Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
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 |
Entity Interactive Data Current | Yes |
Entity File Number | 001-36765 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 20th Floor, Block B |
Entity Address, Address Line Two | Tower 2, Wangjing SOHO |
Entity Address, Address Line Three | No. 1 Futongdong Street |
Entity Address, City or Town | Beijing |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 100102 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | U.S. GAAP |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 20th Floor, Block B |
Entity Address, Address Line Two | Tower 2, Wangjing SOHO |
Entity Address, Address Line Three | No. 1 Futongdong Street |
Entity Address, City or Town | Beijing |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 100102 |
Contact Personnel Name | Jonathan Xiaosong Zhang |
Contact Personnel Email Address | ir@immomo.com |
American depositary shares [Member] | |
Document Information [Line Items] | |
Trading Symbol | MOMO |
Title of 12(b) Security | American depositary shares |
Security Exchange Name | NASDAQ |
Class A Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 336,914,844 |
Title of 12(b) Security | Class A ordinary shares, par value US$0.0001 per share |
Security Exchange Name | NASDAQ |
No Trading Symbol Flag | true |
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, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Current assets | |||
Cash and cash equivalents | $ 375,297 | ¥ 2,612,743 | ¥ 2,468,034 |
Short-term deposits | 1,768,592 | 12,312,585 | 8,824,610 |
Accounts receivable, net of allowance for doubtful accounts of RMB nil and RMB12,209 as of December 31, 2018 and 2019, respectively | 38,087 | 265,155 | 719,606 |
Amount due from related parties | 629 | 4,382 | |
Prepaid expenses and other current assets | 86,041 | 599,000 | 620,979 |
Total current assets | 2,268,646 | 15,793,865 | 12,633,229 |
Long-term deposits | 43,092 | 300,000 | |
Right-of-use assets, net | 27,371 | 190,552 | |
Property and equipment, net | 49,749 | 346,345 | 387,532 |
Intangible assets | 127,884 | 890,303 | 1,036,986 |
Rental deposits | 3,595 | 25,028 | 24,192 |
Long-term investments | 71,232 | 495,905 | 447,465 |
Other non-current assets | 6,322 | 44,009 | 71,519 |
Deferred tax assets | 5,324 | 37,064 | 57,786 |
Goodwill | 626,362 | 4,360,610 | 4,306,829 |
Total assets | 3,229,577 | 22,483,681 | 18,965,538 |
Current liabilities | |||
Accounts payable (including accounts payable of the consolidated VIEs without recourse to the Company of RMB549,173 and RMB611,471 as of December 31, 2018 and 2019, respectively) | 102,604 | 714,323 | 718,362 |
Deferred revenue (including deferred revenue of the consolidated VIEs without recourse to the Company of RMB441,392 and RMB497,166 as of December 31, 2018 and 2019, respectively) | 72,318 | 503,461 | 441,892 |
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Company of RMB304,363 and RMB244,759 as of December 31, 2018 and 2019, respectively) | 141,611 | 985,873 | 846,710 |
Amount due to related parties (including amount due to related parties of the consolidated VIEs without recourse to the Company of RMB43,213 and RMB29,554 as of December 31, 2018 and 2019, respectively) | 4,253 | 29,606 | 82,948 |
Lease liabilities due within one year (including lease liabilities due within one year of the consolidated VIEs without recourse to the Company of RMB nil and RMB6,830 as of December 31, 2018 and 2019, respectively) | 19,416 | 135,169 | |
Income tax payable (including income tax payable of the consolidated VIEs without recourse to the Company of RMB113,733 and RMB122,403 as of December 31, 2018 and 2019, respectively) | 22,117 | 153,976 | 137,090 |
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, 2018 and 2019, respectively) | 12,116 | 84,346 | 469,274 |
Total current liabilities | 374,435 | 2,606,754 | 2,696,276 |
Deferred tax liabilities | 31,971 | 222,576 | 259,247 |
Share-based compensation liability | 129,571 | 902,047 | 86,767 |
Lease liabilities | 8,115 | 56,498 | |
Other non-current liabilities | 3,257 | 22,672 | 23,273 |
Total liabilities | 1,258,997 | 8,764,899 | 7,942,679 |
Commitments and contingencies (Note 18) | |||
Equity | |||
Treasury stock | (57,782) | (402,267) | (402,267) |
Additional paid-in capital | 885,515 | 6,164,781 | 5,657,838 |
Retained earnings | 1,072,222 | 7,464,585 | 5,361,154 |
Accumulated other comprehensive income | 43,478 | 302,687 | 313,564 |
Non-controlling interest | 27,108 | 188,724 | 92,300 |
Total equity | 1,970,580 | 13,718,782 | 11,022,859 |
Total liabilities and equity | 3,229,577 | 22,483,681 | 18,965,538 |
Senior Notes [Member] | |||
Current liabilities | |||
Convertible senior notes | 711,648 | 4,954,352 | 4,877,116 |
Class A Common Stock [Member] | |||
Equity | |||
Ordinary shares, value | 32 | 221 | 219 |
Class B Common Stock [Member] | |||
Equity | |||
Ordinary shares, value | $ 7 | ¥ 51 | ¥ 51 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares |
Allowance for doubtful accounts | ¥ 12,209 | ¥ 0 | |
Accounts payable of consolidated VIE without recourse | $ 102,604 | 714,323 | 718,362 |
Deferred revenue of consolidated VIE without recourse | 72,318 | 503,461 | 441,892 |
Accrued expenses and other current liabilities of consolidated VIE without recourse | 141,611 | 985,873 | 846,710 |
Amount due to related parties of the consolidated VIE without recourse the Company | 4,253 | 29,606 | 82,948 |
Income tax payable of the consolidated VIE without recourse | 22,117 | 153,976 | 137,090 |
Deferred consideration in connection with business acquisitions of the consolidated VIEs without recourse | 12,116 | 84,346 | 469,274 |
Operating lease liability current | $ 19,416 | 135,169 | |
Beijing Momo Technology Co., Ltd. [Member] | |||
Allowance for doubtful accounts | 12,209 | 0 | |
Accounts payable of consolidated VIE without recourse | 611,471 | 549,173 | |
Deferred revenue of consolidated VIE without recourse | 497,166 | 441,392 | |
Accrued expenses and other current liabilities of consolidated VIE without recourse | 244,759 | 304,363 | |
Amount due to related parties of the consolidated VIE without recourse the Company | 29,554 | 43,213 | |
Income tax payable of the consolidated VIE without recourse | 122,403 | 113,733 | |
Deferred consideration in connection with business acquisitions of the consolidated VIEs without recourse | 0 | 0 | |
Operating lease liability current | ¥ 6,830 | ¥ 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 | 336,914,844 | 336,914,844 | 333,512,014 |
Ordinary shares, shares outstanding | shares | 336,914,844 | 336,914,844 | 333,512,014 |
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 | 80,364,466 |
Ordinary shares, shares outstanding | shares | 80,364,466 | 80,364,466 | 80,364,466 |
Consolidated Statements of Oper
Consolidated Statements of Operations ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | |||
Income Statement [Abstract] | ||||||
Net revenues | $ 2,444,065 | ¥ 17,015,089 | ¥ 13,408,421 | ¥ 8,886,390 | ||
Cost and expenses: | ||||||
Cost of revenues (including share-based compensation of RMB13,547, RMB 21,661 and RMB23,972 in 2017, 2018 and 2019, respectively) | (1,219,813) | (8,492,096) | (7,182,897) | (4,373,377) | ||
Research and development (including share-based compensation of RMB59,190, RMB152,806 and RMB175,053 in 2017, 2018 and 2019, respectively) | (157,291) | (1,095,031) | (760,644) | (346,144) | ||
Sales and marketing (including share-based compensation of RMB79,032, RMB142,927 and RMB196,311 in 2017, 2018 and 2019, respectively) | (386,513) | (2,690,824) | (1,812,262) | (1,467,376) | ||
General and administrative (including share-based compensation of RMB183,204, RMB 263,419 and RMB1,012,896 in 2017, 2018 and 2019, respectively) | (219,380) | (1,527,282) | (640,023) | (422,005) | ||
Total cost and expenses | (1,982,997) | (13,805,233) | (10,395,826) | (6,608,902) | ||
Other operating income | 49,534 | 344,843 | 253,697 | 156,764 | ||
Income from operations | 510,602 | 3,554,699 | 3,266,292 | 2,434,252 | ||
Interest income | 58,540 | 407,542 | 272,946 | 145,568 | ||
Interest expense | (11,292) | (78,611) | (56,503) | |||
Impairment loss on long-term investments | (2,257) | (15,711) | (43,200) | (30,085) | ||
Income before income tax and share of income on equity method investments | 555,593 | 3,867,919 | 3,439,535 | 2,549,735 | ||
Income tax expense | (126,950) | (883,801) | (699,648) | (445,001) | ||
Income before share of income (loss) on equity method investments | 428,643 | 2,984,118 | 2,739,887 | 2,104,734 | ||
Share of income (loss) on equity method investments | (3,354) | (23,350) | 48,660 | 39,729 | ||
Net income | 425,289 | 2,960,768 | 2,788,547 | 2,144,463 | ||
Less: net loss attributable to non-controlling interest | (1,454) | (10,122) | (27,228) | (3,635) | ||
Net income attributable to the shareholders of Momo Inc. | $ 426,743 | ¥ 2,970,890 | ¥ 2,815,775 | ¥ 2,148,098 | ||
Net income per share attributable to ordinary shareholders | ||||||
Basic | (per share) | $ 1.03 | ¥ 7.15 | ¥ 6.92 | ¥ 5.44 | ||
Diluted | (per share) | $ 0.97 | ¥ 6.76 | ¥ 6.59 | ¥ 5.17 | ||
Weighted average shares used in calculating net income per ordinary share | ||||||
Basic | 415,316,627 | 415,316,627 | 407,009,875 | 394,549,323 | ||
Diluted | 451,206,091 | [1] | 451,206,091 | [1] | 433,083,643 | 415,265,078 |
[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 RSUs 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, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Share-based compensation | ¥ 1,408,232 | ¥ 580,813 | ¥ 334,973 |
Cost Of Revenues [Member] | |||
Share-based compensation | 23,972 | 21,661 | 13,547 |
Research And Development [Member] | |||
Share-based compensation | 175,053 | 152,806 | 59,190 |
Sales And Marketing [Member] | |||
Share-based compensation | 196,311 | 142,927 | 79,032 |
General And Administrative [Member] | |||
Share-based compensation | ¥ 1,012,896 | ¥ 263,419 | ¥ 183,204 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 425,289 | ¥ 2,960,768 | ¥ 2,788,547 | ¥ 2,144,463 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustment | (1,269) | (8,835) | 198,654 | (155,368) |
Comprehensive income | 424,020 | 2,951,933 | 2,987,201 | 1,989,095 |
Less: comprehensive loss attributed to the non-controlling interest | (1,161) | (8,081) | (24,613) | (3,635) |
Comprehensive income attributable to Momo Inc. | $ 425,181 | ¥ 2,960,014 | ¥ 3,011,814 | ¥ 1,992,730 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity ¥ in Thousands, $ in Thousands | USD ($)shares | CNY (¥)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, 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 | 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 | ¥ 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 | 196,039 | 2,615 | ||||||||||
Balance at Dec. 31, 2018 | 11,022,859 | ¥ 270 | 5,657,838 | (402,267) | 5,361,154 | 313,564 | 92,300 | ||||||
Balance, Shares at Dec. 31, 2018 | shares | 413,876,480 | ||||||||||||
Net income | $ 425,289 | 2,960,768 | 2,970,890 | (10,122) | |||||||||
Share-based compensation | 611,262 | 506,758 | 104,504 | ||||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | ¥ 187 | ¥ 2 | 185 | ||||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | shares | 3,402,830 | 3,402,830 | 3,402,830 | ||||||||||
Cash Dividend | ¥ (867,459) | (867,459) | |||||||||||
Foreign currency translation adjustment | $ (1,269) | (8,835) | (10,877) | 2,042 | |||||||||
Balance at Dec. 31, 2019 | $ 1,970,580 | ¥ 13,718,782 | ¥ 272 | ¥ 6,164,781 | ¥ (402,267) | ¥ 7,464,585 | ¥ 302,687 | ¥ 188,724 | |||||
Balance, Shares at Dec. 31, 2019 | shares | 417,279,310 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Cash flows from operating activities | ||||
Net income | $ 425,289 | ¥ 2,960,768 | ¥ 2,788,547 | ¥ 2,144,463 |
Adjustments to reconcile net income to net cash provided by operating activities | ||||
Depreciation of property and equipment | 28,475 | 198,237 | 148,238 | 78,885 |
Amortization of intangible assets | 22,689 | 157,954 | 93,030 | 4,784 |
Share-based compensation | 202,279 | 1,408,232 | 580,813 | 334,973 |
Share of income (loss) on equity method investments | 3,354 | 23,350 | (48,660) | (39,729) |
Impairment loss on long-term investments | 2,257 | 15,711 | 43,200 | 30,085 |
Impairment loss on intangible assets | 1,266 | |||
Loss (gain) on disposal of property and equipment | (57) | (398) | (1,283) | 112 |
Provision (reversal) of allowance for doubtful accounts | 1,754 | 12,209 | (585) | 585 |
Changes in operating assets and liabilities | ||||
Accounts receivable | 63,515 | 442,176 | (440,644) | (7,725) |
Prepaid expenses and other current assets | 3,788 | 26,372 | (67,304) | (306,838) |
Amount due from related parties | (629) | (4,382) | 33,463 | (32,846) |
Deferred tax assets | 2,977 | 20,722 | (10,961) | (44,883) |
Rental deposits | (120) | (836) | (3,817) | (10,902) |
Other non-current assets | (3,451) | (24,022) | (45,534) | (5,234) |
Accounts payable | 7,505 | 52,246 | 233,713 | 174,290 |
Income tax payable | 2,426 | 16,886 | (38,791) | 152,277 |
Deferred revenue | 8,854 | 61,641 | (14,249) | 135,443 |
Accrued expenses and other current liabilities | 30,502 | 212,349 | 51,903 | 292,054 |
Amount due to related parties | (7,618) | (53,032) | 43,024 | (16,070) |
Deferred tax liability | (6,519) | (45,382) | (22,923) | (969) |
Other non-current liabilities | (4,584) | (31,915) | 6,538 | 2,086 |
Net cash provided by operating activities | 782,686 | 5,448,886 | 3,327,718 | 2,886,107 |
Cash flows from investing activities | ||||
Purchase of property and equipment | (26,792) | (186,522) | (242,843) | (218,627) |
Proceeds from disposal of property and equipment | 116 | 808 | 2,214 | 59 |
Payment for long-term investments | (9,265) | (64,500) | (65,125) | (53,928) |
Prepayment for long-term investments | (2,155) | (15,000) | (55,000) | (50,000) |
Payment for acquired intangible assets | (18,979) | |||
Payment for business acquisition, net of cash acquired | (3,318,841) | |||
Purchase of short-term deposits | (3,181,811) | (22,151,135) | (20,287,302) | (4,028,058) |
Cash received on maturity of short-term deposits | 2,684,138 | 18,686,430 | 13,922,393 | 4,191,859 |
Payment for short-term investments | (51,711) | (360,000) | (457,200) | (15,700) |
Cash received from sales of short-term investment | 51,711 | 360,000 | 467,700 | 5,200 |
Purchase of long-term deposits | (43,092) | (300,000) | ||
Net cash used in investing activities | (578,861) | (4,029,919) | (10,034,004) | (188,174) |
Cash flows from financing activities | ||||
Capital contribution from non-controlling interest shareholder | 12 | 490 | ||
Deferred payment of purchase of property and equipment | (2,458) | (17,114) | (8,562) | (1,496) |
Proceeds from exercise of share options | 27 | 187 | 5,313 | 3,839 |
Dividends payment | (126,023) | (877,346) | ||
Proceeds from bank loan | 1,913,190 | |||
Repayment of bank loan | (2,041,680) | |||
Deferred payment for business acquisition | (54,513) | (379,507) | ||
Proceeds from issuance of convertible notes, net of issuance cost of RMB114,382 | 4,819,678 | |||
Net cash provided by financing activities | (182,967) | (1,273,780) | 4,687,951 | 2,833 |
Effect of exchange rate changes | (72) | (478) | 24,175 | (26,840) |
Net increase (decrease) in cash and cash equivalents | 20,786 | 144,709 | (1,994,160) | 2,673,926 |
Cash and cash equivalents at the beginning of year | 354,511 | 2,468,034 | 4,462,194 | 1,788,268 |
Cash and cash equivalents at the end of year | 375,297 | 2,612,743 | 2,468,034 | 4,462,194 |
Non-cash investing and financing activities | ||||
Payable for purchase of property and equipment | 438 | 3,051 | 49,407 | 47,267 |
Payable for repurchase of ordinary shares | 44,347 | ¥ 41,966 | ||
Deferred consideration in connection with business acquisition | 12,116 | 84,346 | 469,274 | |
Ordinary shares issued for the acquisition of Tantan Limited | ¥ 784,215 | |||
Right-of-use assets acquired in operating lease | $ 18,294 | ¥ 127,362 |
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, 2019 | |
Text Block [Abstract] | |
Organization and Principal Activities | 1. ORGANIZATION 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 RMB3,930,246 (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, 2019, 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”) Qool Media HongKong Limited (“QOOL HK”) Tantan Limited (“Tantan”) Tantan Hong Kong Limited (“Tantan HK”) 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”) * Momo Pictures Co., Ltd. (“Momo Pictures”) * * 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, Momo Pictures 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 s Pursuant to the Power of Attorney s attorney-in-fact s (2) Exclusive Call Option Agreement s Under the Exclusive Call Option Agreement s 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 a 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 s s s Agreements that transfer economic benefits to the Company: (1) Exclusive Cooperation Agreements Each relevant VIEs has entered into an exclusive technology services a a (2) Equity Interest Pledge Agreement s 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 s 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 Agreements and Exclusive Call Option Agreements. (3) Business Operations Agreements Under the Business Operations Agreements 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 s The Company’s ability to control the VIEs also depends on the Power of Attorney s s 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, 2018 2019 RMB RMB Cash and cash equivalents 1,502,395 1,147,848 Short- t — 800,000 Accounts receivable, net of allowance for doubtful accounts of RMB 8 9 719,606 259,250 Amount due from related parties — 4,382 Prepaid expenses and other current assets 425,974 416,862 Total current assets 2,647,975 2,628,342 Right-of-use assets, net — 39,693 Property and equipment, net 72,539 42,668 Intangible assets 42,821 37,089 Rental deposits 11,619 10,570 Long-term investments 447,465 495,905 Deferred tax assets 52,887 34,514 Other non-current assets 67,480 43,970 Goodwill 22,130 22,130 Total assets 3,364,916 3,354,881 Accounts payable 549,173 611,471 Deferred revenue 441,392 497,166 Accrued expenses and other current liabilities 304,363 244,759 Amounts due to related parties 43,213 29,554 Lease liabilities due within one year — 6,830 Income tax payable 113,733 122,403 Total current liabilities 1,451,874 1,512,183 Deferred tax liabilities 10,705 9,272 Lease liabilities — 17,466 Total liabilities 1,462,579 1,538,921 For the years ended December 31, 2017 2018 2019 RMB RMB RMB Net revenues 8,886,390 13,408,421 17,001,337 Net income 4,890,438 6,292,183 8,511,991 Net cash provided by operating activities 4,997,183 5,913,709 9,125,496 Net cash used in investing activities (174,333 ) (151,546 ) (881,828 ) Net cash provided by financing activities 490 — 11,000 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 on The VIEs contributed an aggregate of 100% , 100% and 99.9% , and 2019 short-term deposits, long- 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 22 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, 2019 | |
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. Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income, total assets, total liabilities, or total shareholders’ equity. 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 the acquisition’s purchase price allocation, the useful lives and impairment of property and equipment and intangible assets, the impairment of long-term investments and 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. Short-term deposits Short-term deposits consist of bank deposits with an original maturity of over three months but within one year. Long-term deposits Long-term deposits represent time deposits placed in banks with original maturities of more than one year. Interest earned is recorded as interest income in the consolidated statements of operations during the periods presented. 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, short-term deposits, long-term deposits, accounts receivable, equity securities without readily determinable fair value, accounts payable, deferred revenue, convertible senior notes, 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 short-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. 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. The carrying value of long-term deposits approximates to fair value as the interest rates were determined based on the prevailing interest rates in the market. The Group classifies the valuation techniques that use these inputs as Level 2 in the fair value hierarchy. The fair value of the Company’s convertible senior notes is discussed in Note 12. 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 RMB2,008 million and RMB2,434 million as of December 31, 2018 and 2019, 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, short-term deposits, long- Third-party application stores and other payment channels accounting for 10% or more of accounts receivables are as follows: As of December 31, 2018 2019 A 14 % 26 % B 5 % 12 % C 12 % 9 % Users or customers accounting for 10% or more of accounts receivables is as follows: As of December 31, 2018 2019 D 59 % 0 % Concentration of revenue No user or customer accounted for 10% or more of net revenues for the years ended December 31, 2017, 2018 and 2019, 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 2017-01, 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, 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 consolidated 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 (loss) 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. Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. 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 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 statements of operations 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 The Company adopted ASC Topic 606, Revenue from Contracts with Customers Topic from January 1, 2018, using the modified retrospective method. Revenues for the years ended December 31, 2018 and 2019 are presented under Topic 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, 2017, 2018 and 2019, 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, 2019 Momo Tantan QOOL RMB RMB RMB Live video service 12,448,131 — — Value-added services 2,846,057 1,259,906 — Mobile marketing 331,822 — — Mobile games 92,451 — — Other services 22,354 — 14,368 Total 15,740,815 1,259,906 14,368 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 (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 non-refundable non-refundable, point-in-time 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 users. 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 s Users also have the right to purchase various combinations of virtual items and virtual item coupons 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 with a purchase. The virtual item coupons 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 or virtual item coupons 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 is 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 item coupons is insignificant as historical data shows that virtual item coupons are consumed shortly after they are released to users. 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. Generally, 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 recipients of the virtual items. All virtual items are nonrefundable, typically 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 sales 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. For virtual gift service, the Group also provides various combinations of virtual items for users to purchase and grant virtual item coupons with the purchase, similar to its live video service. For the same reasons and with the same methods outlined in the revenue recognition policy for its live video services, the Group recognizes revenue for each of the distinct virtual item and recognizes revenue for the virtual item coupons 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 item coupons is insignificant as historical data shows that virtual item coupons are consumed shortly after they are released to users. (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, 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 links 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, 201 7 8 9 (d) Mobile games The Group operates mobile games including both self-developed and licensed mobile games and generates mobile game revenues from the sales of in-game The Group records revenue generated from mobile games on a gross basis if the Group acts as the principal in the mobile game arrangements under which the Group controls the specified services before they are provided to the customers. The Group determines that it has a single performance obligation to the players who purchased the virtual items to gain an enhanced game-playing experience over the playing period of the paying players. Specially, the Group is primarily responsible for fulfilling the promise to provide maintenance services and has discretion in setting the price for virtual currencies or virtual items to the customers. Accordingly, the Group recognizes revenues ratably over the estimated average period of player relationship starting from the point in time when the players purchase the virtual items and once all other revenue recognition criteria are met. For arrangements that the Group has determined that it is not the principal, the Group considers the game developers to be its customers and records revenue on a net basis based on the ratios pre-determined with the online game developers when all the revenue recognition criteria set forth in Topic 606 are met, which is generally when the user consumes virtual currencies issued by the game developers. Specifically, the Group has determined that it has no additional performance obligation to the developers or game players upon completion of the corresponding in-game purchase. (e) Other services Revenues from other services in the year ended December 31, 2019 mainly consisted of film distribution service, film promotion service and music service revenues. 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 material 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 s . 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, talent agencies, gift recipients resulting from the sale s Government subsidies The Group records the government subsidies as other operating income when received from the local government authority, because the government subsidies are not subject to further performance obligations or future returns. Government subsidies recorded as other operating income amounted to RMB , RMB and RMB for the years ended December , , and , resp ectively. 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, depreciation and office rental 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 RMB812,249, RMB1,136,034 and RMB1,484,651 for the years ended December 31, 2017, 2018 and 2019, 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 - 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 s 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 loss of RMB155,368 and a gain of RMB198,654 for the years ended December 31, 2017 and 201 8 Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 = RMB6.9618 on the last trading day of 2019 (December 31, 2019) representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rates. Leases The Group adopted ASU 2016-02, Leases (Topic 842) (“ Topic 842 For short-term leases, the Group records rent expense in its consolidated statements of operations on a straight-line basis over the lease term. The Group also elected the exemption for contracts with lease terms of 12 months or less. Advertising expenses Advertising expenses, including advertisements through various forms of media and marketing and promotional activities, are included in “sales and marketing expense” in the consolidated statements of operations and are expensed when incurred. Total advertising expenses incurred were RMB , RMB and RMB for the years ended December , , and , respectively, and have been included in sales and marketing expenses in the consolidated statements of operations. Comprehensive income Comprehensive income includes net income, unrealized gain or loss on available-for-sale Share-based compensation Share-based payment transactions with employees and executives are measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense net of a forfeiture rate on a straight-line basis, over the requisite service period, with a corresponding impact reflected in additional paid-in capital. Share-based compensation with cash settlement features is classified as liabilities. The percentage of the fair value that is r eco r ed specific period upon Share awards issued to consultants are measured at the grant - The estimate of forf |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | 3. ACQUISITIONS Acquisition of Tantan 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 RMB3,845,900 was paid as of December 31, 201 9 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, 201 7 8 Years ended December 31, 201 7 201 8 (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, 2019 | |
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, 2018 2019 RMB RMB Deposit at third-party payment channels (i) 258,039 190,037 Input VAT (ii) 69,075 107,879 Interest receivable 87,057 105,450 Advance to suppliers (iii) 94,100 80,419 Corporate lending receivable (iv) — 40,000 Deferred platform commission cost 36,189 35,922 Prepaid income tax and other expenses 55,084 19,738 Others 21,435 19,555 620,979 599,000 (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 in the value-added service to withdraw their revenue sharing and the customer payment to the Group’s account through the third-party payment channels. (ii) 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. (iii) Advance to suppliers were primarily for advertising fees and related service fees. (iv) Corporate lending receivable is the loan to a third-party entity, which is mature in less than one year. The annual interest rate is 10%, which can be waived if certain conditions are met. |
Long-Term Investments
Long-Term Investments | 12 Months Ended |
Dec. 31, 2019 | |
Long-term Investments [Abstract] | |
Long-Term Investments | 5. LONG-TERM INVESTMENTS As of December 31, 2018 2019 RMB RMB Equity method investments Jingwei Chuangteng (Hangzhou) L.P. (i) 64,441 73,418 Beijing Autobot Venture Capital L.P. (ii) 57,392 21,873 Hangzhou Aqua Ventures Investment Management L.P. (iii) 105,289 106,704 Chengdu Tianfu Qianshi Equity Investment Partnership L.P. (iv) 20,586 27,465 Others ( viii 21,632 22,320 Equity securities without readily determinable fair values Hunan Qindao Cultural Spread Ltd. (v) 30,000 30,000 Hangzhou Faceunity Technology Limited (vi) 70,000 70,000 Haining Yijiayi Culture Co., Ltd . 25,000 25,000 Others ( vii i 53,125 119,125 447,465 495,905 The Group performed impairment analysis for equity method investments, equity securities without readily determinable fair values periodically. Impairment loss es ere (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, 201 8 9 (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 RMB8,392 and during the year s (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 RMB20,709, RMB20,797 and RMB1,415 during the years ended December 31, 2017, 2018 and 2019, 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 5.1% partnership interest for RMB30,000, of which RMB21,000 had been paid as of December 31, 201 9 and during the years ended December 31, 2017 and 2018, respectively. The Group recognized its share of partnership loss in T ianfu (v) On June 8, 2016, the Group entered into a share purchase agreement to acquire 16.0% equity 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. (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, 201 9 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, 2019 | |
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, 2018 2019 RMB RMB Computer equipment 513,448 623,482 Office equipment 115,048 150,048 Vehicles 3,599 3,599 Leasehold improvement 94,340 99,671 Less: accumulated depreciation (338,868 ) (530,439 ) Exchange difference (35 ) (16 ) 387,532 346,345 Depreciation expenses charged to the consolidated statements of operations for the years ended December 31, 2017, 2018 and 2019 were RMB78,885, RMB148,238 and RMB198,237, respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 7. INTANGIBLE ASSETS, NET Intangible assets, net consisted of the following: As of December 31, 2018 2019 RMB RMB Trade name 687,164 695,789 Active user 367,396 372,007 Technology 27,997 28,349 License 52,433 52,433 Game copyright 2,170 2,170 Less: accumulated amortization and impairment (99,080 ) (257,034 ) Exchange difference (1,094 ) (3,411 ) Net book value 1,036,986 890,303 Amortization expenses and impairment loss es 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 20 20 159,162 202 1 152,955 202 2 148,994 202 3 105,593 202 4 74,592 Thereafter 249,007 Total 890,303 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 8. GOODWILL As of December 31, 2019 Momo Tantan Total RMB RMB RMB Balance, as of January 1, 2018 22,130 — 22,130 Acquisition of Tantan (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 Foreign exchange differences — 53,781 53,781 Balance, as of December 31, 2019 22,130 4,338,480 4,360,610 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 and 2019. 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 and 2019, 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, 2019 | |
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, 2018 2019 RMB RMB Accrued payroll and welfare 302,117 335,012 Payable for advertisement 254,872 304,954 Balance of users’ virtual accounts 112,488 120,935 Accrued professional services and related service 38,415 68,825 Other tax payables 99,964 55,872 VAT payable 9,208 29,975 Others 29,646 70,300 Total 846,710 985,873 |
Convertible Senior Notes
Convertible Senior Notes | 12 Months Ended |
Dec. 31, 2019 | |
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 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. During the year ended December 31, 2019, the conversion rate was adjusted to 15.7172 of the Company’s ADSs per US$1,000 principal amount of Notes (which is equivalent to a conversion price of approximately US$63.62 per ADS) due to the cash dividend paid in April 2019. 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 and 2019 The Notes bear interest at a rate of 1.25% per year and will be payable semiannually. As of December 31, 2019, the carrying value of the Notes was RMB4,954,352. The balance at December 31, 2019 included unamortized issuance costs of RMB92,953. 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, 2019. Amortization and interest expenses related to the convertible senior notes amounted to RMB78,501 during the year ended December 31, 2019. 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. Additionally, the feature of mandatory redemption upon maturity is clearly and closely related to the debt host and 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. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 11. LEASES Operating leases The Group’s leases consist of operating leases for administrative office spaces and IDC facilities in different cities in the PRC. For leases with terms greater than 12 months, the Company records the related asset and lease liability at the present value of lease payments over the lease term. The Company elected the practical expedient not to separate lease and non-lease components of contracts, except for bandwidth service included in IDC facilities lease contracts. As of December 31, 2019, the Group had no long-term leases that were classified as a financing lease. The Company also elected the short-term lease exemption for all contracts with lease terms of 12 months or less. Total operating lease expense for the year ended December 31, 2019 was RMB160,791, including RMB26,848 short-term lease expense. The operating lease expense was recorded in cost and expense on the consolidated statements of operations. For the Twelve months ended December 31, 2019 Amounts RMB Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 106,288 Non -cash r Operating leases 127,362 Weighted average remaining lease term Operating leases 1.59 Weighted average discount rate Operating leases 4.52 % As of For the year ended December 31, Amounts RMB 2020 141,324 2021 53,769 2022 3,770 Less imputed interest 7,196 Total 191,667 Future minimum payments under non-cancellable operating leases as of December 31, 2018 were as follows: For the year ended December 31, Amounts RMB 2019 99,133 2020 82,697 2021 26,980 2022 8,633 Total 217,443 Payments under operating leases are expensed on a straight-line basis over the periods of their respective leases. The terms of the leases do not contain rent escalation or contingent rents. For the years ended December 31, 2017 and 2018, total rental expense for all operating leases base on ASC 840 amounted to RMB 58,861 and , |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 12. FAIR VALUE Measured and disc losed The Group measures its financial assets and liabilities including cash and cash equivalents at fair value on a recurring basis as of December 31, 2018 and 2019. 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, 2018 and 2019, 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 2018 Quoted Prices in Active Market for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 2,468,034 2,468,034 — — Total 2,468,034 2,468,034 — — Fair Value Measured as of December 31, Description 2019 Quoted Prices in Active Market for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 2,612,743 2,612,743 — — Total 2,612,743 2,612,743 — — The fair value of the Notes was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including the trading price of the Company’s convertible notes, when available, the Company’s stock price and interest rates based on similar debt issued by parties with credit ratings similar to the Company (Level 2). As of December 31, 2018 and 2019, the fair value of the Notes was RMB3,901,355 and RMB4,761,577, respectively. 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. During the years ended 8 9 For equity securities without readily determinable fair value for which the Group elected to use the measurement alternative starting in 2018, the investment is measured at fair value on a nonrecurring basis whenever there is an impairment or any changes resulting from observable price changes in an orderly transaction for an identical or a similar investment of the same issuer. During the years ended December 31, 2018 and 2019, the Group performed an impairment test on its equity securities without readily determinable fair value investees and recorded an impairment loss of RMB43,200 and RMB12,500, 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, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 3 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”) 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 1 Hong Kong The Company’s subsidiaries domiciled in Hong Kong are subject to a two-tiered of In addition, to avoid abuse of the two-tiered tax regime, each group of connected entities can nominate only one Hong Kong entity to benefit from the two-tiered tax rate. Singapore The Company’s subsidiary domiciled in Singapore is subject to a tax rate of 17% on its taxable income. PRC In August 2014, Beijing Momo IT 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 is only required to keep the relevant materials for future tax inspection instead. Based on the historical experience, the Group believes Chengdu Momo will most likely to qualify as western China development enterprise and accordingly be entitled to a preferential income tax rate of 15% for the year 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, 201 9 In July 2019, Tantan Technology qualified as HNTE. As such, Tantan Technology enjoyed a preferential tax rate of 15% from 2019 to 2021. 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 2019 of the Group’s PRC subsidiaries, VIEs and VIEs’ subsidiaries, remain subject to tax audits as of December 31, 201 9 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 the 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. As of December 31, 2018 2019 RMB RMB Deferred tax assets: Advertising expense 221,113 239,937 Net operating loss carry-forward 103,060 117,595 Accrued expenses 43,631 26,196 Impairment on long-term investments and game copyright 11,336 14,117 Less: valuation allowance (321,354 ) (360,781 ) Deferred tax assets, net 57,786 37,064 Deferred tax liabilities: Intangible assets acquired 259,247 222,576 Deferred tax liabilities, net 259,247 222,576 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, 201 9 net operating the net operating loss in the net operating loss of entities in the PRC will begin to expire in 2021, if not utilized. As of December 31, 201 9 net operating loss carryforward for the Company’s subsidiaries domiciled in Hong Kong amounted to RMB188,235, which would be carried forward indefinitely and set off against its future taxable profits. As of December 31, 201 9 net operating loss carry-forward for the Company’s subsidiaries domiciled in the 9 during 9 As of December 31, 2019, the net operating loss carryforward for the Company’s subsidiaries domiciled in Singapore amounted to RMB4,823, which can 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, 2017 2018 2019 RMB RMB RMB Net income before provision for income tax 2,549,735 3,439,535 3,867,919 PRC statutory tax rate 25 % 25 % 25 % Income tax expense at statutory tax rate 637,434 859,884 966,980 Permanent differences (446 ) 20,135 24,406 Change in valuation allowance 5,990 98,862 39,427 Effect of income tax rate difference in other jurisdictions 80,085 156,136 257,449 Effect of tax holidays and preferential tax rates (278,062 ) (435,369 ) (404,461 ) Provision for income tax 445,001 699,648 883,801 If Beijing Momo IT, Chengdu Momo and Tantan Technology For the years ended December 31, 2017 2018 2019 RMB RMB RMB Increase in income tax expenses 278,062 435,369 404,461 Net income per ordinary share attributable to Momo Inc. - basic 4.74 5.85 6.18 Net income per ordinary share attributable to Momo Inc. - diluted 4.50 5.59 5.86 No significant unrecognized tax benefit was identified for the years ended December 31, 2017, 2018 and 2019. The Group did not incur any material |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2019 | |
Federal Home Loan Banks [Abstract] | |
Ordinary Shares | 1 4 ORDINARY SHARES In 2017, 2018 and 2019, 9,476,874, 10,122,318 and 3,402,830 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 1 6 As of December 31, 201 9 |
Distribution To Shareholders
Distribution To Shareholders | 12 Months Ended |
Dec. 31, 2019 | |
Distribution To Shareholders [Abstract] | |
Distribution To Shareholders | 15. DISTRIBUTION TO SHAREHOLDERS 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. US$128,607 cash dividend was paid i April 2019 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | 16. SHARE-BASED COMPENSATION Share options granted by the Company In November 2012, the Company adopted a share incentive plan (“2012 Plan”), which was amended in October 2013. The maximum aggregate number of shares which may be issued pursuant to all awards under the 2012 Plan is 44,758,220 ordinary shares. In November, 2014, the Company adopted the 2014 share incentive plan (“2014 Plan”), pursuant to which a maximum aggregate of 14,031,194 Class A ordinary shares may be issued pursuant to all awards granted thereunder. Starting from 2017, the number of shares reserved for future issuances under the 2014 Plan will be increased by a number equal to 1.5% of the total number of outstanding shares on the last day of the immediately preceding calendar year, or such lesser number of Class A ordinary shares as determined by the Company’s board of directors, on the first day of each calendar year during the term of the 2014 Plan. With the adoption of the 2014 Plan, the Company will no longer grant any incentive shares under the 2012 Plan. The time and condition to exercise options will be determined by the Board or a committee of the Board. The term of the options may not exceed ten years from the date of the grant, except for the situation of amendment, modification and termination. Under the 2014 Plan, share options are subject to vesting schedules ranging from two to four years. The following table summarizes the option activity for the year ended December 31, 201 9 Number of options Weighted average exercise price per option (US$) Weighted average remaining contractual life (years) Aggregated intrinsic Value (US$) Outstanding as of January 1, 201 9 21,783,103 0.0296 7.36 258,030 Granted 5,820,796 0.0002 Exercised (3,290,330 ) 0.0082 Forfeited (515,862 ) 0.0002 Outstanding as of December 31, 201 9 23,797,707 0.0260 7.05 397,993 Exercisable as of December 31, 201 9 12,180,915 0.0506 5.58 203,414 There were 12,180,915 vested options, and 10,517,170 options expected to vest as of December 31, 201 9 9 31, The weighted-average grant-date fair value of the share options granted during the years 2017, 2018, and 2019 was US$17.41, US$17.75 and US$16.42, respectively. The t grant - te The fair value of options granted was estimated on the date of grant using the Black-Sholes pricing model after the Company completed its initial public offering Risk-free rate of return Expected term Volatility Dividend yield Exercise price (US$) 2017 2.47%~2.87 % 6 years 50.7%~54.0 % — 0.0002 2018 3.16%~3.66 % 6 years 50.0%~50.7 % — 0.0002 2019 2.45%~3.21 % 6 years 49.0%~50.5 % — 0.0002 (1) Risk-free interest rate Risk-free interest rate was estimated based on the daily treasury long term rate of U.S. Department of the Treasury with a maturity period close to the expected term of the options, plus the country default spread of China. (2) Expected term The expected term of the options represents the period of time between the grant date and the time the options are either exercised or forfeited, including an estimate of future forfeitures for outstanding options. (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. (6) Fair value of underlying ordinary shares 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 RMB286,119, RMB377,241 and RMB495,256 during the years ended December 31, 2017, 2018 and 2019, 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 grant dates As of December 31, 201 9 Restricted share units (“RSUs”) granted by the Company On March 7, 2017 , and April 15, 2019, the , 100,000 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 RMB4,173, RMB6,609 and RMB10,622 for RSUs for the years ended December 31, 2017, 2018 and 2019, 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, 2019, total unrecognized compensation expense relating to unvested RSUs was RMB23,808 which will be recognized over a weighted average period of 2.73 years. Restricted shares granted by QOOL Inc. On December 12, 2018, QOOL Inc.’s minority interest shareholder entered into an arrangement with QOOL Inc. whereby 9,000,000 ordinary shares of QOOL Inc. owned by the minority interest shareholder became subject to service and transfer restrictions. Such restricted shares are subject to repurchase by QOOL Inc. upon early termination of two years of the employment or consulting service provided by the founder of the minority interest shareholder at a nominal price. The Group recorded share-based compensation of RMB566 and RMB10,811 for the restricted shares for the years ended December 31, 2018 and 2019, 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, 2019, total unrecognized compensation expense relating to unvested restricted shares was RMB10,314 which will be recognized over a weighted average period of 0.95 years. Share options granted by Tantan In March, 2015, Tantan 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 of Tantan In July, 2018, Tantan 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. Tantan split its shares 1-for-5 on August 30, 2019. As a result, the Board of Directors of Tantan approved the amended and restated 2015 share incentive plan (“Amended and Restated 2015 Plan”) and adjusted the maximum aggregate number of shares which may be issued under the 2015 plan to 9,039,035 shares; the Board of Directors of Tantan also approved the amended and restated 2018 share incentive plan (“Amended and Restated 2018 Plan”) and adjusted the maximum aggregate number of shares which may be issued under the 2018 plan to 29,818,370 shares, plus that number of ordinary shares authorized for issuance under Tantan’s Amended and Restated 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. Accordingly, all below figures are adjusted retrospectively. Options classified as equity awards The following table summarizes the option activity for the year ended December 31, 2019: Number of options Weighted average exercise price per option (US$) Weighted average remaining contractual life (years) Aggregated intrinsic value (US$) Outstanding as of December 31, 2018 9,482,930 1.4309 7.45 35,666 Granted 3,414,378 3.8135 Redeemed (170,118 ) 0.1796 Forfeited (802,107 ) 1.1616 Outstanding as of December 31, 2019 11,925,083 2.1490 7.40 34,356 Exercisable as of December 31, 2019 4,797,434 1.0284 6.18 19,197 There were 4,797,434 vested options, and 6,129,788 options expected to vest as of December 31, 2019. For options expected to vest, the weighted-average exercise price was US US and US as of December 31, 2018 and 2019, respectively. The weighted-average grant-date fair value of the share options granted during the years ended December 31, 2018 and 2019 was US$ 3.00 a nd US$3.05, respectively. The total grant-date fair value of options vested during the year ended December 31, 2018 and 2019 was US$7,600 and US$24,985, respectively. The fair value of each option granted was estimated on the date of grant using the binomial tree pricing model with the following assumptions used for grants during the applicable periods: Risk-free rate of return Contractual term Volatility Dividend yield Exercise price (US$) During the year ended December 31, 2018 3.58 % 10 years 55.4 % — 0.32 ~ 5.0 During the year ended December 31, 2019 2.30%~3.50 % 10 years 54.2%~55.4 % — 0.32~5.0 (1) Risk-free interest rate Risk-free interest rate was estimated based on the daily treasury long term rate of U.S. Department of the Treasury with a maturity period close to the expected term of the options, plus the country default spread of China. (2) Contractual term Tantan 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 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. (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 before Tantan was acquired and on a contemporaneous valuation after Tantan was acquired, which used management’s best estimate for projected cash flows as of each valuation date. The estimated fair value of the ordinary shares of Tantan was US$5.03 as of December 31, 2019. For share options classified as equity awards, Tantan recorded share-based compensation of RMB94,977 and RMB99,635 during the year ended December 31, 2018 and 2019, respectively, 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, 2019, total unrecognized compensation expense relating to unvested share options was RMB180,170 which will be recognized over a weighted average period of 2.39 years. The weighted-average remaining contractual term of options outstanding is 7.40 years. Options classified as liability awards In August 2018, Tantan granted 17,891,025 share options to its founders under the 2018 Plan. The founders have the right to request Tantan 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. 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 share-based compensation expense and are amortized over the estimated vesting period. 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. During the year ended December 31, 2019, all outstanding options granted to Tantan’s founders were vested as the necessary performance conditions were satisfied. Thereafter, the awards are re-measured at fair value at each reporting date with a corresponding charge to share-based compensation expense. 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 rate of return Contractual term Volatility Dividend yield Exercise price (US$) During the year ended December 31, 2018 3.39%~3.58 % 10 years 55.4%~55.6 % — 0.0004 During the year ended December 31, 2019 2.45%~3.19 % 10 years 54.2%~55.5 % — 0.0004 (1) Risk-free interest rate Risk-free interest rate was estimated based on the daily treasury long term rate of U.S. Department of the Treasury with a maturity period close to the expected term of the options, plus the country default spread of China. (2) Contractual term Tantan 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 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. (6) Fair value of underlying ordinary shares The estimated fair value of the ordinary shares underlying the options as of each period-end date was determined based on a contemporaneous valuation, which used management’s best estimate for projected cash flows as of each valuation date. For share options classified as liability awards, Tantan recorded share-based compensation of RMB86,778 and RMB791,028 during the years ended December 31, 2018 and 2019, respectively, including the impact of the accelerate vesting and the subsequent adjustment of |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 1 7 NET INCOME PER SHARE The calculation of net income per share is as follows: For the years ended December 31, 2017 2018 2019 RMB RMB RMB Numerator: Net income attributed to ordinary shareholders for computing net income per ordinary share-basic and diluted 2,148,098 2,815,775 2,970,890 Denominator: Denominator for computing net income per share-basic: Weighted average ordinary shares outstanding used in computing net income per ordinary share-basic 394,549,323 407,009,875 415,316,627 Denominator for computing net income per share-diluted: Weighted average shares outstanding used in computing net income per ordinary share-diluted 415,265,078 433,083,643 451,206,091 (i) Net income per ordinary share attributable to Momo Inc. - basic 5.44 6.92 7.15 Net income per ordinary share attributable to Momo Inc. - diluted 5.17 6.59 6.76 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, 2017, 2018 and 2019, because their effect is anti-dilutive: For the years ended December 31, 2017 2018 2019 Share issuable upon exercise of share options 768,266 1,117,334 902,655 Share issuable upon exercise of RSUs — — 45,893 (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, 201 7 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. For the year ended December 31, 2019, an incremental weighted average number of 13,188,085 ordinary shares from the assumed exercise of share options and RSUs and an incremental weighted average number of 22,701,379 ordinary shares resulting from the assumed conversion of convertible senior notes were included. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 8 . COMMITMENTS AND CONTINGENCIES Investment commitments The Group was obligated to subscribe RMB47,500 and RMB13,500 for partnership interest and equity interest of certain long-term investees under various arrangements as of December 31, 2018 and 2019, 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, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Balances and Transactions | 1 9 RELATED PARTY BALANCES AND TRANSACTIONS Major related parties Relationship with the Group Hangzhou Alimama 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 Hunan Qindao Network Media Technology Co., Ltd. Affiliate of a long-term investee Hunan Qindao Cultural Spread 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, 2018 2019 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (ii) — 4,382 Total — 4,382 (ii) The amount of RMB4,382 as of December 31, 2019 represented the uncollected amounts for the mobile marketing services provided to Hunan Qindao Network Media Technology Co., Ltd. (2) Amount due to related parties - current As of December 31, 2018 2019 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (iii) 43,178 29,596 Amount due to ordinary shareholders (iv) 39,704 — Others 66 10 Total 82,948 29,606 (iii) The amount of RMB43,178 and RMB29,596 as of December 31, 2018 and 2019 primarily represented the unpaid revenue sharing of live video service to Hunan Qindao Network Media Technology Co., Ltd. (iv) The amount of RMB39,704 as of December 31, 2018 primarily included the unpaid repurchase amount by the Group to its ordinary shareholders , which was fully paid in the year ended December 31, 2019. (3) Sales to related parties For the years ended December 31, 2017 2018 2019 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (v) — — 5,449 Hangzhou Yihong Advertisement Co., Ltd. (v) 17,659 — — Hangzhou Alimama Technology Co., Ltd. (v) 2,309 — — Guangzhou Aijiuyou Informational Technology Co., Ltd. (vi) 1,242 — — Zhejiang Tmall Technology Co., Ltd. (v) 500 — — Others 12 — — Total 21,722 — 5,449 (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 December 31, 2017 2018 2019 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (vii) 139,406 429,345 497,789 Beijing Shiyue Haofeng Media Co., Ltd. (vii) — 2,005 2,070 Alibaba Cloud Computing Ltd. (viii) 74,705 — — Hunan Qindao Cultural Spread Ltd. (vii) 61,676 — — Taobao (China) Software Co., Ltd. 2,283 — — Guangzhou Jianyue Information Technology Co., Ltd. 803 — — Total 278,873 431,350 499,859 (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. (viii) The purchase from Alibaba Cloud Computing Ltd. is mainly related to its cloud computing services. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 20 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 year ended December 31, 2017, the Group operated and managed its business as a single reporting segment, which included the provision of live video service s During the year s s it operated in operating segments namely , and QOOL. ’s services mostly include live video services, value-added service s ’s platform. ’s services mainly ’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 2017. QOOL started its entertainment business in 2017 and the comparable financial information in 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, 2017, 2018 and 2019 were as follows: 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 For the year ended December 31, 2019 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 15,740,815 1,259,906 14,368 17,015,089 Cost and expenses: Cost of revenues (8,065,300 ) (415,688 ) (11,108 ) (8,492,096 ) Research and development (797,471 ) (297,560 ) — (1,095,031 ) Sales and marketing (1,521,511 ) (1,162,912 ) (6,401 ) (2,690,824 ) General and administrative (641,269 ) (851,099 ) (34,914 ) (1,527,282 ) Total cost and expenses (11,025,551 ) (2,727,259 ) (52,423 ) (13,805,233 ) Other operating income 323,444 — 21,399 344,843 Income (loss) from operations 5,038,708 (1,467,353 ) (16,656 ) 3,554,699 Interest income 396,672 10,706 164 407,542 Interest expense (78,611 ) — — (78,611 ) Impairment loss on long-term investments (15,711 ) — — (15,711 ) Income tax expense (917,265 ) 33,464 — (883,801 ) Share of loss on equity method investments (23,350 ) — — (23,350 ) Net income (loss) 4,400,443 (1,423,183 ) (16,492 ) 2,960,768 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | 2 1 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 RMB95,150, RMB166,998 and RMB214,313 for the years ended December 31, 2017, 2018 and 2019, respectively. |
Statutory Reserves and Restrict
Statutory Reserves and Restricted Net Assets | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Statutory Reserves and Restricted Net Assets | 2 2 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 RMB185,270, RMB5,194 and RMB2,701 for the years ended December 31, 2017, 2018 and 2019. 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 RMB862,484, RMB1,477,339 and RMB1,504,378 as of December 31, 2017, 2018 and 2019, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 2 3 SUBSEQUENT EVENTS COVID-19 From late January 2020, a novel coronavirus (COVID-19) was rapidly evolving in China and globally. The epidemic has resulted in quarantines, travel restrictions, and the temporary closure of stores and facilities in China and many other countries for the past few months. Substantially the vast majority of the Group’s revenues and workforce are concentrated in China. Consequently, the COVID-19 outbreak will likely adversely affect the business operations and the Group’s financial condition and operating results for 2020. The Group’s user growth may be depressed and the user retention and engagement may be negatively impacted. In addition, the economic impact of COVID-19 may also cause the sentiment, willingness and ability to spend of the Group’s paying users, especially our high paying users, to deteriorate, which may lead to a negative impact on the Group’s financial performance generally. Because of the significant uncertainties surrounding the COVID-19 outbreak, the extent of the business disruption and the related financial impact cannot be reasonably estimated at this time. Special cash dividend On March 1 9 2020 ex-dividend was Newly granted share options In April 2020 , |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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. Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income, total assets, total liabilities, or total shareholders’ equity. |
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 the acquisition’s purchase price allocation, the useful lives and impairment of property and equipment and intangible assets, the impairment of long-term investments and 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. |
Short-term deposits | Short-term deposits Short-term deposits consist of bank deposits with an original maturity of over three months but within one year. |
Long-term deposits | Long-term deposits Long-term deposits represent time deposits placed in banks with original maturities of more than one year. Interest earned is recorded as interest income in the consolidated statements of operations during the periods presented. |
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, short-term deposits, long-term deposits, accounts receivable, equity securities without readily determinable fair value, accounts payable, deferred revenue, convertible senior notes, 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 short-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. 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. The carrying value of long-term deposits approximates to fair value as the interest rates were determined based on the prevailing interest rates in the market. The Group classifies the valuation techniques that use these inputs as Level 2 in the fair value hierarchy. The fair value of the Company’s convertible senior notes is discussed in Note 12. |
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 RMB2,008 million and RMB2,434 million as of December 31, 2018 and 2019, 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 2017-01, |
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, 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 | 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 consolidated 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 (loss) 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. |
Property and equipment, net | Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. 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 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 statements of operations 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 The Company adopted ASC Topic 606, Revenue from Contracts with Customers Topic from January 1, 2018, using the modified retrospective method. Revenues for the years ended December 31, 2018 and 2019 are presented under Topic 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, 2017, 2018 and 2019, 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, 2019 Momo Tantan QOOL RMB RMB RMB Live video service 12,448,131 — — Value-added services 2,846,057 1,259,906 — Mobile marketing 331,822 — — Mobile games 92,451 — — Other services 22,354 — 14,368 Total 15,740,815 1,259,906 14,368 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 (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 non-refundable non-refundable, point-in-time 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 users. 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 s Users also have the right to purchase various combinations of virtual items and virtual item coupons 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 with a purchase. The virtual item coupons 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 or virtual item coupons 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 is 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 item coupons is insignificant as historical data shows that virtual item coupons are consumed shortly after they are released to users. 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. Generally, 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 recipients of the virtual items. All virtual items are nonrefundable, typically 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 sales 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. For virtual gift service, the Group also provides various combinations of virtual items for users to purchase and grant virtual item coupons with the purchase, similar to its live video service. For the same reasons and with the same methods outlined in the revenue recognition policy for its live video services, the Group recognizes revenue for each of the distinct virtual item and recognizes revenue for the virtual item coupons 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 item coupons is insignificant as historical data shows that virtual item coupons are consumed shortly after they are released to users. (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, 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 links 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, 201 7 8 9 (d) Mobile games The Group operates mobile games including both self-developed and licensed mobile games and generates mobile game revenues from the sales of in-game The Group records revenue generated from mobile games on a gross basis if the Group acts as the principal in the mobile game arrangements under which the Group controls the specified services before they are provided to the customers. The Group determines that it has a single performance obligation to the players who purchased the virtual items to gain an enhanced game-playing experience over the playing period of the paying players. Specially, the Group is primarily responsible for fulfilling the promise to provide maintenance services and has discretion in setting the price for virtual currencies or virtual items to the customers. Accordingly, the Group recognizes revenues ratably over the estimated average period of player relationship starting from the point in time when the players purchase the virtual items and once all other revenue recognition criteria are met. For arrangements that the Group has determined that it is not the principal, the Group considers the game developers to be its customers and records revenue on a net basis based on the ratios pre-determined with the online game developers when all the revenue recognition criteria set forth in Topic 606 are met, which is generally when the user consumes virtual currencies issued by the game developers. Specifically, the Group has determined that it has no additional performance obligation to the developers or game players upon completion of the corresponding in-game purchase. (e) Other services Revenues from other services in the year ended December 31, 2019 mainly consisted of film distribution service, film promotion service and music service revenues. |
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 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 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 material 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 s . |
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, talent agencies, gift recipients resulting from the sale s |
Government subsidies | Government subsidies The Group records the government subsidies as other operating income when received from the local government authority, because the government subsidies are not subject to further performance obligations or future returns. Government subsidies recorded as other operating income amounted to RMB , RMB and RMB for the years ended December , , and , resp ectively. |
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, depreciation and office rental 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 RMB812,249, RMB1,136,034 and RMB1,484,651 for the years ended December 31, 2017, 2018 and 2019, 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 - |
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$”). The Company’s operations are principally conducted through the subsidiaries, its VIEs and VIEs’ subsidiaries located in the PRC where the local currency is the functional currency. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange in place at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statement of operations. Assets and liabilities of the Group companies are translated from their respective functional currencies to the reporting currency at the exchange rates at the balance sheet dates, equity accounts are translated at historical exchange rates and revenues and expenses are translated at the average exchange rates in effect during the reporting period. The resulting foreign currency translation adjustment s Starting from the fourth quarter of 2018, the Group changed its reporting currency from US$ 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 loss of RMB155,368 and a gain of RMB198,654 for the years ended December 31, 2017 and 201 8 Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 = RMB6.9618 on the last trading day of 2019 (December 31, 2019) representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rates. |
Leases | Leases The Group adopted ASU 2016-02, Leases (Topic 842) (“ Topic 842 For short-term leases, the Group records rent expense in its consolidated statements of operations on a straight-line basis over the lease term. The Group also elected the exemption for contracts with lease terms of 12 months or less. |
Advertising expenses | Advertising expenses Advertising expenses, including advertisements through various forms of media and marketing and promotional activities, are included in “sales and marketing expense” in the consolidated statements of operations and are expensed when incurred. Total advertising expenses incurred were RMB , RMB and RMB for the years ended December , , and , 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 capital. Share-based compensation with cash settlement features is classified as liabilities. The percentage of the fair value that is r eco r ed specific period upon Share awards issued to consultants are measured at the grant - 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 Share-based compensation 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. 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 In February 2016, the Financial Accounting Standards Board (“FASB”) issued Topic 842. The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases are to be recorded in the statement of financial position as right-of-use The Group adopted Topic 842 on January 1, 2019 using the modified retrospective transition approach allowed under ASU 2018-11, without adjusting the comparative periods presented. The Group elected the practical expedients under ASU 2016-02 which include the use of hindsight in determining the lease term and the practical expedient package to not reassess prior conclusions related to contracts containing leases, lease classification, and initial direct costs for any existing leases. Upon adoption of Topic 842, the Group recognized right-of-use assets and corresponding lease liabilities of RMB188,087 and RMB162,404, respectively, on the consolidated balance sheet. The adoption of Topic 842 did not have a material impact on the Group’s consolidated statements of operations or consolidated statements of cash flows as described in Note 11. The adoption of Topic 842 also did not result in a cumulative-effect adjustment to retained earnings. In June 2018, the FASB issued ASU No. 2018-07, 2018-07”) 2018-07 - 2018-07 |
Recent accounting pronouncements not yet adopted | Recent accounting pronouncements not yet adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. In April 25, 2019, ASU 2016-13 was updated with ASU 2019-04, which clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. ASU 2019-04 provides certain alternatives for the measurement of the allowance for credit losses (ACL) on accrued interest receivable (AIR). These measurement alternatives include (1) measuring an ACL on AIR separately, (2) electing to provide separate disclosure of the AIR component of amortized cost as a practical expedient, and (3) making accounting policy elections to simplify certain aspects of the presentation and measurement of such AIR. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-04 related to ASU 2016-13 are effective for fiscal years beginning after December 15, 2019, and interim periods therein. An entity may early adopt ASU 2019-04 in any interim period after its issuance if the entity has adopted ASU 2016-13. The Group is in the process of evaluating the impact of the adoption of this pronouncement on its consolidated financial statements. In January 2017, FASB issued ASU No. 2017-04: Simplifying the Test for Goodwill Impairment. Under the new accounting guidance, an entity will no longer determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Instead, an entity will perform its goodwill impairment tests by comparing the fair value of a reporting unit with its carrying amount. An entity will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value but not to exceed the total amount of the goodwill of the reporting unit. In addition, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment, if applicable. The provisions of the new accounting guidance are required to be applied prospectively. The new accounting guidance is effective for companies for goodwill impairment tests performed in fiscal years beginning after December 15, 2019. Early adoption is permitted for goodwill impairment tests performed after January 1, 2017. The Group is currently in the process of evaluating the impact of the adoption of ASU 2017-04 on its consolidated financial statements. 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, 2017, 2018 and 2019, 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, short-term deposits, long- Third-party application stores and other payment channels accounting for 10% or more of accounts receivables are as follows: As of December 31, 2018 2019 A 14 % 26 % B 5 % 12 % C 12 % 9 % Users or customers accounting for 10% or more of accounts receivables is as follows: As of December 31, 2018 2019 D 59 % 0 % |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of Subsidiaries, VIEs and VIEs' Subsidiaries | As of December 31, 2019, 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”) Qool Media HongKong Limited (“QOOL HK”) Tantan Limited (“Tantan”) Tantan Hong Kong Limited (“Tantan HK”) 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”) * Momo Pictures Co., Ltd. (“Momo Pictures”) * * 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, 2018 2019 RMB RMB Cash and cash equivalents 1,502,395 1,147,848 Short- t — 800,000 Accounts receivable, net of allowance for doubtful accounts of RMB 8 9 719,606 259,250 Amount due from related parties — 4,382 Prepaid expenses and other current assets 425,974 416,862 Total current assets 2,647,975 2,628,342 Right-of-use assets, net — 39,693 Property and equipment, net 72,539 42,668 Intangible assets 42,821 37,089 Rental deposits 11,619 10,570 Long-term investments 447,465 495,905 Deferred tax assets 52,887 34,514 Other non-current assets 67,480 43,970 Goodwill 22,130 22,130 Total assets 3,364,916 3,354,881 Accounts payable 549,173 611,471 Deferred revenue 441,392 497,166 Accrued expenses and other current liabilities 304,363 244,759 Amounts due to related parties 43,213 29,554 Lease liabilities due within one year — 6,830 Income tax payable 113,733 122,403 Total current liabilities 1,451,874 1,512,183 Deferred tax liabilities 10,705 9,272 Lease liabilities — 17,466 Total liabilities 1,462,579 1,538,921 For the years ended December 31, 2017 2018 2019 RMB RMB RMB Net revenues 8,886,390 13,408,421 17,001,337 Net income 4,890,438 6,292,183 8,511,991 Net cash provided by operating activities 4,997,183 5,913,709 9,125,496 Net cash used in investing activities (174,333 ) (151,546 ) (881,828 ) Net cash provided by financing activities 490 — 11,000 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 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, 2019 Momo Tantan QOOL RMB RMB RMB Live video service 12,448,131 — — Value-added services 2,846,057 1,259,906 — Mobile marketing 331,822 — — Mobile games 92,451 — — Other services 22,354 — 14,368 Total 15,740,815 1,259,906 14,368 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 |
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, 2018 2019 A 14 % 26 % B 5 % 12 % C 12 % 9 % Users or customers accounting for 10% or more of accounts receivables is as follows: As of December 31, 2018 2019 D 59 % 0 % |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Total Consideration for Acquisition | The consideration consisted of RMB3,930,246 of cash, of which RMB3,845,900 was paid as of December 31, 201 9 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 unaudited pro forma information summarizes the results of operations of the Group for the years ended December 31, 201 7 8 Years ended December 31, 201 7 201 8 (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, 2019 | |
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, 2018 2019 RMB RMB Deposit at third-party payment channels (i) 258,039 190,037 Input VAT (ii) 69,075 107,879 Interest receivable 87,057 105,450 Advance to suppliers (iii) 94,100 80,419 Corporate lending receivable (iv) — 40,000 Deferred platform commission cost 36,189 35,922 Prepaid income tax and other expenses 55,084 19,738 Others 21,435 19,555 620,979 599,000 (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 in the value-added service to withdraw their revenue sharing and the customer payment to the Group’s account through the third-party payment channels. (ii) 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. (iii) Advance to suppliers were primarily for advertising fees and related service fees. (iv) Corporate lending receivable is the loan to a third-party entity, which is mature in less than one year. The annual interest rate is 10%, which can be waived if certain conditions are met. |
Long-Term Investments (Tables)
Long-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Long-term Investments [Abstract] | |
Summary of Equity and Cost Method Investments | As of December 31, 2018 2019 RMB RMB Equity method investments Jingwei Chuangteng (Hangzhou) L.P. (i) 64,441 73,418 Beijing Autobot Venture Capital L.P. (ii) 57,392 21,873 Hangzhou Aqua Ventures Investment Management L.P. (iii) 105,289 106,704 Chengdu Tianfu Qianshi Equity Investment Partnership L.P. (iv) 20,586 27,465 Others ( viii 21,632 22,320 Equity securities without readily determinable fair values Hunan Qindao Cultural Spread Ltd. (v) 30,000 30,000 Hangzhou Faceunity Technology Limited (vi) 70,000 70,000 Haining Yijiayi Culture Co., Ltd . 25,000 25,000 Others ( vii i 53,125 119,125 447,465 495,905 The Group performed impairment analysis for equity method investments, equity securities without readily determinable fair values periodically. Impairment loss es ere (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, 201 8 9 (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 RMB8,392 and during the year s (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 RMB20,709, RMB20,797 and RMB1,415 during the years ended December 31, 2017, 2018 and 2019, 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 5.1% partnership interest for RMB30,000, of which RMB21,000 had been paid as of December 31, 201 9 and during the years ended December 31, 2017 and 2018, respectively. The Group recognized its share of partnership loss in T ianfu (v) On June 8, 2016, the Group entered into a share purchase agreement to acquire 16.0% equity 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. (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, 201 9 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, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: As of December 31, 2018 2019 RMB RMB Computer equipment 513,448 623,482 Office equipment 115,048 150,048 Vehicles 3,599 3,599 Leasehold improvement 94,340 99,671 Less: accumulated depreciation (338,868 ) (530,439 ) Exchange difference (35 ) (16 ) 387,532 346,345 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets, net consisted of the following: As of December 31, 2018 2019 RMB RMB Trade name 687,164 695,789 Active user 367,396 372,007 Technology 27,997 28,349 License 52,433 52,433 Game copyright 2,170 2,170 Less: accumulated amortization and impairment (99,080 ) (257,034 ) Exchange difference (1,094 ) (3,411 ) Net book value 1,036,986 890,303 |
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 20 20 159,162 202 1 152,955 202 2 148,994 202 3 105,593 202 4 74,592 Thereafter 249,007 Total 890,303 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | As of December 31, 2019 Momo Tantan Total RMB RMB RMB Balance, as of January 1, 2018 22,130 — 22,130 Acquisition of Tantan (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 Foreign exchange differences — 53,781 53,781 Balance, as of December 31, 2019 22,130 4,338,480 4,360,610 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018 2019 RMB RMB Accrued payroll and welfare 302,117 335,012 Payable for advertisement 254,872 304,954 Balance of users’ virtual accounts 112,488 120,935 Accrued professional services and related service 38,415 68,825 Other tax payables 99,964 55,872 VAT payable 9,208 29,975 Others 29,646 70,300 Total 846,710 985,873 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of operating lease additional information | Total operating lease expense for the year ended December 31, 2019 was RMB160,791, including RMB26,848 short-term lease expense. The operating lease expense was recorded in cost and expense on the consolidated statements of operations. For the Twelve months ended December 31, 2019 Amounts RMB Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 106,288 Non -cash r Operating leases 127,362 Weighted average remaining lease term Operating leases 1.59 Weighted average discount rate Operating leases 4.52 % |
Summary of future minimum payments under operating leases | As of For the year ended December 31, Amounts RMB 2020 141,324 2021 53,769 2022 3,770 Less imputed interest 7,196 Total 191,667 |
Schedule of Future Minimum Payments Under Non-Cancellable Operating Leases | Future minimum payments under non-cancellable operating leases as of December 31, 2018 were as follows: For the year ended December 31, Amounts RMB 2019 99,133 2020 82,697 2021 26,980 2022 8,633 Total 217,443 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | As of December 31, 2018 and 2019, 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 2018 Quoted Prices in Active Market for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 2,468,034 2,468,034 — — Total 2,468,034 2,468,034 — — Fair Value Measured as of December 31, Description 2019 Quoted Prices in Active Market for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 2,612,743 2,612,743 — — Total 2,612,743 2,612,743 — — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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. As of December 31, 2018 2019 RMB RMB Deferred tax assets: Advertising expense 221,113 239,937 Net operating loss carry-forward 103,060 117,595 Accrued expenses 43,631 26,196 Impairment on long-term investments and game copyright 11,336 14,117 Less: valuation allowance (321,354 ) (360,781 ) Deferred tax assets, net 57,786 37,064 Deferred tax liabilities: Intangible assets acquired 259,247 222,576 Deferred tax liabilities, net 259,247 222,576 |
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, 2017 2018 2019 RMB RMB RMB Net income before provision for income tax 2,549,735 3,439,535 3,867,919 PRC statutory tax rate 25 % 25 % 25 % Income tax expense at statutory tax rate 637,434 859,884 966,980 Permanent differences (446 ) 20,135 24,406 Change in valuation allowance 5,990 98,862 39,427 Effect of income tax rate difference in other jurisdictions 80,085 156,136 257,449 Effect of tax holidays and preferential tax rates (278,062 ) (435,369 ) (404,461 ) Provision for income tax 445,001 699,648 883,801 |
Increase in Income Tax Expenses and Net Income Per Share Amounts | If Beijing Momo IT, Chengdu Momo and Tantan Technology For the years ended December 31, 2017 2018 2019 RMB RMB RMB Increase in income tax expenses 278,062 435,369 404,461 Net income per ordinary share attributable to Momo Inc. - basic 4.74 5.85 6.18 Net income per ordinary share attributable to Momo Inc. - diluted 4.50 5.59 5.86 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Company Share Incentive Plan [Member] | |
Summary of Option Activity | The following table summarizes the option activity for the year ended December 31, 201 9 Number of options Weighted average exercise price per option (US$) Weighted average remaining contractual life (years) Aggregated intrinsic Value (US$) Outstanding as of January 1, 201 9 21,783,103 0.0296 7.36 258,030 Granted 5,820,796 0.0002 Exercised (3,290,330 ) 0.0082 Forfeited (515,862 ) 0.0002 Outstanding as of December 31, 201 9 23,797,707 0.0260 7.05 397,993 Exercisable as of December 31, 201 9 12,180,915 0.0506 5.58 203,414 |
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 initial public offering Risk-free rate of return Expected term Volatility Dividend yield Exercise price (US$) 2017 2.47%~2.87 % 6 years 50.7%~54.0 % — 0.0002 2018 3.16%~3.66 % 6 years 50.0%~50.7 % — 0.0002 2019 2.45%~3.21 % 6 years 49.0%~50.5 % — 0.0002 |
Options classified as Equity Awards | 2018 Plan | |
Summary of Option Activity | The following table summarizes the option activity for the year ended December 31, 2019: Number of options Weighted average exercise price per option (US$) Weighted average remaining contractual life (years) Aggregated intrinsic value (US$) Outstanding as of December 31, 2018 9,482,930 1.4309 7.45 35,666 Granted 3,414,378 3.8135 Redeemed (170,118 ) 0.1796 Forfeited (802,107 ) 1.1616 Outstanding as of December 31, 2019 11,925,083 2.1490 7.40 34,356 Exercisable as of December 31, 2019 4,797,434 1.0284 6.18 19,197 |
Schedule of Assumptions Used to Estimate Fair Value of Stock Options Granted | The fair value of each option granted was estimated on the date of grant using the binomial tree pricing model with the following assumptions used for grants during the applicable periods: Risk-free rate of return Contractual term Volatility Dividend yield Exercise price (US$) During the year ended December 31, 2018 3.58 % 10 years 55.4 % — 0.32 ~ 5.0 During the year ended December 31, 2019 2.30%~3.50 % 10 years 54.2%~55.4 % — 0.32~5.0 |
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 rate of return Contractual term Volatility Dividend yield Exercise price (US$) During the year ended December 31, 2018 3.39%~3.58 % 10 years 55.4%~55.6 % — 0.0004 During the year ended December 31, 2019 2.45%~3.19 % 10 years 54.2%~55.5 % — 0.0004 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2017 2018 2019 RMB RMB RMB Numerator: Net income attributed to ordinary shareholders for computing net income per ordinary share-basic and diluted 2,148,098 2,815,775 2,970,890 Denominator: Denominator for computing net income per share-basic: Weighted average ordinary shares outstanding used in computing net income per ordinary share-basic 394,549,323 407,009,875 415,316,627 Denominator for computing net income per share-diluted: Weighted average shares outstanding used in computing net income per ordinary share-diluted 415,265,078 433,083,643 451,206,091 (i) Net income per ordinary share attributable to Momo Inc. - basic 5.44 6.92 7.15 Net income per ordinary share attributable to Momo Inc. - diluted 5.17 6.59 6.76 |
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, 2017, 2018 and 2019, because their effect is anti-dilutive: For the years ended December 31, 2017 2018 2019 Share issuable upon exercise of share options 768,266 1,117,334 902,655 Share issuable upon exercise of RSUs — — 45,893 (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, 201 7 ordinary shares from the assumed exercise of share options and RSUs were included. |
Related Party Balances and Tr_2
Related Party Balances and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | (1) Amount due from related parties-current As of December 31, 2018 2019 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (ii) — 4,382 Total — 4,382 (ii) The amount of RMB4,382 as of December 31, 2019 represented the uncollected amounts for the mobile marketing services provided to Hunan Qindao Network Media Technology Co., Ltd. (2) Amount due to related parties - current As of December 31, 2018 2019 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (iii) 43,178 29,596 Amount due to ordinary shareholders (iv) 39,704 — Others 66 10 Total 82,948 29,606 (iii) The amount of RMB43,178 and RMB29,596 as of December 31, 2018 and 2019 primarily represented the unpaid revenue sharing of live video service to Hunan Qindao Network Media Technology Co., Ltd. (iv) The amount of RMB39,704 as of December 31, 2018 primarily included the unpaid repurchase amount by the Group to its ordinary shareholders , which was fully paid in the year ended December 31, 2019. (3) Sales to related parties For the years ended December 31, 2017 2018 2019 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (v) — — 5,449 Hangzhou Yihong Advertisement Co., Ltd. (v) 17,659 — — Hangzhou Alimama Technology Co., Ltd. (v) 2,309 — — Guangzhou Aijiuyou Informational Technology Co., Ltd. (vi) 1,242 — — Zhejiang Tmall Technology Co., Ltd. (v) 500 — — Others 12 — — Total 21,722 — 5,449 (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 December 31, 2017 2018 2019 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (vii) 139,406 429,345 497,789 Beijing Shiyue Haofeng Media Co., Ltd. (vii) — 2,005 2,070 Alibaba Cloud Computing Ltd. (viii) 74,705 — — Hunan Qindao Cultural Spread Ltd. (vii) 61,676 — — Taobao (China) Software Co., Ltd. 2,283 — — Guangzhou Jianyue Information Technology Co., Ltd. 803 — — Total 278,873 431,350 499,859 (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. (viii) The purchase from Alibaba Cloud Computing Ltd. is mainly related to its cloud computing services. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2017, 2018 and 2019 were as follows: 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 For the year ended December 31, 2019 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 15,740,815 1,259,906 14,368 17,015,089 Cost and expenses: Cost of revenues (8,065,300 ) (415,688 ) (11,108 ) (8,492,096 ) Research and development (797,471 ) (297,560 ) — (1,095,031 ) Sales and marketing (1,521,511 ) (1,162,912 ) (6,401 ) (2,690,824 ) General and administrative (641,269 ) (851,099 ) (34,914 ) (1,527,282 ) Total cost and expenses (11,025,551 ) (2,727,259 ) (52,423 ) (13,805,233 ) Other operating income 323,444 — 21,399 344,843 Income (loss) from operations 5,038,708 (1,467,353 ) (16,656 ) 3,554,699 Interest income 396,672 10,706 164 407,542 Interest expense (78,611 ) — — (78,611 ) Impairment loss on long-term investments (15,711 ) — — (15,711 ) Income tax expense (917,265 ) 33,464 — (883,801 ) Share of loss on equity method investments (23,350 ) — — (23,350 ) Net income (loss) 4,400,443 (1,423,183 ) (16,492 ) 2,960,768 |
Organization and Principal Ac_3
Organization and Principal Activities - Additional Information (Detail) ¥ in Thousands, $ in Thousands | May 31, 2018USD ($)shares | Dec. 31, 2019asset_grouprelated_partyTerm | Dec. 31, 2018CNY (¥) | Dec. 31, 2017 | May 31, 2018CNY (¥) |
Variable Interest Entity [Line Items] | |||||
Date of incorporation | Nov. 23, 2011 | ||||
Percentage of VIEs revenues to the consolidated net revenues | 99.90% | 100.00% | 100.00% | ||
Percentage of VIEs assets to the consolidated total assets | 14.90% | 17.70% | |||
Percentage of VIEs liability to the consolidated total liabilities | 17.60% | 18.40% | |||
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 | $ 613,181 | ¥ 3,930,246 | ¥ 3,930,246 | ||
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, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019CNY (¥) | Jan. 01, 2019CNY (¥) | |
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents | $ 375,297 | ¥ 2,468,034 | ¥ 2,612,743 | |||
Short-term deposits | 1,768,592 | 8,824,610 | 12,312,585 | |||
Accounts receivable, net of allowance for doubtful accounts of RMB nil and RMB 12,209 as of December 31, 2018 and 2019, respectively | 38,087 | 719,606 | 265,155 | |||
Amount due from related parties | 629 | 4,382 | ||||
Prepaid expenses and other current assets | 86,041 | 620,979 | 599,000 | |||
Total current assets | 2,268,646 | 12,633,229 | 15,793,865 | |||
Right-of-use assets, net | 27,371 | 190,552 | ¥ 188,087 | |||
Property and equipment, net | 49,749 | 387,532 | 346,345 | |||
Intangible assets | 127,884 | 1,036,986 | 890,303 | |||
Rental deposits | 3,595 | 24,192 | 25,028 | |||
Long-term investments | 71,232 | 447,465 | 495,905 | |||
Deferred tax assets | 5,324 | 57,786 | 37,064 | |||
Other non-current assets | 6,322 | 71,519 | 44,009 | |||
Goodwill | 626,362 | 4,306,829 | ¥ 22,130 | 4,360,610 | ||
Total assets | 3,229,577 | 18,965,538 | 22,483,681 | |||
Accounts payable | 102,604 | 718,362 | 714,323 | |||
Deferred revenue | 72,318 | 441,892 | 503,461 | |||
Accrued expenses and other current liabilities | 141,611 | 846,710 | 985,873 | |||
Amounts due to related parties | 4,253 | 82,948 | 29,606 | |||
Lease liabilities due within one year | 19,416 | 135,169 | ||||
Total current liabilities | 374,435 | 2,696,276 | 2,606,754 | |||
Deferred tax liabilities | 31,971 | 259,247 | 222,576 | |||
Lease liabilities | 8,115 | 56,498 | ||||
Total liabilities | 1,258,997 | 7,942,679 | 8,764,899 | |||
Net revenues | ¥ 17,015,089 | 13,408,421 | 8,886,390 | |||
Net income | 2,970,890 | 2,815,775 | 2,148,098 | |||
Net cash provided by operating activities | 782,686 | 5,448,886 | 3,327,718 | 2,886,107 | ||
Net cash used in investing activities | (578,861) | (4,029,919) | (10,034,004) | (188,174) | ||
Net cash provided by financing activities | $ (182,967) | (1,273,780) | 4,687,951 | 2,833 | ||
Beijing Momo Technology Co., Ltd. [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents | 1,502,395 | 1,147,848 | ||||
Short-term deposits | 800,000 | |||||
Accounts receivable, net of allowance for doubtful accounts of RMB nil and RMB 12,209 as of December 31, 2018 and 2019, respectively | 719,606 | 259,250 | ||||
Amount due from related parties | 4,382 | |||||
Prepaid expenses and other current assets | 425,974 | 416,862 | ||||
Total current assets | 2,647,975 | 2,628,342 | ||||
Right-of-use assets, net | 39,693 | |||||
Property and equipment, net | 72,539 | 42,668 | ||||
Intangible assets | 42,821 | 37,089 | ||||
Rental deposits | 11,619 | 10,570 | ||||
Long-term investments | 447,465 | 495,905 | ||||
Deferred tax assets | 52,887 | 34,514 | ||||
Other non-current assets | 67,480 | 43,970 | ||||
Goodwill | 22,130 | 22,130 | ||||
Total assets | 3,364,916 | 3,354,881 | ||||
Accounts payable | 549,173 | 611,471 | ||||
Deferred revenue | 441,392 | 497,166 | ||||
Accrued expenses and other current liabilities | 304,363 | 244,759 | ||||
Amounts due to related parties | 43,213 | 29,554 | ||||
Lease liabilities due within one year | 0 | 6,830 | ||||
Income tax payable | 113,733 | 122,403 | ||||
Total current liabilities | 1,451,874 | 1,512,183 | ||||
Deferred tax liabilities | 10,705 | 9,272 | ||||
Lease liabilities | 17,466 | |||||
Total liabilities | 1,462,579 | ¥ 1,538,921 | ||||
Net revenues | 17,001,337 | 13,408,421 | 8,886,390 | |||
Net income | 8,511,991 | 6,292,183 | 4,890,438 | |||
Net cash provided by operating activities | 9,125,496 | 5,913,709 | 4,997,183 | |||
Net cash used in investing activities | (881,828) | ¥ (151,546) | (174,333) | |||
Net cash provided by financing activities | ¥ 11,000 | ¥ 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, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Allowance for doubtful accounts | ¥ 12,209 | ¥ 0 |
Beijing Momo Technology Co., Ltd. [Member] | ||
Variable Interest Entity [Line Items] | ||
Allowance for doubtful accounts | ¥ 12,209 | ¥ 0 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) ¥ in Thousands, $ in Thousands | Jan. 01, 2019CNY (¥) | Dec. 31, 2019USD ($)Customer | Dec. 31, 2019CNY (¥)Customer | Dec. 31, 2018CNY (¥)Customer | Dec. 31, 2017CNY (¥)Customer | Dec. 31, 2019CNY (¥) |
Accounting Policies [Line Items] | ||||||
Cash and cash equivalents | $ 375,297 | ¥ 2,468,034 | ¥ 2,612,743 | |||
Deferred revenue recognized | ¥ 441,892 | |||||
Impairment charges related to contract assets | ¥ 0 | |||||
Other operating income | 49,534 | 344,843 | 253,697 | ¥ 156,764 | ||
Value added tax incurred | 1,484,651 | 1,136,034 | 812,249 | |||
Foreign currency adjustment gain loss | $ (1,269) | ¥ (8,835) | 198,654 | (155,368) | ||
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$1.00 = RMB6.9618 on the last trading day of 2019 (December 31, 2019) representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ 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$1.00 = RMB6.9618 on the last trading day of 2019 (December 31, 2019) representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rates. | ||||
Foreign currency translation exchange rate | 6.9618 | 6.9618 | ||||
Advertising expense | ¥ 1,960,002 | 1,236,167 | 1,036,053 | |||
Right-of-use assets, net | 188,087 | $ 27,371 | ¥ 190,552 | |||
Operating lease, liability | ¥ 162,404 | 217,443 | ||||
Minimum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Percentage of ownership, equity method investment | 20.00% | 20.00% | ||||
Maximum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Percentage of ownership, equity method investment | 50.00% | 50.00% | ||||
Contracts, original duration | 1 year | 1 year | ||||
Short-term deposits [Member] | Minimum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Bank deposits maturity | 3 months | 3 months | ||||
Short-term deposits [Member] | Maximum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Bank deposits maturity | 1 year | 1 year | ||||
Long-term deposits [Member] | Minimum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Bank deposits maturity | 1 year | 1 year | ||||
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 | ¥ 255,750 | ¥ 223,995 | ¥ 141,688 | |||
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 | ¥ 2,434,000 |
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, 2019 | Dec. 31, 2018 | |
Third-party Payment Channel A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 26.00% | 14.00% |
Third-party Payment Channel B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 12.00% | 5.00% |
Third-party Payment Channel C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 9.00% | 12.00% |
Third-party Payment Channel D [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 0.00% | 59.00% |
Significant Accounting Polici_6
Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 | |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue From Contract With Customers [Line Items] | |||
Total revenues | ¥ 17,015,089 | ¥ 13,408,421 | ¥ 8,886,390 |
Momo Inc [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 15,740,815 | 12,812,421 | 8,884,823 |
Momo Inc [Member] | Live Video Service [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 12,448,131 | 10,709,491 | 7,429,906 |
Momo Inc [Member] | Value-added Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 2,846,057 | 1,465,152 | 695,798 |
Momo Inc [Member] | Mobile Marketing [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 331,822 | 500,321 | 514,279 |
Momo Inc [Member] | Mobile Games [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 92,451 | 130,392 | 241,388 |
Momo Inc [Member] | Other Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 22,354 | 7,065 | 3,452 |
Tantan Limited [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 1,259,906 | 417,998 | |
Tantan Limited [Member] | Value-added Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 1,259,906 | 417,998 | |
Qool Inc [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 14,368 | 178,002 | 1,567 |
Qool Inc [Member] | Other Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | ¥ 14,368 | ¥ 178,002 | ¥ 1,567 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - Tantan Limited [Member] ¥ in Thousands, $ in Thousands | May 31, 2018USD ($)shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | May 31, 2018CNY (¥) |
Cash Consideration | $ 613,181 | ¥ 3,930,246 | ¥ 3,930,246 | |
Business acquisition cash paid | ¥ | ¥ 3,845,900 | |||
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) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2018CNY (¥) | |
Finite-Lived Intangible Assets [Line Items] | |
Goodwill | ¥ 3,994,358 |
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) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net revenue | ¥ 17,015,089 | ¥ 13,408,421 | ¥ 8,886,390 |
Net loss | ¥ 2,970,890 | 2,815,775 | ¥ 2,148,098 |
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, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Deposit at third-party payment channels | [1] | ¥ 190,037 | ¥ 258,039 | |
Input VAT | [2] | 107,879 | 69,075 | |
Interest receivable | 105,450 | 87,057 | ||
Advance to suppliers | [3] | 80,419 | 94,100 | |
Corporate lending receivable | [4] | 40,000 | ||
Deferred platform commission cost | 35,922 | 36,189 | ||
Prepaid income tax and other expenses | 19,738 | 55,084 | ||
Others | 19,555 | 21,435 | ||
Prepaid expenses and other current assets | $ 86,041 | ¥ 599,000 | ¥ 620,979 | |
[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 and other recipients in the value-added service to withdraw their revenue sharing and the customer payment to the Group’s account through the third-party payment channels. | |||
[2] | 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. | |||
[3] | Advance to suppliers were primarily for advertising fees and related service fees. | |||
[4] | Corporate lending receivable is the loan to a third-party entity, which is mature in less than one year. The annual interest rate is 10%, which can be waived if certain conditions are met. |
Prepaid Expenses and Other Cu_4
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | |
Annual interest rate | 10.00% |
Maximum [Member] | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | |
Loan maturity term | 1 year |
Long-Term Investments - Summary
Long-Term Investments - Summary of Equity and Cost Method Investments (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Sep. 12, 2018CNY (¥) | Aug. 18, 2015CNY (¥) | Feb. 13, 2015CNY (¥) | |||
Investments [Line Items] | |||||||||
Long term Investments | $ 71,232 | ¥ 495,905 | ¥ 447,465 | ||||||
Hunan Qindao Cultural Spread Ltd. [Member] | |||||||||
Investments [Line Items] | |||||||||
Equity securities | [1] | 30,000 | 30,000 | ||||||
Hangzhou Faceunity Technology Limited [Member] | |||||||||
Investments [Line Items] | |||||||||
Equity securities | [2] | 70,000 | 70,000 | ||||||
Haining Yijiayi Culture Co Ltd [Member] | |||||||||
Investments [Line Items] | |||||||||
Equity securities | [3] | 25,000 | 25,000 | ||||||
Other Equity Securities [Member] | |||||||||
Investments [Line Items] | |||||||||
Equity securities | [4] | 119,125 | 53,125 | ||||||
Jingwei Chuangteng (Hangzhou) L.P. [Member] | |||||||||
Investments [Line Items] | |||||||||
Equity method investments | [5] | 73,418 | 64,441 | ||||||
Beijing Autobot Venture Capital L.P. [Member] | |||||||||
Investments [Line Items] | |||||||||
Equity method investments | 21,873 | [6] | 57,392 | [6] | ¥ 30,000 | ||||
Hangzhou Aqua Ventures Investment Management L.P. [Member] | |||||||||
Investments [Line Items] | |||||||||
Equity method investments | 106,704 | [7] | 105,289 | [7] | ¥ 50,000 | ||||
Chengdu Tianfu Qianshi Equity Lp Investment [Member] | |||||||||
Investments [Line Items] | |||||||||
Equity method investments | 27,465 | [8] | 20,586 | [8] | ¥ 30,000 | ||||
Other Equity Method Investments [Member] | |||||||||
Investments [Line Items] | |||||||||
Equity method investments | [4] | ¥ 22,320 | ¥ 21,632 | ||||||
[1] | On June 8, 2016, the Group entered into a share purchase agreement to acquire 16.0% equity of Hunan Qindao Cultural Spread Ltd. (“Qindao”) for a total consideration of RMB30,000, which was fully paid off as of December 31, 2017. 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. | ||||||||
[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, 2019. 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, 2018 and 2019. The Group recognized its share of partnership profit in Jingwei of RMB11,677, RMB16,168 and RMB8,977 during the year ended December 31, 2017, 2018 and 2019, 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 RMB8,392 and RMB2,230 during the years ended December 31, 2017 and 2018, respectively. The Group recognized its share of partnership loss in Autobot of RMB35,520 during the year ended December 31, 2019. | ||||||||
[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 RMB20,709, RMB20,797 and RMB1,415 during the years ended December 31, 2017, 2018 and 2019, 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 5.1% partnership interest for RMB30,000, of which RMB21,000 had been paid as of December 31, 2019. The Group recognized its share of partnership profit in Tianfu of RMB nil and RMB8,586 during the years ended December 31, 2017 and 2018, respectively. The Group recognized its share of partnership loss in Tianfu of RMB2,121 during the year ended December 31, 2019. |
Long-Term Investments - Additio
Long-Term Investments - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Investments, All Other Investments [Abstract] | ||||
Impairment loss on long-term investments | $ 2,257 | ¥ 15,711 | ¥ 43,200 | ¥ 30,085 |
Long-Term Investments - Summa_2
Long-Term Investments - Summary of Equity and Cost Method Investments (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||
Feb. 13, 2015CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Sep. 12, 2018CNY (¥) | Aug. 02, 2018 | Jan. 17, 2018 | Jun. 08, 2016 | Aug. 18, 2015CNY (¥) | Jan. 09, 2015 | ||||
Investment Line Items [Line Items] | |||||||||||||||
Share of income (loss) on equity method investments | $ (3,354) | ¥ (23,350) | ¥ 48,660 | ¥ 39,729 | |||||||||||
Jingwei Chuangteng (Hangzhou) L.P. [Member] | |||||||||||||||
Investment Line Items [Line Items] | |||||||||||||||
Equity method investments | [1] | ¥ 73,418 | ¥ 64,441 | ||||||||||||
Percentage of ownership | 2.40% | 2.40% | 4.90% | ||||||||||||
Share of income (loss) on equity method investments | ¥ 8,977 | ¥ 16,168 | 11,677 | ||||||||||||
Payment of equity method investment | ¥ 30,000 | ||||||||||||||
Beijing Autobot Venture Capital L.P. [Member] | |||||||||||||||
Investment Line Items [Line Items] | |||||||||||||||
Equity method investments | ¥ 30,000 | 21,873 | [2] | ¥ 57,392 | [2] | ||||||||||
Equity method investments, further financing | ¥ 10,000 | ||||||||||||||
Percentage of ownership | 31.90% | 26.70% | 26.70% | ||||||||||||
Share of income (loss) on equity method investments | (35,520) | ¥ 2,230 | ¥ (8,392) | ||||||||||||
Payment of equity method investment | ¥ 40,000 | ||||||||||||||
Hangzhou Aqua Ventures Investment Management L.P. [Member] | |||||||||||||||
Investment Line Items [Line Items] | |||||||||||||||
Equity method investments | 106,704 | [3] | 105,289 | [3] | ¥ 50,000 | ||||||||||
Percentage of ownership | 42.70% | ||||||||||||||
Share of income (loss) on equity method investments | 1,415 | 20,797 | 20,709 | ||||||||||||
Chengdu Tianfu Qianshi Equity Lp Investment [Member] | |||||||||||||||
Investment Line Items [Line Items] | |||||||||||||||
Equity method investments | 27,465 | [4] | 20,586 | [4] | ¥ 30,000 | ||||||||||
Payments to acquire available-for-sale securities, equity | 21,000 | ||||||||||||||
Percentage of ownership | 5.10% | ||||||||||||||
Share of income (loss) on equity method investments | (2,121) | 8,586 | 0 | ||||||||||||
Hunan Qindao Cultural Spread Ltd. [Member] | |||||||||||||||
Investment Line Items [Line Items] | |||||||||||||||
Percentage of shares acquired recorded as available for sale debt security | 16.00% | ||||||||||||||
Payments to acquire available-for-sale securities, equity | ¥ 30,000 | ||||||||||||||
Hangzhou Faceunity Technology Limited [Member] | |||||||||||||||
Investment Line Items [Line Items] | |||||||||||||||
Percentage of shares acquired recorded as available for sale debt security | 10.00% | ||||||||||||||
Share purchase agreement, consideration paid | ¥ 70,000 | ||||||||||||||
Haining Yijiayi Culture Co Ltd [Member] | |||||||||||||||
Investment Line Items [Line Items] | |||||||||||||||
Business acquisition, equity interests acquired | 5.00% | ||||||||||||||
Payment of equity method investment | ¥ 25,000 | ||||||||||||||
[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, 2018 and 2019. The Group recognized its share of partnership profit in Jingwei of RMB11,677, RMB16,168 and RMB8,977 during the year ended December 31, 2017, 2018 and 2019, 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 RMB8,392 and RMB2,230 during the years ended December 31, 2017 and 2018, respectively. The Group recognized its share of partnership loss in Autobot of RMB35,520 during the year ended December 31, 2019. | ||||||||||||||
[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 RMB20,709, RMB20,797 and RMB1,415 during the years ended December 31, 2017, 2018 and 2019, 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 5.1% partnership interest for RMB30,000, of which RMB21,000 had been paid as of December 31, 2019. The Group recognized its share of partnership profit in Tianfu of RMB nil and RMB8,586 during the years ended December 31, 2017 and 2018, respectively. The Group recognized its share of partnership loss in Tianfu of RMB2,121 during the year ended December 31, 2019. |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Less: accumulated depreciation | ¥ (530,439) | ¥ (338,868) | |
Exchange difference | (16) | (35) | |
Total | $ 49,749 | 346,345 | 387,532 |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 623,482 | 513,448 | |
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 150,048 | 115,048 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 3,599 | 3,599 | |
Leasehold Improvement [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | ¥ 99,671 | ¥ 94,340 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 28,475 | ¥ 198,237 | ¥ 148,238 | ¥ 78,885 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Intangible Assets (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Liabilities [Line Items] | ||
Less: accumulated amortization and impairment | ¥ (257,034) | ¥ (99,080) |
Exchange difference | (3,411) | (1,094) |
Net book value | 890,303 | 1,036,986 |
Trade Names [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 695,789 | 687,164 |
Active User [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 372,007 | 367,396 |
Technology [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 28,349 | 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Depreciation expenses and impairment loss | ¥ 157,954 | ¥ 93,030 | ¥ 6,050 |
Intangible Assets, Net - Sche_2
Intangible Assets, Net - Schedule of Future Amortization Expense (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2020 | ¥ 159,162 | |
2021 | 152,955 | |
2022 | 148,994 | |
2023 | 105,593 | |
2024 | 74,592 | |
Thereafter | 249,007 | |
Net book value | ¥ 890,303 | ¥ 1,036,986 |
Goodwill - Schedule Of Goodwill
Goodwill - Schedule Of Goodwill (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Goodwill [Line Items] | |||
Beginning balance | ¥ 4,306,829 | ¥ 22,130 | |
Goodwill acquired | 3,994,358 | ||
Foreign exchange differences | 53,781 | 290,341 | |
Ending balance | $ 626,362 | 4,360,610 | 4,306,829 |
Momo Inc [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 22,130 | 22,130 | |
Ending balance | 22,130 | 22,130 | |
Tantan Limited [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 4,284,699 | ||
Goodwill acquired | 3,994,358 | ||
Foreign exchange differences | 53,781 | 290,341 | |
Ending balance | ¥ 4,338,480 | ¥ 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, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Payables and Accruals [Abstract] | |||
Accrued payroll and welfare | ¥ 335,012 | ¥ 302,117 | |
Payable for advertisement | 304,954 | 254,872 | |
Balance of users' virtual accounts | 120,935 | 112,488 | |
Accrued professional services and related service fee | 68,825 | 38,415 | |
Other tax payables | 55,872 | 99,964 | |
VAT payable | 29,975 | 9,208 | |
Others | 70,300 | 29,646 | |
Total | $ 141,611 | ¥ 985,873 | ¥ 846,710 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Detail) - Convertible Senior Notes Due 2025 [Member] $ / shares in Units, ¥ in Thousands, $ in Thousands | Jun. 26, 2018$ / shares | Jul. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018 | Dec. 31, 2019CNY (¥) | Jul. 31, 2018CNY (¥) |
Line of Credit Facility [Line Items] | |||||||
Aggregate principal amount | $ 725,000 | ¥ 4,985,000 | |||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 15.4776 | 15.7172 | 15.7172 | ||||
Conversion price | $ / shares | $ 45.34 | $ 64.61 | $ 63.62 | ||||
Debt conversion premium percentage | 42.50% | ||||||
Convertible senior notes maturity date | Jul. 1, 2025 | ||||||
Principal amount of each convertible note | $ | $ 1,000 | $ 1,000 | |||||
Number of notes converted into company's ADSs | 0 | 0 | 0 | ||||
Convertible senior notes interest rate | 1.25% | ||||||
Debt instrument, carrying value | ¥ 4,954,352 | ||||||
Unamortized debt issuance costs | ¥ 92,953 | ||||||
Debt instrument, effective interest rate | 1.61% | ||||||
Amortization and interest expenses | ¥ 78,501 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Additional Information (Detail) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2019CNY (¥) | |
Disclosure Of Operating Lease Additional Information [Abstract] | |
Operating cash flows from operating leases | ¥ 106,288 |
Operating leases | ¥ 127,362 |
Weighted average remaining lease term, Operating leases | 1 year 7 months 2 days |
Weighted average discount rate, Operating leases | 4.52% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Payments Under Operating Leases (Detail) ¥ in Thousands | Dec. 31, 2019CNY (¥) |
Leases [Abstract] | |
Total | ¥ 141,324 |
2021 | 53,769 |
2022 | 3,770 |
Less imputed interest | 7,196 |
Total | ¥ 191,667 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments Under Non-Cancellable Operating Leases (Detail) - CNY (¥) ¥ in Thousands | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2019 | ¥ 99,133 | |
2020 | 82,697 | |
2021 | 26,980 | |
2022 | 8,633 | |
Total | ¥ 162,404 | ¥ 217,443 |
Leases - Additional Information
Leases - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Operating lease expenses | ¥ 160,791 | |
Total rental expense | 58,861 | ¥ 78,713 |
Short-term lease expense | ¥ 26,848 |
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, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ¥ 2,612,743 | ¥ 2,468,034 |
Total | 2,612,743 | 2,468,034 |
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 | 2,612,743 | 2,468,034 |
Total | ¥ 2,612,743 | ¥ 2,468,034 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment loss on assets | $ 2,257 | ¥ 15,711 | ¥ 43,200 | ¥ 30,085 |
Fair value of notes | 4,761,577 | 3,901,355 | ||
Other Cost and Equity Method Investment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment loss on assets | 3,211 | 0 | ||
Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment loss on assets | ¥ 12,500 | ¥ 43,200 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - CNY (¥) | Jul. 31, 2019 | Oct. 31, 2018 | Aug. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Contingency [Line Items] | ||||||
Income tax rate | 21.00% | 35.00% | ||||
Deferred tax liability | ¥ 222,576,000 | ¥ 259,247,000 | ||||
Operating loss carry forward | ¥ 7,792,000 | |||||
Operating loss carry forward period | 20 years | |||||
Tax loss carry backward period | 2 years | |||||
Percentage of taxable income offset by tax losses | 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 | |||
Tantan Limited [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Percentage of reduced tax rate | 15.00% | |||||
Inland Revenue, Singapore (IRAS) [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income tax rate | 17.00% | |||||
Operating loss carry forward | ¥ 4,823,000 | |||||
Earliest Tax Year [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Tax years subject to tax audits | 2015 | |||||
Latest Tax Year [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Tax years subject to tax audits | 2019 | |||||
PRC [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income tax rate | 25.00% | 25.00% | 25.00% | |||
Withholding income tax rate for dividends distributed by the PRC subsidiaries | 10.00% | |||||
Deferred tax liability | ¥ 0 | |||||
Operating loss carry forward | ¥ 265,448,000 | |||||
Operating loss carry forward period | 5 years | 5 years | ||||
Operating loss carry forward expiration year | 2021 | |||||
PRC [Member] | High And New Technology Enterprise ("HNTE") [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating loss carry forward period | 10 years | |||||
PRC [Member] | Chengdu Momo Technology Company Limited Investment [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Percentage of reduced tax rate | 15.00% | |||||
PRC [Member] | Beneficial Owner [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Withholding income tax rate for dividends distributed by the PRC subsidiaries | 5.00% | |||||
PRC [Member] | 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] | ||||||
Income tax rate | 25.00% | 25.00% | ||||
Hong Kong [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating loss carry forward | ¥ 188,235,000 | |||||
Hong Kong [Member] | Beneficial Owner [Member] | Minimum [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Equity interest in a PRC-resident enterprise | 25.00% | |||||
Hong Kong [Member] | The first 2 million Hong Kong dollars of profits [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income tax rate | 8.25% | |||||
Hong Kong [Member] | Remaining profits [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income tax rate | 16.50% | |||||
US [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating loss carry forward | ¥ 77,846,000 | ¥ 70,055,000 |
Income Taxes - Components of Gr
Income Taxes - Components of Group's Deferred Tax Assets and Liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Advertising expense | ¥ 239,937 | ¥ 221,113 |
Net operating loss carry-forward | 117,595 | 103,060 |
Accrued expenses | 26,196 | 43,631 |
Impairment on long-term investments and game copyright | 14,117 | 11,336 |
Less: valuation allowance | (360,781) | (321,354) |
Deferred tax assets, net | 37,064 | 57,786 |
Deferred tax liabilities: | ||
Intangible assets acquired | 222,576 | 259,247 |
Deferred tax liabilities, net | ¥ 222,576 | ¥ 259,247 |
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, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Income Taxes And Tax Related [Line Items] | ||||
Net income before provision for income tax | $ 555,593 | ¥ 3,867,919 | ¥ 3,439,535 | ¥ 2,549,735 |
Income tax expense at statutory tax rate | 966,980 | 859,884 | 637,434 | |
Permanent differences | 24,406 | 20,135 | (446) | |
Change in valuation allowance | 39,427 | 98,862 | 5,990 | |
Effect of income tax rate difference in other jurisdictions | 257,449 | 156,136 | 80,085 | |
Effect of tax holidays and preferential tax rates | (404,461) | (435,369) | (278,062) | |
Provision for income tax | $ 126,950 | ¥ 883,801 | ¥ 699,648 | ¥ 445,001 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Increase in income tax expenses | ¥ 404,461 | ¥ 435,369 | ¥ 278,062 |
Earnings per share after increase in income tax expenses - basic | ¥ 6.18 | ¥ 5.85 | ¥ 4.74 |
Earnings per share after increase in income tax expenses - diluted | ¥ 5.86 | ¥ 5.59 | ¥ 4.50 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2019¥ / sharesshares | Dec. 31, 2018¥ / sharesshares | Dec. 31, 2017shares | Dec. 31, 2019$ / sharesshares | |
Class of Stock [Line Items] | ||||
Issuance of ordinary shares in connection with exercise of options and vesting of share units | 3,402,830 | 10,122,318 | 9,476,874 | |
Class A Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Ordinary shares, shares issued | 336,914,844 | 333,512,014 | 336,914,844 | |
Ordinary shares, shares outstanding | 336,914,844 | 333,512,014 | 336,914,844 | |
Ordinary shares, par value | (per share) | ¥ 0.0001 | ¥ 0.0001 | $ 0.0001 | |
Class B Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Ordinary shares, shares issued | 80,364,466 | 80,364,466 | 80,364,466 | |
Ordinary shares, shares outstanding | 80,364,466 | 80,364,466 | 80,364,466 | |
Ordinary shares, par value | (per share) | ¥ 0.0001 | ¥ 0.0001 | $ 0.0001 |
Distribution to Shareholders -
Distribution to Shareholders - Additional Information (Detail) $ / shares in Units, $ in Thousands | Mar. 12, 2019USD ($)$ / shares |
Distribution to shareholders [Line Items] | |
Dividend record date | Apr. 5, 2019 |
Ex-dividend date | Apr. 4, 2019 |
Dividend Paid [Member] | |
Distribution to shareholders [Line Items] | |
Cash dividend paid | $ | $ 128,607 |
Dividend payable date | Apr. 30, 2019 |
American Depository Shares [Member] | Dividend Declared [Member] | |
Distribution to shareholders [Line Items] | |
Cash dividend amount per share | $ 0.62 |
Common Stock [Member] | Dividend Declared [Member] | |
Distribution to shareholders [Line Items] | |
Cash dividend amount per share | $ 0.31 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | Aug. 30, 2019shares | Apr. 15, 2019shares | Dec. 12, 2018shares | May 02, 2018shares | Mar. 07, 2017shares | May 17, 2016 | Aug. 31, 2018shares | Jul. 31, 2018shares | Nov. 30, 2014shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2018CNY (¥) | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2017CNY (¥) | Dec. 31, 2019CNY (¥)shares | Mar. 31, 2017shares | Apr. 30, 2016shares | Mar. 31, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options vested | 12,180,915 | 12,180,915 | |||||||||||||||||
Options expected to vest | 10,517,170 | 10,517,170 | |||||||||||||||||
Options expected to vest, weighted-average exercise price | $ / shares | $ 0.0002 | ||||||||||||||||||
Options expected to vest, Aggregate intrinsic value | $ | $ 176,161 | $ 124,415 | |||||||||||||||||
Weighted average fair value per option at grant date, Granted | $ / shares | $ 16.42 | $ 17.75 | $ 17.41 | ||||||||||||||||
Total intrinsic value of options exercised | $ | $ 59,423 | $ 209,797 | $ 154,233 | ||||||||||||||||
Total fair value of options vested | $ | 69,174 | $ 59,226 | $ 37,979 | ||||||||||||||||
Share-based compensation | $ 202,279 | ¥ 1,408,232 | ¥ 580,813 | ¥ 334,973 | |||||||||||||||
Weighted average remaining contractual term options outstanding | 7 years 18 days | 7 years 18 days | 7 years 4 months 9 days | 7 years 4 months 9 days | |||||||||||||||
Number of options, Granted | 5,820,796 | 5,820,796 | |||||||||||||||||
Tantan Limited [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
The estimated fair value of ordinary shares of Tantan | $ / shares | $ 5.03 | ||||||||||||||||||
Share split ratio | 1-for-5 | ||||||||||||||||||
RSUs [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based compensation | ¥ | ¥ 10,622 | ¥ 6,609 | 4,173 | ||||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 23,808 | ||||||||||||||||||
Weighted average recognition period | 2 years 8 months 23 days | 2 years 8 months 23 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 | ||||||||||||||||||
2014 Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share based compensation arrangements expiration Period | 10 years | 10 years | |||||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 1,178,770 | ||||||||||||||||||
Weighted average recognition period | 2 years 7 months 13 days | 2 years 7 months 13 days | |||||||||||||||||
Weighted average remaining contractual term options outstanding | 7 years 18 days | 7 years 18 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] | RSUs [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options, vesting period | 4 years | ||||||||||||||||||
2014 Plan [Member] | RSUs [Member] | Independent Directors | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Number of share options granted | 130,000 | 100,000 | 100,000 | ||||||||||||||||
2014 Plan [Member] | Employee and Executives Share Option [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based compensation | ¥ | ¥ 495,256 | 377,241 | 286,119 | ||||||||||||||||
2014 Plan [Member] | Non Employee Share Options [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based compensation | ¥ | 880 | 14,360 | ¥ 44,277 | ||||||||||||||||
2015 Plan [Member] | Tantan Limited [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Maximum aggregate number of shares issued | 9,039,035 | 2,793,812 | 2,000,000 | 1,000,000 | |||||||||||||||
2018 Plan [Member] | Tantan Limited [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Maximum aggregate number of shares issued | 29,818,370 | 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 [Member] | Qool Inc [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Number of share options granted | 9,000,000 | ||||||||||||||||||
Share-based compensation | ¥ | ¥ 10,811 | ¥ 566 | |||||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 10,314 | ||||||||||||||||||
Weighted average recognition period | 11 months 12 days | 11 months 12 days | |||||||||||||||||
2018 Plan [Member] | Options classified as Equity Awards | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Weighted average remaining contractual term options outstanding | 7 years 4 months 24 days | 7 years 4 months 24 days | 7 years 5 months 12 days | 7 years 5 months 12 days | |||||||||||||||
Number of options, Granted | 3,414,378 | 3,414,378 | |||||||||||||||||
2018 Plan [Member] | Options classified as Equity Awards | Tantan Limited [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options vested | 4,797,434 | 4,797,434 | |||||||||||||||||
Options expected to vest | 6,129,788 | 6,129,788 | |||||||||||||||||
Options expected to vest, weighted-average exercise price | $ / shares | $ 2.90 | ||||||||||||||||||
Options expected to vest, Aggregate intrinsic value | $ | $ 13,037 | $ 23,534 | |||||||||||||||||
Weighted average fair value per option at grant date, Granted | $ / shares | $ 3.05 | $ 3 | |||||||||||||||||
Total fair value of options vested | $ | $ 24,985 | $ 7,600 | |||||||||||||||||
Share-based compensation | ¥ | ¥ 99,635 | ¥ 94,977 | |||||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 180,170 | ||||||||||||||||||
Weighted average recognition period | 2 years 4 months 20 days | 2 years 4 months 20 days | |||||||||||||||||
Weighted average remaining contractual term options outstanding | 7 years 4 months 24 days | 7 years 4 months 24 days | |||||||||||||||||
2018 Plan [Member] | Options classified as Liability Awards | Tantan Limited [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based compensation | ¥ | ¥ 791,028 | ¥ 86,778 | |||||||||||||||||
2018 Plan [Member] | 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 | ||||||||||||||||||
Number of options, Granted | 17,891,025 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Options Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Outstanding beginning balance | 21,783,103 | |
Number of options, Granted | 5,820,796 | |
Number of options, Exercised | (3,290,330) | |
Number of options, Forfeited | (515,862) | |
Number of options, Outstanding ending balance | 23,797,707 | 21,783,103 |
Number of options, Exercisable | 12,180,915 | |
Weighted average exercise price per option, Outstanding beginning balance | $ 0.0296 | |
Weighted average exercise price per option, Granted | 0.0002 | |
Weighted average exercise price per option, Exercised | 0.0082 | |
Weighted average exercise price per option, Forfeited | 0.0002 | |
Weighted average exercise price per option, Outstanding ending balance | 0.0260 | $ 0.0296 |
Weighted average exercise price per option, Exercisable | $ 0.0506 | |
Weighted average remaining contractual term options outstanding | 7 years 18 days | 7 years 4 months 9 days |
Weighted average remaining contractual life, Exercisable | 5 years 6 months 29 days | |
Aggregated intrinsic value, Outstanding beginning balance | $ 397,993 | $ 258,030 |
Aggregated intrinsic value, Exercisable | $ 203,414 | |
Options classified as Equity Awards | 2018 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Outstanding beginning balance | 9,482,930 | |
Number of options, Granted | 3,414,378 | |
Number of options, Exercised | (170,118) | |
Number of options, Forfeited | (802,107) | |
Number of options, Outstanding ending balance | 11,925,083 | 9,482,930 |
Number of options, Exercisable | 4,797,434 | |
Weighted average exercise price per option, Outstanding beginning balance | $ 1.4309 | |
Weighted average exercise price per option, Granted | 3.8135 | |
Weighted average exercise price per option, Exercised | 0.1796 | |
Weighted average exercise price per option, Forfeited | 1.1616 | |
Weighted average exercise price per option, Outstanding ending balance | 2.1490 | $ 1.4309 |
Weighted average exercise price per option, Exercisable | $ 1.0284 | |
Weighted average remaining contractual term options outstanding | 7 years 4 months 24 days | 7 years 5 months 12 days |
Weighted average remaining contractual life, Exercisable | 6 years 2 months 4 days | |
Aggregated intrinsic value, Outstanding beginning balance | $ 34,356 | $ 35,666 |
Aggregated intrinsic value, Exercisable | $ 19,197 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
2014 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate of return, minimum | 2.45% | 3.16% | 2.47% |
Risk-free interest rate of return, maximum | 3.21% | 3.66% | 2.87% |
Contractual term | 6 years | 6 years | 6 years |
Volatility, minimum | 49.00% | 50.00% | 50.70% |
Volatility, maximum | 50.50% | 50.70% | 54.00% |
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, minimum | 2.30% | ||
Risk-free interest rate of return | 3.58% | ||
Risk-free interest rate of return, maximum | 3.50% | ||
Contractual term | 10 years | 10 years | |
Volatility, minimum | 54.20% | ||
Volatility | 55.40% | ||
Volatility, maximum | 55.40% | ||
Dividend yield | 0.00% | 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 | 2.45% | 3.39% | |
Risk-free interest rate of return, maximum | 3.19% | 3.58% | |
Contractual term | 10 years | 10 years | |
Volatility, minimum | 54.20% | 55.40% | |
Volatility, maximum | 55.50% | 55.60% | |
Dividend yield | 0.00% | 0.00% | |
Exercise price | $ 0.0004 | $ 0.0004 | |
2018 Plan | Minimum [Member] | Options classified as Equity Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price | 0.32 | 0.32 | |
2018 Plan | Maximum [Member] | Options classified as Equity Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price | $ 5 | $ 5 |
Net Income Per Share - Calculat
Net Income Per Share - Calculation of Net Income Per Share (Detail) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2019$ / shares | Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | ||
Numerator: | |||||
Net income attributed to ordinary shareholders for computing net income per ordinary share-basic and diluted | ¥ | ¥ 2,970,890 | ¥ 2,815,775 | ¥ 2,148,098 | ||
Denominator for computing net income per share-basic: | |||||
Weighted average ordinary shares outstanding used in computing net income per ordinary share-basic | 415,316,627 | 407,009,875 | 394,549,323 | ||
Denominator for computing net income per share-diluted: | |||||
Weighted average shares outstanding used in computing net income per ordinary share-diluted | 451,206,091 | [1] | 433,083,643 | 415,265,078 | |
Net income per ordinary share attributable to Momo Inc. - basic | (per share) | ¥ 7.15 | $ 1.03 | ¥ 6.92 | ¥ 5.44 | |
Net income per ordinary share attributable to Momo Inc. - diluted | (per share) | ¥ 6.76 | $ 0.97 | ¥ 6.59 | ¥ 5.17 | |
[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 RSUs 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | 902,655 | 1,117,334 | 768,266 |
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 | 45,893 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Convertible Note [Member] | |||
Earnings Per Share [Line Items] | |||
Incremental weighted average number of shares | 22,701,379 | 11,251,916 | |
RSUs [Member] | Share Options [Member] | |||
Earnings Per Share [Line Items] | |||
Incremental weighted average number of shares | 13,188,085 | 14,821,852 | 20,715,755 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Partnership Interest [Member] | ||
Lease and Investment Commitments [Line Items] | ||
Equity method investments equity contribution obligation | ¥ 13,500 | ¥ 47,500 |
Related Party Balances and Tr_3
Related Party Balances and Transactions - Schedule of Amount Due from Related Parties-current (Detail) - Dec. 31, 2019 ¥ in Thousands, $ in Thousands | USD ($) | CNY (¥) | |
Related Party Transaction [Line Items] | |||
Amount due from related parties | $ 629 | ¥ 4,382 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due from related parties | [1] | ¥ 4,382 | |
[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) - Dec. 31, 2019 ¥ in Thousands, $ in Thousands | USD ($) | CNY (¥) | |
Related Party Transaction [Line Items] | |||
Uncollected amounts for the mobile marketing services | $ 629 | ¥ 4,382 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Uncollected amounts for the mobile marketing services | [1] | ¥ 4,382 | |
[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, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Amount due to related parties | $ 4,253 | ¥ 29,606 | ¥ 82,948 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | [1] | 29,596 | 43,178 | |
Ordinary Shareholders [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | [2] | 0 | 39,704 | |
Others [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | ¥ 10 | ¥ 66 | ||
[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 RMB39,704 and RMB0 as of December 31, 2018 and 2019 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, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Amount due to related parties | $ 4,253 | ¥ 29,606 | ¥ 82,948 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | [1] | 29,596 | 43,178 | |
Ordinary Shareholders [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | [2] | 0 | 39,704 | |
Unpaid Repurchase [Member] | Ordinary Shareholders [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | 39,704 | |||
Unpaid Revenue [Member] | Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | ¥ 29,596 | ¥ 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 RMB39,704 and RMB0 as of December 31, 2018 and 2019 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Related Party Transaction [Line Items] | ||||||
Sales to related parties | ¥ 5,449 | ¥ 0 | ¥ 21,722 | |||
Hunan Qindao Network Media Technology Co Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Sales to related parties | 5,449 | |||||
Hangzhou Yihong Advertisement Co., Ltd. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Sales to related parties | 0 | [1] | 0 | [1] | 17,659 | |
Hangzhou Alimama Technology Co., Ltd. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Sales to related parties | [1] | 0 | 0 | 2,309 | ||
Guangzhou Aijiuyou Informational Technology Co., Ltd. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Sales to related parties | [2] | 0 | 0 | 1,242 | ||
Zhejiang Tmall Technology Co., Ltd. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Sales to related parties | [1] | 500 | ||||
Shanghai Xisue Network Technology Co., Ltd. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Sales to related parties | [1] | 0 | ||||
Others [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Sales to related parties | ¥ 0 | ¥ 0 | ¥ 12 | |||
[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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | ¥ 499,859 | ¥ 431,350 | ¥ 278,873 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [1] | 497,789 | 429,345 | 139,406 |
Beijing Shiyue Haofeng Media Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [1] | 2,070 | ¥ 2,005 | |
Alibaba Cloud Computing Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [2] | 0 | 74,705 | |
Hunan Qindao Cultural Spread Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [1] | 0 | 61,676 | |
Taobao (China) Software Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | 0 | 2,283 | ||
Guangzhou Jianyue Information Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | ¥ 0 | ¥ 803 | ||
[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. | |||
[2] | The purchase from Alibaba Cloud Computing Ltd. is mainly related to its cloud computing services. |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Segment | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting [Abstract] | |||
Number of operating segments | 3 | 3 | 1 |
Segment Information - Component
Segment Information - Components of Revenues (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Revenue from External Customer [Line Items] | ||||
Net revenues: | ¥ 17,015,089 | ¥ 13,408,421 | ¥ 8,886,390 | |
Cost and expenses: | ||||
Cost of revenues | $ (1,219,813) | (8,492,096) | (7,182,897) | (4,373,377) |
Research and development | (1,095,031) | (760,644) | (346,144) | |
Sales and marketing | (386,513) | (2,690,824) | (1,812,262) | (1,467,376) |
General and administrative | (219,380) | (1,527,282) | (640,023) | (422,005) |
Total cost and expenses | (1,982,997) | (13,805,233) | (10,395,826) | (6,608,902) |
Other operating income | 49,534 | 344,843 | 253,697 | 156,764 |
Income from operations | 510,602 | 3,554,699 | 3,266,292 | 2,434,252 |
Interest income | 58,540 | 407,542 | 272,946 | 145,568 |
Interest expense | (11,292) | (78,611) | (56,503) | |
Impairment loss on long-term investments | (2,257) | (15,711) | (43,200) | (30,085) |
Income tax expense | (126,950) | (883,801) | (699,648) | (445,001) |
Share of income (loss) on equity method investments | (3,354) | (23,350) | 48,660 | 39,729 |
Net income | $ 425,289 | 2,960,768 | 2,788,547 | 2,144,463 |
Momo Inc [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues: | 15,740,815 | 12,812,421 | 8,884,823 | |
Cost and expenses: | ||||
Cost of revenues | (8,065,300) | (6,572,954) | (4,373,377) | |
Research and development | (797,471) | (614,064) | (346,144) | |
Sales and marketing | (1,521,511) | (1,269,493) | (1,457,658) | |
General and administrative | (641,269) | (472,057) | (417,866) | |
Total cost and expenses | (11,025,551) | (8,928,568) | (6,595,045) | |
Other operating income | 323,444 | 252,458 | 156,764 | |
Income from operations | 5,038,708 | 4,136,311 | 2,446,542 | |
Interest income | 396,672 | 268,583 | 145,568 | |
Interest expense | (78,611) | (56,503) | ||
Impairment loss on long-term investments | (15,711) | (43,200) | (30,085) | |
Income tax expense | (917,265) | (716,729) | (445,001) | |
Share of income (loss) on equity method investments | (23,350) | 48,660 | 39,729 | |
Net income | 4,400,443 | 3,637,122 | 2,156,753 | |
Tantan Limited [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues: | 1,259,906 | 417,998 | ||
Cost and expenses: | ||||
Cost of revenues | (415,688) | (174,858) | ||
Research and development | (297,560) | (146,580) | ||
Sales and marketing | (1,162,912) | (520,161) | ||
General and administrative | (851,099) | (121,887) | ||
Total cost and expenses | (2,727,259) | (963,486) | ||
Other operating income | 0 | 173 | ||
Income from operations | (1,467,353) | (545,315) | ||
Interest income | 10,706 | 4,285 | ||
Interest expense | 0 | |||
Impairment loss on long-term investments | 0 | |||
Income tax expense | 33,464 | 21,824 | ||
Share of income (loss) on equity method investments | 0 | |||
Net income | (1,423,183) | (519,206) | ||
Qool Inc [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues: | 14,368 | 178,002 | 1,567 | |
Cost and expenses: | ||||
Cost of revenues | (11,108) | (435,085) | ||
Research and development | 0 | |||
Sales and marketing | (6,401) | (22,608) | (9,718) | |
General and administrative | (34,914) | (46,079) | (4,139) | |
Total cost and expenses | (52,423) | (503,772) | (13,857) | |
Other operating income | 21,399 | 1,066 | 0 | |
Income from operations | (16,656) | (324,704) | (12,290) | |
Interest income | 164 | 78 | ||
Interest expense | 0 | |||
Impairment loss on long-term investments | 0 | |||
Income tax expense | 0 | (4,743) | ||
Share of income (loss) on equity method investments | 0 | |||
Net income | ¥ (16,492) | ¥ (329,369) | ¥ (12,290) |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Provisions for employee benefits | ¥ 214,313 | ¥ 166,998 | ¥ 95,150 |
Statutory Reserves and Restri_2
Statutory Reserves and Restricted Net Assets - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Regulated Operations [Abstract] | |||
Appropriation Of After Tax Profit To Statutory Surplus Fund Required Minimum Percentage | 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 | ¥ 2,701 | ¥ 5,194 | ¥ 185,270 |
Total of restricted net assets of the Group's PRC subsidiaries, VIEs and VIEs' subsidiaries | ¥ 1,504,378 | ¥ 1,477,339 | ¥ 862,484 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 19, 2020 | Mar. 12, 2019 | Apr. 30, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | ||||
Dividend record date | Apr. 5, 2019 | |||
Ex-dividend date | Apr. 4, 2019 | |||
Number of options, Granted | 5,820,796 | |||
Exercise price of share options granted | $ 0.0082 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividend record date | Apr. 8, 2020 | |||
Ex-dividend date | Apr. 7, 2020 | |||
Executives Share Option [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Options, vesting period | 4 years | |||
Number of options, Granted | 3,190,296 | |||
Exercise price of share options granted | $ 0.0002 | |||
Dividend Declared [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Aggregate amount dividend payable | $ 159 | |||
Dividend Paid [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividend payable date | Apr. 30, 2019 | |||
Dividend Paid [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividend payable date | Apr. 30, 2020 | |||
American Depository Shares [Member] | Dividend Declared [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash dividend amount per share | $ 0.62 | |||
American Depository Shares [Member] | Dividend Declared [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash dividend amount per share | $ 0.76 | |||
Common Stock [Member] | Dividend Declared [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash dividend amount per share | $ 0.31 | |||
Common Stock [Member] | Dividend Declared [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash dividend amount per share | $ 0.38 |