Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Trading Symbol | MOMO |
Entity Registrant Name | Momo Inc. |
Entity Central Index Key | 1,610,601 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Large Accelerated Filer |
Class A Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 314,060,843 |
Class B Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 84,364,466 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 685,827 | $ 257,564 |
Term deposits | 373,794 | 393,759 |
Accounts receivable, net of allowance for doubtful accounts of $nil and $90 as of December 31, 2016 and 2017 respectively | 39,597 | 36,078 |
Amount due from related parties | 5,143 | 88 |
Prepaid expenses and other current assets | 82,717 | 32,592 |
Deferred tax assets, current | 72 | |
Short-term investment | 1,614 | |
Total current assets | 1,188,692 | 720,153 |
Property and equipment, net | 39,762 | 13,932 |
Intangible assets | 7,462 | |
Rental deposits | 2,651 | 920 |
Long term investments | 44,337 | 31,932 |
Other non-current assets | 8,495 | 2,593 |
Deferred tax assets, non-current | 7,197 | 208 |
Goodwill | 3,401 | |
Total assets | 1,301,997 | 769,738 |
Current liabilities | ||
Accounts payable (including accounts payable of the consolidated VIE without recourse to the Company of $36,812 and $54,937 as of December 31, 2016 and 2017, respectively) | 74,535 | 40,457 |
Deferred revenue (including deferred revenue of the consolidated VIE without recourse to the Company of $41,277 and $64,788 as of December 31, 2016 and 2017, respectively) | 64,865 | 41,277 |
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIE without recourse to the Company of $6,632 and $30,802 as of December 31, 2016 and 2017, respectively) | 87,809 | 39,965 |
Amount due to related parties (including amount due to related parties of the consolidated VIE without recourse to the Company of $1,510 and $29 as of December 31, 2016 and 2017, respectively) | 5,804 | 8,117 |
Income tax payable (including income tax payable of the consolidated VIE without recourse to the Company of $3,881 and $11,765 as of December 31, 2016 and 2017, respectively) | 27,033 | 3,881 |
Total current liabilities | 260,046 | 133,697 |
Deferred tax liabilities, non-current | 1,866 | |
Other non-current liabilities | 2,305 | 2,022 |
Total liabilities | 264,217 | 135,719 |
Commitments and contingencies (Note14) | ||
Equity | ||
Treasury stock | (64,494) | (64,494) |
Additional paid-in capital | 713,721 | 663,498 |
Retained earnings | 369,707 | 51,141 |
Accumulated other comprehensive (loss)/ income | 15,954 | (16,168) |
Noncontrolling interest | 2,849 | |
Total equity | 1,037,780 | 634,019 |
Total liabilities and equity | 1,301,997 | 769,738 |
Class A Common Stock [Member] | ||
Equity | ||
Ordinary shares, value | 34 | 32 |
Class B Common Stock [Member] | ||
Equity | ||
Ordinary shares, value | $ 9 | $ 10 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts | $ 90 | $ 0 |
Accounts payable of consolidated VIE without recourse | 74,535 | 40,457 |
Deferred revenue of consolidated VIE without recourse | 64,865 | 41,277 |
Accrued expenses and other current liabilities of consolidated VIE without recourse | 87,809 | 39,965 |
Amount due to related parties of the consolidated VIE without recourse the Company | 5,804 | 8,117 |
Income tax payable of the consolidated VIE without recourse | 27,033 | 3,881 |
Beijing Momo Technology Co., Ltd. [Member] | ||
Allowance for doubtful accounts | 90 | 0 |
Accounts payable of consolidated VIE without recourse | 54,937 | 36,812 |
Deferred revenue of consolidated VIE without recourse | 64,788 | 41,277 |
Accrued expenses and other current liabilities of consolidated VIE without recourse | 30,802 | 6,632 |
Amount due to related parties of the consolidated VIE without recourse the Company | 29 | 1,510 |
Income tax payable of the consolidated VIE without recourse | $ 11,765 | $ 3,881 |
Class A Common Stock [Member] | ||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 800,000,000 | 800,000,000 |
Ordinary shares, shares issued | 314,060,843 | 292,062,065 |
Ordinary shares, shares outstanding | 314,060,843 | 292,062,065 |
Class B Common Stock [Member] | ||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 100,000,000 | 100,000,000 |
Ordinary shares, shares issued | 84,364,466 | 96,886,370 |
Ordinary shares, shares outstanding | 84,364,466 | 96,886,370 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Net revenues | $ 1,318,271 | $ 553,098 | $ 133,988 |
Cost and expenses: | |||
Cost of revenues (including share-based compensation of $915, $2,785 and $2,014 in 2015, 2016 and 2017, respectively) | (649,275) | (241,463) | (30,312) |
Research and development (including share-based compensation of $3,502, $5,646 and $8,793 in 2015, 2016 and 2017, respectively) | (51,491) | (31,399) | (23,265) |
Sales and marketing (including share-based compensation of $3,780, $5,880 and $11,723 in 2015, 2016 and 2017 respectively) | (217,437) | (97,173) | (52,631) |
General and administrative (including share-based compensation of $9,185, $17,395 and $27,127 in 2015, 2016 and 2017, respectively) | (62,581) | (38,983) | (22,879) |
Total cost and expenses | (980,784) | (409,018) | (129,087) |
Other operating income | 23,379 | 406 | 713 |
Income from operations | 360,866 | 144,486 | 5,614 |
Interest income | 21,635 | 8,194 | 7,805 |
Impairment loss on long-term investments | (4,386) | (5,765) | |
Income before income tax and share of income on equity method investments | 378,115 | 146,915 | 13,419 |
Income tax expense | (65,980) | (5,136) | (92) |
Income before share of income on equity method investments | 312,135 | 141,779 | 13,327 |
Share of income on equity method investments | 5,889 | 3,471 | 370 |
Net income | 318,024 | 145,250 | 13,697 |
Less: net loss attributable to non-controlling interest | (542) | ||
Net income attributable to Momo Inc. | 318,566 | 145,250 | 13,697 |
Net income attributable to ordinary shareholders | $ 318,566 | $ 145,250 | $ 13,697 |
Net income per share attributable to ordinary shareholders | |||
Basic | $ 0.81 | $ 0.38 | $ 0.04 |
Diluted | $ 0.77 | $ 0.36 | $ 0.03 |
Weighted average shares used in calculating net income per ordinary share | |||
Basic | 394,549,323 | 377,335,923 | 342,646,282 |
Diluted | 415,265,078 | 407,041,165 | 401,396,548 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based compensation | $ 49,657 | $ 31,706 | $ 17,382 |
Cost Of Revenues [Member] | |||
Share-based compensation | 2,014 | 2,785 | 915 |
Research And Development [Member] | |||
Share-based compensation | 8,793 | 5,646 | 3,502 |
Sales And Marketing [Member] | |||
Share-based compensation | 11,723 | 5,880 | 3,780 |
General And Administrative [Member] | |||
Share-based compensation | $ 27,127 | $ 17,395 | $ 9,185 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 318,024 | $ 145,250 | $ 13,697 |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation adjustment | 32,170 | (11,642) | (3,499) |
Comprehensive income | 350,194 | 133,608 | 10,198 |
Less: comprehensive loss attributed to the non-controlling interest | (494) | ||
Comprehensive income attributable to Momo Inc. | $ 350,688 | $ 133,608 | $ 10,198 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | (Accumulated Deficit)/ Retained Earning [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Non-controlling Interests [Member] |
Balance at Dec. 31, 2014 | $ 440,391 | $ 40 | $ 613,678 | $ (64,494) | $ (107,806) | $ (1,027) | |
Balance, Shares at Dec. 31, 2014 | 377,756,110 | ||||||
Net Income | 13,697 | 13,697 | |||||
Share-based compensation | 17,382 | 17,382 | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | $ 415 | $ 1 | 414 | ||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | 5,995,293 | 5,995,293 | |||||
Foreign currency translation adjustment | $ (3,499) | (3,499) | |||||
Balance at Dec. 31, 2015 | 468,386 | $ 41 | 631,474 | (64,494) | (94,109) | (4,526) | |
Balance, Shares at Dec. 31, 2015 | 383,751,403 | ||||||
Net Income | 145,250 | 145,250 | |||||
Share-based compensation | 31,706 | 31,706 | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | $ 319 | $ 1 | 318 | ||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | 5,197,032 | 5,197,032 | |||||
Foreign currency translation adjustment | $ (11,642) | (11,642) | |||||
Balance at Dec. 31, 2016 | 634,019 | $ 42 | 663,498 | (64,494) | 51,141 | (16,168) | |
Balance, Shares at Dec. 31, 2016 | 388,948,435 | ||||||
Net Income | 318,024 | 318,566 | $ (542) | ||||
Share-based compensation | 49,657 | 49,657 | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | $ 567 | $ 1 | 566 | ||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | 9,476,874 | 9,476,874 | |||||
Addition in noncontrolling interest of a subsidiary | $ 3,343 | 3,343 | |||||
Foreign currency translation adjustment | 32,170 | 32,122 | 48 | ||||
Balance at Dec. 31, 2017 | $ 1,037,780 | $ 43 | $ 713,721 | $ (64,494) | $ 369,707 | $ 15,954 | $ 2,849 |
Balance, Shares at Dec. 31, 2017 | 398,425,309 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Net Income | $ 318,024 | $ 145,250 | $ 13,697 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation of property and equipment | 11,722 | 8,404 | 6,646 |
Amortization of intangible assets | 714 | ||
Share-based compensation | 49,657 | 31,706 | 17,382 |
Share of income on equity method investments | (5,889) | (3,471) | (370) |
Impairment loss on long-term investments | 4,386 | 5,765 | |
Impairment loss on intangible assets | 191 | ||
Loss on disposal of property and equipment | 17 | 15 | 5 |
Provision of allowance for doubtful accounts | 85 | ||
Changes in operating assets and liabilities | |||
Accounts receivable | (1,226) | (22,978) | (8,538) |
Prepaid expenses and other current assets | (45,824) | (15,634) | (11,247) |
Amount due from related parties | (4,943) | 1,037 | (1,218) |
Deferred tax assets | (6,790) | (284) | |
Rental deposits | (1,590) | (304) | 38 |
Other non-current assets | (750) | ||
Accounts payable | 25,778 | 32,019 | 5,274 |
Income tax payable | 22,683 | 3,946 | |
Deferred revenue | 20,417 | 15,546 | 12,996 |
Accrued expenses and other current liabilities | 43,303 | 15,456 | 20,671 |
Amount due to related parties | (2,496) | 1,642 | 88 |
Deferred tax liability | (145) | ||
Other non-current liabilities | 283 | 196 | 1,828 |
Net cash provided by operating activities | 427,607 | 218,311 | 57,252 |
Cash flows from investing activities | |||
Purchase of property and equipment | (32,314) | (7,026) | (13,521) |
Proceeds from disposal of property and equipment | 8 | 63 | |
Payment for long term investments | (8,003) | (14,542) | (17,859) |
Prepayment for long term investments | (7,561) | (2,635) | (2,000) |
Payment for acquired intangible assets | (2,993) | ||
Purchase of term deposits | (592,432) | (509,612) | (450,000) |
Cash received on maturity of term deposits | 617,566 | 415,404 | 150,000 |
Payment for short term investments | (2,367) | ||
Cash received from sales of short term investment | 786 | ||
Net cash used in investing activities | (27,310) | (118,348) | (333,380) |
Cash flows from financing activities | |||
Payment for IPO costs | (2,634) | ||
Capital contribution from non-controlling interest shareholder | 73 | ||
Deferred payment of purchase of property and equipment | (217) | (319) | |
Proceeds from exercise of share options | 564 | 333 | 401 |
Net cash provided by (used in) financing activities | 420 | 14 | (2,233) |
Effect of exchange rate on cash and cash equivalents | 27,546 | (11,882) | (3,138) |
Net increase (decrease) in cash and cash equivalents | 428,263 | 88,095 | (281,499) |
Cash and cash equivalents at the beginning of year | 257,564 | 169,469 | 450,968 |
Cash and cash equivalents at the end of year | 685,827 | 257,564 | 169,469 |
Non-cash investing and financing activities | |||
Payable for purchase of property and equipment | 7,265 | 623 | 765 |
Payable for repurchase of ordinary shares | $ 6,450 | $ 6,450 | $ 6,450 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Organization and Principal Activities | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Momo Inc. (the “Company”, formerly known as Momo Technology Company Limited) is the holding company for a group of companies, which is incorporated in the British Virgin Islands (“BVI”) on November 23, 2011. In July 2014, the Company was redomiciled in the Cayman Islands (“Cayman”) as an exempted company registered under the laws of the Cayman Islands, and was renamed Momo Inc. The Company, its subsidiaries, its consolidated variable interest entity (“VIE”) and VIE’s subsidiaries (collectively the “Group”) are principally engaged in providing mobile-based social networking services. The Group started its operation in July 2011. The Group started its monetization in the third quarter of 2013, by offering a platform for live video services, value-added service, mobile games and mobile marketing services. As of December 31, 2017, details of the Company’s subsidiaries, VIE and VIE’s subsidiaries are as follows: Date of Place of Percentage Subsidiaries Momo Technology HK Company Limited (“Momo HK”) December 5, 2011 Hong Kong 100 % Beijing Momo Information Technology Co., Ltd. (“Beijing Momo IT”) March 9, 2012 PRC 100 % Momo Technology Overseas Holding Company Limited (“Momo BVI”) March 5, 2014 BVI 100 % Momo Information Technologies Corp. (“Momo US”) March 7, 2014 US 100 % VIE Beijing Momo Technology Co., Ltd. (“Beijing Momo”) July 7, 2011 PRC N/A * VIE’s subsidiaries Chengdu Momo Technology Co., Ltd. (“Chengdu Momo”) May 9, 2013 PRC N/A * Shanghai Momo Technology Co., Ltd. (“Shanghai Momo”) January 19, 2015 PRC N/A * Chengdu Biyou Technology Co., Ltd. (“Chengdu Biyou”) October 16, 2015 PRC N/A * Tianjin Heer Technology Co., Ltd (“Tianjin Heer”) March 7, 2016 PRC N/A * Momo Pictures Co., Ltd. November 11, 2016 PRC N/A * QOOL Media (Tianjin) Co., Ltd November 16, 2016 PRC N/A * Zhejiang Shengdian Digital Network Co., Ltd. (“Zhejiang Shengdian”) March 31, 2017 PRC N/A * Beijing Santi Cloud Union Technology Co., Ltd. (“Santi”) June 30,2017 PRC N/A * Loudi Momo Technology Co., Ltd. (“Loudi Momo”) July 17, 2017 PRC N/A * Changsha Heer Network Co., Ltd. (“Changsha Heer”) September 20,2017 PRC N/A * Beijing Santi Cloud Time Technology Co., Ltd. September 26,2017 PRC N/A * * These entities are controlled by the Company pursuant to the contractual arrangements disclosed below. The Company was established on November 23, 2011 with share capital of $15, which was 65% owned by Mr. Yan Tang, 20% owned by Mr. Yong Li, 8% owned by Mr. Xiaoliang Lei, and 7% owned by Mr. Zhiwei Li, (Yan Tang, Yong Li, Xiaoliang Lei and Zhiwei Li are collectively referred to as “Founders”) as a vehicle for the group reorganization. The Group commenced its business in China in July 2011 through Beijing Momo which has subsequently become the Group’s VIE through the contractual arrangements described below in “the VIE arrangements”. Beijing Momo was established by the Founders in Beijing, the People’s Republic of China (“PRC”), as a limited liability company on July 7, 2011, which was 65% owned by Mr. Yan Tang, 20% owned by Mr. Yong Li, 8% owned by Mr. Xiaoliang Lei, and 7% owned by Mr. Zhiwei Li. Beijing Momo and its subsidiaries principally engaged in the provision of substantially all of the Group’s services in the PRC. The Company owns 100% of the equity interests in Momo HK, an intermediate holding company incorporated in Hong Kong on December 5, 2011, which owns 100% of the equity interests in Beijing Momo IT, a wholly foreign-owned enterprise (“WFOE”), incorporated in the PRC by the Company on March 9, 2012. The Company entered into a group reorganization by way of entering into a series of contractual arrangements between its WFOE, VIE and the Company on April 18, 2012. Immediately after the reorganization, the Founders controlled the Company, WFOE and Beijing Momo; therefore, the reorganization was accounted for as a transaction among entities under common control. Accordingly, the accompanying audited consolidated financial statements have been prepared by using historical cost basis and include the assets, liabilities, revenue, expenses and cash flows that were directly attributable to Beijing Momo for all periods presented. In December 2014, the Company completed its IPO and a concurrent private placement, upon which the Company’s ordinary shares were divided into Class A ordinary shares and Class B ordinary shares. Holders of Class A ordinary shares are entitled to one vote per share, while holders of Class B ordinary shares are entitled to ten votes per share. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible to Class B ordinary shares under any circumstances. The Company newly issued 45,688,888 Class A ordinary shares, consist of (i) 36,800,000 Class A ordinary shares offered through the IPO, and (ii) 8,888,888 Class A ordinary shares issued in connection with the concurrent private placement. All of the Company’s Series A, Series B, Series C and Series D shares were automatically converted upon IPO into 200,718,811 Class A ordinary shares. The VIE arrangements PRC regulations currently limit direct foreign ownership of business entities providing value-added telecommunications services, advertising services and internet services in the PRC where certain licenses are required for the provision of such services. To comply with these PRC regulations, Beijing Momo IT and Beijing Momo’s shareholders entered into various contractual arrangements whereby the shareholders’ claim to the economic benefits of Beijing Momo and their ability to control the activities of Beijing Momo were transferred to Beijing Momo IT. The Group provides substantially all of its services in China through Beijing Momo, Chengdu Momo, Tianjin Heer and Loudi Momo, which hold the operating licenses and approvals to enable the Group to provide such mobile internet content services in the PRC. The equity interests of Beijing Momo are legally held by certain employees and shareholders of the Company (“Nominee Shareholders”). The Company obtained control over Beijing Momo through Beijing Momo IT on April 18, 2012 by entering into a series of contractual arrangements between Beijing Momo IT, Beijing Momo and its Nominee Shareholders that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIE, and (2) receive the economic benefits of the VIE that could be significant to the VIE. Accordingly, the Company is considered the primary beneficiary of the VIE and has consolidated the VIE’s financial results of operations, assets and liabilities in the Company’s consolidated financial statements. In making the conclusion that the Company is the primary beneficiary of the VIE, the Company’s rights under the Power of Attorney also provide the Company’s abilities to direct the activities that most significantly impact the VIE’s economic performance. The Company also believes that this ability to exercise control ensures that the VIE will continue to execute and renew the Exclusive Technology Consulting and Management Services Agreement and pay service fees to the Company. By charging service fees in whatever amounts the Company deems fit, and by ensuring that the Exclusive Technology Consulting and Management Services Agreement is executed and renewed indefinitely, the Company has the rights to receive substantially all of the economic benefits from the VIE. To further strengthen the Company’s corporate structure, the Group amended its Power of Attorney, Exclusive Call Option Agreement and Equity Interest Pledge Agreement with the Nominee Shareholders and also entered into the Spousal Consent Letters with the Nominee Shareholders in April 2014, and amended the Exclusive Cooperation Agreements and Supplemental Agreements in August 2014. There was no substantial change to the term and condition of the VIE agreements and the change had no impact on to the Company’s VIE consolidation. The following is a summary of the contractual agreements that the Company, through Beijing Momo IT, entered into with Beijing Momo and its Nominee Shareholders, as amended and entered into on April 18, 2014 and August 31, 2014: Agreements that provide the Company effective control over the VIE: (1) Power of Attorney Pursuant to the Power of Attorney, the Nominee Shareholders of Beijing Momo each irrevocably appointed Beijing Momo IT as the attorney-in-fact (2) Exclusive Call Option Agreement Under the Exclusive Call Option Agreement among Beijing Momo IT, Beijing Momo and Nominee Shareholders of Beijing Momo, each of the Nominee Shareholders irrevocably granted Beijing Momo IT or its designated representative(s) an exclusive option to purchase, to the extent permitted under PRC law, all or part of his, her or its equity interests in Beijing Momo at the consideration equal to the nominal price or at lowest price as permitted by PRC laws. Beijing Momo IT or its designated representative(s) have sole discretion as to when to exercise such options, either in part or in full. Without Beijing Momo IT’s written consent, the Nominee Shareholders of Beijing Momo shall not transfer, donate, pledge, or otherwise dispose any equity interests of Beijing Momo in any way. In addition, any consideration paid by Beijing Momo IT to the Nominee Shareholders of Beijing Momo in exercising the option shall be transferred back to Beijing Momo IT or its designated representative(s). This agreement could be terminated when all the shareholders’ equity were acquired by the WFOE or its designated representative(s) subject to the law of People’s Republic of China. In addition, Beijing Momo irrevocably granted Beijing Momo IT an exclusive and irrevocable option to purchase any or all of the assets owned by Beijing Momo at the lowest price permitted under PRC law. Without Beijing Momo IT’s prior written consent, Beijing Momo and its Nominee Shareholders will not sell, transfer, mortgage or otherwise dispose of Beijing Momo’s material assets, legal or beneficial interests or revenues of more than RMB500,000 or allow an encumbrance on any interest in Beijing Momo. (3) Spousal Consent Letters On April 18, 2014, each spouse of the married Nominee Shareholders of Beijing Momo entered into a Spousal Consent Letter, which unconditionally and irrevocably agreed that the equity interests in Beijing Momo held by and registered in the name of their spouse will be disposed of pursuant to the Equity Interest Pledge Agreement, the Exclusive Call Option Agreement, and the Power of Attorney. Each spouse agreed not to assert any rights over the equity interests in Beijing Momo held by their spouse. In addition, in the event that the spouse obtains any equity interests in Beijing Momo held by their spouse for any reason, they agreed to be bound by the contractual arrangements. Agreements that transfer economic benefits to the Company: (1) Exclusive Cooperation Agreements and Supplemental Agreements In August 2014, Beijing Momo IT entered into an Exclusive Cooperation Agreement and a Supplemental Agreement with Beijing Momo and Chengdu Momo, respectively, to supersede the Exclusive Technology Consulting and Management Services Agreements signed in April 2012 by Beijing Momo IT and Beijing Momo. In May 2016, Beijing Momo IT entered into an Exclusive Cooperation Agreement and a Supplemental Agreement with Tianjin Heer. In December 2017, Beijing Momo IT entered into an Exclusive Cooperation Agreement and a Supplemental Agreement with Loudi Momo. Pursuant to the agreements, Beijing Momo IT has the exclusive right to provide, among other things, licenses, copyrights, technical and non-technical pre-determined non-technical For the years ended December 31, 2015, 2016 and 2017, Beijing Momo IT charged Beijing Momo, Chengdu Momo, Tianjin Heer and Loudi Momo a service fee of $112,043, $319,018 and $662,503 at the WFOE’s discretion, respectively. Since Beijing Momo IT has effectively controlled Beijing Momo through Power of Attorney, Equity Interest Pledge Agreement and Exclusive Call Option Agreement, Beijing Momo IT has the right to adjust the service fees at its sole discretion. The agreement shall remain effective for ten years. At the discretion of Beijing Momo IT, this agreement could be renewed on applicable expiration dates, or Beijing Momo IT and Beijing Momo could enter into another exclusive agreement. (2) Equity Interest Pledge Agreement Under the equity interest pledge agreement among Beijing Momo IT and each of the Nominee Shareholders of Beijing Momo, the Nominee Shareholders pledged all of their equity interests in Beijing Momo to Beijing Momo IT to guarantee Beijing Momo’s and its shareholders’ payment obligations arising from the Exclusive Technology Consulting and Management Service Agreement, Business Operation Agreement and Exclusive Call Option Agreement, including but not limited to, the payments due to Beijing Momo IT for services provided. If Beijing Momo or any of its Nominee Shareholders breaches its contractual obligations under the above agreements, Beijing Momo IT, as the pledgee, will be entitled to certain rights and entitlements, including receiving priority proceeds from the auction or sale of whole or part of the pledged equity interests of Beijing Momo in accordance with PRC legal procedures. During the term of the pledge, the shareholders of Beijing Momo shall cause Beijing Momo not to distribute any dividends and if they receive any dividends generated by the pledged equity interests, they shall transfer such received amounts to an account designated by Beijing Momo IT according to the instruction of Beijing Momo IT. The pledge will remain binding until Beijing Momo and its Nominee Shareholders has fully performed all their obligations under the Exclusive Cooperation Agreements and Supplemental Agreements, Business Operations Agreement and Exclusive Call Option Agreement. (3) Business Operations Agreement Under the Business Operations Agreement among Beijing Momo IT, Beijing Momo and the Nominee Shareholders of Beijing Momo, without the prior written consent of Beijing Momo IT or its designated representative(s), Beijing Momo shall not conduct any transaction that may substantially affect the assets, business, operation or interest of Beijing Momo IT. Beijing Momo and Nominee Shareholders shall also follow Beijing Momo IT’s instructions on management of Beijing Momo’s daily operation, finance and employee matters and appoint the nominee(s) designated by Beijing Momo IT as the director(s) and senior management members of Beijing Momo. In the event that any agreements between Beijing Momo IT and Beijing Momo terminates, Beijing Momo IT has the sole discretion to determine whether to continue any other agreements with Beijing Momo. Beijing Momo IT is entitled to any dividends or other interests declared by Beijing Momo and the shareholders of Beijing Momo have agreed to promptly transfer such dividends or other interests to Beijing Momo IT. The agreement shall remain effective for 10 years. At the discretion of Beijing Momo IT, this agreement will be renewed on applicable expiration dates, or Beijing Momo IT and Beijing Momo will enter into another exclusive agreement. Through these contractual agreements, the Company has the ability to effectively control the VIE and is also able to receive substantially all the economic benefits of the VIE. Risk in relation to the VIE structure The Company believes that Beijing Momo IT and Beijing Momo’s contractual arrangements with the VIE are in compliance with PRC law and are legally enforceable. The shareholders of Beijing Momo are also shareholders of the Company and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements and if the shareholders of the VIE were to reduce their interest in the Company, their interests may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms, for example by influencing the VIE not to pay the service fees when required to do so. However, the Company cannot assure that when conflicts of interest arise, the shareholders will act in the best interests of the Company or that conflicts of interests will be resolved in the Company’s favor. Currently, the Company does not have existing arrangements to address potential conflicts of interest the shareholders of the VIE may encounter in their capacity as the beneficial owners and director of the VIE on the one hand, and as beneficial owners and directors or officer of the Company, on the other hand. The Company believes the shareholders of the VIE will not act contrary to any of the contractual arrangements and the Exclusive Call Option Agreement provides the Company with a mechanism to remove the shareholders as the beneficial shareholders of the VIE should they act to the detriment of the Company. The Company relies on the VIE’s shareholders, as directors and officer of the Company, to fulfill their fiduciary duties and abide by laws of the PRC and the Cayman and act in the best interest of the Company. If the Company cannot resolve any conflicts of interest or disputes between the Company and the VIE’s shareholders, the Company would have to rely on legal proceedings, which could result in disruption of its business, and there is substantial uncertainty as to the outcome of any such legal proceedings. The Company’s ability to control the VIE also depends on the Power of Attorney. Beijing Momo IT and Beijing Momo have to vote on all matters requiring shareholder approval in the VIE. As noted above, the Company believes this power of attorney is legally enforceable but may not be as effective as direct equity ownership. In addition, if the legal structure and contractual arrangements were found to be in violation of any existing PRC laws and regulations, the PRC government could: • revoke the Group’s business and operating licenses; • require the Group to discontinue or restrict operations; • restrict the Group’s right to collect revenues; • block the Group’s websites; • require the Group to restructure the operations in such a way as to compel the Group to establish a new enterprise, re-apply • impose additional conditions or requirements with which the Group may not be able to comply; or • take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business. The imposition of any of these penalties may result in a material and adverse effect on the Group’s ability to conduct the Group’s business. In addition, if the imposition of any of these penalties causes the Group to lose the rights to direct the activities of the VIE or the right to receive their economic benefits, the Group would no longer be able to consolidate the VIE. The Group does not believe that any penalties imposed or actions taken by the PRC government would result in the liquidation of the Company, Beijing Momo IT, or the VIE. The following consolidated financial statements amounts and balances of the VIE were included in the accompanying consolidated financial statements after the elimination of intercompany balances and transactions as of and for the years ended December 31: As of December 31, 2016 2017 Cash and cash equivalents $ 36,855 $ 63,110 Accounts receivable, net of allowance for doubtful accounts of $nil and $90 as of December 31, 2016 and 2017, respectively 36,078 39,597 Amount due from related parties 88 5,143 Prepaid expenses and other current assets 20,613 57,056 Deferred tax assets, current 72 — Short-term investment — 1,614 Total current assets 93,706 166,520 Property and equipment, net 1,854 8,080 Intangible assets — 7,462 Rental deposits 325 1,609 Other non-current 2,593 7,685 Long term investments 26,541 43,333 Deferred tax assets, non-current 208 1,062 Goodwill — 3,401 Total assets 125,227 239,152 Accounts payable 36,812 54,937 Deferred revenue 41,277 64,788 Accrued expenses and other current liabilities 6,632 30,802 Amounts due to related parties 1,510 29 Income tax payable 3,881 11,765 Total current liabilities 90,112 162,321 Deferred tax liabilities, non-current — 1,866 Total liabilities $ 90,112 $ 164,187 For the years ended December 31, 2015 2016 2017 Net revenues $ 133,988 $ 553,098 $ 1,318,271 Net income $ 118,404 $ 340,366 $ 724,880 Net cash provided by operating activities $ 124,786 $ 360,433 $ 740,683 Net cash used in investing activities $ (19,435 ) $ (11,027 ) $ (25,810 ) Net cash provided by financing activities $ — $ — $ 73 The unrecognized revenue-producing assets that are held by the VIE are primarily self-developed intangible assets such as domain names, trademark and various licenses which are un-recognized The VIE contributed an aggregate of 100% of the consolidated net revenues for each of the years ended December 31, 2015, 2016 and 2017, respectively. As of the fiscal years ended December 31, 2016 and 2017, the VIE accounted for an aggregate of 16.3% and 18.4%, respectively, of the consolidated total assets, and 66.4% and 62.1%, respectively, of the consolidated total liabilities. The assets that were not associated with the VIE primarily consist of cash and cash equivalents, and term deposits. There are no consolidated VIE’s assets that are collateral for the VIE’s obligations and can only be used to settle the VIE’s obligations. There are no creditors (or beneficial interest holders) of the VIE that have recourse to the general credit of the Company or any of its consolidated subsidiaries. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests, that require the Company or its subsidiaries to provide financial support to the VIE. However, if the VIE ever needs financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIE through loans to the shareholders of the VIE or entrustment loans to the VIE. Relevant PRC laws and regulations restrict the VIE from transferring a portion of its net assets, equivalent to the balance of its statutory reserve and its share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 18 for disclosure of restricted net assets. The Group may lose the ability to use and enjoy assets held by the VIE that are important to the operation of business if the VIE declares bankruptcy or becomes subject to a dissolution or liquidation proceeding. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Basis of consolidation The consolidated financial statements of the Group include the financial statements of Momo Inc., its subsidiaries, its VIE and VIE’s subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues, cost and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements include revenue recognition, the useful lives and impairment of property and equipment, valuation allowance for deferred tax assets, and share-based compensation. Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments, which are unrestricted from withdrawal or use, or which have original maturities of three months or less when purchased. Term deposits Term deposits consist of bank deposits with an original maturity of over three months. Accounts receivable Accounts receivable primarily represents the cash due from third-party application stores and other payment channels and advertising customers, net of allowance for doubtful accounts. The Group makes estimates for the allowance for doubtful accounts based upon its assessment of various factors, including the age of accounts receivable balances, credit quality of third-party application stores and other payment channels and advertising customers, current economic conditions and other factors that may affect their ability to pay. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. Financial instruments Financial instruments of the Group primarily consist of cash and cash equivalents, term deposits, accounts receivable, cost method investments, available-for-sale Cash and cash equivalents are recorded at fair value based on the quoted market price in an active market. The carrying values of term deposits, accounts receivable, accounts payable, deferred revenue, income tax payable, amount due from related parties and amount due to related parties approximate their fair values due to short-term maturities. It is not practical to estimate the fair value of the Group’s cost method investments because of the lack of quoted market price and the inability to estimate fair value without incurring excessive costs. Available-for-sale Foreign currency risk The Renminbi (“RMB”) is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. Cash and cash equivalents of the Group included aggregate amounts of $245,853 and $632,572 as of December 31, 2016 and 2017, respectively, which were denominated in RMB. Concentration of credit risk Financial instruments that potentially expose the Group to concentration of credit risk consist primarily of cash and cash equivalents, term deposits and accounts receivable. The Group places their cash with financial institutions with high-credit ratings and quality. Third-party application stores and other payment channels accounting for 10% or more of accounts receivables are as follows: As of December 31, 2016 2017 A 40 % 23 % B — 21 % C 15 % 19 % D 22 % 5 % No user or advertising customer accounted for 10% or more of accounts receivables for the years ended December 31, 2016 and 2017, respectively. Concentration of revenue No user or customer accounted for 10% or more of net revenues for the years ended December 31, 2015, 2016 and 2017, respectively. Cost method investments For investee companies over which the Group neither has significant influence nor control through investment in common shares or in-substance Equity method investments The investee companies over which the Group has the ability to exercise significant influence, but does not have a controlling interest are accounted for using the equity method. Significant influence is generally considered to exist when the Group has an ownership interest in the voting stock of the investee between 20% and 50%. Other factors, such as representation in the investee’s Board of Directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate. For the investment in limited partnerships, where the Group holds less than a 20% equity or voting interest, the Group’s influence over the partnership operating and financial policies is determined to be more than minor. Accordingly, the Group accounts for these investments as equity method investments. Under the equity method of accounting, the affiliated company’s accounts are not reflected within the Group’s consolidated balance sheets and statements of operations; however, the Group’s share of the earnings or losses of the affiliated company is reflected in the caption “share of income on equity method investments” in the consolidated statements of operations. An impairment change is recorded if the carrying amount of the investment exceeds its fair value and this condition is determined to be other-than-temporary. The Group estimates the fair value of the investee company based on comparable quoted price for similar investment in active market, if applicable, or discounted cash flow approach which requires significant judgments, including the estimation of future cash flows, which is dependent on internal forecasts, the estimation of long term growth rate of a company’s business, the estimation of the useful life over which cash flows will occur, and the determination of the weighted average cost of capital. Available-for-sale For investments in investees’ stocks which are determined to be debt securities, the Group accounts for them as long-term available-for-sale held-to-maturity Available-for-sale The Group continually reviews its available-for-sale available-for-sale available-for-sale Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Office equipment 3-5 Computer equipment 3 years Vehicles 5 years Leasehold improvement Shorter of the lease term or estimated useful lives Intangible assets Intangible assets acquired through business acquisitions are recognized as assets separate from goodwill if they satisfy either the “contractual-legal” or “separability” criterion. Purchased intangible assets and intangible assets arising from the acquisitions of subsidiaries are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: Copyright 1 year License 3.2-10 years Impairment of long-lived assets with finite lives The Group reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Group measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss based on the fair value of the assets. Goodwill Goodwill represents the excess of the purchase consideration over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed of the acquired entity as a result of the Company’s acquisitions of interests in its subsidiaries. Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. The Company has an option to first assess qualitative factors to determine whether it is necessary to perform the two-step In performing the two-step Fair value Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liability categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Revenue recognition The Group recognizes revenue when a persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. The Group principally derives its revenue from live video service, value-added services, mobile marketing services, mobile games and other services. (a) Live video service The Group provides live video service whereby users can enjoy live performances and interact with the broadcasters for free, and have the option of purchasing in-show Net revenues of $1,231, $376,925 and $1,102,592 were recognized for live video services for the years ended December 31, 2015, 2016 and 2017, respectively. (b) Value-added services Value-added services revenues include membership subscription revenue and virtual gift service revenue. Membership subscription is a service package which enables members to enjoy additional functions and privileges. The contract period for the membership subscription ranges from one month to one year. All membership subscription is nonrefundable. The Group collects membership subscription in advance and records it as deferred revenue. Revenue is recognized ratably over the contract period for the membership subscription services. Virtual gift service was launched in 2016 to enhance users’ experience of interaction and social networking with each other. Users purchase virtual gifts and send the virtual gifts simultaneously to other users, while the Group shares with them a portion of the revenues derived from the sales of virtual gifts. Revenues derived from the sale of virtual gifts are recorded on a gross basis as the Group has determined that it acts as the principal to fulfill all obligations related to the virtual gift services. The portion paid to gift recipients is recognized as cost of revenues. Net revenues of $58,462, $67,603 and $103,139 were recognized for value-added services for the years ended December 31, 2015, 2016 and 2017, respectively. (c) Mobile marketing The Group provides advertising and marketing solutions to customers for promotion of their brands and conduction of effective marketing activities through its mobile application. Display-based mobile marketing services For display-based online advertising services such as banners and location-based advertising on the mobile applications, the Group recognizes revenue ratably over the period that the advertising is provided commencing on the date the customer’s advertisement is displayed, or on the number of times that the advertisement has been displayed for cost per thousand impressions advertising arrangements. Performance-based mobile marketing services The Group enables advertising customers to place link on its mobile platform on a pay-for-effectiveness The Group’s revenue transactions are based on standard business terms and conditions, which are recognized net of agency rebates, if applicable. Net revenues of $38,885, $66,339 and $76,178 were recognized for mobile marketing for the years ended December 31, 2015, 2016 and 2017, respectively. (d) Mobile games The Group publishes both licensed mobile games developed by third-party game developers and its self-developed games to the game players through its mobile application. Licensed mobile games The Group generates revenue from offering services of mobile games developed by third-party game developers. All of the licensed games can be accessed and played by game players directly through the Group’s mobile game platform. The Group primarily views the game developers to be its customers and considers its responsibility under its agreements with the game developers to be promotion of the game developers’ games. The Group generally collects payments from game players in connection with the sale of in-game in-game in-game Licensed mobile games - Non-exclusive The Group enters into non-exclusive in-game in-game in-game in-game Licensed mobile games - Exclusive mobile games services The Group enters into exclusive agreements with the game developers and provides the Group’s mobile game platform for the mobile games developed by the game developers. Under the exclusive agreements, the players can access to the games only through the Group’s platform. The Group has determined that it is obligated to provide mobile games services to game players who purchased virtual items to gain an enhanced game-playing experience over an average period of player relationship. Hence, the Group believes that its performance for, and obligation to, the game developers correspond to the game developers’ services to the players. The Group does not have access to the data on the consumption details and the types of virtual items purchased by the game players. Therefore, the Group cannot estimate the economic life of the virtual item. However, the Group maintains data of when a particular player purchases the virtual items and logs into the games. The Group has adopted a policy to recognize revenues net of remittances to game developers and commission fees made to third-party application stores and other payment channels over the estimated period of player relationship on a game-by-game Self-developed mobile game In February 2015, the Group launched one self-developed game on its platform and started to generate revenues by in-game Revenues derived from the self-developed game are recorded on a gross basis as the Group acts as a principal to fulfill all obligations related to the mobile game operation. Commission fees paid to third-party application stores and other payment channels are recorded as cost of revenues. Net revenues of $31,082, $35,453 and $35,619 were recognized for mobile games for the years ended December 31, 2015, 2016 and 2017, respectively. (e) Other service Other service primarily includes Duobao service and paid emoticons. Advertising barter transactions The Group engages in barter transactions where it trades advertising resources with certain third parties for other advertising resources and goods. The Group recognizes revenues and expenses at fair value only if the fair value of the services exchanged in the transaction is determinable based on the Group’s own historical practice of receiving cash or other consideration that is readily convertible to a known amount of cash for similar advertising resources from customers unrelated to the party in the barter transaction. When the fair value of the transactions is not determinable due to the lack of the Group’s similar historical practice, the advertising barter transactions shall be recorded based on the carrying amount of the advertising surrendered which is the estimated cost to be incurred, or the fair value of the assets received. Advertising barter transactions were insignificant for all the years presented. Deferred revenue Deferred revenue primarily includes cash received in advance from users and advertising customers. The unused cash balances remaining in users’ and advertising customers’ accounts are recorded as a liability. Deferred revenue related to prepayments from users and advertising customers will be recognized as revenue when all of the revenue recognition criteria are met. Cost of revenues Cost of revenues consist of expenditures incurred in the generation of the Group’s revenues, including but not limited to revenue sharing with the broadcasters, broadcaster agencies related to live video service and virtual gift recipients, commission fee paid to third-party application stores and other payment channels except for those paid related to licensed mobile games which are recorded net of revenue, bandwidth costs, salaries and benefits paid to employee, short messaging service charges and depreciation. These costs are expensed as incurred except for the direct and incremental platform commission fees to third-party application stores and other payment channels which are deferred in “Prepaid expenses and other current assets” on the consolidated balance sheets. The deferred platform commissions are recognized in the consolidated statements of operations in “Cost of revenues” in the period in which the related revenues are recognized. Government subsidies For the government subsidies not subject to further performance obligations or future returns, the Group records the amounts as other income when received from local government authority. Whereas for the government subsidies with certain future performance obligations, the Group recognizes those as liabilities when received until the performances obligations have been met at which time, those are recognized as other income. Government subsidies recorded as other income amounted to $nil, $293 and $20,977 for the years ended December 31, 2015, 2016 and 2017. Research and development expenses Research and development expenses primarily consist of (i) salaries and benefits for research and development personnel, and (ii) technological service fee, office rental and depreciation expenses associated with the research and development activities. The Group’s research and development activities primarily consist of the research and development of new features for its mobile platform and its self-developed mobile games. The Group has expensed all research and development expenses when incurred. Value added taxes (“VAT”) Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in accrued expenses and other current liabilities on the consolidated balance sheets. VAT is also reported as a deduction to revenue when incurred and amounted to $16,951, $55,353 and $120,256 for the years ended December 31, 2015, 2016 and 2017, respectively. Income taxes Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not non-current 2015-17 The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely than- not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The Group recognized income tax expense which amounted to $92, $5,136 and $65,980 for the years ended December 31, 2015, 2016 and 2017, respectively. Foreign currency translation The functional and reporting currency of the Group is the United States dollar (“U.S. dollar”). The financial records of the Group’s subsidiaries, VIE and VIE’s subsidiaries located in the PRC are maintained in their local currencies, the RMB, which are also the functional currencies of these entities. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange in place at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statement of operations. The Group’s entities with functional currency of RMB, translate their operating results and financial positions into the U.S. dollar, the Group’s reporting currency. Assets and liabilities are translated using the exchange rates in effect on the balance sheet date. Revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of comprehensive loss. Operating leases Leases where the rewards and risks of ownership of assets primarily remain with the lessor are accounted for as operating leases. Payments made under operating leases are charged to the consolidated statements of operations on a straight-line basis over the lease periods. Advertising expenses The Group expenses advertising expenses as incurred. Total advertising expenses incurred were $27,793, $55,188 and $153,425 for the years ended December 31, 2015, 2016 and 2017, respectively, and have been included in sales and marketing expenses in the consolidated statements of operations. Comprehensive income Comprehensive income includes net income, unrealized gain or loss on available-for-sale Share-based compensation Share-based payment transactions with employees and executives are measured based on the grant date fair value of the equity instrument issued and recognized as compensation expense net of a forfeiture rate on a straight-line basis, over the requisite service period, with a corresponding impact reflected in additional paid-in Share awards issued to consultants are measured at fair value at the earlier of the commitment date or the date the services are completed and recognized over the period the services are provided. The estimate of forfeiture rate will be adjusted over the requisite service period to the extent that actual forfeiture rate differs, or is expected to differ, from such estimates. Changes in estimated forfeiture rate will be recognized through a cumulative catch-up Changes in the terms or conditions of share options are accounted as a modification under which the Group calculates whether there is any excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified, measured based on the share price and other pertinent factors at the modification date. For vested options, the Group recognizes incremental compensation cost in the period of the modification occurred and for unvested options, the Group recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. Earnings per share Basic earnings per ordinary share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The Group determined that the nonvested restricted shares are participating securities as the holders of the nonvested restricted shares have a nonforfeitable right to receive dividends with all ordinary shares but the nonvested restricted shares do not have a contractual obligation to fund or otherwise absorb the Group’s losses. Accordingly, the Group uses the two-class Diluted earnings per ordinary share reflect the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Group had share options and restricted share units, which could potentially dilute basic earnings per share in the future. To calculate the number of shares for diluted earnings per ordinary share, the effect of the share options and restricted share units is computed using the treasury stock method. Recent accounting pronouncement adopted In November 2015, the FASB issued ASU No. 2015-17, Balance Taxes (“ASU 2015-17”). ASU 2015-17 simplifies adopted ASU 2015-17 effective of ASU 2015-17 did Recent accounting pronouncements not yet adopted In May 2014, the FASB issued, ASU 2014-09, The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: • Step 1: Identify the contract (s) with a customer. • Step 2: Identify the performance obligations in the contract. • Step 3: Determine the transaction price. • Step 4: Allocate the transaction price to the performance obligations in the contract. • Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. In August 2015, FASB issued its final standard formally amending the effective date of the new revenue recognition guidance. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The new revenue guidance may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. In November 2017, the FASB issued a new pronouncement, ASU 2017-14, No. 33-10403) The Group expects to adopt ASU 2014-09 2014-09 In January, 2016, the FASB issued a new pronouncement ASU 2016-01 not-for-profit The new guidance makes targeted improvements to existing U.S. GAAP by: • Requiring equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; • Requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; • Requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; • Eliminating the requirement to disclose the fair value of financial instruments measured at amortized cost for organizations that are not public business entities; • Eliminating the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and • Requiring a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new guidance permits early adoption of the own credit provision. Adoption of the amendment must be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, except for amendments related to equity instruments that do not have readily determinable fair values which should be applied prospectively. The Group is in the process of evaluating the impact of adoption of this guidance on its consolidated financial statements. . In February 2016, the FASB issued ASU No. 2016-02, right-of-use No. 2016-02 will right-of-use In January 2017, the FASB issued ASU 2017-04: Intangibles—Goodwill In May, 2017, FASB issued a new pronouncement, ASU 2017-09, |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Accounts Receivable, Net | 3. ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following: As of December 31, 2016 2017 Accounts receivable $ 36,078 $ 39,687 Less: allowance for doubtful accounts — (90) Accounts receivable, net $ 36,078 $ 39,597 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 4. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following: As of December 31, 2016 2017 Deposit at a third-party payment channel (i) $ 4,845 $ 29,239 Advance to suppliers (ii) 5,331 21,521 Interest receivable 4,821 8,441 Prepaid income tax and other expenses 2,964 8,069 Deferred platform commission cost 4,571 4,292 Input VAT (iii) 2,968 3,714 Game promotions fees paid on behalf of game developers 2,250 2,742 Advance to game developers 1,550 924 Others 3,292 3,775 $ 32,592 $ 82,717 (i) Deposit at a third party payment channel is the cash deposited in a third party payment channel by the Group for the broadcasters to withdraw their revenue sharing and the customer payment to the Group’s account through a third party payment channel. (ii) Advance to suppliers were primarily for advertising fees and live video broadcasting service fees. (iii) Input VAT mainly occurred from the purchasing of goods for other services, property and equipment and advertising activities. It is subject to verification by related tax authorities before offsetting the VAT output. |
Long Term Investments
Long Term Investments | 12 Months Ended |
Dec. 31, 2017 | |
Investments Schedule [Abstract] | |
Long Term Investments | 5. LONG TERM INVESTMENTS As of December 31, 2016 2017 Equity method investments Jingwei Chuangteng (Hangzhou) L.P. (i) $ 4,191 $ 7,419 Beijing Autobot Venture Capital L.P. (ii) 6,736 8,478 Hangzhou Aqua Ventures Investment Management L.P. (iii) 9,187 12,986 Others (iv) 2,718 3,188 Cost method investments Hunan Qindao Cultural Spread Ltd. (v) — 4,611 Others (iv) 1,834 7,655 Available-for-sale Xish International Limited (vi) 4,386 — Hunan Qindao Cultural Spread Ltd. (v) 2,880 — $ 31,932 $ 44,337 The Group performed impairment analysis for equity method investments and cost method investments. Impairment loss of $nil, $186 and $nil was recorded for equity method investments during the years ended December 31, 2015, 2016 and 2017, respectively. Impairment loss of $nil, $965 and $nil was recorded for cost method investments during the years ended December 31, 2015, 2016 and 2017, respectively. (i) On January 9, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Jingwei Chuangteng (Hangzhou) L.P. (“Jingwei”). According to the partnership agreement, the Group committed to subscribe 4.9% partnership interest in Jingwei for $4,744, which had been paid as of December 31, 2017. Due to Jingwei’s further rounds of financing, the Group’s partnership interest was diluted to 2.4% as of December 31, 2016 and 2017. The Group recognized its share of partnership profit in Jingwei of $366, $633 and $1,717 during the year ended December 31, 2015, 2016 and 2017, respectively. (ii) On February 13, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Beijing Autobot Venture Capital L.P. (“Autobot”). According to the partnership agreement, the Group committed to subscribe 31.9% partnership interest in Autobot for $4,823. Autobot had further rounds of financing, of which the Group subscribed for $1,529. Due to Autobot’s further round of financing, the Group’s partnership interest was diluted to 26.7% as of December 31, 2016 and 2017. The committed subscription and further round of financing subscription amount, $6,352, was paid as of December 31, 2016. The Group recognized its share of partnership profit in Autobot of $274, $771 and $1,239 during the year ended December 31, 2015, 2016 and 2017, respectively. (iii) On August 18, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Hangzhou Aqua Ventures Investment Management L.P. (“Aqua”). According to the partnership agreement, the Group committed to subscribe 42.7% partnership interest for $7,930. The committed subscription amount had been fully paid as of December 31, 2016. The Group recognized its share of partnership profit in Aqua of $89, $2,134 and $3,088 during the years ended December 31, 2015, 2016 and 2017, respectively. (iv) Others represent equity method investments or cost method investments that are individually insignificant. (v) On June 8, 2016, the Group entered into a share purchase agreement to acquire 16.0% preferred shares of Hunan Qindao Cultural Spread Ltd. (“Qindao”) for a total consideration of $4,441, which was fully paid off as of December 31, 2017. The investment was classified as available-for-sale (vi) On January 21, 2016, the Group entered into a preferred share subscription agreement to acquire 17.3% equity of Xish International Limited (“Xish”) for a total consideration of $9,000, which had been paid as of December 31, 2016. The investment was classified as available-for-sale |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 6. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following: As of December 31, 2016 2017 Computer equipment $ 23,763 $ 45,580 Office equipment 4,370 12,214 Vehicles 31 189 Leasehold improvement 2,800 10,366 Less: accumulated depreciation (18,844 ) (30,566 ) Exchange difference 1,812 1,979 13,932 $ 39,762 Depreciation expenses charged to the consolidated statements of operations for the years ended December 31, 2015, 2016 and 2017 were $6,646, $8,404 and $11,722 respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 7. INTANGIBLE ASSETS, NET Intangible assets, net consisted of the following: As of 2017 Licenses* $ 8,059 Game copyright 333 Less: accumulated amortization and impairment (905 ) Exchange difference (25 ) Net book value $ 7,462 * Licenses mainly consist of the Internet Audio/Video Program Transmission License, which is a requisite permit according to government regulations for the Group’s business operation such as live video service. Amortization expenses and impairment loss charged to the consolidated statements of operations for the years ended December 31, 2015, 2016 and 2017 were $nil, $nil and $905 respectively. The estimated aggregate amortization expenses for each of the five succeeding fiscal years and thereafter are as follows: For the year ended December 31, Amounts 2018 $ 881 2019 881 2020 881 2021 774 2022 771 Thereafter 3,274 $ 7,462 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following: As of December 31, 2016 2017 Accrued payroll and welfare $ 18,982 $ 34,523 Payable for advertisement 9,871 18,783 Balance of users’ virtual accounts 779 14,175 Other tax payables 4,694 9,457 Accrued professional services fee 1,438 3,417 VAT payable 1,919 1,543 Others 2,282 5,911 Total $ 39,965 $ 87,809 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 9. FAIR VALUE Measured on recurring basis The Group measures its financial assets and liabilities including cash and cash equivalents and available-for-sale Available-for-sale As of December 31, 2016 and 2017, information about inputs for the fair value measurements of the Group’s assets that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows: Fair Value Measurement as of December 31, Description 2016 Quoted Significant Significant (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 257,564 $ 257,564 — $ — Available-for-sale investments 7,266 — — 7,266 Total $ 264,830 $ 257,564 — $ 7,266 Fair Value Measurement as of December 31, Description 2017 Quoted Significant Significant (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 685,827 $ 685,827 — $ — Total $ 685,827 $ 685,827 — $ — The Group measured the fair value of its available for sales investments using the income approach and consider those as Level 3 measurement because the Group used unobservable inputs to determine their fair values. Specifically, the Group estimates the fair value of these investments based on the discounted cash flow approach which requires significant judgments, including the estimation of future cash flows, which is dependent on internal forecasts, the estimation of long term growth rate of a company’s business, the estimation of the useful life over which cash flows will occur, and the determination of the weighted average cost of capital. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Additional information about the reconciliation of the fair value measurement of available-for-sale Balance as of December 31, 2016 $ 7,266 Purchase 1,458 Other-than-temporary loss recognized (4,386 ) Reclassification to cost method investment (i) (4,611 ) Foreign exchange difference 273 Balance as of December 31, 2017 $ — (i) The investment in Qindao was reclassified from available-for-sale Measured on nonrecurring basis The Group measures its long-term investments (excluding long-term available for sale investments) at fair value on a nonrecurring basis whenever events or changes in circumstances indicate that the carrying value may not be recoverable. As of December 31, 2016 and 2017, the Group performed an impairment test on its cost and equity method investees and recorded an impairment loss of $1,151 and $nil, respectively. Such impairments are considered level 3 fair value measurements because the Group used unobservable inputs such as the management projection of discounted future cash flow and the discount rate. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. INCOME TAXES Cayman In July 2014, the Company was redomiciled in the Cayman Islands as an exempted company registered under the laws of the Cayman Islands. Under the current laws of the Cayman Islands, it is not subject to tax on either income or capital gain. BVI Momo BVI is a tax-exempted The United States (“US”) Momo US is incorporated in the US and is subject to state income tax and federal income tax at different tax rates, depending upon taxable income levels. Momo US did not have taxable income and no income tax expense was provided for the year ended December 31, 2017. Hong Kong Momo HK was established in Hong Kong and is subject to Hong Kong Profits Tax at 16.5% on its profits of business carried on in Hong Kong. PRC In August 2014, Beijing Momo IT was qualified as a software enterprise. As such, Beijing Momo IT will be exempt from income taxes for two years beginning in its first profitable year which was from 2015 to 2016 followed by a tax rate of 12.5% for the succeeding three years which is from 2017 to 2019. As of December 31, 2017, Chengdu Momo was in the process of filing the western China development enterprise status. The Group believes Chengdu Momo will most likely be qualified as western China development enterprise and accordingly be entitled to a preferential income tax rate of 15% in the year 2017. As a result, the Group applied 15% to determine the tax liabilities for Chengdu Momo. The other entities incorporated in the PRC are subject to an enterprise income tax at a rate of 25%. Since January 1, 2011, the relevant tax authorities of the Group’s subsidiaries have not conducted a tax examination on the Group’s PRC entities. In accordance with relevant PRC tax administration laws, tax years from 2014 to 2016 of the Group’s PRC subsidiary, VIE and VIE’s subsidiaries, remain subject to tax audits as of December 31, 2017, at the tax authority’s discretion. Under the Enterprise Income Tax Law (the “EIT Law”) and its implementation rules which became effective on January 1, 2008, dividends generated after January 1, 2008 and payable by foreign-invested enterprise in the PRC to its foreign investors who are non-resident Uncertainties exist with respect to how the current income tax law in the PRC applies to the Group’s overall operations, and more specifically, with regard to tax residency status. The EIT Law includes a provision specifying that legal entities organized outside of the PRC will be considered residents for Chinese income tax purposes if the place of effective management or control is within the PRC. The implementation rules to the EIT Law provide that non-resident If any entity within the Group that is outside the PRC were to be a non-resident Aggregate undistributed earnings of the Company’s subsidiaries located in the PRC that are available for distribution at December 31, 2017 are considered to be indefinitely reinvested and accordingly, no provision has been made for the Chinese dividend withholding taxes that would be payable upon the distribution of those amounts to any entity within the Group that is outside the PRC. The Group does not have any present plan to pay any cash dividends on its ordinary shares in the foreseeable future. It intends to retain most of its available funds and any future earnings for use in the operation and expansion of its business. As of December 31, 2017, the Group has not declared any dividends. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Group adopted ASU 2015-17 As of December 31, 2016 2017 Current deferred tax assets: Impairment of loss on long term investments $ 72 $ — Less: valuation allowance — — Current deferred tax assets, net 72 — Non-current Advertising expense — 5,957 Net operating tax losses carry-forward 2,852 3,964 Impairment on long term investments and game copyright 208 400 Accrued expenses — 840 Less: valuation allowance (2,852 ) (3,964 ) Non-current $ 208 $ 7,197 Non-current Intangible assets acquired — 1,866 Non-current $ — $ 1,866 The Group considers the following factors, among other matters, when determining whether some portion or all of the deferred tax assets will more likely than not be realized: the nature, frequency and severity of losses, forecasts of future profitability, the duration of statutory carry-forward periods, the Group’s experience with tax attributes expiring unused and tax planning alternatives. The Group’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carry-forward periods provided for in the tax law. As of December 31, 2017, the tax loss carry-forward for Beijing Momo’s subsidiaries amounted to $5,431, which would expire on various dates between December 31, 2020 and December 31, 2022. As of December 31, 2017, the tax loss carryforward for Momo HK amounted to $178, which would be carried forward indefinitely and set off against its future taxable profits. As of December 31, 2017, the tax loss carry-forward for Momo US amounted to $8,985, which would be carried forward for twenty years. The Group does not file combined or consolidated tax returns, therefore, losses from individual subsidiaries or the VIE may not be used to offset other subsidiaries’ or VIE’s earnings within the Group. Valuation allowance is considered on each individual subsidiary and legal entity basis. Valuation allowances have been established in respect of certain deferred tax assets as it is considered more likely than not that the relevant deferred tax assets will not be realized in the foreseeable future. Reconciliation between income tax expense computed by applying the PRC EIT rate of 25% to income before income taxes and the actual provision for income tax is as follows: For the years ended December 31, 2015 2016 2017 Net income before provision for income tax $ 13,419 $ 146,915 $ 378,115 PRC statutory tax rate 25 % 25 % 25 % Income tax expense at statutory tax rate 3,355 36,729 94,529 Permanent differences (144 ) (75 ) (66 ) Change in valuation allowance (2,315 ) (2,680 ) 1,112 Effect of income tax rate difference in other jurisdictions 2,754 7,941 11,857 Effect of tax holidays and preferential tax rates (3,558 ) (36,779 ) (41,452 ) Provision for income tax $ 92 $ 5,136 $ 65,980 If Beijing Momo IT and Chengdu Momo did not enjoy income tax exemptions and preferential tax rates for the years ended December 31, 2015, 2016 and 2017, the increase in income tax expenses and net income per share amounts would be as follows: For the years ended December 31, 2015 2016 2017 Increase in income tax expenses $ 3,558 $ 36,779 $ 41,452 Net income per ordinary share attributable to Momo Inc. – basic 0.03 0.28 0.70 Net income per ordinary share attributable to Momo Inc. - diluted 0.03 0.27 0.67 No significant unrecognized tax benefit was identified for the years ended December 31, 2015, 2016 and 2017. The Group did not incur any interest and penalties related to potential underpaid income tax expenses and also believed that uncertainty in income taxes did not have a significant impact on the unrecognized tax benefits within next twelve months. |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Ordinary Shares | 11. ORDINARY SHARES On November 23, 2011, the Company was authorized to issue a maximum 500,000,000 shares of a single class and issued 147,000,000 ordinary shares with a par value of $0.0001. On April 12, 2012, the authorized 500,000,000 shares were divided into 446,545,450 ordinary shares and 53,454,550 preferred shares in connection with the issuance of Series A-1 A-2 In April 2012, the Company’s four founding shareholders entered into an arrangement with the investor in conjunction with the issuance of Series A convertible redeemable participating preferred shares, whereby all of their 147,000,000 ordinary shares (“Founders’ shares”) became subject to service and transfer restrictions. Such Founders’ shares are subject to repurchase by the Company upon early termination of four years of employment of four founders from April 2012. Notwithstanding the foregoing, the Founders shall exercise all rights and privileges of a holder of ordinary shares of the Company with respect to the Founders’ shares. The Founders shall be deemed to be the holder for purposes of receiving any dividends that may be paid with respect to the Founders’ shares and for the purpose of exercising any voting rights relating to the Founders’ shares, even if some or all of Founders’ shares have not yet vested and been released from the repurchase rights. The restrictions on the ordinary shares were fully released and such shares became fully vested in 2016. Please refer to Note 12 for disclosure of nonvested restricted shares. On June 11, 2012, the Company decreased its authorized ordinary shares from 446,545,450 shares to 426,747,470 shares in connection with the issuance of Series A-3 On July 13, 2012, the Company decreased its authorized ordinary shares from 426,747,470 shares to 366,789,830 shares in connection with the issuance of Series B convertible redeemable participating preferred shares. On September 12, 2012, a 10-for-1 A-1, A-2 A-3 On October 8, 2013, the Company was authorized to issue a maximum 1,000,000,000 shares, which was divided into 835,675,688 ordinary shares and 164,324,312 preferred shares in connection with the issuance of Series C convertible redeemable participating preferred shares. On April 22, 2014, the Company was authorized to issue a maximum 1,000,000,000 shares, which was divided into 799,281,189 ordinary shares and 200,718,811 preferred shares in connection with the issuance of Series D convertible redeemable participating preferred shares. On April 22, 2014, certain ordinary shareholders who are also the senior management of the Company donated an aggregate of 15,651,589 ordinary shares to the Company with no consideration. On the same date, the Group declared a special dividend to these shareholders at an aggregated amount of $64,494, among which $58,044 was paid in May 2014. The remaining $5,775 and $675 were recorded as amount due to related parties-current and accrued expenses and other current liabilities respectively, as of December 31, 2017. Please refer to Note 15 for disclosure of related party balances and transactions. The Company treated the whole transaction as a repurchase of ordinary shares of which the repurchase price is considerably lower than the fair value of ordinary share. All such shares were recorded as treasury stock. On November 28, 2014, the Company was authorized to issue a maximum 1,000,000,000 ordinary shares, which was divided into 800,000,000 Class A Ordinary Shares, 100,000,000 Class B Ordinary Shares and 100,000,000 shares of such class designated as the Board may determine. On December 16, 2014, the Company completed its IPO and a concurrent private placement upon which the Company’s ordinary shares were divided into Class A ordinary shares and Class B ordinary shares. The Company newly issued 45,688,888 Class A ordinary shares, consisting of (i) 36,800,000 Class A ordinary shares offered through IPO, and (ii) 8,888,888 Class A ordinary shares issued in connection with the concurrent private placement. All of the Company’s Series A, Series B, Series C and Series D preferred shares were automatically converted into 200,718,811 Class A ordinary shares. In 2015, 2016 and 2017, 5,995,293, 5,197,032 and 9,476,874 ordinary shares were issued in connection with the exercise of options and vesting of restricted share units previously granted to employees, executives and consultants under the Company’s share incentive plans (see Note 12), respectively. As of December 31, 2017, there were 314,060,843 Class A ordinary shares and 84,364,466 Class B ordinary shares issued and outstanding, par value $0.0001 per share. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | 12. SHARE-BASED COMPENSATION Share options granted by the Company In November 2012, the Company adopted a share incentive plan (“2012 Plan”), which was amended in October 2013. The maximum aggregate number of shares which may be issued pursuant to all awards under the 2012 Plan is 44,758,220 ordinary shares. In November, 2014, the Company adopted the 2014 share incentive plan (“2014 Plan”), pursuant to which a maximum aggregate of 14,031,194 Class A ordinary shares may be issued pursuant to all awards granted thereunder. Starting from 2017, the number of shares reserved for future issuances under the 2014 Plan will be increased by a number equal to 1.5% of the total number of outstanding shares on the last day of the immediately preceding calendar year, or such lesser number of Class A ordinary shares as determined by the Company’s board of directors, on the first day of each calendar year during the term of the 2014 Plan. With the adoption of the 2014 Plan, the Company will no longer grant any incentive shares under the 2012 Plan. The time and condition to exercise options will be determined by the Board or a committee of the Board. The term of the options may not exceed ten years from the date of the grant, except for the situation of amendment, modification and termination. Under the 2014 Plan, share options are subject to vesting schedules ranging from two to four years. The following table summarizes the option activity for the year ended December 31, 2017: Number of Weighted Weighted average Aggregated intrinsic Outstanding as of January 1, 2017 31,606,466 $ 0.0641 7.63 $ 288,439 Granted 5,771,226 $ 0.0002 Exercised (9,426,874 ) $ 0.0602 Forfeited (981,527 ) $ 0.0132 Outstanding as of December 31, 2017 26,969,291 $ 0.0536 7.40 328,658 Exercisable as of December 31, 2017 14,743,283 $ 0.0952 6.39 $ 170,053 There were 14,743,283 vested options, and 11,114,843 options expected to vest as of December 31, 2017. For options expected to vest, the weighted-average exercise price was $0.0036 as of December 31, 2017 and aggregate intrinsic value was $137,765 and $136,006 as of December 2016 and 2017, respectively. The weighted-average grant-date fair value of the share options granted during the years 2015, 2016, and 2017 was $5.93, $6.24 and $17.41, respectively. Total intrinsic value of options exercised for the years ended December 31, 2015, 2016 and 2017 was $45,885, $45,581and $154,233 respectively. The total fair value of options vested during the years ended December 31, 2015, 2016 and 2017 was $13,680, $27,171 and $37,979, respectively. In May 2015, the Company accelerated the vesting to permit immediate exercise of 235,000 outstanding employee share options granted under the 2012 Plan. The incremental cost resulting from the modification amounted to $162 and was recorded as share based compensation during the year ended December 31, 2015. In July 2016, the Company canceled 187,500 outstanding employee share options granted under the 2014 Plan for one employee. As a result, the Company immediately recognized the unvested compensation cost attributable to the canceled award amounting to $1,532 in 2016. The fair value of options granted was estimated on the date of grant using the Black-Sholes pricing model after the Company completed its IPO, with the following assumptions used for grants during the applicable periods: Risk-free interest Contractual term Volatility Dividend yield Exercise price 2015 2.15%~2.19 % 10 years 55.3%~55.7 % — $ 0.0002 2016 1.75%~2.70 % 10 years 52.5%~55.3 % — $ 0.0002 2017 2.47%~2.87 % 10 years 50.7%~54.0 % — $ 0.0002 (1) Risk-free interest rate Risk-free interest rate was estimated based on the yield to maturity of China international government bonds with a maturity period close to the expected term of the options. (2) Contractual term The Company used the original contractual term. (3) Volatility The volatility of the underlying ordinary shares during the life of the options was estimated based on the historical stock price volatility of comparable listed companies over a period comparable to the expected term of the options. (4) Dividend yield The dividend yield was estimated by the Group based on its expected dividend policy over the expected term of the options. (5) Exercise price The exercise price of the options was determined by the Group’s board of directors. The fair value of the ordinary shares is determined as the closing sales price of the Shares as quoted on the principal exchange or system. For employee and executives share options, the Group recorded share-based compensation of $16,026, $28,096 and $42,439 during the years ended December 31, 2015, 2016 and 2017, respectively, based on the fair value on the grant dates over the requisite service period of award according to the vesting schedule for employee share option. For non-employee As of December 31, 2017, total unrecognized compensation expense relating to unvested share options was $122,171, which will be recognized over 2.95 years. The weighted-average remaining contractual term of options outstanding is 7.40 years. Share options granted by Momo BVI On January 3, 2015, Momo BVI, a wholly-owned subsidiary of the Group, approved Momo BVI Share Incentive Plan that provides for the issuance of not exceeding 30,000,000 share options. The option plan has a term of ten years unless earlier terminated by Momo BVI’s board of directors. During the year ended December 31, 2015, Momo BVI granted 10,550,000 share options to its employees and executives with exercise prices ranging from $0.10 to $0.11 per share and vesting period of 4 years. The following table summarizes the option activity for the year ended December 31, 2017: Number of Weighted Weighted Aggregated Outstanding as of January 1, 2017 8,000,000 $ 0.1088 8.19 $ 10 Granted — — Exercised — — Forfeited (5,000,000 ) $ 0.1100 Outstanding as of December 31, 2017 3,000,000 $ 0.1067 7.50 $ 10 Exercisable as of December 31, 2017 1,812,500 $ 0.1060 7.45 $ 7 There were 1,812,500 vested options, and 1,033,125 options expected to vest as of December 31, 2017. For options expected to vest, the weighted-average exercise price is $0.1077 as of December 31, 2017 and aggregate intrinsic value was $18, $5 and $2 as of December 31, 2015, 2016 and 2017, respectively. The weighted-average grant-date fair value of the share options granted during the years 2015, 2016, and 2017 was $0.0544, $ nil, and $nil, respectively. Total intrinsic value of options exercised was $nil for each of the years ended December 31, 2015, 2016 and 2017. The total fair value of options vested during the years ended December 31, 2015, 2016 and 2017 was $nil, $185 and $43, respectively. For employee and executives share options, Momo BVI recorded share-based compensation of $98, $112 and $59 during the years ended December 31, 2015, 2016 and 2017, based on the fair value on the grant dates over the requisite service period of award according to the vesting schedule for employee share option. As of December 31, 2017, total unrecognized compensation expense relating to unvested share options was $65, which will be recognized over 1.59 years. The weighted-average remaining contractual term of options outstanding is 7.50 years. Non-vested In April 2012, the Company’s four founding shareholders entered into an arrangement with the investor in conjunction with the issuance of Series A preferred shares, whereby all of their 147,000,000 ordinary shares (“Founders’ shares”) became subject to service and transfer restrictions. Such Founders’ shares are subject to repurchase by the Company upon early termination of their four years of employment. The repurchase price is the par value of the ordinary shares. 25% of the Founders’ shares shall be vested annually. The restricted share agreements were subsequently amended on June 11, 2012 and July 18, 2012, respectively. Pursuant to the agreements, 25% of the Founders’ shares shall vest upon the closing of issuance of Series B preferred shares and the remaining 75% shall be vested monthly in equal installments over the next 36 months. This arrangement has been accounted for as a grant of restricted stock awards subject to service vesting conditions. Because the modification does not affect any of the other terms or conditions of the award, presumably the fair value before and after the modification is the same. The restrictions on the ordinary shares were fully released and such shares became fully vested in 2016. On May 15, 2014, the Company’s four founding shareholders entered into an agreement with the investors to renew the arrangement. The Company considered the amendment of agreement as a modification of vesting of the restricted shares. Pursuant to the agreement, the Company shall be entitled to repurchase 50% and 25% of such shares in the case that founders terminate their employments with the Company before April 17, 2015 and during the period from April 17, 2015 to April 17, 2016, respectively, at a price of US$0.0001 per share or the lowest price permitted under applicable laws. Therefore, the Company considered that 50% of the total restricted shares were vested immediately on the amendment date and 25% shall be vested annually on April 17 in the next two years ending April 17, 2016. Before the modification date, May 15, 2014, there were 131,348,411 ordinary shares, of which 45,937,500 were unvested restricted shares. As the result of modification, 19,736,705 vested ordinary shares were classified to unvested restricted shares on the modification date and the corresponding compensation costs for these unvested restricted shares were amortized over the remaining service period. Because the modification does not affect any of the other terms or conditions of the award, the fair value of the restricted shares before and after the modification is the same. A summary of non-vested Number of shares Outstanding as of January 1, 2015 57,250,756 Granted — Modification — Vested (28,625,378 ) Outstanding as of December 31, 2015 28,625,378 Granted — Forfeited — Vested (28,625,378 ) Outstanding as of December 31, 2016 — The weighted average grant date fair value of the non-vested non-vested The Company recorded compensation expense of $180, $52 and $nil during the years ended December 31, 2015, 2016 and 2017, respectively, related to non-vested As of December 31, 2017, total unrecognized compensation expense relating to the non-vested Restricted share units (“RSUs”) On December 11, 2014, the Company granted a total of 40,001 shares of RSUs to independent directors under the 2014 Plan. The restricted share units will vest in accordance with the vesting schedule set out in the RSUs award agreement, which is 50% of the RSUs shall vest at the end of every six months since the grant date. On May 17, 2016, the Company granted a total of 200,000 shares of RSUs to independent directors under the 2014 Plan and vesting period of 4 years, which began from December 11, 2015. On March 7, 2017, the Company granted a total of 100,000 shares of RSUs to independent directors under the 2014 Plan and vesting period of 4 years, which began from March 7, 2017. The Company will forfeit the unvested portion of the RSUs if the grantees terminate their service during the vesting period. The fair value of these RSUs is measured on the grant date based on the market price of the ordinary share on the grant date. The following table summarizes information regarding the share units granted: Number of shares Outstanding as of January 1, 2017 150,000 Granted 100,000 Forfeited — Vested (50,000 ) Outstanding as of December 31, 2017 200,000 The weighted-average grant-date fair value of the restricted share units granted during the years 2015, 2016, and 2017 was $ nil, $6.50 and $15.00, respectively. Total intrinsic value of the restricted share units exercised for the years ended December 31, 2015, 2016 and 2017 was $301, $511 and $821, respectively. The total fair value of the restricted share units vested during the years ended December 31, 2015, 2016 and 2017 was $340, $325 and $325, respectively. The aggregated fair value of RSUs was $340, $1,299 and $1,500 respectively, for the grant date of December 11, 2014, May 17, 2016 and March 7, 2017. The Group recorded share-based compensation of $322, $343 and $619 for RSUs for the years ended December 31, 2015, 2016 and 2017, respectively, based on the fair value on the grant dates over the requisite service period of award using the straight-line method. As of December 31, 2017, total unrecognized compensation expense relating to unvested RSUs was $1,838, which will be recognized over 2.76 years. The weighted-average remaining contractual term of RSUs outstanding is 8.56 years. |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 13. NET INCOME PER SHARE For the years ended December 31, 2015 and 2016, the Group determined that the nonvested restricted shares are participating securities as the holders of the nonvested restricted shares have a nonforfeitable right to receive dividends with all ordinary shares but the nonvested restricted shares do not have a contractual obligation to fund or otherwise absorb the Group’s losses. Accordingly, the Group uses the two-class The calculation of net income per share is as follows: For the years ended December 31, 2015 2016 2017 Numerator: Net income attributable to MomoInc. $ 13,697 $ 145,250 $ 318,566 Undistributed earnings allocated to participating nonvested restricted shares (1,339 ) (3,197 ) — Net income attributed to ordinary shareholders for computing net income per ordinary share-basic and diluted $ 12,358 $ 142,053 $ 318,566 For the years ended December 31, 2015 2016 2017 Denominator: Denominator for computing net income per share-basic: Weighted average ordinary shares outstanding used in computing net income per ordinary share-basic 342,646,282 377,335,923 394,549,323 Weighted average shares used in computing net income per participating nonvested restricted share 37,118,622 8,493,244 — Denominator for computing net income per share-diluted: Weighted average shares outstanding used in computing net income per ordinary share-diluted 401,396,548 407,041,165 415,265,078 Net income per ordinary share attributable to Momo Inc. - basic $ 0.04 $ 0.38 $ 0.81 Net income per participating nonvested restricted share $ 0.04 $ 0.38 $ — Net income per ordinary share attributable to Momo Inc. - diluted $ 0.03 $ 0.36 $ 0.77 The following table summarizes potential ordinary shares outstanding excluded from the computation of diluted net income per ordinary share for the years ended December 31, 2015, 2016 and 2017, because their effect is anti-dilutive: For the years ended December 31, 2015 2016 2017 Share issuable upon exercise of share options 904,489 152,500 768,266 Share issuable upon exercise of RSUs 15,001 50,000 — |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. COMMITMENTS AND CONTINGENCIES Lease commitment The Group leases certain office premises under non-cancellable Future minimum payments under non-cancellable 2018 $ 7,671 2019 4,230 2020 2,990 2021 2,262 Total $ 17,153 Investment commitments The Group was obligated to subscribe $2,942 and $ 4,611 for partnership interest and equity interest of certain long-term investees under various arrangements as of December 31, 2016 and 2017, respectively. Contingencies The Group is subject to legal proceedings in the ordinary course of business. The Group does not believe that any currently pending legal or administrative proceeding to which the Group is a party will have a material effect on its business or financial condition. |
Related Party Balances and Tran
Related Party Balances and Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Balances and Transactions | 15. RELATED PARTY BALANCES AND TRANSACTIONS Major related parties Relationship with the Group Hangzhou Alimama Technology Co., Ltd. (i) Affiliates of a Major Shareholder Guangzhou UC Network Technology Co., Ltd. (i) Affiliates of a Major Shareholder Guangzhou Aijiuyou Informational Technology Co., Ltd. (i) Affiliates of a Major Shareholder Alibaba Cloud Computing Ltd. (i) Affiliates of a Major Shareholder Taobao (China) Software Co., Ltd. (i) Affiliates of a Major Shareholder Zhejiang Tmall Technology Co., Ltd. (i) Affiliates of a Major Shareholder Shanghai Touch Future Network Technology Co., Ltd. Long-term investee Shanghai Xisue Network Technology Co., Ltd. Affiliate of long-term investee Hunan Qindao Cultural Spread Ltd. Long-term investee Hunan Qindao Network Media Technology Co., Ltd. Affiliate of long-term investee Hangzhou Yihong Advertisement Co., Ltd. (i) Affiliates of a Major Shareholder Guangzhou Jianyue Information Technology Co., Ltd. (i) Affiliates of a Major Shareholder (i) The parent company of these entities ceased to be a major shareholder of the Group in November 2017. (1) Amount due from related parties-current As of December 31, 2016 2017 Hunan Qindao Network Media Technology Co., Ltd. (ii) $ — $ 5,143 Hangzhou Alimama Technology Co., Ltd. 2 — Guangzhou UC Network Technology Co., Ltd. 5 — Guangzhou Aijiuyou Informational Technology Co., Ltd. 81 — Total $ 88 $ 5,143 (ii) The amount of $5,143 as of December 31, 2017 represented the advance payment of revenue sharing of live video service made to Hunan Qindao Network Media Technology Co., Ltd. (2) Amount due to related parties - current As of December 31, 2016 2017 Amount due to ordinary shareholders (iii) $ 5,862 $ 5,775 Hunan Qindao Cultural Spread Ltd. 1,281 — Alibaba Cloud Computing Ltd. 629 — Shanghai Touch Future Network Technology Co., Ltd. 229 — Taobao (China) Software Co., Ltd. 116 — Others — 29 Total $ 8,117 $ 5,804 (iii) The amounts of $5,862 and $5,775 as of December 31, 2016 and 2017 primarily included the unpaid repurchase amount by the Group to its ordinary shareholders. Please refer to Note 11 for repurchase of ordinary shares. (3) Sales to related parties For the years ended December 31, 2015 2016 2017 Hangzhou Yihong Advertisement Co., Ltd. (iv) $ — $ — $ 2,614 Hangzhou Alimama Technology Co., Ltd. (iv) 6,002 42 342 Guangzhou Aijiuyou Informational Technology Co., Ltd. (v) — 400 184 Zhejiang Tmall Technology Co., Ltd. (iv) — 820 74 Shanghai Xisue Network Technology Co., Ltd. — 922 — Taobao (China) Software Co., Ltd. (iv) — 249 — Others — 9 2 Total $ 6,002 $ 2,442 $ 3,216 (iv) The sales to related parties represented mobile marketing services provided. (v) The sales to related parties represented mobile game revenue generated through those game operating companies. (4) Purchase from related parties For the years ended December 31, 2015 2016 2017 Hunan Qindao Network Media Technology Co., Ltd. (vi) $ — $ — $ 20,639 Alibaba Cloud Computing Ltd. (vii) 322 3,360 11,060 Hunan Qindao Cultural Spread Ltd. (vi) — 3,929 9,131 Taobao (China) Software Co., Ltd. — 323 338 Guangzhou Jianyue Information Technology Co., Ltd. — — 119 Shanghai Touch future Network Technology Co., Ltd. — 347 — Total $ 322 $ 7,959 $ 41,287 (vi) The purchases from Hunan Qindao Network Media Technology Co., Ltd. and Hunan Qindao Cultural Spread Ltd. represent the revenue sharing with broadcaster agencies of live video service. (vii) The purchase from Alibaba Cloud Computing Ltd. is mainly related to its cloud computing services. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | 16. SEGMENT INFORMATION The Group’s chief operating decision maker has been identified as the Chief Executive Officer (“CEO”), who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. The Group’s revenue and net income are substantially derived from live video service, value-added services, mobile marketing services, mobile games and other services. The Group does not have discrete financial information of costs and expenses between various services in its internal reporting, and reports costs and expenses by nature as a whole. Therefore, the Group has one operating segment. The table below is only presented at the revenue level with no allocations of direct or indirect cost and expenses. The Group operates in the PRC; most of the Group’s long-lived assets are located in the PRC and all services are provided in the PRC. Components of revenues are presented in the following table: For the years ended December 31, 2015 2016 2017 Live video service $ 1,231 $ 376,925 $ 1,102,592 Value-added service 58,462 67,603 103,139 Mobile marketing 38,885 66,339 76,178 Mobile games 31,082 35,453 35,619 Other services 4,328 6,778 743 Total $ 133,988 $ 553,098 $ 1,318,271 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | 17. EMPLOYEE BENEFIT PLAN Full time employees of the Group in the PRC participate in a government-mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. The Group accrues for these benefits based on certain percentages of the employees’ salaries. The total provisions for such employee benefits were $6,487, $9,081 and $14,127 for the years ended December 31, 2015, 2016 and 2017, respectively. |
Statutory Reserves and Restrict
Statutory Reserves and Restricted Net Assets | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Statutory Reserves and Restricted Net Assets | 18. STATUTORY RESERVES AND RESTRICTED NET ASSETS In accordance with the Regulations on Enterprises with Foreign Investment of China and their articles of association, the Group’s subsidiaries and VIE located in the PRC, being foreign invested enterprises established in the PRC, are required to provide for certain statutory reserves. These statutory reserve funds include one or more of the following: (i) a general reserve, (ii) an enterprise expansion fund or discretionary reserve fund, and (iii) a staff bonus and welfare fund. Subject to certain cumulative limits, the general reserve fund requires a minimum annual appropriation of 10% of after-tax year-end); Appropriations to the enterprise expansion reserve and the staff welfare and bonus reserve are to be made at the discretion of the board of directors of each of the Group’s subsidiaries. The appropriations to these reserves by the Group’s PRC subsidiary, VIE and VIE’s subsidiaries were $553, $17,969 and $27,430 for the years ended December 31, 2015, 2016 and 2017. Relevant PRC laws and regulations restrict the WFOE, VIE and VIE’s subsidiaries from transferring a portion of their net assets, equivalent to the balance of their statutory reserves and their paid in capital, to the Company in the form of loans, advances or cash dividends. The WFOE’s accumulated profits may be distributed as dividends to the Company without the consent of a third party. The VIE and VIE’s subsidiaries’ revenues and accumulated profits may be transferred to the Company through contractual arrangements without the consent of a third party. Under applicable PRC law, loans from PRC companies to their offshore affiliated entities require governmental approval, and advances by PRC companies to their offshore affiliated entities must be supported by bona fide business transactions. The capital and statutory reserves restricted which represented the amount of net assets of the Group’s PRC subsidiary, VIE and VIE’s subsidiaries in the Group not available for distribution were $91,008, $108,977 and $136,407 as of December 31, 2015, 2016 and 2017, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. SUBSEQUENT EVENTS New acquisition On February 23, 2018, the Group reached a definitive agreement with Tantan Limited (“Tantan”) and all of its shareholders, pursuant to which the Group agreed to acquire 100% fully diluted equity stake in Tantan for a combination of share consideration and cash, including approximately 5,300,000 newly issued Class A ordinary shares of the Company and $600.9 million in cash, of which $229.8 million has been paid. Tantan primarily operates a social and dating app in China for the young generation. The deal is expected to close in the second quarter of 2018, subject to customary closing conditions. The Group is in the process of evaluating the accounting treatment on this acquisition. |
Significant Accounting Polici28
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Basis of presentation | Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Basis of consolidation | Basis of consolidation The consolidated financial statements of the Group include the financial statements of Momo Inc., its subsidiaries, its VIE and VIE’s subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues, cost and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements include revenue recognition, the useful lives and impairment of property and equipment, valuation allowance for deferred tax assets, and share-based compensation. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments, which are unrestricted from withdrawal or use, or which have original maturities of three months or less when purchased. |
Term deposits | Term deposits Term deposits consist of bank deposits with an original maturity of over three months. |
Accounts receivable | Accounts receivable Accounts receivable primarily represents the cash due from third-party application stores and other payment channels and advertising customers, net of allowance for doubtful accounts. The Group makes estimates for the allowance for doubtful accounts based upon its assessment of various factors, including the age of accounts receivable balances, credit quality of third-party application stores and other payment channels and advertising customers, current economic conditions and other factors that may affect their ability to pay. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. |
Financial instruments | Financial instruments Financial instruments of the Group primarily consist of cash and cash equivalents, term deposits, accounts receivable, cost method investments, available-for-sale Cash and cash equivalents are recorded at fair value based on the quoted market price in an active market. The carrying values of term deposits, accounts receivable, accounts payable, deferred revenue, income tax payable, amount due from related parties and amount due to related parties approximate their fair values due to short-term maturities. It is not practical to estimate the fair value of the Group’s cost method investments because of the lack of quoted market price and the inability to estimate fair value without incurring excessive costs. Available-for-sale |
Foreign currency risk | Foreign currency risk The Renminbi (“RMB”) is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. Cash and cash equivalents of the Group included aggregate amounts of $245,853 and $632,572 as of December 31, 2016 and 2017, respectively, which were denominated in RMB. |
Cost method investments | Cost method investments For investee companies over which the Group neither has significant influence nor control through investment in common shares or in-substance |
Equity method investments | Equity method investments The investee companies over which the Group has the ability to exercise significant influence, but does not have a controlling interest are accounted for using the equity method. Significant influence is generally considered to exist when the Group has an ownership interest in the voting stock of the investee between 20% and 50%. Other factors, such as representation in the investee’s Board of Directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate. For the investment in limited partnerships, where the Group holds less than a 20% equity or voting interest, the Group’s influence over the partnership operating and financial policies is determined to be more than minor. Accordingly, the Group accounts for these investments as equity method investments. Under the equity method of accounting, the affiliated company’s accounts are not reflected within the Group’s consolidated balance sheets and statements of operations; however, the Group’s share of the earnings or losses of the affiliated company is reflected in the caption “share of income on equity method investments” in the consolidated statements of operations. An impairment change is recorded if the carrying amount of the investment exceeds its fair value and this condition is determined to be other-than-temporary. The Group estimates the fair value of the investee company based on comparable quoted price for similar investment in active market, if applicable, or discounted cash flow approach which requires significant judgments, including the estimation of future cash flows, which is dependent on internal forecasts, the estimation of long term growth rate of a company’s business, the estimation of the useful life over which cash flows will occur, and the determination of the weighted average cost of capital. |
Available-for-sale Investments | Available-for-sale For investments in investees’ stocks which are determined to be debt securities, the Group accounts for them as long-term available-for-sale held-to-maturity Available-for-sale The Group continually reviews its available-for-sale available-for-sale available-for-sale |
Property and equipment, net | Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Office equipment 3-5 Computer equipment 3 years Vehicles 5 years Leasehold improvement Shorter of the lease term or estimated useful lives |
Intangible assets | Intangible assets Intangible assets acquired through business acquisitions are recognized as assets separate from goodwill if they satisfy either the “contractual-legal” or “separability” criterion. Purchased intangible assets and intangible assets arising from the acquisitions of subsidiaries are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: Copyright 1 year License 3.2-10 years |
Impairment of long-lived assets with finite lives | Impairment of long-lived assets with finite lives The Group reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Group measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss based on the fair value of the assets. |
Goodwill | Goodwill Goodwill represents the excess of the purchase consideration over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed of the acquired entity as a result of the Company’s acquisitions of interests in its subsidiaries. Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. The Company has an option to first assess qualitative factors to determine whether it is necessary to perform the two-step In performing the two-step |
Fair value | Fair value Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liability categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. |
Revenue recognition | Revenue recognition The Group recognizes revenue when a persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. The Group principally derives its revenue from live video service, value-added services, mobile marketing services, mobile games and other services. (a) Live video service The Group provides live video service whereby users can enjoy live performances and interact with the broadcasters for free, and have the option of purchasing in-show Net revenues of $1,231, $376,925 and $1,102,592 were recognized for live video services for the years ended December 31, 2015, 2016 and 2017, respectively. (b) Value-added services Value-added services revenues include membership subscription revenue and virtual gift service revenue. Membership subscription is a service package which enables members to enjoy additional functions and privileges. The contract period for the membership subscription ranges from one month to one year. All membership subscription is nonrefundable. The Group collects membership subscription in advance and records it as deferred revenue. Revenue is recognized ratably over the contract period for the membership subscription services. Virtual gift service was launched in 2016 to enhance users’ experience of interaction and social networking with each other. Users purchase virtual gifts and send the virtual gifts simultaneously to other users, while the Group shares with them a portion of the revenues derived from the sales of virtual gifts. Revenues derived from the sale of virtual gifts are recorded on a gross basis as the Group has determined that it acts as the principal to fulfill all obligations related to the virtual gift services. The portion paid to gift recipients is recognized as cost of revenues. Net revenues of $58,462, $67,603 and $103,139 were recognized for value-added services for the years ended December 31, 2015, 2016 and 2017, respectively. (c) Mobile marketing The Group provides advertising and marketing solutions to customers for promotion of their brands and conduction of effective marketing activities through its mobile application. Display-based mobile marketing services For display-based online advertising services such as banners and location-based advertising on the mobile applications, the Group recognizes revenue ratably over the period that the advertising is provided commencing on the date the customer’s advertisement is displayed, or on the number of times that the advertisement has been displayed for cost per thousand impressions advertising arrangements. Performance-based mobile marketing services The Group enables advertising customers to place link on its mobile platform on a pay-for-effectiveness The Group’s revenue transactions are based on standard business terms and conditions, which are recognized net of agency rebates, if applicable. Net revenues of $38,885, $66,339 and $76,178 were recognized for mobile marketing for the years ended December 31, 2015, 2016 and 2017, respectively. (d) Mobile games The Group publishes both licensed mobile games developed by third-party game developers and its self-developed games to the game players through its mobile application. Licensed mobile games The Group generates revenue from offering services of mobile games developed by third-party game developers. All of the licensed games can be accessed and played by game players directly through the Group’s mobile game platform. The Group primarily views the game developers to be its customers and considers its responsibility under its agreements with the game developers to be promotion of the game developers’ games. The Group generally collects payments from game players in connection with the sale of in-game in-game in-game Licensed mobile games - Non-exclusive The Group enters into non-exclusive in-game in-game in-game in-game Licensed mobile games - Exclusive mobile games services The Group enters into exclusive agreements with the game developers and provides the Group’s mobile game platform for the mobile games developed by the game developers. Under the exclusive agreements, the players can access to the games only through the Group’s platform. The Group has determined that it is obligated to provide mobile games services to game players who purchased virtual items to gain an enhanced game-playing experience over an average period of player relationship. Hence, the Group believes that its performance for, and obligation to, the game developers correspond to the game developers’ services to the players. The Group does not have access to the data on the consumption details and the types of virtual items purchased by the game players. Therefore, the Group cannot estimate the economic life of the virtual item. However, the Group maintains data of when a particular player purchases the virtual items and logs into the games. The Group has adopted a policy to recognize revenues net of remittances to game developers and commission fees made to third-party application stores and other payment channels over the estimated period of player relationship on a game-by-game Self-developed mobile game In February 2015, the Group launched one self-developed game on its platform and started to generate revenues by in-game Revenues derived from the self-developed game are recorded on a gross basis as the Group acts as a principal to fulfill all obligations related to the mobile game operation. Commission fees paid to third-party application stores and other payment channels are recorded as cost of revenues. Net revenues of $31,082, $35,453 and $35,619 were recognized for mobile games for the years ended December 31, 2015, 2016 and 2017, respectively. (e) Other service Other service primarily includes Duobao service and paid emoticons. |
Advertising barter transactions | Advertising barter transactions The Group engages in barter transactions where it trades advertising resources with certain third parties for other advertising resources and goods. The Group recognizes revenues and expenses at fair value only if the fair value of the services exchanged in the transaction is determinable based on the Group’s own historical practice of receiving cash or other consideration that is readily convertible to a known amount of cash for similar advertising resources from customers unrelated to the party in the barter transaction. When the fair value of the transactions is not determinable due to the lack of the Group’s similar historical practice, the advertising barter transactions shall be recorded based on the carrying amount of the advertising surrendered which is the estimated cost to be incurred, or the fair value of the assets received. Advertising barter transactions were insignificant for all the years presented. |
Deferred revenue | Deferred revenue Deferred revenue primarily includes cash received in advance from users and advertising customers. The unused cash balances remaining in users’ and advertising customers’ accounts are recorded as a liability. Deferred revenue related to prepayments from users and advertising customers will be recognized as revenue when all of the revenue recognition criteria are met. |
Cost of revenues | Cost of revenues Cost of revenues consist of expenditures incurred in the generation of the Group’s revenues, including but not limited to revenue sharing with the broadcasters, broadcaster agencies related to live video service and virtual gift recipients, commission fee paid to third-party application stores and other payment channels except for those paid related to licensed mobile games which are recorded net of revenue, bandwidth costs, salaries and benefits paid to employee, short messaging service charges and depreciation. These costs are expensed as incurred except for the direct and incremental platform commission fees to third-party application stores and other payment channels which are deferred in “Prepaid expenses and other current assets” on the consolidated balance sheets. The deferred platform commissions are recognized in the consolidated statements of operations in “Cost of revenues” in the period in which the related revenues are recognized. |
Government subsidies | Government subsidies For the government subsidies not subject to further performance obligations or future returns, the Group records the amounts as other income when received from local government authority. Whereas for the government subsidies with certain future performance obligations, the Group recognizes those as liabilities when received until the performances obligations have been met at which time, those are recognized as other income. Government subsidies recorded as other income amounted to $nil, $293 and $20,977 for the years ended December 31, 2015, 2016 and 2017. |
Research and development expenses | Research and development expenses Research and development expenses primarily consist of (i) salaries and benefits for research and development personnel, and (ii) technological service fee, office rental and depreciation expenses associated with the research and development activities. The Group’s research and development activities primarily consist of the research and development of new features for its mobile platform and its self-developed mobile games. The Group has expensed all research and development expenses when incurred. |
Value added taxes ("VAT") | Value added taxes (“VAT”) Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in accrued expenses and other current liabilities on the consolidated balance sheets. VAT is also reported as a deduction to revenue when incurred and amounted to $16,951, $55,353 and $120,256 for the years ended December 31, 2015, 2016 and 2017, respectively. |
Income taxes | Income taxes Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not non-current 2015-17 The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely than- not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The Group recognized income tax expense which amounted to $92, $5,136 and $65,980 for the years ended December 31, 2015, 2016 and 2017, respectively. |
Foreign currency translation | Foreign currency translation The functional and reporting currency of the Group is the United States dollar (“U.S. dollar”). The financial records of the Group’s subsidiaries, VIE and VIE’s subsidiaries located in the PRC are maintained in their local currencies, the RMB, which are also the functional currencies of these entities. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange in place at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statement of operations. The Group’s entities with functional currency of RMB, translate their operating results and financial positions into the U.S. dollar, the Group’s reporting currency. Assets and liabilities are translated using the exchange rates in effect on the balance sheet date. Revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of comprehensive loss. |
Operating leases | Operating leases Leases where the rewards and risks of ownership of assets primarily remain with the lessor are accounted for as operating leases. Payments made under operating leases are charged to the consolidated statements of operations on a straight-line basis over the lease periods. |
Advertising expenses | Advertising expenses The Group expenses advertising expenses as incurred. Total advertising expenses incurred were $27,793, $55,188 and $153,425 for the years ended December 31, 2015, 2016 and 2017, respectively, and have been included in sales and marketing expenses in the consolidated statements of operations. |
Comprehensive income | Comprehensive income Comprehensive income includes net income, unrealized gain or loss on available-for-sale |
Share-based compensation | Share-based compensation Share-based payment transactions with employees and executives are measured based on the grant date fair value of the equity instrument issued and recognized as compensation expense net of a forfeiture rate on a straight-line basis, over the requisite service period, with a corresponding impact reflected in additional paid-in Share awards issued to consultants are measured at fair value at the earlier of the commitment date or the date the services are completed and recognized over the period the services are provided. The estimate of forfeiture rate will be adjusted over the requisite service period to the extent that actual forfeiture rate differs, or is expected to differ, from such estimates. Changes in estimated forfeiture rate will be recognized through a cumulative catch-up Changes in the terms or conditions of share options are accounted as a modification under which the Group calculates whether there is any excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified, measured based on the share price and other pertinent factors at the modification date. For vested options, the Group recognizes incremental compensation cost in the period of the modification occurred and for unvested options, the Group recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. |
Earnings per share | Earnings per share Basic earnings per ordinary share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The Group determined that the nonvested restricted shares are participating securities as the holders of the nonvested restricted shares have a nonforfeitable right to receive dividends with all ordinary shares but the nonvested restricted shares do not have a contractual obligation to fund or otherwise absorb the Group’s losses. Accordingly, the Group uses the two-class Diluted earnings per ordinary share reflect the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Group had share options and restricted share units, which could potentially dilute basic earnings per share in the future. To calculate the number of shares for diluted earnings per ordinary share, the effect of the share options and restricted share units is computed using the treasury stock method. |
Recent accounting pronouncement adopted | Recent accounting pronouncement adopted In November 2015, the FASB issued ASU No. 2015-17, Balance Taxes (“ASU 2015-17”). ASU 2015-17 simplifies adopted ASU 2015-17 effective of ASU 2015-17 did |
Recent accounting pronouncements not yet adopted | Recent accounting pronouncements not yet adopted In May 2014, the FASB issued, ASU 2014-09, The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: • Step 1: Identify the contract (s) with a customer. • Step 2: Identify the performance obligations in the contract. • Step 3: Determine the transaction price. • Step 4: Allocate the transaction price to the performance obligations in the contract. • Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. In August 2015, FASB issued its final standard formally amending the effective date of the new revenue recognition guidance. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The new revenue guidance may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. In November 2017, the FASB issued a new pronouncement, ASU 2017-14, No. 33-10403) The Group expects to adopt ASU 2014-09 2014-09 In January, 2016, the FASB issued a new pronouncement ASU 2016-01 not-for-profit The new guidance makes targeted improvements to existing U.S. GAAP by: • Requiring equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; • Requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; • Requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; • Eliminating the requirement to disclose the fair value of financial instruments measured at amortized cost for organizations that are not public business entities; • Eliminating the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and • Requiring a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new guidance permits early adoption of the own credit provision. Adoption of the amendment must be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, except for amendments related to equity instruments that do not have readily determinable fair values which should be applied prospectively. The Group is in the process of evaluating the impact of adoption of this guidance on its consolidated financial statements. . In February 2016, the FASB issued ASU No. 2016-02, right-of-use No. 2016-02 will right-of-use In January 2017, the FASB issued ASU 2017-04: Intangibles—Goodwill In May, 2017, FASB issued a new pronouncement, ASU 2017-09, |
Accounts Receivable [Member] | |
Concentration of credit risk and revenue | Concentration of credit risk Financial instruments that potentially expose the Group to concentration of credit risk consist primarily of cash and cash equivalents, term deposits and accounts receivable. The Group places their cash with financial institutions with high-credit ratings and quality. Third-party application stores and other payment channels accounting for 10% or more of accounts receivables are as follows: As of December 31, 2016 2017 A 40 % 23 % B — 21 % C 15 % 19 % D 22 % 5 % No user or advertising customer accounted for 10% or more of accounts receivables for the years ended December 31, 2016 and 2017, respectively. |
Revenues [Member] | |
Concentration of credit risk and revenue | Concentration of revenue No user or customer accounted for 10% or more of net revenues for the years ended December 31, 2015, 2016 and 2017, respectively. |
Organization and Principal Ac29
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Schedule of Subsidiaries, VIE and VIE's Subsidiaries | As of December 31, 2017, details of the Company’s subsidiaries, VIE and VIE’s subsidiaries are as follows: Date of Place of Percentage Subsidiaries Momo Technology HK Company Limited (“Momo HK”) December 5, 2011 Hong Kong 100 % Beijing Momo Information Technology Co., Ltd. (“Beijing Momo IT”) March 9, 2012 PRC 100 % Momo Technology Overseas Holding Company Limited (“Momo BVI”) March 5, 2014 BVI 100 % Momo Information Technologies Corp. (“Momo US”) March 7, 2014 US 100 % VIE Beijing Momo Technology Co., Ltd. (“Beijing Momo”) July 7, 2011 PRC N/A * VIE’s subsidiaries Chengdu Momo Technology Co., Ltd. (“Chengdu Momo”) May 9, 2013 PRC N/A * Shanghai Momo Technology Co., Ltd. (“Shanghai Momo”) January 19, 2015 PRC N/A * Chengdu Biyou Technology Co., Ltd. (“Chengdu Biyou”) October 16, 2015 PRC N/A * Tianjin Heer Technology Co., Ltd (“Tianjin Heer”) March 7, 2016 PRC N/A * Momo Pictures Co., Ltd. November 11, 2016 PRC N/A * QOOL Media (Tianjin) Co., Ltd November 16, 2016 PRC N/A * Zhejiang Shengdian Digital Network Co., Ltd. (“Zhejiang Shengdian”) March 31, 2017 PRC N/A * Beijing Santi Cloud Union Technology Co., Ltd. (“Santi”) June 30,2017 PRC N/A * Loudi Momo Technology Co., Ltd. (“Loudi Momo”) July 17, 2017 PRC N/A * Changsha Heer Network Co., Ltd. (“Changsha Heer”) September 20,2017 PRC N/A * Beijing Santi Cloud Time Technology Co., Ltd. September 26,2017 PRC N/A * * These entities are controlled by the Company pursuant to the contractual arrangements disclosed below. |
Schedule of Amounts and Balances of VIE Included in Consolidated Financial Statements After Elimination of Intercompany Balances and Transactions | The following consolidated financial statements amounts and balances of the VIE were included in the accompanying consolidated financial statements after the elimination of intercompany balances and transactions as of and for the years ended December 31: As of December 31, 2016 2017 Cash and cash equivalents $ 36,855 $ 63,110 Accounts receivable, net of allowance for doubtful accounts of $nil and $90 as of December 31, 2016 and 2017, respectively 36,078 39,597 Amount due from related parties 88 5,143 Prepaid expenses and other current assets 20,613 57,056 Deferred tax assets, current 72 — Short-term investment — 1,614 Total current assets 93,706 166,520 Property and equipment, net 1,854 8,080 Intangible assets — 7,462 Rental deposits 325 1,609 Other non-current 2,593 7,685 Long term investments 26,541 43,333 Deferred tax assets, non-current 208 1,062 Goodwill — 3,401 Total assets 125,227 239,152 Accounts payable 36,812 54,937 Deferred revenue 41,277 64,788 Accrued expenses and other current liabilities 6,632 30,802 Amounts due to related parties 1,510 29 Income tax payable 3,881 11,765 Total current liabilities 90,112 162,321 Deferred tax liabilities, non-current — 1,866 Total liabilities $ 90,112 $ 164,187 For the years ended December 31, 2015 2016 2017 Net revenues $ 133,988 $ 553,098 $ 1,318,271 Net income $ 118,404 $ 340,366 $ 724,880 Net cash provided by operating activities $ 124,786 $ 360,433 $ 740,683 Net cash used in investing activities $ (19,435 ) $ (11,027 ) $ (25,810 ) Net cash provided by financing activities $ — $ — $ 73 |
Significant Accounting Polici30
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Estimated Useful Lives | Depreciation is calculated on a straight-line basis over the following estimated useful lives: Office equipment 3-5 Computer equipment 3 years Vehicles 5 years Leasehold improvement Shorter of the lease term or estimated useful lives |
Identifiable Intangible Assets Amortized over their estimated useful lives using the straight line method | Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: Copyright 1 year License 3.2-10 years |
Accounts Receivable [Member] | |
Schedules of Concentration of Risk, by Risk Factor | Third-party application stores and other payment channels accounting for 10% or more of accounts receivables are as follows: As of December 31, 2016 2017 A 40 % 23 % B — 21 % C 15 % 19 % D 22 % 5 % |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following: As of December 31, 2016 2017 Accounts receivable $ 36,078 $ 39,687 Less: allowance for doubtful accounts — (90) Accounts receivable, net $ 36,078 $ 39,597 |
Prepaid Expenses and Other Cu32
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: As of December 31, 2016 2017 Deposit at a third-party payment channel (i) $ 4,845 $ 29,239 Advance to suppliers (ii) 5,331 21,521 Interest receivable 4,821 8,441 Prepaid income tax and other expenses 2,964 8,069 Deferred platform commission cost 4,571 4,292 Input VAT (iii) 2,968 3,714 Game promotions fees paid on behalf of game developers 2,250 2,742 Advance to game developers 1,550 924 Others 3,292 3,775 $ 32,592 $ 82,717 (i) Deposit at a third party payment channel is the cash deposited in a third party payment channel by the Group for the broadcasters to withdraw their revenue sharing and the customer payment to the Group’s account through a third party payment channel. (ii) Advance to suppliers were primarily for advertising fees and live video broadcasting service fees. (iii) Input VAT mainly occurred from the purchasing of goods for other services, property and equipment and advertising activities. It is subject to verification by related tax authorities before offsetting the VAT output. |
Long Term Investments (Tables)
Long Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments Schedule [Abstract] | |
Summary of Equity and Cost Method Investments | As of December 31, 2016 2017 Equity method investments Jingwei Chuangteng (Hangzhou) L.P. (i) $ 4,191 $ 7,419 Beijing Autobot Venture Capital L.P. (ii) 6,736 8,478 Hangzhou Aqua Ventures Investment Management L.P. (iii) 9,187 12,986 Others (iv) 2,718 3,188 Cost method investments Hunan Qindao Cultural Spread Ltd. (v) — 4,611 Others (iv) 1,834 7,655 Available-for-sale Xish International Limited (vi) 4,386 — Hunan Qindao Cultural Spread Ltd. (v) 2,880 — $ 31,932 $ 44,337 (i) On January 9, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Jingwei Chuangteng (Hangzhou) L.P. (“Jingwei”). According to the partnership agreement, the Group committed to subscribe 4.9% partnership interest in Jingwei for $4,744, which had been paid as of December 31, 2017. Due to Jingwei’s further rounds of financing, the Group’s partnership interest was diluted to 2.4% as of December 31, 2016 and 2017. The Group recognized its share of partnership profit in Jingwei of $366, $633 and $1,717 during the year ended December 31, 2015, 2016 and 2017, respectively. (ii) On February 13, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Beijing Autobot Venture Capital L.P. (“Autobot”). According to the partnership agreement, the Group committed to subscribe 31.9% partnership interest in Autobot for $4,823. Autobot had further rounds of financing, of which the Group subscribed for $1,529. Due to Autobot’s further round of financing, the Group’s partnership interest was diluted to 26.7% as of December 31, 2016 and 2017. The committed subscription and further round of financing subscription amount, $6,352, was paid as of December 31, 2016. The Group recognized its share of partnership profit in Autobot of $274, $771 and $1,239 during the year ended December 31, 2015, 2016 and 2017, respectively. (iii) On August 18, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Hangzhou Aqua Ventures Investment Management L.P. (“Aqua”). According to the partnership agreement, the Group committed to subscribe 42.7% partnership interest for $7,930. The committed subscription amount had been fully paid as of December 31, 2016. The Group recognized its share of partnership profit in Aqua of $89, $2,134 and $3,088 during the years ended December 31, 2015, 2016 and 2017, respectively. (iv) Others represent equity method investments or cost method investments that are individually insignificant. (v) On June 8, 2016, the Group entered into a share purchase agreement to acquire 16.0% preferred shares of Hunan Qindao Cultural Spread Ltd. (“Qindao”) for a total consideration of $4,441, which was fully paid off as of December 31, 2017. The investment was classified as available-for-sale (vi) On January 21, 2016, the Group entered into a preferred share subscription agreement to acquire 17.3% equity of Xish International Limited (“Xish”) for a total consideration of $9,000, which had been paid as of December 31, 2016. The investment was classified as available-for-sale |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: As of December 31, 2016 2017 Computer equipment $ 23,763 $ 45,580 Office equipment 4,370 12,214 Vehicles 31 189 Leasehold improvement 2,800 10,366 Less: accumulated depreciation (18,844 ) (30,566 ) Exchange difference 1,812 1,979 13,932 $ 39,762 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets, net consisted of the following: As of 2017 Licenses* $ 8,059 Game copyright 333 Less: accumulated amortization and impairment (905 ) Exchange difference (25 ) Net book value $ 7,462 * Licenses mainly consist of the Internet Audio/Video Program Transmission License, which is a requisite permit according to government regulations for the Group’s business operation such as live video service. |
Schedule of Future Amortization Expense | The estimated aggregate amortization expenses for each of the five succeeding fiscal years and thereafter are as follows: For the year ended December 31, Amounts 2018 $ 881 2019 881 2020 881 2021 774 2022 771 Thereafter 3,274 $ 7,462 |
Accrued Expenses and Other Cu36
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: As of December 31, 2016 2017 Accrued payroll and welfare $ 18,982 $ 34,523 Payable for advertisement 9,871 18,783 Balance of users’ virtual accounts 779 14,175 Other tax payables 4,694 9,457 Accrued professional services fee 1,438 3,417 VAT payable 1,919 1,543 Others 2,282 5,911 Total $ 39,965 $ 87,809 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | As of December 31, 2016 and 2017, information about inputs for the fair value measurements of the Group’s assets that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows: Fair Value Measurement as of December 31, Description 2016 Quoted Significant Significant (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 257,564 $ 257,564 — $ — Available-for-sale investments 7,266 — — 7,266 Total $ 264,830 $ 257,564 — $ 7,266 Fair Value Measurement as of December 31, Description 2017 Quoted Significant Significant (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 685,827 $ 685,827 — $ — Total $ 685,827 $ 685,827 — $ — |
Schedule of Reconciliation of Fair Value Measurement of Available-for-Sale Investments Using Significant Unobservable Inputs on a Recurring Basis | Additional information about the reconciliation of the fair value measurement of available-for-sale Balance as of December 31, 2016 $ 7,266 Purchase 1,458 Other-than-temporary loss recognized (4,386 ) Reclassification to cost method investment (i) (4,611 ) Foreign exchange difference 273 Balance as of December 31, 2017 $ — (i) The investment in Qindao was reclassified from available-for-sale |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of Group's Deferred Tax Assets and Liabilities | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Group adopted ASU 2015-17 As of December 31, 2016 2017 Current deferred tax assets: Impairment of loss on long term investments $ 72 $ — Less: valuation allowance — — Current deferred tax assets, net 72 — Non-current Advertising expense — 5,957 Net operating tax losses carry-forward 2,852 3,964 Impairment on long term investments and game copyright 208 400 Accrued expenses — 840 Less: valuation allowance (2,852 ) (3,964 ) Non-current $ 208 $ 7,197 Non-current Intangible assets acquired — 1,866 Non-current $ — $ 1,866 |
Schedule of Reconciliation between Income Tax Expense to Income before Income Taxes and Actual Provision for Income Tax | Reconciliation between income tax expense computed by applying the PRC EIT rate of 25% to income before income taxes and the actual provision for income tax is as follows: For the years ended December 31, 2015 2016 2017 Net income before provision for income tax $ 13,419 $ 146,915 $ 378,115 PRC statutory tax rate 25 % 25 % 25 % Income tax expense at statutory tax rate 3,355 36,729 94,529 Permanent differences (144 ) (75 ) (66 ) Change in valuation allowance (2,315 ) (2,680 ) 1,112 Effect of income tax rate difference in other jurisdictions 2,754 7,941 11,857 Effect of tax holidays and preferential tax rates (3,558 ) (36,779 ) (41,452 ) Provision for income tax $ 92 $ 5,136 $ 65,980 |
Increase in Income Tax Expenses and Net Income Per Share Amounts | If Beijing Momo IT and Chengdu Momo did not enjoy income tax exemptions and preferential tax rates for the years ended December 31, 2015, 2016 and 2017, the increase in income tax expenses and net income per share amounts would be as follows: For the years ended December 31, 2015 2016 2017 Increase in income tax expenses $ 3,558 $ 36,779 $ 41,452 Net income per ordinary share attributable to Momo Inc. – basic 0.03 0.28 0.70 Net income per ordinary share attributable to Momo Inc. - diluted 0.03 0.27 0.67 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Non-Vested Restricted Share Activity | A summary of non-vested Number of shares Outstanding as of January 1, 2015 57,250,756 Granted — Modification — Vested (28,625,378 ) Outstanding as of December 31, 2015 28,625,378 Granted — Forfeited — Vested (28,625,378 ) Outstanding as of December 31, 2016 — |
Summary of Restricted Share Units Granted | The following table summarizes information regarding the share units granted: Number of shares Outstanding as of January 1, 2017 150,000 Granted 100,000 Forfeited — Vested (50,000 ) Outstanding as of December 31, 2017 200,000 |
Company Share Incentive Plan [Member] | |
Summary of Option Activity | The following table summarizes the option activity for the year ended December 31, 2017: Number of Weighted Weighted average Aggregated intrinsic Outstanding as of January 1, 2017 31,606,466 $ 0.0641 7.63 $ 288,439 Granted 5,771,226 $ 0.0002 Exercised (9,426,874 ) $ 0.0602 Forfeited (981,527 ) $ 0.0132 Outstanding as of December 31, 2017 26,969,291 $ 0.0536 7.40 328,658 Exercisable as of December 31, 2017 14,743,283 $ 0.0952 6.39 $ 170,053 |
Schedule of Assumptions Used to Estimate Fair Value of Stock Options Granted | The fair value of options granted was estimated on the date of grant using the Black-Sholes pricing model after the Company completed its IPO, with the following assumptions used for grants during the applicable periods: Risk-free interest Contractual term Volatility Dividend yield Exercise price 2015 2.15%~2.19 % 10 years 55.3%~55.7 % — $ 0.0002 2016 1.75%~2.70 % 10 years 52.5%~55.3 % — $ 0.0002 2017 2.47%~2.87 % 10 years 50.7%~54.0 % — $ 0.0002 |
Momo BVI Share Incentive Plan [Member] | |
Summary of Option Activity | The following table summarizes the option activity for the year ended December 31, 2017: Number of Weighted Weighted Aggregated Outstanding as of January 1, 2017 8,000,000 $ 0.1088 8.19 $ 10 Granted — — Exercised — — Forfeited (5,000,000 ) $ 0.1100 Outstanding as of December 31, 2017 3,000,000 $ 0.1067 7.50 $ 10 Exercisable as of December 31, 2017 1,812,500 $ 0.1060 7.45 $ 7 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Calculation of Net Income Per Share | The calculation of net income per share is as follows: For the years ended December 31, 2015 2016 2017 Numerator: Net income attributable to MomoInc. $ 13,697 $ 145,250 $ 318,566 Undistributed earnings allocated to participating nonvested restricted shares (1,339 ) (3,197 ) — Net income attributed to ordinary shareholders for computing net income per ordinary share-basic and diluted $ 12,358 $ 142,053 $ 318,566 For the years ended December 31, 2015 2016 2017 Denominator: Denominator for computing net income per share-basic: Weighted average ordinary shares outstanding used in computing net income per ordinary share-basic 342,646,282 377,335,923 394,549,323 Weighted average shares used in computing net income per participating nonvested restricted share 37,118,622 8,493,244 — Denominator for computing net income per share-diluted: Weighted average shares outstanding used in computing net income per ordinary share-diluted 401,396,548 407,041,165 415,265,078 Net income per ordinary share attributable to Momo Inc. - basic $ 0.04 $ 0.38 $ 0.81 Net income per participating nonvested restricted share $ 0.04 $ 0.38 $ — Net income per ordinary share attributable to Momo Inc. - diluted $ 0.03 $ 0.36 $ 0.77 |
Summary of Potential Ordinary Shares Outstanding Excluded from Computation of Diluted Net Loss Per Ordinary Share | The following table summarizes potential ordinary shares outstanding excluded from the computation of diluted net income per ordinary share for the years ended December 31, 2015, 2016 and 2017, because their effect is anti-dilutive: For the years ended December 31, 2015 2016 2017 Share issuable upon exercise of share options 904,489 152,500 768,266 Share issuable upon exercise of RSUs 15,001 50,000 — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments under Non-Cancellable Operating Leases | Future minimum payments under non-cancellable 2018 $ 7,671 2019 4,230 2020 2,990 2021 2,262 Total $ 17,153 |
Related Party Balances and Tr42
Related Party Balances and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | (1) Amount due from related parties-current As of December 31, 2016 2017 Hunan Qindao Network Media Technology Co., Ltd. (ii) $ — $ 5,143 Hangzhou Alimama Technology Co., Ltd. 2 — Guangzhou UC Network Technology Co., Ltd. 5 — Guangzhou Aijiuyou Informational Technology Co., Ltd. 81 — Total $ 88 $ 5,143 (ii) The amount of $5,143 as of December 31, 2017 represented the advance payment of revenue sharing of live video service made to Hunan Qindao Network Media Technology Co., Ltd. (2) Amount due to related parties - current As of December 31, 2016 2017 Amount due to ordinary shareholders (iii) $ 5,862 $ 5,775 Hunan Qindao Cultural Spread Ltd. 1,281 — Alibaba Cloud Computing Ltd. 629 — Shanghai Touch Future Network Technology Co., Ltd. 229 — Taobao (China) Software Co., Ltd. 116 — Others — 29 Total $ 8,117 $ 5,804 (iii) The amounts of $5,862 and $5,775 as of December 31, 2016 and 2017 primarily included the unpaid repurchase amount by the Group to its ordinary shareholders. Please refer to Note 11 for repurchase of ordinary shares. (3) Sales to related parties For the years ended December 31, 2015 2016 2017 Hangzhou Yihong Advertisement Co., Ltd. (iv) $ — $ — $ 2,614 Hangzhou Alimama Technology Co., Ltd. (iv) 6,002 42 342 Guangzhou Aijiuyou Informational Technology Co., Ltd. (v) — 400 184 Zhejiang Tmall Technology Co., Ltd. (iv) — 820 74 Shanghai Xisue Network Technology Co., Ltd. — 922 — Taobao (China) Software Co., Ltd. (iv) — 249 — Others — 9 2 Total $ 6,002 $ 2,442 $ 3,216 (iv) The sales to related parties represented mobile marketing services provided. (v) The sales to related parties represented mobile game revenue generated through those game operating companies. (4) Purchase from related parties For the years ended December 31, 2015 2016 2017 Hunan Qindao Network Media Technology Co., Ltd. (vi) $ — $ — $ 20,639 Alibaba Cloud Computing Ltd. (vii) 322 3,360 11,060 Hunan Qindao Cultural Spread Ltd. (vi) — 3,929 9,131 Taobao (China) Software Co., Ltd. — 323 338 Guangzhou Jianyue Information Technology Co., Ltd. — — 119 Shanghai Touch future Network Technology Co., Ltd. — 347 — Total $ 322 $ 7,959 $ 41,287 (vi) The purchases from Hunan Qindao Network Media Technology Co., Ltd. and Hunan Qindao Cultural Spread Ltd. represent the revenue sharing with broadcaster agencies of live video service. (vii) The purchase from Alibaba Cloud Computing Ltd. is mainly related to its cloud computing services. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Components of Revenues | Components of revenues are presented in the following table: For the years ended December 31, 2015 2016 2017 Live video service $ 1,231 $ 376,925 $ 1,102,592 Value-added service 58,462 67,603 103,139 Mobile marketing 38,885 66,339 76,178 Mobile games 31,082 35,453 35,619 Other services 4,328 6,778 743 Total $ 133,988 $ 553,098 $ 1,318,271 |
Organization and Principal Ac44
Organization and Principal Activities - Additional Information (Detail) $ in Thousands | Dec. 16, 2014shares | Jul. 07, 2011 | May 31, 2016 | Dec. 31, 2014shares | Aug. 31, 2014 | Dec. 31, 2017USD ($)asset_grouprelated_partyTermshares | Dec. 31, 2017CNY (¥)asset_grouprelated_partyTermshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Nov. 23, 2011USD ($) |
Variable Interest Entity [Line Items] | ||||||||||
Date of incorporation | Nov. 23, 2011 | Nov. 23, 2011 | ||||||||
Share capital | $ | $ 15 | |||||||||
Ordinary shares conversion basis | Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible to Class B ordinary shares under any circumstances. | Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible to Class B ordinary shares under any circumstances. | ||||||||
Ordinary shares, new issues | 9,476,874 | 9,476,874 | 5,197,032 | 5,995,293 | ||||||
Percentage of VIEs revenues to the consolidated net revenues | 100.00% | 100.00% | 100.00% | 100.00% | ||||||
Percentage of VIEs assets to the consolidated total assets | 18.40% | 18.40% | 16.30% | |||||||
Percentage of VIEs liability to the consolidated total liabilities | 62.10% | 62.10% | 66.40% | |||||||
Number of consolidated VIE's assets that are collateral for the VIE's obligations | asset_group | 0 | 0 | ||||||||
VIEs creditors having recourse to general credit of the Company | related_party | 0 | 0 | ||||||||
Number of terms under arrangement with VIEs to provide financial support | Term | 0 | 0 | ||||||||
Class A Common Stock [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ordinary shares, voting rights | One vote per share | One vote per share | ||||||||
Ordinary shares, new issues | 45,688,888 | 45,688,888 | ||||||||
Class B Common Stock [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ordinary shares, voting rights | Ten votes per share | Ten votes per share | ||||||||
IPO [Member] | Class A Common Stock [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ordinary shares, new issues | 36,800,000 | 36,800,000 | ||||||||
Convertible preferred stock shares converted | 200,718,811 | |||||||||
Private Placement [Member] | Class A Common Stock [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ordinary shares, new issues | 8,888,888 | 8,888,888 | ||||||||
Mr. Yan Tang [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Percentage ownership in share capital | 65.00% | |||||||||
Mr. Yong Li [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Percentage ownership in share capital | 20.00% | |||||||||
Mr. Xiaoliang Lei [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Percentage ownership in share capital | 8.00% | |||||||||
Mr. Zhiwei Li [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Percentage ownership in share capital | 7.00% | |||||||||
Business Operations Agreement [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Effective years of agreement | 10 years | 10 years | ||||||||
Exclusive Cooperation Agreements and Supplemental Agreements [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Service fee | $ | $ 662,503 | $ 319,018 | $ 112,043 | |||||||
Momo Technology HK Company Limited [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Percentage of economic ownership | 100.00% | 100.00% | ||||||||
Beijing Momo Information Technology Co., Ltd. [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Percentage of economic ownership | 100.00% | 100.00% | ||||||||
Beijing Momo Information Technology Co., Ltd. [Member] | Exclusive Cooperation Agreements and Supplemental Agreements [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Effective years of agreement | 10 years | |||||||||
Beijing Momo Technology Co., Ltd. [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Maximum call option agreement threshold value | ¥ | ¥ 500,000 | |||||||||
Beijing Momo Technology Co., Ltd. [Member] | Mr. Yan Tang [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Capital contribution percentage, subsidiaries | 65.00% | |||||||||
Beijing Momo Technology Co., Ltd. [Member] | Mr. Yong Li [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Capital contribution percentage, subsidiaries | 20.00% | |||||||||
Beijing Momo Technology Co., Ltd. [Member] | Mr. Xiaoliang Lei [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Capital contribution percentage, subsidiaries | 8.00% | |||||||||
Beijing Momo Technology Co., Ltd. [Member] | Mr. Zhiwei Li [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Capital contribution percentage, subsidiaries | 7.00% | |||||||||
Chengdu Momo Technology Company Limited Investment [Member] | Exclusive Cooperation Agreements and Supplemental Agreements [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Effective years of agreement | 10 years | |||||||||
Tianjin Heer Technology Co. Ltd [Member] | Exclusive Cooperation Agreements and Supplemental Agreements [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Effective years of agreement | 10 years |
Organization and Principal Ac45
Organization and Principal Activities - Schedule of Subsidiaries, VIE and VIE's Subsidiaries (Detail) | 12 Months Ended | |
Dec. 31, 2017 | ||
Momo Technology HK Company Limited [Member] | ||
Variable Interest Entity [Line Items] | ||
Date of incorporation or acquisition | Dec. 5, 2011 | |
Place of Incorporation | Hong Kong | |
Percentage of economic ownership | 100.00% | |
Beijing Momo Information Technology Co., Ltd. [Member] | ||
Variable Interest Entity [Line Items] | ||
Date of incorporation or acquisition | Mar. 9, 2012 | |
Place of Incorporation | PRC | |
Percentage of economic ownership | 100.00% | |
Momo Technology Overseas Holding Company Limited [Member] | ||
Variable Interest Entity [Line Items] | ||
Date of incorporation or acquisition | Mar. 5, 2014 | |
Place of Incorporation | BVI | |
Percentage of economic ownership | 100.00% | |
Momo Information Technologies Corp. [Member] | ||
Variable Interest Entity [Line Items] | ||
Date of incorporation or acquisition | Mar. 7, 2014 | |
Place of Incorporation | US | |
Percentage of economic ownership | 100.00% | |
Beijing Momo Technology Co., Ltd. [Member] | ||
Variable Interest Entity [Line Items] | ||
Date of incorporation or acquisition | Jul. 7, 2011 | [1] |
Place of Incorporation | PRC | [1] |
Chengdu Momo Technology Co., Ltd. [Member] | ||
Variable Interest Entity [Line Items] | ||
Date of incorporation or acquisition | May 9, 2013 | [1] |
Place of Incorporation | PRC | [1] |
Shanghai Momo Technology Co., Ltd. [Member] | ||
Variable Interest Entity [Line Items] | ||
Date of incorporation or acquisition | Jan. 19, 2015 | [1] |
Place of Incorporation | PRC | [1] |
Chengdu Biyou Technology Co., Ltd. [Member] | ||
Variable Interest Entity [Line Items] | ||
Date of incorporation or acquisition | Oct. 16, 2015 | [1] |
Place of Incorporation | PRC | [1] |
Tianjin Heer Technology Co., Ltd [Member] | ||
Variable Interest Entity [Line Items] | ||
Date of incorporation or acquisition | Mar. 7, 2016 | [1] |
Place of Incorporation | PRC | [1] |
Momo Pictures Co. Ltd. [Member] | ||
Variable Interest Entity [Line Items] | ||
Date of incorporation or acquisition | Nov. 11, 2016 | [1] |
Place of Incorporation | PRC | [1] |
QOOL Media Co., Ltd [Member] | ||
Variable Interest Entity [Line Items] | ||
Date of incorporation or acquisition | Nov. 16, 2016 | [1] |
Place of Incorporation | PRC | [1] |
Zhejiang Shengdian Digital Network Co., Ltd. [Member] | ||
Variable Interest Entity [Line Items] | ||
Date of incorporation or acquisition | Mar. 31, 2017 | [1] |
Place of Incorporation | PRC | [1] |
Beijing Santi Cloud Union Technology Co., Ltd. [Member] | ||
Variable Interest Entity [Line Items] | ||
Date of incorporation or acquisition | Jun. 30, 2017 | [1] |
Place of Incorporation | PRC | [1] |
Loudi Momo Technology Co., Ltd. [Member] | ||
Variable Interest Entity [Line Items] | ||
Date of incorporation or acquisition | Jul. 17, 2017 | [1] |
Place of Incorporation | PRC | [1] |
Changsha Heer Network Co., Ltd. [Member] | ||
Variable Interest Entity [Line Items] | ||
Date of incorporation or acquisition | Sep. 20, 2017 | [1] |
Place of Incorporation | PRC | [1] |
Beijing Santi Cloud Time Technology Co. Ltd. [Member] | ||
Variable Interest Entity [Line Items] | ||
Date of incorporation or acquisition | Sep. 26, 2017 | [1] |
Place of Incorporation | PRC | [1] |
[1] | These entities are controlled by the Company pursuant to the contractual arrangements disclosed below. |
Organization and Principal Ac46
Organization and Principal Activities - Schedule of Amounts and Balances of VIE Included in Consolidated Financial Statements After Elimination of Intercompany Balances and Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | $ 685,827 | $ 257,564 | $ 169,469 | $ 450,968 |
Accounts receivable, net of allowance for doubtful accounts of $nil and $90 as of December 31, 2016 and 2017, respectively | 39,597 | 36,078 | ||
Amount due from related parties | 5,143 | 88 | ||
Prepaid expenses and other current assets | 82,717 | 32,592 | ||
Deferred tax assets, current | 72 | |||
Short-term investment | 1,614 | |||
Total current assets | 1,188,692 | 720,153 | ||
Property and equipment, net | 39,762 | 13,932 | ||
Intangible assets | 7,462 | |||
Rental deposits | 2,651 | 920 | ||
Other non-current assets | 8,495 | 2,593 | ||
Long term investments | 44,337 | 31,932 | ||
Deferred tax assets, non-current | 7,197 | 208 | ||
Goodwill | 3,401 | |||
Total assets | 1,301,997 | 769,738 | ||
Accounts payable | 74,535 | 40,457 | ||
Deferred revenue | 64,865 | 41,277 | ||
Accrued expenses and other current liabilities | 87,809 | 39,965 | ||
Amounts due to related parties | 5,804 | 8,117 | ||
Total current liabilities | 260,046 | 133,697 | ||
Deferred tax liabilities, non-current | 1,866 | |||
Total liabilities | 264,217 | 135,719 | ||
Net revenues | 1,318,271 | 553,098 | 133,988 | |
Net income | 318,566 | 145,250 | 13,697 | |
Beijing Momo Technology Co., Ltd. [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 63,110 | 36,855 | ||
Accounts receivable, net of allowance for doubtful accounts of $nil and $90 as of December 31, 2016 and 2017, respectively | 39,597 | 36,078 | ||
Amount due from related parties | 5,143 | 88 | ||
Prepaid expenses and other current assets | 57,056 | 20,613 | ||
Deferred tax assets, current | 72 | |||
Short-term investment | 1,614 | |||
Total current assets | 166,520 | 93,706 | ||
Property and equipment, net | 8,080 | 1,854 | ||
Intangible assets | 7,462 | |||
Rental deposits | 1,609 | 325 | ||
Other non-current assets | 7,685 | 2,593 | ||
Long term investments | 43,333 | 26,541 | ||
Deferred tax assets, non-current | 1,062 | 208 | ||
Goodwill | 3,401 | |||
Total assets | 239,152 | 125,227 | ||
Accounts payable | 54,937 | 36,812 | ||
Deferred revenue | 64,788 | 41,277 | ||
Accrued expenses and other current liabilities | 30,802 | 6,632 | ||
Amounts due to related parties | 29 | 1,510 | ||
Income tax payable | 11,765 | 3,881 | ||
Total current liabilities | 162,321 | 90,112 | ||
Deferred tax liabilities, non-current | 1,866 | |||
Total liabilities | 164,187 | 90,112 | ||
Net revenues | 1,318,271 | 553,098 | 133,988 | |
Net income | 724,880 | 340,366 | 118,404 | |
Net cash provided by operating activities | 740,683 | 360,433 | 124,786 | |
Net cash used in investing activities | (25,810) | $ (11,027) | $ (19,435) | |
Net cash provided by financing activities | $ 73 |
Organization and Principal Ac47
Organization and Principal Activities - Schedule of Amounts and Balances of VIE Included in Consolidated Financial Statements After Elimination of Intercompany Balances and Transactions (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Variable Interest Entity [Line Items] | ||
Allowance for doubtful accounts | $ 90 | $ 0 |
Beijing Momo Technology Co., Ltd. [Member] | ||
Variable Interest Entity [Line Items] | ||
Allowance for doubtful accounts | $ 90 | $ 0 |
Significant Accounting Polici48
Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)AgreementCustomerProduct | Dec. 31, 2016USD ($)AgreementCustomerProduct | Dec. 31, 2015USD ($)Customer | Dec. 31, 2014USD ($) | |
Accounting Policies [Line Items] | ||||
Bank deposits maturity | 3 months | |||
Cash and cash equivalents | $ 685,827 | $ 257,564 | $ 169,469 | $ 450,968 |
Net revenues recognized | 1,318,271 | 553,098 | 133,988 | |
Other operating income | 23,379 | 406 | 713 | |
Value added tax incurred | 120,256 | 55,353 | 16,951 | |
Income tax expenses | 65,980 | 5,136 | 92 | |
Advertising expense | $ 153,425 | 55,188 | 27,793 | |
Minimum [Member] | ||||
Accounting Policies [Line Items] | ||||
Percentage of ownership, equity method investment | 20.00% | |||
Maximum [Member] | ||||
Accounting Policies [Line Items] | ||||
Percentage of ownership, equity method investment | 50.00% | |||
Membership Subscription [Member] | ||||
Accounting Policies [Line Items] | ||||
Contract period, minimum | 1 month | |||
Contract period, maximum | 1 year | |||
Mobile Marketing [Member] | ||||
Accounting Policies [Line Items] | ||||
Net revenues recognized | $ 76,178 | $ 66,339 | 38,885 | |
Self Developed Mobile Game [Member] | ||||
Accounting Policies [Line Items] | ||||
Number of games | Product | 8 | 6 | ||
Self Developed Mobile Game [Member] | Minimum [Member] | ||||
Accounting Policies [Line Items] | ||||
Estimated usage life of product/service | 56 days | 20 days | ||
Self Developed Mobile Game [Member] | Maximum [Member] | ||||
Accounting Policies [Line Items] | ||||
Estimated usage life of product/service | 79 days | 110 days | ||
Mobile Games [Member] | ||||
Accounting Policies [Line Items] | ||||
Net revenues recognized | $ 35,619 | $ 35,453 | 31,082 | |
Number of games | Agreement | 6 | 6 | ||
Mobile Games [Member] | Minimum [Member] | ||||
Accounting Policies [Line Items] | ||||
Estimated usage life of product/service | 20 days | 20 days | ||
Mobile Games [Member] | Maximum [Member] | ||||
Accounting Policies [Line Items] | ||||
Estimated usage life of product/service | 101 days | 99 days | ||
Live Video Service [Member] | ||||
Accounting Policies [Line Items] | ||||
Net revenues recognized | $ 1,102,592 | $ 376,925 | 1,231 | |
Value-added Services [Member] | ||||
Accounting Policies [Line Items] | ||||
Net revenues recognized | 103,139 | 67,603 | 58,462 | |
Government Subsidies | ||||
Accounting Policies [Line Items] | ||||
Other operating income | $ 20,977 | $ 293 | $ 0 | |
User Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Accounting Policies [Line Items] | ||||
Number of users or advertising customer accounted for 10% or more of total revenues | Customer | 0 | 0 | ||
User Concentration Risk [Member] | Revenues [Member] | ||||
Accounting Policies [Line Items] | ||||
Number of users or advertising customer accounted for 10% or more of total revenues | Customer | 0 | 0 | 0 | |
China, Yuan Renminbi | ||||
Accounting Policies [Line Items] | ||||
Cash and cash equivalents | $ 632,572 | $ 245,853 |
Significant Accounting Polici49
Significant Accounting Policies - Schedule of Third-Party Application Stores and Other Payment Channels Accounting Receivables (Detail) - Accounts Receivable [Member] - Credit Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Third-party Payment Channel A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 23.00% | 40.00% |
Third-party Payment Channel B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 21.00% | |
Third-party Payment Channel C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 19.00% | 15.00% |
Third-party Payment Channel D [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 5.00% | 22.00% |
Significant Accounting Polici50
Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 3 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 5 years |
Leasehold Improvement [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | Shorter of the lease term or estimated useful lives |
Minimum [Member] | Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 3 years |
Maximum [Member] | Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 5 years |
Significant Accounting Polici51
Significant Accounting Policies - Schedule of Estimated Useful Lives of Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Copyrights [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 1 year |
Minimum [Member] | Licenses [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years 2 months 12 days |
Maximum [Member] | Licenses [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Additional Disclosures [Abstract] | ||
Accounts receivable | $ 39,687 | $ 36,078 |
Less: allowance for doubtful accounts | (90) | 0 |
Accounts receivable, net | $ 39,597 | $ 36,078 |
Prepaid Expenses and Other Cu53
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Deposit at a third-party payment channel | [1] | $ 29,239 | $ 4,845 |
Advance to suppliers | [2] | 21,521 | 5,331 |
Interest receivable | 8,441 | 4,821 | |
Prepaid income tax and other expenses | 8,069 | 2,964 | |
Deferred platform commission cost | 4,292 | 4,571 | |
Input VAT | [3] | 3,714 | 2,968 |
Game promotions fees paid on behalf of game developers | 2,742 | 2,250 | |
Advance to game developers | 924 | 1,550 | |
Others | 3,775 | 3,292 | |
Prepaid expenses and other current assets | $ 82,717 | $ 32,592 | |
[1] | Deposit at a third party payment channel is the cash deposited in a third party payment channel by the Group for the broadcasters to withdraw their revenue sharing and the customer payment to the Group's account through a third party payment channel. | ||
[2] | Advance to suppliers were primarily for advertising fees and live video broadcasting service fees. | ||
[3] | Input VAT mainly occurred from the purchasing of goods for other services, property and equipment and advertising activities. It is subject to verification by related tax authorities before offsetting the VAT output. |
Long Term Investments - Summary
Long Term Investments - Summary of Equity and Cost Method Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 18, 2015 | Feb. 13, 2015 | |||
Investment [Line Items] | |||||||
Long term Investments | $ 44,337 | $ 31,932 | |||||
Hunan Qindao Cultural Spread Ltd. [Member] | |||||||
Investment [Line Items] | |||||||
Cost method investments | [1] | 4,611 | |||||
Available-for-sale investments | [1] | 2,880 | |||||
Other Cost Method Investment [Member] | |||||||
Investment [Line Items] | |||||||
Cost method investments | [2] | 7,655 | 1,834 | ||||
Xish International Limited [Member] | |||||||
Investment [Line Items] | |||||||
Available-for-sale investments | [3] | 4,386 | |||||
Jingwei Chuangteng (Hangzhou) L.P. [Member] | |||||||
Investment [Line Items] | |||||||
Equity method investments | [4] | 7,419 | 4,191 | ||||
Beijing Autobot Venture Capital L.P. [Member] | |||||||
Investment [Line Items] | |||||||
Equity method investments | 8,478 | [5] | 6,736 | [5] | $ 4,823 | ||
Hangzhou Aqua Ventures Investment Management L.P. [Member] | |||||||
Investment [Line Items] | |||||||
Equity method investments | 12,986 | [6] | 9,187 | [6] | $ 7,930 | ||
Other Equity Method Investments [Member] | |||||||
Investment [Line Items] | |||||||
Equity method investments | [2] | $ 3,188 | $ 2,718 | ||||
[1] | On June 8, 2016, the Group entered into a share purchase agreement to acquire 16.0% preferred shares of Hunan Qindao Cultural Spread Ltd. ("Qindao") for a total consideration of $4,441, which was fully paid off as of December 31, 2017. The investment was classified as available-for-sale security as the Group determined that the preferred shares were debt securities due to the redemption option available to the investor and measured the investment subsequently at fair value. No unrealized holding gains was reported in other comprehensive income for the year ended December 31, 2016. On July 7, 2017, the Group signed a supplemental agreement with Qindao to waive the redemption right. The investment was reclassified to cost method investment as a result of the supplemental agreement. The Group recorded $nil of accumulated unrealized holding gain through earnings. | ||||||
[2] | Others represent equity method investments or cost method investments that are individually insignificant. | ||||||
[3] | On January 21, 2016, the Group entered into a preferred share subscription agreement to acquire 17.3% equity of Xish International Limited ("Xish") for a total consideration of $9,000, which had been paid as of December 31, 2016. The investment was classified as available-for-sale security as the Group determined that the preferred shares were debt securities due to the redemption option available to the investor and measured the investment subsequently at fair value. The Group recognized an impairment loss of $4,614 and $4,386 during the year ended December 31, 2016 and 2017, respectively. Please refer to Note 9 for additional information on the fair value measurement related to the impairment loss. | ||||||
[4] | On January 9, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Jingwei Chuangteng (Hangzhou) L.P. ("Jingwei"). According to the partnership agreement, the Group committed to subscribe 4.9% partnership interest in Jingwei for $4,744, which had been paid as of December 31, 2017. Due to Jingwei's further rounds of financing, the Group's partnership interest was diluted to 2.4% as of December 31, 2016 and 2017. The Group recognized its share of partnership profit in Jingwei of $366, $633 and $1,717 during the year ended December 31, 2015, 2016 and 2017, respectively. | ||||||
[5] | On February 13, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Beijing Autobot Venture Capital L.P. ("Autobot"). According to the partnership agreement, the Group committed to subscribe 31.9% partnership interest in Autobot for $4,823. Autobot had further rounds of financing, of which the Group subscribed for $1,529. Due to Autobot's further round of financing, the Group's partnership interest was diluted to 26.7% as of December 31, 2016 and 2017. The committed subscription and further round of financing subscription amount, $6,352, was paid as of December 31, 2016. The Group recognized its share of partnership profit in Autobot of $274, $771 and $1,239 during the year ended December 31, 2015, 2016 and 2017, respectively. | ||||||
[6] | On August 18, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Hangzhou Aqua Ventures Investment Management L.P. ("Aqua"). According to the partnership agreement, the Group committed to subscribe 42.7% partnership interest for $7,930. The committed subscription amount had been fully paid as of December 31, 2016. The Group recognized its share of partnership profit in Aqua of $89, $2,134 and $3,088 during the years ended December 31, 2015, 2016 and 2017, respectively. |
Long Term Investments - Additio
Long Term Investments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment [Line Items] | |||
Impairment loss on long-term investments | $ 4,386 | $ 5,765 | |
Other Cost Method Investment [Member] | |||
Investment [Line Items] | |||
Impairment loss on long-term investments | 0 | (965) | $ 0 |
Other Equity Method Investments [Member] | |||
Investment [Line Items] | |||
Impairment loss on long-term investments | $ 0 | $ (186) | $ 0 |
Long Term Investments - Summa56
Long Term Investments - Summary of Equity and Cost Method Investments (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |||||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 07, 2017 | Jun. 08, 2016 | Jan. 21, 2016 | Aug. 18, 2015 | Feb. 13, 2015 | Jan. 09, 2015 | ||||
Investment [Line Items] | ||||||||||||
Share of income (loss) on equity method investments | $ 5,889,000 | $ 3,471,000 | $ 370,000 | |||||||||
Impairment loss on long-term investments | 4,386,000 | 5,765,000 | ||||||||||
Xish International Limited [Member] | ||||||||||||
Investment [Line Items] | ||||||||||||
Percentage of shares acquired recorded as available for sale debt security | 17.30% | |||||||||||
Share purchase agreement, consideration paid | 9,000,000 | |||||||||||
Impairment loss on long-term investments | 4,386,000 | 4,614,000 | ||||||||||
Jingwei Chuangteng (Hangzhou) L.P. [Member] | ||||||||||||
Investment [Line Items] | ||||||||||||
Equity method investments | [1] | $ 7,419,000 | $ 4,191,000 | |||||||||
Percentage of ownership | 2.40% | 2.40% | 4.90% | |||||||||
Share of income (loss) on equity method investments | $ 1,717,000 | $ 633,000 | 366,000 | |||||||||
Payment of equity method investment | 4,744,000 | |||||||||||
Beijing Autobot Venture Capital L.P. [Member] | ||||||||||||
Investment [Line Items] | ||||||||||||
Equity method investments | $ 8,478,000 | [2] | $ 6,736,000 | [2] | $ 4,823,000 | |||||||
Equity method investments, further financing | 1,529,000 | |||||||||||
Percentage of ownership | 26.70% | 26.70% | 31.90% | |||||||||
Share of income (loss) on equity method investments | $ 1,239,000 | $ 771,000 | 274,000 | |||||||||
Payment of equity method investment | 6,352,000 | |||||||||||
Hangzhou Aqua Ventures Investment Management L.P. [Member] | ||||||||||||
Investment [Line Items] | ||||||||||||
Equity method investments | 12,986,000 | [3] | 9,187,000 | [3] | $ 7,930,000 | |||||||
Percentage of ownership | 42.70% | |||||||||||
Share of income (loss) on equity method investments | 3,088,000 | 2,134,000 | $ 89,000 | |||||||||
Hunan Qindao Cultural Spread Ltd. [Member] | ||||||||||||
Investment [Line Items] | ||||||||||||
Percentage of shares acquired recorded as available for sale debt security | 16.00% | |||||||||||
Unrealized holding gains | $ 0 | |||||||||||
Payments to acquire available-for-sale securities, equity | $ 4,441,000 | |||||||||||
Investment due to lack of ability to exercise significant influence | $ 0 | |||||||||||
[1] | On January 9, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Jingwei Chuangteng (Hangzhou) L.P. ("Jingwei"). According to the partnership agreement, the Group committed to subscribe 4.9% partnership interest in Jingwei for $4,744, which had been paid as of December 31, 2017. Due to Jingwei's further rounds of financing, the Group's partnership interest was diluted to 2.4% as of December 31, 2016 and 2017. The Group recognized its share of partnership profit in Jingwei of $366, $633 and $1,717 during the year ended December 31, 2015, 2016 and 2017, respectively. | |||||||||||
[2] | On February 13, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Beijing Autobot Venture Capital L.P. ("Autobot"). According to the partnership agreement, the Group committed to subscribe 31.9% partnership interest in Autobot for $4,823. Autobot had further rounds of financing, of which the Group subscribed for $1,529. Due to Autobot's further round of financing, the Group's partnership interest was diluted to 26.7% as of December 31, 2016 and 2017. The committed subscription and further round of financing subscription amount, $6,352, was paid as of December 31, 2016. The Group recognized its share of partnership profit in Autobot of $274, $771 and $1,239 during the year ended December 31, 2015, 2016 and 2017, respectively. | |||||||||||
[3] | On August 18, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Hangzhou Aqua Ventures Investment Management L.P. ("Aqua"). According to the partnership agreement, the Group committed to subscribe 42.7% partnership interest for $7,930. The committed subscription amount had been fully paid as of December 31, 2016. The Group recognized its share of partnership profit in Aqua of $89, $2,134 and $3,088 during the years ended December 31, 2015, 2016 and 2017, respectively. |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation | $ (30,566) | $ (18,844) |
Exchange difference | 1,979 | 1,812 |
Total | 39,762 | 13,932 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 45,580 | 23,763 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 12,214 | 4,370 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 189 | 31 |
Leasehold Improvement [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 10,366 | $ 2,800 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 11,722 | $ 8,404 | $ 6,646 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Intangible Assets (Detail) $ in Thousands | Dec. 31, 2017USD ($) | |
Finite-Lived Intangible Liabilities [Line Items] | ||
Less: accumulated amortization and impairment | $ (905) | |
Exchange difference | (25) | |
Intangible assets, net | 7,462 | |
Licenses [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 8,059 | [1] |
Game copyright [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | $ 333 | |
[1] | * Licenses mainly consist of the Internet Audio/Video Program Transmission License, which is a requisite permit according to government regulations for the Group's business operation such as live video service. |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Depreciation expenses and impairment loss | $ 905 | $ 0 | $ 0 |
Intangible Assets, Net - Sche61
Intangible Assets, Net - Schedule of Future Amortization Expense (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,018 | $ 881 |
2,019 | 881 |
2,020 | 881 |
2,021 | 774 |
2,022 | 771 |
Thereafter | 3,274 |
Intangible assets, net | $ 7,462 |
Accrued Expenses and Other Cu62
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Accrued payroll and welfare | $ 34,523 | $ 18,982 |
Payable for advertisement | 18,783 | 9,871 |
Balance of users' virtual accounts | 14,175 | 779 |
Other tax payables | 9,457 | 4,694 |
Accrued professional services fee | 3,417 | 1,438 |
VAT payable | 1,543 | 1,919 |
Others | 5,911 | 2,282 |
Total | $ 87,809 | $ 39,965 |
Fair Value - Schedule of Assets
Fair Value - Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | $ 0 | $ 7,266 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 685,827 | 257,564 |
Available-for-sale investments | 7,266 | |
Total | 685,827 | 264,830 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 685,827 | 257,564 |
Total | $ 685,827 | 257,564 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investments | 7,266 | |
Total | $ 7,266 |
Fair Value - Schedule of Reconc
Fair Value - Schedule of Reconciliation of Fair Value Measurement of Available-for-Sale Investments Using Significant Unobservable Inputs on a Recurring Basis (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | ||
Fair Value Disclosures [Abstract] | ||
Beginning balance | $ 7,266 | |
Purchase | 1,458 | |
Other-than-temporary loss recognized | (4,386) | |
Reclassification to cost method investment | (4,611) | [1] |
Foreign exchange difference | 273 | |
Ending balance | $ 0 | |
[1] | The investment in Qindao was reclassified from available-for-sale investment to cost method investment as of result of the waiver of redemption right in July 2017. Please refer to Note 5 for additional information on the reclassification. |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment loss on assets | $ 4,386 | $ 5,765 |
Other Cost and Equity Method Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment loss on assets | $ 0 | $ 1,151 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 31, 2017 | Aug. 31, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Contingency [Line Items] | |||||
Income tax expense | $ 65,980,000 | $ 5,136,000 | $ 92,000 | ||
Significant unrecognized tax benefit | $ 0 | 0 | 0 | 0 | |
Interest related to penalties | 0 | 0 | 0 | ||
Significant impact on the unrecognized tax benefits for next twelve months | 0 | 0 | $ 0 | $ 0 | |
Beijing Momo IT, Beijing Momo and Chengdu Momo [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax loss carry forward | 5,431,000 | 5,431,000 | |||
Momo Information Technologies Corp. [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax loss carry forward | 8,985,000 | $ 8,985,000 | |||
Tax loss carry forward period | 20 years | ||||
Momo Technology HK Company Limited [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax loss carry forward | $ 178,000 | $ 178,000 | |||
Earliest Tax Year [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax years subject to tax audits | 2,014 | ||||
Earliest Tax Year [Member] | Beijing Momo IT, Beijing Momo and Chengdu Momo [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax loss carry forward, expiration date | Dec. 31, 2020 | ||||
Latest Tax Year [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax years subject to tax audits | 2,016 | ||||
Latest Tax Year [Member] | Beijing Momo IT, Beijing Momo and Chengdu Momo [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax loss carry forward, expiration date | Dec. 31, 2022 | ||||
United States [Member] | Momo Information Technologies Corp. [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Taxable income | $ 0 | ||||
Income tax expense | $ 0 | ||||
Hong Kong [Member] | Beneficial Owner [Member] | Minimum [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Equity interest in a PRC-resident enterprise | 25.00% | 25.00% | |||
Hong Kong [Member] | Momo Technology HK Company Limited [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Profit tax rate | 16.50% | ||||
PRC [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax expense | $ 0 | ||||
Withholding income tax rate for dividends distributed by the PRC subsidiaries | 10.00% | ||||
PRC statutory tax rate | 25.00% | 25.00% | 25.00% | ||
Dividend declared | $ 0 | $ 0 | |||
PRC [Member] | Chengdu Momo Technology Company Limited Investment [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Percentage of reduced tax rate | 15.00% | ||||
PRC [Member] | Beneficial Owner [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Withholding income tax rate for dividends distributed by the PRC subsidiaries | 5.00% | ||||
PRC [Member] | 2015 - 2016 [Member] | Beijing Momo Information Technology Co., Ltd. [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax exemption period | 2 years | ||||
PRC [Member] | 2017 - 2019 [Member] | Beijing Momo Information Technology Co., Ltd. [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Reduced tax rate period | 3 years | ||||
Percentage of reduced tax rate | 12.50% | ||||
PRC [Member] | Other Entities [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Effective income tax rate | 25.00% |
Income Taxes - Components of Gr
Income Taxes - Components of Group's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current deferred tax assets: | ||
Impairment of loss on long term investments | $ 72 | |
Less: valuation allowance | $ 0 | 0 |
Current deferred tax assets, net | 72 | |
Non-current deferred tax assets: | ||
Advertising expense | 5,957 | |
Net operating tax losses carry-forward | 3,964 | 2,852 |
Impairment on long term investments and game copyright | 400 | 208 |
Accrued expenses | 840 | |
Less: valuation allowance | (3,964) | (2,852) |
Non-current deferred tax assets, net | 7,197 | $ 208 |
Non-current deferred tax liabilities: | ||
Intangible assets acquired | 1,866 | |
Non-current deferred tax assets, net | $ 1,866 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation between Income Tax Expense to Income before Income Taxes and Actual Provision for Income Tax (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes And Tax Related [Line Items] | ||||
Net income before provision for income tax | $ 378,115,000 | $ 146,915,000 | $ 13,419,000 | |
Income tax expense at statutory tax rate | 94,529,000 | 36,729,000 | 3,355,000 | |
Permanent differences | (66,000) | (75,000) | (144,000) | |
Change in valuation allowance | 1,112,000 | (2,680,000) | (2,315,000) | |
Effect of income tax rate difference in other jurisdictions | 11,857,000 | 7,941,000 | 2,754,000 | |
Effect of tax holidays and preferential tax rates | (41,452,000) | (36,779,000) | (3,558,000) | |
Provision for income tax | $ 65,980,000 | $ 5,136,000 | $ 92,000 | |
PRC [Member] | ||||
Income Taxes And Tax Related [Line Items] | ||||
PRC statutory tax rate | 25.00% | 25.00% | 25.00% | |
Provision for income tax | $ 0 |
Income Taxes - Increase in Inco
Income Taxes - Increase in Income Tax Expenses and Net Income Per Share Amounts (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Increase in income tax expenses | $ 41,452 | $ 36,779 | $ 3,558 |
Earnings per share after increase in income tax expenses - basic | $ 0.70 | $ 0.28 | $ 0.03 |
Earnings per share after increase in income tax expenses - diluted | $ 0.67 | $ 0.27 | $ 0.03 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Detail) $ / shares in Units, $ in Thousands | Dec. 16, 2014shares | Apr. 22, 2014USD ($)shares | Sep. 12, 2012shares | Dec. 31, 2014shares | May 31, 2014USD ($) | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015shares | Nov. 28, 2014shares | Oct. 08, 2013shares | Jul. 13, 2012shares | Jun. 11, 2012shares | Apr. 30, 2012shares | Apr. 12, 2012shares | Nov. 23, 2011$ / sharesshares |
Class of Stock [Line Items] | |||||||||||||||
Ordinary shares, shares authorized | 799,281,189 | 371,684,330 | 1,000,000,000 | 835,675,688 | 366,789,830 | 426,747,470 | 446,545,450 | 500,000,000 | |||||||
Ordinary shares, shares issued | 147,000,000 | 147,000,000 | |||||||||||||
Ordinary shares, par value | $ / shares | $ 0.0001 | ||||||||||||||
Shares authorized | 1,000,000,000 | 1,000,000,000 | 500,000,000 | ||||||||||||
Convertible redeemable preferred shares, shares authorized | 200,718,811 | 164,324,312 | 53,454,550 | ||||||||||||
Stock split ratio for ordinary shares | 10 | ||||||||||||||
Amounts due to related parties, current | $ | $ 5,804 | $ 8,117 | |||||||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of share units | 9,476,874 | 5,197,032 | 5,995,293 | ||||||||||||
Class A Common Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Ordinary shares, shares authorized | 800,000,000 | 800,000,000 | 800,000,000 | ||||||||||||
Ordinary shares, shares issued | 314,060,843 | 292,062,065 | |||||||||||||
Ordinary shares, par value | $ / shares | $ 0.0001 | $ 0.0001 | |||||||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of share units | 45,688,888 | 45,688,888 | |||||||||||||
Convertible preferred stock shares converted to ordinary shares | 200,718,811 | ||||||||||||||
Ordinary shares, shares outstanding | 314,060,843 | 292,062,065 | |||||||||||||
Class A Common Stock [Member] | IPO [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of share units | 36,800,000 | 36,800,000 | |||||||||||||
Class A Common Stock [Member] | Private Placement [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of share units | 8,888,888 | 8,888,888 | |||||||||||||
Class B Common Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Ordinary shares, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||||||
Ordinary shares, shares issued | 84,364,466 | 96,886,370 | |||||||||||||
Ordinary shares, par value | $ / shares | $ 0.0001 | $ 0.0001 | |||||||||||||
Ordinary shares, shares outstanding | 84,364,466 | 96,886,370 | |||||||||||||
Undesignated Ordinary Shares [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Ordinary shares, shares authorized | 100,000,000 | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares donated to the company | 15,651,589 | ||||||||||||||
Amounts due to related parties, current | $ | $ 5,775 | ||||||||||||||
Accrued expenses and other current liabilities | $ | $ 675 | ||||||||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of share units | 9,476,874 | 5,197,032 | 5,995,293 | ||||||||||||
Ordinary shares, shares outstanding | 377,756,110 | 398,425,309 | 388,948,435 | 383,751,403 | |||||||||||
Dividend Declared [Member] | Common Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Dividend amount | $ | $ 64,494 | ||||||||||||||
Dividend Paid [Member] | Common Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Dividend amount | $ | $ 58,044 | ||||||||||||||
Dividend payable date | 2014-05 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | Mar. 07, 2017 | May 17, 2016 | Jan. 03, 2015 | Dec. 11, 2014 | May 15, 2014 | Jul. 31, 2016 | May 31, 2015 | Nov. 30, 2014 | Apr. 30, 2012 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 23, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options vested | 14,743,283 | |||||||||||||
Options expected to vest | 11,114,843 | |||||||||||||
Options expected to vest, weighted-average exercise price | $ 0.0036 | |||||||||||||
Options expected to vest, Aggregate intrinsic value | $ 136,006,000 | $ 137,765,000 | ||||||||||||
Weighted average fair value per option at grant date, Granted | $ 17.41 | $ 6.24 | $ 5.93 | |||||||||||
Total intrinsic value of options exercised | $ 154,233,000 | $ 45,581,000 | $ 45,885,000 | |||||||||||
Total fair value of options vested | $ 37,979,000 | 27,171,000 | 13,680,000 | |||||||||||
Number of options, Forfeited/Canceled | 981,527 | |||||||||||||
Share-based compensation | $ 49,657,000 | $ 31,706,000 | 17,382,000 | |||||||||||
Weighted average remaining contractual term options outstanding | 7 years 4 months 24 days | 7 years 7 months 17 days | ||||||||||||
Number of options, granted | 5,771,226 | |||||||||||||
Ordinary shares, shares issued | 147,000,000 | 147,000,000 | ||||||||||||
Ordinary shares, par value | $ 0.0001 | |||||||||||||
Class A Common Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Ordinary shares, shares issued | 314,060,843 | 292,062,065 | ||||||||||||
Ordinary shares, par value | $ 0.0001 | $ 0.0001 | ||||||||||||
Non-Vested Restricted Shares [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share-based compensation | $ 0 | $ 52,000 | $ 180,000 | |||||||||||
Unrecognized compensation expense | $ 0 | |||||||||||||
Ordinary shares, shares issued | 131,348,411 | 147,000,000 | ||||||||||||
Modification of vesting of shares, description | The Company shall be entitled to repurchase 50% and 25% of such shares in the case that founders terminate their employments with the Company before April 17, 2015 and during the period from April 17, 2015 to April 17, 2016, respectively, at a price of US$0.0001 per share or the lowest price permitted under applicable laws. Therefore, the Company considered that 50% of the total restricted shares were vested immediately on the amendment date and 25% shall be vested annually on April 17 in the next two years ending April 17, 2016. Before the modification date, May 15, 2014, there were 131,348,411 ordinary shares, of which 45,937,500 were unvested restricted shares. As the result of modification, 19,736,705 vested ordinary shares were classified to unvested restricted shares on the modification date and the corresponding compensation costs for these unvested restricted shares were amortized over the remaining service period. | |||||||||||||
Unvested restricted shares | 45,937,500 | 28,625,378 | 57,250,756 | |||||||||||
Unvested restricted shares, modification | 19,736,705 | 0 | ||||||||||||
Ordinary shares, par value | $ 0.0001 | |||||||||||||
Fair value of RSUs, per share | $ 0.01 | |||||||||||||
Fair value of RSUs | $ 1,470,000 | |||||||||||||
Total fair value of non-vested restricted shares vested | 0 | 286,000 | $ 286,000 | |||||||||||
Non-Vested Restricted Shares [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share based payment vesting percentage | 50.00% | 25.00% | ||||||||||||
Non-Vested Restricted Shares [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options, vesting period | 2 years | 36 months | ||||||||||||
Share based payment vesting percentage | 25.00% | 75.00% | ||||||||||||
RSUs [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share-based compensation | 619,000 | $ 343,000 | $ 322,000 | |||||||||||
Unrecognized compensation expense | $ 1,838,000 | |||||||||||||
Shares recognition period | 2 years 9 months 3 days | |||||||||||||
Weighted average remaining contractual term options outstanding | 8 years 6 months 21 days | |||||||||||||
Fair value of RSUs, per share | $ 15 | $ 6.50 | $ 0 | |||||||||||
Fair value of RSUs | $ 1,500,000 | $ 1,299,000 | $ 340,000 | $ 325,000 | $ 325,000 | $ 340,000 | ||||||||
Intrinsic value of restricted share units exercised | $ 821,000 | 511,000 | 301,000 | |||||||||||
2012 Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Maximum aggregate number of shares issued | 44,758,220 | |||||||||||||
Number of share options granted | 0 | |||||||||||||
Number of share options under accelerated vesting to permit immediate exercise | 235,000 | |||||||||||||
Incremental cost for acceleration of vesting to permit immediate exercise | 162,000 | |||||||||||||
2012 Plan [Member] | Employee and Executives Share Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share-based compensation | 16,026,000 | |||||||||||||
2012 Plan [Member] | Non Employee Share Options [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share-based compensation | 756,000 | |||||||||||||
2014 Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share based compensation arrangements expiration Period | 10 years | |||||||||||||
Incremental cost for acceleration of vesting to permit immediate exercise | 1,532,000 | |||||||||||||
Number of options, Forfeited/Canceled | 187,500 | |||||||||||||
Unrecognized compensation expense | $ 122,171,000 | |||||||||||||
Shares recognition period | 2 years 11 months 12 days | |||||||||||||
Weighted average remaining contractual term options outstanding | 7 years 4 months 24 days | |||||||||||||
2014 Plan [Member] | Class A Common Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Maximum aggregate number of shares issued | 14,031,194 | |||||||||||||
Increase in number of shares reserved for future issuances | 1.50% | |||||||||||||
Number of shares reserved for future issuances, description | Starting from 2017, the number of shares reserved for future issuances under the 2014 Plan will be increased by a number equal to 1.5% of the total number of outstanding shares on the last day of the immediately preceding calendar year, or such lesser number of Class A ordinary shares as determined by the Company’s board of directors, on the first day of each calendar year during the term of the 2014 Plan. | |||||||||||||
2014 Plan [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options, vesting period | 4 years | |||||||||||||
2014 Plan [Member] | Minimum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options, vesting period | 2 years | |||||||||||||
2014 Plan [Member] | RSUs [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options, vesting period | 4 years | 4 years | ||||||||||||
2014 Plan [Member] | RSUs [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options, vesting period | 6 months | |||||||||||||
Share based payment vesting percentage | 50.00% | |||||||||||||
2014 Plan [Member] | RSUs [Member] | Independent Directors [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of share options granted | 100,000 | 200,000 | 40,001 | |||||||||||
2014 Plan [Member] | Employee and Executives Share Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share-based compensation | $ 42,439,000 | 28,096,000 | ||||||||||||
2014 Plan [Member] | Non Employee Share Options [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Share-based compensation | $ 6,540,000 | 3,103,000 | ||||||||||||
Momo BVI Share Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options vested | 1,812,500 | |||||||||||||
Options expected to vest | 1,033,125 | |||||||||||||
Options expected to vest, weighted-average exercise price | $ 0.1077 | |||||||||||||
Options expected to vest, Aggregate intrinsic value | $ 2,000 | $ 5,000 | $ 18,000 | |||||||||||
Weighted average fair value per option at grant date, Granted | $ 0 | $ 0 | $ 0.0544 | |||||||||||
Total intrinsic value of options exercised | $ 0 | $ 0 | $ 0 | |||||||||||
Total fair value of options vested | $ 43,000 | $ 185,000 | $ 0 | |||||||||||
Number of options, Forfeited/Canceled | 5,000,000 | |||||||||||||
Unrecognized compensation expense | $ 65,000 | |||||||||||||
Shares recognition period | 1 year 7 months 2 days | |||||||||||||
Weighted average remaining contractual term options outstanding | 7 years 6 months | 8 years 2 months 8 days | ||||||||||||
Share incentive plan, term of plan | 10 years | |||||||||||||
Momo BVI Share Incentive Plan [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Maximum aggregate number of shares issued | 30,000,000 | |||||||||||||
Momo BVI Share Incentive Plan [Member] | Employee and Executives Share Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Options, vesting period | 4 years | |||||||||||||
Share-based compensation | $ 59,000 | $ 112,000 | $ 98,000 | |||||||||||
Number of options, granted | 10,550,000 | |||||||||||||
Exercise price of share options granted, lower range | $ 0.10 | |||||||||||||
Exercise price of share options granted, upper range | $ 0.11 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Options Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Outstanding beginning balance | 31,606,466 | |
Number of options, granted | 5,771,226 | |
Number of options, Exercised | (9,426,874) | |
Number of options, Forfeited | (981,527) | |
Number of options, Outstanding ending balance | 26,969,291 | 31,606,466 |
Number of options, Exercisable | 14,743,283 | |
Weighted average exercise price per option, Outstanding beginning balance | $ 0.0641 | |
Weighted average exercise price per option, Granted | 0.0002 | |
Weighted average exercise price per option, Exercised | 0.0602 | |
Weighted average exercise price per option, Forfeited | 0.0132 | |
Weighted average exercise price per option, Outstanding ending balance | 0.0536 | $ 0.0641 |
Weighted average exercise price per option, Exercisable | $ 0.0952 | |
Weighted average remaining contractual life, Outstanding beginning balance | 7 years 4 months 24 days | 7 years 7 months 17 days |
Weighted average remaining contractual term options outstanding | 7 years 4 months 24 days | 7 years 7 months 17 days |
Weighted average remaining contractual life, Exercisable | 6 years 4 months 20 days | |
Aggregated intrinsic value, Outstanding beginning balance | $ 288,439 | |
Aggregated intrinsic value, Outstanding ending balance | 328,658 | $ 288,439 |
Aggregated intrinsic value, Exercisable | $ 170,053 | |
Momo BVI Share Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Outstanding beginning balance | 8,000,000 | |
Number of options, Forfeited | (5,000,000) | |
Number of options, Outstanding ending balance | 3,000,000 | 8,000,000 |
Number of options, Exercisable | 1,812,500 | |
Weighted average exercise price per option, Outstanding beginning balance | $ 0.1088 | |
Weighted average exercise price per option, Forfeited | 0.1100 | |
Weighted average exercise price per option, Outstanding ending balance | 0.1067 | $ 0.1088 |
Weighted average exercise price per option, Exercisable | $ 0.1060 | |
Weighted average remaining contractual life, Outstanding beginning balance | 7 years 6 months | 8 years 2 months 8 days |
Weighted average remaining contractual term options outstanding | 7 years 6 months | 8 years 2 months 8 days |
Weighted average remaining contractual life, Exercisable | 7 years 5 months 12 days | |
Aggregated intrinsic value, Outstanding beginning balance | $ 10 | |
Aggregated intrinsic value, Outstanding ending balance | 10 | $ 10 |
Aggregated intrinsic value, Exercisable | $ 7 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Assumptions Used to Estimate Fair Value of Stock Options Granted (Detail) - 2014 Plan [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate of return, minimum | 2.47% | 1.75% | 2.15% |
Risk-free interest rate of return, maximum | 2.87% | 2.70% | 2.19% |
Contractual term | 10 years | 10 years | 10 years |
Volatility, minimum | 50.70% | 52.50% | 55.30% |
Volatility, maximum | 54.00% | 55.30% | 55.70% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Exercise price | $ 0.0002 | $ 0.0002 | $ 0.0002 |
Share-Based Compensation - Su74
Share-Based Compensation - Summary of Non-Vested Restricted Share Activity (Detail) - Non-Vested Restricted Shares [Member] - shares | May 15, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares, Outstanding beginning balance | 28,625,378 | 57,250,756 | |
Number of shares, Granted | 0 | 0 | |
Number of shares, Modification | 19,736,705 | 0 | |
Number of shares, Forfeited | 0 | ||
Number of shares, Vested | (28,625,378) | (28,625,378) | |
Number of shares, Outstanding ending balance | 45,937,500 | 28,625,378 |
Share-Based Compensation - Su75
Share-Based Compensation - Summary of Restricted Share Units Granted (Detail) - RSUs [Member] | 12 Months Ended |
Dec. 31, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares, Outstanding beginning balance | 150,000 |
Granted | 100,000 |
Forfeited | 0 |
Vested | (50,000) |
Number of shares, Outstanding ending balance | 200,000 |
Net Income Per Share - Calculat
Net Income Per Share - Calculation of Net Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | |||
Net income attributable to MomoInc. | $ 318,566 | $ 145,250 | $ 13,697 |
Net income attributed to ordinary shareholders for computing net income per ordinary share-basic and diluted | $ 318,566 | $ 142,053 | $ 12,358 |
Denominator for computing net income per share-basic: | |||
Weighted average ordinary shares outstanding used in computing net income per ordinary share-basic | 394,549,323 | 377,335,923 | 342,646,282 |
Denominator for computing net income per share-diluted: | |||
Weighted average shares outstanding used in computing net income per ordinary share-diluted | 415,265,078 | 407,041,165 | 401,396,548 |
Net income per ordinary share attributable to Momo Inc. - basic | $ 0.81 | $ 0.38 | $ 0.04 |
Net income per ordinary share attributable to Momo Inc. - diluted | $ 0.77 | $ 0.36 | $ 0.03 |
Non-Vested Restricted Shares [Member] | |||
Numerator: | |||
Undistributed earnings | $ (3,197) | $ (1,339) | |
Denominator for computing net income per share-basic: | |||
Weighted average ordinary shares outstanding used in computing net income per ordinary share-basic | 8,493,244 | 37,118,622 | |
Denominator for computing net income per share-diluted: | |||
Net income per ordinary share attributable to Momo Inc. - basic | $ 0.38 | $ 0.04 |
Net Income Per Share - Summary
Net Income Per Share - Summary of Potential Ordinary Shares Outstanding Excluded from Computation of Diluted Net Loss Per Ordinary Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential ordinary shares outstanding excluded from the computation of diluted net loss per ordinary share | 768,266 | 152,500 | 904,489 |
RSUs [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential ordinary shares outstanding excluded from the computation of diluted net loss per ordinary share | 50,000 | 15,001 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Lease and Investment Commitments [Line Items] | |||
Lease expiration year | 2,022 | ||
Rental expenses under operating leases | $ 8,744 | $ 4,743 | $ 3,715 |
Partnership Interest [Member] | |||
Lease and Investment Commitments [Line Items] | |||
Equity method investments equity contribution obligation | $ 4,611 | $ 2,942 |
Commitments and Contingencies79
Commitments and Contingencies - Schedule of Future Minimum Payments under Non-Cancellable Operating Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 7,671 |
2,019 | 4,230 |
2,020 | 2,990 |
2,021 | 2,262 |
Total | $ 17,153 |
Related Party Balances and Tr80
Related Party Balances and Transactions - Schedule of Amount Due from Related Parties-current (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Amount due from related parties | $ 5,143 | $ 88 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due from related parties | [1] | $ 5,143 | |
Hangzhou Alimama Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due from related parties | 2 | ||
Guangzhou UC Network Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due from related parties | 5 | ||
Guangzhou Aijiuyou Informational Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due from related parties | $ 81 | ||
[1] | The amount of $5,143 as of December 31, 2017 represented the advance payment of revenue sharing of live video service made to Hunan Qindao Network Media Technology Co., Ltd. |
Related Party Balances and Tr81
Related Party Balances and Transactions - Schedule of Amount Due from Related Parties-current (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Advance payment of revenue | $ 5,143 | $ 88 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Advance payment of revenue | [1] | 5,143 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | Deferred Revenues Net [Member] | |||
Related Party Transaction [Line Items] | |||
Advance payment of revenue | $ 5,143 | ||
[1] | The amount of $5,143 as of December 31, 2017 represented the advance payment of revenue sharing of live video service made to Hunan Qindao Network Media Technology Co., Ltd. |
Related Party Balances and Tr82
Related Party Balances and Transactions - Schedule of Amount Due to Related Parties-current (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Amount due to related parties | $ 5,804 | $ 8,117 | |
Ordinary Shareholders [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related parties | [1] | 5,775 | 5,862 |
Hunan Qindao Cultural Spread Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related parties | 1,281 | ||
Alibaba Cloud Computing Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related parties | 629 | ||
Shanghai Touch Future Network Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related parties | 229 | ||
Taobao (China) Software Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related parties | $ 116 | ||
Others [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related parties | $ 29 | ||
[1] | The amounts of $5,862 and $5,775 as of December 31, 2016 and 2017 primarily included the unpaid repurchase amount by the Group to its ordinary shareholders. Please refer to Note 11 for repurchase of ordinary shares. |
Related Party Balances and Tr83
Related Party Balances and Transactions - Schedule of Amount Due to Related Parties-current (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Amount due to related parties | $ 5,804 | $ 8,117 | |
Ordinary Shareholders [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related parties | [1] | 5,775 | 5,862 |
Unpaid Repurchase [Member] | Ordinary Shareholders [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related parties | $ 5,775 | $ 5,862 | |
[1] | The amounts of $5,862 and $5,775 as of December 31, 2016 and 2017 primarily included the unpaid repurchase amount by the Group to its ordinary shareholders. Please refer to Note 11 for repurchase of ordinary shares. |
Related Party Balances and Tr84
Related Party Balances and Transactions - Schedule of Sales to Related Parties (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Related Party Transaction [Line Items] | ||||
Sales to related parties | $ 3,216 | $ 2,442 | $ 6,002 | |
Hangzhou Yihong Advertisement Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales to related parties | [1] | 2,614 | ||
Hangzhou Alimama Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales to related parties | [1] | 342 | 42 | $ 6,002 |
Guangzhou Aijiuyou Informational Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales to related parties | [2] | 184 | 400 | |
Zhejiang Tmall Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales to related parties | [1] | 74 | 820 | |
Shanghai Xisue Network Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales to related parties | 922 | |||
Taobao (China) Software Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales to related parties | [1] | 249 | ||
Others [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales to related parties | $ 2 | $ 9 | ||
[1] | The sales to related parties represented mobile marketing services provided. | |||
[2] | The sales to related parties represented mobile game revenue generated through those game operating companies. |
Related Party Balances and Tr85
Related Party Balances and Transactions - Schedule of Purchase from Related Parties (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | $ 41,287 | $ 7,959 | $ 322 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [1] | 20,639 | ||
Alibaba Cloud Computing Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [2] | 11,060 | 3,360 | $ 322 |
Hunan Qindao Cultural Spread Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [1] | 9,131 | 3,929 | |
Taobao (China) Software Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | 338 | 323 | ||
Guangzhou Jianyue Information Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | $ 119 | |||
Shanghai Touch Future Network Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | $ 347 | |||
[1] | The purchases from Hunan Qindao Network Media Technology Co., Ltd. and Hunan Qindao Cultural Spread Ltd. represent the revenue sharing with broadcaster agencies of live video service. | |||
[2] | The purchase from Alibaba Cloud Computing Ltd. is mainly related to its cloud computing services. |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Segment Information - Component
Segment Information - Components of Revenues (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue from External Customer [Line Items] | |||
Total revenues | $ 1,318,271 | $ 553,098 | $ 133,988 |
Live Video Service [Member] | |||
Revenue from External Customer [Line Items] | |||
Total revenues | 1,102,592 | 376,925 | 1,231 |
Value-added Services [Member] | |||
Revenue from External Customer [Line Items] | |||
Total revenues | 103,139 | 67,603 | 58,462 |
Mobile Marketing [Member] | |||
Revenue from External Customer [Line Items] | |||
Total revenues | 76,178 | 66,339 | 38,885 |
Mobile Games [Member] | |||
Revenue from External Customer [Line Items] | |||
Total revenues | 35,619 | 35,453 | 31,082 |
Other Services [Member] | |||
Revenue from External Customer [Line Items] | |||
Total revenues | $ 743 | $ 6,778 | $ 4,328 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |||
Provisions for employee benefits | $ 14,127 | $ 9,081 | $ 6,487 |
Statutory Reserves and Restri89
Statutory Reserves and Restricted Net Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Regulated Operations [Abstract] | |||
Required minimum percentage of annual appropriations | 10.00% | ||
General reserve as a percentage of registered capital up to which after-tax profit shall be transferred | 50.00% | ||
Appropriations to statutory reserves | $ 27,430 | $ 17,969 | $ 553 |
Capital reserves not available for distribution | 136,407 | 108,977 | 91,008 |
Statutory reserves not available for distribution | $ 136,407 | $ 108,977 | $ 91,008 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Tantan Limited ("Tantan") [Member] - Subsequent Event [Member] $ in Millions | Feb. 23, 2018USD ($)shares |
Subsequent Events [Line Items] | |
Percentage of acquired equity interest | 100.00% |
Cash consideration | $ 600.9 |
Cash consideration paid | $ 229.8 |
Class A Common Stock [Member] | |
Subsequent Events [Line Items] | |
Issuance of ordinary shares | shares | 5,300,000 |