Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Trading Symbol | MOMO |
Entity Registrant Name | Momo Inc. |
Entity Central Index Key | 0001610601 |
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 |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Class A Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 333,512,014 |
Class B Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 80,364,466 |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Current assets | |||
Cash and cash equivalents | ¥ 2,468,034 | $ 358,961 | ¥ 4,462,194 |
Term deposits | 8,824,610 | 1,283,486 | 2,432,016 |
Accounts receivable, net of allowance for doubtful accounts of RMB585 and RMB nil as of December 31, 2017 and 2018, respectively | 719,606 | 104,662 | 257,633 |
Amount due from related parties | 33,460 | ||
Prepaid expenses and other current assets | 620,979 | 90,318 | 538,182 |
Short-term investment | 10,500 | ||
Total current assets | 12,633,229 | 1,837,427 | 7,733,985 |
Property and equipment, net | 387,532 | 56,364 | 258,704 |
Intangible assets | 1,036,986 | 150,823 | 48,553 |
Rental deposits | 24,192 | 3,519 | 17,249 |
Long-term investments | 447,465 | 65,081 | 288,471 |
Other non-current assets | 71,519 | 10,402 | 55,271 |
Deferred tax assets | 57,786 | 8,405 | 46,825 |
Goodwill | 4,306,829 | 626,402 | 22,130 |
Total assets | 18,965,538 | 2,758,423 | 8,471,188 |
Current liabilities | |||
Accounts payable (including accounts payable of the consolidated VIEs without recourse to the Company of RMB357,437 and RMB 549,173 as of December 31, 2017 and 2018, respectively) | 718,362 | 104,481 | 484,945 |
Deferred revenue (including deferred revenue of the consolidated VIEs without recourse to the Company of RMB421,528 and RMB 441,392 as of December 31, 2017 and 2018, respectively) | 441,892 | 64,271 | 422,028 |
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Company of RMB200,406 and RMB 304,363 as of December 31, 2017 and 2018, respectively) | 846,710 | 123,148 | 571,333 |
Amount due to related parties (including amount due to related parties of the consolidated VIEs without recourse to the Company of RMB188 and RMB 43,213 as of December 31, 2017 and 2018, respectively) | 82,948 | 12,064 | 37,760 |
Income tax payable (including income tax payable of the consolidated VIEs without recourse to the Company of RMB76,549 and RMB 113,733 as of December 31, 2017 and 2018, respectively) | 137,090 | 19,939 | 175,887 |
Deferred consideration in connection with business acquisitions (including deferred consideration in connection with business acquisitions of the consolidated VIEs without recourse to the Company of RMB nil and RMB nil as of December 31, 2017 and 2018, respectively) | 469,274 | 68,253 | |
Total current liabilities | 2,696,276 | 392,156 | 1,691,953 |
Deferred tax liabilities | 259,247 | 37,706 | 12,138 |
Other non-current liabilities | 110,040 | 16,005 | 14,997 |
Total liabilities | 7,942,679 | 1,155,214 | 1,719,088 |
Commitments and contingencies (Note 16) | |||
Equity | |||
Treasury stock | (402,267) | (58,507) | (402,267) |
Additional paid-in capital | 5,657,838 | 822,898 | 4,472,666 |
Retained earnings | 5,361,154 | 779,749 | 2,545,379 |
Accumulated other comprehensive income | 313,564 | 45,606 | 117,525 |
Noncontrolling interest | 92,300 | 13,424 | 18,537 |
Total equity | 11,022,859 | 1,603,209 | 6,752,100 |
Total liabilities and equity | 18,965,538 | 2,758,423 | 8,471,188 |
Senior Notes [Member] | |||
Current liabilities | |||
Convertible senior notes | 4,877,116 | 709,347 | |
Class A Common Stock [Member] | |||
Equity | |||
Ordinary shares, value | 219 | 32 | 206 |
Class B Common Stock [Member] | |||
Equity | |||
Ordinary shares, value | ¥ 51 | $ 7 | ¥ 54 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares |
Allowance for doubtful accounts | ¥ 0 | ¥ 585 | |
Accounts payable of consolidated VIE without recourse | 718,362 | $ 104,481 | 484,945 |
Deferred revenue of consolidated VIE without recourse | 441,892 | 64,271 | 422,028 |
Accrued expenses and other current liabilities of consolidated VIE without recourse | 846,710 | 123,148 | 571,333 |
Amount due to related parties of the consolidated VIE without recourse the Company | 82,948 | 12,064 | 37,760 |
Income tax payable of the consolidated VIE without recourse | 137,090 | 19,939 | 175,887 |
Deferred consideration in connection with business acquisitions of the consolidated VIEs without recourse | 469,274 | $ 68,253 | |
Beijing Momo Technology Co., Ltd. [Member] | |||
Allowance for doubtful accounts | 0 | 585 | |
Accounts payable of consolidated VIE without recourse | 549,173 | 357,437 | |
Deferred revenue of consolidated VIE without recourse | 441,392 | 421,528 | |
Accrued expenses and other current liabilities of consolidated VIE without recourse | 304,363 | 200,406 | |
Amount due to related parties of the consolidated VIE without recourse the Company | 43,213 | 188 | |
Income tax payable of the consolidated VIE without recourse | 113,733 | 76,549 | |
Deferred consideration in connection with business acquisitions of the consolidated VIEs without recourse | ¥ 0 | ¥ 0 | |
Class A Common Stock [Member] | |||
Ordinary shares, par value | (per share) | ¥ 0.0001 | $ 0.0001 | ¥ 0.0001 |
Ordinary shares, shares authorized | shares | 800,000,000 | 800,000,000 | 800,000,000 |
Ordinary shares, shares issued | shares | 333,512,014 | 333,512,014 | 314,060,843 |
Ordinary shares, shares outstanding | shares | 333,512,014 | 333,512,014 | 314,060,843 |
Class B Common Stock [Member] | |||
Ordinary shares, par value | (per share) | ¥ 0.0001 | $ 0.0001 | ¥ 0.0001 |
Ordinary shares, shares authorized | shares | 100,000,000 | 100,000,000 | 100,000,000 |
Ordinary shares, shares issued | shares | 80,364,466 | 80,364,466 | 84,364,466 |
Ordinary shares, shares outstanding | shares | 80,364,466 | 80,364,466 | 84,364,466 |
Consolidated Statements of Oper
Consolidated Statements of Operations ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | Dec. 31, 2016CNY (¥)¥ / sharesshares | |||
Income Statement [Abstract] | ||||||
Net revenues | ¥ 13,408,421 | $ 1,950,174 | ¥ 8,886,390 | ¥ 3,707,358 | ||
Cost and expenses: | ||||||
Cost of revenues (including share-based compensation of RMB18,521, RMB13,547 and RMB 21,661 in 2016, 2017 and 2018, respectively) | (7,182,897) | (1,044,709) | (4,373,377) | (1,619,327) | ||
Research and development (including share-based compensation of RMB37,455, RMB59,190 and RMB 152,806 in 2016, 2017 and 2018, respectively) | (760,644) | (110,631) | (346,144) | (208,647) | ||
Sales and marketing (including share-based compensation of RMB39,139, RMB79,032 and RMB 142,927 in 2016, 2017 and 2018, respectively) | (1,812,262) | (263,583) | (1,467,376) | (647,238) | ||
General and administrative (including share-based compensation of RMB115,724, RMB183,204 and RMB 263,419 in 2016, 2017 and 2018, respectively) | (640,023) | (93,087) | (422,005) | (259,712) | ||
Total cost and expenses | (10,395,826) | (1,512,010) | (6,608,902) | (2,734,924) | ||
Other operating income | 253,697 | 36,899 | 156,764 | 2,659 | ||
Income (loss) from operations | 3,266,292 | 475,063 | 2,434,252 | 975,093 | ||
Interest income | 272,946 | 39,698 | 145,568 | 54,603 | ||
Interest expense | (56,503) | (8,218) | ||||
Impairment loss on long-term investments | (43,200) | (6,283) | (30,085) | (39,283) | ||
Income before income tax and share of income on equity method investments | 3,439,535 | 500,260 | 2,549,735 | 990,413 | ||
Income tax expense | (699,648) | (101,760) | (445,001) | (34,638) | ||
Income before share of income on equity method investments | 2,739,887 | 398,500 | 2,104,734 | 955,775 | ||
Share of income on equity method investments | 48,660 | 7,077 | 39,729 | 23,194 | ||
Net income | 2,788,547 | 405,577 | 2,144,463 | 978,969 | ||
Less: net loss attributable to non-controlling interest | (27,228) | (3,960) | (3,635) | |||
Net income attributable to Momo Inc. | 2,815,775 | 409,537 | 2,148,098 | 978,969 | ||
Net income attributable to ordinary shareholders | ¥ 2,815,775 | $ 409,537 | ¥ 2,148,098 | ¥ 978,969 | ||
Net income per share attributable to ordinary shareholders | ||||||
Basic | (per share) | ¥ 6.92 | $ 1.01 | ¥ 5.44 | ¥ 2.54 | ||
Diluted | (per share) | ¥ 6.59 | $ 0.96 | ¥ 5.17 | ¥ 2.41 | ||
Weighted average shares used in calculating net income per ordinary share | ||||||
Basic | 407,009,875 | 407,009,875 | 394,549,323 | 377,335,923 | ||
Diluted | 433,083,643 | [1] | 433,083,643 | [1] | 415,265,078 | 407,041,165 |
[1] | The calculation of the weighted average number of ordinary shares for the purpose of diluted net income per share has considered the effect of certain potentially dilutive securities. For the year ended December 31, 2016, an incremental weighted average number of 7,155,060 nonvested restricted shares and an incremental weighted average number of 22,550,182 ordinary shares from the assumed exercise of share options and vesting of restricted share units using the treasury stock method were included. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Share-based compensation | ¥ 580,813 | ¥ 334,973 | ¥ 210,839 |
Cost Of Revenues [Member] | |||
Share-based compensation | 21,661 | 13,547 | 18,521 |
Research And Development [Member] | |||
Share-based compensation | 152,806 | 59,190 | 37,455 |
Sales And Marketing [Member] | |||
Share-based compensation | 142,927 | 79,032 | 39,139 |
General And Administrative [Member] | |||
Share-based compensation | ¥ 263,419 | ¥ 183,204 | ¥ 115,724 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | ¥ 2,788,547 | $ 405,577 | ¥ 2,144,463 | ¥ 978,969 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustment | 198,654 | 28,893 | (155,368) | 175,963 |
Comprehensive income | 2,987,201 | 434,470 | 1,989,095 | 1,154,932 |
Less: comprehensive loss attributed to the non-controlling interest | (24,613) | (3,580) | (3,635) | |
Comprehensive income attributable to Momo Inc. | ¥ 3,011,814 | $ 438,050 | ¥ 1,992,730 | ¥ 1,154,932 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity ¥ in Thousands, $ in Thousands | CNY (¥)shares | USD ($)shares | Tantan Limited [Member]CNY (¥) | Common Stock [Member]CNY (¥)shares | Common Stock [Member]Tantan Limited [Member]CNY (¥)shares | Additional Paid-in Capital [Member]CNY (¥) | Additional Paid-in Capital [Member]Qool Media Hong Kong Limited. [Member]CNY (¥) | Additional Paid-in Capital [Member]Tantan Limited [Member]CNY (¥) | Treasury Stock [Member]CNY (¥) | (Accumulated Deficit)/ Retained Earning [Member]CNY (¥) | Accumulated Other Comprehensive Income [Member]CNY (¥) | Non-controlling Interests [Member]CNY (¥) | Non-controlling Interests [Member]Qool Media Hong Kong Limited. [Member]CNY (¥) |
Balance at Dec. 31, 2015 | ¥ 3,034,115 | ¥ 250 | ¥ 3,920,890 | ¥ (402,267) | ¥ (581,688) | ¥ 96,930 | |||||||
Balance, Shares at Dec. 31, 2015 | shares | 383,751,403 | ||||||||||||
Net Income | 978,969 | 978,969 | |||||||||||
Share-based compensation | 210,839 | 210,839 | |||||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | ¥ 2,108 | ¥ 4 | 2,104 | ||||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | shares | 5,197,032 | 5,197,032 | 5,197,032 | ||||||||||
Foreign currency translation adjustment | ¥ 175,963 | 175,963 | |||||||||||
Balance at Dec. 31, 2016 | 4,401,994 | ¥ 254 | 4,133,833 | (402,267) | 397,281 | 272,893 | |||||||
Balance, Shares at Dec. 31, 2016 | shares | 388,948,435 | ||||||||||||
Net Income | 2,144,463 | 2,148,098 | ¥ (3,635) | ||||||||||
Share-based compensation | 334,973 | 334,973 | |||||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | ¥ 3,866 | ¥ 6 | 3,860 | ||||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | shares | 9,476,874 | 9,476,874 | 9,476,874 | ||||||||||
Addition in noncontrolling interest of a subsidiary | ¥ 22,172 | 22,172 | |||||||||||
Foreign currency translation adjustment | (155,368) | (155,368) | |||||||||||
Balance at Dec. 31, 2017 | 6,752,100 | ¥ 260 | 4,472,666 | (402,267) | 2,545,379 | 117,525 | 18,537 | ||||||
Balance, Shares at Dec. 31, 2017 | shares | 398,425,309 | ||||||||||||
Net Income | 2,788,547 | $ 405,577 | 2,815,775 | (27,228) | |||||||||
Share-based compensation | 494,036 | 398,493 | 95,543 | ||||||||||
Capital injection from noncontrolling interest shareholder of Ningbo Hongyi Equity Investment L.P. | 22 | 22 | |||||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | ¥ 5,285 | ¥ 7 | 5,278 | ||||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | shares | 10,122,318 | 10,122,318 | 10,122,318 | ||||||||||
Transfer of noncontrolling interest of QOOL HK | ¥ (2,811) | ¥ 2,811 | |||||||||||
Share issued connection with the acquisition of Tantan Limited | ¥ 784,215 | $ 122,350 | ¥ 784,215 | ¥ 3 | ¥ 784,212 | ||||||||
Share issued connection with the acquisition of Tantan Limited, shares | shares | 5,328,853 | ||||||||||||
Foreign currency translation adjustment | 198,654 | 28,893 | 196,039 | 2,615 | |||||||||
Balance at Dec. 31, 2018 | ¥ 11,022,859 | $ 1,603,209 | ¥ 270 | ¥ 5,657,838 | ¥ (402,267) | ¥ 5,361,154 | ¥ 313,564 | ¥ 92,300 | |||||
Balance, Shares at Dec. 31, 2018 | shares | 413,876,480 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Cash flows from operating activities | ||||
Net Income | ¥ 2,788,547 | $ 405,577 | ¥ 2,144,463 | ¥ 978,969 |
Adjustments to reconcile net income to net cash provided by operating activities | ||||
Depreciation of property and equipment | 148,238 | 21,560 | 78,885 | 55,845 |
Amortization of intangible assets | 93,030 | 13,531 | 4,784 | |
Share-based compensation | 580,813 | 84,476 | 334,973 | 210,839 |
Share of income on equity method investments | (48,660) | (7,077) | (39,729) | (23,194) |
Impairment loss on long-term investments | 43,200 | 6,283 | 30,085 | 39,283 |
Impairment loss on intangible assets | 1,266 | |||
Loss (gain) on disposal of property and equipment | (1,283) | (187) | 112 | 107 |
Provision (reversal) of allowance for doubtful accounts | (585) | (85) | 585 | |
Changes in operating assets and liabilities | ||||
Accounts receivable | (440,644) | (64,089) | (7,725) | (154,000) |
Prepaid expenses and other current assets | (67,304) | (9,789) | (306,838) | (104,992) |
Amount due from related parties | 33,463 | 4,867 | (32,846) | 6,998 |
Deferred tax assets | (10,961) | (1,594) | (44,883) | (1,942) |
Rental deposits | (3,817) | (555) | (10,902) | (2,022) |
Other non-current assets | (45,534) | (6,623) | (5,234) | |
Accounts payable | 233,713 | 33,992 | 174,290 | 213,521 |
Income tax payable | (38,791) | (5,642) | 152,277 | 26,948 |
Deferred revenue | (14,249) | (2,072) | 135,443 | 103,432 |
Accrued expenses and other current liabilities | 51,903 | 7,549 | 292,054 | 103,936 |
Amount due to related parties | 43,024 | 6,258 | (16,070) | 11,113 |
Deferred tax liability | (22,923) | (3,334) | (969) | |
Other non-current liabilities | 6,538 | 951 | 2,086 | 1,449 |
Net cash provided by operating activities | 3,327,718 | 483,997 | 2,886,107 | 1,466,290 |
Cash flows from investing activities | ||||
Purchase of property and equipment | (242,843) | (35,320) | (218,627) | (46,839) |
Proceeds from disposal of property and equipment | 2,214 | 322 | 59 | 418 |
Payment for long-term investments | (65,125) | (9,472) | (53,928) | (96,365) |
Prepayment for long-term investments | (55,000) | (7,999) | (50,000) | (18,000) |
Payment for acquired intangible assets | (18,979) | |||
Payment for business acquisition, net of cash acquired | (3,318,841) | (482,705) | ||
Purchase of term deposits | (20,287,302) | (2,950,666) | (4,028,058) | (3,378,030) |
Cash received on maturity of term deposits | 13,922,393 | 2,024,928 | 4,191,859 | 2,737,897 |
Payment for short-term investments | (457,200) | (66,497) | (15,700) | |
Cash received from sales of short-term investment | 467,700 | 68,024 | 5,200 | |
Net cash used in investing activities | (10,034,004) | (1,459,385) | (188,174) | (800,919) |
Cash flows from financing activities | ||||
Capital contribution from non-controlling interest shareholder | 12 | 2 | 490 | |
Deferred payment of purchase of property and equipment | (8,562) | (1,245) | (1,496) | (2,084) |
Proceeds from exercise of share options | 5,313 | 773 | 3,839 | 2,208 |
Proceeds from bank loan | 1,913,190 | 278,262 | ||
Repayment of bank loan | (2,041,680) | (296,950) | ||
Proceeds from issuance of convertible notes, net of issuance cost of RMB114,382 | 4,819,678 | 700,993 | ||
Net cash provided by financing activities | 4,687,951 | 681,835 | 2,833 | 124 |
Effect of exchange rate changes | 24,175 | 3,515 | (26,840) | 24,990 |
Net increase (decrease) in cash and cash equivalents | (1,994,160) | (290,038) | 2,673,926 | 690,485 |
Cash and cash equivalents at the beginning of year | 4,462,194 | 648,999 | 1,788,268 | 1,097,783 |
Cash and cash equivalents at the end of year | 2,468,034 | 358,961 | 4,462,194 | 1,788,268 |
Non-cash investing and financing activities | ||||
Payable for purchase of property and equipment | 49,407 | 7,186 | 47,267 | 4,321 |
Payable for repurchase of ordinary shares | 44,347 | 6,450 | ¥ 41,966 | ¥ 44,782 |
Deferred consideration in connection with business acquisition | 469,274 | 68,253 | ||
Ordinary shares issued for the acquisition of Tantan Limited. | ¥ 784,215 | $ 122,350 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2018CNY (¥) | |
Statement of Cash Flows [Abstract] | |
Issuance cost | ¥ 114,382 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Organization and Principal Activities | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Momo Inc. (the “Company”) 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, which include the wholly-foreign owned enterprises (“WFOEs”), its consolidated variable interest entities (“VIEs”) and VIEs’ subsidiaries (collectively the “Group”) are principally engaged in providing mobile-based social and entertainment 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 services, mobile marketing services, mobile games and other services. In May 2018, the Company completed the acquisition of 100% equity stake of Tantan Limited (“Tantan”). Tantan is a leading social and dating app for the younger generation that was founded in 2014. Tantan is designed to help its users find and establish romantic connections as well as meet interesting people. The total consideration consisted of cash consideration of RMB 3,930,246 (US$613,181) and 5,328,853 Class A ordinary shares of the Company. Refer to Note 3 for further details. As of December 31, 2018, details of the Company’s major subsidiaries, VIEs and VIEs’ subsidiaries are as follows: Major subsidiaries Momo Technology HK Company Limited (“Momo HK”) Beijing Momo Information Technology Co., Ltd. (“Beijing Momo IT”) Momo Technology Overseas Holding Company Limited (“Momo BVI”) Momo Information Technologies Corp. (“Momo US”) Qool Media HongKong Limited (“QOOL HK”) Tantan Limited (“Tantan”) Tantan Hong Kong Limited (“Tantan HK”) Tantan Social Inc. (“Tantan US”) Tantan Technology (Beijing) Co., Ltd. (“Tantan Technology”) QOOL Media Inc. (“QOOL Inc.”) QOOL Media Technology (Tianjin) Co., Ltd. (“QOOL Media”) Major VIEs Beijing Momo Technology Co., Ltd. (“Beijing Momo”) * QOOL Media (Tianjin) Co., Ltd. (“QOOL Tianjin”) * Tantan Culture Development (Beijing) Co., Ltd. (“Tantan Culture”) * Major VIEs’ subsidiaries Chengdu Momo Technology Co., Ltd. (“Chengdu Momo”) * Tianjin Heer Technology Co., Ltd. (“Tianjin Heer”) * Loudi Momo Technology Co., Ltd. (“Loudi Momo”) * * These entities are controlled by the Company pursuant to the contractual arrangements disclosed below. The VIE arrangements The People’s Republic of China (“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. The Group provides substantially all of its services in China through certain PRC domestic companies, which hold the operating licenses and approvals to enable the Group to provide such mobile internet content services in the PRC. Specifically, these PRC domestic companies that are material to the Company’s business are Beijing Momo, Chengdu Momo, Tianjin Heer, Loudi Momo, QOOL Tianjin and Tantan Culture. The equity interests of these PRC domestic companies are held by PRC citizens or by PRC entities owned and/or controlled by PRC citizens. The Company obtained control over its VIEs by entering into a series of contractual arrangements with the VIEs and their equity holders (the “Nominee Shareholders”), which enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIEs, and (2) receive the economic benefits of the VIEs that could be significant to the VIEs. Accordingly, the Company is considered the primary beneficiary of VIEs and has consolidated the VIEs’ 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 VIEs, the Company’s rights under the Power of Attorney also provide the Company’s abilities to direct the activities that most significantly impact the VIEs economic performance. The Company also believes that this ability to exercise control ensures that the VIEs will continue to execute and renew the Exclusive Cooperation Agreements and pay service fees to the Company. By charging service fees in whatever amounts the Company deems fit, and by ensuring that the Exclusive Cooperation Agreements is executed and renewed indefinitely, the Company has the rights to receive substantially all of the economic benefits from the VIEs. Details of the typical structure of the Company’s significant VIEs are set forth below: Agreements that provide the Company effective control over the VIEs: (1) Power of Attorney Pursuant to the Power of Attorney, the Nominee Shareholders of the VIEs each irrevocably appointed respective WFOEs as the attorney-in-fact (2) Exclusive Call Option Agreement Under the Exclusive Call Option Agreement among the WFOEs, the VIEs and their Nominee Shareholders, each of the Nominee Shareholders irrevocably granted the respective WFOE 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 the VIEs at the consideration equal to the nominal price or at lowest price as permitted by PRC laws. The WFOEs or their designated representative(s) have sole discretion as to when to exercise such options, either in part or in full. Without the WFOEs’ written consent, the Nominee Shareholders of the VIEs shall not transfer, donate, pledge, or otherwise dispose any equity interests of the VIEs in any way. In addition, any consideration paid by the WFOEs to the Nominee Shareholders of the VIEs in exercising the option shall be transferred back to the respective WFOE or its designated representative(s). This agreement could be terminated when all the shareholders’ equity were acquired by the WFOEs or their designated representative(s) subject to the law of People’s Republic of China. In addition, the VIEs irrevocably granted the WFOEs an exclusive and irrevocable option to purchase any or all of the assets owned by the VIEs at the lowest price permitted under PRC law. Without the WFOEs’ prior written consent, the VIEs and their Nominee Shareholders will not sell, transfer, mortgage or otherwise dispose of the VIEs’ material assets, legal or beneficial interests or revenues of more than certain amount or allow an encumbrance on any interest in the VIEs. (3) Spousal Consent Letters Each spouse of the married Nominee Shareholders of the VIEs entered into a Spousal Consent Letter, which unconditionally and irrevocably agreed that the equity interests in the VIEs 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 the VIEs held by their spouse. In addition, in the event that the spouse obtains any equity interests in the VIEs 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 Each relevant VIEs has entered into an exclusive technology services agreement or an exclusive services agreement with the respective WFOEs, pursuant to which the relevant WFOEs provides exclusive services to the VIEs. In exchange, the VIEs pay a service fee to the WFOEs, the amount of which shall be determined, to the extent permitted by applicable PRC laws as proposed by the WFOEs, resulting in a transfer of substantially all of the profits from the VIEs to the WFOEs. (2) Equity Interest Pledge Agreement Under the equity interest pledge agreement among the WFOEs and each of the Nominee Shareholders of the VIEs, the Nominee Shareholders pledged all of their equity interests in the VIEs to the respective WFOEs to guarantee the VIEs’ and their shareholders’ payment obligations arising from the Exclusive Cooperation Agreements, Business Operation Agreement and the Exclusive Call Option Agreement, including but not limited to, the payments due to the respective WFOEs for services provided. If any VIEs or any of their Nominee Shareholders breaches their contractual obligations under the above agreements, the respective WFOEs, 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 the VIEs in accordance with PRC legal procedures. During the term of the pledge, the shareholders of the VIEs shall cause the VIEs 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 the respective parties according to the instruction of the respective WFOEs. The pledge will remain binding until the VIEs and their Nominee Shareholders have fully performed all their obligations under the Exclusive Cooperation Agreements, Business Operations Agreement and Exclusive Call Option Agreement. (3) Business Operations Agreement Under the Business Operations Agreement among the WFOEs, the VIEs and the Nominee Shareholders of the VIEs, without the prior written consent of the WFOEs or their designated representative(s), the VIEs shall not conduct any transaction that may substantially affect the assets, business, operation or interest of the WFOEs. The VIEs and Nominee Shareholders shall also follow the WFOEs’ instructions on management of the VIEs’ daily operation, finance and employee matters and appoint the nominee(s) designated by the WFOEs as the director(s) and senior management members of the VIEs. In the event that any agreements between the WFOEs and the VIEs terminates, the WFOEs have the sole discretion to determine whether to continue any other agreements with the VIEs. The WFOEs are entitled to any dividends or other interests declared by the VIEs and the shareholders of the VIEs have agreed to promptly transfer such dividends or other interests to the WFOEs. The agreement shall remain effective for 10 years. At the discretion of the WFOEs, this agreement will be renewed on applicable expiration dates, or the WFOEs and the VIEs will enter into another exclusive agreement. Through these contractual agreements, the Company has the ability to effectively control the VIEs and is also able to receive substantially all the economic benefits of the VIEs. Risk in relation to the VIE structure The Company believes that the WFOEs’ contractual arrangements with the VIEs are in compliance with PRC law and are legally enforceable. The shareholders of the VIEs 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 VIEs 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 VIEs 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 VIEs may encounter in their capacity as the beneficial owners and director of the VIEs 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 VIEs 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 VIEs should they act to the detriment of the Company. The Company relies on the VIEs’ 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 VIEs’ 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 VIEs also depends on the Power of Attorney. The WFOEs and VIEs have to vote on all matters requiring shareholder approval in the VIEs. 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 VIEs or the right to receive their economic benefits, the Group would no longer be able to consolidate the VIEs. The Group does not believe that any penalties imposed or actions taken by the PRC government would result in the liquidation of the Company, WFOEs, or the VIEs. The following consolidated financial statements amounts and balances of the VIEs 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, 2017 2018 RMB RMB Cash and cash equivalents 410,611 1,502,395 Accounts receivable, net of allowance for doubtful accounts of RMB585 and RMB nil as of December 31, 2017 and 2018, respectively 257,633 719,606 Amount due from related parties 33,460 — Prepaid expenses and other current assets 371,220 425,974 Short-term investment 10,500 — Total current assets 1,083,424 2,647,975 Property and equipment, net 52,568 72,539 Intangible assets 48,554 42,821 Rental deposits 10,471 11,619 Other non-current 50,000 67,480 Long-term investments 281,935 447,465 Deferred tax assets 6,908 52,887 Goodwill 22,130 22,130 Total assets 1,555,990 3,364,916 Accounts payable 357,437 549,173 Deferred revenue 421,528 441,392 Accrued expenses and other current liabilities 200,406 304,363 Amounts due to related parties 188 43,213 Income tax payable 76,549 113,733 Total current liabilities 1,056,108 1,451,874 Deferred tax liabilities 12,138 10,705 Total liabilities 1,068,246 1,462,579 For the years ended December 31, 2016 2017 2018 RMB RMB RMB Net revenues 3,707,358 8,886,390 13,408,421 Net income 2,268,098 4,890,438 6,292,183 Net cash provided by operating activities 2,401,340 4,997,183 5,913,709 Net cash used in investing activities (73,224 ) (174,333 ) (151,546 ) Net cash provided by financing activities — 490 — The unrecognized revenue-producing assets that are held by the VIEs are primarily self-developed intangible assets such as domain names, trademark and various licenses which are un-recognized The VIEs contributed an aggregate of 100% of the consolidated net revenues for each of the years ended December 31, 2016, 2017 and 2018, respectively. As of the fiscal years ended December 31, 2017 and 2018, the VIEs accounted for an aggregate of 18.4% and 17.7%, respectively, of the consolidated total assets, and 62.1% and 18.4%, respectively, of the consolidated total liabilities. The assets that were not associated with the VIEs primarily consist of cash and cash equivalents, term deposits, intangible assets and goodwill. There are no consolidated VIEs’ assets that are collateral for the VIEs’ obligations and can only be used to settle the VIEs’ obligations. There are no creditors (or beneficial interest holders) of the VIEs 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 VIEs. However, if the VIEs ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of their statutory reserve and their share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 20 for disclosure of restricted net assets. The Group may lose the ability to use and enjoy assets held by the VIEs that are important to the operation of business if the VIEs declare bankruptcy or become subject to a dissolution or liquidation proceeding. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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 VIEs and VIEs’ 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 acquisition’s purchase price allocation, the useful lives and impairment of property and equipment and intangible assets, the impairment of goodwill, the 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, advertising customers and other 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, equity securities without readily determinable fair value, accounts payable, deferred revenue, income tax payable, amount due from related parties and amount due to related parties. 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 equity securities without readily determinable fair value because of the lack of quoted market price and the inability to estimate fair value without incurring excessive costs. 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 RMB4,116 million and RMB2,008 million as of December 31, 2017 and 2018, 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, 2017 2018 A 23 % 14 % B 19 % 12 % C 21 % 0 % Users or customers accounting for 10% or more of accounts receivables is as follows: As of December 31, 2017 2018 D 0 % 59 % Concentration of revenue No user or customer accounted for 10% or more of net revenues for the years ended December 31, 2016, 2017 and 2018, respectively. Business combinations Business combinations are recorded using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers and liabilities incurred by the Company and equity instruments issued. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests. The purchase price of business acquisition is allocated to the tangible assets, liabilities, identifiable intangible assets acquired and non-controlling The Company adopted Accounting Standard Update (“ASU”) 2017-01 “Business Combination (Topic 805): Clarifying the Definition of a Business” on January 1, 2018 and applied the new definition of a business prospectively for acquisitions made subsequent to December 31, 2017. Upon the adoption of ASU 2017-01, a new screen test is introduced to evaluate whether a transaction should be accounted for as an acquisition and/or disposal of a business versus assets. In order for a purchase to be considered an acquisition of a business, and receive business combination accounting treatment, the set of transferred assets and activities must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. The adoption of this standard requires future purchases to be evaluated under the new framework. Equity securities without readily determinable fair value The Company adopted ASC Topic 321, Investments—Equity Securities (“ASC 321”) on January 1, 2018. Prior to 2018, the Company carried at cost its investments in investees that do not have readily determinable fair value and over which the Company does not have significant influence, in accordance with ASC Subtopic 325-20, Investments-Other: Subsequent to the Company’s adoption of ASC 321 for equity securities without readily determinable fair value that do not qualify for the existing practical expedient available in ASC Topic 820, Fair Value Measurements and Disclosures Pursuant to ASC 321, for those equity securities that the Company elects to use the measurement alternative, the Company makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Company has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Company recognizes an impairment loss in net income equal to the difference between the carrying value and fair value. 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 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 acquisitions 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 Technology 3 years User base 5 years Trade name 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 recognizes 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 Convertible senior notes The Group determines the appropriate accounting treatment of its convertible senior notes in accordance with the terms in relation to the conversion feature, call and put options, and beneficial conversion feature. After considering the impact of such features, the Group may account for such instrument as a liability in its entirety, or separate the instrument into debt and equity components following the respective guidance described under ASC 815 “Derivatives and Hedging” and ASC 470 “Debt”. The debt discount, if any, together with the related issuance cost are subsequently amortized as interest expense, using the effective interest method, from the issuance date to the earliest maturity date. Interest expenses are recognized in the consolidated statement of operation in the period in which they are incurred. 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 Adoption of ASC, “Revenue from Contracts with Customers” In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, 2015-14, 2016-08, 2016-10, 2016-12 2016-20 2014-09”). On January 1, 2018, the Group adopted Topic 606 by applying the modified retrospective method to contracts that were not completed as of January 1, 2018. Results for the reporting periods beginning after January 1, 2018 are presented under Topic 606 while prior period amounts are not adjusted and continue to be reporting in accordance with the Group’s historical accounting under Topic 605. The adoption of Topic 606 did not have a material impact on the Group’s consolidated results of operations, financial position or cash flows but resulted in additional disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Group principally derives its revenue from live video services, value-added services, mobile marketing services, mobile games and other services. The Group recognizes revenue when control of the promised goods or services are transferred to the customers, in an amount that reflects the consideration that the Group expects to receive in exchange for those goods or services. The Group applied the five steps method outlined in Topic 606 to all revenue streams. In addition, the standard requires disclosures of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. For the years ended December 31, 2016, 2017 and 2018, all the revenue for the periods was recognized from contracts with customers. The Group’s revenue is reported net of discounts, value added tax and surcharges. The following table provides information about disaggregated revenue by types, including a reconciliation of the disaggregated revenue with the Group’s reportable segments: For the year ended December 31, 2018 Momo Tantan QOOL RMB RMB RMB Live video service 10,709,491 — — Value-added services 1,465,152 417,998 — Mobile marketing 500,321 — — Mobile games 130,392 — — Other services 7,065 — 178,002 Total 12,812,421 417,998 178,002 For the year ended December 31, 2017 Momo Tantan QOOL RMB RMB RMB Live video service 7,429,906 — — Value-added services 695,798 — — Mobile marketing 514,279 — — Mobile games 241,388 — — Other services 3,452 — 1,567 Total 8,884,823 — 1,567 For the year ended December 31, 2016 Momo Tantan QOOL RMB RMB RMB Live video service 2,534,604 — — Value-added services 449,781 — — Mobile marketing 441,644 — — Mobile games 236,238 — — Other services 45,091 — — Total 3,707,358 — — (a) Live video service The Group is principally engaged in providing live video services whereby users can enjoy live performances and interact with the broadcasters for free during the performance. Broadcasters can either host the performance on their own or join a talent agency. The Group generates revenue from sales of virtual items to its customers. The Group designs, creates and offers various virtual items for sales to users with pre-determined stand-alone selling price, which if users chose to, can be purchased and be presented to the broadcasters to show their support during their live video performance. The Group has a recharge system for users to purchase the Group’s virtual currency that can then be used to purchase virtual items on the Group’s platform. Users can recharge via various third-party application stores and other payment channels. Virtual currency is non-refundable and does not have any expiration date. Based on the turnover history of virtual currency, the Group determined that the virtual currency is often consumed soon after it is purchased and accordingly, the Group concluded that any breakage would be insignificant. Unconsumed virtual currency is recorded as deferred revenue. Virtual currencies used to purchase virtual items are recognized as revenue according to the prescribed revenue recognition policies of virtual items addressed below unless otherwise stated. All virtual items are non-refundable, consumed at a point-in-time and expire in a few days after the purchase. Under arrangements entered into with broadcasters and talent agencies, the Group shares a portion of the revenues derived from the sales of virtual items with them (“Revenue Sharing”). The Group has evaluated and determined that it is the principal and views the users to be its customers. Specifically, the Group controls the virtual items before they are transferred to users. Its control is evidenced by the Group’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Group being primarily responsible to the users for the delivery of the virtual items as well as having full discretion in establishing pricing for the virtual items. Accordingly, the Group reports its live video service revenues on a gross basis with amounts billed to users for the virtual items recorded as revenues and the Revenue Sharing paid to broadcasters and talent agencies recorded as cost of revenues. Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. The Group has determined that the virtual items represent one performance obligation in the live video service. Revenue related to each of the virtual items is recognized at the point in time when the virtual item is transferred directly to the broadcasters and consumed by them. Although some virtual items have expiry dates, the Group considers that the impact of breakage for the virtual items is insignificant as historical data shows that virtual items are consumed shortly after they are released to users and the forfeiture rate remains relatively low for the periods presented. The Group does not have further performance obligations to the user after the virtual items are consumed. Users also have the right to purchase various combinations of virtual items in the live video, which are generally capable of being distinct. Specifically, the Group enters into certain contracts with its users where virtual item coupons are granted to users simultaneously with a purchase of a virtual item. The virtual item coupon can be used by the users to exchange for free virtual items in the future. Such virtual item coupons typically expire a few days after being granted. The Group has determined that the virtual item coupons represent a material right under Topic 606 which is recognized as a separate performance obligation at the outset of the arrangement. Judgment is required to determine the standalone selling price for each distinct virtual item and virtual item coupon. The Group allocates the consideration to each distinct virtual item and virtual item coupon based on their relative standalone selling prices. In instances where standalone selling price is not directly observable as the Group does not sell the virtual items separately, the Group determines the standalone selling price based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each of the distinct virtual item in accordance with the revenue recognition method discussed above unless otherwise stated. Revenue for the virtual item coupons are recognized when the virtual items purchased with the virtual item coupons are consumed. Although virtual item coupons have expiry dates, the Group considers that the impact of breakage for the virtual items is insignificant as historical data shows that virtual currency coupons are consumed shortly after they are released to users and the forfeiture rate remains relatively low for the periods presented. The Group does not provide any right of return and does not provide any other credit or incentive to its users. (b) Value-added services Value-added services revenues mainly 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 has determined that its membership subscription services represent one performance obligation. The Group collects membership subscription in advance and records it as deferred revenue. Revenue is recognized ratably over the contract period as the membership subscription services are delivered. Virtual gift service was launched in 2016 to enhance users’ experience of interaction and social networking with each other. Users are able to purchase virtual items and send them to other users. The Group shares a portion of the revenues derived from the sales of virtual items with the recipient of the virtual item. All virtual items are nonrefundable, consumed at a point-in-time and expire a few days after the purchase. Although some virtual items have expiry dates, the Group considers that the impact of breakage for the virtual items is insignificant as historical data shows that virtual items are consumed shortly after they are released to users, and the forfeiture rate remains relatively low for the periods presented. The Group collects the cash from the purchase of virtual items and recognized the sales of virtual items when the performance obligation is satisfied. The Group has determined that it has one single performance obligation which is the display of the virtual item for the users who purchase them. Revenues derived from the sale of virtual items are recorded on a gross basis as the Group has determined that it is the principal in providing the virtual gift services for the same reasons outlined in the revenue recognition policy for its live video services. The portion paid to gift recipients is recognized as cost of revenues. (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 has determined that its mobile marketing services represent one performance obligation. Accordingly, the Group recognizes mobile marketing revenue ratably over the period that the advertising is provided commencing on the date the customer’s advertisement is displayed, or based 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 also enables advertising customers to place link on its mobile platform on a pay-for-effectiveness The Group’s mobile marketing revenues are recognized net of agency rebates, if applicable. Agency rebates have not been material for the years ended December 31, 2016, 2017 and 2018. (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 the 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 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 The Group has determined that it is the principal in fulfilling all obligations related to the mobile game operations for self-developed games. Accordingly, revenues are recognized on a gross basis. Commission fees paid to third-party application stores and other payment channels are recorded as cost of revenues. (e) Other services Revenues from other services in the year ended December 31, 2018 mainly consisted of revenues generated from advertisement resulting from the broadcasting of one television program produced by the Group. During the year ended December 31, 2018, the Group signed an agreement with a television station, under which the Group is responsible for the production of the television program content, which was completed by December 31, 2018. The television station was responsible for providing advertising and marketing solutions to customers in addition to broadcasting the television program content. Revenue generated from the above is in the form of the advertising fees, shared between the television station and the Group based on a pre-determined percentage stated in the agreement. The Group determined that its television content production service represented one performance obligation. The broadcasting of the content was completed in the year ended December 31, 2018 and the revenue was recognized ratably during the period when the content was broadcasted on the television station. Practical expedients and exemptions The Group’s contracts have an original duration of one year or less. Accordingly, the Group does not disclose the value of unsatisfied performance obligations. Additionally, the Group generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling and marketing expenses. Contract balances Contract balances include accounts receivable and deferred revenue. Accounts receivable represent cash due from third-party application stores and other payment channels as well as from advertising customers and are recorded when the right to consideration is unconditional. The allowance for doubtful accounts reflects the best estimate of probable losses inherent to the account receivable balance. The Group recorded no impairment charges related to contract assets in the period. Deferred revenue primarily includes cash received from paying users related to the Group’s live video service and value-added service as well as cash received from the Group’s advertising customer. Deferred revenue is recognized as revenue over the estimated service period or when all of the revenue recognition criteria have been met. Revenue recognized in 2018 that was included in the deferred revenue balance as of January 1, 2018 was RMB 422,028. 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 and talent agencies resulting from the sale of virtual items, production cost in connection the television content, bandwidth costs, 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, salaries and benefits paid to employee, depreciation and amortization. These costs are expensed as incurred except for the direct and incremental platform commission fees to third-party application stores and other payment channels and production cost in connection with the television content which are deferred in “Prepaid expenses and other current assets” on the consolidated balance sheets. Such deferred costs 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 RMB2,000, RMB141,688 and RMB223,995 for the years ended December 31, 2016, 2017 and 2018. 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 RMB367,635, RMB812,249 and RMB1,136,034 for the years ended December 31, 2016, 2017 and 2018, 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 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 wil |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | 3. ACQUISITIONS Acquisition of Tantan Limited On May 31, 2018, the Group acquired 100% equity interest of Tantan, a leading social and dating app for the younger generation that was founded in 2014. The Group believes that the acquisition of Tantan helps to enrich its product line, expands its user base and strengthens its leading position in China’s open social market. The consideration consisted of RMB3,930,246 of cash, of which RMB3,460,972 was paid as of December 31, 2018. The consideration also included 5,328,853 newly issued Class A ordinary shares of the Company which were fully issued as of the acquisition date. Cash consideration 3,930,246 Fair value of ordinary shares issued 784,215 Total consideration 4,714,461 The transaction was accounted for as a business combination using the purchase method of accounting. The purchase price allocation of the transaction was determined by the Group with the assistance of an independent valuation firm, and the purchase price allocation to assets acquired and liabilities assumed as of the date of acquisition was as follows: Indicated Value Estimated useful lives RMB Net tangible assets: Cash and cash equivalents and short term investment 154,671 Accounts receivable 20,079 Other current asset 22,833 Property and equipment, net 46,160 Other non-current 3,030 Intangible assets Trade name 640,600 10 years Technology 26,100 3 years User base 342,500 5 years Total assets 1,255,973 Accounts payable (21,037 ) Other current liabilities (262,533 ) Deferred tax liabilities (252,300 ) Goodwill 3,994,358 Total consideration 4,714,461 The goodwill was mainly attributable to intangible assets that cannot be recognized separately as identifiable assets under U.S. GAAP, and comprise (a) the assembled work force and (b) the expected but unidentifiable business growth as a result of the synergy resulting from the acquisition. The following information summarizes the results of operation attributable to the acquisition included in the Group’s consolidated statement of operations since the acquisition date: Year ended December 31, 2018 RMB Net revenue 417,998 Net loss 519,206 Pro forma information of acquisitions The following unaudited pro forma information summarizes the results of operations of the Group for the years ended December 31, 2017 and 2018 assuming that the acquisition of Tantan occurred on January 1, 2017. The following pro forma financial information is not necessarily indicative of the results that would have occurred had the acquisition been completed at the beginning of the periods as indicated, nor is it indicative of future operating results: Years ended December 31, 2017 2018 (Unaudited) (Unaudited) RMB RMB Pro forma net revenue 8,887,543 13,511,439 Pro forma net income attributable to ordinary shareholders of Momo Inc. 1,627,664 2,383,646 Pro forma net income per ordinary share - basic 4.13 5.86 Pro forma net income per ordinary share - diluted 3.92 5.50 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2018 | |
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, 2017 2018 RMB RMB Deposit at third-party payment channels (i) 190,238 258,039 Advance to suppliers (ii) 140,022 94,100 Interest receivable 54,920 87,057 Input VAT (iii) 24,164 69,075 Prepaid income tax and other expenses 52,499 55,084 Deferred platform commission cost 27,925 36,189 Advance to game developers 6,012 8,463 Game promotions fees paid on behalf of game developers 17,840 3,069 Others 24,562 9,903 538,182 620,979 (i) Deposit at third party payment channels are mainly the cash deposited in certain third party payment channels by the Group for the broadcasters and the gift recipients who received the virtual items to withdraw their revenue sharing and the customer payment to the Group’s account through the third party payment channels. (ii) Advance to suppliers were primarily for advertising fees, live video broadcasting service fees and other professional service fees. (iii) Input VAT mainly occurred from the purchasing of goods or 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, 2018 | |
Investments Schedule [Abstract] | |
Long-Term Investments | 5. LONG-TERM INVESTMENTS As of December 31, 2017 2018 RMB RMB Equity method investments Jingwei Chuangteng (Hangzhou) L.P. (i) 48,273 64,441 Beijing Autobot Venture Capital L.P. (ii) 55,162 57,392 Hangzhou Aqua Ventures Investment Management L.P. (iii) 84,492 105,289 Chengdu Tianfu Qianshi Equity Investment Partnership L.P. (iv) — 20,586 Others (viii) 20,753 21,632 Equity securities without readily determinable fair values Hunan Qindao Cultural Spread Ltd. (v) 30,000 30,000 Hangzhou Faceunity Technology Limited (vi) — 70,000 Haining Yijiayi Culture Co., Ltd (vii) — 25,000 Others (viii) 49,791 53,125 288,471 447,465 Equity securities without readily determinable fair value were accounted as cost method investments prior to adopting ASC 321. The Group performed impairment analysis for equity method investments, equity securities without readily determinable fair values periodically. Impairment loss of RMB39,283, RMB 30,085 and RMB 43,200 was recorded for the long-term investments during the years ended December 31, 2016, 2017 and 2018, 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 RMB30,000, 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, 2017 and 2018. The Group recognized its share of partnership profit in Jingwei of RMB4,245, RMB11,677 and RMB16,168 during the year ended December 31, 2016, 2017 and 2018, 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 RMB30,000. Autobot had further rounds of financing, of which the Group subscribed for RMB10,000. Due to Autobot’s further round of financing, the Group’s partnership interest was diluted to 26.7% as of December 31, 2017 and 2018. The committed subscription and further round of financing subscription amount, RMB40,000, was paid as of December 31, 2016. The Group recognized its share of partnership profit in Autobot of RMB5,039, RMB8,392 and RMB2,230 during the year ended December 31, 2016, 2017 and 2018, 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 RMB50,000. The committed subscription amount had been fully paid as of December 31, 2016. The Group recognized its share of partnership profit in Aqua of RMB14,346, RMB20,709 and RMB20,797 during the years ended December 31, 2016, 2017 and 2018, respectively. (iv) On September 12, 2018, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Chengdu Tianfu Qianshi Equity Investment Partnership L.P. (“Tianfu”). According to the partnership agreement, the Group committed to subscribe 6.8% partnership interest for RMB30,000, of which RMB12,000 had been paid as of December 31, 2018. The Group recognized its share of partnership profit in Tianfu of RMB nil, RMB nil and RMB8,586 during the years ended December 31, 2016, 2017 and 2018, respectively. (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 RMB30,000, which was fully paid off as of December 31, 2017. The investment was classified as available-for-sale (vi) On January 17, 2018, the Group entered into a preferred share subscription agreement to acquire 10% equity of Hangzhou Faceunity Technology Limited (“Faceunity”) for a total consideration of RMB70,000, which had been paid as of December 31, 2018. As the investment was neither a debt security nor an in-substance (vii) On August 2, 2018, the Group invested in Haining Yijiayi Culture Co., Ltd (“Yijiayi”) and acquired 5% equity for a total consideration of RMB25,000, which had been paid as of December 31, 2018. As the investment was neither a debt security nor an in-substance (viii) Others represent equity method investments or equity securities without readily determinable fair values that are individually insignificant. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
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, 2017 2018 RMB RMB Computer equipment 296,559 513,448 Office equipment 79,470 115,048 Vehicles 1,230 3,599 Leasehold improvement 67,440 94,340 Less: accumulated depreciation (186,002 ) (338,868 ) Exchange difference 7 (35 ) 258,704 387,532 Depreciation expenses charged to the consolidated statements of operations for the years ended December 31, 2016, 2017 and 2018 were RMB55, 845, RMB78, 885 and RMB148, 238, respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 7. INTANGIBLE ASSETS, NET Intangible assets, net consisted of the following: As of December 31, 2017 2018 RMB RMB Trade name — 687,164 Active user — 367,396 Technology — 27,997 License 52,433 52,433 Game copyright 2,170 2,170 Less: accumulated amortization and impairment (6,050 ) (99,080 ) Exchange difference — (1,094 ) Net book value 48,553 1,036,986 Amortization expenses and impairment loss charged to the consolidated statements of operations for the years ended December 31, 2016, 2017 and 2018 were RMB nil, RMB6,050 and RMB93,030, 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 RMB 2019 157,260 2020 157,260 2021 151,121 2022 147,209 2023 104,346 Thereafter 319,790 Total 1,036,986 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 8. GOODWILL As of December 31, 2018 Momo Tantan Total RMB RMB RMB Balance, as of January 1, 2017 — — — Acquisition of other 22,130 — 22,130 Balance, as of December 31, 2017 22,130 — 22,130 Acquisition of Tantan Limited (Note 3) — 3,994,358 3,994,358 Foreign exchange differences — 290,341 290,341 Balance, as of December 31, 2018 22,130 4,284,699 4,306,829 To assess potential impairment of goodwill, the Group performs an assessment of the carrying value of the reporting units at least on an annual basis or when events occur or circumstances change that would more likely than not reduce the estimated fair value of the reporting units below its carrying value. The Group performed a goodwill impairment analysis as of December 31, 2018. When determining the fair value of both the Momo and Tantan reporting units, the Group used a discounted cash flow model that included a number of significant unobservable inputs. Key assumptions used to determine the estimated fair value include: (a) internal cash flows forecasts including expected revenue growth, operating margins and estimated capital needs, (b) an estimated terminal value using a terminal year long-term future growth rate determined based on the growth prospects of the reporting units; and (c) a discount rate that reflects the weighted-average cost of capital adjusted for the relevant risk associated with the Momo and Tantan reporting units’ operations and the uncertainty inherent in the Group’s internally developed forecasts. Based on the Group’s assessment as of December 31, 2018, the fair value of both business reporting units exceeded their carrying value. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 9. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following: As of December 31, 2017 2018 RMB RMB Accrued payroll and welfare 224,618 302,117 Payable for advertisement 122,211 254,872 Balance of users’ virtual accounts 92,228 112,488 Other tax payables 61,529 99,964 Accrued professional services and rental fee 23,041 38,415 VAT payable 10,040 9,208 Others 37,666 29,646 Total 571,333 846,710 |
Convertible Senior Notes
Convertible Senior Notes | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | 10. CONVERTIBLE SENIOR NOTES In July 2018, the Company issued RMB4,985 million (US$725 million) of convertible senior notes (the “Notes”) which will mature in on July 1, 2025. The Notes will be convertible into the Company’s American depositary shares (“ADSs”), at the option of the holders, based on an initial conversion rate of 15.4776 of the Company’s ADSs per US$1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately US$64.61 per ADS and represents an approximately 42.5% conversion premium over the closing trading price of the Company’s ADSs on June 26, 2018, which was US$45.34 per ADS). The conversion rate for the Notes is subject to adjustments upon the occurrence of certain events. The holders of the Notes may convert their notes, in integral multiples of US$1,000 principal amount, at any time prior to the day immediately preceding the maturity date. The Company will not have the right to redeem the Notes prior to maturity, except in the event of certain changes to the tax laws or their application or interpretation. The holders of the Notes will have the right to require the Company to repurchase all or part of their Notes in cash on July 1, 2023, or in the event of certain fundamental changes. As of December 31, 2018, no Notes were converted into the Company’s ADSs. The Notes bear interest at a rate of 1.25% per year and will be payable semiannually. As of December 31, 2018, the carrying value of the Notes was RMB 4,877,116. The balance at December 31, 2018 included unamortized issuance costs of RMB107,622. The debt issuance costs are being amortized through interest expense over the period from July 2, 2018, the date of issuance, to July 1, 2025, the date of expiration, using the effective interest rate method which was 1.61% for the year ended December 31, 2018. Amortization and interest expenses related to the convertible senior notes amounted to RMB38,491 during the year ended December 31, 2018. The conversion option meets the definition of a derivative. However, since the conversion option is considered indexed to the Company’s own stock and classified in stockholders’ equity, the scope exception is met, accordingly the bifurcation of the conversion option from the Notes is not required. There is no beneficial conversion feature attributable to the Notes as the set conversion prices for the Notes are greater than the respective fair values of the ordinary share price at date of issuance. The feature of mandatory redemption upon maturity is clearly and closely related to the debt host and this feature does not need to be bifurcated. Based on above, the Company accounted for the Notes in accordance with ASC 470, as a single instrument under long-term debt. Issuance costs related to the Notes is recorded in consolidated balance sheet as a direct deduction from the principal amount of the Notes. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 11. FAIR VALUE Measured on recurring basis The Group measures its financial assets and liabilities including cash and cash equivalents at fair value on a recurring basis as of December 31, 2017 and 2018. Cash and cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued based on the quoted market price in an active market. As of December 31, 2017 and 2018, 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 Measured as of December 31, Description 2017 Quoted Significant Significant RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 4,462,194 4,462,194 — — Total 4,462,194 4,462,194 — — Fair Value Measured as of December 31, Description 2018 Quoted Significant Significant RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 2,468,034 2,468,034 — — Total 2,468,034 2,468,034 — — Additional information about the reconciliation of the fair value measurement of long-term investments using significant unobservable inputs (level 3) on a recurring basis are is as follows: RMB Balance as of December 31, 2016 50,452 Purchase 10,000 Other-than-temporary loss recognized (30,085 ) Reclassification to equity securities without readily determinable fair value (i) (30,000 ) Foreign exchange difference (367 ) Balance as of December 31, 2017 — Balance as of December 31, 2018 — (i) The investment in Qindao was reclassified from long-term investments to equity securities without readily determinable fair value as of result of the waiver of redemption right in July 2017. Please refer to Note 5 for additional information on the reclassification. Measured on nonrecurring basis The Group measures its equity method 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, 2017 and 2018, the Group performed an impairment test on its equity method investees and recorded an impairment loss of RMB nil and RMB 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. For goodwill impairment testing, refer to Note 8 for details. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. 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 and Tantan US are incorporated in the U.S.A. In December 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code including, but not limited to, (1) reducing the U.S. federal corporate tax rate, (2) requiring a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries that is payable over eight years, and (3) bonus depreciation that will allow for full expensing of qualified property. The impact of the Tax Act is not material to the Group’s operation and resulted in a decrease in income tax rate from 35% before January I, 2018 to 21% after January 1, 2018 for tax and income earned as determined in accordance with the relevant tax rules and regulations. Hong Kong The Company’s subsidiaries domiciled in Hong Kong are subject to a two-tiered 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. According to No. 23 announcement of the State Administration of Taxation of PRC in April 2018, Chengdu Momo is no longer required to submit the preferential tax rate application to the tax authority, but only required to keep the relevant materials for future tax inspection instead. Based on the historically experience, the Group believes Chengdu Momo will most likely to be qualified as western China development enterprise and accordingly be entitled to a preferential income tax rate of 15% for the year 2018. As a result, the Group applied 15% to determine the tax liabilities for Chengdu Momo. In October 2018, Beijing Santi Cloud Union Technology Co., Ltd. (“Santi Cloud Union”) qualified as a High and New Technology enterprise (“HNTE”). As such, Santi Cloud Union enjoyed a preferential tax rate of 15% from 2018 to 2020. Santi Cloud Union was in accumulated loss position for the year ended December 31, 2018. 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 audit on the Group’s PRC entities. In accordance with relevant PRC tax administration laws, tax years from 2015 to 2017 of the Group’s PRC subsidiaries, VIEs and VIEs’ subsidiaries, remain subject to tax audits as of December 31, 2018, 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 PRC subsidiaries and the VIEs that are available for reinvestment. Upon distribution of such earnings, the Company will be subject to the PRC EIT, the amount of which is impractical to estimate. The Company did not record any withholding tax on any of the aforementioned undistributed earnings because the relevant subsidiaries and the VIEs do not intend to declare dividends and the Company intends to permanently reinvest it within the PRC. Additionally, no deferred tax liability was recorded for taxable temporary differences attributable to the undistributed earnings because the Company believes the undistributed earnings can be distributed in a manner that would not be subject to income tax. 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 did not retrospectively apply the changes to prior years. Significant components of the Group’s deferred tax assets and liabilities are as follows: As of December 31, 2017 2018 RMB RMB Deferred tax assets: Advertising expense 38,760 221,113 Net operating tax losses carry-forward 25,792 103,060 Impairment on long-term investments and game copyright 2,599 11,336 Accrued expenses 5,466 43,631 Less: valuation allowance (25,792 ) (321,354 ) Deferred tax assets, net 46,825 57,786 Deferred tax liabilities: Intangible assets acquired 12,138 259,247 Deferred tax liabilities, net 12,138 259,247 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, 2018, the tax loss carry-forward for the Company’s subsidiaries domiciled in PRC, VIEs, and VIEs’ subsidiaries amounted to RMB264,709. The tax losses in PRC can be carried forward for five years to offset future taxable profit, and the period was extended to 10 years for entities qualified as HNTE in 2018 and thereafter. The tax losses of entities in the PRC will begin to expire in 2020, if not utilized. As of December 31, 2018, the tax loss carryforward for the Company’s subsidiaries domiciled in Hong Kong amounted to RMB109,697, which would be carried forward indefinitely and set off against its future taxable profits. As of December 31, 2018, the tax loss carry-forward for the Company’s subsidiaries domiciled in US amounted to RMB70,055. RMB 61,774 was generated from the years before 2018, which can be carried back two years and forward twenty years. The remaining RMB 8,281 was generated in the year ended December 31, 2018, which can be carried forward indefinitely but cannot be carried back, and can be used to offset only 80 percent of the taxable income. The Group does not file combined or consolidated tax returns, therefore, losses from individual subsidiaries or the VIEs may not be used to offset other subsidiaries’ or VIEs’ 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, 2016 2017 2018 RMB RMB RMB Net income before provision for income tax 990,413 2,549,735 3,439,535 PRC statutory tax rate 25% 25% 25% Income tax expense at statutory tax rate 247,603 637,434 859,884 Permanent differences (516 ) (446 ) 20,135 Change in valuation allowance (16,034 ) 5,990 98,862 Effect of income tax rate difference in other jurisdictions 54,242 80,085 156,136 Effect of tax holidays and preferential tax rates (250,657 ) (278,062 ) (435,369 ) Provision for income tax 34,638 445,001 699,648 If Beijing Momo IT and Chengdu Momo did not enjoy income tax exemptions and preferential tax rates for the years ended December 31, 2016, 2017 and 2018, the increase in income tax expenses and resulting net income per share amounts would be as follows: For the years ended December 31, 2016 2017 2018 RMB RMB RMB Increase in income tax expenses 250,657 278,062 435,369 Net income per ordinary share attributable to Momo Inc. - basic 1.87 4.74 5.85 Net income per ordinary share attributable to Momo Inc. - diluted 1.74 4.50 5.59 No significant unrecognized tax benefit was identified for the years ended December 31, 2016, 2017 and 2018. 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, 2018 | |
Federal Home Loan Banks [Abstract] | |
Ordinary Shares | 13. ORDINARY SHARES In 2016, 2017 and 2018, 5,197,032, 9,476,874 and 10,122,318 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 14), respectively. In May 2018, 5,328,853 ordinary shares were issued as part of consideration for the acquisition of Tantan. See Note 3. As of December 31, 2018, there were 333,512,014 Class A ordinary shares and 80,364,466 Class B ordinary shares issued and outstanding, par value $0.0001 per share. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | 14. 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, 2018: Number of Weighted Weighted average Aggregated intrinsic Outstanding as of January 1, 2018 26,969,291 0.0536 7.40 328,658 Granted 5,502,868 0.0002 Exercised (10,028,568 ) 0.0800 Forfeited (660,488 ) 0.0002 Outstanding as of December 31, 2018 21,783,103 0.0296 7.36 258,030 Exercisable as of December 31, 2018 10,227,313 0.0628 5.98 120,807 There were 10,227,313 vested options, and 10,477,208 options expected to vest as of December 31, 2018. For options expected to vest, the weighted-average exercise price was US$0.0002 as of December 31, 2018 and aggregate intrinsic value was US$136,006 and US$124,415 as of December 2017 and 2018, respectively. The weighted-average grant-date fair value of the share options granted during the years 2016, 2017, and 2018 was US$6.24, US$17.41 and US$17.75, respectively. Total intrinsic value of options exercised for the years ended December 31, 2016, 2017 and 2018 was US$45,581, US$154,233 and US$209,797, respectively. The total fair value of options vested during the years ended December 31, 2016, 2017 and 2018 was US$27,171, US$37,979 and US$59,226, respectively. 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 RMB10,002 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 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 2018 3.16%~3.66 % 10 years 50.0%~50.7 % — 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 ordinary shares as quoted on the principal exchange or system. For employee and executives share options, the Group recorded share-based compensation of RMB186,687, RMB286,119 and RMB377,241 during the years ended December 31, 2016, 2017 and 2018, 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, 2018, total unrecognized compensation expense relating to unvested share options was RMB1,054,778, which will be recognized over a weighted average period of 2.81 years. The weighted-average remaining contractual term of options outstanding is 7.36 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, 2016 28,625,378 Granted — Modification — 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 RMB348, RMB nil and RMB nil during the years ended December 31, 2016, 2017 and 2018, respectively, related to non-vested As of December 31, 2018, total unrecognized compensation expense relating to the non-vested Restricted share units (“RSUs”) granted by the Company 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, March 7, 2017 and May 2, 2018, the Company further granted 200,000, 100,000 and 100,000 shares of RSUs, respectively, to the independent directors under the 2014 Plan with a vesting period of 4 years. The Company will forfeit the unvested portion of the RSUs if the grantees terminate their service during the vesting period. The Group recorded share-based compensation of RMB2,295, RMB4,173 and RMB6,609 for RSUs for the years ended December 31, 2016, 2017 and 2018, 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, 2018, total unrecognized compensation expense relating to unvested RSUs was RMB17,979 which will be recognized over a weighted average period of 2.69 years. Share options granted by Tantan Limited In March, 2015, Tantan Limited adopted the 2015 share incentive plan (“2015 Plan”), pursuant to which a maximum aggregate of 1,000,000 shares may be issued pursuant to awards may be authorized, but unissued ordinary shares. The Board of Directors may in its discretion make adjustments to the numbers of shares. In April 2016 and March 2017, the Board of Directors of Tantan approved to adjust the numbers of shares to a maximum aggregate of 2,000,000 and 2,793,812, respectively. In July, 2018, Tantan Limited adopted the 2018 share incentive plan (“2018 Plan”), pursuant to which the maximum aggregate number of shares which may be issued shall initially be 5,963,674 ordinary shares, plus that number of ordinary shares authorized for issuance under the 2015 Plan, in an amount equal to (i) the number of ordinary shares that were not granted pursuant to the 2015 Plan, plus (ii) the number of ordinary shares that were granted pursuant to the 2015 Plan that have expired without having been exercised in full or have otherwise become unexercisable. The time and condition to exercise options will be determined by Tantan’s 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. Options classified as equity awards The following table summarizes the option activity for the year ended December 31, 2018: Number of Weighted Weighted Aggregated Outstanding as of the acquisition date 1,507,488 0.9062 7.07 45,969 Granted 575,629 21.4461 Exercised — — Forfeited (186,531 ) 0.7616 Outstanding as of December 31, 2018 1,896,586 7.1544 7.45 35,666 Exercisable as of December 31, 2018 358,281 1.0547 6.48 8,923 There were 358,281 vested options, and 1,353,711 options expected to vest as of December 31, 2018. For options expected to vest, the weighted-average exercise price was US$8.58 as of December 31, 2018 and the aggregate intrinsic value amounted to US$23,534 as of December 31, 2018. The weighted-average grant-date fair value of the share options granted during the year ended December 31, 2018 was US$14.99. Total intrinsic value of options exercised for the year ended December 31, 2018 was US$ nil. The total fair value of options vested during the year ended December 31, 2018 was US$7,600. The fair value of each option granted was estimated on the date of grant using the binomial tree pricing model with the following assumptions used for grants during the applicable periods: Risk-free interest Contractual term Volatility Dividend yield Exercise price During the year ended December 31, 2018 3.58 % 10 years 55.4 % — 1.6-25.0 (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 Tantan Limited 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 Tantan Limited 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 Tantan Limited’s board of directors. (6) Fair value of underlying ordinary shares The estimated fair value of the ordinary shares underlying the options as of the respective grant dates was determined based on a retrospective valuation, which used management’s best estimate for projected cash flows as of each valuation date. For share options classified as equity awards, Tantan Limited recorded share-based compensation of RMB94,977 during the year ended December 31, 2018 , based on the fair value of the grant dates over the requisite service period of award according to the vesting schedule for employee share option. As of December 31, 2018, total unrecognized compensation expense relating to unvested share options was RMB236,053 which will be recognized over a weighted average period of 2.79 years. The weighted-average remaining contractual term of options outstanding is 7.45 years. Options classified as liability awards In August 2018, Tantan Limited granted 3,578,205 share options to its founders under the 2018 Plan. The founders have the right to request Tantan Limited to redeem for cash the vested options upon the termination of the founders’ employment at a price based on a fixed equity value of Tantan Limited. Therefore, the awards are classified as liability on the consolidated balance sheet due to their cash settlement feature. The options include a four years vesting condition whereas options vest ratably at the end of each year. Accordingly, the awards are re-measured at each reporting date with a corresponding charge to stock-based compensation expense and are amortized over four years. The share options also include a performance condition in which the founders have the right to receive fully vested options immediately upon achieving certain performance conditions. As of December 31, 2018, the Group assessed and concluded that it is not probable that the achievement of the performance condition will be met prior to the end of the four years vesting term. No liability classified options were vested, and 3,578,205 options were outstanding and expected to vest as of December 31, 2018. For options expected to vest, the weighted-average exercise price was US$0.002 and the aggregate intrinsic value amounted to US$92,883 as of December 31, 2018. The weighted-average grant-date fair value of the share options granted for the year ended December 31, 2018 was US$37.15. The fair value of each option granted was estimated using the binomial tree pricing model with the following assumptions used during the applicable periods: Risk-free interest Contractual term Volatility Dividend yield Exercise price During the year ended December 31, 2018 3.39%~3.58 % 10 years 55.4%~55.6 % — 0.002 (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 Tantan Limited 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 Tantan Limited 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 Board of Directors of Tantan Limited. (6) Fair value of underlying ordinary shares The estimated fair value of the ordinary shares underlying the options as of the respective grant dates was determined based on a retrospective valuation, which used management’s best estimate for projected cash flows as of each valuation date. For share options classified as liability awards, Tantan Limited recorded share-based compensation of RMB86,778 during the year ended December 31, 2018, based on the fair value at the grant date and adjusted subsequently at each reporting dates. As of December 31, 2018, total unrecognized compensation expense relating to unvested share options was RMB818,092, which is expected to be recognized over a weighted average period of 3.62 years. Total unrecognized compensation expenses and recognition period may be adjusted for future changes in estimated forfeitures, and the probability and time of achieving the performance condition .The weighted-average remaining contractual term of options outstanding is 9.62 years. |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 15. NET INCOME PER SHARE For the year ended December 31, 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, 2016 2017 2018 RMB RMB RMB Numerator: Net income attributable to Momo Inc. 978,969 2,148,098 2,815,775 Undistributed earnings allocated to participating nonvested restricted shares (21,550 ) — — Net income attributed to ordinary shareholders for computing net income per ordinary share-basic and diluted 957,419 2,148,098 2,815,775 For the years ended December 31, 2016 2017 2018 RMB RMB RMB Denominator: Denominator for computing net income per share-basic: Weighted average ordinary shares outstanding used in computing net income per ordinary share-basic 377,335,923 394,549,323 407,009,875 Weighted average shares used in computing net income per participating nonvested restricted share 8,493,244 — — Denominator for computing net income per share-diluted: Weighted average shares outstanding used in computing net income per ordinary share-diluted 407,041,165 415,265,078 433,083,643 (i) Net income per ordinary share attributable to Momo Inc. - basic 2.54 5.44 6.92 Net income per participating nonvested restricted share 2.54 — — Net income per ordinary share attributable to Momo Inc. - diluted 2.41 5.17 6.59 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, 2016, 2017 and 2018, because their effect is anti-dilutive: For the years ended December 31, 2016 2017 2018 Share issuable upon exercise of share options 152,500 768,266 1,117,334 Share issuable upon exercise of RSUs 50,000 — — (i) The calculation of the weighted average number of ordinary shares for the purpose of diluted net income per share has considered the effect of certain potentially dilutive securities. For the year ended December 31, 2016, an incremental weighted average number of 7,155,060 nonvested restricted shares and an incremental weighted average number of 22,550,182 ordinary shares from the assumed exercise of share options and vesting of RSUs using the treasury stock method were included. For the year ended December 31, 2017, an incremental weighted average number of 20,715,755 ordinary shares from the assumed exercise of share options and RSUs were included. For the year ended December 31, 2018, an incremental weighted average number of 14,821,852 ordinary shares from the assumed exercise of share options and RSUs and an incremental weighted average number of 11,251,916 ordinary shares resulting from the assumed conversion of convertible senior notes were included. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. COMMITMENTS AND CONTINGENCIES Lease commitment The Group leases certain office premises under non-cancellable Future minimum payments under non-cancellable RMB 2019 99,133 2020 82,697 2021 26,980 2022 8,633 Total 217,443 Investment commitments The Group was obligated to subscribe RMB30,001 and RMB47,500 for partnership interest and equity interest of certain long-term investees under various arrangements as of December 31, 2017 and 2018, 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, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Balances and Transactions | 17. 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 Hangzhou Yihong Advertisement Co., Ltd. (i) Affiliates of a Major Shareholder Guangzhou Jianyue Information Technology Co., Ltd. (i) Affiliates of a Major Shareholder Shanghai Xisue Network Technology Co., Ltd. Affiliate of a long-term investee Hunan Qindao Network Media Technology Co., Ltd. Affiliate of a long-term investee Hunan Qindao Cultural Spread Ltd. Long-term investee Shanghai Touch Future Network Technology Co., Ltd. Long-term investee Beijing Shiyue Haofeng Media Co. Ltd. Long-term investee (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, 2017 2018 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (ii) 33,460 — Total 33,460 — (ii) The amount of RMB33,460 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, 2017 2018 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (iii) 32 43,178 Amount due to ordinary shareholders (iv) 37,572 39,704 Others 156 66 Total 37,760 82,948 (iii) The amount of RMB43,178 as of December 31, 2018 primarily represented the unpaid revenue sharing of live video service to Hunan Qindao Network Media Technology Co., Ltd. (iv) The amount of RMB37,572 and RMB39,704 as of December 31, 2017 and 2018 primarily included the unpaid repurchase amount by the Group to its ordinary shareholders. (3) Sales to related parties For the years ended 2016 2017 2018 RMB RMB RMB Hangzhou Yihong Advertisement Co., Ltd. (v) — 17,659 — Hangzhou Alimama Technology Co., Ltd. (v) 273 2,309 — Guangzhou Aijiuyou Informational Technology Co., Ltd. (vi) 2,660 1,242 — Zhejiang Tmall Technology Co., Ltd. (v) 5,462 500 — Shanghai Xisue Network Technology Co., Ltd. (v) 5,981 — — Taobao (China) Software Co., Ltd. (v) 1,698 — — Others 61 12 — Total 16,135 21,722 — (v) The sales to related parties represented mobile marketing services provided. (vi) The sales to related parties represented mobile game revenue generated through those game operating companies. (4) Purchase from related parties For the years ended 2016 2017 2018 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (vii) 26,759 139,406 429,345 Beijing Shiyue Haofeng Media Co., Ltd. (vii) — — 2,005 Alibaba Cloud Computing Ltd. (viii) 22,534 74,705 — Hunan Qindao Cultural Spread Ltd. (vii) — 61,676 — Taobao (China) Software Co., Ltd. 2,169 2,283 — Guangzhou Jianyue Information Technology Co., Ltd. — 803 — Shanghai Touch Future Network Technology Co., Ltd. 2,335 — — Total 53,797 278,873 431,350 (vii) The purchases from Hunan Qindao Network Media Technology Co., Ltd., Beijing Shiyue Haofeng Media Co. Ltd. and Hunan Qindao Cultural Spread Ltd. mainly represent the revenue sharing with talent agencies of live video service. (viii) The purchase form Alibaba Cloud Computing Ltd. is mainly related to its cloud computing services. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 18. SEGMENT INFORMATION The Group’s chief operating decision maker has been identified as the Chief Executive Officer (“CEO”) who reviews financial information of operating segments based on US GAAP amounts when making decisions about allocating resources and assessing performance of the Group. During the years ended December 31, 2016 and 2017, the Group operated and managed its business as a single reporting segment, which included the provision of live video service, value-added services, mobile marketing services, mobile games and other services. The Group did not have discrete financial information of costs and expenses between various services in its internal reporting, and reported costs and expenses by nature as a whole. Therefore, the Group had one operating segment. During the year ended December 31, 2018, as a result of the Tantan acquisition discussed in Note 3, the Group determined that Tantan met the criteria for separate reportable segment given its financial information is separately reviewed by the Group’s CEO. Additionally, the Group started its entertainment business that included TV content production through one of its subsidiary QOOL, for which the Group’s CEO started to review discrete financial information. As a result, the Group determined that for the year ended December 31, 2018, it operated in three operating segments namely Momo, Tantan and QOOL. Momo’s services mostly include live video services, value-added service, mobile marketing services and mobile games derived from the Momo’s platform. Tantan’s services mostly include value-added services provided on Tantan’s platform. QOOL services mainly include advertisement services generated from the Group’s broadcasting of content television. The Group primarily operates in the PRC and substantially all of the Group’s long-lived assets are located in the PRC. The Group’s chief operating decision maker evaluates performance based on each reporting segment’s net revenue, operating cost and expenses, operating income and net income. Prior to Tantan acquisition, Tantan’s financial information was not consolidated to the Group’s financial statements, therefore Tantan’s service lines do not have comparable financial information in 2016 and 2017. QOOL started its entertainment business since 2017 and the comparable financial information in 2016 and 2017 account for an insignificant portion to the Group’s consolidated financial statements. Net revenues, operating cost and expenses, operating income, and net income by segment for the years ended December 31, 2016, 2017 and 2018 were as follows: For the year ended December 31, 2016 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 3,707,358 — — 3,707,358 Cost and expenses: Cost of revenues (1,619,327 ) — — (1,619,327 ) Research and development (208,647 ) — — (208,647 ) Sales and marketing (647,238 ) — — (647,238 ) General and administrative (259,712 ) — — (259,712 ) Total cost and expenses (2,734,924 ) — — (2,734,924 ) Other operating income 2,659 — — 2,659 Income from operations 975,093 — — 975,093 Interest income 54,603 — — 54,603 Impairment loss on long-term investments (39,283 ) — — (39,283 ) Income tax expense (34,638 ) — — (34,638 ) Share of income on equity method investments 23,194 — — 23,194 Net income 978,969 — — 978,969 For the year ended December 31, 2017 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 8,884,823 — 1,567 8,886,390 Cost and expenses: Cost of revenues (4,373,377 ) — — (4,373,377 ) Research and development (346,144 ) — — (346,144 ) Sales and marketing (1,457,658 ) — (9,718 ) (1,467,376 ) General and administrative (417,866 ) — (4,139 ) (422,005 ) Total cost and expenses (6,595,045 ) — (13,857 ) (6,608,902 ) Other operating income 156,764 — — 156,764 Income (loss) from operations 2,446,542 — (12,290 ) 2,434,252 Interest income 145,568 — — 145,568 Impairment loss on long-term investments (30,085 ) — — (30,085 ) Income tax expense (445,001 ) — — (445,001 ) Share of income on equity method investments 39,729 — — 39,729 Net income (loss) 2,156,753 — (12,290 ) 2,144,463 For the year ended December 31, 2018 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 12,812,421 417,998 178,002 13,408,421 Cost and expenses: Cost of revenues (6,572,954 ) (174,858 ) (435,085 ) (7,182,897 ) Research and development (614,064 ) (146,580 ) — (760,644 ) Sales and marketing (1,269,493 ) (520,161 ) (22,608 ) (1,812,262 ) General and administrative (472,057 ) (121,887 ) (46,079 ) (640,023 ) Total cost and expenses (8,928,568 ) (963,486 ) (503,772 ) (10,395,826 ) Other operating income 252,458 173 1,066 253,697 Income (loss) from operations 4,136,311 (545,315 ) (324,704 ) 3,266,292 Interest income 268,583 4,285 78 272,946 Interest expense (56,503 ) — — (56,503 ) Impairment loss on long-term investments (43,200 ) — — (43,200 ) Income tax expense (716,729 ) 21,824 (4,743 ) (699,648 ) Share of income on equity method investments 48,660 — — 48,660 Net income (loss) 3,637,122 (519,206 ) (329,369 ) 2,788,547 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | 19. 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 RMB60,403, RMB95,150 and RMB166,998 for the years ended December 31, 2016, 2017 and 2018, respectively. |
Statutory Reserves and Restrict
Statutory Reserves and Restricted Net Assets | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Statutory Reserves and Restricted Net Assets | 20. 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 VIEs 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 subsidiaries, VIEs and VIEs’ subsidiaries were RMB119,308, RMB185,270 and RMB5,194 for the years ended December 31, 2016, 2017 and 2018. Relevant PRC laws and regulations restrict the WFOEs, VIEs and VIEs’ 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 WFOEs’ accumulated profits may be distributed as dividends to the Company without the consent of a third party. The VIEs and VIEs’ 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 subsidiaries, VIEs and VIEs’ subsidiaries in the Group not available for distribution were RMB677,213, RMB862,484 and RMB1,477,339 as of December 31, 2016, 2017 and 2018, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21. SUBSEQUENT EVENTS Special cash dividend On March 12, 2019, the Company declared a special cash dividend in the amount of US$0.62 per ADS, or US$0.31 per ordinary share. The cash dividend will be paid on April 30, 2019 to shareholders of record at the close of business on April 5, 2019. The ex-dividend Newly granted share options and RSUs In April 2019, the Company granted 3,219,296 share options to its employees and executives with an exercise price of $0.0002 per share and 130,000 RSUs to its directors, with the vesting period of four years. The Group is in the process of finalizing the fair value assessment. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 VIEs and VIEs’ 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 acquisition’s purchase price allocation, the useful lives and impairment of property and equipment and intangible assets, the impairment of goodwill, the 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, advertising customers and other 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, equity securities without readily determinable fair value, accounts payable, deferred revenue, income tax payable, amount due from related parties and amount due to related parties. 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 equity securities without readily determinable fair value because of the lack of quoted market price and the inability to estimate fair value without incurring excessive costs. |
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 RMB4,116 million and RMB2,008 million as of December 31, 2017 and 2018, respectively, which were denominated in RMB. |
Business combinations | Business combinations Business combinations are recorded using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers and liabilities incurred by the Company and equity instruments issued. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests. The purchase price of business acquisition is allocated to the tangible assets, liabilities, identifiable intangible assets acquired and non-controlling The Company adopted Accounting Standard Update (“ASU”) 2017-01 “Business Combination (Topic 805): Clarifying the Definition of a Business” on January 1, 2018 and applied the new definition of a business prospectively for acquisitions made subsequent to December 31, 2017. Upon the adoption of ASU 2017-01, a new screen is introduced to evaluate whether a transaction should be accounted for as an acquisition and/or disposal of a business versus assets. In order for a purchase to be considered an acquisition of a business, and receive business combination accounting treatment, the set of transferred assets and activities must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. The adoption of this standard requires future purchases to be evaluated under the new framework. |
Equity securities without readily determinable fair value | Equity securities without readily determinable fair value The Company adopted ASC Topic 321, Investments—Equity Securities (“ASC 321”) on January 1, 2018. Prior to 2018, the Company carried at cost its investments in investees that do not have readily determinable fair value and over which the Company does not have significant influence, in accordance with ASC Subtopic 325-20, Investments-Other: Subsequent to the Company’s adoption of ASC 321 for equity securities without readily determinable fair value do not qualify for the existing practical expedient available in ASC Topic 820, Fair Value Measurements and Disclosures Pursuant to ASC 321, for those equity securities that the Company elects to use the measurement alternative, the Company makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Company has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Company recognizes an impairment loss in net income equal to the difference between the carrying value and fair value. |
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 |
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 acquisitions 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 Technology 3 years User base 5 years Trade name 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 recognizes 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 |
Convertible senior notes | Convertible senior notes The Group determines the appropriate accounting treatment of its convertible senior notes in accordance with the terms in relation to the conversion feature, call and put options, and beneficial conversion feature. After considering the impact of such features, the Group may account for such instrument as a liability in its entirety, or separate the instrument into debt and equity components following the respective guidance described under ASC 815 “Derivatives and Hedging” and ASC 470 “Debt”. The debt discount, if any, together with the related issuance cost are subsequently amortized as interest expense, using the effective interest method, from the issuance date to the earliest maturity date. Interest expenses are recognized in the consolidated statement of operation in the period in which they are incurred. |
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 Adoption of ASC, “Revenue from Contracts with Customers” In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, 2015-14, 2016-08, 2016-10, 2016-12 2016-20 2014-09”). On January 1, 2018, the Group adopted Topic 606 by applying the modified retrospective method to contracts that were not completed as of January 1, 2018. Results for the reporting periods beginning after January 1, 2018 are presented under Topic 606 while prior period amounts are not adjusted and continue to be reporting in accordance with the Group’s historical accounting under Topic 605. The adoption of Topic 606 did not have a material impact on the Group’s consolidated results of operations, financial position or cash flows but resulted in additional disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Group principally derives its revenue from live video services, value-added services, mobile marketing services, mobile games and other services. The Group recognizes revenue when control of the promised goods or services are transferred to the customers, in an amount that reflects the consideration that the Group expects to receive in exchange for those goods or services. The Group applied the five steps method outlined in Topic 606 to all revenue streams. In addition, the standard requires disclosures of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. For the years ended December 31, 2016, 2017 and 2018, all the revenue for the periods was recognized from contracts with customers. The Group’s revenue is reported net of discounts, value added tax and surcharges. The following table provides information about disaggregated revenue by types, including a reconciliation of the disaggregated revenue with the Group’s reportable segments: For the year ended December 31, 2018 Momo Tantan QOOL RMB RMB RMB Live video service 10,709,491 — — Value-added services 1,465,152 417,998 — Mobile marketing 500,321 — — Mobile games 130,392 — — Other services 7,065 — 178,002 Total 12,812,421 417,998 178,002 For the year ended December 31, 2017 Momo Tantan QOOL RMB RMB RMB Live video service 7,429,906 — — Value-added services 695,798 — — Mobile marketing 514,279 — — Mobile games 241,388 — — Other services 3,452 — 1,567 Total 8,884,823 — 1,567 For the year ended December 31, 2016 Momo Tantan QOOL RMB RMB RMB Live video service 2,534,604 — — Value-added services 449,781 — — Mobile marketing 441,644 — — Mobile games 236,238 — — Other services 45,091 — — Total 3,707,358 — — (a) Live video service The Group is principally engaged in providing live video services whereby users can enjoy live performances and interact with the broadcasters for free during the performance. Broadcasters can either host the performance on their own or join a talent agency. The Group generates revenue from sales of virtual items to its customers. The Group designs, creates and offers various virtual items for sales to users with pre-determined stand-alone selling price, which if users chose to, can be purchased and be presented to the broadcasters to show their support during their live video performance. The Group has a recharge system for users to purchase the Group’s virtual currency that can then be used to purchase virtual items on the Group’s platform. Users can recharge via various third-party application stores and other payment channels. Virtual currency is non-refundable and does not have any expiration date. Based on the turnover history of virtual currency, the Group determined that the virtual currency is often consumed soon after it is purchased and accordingly, the Group concluded that any breakage would be insignificant. Unconsumed virtual currency is recorded as deferred revenue. Virtual currencies used to purchase virtual items are recognized as revenue according to the prescribed revenue recognition policies of virtual items addressed below unless otherwise stated. All virtual items are non-refundable, consumed at a point-in-time and expire in a few days after the purchase. Under arrangements entered into with broadcasters and talent agencies, the Group shares a portion of the revenues derived from the sales of virtual items with them (“Revenue Sharing”). The Group has evaluated and determined that it is the principal and views the users to be its customers. Specifically, the Group controls the virtual items before they are transferred to users. Its control is evidenced by the Group’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Group being primarily responsible to the users for the delivery of the virtual items as well as having full discretion in establishing pricing for the virtual items. Accordingly, the Group reports its live video service revenues on a gross basis with amounts billed to users for the virtual items recorded as revenues and the Revenue Sharing paid to broadcasters and talent agencies recorded as cost of revenues. Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. The Group has determined that the virtual items represent one performance obligation in the live video service. Revenue related to each of the virtual items is recognized at the point in time when the virtual item is transferred directly to the broadcasters and consumed by them. Although some virtual items have expiry dates, the Group considers that the impact of breakage for the virtual items is insignificant as historical data shows that virtual items are consumed shortly after they are released to users and the forfeiture rate remains relatively low for the periods presented. The Group does not have further performance obligations to the user after the virtual items are consumed. Users also have the right to purchase various combinations of virtual items in the live video, which are generally capable of being distinct. Specifically, the Group enters into certain contracts with its users where virtual item coupons are granted to users simultaneously with a purchase of a virtual item. The virtual item coupon can be used by the users to exchange for free virtual items in the future. Such virtual item coupons typically expire a few days after being granted. The Group has determined that the virtual item coupons represent a material right under Topic 606 which is recognized as a separate performance obligation at the outset of the arrangement. Judgment is required to determine the standalone selling price for each distinct virtual item and virtual item coupon. The Group allocates the consideration to each distinct virtual item and virtual item coupon based on their relative standalone selling prices. In instances where standalone selling price is not directly observable as the Group does not sell the virtual items separately, the Group determines the standalone selling price based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each of the distinct virtual item in accordance with the revenue recognition method discussed above unless otherwise stated. Revenue for the virtual item coupons are recognized when the virtual items purchased with the virtual item coupons are consumed. Although virtual item coupons have expiry dates, the Group considers that the impact of breakage for the virtual items is insignificant as historical data shows that virtual currency coupons are consumed shortly after they are released to users and the forfeiture rate remains relatively low for the periods presented. The Group does not provide any right of return and does not provide any other credit or incentive to its users. (b) Value-added services Value-added services revenues mainly 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 has determined that its membership subscription services represent one performance obligation. The Group collects membership subscription in advance and records it as deferred revenue. Revenue is recognized ratably over the contract period as the membership subscription services are delivered. Virtual gift service was launched in 2016 to enhance users’ experience of interaction and social networking with each other. Users are able to purchase virtual items and send them to other users. The Group shares a portion of the revenues derived from the sales of virtual items with the recipient of the virtual item. All virtual items are nonrefundable, consumed at a point-in-time and expire a few days after the purchase. Although some virtual items have expiry dates, the Group considers that the impact of breakage for the virtual items is insignificant as historical data shows that virtual items are consumed shortly after they are released to users, and the forfeiture rate remains relatively low for the periods presented. The Group collects the cash from the purchase of virtual items and recognized the sales of virtual items when the performance obligation is satisfied. The Group has determined that it has one single performance obligation which is the display of the virtual item for the users who purchase them. Revenues derived from the sale of virtual items are recorded on a gross basis as the Group has determined that it is the principal in providing the virtual gift services for the same reasons outlined in the revenue recognition policy for its live video services. The portion paid to gift recipients is recognized as cost of revenues. (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 has determined that its mobile marketing services represent one performance obligation. Accordingly, the Group recognizes mobile marketing revenue ratably over the period that the advertising is provided commencing on the date the customer’s advertisement is displayed, or based 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 also enables advertising customers to place link on its mobile platform on a pay-for-effectiveness The Group’s mobile marketing revenues are recognized net of agency rebates, if applicable. Agency rebates have not been material for the years ended December 31, 2016, 2017 and 2018. (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 the 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 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 The Group has determined that it is the principal in fulfilling all obligations related to the mobile game operations for self-developed games. Accordingly, revenues are recognized on a gross basis. Commission fees paid to third-party application stores and other payment channels are recorded as cost of revenues. (e) Other services Revenues from other services in the year ended December 31, 2018 mainly consisted of revenues generated from advertisement resulting from the broadcasting of one television program produced by the Group. During the year ended December 31, 2018, the Group signed an agreement with a television station, under which the Group is responsible for the production of the television program content, which was completed by December 31, 2018. The television station was responsible for providing advertising and marketing solutions to customers in addition to broadcasting the television program content. Revenue generated from the above is in the form of the advertising fees, shared between the television station and the Group based on a pre-determined percentage stated in the agreement. The Group determined that its television content production service represented one performance obligation. The broadcasting of the content was completed in the year ended December 31, 2018 and the revenue was recognized ratably during the period when the content was broadcasted on the television station. |
Practical expedients and exemptions | Practical expedients and exemptions The Group’s contracts have an original duration of one year or less. Accordingly, the Group does not disclose the value of unsatisfied performance obligations. Additionally, the Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling and marketing expenses. |
Contract balances | Contract balances Contract balances include accounts receivable and deferred revenue. Accounts receivable represent cash due from third-party application stores and other payment channels as well as from advertising customers and are recorded when the right to consideration is unconditional. The allowance for doubtful accounts reflects the best estimate of probable losses inherent to the account receivable balance. The Group recorded no impairment charges related to contract assets in the period. Deferred revenue primarily includes cash received from paying users related to the Group’s live video service and value-added service as well as cash received from the Group’s advertising customer. Deferred revenue is recognized as revenue over the estimated service period or when all of the revenue recognition criteria have been met. Revenue recognized in 2018 that was included in the deferred revenue balance as of January 1, 2018 was RMB 422,028. |
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 and talent agencies resulting from the sale of virtual items, production cost in connection the television content, bandwidth costs, 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, salaries and benefits paid to employee, depreciation and amortization. These costs are expensed as incurred except for the direct and incremental platform commission fees to third-party application stores and other payment channels and production cost in connection with the television content which are deferred in “Prepaid expenses and other current assets” on the consolidated balance sheets. Such deferred costs 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 RMB2,000, RMB141,688 and RMB223,995 for the years ended December 31, 2016, 2017 and 2018. |
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 RMB367,635, RMB812,249 and RMB1,136,034 for the years ended December 31, 2016, 2017 and 2018, 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 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. |
Foreign currency translation and change in reporting currency | Foreign currency translation and change in reporting currency The reporting currency of the Company is the Renminbi (“RMB”). The functional currency of the Company is the US dollar (“US$”). The Company’s operations are principally conducted through the subsidiaries, its VIEs and VIEs’ subsidiaries located in the PRC where the local currency is the functional currency. 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. Assets and liabilities of the Group companies are translated from their respective functional currencies to the reporting currency at the exchange rates at the balance sheet dates, equity accounts are translated at historical exchange rates and revenues and expenses are translated at the average exchange rates in effect during the reporting period. The resulting foreign currency translation adjustment are recorded in other comprehensive income (loss). Starting from the fourth quarter of 2018, the Group changed its reporting currency from US$ to RMB, to reduce the impact of increased volatility of the RMB to US$ exchange rate on the Group’s reported operating results. The aligning of the reporting currency with the underlying operations will better depict the Group’s results of operations for each period. The related financial statements prior to October 1, 2018 have been recasted to RMB as if the financial statements originally had been presented in RMB since the earliest periods presented. The change in reporting currency resulted in cumulative foreign currency translation adjustment to the Group’s comprehensive income amounted to a gain of RMB175,963, a loss of RMB155,368 and a gain of RMB198,654 for the years ended December 31, 2016, 2017 and 2018, respectively. Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 = RMB6.8755 on the last trading day of 2018 (December 31, 2018) representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rates. |
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 RMB367,532, RMB1,036,053 and RMB1,236,167 for the years ended December 31, 2016, 2017 and 2018, 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-based compensation with cash settlement features is classified as liabilities. The percentage of the fair value that is accrued as compensation cost at the end of each period is based on the percentage of the requisite service that has been rendered at that date. Changes in fair value of the liability classified award that occur during the requisite service period is recognized as compensation cost over that period. These awards typically vest over a period of four years, but may fully vest due to the achievement of certain performance conditions. Share-based compensation expense is recognized on an accelerated basis if it is probable that the performance conditions will be achieved during the vesting period. 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 is 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 is recognized through a cumulative catch-up Changes in the terms or conditions of share options are accounted as a modification. The Group calculates the excess of the fair value of the modified option over the fair value of the original option immediately before the modification, 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 that the modification occurred. 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, restricted share units and convertible senior notes, 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, and the effect of the convertible senior notes is computed using the as-if-converted |
Recent accounting pronouncements adopted | Recent accounting pronouncements adopted On January 1, 2018, the Company adopted Topic 606. Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosures of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company applied the five step method outlined in Topic 606 to all revenue streams and elected to adopt the standard using the modified retrospective method. Refer to Note 2, Revenue recognition for further details. In January 2016, the FASB issued a new pronouncement ASU 2016-01 ASU 2016-01 2018-03, 825-10): 2016-01. ASU 2016-01 2018-03 2016-01 2018-03 2016-01 2018-03 In November 2016, the FASB issued ASU 2016-18: beginning-of-period end-of-period 2016-18 2016-18 In January 2017, the FASB issued ASU 2017-01: |
Recent accounting pronouncements not yet adopted | Recent accounting pronouncements not yet adopted In February 2016, the FASB issued ASU No. 2016-02, 2016-02”). 2016-02 2016-02 right-of-use 2016-02 2016-02 non-lease 2016-02 right-of-use right-of-use in-scope In June 2016, the FASB issued ASU No. 2016-13, 2016-13”) 2016-13 2016-13 2016-13 In June 2018, the FASB issued ASU No. 2018-07, 2018-07”) 2018-07 In August 2018, the FASB issued ASU No. 2018-13, 2018-13”) 2018-13 In March 2019, the FASB issued ASU 2019-02, 2019-02”) 2019-02 920-350 2019-02 |
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, 2016, 2017 and 2018, respectively. |
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, 2017 2018 A 23 % 14 % B 19 % 12 % C 21 % 0 % Users or customers accounting for 10% or more of accounts receivables is as follows: As of December 31, 2017 2018 D 0 % 59 % |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Schedule of Subsidiaries, VIEs and VIEs' Subsidiaries | As of December 31, 2018, details of the Company’s major subsidiaries, VIEs and VIEs’ subsidiaries are as follows: Major subsidiaries Momo Technology HK Company Limited (“Momo HK”) Beijing Momo Information Technology Co., Ltd. (“Beijing Momo IT”) Momo Technology Overseas Holding Company Limited (“Momo BVI”) Momo Information Technologies Corp. (“Momo US”) Qool Media HongKong Limited (“QOOL HK”) Tantan Limited (“Tantan”) Tantan Hong Kong Limited (“Tantan HK”) Tantan Social Inc. (“Tantan US”) Tantan Technology (Beijing) Co., Ltd. (“Tantan Technology”) QOOL Media Inc. (“QOOL Inc.”) QOOL Media Technology (Tianjin) Co., Ltd. (“QOOL Media”) Major VIEs Beijing Momo Technology Co., Ltd. (“Beijing Momo”) * QOOL Media (Tianjin) Co., Ltd. (“QOOL Tianjin”) * Tantan Culture Development (Beijing) Co., Ltd. (“Tantan Culture”) * Major VIEs’ subsidiaries Chengdu Momo Technology Co., Ltd. (“Chengdu Momo”) * Tianjin Heer Technology Co., Ltd. (“Tianjin Heer”) * Loudi Momo Technology Co., Ltd. (“Loudi Momo”) * * These entities are controlled by the Company pursuant to the contractual arrangements disclosed below. |
Schedule of Amounts and Balances of VIEs Included in Consolidated Financial Statements After Elimination of Intercompany Balances and Transactions | The following consolidated financial statements amounts and balances of the VIEs 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, 2017 2018 RMB RMB Cash and cash equivalents 410,611 1,502,395 Accounts receivable, net of allowance for doubtful accounts of RMB585 and RMB nil as of December 31, 2017 and 2018, respectively 257,633 719,606 Amount due from related parties 33,460 — Prepaid expenses and other current assets 371,220 425,974 Short-term investment 10,500 — Total current assets 1,083,424 2,647,975 Property and equipment, net 52,568 72,539 Intangible assets 48,554 42,821 Rental deposits 10,471 11,619 Other non-current 50,000 67,480 Long-term investments 281,935 447,465 Deferred tax assets 6,908 52,887 Goodwill 22,130 22,130 Total assets 1,555,990 3,364,916 Accounts payable 357,437 549,173 Deferred revenue 421,528 441,392 Accrued expenses and other current liabilities 200,406 304,363 Amounts due to related parties 188 43,213 Income tax payable 76,549 113,733 Total current liabilities 1,056,108 1,451,874 Deferred tax liabilities 12,138 10,705 Total liabilities 1,068,246 1,462,579 For the years ended December 31, 2016 2017 2018 RMB RMB RMB Net revenues 3,707,358 8,886,390 13,408,421 Net income 2,268,098 4,890,438 6,292,183 Net cash provided by operating activities 2,401,340 4,997,183 5,913,709 Net cash used in investing activities (73,224 ) (174,333 ) (151,546 ) Net cash provided by financing activities — 490 — |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 |
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 Technology 3 years User base 5 years Trade name 10 years |
Components of Revenues | The following table provides information about disaggregated revenue by types, including a reconciliation of the disaggregated revenue with the Group’s reportable segments: For the year ended December 31, 2018 Momo Tantan QOOL RMB RMB RMB Live video service 10,709,491 — — Value-added services 1,465,152 417,998 — Mobile marketing 500,321 — — Mobile games 130,392 — — Other services 7,065 — 178,002 Total 12,812,421 417,998 178,002 For the year ended December 31, 2017 Momo Tantan QOOL RMB RMB RMB Live video service 7,429,906 — — Value-added services 695,798 — — Mobile marketing 514,279 — — Mobile games 241,388 — — Other services 3,452 — 1,567 Total 8,884,823 — 1,567 For the year ended December 31, 2016 Momo Tantan QOOL RMB RMB RMB Live video service 2,534,604 — — Value-added services 449,781 — — Mobile marketing 441,644 — — Mobile games 236,238 — — Other services 45,091 — — Total 3,707,358 — — |
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, 2017 2018 A 23 % 14 % B 19 % 12 % C 21 % 0 % Users or customers accounting for 10% or more of accounts receivables is as follows: As of December 31, 2017 2018 D 0 % 59 % |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Total Consideration for Acquisition | The consideration consisted of RMB3,930,246 of cash, of which RMB3,460,972 was paid as of December 31, 2018. The consideration also included 5,328,853 newly issued Class A ordinary shares of the Company which were fully issued as of the acquisition date. Cash consideration 3,930,246 Fair value of ordinary shares issued 784,215 Total consideration 4,714,461 |
Schedule of Purchase Price Allocation to Assets Acquired and Liabilities Assumed as of the Date of Acquisition | The transaction was accounted for as a business combination using the purchase method of accounting. The purchase price allocation of the transaction was determined by the Group with the assistance of an independent valuation firm, and the purchase price allocation to assets acquired and liabilities assumed as of the date of acquisition was as follows: Indicated Value Estimated useful lives RMB Net tangible assets: Cash and cash equivalents and short term investment 154,671 Accounts receivable 20,079 Other current asset 22,833 Property and equipment, net 46,160 Other non-current 3,030 Intangible assets Trade name 640,600 10 years Technology 26,100 3 years User base 342,500 5 years Total assets 1,255,973 Accounts payable (21,037 ) Other current liabilities (262,533 ) Deferred tax liabilities (252,300 ) Goodwill 3,994,358 Total consideration 4,714,461 |
Summary of Operation Attributable to Acquisition | The following information summarizes the results of operation attributable to the acquisition included in the Group’s consolidated statement of operations since the acquisition date: Year ended December 31, 2018 RMB Net revenue 417,998 Net loss 519,206 |
Schedule of Pro Froma Result from Operations | The following pro forma financial information is not necessarily indicative of the results that would have occurred had the acquisition been completed at the beginning of the periods as indicated, nor is it indicative of future operating results: Years ended December 31, 2017 2018 (Unaudited) (Unaudited) RMB RMB Pro forma net revenue 8,887,543 13,511,439 Pro forma net income attributable to ordinary shareholders of Momo Inc. 1,627,664 2,383,646 Pro forma net income per ordinary share - basic 4.13 5.86 Pro forma net income per ordinary share - diluted 3.92 5.50 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2017 2018 RMB RMB Deposit at third-party payment channels (i) 190,238 258,039 Advance to suppliers (ii) 140,022 94,100 Interest receivable 54,920 87,057 Input VAT (iii) 24,164 69,075 Prepaid income tax and other expenses 52,499 55,084 Deferred platform commission cost 27,925 36,189 Advance to game developers 6,012 8,463 Game promotions fees paid on behalf of game developers 17,840 3,069 Others 24,562 9,903 538,182 620,979 (i) Deposit at third party payment channels are mainly the cash deposited in certain third party payment channels by the Group for the broadcasters and the gift recipients who received the virtual items to withdraw their revenue sharing and the customer payment to the Group’s account through the third party payment channels. (ii) Advance to suppliers were primarily for advertising fees, live video broadcasting service fees and other professional service fees. (iii) Input VAT mainly occurred from the purchasing of goods or 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, 2018 | |
Investments Schedule [Abstract] | |
Summary of Equity and Cost Method Investments | As of December 31, 2017 2018 RMB RMB Equity method investments Jingwei Chuangteng (Hangzhou) L.P. (i) 48,273 64,441 Beijing Autobot Venture Capital L.P. (ii) 55,162 57,392 Hangzhou Aqua Ventures Investment Management L.P. (iii) 84,492 105,289 Chengdu Tianfu Qianshi Equity Investment Partnership L.P. (iv) — 20,586 Others (viii) 20,753 21,632 Equity securities without readily determinable fair values Hunan Qindao Cultural Spread Ltd. (v) 30,000 30,000 Hangzhou Faceunity Technology Limited (vi) — 70,000 Haining Yijiayi Culture Co., Ltd (vii) — 25,000 Others (viii) 49,791 53,125 288,471 447,465 Equity securities without readily determinable fair value were accounted as cost method investments prior to adopting ASC 321. The Group performed impairment analysis for equity method investments, equity securities without readily determinable fair values periodically. Impairment loss of RMB39,283, RMB 30,085 and RMB 43,200 was recorded for the long-term investments during the years ended December 31, 2016, 2017 and 2018, 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 RMB30,000, 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, 2017 and 2018. The Group recognized its share of partnership profit in Jingwei of RMB4,245, RMB11,677 and RMB16,168 during the year ended December 31, 2016, 2017 and 2018, 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 RMB30,000. Autobot had further rounds of financing, of which the Group subscribed for RMB10,000. Due to Autobot’s further round of financing, the Group’s partnership interest was diluted to 26.7% as of December 31, 2017 and 2018. The committed subscription and further round of financing subscription amount, RMB40,000, was paid as of December 31, 2016. The Group recognized its share of partnership profit in Autobot of RMB5,039, RMB8,392 and RMB2,230 during the year ended December 31, 2016, 2017 and 2018, 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 RMB50,000. The committed subscription amount had been fully paid as of December 31, 2016. The Group recognized its share of partnership profit in Aqua of RMB14,346, RMB20,709 and RMB20,797 during the years ended December 31, 2016, 2017 and 2018, respectively. (iv) On September 12, 2018, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Chengdu Tianfu Qianshi Equity Investment Partnership L.P. (“Tianfu”). According to the partnership agreement, the Group committed to subscribe 6.8% partnership interest for RMB30,000, of which RMB12,000 had been paid as of December 31, 2018. The Group recognized its share of partnership profit in Tianfu of RMB nil, RMB nil and RMB8,586 during the years ended December 31, 2016, 2017 and 2018, respectively. (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 RMB30,000, which was fully paid off as of December 31, 2017. The investment was classified as available-for-sale (vi) On January 17, 2018, the Group entered into a preferred share subscription agreement to acquire 10% equity of Hangzhou Faceunity Technology Limited (“Faceunity”) for a total consideration of RMB70,000, which had been paid as of December 31, 2018. As the investment was neither a debt security nor an in-substance (vii) On August 2, 2018, the Group invested in Haining Yijiayi Culture Co., Ltd (“Yijiayi”) and acquired 5% equity for a total consideration of RMB25,000, which had been paid as of December 31, 2018. As the investment was neither a debt security nor an in-substance (viii) Others represent equity method investments or equity securities without readily determinable fair values that are individually insignificant. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: As of December 31, 2017 2018 RMB RMB Computer equipment 296,559 513,448 Office equipment 79,470 115,048 Vehicles 1,230 3,599 Leasehold improvement 67,440 94,340 Less: accumulated depreciation (186,002 ) (338,868 ) Exchange difference 7 (35 ) 258,704 387,532 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets, net consisted of the following: As of December 31, 2017 2018 RMB RMB Trade name — 687,164 Active user — 367,396 Technology — 27,997 License 52,433 52,433 Game copyright 2,170 2,170 Less: accumulated amortization and impairment (6,050 ) (99,080 ) Exchange difference — (1,094 ) Net book value 48,553 1,036,986 |
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 RMB 2019 157,260 2020 157,260 2021 151,121 2022 147,209 2023 104,346 Thereafter 319,790 Total 1,036,986 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | As of December 31, 2018 Momo Tantan Total RMB RMB RMB Balance, as of January 1, 2017 — — — Acquisition of other 22,130 — 22,130 Balance, as of December 31, 2017 22,130 — 22,130 Acquisition of Tantan Limited (Note 3) — 3,994,358 3,994,358 Foreign exchange differences — 290,341 290,341 Balance, as of December 31, 2018 22,130 4,284,699 4,306,829 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2017 2018 RMB RMB Accrued payroll and welfare 224,618 302,117 Payable for advertisement 122,211 254,872 Balance of users’ virtual accounts 92,228 112,488 Other tax payables 61,529 99,964 Accrued professional services and rental fee 23,041 38,415 VAT payable 10,040 9,208 Others 37,666 29,646 Total 571,333 846,710 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | As of December 31, 2017 and 2018, 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 Measured as of December 31, Description 2017 Quoted Significant Significant RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 4,462,194 4,462,194 — — Total 4,462,194 4,462,194 — — Fair Value Measured as of December 31, Description 2018 Quoted Significant Significant RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 2,468,034 2,468,034 — — Total 2,468,034 2,468,034 — — |
Schedule of Reconciliation of Fair Value Measurement of Long-term Investments Using Significant Unobservable Inputs on a Recurring Basis | Additional information about the reconciliation of the fair value measurement of long-term investments using significant unobservable inputs (level 3) on a recurring basis are is as follows: RMB Balance as of December 31, 2016 50,452 Purchase 10,000 Other-than-temporary loss recognized (30,085 ) Reclassification to equity securities without readily determinable fair value (i) (30,000 ) Foreign exchange difference (367 ) Balance as of December 31, 2017 — Balance as of December 31, 2018 — (i) The investment in Qindao was reclassified from long-term investments to equity securities without readily determinable fair value as of result of the waiver of redemption right in July 2017. Please refer to Note 5 for additional information on the reclassification. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 did not retrospectively apply the changes to prior years. Significant components of the Group’s deferred tax assets and liabilities are as follows: As of December 31, 2017 2018 RMB RMB Deferred tax assets: Advertising expense 38,760 221,113 Net operating tax losses carry-forward 25,792 103,060 Impairment on long-term investments and game copyright 2,599 11,336 Accrued expenses 5,466 43,631 Less: valuation allowance (25,792 ) (321,354 ) Deferred tax assets, net 46,825 57,786 Deferred tax liabilities: Intangible assets acquired 12,138 259,247 Deferred tax liabilities, net 12,138 259,247 |
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, 2016 2017 2018 RMB RMB RMB Net income before provision for income tax 990,413 2,549,735 3,439,535 PRC statutory tax rate 25% 25% 25% Income tax expense at statutory tax rate 247,603 637,434 859,884 Permanent differences (516 ) (446 ) 20,135 Change in valuation allowance (16,034 ) 5,990 98,862 Effect of income tax rate difference in other jurisdictions 54,242 80,085 156,136 Effect of tax holidays and preferential tax rates (250,657 ) (278,062 ) (435,369 ) Provision for income tax 34,638 445,001 699,648 |
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, 2016, 2017 and 2018, the increase in income tax expenses and resulting net income per share amounts would be as follows: For the years ended December 31, 2016 2017 2018 RMB RMB RMB Increase in income tax expenses 250,657 278,062 435,369 Net income per ordinary share attributable to Momo Inc. - basic 1.87 4.74 5.85 Net income per ordinary share attributable to Momo Inc. - diluted 1.74 4.50 5.59 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Non-Vested Restricted Share Activity | A summary of non-vested Number of shares Outstanding as of January 1, 2016 28,625,378 Granted — Modification — Vested (28,625,378 ) Outstanding as of December 31, 2016 — |
Company Share Incentive Plan [Member] | |
Summary of Option Activity | The following table summarizes the option activity for the year ended December 31, 2018: Number of Weighted Weighted average Aggregated intrinsic Outstanding as of January 1, 2018 26,969,291 0.0536 7.40 328,658 Granted 5,502,868 0.0002 Exercised (10,028,568 ) 0.0800 Forfeited (660,488 ) 0.0002 Outstanding as of December 31, 2018 21,783,103 0.0296 7.36 258,030 Exercisable as of December 31, 2018 10,227,313 0.0628 5.98 120,807 |
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 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 2018 3.16%~3.66 % 10 years 50.0%~50.7 % — 0.0002 |
Options classified as Equity Awards | 2018 Plan | |
Summary of Option Activity | The following table summarizes the option activity for the year ended December 31, 2018: Number of Weighted Weighted Aggregated Outstanding as of the acquisition date 1,507,488 0.9062 7.07 45,969 Granted 575,629 21.4461 Exercised — — Forfeited (186,531 ) 0.7616 Outstanding as of December 31, 2018 1,896,586 7.1544 7.45 35,666 Exercisable as of December 31, 2018 358,281 1.0547 6.48 8,923 |
Schedule of Assumptions Used to Estimate Fair Value of Stock Options Granted | The fair value of each option granted was estimated on the date of grant using the binomial tree pricing model with the following assumptions used for grants during the applicable periods: Risk-free interest Contractual term Volatility Dividend yield Exercise price During the year ended December 31, 2018 3.58 % 10 years 55.4 % — 1.6-25.0 |
Options classified as Liability Awards | 2018 Plan | |
Schedule of Assumptions Used to Estimate Fair Value of Stock Options Granted | The fair value of each option granted was estimated using the binomial tree pricing model with the following assumptions used during the applicable periods: Risk-free interest Contractual term Volatility Dividend yield Exercise price During the year ended December 31, 2018 3.39%~3.58 % 10 years 55.4%~55.6 % — 0.002 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2016 2017 2018 RMB RMB RMB Numerator: Net income attributable to Momo Inc. 978,969 2,148,098 2,815,775 Undistributed earnings allocated to participating nonvested restricted shares (21,550 ) — — Net income attributed to ordinary shareholders for computing net income per ordinary share-basic and diluted 957,419 2,148,098 2,815,775 For the years ended December 31, 2016 2017 2018 RMB RMB RMB Denominator: Denominator for computing net income per share-basic: Weighted average ordinary shares outstanding used in computing net income per ordinary share-basic 377,335,923 394,549,323 407,009,875 Weighted average shares used in computing net income per participating nonvested restricted share 8,493,244 — — Denominator for computing net income per share-diluted: Weighted average shares outstanding used in computing net income per ordinary share-diluted 407,041,165 415,265,078 433,083,643 (i) Net income per ordinary share attributable to Momo Inc. - basic 2.54 5.44 6.92 Net income per participating nonvested restricted share 2.54 — — Net income per ordinary share attributable to Momo Inc. - diluted 2.41 5.17 6.59 (i) The calculation of the weighted average number of ordinary shares for the purpose of diluted net income per share has considered the effect of certain potentially dilutive securities. For the year ended December 31, 2016, an incremental weighted average number of 7,155,060 nonvested restricted shares and an incremental weighted average number of 22,550,182 ordinary shares from the assumed exercise of share options and vesting of restricted share units using the treasury stock method were included. |
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, 2016, 2017 and 2018, because their effect is anti-dilutive: For the years ended December 31, 2016 2017 2018 Share issuable upon exercise of share options 152,500 768,266 1,117,334 Share issuable upon exercise of RSUs 50,000 — — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments under Non-Cancellable Operating Leases | Future minimum payments under non-cancellable RMB 2019 99,133 2020 82,697 2021 26,980 2022 8,633 Total 217,443 |
Related Party Balances and Tr_2
Related Party Balances and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | (1) Amount due from related parties-current As of December 31, 2017 2018 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (ii) 33,460 — Total 33,460 — (ii) The amount of RMB33,460 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, 2017 2018 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (iii) 32 43,178 Amount due to ordinary shareholders (iv) 37,572 39,704 Others 156 66 Total 37,760 82,948 (iii) The amount of RMB43,178 as of December 31, 2018 primarily represented the unpaid revenue sharing of live video service to Hunan Qindao Network Media Technology Co., Ltd. (iv) The amount of RMB37,572 and RMB39,704 as of December 31, 2017 and 2018 primarily included the unpaid repurchase amount by the Group to its ordinary shareholders. (3) Sales to related parties For the years ended 2016 2017 2018 RMB RMB RMB Hangzhou Yihong Advertisement Co., Ltd. (v) — 17,659 — Hangzhou Alimama Technology Co., Ltd. (v) 273 2,309 — Guangzhou Aijiuyou Informational Technology Co., Ltd. (vi) 2,660 1,242 — Zhejiang Tmall Technology Co., Ltd. (v) 5,462 500 — Shanghai Xisue Network Technology Co., Ltd. (v) 5,981 — — Taobao (China) Software Co., Ltd. (v) 1,698 — — Others 61 12 — Total 16,135 21,722 — (v) The sales to related parties represented mobile marketing services provided. (vi) The sales to related parties represented mobile game revenue generated through those game operating companies. (4) Purchase from related parties For the years ended 2016 2017 2018 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (vii) 26,759 139,406 429,345 Beijing Shiyue Haofeng Media Co., Ltd. (vii) — — 2,005 Alibaba Cloud Computing Ltd. (viii) 22,534 74,705 — Hunan Qindao Cultural Spread Ltd. (vii) — 61,676 — Taobao (China) Software Co., Ltd. 2,169 2,283 — Guangzhou Jianyue Information Technology Co., Ltd. — 803 — Shanghai Touch Future Network Technology Co., Ltd. 2,335 — — Total 53,797 278,873 431,350 (vii) The purchases from Hunan Qindao Network Media Technology Co., Ltd., Beijing Shiyue Haofeng Media Co. Ltd. and Hunan Qindao Cultural Spread Ltd. mainly represent the revenue sharing with talent agencies of live video service. (viii) The purchase form Alibaba Cloud Computing Ltd. is mainly related to its cloud computing services. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Components of Revenues | Net revenues, operating cost and expenses, operating income, and net income by segment for the years ended December 31, 2016, 2017 and 2018 were as follows: For the year ended December 31, 2016 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 3,707,358 — — 3,707,358 Cost and expenses: Cost of revenues (1,619,327 ) — — (1,619,327 ) Research and development (208,647 ) — — (208,647 ) Sales and marketing (647,238 ) — — (647,238 ) General and administrative (259,712 ) — — (259,712 ) Total cost and expenses (2,734,924 ) — — (2,734,924 ) Other operating income 2,659 — — 2,659 Income from operations 975,093 — — 975,093 Interest income 54,603 — — 54,603 Impairment loss on long-term investments (39,283 ) — — (39,283 ) Income tax expense (34,638 ) — — (34,638 ) Share of income on equity method investments 23,194 — — 23,194 Net income 978,969 — — 978,969 For the year ended December 31, 2017 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 8,884,823 — 1,567 8,886,390 Cost and expenses: Cost of revenues (4,373,377 ) — — (4,373,377 ) Research and development (346,144 ) — — (346,144 ) Sales and marketing (1,457,658 ) — (9,718 ) (1,467,376 ) General and administrative (417,866 ) — (4,139 ) (422,005 ) Total cost and expenses (6,595,045 ) — (13,857 ) (6,608,902 ) Other operating income 156,764 — — 156,764 Income (loss) from operations 2,446,542 — (12,290 ) 2,434,252 Interest income 145,568 — — 145,568 Impairment loss on long-term investments (30,085 ) — — (30,085 ) Income tax expense (445,001 ) — — (445,001 ) Share of income on equity method investments 39,729 — — 39,729 Net income (loss) 2,156,753 — (12,290 ) 2,144,463 For the year ended December 31, 2018 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 12,812,421 417,998 178,002 13,408,421 Cost and expenses: Cost of revenues (6,572,954 ) (174,858 ) (435,085 ) (7,182,897 ) Research and development (614,064 ) (146,580 ) — (760,644 ) Sales and marketing (1,269,493 ) (520,161 ) (22,608 ) (1,812,262 ) General and administrative (472,057 ) (121,887 ) (46,079 ) (640,023 ) Total cost and expenses (8,928,568 ) (963,486 ) (503,772 ) (10,395,826 ) Other operating income 252,458 173 1,066 253,697 Income (loss) from operations 4,136,311 (545,315 ) (324,704 ) 3,266,292 Interest income 268,583 4,285 78 272,946 Interest expense (56,503 ) — — (56,503 ) Impairment loss on long-term investments (43,200 ) — — (43,200 ) Income tax expense (716,729 ) 21,824 (4,743 ) (699,648 ) Share of income on equity method investments 48,660 — — 48,660 Net income (loss) 3,637,122 (519,206 ) (329,369 ) 2,788,547 |
Organization and Principal Ac_3
Organization and Principal Activities - Additional Information (Detail) ¥ in Thousands, shares in Thousands, $ in Thousands | May 31, 2018CNY (¥)shares | Dec. 31, 2018CNY (¥)asset_grouprelated_partyTerm | Dec. 31, 2017 | Dec. 31, 2016 | May 31, 2018USD ($) |
Variable Interest Entity [Line Items] | |||||
Date of incorporation | Nov. 23, 2011 | ||||
Percentage of VIEs revenues to the consolidated net revenues | 100.00% | 100.00% | 100.00% | ||
Percentage of VIEs assets to the consolidated total assets | 17.70% | 18.40% | |||
Percentage of VIEs liability to the consolidated total liabilities | 18.40% | 62.10% | |||
Number of consolidated VIEs' assets that are collateral for the VIEs' obligations | asset_group | 0 | ||||
VIEs creditors having recourse to general credit of the Company | related_party | 0 | ||||
Number of terms under arrangement with VIEs to provide financial support | Term | 0 | ||||
Tantan Limited [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash Consideration | ¥ 3,930,246 | ¥ 3,930,246 | $ 613,181 | ||
Tantan Limited [Member] | Momo INC [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Business acquisition percentage ownership | 100.00% | 100.00% | |||
Class A Common Stock [Member] | Tantan Limited [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Business Acquisition , share issued | shares | 5,328,853 | ||||
Business Operations Agreement [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Effective years of agreement | 10 years |
Organization and Principal Ac_4
Organization and Principal Activities - Schedule of Amounts and Balances of VIEs Included in Consolidated Financial Statements After Elimination of Intercompany Balances and Transactions (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2018USD ($) | |
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | ¥ 2,468,034 | ¥ 4,462,194 | $ 358,961 | ||
Accounts receivable, net of allowance for doubtful accounts of RMB585 and RMB nil as of December 31, 2017 and 2018, respectively | 719,606 | 257,633 | 104,662 | ||
Amount due from related parties | 33,460 | ||||
Prepaid expenses and other current assets | 620,979 | 538,182 | 90,318 | ||
Short-term investment | 10,500 | ||||
Total current assets | 12,633,229 | 7,733,985 | 1,837,427 | ||
Property and equipment, net | 387,532 | 258,704 | 56,364 | ||
Intangible assets | 1,036,986 | 48,553 | 150,823 | ||
Rental deposits | 24,192 | 17,249 | 3,519 | ||
Other non-current assets | 71,519 | 55,271 | 10,402 | ||
Long-term investments | 447,465 | 288,471 | 65,081 | ||
Deferred tax assets | 57,786 | 46,825 | 8,405 | ||
Goodwill | 4,306,829 | 22,130 | 626,402 | ||
Total assets | 18,965,538 | 8,471,188 | 2,758,423 | ||
Accounts payable | 718,362 | 484,945 | 104,481 | ||
Deferred revenue | 441,892 | 422,028 | 64,271 | ||
Accrued expenses and other current liabilities | 846,710 | 571,333 | 123,148 | ||
Amounts due to related parties | 82,948 | 37,760 | 12,064 | ||
Total current liabilities | 2,696,276 | 1,691,953 | 392,156 | ||
Deferred tax liabilities | 259,247 | 12,138 | 37,706 | ||
Total liabilities | 7,942,679 | 1,719,088 | $ 1,155,214 | ||
Net revenues | 13,408,421 | 8,886,390 | ¥ 3,707,358 | ||
Net income | 2,815,775 | $ 409,537 | 2,148,098 | 978,969 | |
Net cash provided by operating activities | 3,327,718 | 483,997 | 2,886,107 | 1,466,290 | |
Net cash used in investing activities | (10,034,004) | (1,459,385) | (188,174) | (800,919) | |
Net cash provided by financing activities | 4,687,951 | $ 681,835 | 2,833 | 124 | |
Beijing Momo Technology Co., Ltd. [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | 1,502,395 | 410,611 | |||
Accounts receivable, net of allowance for doubtful accounts of RMB585 and RMB nil as of December 31, 2017 and 2018, respectively | 719,606 | 257,633 | |||
Amount due from related parties | 33,460 | ||||
Prepaid expenses and other current assets | 425,974 | 371,220 | |||
Short-term investment | 10,500 | ||||
Total current assets | 2,647,975 | 1,083,424 | |||
Property and equipment, net | 72,539 | 52,568 | |||
Intangible assets | 42,821 | 48,554 | |||
Rental deposits | 11,619 | 10,471 | |||
Other non-current assets | 67,480 | 50,000 | |||
Long-term investments | 447,465 | 281,935 | |||
Deferred tax assets | 52,887 | 6,908 | |||
Goodwill | 22,130 | 22,130 | |||
Total assets | 3,364,916 | 1,555,990 | |||
Accounts payable | 549,173 | 357,437 | |||
Deferred revenue | 441,392 | 421,528 | |||
Accrued expenses and other current liabilities | 304,363 | 200,406 | |||
Amounts due to related parties | 43,213 | 188 | |||
Income tax payable | 113,733 | 76,549 | |||
Total current liabilities | 1,451,874 | 1,056,108 | |||
Deferred tax liabilities | 10,705 | 12,138 | |||
Total liabilities | 1,462,579 | 1,068,246 | |||
Net revenues | 13,408,421 | 8,886,390 | 3,707,358 | ||
Net income | 6,292,183 | 4,890,438 | 2,268,098 | ||
Net cash provided by operating activities | 5,913,709 | 4,997,183 | 2,401,340 | ||
Net cash used in investing activities | ¥ (151,546) | (174,333) | ¥ (73,224) | ||
Net cash provided by financing activities | ¥ 490 |
Organization and Principal Ac_5
Organization and Principal Activities - Schedule of Amounts and Balances of VIEs Included in Consolidated Financial Statements After Elimination of Intercompany Balances and Transactions (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Variable Interest Entity [Line Items] | ||
Allowance for doubtful accounts | ¥ 0 | ¥ 585 |
Beijing Momo Technology Co., Ltd. [Member] | ||
Variable Interest Entity [Line Items] | ||
Allowance for doubtful accounts | ¥ 0 | ¥ 585 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) ¥ in Thousands, $ in Thousands | Jan. 01, 2018CNY (¥) | Dec. 31, 2018CNY (¥)CustomerProduct | Dec. 31, 2018USD ($)CustomerProduct | Dec. 31, 2017CNY (¥)CustomerProduct | Dec. 31, 2016CNY (¥)Customer | Dec. 31, 2018USD ($) |
Accounting Policies [Line Items] | ||||||
Bank deposits maturity | 3 months | 3 months | ||||
Cash and cash equivalents | ¥ 2,468,034 | ¥ 4,462,194 | $ 358,961 | |||
Deferred revenue recognized | ¥ 422,028 | |||||
Impairment charges related to contract assets | 0 | |||||
Other operating income | 253,697 | $ 36,899 | 156,764 | ¥ 2,659 | ||
Value added tax incurred | 1,136,034 | 812,249 | 367,635 | |||
Foreign currency adjustment gain loss | ¥ 198,654 | $ 28,893 | (155,368) | 175,963 | ||
Foreign Currency Exchange difference | Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 RMB6.8755 on the last trading day of 2018 (December 31, 2018) representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rates. | Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 RMB6.8755 on the last trading day of 2018 (December 31, 2018) representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rates. | ||||
Foreign currency translation exchange rate | 6.8755 | 6.8755 | ||||
Advertising expense | ¥ 1,236,167 | ¥ 1,036,053 | 367,532 | |||
Share-based award, vesting period | 4 years | 4 years | ||||
Minimum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Percentage of ownership, equity method investment | 20.00% | 20.00% | ||||
Accounts receivable, payment terms on invoiced amounts | 1 day | 1 day | ||||
Maximum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Percentage of ownership, equity method investment | 50.00% | 50.00% | ||||
Contracts, original duration | 1 year | 1 year | ||||
Accounts receivable, payment terms on invoiced amounts | 180 days | 180 days | ||||
Self Developed Mobile Game [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Estimated usage life of product/service | 77 days | 77 days | ||||
Number of games | Product | 4 | 4 | 8 | |||
Self Developed Mobile Game [Member] | Minimum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Estimated usage life of product/service | 56 days | |||||
Self Developed Mobile Game [Member] | Maximum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Estimated usage life of product/service | 79 days | |||||
Membership Subscription [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Contract period, minimum | 1 month | 1 month | ||||
Contract period, maximum | 1 year | 1 year | ||||
Government Subsidies | ||||||
Accounting Policies [Line Items] | ||||||
Other operating income | ¥ 223,995 | ¥ 141,688 | ¥ 2,000 | |||
User Concentration Risk [Member] | Revenues [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Number of users or customer accounted for 10% or more of total revenues | Customer | 0 | 0 | 0 | 0 | ||
China, Yuan Renminbi | ||||||
Accounting Policies [Line Items] | ||||||
Cash and cash equivalents | ¥ 2,008,000 | ¥ 4,116,000 |
Significant Accounting Polici_5
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, 2018 | Dec. 31, 2017 | |
Third-party Payment Channel A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 14.00% | 23.00% |
Third-party Payment Channel B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 12.00% | 19.00% |
Third-party Payment Channel C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 0.00% | 21.00% |
Third-party Payment Channel D [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 59.00% | 0.00% |
Significant Accounting Polici_6
Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
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 Polici_7
Significant Accounting Policies - Schedule of Estimated Useful Lives of Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Copyrights [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 1 year |
Technology [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
User Base [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Trade Names [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
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 |
Significant Accounting Polici_8
Significant Accounting Policies - Components of Revenues (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue From Contract With Customers [Line Items] | |||
Total revenues | ¥ 13,408,421 | ¥ 8,886,390 | ¥ 3,707,358 |
Momo Inc [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 12,812,421 | 8,884,823 | 3,707,358 |
Momo Inc [Member] | Live Video Service [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 10,709,491 | 7,429,906 | 2,534,604 |
Momo Inc [Member] | Value-added Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 1,465,152 | 695,798 | 449,781 |
Momo Inc [Member] | Mobile Marketing [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 500,321 | 514,279 | 441,644 |
Momo Inc [Member] | Mobile Games [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 130,392 | 241,388 | 236,238 |
Momo Inc [Member] | Other Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 7,065 | 3,452 | ¥ 45,091 |
Tantan Limited [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 417,998 | ||
Tantan Limited [Member] | Value-added Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 417,998 | ||
Qool Inc [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 178,002 | 1,567 | |
Qool Inc [Member] | Other Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | ¥ 178,002 | ¥ 1,567 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - Tantan Limited [Member] ¥ in Thousands, shares in Thousands, $ in Thousands | May 31, 2018CNY (¥)shares | Dec. 31, 2018CNY (¥) | May 31, 2018USD ($) |
Cash Consideration | ¥ 3,930,246 | ¥ 3,930,246 | $ 613,181 |
Business acquisition cash paid | ¥ | ¥ 3,460,972 | ||
Class A Common Stock [Member] | |||
Business Acquisition, share issued | shares | 5,328,853 | ||
Momo INC [Member] | |||
Business acquisition percentage ownership | 100.00% | 100.00% |
Acquisitions - Schedule of Busi
Acquisitions - Schedule of Business Acquisitions Contingent Consideration (Detail) - Tantan Limited [Member] ¥ in Thousands | 12 Months Ended |
Dec. 31, 2018CNY (¥) | |
Business Acquisition, Contingent Consideration [Line Items] | |
Cash consideration | ¥ 3,930,246 |
Fair value of ordinary shares issued | 784,215 |
Total consideration | ¥ 4,714,461 |
Acquisitions - Schedule of Reco
Acquisitions - Schedule of Recognized Identified Assets and Liabilities Acquired (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | ¥ 3,994,358 | ¥ 22,130 |
Tantan Limited [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cash and cash equivalents and short term investment | 154,671 | |
Accounts receivable | 20,079 | |
Other current asset | 22,833 | |
Property and equipment, net | 46,160 | |
Other non-current asset | 3,030 | |
Total assets | 1,255,973 | |
Accounts payable | (21,037) | |
Other current liabilities | (262,533) | |
Deferred tax liabilities | (252,300) | |
Goodwill | 3,994,358 | |
Total consideration | ¥ 4,714,461 | |
Tantan Limited [Member] | Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets useful life | 10 years | |
Intangible assets | ¥ 640,600 | |
Tantan Limited [Member] | Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets useful life | 3 years | |
Intangible assets | ¥ 26,100 | |
Tantan Limited [Member] | User Base [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets useful life | 5 years | |
Intangible assets | ¥ 342,500 |
Acquisitions - Summary of Opera
Acquisitions - Summary of Operation Attributable to Acquisition (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Net revenue | ¥ 13,408,421 | ¥ 8,886,390 | ¥ 3,707,358 | |
Net loss | 2,815,775 | $ 409,537 | ¥ 2,148,098 | ¥ 978,969 |
Tantan Limited [Member] | ||||
Net revenue | 417,998 | |||
Net loss | ¥ 519,206 |
Acquisitions - Schedule of Prof
Acquisitions - Schedule of Proforma Information of Acquisitions (Detail) - Tantan Limited [Member] - CNY (¥) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Combination Segment Allocation [Line Items] | ||
Pro forma net revenue | ¥ 13,511,439 | ¥ 8,887,543 |
Pro forma net income attributable to ordinary shareholders of Momo Inc. | ¥ 2,383,646 | ¥ 1,627,664 |
Pro forma net income per ordinary share - basic | ¥ 5.86 | ¥ 4.13 |
Pro forma net income per ordinary share - diluted | ¥ 5.50 | ¥ 3.92 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Deposit at third-party payment channels | [1] | ¥ 258,039 | ¥ 190,238 | |
Advance to suppliers | [2] | 94,100 | 140,022 | |
Interest receivable | 87,057 | 54,920 | ||
Input VAT | [3] | 69,075 | 24,164 | |
Prepaid income tax and other expenses | 55,084 | 52,499 | ||
Deferred platform commission cost | 36,189 | 27,925 | ||
Advance to game developers | 8,463 | 6,012 | ||
Game promotions fees paid on behalf of game developers | 3,069 | 17,840 | ||
Others | 9,903 | 24,562 | ||
Prepaid expenses and other current assets | ¥ 620,979 | $ 90,318 | ¥ 538,182 | |
[1] | Deposit at third party payment channels are mainly the cash deposited in certain third party payment channels by the Group for the broadcasters and the gift recipients who received the virtual items to withdraw their revenue sharing and the customer payment to the Group's account through the third party payment channels. | |||
[2] | Advance to suppliers were primarily for advertising fees, live video broadcasting service fees and other professional service fees. | |||
[3] | Input VAT mainly occurred from the purchasing of goods or 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) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Sep. 12, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Aug. 18, 2015CNY (¥) | Feb. 13, 2015CNY (¥) | |||
Investment [Line Items] | |||||||||
Long term Investments | ¥ 447,465 | $ 65,081 | ¥ 288,471 | ||||||
Hunan Qindao Cultural Spread Ltd. [Member] | |||||||||
Investment [Line Items] | |||||||||
Equity securities | [1] | 30,000 | 30,000 | ||||||
Hangzhou Faceunity Technology Limited [Member] | |||||||||
Investment [Line Items] | |||||||||
Equity securities | [2] | 70,000 | |||||||
Haining Yijiayi Culture Co Ltd [Member] | |||||||||
Investment [Line Items] | |||||||||
Equity securities | [3] | 25,000 | |||||||
Other Equity Securities [Member] | |||||||||
Investment [Line Items] | |||||||||
Equity securities | [4] | 53,125 | 49,791 | ||||||
Jingwei Chuangteng (Hangzhou) L.P. [Member] | |||||||||
Investment [Line Items] | |||||||||
Equity method investments | [5] | 64,441 | 48,273 | ||||||
Beijing Autobot Venture Capital L.P. [Member] | |||||||||
Investment [Line Items] | |||||||||
Equity method investments | 57,392 | [6] | 55,162 | [6] | ¥ 30,000 | ||||
Hangzhou Aqua Ventures Investment Management L.P. [Member] | |||||||||
Investment [Line Items] | |||||||||
Equity method investments | 105,289 | [7] | 84,492 | [7] | ¥ 50,000 | ||||
Chengdu Tianfu Qianshi Equity Lp Investment [Member] | |||||||||
Investment [Line Items] | |||||||||
Equity method investments | 20,586 | [8] | ¥ 30,000 | ||||||
Other Equity Method Investments [Member] | |||||||||
Investment [Line Items] | |||||||||
Equity method investments | [4] | ¥ 21,632 | ¥ 20,753 | ||||||
[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 RMB30,000, 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 equity security as a result of the supplemental agreement. | ||||||||
[2] | On January 17, 2018, the Group entered into a preferred share subscription agreement to acquire 10% equity of Hangzhou Faceunity Technology Limited ("Faceunity") for a total consideration of RMB70,000, which had been paid as of December 31, 2018. As the investment was neither a debt security nor an in-substance common stock, it was accounted as an equity securities without readily determinable fair values and measured at fair value using the measurement alternative. | ||||||||
[3] | On August 2, 2018, the Group invested in Haining Yijiayi Culture Co., Ltd ("Yijiayi") and acquired 5% equity for a total consideration of RMB25,000, which had been paid as of December 31, 2018. As the investment was neither a debt security nor an in-substance common stock, it was accounted as an equity securities without readily determinable fair values and measured at fair value using the measurement alternative. | ||||||||
[4] | Others represent equity method investments or equity securities without readily determinable fair values that are individually insignificant. | ||||||||
[5] | 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 RMB30,000, 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, 2017 and 2018. The Group recognized its share of partnership profit in Jingwei of RMB4,245, RMB11,677 and RMB16,168 during the year ended December 31, 2016, 2017 and 2018, respectively. | ||||||||
[6] | 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 RMB30,000. Autobot had further rounds of financing, of which the Group subscribed for RMB10,000. Due to Autobot's further round of financing, the Group's partnership interest was diluted to 26.7% as of December 31, 2017 and 2018. The committed subscription and further round of financing subscription amount, RMB40,000, was paid as of December 31, 2016. The Group recognized its share of partnership profit in Autobot of RMB5,039, RMB8,392 and RMB2,230 during the year ended December 31, 2016, 2017 and 2018, respectively. | ||||||||
[7] | 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 RMB50,000. The committed subscription amount had been fully paid as of December 31, 2016. The Group recognized its share of partnership profit in Aqua of RMB14,346, RMB20,709 and RMB20,797 during the years ended December 31, 2016, 2017 and 2018, respectively. | ||||||||
[8] | On September 12, 2018, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Chengdu Tianfu Qianshi Equity Investment Partnership L.P. ("Tianfu"). According to the partnership agreement, the Group committed to subscribe 6.8% partnership interest for RMB30,000, of which RMB12,000 had been paid as of December 31, 2018. The Group recognized its share of partnership profit in Tianfu of RMB nil, RMB nil and RMB8,586 during the years ended December 31, 2016, 2017 and 2018, respectively. |
Long-Term Investments - Additio
Long-Term Investments - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Investments, All Other Investments [Abstract] | ||||
Impairment loss on long-term investments | ¥ 43,200 | $ 6,283 | ¥ 30,085 | ¥ 39,283 |
Long-Term Investments - Summa_2
Long-Term Investments - Summary of Equity and Cost Method Investments (Parenthetical) (Detail) $ in Thousands | 12 Months Ended | ||||||||||||||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Sep. 12, 2018CNY (¥) | Aug. 02, 2018 | Jan. 17, 2018 | Jun. 08, 2016 | Aug. 18, 2015CNY (¥) | Feb. 13, 2015CNY (¥) | Jan. 09, 2015 | ||||
Investment [Line Items] | |||||||||||||||
Share of income (loss) on equity method investments | ¥ 48,660,000 | $ 7,077 | ¥ 39,729,000 | ¥ 23,194,000 | |||||||||||
Jingwei Chuangteng (Hangzhou) L.P. [Member] | |||||||||||||||
Investment [Line Items] | |||||||||||||||
Equity method investments | [1] | ¥ 64,441,000 | ¥ 48,273,000 | ||||||||||||
Percentage of ownership | 2.40% | 2.40% | 4.90% | ||||||||||||
Share of income (loss) on equity method investments | ¥ 16,168,000 | ¥ 11,677,000 | 4,245,000 | ||||||||||||
Payment of equity method investment | 30,000,000 | ||||||||||||||
Beijing Autobot Venture Capital L.P. [Member] | |||||||||||||||
Investment [Line Items] | |||||||||||||||
Equity method investments | ¥ 57,392,000 | [2] | ¥ 55,162,000 | [2] | ¥ 30,000,000 | ||||||||||
Equity method investments, further financing | ¥ 10,000,000 | ||||||||||||||
Percentage of ownership | 26.70% | 26.70% | 31.90% | ||||||||||||
Share of income (loss) on equity method investments | ¥ 2,230,000 | ¥ 8,392,000 | 5,039,000 | ||||||||||||
Payment of equity method investment | 40,000,000 | ||||||||||||||
Hangzhou Aqua Ventures Investment Management L.P. [Member] | |||||||||||||||
Investment [Line Items] | |||||||||||||||
Equity method investments | 105,289,000 | [3] | 84,492,000 | [3] | ¥ 50,000,000 | ||||||||||
Percentage of ownership | 42.70% | ||||||||||||||
Share of income (loss) on equity method investments | 20,797,000 | 20,709,000 | 14,346,000 | ||||||||||||
Chengdu Tianfu Qianshi Equity Lp Investment [Member] | |||||||||||||||
Investment [Line Items] | |||||||||||||||
Equity method investments | 20,586,000 | [4] | ¥ 30,000,000 | ||||||||||||
Payments to acquire available-for-sale securities, equity | 12,000,000 | ||||||||||||||
Percentage of ownership | 6.80% | ||||||||||||||
Share of income (loss) on equity method investments | 8,586,000 | ||||||||||||||
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 | ¥ 30,000,000 | ||||||||||||||
Hangzhou Faceunity Technology Limited [Member] | |||||||||||||||
Investment [Line Items] | |||||||||||||||
Percentage of shares acquired recorded as available for sale debt security | 10.00% | ||||||||||||||
Share purchase agreement, consideration paid | 70,000,000 | ||||||||||||||
Haining Yijiayi Culture Co Ltd [Member] | |||||||||||||||
Investment [Line Items] | |||||||||||||||
Business acquisition, equity interests acquired | 5.00% | ||||||||||||||
Payment of equity method investment | ¥ 25,000,000 | ||||||||||||||
[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 RMB30,000, 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, 2017 and 2018. The Group recognized its share of partnership profit in Jingwei of RMB4,245, RMB11,677 and RMB16,168 during the year ended December 31, 2016, 2017 and 2018, 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 RMB30,000. Autobot had further rounds of financing, of which the Group subscribed for RMB10,000. Due to Autobot's further round of financing, the Group's partnership interest was diluted to 26.7% as of December 31, 2017 and 2018. The committed subscription and further round of financing subscription amount, RMB40,000, was paid as of December 31, 2016. The Group recognized its share of partnership profit in Autobot of RMB5,039, RMB8,392 and RMB2,230 during the year ended December 31, 2016, 2017 and 2018, 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 RMB50,000. The committed subscription amount had been fully paid as of December 31, 2016. The Group recognized its share of partnership profit in Aqua of RMB14,346, RMB20,709 and RMB20,797 during the years ended December 31, 2016, 2017 and 2018, respectively. | ||||||||||||||
[4] | On September 12, 2018, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Chengdu Tianfu Qianshi Equity Investment Partnership L.P. ("Tianfu"). According to the partnership agreement, the Group committed to subscribe 6.8% partnership interest for RMB30,000, of which RMB12,000 had been paid as of December 31, 2018. The Group recognized its share of partnership profit in Tianfu of RMB nil, RMB nil and RMB8,586 during the years ended December 31, 2016, 2017 and 2018, respectively. |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Less: accumulated depreciation | ¥ (338,868) | ¥ (186,002) | |
Exchange difference | (35) | 7 | |
Total | 387,532 | $ 56,364 | 258,704 |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 513,448 | 296,559 | |
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 115,048 | 79,470 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 3,599 | 1,230 | |
Leasehold Improvement [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | ¥ 94,340 | ¥ 67,440 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | ¥ 148,238 | $ 21,560 | ¥ 78,885 | ¥ 55,845 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Intangible Assets (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Liabilities [Line Items] | ||
Less: accumulated amortization and impairment | ¥ (99,080) | ¥ (6,050) |
Exchange difference | (1,094) | |
Net book value | 1,036,986 | 48,553 |
Trade Names [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 687,164 | |
Active User [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 367,396 | |
Technology [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 27,997 | |
Licenses [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 52,433 | 52,433 |
Game copyright [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | ¥ 2,170 | ¥ 2,170 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Depreciation expenses and impairment loss | ¥ 93,030 | ¥ 6,050 | ¥ 0 |
Intangible Assets, Net - Sche_2
Intangible Assets, Net - Schedule of Future Amortization Expense (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2019 | ¥ 157,260 | |
2020 | 157,260 | |
2021 | 151,121 | |
2022 | 147,209 | |
2023 | 104,346 | |
Thereafter | 319,790 | |
Net book value | ¥ 1,036,986 | ¥ 48,553 |
Goodwill - Schedule Of Goodwill
Goodwill - Schedule Of Goodwill (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | |
Goodwill [Line Items] | |||
Beginning balance | ¥ 22,130 | ||
Goodwill acquired | 3,994,358 | ¥ 22,130 | |
Foreign exchange differences | 290,341 | ||
Ending balance | 4,306,829 | $ 626,402 | 22,130 |
Momo Inc [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 22,130 | ||
Goodwill acquired | 22,130 | ||
Ending balance | 22,130 | ¥ 22,130 | |
Tantan Limited [Member] | |||
Goodwill [Line Items] | |||
Goodwill acquired | 3,994,358 | ||
Foreign exchange differences | 290,341 | ||
Ending balance | ¥ 4,284,699 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) |
Payables and Accruals [Abstract] | |||
Accrued payroll and welfare | ¥ 302,117 | ¥ 224,618 | |
Payable for advertisement | 254,872 | 122,211 | |
Balance of users' virtual accounts | 112,488 | 92,228 | |
Other tax payables | 99,964 | 61,529 | |
Accrued professional services and rental fee | 38,415 | 23,041 | |
VAT payable | 9,208 | 10,040 | |
Others | 29,646 | 37,666 | |
Total | ¥ 846,710 | $ 123,148 | ¥ 571,333 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Detail) - Convertible Senior Notes Due 2025 [Member] ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | Jun. 26, 2018$ / shares | Jul. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Jul. 31, 2018USD ($) |
Line of Credit Facility [Line Items] | |||||
Aggregate principal amount | ¥ 4,985,000 | $ 725,000 | |||
Debt Conversion, Converted Instrument, Shares Issued | shares | 15.4776 | ||||
Conversion price | (per share) | $ 45.34 | ¥ 64.61 | |||
Debt conversion premium percentage | 42.50% | ||||
Convertible senior notes maturity date | Jul. 1, 2025 | ||||
Principal amount of each convertible note | $ | $ 1,000 | ||||
Number of notes converted into company's ADSs | 0 | 0 | |||
Convertible senior notes interest rate | 1.25% | ||||
Debt instrument, carrying value | ¥ 4,877,116 | ||||
Unamortized debt issuance costs | ¥ 107,622 | ||||
Debt instrument, effective interest rate | 1.61% | ||||
Amortization and interest expenses | ¥ 38,491 |
Fair Value - Schedule of Assets
Fair Value - Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - CNY (¥) ¥ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ¥ 2,468,034 | ¥ 4,462,194 |
Total | 2,468,034 | 4,462,194 |
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 | 2,468,034 | 4,462,194 |
Total | ¥ 2,468,034 | ¥ 4,462,194 |
Fair Value - Schedule of Reconc
Fair Value - Schedule of Reconciliation of Fair Value Measurement of Long-term Investments Using Significant Unobservable Inputs on a Recurring Basis (Detail) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2017CNY (¥) | ||
Fair Value Disclosures [Abstract] | ||
Beginning balance | ¥ 50,452 | |
Purchase | 10,000 | |
Other-than-temporary loss recognized | (30,085) | |
Reclassification to equity securities without readily determinable fair value | (30,000) | [1] |
Foreign exchange difference | ¥ (367) | |
[1] | The investment in Qindao was reclassified from long-term investments to equity securities without readily determinable fair value 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) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment loss on assets | ¥ 43,200 | $ 6,283 | ¥ 30,085 | ¥ 39,283 |
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 | ¥ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) ¥ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2018 | Aug. 31, 2014 | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | |
Income Tax Contingency [Line Items] | |||||||||
PRC statutory tax rate | 21.00% | 21.00% | 35.00% | ||||||
Deferred tax liability | ¥ 259,247 | ¥ 12,138 | |||||||
Tax loss carry forward | ¥ 70,055 | ¥ 61,774 | |||||||
Tax loss carry forward period | 20 years | 20 years | |||||||
Tax loss carry backward period | 2 years | 2 years | |||||||
Tax loss carry forward, during period | ¥ 8,281 | ||||||||
Percentage of taxable income offset by tax losses | 80.00% | 80.00% | |||||||
Significant unrecognized tax benefit | $ | $ 0 | $ 0 | $ 0 | ||||||
Interest related to penalties | $ | $ 0 | $ 0 | 0 | ||||||
Significant impact on the unrecognized tax benefits for next twelve months | $ | $ 0 | $ 0 | $ 0 | ||||||
Earliest Tax Year [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Tax years subject to tax audits | 2015 | 2015 | |||||||
Latest Tax Year [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Tax years subject to tax audits | 2017 | 2017 | |||||||
PRC [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
PRC statutory tax rate | 25.00% | 25.00% | 25.00% | 25.00% | |||||
Withholding income tax rate for dividends distributed by the PRC subsidiaries | 10.00% | 10.00% | |||||||
Deferred tax liability | ¥ 0 | ||||||||
Tax loss carry forward | ¥ 264,709 | ||||||||
Tax loss carry forward period | 5 years | 5 years | |||||||
Tax loss carry forward, expiration year | 2020 | 2020 | |||||||
PRC [Member] | High And New Technology Enterprise ("HNTE") [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Tax loss carry forward period | 10 years | 10 years | |||||||
PRC [Member] | Chengdu Momo Technology Company Limited Investment [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Percentage of reduced tax rate | 15.00% | 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% | 5.00% | |||||||
PRC [Member] | Beijing Santi Cloud Union Technology Co., Ltd. [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Percentage of reduced tax rate | 15.00% | ||||||||
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% | 25.00% | |||||||
Hong Kong [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Tax loss carry forward | ¥ 109,697 | ||||||||
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] | The first 2 million Hong Kong dollars of profits [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Profit tax rate | 8.25% | 8.25% | |||||||
Hong Kong [Member] | Remaining profits [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Profit tax rate | 16.50% | 16.50% |
Income Taxes - Components of Gr
Income Taxes - Components of Group's Deferred Tax Assets and Liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Advertising expense | ¥ 221,113 | ¥ 38,760 |
Net operating tax losses carry-forward | 103,060 | 25,792 |
Impairment on long-term investments and game copyright | 11,336 | 2,599 |
Accrued expenses | 43,631 | 5,466 |
Less: valuation allowance | (321,354) | (25,792) |
Deferred tax assets, net | 57,786 | 46,825 |
Deferred tax liabilities: | ||
Intangible assets acquired | 259,247 | 12,138 |
Deferred tax liabilities, net | ¥ 259,247 | ¥ 12,138 |
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) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Income Taxes And Tax Related [Line Items] | ||||
Net income before provision for income tax | ¥ 3,439,535 | $ 500,260 | ¥ 2,549,735 | ¥ 990,413 |
PRC statutory tax rate | 21.00% | 21.00% | 35.00% | |
Income tax expense at statutory tax rate | ¥ 859,884 | ¥ 637,434 | 247,603 | |
Permanent differences | 20,135 | (446) | (516) | |
Change in valuation allowance | 98,862 | 5,990 | (16,034) | |
Effect of income tax rate difference in other jurisdictions | 156,136 | 80,085 | 54,242 | |
Effect of tax holidays and preferential tax rates | (435,369) | (278,062) | (250,657) | |
Provision for income tax | ¥ 699,648 | $ 101,760 | ¥ 445,001 | ¥ 34,638 |
PRC [Member] | ||||
Income Taxes And Tax Related [Line Items] | ||||
PRC statutory tax rate | 25.00% | 25.00% | 25.00% | 25.00% |
Income Taxes - Increase in Inco
Income Taxes - Increase in Income Tax Expenses and Net Income Per Share Amounts (Detail) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Increase in income tax expenses | ¥ 435,369 | ¥ 278,062 | ¥ 250,657 |
Earnings per share after increase in income tax expenses - basic | ¥ 5.85 | ¥ 4.74 | ¥ 1.87 |
Earnings per share after increase in income tax expenses - diluted | ¥ 5.59 | ¥ 4.50 | ¥ 1.74 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
May 31, 2018shares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017¥ / sharesshares | Dec. 31, 2016shares | Dec. 31, 2018¥ / sharesshares | |
Class of Stock [Line Items] | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of share units | 10,122,318 | 9,476,874 | 5,197,032 | ||
Class A Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Ordinary shares, shares issued | 333,512,014 | 314,060,843 | 333,512,014 | ||
Ordinary shares, shares outstanding | 333,512,014 | 314,060,843 | 333,512,014 | ||
Ordinary shares, par value | (per share) | $ 0.0001 | ¥ 0.0001 | ¥ 0.0001 | ||
Class A Common Stock [Member] | Tantan Limited [Member] | |||||
Class of Stock [Line Items] | |||||
Share issued connection with acquisition of Tantan, shares | 5,328,853 | ||||
Class B Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Ordinary shares, shares issued | 80,364,466 | 84,364,466 | 80,364,466 | ||
Ordinary shares, shares outstanding | 80,364,466 | 84,364,466 | 80,364,466 | ||
Ordinary shares, par value | (per share) | $ 0.0001 | ¥ 0.0001 | ¥ 0.0001 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | May 31, 2018 | May 02, 2018shares | Mar. 07, 2017shares | May 17, 2016shares | Dec. 11, 2014shares | May 15, 2014$ / sharesshares | Aug. 31, 2018shares | Jul. 31, 2018shares | Jul. 31, 2016shares | Nov. 30, 2014shares | Apr. 30, 2012shares | Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016CNY (¥)shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017¥ / shares | Mar. 31, 2017shares | Apr. 30, 2016shares | Dec. 31, 2015shares | Mar. 31, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Options, vesting period | 4 years | 4 years | |||||||||||||||||||||
Options vested | 10,227,313 | 10,227,313 | |||||||||||||||||||||
Options expected to vest | 10,477,208 | 10,477,208 | |||||||||||||||||||||
Options expected to vest, weighted-average exercise price | $ / shares | $ 0.0002 | ||||||||||||||||||||||
Options expected to vest, Aggregate intrinsic value | $ | $ 136,006,000 | $ 124,415,000 | |||||||||||||||||||||
Weighted average fair value per option at grant date, Granted | $ / shares | $ 17.75 | $ 17.41 | $ 6.24 | ||||||||||||||||||||
Total intrinsic value of options exercised | $ | $ 209,797,000 | $ 154,233,000 | $ 45,581,000 | ||||||||||||||||||||
Total fair value of options vested | $ | $ 59,226,000 | $ 37,979,000 | $ 27,171,000 | ||||||||||||||||||||
Number of options, Forfeited/Canceled | 660,488 | 660,488 | |||||||||||||||||||||
Share-based compensation | ¥ 580,813,000 | $ 84,476,000 | ¥ 334,973,000 | ¥ 210,839,000 | |||||||||||||||||||
Weighted average remaining contractual term options outstanding | 7 years 4 months 9 days | 7 years 4 months 9 days | 7 years 4 months 24 days | 7 years 4 months 24 days | |||||||||||||||||||
Number of options, Granted | 5,502,868 | 5,502,868 | |||||||||||||||||||||
Class A Common Stock [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Ordinary shares, shares issued | 333,512,014 | 314,060,843 | 333,512,014 | ||||||||||||||||||||
Ordinary shares, par value | (per share) | ¥ 0.0001 | $ 0.0001 | ¥ 0.0001 | ||||||||||||||||||||
Non-Vested Restricted Shares [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share-based compensation | ¥ | ¥ 0 | ¥ 0 | ¥ 348,000 | ||||||||||||||||||||
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. | 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 | |||||||||||||||||||||
Unvested restricted shares, modification | 19,736,705 | 0 | 0 | ||||||||||||||||||||
Ordinary shares, par value | $ / shares | $ 0.0001 | ||||||||||||||||||||||
Fair value of the restricted shares, per share | $ / shares | $ 0.01 | ||||||||||||||||||||||
Fair value of the restricted shares | $ | $ 1,470,000 | ||||||||||||||||||||||
Total fair value of non-vested restricted shares vested | $ | $ 0 | $ 0 | $ 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 | ¥ | ¥ 6,609,000 | 4,173,000 | ¥ 2,295,000 | ||||||||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 17,979,000 | ||||||||||||||||||||||
Weighted average recognition period | 2 years 8 months 8 days | 2 years 8 months 8 days | |||||||||||||||||||||
2012 Plan [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Maximum aggregate number of shares issued | 44,758,220 | 44,758,220 | |||||||||||||||||||||
Number of share options granted | 0 | ||||||||||||||||||||||
2012 Plan [Member] | Employee and Executives Share Option [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share-based compensation | ¥ | 186,687,000 | ||||||||||||||||||||||
2012 Plan [Member] | Non Employee Share Options [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share-based compensation | ¥ | 20,767,000 | ||||||||||||||||||||||
2014 Plan [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share based compensation arrangements expiration Period | 10 years | 10 years | |||||||||||||||||||||
Number of options, Forfeited/Canceled | 187,500 | ||||||||||||||||||||||
Incremental cost for acceleration of vesting to permit immediate exercise | ¥ | ¥ 10,002,000 | ||||||||||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 1,054,778,000 | ||||||||||||||||||||||
Weighted average recognition period | 2 years 9 months 21 days | 2 years 9 months 21 days | |||||||||||||||||||||
Weighted average remaining contractual term options outstanding | 7 years 4 months 9 days | 7 years 4 months 9 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% | 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. | 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] | Minimum [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Options, vesting period | 2 years | 2 years | |||||||||||||||||||||
2014 Plan [Member] | Maximum [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 Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Options, vesting period | 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 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Number of share options granted | 100,000 | 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 | ¥ | ¥ 377,241,000 | 286,119,000 | |||||||||||||||||||||
2014 Plan [Member] | Non Employee Share Options [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Share-based compensation | ¥ | ¥ 14,360,000 | ¥ 44,277,000 | |||||||||||||||||||||
2015 Plan [Member] | Tantan Limited [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Maximum aggregate number of shares issued | 2,793,812 | 2,000,000 | 1,000,000 | ||||||||||||||||||||
2018 Plan | Tantan Limited [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Maximum aggregate number of shares issued | 5,963,674 | ||||||||||||||||||||||
Share based compensation arrangements expiration Period | 10 years | ||||||||||||||||||||||
Number of shares reserved for issuance, description | The maximum aggregate number of shares which may be issued shall initially be 5,963,674 ordinary shares, plus that number of ordinary shares authorized for issuance under the 2015 Plan, in an amount equal to (i) the number of ordinary shares that were not granted pursuant to the 2015 Plan, plus (ii) the number of ordinary shares that were granted pursuant to the 2015 Plan that have expired without having been exercised in full or have otherwise become unexercisable. | ||||||||||||||||||||||
2018 Plan | Options classified as Equity Awards | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Number of options, Forfeited/Canceled | 186,531 | 186,531 | |||||||||||||||||||||
Weighted average remaining contractual term options outstanding | 7 years 25 days | 7 years 5 months 12 days | 7 years 5 months 12 days | ||||||||||||||||||||
Number of options, Granted | 575,629 | 575,629 | |||||||||||||||||||||
2018 Plan | Options classified as Equity Awards | Tantan Limited [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Options vested | 358,281 | 358,281 | |||||||||||||||||||||
Options expected to vest | 1,353,711 | 1,353,711 | |||||||||||||||||||||
Options expected to vest, weighted-average exercise price | $ / shares | $ 8.58 | ||||||||||||||||||||||
Options expected to vest, Aggregate intrinsic value | $ | $ 23,534 | ||||||||||||||||||||||
Weighted average fair value per option at grant date, Granted | $ / shares | $ 14.99 | ||||||||||||||||||||||
Total intrinsic value of options exercised | $ | $ 0 | ||||||||||||||||||||||
Total fair value of options vested | $ | $ 7,600,000 | ||||||||||||||||||||||
Share-based compensation | ¥ | ¥ 94,977,000 | ||||||||||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 236,053,000 | ||||||||||||||||||||||
Weighted average recognition period | 2 years 9 months 14 days | 2 years 9 months 14 days | |||||||||||||||||||||
Weighted average remaining contractual term options outstanding | 7 years 5 months 12 days | 7 years 5 months 12 days | |||||||||||||||||||||
2018 Plan | Options classified as Liability Awards | Tantan Limited [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Options vested | 0 | 0 | |||||||||||||||||||||
Options expected to vest | 3,578,205 | 3,578,205 | |||||||||||||||||||||
Options expected to vest, weighted-average exercise price | $ / shares | $ 0.002 | ||||||||||||||||||||||
Options expected to vest, Aggregate intrinsic value | $ | $ 92,883,000 | ||||||||||||||||||||||
Weighted average fair value per option at grant date, Granted | $ / shares | $ 37.15 | ||||||||||||||||||||||
Share-based compensation | ¥ | ¥ 86,778,000 | ||||||||||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 818,092,000 | ||||||||||||||||||||||
Weighted average recognition period | 3 years 7 months 13 days | 3 years 7 months 13 days | |||||||||||||||||||||
Weighted average remaining contractual term options outstanding | 9 years 7 months 13 days | 9 years 7 months 13 days | |||||||||||||||||||||
2018 Plan | Founders [Member] | Options classified as Liability Awards | Tantan Limited [Member] | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Options, vesting period | 4 years | 4 years | 4 years | ||||||||||||||||||||
Number of options, Granted | 3,578,205 | ||||||||||||||||||||||
Share based compensation arrangement by share-based payment award, amortization period | 4 years |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Options Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | May 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options, Outstanding beginning balance | 26,969,291 | ||
Number of options, Granted | 5,502,868 | ||
Number of options, Exercised | (10,028,568) | ||
Number of options, Forfeited | (660,488) | ||
Number of options, Outstanding ending balance | 21,783,103 | 26,969,291 | |
Number of options, Exercisable | 10,227,313 | ||
Weighted average exercise price per option, Outstanding beginning balance | $ 0.0536 | ||
Weighted average exercise price per option, Granted | 0.0002 | ||
Weighted average exercise price per option, Exercised | 0.0800 | ||
Weighted average exercise price per option, Forfeited | 0.0002 | ||
Weighted average exercise price per option, Outstanding ending balance | 0.0296 | $ 0.0536 | |
Weighted average exercise price per option, Exercisable | $ 0.0628 | ||
Weighted average remaining contractual life, Outstanding beginning balance | 7 years 4 months 9 days | 7 years 4 months 24 days | |
Weighted average remaining contractual term options outstanding | 7 years 4 months 9 days | 7 years 4 months 24 days | |
Weighted average remaining contractual life, Exercisable | 5 years 11 months 23 days | ||
Aggregated intrinsic value, Outstanding beginning balance | $ 328,658 | ||
Aggregated intrinsic value, Outstanding ending balance | 258,030 | $ 328,658 | |
Aggregated intrinsic value, Exercisable | $ 120,807 | ||
Options classified as Equity Awards | 2018 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options, Outstanding beginning balance | 1,507,488 | ||
Number of options, Granted | 575,629 | ||
Number of options, Forfeited | (186,531) | ||
Number of options, Outstanding ending balance | 1,896,586 | 1,507,488 | |
Number of options, Exercisable | 358,281 | ||
Weighted average exercise price per option, Outstanding beginning balance | $ 0.9062 | ||
Weighted average exercise price per option, Granted | 21.4461 | ||
Weighted average exercise price per option, Forfeited | 0.7616 | ||
Weighted average exercise price per option, Outstanding ending balance | 7.1544 | $ 0.9062 | |
Weighted average exercise price per option, Exercisable | $ 1.0547 | ||
Weighted average remaining contractual life, Outstanding beginning balance | 7 years 25 days | 7 years 5 months 12 days | |
Weighted average remaining contractual term options outstanding | 7 years 25 days | 7 years 5 months 12 days | |
Weighted average remaining contractual life, Exercisable | 6 years 5 months 23 days | ||
Aggregated intrinsic value, Outstanding beginning balance | $ 45,969 | ||
Aggregated intrinsic value, Outstanding ending balance | 35,666 | $ 45,969 | |
Aggregated intrinsic value, Exercisable | $ 8,923 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Assumptions Used to Estimate Fair Value of Stock Options Granted (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
2014 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate of return, minimum | 3.16% | 2.47% | 1.75% |
Risk-free interest rate of return, maximum | 3.66% | 2.87% | 2.70% |
Contractual term | 10 years | 10 years | 10 years |
Volatility, minimum | 50.00% | 50.70% | 52.50% |
Volatility, maximum | 50.70% | 54.00% | 55.30% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Exercise price | $ 0.0002 | $ 0.0002 | $ 0.0002 |
2018 Plan | Options classified as Equity Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate of return | 3.58% | ||
Contractual term | 10 years | ||
Volatility | 55.40% | ||
Dividend yield | 0.00% | ||
2018 Plan | Options classified as Liability Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate of return, minimum | 3.39% | ||
Risk-free interest rate of return, maximum | 3.58% | ||
Contractual term | 10 years | ||
Volatility, minimum | 55.40% | ||
Volatility, maximum | 55.60% | ||
Dividend yield | 0.00% | ||
Exercise price | $ 0.002 | ||
2018 Plan | Minimum [Member] | Options classified as Equity Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price | 1.6 | ||
2018 Plan | Maximum [Member] | Options classified as Equity Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price | $ 25 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Non-Vested Restricted Share Activity (Detail) - Non-Vested Restricted Shares [Member] - shares | May 15, 2014 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares, Outstanding beginning balance | 28,625,378 | |
Number of shares, Granted | 0 | |
Number of shares, Modification | 19,736,705 | 0 |
Number of shares, Vested | (28,625,378) | |
Number of shares, Outstanding ending balance | 45,937,500 |
Net Income Per Share - Calculat
Net Income Per Share - Calculation of Net Income Per Share (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | Dec. 31, 2016CNY (¥)¥ / sharesshares | |||
Numerator: | ||||||
Net income attributable to Momo Inc. | ¥ 2,815,775 | $ 409,537 | ¥ 2,148,098 | ¥ 978,969 | ||
Net income attributed to ordinary shareholders for computing net income per ordinary share-basic and diluted | ¥ | ¥ 2,815,775 | ¥ 2,148,098 | ¥ 957,419 | |||
Denominator for computing net income per share-basic: | ||||||
Weighted average ordinary shares outstanding used in computing net income per ordinary share-basic | 407,009,875 | 407,009,875 | 394,549,323 | 377,335,923 | ||
Denominator for computing net income per share-diluted: | ||||||
Weighted average shares outstanding used in computing net income per ordinary share-diluted | 433,083,643 | [1] | 433,083,643 | [1] | 415,265,078 | 407,041,165 |
Net income per ordinary share attributable to Momo Inc. - basic | (per share) | ¥ 6.92 | $ 1.01 | ¥ 5.44 | ¥ 2.54 | ||
Net income per ordinary share attributable to Momo Inc. - diluted | (per share) | ¥ 6.59 | $ 0.96 | ¥ 5.17 | ¥ 2.41 | ||
Non-Vested Restricted Shares [Member] | ||||||
Numerator: | ||||||
Undistributed earnings | ¥ | ¥ (21,550) | |||||
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 | |||||
Denominator for computing net income per share-diluted: | ||||||
Net income per ordinary share attributable to Momo Inc. - basic | ¥ / shares | ¥ 2.54 | |||||
[1] | The calculation of the weighted average number of ordinary shares for the purpose of diluted net income per share has considered the effect of certain potentially dilutive securities. For the year ended December 31, 2016, an incremental weighted average number of 7,155,060 nonvested restricted shares and an incremental weighted average number of 22,550,182 ordinary shares from the assumed exercise of share options and vesting of restricted share units using the treasury stock method were included. |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | 1,117,334 | 768,266 | 152,500 |
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 |
Net Income Per Share - Calcul_2
Net Income Per Share - Calculation of Net Income Per Share (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2016shares | |
Non-Vested Restricted Shares [Member] | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |
Incremental weighted average number of shares | 7,155,060 |
Share Options [Member] | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |
Incremental weighted average number of shares | 22,550,182 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Convertible Note [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Incremental weighted average number of shares | 11,251,916 | |
RSUs [Member] | Share Options [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Incremental weighted average number of shares | 14,821,852 | 20,715,755 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Lease and Investment Commitments [Line Items] | |||
Lease expiration year | 2022 | ||
Rental expenses under operating leases | ¥ 78,713 | ¥ 58,861 | ¥ 31,554 |
Partnership Interest [Member] | |||
Lease and Investment Commitments [Line Items] | |||
Equity method investments equity contribution obligation | ¥ 47,500 | ¥ 30,001 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Payments under Non-Cancellable Operating Leases (Detail) ¥ in Thousands | Dec. 31, 2018CNY (¥) |
Leases [Abstract] | |
2019 | ¥ 99,133 |
2020 | 82,697 |
2021 | 26,980 |
2022 | 8,633 |
Total | ¥ 217,443 |
Related Party Balances and Tr_3
Related Party Balances and Transactions - Schedule of Amount Due from Related Parties-current (Detail) ¥ in Thousands | Dec. 31, 2017CNY (¥) | |
Related Party Transaction [Line Items] | ||
Amount due from related parties | ¥ 33,460 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||
Related Party Transaction [Line Items] | ||
Amount due from related parties | ¥ 33,460 | [1] |
[1] | The amount of RMB33,460 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 Tr_4
Related Party Balances and Transactions - Schedule of Amount Due from Related Parties-current (Parenthetical) (Detail) ¥ in Thousands | Dec. 31, 2017CNY (¥) | |
Related Party Transaction [Line Items] | ||
Advance payment of revenue | ¥ 33,460 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||
Related Party Transaction [Line Items] | ||
Advance payment of revenue | 33,460 | [1] |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | Deferred Revenues Net [Member] | ||
Related Party Transaction [Line Items] | ||
Advance payment of revenue | ¥ 33,460 | |
[1] | The amount of RMB33,460 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 Tr_5
Related Party Balances and Transactions - Schedule of Amount Due to Related Parties-current (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Amount due to related parties | ¥ 82,948 | $ 12,064 | ¥ 37,760 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | [1] | 43,178 | 32 | |
Ordinary Shareholders [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | [2] | 39,704 | 37,572 | |
Others [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | ¥ 66 | ¥ 156 | ||
[1] | The amount of RMB43,178 as of December 31, 2018 primarily represented the unpaid revenue sharing of live video service to Hunan Qindao Network Media Technology Co., Ltd. | |||
[2] | The amount of RMB37,572 and RMB39,704 as of December 31, 2017 and 2018 primarily included the unpaid repurchase amount by the Group to its ordinary shareholders. |
Related Party Balances and Tr_6
Related Party Balances and Transactions - Schedule of Amount Due to Related Parties-current (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Amount due to related parties | ¥ 82,948 | $ 12,064 | ¥ 37,760 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | [1] | 43,178 | 32 | |
Ordinary Shareholders [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | [2] | 39,704 | 37,572 | |
Unpaid Repurchase [Member] | Ordinary Shareholders [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | 39,704 | ¥ 37,572 | ||
Unpaid Revenue [Member] | Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | ¥ 43,178 | |||
[1] | The amount of RMB43,178 as of December 31, 2018 primarily represented the unpaid revenue sharing of live video service to Hunan Qindao Network Media Technology Co., Ltd. | |||
[2] | The amount of RMB37,572 and RMB39,704 as of December 31, 2017 and 2018 primarily included the unpaid repurchase amount by the Group to its ordinary shareholders. |
Related Party Balances and Tr_7
Related Party Balances and Transactions - Schedule of Sales to Related Parties (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Related Party Transaction [Line Items] | |||
Sales to related parties | ¥ 21,722 | ¥ 16,135 | |
Hangzhou Yihong Advertisement Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related parties | [1] | 17,659 | |
Hangzhou Alimama Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related parties | [1] | 2,309 | 273 |
Guangzhou Aijiuyou Informational Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related parties | [2] | 1,242 | 2,660 |
Zhejiang Tmall Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related parties | [1] | 500 | 5,462 |
Shanghai Xisue Network Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related parties | [1] | 5,981 | |
Taobao (China) Software Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related parties | [1] | 1,698 | |
Others [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related parties | ¥ 12 | ¥ 61 | |
[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 Tr_8
Related Party Balances and Transactions - Schedule of Purchase from Related Parties (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | ¥ 431,350 | ¥ 278,873 | ¥ 53,797 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [1] | 429,345 | 139,406 | 26,759 |
Beijing Shiyue Haofeng Media Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [1] | ¥ 2,005 | ||
Alibaba Cloud Computing Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [2] | 74,705 | 22,534 | |
Hunan Qindao Cultural Spread Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [1] | 61,676 | ||
Taobao (China) Software Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | 2,283 | 2,169 | ||
Guangzhou Jianyue Information Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | ¥ 803 | |||
Shanghai Touch Future Network Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | ¥ 2,335 | |||
[1] | The purchases from Hunan Qindao Network Media Technology Co., Ltd., Beijing Shiyue Haofeng Media Co. Ltd. and Hunan Qindao Cultural Spread Ltd. mainly represent the revenue sharing with talent agencies of live video service. | |||
[2] | The sales to related parties represented mobile game revenue generated through those game operating companies. |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Segment | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting [Abstract] | |||
Number of operating segments | 3 | 1 | 1 |
Segment Information - Component
Segment Information - Components of Revenues (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | |
Revenue from External Customer [Line Items] | ||||
Net revenues: | ¥ 13,408,421 | ¥ 8,886,390 | ¥ 3,707,358 | |
Cost and expenses: | ||||
Cost of revenues | (7,182,897) | $ (1,044,709) | (4,373,377) | (1,619,327) |
Research and development | (760,644) | (346,144) | (208,647) | |
Sales and marketing | (1,812,262) | (263,583) | (1,467,376) | (647,238) |
General and administrative | (640,023) | (93,087) | (422,005) | (259,712) |
Total cost and expenses | (10,395,826) | (1,512,010) | (6,608,902) | (2,734,924) |
Other operating income | 253,697 | 36,899 | 156,764 | 2,659 |
Income (loss) from operations | 3,266,292 | 475,063 | 2,434,252 | 975,093 |
Interest income | 272,946 | 39,698 | 145,568 | 54,603 |
Interest expense | (56,503) | (8,218) | ||
Impairment loss on long-term investments | (43,200) | (6,283) | (30,085) | (39,283) |
Income tax expense | (699,648) | (101,760) | (445,001) | (34,638) |
Share of income on equity method investments | 48,660 | 7,077 | 39,729 | 23,194 |
Net income | 2,788,547 | $ 405,577 | 2,144,463 | 978,969 |
Momo Inc [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues: | 12,812,421 | 8,884,823 | 3,707,358 | |
Cost and expenses: | ||||
Cost of revenues | (6,572,954) | (4,373,377) | (1,619,327) | |
Research and development | (614,064) | (346,144) | (208,647) | |
Sales and marketing | (1,269,493) | (1,457,658) | (647,238) | |
General and administrative | (472,057) | (417,866) | (259,712) | |
Total cost and expenses | (8,928,568) | (6,595,045) | (2,734,924) | |
Other operating income | 252,458 | 156,764 | 2,659 | |
Income (loss) from operations | 4,136,311 | 2,446,542 | 975,093 | |
Interest income | 268,583 | 145,568 | 54,603 | |
Interest expense | (56,503) | |||
Impairment loss on long-term investments | (43,200) | (30,085) | (39,283) | |
Income tax expense | (716,729) | (445,001) | (34,638) | |
Share of income on equity method investments | 48,660 | 39,729 | 23,194 | |
Net income | 3,637,122 | 2,156,753 | ¥ 978,969 | |
Tantan Limited [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues: | 417,998 | |||
Cost and expenses: | ||||
Cost of revenues | (174,858) | |||
Research and development | (146,580) | |||
Sales and marketing | (520,161) | |||
General and administrative | (121,887) | |||
Total cost and expenses | (963,486) | |||
Other operating income | 173 | |||
Income (loss) from operations | (545,315) | |||
Interest income | 4,285 | |||
Income tax expense | 21,824 | |||
Net income | (519,206) | |||
Qool Inc [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues: | 178,002 | 1,567 | ||
Cost and expenses: | ||||
Cost of revenues | (435,085) | |||
Sales and marketing | (22,608) | (9,718) | ||
General and administrative | (46,079) | (4,139) | ||
Total cost and expenses | (503,772) | (13,857) | ||
Other operating income | 1,066 | |||
Income (loss) from operations | (324,704) | (12,290) | ||
Interest income | 78 | |||
Income tax expense | (4,743) | |||
Net income | ¥ (329,369) | ¥ (12,290) |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Provisions for employee benefits | ¥ 166,998 | ¥ 95,150 | ¥ 60,403 |
Statutory Reserves and Restri_2
Statutory Reserves and Restricted Net Assets - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | ¥ 5,194 | ¥ 185,270 | ¥ 119,308 |
Capital reserves not available for distribution | 1,477,339 | 862,484 | 677,213 |
Statutory reserves not available for distribution | ¥ 1,477,339 | ¥ 862,484 | ¥ 677,213 |
Subsequent Event -Additional In
Subsequent Event -Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 12, 2019 | Apr. 30, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | |||
Options, vesting period | 4 years | ||
Number of options, Granted | 5,502,868 | ||
Exercise price of share options granted | $ 0.0800 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Dividend record date | Apr. 5, 2019 | ||
Ex-dividend date | Apr. 4, 2019 | ||
Employee and Executives Share Option [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Options, vesting period | 4 years | ||
Number of options, Granted | 3,219,296 | ||
Exercise price of share options granted | $ 0.0002 | ||
Directors [Member] | Subsequent Event [Member] | RSUs [Member] | |||
Subsequent Event [Line Items] | |||
Number of share options granted | 130,000 | ||
Dividend Declared [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Aggregate amount dividend payable | $ 128 | ||
Dividend Paid [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Dividend payable date | Apr. 30, 2019 | ||
American Depository Shares [Member] | Dividend Declared [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Cash dividend amount per ADS | $ 0.62 | ||
Common Stock [Member] | Dividend Declared [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Cash dividend amount per ADS | $ 0.31 |