BEIJING, Aug. 22, 2018 /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 of 2018.
Second Quarter of 2018 Highlights
- Net revenues increased 58% year over year to $494.3 million.
- Net income attributable to Momo Inc. increased to $117.8 million in the second quarter of 2018 from
$60.8 million in the same period last
year.
- Non-GAAP net income attributable to Momo Inc. (note 1)
increased 90% to $140.2 million in
the second quarter of 2018 from $73.8
million in the same period last year.
- Diluted net income per American Depositary Share ("ADS") was
$0.56, compared to $0.29 in the same period last year.
- Non-GAAP diluted net income per ADS (note 1) was $0.66, compared to $0.35 in the same period last year.
- Monthly Active Users ("MAU") on Momo application were 108.0
million in June 2018, compared to
91.3 million in June 2017.
- Total paying users of our live video service and value-added
service, without double counting the overlap, including 3.1 million
paying users of Tantan in June 2018,
were 11.6 million for the second quarter of 2018, compared to 7.1
million for the second quarter of 2017.
First Half of 2018 Highlights
- Net revenues increased 61% year over year to $929.4 million for the first half of 2018.
- Net income attributable to Momo Inc. was $247.7 million for the first half of 2018,
compared with $142.0 million during
the same period of 2017.
- Non-GAAP net income attributable to Momo Inc. (note 1) was
$282.4 million for the first half of
2018, compared with $164.5 million
during the same period of 2017.
- Diluted net income per ADS was $1.18 for the first half of 2018, compared with
$0.69 during the same period of
2017.
- Non-GAAP diluted income per ADS (note 1) was $1.35 for the first half of 2018, compared with
$0.80 during the same period of
2017.
"I am glad that we delivered another solid quarter. Our
community continued to grow with healthy engagement trends, thanks
to our consistent endeavors to drive product innovation and content
enrichment." Commented Yan Tang, Chairman and CEO of Momo. "Our
live streaming business continued to grow robustly. In
addition, value-added service revenues for the Momo app more than
doubled from a year ago, demonstrating Momo's monetization
potential as a social platform. Tantan officially joined our family
in the second quarter of 2018 and started to contribute to our
social ecosystem and topline growth. Together we will be pushing
forward our strategic priorities and solidifying our leadership in
China's open social territory"
Second Quarter of 2018 Financial Results
Net revenues
Total net revenues were $494.3
million in the second quarter of 2018, an increase of 58%
from $312.2 million in the second
quarter of 2017.
Live video service revenues continued its growth momentum and
the total live video service revenues were $411.0 million in the second quarter of 2018, an
increase of 58% from $259.4 million
during the same period of 2017. The rapid growth in live video
revenues was contributed by the increase in the quarterly paying
users, which was 4.6 million for the second quarter of 2018, 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 total
value-added service revenues were $55.2
million in the second quarter of 2018, an increase of 124%
from $24.6 million during the same
period of 2017. The year over year increase was primarily
attributable to the continuous growth of the virtual gift business
on the Momo application and to a lesser extent, the consolidation
of Tantan's membership subscription revenues for the single month
of June 2018. The growth of the
virtual gift business was driven by more paying use cases
introduced to enhance the social experience for Momo users. Total
paying users of the value-added service on Momo application was 5.3
million for the second quarter of 2018, compared with 4.5 million
for the second quarter of 2017. As of June
30, 2018, Tantan has 3.1 million subscribers.
Mobile marketing revenues were $22.3
million in the second quarter of 2018, an increase of 17%
from $19.0 million during the same
period of 2017. The growth in mobile marketing revenues was driven
by improved sell-through of our existing advertisement inventories
and the increased demand from brand marketers.
Mobile games revenues were $5.5
million in the second quarter of 2018, a decrease of 40%
from $9.1 million in the second
quarter of 2017. The decrease in game revenues was mainly due to
the decrease in the quarterly paying users.
Cost and expenses
Cost and expenses were $369.4
million in the second quarter of 2018, an increase of 50%
from $246.0 million in the second
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) the production
costs in connection with Phanta City, a TV variety show co-produced
by the Company; (c) an increase in personnel related costs
including share-based compensation expenses as a result of the
Company's rapidly expanding talent pool; and (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; which was partially
offset by a decrease in marketing and promotional expenses.
Non-GAAP cost and expenses (note 1) were $346.5 million in the second quarter of 2018, an
increase of 49% from $233.0 million
during the same period last year.
Other operating income
Other operating income was $15.7
million in the second quarter of 2018, a significant
increase from $7.6 million during the
second quarter of 2017. The increase was mainly due to more
government incentives received in the second quarter of 2018.
Income from operations
Income from operations was $140.6
million in the second quarter of 2018, compared to
$73.7 million during the same period
last year.
Non-GAAP income from operations (note 1) was $163.4 million in the second quarter of 2018,
compared to $86.7 million during the
same period last year.
Income tax expenses
Income tax expenses were $31.1
million in the second quarter of 2018, increased from
$13.9 million in the second quarter
of 2017. The increase was mainly because we generated higher profit
in the second quarter of 2018.
Net income attributable to Momo
Inc.
Net income attributable to Momo Inc. was $117.8 million in the second quarter of 2018,
compared to $60.8 million during the
same period last year.
Non-GAAP net income (note 1) attributable to Momo Inc. was
$140.2 million in the second quarter
of 2018, compared to $73.8 million
during the same period last year.
Net income per ADS
Diluted net income per ADS was $0.56 in the second quarter of 2018, compared to
$0.29 in the second quarter of
2017.
Non-GAAP diluted net income per ADS (note 1) was $0.66 in the second quarter of 2018, compared to
$0.35 in the second quarter of
2017.
Cash and cash flow
As of June 30, 2018, Momo's cash,
cash equivalents, term deposits and restricted cash totaled
$1,079.8 million, compared to
$1,059.6 million as of December 31, 2017. Net cash provided by operating
activities in the second quarter of 2018 was $155.7 million, compared to $108.1 million for the same quarter of 2017.
First Half of 2018 Financial Results
Net revenues for the first half of 2018 were $929.4 million, an increase of 61% from
$577.5 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 $247.7 million in the first half of 2018,
compared to $142.0 million during the
same period of 2017.
Non-GAAP net income attributable to Momo Inc. (note 1) was
$282.4 million in the first half of
2018, compared to $164.5 million
during the same period of 2017.
Diluted net income per ADS was $1.18 during the first half of 2018, compared to
$0.69 in the same period of 2017.
Non-GAAP diluted net income per ADS (note 1) was $1.35 during the first half of 2018, compared to
$0.80 in the same period of 2017.
Net cash provided by operating activities was $285.7 million during the first half of 2018,
compared to $203.4 million in the
same period of 2017.
Recent Development
Completion of Offering of Convertible Senior Notes
By July 30, 2018, the Company had
completed the offering of $725.0
million in aggregate principal amount of convertible senior
notes due 2025, including an exercised over-allotment option of
$75.0 million principal amount of
notes that the Company granted to the initial purchasers (the
"Notes").
The Notes will bear interest at a rate of 1.25% per year,
payable semiannually in arrears on January
1 and July 1 of each year,
beginning on January 1, 2019. The
Notes will mature on July 1, 2025,
unless previously repurchased, redeemed or converted in accordance
with their terms prior to such date.
Holders of the Notes have the right to require us to repurchase
for cash all or part of their notes on July
1, 2023 at a repurchase price equal to 100% of the principal
amount of the notes to be repurchased, plus accrued and unpaid
interest to, but excluding, the repurchase date.
The Notes will be convertible into Momo's American depositary
shares ("ADSs"), at the option of the holders, based on an initial
conversion rate of 15.4776 of the Company's ADSs per US$1,000 principal amount of Notes (which is
equivalent to an initial conversion price of approximately
US$64.61 per ADS and represents an
approximately 42.5% conversion premium over the closing trading
price of the Company's ADSs on June 26,
2018, which was US$45.34 per
ADS).
Repayment of Long-term Bank Loan
To facilitate the closing of our acquisition of 100% equity
stake of Tantan Limited, we borrowed a bank loan facility from a
domestic commercial bank in May 2018.
Total amount of drawdown was US$300.0
million, with a fixed interest rate of 4.5% per annum and
with a period of two years. We repaid the bank loan in July 2018.
Business Outlook
For the third quarter of 2018, the Company expects total net
revenues to be between $525.0 million
and $540.0 million, representing a
year-over-year increase of 51% to 55% and a quarter-over-quarter
increase of 13% to 17% on a constant currency basis. This forecast
reflects the currency translation risks and assumes an average
exchange rate of RMB 6.8055 to
US$1.00. 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
acquisitions, and provision for income tax related to the
amortization of intangible assets.
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,
amortization of intangible assets from acquisitions, and provision
for income tax related to the amortization of intangible assets. A
limitation of using these non-GAAP financial measures is that
share-based compensation, amortization of intangible assets from
acquisitions and provision for income tax related to the
amortization of intangible assets 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
Wednesday, August 22,
2018 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time
on August 22, 2018).
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 29, 2018. The dial-in details for the
replay are as follows:
International:
|
+61-2-8199-0299
|
U.S. Toll
Free:
|
+1-855-452-5696
|
Passcode:
|
9585639
|
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
third quarter of 2018.
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 2018 are preliminary,
unaudited and subject to audit adjustment. In addition, we may not
meet our financial outlook for the third quarter of 2018 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
|
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
Net
revenues:
|
|
|
|
|
|
|
|
|
Live video
service
|
259,417
|
|
410,977
|
|
471,994
|
|
782,473
|
|
Value-added
service
|
24,636
|
|
55,221
|
|
47,503
|
|
92,212
|
|
Mobile
marketing
|
19,018
|
|
22,264
|
|
36,907
|
|
40,973
|
|
Mobile
games
|
9,143
|
|
5,454
|
|
20,704
|
|
12,101
|
|
Other
services
|
10
|
|
354
|
|
354
|
|
1,640
|
|
Total net
revenues
|
312,224
|
|
494,270
|
|
577,462
|
|
929,399
|
|
Cost and
expenses:
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(150,668)
|
|
(269,736)
|
|
(271,112)
|
|
(479,344)
|
|
Research and
development
|
(10,317)
|
|
(25,069)
|
|
(18,876)
|
|
(42,602)
|
|
Sales and
marketing
|
(69,084)
|
|
(54,553)
|
|
(103,081)
|
|
(98,895)
|
|
General and
administrative
|
(15,978)
|
|
(20,003)
|
|
(28,078)
|
|
(37,234)
|
|
Total cost and
expenses
|
(246,047)
|
|
(369,361)
|
|
(421,147)
|
|
(658,075)
|
|
Other operating
income
|
7,569
|
|
15,692
|
|
8,474
|
|
16,779
|
|
Income from
operations
|
73,746
|
|
140,601
|
|
164,789
|
|
288,103
|
|
Interest
income
|
4,628
|
|
8,239
|
|
8,380
|
|
15,779
|
|
Interest
expense
|
-
|
|
(1,950)
|
|
-
|
|
(1,950)
|
|
Impairment loss on
long-term investments
|
(4,386)
|
|
-
|
|
(4,386)
|
|
-
|
|
Income before
income tax and share of
income on equity method
investments
|
73,988
|
|
146,890
|
|
168,783
|
|
301,932
|
|
Income tax
expenses
|
(13,938)
|
|
(31,143)
|
|
(29,715)
|
|
(58,048)
|
|
Income before
share of income on equity
method investments
|
60,050
|
|
115,747
|
|
139,068
|
|
243,884
|
|
Share of income on
equity method investments
|
514
|
|
1,692
|
|
2,697
|
|
2,971
|
|
Net
income
|
60,564
|
|
117,439
|
|
141,765
|
|
246,855
|
|
Less: net loss
attributable to non-controlling interest
|
(198)
|
|
(340)
|
|
(205)
|
|
(808)
|
|
Net income
attributable to Momo Inc.
|
60,762
|
|
117,779
|
|
141,970
|
|
247,663
|
|
Net income per share
attributable to ordinary
shareholders
|
|
|
|
|
|
|
|
|
Basic
|
0.15
|
|
0.29
|
|
0.36
|
|
0.62
|
Diluted
|
0.15
|
|
0.28
|
|
0.34
|
|
0.59
|
Weighted average
shares used in calculating net
income per ordinary share
|
|
|
|
|
|
|
|
Basic
|
394,579,193
|
|
405,737,852
|
|
392,220,292
|
|
402,388,870
|
Diluted
|
416,635,812
|
|
423,089,714
|
|
413,773,272
|
|
419,086,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
Net
income
|
60,564
|
|
117,439
|
|
141,765
|
|
246,855
|
Other comprehensive
income(loss), net of tax of nil
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
6,680
|
|
(50,756)
|
|
8,943
|
|
(24,002)
|
Comprehensive
income
|
67,244
|
|
66,683
|
|
150,708
|
|
222,853
|
Less: comprehensive
loss attributed to the non-
controlling interest
|
(200)
|
|
(457)
|
|
(207)
|
|
(825)
|
Comprehensive
income attributable to Momo Inc.
shareholders
|
67,444
|
|
67,140
|
|
150,915
|
|
223,678
|
Momo
Inc.
|
Unaudited
Condensed Consolidated Balance Sheets
|
( US dollars in
thousands)
|
|
|
|
|
|
December
31
|
|
June 30
|
2017
|
2018
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
685,827
|
|
306,255
|
Term
deposits
|
373,794
|
|
416,360
|
Restricted
cash
|
-
|
|
357,139
|
Accounts receivable,
net of allowance for doubtful
accounts of $90 and $nil as of December 31, 2017
and
June 30, 2018, respectively
|
39,597
|
|
32,434
|
Prepaid expenses and
other current assets
|
82,717
|
|
69,650
|
Amount due from
related parties
|
5,143
|
|
2,030
|
Short-term
investment
|
1,614
|
|
-
|
Total current
assets
|
1,188,692
|
|
1,183,868
|
Property and
equipment, net
|
39,762
|
|
48,189
|
Intangible
assets
|
7,462
|
|
162,519
|
Rental
deposits
|
2,651
|
|
2,955
|
Long term
investments
|
44,337
|
|
62,357
|
Deferred tax assets,
non-current
|
7,197
|
|
2,759
|
Other non-current
assets
|
8,495
|
|
14,081
|
Goodwill
|
3,401
|
|
626,528
|
Total
assets
|
1,301,997
|
|
2,103,256
|
Liabilities and
equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
74,535
|
|
86,535
|
Deferred
revenue
|
64,865
|
|
59,969
|
Accrued expenses and
other current liabilities
|
87,809
|
|
102,151
|
Amount due to related
parties
|
5,804
|
|
5,869
|
Income tax
payable
|
27,033
|
|
13,213
|
Deferred consideration
in connection with business
acquisitions
|
-
|
|
74,131
|
Total current
liabilities
|
260,046
|
|
341,868
|
Deferred tax
liabilities, non-current
|
1,866
|
|
40,630
|
Bank loan
|
-
|
|
300,000
|
Other non-current
liabilities
|
2,305
|
|
3,989
|
Total
liabilities
|
264,217
|
|
686,487
|
Shareholder's equity
(Note a)
|
1,037,780
|
|
1,416,769
|
Total liabilities
and shareholder's equity
|
1,301,997
|
|
2,103,256
|
|
Note a: As of June
30, 2018, the number of ordinary shares issued and outstanding was
408,975,956.
|
Momo
Inc.
|
|
Unaudited
Condensed Consolidated Statement of Cash Flows
|
|
( US dollars in
thousands)
|
|
|
|
|
Three
months
|
|
First half
year
|
|
ended June
30
|
|
ended June
30
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
|
60,564
|
|
117,439
|
|
141,765
|
|
246,855
|
Adjustments to
reconcile net income to net cash
provided by operating activities:
|
|
|
|
|
|
|
|
Depreciation of
property and equipment
|
2,463
|
|
5,505
|
|
4,585
|
|
10,459
|
Amortization of
intangible assets
|
183
|
|
2,061
|
|
183
|
|
2,287
|
Share-based
compensation
|
12,998
|
|
21,011
|
|
22,507
|
|
33,393
|
Share of income on
equity method investments
|
(514)
|
|
(1,692)
|
|
(2,697)
|
|
(2,971)
|
Impairment loss on
long-term investments
|
4,386
|
|
-
|
|
4,386
|
|
-
|
Income on disposal of
property and equipment
|
(2)
|
|
-
|
|
(2)
|
|
-
|
Provision of allowance
for doubtful accounts
|
85
|
|
(92)
|
|
85
|
|
(92)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(4,228)
|
|
1,742
|
|
(318)
|
|
10,121
|
Prepaid expenses and
other current assets
|
(8,041)
|
|
3,526
|
|
(12,616)
|
|
12,522
|
Amount due from
related parties
|
(176)
|
|
4,305
|
|
(513)
|
|
3,136
|
Rental
deposits
|
(271)
|
|
76
|
|
(1,440)
|
|
129
|
Deferred tax
assets
|
-
|
|
3,231
|
|
73
|
|
4,485
|
Other non-current
assets
|
(48)
|
|
(4,182)
|
|
(781)
|
|
(5,996)
|
Accounts
payable
|
5,165
|
|
5,855
|
|
11,621
|
|
14,726
|
Income tax
payable
|
(1,754)
|
|
(4,403)
|
|
8,043
|
|
(14,639)
|
Deferred
revenue
|
1,757
|
|
(4,035)
|
|
1,333
|
|
(9,322)
|
Accrued expenses and
other current liabilities
|
34,208
|
|
5,998
|
|
25,276
|
|
(20,620)
|
Amount due to related
parties
|
1,463
|
|
71
|
|
1,208
|
|
66
|
Deferred tax
liability
|
(46)
|
|
(515)
|
|
(46)
|
|
(571)
|
Other non-current
liabilities
|
(109)
|
|
(182)
|
|
793
|
|
1,683
|
Net cash provided
by operating activities
|
108,083
|
|
155,719
|
|
203,445
|
|
285,651
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
(4,140)
|
|
(4,067)
|
|
(11,344)
|
|
(14,182)
|
Proceeds from disposal
of property and equipment
|
3
|
|
-
|
|
7
|
|
1
|
Payment for long term
investments
|
(2,114)
|
|
(7,860)
|
|
(3,629)
|
|
(8,490)
|
Prepayment of long
term investments
|
-
|
|
-
|
|
-
|
|
(7,398)
|
Payment for acquired
intangible assets
|
(2,187)
|
|
-
|
|
(2,765)
|
|
-
|
Prepaid consideration
for business acquisition
|
-
|
|
-
|
|
-
|
|
(229,823)
|
Payment for business
acquisition
|
-
|
|
(285,096)
|
|
-
|
|
(285,096)
|
Purchase of term
deposits
|
(130,181)
|
|
(616,662)
|
|
(391,968)
|
|
(1,189,083)
|
Cash received on
maturity of term deposits
|
79,502
|
|
758,853
|
|
384,109
|
|
1,133,945
|
Cash received from
sales of short term investment
|
-
|
|
-
|
|
-
|
|
1,653
|
Net cash used in
investing activities
|
(59,117)
|
|
(154,832)
|
|
(25,590)
|
|
(598,473)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from exercise
of options
|
111
|
|
9
|
|
410
|
|
393
|
Deferred payment of
purchase of property and
equipment
|
(30)
|
|
(169)
|
|
(204)
|
|
(1,322)
|
Proceeds from bank
loan
|
-
|
|
300,000
|
|
-
|
|
300,000
|
Net cash provided
by financing activities
|
81
|
|
299,840
|
|
206
|
|
299,071
|
Effect of exchange
rate changes
|
5,342
|
|
(27,821)
|
|
7,463
|
|
(8,682)
|
Net
increase(decrease) in cash, cash equivalent, and
restricted cash
|
54,389
|
|
272,906
|
|
185,524
|
|
(22,433)
|
Cash, cash
equivalent, and restricted cash at beginning of
period
|
388,699
|
|
390,488
|
|
257,564
|
|
685,827
|
Cash, cash
equivalent, and restricted cash at end of period
|
443,088
|
|
663,394
|
|
443,088
|
|
663,394
|
|
|
|
|
|
|
|
|
|
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,
2017
|
ended June 30,
2018
|
|
GAAP
|
|
Adjustments
|
|
Non-
GAAP
|
|
GAAP
|
|
Adjustments
|
|
Non-
GAAP
|
Cost and operating
expenses
|
(246,047)
|
|
12,998 (a)
|
|
(233,049)
|
|
(369,361)
|
|
22,848 (b)
|
|
(346,513)
|
Income from
operations
|
73,746
|
|
12,998 (a)
|
|
86,744
|
|
140,601
|
|
22,848 (b)
|
|
163,449
|
Net income
attributable to
Momo Inc.
|
60,762
|
|
12,998 (a)
|
|
73,760
|
|
117,779
|
|
22,389
(b)(c)
|
|
140,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First half
year
|
|
First half
year
|
ended June 30,
2017
|
ended June 30,
2018
|
|
GAAP
|
|
Adjustments
|
|
Non-
GAAP
|
|
GAAP
|
|
Adjustments
|
|
Non-
GAAP
|
Cost and operating
expenses
|
(421,147)
|
|
22,507 (d)
|
|
(398,640)
|
|
(658,075)
|
|
35,230 (e)
|
|
(622,845)
|
Income from
operations
|
164,789
|
|
22,507 (d)
|
|
187,296
|
|
288,103
|
|
35,230 (e)
|
|
323,333
|
Net income
attributable to
Momo Inc.
|
141,970
|
|
22,507 (d)
|
|
164,477
|
|
247,663
|
|
34,771
(e)(f)
|
|
282,434
|
|
Notes:
|
|
(a)
Adjustments to exclude share-based compensation of $12,998 from the
unaudited condensed consolidated statements.
|
(b)
Adjustments to exclude share-based compensation of $21,011 and
amortization of intangible assets from acquisitions of
$1,837 from the
unaudited condensed consolidated statements.
|
(c)
Adjustments to exclude the provision for income tax related to
amortization of intangible assets from acquisitions of
$459 from the unaudited
condensed consolidated statements.
|
(d)
Adjustments to exclude share-based compensation of $22,507 from the
unaudited condensed consolidated statements.
|
(e)
Adjustments to exclude share-based compensation of $33,393 and
amortization of intangible assets from acquisitions of
$1,837 from the
unaudited condensed consolidated statements.
|
(f)
Adjustments to exclude the provision for income tax related to
amortization of intangible assets from acquisitions of
$459 from the unaudited
condensed consolidated statements.
|
View original
content:http://www.prnewswire.com/news-releases/momo-announces-unaudited-financial-results-for-the-second-quarter-of-2018-300700772.html
SOURCE Momo Inc.