153
|
|
1,041,835
|
Property and
equipment, net
|
13,932
|
|
31,559
|
Intangible
assets
|
-
|
|
7,403
|
Rental
deposits
|
920
|
|
2,471
|
Long term
investments
|
31,932
|
|
37,759
|
Deferred tax assets,
non-current
|
208
|
|
217
|
Other non-current
assets
|
2,593
|
|
1,862
|
Total
assets
|
769,738
|
|
1,123,106
|
Liabilities and
equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
40,457
|
|
74,918
|
Deferred
revenue
|
41,277
|
|
46,418
|
Accrued expenses and
other current liabilities
|
39,965
|
|
61,972
|
Amount due to related
parties
|
8,117
|
|
12,107
|
Income tax
payable
|
3,881
|
|
12,757
|
Total current
liabilities
|
133,697
|
|
208,172
|
Deferred tax
liabilities, non-current
|
-
|
|
1,790
|
Other non-current
liabilities
|
2,022
|
|
2,706
|
Total
liabilities
|
135,719
|
|
212,668
|
Shareholder's equity
(Note a)
|
634,019
|
|
910,438
|
Total liabilities
and shareholder's equity
|
769,738
|
|
1,123,106
|
|
|
|
|
Note a: As of
September 30, 2017, the number of ordinary shares issued and
outstanding was 397,155,237.
|
Momo
Inc.
|
Unaudited
Condensed Consolidated Statement of Cash Flows
|
(US dollars in
thousands)
|
|
|
|
|
|
|
|
Three
months
|
|
First nine
months
|
|
ended September
30
|
|
ended September
30
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
|
39,004
|
|
78,979
|
|
61,467
|
|
220,744
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation of
property and equipment
|
2,137
|
|
3,220
|
|
6,248
|
|
7,805
|
Amortization of
intangible assets
|
-
|
|
269
|
|
-
|
|
452
|
Share-based
compensation
|
10,512
|
|
14,664
|
|
23,972
|
|
37,171
|
Share of income on
equity method investment
|
(879)
|
|
(1,166)
|
|
(2,143)
|
|
(3,863)
|
Impairment loss on
long-term investments
|
-
|
|
-
|
|
306
|
|
4,386
|
Loss (income) on
disposal of property and equipment
|
1
|
|
-
|
|
6
|
|
(2)
|
Provision of allowance
for doubtful accounts
|
-
|
|
-
|
|
-
|
|
85
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(5,050)
|
|
6,605
|
|
(12,172)
|
|
6,287
|
Prepaid expenses and
other current assets
|
(7,107)
|
|
(10,429)
|
|
(9,076)
|
|
(23,045)
|
Amount due from
related parties
|
786
|
|
(506)
|
|
646
|
|
(1,019)
|
Rental
deposits
|
(61)
|
|
(27)
|
|
(208)
|
|
(1,467)
|
Deferred tax
assets
|
-
|
|
-
|
|
-
|
|
73
|
Other non-current
assets
|
-
|
|
(1,046)
|
|
-
|
|
(1,827)
|
Accounts
payable
|
7,230
|
|
14,339
|
|
20,739
|
|
25,960
|
Income tax
payable
|
-
|
|
800
|
|
-
|
|
8,843
|
Deferred
revenue
|
6,535
|
|
1,966
|
|
12,012
|
|
3,299
|
Accrued expenses and
other current liabilities
|
9,623
|
|
(5,574)
|
|
9,253
|
|
19,702
|
Amount due to related
parties
|
301
|
|
2,638
|
|
480
|
|
3,846
|
Deferred tax
liability
|
-
|
|
(47)
|
|
-
|
|
(93)
|
Other non-current
liabilities
|
(154)
|
|
(109)
|
|
(462)
|
|
684
|
Net cash provided
by operating activities
|
62,878
|
|
104,576
|
|
111,068
|
|
308,021
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
(2,471)
|
|
(7,937)
|
|
(4,986)
|
|
(19,281)
|
Purchase of intangible
assets
|
-
|
|
(228)
|
|
-
|
|
(228)
|
Proceeds from disposal
of property and equipment
|
1
|
|
1
|
|
39
|
|
8
|
Payment for long term
investments
|
(3,001)
|
|
(1,350)
|
|
(11,530)
|
|
(4,979)
|
Consideration paid for
assets acquisition
|
-
|
|
-
|
|
-
|
|
(2,765)
|
Purchase of term
deposits
|
(60,501)
|
|
(127,781)
|
|
(379,878)
|
|
(519,749)
|
Cash received on
maturity of term deposits
|
50,000
|
|
99,984
|
|
365,313
|
|
484,093
|
Payment for short term
investments
|
-
|
|
(855)
|
|
-
|
|
(855)
|
Net cash used in
investing activities
|
(15,972)
|
|
(38,166)
|
|
(31,042)
|
|
(63,756)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from exercise
of options
|
170
|
|
51
|
|
308
|
|
461
|
Deferred payment of
purchase of property and equipment
|
(26)
|
|
(13)
|
|
(319)
|
|
(217)
|
Capital contribution
from non-controlling interest shareholder
|
-
|
|
73
|
|
-
|
|
73
|
Net cash provided
by (used in) financing activities
|
144
|
|
111
|
|
(11)
|
|
317
|
Effect of exchange
rate on cash and cash equivalents
|
(478)
|
|
7,110
|
|
(3,478)
|
|
14,573
|
Net increase
in cash and cash equivalents
|
46,572
|
|
73,631
|
|
76,537
|
|
259,155
|
Cash and cash
equivalent at beginning of period
|
199,434
|
|
443,088
|
|
169,469
|
|
257,564
|
Cash and cash
equivalent at end of period
|
246,006
|
|
516,719
|
|
246,006
|
|
516,719
|
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 September 30,
2016
|
ended September 30,
2017
|
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
|
Cost and operating
expenses
|
(120,003)
|
|
10,512 (a)
|
|
(109,491)
|
|
(266,348)
|
|
14,664 (b)
|
|
(251,684)
|
Income from
operations
|
37,198
|
|
10,512 (a)
|
|
47,710
|
|
89,002
|
|
14,664 (b)
|
|
103,666
|
Net income
attributable to Momo Inc.
|
39,004
|
|
10,512 (a)
|
|
49,516
|
|
79,089
|
|
14,664 (b)
|
|
93,753
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First nine
months
|
|
First nine
months
|
|
ended September 30,
2016
|
ended September 30,
2017
|
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
|
Cost and operating
expenses
|
(251,314)
|
|
23,972 (c)
|
|
(227,342)
|
|
(687,495)
|
|
37,171 (d)
|
|
(650,324)
|
Income from
operations
|
56,129
|
|
23,972 (c)
|
|
80,101
|
|
253,791
|
|
37,171 (d)
|
|
290,962
|
Net income
attributable to Momo Inc.
|
61,467
|
|
23,972 (c)
|
|
85,439
|
|
221,059
|
|
37,171 (d)
|
|
258,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
(a) Adjustments to exclude share-based
compensation of $10,512 from the unaudited condensed consolidated
statements.
(b) Adjustments to exclude share-based
compensation of $14,664 from the unaudited condensed consolidated
statements.
(c) Adjustments to exclude share-based
compensation of $23,972 from the unaudited condensed consolidated
statements.
(d) Adjustments to exclude share-based
compensation of $37,171 from the unaudited condensed consolidated
statements.
|
View original
content:http://www.prnewswire.com/news-releases/momo-announces-unaudited-financial-results-for-the-third-quarter-2017-300562422.html
SOURCE Momo Inc.