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Momo Announces Unaudited Financial Results for the First Quarter of 2021

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BEIJING, June 8, 2021 /PRNewswire/ — Momo Inc. (NASDAQ: MOMO) (“Momo” or the “Company”), a leading mobile social and entertainment platform in China, today announced its unaudited financial results for the first quarter of 2021.

First Quarter of 2021 Highlights

  • Net revenues decreased by 3.4% year over year to RMB3,470.6 million (US$529.7 million*) in the first quarter of 2021.
  • Net income attributable to Momo Inc. decreased to RMB461.7 million (US$70.5 million) in the first quarter of 2021 from RMB538.9 million in the same period of 2020.
  • Non-GAAP net income attributable to Momo Inc. (note 1) decreased to RMB633.7 million (US$96.7 million) in the first quarter of 2021, from RMB736.3 million in the same period of 2020.
  • Diluted net income per American Depositary Share (“ADS”) was RMB2.14 (US$0.33) in the first quarter of 2021, compared to RMB2.46 in the same period of 2020.
  • Non-GAAP diluted net income per ADS (note 1) was RMB2.91 (US$0.44) in the first quarter of 2021, compared to RMB3.34 in the same period of 2020.
  • Monthly Active Users (“MAU”) on Momo application were 115.3 million in March 2021, compared to 108.0 million in March 2020.
  • Total paying users of our live video service and value-added service, without double counting the overlap and including 3.5 million paying users of Tantan Limited (“Tantan”), were 12.6 million for the first quarter of 2021, compared to 12.8 million for the first quarter of 2020, which included 4.2 million paying users of Tantan.

“The first quarter of 2021 was a good quarter and a decent start to the year 2021”, commented Li Wang, CEO of Momo. “We have stepped up our efforts to drive towards the strategic priorities that I set for my team at the beginning of the year. The initiatives we took have started bearing fruits. Despite the negative seasonality MAU reaching a record high, Momo core is on a steady improving trend and will continue to be a very productive and evolving cash cow business. This leaves us ample room to invest in new endeavors beyond Momo and Tantan. I am excited about the growth opportunities that we are seeing in Tantan and have put together a solid plan to unleash their full potential going forward.”

_____________________

* This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB6.5518 to US$1.00, the effective noon buying rate for March 31, 2021 as set forth in the H.10 statistical release of the Federal Reserve Board.

First Quarter of 2021 Financial Results

Net revenues

Total net revenues were RMB3,470.6 million (US$529.7 million) in the first quarter of 2021, a decrease of 3.4% from RMB3,594.1 million in the first quarter of 2020.

Live video service revenues were RMB1,962.1 million (US$299.5 million) in the first quarter of 2021, a decrease of 15.9% from RMB2,332.0 million during the same period of 2020. The decrease was primarily due to our structural reform on Momo’s core live video business, which was used to revive the long tail content ecosystem. The decrease was partially offset by the growth from Tantan’s live video service, and live video service revenues from Tantan were RMB251.2 million (US$38.3 million) in the first quarter of 2021,compared to RMB6.1 million in the same period of 2020.

Value-added service revenues mainly include virtual gift revenues and membership subscription revenues. Total value-added service revenues were RMB1,455.5 million (US$222.2 million) in the first quarter of 2021, an increase of 23.8% from RMB1,175.8 million during the same period of 2020. The year-over-year increase was primarily attributable to the continued growth of the virtual gift business on the Momo application driven by more innovative products and operational ideas launched, and more paying scenarios introduced to enhance the social entertainment experience of Momo users, and to a lesser extent, the increase in the virtual gift revenues of new applications. The increase was partially offset by the decrease in the membership subscription revenues of Tantan, due to the decrease of paying users of Tantan.

Mobile marketing revenues were RMB38.7 million (US$5.9 million) in the first quarter of 2021, a decrease of 32.3% from RMB57.2 million during the same period of 2020. The decrease in mobile marketing revenues was primarily caused by our strategy to underweight the line in terms of resource allocation.

Mobile games revenues were RMB11.2 million (US$1.7 million) in the first quarter of 2021, a decrease of 11.9% from RMB12.7 million in the first quarter of 2020. The decrease in mobile game revenues was mainly due to the continued decrease in quarterly paying users of mobile games.

Net revenues from the Momo segment decreased from RMB3,202.1 million in the first quarter of 2020 to RMB2,901.8 million (US$442.9 million) in the first quarter of 2021, primarily due to the decrease in net revenues from live video service, partially offset by the increase in net revenues from value-added service. Net revenues from the Tantan segment increased from RMB381.7 million in the first quarter of 2020 to RMB567.7 million (US$86.6 million) in the first quarter of 2021, which was mainly due to the increase in net revenues from live video service.

Cost and expenses

Cost and expenses were RMB3,016.3 million (US$460.4 million) in the first quarter of 2021, a decrease of 0.3% from RMB3,026.1 million in the first quarter of 2020. The decrease was primarily attributable to: (a) a decrease in revenue sharing with broadcasters related to Momo’s core live video service; (b) a decrease in marketing and promotional expenses to promote our core live video services and attract users on Tantan; (c) a decrease in commission fees paid to payment channels. These decreases were partially offset by an increase in revenue sharing with virtual gift recipients for our virtual gift service, and an increase in revenue sharing with broadcasters related to Tantan’s live video service.

Non-GAAP cost and expenses (note 1) were RMB2,835.3 million (US$432.8 million) in the first quarter of 2021, an increase of 0.6% from RMB2,819.2 million during the same period of 2020.

Income from operations

Income from operations was RMB480.2 million (US$73.3 million) in the first quarter of 2021, compared to RMB594.1 million during the same period of 2020. Income from operations of the Momo segment was RMB573.2 million (US$87.5 million) in the first quarter of 2021, which decreased from RMB770.3 million in the first quarter of 2020. Loss from operations of the Tantan segment was RMB89.3 million (US$13.6 million) in the first quarter of 2021, compared to loss from operations of RMB171.9 million in the first quarter of 2020.

Non-GAAP income from operations (note 1) was RMB661.2 million (US$100.9 million) in the first quarter of 2021, compared to RMB801.0 million during the same period of 2020. Non-GAAP income from operations of the Momo segment was RMB700.5 million (US$106.9 million) in the first quarter of 2021, which decreased from RMB903.1 million in the first quarter of 2020. Non-GAAP loss from operations of the Tantan segment was RMB35.6 million (US$5.4 million) in the first quarter of 2021, compared to non-GAAP loss from operations of RMB100.4 million in the first quarter of 2020.

Income tax expenses

Income tax expenses were RMB91.4 million (US$14.0 million) in the first quarter of 2021, decreasing from RMB162.9 million in the first quarter of 2020. The decrease in income tax expenses was mainly due to the lower profit and tax refund resulted from additional expense deduction related to previous year in the first quarter of 2021.

Net income

Net income was RMB460.9 million (US$70.3 million) in the first quarter of 2021, compared to RMB537.7 million during the same period of 2020. Net income from the Momo segment was RMB551.4 million (US$84.2 million) in the first quarter of 2021, which decreased from RMB707.1 million in the first quarter of 2020. Net loss from the Tantan segment was RMB86.8 million (US$13.3 million) in the first quarter of 2021, compared to net loss of RMB165.1 million in the first quarter of 2020.

Non-GAAP net income (note 1) was RMB633.0 million (US$96.6 million) in the first quarter of 2021, compared to RMB735.1 million during the same period of 2020. Non-GAAP net income from the Momo segment was RMB678.6 million (US$103.6 million) in the first quarter of 2021, which decreased from RMB839.9 million in the first quarter of 2020. Non-GAAP net loss of the Tantan segment was RMB42.0 million (US$6.4 million) in the first quarter of 2021, compared to non-GAAP net loss of RMB103.2 million in the first quarter of 2020.

Net income attributable to Momo Inc.

Net income attributable to Momo Inc. was RMB461.7 million (US$70.5 million) in the first quarter of 2021, compared to RMB538.9 million during the same period of 2020.

Non-GAAP net income (note 1) attributable to Momo Inc. was RMB633.7 million (US$96.7 million) in the first quarter of 2021, compared to RMB736.3 million during the same period of 2020.

Net income per ADS

Diluted net income per ADS was RMB2.14 (US$0.33) in the first quarter of 2021, compared to RMB2.46 in the first quarter of 2020.

Non-GAAP diluted net income per ADS (note 1) was RMB2.91 (US$0.44) in the first quarter of 2021, compared to RMB3.34 in the first quarter of 2020.

Cash and cash flow

As of March 31, 2021, Momo’s cash, cash equivalents, short-term deposits, long-term deposits and restricted cash totaled RMB16,956.0 million (US$2,588.0 million), compared to RMB16,482.3 million as of December 31, 2020. Net cash provided by operating activities in the first quarter of 2021 was RMB501.6 million (US$76.6 million), compared to RMB543.5 million in the first quarter of 2020.

Recent Developments

Resignation and appointment of board directors

On June 4, 2021, Mr. David Ying Zhang resigned from the Company’s board of directors for personal reasons, effective as of the same date.

On June 8, 2021, the board of directors of the Company appointed Mr. Ho Kee Harry Man as a new member of the board. Mr. Man joined Matrix Partners China as a founding member of the team with a focus on investments in the mobile internet sector in 2008. Prior to Matrix, Mr. Man was Partner at WI Harper Group and led investments in their China office in the TMT sector. Before WI Harper, Mr. Man led the corporate development teams of two US listed internet and mobile companies, and helped Linktone Ltd. (NASDAQ: LTON) and chinadotcom (Nasdaq: CHINA) in their investments in various sectors respectively. Mr. Man started his career as a management consultant with Arthur Andersen in 1998. Mr. Man has been investing in China since 2000, and always focuses on early stage internet and mobile sectors. During the past 15 years, Mr. Man led investments in Momo (Nasdaq: MOMO), XPENG (US: XPEV), 21Vianet (Nasdaq:VNET), iKang (Nasdaq: KANG), Sungy Mobile (Nasdaq: GOMO), Editgrid (sold to Apple), Career International (SZ: 300662), Didi Chuxing.

Payment of special cash dividends

In March 2021, Momo’s board of directors declared a special cash dividend in the amount of US$0.64 per ADS, or US$0.32 per ordinary share. The cash dividend was paid in April 2021 to shareholders of record at the close of business on April 13, 2021. The aggregate amount of cash dividends paid was US$132 million.

Execution of share repurchase program

On September 3, 2020, Momo’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$300 million of its shares over the next 12 months. As of June 8, 2021, the Company has repurchased approximately 4.77 million ADSs for approximately US$65.5 million on the open market under this program, at an average purchase price of US$13.69 per ADS.

Business Outlook

For the second quarter of 2021, the Company expects total net revenues to be between RMB3.6 billion to RMB3.7 billion, representing a decrease of 6.9% to 4.3% year-over-year. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Note 1: Non-GAAP measures

To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”), we 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 (loss) from operations, net income (loss),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, June 8, 2021, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on June 8, 2021).

All participants must preregister online prior to the call to receive the dial-in details. Once preregistration has been complete, participants will receive dial-in numbers, direct event passcode, and a unique registrant ID.

PRE-REGISTER LINK http://apac.directeventreg.com/registration/event/4099268

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the passcode followed by your registrant ID, and you will join the conference instantly.

A telephone replay of the call will be available after the conclusion of the conference call through 9:00 a.m. U.S. Eastern Time, June 16, 2021. The dial-in details for the replay are as follows:

International:  

+61-2-8199-0299

U.S. Toll Free:

+1-855-452-5696

Passcode:

4099268

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

We are a leading player in China’s online social and entertainment space. Through Momo, Tantan and other properties within our product portfolio, we enable users to discover new relationships, expand their social connections and build meaningful interactions. Momo is a mobile application that connects people and facilitates social interactions based on location, interests and a variety of online recreational activities. Tantan, which was added into our family of applications through acquisition in May 2018, is a leading social and dating application. It is designed to help its users find and establish romantic connections as well as meet interesting people. We also operate a number of other applications to serve different social and entertainment demands from our users.

For investor and media inquiries, please contact:

Momo Inc.

Investor Relations
Phone: +86-10-5731-0538
Email: [email protected]  

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: [email protected]  

In US

Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]

Safe Harbor Statement

This news release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to our management quotes, our financial outlook for the second quarter of 2021, as well as the amount of, timing, methods and funding sources for repurchases of our shares under the share repurchase program.

Our forward-looking statements are not historical facts but instead represent only our belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and other circumstances may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. Announced results for the first quarter of 2021 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the second quarter of 2021 and may be unable to grow our business in the manner planned. We may also modify our strategy for growth.  Moreover, there are other risks and uncertainties that could cause our actual results to differ from what we currently anticipate, including those relating to our ability to retain and grow our user base, our ability to attract and retain sufficiently trained professionals to support our operations, our ability to anticipate and develop new services and enhance existing services to meet the demand of our users or customers, the impact of the COVID-19 pandemic on Momo’s business operations and the economy in China, the market price of Momo’s stock prevailing from time to time, the nature of other investment opportunities presented to Momo from time to time, Momo’s cash flows from operations, general economic conditions, and other factors.  For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations, and prospects, please see our filings with the U.S. Securities and Exchange Commission.          

All information provided in this press release and in the attachments is as of the date of the press release. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, after the date of this release, except as required by law. Such information speaks only as of the date of this release.

Momo Inc.

Unaudited Condensed Consolidated Statement of Operations

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





Three months


ended March 31



2020


2021


2021



RMB


RMB


US$


Net revenues:







Live video service

2,332,004


1,962,095


299,474


Value-added service

1,175,754


1,455,513


222,155


Mobile marketing

57,155


38,717


5,909


Mobile games

12,691


11,184


1,707


Other services

16,480


3,087


471


Total net revenues

3,594,084


3,470,596


529,716


Cost and expenses:







Cost of revenues

(1,876,916)


(1,938,245)


(295,834)


Research and development

(262,159)


(286,493)


(43,727)


Sales and marketing

(709,808)


(613,573)


(93,650)


General and administrative

(177,249)


(177,962)


(27,162)


Total cost and expenses

(3,026,132)


(3,016,273)


(460,373)


Other operating income

26,119


25,900


3,953


Income from operations

594,071


480,223


73,296


Interest income

130,823


96,694


14,758


Interest expense

(19,819)


(18,361)


(2,802)


Other gain or loss, net

(6,000)


(7,500)


(1,145)


Income before income tax and share of income on equity method
investments

699,075


551,056


84,107


Income tax expenses

(162,891)


(91,398)


(13,950)


Income before share of income on equity method investments

536,184


459,658


70,157


Share of income on equity method investments

1,527


1,261


192


Net income

537,711


460,919


70,349


Less: net loss attributable to non-controlling interest

(1,195)


(740)


(113)


Net income attributable to the shareholders of Momo Inc.

538,906


461,659


70,462


Net income per share attributable to ordinary shareholders







Basic

1.29


1.12


0.17


Diluted

1.23


1.07


0.16


Weighted average shares used in calculating net income per ordinary
share







Basic

417,294,242


411,968,817


411,968,817


Diluted

453,331,322


448,171,493


448,171,493


Momo Inc.

Unaudited Condensed Consolidated Statement of Comprehensive Income

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



Three months

ended March 31


2020


2021


2021


RMB


RMB


US$

Net income 

537,711


460,919


70,349

Other comprehensive loss, net of tax:






 Foreign currency translation adjustment

(867)


(3,802)


(580)

Comprehensive income 

536,844


457,117


69,769

Less: comprehensive (loss) income attributed to the non-
controlling interest

(5,569)


379


58

Comprehensive income attributable to Momo Inc.

542,413


456,738


69,711

Momo Inc.

Unaudited Condensed Consolidated Balance Sheets

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








December 31


March 31


March 31


2020


2021


2021

RMB

RMB


US$

Assets






Current assets






Cash and cash equivalents

3,363,942


3,490,405


532,740

Short-term deposits

7,566,250


7,913,468


1,207,831

Restricted cash

2,130


2,132


325

Accounts receivable, net of allowance for doubtful accounts of
RMB15,390 and RMB15,785 as of December 31, 2020 and March 31,
2021, respectively

200,831


208,110


31,764

Prepaid expenses and other current assets

613,696


697,656


106,483

Total current assets

11,746,849


12,311,771


1,879,143

Long-term deposits

5,550,000


5,550,000


847,095

Right-of-use assets, net

278,175


261,561


39,922

Property and equipment, net

265,765


248,147


37,875

Intangible assets, net

687,211


652,553


99,599

Rental deposits

21,794


20,435


3,119

Long-term investments

454,996


443,147


67,637

Other non-current assets

94,868


99,152


15,134

Deferred tax assets

32,495


33,102


5,052

Goodwill

4,088,403


4,105,104


626,561

Total assets

23,220,556


23,724,972


3,621,137

Liabilities and equity






Current liabilities






Accounts payable

699,394


698,947


106,680

Deferred revenue

511,617


511,734


78,106

Accrued expenses and other current liabilities

854,835


726,767


110,926

Amount due to related parties

19,462


12,307


1,878

Lease liabilities due within one year

132,793


134,612


20,546

Income tax payable

236,490


259,380


39,589

Dividends payable


865,049


132,032

Deferred consideration in connection with business acquisitions

62,149


46,113


7,038

Total current liabilities

2,516,740


3,254,909


496,795

Deferred tax liabilities

171,803


163,138


24,900

Convertible senior notes

4,658,966


4,681,825


714,586

Share-based compensation liability

875,616


879,213


134,194

Lease liabilities

136,436


124,985


19,076

Other non-current liabilities

25,666


41,760


6,374

Total liabilities

8,385,227


9,145,830


1,395,925

Shareholder’s equity (i)

14,835,329


14,579,142


2,225,212

Total liabilities and shareholder’s equity

23,220,556


23,724,972


3,621,137







(i): As of March 31, 2021, the number of ordinary shares outstanding was 412,260,535.





Momo Inc.

Unaudited Condensed Consolidated Statement of Cash Flows

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




Three months


ended March 31


2020


2021


2021


RMB


RMB


US$

Cash flows from operating activities:






Net income 

537,711


460,919


70,349

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






Depreciation of property and equipment

52,381


42,543


6,493

Amortization of intangible assets

39,882


36,953


5,640

Share-based compensation

168,527


145,257


22,170

Share of income on equity method investments

(1,527)


(1,261)


(192)

Loss on long-term investments

6,000


7,500


1,145

Gain on subsidiary deconsolidation

(6,676)



Loss on disposal of property and equipment


22


3

Provision of (income) losses on receivable and other assets

(654)


395


60

Cash received on investment income distribution

1,153



Changes in operating assets and liabilities:






Accounts receivable

(37,979)


(7,580)


(1,157)

Prepaid expenses and other current assets

1,162


(86,677)


(13,229)

Amount due from a related party

2,123



Rental deposits

(173)


1,359


207

Deferred tax assets

2,038


(607)


(93)

Other non-current assets

14,840


12,330


1,882

Accounts payable

(80,073)


(1,067)


(163)

Income tax payable

20,344


22,891


3,494

Deferred revenue

(21,023)


(379)


(58)

Accrued expenses and other current liabilities

(154,243)


(118,972)


(18,159)

Amount due to related parties

4,984


(7,156)


(1,092)

Deferred tax liability

(9,971)


(9,238)


(1,410)

Other non-current liabilities

4,670


4,360


665

Net cash provided by operating activities

543,496


501,592


76,555

Cash flows from investing activities:






Purchase of property and equipment

(38,167)


(25,183)


(3,844)

Payment for long-term investments

(4,500)



Purchase of short-term deposits

(3,300,000)


(910,000)


(138,893)

Cash received on maturity of short-term deposits

2,979,140


569,294


86,891

Payment for short-term investments

(10,000)



Cash received from sales of short-term investment

10,000



Cash received on investment income distribution


5,610


856

Other investing activities

(791)


3


Net cash used in investing activities

(364,318)


(360,276)


(54,990)

Cash flows from financing activities:






Deferred payment for business acquisition


(12,907)


(1,970)

Repurchase of ordinary shares


(3,079)


(470)

Repurchase of subsidiary’s share options


(2,781)


(424)

Net cash used in financing activities


(18,767)


(2,864)

Effect of exchange rate changes

7,293


3,916


601

Net increase in cash and cash equivalents 

186,471


126,465


19,302

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

2,612,743


3,366,072


513,763

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

2,799,214


3,492,537


533,065



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 March 31, 2020

ended March 31, 2021


ended March 31, 2021


GAAP

Amortization of
intangible assets f
rom business
acquisitions

Share-based
compensation

Tax
impacts

Non-GAAP


GAAP

Amortization of
intangible assets
from business
acquisitions 

Share-based
compensation

Tax
impacts

Non-GAAP


GAAP

Amortization of
intangible assets
from business
acquisitions

Share-based
compensation

Tax
impacts

Non-GAAP




(ii)





(ii)





(ii)


RMB

RMB

RMB

RMB

RMB

RMB

RMB

RMB

RMB

RMB

US$

US$

US$

US$

US$

Cost of revenues

(1,876,916)

18,645

6,969

(1,851,302)


(1,938,245)

17,311

3,724

(1,917,210)


(295,834)

2,642

568

(292,624)

Research and development

(262,159)

2,368

42,760

(217,031)


(286,493)

2,199

40,209

(244,085)


(43,727)

336

6,137

(37,254)

Sales and marketing

(709,808)

17,436

47,074

(645,298)


(613,573)

16,189

17,556

(579,828)


(93,650)

2,471

2,680

(88,499)

General and administrative

(177,249)

71,724

(105,525)


(177,962)

83,768

(94,194)


(27,162)

12,785

(14,377)

Cost and operating expenses

(3,026,132)

38,449

168,527

(2,819,156)


(3,016,273)

35,699

145,257

(2,835,317)


(460,373)

5,449

22,170

(432,754)

Income from operations

594,071

38,449

168,527

801,047


480,223

35,699

145,257

661,179


73,296

5,449

22,170

100,915

Net income attributable to Momo Inc.

538,906

38,449

168,527

(9,612)

736,270


461,659

35,699

145,257

(8,925)

633,690


70,462

5,449

22,170

(1,362)

96,719
















(ii) Includes tax impacts related to the amortization of intangible assets from business acquisition. 














Momo Inc.

Unaudited  Condensed Segment Report

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




Three months

  ended   March  31, 2021


Momo


Tantan


QOOL


Total


Total


RMB


RMB


RMB


RMB


US$

Net revenues:










Live video service

1,710,889


251,206



1,962,095


299,474

Value-added service

1,139,015


316,498



1,455,513


222,155

Mobile marketing

38,717




38,717


5,909

Mobile games

11,184




11,184


1,707

Other services

1,968



1,119


3,087


471

Total net revenues

2,901,773


567,704


1,119


3,470,596


529,716

Cost and expenses (iii):










Cost of revenues

(1,656,895)


(280,989)


(361)


(1,938,245)


(295,834)

Research and development

(205,330)


(81,163)



(286,493)


(43,727)

Sales and marketing

(326,829)


(286,710)


(34)


(613,573)


(93,650)

General and administrative

(159,451)


(14,121)


(4,390)


(177,962)


(27,162)

Total cost and expenses

(2,348,505)


(662,983)


(4,785)


(3,016,273)


(460,373)

Other operating income

19,961


5,938


1


25,900


3,953

Income (loss) from operations

573,229


(89,341)


(3,665)


480,223


73,296

Interest income

96,343


305


46


96,694


14,758

Interest expense

(18,361)




(18,361)


(2,802)

Other gain or loss, net

(7,500)




(7,500)


(1,145)

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

643,711


(89,036)


(3,619)


551,056


84,107

Income tax (expenses) benefits

(93,602)


2,204



(91,398)


(13,950)

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

550,109


(86,832)


(3,619)


459,658


70,157

Share of loss on equity method investments

1,261




1,261


192

Net income (loss)

551,370


(86,832)


(3,619)


460,919


70,349











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

















Three months


ended March 31, 2021


Momo


Tantan


QOOL


Total


Total


RMB


RMB


RMB


RMB


US$

Cost of revenues

2,325


1,399



3,724


568

Research and development

30,525


9,684



40,209


6,137

Sales and marketing

12,906


4,650



17,556


2,680

General and administrative

81,484


2,284



83,768


12,785

Total cost and expenses

127,240


18,017



145,257


22,170

Momo Inc.

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

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
































Three months


ended March 31, 2021


Momo


Tantan


QOOL


Total


Total


RMB


RMB


RMB


RMB


US$

Income (loss) from operations

573,229


(89,341)


(3,665)


480,223


73,296

Share-based compensation

127,240


18,017



145,257


22,170

Amortization of intangible assets from business
acquisitions


35,699



35,699


5,449

Non-GAAP income (loss) from operations

700,469


(35,625)


(3,665)


661,179


100,915











Net income (loss)

551,370


(86,832)


(3,619)


460,919


70,349

Share-based compensation

127,240


18,017



145,257


22,170

Amortization of intangible assets from business
acquisitions


35,699



35,699


5,449

Tax impacts


(8,925)



(8,925)


(1,362)

Non-GAAP net income (loss)

678,610


(42,041)


(3,619)


632,950


96,606

Momo Inc.

Unaudited Condensed Segment Report

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




Three months

ended March 31, 2020


Momo


Tantan


QOOL


Total


Total


RMB


RMB


RMB


RMB


US$[1]

Net revenues:










Live video service

2,325,945


6,059



2,332,004


329,342

Value-added service

800,103


375,651



1,175,754


166,049

Mobile marketing

57,155




57,155


8,072

Mobile games

12,691




12,691


1,792

Other services

6,195



10,285


16,480


2,327

Total net revenues

3,202,089


381,710


10,285


3,594,084


507,582

Cost and expenses (iv):










Cost of revenues

(1,736,517)


(132,278)


(8,121)


(1,876,916)


(265,071)

Research and development

(183,900)


(78,259)



(262,159)


(37,024)

Sales and marketing

(394,364)


(315,421)


(23)


(709,808)


(100,244)

General and administrative

(143,135)


(27,680)


(6,434)


(177,249)


(25,032)

Total cost and expenses

(2,457,916)


(553,638)


(14,578)


(3,026,132)


(427,371)

Other operating income

26,119




26,119


3,689

Income (loss) from operations

770,292


(171,928)


(4,293)


594,071


83,900

Interest income

129,278


1,472


73


130,823


18,476

Interest expense

(19,819)




(19,819)


(2,799)

Other gain or loss, net

(6,000)




(6,000)


(847)

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

873,751


(170,456)


(4,220)


699,075


98,730

Income tax (expenses) benefits

(168,212)


5,321



(162,891)


(23,005)

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

705,539


(165,135)


(4,220)


536,184


75,725

Share of loss on equity method investments

1,527




1,527


216

Net income (loss)

707,066


(165,135)


(4,220)


537,711


75,941











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


















Three months


ended March 31, 2020


Momo


Tantan


QOOL


Total


Total


RMB


RMB


RMB


RMB


US$

Cost of revenues

5,611


1,358



6,969


984

Research and development

26,802


15,958



42,760


6,039

Sales and marketing

45,441


1,633



47,074


6,648

General and administrative

54,984


14,121


2,619


71,724


10,129

Total cost and expenses

132,838


33,070


2,619


168,527


23,800











[1] All translations from RMB to U.S. dollars are made at a rate of RMB 7.0808 to US$1.00, the effective noon buying rate for March 31, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board.

Momo Inc.

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

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






















Three months


ended March 31, 2020


Momo


Tantan


QOOL


Total


Total


RMB


RMB


RMB


RMB


US$

Income (loss) from operations

770,292


(171,928)


(4,293)


594,071


83,900

Share-based compensation

132,838


33,070


2,619


168,527


23,800

Amortization of intangible assets from
business acquisitions


38,449



38,449


5,429

Non-GAAP income (loss) from
operations

903,130


(100,409)


(1,674)


801,047


113,129











Net income (loss)

707,066


(165,135)


(4,220)


537,711


75,941

Share-based compensation

132,838


33,070


2,619


168,527


23,800

Amortization of intangible assets from
business acquisitions


38,449



38,449


5,429

Tax impacts


(9,612)



(9,612)


(1,357)

Non-GAAP net income (loss)

839,904


(103,228)


(1,601)


735,075


103,813

SOURCE Momo Inc.

Related Links

http://ir.immomo.com/

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Rapport de Syntun sur les ventes des sites de commerce électronique lors du “618 Shopping Festival” en Chine : Le VMB de 578,5 milliards de yuans

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Selon le suivi des données de vente de Syntun, au cours de l’année 2021 Chine « 618 » (de 00h00 le 1er juin 2021 à 24h00 le 18 juin 2021), le VMB des principales plateformes de commerce électronique est de 578,5 milliards de RMB, en hausse de 26,5 % d’une année sur l’autre, la plateforme Tmall se classant au premier rang.

Dans le même temps, la diffusion en direct du commerce électronique et les nouveaux canaux de vente au détail ont enregistré de bons résultats au cours du « 618 », avec des ventes atteignant respectivement 64,5 milliards de RMB et 17,8 milliards de RMB. Chaque année, le “618″ est l’occasion pour de nombreux amateurs de shopping de faire de bonnes affaires, notamment pour l’électroménager, qui se classe au premier rang avec un chiffre d’affaires de 824 milliards de RMB, suivi de près par les communications mobiles, les vêtements et accessoires…

Pour plus de détails sur le « 618 », veuillez cliquer sur le lien : (PDF)

En tant que fournisseur professionnel de produits, services et solutions de big data dans le domaine de la consommation, Syntun fournit des données de commerce électronique mondial aux clients. En s’associant aux demandes de l’industrie, Syntun a développé divers produits d’application qui peuvent répondre aux problèmes rencontrés dans les processus de production, d’exploitation, de marketing et de gestion et aider les enseignes à prendre des décisions appropriées.

Liens connexes :

www.syntun.com

Contact :
Équipe de marketing de Syntun :
E-mail : [email protected]  
Tél. : +8610 5287 4212

Photo – https://mma.prnewswire.com/media/1537324/618_SHOPPING_FESTIVAL.jpg  
PDF – https://mma.prnewswire.com/media/1537060/618__PDF.pdf?p=original

Related Links

www.syntun.com

SOURCE Syntun Ltd.

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CGTN: Father’s Day: Three ‘treasures’ Xi Jinping gets from his father

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There are at least three characteristics that Xi has inherited from his father Xi Zhongxun (1913-2002), a leader of the Communist Party of China (CPC) and the state.

People-oriented philosophy

Many Chinese leaders started their careers from the grassroots, going through the difficulties ordinary people face and understanding the people’s needs, which lays a solid foundation for their practical and people-oriented approach in formulating national policies.

The people-oriented philosophy is one of the most important treasures Xi Jinping got from his father, who believed that officials and the masses are equal and they must always live among the people.

The father once told his boy: “No matter what your job title is, serve the people diligently, consider the interests of the people with all your heart, maintain close ties with the people, and always stay approachable to the people.”

Adhering to the path of “serving the people,” Xi Jinping visited China’s 14 contiguous areas of extreme poverty after becoming general secretary of the Communist Party of China (CPC) Central Committee in November 2012. He went to villages and households, and told communities that he is just “a servant of the people.”

During his domestic inspection tours, Xi Jinping always chatted with the locals, cared about their daily life and stressed the responsibilities of serving the people with other officials.

The Party has won the people’s wholehearted support because it has always served the people with heart and soul and striven for the well-being of all ethnic groups, Xi has said on many occasions.

Down-to-earth approach

Inheriting his father’s down-to-earth approach, Xi Jinping visited all the villages in Zhengding, Hebei Province during his tenure of county Party chief in the 1980s. Then in Ningde, Fujian, he visited nine counties within the first three months as secretary of the CPC Ningde Prefectural Committee, and traveled to most townships later on.

After he was transferred to east China’s Zhejiang Province in 2002, he visited all 90 counties in over a year. During his brief tenure in Shanghai in 2007, he visited all its 19 districts and counties in seven months.

The formulation of the country’s 14th Five-Year Plan (2021-2025) for Economic and Social Development and future targets for 2035 also reflected Xi Jinping’s adherence to investigation and research.

By convening and presiding over a number of symposiums, he listened to opinions and advices on the country’s economic and social development in the plan period from all walks of life.

Living a simple life

The Xi’s has a tradition of being strict with children and living a simple life. Xi Zhongxun believed if a senior Party official wanted to discipline others, he should begin first with himself and his family.

Xi Jinping and his younger brother used to wear clothes and shoes from their elder sisters. After Xi Jinping became a leading official, his mother called a family meeting to ban the siblings from engaging in business where Xi Jinping worked.

Xi Jinping has carried on his family’s tradition and been strict with his family members. Wherever he worked, he told them not to do business there or do anything in his name, or else he “would be ruthless.” Whether in Fujian, Zhejiang or Shanghai, he pledged at official meetings that no one was allowed to seek personal benefit using his name and welcomed supervision in this regard.

https://news.cgtn.com/news/2021-06-19/Father-s-Day-Three-treasures-Xi-Jinping-gets-from-his-father-11dOYnkTNYc/index.html

SOURCE CGTN

Related Links

www.cgtn.com

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Common Sense Launches “Campaign for America’s Children” to raise awareness about new child tax credit and other benefits for kids and families in President Biden’s American Rescue Plan

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SAN FRANCISCO, June 21, 2021 /PRNewswire/ — Today, Common Sense, the nation’s leading nonprofit advocacy organization that protects kids and families in the digital age, announced the launch of the Campaign for America’s Children, a $10 million public awareness initiative designed to ensure that lower- and middle-income families are aware of thousands of dollars in benefits for them made available through President Biden’s $1.9 trillion American Rescue Plan.

The Campaign for America’s Children will include paid media (example), grassroots outreach, and digital media campaigns, including support from athletes and influential figures in Hollywood, to make sure Americans know about the new benefits and how to access them. Initial efforts on the ground will begin in Arizona, California, Georgia, and West Virginia, with plans to expand as additional funds are raised.

Before the coronavirus pandemic, more than 10 million children, or 14% of kids living in the United States, were considered poor, according to recent child poverty statistics. Research clearly shows that children who live in poverty for any amount of time can suffer negative lifelong consequences, including lower earnings and educational attainment levels, and poorer health. The new campaign gives Common Sense and its supporters the best chance to ensure that as many eligible families as possible get the help they need following the economic impact of the pandemic.

The campaign is highlighting the American Rescue Plan that President Biden proposed to Congress and that was enacted in March, but it is particularly focused on the newly increased child tax credit, which will benefit nearly 90% of America’s children, according to the Center on Budget and Policy Priorities, and could cut child poverty nearly in half. Individuals who filed their 2019 or 2020 tax returns will start receiving direct monthly child tax credit payments from the IRS on or about July 15. But for millions of families that have yet to file their taxes, or who did not list a young dependent on their previous return, the campaign will serve as a reminder that it’s not too late to get up to $300/month per child deposited in their bank accounts or sent to them at home. In addition, families who enroll in the new child tax credit now can access thousands of dollars in COVID relief stimulus payments for them and their children that they might have missed if they did not file a tax return.

Common Sense will use a combination of paid media, digital campaigns, and direct outreach to encourage eligible families to learn about the American Rescue Plan benefits by visiting the campaign’s website (www.campaignforamericaschildren.com), where they can access the IRS’s newly created child tax credit portal and apply for advance child tax credit payments. The campaign site also provides information about other benefits funded in the American Rescue Plan and other recent legislation, such as funding for affordable high-speed internet and devices at home, child care, food assistance, and rental assistance.

“The American Rescue Plan is the most historic piece of legislation for America’s children and families in more than fifty years,” said Common Sense founder and CEO James P. Steyer. “Now that President Biden and Congress have made the financial commitment to support America’s families this year, we’re excited to work with the administration and other leaders and organizations across the country, many of whom have dedicated their life’s work to advocating on behalf of poor and underserved communities. In concert with other groups and individual advocates, we’re going to use every resource at our disposal to make sure these new benefits reach the families that need them most. And we are going to be very clear with the administration and Congress that families are counting on them to extend these benefits, and to make the new child tax credit permanent, so that the gains we make this year will not be lost.”

During the initial launch, Common Sense’s paid advertising campaign will feature a texting program, grassroots outreach and public service announcements distributed across cable and broadcast platforms. Additionally, the nonprofit is partnering with a number of groups who have direct contact with eligible families, including the NAACP, Educare early childhood centers, Code for America, the California Association of Food Banks, Sheltering Arms of Georgia, the Children’s Defense Fund ABC Coalition, the Economic Security Project, and other organizations that are leading the way to help lift underserved communities out of poverty.

The campaign also includes partnerships with dedicated celebrities, like Rosario Dawson and Alyssa Milano, Harrison Barnes of the Sacramento Kings, child tax credit champions U.S. Rep. Rosa DeLauro and U.S. Senator Cory Booker, and other influencers who will use their social media platforms to encourage their millions of followers to learn more about the economic boost provided by the American Rescue Plan.

After the July 4 holiday, the campaign will go into full swing over the next six months to help mobilize community outreach in targeted communities, such as in Phoenix and Atlanta. In partnership with Educare Arizona and Southwest Human Development, for example, Common Sense will help to ensure that lower-income families in early childhood education settings learn about the child tax credit and other benefits and get assistance enrolling if they need it. In Arizona, 215,000 children, or 13% of kids under the age of 18, are considered poor, according to fact sheets released by the White House to highlight the impact the further investments proposed by President Biden’s American Families Plan could have in the state.

The recently enacted American Rescue Plan Act is considered one of the most transformational pieces of domestic policy in generations for children and families in lower- and middle-income homes. The benefits extended by the American Rescue Plan and President Biden’s proposed American Family Plan will lift millions of children out of poverty, help schools to reopen, and close the digital divide for students and teachers at home. Common Sense was instrumental in securing American Rescue Plan bill funding to support broadband at home for K–12 students, and also was a strong voice on the historic increase in the child tax credit.

About Common Sense
Common Sense is the nation’s leading nonprofit organization dedicated to improving the lives of kids and families by providing the trustworthy information, education, and independent voice they need to thrive in the 21st century. Learn more at commonsense.org.

SOURCE Common Sense

Related Links

http://www.commonsense.org

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BCG’s Digital Acceleration Index (DAI) Study Finds That Digitally Mature Companies Saw Valuations of 23%, on Average, Above Precrisis Levels Within Six Months of the Pandemic’s Start

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The study included about 2,300 companies globally across ten industries. The DAI study found that the most digitally mature companies outperformed peers across nine performance indicators, including revenue growth, enterprise value, and the return on investment of digital projects. For these companies, the study found their strength comes from operating as a bionic company, meaning that they blend new technologies with human capabilities. In addition, bionic companies have a capability that we call human-tech augmentation—employees naturally and continually look for ways to integrate technology and data into their day-to-day work.

“The DAI helps companies assess their place on the digital maturity curve and build a roadmap for maximizing the potential of pairing humans and technology,” stated Michael Urban, the DAI lead for North America at Boston Consulting Group. “These findings show unequivocally that companies across sectors that leverage the power of human-tech augmentation to transform will outperform,” concluded Urban.

An Illustrative Example

The human-tech augmentation approach has three stages: manual work, automation, and optimization. A warehouse serves as an illustrative example:  

  1. Manual Work. Humans manage the warehouse and sort packages.  
  2. Automation. Humans manage the warehouse and robots are deployed to automate manual labor.  
  3. Optimization. Humans manage the warehouse and robots augment decision making.

Digital Maturity by Region and Industry

While US companies lag Asian companies in terms of digital maturity, the DAI scores of US companies are similar to those of companies in Europe. In the US, the most digitally mature industries include financial institutions, technology, and telecommunications, while energy, media and entertainment, and the public sector are the least digitally mature. The exhibit illustrates how each industry fares across regions.

The hallmarks of the most successful, bionic companies across regions include: 

  • Investing Significantly in Technology, Data, and Human Capabilities. Of the bionic companies in the DAI survey, 59% had more than 20% of their employees in digital roles in 2020.
  • Putting AI at the Core of the Digital Transformation. Of the bionic companies in the study, 54% plan to upskill more than 20% of their workforce in AI and machine learning.
  • Establishing Governance and Adopting a Platform Operating Model. Compared with laggards, twice as many bionic companies have established the roles of head of digital and chief data officer.
  • Connecting Technology and Human Capabilities. Bionic companies have a culture in which employees are empowered and expected to look for ways to integrate technology and data into their day-to-day work.

To learn more about the findings and how to become bionic, visit BCG.com.

For media inquiries, please contact Effy Faller at +1 312 868 2109 or [email protected].

About Boston Consulting Group
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.

Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.

SOURCE Boston Consulting Group (BCG)

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www.bcg.com

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