Momo Announces Unaudited Financial Results for the Fourth Quarter and Fiscal Year 2020

Rhea-AI Summary

Momo Inc. (NASDAQ: MOMO) reported its financial results for Q4 and full Year 2020. Q4 revenues fell by 19.0% year-over-year to RMB3,795.2 million (US$581.6 million), with net income down to RMB651.5 million (US$99.8 million) from RMB1,055.9 million in Q4 2019. For the full year, net revenues decreased by 11.7% to RMB15,024.2 million (US$2,302.6 million). Despite challenges, Momo announced a $0.64 special cash dividend per ADS, payable on April 30, 2021. The expected revenue for Q1 2021 ranges from RMB3.36 billion to RMB3.46 billion, reflecting a decline of 3.7% to 6.5% year-over-year.

Positive

• Declared a special cash dividend of $0.64 per ADS, totaling approximately $132 million.
• Cash and cash equivalents increased to RMB16,482.3 million (US$2,526.0 million) by December 31, 2020.

Negative

• Q4 net revenues decreased by 19.0% year-over-year.
• Full year net revenues decreased by 11.7% to RMB15,024.2 million (US$2,302.6 million).
• Q4 net income attributable to Momo Inc. decreased from RMB1,055.9 million to RMB651.5 million.
• Expected total net revenues for Q1 2021 reflect a decrease of 3.7% to 6.5% year-over-year.

BEIJING, March 25, 2021 /PRNewswire/ -- Momo Inc. (NASDAQ: MOMO) ("Momo" or the "Company"), a leading mobile social networking platform in China, today announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2020.

Fourth Quarter of 2020 Highlights

• Net revenues decreased by 19.0% year over year to RMB3,795.2 million (US$581.6 million*) in the fourth quarter of 2020.
• Net income attributable to Momo Inc. decreased to RMB651.5 million (US$99.8 million) in the fourth quarter of 2020 from RMB1,055.9 million in the same period of 2019.
• Non-GAAP net income attributable to Momo Inc. (note 1) decreased to RMB836.4 million (US$128.2 million) in the fourth quarter of 2020, from RMB1,252.5 million in the same period of 2019.
• Diluted net income per American Depositary Share ("ADS") was RMB2.98 (US$0.46) in the fourth quarter of 2020, compared to RMB4.74 in the same period of 2019.
• Non-GAAP diluted net income per ADS (note 1) was RMB3.80 (US$0.58) in the fourth quarter of 2020, compared to RMB5.61 in the same period of 2019.
• Monthly Active Users ("MAU") on Momo application were 113.8 million in December 2020, compared to 114.5 million in December 2019.
• Total paying users of our live video service and value-added service, without double counting the overlap and including 3.8 million paying users of Tantan Limited ("Tantan"), were 12.8 million for the fourth quarter of 2020, compared to 13.8 million for the fourth quarter of 2019, which included 4.5 million paying users of Tantan.

Full Year 2020 Highlights

• Net revenues decreased by 11.7% year over year to RMB15,024.2 million (US$2,302.6 million) for the full year of 2020.
• Net income attributable to Momo Inc. was RMB2,103.5 million (US$322.4 million) for the full year of 2020, compared with RMB2,970.9 million during the same period of 2019.
• Non-GAAP net income attributable to Momo Inc. (note 1) was RMB2,896.2 million (US$443.9 million) for the full year of 2020, compared with RMB4,493.3 million during the same period of 2019.
• Diluted net income per ADS was RMB9.65 (US$1.48) for the full year of 2020, compared with RMB13.52 during the same period of 2019.
• Non-GAAP diluted net income per ADS (note 1) was RMB13.16 (US$2.02) for the full year of 2020, compared with RMB20.26 during the same period of 2019.

* 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 RMB6.525 to US$1.00, the effective noon buying rate for December 31, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board.

"2020 was a tough year for us. I am proud that my teams were able to navigate through the many challenges with relentless focus on our core mission. Our commitment to the core mission enabled us to make difficult but right decision in the past year for the long term wellbeing of our company and our community," commented Li Wang, CEO of Momo. "After several months of hard work, we have started seeing positive trends in the content ecosystem as well as business of the core Momo. Getting through the bumpy journey last year was a valuable growth experience for our team. I am happy to see we have finally come out of the temporary drawbacks, stronger and better poised to seize the growth opportunities ahead of us."

Fourth Quarter of 2020 Financial Results

Net revenues

Total net revenues were RMB3,795.2 million (US$581.6 million) in the fourth quarter of 2020, a decrease of 19.0% from RMB4,687.9 million in the fourth quarter of 2019.

Live video service revenues were RMB2,327.9 million (US$356.8 million) in the fourth quarter of 2020, a decrease of 31.2% from RMB3,383.5 million during the same period of 2019. 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 and to a lesser extent, the impact of COVID-19 adversely affecting the sentiment of our paying users, especially among the top of the pyramid paying users. The decrease was partially offset by the growth from Tantan's live video service, and live video service revenues from Tantan were RMB404.3 million (US$62.0 million) in the fourth quarter of 2020.

Value-added service revenues mainly include virtual gift revenues and membership subscription revenues. Total value-added service revenues were RMB1,401.3 million (US$214.8 million) in the fourth quarter of 2020, an increase of 17.8% from RMB1,189.1 million during the same period of 2019. 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.

Mobile marketing revenues were RMB52.7 million (US$8.1 million) in the fourth quarter of 2020, a decrease of 43.4% from RMB93.0 million during the same period of 2019. The decrease in mobile marketing revenues was primarily caused by the decreased demand from our advertising and marketing customers as well as our strategy to underweight the line in terms of resource allocation.

Mobile games revenues were RMB7.3 million (US$1.1 million) in the fourth quarter of 2020, a decrease of 49.1% from RMB14.4 million in the fourth quarter of 2019. 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 RMB4,317.3 million in the fourth quarter of 2019 to RMB3,051.3 million (US$467.6 million) in the fourth quarter of 2020, 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 RMB369.8 million in the fourth quarter of 2019 to RMB740.5 million (US$113.5 million) in the fourth quarter of 2020, which was mainly due to the increase in net revenues from live video service.

Cost and expenses

Cost and expenses were RMB3,290.0 million (US$504.2 million) in the fourth quarter of 2020, a decrease of 8.1% from RMB3,581.1 million in the fourth quarter of 2019. The decrease was primarily attributable to: (a) a decrease in revenue sharing with broadcasters related to our live video service; (b) a decrease in professional fees related to technological service and bandwidth costs; (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.

Non-GAAP cost and expenses (note 1) were RMB3,095.9 million (US$474.5 million) in the fourth quarter of 2020, a decrease of 8.3% from RMB3,374.9 million during the same period of 2019.

Other operating income

Other operating income was RMB88.4 million (US$13.5 million) in the fourth quarter of 2020, a decrease from RMB142.6 million during the fourth quarter of 2019. The other operating income mainly consisted of government incentives.

Income from operations

Income from operations was RMB593.6 million (US$91.0 million) in the fourth quarter of 2020, compared to RMB1,249.4 million during the same period of 2019. Income from operations of the Momo segment was RMB650.9 million (US$99.8 million) in the fourth quarter of 2020, which decreased from RMB1,458.5 million in the fourth quarter of 2019. Loss from operations of the Tantan segment was RMB53.1 million (US$8.1 million) in the fourth quarter of 2020, compared to loss from operations of RMB202.7 million in the fourth quarter of 2019.

Non-GAAP income from operations (note 1) was RMB787.7 million (US$120.7 million) in the fourth quarter of 2020, compared to RMB1,455.7 million during the same period of 2019. Non-GAAP income from operations of the Momo segment was RMB791.8 million (US$121.4 million) in the fourth quarter of 2020, which decreased from RMB1,593.9 million in the fourth quarter of 2019. Non-GAAP loss from operations of the Tantan segment was RMB2.3 million (US$0.4 million) in the fourth quarter of 2020, compared to non-GAAP loss from operations of RMB135.0 million in the fourth quarter of 2019.

Income tax expenses

Income tax expenses were RMB5.5 million (US$0.8 million) in the fourth quarter of 2020, decreasing from RMB253.7 million in the fourth quarter of 2019. The decrease in income tax expenses was mainly due to (a) the preferential tax rate adjustment from 12.5% to 10.0% for one of our major profit generating entities, due to the approval in 2020 of the Key Software Enterprise application for the income tax of the fiscal year of 2019; and (b) the lower profit in the fourth quarter of 2020.

Net income

Net income was RMB651.1 million (US$99.8 million) in the fourth quarter of 2020, compared to RMB1,052.3 million during the same period of 2019. Net income from the Momo segment was RMB705.8 million (US$108.2 million) in the fourth quarter of 2020, which decreased from RMB1,246.9 million in the fourth quarter of 2019. Net loss from the Tantan segment was RMB50.5 million (US$7.7 million) in the fourth quarter of 2020, compared to net loss of RMB188.2 million in the fourth quarter of 2019.

Non-GAAP net income (note 1) was RMB836.1 million (US$128.1 million) in the fourth quarter of 2020, compared to RMB1,248.9 million during the same period of 2019. Non-GAAP net income from the Momo segment was RMB846.7 million (US$129.8 million) in the fourth quarter of 2020, which decreased from RMB1,382.3 million in the fourth quarter of 2019. Non-GAAP net loss of the Tantan segment was RMB8.8 million (US$1.4 million) in the fourth quarter of 2020, compared to non-GAAP net loss of RMB130.2 million in the fourth quarter of 2019.

Net income attributable to Momo Inc.

Net income attributable to Momo Inc. was RMB651.5 million (US$99.8 million) in the fourth quarter of 2020, compared to RMB1,055.9 million during the same period of 2019.

Non-GAAP net income (note 1) attributable to Momo Inc. was RMB836.4 million (US$128.2 million) in the fourth quarter of 2020, compared to RMB1,252.5 million during the same period of 2019.

Net income per ADS

Diluted net income per ADS was RMB2.98 (US$0.46) in the fourth quarter of 2020, compared to RMB4.74 in the fourth quarter of 2019.

Non-GAAP diluted net income per ADS (note 1) was RMB3.80 (US$0.58) in the fourth quarter of 2020, compared to RMB5.61 in the fourth quarter of 2019.

Cash and cash flow

As of December 31, 2020, Momo's cash, cash equivalents, short-term deposits, long-term deposits and restricted cash totaled RMB16,482.3 million (US$2,526.0 million), compared to RMB15,225.3 million as of December 31, 2019. Net cash provided by operating activities in the fourth quarter of 2020 was RMB1,039.1 million (US$159.2 million), compared to RMB1,675.1 million in the fourth quarter of 2019.

Full Year 2020 Financial Results

Net revenues for the full year of 2020 were RMB15,024.2 million (US$2,302.6 million), a decrease of 11.7% from RMB17,015.1 million in the same period of 2019.

Net income attributable to Momo Inc. was RMB2,103.5 million (US$322.4 million) for the full year of 2020, compared to RMB2,970.9 million during the same period of 2019.

Non-GAAP net income attributable to Momo Inc. (note 1) was RMB2,896.2 million (US$443.9 million) for the full year of 2020, compared to RMB4,493.3 million during the same period of 2019.

Diluted net income per ADS was RMB9.65 (US$1.48) during the full year of 2020, compared to RMB13.52 in the same period of 2019.

Non-GAAP diluted net income per ADS (note 1) was RMB13.16 (US$2.02) during the full year of 2020, compared to RMB20.26 in the same period of 2019.

Net cash provided by operating activities was RMB3,080.9 million (US$472.2 million) during the full year of 2020, compared to RMB5,448.9 million in the same period of 2019.

Recent Developments

Declaration of a special cash dividend

Momo's board of directors has declared a special cash dividend in the amount of US$0.64 per ADS, or US$0.32 per ordinary share. The cash dividend will be paid on April 30, 2021 to shareholders of record at the close of business on April 13, 2021. The ex-dividend date will be April 12, 2021. The aggregate amount of cash dividends to be paid is approximately US$132 million, which will be funded by surplus cash on the Company's balance sheet.

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 March 24, 2021, the Company has repurchased approximately 3.61 million ADSs for approximately US$49.2 million on the open market under this program, at an average purchase price of US$13.63 per ADS.

Resignation of Chief Technology Officer

Mr. Chunlai Wang will resign from the Company's Chief Technology Officer position for personal reasons, effective April 30, 2021, and he will continue to serve as an advisor to the Company. The Company is grateful to Mr. Chunlai Wang for his valuable contributions over the past nine years.

Business Outlook

For the first quarter of 2021, the Company expects total net revenues to be between RMB3.36 billion to RMB3.46 billion, representing a decrease of 6.5% to 3.7% year-over-year. This forecast considers the potential impact of the COVID-19 pandemic and reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change, particularly with respect to the potential lasting impact of COVID-19 on the economy in China.

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 Thursday, March 25, 2021, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on March 25, 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/2751618

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 8:00 a.m. U.S. Eastern Time, April 1, 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:	2751618

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 interactions based on location, interests and a variety of recreational activities including live talent shows, short videos, social games as well as other video- and audio-based interactive experiences, such as live chats and mobile karaoke experience. Tantan, which was added into our family of applications through acquisition in May 2018, is a leading social and dating application for the younger generation. Tantan 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. Eric Yuan
Phone: +86-10-5900-1548
E-mail: Eyuan@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, our financial outlook for the first 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 fourth quarter of 2020 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the first 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							Year
	Ended December 31							ended December 31
	2019		2020		2020				2019		2020		2020
	RMB		RMB		US$				RMB		RMB		US$
Net revenues:
Live video service	3,383,477		2,327,875		356,762				12,448,131		9,637,579		1,477,024
Value-added service	1,189,114		1,401,269		214,754				4,105,963		5,112,182		783,476
Mobile marketing	92,991		52,663		8,071				331,822		198,197		30,375
Mobile games	14,418		7,334		1,124				92,451		39,564		6,063
Other services	7,898		6,060		929				36,722		36,666		5,620
Total net revenues	4,687,898		3,795,201		581,640				17,015,089		15,024,188		2,302,558
Cost and expenses:
Cost of revenues	(2,351,309)		(2,042,781)		(313,070)				(8,492,096)		(7,976,781)		(1,222,495)
Research and development	(292,188)		(327,295)		(50,160)				(1,095,031)		(1,167,677)		(178,954)
Sales and marketing	(725,029)		(697,722)		(106,931)				(2,690,824)		(2,813,922)		(431,252)
General and administrative	(212,603)		(222,191)		(34,052)				(1,527,282)		(763,150)		(116,958)
Total cost and expenses	(3,581,129)		(3,289,989)		(504,213)				(13,805,233)		(12,721,530)		(1,949,659)
Other operating income	142,646		88,385		13,546				344,843		228,777		35,062
Income from operations	1,249,415		593,597		90,973				3,554,699		2,531,435		387,961
Interest income	108,205		100,880		15,461				407,542		444,471		68,118
Interest expense	(20,190)		(19,047)		(2,919)				(78,611)		(78,872)		(12,088)
Other gain or loss, net	-		7,500		1,149				(15,711)		1,500		230
Income before income tax    and share of income on    equity method    investments	1,337,430		682,930		104,664				3,867,919		2,898,534		444,221
Income tax expenses	(253,704)		(5,481)		(840)				(883,801)		(755,620)		(115,804)
Income before share of    income on equity method    investments	1,083,726		677,449		103,824				2,984,118		2,142,914		328,417
Share of loss on equity    method investments	(31,406)		(26,319)		(4,034)				(23,350)		(42,522)		(6,517)
Net income	1,052,320		651,130		99,790				2,960,768		2,100,392		321,900
Less: net loss attributable to    non-controlling interest	(3,579)		(320)		(49)				(10,122)		(3,092)		(474)
Net income attributable to    the shareholders of    Momo Inc.	1,055,899		651,450		99,839				2,970,890		2,103,484		322,374
Net income per share    attributable to ordinary    shareholders
Basic	2.53		1.57		0.24				7.15		5.05		0.77
Diluted	2.37		1.49		0.23				6.76		4.83		0.74
Weighted average shares    used in calculating net    income per ordinary share
Basic	416,878,784		414,839,350		414,839,350				415,316,627		416,914,898		416,914,898
Diluted	453,937,852		449,683,596		449,683,596				451,206,091		452,081,642		452,081,642

 

 

Momo Inc.
Unaudited Condensed Consolidated Statement of Comprehensive Income
(All amounts in thousands, except share and per share data)
	Three months									Year
	ended December 31									ended December 31
	2019		2020			2020				2019		2020				2020
	RMB		RMB			US$				RMB		RMB				US$
Net income	1,052,320		651,130			99,790				2,960,768		2,100,392				321,900
Other comprehensive loss, net of    tax
Foreign currency translation    adjustment	(39,524)		(69,010)			(10,576)				(8,835)		(141,677)				(21,713)
Comprehensive income	1,012,796		582,120			89,214				2,951,933		1,958,715				300,187
Less: comprehensive loss     attributed to the non-controlling    interest	(8,637)		(9,059)			(1,388)				(8,081)		(26,004)				(3,985)
Comprehensive income    attributable to Momo Inc.	1,021,433		591,179			90,602				2,960,014		1,984,719				304,172

 

 

Momo Inc.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands, except share and per share data)
	December 31		December 31		December 31
	2019		2020		2020
	RMB		RMB		US$
Assets
Current assets
Cash and cash equivalents	2,612,743		3,363,942		515,547
Short-term deposits	12,312,585		7,566,250		1,159,579
Restricted cash	-		2,130		326
Accounts receivable, net of allowance for doubtful accounts of RMB12,209 and    RMB15,390 as of December 31, 2019 and 2020, respectively	265,155		200,831		30,779
Amount due from a related party	4,382		-		-
Prepaid expenses and other current assets	599,000		613,696		94,053
Total current assets	15,793,865		11,746,849		1,800,284
Long-term deposits	300,000		5,550,000		850,575
Right-of-use assets, net	190,552		278,175		42,632
Property and equipment, net	346,345		265,765		40,730
Intangible assets	890,303		687,211		105,320
Rental deposits	25,028		21,794		3,340
Long-term investments	495,905		454,996		69,731
Other non-current assets	44,009		94,868		14,539
Deferred tax assets	37,064		32,495		4,980
Goodwill	4,360,610		4,088,403		626,575
Total assets	22,483,681		23,220,556		3,558,706
Liabilities and equity
Current liabilities
Accounts payable	714,323		699,394		107,186
Deferred revenue	503,461		511,617		78,409
Accrued expenses and other current liabilities	985,873		854,835		131,009
Amount due to related parties	29,606		19,462		2,983
Lease liabilities due within one year	135,169		132,793		20,351
Income tax payable	153,976		236,490		36,244
Deferred consideration in connection with business acquisitions	84,346		62,149		9,525
Total current liabilities	2,606,754		2,516,740		385,707
Deferred tax liabilities	222,576		171,803		26,330
Convertible senior notes	4,954,352		4,658,966		714,018
Share-based compensation liability	902,047		875,616		134,194
Lease liabilities	56,498		136,436		20,910
Other non-current liabilities	22,672		25,666		3,933
Total liabilities	8,764,899		8,385,227		1,285,092
Shareholder's equity (i)	13,718,782		14,835,329		2,273,614
Total liabilities and shareholder's equity	22,483,681		23,220,556		3,558,706
(i): As of December 31, 2020, the number of ordinary shares outstanding was 411,981,508.

 

 

Momo Inc.
Unaudited Condensed Consolidated Statement of Cash Flows
(All amounts in thousands, except share and per share data)
	Three months						Year
	ended December 31						ended December 31
	2019		2020		2020		2019		2020		2020
	RMB		RMB		US$		RMB		RMB		US$
Cash flows from operating activities:
Net income	1,052,320		651,130		99,790		2,960,768		2,100,392		321,900
Adjustments to reconcile net income to net cash provided by o perating activities:
Depreciation of property and equipment	51,385		55,375		8,487		198,237		208,990		32,029
Amortization of intangible assets	40,239		37,741		5,784		157,954		157,258		24,101
Share-based compensation	167,458		157,584		24,151		1,408,232		678,686		104,013
Share of loss on equity method investments	31,406		26,319		4,034		23,350		42,522		6,517
Gain or loss on long-term investments	-		(7,500)		(1,149)		15,711		(1,500)		(230)
Gain on subsidiary deconsolidation	-		-		-		-		(6,676)		(1,023)
Loss (gain) on disposal of property and equipment	-		3		-		(398)		(282)		(43)
Provision of losses on receivable and other assets	-		19,663		3,013		12,209		46,075		7,061
Cash received on investment income distribution	-		-		-		-		1,153		177
Changes in operating assets and liabilities:
Accounts receivable	110,340		34,533		5,292		442,176		52,247		8,007
Prepaid expenses and other current assets	49,554		104,636		16,036		26,372		(59,117)		(9,060)
Amount due from a related party	(2,776)		-		-		(4,382)		4,382		672
Rental deposits	(474)		(4,372)		(670)		(836)		(4,265)		(654)
Deferred tax assets	(2,582)		1,535		235		20,722		4,569		700
Other non-current assets	(3,411)		(166,665)		(25,543)		(24,022)		(138,484)		(21,224)
Accounts payable	98,021		66,948		10,260		52,246		(11,716)		(1,796)
Income tax payable	39,938		(95,341)		(14,612)		16,886		82,514		12,646
Deferred revenue	6,852		24,740		3,792		61,641		8,910		1,366
Accrued expenses and other current liabilities	75,791		41,048		6,291		212,349		(120,363)		(18,446)
Amount due to related parties	235		(12,406)		(1,901)		(53,032)		(10,144)		(1,555)
Deferred tax liability	(10,060)		(9,435)		(1,446)		(45,382)		(39,315)		(6,025)
Other non-current liabilities	(29,153)		113,553		17,403		(31,915)		85,053		13,035
Net cash provided by operating activities	1,675,083		1,039,089		159,247		5,448,886		3,080,889		472,168
Cash flows from investing activities:
Purchase of property and equipment	(32,109)		(16,095)		(2,467)		(186,522)		(124,143)		(19,026)
Proceeds from disposal of property and equipment	4		2		-		808		476		73
Payment for long-term investments	(21,500)		(9,000)		(1,379)		(64,500)		(13,500)		(2,069)
Prepayment of long-term investments	-		-		-		(15,000)		-		-
Cash dividend received	-		-		-		-		233		36
Cash outflow due to subsidiary deconsolidation	-		-		-		-		(1,026)		(157)
Purchase of short-term deposits	(7,650,000)		(3,654,500)		(560,077)		(22,151,135)		(14,949,665)		(2,291,136)
Cash received on maturity of short-term deposits	6,036,000		3,954,500		606,054		18,686,430		19,577,159		3,000,331
Payment for short-term investments	(80,000)		-		-		(360,000)		(10,000)		(1,533)
Cash received from sales of short-term investment	120,000		-		-		360,000		10,000		1,533
Cash received from sales of long term investment	-		12,000		1,839		-		12,000		1,839
Purchase of long-term deposits	(300,000)		(900,000)		(137,931)		(300,000)		(5,250,000)		(804,598)
Net cash used in investing activities	(1,927,605)		(613,093)		(93,961)		(4,029,919)		(748,466)		(114,707)
Cash flows from financing activities:
Deferred payment for business acquisition	-		-		-		(379,507)		(18,355)		(2,813)
Proceeds from exercise of share options	1		171		26		187		226		35
Deferred payment of purchase of property and equipment	(127)		-		-		(17,114)		-		-
Repurchase of ordinary shares	-		(197,799)		(30,314)		-		(330,206)		(50,606)
Repurchase of subsidiary's share options	-		(932)		(143)		-		(25,832)		(3,959)
Dividends payment	-		-		-		(877,346)		(1,123,983)		(172,258)
Net cash used in financing activities	(126)		(198,560)		(30,431)		(1,273,780)		(1,498,150)		(229,601)
Effect of exchange rate changes	(5,532)		(37,770)		(5,788)		(478)		(80,944)		(12,407)
Net (decrease) increase in cash and cash equivalents	(258,180)		189,666		29,067		144,709		753,329		115,453
Cash and cash equivalents at the beginning of period	2,870,923		3,176,406		486,806		2,468,034		2,612,743		400,420
Cash, cash equivalent and restricted cash at the end of    period	2,612,743		3,366,072		515,873		2,612,743		3,366,072		515,873

 

 

Momo Inc.
Reconciliation of Non-GAAP financial measures to comparable GAAP measures
(All amounts in thousands, except per share data)
1.			Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income to comparable GAAP measures.
			Three months								Three months							Three months
			ended December 31, 2019								ended December 31, 2020							ended December 31, 2020
			GAAP RMB		Amortization of intangible assets from business acquisitions RMB	Share- based compensation RMB	Tax impacts (ii) RMB	Non-GAAP RMB			GAAP RMB	Amortization of intangible assets from business acquisitions RMB	Share- based compensation RMB	Tax impacts (ii) RMB	Non-GAAP RMB			GAAP US$	Amortization of intangible assets from business acquisitions US$			Share- based compensation US$			Tax impacts (ii) US$	Non-GAAP US$
Cost of revenues			(2,351,309)		18,818	7,601	-	(2,324,890)			(2,042,781)	17,694	4,242	-	(2,020,845)			(313,070)	2,712			650			-	(309,708)
Research and    development			(292,188)		2,390	45,455	-	(244,343)			(327,295)	2,247	38,515	-	(286,533)			(50,160)	344			5,903			-	(43,913)
Sales and marketing			(725,029)		17,598	53,466	-	(653,965)			(697,722)	16,547	27,122	-	(654,053)			(106,931)	2,536			4,157			-	(100,238)
General and    administrative			(212,603)		-	60,936	-	(151,667)			(222,191)	-	87,705	-	(134,486)			(34,052)	-			13,441			-	(20,611)
Cost and operating    expenses			(3,581,129)		38,806	167,458	-	(3,374,865)			(3,289,989)	36,488	157,584	-	(3,095,917)			(504,213)	5,592			24,151			-	(474,470)
Income from    operations			1,249,415		38,806	167,458	-	1,455,679			593,597	36,488	157,584	-	787,669			90,973	5,592			24,151			-	120,716
Net income    attributable to    Momo Inc.			1,055,899		38,806	167,458	(9,701)	1,252,462			651,450	36,488	157,584	(9,122)	836,400			99,839	5,592			24,151			(1,398)	128,184

 

 

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-continued.
			Year								Year							Year
			ended December 31, 2019								ended December 31, 2020							ended December 31, 2020
			GAAP RMB		Amortization of intangible assets from business acquisitions RMB	Share- based compensation RMB	Tax impacts (ii) RMB	Non-GAAP RMB			GAAP RMB	Amortization of intangible assets from business acquisitions RMB	Share- based compensation RMB	Tax impacts (ii) RMB	Non-GAAP RMB			GAAP US$	Amortization of intangible assets from business acquisitions US$			Share- based compensation US$			Tax impacts (ii) US$	Non-GAAP US$
Cost of revenues			(8,492,096)		73,817	23,972	-	(8,394,307)			(7,976,781)	73,740	18,449	-	(7,884,592)			(1,222,495)	11,301			2,827			-	(1,208,367)
Research and    development			(1,095,031)		9,375	175,053	-	(910,603)			(1,167,677)	9,365	175,870	-	(982,442)			(178,954)	1,435			26,953			-	(150,566)
Sales and marketing			(2,690,824)		69,031	196,311	-	(2,425,482)			(2,813,922)	68,960	158,902	-	(2,586,060)			(431,252)	10,569			24,353			-	(396,330)
General and    administrative			(1,527,282)		-	1,012,896	-	(514,386)			(763,150)	-	325,465	-	(437,685)			(116,958)	-			49,880			-	(67,078)
Cost and operating    expenses			(13,805,233)		152,223	1,408,232	-	(12,244,778)			(12,721,530)	152,065	678,686	-	(11,890,779)			(1,949,659)	23,305			104,013			-	(1,822,341)
Income from    operations			3,554,699		152,223	1,408,232	-	5,115,154			2,531,435	152,065	678,686	-	3,362,186			387,961	23,305			104,013			-	515,279
Net income    attributable to    Momo Inc.			2,970,890		152,223	1,408,232	(38,056)	4,493,289			2,103,484	152,065	678,686	(38,016)	2,896,219			322,374	23,305			104,013			(5,826)	443,866
(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  December 31, 2020
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Net revenues:
Live video service	1,923,544		404,331		-		2,327,875		356,762
Value-added service	1,065,062		336,207		-		1,401,269		214,754
Mobile marketing	52,663		-		-		52,663		8,071
Mobile games	7,334		-		-		7,334		1,124
Other services	2,743		-		3,317		6,060		929
Total net revenues	3,051,346		740,538		3,317		3,795,201		581,640
Cost and expenses (iii):
Cost of revenues	(1,676,071)		(365,350)		(1,360)		(2,042,781)		(313,070)
Research and development	(243,555)		(83,740)		-		(327,295)		(50,160)
Sales and marketing	(361,115)		(336,558)		(49)		(697,722)		(106,931)
General and administrative	(202,831)		(11,891)		(7,469)		(222,191)		(34,052)
Total cost and expenses	(2,483,572)		(797,539)		(8,878)		(3,289,989)		(504,213)
Other operating income	83,110		3,945		1,330		88,385		13,546
Income (loss) from operations	650,884		(53,056)		(4,231)		593,597		90,973
Interest income	100,347		486		47		100,880		15,461
Interest expense	(19,047)		-		-		(19,047)		(2,919)
Other gain or loss, net	7,500		-		-		7,500		1,149
Income (loss) before income tax and    share of income on equity method    investments	739,684		(52,570)		(4,184)		682,930		104,664
Income tax (expenses) benefits	(7,565)		2,084		-		(5,481)		(840)
Income (loss) before share of income    on equity method investments	732,119		(50,486)		(4,184)		677,449		103,824
Share of loss on equity method    investments	(26,319)		-		-		(26,319)		(4,034)
Net income (loss)	705,800		(50,486)		(4,184)		651,130		99,790
(iii) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
	Three months
	ended December 31, 2020
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Cost of revenues	2,844		1,398		-		4,242		650
Research and development	31,946		6,569		-		38,515		5,903
Sales and marketing	21,452		5,670		-		27,122		4,157
General and administrative	84,706		644		2,355		87,705		13,441
Total cost and expenses	140,948		14,281		2,355		157,584		24,151

 

 

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 December 31, 2020
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Income (loss) from operations	650,884		(53,056)		(4,231)		593,597		90,973
Share-based compensation	140,948		14,281		2,355		157,584		24,151
Amortization of intangible assets from business    acquisitions	-		36,488		-		36,488		5,592
Non-GAAP income (loss) from operations	791,832		(2,287)		(1,876)		787,669		120,716
Net income (loss)	705,800		(50,486)		(4,184)		651,130		99,790
Share-based compensation	140,948		14,281		2,355		157,584		24,151
Amortization of intangible assets from business    acquisitions	-		36,488		-		36,488		5,592
Tax impacts	-		(9,122)		-		(9,122)		(1,398)
Non-GAAP net income (loss)	846,748		(8,839)		(1,829)		836,080		128,135

 

 

Momo Inc.
Unaudited Condensed Segment Report
(All amounts in thousands, except share and per share data)
	Three months
	ended December 31, 2019
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$[1]
Net revenues:
Live video service	3,383,477		-		-		3,383,477		486,006
Value-added service	819,325		369,789		-		1,189,114		170,806
Mobile marketing	92,991		-		-		92,991		13,357
Mobile games	14,418		-		-		14,418		2,071
Other services	7,111		-		787		7,898		1,134
Total net revenues	4,317,322		369,789		787		4,687,898		673,374
Cost and expenses (iv):
Cost of revenues	(2,222,912)		(127,748)		(649)		(2,351,309)		(337,744)
Research and development	(205,793)		(86,395)		-		(292,188)		(41,970)
Sales and marketing	(379,940)		(345,089)		-		(725,029)		(104,144)
General and administrative	(192,789)		(13,275)		(6,539)		(212,603)		(30,539)
Total cost and expenses	(3,001,434)		(572,507)		(7,188)		(3,581,129)		(514,397)
Other operating income	142,613		-		33		142,646		20,490
Income (loss) from operations	1,458,501		(202,718)		(6,368)		1,249,415		179,467
Interest income	105,947		2,197		61		108,205		15,543
Interest expense	(20,190)		-		-		(20,190)		(2,900)
Income (loss) before income tax and    share of income on equity method    investments	1,544,258		(200,521)		(6,307)		1,337,430		192,110
Income tax (expenses) benefits	(265,981)		12,277		-		(253,704)		(36,442)
Income (loss) before share of income    on equity method investments	1,278,277		(188,244)		(6,307)		1,083,726		155,668
Share of loss on equity method    investments	(31,406)		-		-		(31,406)		(4,511)
Net income (loss)	1,246,871		(188,244)		(6,307)		1,052,320		151,157
(iv) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
	Three months
	ended December 31, 2019
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Cost of revenues	6,000		1,601		-		7,601		1,092
Research and development	26,980		18,475		-		45,455		6,529
Sales and marketing	45,971		7,495		-		53,466		7,680
General and administrative	56,467		1,384		3,085		60,936		8,753
Total cost and expenses	135,418		28,955		3,085		167,458		24,054
[1] All translations from RMB to U.S. dollars are made at a rate of RMB 6.9618 to US$1.00, the effective noon buying rate for December 31, 2019 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 December 31, 2019
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Income (loss) from operations	1,458,501		(202,718)		(6,368)		1,249,415		179,467
Share-based compensation	135,418		28,955		3,085		167,458		24,054
Amortization of intangible assets from business     acquisitions	-		38,806		-		38,806		5,574
Non-GAAP income (loss) from operations	1,593,919		(134,957)		(3,283)		1,455,679		209,095
Net income (loss)	1,246,871		(188,244)		(6,307)		1,052,320		151,157
Share-based compensation	135,418		28,955		3,085		167,458		24,054
Amortization of intangible assets from business    acquisitions	-		38,806		-		38,806		5,574
Tax impacts	-		(9,701)		-		(9,701)		(1,394)
Non-GAAP net income (loss)	1,382,289		(130,184)		(3,222)		1,248,883		179,391

 

 

Momo Inc.
Unaudited Condensed Segment Report
(All amounts in thousands, except share and per share data)
	Year
	ended December 31, 2020
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Net revenues:
Live video service	8,638,810		998,769		-		9,637,579		1,477,024
Value-added service	3,742,637		1,369,545		-		5,112,182		783,476
Mobile marketing	198,197		-		-		198,197		30,375
Mobile games	39,564		-		-		39,564		6,063
Other services	11,911		-		24,755		36,666		5,620
Total net revenues	12,631,119		2,368,314		24,755		15,024,188		2,302,558
Cost and expenses (v):
Cost of revenues	(6,865,836)		(1,088,816)		(22,129)		(7,976,781)		(1,222,495)
Research and development	(844,826)		(322,851)				(1,167,677)		(178,954)
Sales and marketing	(1,454,123)		(1,359,709)		(90)		(2,813,922)		(431,252)
General and administrative	(664,458)		(73,019)		(25,673)		(763,150)		(116,958)
Total cost and expenses	(9,829,243)		(2,844,395)		(47,892)		(12,721,530)		(1,949,659)
Other operating income	223,312		3,945		1,520		228,777		35,062
Income (loss) from operations	3,025,188		(472,136)		(21,617)		2,531,435		387,961
Interest income	440,878		3,353		240		444,471		68,118
Interest expense	(78,872)		-		-		(78,872)		(12,088)
Other gain or loss, net	1,500		-		-		1,500		230
Income (loss) before income tax    and share of income on equity    method investments	3,388,694		(468,783)		(21,377)		2,898,534		444,221
Income tax (expenses) benefits	(770,333)		14,713		-		(755,620)		(115,804)
Income (loss) before share of    income on equity method    investments	2,618,361		(454,070)		(21,377)		2,142,914		328,417
Share of loss on equity method    investments	(42,522)		-		-		(42,522)		(6,517)
Net income (loss)	2,575,839		(454,070)		(21,377)		2,100,392		321,900
(v) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
	Year
	ended December 31, 2020
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Cost of revenues	15,189		3,260		-		18,449		2,827
Research and development	127,714		48,156		-		175,870		26,953
Sales and marketing	142,908		15,994		-		158,902		24,353
General and administrative	292,356		22,882		10,227		325,465		49,880
Total cost and expenses	578,167		90,292		10,227		678,686		104,013

 

 

Momo Inc.
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report
(All amounts in thousands, except share and per share data)
	Year
	ended December 31, 2020
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Income (loss) from operations	3,025,188		(472,136)		(21,617)		2,531,435		387,961
Share-based compensation	578,167		90,292		10,227		678,686		104,013
Amortization of intangible assets from business    acquisitions	-		152,065		-		152,065		23,305
Non-GAAP income (loss) from operations	3,603,355		(229,779)		(11,390)		3,362,186		515,279
Net income (loss)	2,575,839		(454,070)		(21,377)		2,100,392		321,900
Share-based compensation	578,167		90,292		10,227		678,686		104,013
Amortization of intangible assets from business    acquisitions	-		152,065		-		152,065		23,305
Tax impacts	-		(38,016)		-		(38,016)		(5,826)
Non-GAAP net income (loss)	3,154,006		(249,729)		(11,150)		2,893,127		443,392

 

 

Momo Inc.
Unaudited Condensed Segment Report
(All amounts in thousands, except share and per share data)
	Year
	ended December 31, 2019
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Net revenues:
Live video service	12,448,131		-		-		12,448,131		1,788,062
Value-added service	2,846,057		1,259,906		-		4,105,963		589,785
Mobile marketing	331,822		-		-		331,822		47,663
Mobile games	92,451		-		-		92,451		13,280
Other services	22,354		-		14,368		36,722		5,275
Total net revenues	15,740,815		1,259,906		14,368		17,015,089		2,444,065
Cost and expenses (vi):
Cost of revenues	(8,065,300)		(415,688)		(11,108)		(8,492,096)		(1,219,813)
Research and development	(797,471)		(297,560)		-		(1,095,031)		(157,291)
Sales and marketing	(1,521,511)		(1,162,912)		(6,401)		(2,690,824)		(386,513)
General and administrative	(641,269)		(851,099)		(34,914)		(1,527,282)		(219,380)
Total cost and expenses	(11,025,551)		(2,727,259)		(52,423)		(13,805,233)		(1,982,997)
Other operating income	323,444		-		21,399		344,843		49,534
Income (loss) from operations	5,038,708		(1,467,353)		(16,656)		3,554,699		510,602
Interest income	396,672		10,706		164		407,542		58,540
Interest expense	(78,611)		-		-		(78,611)		(11,292)
Other gain or loss, net	(15,711)		-		-		(15,711)		(2,257)
Income (loss) before income tax    and share of income on equity    method investments	5,341,058		(1,456,647)		(16,492)		3,867,919		555,593
Income tax (expenses) benefits	(917,265)		33,464		-		(883,801)		(126,950)
Income (loss) before share of    income on equity method    investments	4,423,793		(1,423,183)		(16,492)		2,984,118		428,643
Share of income on equity method    investments	(23,350)		-		-		(23,350)		(3,354)
Net income (loss)	4,400,443		(1,423,183)		(16,492)		2,960,768		425,289
(vi) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
	Year
	ended December 31, 2019
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Cost of revenues	20,393		3,579		-		23,972		3,443
Research and development	103,655		71,398		-		175,053		25,145
Sales and marketing	175,657		20,654		-		196,311		28,198
General and administrative	207,053		795,033		10,810		1,012,896		145,493
Total cost and expenses	506,758		890,664		10,810		1,408,232		202,279

 

 

Momo Inc.
Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report
(All amounts in thousands, except share and per share data)
	Year
	ended December 31, 2019
	Momo		Tantan		QOOL		Total		Total
	RMB		RMB		RMB		RMB		US$
Income (loss) from operations	5,038,708		(1,467,353)		(16,656)		3,554,699		510,602
Share-based compensation	506,758		890,664		10,810		1,408,232		202,279
Amortization of intangible assets from business    acquisitions	-		152,223		-		152,223		21,866
Non-GAAP income (loss) from operations	5,545,466		(424,466)		(5,846)		5,115,154		734,747
Net income (loss)	4,400,443		(1,423,183)		(16,492)		2,960,768		425,289
Share-based compensation	506,758		890,664		10,810		1,408,232		202,279
Amortization of intangible assets from business    acquisitions	-		152,223		-		152,223		21,866
Tax impacts	-		(38,056)		-		(38,056)		(5,466)
Non-GAAP net income (loss)	4,907,201		(418,352)		(5,682)		4,483,167		643,968

 

 

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SOURCE Momo Inc.

FAQ

What were Momo's Q4 2020 earnings results?

Momo reported Q4 2020 net revenues of RMB3,795.2 million (US$581.6 million), a decrease of 19.0% year-over-year.

What is Momo's guidance for Q1 2021?

Momo expects total net revenues for Q1 2021 to range between RMB3.36 billion and RMB3.46 billion, indicating a year-over-year decline of 3.7% to 6.5%.

How much is Momo's cash dividend per ADS?

Momo declared a special cash dividend of $0.64 per ADS, payable on April 30, 2021.

What were the full year 2020 financial results for Momo?

For the full year 2020, Momo's net revenues decreased by 11.7% to RMB15,024.2 million (US$2,302.6 million).

What was the net income for Momo in Q4 2020?

Momo's net income for Q4 2020 was RMB651.5 million (US$99.8 million), down from RMB1,055.9 million in Q4 2019.