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FreshToHome raises $121M – the largest ever Series C funding in India Consumer Tech

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– Led by Investment Corporation of Dubai (ICD), Investcorp, Ascent Capital, The United States International Development Finance Corporation (DFC) and Allana with significant follow-on investment from Series B lead investor Iron Pillar

– Capital to support fast-paced expansion of the brand in India and the Middle East – targeting $200M Sales in 2021 while maintaining current EBITDA profitability in mature cities through deeper supply chain integration on the platform

BANGALORE, India and SINGAPORE, Oct. 27, 2020 /PRNewswire/ — FreshToHome, the world’s largest fully integrated online brand in fresh fish and meat e-commerce raised $121M in Series C funding led by Investment Corporation of Dubai (ICD) – the principal investment arm of the Government of Dubai, Investcorp – a leading global manager of alternative investments, Ascent Capital – a leading India-focused growth capital provider, U.S. Government’s development finance institution – DFC, the Allana Group and other investors. Iron Pillar, the lead investor from Series B participated in this round with a significant investment of $19M. Barclays was an advisor for the transaction.

FreshToHome raises $121M – the largest ever Series C funding in India Consumer Tech
FreshToHome raises $121M – the largest ever Series C funding in India Consumer Tech

 

"COVID-19 transformed the fish and meat purchasing behaviour of consumers dramatically. Due to safety concerns, consumers made the habit-forming shift to e-commerce and we saw online demand for our products going up many folds this year thanks to safety guarantee of ‘100% Fresh and 0% Chemicals‘. FreshToHome stands by the brand’s assurance and creates enormous social and economic impact by enabling sellers to directly source from the fishermen and farmers with its patent-pending AI-powered supply chain technology and aided by a state-of-the-art cold chain. We are just beginning to scratch the surface of a very large market and the current capital raise will help us realize our full potential through rapid expansion in India and the Middle East," said Shan Kadavil, Co-Founder and CEO of FreshToHome.

FreshToHome is the world’s largest fully integrated online brand in fresh fish and meat e-commerce, with approximately 1.5 Million (15 Lakh) B2C orders per month and $85M (~INR 600 Crore) annualized sales on the platform.

"We are pleased to partner with FreshToHome and to support the vision of management and the growth of the company. FreshToHome is a leader in leveraging AI-based technology and business innovation to bring a superior value proposition to customers and suppliers in a large and important market. At ICD, we seek to partner with companies like FreshToHome that are able to break new ground for the greater good while also enjoying a large shareholder value creation opportunity. This successful fundraising is a strong recognition of the company’s achievements and significant potential," said Khalifa Al Daboos, Deputy CEO of Investment Corporation of Dubai.  

Shan Kadavil and other co-founders of FreshToHome have a Silicon Valley entrepreneurship background, having been part of leadership teams of companies such as Zynga.  Some of the early backers of FreshToHome include Mark Pincus – Zynga founder, David Krane – CEO of Google Ventures, Pete Briger – Chairman of Fortress, Abdul Aziz Al-Ghurair – Chairman of Mashreq Bank, Rajan Anandan of Sequoia and other renowned investors. 

"DFC’s first equity deal with FreshToHome demonstrates the power of our new equity tool to drive development and advance U.S. foreign policy," said  US Government’s DFC CEO Adam Boehler. "This project will support economic growth and strengthen agricultural supply chains in a key U.S. partner."

Support from its existing large Middle East-based investors such as CE-Ventures – the corporate venture capital platform of Crescent Enterprises significantly helped in aiding its expansion in the UAE, where it is already one of the top 5 e-grocers.

Gaurav Sharma, Head of Private Equity at Investcorp India added, "At Investcorp, we look at companies who redefine the category with proven top-line and bottom-line impact. We believe that FreshToHome fits this bill perfectly and is poised to achieve significant scale. We look forward to this partnership and supporting the company in realising its full potential."

"’FreshToHome’s unique collaborative approach with fishermen, farmers, and use of tech-based solutions on procurement give them an edge in emerging as the best reliable brand in the segment and a potential contender for the Unicorn Club," said Raja Kumar, Founder & CEO, Ascent Capital.

For details, Contact: [email protected] 

Photo – https://mma.prnasia.com/media2/1320774/freshtohome_series_c_funding.jpg?p=medium600 
Logo – https://mma.prnasia.com/media2/1320773/FreshToHome_Logo.jpg?p=medium600

 

 

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B2B Data Management Platform BlueVenn Selects MWWPR To Lead Communications

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LONDON, Dec. 1, 2020 /PRNewswire/ — MWWPR, one of the world's leading independent public relations agencies, today announces it has been selected by leading customer data platform, BlueVenn, for communications and PR programming.

BlueVenn's successive, strong year on year growth of more than 30% across 2019 and into 2020, a burgeoning list of customer wins and a strong vision to communicate to the industry, led the global Customer Data Platform technology provider to seek a PR agency to elevate its position to market with strategic storytelling.

“We're excited to work with MWWPR to build awareness of the merits of effective customer data management and omnichannel marketing automation, and of BlueVenn itself as an industry leader,” commented Anthony Botibol, Vice President of Marketing at BlueVenn. “We've seen a huge demand from businesses across the world who need to better understand their customers. Creating an engaging and personalised customer experience that connects both offline and online behaviours is essential for brands that want to thrive.”

MWWPR will support BlueVenn's corporate communications strategy and media relations programme including proprietary research and executive thought leadership activation.

“BlueVenn is exactly the sort of brand we love to work with. It responds directly to a market need with a simple proposition – helping brands and marketers activate their audiences to improve both the customer experience and advertising,” said Tom Broughton, Senior Account Director at MWWPR. “The team at MWWPR is really excited to build fame for BlueVenn and tell its story. In an industry where personalisation and insight are key, it's got all the crucial components for success.”

About MWWPR

Thirty-four-years young, MWWPR is among the world's leading independent, integrated PR agencies with nine offices across the US and the UK. Powered by data and guided by insights, intellect and human instincts, the agency leans heavily into a digitally-led, content-driven approach. Its mission is to ignite influence and impact to help organizations matter more to those who matter most.

With dedicated insights, strategy, data and analytics, digital and content and creative teams, MWWPR's expertise spans Consumer Lifestyle Marketing, Corporate Communications and Reputation Management, Public Affairs, Issues & Crisis Management, Diversity & Inclusion, Technology, Sports & Entertainment, B2B, Food & Beverage and Health & Wellness.

To learn more about MWWPR, visit https://www.mww.com or follow us on social @MWW_PR.

About BlueVenn

BlueVenn provides marketers with all the analytics, predictive insight and omnichannel marketing automation capabilities they need. Powered by its Customer Data Platform, it unifies every customer interaction throughout time, from all devices and channels, and provides the ability for marketers to understand customer behaviour whilst delivering personalized, real-time experiences that increase engagement and overall spend. BlueVenn has five offices, located in the US, UK and France, and over 400 brands worldwide use its omnichannel marketing and Customer Data Platform solutions.

Logo – https://mma.prnewswire.com/media/492043/MWWPR_Logo.jpg

 

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Momo Announces Unaudited Financial Results for the Third Quarter of 2020

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BEIJING, Dec. 1, 2020 /PRNewswire/ — Momo Inc. (NASDAQ: MOMO) (“Momo” or the “Company”), a leading mobile social networking platform in China, today announced its unaudited financial results for the third quarter of 2020.

Third Quarter of 2020 Highlights

  • Net revenues decreased by 15.4% year over year to RMB3,766.7 million (US$554.8 million*) in the third quarter of 2020.
  • Net income attributable to Momo Inc. decreased to RMB456.7 million (US$67.3 million) in the third quarter of 2020 from RMB893.9 million in the same period of 2019.
  • Non-GAAP net income attributable to Momo Inc. (note 1) decreased to RMB653.8 million (US$96.3 million) in the third quarter of 2020, from RMB1,088.1 million in the same period of 2019.
  • Diluted net income per American Depositary Share (“ADS”) was RMB2.11 (US$0.31) in the third quarter of 2020, compared to RMB4.04 in the same period of 2019.
  • Non-GAAP diluted net income per ADS (note 1) was RMB2.98 (US$0.44) in the third quarter of 2020, compared to RMB4.90 in the same period of 2019.
  • Monthly Active Users (“MAU”) on Momo application were 113.6 million in September 2020, compared to 114.1 million in September 2019.
  • Total paying users of our live video service and value-added service, without double counting the overlap and including 4.1 million paying users of Tantan Limited (“Tantan”), were 13.1 million for the third quarter of 2020, compared to 13.4 million for the third quarter of 2019, which included 4.5 million paying users of Tantan.

First Nine Months of 2020 Highlights

  • Net revenues decreased by 8.9% year over year to RMB11,229.0 million (US$1,653.9 million) for the first nine months of 2020.
  • Net income attributable to Momo Inc. was RMB1,452.0 million (US$213.9 million) for the first nine months of 2020, compared with RMB1,915.0 million during the same period of 2019.
  • Non-GAAP net income attributable to Momo Inc. (note 1) was RMB2,059.8 million (US$303.4 million) for the first nine months of 2020, compared with RMB3,240.8 million during the same period of 2019.
  • Diluted net income per ADS was RMB6.68 (US$0.98) for the first nine months of 2020, compared with RMB8.76 during the same period of 2019.
  • Non-GAAP diluted net income per ADS (note 1) was RMB9.36 (US$1.38) for the first nine months of 2020, compared with RMB14.65 during the same period of 2019.

“The third quarter of 2020 was a busy quarter for us. As a result of management's commitment and the persistence of our colleagues, the structural reform within the core live broadcasting business has achieved initial success.” Commented Li Wang, CEO of Momo. “The critical metrics reflecting the healthiness of the ecosystem have been showing positive signs. As the content ecosystem gradually improved, non-event days' revenue is also seeing strong rebound. Although we have more hard work to do down the path, what we have achieved so far gives us the confidence that our live streaming business has entered into a virtuous cycle supported by a sustainable content ecosystem.”

 

* 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 RMB6.7896 to US$1.00, the effective noon buying rate for September 30, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board.

 

Third Quarter of 2020 Financial Results

Net revenues

Total net revenues were RMB3,766.7 million (US$554.8 million) in the third quarter of 2020, a decrease of 15.4% from RMB4,451.6 million in the third quarter of 2019.

Live video service revenues were RMB2,374.8 million (US$349.8 million) in the third quarter of 2020, a decrease of 27% from RMB3,275.4 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 RMB396.7 million (US$58.4 million) in the third quarter of 2020.

Value-added service revenues mainly include virtual gift revenues and membership subscription revenues. Total value-added service revenues were RMB1,330.8 million (US$196.0 million) in the third quarter of 2020, an increase of 25% from RMB1,064.6 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 launched and more paying scenarios introduced to enhance the social entertainment experience of Momo users, and to a lesser extent, the increase in the membership subscription revenues of Tantan.

Mobile marketing revenues were RMB50.4 million (US$7.4 million) in the third quarter of 2020, a decrease of 38% from RMB81.9 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 RMB8.0 million (US$1.2 million) in the third quarter of 2020, a decrease of 49% from RMB15.8 million in the third 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 Momo segment decreased from RMB4,138.9 million in the third quarter of 2019 to RMB3,037.0 million (US$447.3 million) in the third 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 Tantan segment increased from RMB310.0 million in the third quarter of 2019 to RMB728.9 million (US$107.4 million) in the third quarter of 2020, which was mainly due to the increase in net revenues from live video service and to a lesser extent, the increase in net revenues from value-added services.

Cost and expenses

Cost and expenses were RMB3,258.5 million (US$479.9 million) in the third quarter of 2020, a decrease of 6.6% from RMB3,487.9 million in the third 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 personnel related costs, professional fees and infrastructure-related spending, such as bandwidth costs and server depreciation costs. The decrease was partially offset by an increase in revenue sharing with virtual gift recipients for our virtual gift service, and an increase in marketing and promotional expenses to attract users on Tantan.

Non-GAAP cost and expenses (note 1) were RMB3,052.0 million (US$449.5 million) in the third quarter of 2020, a decrease of 7.1% from RMB3,284.0 million during the same period of 2019.

Income from operations

Income from operations was RMB531.1 million (US$78.2 million) in the third quarter of 2020, compared to RMB993.1 million during the same period of 2019. Income from operations of Momo segment was RMB658.7 million (US$97.0 million) in the third quarter of 2020, decreasing from RMB1,227.2 million in the third quarter of 2019. Loss from operations of Tantan segment was RMB121.5 million (US$17.9 million) in the third quarter of 2020, compared to loss from operations of RMB228.7 million in the third quarter of 2019.

Non-GAAP income from operations (note 1) was RMB737.6 million (US$108.6 million) in the third quarter of 2020, compared to RMB1,196.9 million during the same period of 2019. Non-GAAP income from operations of Momo segment was RMB805.8 million (US$118.7 million) in the third quarter of 2020, decreasing from RMB1,364.1 million in the third quarter of 2019. Non-GAAP loss from operations of Tantan segment was RMB64.7 million (US$9.5 million) in the third quarter of 2020, compared to non-GAAP loss from operations of RMB164.4 million in the third quarter of 2019.

Income tax expenses

Income tax expenses were RMB143.6 million (US$21.2 million) in the third quarter of 2020, decreasing from RMB182.6 million in the third quarter of 2019. The decrease in income tax expenses was mainly due to the lower profit in the third quarter of 2020.

Net income

Net income was RMB456.0 million (US$67.2 million) in the third quarter of 2020, compared to RMB890.8 million during the same period of 2019. Net income from Momo segment was RMB576.2 million (US$84.9 million) in the third quarter of 2020, decreasing from RMB1,110.2 million in the third quarter of 2019. Net loss from Tantan segment was RMB114.2 million (US$16.8 million) in the third quarter of 2020, compared to net loss of RMB214.1 million in the third quarter of 2019.

Non-GAAP net income (note 1) was RMB653.1 million (US$96.2 million) in the third quarter of 2020, compared to RMB1,084.9 million during the same period of 2019. Non-GAAP net income from Momo segment was RMB723.4 million (US$106.5 million) in the third quarter of 2020, decreasing from RMB1,247.2 million in the third quarter of 2019. Non-GAAP net loss of Tantan segment was RMB66.9 million (US$9.8 million) in the third quarter of 2020, compared to non-GAAP net loss of RMB159.5 million in the third quarter of 2019.

Net income attributable to Momo Inc.

Net income attributable to Momo Inc. was RMB456.7 million (US$67.3 million) in the third quarter of 2020, compared to RMB893.9 million during the same period of 2019.

Non-GAAP net income (note 1) attributable to Momo Inc. was RMB653.8 million (US$96.3 million) in the third quarter of 2020, compared to RMB1,088.1 million during the same period of 2019.

Net income per ADS

Diluted net income per ADS was RMB2.11 (US$0.31) in the third quarter of 2020, compared to RMB4.04 in the third quarter of 2019.

Non-GAAP diluted net income per ADS (note 1) was RMB2.98 (US$0.44) in the third quarter of 2020, compared to RMB4.90 in the third quarter of 2019.

Cash and cash flow

As of September 30, 2020, Momo's cash, cash equivalents, short-term deposits and long-term deposits totaled RMB15,764.1 million (US$2,321.8 million), compared to RMB15,225.3 million as of December 31, 2019. Net cash provided by operating activities in the third quarter of 2020 was RMB691.1 million (US$101.8 million), compared to RMB1,175.9 million in the third quarter of 2019.

First Nine Months of 2020 Financial Results

Net revenues for the first nine months of 2020 were RMB11,229.0 million (US$1,653.9 million), a decrease of 8.9% from RMB12,327.2 million in the same period of 2019.

Net income attributable to Momo Inc. was RMB1,452.0 million (US$213.9 million) for the first nine months of 2020, compared to RMB1,915.0 million during the same period of 2019.

Non-GAAP net income attributable to Momo Inc. (note 1) was RMB2,059.8 million (US$303.4 million) for the first nine months of 2020, compared to RMB3,240.8 million during the same period of 2019.

Diluted net income per ADS was RMB6.68 (US$0.98) during the first nine months of 2020, compared to RMB8.76 in the same period of 2019.

Non-GAAP diluted net income per ADS (note 1) was RMB9.36 (US$1.38) during the first nine months of 2020, compared to RMB14.65 in the same period of 2019.

Net cash provided by operating activities was RMB2,041.8 million (US$300.7 million) during the first nine months of 2020, compared to RMB3,773.8 million in the same period of 2019.

Recent Developments

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 November 30, 2020, the Company had repurchased approximately 1.66 million ADSs for approximately US$23.3 million on the open market under this program, at an average purchase price of US$14.03 per ADS.

Mr. Xiaoliang Lei will step down from the Company's Chief Strategy Officer position for personal reasons effective from December 2020, and he will continue to serve as a senior advisor to the Company.

Business Outlook

For the fourth quarter of 2020, the Company expects total net revenues to be between RMB3.65 billion to RMB3.75 billion, representing a decrease of 22.1% to 20.0% year over year. This forecast considers the potential impact of the COVID-19 outbreak and reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change, particularly as to the potential impact of the 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 Tuesday, December 1, 2020, at 8:00 a.m. U.S. Eastern Time (9:00 p.m. Beijing / Hong Kong Time on December 1, 2020).

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/1217808

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, December 9, 2020. The dial-in details for the replay are as follows:

 

International:

+61-2-8199-0299

U.S. Toll Free:

+1-855-452-5696

Passcode:

1217808

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: [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 fourth quarter of 2020, 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 third quarter of 2020 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the fourth quarter of 2020 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 to 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

First nine months

ended September 30

ended  September  30

2019

2020

2020

2019

2020

2020

RMB

RMB

US$

RMB

RMB

US$

Net revenues:

Live video service

3,275,354

2,374,824

349,774

9,064,654

7,309,704

1,076,603

Value-added service

1,064,606

1,330,839

196,012

2,916,849

3,710,913

546,559

Mobile marketing

81,894

50,415

7,425

238,831

145,534

21,435

Mobile games

15,785

7,975

1,175

78,033

32,230

4,747

Other services

14,003

2,598

382

28,824

30,606

4,507

Total net revenues

4,451,642

3,766,651

554,768

12,327,191

11,228,987

1,653,851

Cost and expenses:

Cost of revenues

(2,203,350)

(2,020,779)

(297,629)

(6,140,787)

(5,934,000)

(873,984)

Research and development

(301,754)

(299,221)

(44,070)

(802,843)

(840,382)

(123,775)

Sales and marketing

(771,338)

(754,892)

(111,184)

(1,965,795)

(2,116,200)

(311,683)

General and administrative

(211,423)

(183,649)

(27,049)

(1,314,679)

(540,959)

(79,675)

Total cost and expenses

(3,487,865)

(3,258,541)

(479,932)

(10,224,104)

(9,431,541)

(1,389,117)

Other operating income

29,342

22,944

3,379

202,197

140,392

20,678

Income from operations

993,119

531,054

78,215

2,305,284

1,937,838

285,412

Interest income

105,384

104,232

15,352

299,337

343,591

50,605

Interest expense

(20,117)

(19,885)

(2,929)

(58,421)

(59,825)

(8,811)

Impairment loss on long-term
   investments

(11,211)

(15,711)

(6,000)

(884)

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

1,067,175

615,401

90,638

2,530,489

2,215,604

326,322

Income tax expenses

(182,578)

(143,615)

(21,152)

(630,097)

(750,139)

(110,484)

Income before share of
   income on equity method
   investments

884,597

471,786

69,486

1,900,392

1,465,465

215,838

Share of income (loss) on
   equity method investments

6,185

(15,763)

(2,322)

8,056

(16,203)

(2,386)

Net income

890,782

456,023

67,164

1,908,448

1,449,262

213,452

Less: net loss attributable to
   non-controlling interest

(3,115)

(705)

(104)

(6,543)

(2,772)

(408)

Net income attributable to
   the shareholders of
   Momo Inc.

893,897

456,728

67,268

1,914,991

1,452,034

213,860

 

Net income per share
   attributable to ordinary
   shareholders

Basic

2.15

1.09

0.16

4.62

3.48

0.51

Diluted

2.02

1.05

0.16

4.38

3.34

0.49

Weighted average shares
   used in calculating net
   income per ordinary share

Basic

415,615,139

417,884,266

417,884,266

414,790,186

417,580,609

417,580,609

Diluted

452,571,862

452,724,863

452,724,863

450,470,088

452,854,314

452,854,314

 

 

Momo Inc.

Unaudited Condensed Consolidated Statement of Comprehensive Income

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

Three months

First nine months

ended September 30

ended September 30

2019

2020

2020

2019

2020

2020

RMB

RMB

US$

RMB

RMB

US$

Net income

890,782

456,023

67,164

1,908,448

1,449,262

213,452

Other comprehensive income
   (loss), net of tax

Foreign currency translation
   adjustment

62,771

(80,618)

(11,874)

30,689

(72,667)

(10,703)

Comprehensive income

953,553

375,405

55,290

1,939,137

1,376,595

202,749

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

3,519

(9,953)

(1,466)

556

(16,945)

(2,496)

Comprehensive income
   attributable to Momo Inc.

950,034

385,358

56,756

1,938,581

1,393,540

205,245

 

 

 

Momo Inc.

Unaudited Condensed Consolidated Balance Sheets

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

December 31

September 30

September 30

2019

2020

2020

RMB

RMB

US$

Assets

Current assets

Cash and cash equivalents

2,612,743

3,176,406

467,834

Short-term deposits

12,312,585

7,937,692

1,169,096

Accounts receivable, net of allowance for doubtful accounts of RMB12,209 and
   RMB17,621 as of December 31, 2019 and September 30, 2020, respectively

265,155

233,398

34,376

Amount due from a related party

4,382

Prepaid expenses and other current assets

599,000

738,502

108,769

Total current assets

15,793,865

12,085,998

1,780,075

Long-term deposits

300,000

4,650,000

684,871

Right-of-use assets, net

190,552

112,012

16,498

Property and equipment, net

346,345

305,420

44,983

Intangible assets

890,303

752,470

110,827

Rental deposits

25,028

24,922

3,671

Long-term investments

495,905

476,815

70,227

Other non-current assets

44,009

94,368

13,899

Deferred tax assets

37,064

34,031

5,012

Goodwill

4,360,610

4,253,297

626,443

Total assets

22,483,681

22,789,333

3,356,506

Liabilities and equity

Current liabilities

Accounts payable

714,323

634,249

93,415

Deferred revenue

503,461

487,234

71,761

Accrued expenses and other current liabilities

985,873

858,038

126,376

Amount due to related parties

29,606

31,868

4,694

Lease liabilities due within one year

135,169

92,500

13,624

Income tax payable

153,976

331,831

48,873

Deferred consideration in connection with business acquisitions

84,346

64,669

9,525

Total current liabilities

2,606,754

2,500,389

368,268

Deferred tax liabilities

222,576

188,118

27,707

Convertible senior notes

4,954,352

4,843,751

713,407

Share-based compensation liability

902,047

910,197

134,057

Lease liabilities

56,498

15,287

2,252

Other non-current liabilities

22,672

34,495

5,081

Total liabilities

8,764,899

8,492,237

1,250,772

Shareholder's equity (i)

13,718,782

14,297,096

2,105,734

Total liabilities and shareholder's equity

22,483,681

22,789,333

3,356,506

     (i): As of September 30, 2020, the number of ordinary shares outstanding was 415,801,407.

 

 

Momo Inc.

Unaudited Condensed Consolidated Statement of Cash Flows

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

Three months

First nine months

ended September 30

ended September 30

2019

2020

2020

2019

2020

2020

RMB

RMB

US$

RMB

RMB

US$

Cash flows from operating activities:

Net income

890,782

456,023

67,164

1,908,448

1,449,262

213,452

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

Depreciation of property and equipment

50,216

49,024

7,220

146,852

153,615

22,625

Amortization of intangible assets

40,100

39,347

5,795

117,715

119,517

17,603

Share-based compensation

165,163

168,475

24,814

1,240,774

521,102

76,751

Share of (income) loss on equity method investments

(6,185)

15,763

2,322

(8,056)

16,203

2,386

Impairment loss on long-term investments

11,211

15,711

6,000

884

Gain on subsidiary deconsolidation

(6,676)

(983)

Gain on disposal of property and equipment

(64)

(284)

(42)

(398)

(285)

(42)

Provision of allowance for doubtful accounts

2,900

26,006

3,830

12,209

26,412

3,890

Cash received on investment income distribution

1,153

170

Changes in operating assets and liabilities:

Accounts receivable

(103,290)

15,968

2,352

331,836

17,714

2,609

Prepaid expenses and other current assets

(24,378)

(207,586)

(30,574)

(23,182)

(163,753)

(24,118)

Amount due from a related party

(1,335)

2,029

299

(1,606)

4,382

645

Rental deposits

2,033

(83)

(12)

(362)

107

16

Deferred tax assets

(2,803)

561

83

23,304

3,034

447

Other non-current assets

(33,254)

9,930

1,463

(20,611)

28,181

4,151

Accounts payable

(133,863)

(62,189)

(9,159)

(45,775)

(78,664)

(11,586)

Income tax payable

(16,064)

112,799

16,613

(23,052)

177,855

26,195

Deferred revenue

84,711

17,442

2,569

54,789

(15,830)

(2,332)

Accrued expenses and other current liabilities

278,181

52,819

7,779

136,558

(161,411)

(23,773)

Amount due to related parties

(10,550)

13,495

1,988

(53,267)

2,262

333

Deferred tax liability

(10,025)

(9,837)

(1,449)

(35,322)

(29,880)

(4,401)

Other non-current liabilities

(7,556)

(8,648)

(1,274)

(2,762)

(28,500)

(4,198)

Net cash provided by operating activities

1,175,930

691,054

101,781

3,773,803

2,041,800

300,724

Cash flows from investing activities:

Purchase of property and equipment

(59,933)

(24,078)

(3,546)

(154,413)

(108,048)

(15,914)

Proceeds from disposal of property and equipment

294

457

67

804

474

70

Payment for long-term investments

(19,000)

(43,000)

(4,500)

(663)

Prepayment of long-term investments

(15,000)

Cash dividend received

233

34

Cash outflow due to subsidiary deconsolidation

(1,026)

(151)

Purchase of short-term deposits

(4,786,130)

(3,053,307)

(449,704)

(14,501,135)

(11,295,165)

(1,663,598)

Cash received on maturity of short-term deposits

4,785,400

4,337,085

638,784

12,650,430

15,622,659

2,300,969

Payment for short-term investments

(30,000)

(280,000)

(10,000)

(1,473)

Cash received from sales of short-term investment

80,000

240,000

10,000

1,473

Purchase of long-term deposits

(1,550,000)

(228,290)

(4,350,000)

(640,686)

Net cash used in investing activities

(29,369)

(289,843)

(42,689)

(2,102,314)

(135,373)

(19,939)

Cash flows from financing activities:

Deferred payment for business acquisition

(759)

(379,507)

(18,355)

(2,703)

Proceeds from exercise of share options

71

54

8

186

55

8

Deferred payment of purchase of property and
   equipment

(16,893)

(16,987)

Repurchase of ordinary shares

(132,407)

(19,501)

(132,407)

(19,501)

Repurchase of subsidiary's share options

(24,900)

(3,667)

(24,900)

(3,667)

Dividends payment

(877,346)

(1,123,983)

(165,545)

Net cash used in financing activities

(17,581)

(157,253)

(23,160)

(1,273,654)

(1,299,590)

(191,408)

Effect of exchange rate changes

6,200

(45,135)

(6,649)

5,054

(43,174)

(6,358)

Net increase in cash and cash equivalents

1,135,180

198,823

29,283

402,889

563,663

83,019

Cash and cash equivalents at the beginning of period

1,735,743

2,977,583

438,551

2,468,034

2,612,743

384,815

Cash and cash equivalents at the end of period

2,870,923

3,176,406

467,834

2,870,923

3,176,406

467,834

 

 

 

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 September 30, 2019

ended September 30, 2020

ended September 30, 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

(2,203,350)

18,751

6,738

(2,177,861)

(2,020,779)

18,472

4,434

(1,997,873)

(297,629)

2,721

653

(294,255)

Research and development

(301,754)

2,381

45,345

(254,028)

(299,221)

2,346

44,610

(252,265)

(44,070)

346

6,570

(37,154)

Sales and marketing

(771,338)

17,535

52,100

(701,703)

(754,892)

17,275

41,583

(696,034)

(111,184)

2,544

6,125

(102,515)

General and 
   administrative

(211,423)

60,980

(150,443)

(183,649)

77,848

(105,801)

(27,049)

11,466

(15,583)

Cost and operating
   expenses

(3,487,865)

38,667

165,163

(3,284,035)

(3,258,541)

38,093

168,475

(3,051,973)

(479,932)

5,611

24,814

(449,507)

Income from operations

993,119

38,667

165,163

1,196,949

531,054

38,093

168,475

737,622

78,215

5,611

24,814

108,640

Net income attributable to
   Momo Inc.

893,897

38,667

165,163

(9,667)

1,088,060

456,728

38,093

168,475

(9,523)

653,773

67,268

5,611

24,814

(1,403)

96,290

 

 

 

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.

First nine months

First nine months

First nine months

ended September 30, 2019

ended September 30, 2020

ended September 30, 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

(6,140,787)

54,999

16,371

(6,069,417)

(5,934,000)

56,046

14,207

(5,863,747)

(873,984)

8,255

2,092

(863,637)

Research and development

(802,843)

6,985

129,598

(666,260)

(840,382)

7,118

137,355

(695,909)

(123,775)

1,048

20,231

(102,496)

Sales and marketing

(1,965,795)

51,433

142,845

(1,771,517)

(2,116,200)

52,413

131,780

(1,932,007)

(311,683)

7,720

19,409

(284,554)

General and
   administrative

(1,314,679)

951,960

(362,719)

(540,959)

237,760

(303,199)

(79,675)

35,019

(44,656)

Cost and operating
   expenses

(10,224,104)

113,417

1,240,774

(8,869,913)

(9,431,541)

115,577

521,102

(8,794,862)

(1,389,117)

17,023

76,751

(1,295,343)

Income from operations

2,305,284

113,417

1,240,774

3,659,475

1,937,838

115,577

521,102

2,574,517

285,412

17,023

76,751

379,186

Net income
   attributable to
   Momo Inc.

1,914,991

113,417

1,240,774

(28,355)

3,240,827

1,452,034

115,577

521,102

(28,894)

2,059,819

213,860

17,023

76,751

(4,255)

303,379

(ii)  Includes tax impacts related to the amortization of intangible assets from business acquisition. There is no tax impact related to share-based compensation.

 

 

Momo Inc.

Unaudited  Condensed Segment Report

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

Three months

  ended September 30, 2020

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Net revenues:

Live video service

1,978,098

396,726

2,374,824

349,774

Value-added service

998,668

332,171

1,330,839

196,012

Mobile marketing

50,415

50,415

7,425

Mobile games

7,975

7,975

1,175

Other services

1,810

788

2,598

382

Total net revenues

3,036,966

728,897

788

3,766,651

554,768

Cost and expenses (iii):

Cost of revenues

(1,660,806)

(358,743)

(1,230)

(2,020,779)

(297,629)

Research and development

(214,597)

(84,624)

(299,221)

(44,070)

Sales and marketing

(361,448)

(393,437)

(7)

(754,892)

(111,184)

General and administrative

(164,331)

(13,620)

(5,698)

(183,649)

(27,049)

Total cost and expenses

(2,401,182)

(850,424)

(6,935)

(3,258,541)

(479,932)

Other operating income

22,893

51

22,944

3,379

Income (loss) from operations

658,677

(121,527)

(6,096)

531,054

78,215

Interest income

103,477

706

49

104,232

15,352

Interest expense

(19,885)

(19,885)

(2,929)

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

742,269

(120,821)

(6,047)

615,401

90,638

Income tax (expenses) benefits

(150,278)

6,663

(143,615)

(21,152)

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

591,991

(114,158)

(6,047)

471,786

69,486

Share of loss on equity method investments

(15,763)

(15,763)

(2,322)

Net income (loss)

576,228

(114,158)

(6,047)

456,023

67,164

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

Three months

ended September 30, 2020

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Cost of revenues

3,338

1,096

4,434

653

Research and development

32,296

12,314

44,610

6,570

Sales and marketing

37,110

4,473

41,583

6,125

General and administrative

74,416

837

2,595

77,848

11,466

Total cost and expenses

147,160

18,720

2,595

168,475

24,814

 

 

 

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 September 30, 2020

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Operating income (loss)

658,677

(121,527)

(6,096)

531,054

78,215

Share-based compensation

147,160

18,720

2,595

168,475

24,814

Amortization of intangible assets from
   business acquisitions

38,093

38,093

5,611

Non-GAAP operating income (loss)

805,837

(64,714)

(3,501)

737,622

108,640

Net income (loss)

576,228

(114,158)

(6,047)

456,023

67,164

Share-based compensation

147,160

18,720

2,595

168,475

24,814

Amortization of intangible assets from
   business acquisitions

38,093

38,093

5,611

Tax impacts

(9,523)

(9,523)

(1,403)

Non-GAAP net income (loss)

723,388

(66,868)

(3,452)

653,068

96,186

 

 

 

Momo Inc.

Unaudited Condensed Segment Report

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

Three months

ended September 30, 2019

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$[1] 

Net revenues:

Live video service

3,275,354

3,275,354

458,239

Value-added service

754,629

309,977

1,064,606

148,944

Mobile marketing

81,894

81,894

11,457

Mobile games

15,785

15,785

2,208

Other services

11,234

2,769

14,003

1,960

Total net revenues

4,138,896

309,977

2,769

4,451,642

622,808

Cost and expenses (iv):

Cost of revenues

(2,101,678)

(99,722)

(1,950)

(2,203,350)

(308,260)

Research and development

(225,539)

(76,215)

(301,754)

(42,217)

Sales and marketing

(422,034)

(349,274)

(30)

(771,338)

(107,914)

General and administrative

(191,832)

(13,425)

(6,166)

(211,423)

(29,579)

Total cost and expenses

(2,941,083)

(538,636)

(8,146)

(3,487,865)

(487,970)

Other operating income

29,342

29,342

4,105

Income (loss) from operations

1,227,155

(228,659)

(5,377)

993,119

138,943

Interest income

102,749

2,594

41

105,384

14,744

Interest expense

(20,117)

(20,117)

(2,814)

Impairment loss on long-term investments

(11,211)

(11,211)

(1,568)

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

1,298,576

(226,065)

(5,336)

1,067,175

149,305

Income tax (expenses) benefits

(194,580)

12,002

(182,578)

(25,544)

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

1,103,996

(214,063)

(5,336)

884,597

123,761

Share of income on equity method
   investments

6,185

6,185

865

Net income (loss)

1,110,181

(214,063)

(5,336)

890,782

124,626

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

Three months

ended September 30, 2019

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Cost of revenues

5,917

821

6,738

943

Research and development

27,375

17,970

45,345

6,344

Sales and marketing

46,831

5,269

52,100

7,289

General and administrative

56,860

1,486

2,634

60,980

8,531

Total cost and expenses

136,983

25,546

2,634

165,163

23,107

[1] All translations from RMB to U.S. dollars are made at a rate of RMB 7.1477 to US$1.00, the effective noon buying rate for September 30, 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 September 30, 2019

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Operating income (loss)

1,227,155

(228,659)

(5,377)

993,119

138,943

Share-based compensation

136,983

25,546

2,634

165,163

23,107

Amortization of intangible assets from
business acquisitions

38,667

38,667

5,409

Non-GAAP operating income (loss)

1,364,138

(164,446)

(2,743)

1,196,949

167,459

Net income (loss)

1,110,181

(214,063)

(5,336)

890,782

124,626

Share-based compensation

136,983

25,546

2,634

165,163

23,107

Amortization of intangible assets from
business acquisitions

38,667

38,667

5,409

Tax impacts

(9,667)

(9,667)

(1,352)

Non-GAAP net income (loss)

1,247,164

(159,517)

(2,702)

1,084,945

151,790

 

 

Momo Inc.

Unaudited Condensed Segment Report

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

First nine months

  ended  September  30, 2020

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Net revenues:

Live video service

6,715,266

594,438

7,309,704

1,076,603

Value-added service

2,677,575

1,033,338

3,710,913

546,559

Mobile marketing

145,534

145,534

21,435

Mobile games

32,230

32,230

4,747

Other services

9,168

21,438

30,606

4,507

Total net revenues

9,579,773

1,627,776

21,438

11,228,987

1,653,851

Cost and expenses (v):

Cost of revenues

(5,189,765)

(723,466)

(20,769)

(5,934,000)

(873,984)

Research and development

(601,271)

(239,111)

(840,382)

(123,775)

Sales and marketing

(1,093,008)

(1,023,151)

(41)

(2,116,200)

(311,683)

General and administrative

(461,627)

(61,128)

(18,204)

(540,959)

(79,675)

Total cost and expenses

(7,345,671)

(2,046,856)

(39,014)

(9,431,541)

(1,389,117)

Other operating income

140,202

190

140,392

20,678

Income (loss) from operations

2,374,304

(419,080)

(17,386)

1,937,838

285,412

Interest income

340,531

2,867

193

343,591

50,605

Interest expense

(59,825)

(59,825)

(8,811)

Impairment loss on long-term investments

(6,000)

(6,000)

(884)

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

2,649,010

(416,213)

(17,193)

2,215,604

326,322

Income tax (expenses) benefits

(762,768)

12,629

(750,139)

(110,484)

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

1,886,242

(403,584)

(17,193)

1,465,465

215,838

Share of loss on equity method investments

(16,203)

(16,203)

(2,386)

Net income (loss)

1,870,039

(403,584)

(17,193)

1,449,262

213,452

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

First nine months

ended September 30, 2020

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Cost of revenues

12,345

1,862

14,207

2,092

Research and development

95,768

41,587

137,355

20,231

Sales and marketing

121,456

10,324

131,780

19,409

General and administrative

207,650

22,238

7,872

237,760

35,019

Total cost and expenses

437,219

76,011

7,872

521,102

76,751

 

 

Momo Inc.

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

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

First nine months

ended September 30, 2020

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Operating income (loss)

2,374,304

(419,080)

(17,386)

1,937,838

285,412

Share-based compensation

437,219

76,011

7,872

521,102

76,751

Amortization of intangible assets
   from business acquisitions

115,577

115,577

17,023

Non-GAAP operating income (loss)

2,811,523

(227,492)

(9,514)

2,574,517

379,186

Net income (loss)

1,870,039

(403,584)

(17,193)

1,449,262

213,452

Share-based compensation

437,219

76,011

7,872

521,102

76,751

Amortization of intangible assets
   from business acquisitions

115,577

115,577

17,023

Tax impacts

(28,894)

(28,894)

(4,255)

Non-GAAP net income (loss)

2,307,258

(240,890)

(9,321)

2,057,047

302,971

 

 

Momo Inc.

Unaudited Condensed Segment Report

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

First nine months

  ended  September  30, 2019

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Net revenues:

Live video service

9,064,654

9,064,654

1,268,192

Value-added service

2,026,732

890,117

2,916,849

408,082

Mobile marketing

238,831

238,831

33,414

Mobile games

78,033

78,033

10,917

Other services

15,243

13,581

28,824

4,032

Total net revenues

11,423,493

890,117

13,581

12,327,191

1,724,637

Cost and expenses (vi):

Cost of revenues

(5,842,388)

(287,940)

(10,459)

(6,140,787)

(859,128)

Research and development

(591,678)

(211,165)

(802,843)

(112,322)

Sales and marketing

(1,141,571)

(817,823)

(6,401)

(1,965,795)

(275,025)

General and administrative

(448,480)

(837,824)

(28,375)

(1,314,679)

(183,930)

Total cost and expenses

(8,024,117)

(2,154,752)

(45,235)

(10,224,104)

(1,430,405)

Other operating income

180,831

21,366

202,197

28,288

Income (loss) from operations

3,580,207

(1,264,635)

(10,288)

2,305,284

322,520

Interest income

290,725

8,509

103

299,337

41,879

Interest expense

(58,421)

(58,421)

(8,173)

Impairment loss on long-term investments

(15,711)

(15,711)

(2,198)

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

3,796,800

(1,256,126)

(10,185)

2,530,489

354,028

Income tax (expenses) benefits

(651,284)

21,187

(630,097)

(88,154)

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

3,145,516

(1,234,939)

(10,185)

1,900,392

265,874

Share of income on equity method
   investments

8,056

8,056

1,127

Net income (loss)

3,153,572

(1,234,939)

(10,185)

1,908,448

267,001

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

First nine months

ended September 30, 2019

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Cost of revenues

14,393

1,978

16,371

2,290

Research and development

76,675

52,923

129,598

18,131

Sales and marketing

129,686

13,159

142,845

19,985

General and administrative

150,586

793,649

7,725

951,960

133,184

Total cost and expenses

371,340

861,709

7,725

1,240,774

173,590

 

 

 

Momo Inc.

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

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

First nine months

ended September 30, 2019

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Operating income (loss)

3,580,207

(1,264,635)

(10,288)

2,305,284

322,520

Share-based compensation

371,340

861,709

7,725

1,240,774

173,590

Amortization of intangible assets
   from business acquisitions

113,417

113,417

15,869

Non-GAAP operating income (loss)

3,951,547

(289,509)

(2,563)

3,659,475

511,979

Net income (loss)

3,153,572

(1,234,939)

(10,185)

1,908,448

267,001

Share-based compensation

371,340

861,709

7,725

1,240,774

173,590

Amortization of intangible assets
   from business acquisitions

113,417

113,417

15,869

Tax impacts

(28,355)

(28,355)

(3,967)

Non-GAAP net income (loss)

3,524,912

(288,168)

(2,460)

3,234,284

452,493

 

 

Cision View original content:http://www.prnewswire.com/news-releases/momo-announces-unaudited-financial-results-for-the-third-quarter-of-2020-301182266.html

SOURCE Momo Inc.

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News

Maritime connoisseurs marked their presence at the virtual edition of INMEX SMM India

gbafNews28

The coveted virtual conglomeration of the Maritime & Shipping industry witnessed a footfall of 2876 visitors

MUMBAI, India, Dec. 1, 2020 /PRNewswire/ — The virtual edition of  INMEX SMM India (19-20 Nov), the premier trade exhibition for the shipping and maritime industries by Informa Markets in India and Hamburg Messe und Congress concluded on a successful note, witnessing a footfall of 2876 domestic and  international buyers from U.S., U.K., UAE, Spain, Germany, Hong Kong, Singapore, Qatar, Turkey, Brazil to name a few. The expo brought together, globally renowned brands, key government officials, consultants, trade associations and business experts under one platform, to discuss key issues in the Indian Shipping arena that included Maritime Vision 2030 document, digitalization in Shipping, Impact of COVID-19 on shipping among other areas.

INMEX SMM LOGO

The inauguration of the INMEX SMM India Virtual Expo was marked by the presence of  leading dignitaries that included Rear Admiral Rajaram Swaminathan, Admiral Superintendent of Naval Dockyard (Mumbai), Mr. Sabyasachi Hajara, Retd, CMD, Shipping Corporation of India, Chairman, INMEX SMM Advisory Board;  Mr. Claus Ulrich Selbach -Business Unit Director, Hamburg Messe Und Congress GmbH; Dr. Malini V Shankar, IAS (Retd), Vice Chancellor, Indian Maritime University & Chairperson, The National Shipping Board, Government of India; Mr. Amitabh Kumar, IRS, Director General of Shipping, Directorate General of Shipping, Ministry of  Ports, Shipping & Waterways, Government of India, and Mr. Yogesh Mudras, Managing Director, Informa Markets in India. 

Speaking on the successful conclusion of the virtual edition of INMEX SMM India, Mr. Yogesh Mudras, Managing Director, Informa Markets in India said, India's role as a Shipping and Maritime power is crucial as 95 per cent of trade by volume and over 70 per cent by value takes place via sea routes. More than 80 per cent of India's energy supplies also arrive along these sea lanes. The Supply chains, shipping networks and ports have witnessed disruption in the pandemic leading to plummeting cargo volumes and foiling growth prospects. However, the recent news that the vaccines may soon be available offers a ray of hope and in such a scenario it is expected that the maritime trade growth may return to a positive territory and expand by 4.8% in 2021, assuming the world economic output recovers. If India has to thrive and recover its growth momentum in the post Covid-19 world of ultra geo-economic activities, the country must trade with the world. India being the sixteenth largest maritime country in the world, with a coastline of about 7,517 km, we believe this sector has a huge potential to be one of the major engines bringing in a Maritime Revolution. Maritime Power and the Blue Economy could be a way out of the abyss the pandemic induced slowdown has hurled India into.”

“INMEX SMM India Virtual Expo along with its 2 days content rich conference, was timely and pertinent Offering a comprehensive platform for the Maritime industry for vital business continuity, conversations and connections,” He further added.

The virtual expo included a two-day conference, with thought leaders in the domain discussing 'Maritime India -Vision 2030 Document'; 'Shipping 2020 -Impact of the COVID-19 Pandemic'; 'Decarbonisation In A Post-COVID-19 World?'; 'Design optimization for Fuel Reduction and Greenhouse gas Mitigation'; 'The Future of Sealane Security'; 'Coastal shipping and Transport via Inland Waterways & Water Transport in Cities'; 'Digital and Technological Advancements in the Shipping Industry'; 'Cyber security On board Ships' and 'India as a Net Security Provider', among others. Leading speakers at the conference included Mr. Guy Platten, Secretary General, International Chamber of Shipping,  Mrs. H K Joshi, CMD, Shipping Corporation of India, Mr. Madhu Nair, CMD, Cochin Shipyard Ltd, Captain S M Halbe, CEO, The Maritime Association of Shipowners, Ship Managers and Agents (MASSA), Christopher Palsson, Managing Director, Maritime Insight, Head of Consulting, Lloyd's List Intelligence, Maritime Intelligence and Mr. Girish Sreeraman, Area Manager Maritime – India, Srilanka, Bangladesh and Thailand at DNV GL – Maritime. 

Industry Speak at the INMEX SMM India Virtual Expo:

Speaking at the inauguration of INMEX SMM India Virtual Expo, Mr. Sabyasachi Hajara, Retd. CMD, Shipping Corporation of India, & Chairman, INMEX SMM India Advisory Board, said, “It has been a great pleasure for me to participate in the INMEX SMM India Virtual Expo. It is the first-of-its-kind event in India. What has impressed me is the contents of the various presentations and the overall number of visitors. Every industry including the shipping & logistic industry is a knowledge-based industry and the best way to succeed is to increase professionalism by sharing knowledge. Hence INMEX SMM India Virtual Expo emerges as a successful event for the industry.”

Speaking about INMEX SMM India,  Dr. Malini V Shankar (Retd. IAS), Chairperson, The National Shipping Board, Vice Chancellor, Indian Maritime University said, “My felicitation to INMEX SMM India for organising India's first Virtual Exhibition & Conference for the maritime industry on November 19-20, 2020. The event, as a pioneer in organising virtual conferences, turned out to be extremely good with the best people from the maritime sector coming together and discussing a variety of subjects. It is very useful to bring various stakeholders on a single platform and this event is an excellent forum for the technical aspect as well as the policy aspect associated with the industry. This is a kind of platform where policy recommendations can be discussed and crystalised and submitted to the government as a high-level recommendation. It is also useful for technical aspect including maritime education & training keeping with developments in technology. I wish INMEX SMM India all the best, and I hope that in future this event will be the one that people will look forward to and want to be there.”

Mr. Amitabh Kumar, IRS, Director General of Shipping, Directorate General of Shipping, Ministry of  Ports, Shipping & Waterways, Government of India,  in his inaugural speech spoke about how COVID-19 had overshadowed many of the achievements of countries in implementing the move towards a low Sulphur regime. “These have been developments in a year when we have talked about nothing but the pandemic. The pandemic has not stopped shipping and has led to several innovations to achieve our goals. We have worked hard to find solutions to the tasks at hand, managing COVID-19 on board, offshore, ships and related industries on shore. The seafarers have faced the wrath of COVID-19 the most, many of them are still facing it. The problems seafarers are facing is not related to COVID-19 but to the politics related to it. If countries like India could come up with testing facilities within 30 days of the start of the pandemic at ports, while also coming up with containment and quarantine zones, there is no reason why other countries cannot do it. The world is not doing enough for seafarers with politics taking precedence over policies. It is agreed by all international organisations that seafarers need to be given due respect, we need their services, and all assistance needs to be given by the international community to enable them to discharge their duties.

At the same time, the world has also evolved because of COVID-19. A lot of technology adoptions has taken place which would otherwise have taken years to come in such as E-learning, virtual training, online modules, online exams, digital certification for training. These are the changes and technologies the world needs to know and build upon. We should not let these gains go away when the situation improves. This holds a huge potential to change the way we are doing business. India is looking for a great maritime future. Legislative changes are being brought in, Major Port Bill has been introduced, Merchant Shipping bill is undergoing changes, New Coastal Shipping bill is under public discussion. In all these areas we have had old legislations, which have been restrictive. We are also looking at easing the provisions for ownership of Indian vessels. Making rules less cumbersome for 100 per cent FDI in shipping, foreign entities participating in ship ownership. Ports, waterways, and shipping, equal emphasis has been given on ship building, ownership and training, innovative handholding for new entrepreneurs in India.     

Speaking on the Maritime Vision 2030 document, Mrs. HK Joshi, CMD, Shipping Corporation of India observed that the vision document has still not been adopted and is under consideration. The document has come at the right time and is a visionary approach of the Ministry to ensure growth. It talks of how India's vast coastline of over 7500 kms and waterways need to be developed to realise our maritime economy. “Shipping is at the core of the entire maritime vision document and also underpins the rechristening of the Ministry as the Ministry of Ports, shipping and waterways. Vision 2030 document aims for India to become self-reliant in shipping, ship building and ship infrastructure and a global player. If we become a leading domestic player, we can move on to the global map. Shipping, ports, inland waterways are going to be industries which are going to churn the development of the economy. The maritime sector can oil the wheels of the economy. Shipping is the core and the prerequisite for the growth of ship building. We need to have substantial growth in Indian tonnage which will automatically boost ancillary industries.  Maritime Vision 2030 document integrates all of these to ensure Indian built, flagged and owned, foreign built and Indian flagged and owned ships can support the existing tonnage and find the advantage.”

“MSMEs are also the country's economic engines that can get into coastal shipping, multimodal transport, Inland waterways, modernization. If we are self-reliant, we can improve our global footprint  India's GDP is large but our smaller neighbours are picking up momentum. We have to work and strive to be the dominant player in the Indian ocean and Arabian Sea. We will then be able to achieve our footprint in the global arena with forward and backward integration. Increase in tonnage will also go a long way for energy and maritime security,” She further added.

About Informa Markets 

Informa Markets creates platforms for industries and specialist markets to trade, innovate and grow. Our portfolio is comprised of more than 550 international B2B events and brands in markets including Healthcare & Pharmaceuticals, Infrastructure, Construction & Real Estate, Fashion & Apparel, Hospitality, Food & Beverage, and Health & Nutrition, among others. We provide customers and partners around the globe with opportunities to engage, experience and do business through face-to-face exhibitions, specialist digital content and actionable data solutions. As the world's leading exhibitions organiser, we bring a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com 

About Informa Markets and our business in India 

Informa Markets is owned by Informa PLC, a leading B2B information services group and the largest B2B Events organiser in the world.  Informa Markets in India (formerly UBM India) is India's leading exhibition organizer, dedicated to help specialist markets and customer communities, domestically and around the world to trade, innovate and grow through exhibitions, digital content & services, and conferences & seminars. Every year, we host over 25 large scale exhibitions, 40 conferences, along with industry awards and trainings across the country; thereby enabling trade across multiple industry verticals. In India, Informa Markets has offices across Mumbai, New Delhi, Bangalore and Chennai. For further details, please visit –https://www.informamarkets.com/en/regions/asia/India.html 

For any media queries please contact:    

Roshni Mitra[email protected] 
Mili Lalwani[email protected]

 

Informa Markets Logo

 

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Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
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