Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Hello Group 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 |
ICFR Auditor Attestation Flag | true |
Auditor Name | Deloitte Touche Tohmatsu Certified Public Accountants LLP |
Auditor Firm ID | 1113 |
Auditor Location | Shanghai, the People’s Republic of China |
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 | 296,606,870 |
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 |
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 | Cathy Hui Peng |
Contact Personnel Email Address | ir@immomo.com |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Current assets | |||
Cash and cash equivalents | ¥ 5,018,129 | $ 727,560 | ¥ 5,570,563 |
Short-term deposits | 5,300,000 | 768,428 | 2,860,000 |
Restricted cash | 97,706 | 14,166 | 0 |
Short-term investments | 300,240 | 43,531 | 0 |
Accounts receivable, net of allowance for doubtful accounts of RMB15,127 and RMB5,870 as of December 31, 2021 and 2022, respectively | 188,711 | 27,361 | 205,225 |
Amounts due from related parties | 55 | 8 | 0 |
Prepaid expenses and other current assets | 819,706 | 118,846 | 775,072 |
Total current assets | 11,724,547 | 1,699,900 | 9,410,860 |
Long-term deposits | 2,600,000 | 376,965 | 7,200,000 |
Long-term restricted cash | 82,766 | 12,000 | 76,471 |
Right-of-use assets, net | 115,520 | 16,749 | 257,934 |
Property and equipment, net | 172,984 | 25,080 | 180,664 |
Intangible assets,net | 22,203 | 3,219 | 27,320 |
Rental deposits | 20,737 | 3,007 | 19,204 |
Long-term investments | 893,988 | 129,616 | 820,006 |
Other non-current assets | 162,499 | 23,560 | 83,930 |
Deferred tax assets | 34,343 | 4,979 | 34,849 |
Total assets | 15,829,587 | 2,295,075 | 18,111,238 |
Current liabilities | |||
Accounts payable (including accounts payable of the consolidated VIEs without recourse to the Company of RMB635,635 and RMB509,042 as of December 31, 2021 and 2022, respectively) | 617,022 | 89,460 | 726,207 |
Deferred revenue (including deferred revenue of the consolidated VIEs without recourse to the Company of RMB519,237 and RMB469,076 as of December 31, 2021 and 2022, respectively) | 484,775 | 70,286 | 539,967 |
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Company of RMB304,892 and RMB381,220 as of December 31, 2021 and 2022, respectively) | 797,504 | 115,627 | 911,050 |
Amount due to related parties (including amount due to related parties of the consolidated VIEs without recourse to the Company of RMB5,016 and RMB9,178 as of December 31, 2021 and 2022, respectively) | 9,178 | 1,331 | 5,016 |
Lease liabilities due within one year (including lease liabilities due within one year of the consolidated VIEs without recourse to the Company of RMB31,595 and RMB23,558 as of December 31, 2021 and 2022, respectively) | 88,352 | 12,810 | 162,950 |
Income tax payable (including income tax payable of the consolidated VIEs without recourse to the Company of RMB58,183 and RMB37,837 as of December 31, 2021 and 2022, respectively) | 68,765 | 9,970 | 125,773 |
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, 2021 and 2022, respectively) | 26,483 | 3,840 | 44,802 |
Convertible senior notes-current (including accounts payable of the consolidated VIEs without recourse to the Company of RMB nil and RMB nil as of December 31, 2021 and 2022, respectively) | 2,646,168 | 383,658 | 0 |
Total current liabilities | 4,738,247 | 686,982 | 2,515,765 |
Deferred tax liabilities | 22,011 | 3,191 | 213,384 |
Lease liabilities | 33,281 | 4,825 | 103,105 |
Other non-current liabilities | 105,410 | 15,283 | 128,095 |
Total liabilities | 4,898,949 | 710,281 | 7,525,641 |
Commitments and contingencies (Note 18) | |||
Equity | |||
Treasury stock | (1,991,185) | (288,695) | (1,595,339) |
Additional paid-in capital | 7,587,543 | 1,100,090 | 7,214,698 |
Retained earnings | 5,320,921 | 771,461 | 4,677,635 |
Accumulated other comprehensive income (loss) | (140,253) | (20,335) | 149,368 |
Non-controlling interest | 153,331 | 22,231 | 138,958 |
Total equity | 10,930,638 | 1,584,794 | 10,585,597 |
Total liabilities and equity | 15,829,587 | 2,295,075 | 18,111,238 |
Senior Notes [Member] | |||
Current liabilities | |||
Convertible senior notes | 0 | 0 | 4,565,292 |
Class A Common Stock [Member] | |||
Equity | |||
Ordinary shares, value | 230 | 34 | 226 |
Class B Common Stock [Member] | |||
Equity | |||
Ordinary shares, value | ¥ 51 | $ 8 | ¥ 51 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares |
Allowance for doubtful accounts | ¥ 5,870 | ¥ 15,127 | |
Accounts payable of consolidated VIE without recourse | 617,022 | $ 89,460 | 726,207 |
Deferred revenue of consolidated VIE without recourse | 484,775 | 70,286 | 539,967 |
Accrued expenses and other current liabilities of consolidated VIE without recourse | 797,504 | 115,627 | 911,050 |
Amount due to related parties of the consolidated VIE without recourse the Company | 9,178 | 1,331 | 5,016 |
Operating lease liability current | 88,352 | 12,810 | 162,950 |
Income tax payable of the consolidated VIE without recourse | 68,765 | 9,970 | 125,773 |
Deferred consideration in connection with business acquisitions of the consolidated VIEs without recourse | 26,483 | 3,840 | 44,802 |
Convertible senior notes-current | 2,646,168 | $ 383,658 | 0 |
Beijing Momo Technology Co., Ltd. [Member] | |||
Accounts payable of consolidated VIE without recourse | 509,042 | 635,635 | |
Deferred revenue of consolidated VIE without recourse | 469,076 | 519,237 | |
Accrued expenses and other current liabilities of consolidated VIE without recourse | 381,220 | 304,892 | |
Amount due to related parties of the consolidated VIE without recourse the Company | 9,178 | 5,016 | |
Operating lease liability current | 23,558 | 31,595 | |
Income tax payable of the consolidated VIE without recourse | 37,837 | 58,183 | |
Deferred consideration in connection with business acquisitions of the consolidated VIEs without recourse | 0 | 0 | |
Convertible senior notes-current | ¥ 0 | ¥ 0 | |
Class A Common Stock [Member] | |||
Ordinary shares, par value | ¥ / shares | ¥ 0.0001 | ¥ 0.0001 | |
Ordinary shares, shares authorized | shares | 800,000,000 | 800,000,000 | 800,000,000 |
Ordinary shares, shares issued | shares | 348,891,334 | 348,891,334 | 343,142,810 |
Ordinary shares, shares outstanding | shares | 296,606,870 | 296,606,870 | 314,836,418 |
Class B Common Stock [Member] | |||
Ordinary shares, par value | ¥ / shares | ¥ 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, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Income Statement [Abstract] | ||||
Net revenues | ¥ 12,704,172 | $ 1,841,932 | ¥ 14,575,719 | ¥ 15,024,188 |
Cost and expenses: | ||||
Cost of revenues (including share-based compensation of RMB18,449, RMB17,941 and RMB14,195 in 2020, 2021 and 2022, respectively) | (7,421,419) | (1,076,005) | (8,383,431) | (7,976,781) |
Research and development (including share-based compensation of RMB175,870, RMB139,571 and RMB88,797 in 2020, 2021 and 2022, respectively) | (1,006,219) | (145,888) | (1,131,781) | (1,167,677) |
Sales and marketing (including share-based compensation of RMB158,902, RMB70,821 and RMB38,432 in 2020, 2021 and 2022, respectively) | (2,073,617) | (300,646) | (2,604,309) | (2,813,922) |
General and administrative (including share-based compensation of RMB325,465, RMB247,438 and RMB260,060 in 2020, 2021 and 2022, respectively) | (596,006) | (86,413) | (624,700) | (763,150) |
Impairment loss on goodwill and intangible assets | 0 | 0 | (4,397,012) | 0 |
Total cost and expenses | (11,097,261) | (1,608,952) | (17,141,233) | (12,721,530) |
Other operating income | 20,632 | 2,991 | 175,947 | 228,777 |
Income (loss) from operations | 1,627,543 | 235,971 | (2,389,567) | 2,531,435 |
Interest income | 368,879 | 53,482 | 384,279 | 444,471 |
Interest expense | (83,530) | (12,111) | (73,776) | (78,872) |
Other gain or (loss), net | 118,325 | 17,156 | (16,000) | 1,500 |
Income (loss) before income tax and share of loss on equity method investments | 2,031,217 | 294,498 | (2,095,064) | 2,898,534 |
Income tax expense | (562,281) | (81,523) | (822,556) | (755,620) |
Income (loss) before share of loss on equity method investments | 1,468,936 | 212,975 | (2,917,620) | 2,142,914 |
Share of income (loss) on equity method investments | 11,073 | 1,605 | (8,084) | (42,522) |
Net income (loss) | 1,480,009 | 214,580 | (2,925,704) | 2,100,392 |
Less: net loss attributable to non-controlling interest | (4,274) | (620) | (11,996) | (3,092) |
Net income (loss) attributable to the shareholders of Hello Group Inc. | ¥ 1,484,283 | $ 215,200 | ¥ (2,913,708) | ¥ 2,103,484 |
Net income (loss) per share attributable to ordinary shareholders | ||||
Basic | (per share) | ¥ 3.8 | $ 0.55 | ¥ (7.2) | ¥ 5.05 |
Diluted | (per share) | ¥ 3.65 | $ 0.53 | ¥ (7.2) | ¥ 4.83 |
Weighted average shares used in calculating net income (loss) per ordinary share | ||||
Basic | 390,176,367 | 390,176,367 | 404,701,910 | 416,914,898 |
Diluted | 423,810,279 | 423,810,279 | 404,701,910 | 452,081,642 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Share-based compensation | ¥ 401,484 | ¥ 475,771 | ¥ 678,686 |
Cost Of Revenues [Member] | |||
Share-based compensation | 14,195 | 17,941 | 18,449 |
Research And Development [Member] | |||
Share-based compensation | 88,797 | 139,571 | 175,870 |
Sales And Marketing [Member] | |||
Share-based compensation | 38,432 | 70,821 | 158,902 |
General And Administrative [Member] | |||
Share-based compensation | ¥ 260,060 | ¥ 247,438 | ¥ 325,465 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | ¥ 1,480,009 | $ 214,580 | ¥ (2,925,704) | ¥ 2,100,392 |
Other comprehensive loss net of tax: | ||||
Foreign currency translation adjustment | (274,791) | (39,841) | (39,161) | (141,677) |
Comprehensive income (loss) | 1,205,218 | 174,739 | (2,964,865) | 1,958,715 |
Less: comprehensive (loss) income attributed to the non-controlling interest | 10,556 | 1,530 | (16,603) | (26,004) |
Comprehensive income (loss) attributable to Hello Group Inc. | ¥ 1,194,662 | $ 173,209 | ¥ (2,948,262) | ¥ 1,984,719 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity ¥ in Thousands, $ in Thousands | CNY (¥) shares | USD ($) shares | Common Stock [Member] CNY (¥) shares | Additional Paid-in Capital [Member] CNY (¥) | Treasury Stock [Member] CNY (¥) | Retained Earning [Member] CNY (¥) | Accumulated Other Comprehensive Income (Loss) [Member] CNY (¥) | Non-controlling Interests [Member] CNY (¥) |
Balance at Dec. 31, 2019 | ¥ 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 | |||||||
Net income | 2,100,392 | 2,103,484 | (3,092) | |||||
Repurchase of shares | (330,207) | (330,207) | ||||||
Share-based compensation | 611,796 | 578,167 | 33,629 | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | ¥ 226 | ¥ 2 | 224 | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units, shares | shares | 1,883,774 | 1,883,774 | 1,883,774 | |||||
Cash Dividends | ¥ (1,123,983) | (1,123,983) | ||||||
Foreign currency translation adjustment | (141,677) | (118,765) | (22,912) | |||||
Balance at Dec. 31, 2020 | 14,835,329 | ¥ 274 | 6,743,172 | (732,474) | 8,444,086 | 183,922 | 196,349 | |
Balance, Shares at Dec. 31, 2020 | shares | 419,163,084 | |||||||
Net income | (2,925,704) | (2,913,708) | (11,996) | |||||
Repurchase of shares | (862,865) | (862,865) | ||||||
Share-based compensation | 429,951 | 470,739 | (40,788) | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | ¥ 790 | ¥ 3 | 787 | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units, shares | shares | 4,344,192 | 4,344,192 | 4,344,192 | |||||
Cash Dividends | ¥ (852,743) | (852,743) | ||||||
Foreign currency translation adjustment | (39,161) | (34,554) | (4,607) | |||||
Balance at Dec. 31, 2021 | 10,585,597 | ¥ 277 | 7,214,698 | (1,595,339) | 4,677,635 | 149,368 | 138,958 | |
Balance, Shares at Dec. 31, 2021 | shares | 423,507,276 | |||||||
Net income | 1,480,009 | $ 214,580 | 1,484,283 | (4,274) | ||||
Repurchase of shares | (395,846) | (395,846) | ||||||
Share-based compensation | 376,513 | 372,696 | 3,817 | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | ¥ 153 | ¥ 4 | 149 | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units, shares | shares | 5,748,524 | 5,748,524 | 5,748,524 | |||||
Cash Dividends | ¥ (840,997) | (840,997) | ||||||
Foreign currency translation adjustment | (274,791) | $ (39,841) | (289,621) | 14,830 | ||||
Balance at Dec. 31, 2022 | ¥ 10,930,638 | $ 1,584,794 | ¥ 281 | ¥ 7,587,543 | ¥ (1,991,185) | ¥ 5,320,921 | ¥ (140,253) | ¥ 153,331 |
Balance, Shares at Dec. 31, 2022 | shares | 429,255,800 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Cash flows from operating activities | ||||
Net income (loss) | ¥ 1,480,009 | $ 214,580 | ¥ (2,925,704) | ¥ 2,100,392 |
Adjustments to reconcile net income to net cash provided by operating activities | ||||
Depreciation of property and equipment | 107,015 | 15,516 | 155,537 | 208,990 |
Amortization of intangible assets | 5,116 | 742 | 109,062 | 157,258 |
Share-based compensation | 401,484 | 58,209 | 475,771 | 678,686 |
Share of loss (income) on equity method investments | (11,073) | (1,605) | 8,084 | 42,522 |
Impairment loss on goodwill and intangible assets | 0 | 0 | 4,397,012 | 0 |
Gain on repurchase of convertible senior notes | (129,575) | (18,787) | 0 | 0 |
Gain or loss on long-term investments | 11,250 | 1,631 | 16,000 | (1,500) |
Gain on subsidiary deconsolidation | 0 | 0 | 0 | (6,676) |
Gain on disposal of subsidiaries | 0 | 0 | (15,526) | 0 |
Gain or loss on disposal of property and equipment | (779) | (113) | 1,236 | (282) |
Provision of losses (income) on receivable and other assets | (528) | (77) | (263) | 46,075 |
Cash received on investment income distribution | 1,708 | 248 | 0 | 1,153 |
Changes in operating assets and liabilities | ||||
Accounts receivable | 20,338 | 2,949 | (10,374) | 52,247 |
Prepaid expenses and other current assets | (52,928) | (7,674) | (151,162) | (59,117) |
Amount due from a related party | (55) | (8) | 0 | 4,382 |
Deferred tax assets | 507 | 74 | (2,354) | 4,569 |
Rental deposits | 1,399 | 203 | (343) | (4,265) |
Other non-current assets | 60,913 | 8,832 | 34,075 | (138,484) |
Accounts payable | (115,384) | (16,729) | 30,475 | (11,716) |
Income tax payable | (57,004) | (8,265) | (110,717) | 82,514 |
Deferred revenue | (56,387) | (8,175) | 35,106 | 8,910 |
Accrued expenses and other current liabilities | (182,708) | (26,490) | 60,668 | (120,363) |
Amount due to related parties | 4,162 | 603 | (14,446) | (10,144) |
Deferred tax liabilities | (187,119) | (27,130) | 180,173 | (39,315) |
Share-based compensation liability | 0 | 0 | (678,153) | 0 |
Other non-current liabilities | (73,470) | (10,652) | (34,959) | 85,053 |
Net cash provided by operating activities | 1,226,891 | 177,882 | 1,559,198 | 3,080,889 |
Cash flows from investing activities | ||||
Purchase of property and equipment | (80,445) | (11,663) | (95,323) | (124,143) |
Payment for long-term investments | (70,343) | (10,199) | (415,052) | (13,500) |
Purchase of short-term deposits | (1,700,000) | (246,477) | (4,976,688) | (14,949,665) |
Cash received on maturity of short-term deposits | 5,410,000 | 784,376 | 9,667,570 | 19,577,159 |
Cash received on investment income distribution | 3,523 | 511 | 5,610 | 0 |
Cash of disposed subsidiaries | 0 | 0 | (8,750) | 0 |
Purchase of long-term deposits | (2,750,000) | (398,713) | (1,850,000) | (5,250,000) |
Cash received on maturity of long-term deposits | 1,200,000 | 173,984 | 200,000 | 0 |
Payment for short-term investments | (300,000) | (43,496) | 0 | (10,000) |
Cash received from sales of short-term investment | 0 | 0 | 0 | 10,000 |
Cash received from sales of long term investment | 0 | 0 | 20,000 | 12,000 |
Other investing activities | 3,110 | 451 | 2,975 | (317) |
Net cash (used in ) provided by investing activities | 1,715,845 | 248,774 | 2,550,342 | (748,466) |
Cash flows from financing activities | ||||
Deferred payment for business acquisition | (21,421) | (3,106) | (12,957) | (18,354) |
Proceeds from exercise of share options | 163 | 24 | 776 | 226 |
Repurchase of ordinary shares | (392,374) | (56,889) | (862,865) | (330,207) |
Repurchase of subsidiary's share options | (40,943) | (5,936) | (59,120) | (25,832) |
Dividends payment | (840,997) | (121,933) | (852,743) | (1,123,983) |
Payment for redemption of convertible bonds | (2,136,987) | (309,834) | 0 | 0 |
Net cash used in financing activities | (3,432,559) | (497,674) | (1,786,909) | (1,498,150) |
Effect of exchange rate changes | 41,390 | 6,001 | (41,669) | (80,944) |
Net increase (decrease) in cash, cash equivalent and restricted cash | (448,433) | (65,017) | 2,280,962 | 753,329 |
Cash and cash equivalents and restricted cash at the beginning of year | 5,647,034 | 818,743 | 3,366,072 | 2,612,743 |
Cash, cash equivalent and restricted cash at the end of year | 5,198,601 | 753,726 | 5,647,034 | 3,366,072 |
Non-cash investing and financing activities | ||||
Payable for purchase of property and equipment | 9,467 | 1,373 | 4,878 | 8,403 |
Right-of-use assets acquired in operating lease | ¥ 22,238 | $ 3,224 | ¥ 166,844 | ¥ 236,499 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Organization and Principal Activities | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Hello Group Inc. (the “Company ”) In May 2018, the Company completed the acquisition of 100% equity stake of Tantan Limited (“Tantan”). Tantan is a leading social and dating app 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. As of December 31, 2022, 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”) 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. SpaceCape Technology Pte. Ltd. Major VIEs Beijing Momo Technology Co., Ltd. (“Beijing Momo”) * QOOL Media (Tianjin) Co., Ltd. (“QOOL Tianjin”) * Tantan Culture Development (Beijing) Co., Ltd. (“Tantan Culture”) * Hainan Miaoka Network Technology Co., Ltd. (“Miaoka”) * Beijing Top Maker Culture Co, Ltd. (“Beijing Top Maker”) * Beijing Perfect Match Technology Co, Ltd. (“Beijing Perfect Match”) * SpaceTime (Beijing) Technology Co, Ltd. (“SpaceTime Beijing”) * Tianjin Nishuodedoudui Technology Co., Ltd. (“Tianjin Nishuodedoudui”) * Hainan Yilingliuer Network Technology Co., Ltd. (“Hainan Yilingliuer”) * Major VIEs’ subsidiaries Chengdu Momo Technology Co., Ltd. (“Chengdu Momo”) * Tianjin Heer Technology Co., Ltd. (“Tianjin Heer”) * Loudi Momo Technology Co., Ltd. (“Loudi Momo”) * Tianjin Apollo Exploration Culture Co., Ltd. (“Tantan Apollo”) * * 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, Miaoka, Tantan Culture, Beijing Top Maker, Beijing Perfect Match, SpaceTime Beijing, Tantan Apollo, Tianjin Nishuodedoudui and Hainan Yilingliuer. 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 Attorneys Pursuant to the Power of Attorneys, the Nominee Shareholders of the VIEs each irrevocably appointed respective WFOEs as the attorney-in-fact (2) Exclusive Call Option Agreements Under the Exclusive Call Option Agreements among the WFOEs, the VIEs and their Nominee Shareholders, each of the Nominee Shareholders irrevocably granted the respective WFOE or its designated representative(s) an exclusive option to purchase, to the extent permitted under PRC law, all or part of his, her or its equity interests in the VIEs at the consideration equal to the nominal price or at lowest price as permitted by PRC laws. The WFOEs or their designated representative(s) have sole discretion as to when to exercise such options, either in part or in full. Without the WFOEs’ written consent, the Nominee Shareholders of the VIEs shall not transfer, donate, pledge, or otherwise dispose any equity interests of the VIEs in any way. In addition, any consideration paid by the WFOEs to the Nominee Shareholders of the VIEs in exercising the option shall be transferred back to the respective WFOE or its designated representative(s). This agreement could be terminated when all the shareholders’ equity were acquired by the WFOEs or their designated representative(s) subject to the law of PRC. 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 Agreements, the Exclusive Call Option Agreements, and the Power of Attorneys. Each spouse agreed not to assert any rights over the equity interests in the VIEs held by their spouse. In addition, in the event that the spouse obtains any equity interests in the VIEs held by their spouse for any reason, they agreed to be bound by the contractual arrangements. Agreements that transfer economic benefits to the Company: (1) Exclusive Cooperation Agreements Each relevant VIEs has entered into an exclusive technology services agreement or an exclusive services agreement with the respective WFOEs, pursuant to which the relevant WFOEs provides exclusive services to the VIEs. In exchange, the VIEs pay a service fee to the WFOEs, the amount of which shall be determined, to the extent permitted by applicable PRC laws as proposed by the WFOEs, resulting in a transfer of substantially all of the profits from the VIEs to the WFOEs. (2) Equity Interest Pledge Agreements 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 Operations Agreements and the Exclusive Call Option Agreements, including but not limited to, the payments due to the respective WFOEs for services provided. If any VIEs or any of their Nominee Shareholders breaches their contractual obligations under the above agreements, the respective WFOEs, as the pledgee, will be entitled to certain rights and entitlements, including receiving priority proceeds from the auction or sale of whole or part of the pledged equity interests of the VIEs in accordance with PRC legal procedures. During the term of the pledge, the shareholders of the VIEs shall cause the VIEs not to distribute any dividends and if they receive any dividends generated by the pledged equity interests, they shall transfer such received amounts to an account designated by the respective parties according to the instruction of the respective WFOEs. The pledge will remain binding until the VIEs and their Nominee Shareholders have fully performed all their obligations under the Exclusive Cooperation Agreements, Business Operations 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 Agreements provides the Company with a mechanism to remove the shareholders as the beneficial shareholders of the VIEs should they act to the detriment of the Company. The Company relies on the VIEs’ shareholders, as directors and officer of the Company, to fulfill their fiduciary duties and abide by laws of the PRC and the Cayman and act in the best interest of the Company. If the Company cannot resolve any conflicts of interest or disputes between the Company and the VIEs’ shareholders, the Company would have to rely on legal proceedings, which could result in disruption of its business, and there is substantial uncertainty as to the outcome of any such legal proceedings. The Company’s ability to control the VIEs also depends on the Power of Attorneys. The WFOEs and VIEs have to vote on all matters requiring shareholder approval in the VIEs. As noted above, the Company believes these Power of Attorneys are legally enforceable but may not be as effective as direct equity ownership. In addition, if the legal structure and contractual arrangements were found to be in violation of any existing PRC laws and regulations, the PRC government could: • revoke the Group’s business and operating licenses; • require the Group to discontinue or restrict operations; • restrict the Group’s right to collect revenues; • block the Group’s websites; • require the Group to restructure the operations in such a way as to compel the Group to establish a new enterprise, re-apply • requiring the Group to restructure the ownership structure or operations, including terminating the contractual arrangements with the VIEs and deregistering the equity pledges of the VIEs, which in turn would affect the ability to consolidate, derive economic interests from, or exert effective control over VIEs; • restricting or prohibiting the use of the proceeds of any of offshore financings to finance the business and operations in china; • 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 Company to lose the rights to direct the activities of the VIEs or the right to receive their economic benefits, the Company 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, 2021 2022 RMB RMB Cash and cash equivalents 2,474,974 2,108,248 Short-term deposits 550,000 850,000 Other current assets 590,022 654,109 Total current assets 3,614,996 3,612,357 Long-term deposits 750,000 — Long-term investments 404,524 380,187 Other non-current 241,500 291,841 Total assets 5,011,020 4,284,385 Accounts payable 635,635 509,042 Deferred revenue 519,237 469,076 Other current liabilities 399,686 451,793 Total current liabilities 1,554,558 1,429,911 Other non-current 63,095 34,059 Total liabilities 1,617,653 1,463,970 For the years ended December 31, 2020 2021 2022 RMB RMB RMB Net revenues 14,902,691 14,336,539 12,152,997 Net income 6,734,471 5,674,607 4,593,510 Net cash provided by operating activities 6,906,938 5,748,529 4,445,523 Net cash (used in) provided by investing activities (757,949 ) 254,093 451,928 Net cash provided by financing activities — — — The unrecognized revenue-producing assets that are held by the VIEs are primarily self-developed intangible assets such as domain names, trademark and various licenses which are un-recognized The VIEs contributed an aggregate of 99.2%, 98.4% and 95.7% of the consolidated net revenues for each of the years ended December 31, 2020, 2021 and 2022, respectively. As of the fiscal years ended December 31, 2021 and 2022, the VIEs accounted for an aggregate of 27.7% and 27.1%, respectively, of the consolidated total assets, and 21.5% and 29.9%, respectively, of the consolidated total liabilities. The assets that were not associated with the VIEs primarily consist of cash and cash equivalents, short-term deposits and long-term deposits. 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, 2022 | |
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 Hello Group Inc., its subsidiaries, its VIEs and VIEs’ subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues, cost and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements include 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 restricted cash Short-term restricted cash represents RMB deposits in restricted bank accounts that cannot be withdrawn related to an ongoing investigation of the alleged illegal activity on the source of the funding consumed on Momo’s platform. The Company considers the expected timing of the release of the restrictions to determine the appropriate financial statement classification. Short-term deposits Short-term deposits consist of bank deposits with an original maturity of over three months but within one year. Short-term investments Short-term investments include wealth management products with a variable interest rate indexed to performance of underlying assets, which are with an original maturity of less than 12 months. The Group elects the fair value option to record the investments at fair value in accordance with ASC 825 Financial Instruments. Changes in the fair value are recorded under “interest income” in the consolidated statements of operations. Long-term restricted cash Long-term restricted cash represents US dollar deposits held in escrow account related to payable to Tantan’s founders in accordance with its share options repurchase agreement. The Company considers the expected timing of the release of the restrictions is more than 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 evaluates its accounts receivable for expected credit losses on a regular basis. The Group maintains an estimated allowance for credit losses based upon its assessment of various factors, including the historical loss experience, the age of accounts receivable balances, credit quality of third-party application stores and other payment channels, advertising customers and other customers, current and future economic conditions and other factors that may affect their ability to pay, to reduce its accounts receivable to the amount that it believes will be collected. Financial instruments Financial instruments of the Group primarily consist of cash and cash equivalents, short-term deposits, short-term investments, restricted cash, long-term deposits, accounts receivable, equity securities without readily determinable fair value, fair value option investment, accounts payable, deferred revenue, convertible senior notes, income tax payable and amount due to related parties. The Group carries its fair value option investment at fair value. Cash and cash equivalents are recorded at fair value based on the quoted market price in an active market. The carrying values of restricted cash, accounts receivable, accounts payable, deferred revenue, income tax payable 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 fair value of the Company’s convertible senior notes and term deposits are 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 , restricted cash, short-term investments and term deposits 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, short-term Third-party application stores and other payment channels accounting for 10% or more of accounts receivables are as follows: As of December 31, 2021 2022 A 20 % 18 % B 16 % 15 % Users or customers accounting for 10% or more of accounts receivables is as follows: As of December 31, 2021 2022 C 8 % 12 % Concentration of revenue No user or customer accounted for 10% or more of net revenues for the years ended December 31, 2020, 2021 and 2022, respectively. Equity securities without readily determinable fair value The Group accounts for equity investments that do not have a readily determinable fair value under the measurement alternative in accordance with ASC Topic 321, Investments—Equity Securities, to the extent such investments are not subject to consolidation or the equity method. Under the measurement alternative, these financial instruments are carried at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. 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 charge is recorded under “share of (loss) income on equity method investments” in the consolidated statements of operations 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. Fair value option investments The Group elected the fair value option to account for certain partnership units investment in a private fund, and measured the investment using the net asset value per share based on the practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) (“NAV practical expedient”), whereby the change in fair value is reco gn operations. Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Office equipment 3-5 Computer equipment 3 years Vehicles 5 years Leasehold improvement Shorter of the lease term 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: License 3.2-10 years Technology 3 years Active user 5 years Trade name 10 years Impairment of long-lived assets with finite lives The Group reviews its long-lived assets, including intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (asset group) may no longer be recoverable. When these events occur, the Group tests the recoverability of the asset (asset group) by comparing the carrying value of the long-lived assets (asset group) 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. 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 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 ASC Topic 606, Revenue from Contracts with Customers (“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, 2020, 2021 and 2022, 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, 2022 Momo Tantan QOOL RMB RMB RMB Live video service 5,966,323 544,137 — Value-added services 5,183,302 823,716 — Mobile marketing 124,956 — — Mobile games 55,732 — — Other services 4,781 — 1,225 Total 11,335,094 1,367,853 1,225 For the year ended December 31, 2021 Momo Tantan QOOL RMB RMB RMB Live video service 7,475,809 903,136 — Value-added services 4,845,744 1,126,048 — Mobile marketing 159,010 — — Mobile games 47,712 — — Other services 12,930 — 5,330 Total 12,541,205 2,029,184 5,330 For the year ended December 31, 2020 Momo Tantan QOOL RMB RMB RMB Live video service 8,638,810 998,769 — Value-added services 3,742,637 1,369,545 — Mobile marketing 198,197 — — Mobile games 39,564 — — Other services 11,911 — 24,755 Total 12,631,119 2,368,314 24,755 (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- 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 enhances 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 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, 2020, 2021 and 2022. (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 in-game (e) Other services Revenues from other services mainly consisted of music service revenues, film distribution service, film promotion service and peripheral products. 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 Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group recorded no material impairment charges related to contract assets in the period. Deferred revenue primarily includes cash received from paying users related to the Group’s live video service and value-added service as well as cash received from the Group’s advertising customers. Deferred revenue is recognized as revenue over the estimated service period or when all of the revenue recognition criteria have been met. Revenue recognized in 2021 and 2022 that was included in the deferred revenue balance as of January 1, 2021 and 2022 were RMB511,617 and RMB539,967, respectively. 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 sales of virtual items, commission fee paid to third-party application stores and other payment channels, bandwidth costs, salaries and benefits paid to employees, depreciation and amortization and production cost in connection with the television content and films. These costs are expensed as incurred except for the direct and incremental platform commission fees to third-party application stores and other payment channels and production cost in connection with the television content and films which are deferred in “Prepaid expenses and other current assets” on the consolidated balance sheets. Such deferred costs are recognized in the consolidated statements of operations in “Cost of revenues” in the period in which the related revenues are recognized. Government subsidies Government subsidies primarily consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. For certain government subsidies, there are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. 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. Revenue is recognized net of VAT amounted to RMB1,266,603, RMB1,136,147 and RMB977,780 for the years ended December 31, 2020, 2021 and 2022, 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 Deferred income taxes are recognized on the undistributed earnings of subsidiaries, which are presumed to be transferred to the parent company and are subject to withholding taxes, unless there is sufficient evidence to show that the subsidiary has invested or will invest the undistributed earnings indefinitely or that the earnings will be remitted in a tax-free The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than- not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. Foreign currency translation 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 adjustments are recorded in other comprehensive income (loss). Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 = RMB6.8972 on the last trading day of 2022 (December 30, 2022) representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rates. Leases The Group leases administrative office spaces and internet data center (“IDC”) facilities in different cities in the PRC under operating leases. The Group determines whether an arrangement constitutes a lease and records lease liabilities and right-of-use non-lease right-of-use For short-term leases, the Group records rental 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 RMB2,255,519, RMB2,192,512 and RMB1,766,995 for the years ended December 31, 2020, 2021 and 2022, respectively. Comprehensive income (loss) Comprehensive income (loss) includes net income (loss) and foreign currency translation adjustments. Comprehensive income (loss) is reported in the consolidated statements of comprehensive income (loss). Share-based compensation Share-based payment transactions with employees, executives and consultants 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 The estimate of forfeiture rate is adjusted over the requisite service period to the extent that actual forfeiture rate differs, or is expected to differ, from such estimates. Changes in estimated forfeiture rate is recognized through a cumulative catch-up Changes in the terms or conditions of share options are accounted as a modification. The Group calculates the excess of the fair value of the modified option over the fair value of the original option immediately before the modification, measured based on the share price and other pertinent factors at the modification date. For vested options, the Group recognizes incremental compensation cost in the period that the modification occurred. For unvested options, the Group recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. Net income (loss) per share Basic net income (loss) per ordinary share is computed by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted net income (loss) 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 |
Short-Term Investments
Short-Term Investments | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term Investments [Abstract] | |
Short-Term Investments | 3. SHORT-TERM INVESTMENTS As of December 31, 2021 2022 RMB RMB Variable-rate financial instruments — 300,240 — 300,240 Short-term investments include wealth management products with a variable interest rate indexed to performance of underlying assets, which are with an original maturity of less than 12 months. The Group accounted for it at fair value and recognized a gain of RMB240 resulting from changes in fair value for the year ended December 31, 2022. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 2022 RMB RMB Interest receivable 276,316 346,994 Deposits with third-party payment channels (i) 241,719 242,863 Advance to suppliers (ii) 68,986 81,821 Input VAT (iii) 78,657 58,058 Deferred platform commission cost 37,690 32,004 Prepaid service fee and issuance fee 42,530 26,172 Others 29,174 31,794 775,072 819,706 (i) Deposits with 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) Advance to suppliers were primarily for advertising fees and related service fees. (iii) Input VAT mainly occurred from the purchasing of goods or other services, property and equipment and advertising activities. It is subject to verification by related tax authorities before offsetting the VAT output. |
Long-Term Investments
Long-Term Investments | 12 Months Ended |
Dec. 31, 2022 | |
Long-term Investments [Abstract] | |
Long-Term Investments | 5. LONG-TERM INVESTMENTS As of December 31, 2021 2022 RMB RMB Equity method investments Jingwei Chuangteng (Hangzhou) L.P. (i) 73,235 73,632 Hangzhou Aqua Ventures Investment Management L.P. (ii) 52,080 48,328 Chengdu Tianfu Qianshi Equity Investment Partnership L.P. (iii) 39,155 36,961 Others (vi) 37,928 45,309 Equity securities without readily determinable fair values 58 Daojia Ltd. (iv) 300,000 300,000 Hangzhou Faceunity Technology Limited (iv) 70,000 70,000 Hunan Qindao Cultural Spread Ltd. (iv) 30,000 30,000 Haining Yijiayi Culture Co., Ltd. (iv) 25,000 25,000 Shenzhen INMO Technology Co., Ltd. (iv) — 55,343 Others (vi) 77,125 65,875 Fair value option investment AEZ Capital Feeder Fund (v) 115,483 143,540 820,006 893,988 The Group performed impairment analysis for equity method investments and equity securities without readily determinable fair values periodically. Impairment losses of RMB10,500, RMB18,000 and RMB11,250 were recorded for long-term investments under “other gain or loss, net” in the consolidated statements of operations for the years ended December 31, 2020, 2021 and 2022, respectively. (i) On January 9, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Jingwei Chuangteng (Hangzhou) L.P. (“Jingwei”). According to the partnership agreement, the Group committed to subscribe 4.9% partnership interest in Jingwei for RMB30,000. Due to Jingwei’s further rounds of financing, the Group’s partnership interest was diluted to 2.4% as of December 31, 2021 and 2022. The Group recognized its share of partnership profit or (loss) in Jingwei of RMB4,964, RMB(5,147) and RMB397 during the years ended December 31, 2020, 2021 and 2022, respectively. (ii) 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 Group recognized its share of partnership loss in Aqua of RMB42,458, RMB11,013 and RMB3,752 for the years ended December 31, 2020, 2021 and 2022, respectively. The Group received distribution from Aqua of RMB1,153 during the year ended December 31, 2020. (iii) 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, which had been fully paid as of December 31, 2020. The Group recognized its share of partnership profit in Tianfu of RMB237, RMB2,453 and RMB286 during the years ended December 31, 2020, 2021 and 2022, respectively. (iv) The Group invested in certain preferred shares of private companies. On April 9, 2021, the Group entered into a preferred share subscription agreement with 58 Daojia Ltd. for a consideration of RMB300 million . On March 31, 2022, the Group entered into a share purchase agreement with Shenzhen INMO Technology Co., Ltd for a consideration of RMB55,343. The transaction was completed in April 2022. in-substance s (v) In October 2021, the Group completed an investment in an open mutual fund named “AEZ Capital Feeder Fund” (“AEZ”), which is redeemable on a quarterly basis. The Group, as a limited partner, subscribed Class A participating shares with capital contribution of RMB114,707. The Group has significant influence on AEZ and (vi) 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, 2022 | |
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, 2021 2022 RMB RMB Computer equipment 758,097 792,586 Office equipment 175,852 197,160 Vehicles 4,422 4,171 Leasehold improvement 110,169 135,757 Less: accumulated depreciation (867,876 ) (956,884 ) Exchange difference — 194 180,664 172,984 Depreciation expenses charged to the consolidated statements of operations for the years ended December 31, 2020, 2021 and 2022 were RMB208,990, RMB155,537 and RMB107,015, respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 7. INTANGIBLE ASSETS, NET Intangible assets, net consisted of the following: As of December 31, 2021 2022 RMB RMB Trade name 636,902 689,333 Active user 340,523 368,555 Technology 25,949 28,086 License 51,178 51,178 Less: accumulated amortization (521,184 ) (526,300 ) Less: accumulated impairment loss (538,109 ) (538,109 ) Exchange difference 32,061 (50,540 ) Net book value 27,320 22,203 Amortization expenses charged to the consolidated statements of operations for the years ended December 31, 2020, 2021 and 2022 were RMB157,258, RMB109,062 and RMB5,116, respectively. The impairment loss on acquired intangible assets was nil, RMB538,109 and nil for the years ended December 31, 2020, 2021 and 2022. Refer to Note 8 for further details. 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 2023 5,116 2024 5,116 2025 5,116 2026 5,116 2027 1,358 Thereafter 381 Total 22,203 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 8. GOODWILL Momo Tantan Total RMB RMB RMB Balance, as of January 1, 2021 22,130 4,066,273 4,088,403 Impairment loss (22,130 ) (3,971,300 ) (3,993,430 ) Foreign exchange differences — (94,973 ) (94,973 ) Balance, as of December 31, 2021 and 2022 — — — 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, 2021. 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 (Level 3). Beginning in mid of 2021, with the departure of Tantan’s founders, management undertook a comprehensive review of Tantan’s strategy and operations, and determined to lower Tantan’s monetization level to improve user experience and retention to drive overall user growth, which resulted in a decline in the revenue and earnings estimates due to an overall reduced future growth expectations. As of December 31, 2021, combined with a decline in Group’s share price which resulted in the market capitalization of the Group being significantly below its book value, the Group has determined that it was more likely than not that goodwill was impaired. Accordingly, the Group determined the fair value of each respective reporting unit using the income-based approach, such that Tantan’s cash flows forecasts mainly factored in the lower than projected business outlook. 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 of 3% determined based on the growth prospects of the reporting units; and (c) a discount rate of 20% 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. As a result, the fair value of the reporting units was estimated to be below the carrying value and the Group recorded a RMB3,993,430 goodwill impairment during the year ended December 31, 2021. No goodwill balance as of December 31, 2022. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 2022 RMB RMB Accrued payroll and welfare 233,918 210,853 Balance of users’ virtual accounts 134,282 136,757 Payable for advertisement 259,466 135,569 Contingent loss liability(Note 18) — 92,881 Accrued professional services and related service fee 53,922 54,833 Other tax payables 60,749 48,752 Payable for repurchase of subsidiary’s share options 57,548 25,604 VAT payable 23,661 16,333 Others 87,504 75,922 Total 911,050 797,504 |
Convertible Senior Notes
Convertible Senior Notes | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021, the conversion rate was adjusted to 16.9816 of the Company’s ADSs per US$1,000 principal amount of Notes (which is equivalent to a conversion price of approximately US$58.89 per ADS) due to the cash dividend paid in April 2021. During the year ended December 31, 2022, the conversion rate was adjusted to 19.1861 of the Company’s ADSs per US$1,000 principal amount of Notes (which is equivalent to a conversion price of approximately US$52.12 per ADS) due to the cash dividend paid in April 2022. 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 , therefore the Notes are reclassified as current liabilities as of December 31, 2022. ADSs. The Notes semiannually. The conversion Based on above, the Company accounted for the Notes in accordance with ASC 470 “Debt”, 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. During the year ended December 31, 2022, the Company repurchased RMB2,331,509 (US$338,037) aggregate principal amount of convertible senior notes from certain holders, for an aggregate repurchase price of RMB2,136,987 (US$320,048) including accrued and unpaid interest, which resulted in a gain of RMB129,575 recorded under “other gain or loss, net” in the consolidated statements of operations. As of December 31, 2021 and 2022, the carrying value of the Notes was RMB4,565,292and RMB2,646,168, including unamortized issuance cost of RMB54,843 and RMB 22,793, respectively. The 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 years ended December 31, 2021 and 2022. Amortization and interest expenses related to the convertible senior notes amounted to RMB73,776 and RMB83,530 during the years ended December 31, 2021 and 2022. As of December 31, 2022, the Notes will be repaid according to the following schedule, assuming the holders of the Notes will not exercise the right to require the Company to repurchase all or part of their notes in cash on July 1, 2023. Amounts RMB 2023 33,362 2024 33,362 2025 2,685,642 Less imputed interest 106,198 Total 2,646,168 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
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 Total operating lease expense was RMB190,561 and RMB170,547, including RMB11,270 and RMB9,657 short-term lease expense for the years ended December 31, 2021 and 2022, respectively. The operating lease expense was recorded in cost and expenses on the consolidated statements of operations. For the years ended December 31 2021 2022 RMB RMB Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 165,373 161,743 Non-cash right-of-use Operating leases 166,844 22,238 Weighted average remaining lease term Operating leases 2.11 1.63 Weighted average discount rate Operating leases 3.48 % 3.57 % As of December 31, 2022, the Group has no significant lease contract that has been entered into but not yet commenced, and the future minimum payments under operating leases were as follows: Amounts RMB 2023 89,642 2024 22,245 2025 and thereafter 13,210 Less imputed interest 3,464 Total 121,633 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. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 12. FAIR VALUE Measured on a recurring basis The Group measures its financial assets and liabilities including cash and cash equivalents, short-term investments and fair value option investment at fair value on a recurring basis as of December 31, 2021 and 2022. 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. Short-term investments consist of wealth management products with a variable interest rate and the Group elects the fair value option to record investments at fair value. The Group values its wealth management products using alternative pricing sources and models utilizing market observable inputs, and accordingly the Group classifies the valuation techniques that use these inputs as Level 2. For fair value option investements that use NAV practical expedient to measure fair value, it is not categorized in the fair value hierarchy per ASC 820. As of December 31, 2021 and 2022, 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 2021 Quoted Significant Significant RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 5,570,563 5,570,563 — — Total 5,570,563 5,570,563 — — Fair Value Measured as of December 31, Description 2022 Quoted Significant Significant RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 5,018,129 5,018,129 — — Short-term investments 300,240 — 300,240 — Total 5,318,369 5,018,129 300,240 — Disclosed on a recurring basis 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, 2021 and 2022, the fair value of the Notes was RMB4,007,967 and RMB2,555,530, respectively. As of December 31, 2021 and 2022, the fair value of the short-term deposits and long-term deposits was RMB10,336,316 and RMB8,246,994, respectively, and the interest rates were determined based on the prevailing interest rates in the market (Level 2). 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 December 31, 2021 and 2022, the Group recorded an impairment loss of RMB nil and RMB4,600, respectively. For equity securities without readily determinable fair value for which the Group elected to use the measurement alternative, 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, 2021 and 2022, the Group performed an impairment test on its equity securities without readily determinable fair value investees and recorded an impairment loss of RMB18,000 and RMB11,250, 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. The Group’s goodwill and intangible assets are primarily acquired through business acquisitions. The group measures its goodwill and intangible assets at fair value on a nonrecurring basis annually or whenever events or changes in circumstances indicate that carrying amount of a reporting unit exceeds its fair value. Acquired intangible assets are measured using the income approach — discounted cash flow method when events or changes in circumstance indicate that the carrying amount of an asset may no longer be recoverable. For goodwill impairment testing, refer to Note 8 for details. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. 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 Hong Kong The Company’s subsidiaries domiciled in Hong Kong are subject to a two-tiered two-tiered two-tiered m Singapore The Company’s subsidiaries domiciled in Singapore are subject to a tax rate of 17% on their taxable income. PRC Beijing Momo IT was qualified “High and New Technology Enterprises” (“HNTEs”) and was accordingly entitled to a preferential tax rate of 15% from 2020 to 2022. Beijing Momo IT applied for Key Software Enterprise (“KSE”) status for fiscal year 2019 and was approved in 2020, which entitled Beijing Momo IT at the preferential tax rate of 10% for 2019. Accordingly, in 2020 Beijing Momo IT recorded the preferential tax rate adjustment from 12.5% to 10% for income tax expense of the fiscal year of 2019. Chengdu Momo Technology Co., Ltd (“Chengdu Momo”) has qualified as western China development enterprise since 2014. 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 ended December 31, 2022 because Chengdu Momo’s business nature has no significant changes. As a result, the Group applied 15% to determine the tax liabilities for Chengdu Momo. In December 2022, Tantan Technology renewed the qualification as HNTE. As such, Tantan Technology enjoyed a preferential tax rate of During the year ended December 31, 2022, 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 2018 to 2022 of the Group’s PRC subsidiaries, VIEs and VIEs’ subsidiaries, remain subject to tax audits as of December 31, 202 2 Under the Enterprise Income Tax Law (the “EIT Law”) and its implementation rules which became effective on January 1, 2008, dividends generated after January 1, 2008 and payable by foreign-invested enterprise in the PRC to its foreign investors who are non-resident Uncertainties exist with respect to how the current income tax law in the PRC applies to the Group’s overall operations, and more specifically, with regard to tax residency status. The EIT Law includes a provision specifying that legal entities organized outside of the PRC will be considered residents for Chinese income tax purposes if the place of effective management or control is within the PRC. The implementation rules to the EIT Law provide that non-resident If any entity within the Group that is outside the PRC were to be a non-resident Aggregate undistributed earnings of the Company’s PRC subsidiaries and the VIEs 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 other withholding tax on any of the aforementioned undistributed earnings except for retained earnings generated in 2021 and 2022 by Beijing Momo IT, because the rest of the subsidiaries and the VIEs do not intend to declare dividends and the Company intends to permanently reinvest it within the PRC. Accordingly, 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. Significant components of the Group’s deferred tax assets and liabilities are as follows: As of December 31, 2021 2022 RMB RMB Deferred tax assets: Advertising expense 360,876 403,600 Net operating loss carry-forward 203,839 224,193 Accrued expenses 23,983 24,601 Impairment on long-term investments 20,742 20,929 Less: valuation allowance (574,591 ) (638,980 ) Deferred tax assets, net 34,849 34,343 Deferred tax liabilities: Intangible assets acquired 5,956 5,327 Accelerated tax depreciation — 4,999 Withholding income tax 207,428 11,685 Deferred tax liabilities, net 213,384 22,011 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, 2022, the net operating loss carry-forward for the Company’s subsidiaries domiciled in the PRC, VIEs, and VIEs’ subsidiaries amounted to RMB738,537. The net operating loss in the PRC can be carried forward for five years to offset future taxable profit, and the period was extended to 10 years for entities qualified as HNTE in 2018 and thereafter. As of December 31, 2022, the net operating loss carryforward for the Company’s subsidiaries domiciled in Hong Kong amounted to RMB236,115, which would be carried forward indefinitely and set off against its future taxable profits. As of December 31, 2022, the net operating loss carryforward for the Company’s subsidiaries domiciled in Singapore amounted to RMB83,889, which can be carried forward indefinitely and set off against its future taxable profits. 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 year ended December 31, 2020 2021 2022 RMB RMB RMB Net income before provision for income tax 2,898,534 (2,095,064 ) 2,031,217 PRC statutory tax rate 25 % 25 % 25 % Income tax expense (benefit) at statutory tax rate 724,634 (523,766 ) 507,804 Permanent differences and Research and development super-deduction (11,861 ) (55,871 ) (34,966 ) Change in valuation allowance 95,240 118,570 64,389 Effect of income tax rate difference in other jurisdictions 123,778 1,201,729 35,564 Effect of tax holidays and preferential tax rates (282,775 ) (195,209 ) (147,894 ) Effect of the preferential tax rate adjustment of prior year’s EIT (113,396 ) (60,325 ) (26,873 ) Effect of PRC withholding tax 220,000 337,428 164,257 Provision for income tax 755,620 822,556 562,281 If Beijing Momo IT, Chengdu Momo and Tantan Technology did not enjoy income tax exemptions and preferential tax rates for the years ended December 31, 2020, 2021 and 2022, the increase in income tax expenses and resulting net income (loss) per share amounts would be as follows: For the year ended December 31, 2020 2021 2022 RMB RMB RMB Increase in income tax expenses 282,775 195,209 147,894 Net income (loss) per ordinary share attributable to Momo Inc. - basic 4.37 (7.68 ) 3.43 Net income (loss) per ordinary share attributable to Momo Inc. - diluted 4.20 (7.68 ) 3.30 No significant unrecognized tax benefit were identified for the years ended December 31, 2020, 2021 and 2022. The Group did not incur any material interest and penalties related to potential underpaid income tax expenses and also believed that uncertainty in income taxes did not have a significant impact on the unrecognized tax benefits within next twelve months. |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2022 | |
Federal Home Loan Banks [Abstract] | |
Ordinary Shares | 14. ORDINARY SHARES In 2020, 2021 and 2022, 1,883,774, 4,344,192 and 5,748,524 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 16), respectively. On September 3, 2020, the Company’s Board of Directors authorized a share repurchase program (“2020 share repurchase program”) under which the Company may repurchase up to US$300 million of its shares over the next 12 months. The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. On June 7, 2022, the Company’s Board of Directors authorized a share repurchase program (“2022 share repurchase program”) under which the Company may repurchase up to US$200 million of its shares over the next 24 months. The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. For the years ended December 31, 2020, 2021 and 2022, the Company repurchased 7,181,576, 21,124,816 and 23,978,072 Class A ordinary shares for US$49,019 (RMB330,207), US$133,395 (RMB862,865) and US$56,714 (RMB395,846) on the open market, at a weighted average price of US$13.63, US$12.61 and US$4.71 per ADS, respectively. The Company accounts for the repurchased ordinary shares under the cost method and includes such treasury stock as a component of the shareholders’ equity. |
Distribution To Shareholders
Distribution To Shareholders | 12 Months Ended |
Dec. 31, 2022 | |
Distribution To Shareholders [Abstract] | |
Distribution To Shareholders | 15. DISTRIBUTION TO SHAREHOLDERS On March 19, 2020, the Company declared a special cash dividend in the amount of US$0.76 per ADS, or US$0.38 per ordinary share. US$158,649 (RMB1,123,983) cash dividend was paid in April 2020 ex-dividend On March 25, 2021, the Company declared a special cash dividend in the amount of US$0.64 per ADS, or US$0.32 per ordinary share. US$132,032 (RMB852,743) cash dividend was paid in April 2021 ex-dividend On March 24, 2022, the Company declared a special cash dividend in the amount of US$0.64 per ADS, or US$0.32 per ordinary share. US$127,262 (RMB840,997) cash dividend was paid in April 2022 ex-dividend |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022: Number of Weighted Weighted average Aggregated intrinsic Outstanding as of December 31, 2021 29,676,253 0.0157 6.69 132,783 Granted 5,601,640 0.0002 Exercised (5,622,274 ) 0.0039 Forfeited (1,410,996 ) 0.0011 Outstanding as of December 31, 2022 28,244,623 0.0157 6.40 126,375 Exercisable as of December 31, 2022 16,636,567 0.0265 4.78 74,260 There were 16,636,567 vested options, and 10,370,988 options expected to vest as of December 31, 2022. For options expected to vest, the weighted- average exercise price was US$0.0002 as of December 31, 2022 and aggregate intrinsic value was US$52,130 and US$46,564 as of December 31, 2021 and 2022, respectively. The weighted-average grant-date fair value of the share options granted during the years 2020, 2021, and 2022 was US$ 10.25, US$7.2 and US$2.48, respectively. The total intrinsic value of options exercised for the years ended December 31, 2020, 2021 and 2022 was US$14,640, US$28,487 and US$20,261, respectively. The fair value of options granted was estimated on the date of grant using the Black-Sholes pricing model with the following assumptions used for grants during the applicable periods: Risk-free interest Expected term Volatility Dividend yield Exercise price 2020 1.22%~1.48% 6 years 50.6%~54.4% — 0.0002 2021 1.64%~1.96% 6 years 50.2%~51.8% — 0.0002 2022 2.20%~4.86% 6 years 50.3%~57.8% — 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, executives and non-employee As of December 31, 2022, total unrecognized compensation expense relating to unvested share options was RMB406,071, which will be recognized over a weighted average period of 2.15 years. The weighted-average remaining contractual term of options outstanding is 6.40 years. Restricted share units (“RSUs”) granted by the Company On April 15, 2020, April 15, 2021 and April 15, 2022, the Company granted 130,000, 130,000 and 130,000 shares of RSUs, respectively, to independent directors under the 2014 Plan with a vesting period of 4 years. The Company will forfeit the unvested portion of the RSUs if the grantees terminate their service during the vesting period. The Group recorded share-based compensation of RMB11,486, RMB10,512 and RMB9,335 for RSUs for the years ended December 31, 2020, 2021 and 2022, 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, 2022, total unrecognized compensation expense relating to unvested RSUs was RMB10,050 which will be recognized over a weighted average period of 1.90 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 RMB10,227 for the restricted shares for the years ended December 31, 2020, based on the fair value on the grant dates over the requisite service period of award using the straight-line method. The restricted shares were fully vested during the year ended December 31, 2020. 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 may in its discretion make adjustments to the numbers of shares. In April 2016 and March 2017, the Board of Directors of Tantan approved to adjust the numbers of shares to a maximum aggregate of 2,000,000 and 2,793,812, respectively. In July 2018, Tantan 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 Options classified as equity awards The following table summarizes the option activity for the year ended December 31, 2022: Number of Weighted Weighted average Aggregated (US$) (years) (US$) Outstanding as of December 31, 2021 4,848,671 1.6232 6.76 — Granted 926,300 0.0001 Repurchased (769,889 ) 1.0237 Forfeited (384,066 ) 0.8650 Outstanding as of December 31, 2022 4,621,016 1.4607 6.58 — Exercisable as of December 31, 2022 3,002,020 2.1096 5.20 — During the years ended December 31, 2021 and 2022, the Company voluntarily repurchased for employees’ vested options upon the termination of their employment with total consideration of RMB119,141 and RMB24,971, respectively. Those options were subsequently canceled. Cash payments amounting to RMB62,276 and RMB89,652 were made during the year ended December 31, 2021 and 2022, respectively. The Group recorded the consideration directly to equity, to the extent that the amount does not exceed the fair value of the vested option repurchased at the repurchase date. The Group recorded any excess of the repurchase price over the fair value of the vested options repurchased as additional compensation cost. There were 3,002,020 vested options, and 1,133,298 options expected to vest as of December 31, 2022. For options expected to vest, the weighted-average exercise price was US$0.26 as of December 31, 2022 and the aggregate intrinsic value amounted to US$ nil and US$ nil as of December 31, 2021 and 2022, respectively. The weighted-average grant-date fair value of the share options granted during the years ended December 31, 2020, 2021 and 2022 was US$ 3.08, US$1.39 and US$ nil, 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 interest Contractual term Volatility Dividend yield Exercise price 2020 1.52%~1.83% 10 years 53.8%~57.1% — 0.002~5.0 2021 2.04%~2.04% 10 years 59.0%~59.0% — 0.002~5.0 2022 4.40%~4.40% 10 years 56.2%~56.2% — 0.0001 (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. For share options classified as equity awards, Tantan recorded share-based compensation of RMB77,807, RMB76,989 and RMB28,788 during the years ended December 31, 2020, 2021 and 2022, 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, 2022, total unrecognized compensation expense relating to unvested share options was RMB1,861 which will be recognized over a weighted average period of 1.31 years. The weighted-average remaining contractual term of options outstanding is 6.58 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 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 probable to be satisfied. Thereafter, the awards are re-measured at fair value at each reporting date with a corresponding charge to share-based compensation expense. In May 2021, the founders resigned from Tantan and exercised the right to have Tantan repurchased for cash the vested options at the pre-agreed fixed equity value of US$120,000. Those options were subsequently canceled. The difference between the repurchase price and the fair value of the awards as of settlement date was recorded as an adjustment of share-based compensation during the year ended December 31, 2021. Cash payments amounting to US$108,000 were made to the founders during the year ended December 31, 2021, and the remaining US$12,000 is in an escrow account payable upon certain conditions are met. There is no remaining share option that has a cash settlement feature as of December 31, 2021 and thereafter. For share options classified as liability awards, Tantan recorded share-based compensation of RMB and during the years ended December , and , respectively, including the impact of the accelerate vesting and the subsequent adjustment of the fair value at each reporting dates and the settlement date. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 17. NET INCOME (LOSS) PER SHARE The calculation of net income (loss) per share is as follows: For the year ended December 31, 2020 2021 2022 RMB RMB RMB Numerator: Net income (loss) attributed to ordinary shareholders for computing net income (loss) per ordinary share-basic and diluted 2,103,484 (2,913,708 ) 1,484,283 Denominator: Denominator for computing net income (loss) per share-basic: Weighted average ordinary shares outstanding used in computing net income per ordinary share-basic 416,914,898 404,701,910 390,176,367 Denominator for computing net income (loss) per share-diluted: Weighted average shares outstanding used in computing net income (loss) per ordinary share-diluted 452,081,642 (i) 404,701,910 (i) 423,810,279 (i) Net income (loss) per ordinary share attributable to Momo Inc. – basic 5.05 (7.20 ) 3.80 Net income (loss) per ordinary share attributable to Momo Inc. - diluted 4.83 (7.20 ) 3.65 The following table summarizes potential ordinary shares outstanding excluded from the computation of diluted net income (loss) per ordinary share for the years ended December 31, 2020, 2021 and 2022, because their effect is anti-dilutive: For the year ended December 31, 2020 2021 2022 Share issuable upon exercise of share options 9,907,671 29,676,253 14,676,458 Share issuable upon exercise of RSUs 220,781 272,500 217,612 (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, 2020, an incremental weighted average number of 11,762,418 ordinary shares from the assumed exercise of share options and RSUs and an incremental weighted average number of 23,404,327 ordinary shares resulting from the assumed conversion of convertible senior notes were included. The computation of diluted loss per share for the year ended December 31, 2021 has not considered the effect of the share options, RSUs and convertible senior notes given that the effect is anti-dilutive. For the year ended December 31, 2022, an incremental weighted average number of 12,083,613 ordinary shares from the assumed exercise of share options and RSUs and an incremental weighted average number of 21,550,299 ordinary shares resulting from the assumed conversion of convertible senior notes were included. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. COMMITMENTS AND CONTINGENCIES Investment commitments The Group was obligated to subscribe RMB nil and RMB85,000 for partnership interest of certain long-term investees under various arrangements as of December 31, 2021 and 2022, respectively. Contingencies The Group is subject to legal proceedings in the ordinary course of business. The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. For the year ended December 31, 2022, the Group accrued for the loss contingency amounted RMB92.9 million related to an ongoing investigation of the alleged illegal activity on the source of the funding consumed on Momo’s platform as the Group determines that an unfavorable outcome is probable and the amount is reasonably estimable. The Group does not believe that any other 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, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Balances and Transactions | 19. RELATED PARTY BALANCES AND TRANSACTIONS Major related parties Relationship with the Group Hunan Qindao Network Media Technology Co., Ltd. Affiliate of a long-term investee Beijing Shiyue Haofeng Media Co., Ltd. Long-term investee Beijing Santi Cloud Union Technology Co., Ltd. (i) Long-term investee Beijing Santi Cloud Time Technology Co., Ltd. (i) Affiliate of a long-term investee (i) The Company deconsolidated Beijing Santi Cloud Union Technology Co., Ltd. and its subsidiary, Beijing Santi Cloud Time Technology Co., Ltd. on March 31, 2020, and the remaining equity investment accounted as equity securities without determinable fair value that investment was further sold in November 2020. (1) Amount due from related parties – current As of December 31, 2021 2022 RMB RMB Others — 55 Total — 55 (2) Amount due to related parties – current As of December 31, 2021 2022 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (ii) 5,016 9,178 Total 5,016 9,178 (ii) The amount of RMB5,016 and RMB9,178 as of December 31, 2021 (3) Sales to a related party For the year ended 2020 2021 2022 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (iii) 5,627 — — Total 5,627 — — (iii) The sales to Hunan Qindao Network Media Technology Co., Ltd. represented mobile marketing services provided. (4) Purchases from related parties For the year ended 2020 2021 2022 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (iv) 354,274 253,691 176,674 Beijing Santi Cloud Union Technology Co., Ltd. (v) 5,511 — — Beijing Santi Cloud Time Technology Co., Ltd. (v) 3,410 — — Beijing Shiyue Haofeng Media Co., Ltd. (iv) 164 — — Others — 115 — Total 363,359 253,806 176,674 (iv) The purchases from Hunan Qindao Network Media Technology Co., Ltd. and Beijing Shiyue Haofeng Media Co., Ltd. mainly represented the Revenue Sharing. (v) The purchases from Beijing Santi Cloud Union Technology Co., Ltd. and Beijing Santi Cloud Time Technology Co., Ltd. were mainly related to its bandwidth services. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
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 years ended December 31, 2020, 2021 and 2022, the Group determined that it operated in three operating segments namely Momo, Tantan and QOOL given that the related financial information is separately reviewed by the Group’s CEO. Momo’s services mostly include live video services, value-added services, mobile marketing services and mobile games derived from the Momo’s platform. Tantan’s services mainly include value-added services and live video services provided on Tantan’s platform. QOOL services mainly include advertisement services generated from the Group’s broadcasting of content television. The Group primarily operates in the PRC and substantially all of the Group’s long-lived assets are located in the PRC. The Group’s chief operating decision maker evaluates performance based on each reporting segment’s net revenue, operating cost and expenses, operating income and net income. Net revenues, operating cost and expenses, operating income, and net income by segment for the years ended December 31, 2020, 2021 and 2022 were as follows: For the year ended December 31, 2020 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 12,631,119 2,368,314 24,755 15,024,188 Cost and expenses: Cost of revenues (6,865,836 ) (1,088,816 ) (22,129 ) (7,976,781 ) Research and development (844,826 ) (322,851 ) — (1,167,677 ) Sales and marketing (1,454,123 ) (1,359,709 ) (90 ) (2,813,922 ) General and administrative (664,458 ) (73,019 ) (25,673 ) (763,150 ) Total cost and expenses (9,829,243 ) (2,844,395 ) (47,892 ) (12,721,530 ) Other operating income 223,312 3,945 1,520 228,777 Income (loss) from operations 3,025,188 (472,136 ) (21,617 ) 2,531,435 Interest income 440,878 3,353 240 444,471 Interest expense (78,872 ) — — (78,872 ) Other gain or loss, net 1,500 — — 1,500 Income tax (expenses) benefits (770,333 ) 14,713 — (755,620 ) Share of loss on equity method investments (42,522 ) — — (42,522 ) Net income (loss) 2,575,839 (454,070 ) (21,377 ) 2,100,392 For the year ended December 31, 2021 Momo Tantan QOOL Unallocated Consolidated RMB RMB RMB RMB RMB Net revenues: 12,541,205 2,029,184 5,330 — 14,575,719 Cost and expenses: Cost of revenues (7,301,048 ) (1,044,852 ) (37,531 ) — (8,383,431 ) Research and development (828,688 ) (303,093 ) — — (1,131,781 ) Sales and marketing (1,420,130 ) (1,180,146 ) (4,033 ) — (2,604,309 ) General and administrative (619,922 ) 18,401 (23,179 ) — (624,700 ) Impairment loss on goodwill and intangible assets — — — (4,397,012 ) (4,397,012 ) Total cost and expenses (10,169,788 ) (2,509,690 ) (64,743 ) (4,397,012 ) (17,141,233 ) Other operating income 138,884 37,029 34 — 175,947 Income (loss) from operations 2,510,301 (443,477 ) (59,379 ) (4,397,012 ) (2,389,567 ) Interest income 383,028 1,091 160 — 384,279 Interest expense (73,776 ) — — — (73,776 ) Other gain or loss, net (16,000 ) — — — (16,000 ) Income tax (expenses) benefits (844,987 ) 22,431 — — (822,556 ) Share of loss on equity method investments (8,084 ) — — — (8,084 ) Net income (loss) 1,950,482 (419,955 ) (59,219 ) (4,397,012 ) (2,925,704 ) The impairment loss was presented as an unallocated item in the segment information because the CEO does not consider this as part of the segment operating performance measure. For the year ended December 31, 2022 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 11,335,094 1,367,853 1,225 12,704,172 Cost and expenses: Cost of revenues (6,704,020 ) (714,936 ) (2,463 ) (7,421,419 ) Research and development (737,380 ) (268,839 ) — (1,006,219 ) Sales and marketing (1,346,692 ) (721,889 ) (5,036 ) (2,073,617 ) General and administrative (547,798 ) (33,234 ) (14,974 ) (596,006 ) Total cost and expenses (9,335,890 ) (1,738,898 ) (22,473 ) (11,097,261 ) Other operating income 8,753 11,830 49 20,632 Income (loss) from operations 2,007,957 (359,215 ) (21,199 ) 1,627,543 Interest income 368,051 544 284 368,879 Interest expense (83,530 ) — — (83,530 ) Other gain or loss, net 118,325 — — 118,325 Income tax (expenses) benefits (586,663 ) 24,382 — (562,281 ) Share of income on equity method investments 11,073 — — 11,073 Net income (loss) 1,835,213 (334,289 ) (20,915 ) 1,480,009 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | 21. 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 b enefit |
Statutory Reserves and Restrict
Statutory Reserves and Restricted Net Assets | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Statutory Reserves and Restricted Net Assets | 22. 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 RMB nil, RMB679 and RMB517 for the years ended December 31, 2020, 2021 and 2022, respectively. 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 RMB1,475,551, RMB1,508,594 and RMB1,509,111 as of December 31, 2020, 2021 and 2022, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 23. SUBSEQUENT EVENTS Special cash dividend On March 16, 2023, the Company declared a special cash dividend in the amount of US$0.72 per ADS, or US$0.36 per ordinary share. The cash dividend will be paid on May 22, 2023 to shareholders of record at the close of business on April 28, 2023. The ex-dividend |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 Hello Group Inc., its subsidiaries, its VIEs and VIEs’ subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues, cost and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements include 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 restricted cash | Short-term restricted cash Short-term restricted cash represents RMB deposits in restricted bank accounts that cannot be withdrawn related to an ongoing investigation of the alleged illegal activity on the source of the funding consumed on Momo’s platform. The Company considers the expected timing of the release of the restrictions to determine the appropriate financial statement classification. |
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. |
Short-term investments | Short-term investments Short-term investments include wealth management products with a variable interest rate indexed to performance of underlying assets, which are with an original maturity of less than 12 months. The Group elects the fair value option to record the investments at fair value in accordance with ASC 825 Financial Instruments. Changes in the fair value are recorded under “interest income” in the consolidated statements of operations. |
Long-term restricted cash | Long-term restricted cash Long-term restricted cash represents US dollar deposits held in escrow account related to payable to Tantan’s founders in accordance with its share options repurchase agreement. The Company considers the expected timing of the release of the restrictions is more than 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 evaluates its accounts receivable for expected credit losses on a regular basis. The Group maintains an estimated allowance for credit losses based upon its assessment of various factors, including the historical loss experience, the age of accounts receivable balances, credit quality of third-party application stores and other payment channels, advertising customers and other customers, current and future economic conditions and other factors that may affect their ability to pay, to reduce its accounts receivable to the amount that it believes will be collected. |
Financial instruments | Financial instruments Financial instruments of the Group primarily consist of cash and cash equivalents, short-term deposits, short-term investments, restricted cash, long-term deposits, accounts receivable, equity securities without readily determinable fair value, fair value option investment, accounts payable, deferred revenue, convertible senior notes, income tax payable and amount due to related parties. The Group carries its fair value option investment at fair value. Cash and cash equivalents are recorded at fair value based on the quoted market price in an active market. The carrying values of restricted cash, accounts receivable, accounts payable, deferred revenue, income tax payable 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 fair value of the Company’s convertible senior notes and term deposits are 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 , restricted cash, short-term investments and term deposits |
Equity securities without readily determinable fair value | Equity securities without readily determinable fair value The Group accounts for equity investments that do not have a readily determinable fair value under the measurement alternative in accordance with ASC Topic 321, Investments—Equity Securities, to the extent such investments are not subject to consolidation or the equity method. Under the measurement alternative, these financial instruments are carried at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. 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 charge is recorded under “share of (loss) income on equity method investments” in the consolidated statements of operations 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. |
Fair value option investments | Fair value option investments The Group elected the fair value option to account for certain partnership units investment in a private fund, and measured the investment using the net asset value per share based on the practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) (“NAV practical expedient”), whereby the change in fair value is reco gn operations. |
Property and equipment, net | Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Office equipment 3-5 Computer equipment 3 years Vehicles 5 years Leasehold improvement Shorter of the lease term |
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: License 3.2-10 years Technology 3 years Active user 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, including intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (asset group) may no longer be recoverable. When these events occur, the Group tests the recoverability of the asset (asset group) by comparing the carrying value of the long-lived assets (asset group) 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. |
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 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 ASC Topic 606, Revenue from Contracts with Customers (“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, 2020, 2021 and 2022, 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, 2022 Momo Tantan QOOL RMB RMB RMB Live video service 5,966,323 544,137 — Value-added services 5,183,302 823,716 — Mobile marketing 124,956 — — Mobile games 55,732 — — Other services 4,781 — 1,225 Total 11,335,094 1,367,853 1,225 For the year ended December 31, 2021 Momo Tantan QOOL RMB RMB RMB Live video service 7,475,809 903,136 — Value-added services 4,845,744 1,126,048 — Mobile marketing 159,010 — — Mobile games 47,712 — — Other services 12,930 — 5,330 Total 12,541,205 2,029,184 5,330 For the year ended December 31, 2020 Momo Tantan QOOL RMB RMB RMB Live video service 8,638,810 998,769 — Value-added services 3,742,637 1,369,545 — Mobile marketing 198,197 — — Mobile games 39,564 — — Other services 11,911 — 24,755 Total 12,631,119 2,368,314 24,755 (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- 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 enhances 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 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, 2020, 2021 and 2022. (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 in-game (e) Other services Revenues from other services mainly consisted of music service revenues, film distribution service, film promotion service and peripheral products. |
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 Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group recorded no material impairment charges related to contract assets in the period. Deferred revenue primarily includes cash received from paying users related to the Group’s live video service and value-added service as well as cash received from the Group’s advertising customers. Deferred revenue is recognized as revenue over the estimated service period or when all of the revenue recognition criteria have been met. Revenue recognized in 2021 and 2022 that was included in the deferred revenue balance as of January 1, 2021 and 2022 were RMB511,617 and RMB539,967, respectively. |
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 sales of virtual items, commission fee paid to third-party application stores and other payment channels, bandwidth costs, salaries and benefits paid to employees, depreciation and amortization and production cost in connection with the television content and films. These costs are expensed as incurred except for the direct and incremental platform commission fees to third-party application stores and other payment channels and production cost in connection with the television content and films which are deferred in “Prepaid expenses and other current assets” on the consolidated balance sheets. Such deferred costs are recognized in the consolidated statements of operations in “Cost of revenues” in the period in which the related revenues are recognized. |
Government subsidies | Government subsidies Government subsidies primarily consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. For certain government subsidies, there are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. |
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. Revenue is recognized net of VAT amounted to RMB1,266,603, RMB1,136,147 and RMB977,780 for the years ended December 31, 2020, 2021 and 2022, 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 Deferred income taxes are recognized on the undistributed earnings of subsidiaries, which are presumed to be transferred to the parent company and are subject to withholding taxes, unless there is sufficient evidence to show that the subsidiary has invested or will invest the undistributed earnings indefinitely or that the earnings will be remitted in a tax-free The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than- not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. |
Foreign currency translation | Foreign currency translation 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 adjustments are recorded in other comprehensive income (loss). Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 = RMB6.8972 on the last trading day of 2022 (December 30, 2022) representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rates. |
Leases | Leases The Group leases administrative office spaces and internet data center (“IDC”) facilities in different cities in the PRC under operating leases. The Group determines whether an arrangement constitutes a lease and records lease liabilities and right-of-use non-lease right-of-use For short-term leases, the Group records rental 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 RMB2,255,519, RMB2,192,512 and RMB1,766,995 for the years ended December 31, 2020, 2021 and 2022, respectively. |
Comprehensive income(loss) | Comprehensive income (loss) Comprehensive income (loss) includes net income (loss) and foreign currency translation adjustments. Comprehensive income (loss) is reported in the consolidated statements of comprehensive income (loss). |
Share-based compensation | Share-based compensation Share-based payment transactions with employees, executives and consultants 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 The estimate of forfeiture rate is adjusted over the requisite service period to the extent that actual forfeiture rate differs, or is expected to differ, from such estimates. Changes in estimated forfeiture rate is recognized through a cumulative catch-up Changes in the terms or conditions of share options are accounted as a modification. The Group calculates the excess of the fair value of the modified option over the fair value of the original option immediately before the modification, measured based on the share price and other pertinent factors at the modification date. For vested options, the Group recognizes incremental compensation cost in the period that the modification occurred. For unvested options, the Group recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. |
Earnings per share | Net income (loss) per share Basic net income (loss) per ordinary share is computed by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted net income (loss) 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 net income (loss) 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 August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The key amendments in ASU 2020-06 include: a. removing from U.S. GAAP the separation models for (1) convertible debt with a CCF and (2) convertible instruments with a BCF; b. amending diluted EPS calculations for convertible instruments to require if-converted method; and c. amending the requirements for a contract (or embedded derivative) that is potentially settled in an entity’s own shares to be classified in equity. For public business entities that are not smaller reporting companies, the amendments in ASU 2020-06 are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. The Group adopted ASU 2020-06 on January 1, 2022 and the adoption did not have a material impact on the Group’s consolidated financial statements. In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity classified written call options (for example, warrants) that remain equity classified after modification or exchange. The a m In November 2021, FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which requires business entities to provide certain disclosures when they have received government assistance and use a grant or contribution accounting model by analogy to other accounting guidance. The ASU 2021-10 requires a business entity that has received government assistance must disclose: (a) the nature of the transactions, including a general description of the transactions and the form in which the assistance has been received; (b)the accounting policies used to account for the transactions; and (c) the line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item in the current reporting period. The guidance in ASU 2021-10 is effective for all entities for fiscal years beginning after December 15, 2021. The Group adopted ASU 2021-10 on January 1, 2022 and the adoption did not have a material impact on the Group’s consolidated financial statements. |
Recent accounting pronouncements not yet adopted | Recent accounting pronouncements not yet adopted In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606, Revenue from Contracts with Customers The new amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments, with early adoption permitted. The Group is in the process of evaluating the impact of the adoption of this pronouncement on its consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. This guidance also requires certain disclosures for equity securities subject to contractual sale restrictions. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. The Group is in the process of evaluating the impact of the adoption of this pronouncement on its consolidated financial statements. |
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, 2020, 2021 and 2022, 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, short-term Third-party application stores and other payment channels accounting for 10% or more of accounts receivables are as follows: As of December 31, 2021 2022 A 20 % 18 % B 16 % 15 % Users or customers accounting for 10% or more of accounts receivables is as follows: As of December 31, 2021 2022 C 8 % 12 % |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Schedule of Subsidiaries, VIEs and VIEs' Subsidiaries | As of December 31, 2022, 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”) 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. SpaceCape Technology Pte. Ltd. Major VIEs Beijing Momo Technology Co., Ltd. (“Beijing Momo”) * QOOL Media (Tianjin) Co., Ltd. (“QOOL Tianjin”) * Tantan Culture Development (Beijing) Co., Ltd. (“Tantan Culture”) * Hainan Miaoka Network Technology Co., Ltd. (“Miaoka”) * Beijing Top Maker Culture Co, Ltd. (“Beijing Top Maker”) * Beijing Perfect Match Technology Co, Ltd. (“Beijing Perfect Match”) * SpaceTime (Beijing) Technology Co, Ltd. (“SpaceTime Beijing”) * Tianjin Nishuodedoudui Technology Co., Ltd. (“Tianjin Nishuodedoudui”) * Hainan Yilingliuer Network Technology Co., Ltd. (“Hainan Yilingliuer”) * Major VIEs’ subsidiaries Chengdu Momo Technology Co., Ltd. (“Chengdu Momo”) * Tianjin Heer Technology Co., Ltd. (“Tianjin Heer”) * Loudi Momo Technology Co., Ltd. (“Loudi Momo”) * Tianjin Apollo Exploration Culture Co., Ltd. (“Tantan Apollo”) * * 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, 2021 2022 RMB RMB Cash and cash equivalents 2,474,974 2,108,248 Short-term deposits 550,000 850,000 Other current assets 590,022 654,109 Total current assets 3,614,996 3,612,357 Long-term deposits 750,000 — Long-term investments 404,524 380,187 Other non-current 241,500 291,841 Total assets 5,011,020 4,284,385 Accounts payable 635,635 509,042 Deferred revenue 519,237 469,076 Other current liabilities 399,686 451,793 Total current liabilities 1,554,558 1,429,911 Other non-current 63,095 34,059 Total liabilities 1,617,653 1,463,970 For the years ended December 31, 2020 2021 2022 RMB RMB RMB Net revenues 14,902,691 14,336,539 12,152,997 Net income 6,734,471 5,674,607 4,593,510 Net cash provided by operating activities 6,906,938 5,748,529 4,445,523 Net cash (used in) provided by investing activities (757,949 ) 254,093 451,928 Net cash provided by financing activities — — — |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 |
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: License 3.2-10 years Technology 3 years Active user 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, 2022 Momo Tantan QOOL RMB RMB RMB Live video service 5,966,323 544,137 — Value-added services 5,183,302 823,716 — Mobile marketing 124,956 — — Mobile games 55,732 — — Other services 4,781 — 1,225 Total 11,335,094 1,367,853 1,225 For the year ended December 31, 2021 Momo Tantan QOOL RMB RMB RMB Live video service 7,475,809 903,136 — Value-added services 4,845,744 1,126,048 — Mobile marketing 159,010 — — Mobile games 47,712 — — Other services 12,930 — 5,330 Total 12,541,205 2,029,184 5,330 For the year ended December 31, 2020 Momo Tantan QOOL RMB RMB RMB Live video service 8,638,810 998,769 — Value-added services 3,742,637 1,369,545 — Mobile marketing 198,197 — — Mobile games 39,564 — — Other services 11,911 — 24,755 Total 12,631,119 2,368,314 24,755 |
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, 2021 2022 A 20 % 18 % B 16 % 15 % Users or customers accounting for 10% or more of accounts receivables is as follows: As of December 31, 2021 2022 C 8 % 12 % |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term Investments [Abstract] | |
Summary of Short Term Investment | As of December 31, 2021 2022 RMB RMB Variable-rate financial instruments — 300,240 — 300,240 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 2022 RMB RMB Interest receivable 276,316 346,994 Deposits with third-party payment channels (i) 241,719 242,863 Advance to suppliers (ii) 68,986 81,821 Input VAT (iii) 78,657 58,058 Deferred platform commission cost 37,690 32,004 Prepaid service fee and issuance fee 42,530 26,172 Others 29,174 31,794 775,072 819,706 (i) Deposits with 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) Advance to suppliers were primarily for advertising fees and related service fees. (iii) Input VAT mainly occurred from the purchasing of goods or other services, property and equipment and advertising activities. It is subject to verification by related tax authorities before offsetting the VAT output. |
Long-Term Investments (Tables)
Long-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Long-term Investments [Abstract] | |
Summary of Equity and Cost Method Investments | As of December 31, 2021 2022 RMB RMB Equity method investments Jingwei Chuangteng (Hangzhou) L.P. (i) 73,235 73,632 Hangzhou Aqua Ventures Investment Management L.P. (ii) 52,080 48,328 Chengdu Tianfu Qianshi Equity Investment Partnership L.P. (iii) 39,155 36,961 Others (vi) 37,928 45,309 Equity securities without readily determinable fair values 58 Daojia Ltd. (iv) 300,000 300,000 Hangzhou Faceunity Technology Limited (iv) 70,000 70,000 Hunan Qindao Cultural Spread Ltd. (iv) 30,000 30,000 Haining Yijiayi Culture Co., Ltd. (iv) 25,000 25,000 Shenzhen INMO Technology Co., Ltd. (iv) — 55,343 Others (vi) 77,125 65,875 Fair value option investment AEZ Capital Feeder Fund (v) 115,483 143,540 820,006 893,988 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: As of December 31, 2021 2022 RMB RMB Computer equipment 758,097 792,586 Office equipment 175,852 197,160 Vehicles 4,422 4,171 Leasehold improvement 110,169 135,757 Less: accumulated depreciation (867,876 ) (956,884 ) Exchange difference — 194 180,664 172,984 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets, net consisted of the following: As of December 31, 2021 2022 RMB RMB Trade name 636,902 689,333 Active user 340,523 368,555 Technology 25,949 28,086 License 51,178 51,178 Less: accumulated amortization (521,184 ) (526,300 ) Less: accumulated impairment loss (538,109 ) (538,109 ) Exchange difference 32,061 (50,540 ) Net book value 27,320 22,203 |
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 2023 5,116 2024 5,116 2025 5,116 2026 5,116 2027 1,358 Thereafter 381 Total 22,203 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Momo Tantan Total RMB RMB RMB Balance, as of January 1, 2021 22,130 4,066,273 4,088,403 Impairment loss (22,130 ) (3,971,300 ) (3,993,430 ) Foreign exchange differences — (94,973 ) (94,973 ) Balance, as of December 31, 2021 and 2022 — — — |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 2022 RMB RMB Accrued payroll and welfare 233,918 210,853 Balance of users’ virtual accounts 134,282 136,757 Payable for advertisement 259,466 135,569 Contingent loss liability(Note 18) — 92,881 Accrued professional services and related service fee 53,922 54,833 Other tax payables 60,749 48,752 Payable for repurchase of subsidiary’s share options 57,548 25,604 VAT payable 23,661 16,333 Others 87,504 75,922 Total 911,050 797,504 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Maturities of Long-Term Debt | As of December 31, 2022, the Notes will be repaid according to the following schedule, assuming the holders of the Notes will not exercise the right to require the Company to repurchase all or part of their notes in cash on July 1, 2023. Amounts RMB 2023 33,362 2024 33,362 2025 2,685,642 Less imputed interest 106,198 Total 2,646,168 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Summary of operating lease additional information | The operating lease expense was recorded in cost and expenses on the consolidated statements of operations. For the years ended December 31 2021 2022 RMB RMB Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 165,373 161,743 Non-cash right-of-use Operating leases 166,844 22,238 Weighted average remaining lease term Operating leases 2.11 1.63 Weighted average discount rate Operating leases 3.48 % 3.57 % |
Summary of future minimum payments under operating leases | As of December 31, 2022, the Group has no significant lease contract that has been entered into but not yet commenced, and the future minimum payments under operating leases were as follows: Amounts RMB 2023 89,642 2024 22,245 2025 and thereafter 13,210 Less imputed interest 3,464 Total 121,633 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | As of December 31, 2021 and 2022, 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 2021 Quoted Significant Significant RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 5,570,563 5,570,563 — — Total 5,570,563 5,570,563 — — Fair Value Measured as of December 31, Description 2022 Quoted Significant Significant RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 5,018,129 5,018,129 — — Short-term investments 300,240 — 300,240 — Total 5,318,369 5,018,129 300,240 — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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. Significant components of the Group’s deferred tax assets and liabilities are as follows: As of December 31, 2021 2022 RMB RMB Deferred tax assets: Advertising expense 360,876 403,600 Net operating loss carry-forward 203,839 224,193 Accrued expenses 23,983 24,601 Impairment on long-term investments 20,742 20,929 Less: valuation allowance (574,591 ) (638,980 ) Deferred tax assets, net 34,849 34,343 Deferred tax liabilities: Intangible assets acquired 5,956 5,327 Accelerated tax depreciation — 4,999 Withholding income tax 207,428 11,685 Deferred tax liabilities, net 213,384 22,011 |
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 year ended December 31, 2020 2021 2022 RMB RMB RMB Net income before provision for income tax 2,898,534 (2,095,064 ) 2,031,217 PRC statutory tax rate 25 % 25 % 25 % Income tax expense (benefit) at statutory tax rate 724,634 (523,766 ) 507,804 Permanent differences and Research and development super-deduction (11,861 ) (55,871 ) (34,966 ) Change in valuation allowance 95,240 118,570 64,389 Effect of income tax rate difference in other jurisdictions 123,778 1,201,729 35,564 Effect of tax holidays and preferential tax rates (282,775 ) (195,209 ) (147,894 ) Effect of the preferential tax rate adjustment of prior year’s EIT (113,396 ) (60,325 ) (26,873 ) Effect of PRC withholding tax 220,000 337,428 164,257 Provision for income tax 755,620 822,556 562,281 |
Increase in Income Tax Expenses and Net Income Per Share Amounts |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Option Activity | The following table summarizes the option activity for the year ended December 31, 2022: Number of Weighted Weighted average Aggregated intrinsic Outstanding as of December 31, 2021 29,676,253 0.0157 6.69 132,783 Granted 5,601,640 0.0002 Exercised (5,622,274 ) 0.0039 Forfeited (1,410,996 ) 0.0011 Outstanding as of December 31, 2022 28,244,623 0.0157 6.40 126,375 Exercisable as of December 31, 2022 16,636,567 0.0265 4.78 74,260 |
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 with the following assumptions used for grants during the applicable periods: Risk-free interest Expected term Volatility Dividend yield Exercise price 2020 1.22%~1.48% 6 years 50.6%~54.4% — 0.0002 2021 1.64%~1.96% 6 years 50.2%~51.8% — 0.0002 2022 2.20%~4.86% 6 years 50.3%~57.8% — 0.0002 |
Options classified as Equity Awards | |
Summary of Option Activity | The following table summarizes the option activity for the year ended December 31, 2022: Number of Weighted Weighted average Aggregated (US$) (years) (US$) Outstanding as of December 31, 2021 4,848,671 1.6232 6.76 — Granted 926,300 0.0001 Repurchased (769,889 ) 1.0237 Forfeited (384,066 ) 0.8650 Outstanding as of December 31, 2022 4,621,016 1.4607 6.58 — Exercisable as of December 31, 2022 3,002,020 2.1096 5.20 — |
Schedule of Assumptions Used to Estimate Fair Value of Stock Options Granted | The fair value of each option granted was estimated on the date of grant using the binomial tree pricing model with the following assumptions used for grants during the applicable periods: Risk-free interest Contractual term Volatility Dividend yield Exercise price 2020 1.52%~1.83% 10 years 53.8%~57.1% — 0.002~5.0 2021 2.04%~2.04% 10 years 59.0%~59.0% — 0.002~5.0 2022 4.40%~4.40% 10 years 56.2%~56.2% — 0.0001 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Calculation of Net Income (loss) Per Share | The calculation of net income (loss) per share is as follows: For the year ended December 31, 2020 2021 2022 RMB RMB RMB Numerator: Net income (loss) attributed to ordinary shareholders for computing net income (loss) per ordinary share-basic and diluted 2,103,484 (2,913,708 ) 1,484,283 Denominator: Denominator for computing net income (loss) per share-basic: Weighted average ordinary shares outstanding used in computing net income per ordinary share-basic 416,914,898 404,701,910 390,176,367 Denominator for computing net income (loss) per share-diluted: Weighted average shares outstanding used in computing net income (loss) per ordinary share-diluted 452,081,642 (i) 404,701,910 (i) 423,810,279 (i) Net income (loss) per ordinary share attributable to Momo Inc. – basic 5.05 (7.20 ) 3.80 Net income (loss) per ordinary share attributable to Momo Inc. - diluted 4.83 (7.20 ) 3.65 |
Summary of Potential Ordinary Shares Outstanding Excluded from Computation of Diluted Net income (Loss) Per Ordinary Share | The following table summarizes potential ordinary shares outstanding excluded from the computation of diluted net income (loss) per ordinary share for the years ended December 31, 2020, 2021 and 2022, because their effect is anti-dilutive: For the year ended December 31, 2020 2021 2022 Share issuable upon exercise of share options 9,907,671 29,676,253 14,676,458 Share issuable upon exercise of RSUs 220,781 272,500 217,612 (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, 2020, an incremental weighted average number of 11,762,418 ordinary shares from the assumed exercise of share options and RSUs and an incremental weighted average number of 23,404,327 ordinary shares resulting from the assumed conversion of convertible senior notes were included. |
Related Party Balances and Tr_2
Related Party Balances and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | (1) Amount due from related parties – current As of December 31, 2021 2022 RMB RMB Others — 55 Total — 55 (2) Amount due to related parties – current As of December 31, 2021 2022 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (ii) 5,016 9,178 Total 5,016 9,178 (ii) The amount of RMB5,016 and RMB9,178 as of December 31, 2021 (3) Sales to a related party For the year ended 2020 2021 2022 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (iii) 5,627 — — Total 5,627 — — (iii) The sales to Hunan Qindao Network Media Technology Co., Ltd. represented mobile marketing services provided. (4) Purchases from related parties For the year ended 2020 2021 2022 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (iv) 354,274 253,691 176,674 Beijing Santi Cloud Union Technology Co., Ltd. (v) 5,511 — — Beijing Santi Cloud Time Technology Co., Ltd. (v) 3,410 — — Beijing Shiyue Haofeng Media Co., Ltd. (iv) 164 — — Others — 115 — Total 363,359 253,806 176,674 (iv) The purchases from Hunan Qindao Network Media Technology Co., Ltd. and Beijing Shiyue Haofeng Media Co., Ltd. mainly represented the Revenue Sharing. (v) The purchases from Beijing Santi Cloud Union Technology Co., Ltd. and Beijing Santi Cloud Time Technology Co., Ltd. were mainly related to its bandwidth services. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2020, 2021 and 2022 were as follows: For the year ended December 31, 2020 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 12,631,119 2,368,314 24,755 15,024,188 Cost and expenses: Cost of revenues (6,865,836 ) (1,088,816 ) (22,129 ) (7,976,781 ) Research and development (844,826 ) (322,851 ) — (1,167,677 ) Sales and marketing (1,454,123 ) (1,359,709 ) (90 ) (2,813,922 ) General and administrative (664,458 ) (73,019 ) (25,673 ) (763,150 ) Total cost and expenses (9,829,243 ) (2,844,395 ) (47,892 ) (12,721,530 ) Other operating income 223,312 3,945 1,520 228,777 Income (loss) from operations 3,025,188 (472,136 ) (21,617 ) 2,531,435 Interest income 440,878 3,353 240 444,471 Interest expense (78,872 ) — — (78,872 ) Other gain or loss, net 1,500 — — 1,500 Income tax (expenses) benefits (770,333 ) 14,713 — (755,620 ) Share of loss on equity method investments (42,522 ) — — (42,522 ) Net income (loss) 2,575,839 (454,070 ) (21,377 ) 2,100,392 For the year ended December 31, 2021 Momo Tantan QOOL Unallocated Consolidated RMB RMB RMB RMB RMB Net revenues: 12,541,205 2,029,184 5,330 — 14,575,719 Cost and expenses: Cost of revenues (7,301,048 ) (1,044,852 ) (37,531 ) — (8,383,431 ) Research and development (828,688 ) (303,093 ) — — (1,131,781 ) Sales and marketing (1,420,130 ) (1,180,146 ) (4,033 ) — (2,604,309 ) General and administrative (619,922 ) 18,401 (23,179 ) — (624,700 ) Impairment loss on goodwill and intangible assets — — — (4,397,012 ) (4,397,012 ) Total cost and expenses (10,169,788 ) (2,509,690 ) (64,743 ) (4,397,012 ) (17,141,233 ) Other operating income 138,884 37,029 34 — 175,947 Income (loss) from operations 2,510,301 (443,477 ) (59,379 ) (4,397,012 ) (2,389,567 ) Interest income 383,028 1,091 160 — 384,279 Interest expense (73,776 ) — — — (73,776 ) Other gain or loss, net (16,000 ) — — — (16,000 ) Income tax (expenses) benefits (844,987 ) 22,431 — — (822,556 ) Share of loss on equity method investments (8,084 ) — — — (8,084 ) Net income (loss) 1,950,482 (419,955 ) (59,219 ) (4,397,012 ) (2,925,704 ) The impairment loss was presented as an unallocated item in the segment information because the CEO does not consider this as part of the segment operating performance measure. For the year ended December 31, 2022 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 11,335,094 1,367,853 1,225 12,704,172 Cost and expenses: Cost of revenues (6,704,020 ) (714,936 ) (2,463 ) (7,421,419 ) Research and development (737,380 ) (268,839 ) — (1,006,219 ) Sales and marketing (1,346,692 ) (721,889 ) (5,036 ) (2,073,617 ) General and administrative (547,798 ) (33,234 ) (14,974 ) (596,006 ) Total cost and expenses (9,335,890 ) (1,738,898 ) (22,473 ) (11,097,261 ) Other operating income 8,753 11,830 49 20,632 Income (loss) from operations 2,007,957 (359,215 ) (21,199 ) 1,627,543 Interest income 368,051 544 284 368,879 Interest expense (83,530 ) — — (83,530 ) Other gain or loss, net 118,325 — — 118,325 Income tax (expenses) benefits (586,663 ) 24,382 — (562,281 ) Share of income on equity method investments 11,073 — — 11,073 Net income (loss) 1,835,213 (334,289 ) (20,915 ) 1,480,009 |
Organization and Principal Ac_3
Organization and Principal Activities - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
May 31, 2018 CNY (¥) shares | Dec. 31, 2022 asset_group Term related_party | Dec. 31, 2021 | Dec. 31, 2020 | May 31, 2018 USD ($) | |
Variable Interest Entity [Line Items] | |||||
Date of incorporation | Nov. 23, 2011 | ||||
Percentage of VIEs revenues to the consolidated net revenues | 95.70% | 98.40% | 99.20% | ||
Percentage of VIEs assets to the consolidated total assets | 27.10% | 27.70% | |||
Percentage of VIEs liability to the consolidated total liabilities | 29.90% | 21.50% | |||
Number of consolidated VIEs' assets that are collateral for the VIEs' obligations | asset_group | 0 | ||||
VIEs creditors having recourse to general credit of the Company | related_party | 0 | ||||
Number of terms under arrangement with VIEs to provide financial support | Term | 0 | ||||
Tantan Limited [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash Consideration | ¥ 3,930,246 | $ 613,181 | |||
Tantan Limited [Member] | Momo INC [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Business acquisition percentage ownership | 100% | 100% | |||
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, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | ¥ 5,018,129 | ¥ 5,570,563 | $ 727,560 | ||
Short-term deposits | 5,300,000 | 2,860,000 | 768,428 | ||
Total current assets | 11,724,547 | 9,410,860 | 1,699,900 | ||
Long-term deposits | 2,600,000 | 7,200,000 | 376,965 | ||
Long-term investments | 893,988 | 820,006 | 129,616 | ||
Other non-current assets | 162,499 | 83,930 | 23,560 | ||
Total assets | 15,829,587 | 18,111,238 | 2,295,075 | ||
Accounts payable | 617,022 | 726,207 | 89,460 | ||
Deferred revenue | 484,775 | 539,967 | 70,286 | ||
Total current liabilities | 4,738,247 | 2,515,765 | 686,982 | ||
Other non-current liabilities | 105,410 | 128,095 | 15,283 | ||
Total liabilities | 4,898,949 | 7,525,641 | $ 710,281 | ||
Net income | 1,484,283 | (2,913,708) | ¥ 2,103,484 | ||
Net cash provided by operating activities | 1,226,891 | $ 177,882 | 1,559,198 | 3,080,889 | |
Net cash (used in) provided by investing activities | 1,715,845 | $ 248,774 | 2,550,342 | (748,466) | |
Beijing Momo Technology Co., Ltd. [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | 2,108,248 | 2,474,974 | |||
Short-term deposits | 850,000 | 550,000 | |||
Other current assets | 654,109 | 590,022 | |||
Total current assets | 3,612,357 | 3,614,996 | |||
Long-term deposits | 0 | 750,000 | |||
Long-term investments | 380,187 | 404,524 | |||
Other non-current assets | 291,841 | 241,500 | |||
Total assets | 4,284,385 | 5,011,020 | |||
Accounts payable | 509,042 | 635,635 | |||
Deferred revenue | 469,076 | 519,237 | |||
Other current liabilities | 451,793 | 399,686 | |||
Total current liabilities | 1,429,911 | 1,554,558 | |||
Other non-current liabilities | 34,059 | 63,095 | |||
Total liabilities | 1,463,970 | 1,617,653 | |||
Net revenues | 12,152,997 | 14,336,539 | 14,902,691 | ||
Net income | 4,593,510 | 5,674,607 | 6,734,471 | ||
Net cash provided by operating activities | 4,445,523 | 5,748,529 | 6,906,938 | ||
Net cash (used in) provided by investing activities | ¥ 451,928 | ¥ 254,093 | ¥ (757,949) |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Jan. 01, 2022 CNY (¥) | Jan. 01, 2021 CNY (¥) | Dec. 31, 2022 CNY (¥) Customer | Dec. 31, 2021 CNY (¥) Customer | Dec. 31, 2020 CNY (¥) Customer | Dec. 31, 2022 USD ($) | |
Accounting Policies [Line Items] | ||||||
Cash and cash equivalents | ¥ 5,018,129 | ¥ 5,570,563 | $ 727,560 | |||
Deferred revenue recognized | ¥ 539,967 | ¥ 511,617 | ||||
Impairment charges related to contract assets | 0 | |||||
Value added tax incurred | ¥ 977,780 | 1,136,147 | ¥ 1,266,603 | |||
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$1.00 = RMB6.8972 on the last trading day of 2022 (December 30, 2022) representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rates. | |||||
Foreign currency translation exchange rate | 6.8972 | 6.8972 | ||||
Advertising expense | ¥ 1,766,995 | 2,192,512 | 2,255,519 | |||
Minimum [Member] | Ownership Interest [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Percentage of ownership, equity method investment | 20% | 20% | ||||
Maximum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Contracts, original duration | 1 year | |||||
Maximum [Member] | Ownership Interest [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Percentage of ownership, equity method investment | 50% | 50% | ||||
Short-term deposits [Member] | Minimum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Bank deposits maturity | 3 months | |||||
Short-term deposits [Member] | Maximum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Bank deposits maturity | 1 year | |||||
Long-term deposits [Member] | Minimum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Bank deposits maturity | 1 year | |||||
Membership Subscription [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Contract period, minimum | 1 month | |||||
Contract period, maximum | 1 year | |||||
Government Subsidies | ||||||
Accounting Policies [Line Items] | ||||||
Other operating income | ¥ 23,593 | ¥ 63,615 | ¥ 142,061 | |||
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 | |||
China, Yuan Renminbi | ||||||
Accounting Policies [Line Items] | ||||||
Cash and cash equivalents | ¥ 12,600,000 | ¥ 14,691,000 |
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, 2022 | Dec. 31, 2021 | |
Third-party Payment Channel A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 18% | 20% |
Third-party Payment Channel B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 15% | 16% |
Third-party Payment Channel C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 12% | 8% |
Significant Accounting Polici_6
Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 | |
Technology [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Active user [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 | 10 years |
Maximum [Member] | Licenses [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years 2 months 12 days |
Significant Accounting Polici_8
Significant Accounting Policies - Components of Revenues (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Momo Inc [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | ¥ 11,335,094 | ¥ 12,541,205 | ¥ 12,631,119 |
Momo Inc [Member] | Live Video Service [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 5,966,323 | 7,475,809 | 8,638,810 |
Momo Inc [Member] | Value-added Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 5,183,302 | 4,845,744 | 3,742,637 |
Momo Inc [Member] | Mobile Marketing [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 124,956 | 159,010 | 198,197 |
Momo Inc [Member] | Mobile Games [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 55,732 | 47,712 | 39,564 |
Momo Inc [Member] | Other Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 4,781 | 12,930 | 11,911 |
Tantan Limited [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 1,367,853 | 2,029,184 | 2,368,314 |
Tantan Limited [Member] | Live Video Service [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 544,137 | 903,136 | 998,769 |
Tantan Limited [Member] | Value-added Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 823,716 | 1,126,048 | 1,369,545 |
Qool Inc [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 1,225 | 5,330 | 24,755 |
Qool Inc [Member] | Other Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | ¥ 1,225 | ¥ 5,330 | ¥ 24,755 |
Short-Term Investments - Summar
Short-Term Investments - Summary of Short Term Investment (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Short Term Investment [Line Items] | |||
Variable-rate financial instruments | ¥ 300,240 | $ 43,531 | ¥ 0 |
Variable-rate financial instruments [Member] | |||
Short Term Investment [Line Items] | |||
Variable-rate financial instruments | ¥ 300,240 | ¥ 0 |
Short-Term Investments - Additi
Short-Term Investments - Additional Information (Detail) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2022 CNY (¥) | |
Short-Term Investments [Abstract] | |
Gain from changes in fair value | ¥ 240 |
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, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Interest receivable | ¥ 346,994 | ¥ 276,316 | ||
Deposits with third-party payment channels | [1] | 242,863 | 241,719 | |
Advance to suppliers | [2] | 81,821 | 68,986 | |
Input VAT | [3] | 58,058 | 78,657 | |
Deferred platform commission cost | 32,004 | 37,690 | ||
Prepaid service fee and issuance fee | 26,172 | 42,530 | ||
Others | 31,794 | 29,174 | ||
Prepaid expenses and other current assets | ¥ 819,706 | $ 118,846 | ¥ 775,072 | |
[1]Deposits with 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.[2]Advance to suppliers were primarily for advertising fees and related service fees.[3]Input VAT mainly occurred from the purchasing of goods or other services, property and equipment and advertising activities. It is subject to verification by related tax authorities before offsetting the VAT output. |
Long-Term Investments - Summary
Long-Term Investments - Summary of Equity and Cost Method Investments (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Aug. 18, 2015 CNY (¥) | |||
Investments [Line Items] | |||||||
Long term Investments | ¥ 893,988 | $ 129,616 | ¥ 820,006 | ||||
AEZ Capital Feeder Fund [Member] | |||||||
Investments [Line Items] | |||||||
Fair value option investment | [1] | 143,540 | 115,483 | ||||
58 Daojia Ltd [Member] | |||||||
Investments [Line Items] | |||||||
Equity securities | [2] | 300,000 | 300,000 | ||||
Hangzhou Faceunity Technology Limited [Member] | |||||||
Investments [Line Items] | |||||||
Equity securities | [2] | 70,000 | 70,000 | ||||
Hunan Qindao Cultural Spread Ltd. [Member] | |||||||
Investments [Line Items] | |||||||
Equity securities | [2] | 30,000 | 30,000 | ||||
Haining Yijiayi Culture Co Ltd [Member] | |||||||
Investments [Line Items] | |||||||
Equity securities | [2] | 25,000 | 25,000 | ||||
Shenzhen INMO Technology Co Ltd [Member] | |||||||
Investments [Line Items] | |||||||
Equity securities | [2] | 55,343 | |||||
Other Equity Securities [Member] | |||||||
Investments [Line Items] | |||||||
Equity securities | [3] | 65,875 | 77,125 | ||||
Jingwei Chuangteng (Hangzhou) L.P. [Member] | |||||||
Investments [Line Items] | |||||||
Equity method investments | [4] | 73,632 | 73,235 | ||||
Hangzhou Aqua Ventures Investment Management L.P. [Member] | |||||||
Investments [Line Items] | |||||||
Equity method investments | 48,328 | [5] | 52,080 | [5] | ¥ 50,000 | ||
Chengdu Tianfu Qianshi Equity Lp Investment [Member] | |||||||
Investments [Line Items] | |||||||
Equity method investments | [6] | 36,961 | 39,155 | ||||
Other Equity Method Investments [Member] | |||||||
Investments [Line Items] | |||||||
Equity method investments | [3] | ¥ 45,309 | ¥ 37,928 | ||||
[1]In October 2021, the Group completed an investment in an open mutual fund named “AEZ Capital Feeder Fund” (“AEZ”), which is redeemable on a quarterly basis. The Group, as a limited partner, subscribed Class A participating shares with capital contribution of RMB114,707. The Group has significant influence on AEZ and elected the fair value option to account for this investment using the NAV practical expedient whereby the change in fair value of RMB779 and RMB19,010 was recognized during the year ended December 31, 2021 and 2022.[2]The Group invested in certain preferred shares of private companies. On April 9, 2021, the Group entered into a preferred share subscription agreement with 58 Daojia Ltd. for a consideration of RMB300 million. The transaction was completed in April 2021. On March 31, 2022, the Group entered into a share purchase agreement with Shenzhen INMO Technology Co., Ltd for a consideration of RMB55,343. The transaction was completed in April 2022. As the investments were neither debt security nor in-substance common stock, they were accounted as equity securities without readily determinable fair values and measured at fair value using the measurement alternative. There has been no orderly transactions for the identical or a similar investment of the same issuer noted during the years ended December 31, 2021, and 2022.[3]Others represent equity method investments or equity securities without readily determinable fair values that are individually insignificant.[4]On January 9, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Jingwei Chuangteng (Hangzhou) L.P. (“Jingwei”). According to the partnership agreement, the Group committed to subscribe 4.9% partnership interest in Jingwei for RMB30,000. Due to Jingwei’s further rounds of financing, the Group’s partnership interest was diluted to 2.4% as of December 31, 2021 and 2022. The Group recognized its share of partnership profit or (loss) in Jingwei of RMB4,964, RMB(5,147) and RMB397 during the years ended December 31, 2020, 2021 and 2022, respectively.[5]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 Group recognized its share of partnership loss in Aqua of RMB42,458, RMB11,013 and RMB3,752 for the years ended December 31, 2020, 2021 and 2022, respectively. The Group received distribution from Aqua of RMB1,153 during the year ended December 31, 2020.[6]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, which had been fully paid as of December 31, 2020. The Group recognized its share of partnership profit in Tianfu of RMB237, RMB2,453 and RMB286 during the years ended December 31, 2020, 2021 and 2022, respectively. |
Long-Term Investments - Additio
Long-Term Investments - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Gain or Loss Net [Member] | |||
Impairment loss on long-term investments | ¥ 11,250 | ¥ 18,000 | ¥ 10,500 |
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 | ||||||||||
Sep. 12, 2018 CNY (¥) | Jan. 09, 2015 CNY (¥) | Apr. 30, 2022 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Apr. 09, 2021 CNY (¥) | Aug. 18, 2015 CNY (¥) | ||||
Investment Line Items [Line Items] | ||||||||||||
Share of income (loss) on equity method investments | ¥ 11,073 | $ 1,605 | ¥ (8,084) | ¥ (42,522) | ||||||||
Proceeds from Equity Method Investment, Distribution | 1,708 | $ 248 | 0 | 1,153 | ||||||||
Preferred Share Subscription Agreement [Member] | ||||||||||||
Investment Line Items [Line Items] | ||||||||||||
Issued Capital Subscribed | ¥ 300,000 | |||||||||||
Class A Participating And Non Voting Shares [Member] | ||||||||||||
Investment Line Items [Line Items] | ||||||||||||
Capital Contribution | 114,707 | |||||||||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 19,010 | 779 | ||||||||||
Jingwei Chuangteng (Hangzhou) L.P. [Member] | ||||||||||||
Investment Line Items [Line Items] | ||||||||||||
Equity method investments | [1] | ¥ 73,632 | ¥ 73,235 | |||||||||
Percentage of ownership | 4.90% | 2.40% | 2.40% | |||||||||
Share of income (loss) on equity method investments | ¥ 397 | ¥ 5,147 | 4,964 | |||||||||
Payment of equity method investment | ¥ 30,000 | |||||||||||
Hangzhou Aqua Ventures Investment Management L.P. [Member] | ||||||||||||
Investment Line Items [Line Items] | ||||||||||||
Equity method investments | 48,328 | [2] | 52,080 | [2] | ¥ 50,000 | |||||||
Percentage of ownership | 42.70% | |||||||||||
Share of income (loss) on equity method investments | (3,752) | (11,013) | (42,458) | |||||||||
Proceeds from Equity Method Investment, Distribution | 1,153 | |||||||||||
Chengdu Tianfu Qianshi Equity Lp Investment [Member] | ||||||||||||
Investment Line Items [Line Items] | ||||||||||||
Equity method investments | [3] | 36,961 | 39,155 | |||||||||
Payments to acquire available-for-sale securities, equity | ¥ 30,000 | |||||||||||
Percentage of ownership | 5.10% | |||||||||||
Share of income (loss) on equity method investments | ¥ 286 | ¥ 2,453 | ¥ 237 | |||||||||
ShenzenInmo Technology Co Ltd [Member] | ||||||||||||
Investment Line Items [Line Items] | ||||||||||||
Payment to acquire equity securities without readily determinable fair value | ¥ 55,343 | |||||||||||
[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. Due to Jingwei’s further rounds of financing, the Group’s partnership interest was diluted to 2.4% as of December 31, 2021 and 2022. The Group recognized its share of partnership profit or (loss) in Jingwei of RMB4,964, RMB(5,147) and RMB397 during the years ended December 31, 2020, 2021 and 2022, respectively.[2]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 Group recognized its share of partnership loss in Aqua of RMB42,458, RMB11,013 and RMB3,752 for the years ended December 31, 2020, 2021 and 2022, respectively. The Group received distribution from Aqua of RMB1,153 during the year ended December 31, 2020.[3]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, which had been fully paid as of December 31, 2020. The Group recognized its share of partnership profit in Tianfu of RMB237, RMB2,453 and RMB286 during the years ended December 31, 2020, 2021 and 2022, respectively. |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Less: accumulated depreciation | ¥ (956,884) | ¥ (867,876) | |
Exchange difference | 194 | 0 | |
Total | 172,984 | $ 25,080 | 180,664 |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 792,586 | 758,097 | |
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 197,160 | 175,852 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 4,171 | 4,422 | |
Leasehold Improvement [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | ¥ 135,757 | ¥ 110,169 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | ¥ 107,015 | $ 15,516 | ¥ 155,537 | ¥ 208,990 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Intangible Assets (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Liabilities [Line Items] | ||
Less: accumulated amortization | ¥ (526,300) | ¥ (521,184) |
Less: accumulated impairment loss | (538,109) | (538,109) |
Exchange difference | (50,540) | 32,061 |
Net book value | 22,203 | 27,320 |
Trade Names [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 689,333 | 636,902 |
Active User [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 368,555 | 340,523 |
Technology [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 28,086 | 25,949 |
Licenses [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | ¥ 51,178 | ¥ 51,178 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Depreciation expenses and impairment loss | ¥ 5,116 | ¥ 109,062 | ¥ 157,258 |
Intangible Asset Impairment | ¥ 0 | ¥ 538,109 | ¥ 0 |
Intangible Assets, Net - Sche_2
Intangible Assets, Net - Schedule of Future Amortization Expense (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 | ¥ 5,116 | |
2024 | 5,116 | |
2025 | 5,116 | |
2026 | 5,116 | |
2027 | 1,358 | |
Thereafter | 381 | |
Net book value | ¥ 22,203 | ¥ 27,320 |
Goodwill - Schedule Of Goodwill
Goodwill - Schedule Of Goodwill (Detail) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2021 CNY (¥) | |
Goodwill [Line Items] | |
Beginning balance | ¥ 4,088,403 |
Impairment loss | (3,993,430) |
Foreign exchange differences | (94,973) |
Ending balance | 0 |
Momo Inc [Member] | |
Goodwill [Line Items] | |
Beginning balance | 22,130 |
Impairment loss | (22,130) |
Foreign exchange differences | 0 |
Ending balance | 0 |
Tantan Limited [Member] | |
Goodwill [Line Items] | |
Beginning balance | 4,066,273 |
Impairment loss | (3,971,300) |
Foreign exchange differences | (94,973) |
Ending balance | ¥ 0 |
Goodwill - Additional informati
Goodwill - Additional information (Detail) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill, Impairment Loss | ¥ 3,993,430,000 | ||
Terminal Value Longterm Future Growth Rate Used TO Determine The Estimated Fair Value | 3% | ||
Discount Rate Used To Determine The Estimated Fair Value | 20% | ||
Goodwill | ¥ 0 | ¥ 0 | ¥ 4,088,403,000 |
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, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Payables and Accruals [Abstract] | |||
Accrued payroll and welfare | ¥ 210,853 | ¥ 233,918 | |
Balance of users' virtual accounts | 136,757 | 134,282 | |
Payable for advertisement | 135,569 | 259,466 | |
Contingent loss liability(Note 18) | 92,881 | 0 | |
Accrued professional services and related service fee | 54,833 | 53,922 | |
Other tax payables | 48,752 | 60,749 | |
Payable for repurchase of subsidiary's share options | 25,604 | 57,548 | |
VAT payable | 16,333 | 23,661 | |
Others | 75,922 | 87,504 | |
Total | ¥ 797,504 | $ 115,627 | ¥ 911,050 |
Convertible Senior Notes - Summ
Convertible Senior Notes - Summary Of Maturities Of Long Term Debt (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Debt Disclosure [Abstract] | |||
2023 | ¥ 33,362 | ||
2024 | 33,362 | ||
2025 | 2,685,642 | ||
Less imputed interest | 106,198 | ||
Total | ¥ 2,646,168 | $ 383,658 | ¥ 0 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Jun. 26, 2018 $ / shares | Jul. 31, 2018 USD ($) shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 $ / shares | Jul. 31, 2018 CNY (¥) | Jul. 31, 2018 USD ($) $ / shares | |
Line of Credit Facility [Line Items] | |||||||||||
Gain loss on repurchase of debt instruments | ¥ 129,575 | $ 18,787 | ¥ 0 | ¥ 0 | |||||||
Convertible Senior Notes Due 2025 [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Aggregate principal amount | ¥ 4,985,000 | $ 725,000 | |||||||||
Conversion rate per ADS | shares | 15.4776 | 19.1861 | 19.1861 | 16.9816 | 16.9816 | ||||||
Conversion price per ADS | $ / shares | $ 45.34 | $ 52.12 | $ 58.89 | $ 64.61 | |||||||
Debt conversion premium percentage | 42.50% | ||||||||||
Convertible senior notes maturity date | Jul. 01, 2025 | ||||||||||
Principal amount of each convertible note | $ | $ 1,000 | $ 1,000 | $ 1,000 | ||||||||
Number of notes converted into company's ADSs | 0 | 0 | 0 | 0 | |||||||
Convertible senior notes interest rate | 1.25% | 1.25% | |||||||||
Debt instrument, carrying value | ¥ 2,646,168 | ¥ 4,565,292 | |||||||||
Unamortized debt issuance costs | ¥ 22,793 | ¥ 54,843 | |||||||||
Debt instrument, effective interest rate | 1.61% | 1.61% | 1.61% | ||||||||
Amortization and interest expenses | ¥ 83,530 | ¥ 73,776 | |||||||||
Debt instrument repurchased principal amount | 2,331,509 | $ 338,037 | |||||||||
Debt instrument repurchase price | 2,136,987 | $ 320,048 | |||||||||
Gain loss on repurchase of debt instruments | ¥ 129,575 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Operating Lease Additional Information [Abstract] | ||
Operating cash flows from operating leases | ¥ 161,743 | ¥ 165,373 |
Operating leases | ¥ 22,238 | ¥ 166,844 |
Weighted average remaining lease term, Operating leases | 1 year 7 months 17 days | 2 years 1 month 9 days |
Weighted average discount rate, Operating leases | 3.57% | 3.48% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Payments Under Operating Leases (Detail) ¥ in Thousands | Dec. 31, 2022 CNY (¥) |
Leases [Abstract] | |
2023 | ¥ 89,642 |
2024 | 22,245 |
2025 and thereafter | 13,210 |
Less imputed interest | 3,464 |
Total | ¥ 121,633 |
Leases - Additional Information
Leases - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating lease expenses | ¥ 170,547 | ¥ 190,561 |
Short-term lease expense | ¥ 9,657 | ¥ 11,270 |
Fair Value - Schedule of Assets
Fair Value - Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | ¥ 300,240 | $ 43,531 | ¥ 0 |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 5,018,129 | 5,570,563 | |
Short-term investments | 300,240 | ||
Total | 5,318,369 | 5,570,563 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 5,018,129 | 5,570,563 | |
Total | 5,018,129 | ¥ 5,570,563 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | 300,240 | ||
Total | ¥ 300,240 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other gain or (loss), net | ¥ 118,325 | $ 17,156 | ¥ (16,000) | ¥ 1,500 |
Fair value of the Note | 2,555,530 | 4,007,967 | ||
Fair value of the short-term and long-term deposits | 8,246,994 | 10,336,316 | ||
Impairment loss on equity method investments | 4,600 | 0 | ||
Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other gain or (loss), net | ¥ 11,250 | ¥ 18,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||||
Jul. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||||
Income tax rate | 10% | ||||
Deferred tax liability | ¥ 22,011 | ¥ 213,384 | |||
Interest related to penalties | 0 | ||||
Significant impact on the unrecognized tax benefits for next twelve months | 0 | ||||
Withholding Tax Amount Paid | ¥ 220,000 | ||||
Deferred tax liabilities withholding income tax expenses | 164,000 | ¥ 207,000 | |||
Tantan Limited [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income Tax Preferential Tax Rate | 15% | 0% | 15% | ||
Momo Technology HK Company Limited [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Special Dividend received | 3,600,000 | ¥ 1,300,000 | |||
Withholding Tax Amount Paid | ¥ 360,000 | 130,000 | |||
High And New Technology Enterprise ("HNTE") [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income Tax Preferential Tax Rate | 15% | ||||
Inland Revenue, Singapore (IRAS) [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax rate | 17% | ||||
Operating loss carry forward | ¥ 83,889 | ||||
Parent Company [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Withholding Tax Amount Paid | ¥ 360,000 | ¥ 130,000 | |||
Earliest Tax Year [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax years subject to tax audits | 2018 | ||||
Latest Tax Year [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax years subject to tax audits | 2022 | ||||
PRC [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax rate | 25% | 25% | 25% | ||
Withholding income tax rate for dividends distributed by the PRC subsidiaries | 10% | ||||
Deferred tax liability | ¥ 0 | ||||
Operating loss carry forward | ¥ 738,537 | ||||
Operating loss carry forward period | 5 years | 5 years | |||
PRC [Member] | High And New Technology Enterprise ("HNTE") [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carry forward period | 10 years | 10 years | |||
PRC [Member] | Chengdu Momo Technology Company Limited Investment [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income Tax Preferential Tax Rate | 15% | ||||
PRC [Member] | Beneficial Owner [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Withholding income tax rate for dividends distributed by the PRC subsidiaries | 5% | ||||
PRC [Member] | Fiscal Year 2019 [Member] | Beijing Momo Information Technology Co., Ltd. [Member] | Minimum [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income Tax Preferential Tax Rate | 10% | ||||
PRC [Member] | Fiscal Year 2019 [Member] | Beijing Momo Information Technology Co., Ltd. [Member] | Maximum [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income Tax Preferential Tax Rate | 12.50% | ||||
PRC [Member] | Other Entities [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax rate | 25% | 25% | |||
Hong Kong [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carry forward | ¥ 236,115 | ||||
Hong Kong [Member] | Beneficial Owner [Member] | Minimum [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Equity interest in a PRC-resident enterprise | 25% | ||||
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% |
Income Taxes - Components of Gr
Income Taxes - Components of Group's Deferred Tax Assets and Liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Advertising expense | ¥ 403,600 | ¥ 360,876 |
Net operating loss carry-forward | 224,193 | 203,839 |
Accrued expenses | 24,601 | 23,983 |
Impairment on long-term investments | 20,929 | 20,742 |
Less: valuation allowance | (638,980) | (574,591) |
Deferred tax assets, net | 34,343 | 34,849 |
Deferred tax liabilities: | ||
Intangible assets acquired | 5,327 | 5,956 |
Accelerated tax depreciation | 4,999 | 0 |
Withholding income tax | 11,685 | 207,428 |
Deferred tax liabilities, net | ¥ 22,011 | ¥ 213,384 |
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, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 | |
Income Taxes And Tax Related [Line Items] | |||||
Net income before provision for income tax | ¥ 2,031,217 | $ 294,498 | ¥ (2,095,064) | ¥ 2,898,534 | |
PRC statutory tax rate | 10% | ||||
Income tax expense (benefit) at statutory tax rate | 507,804 | (523,766) | 724,634 | ||
Permanent differences and Research and development super-deduction | (34,966) | (55,871) | (11,861) | ||
Change in valuation allowance | 64,389 | 118,570 | 95,240 | ||
Effect of income tax rate difference in other jurisdictions | 35,564 | 1,201,729 | 123,778 | ||
Effect of tax holidays and preferential tax rates | (147,894) | (195,209) | (282,775) | ||
Effect of the preferential tax rate adjustment of prior year's EIT | (26,873) | (60,325) | (113,396) | ||
Effect of PRC withholding tax | 164,257 | 337,428 | 220,000 | ||
Provision for income tax | ¥ 562,281 | $ 81,523 | ¥ 822,556 | ¥ 755,620 | |
PRC [Member] | |||||
Income Taxes And Tax Related [Line Items] | |||||
PRC statutory tax rate | 25% | 25% | 25% | 25% |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Increase in income tax expenses | ¥ 147,894 | ¥ 195,209 | ¥ 282,775 |
Net income (loss) per ordinary share attributable to Momo Inc. - basic | ¥ 3.43 | ¥ (7.68) | ¥ 4.37 |
Net income (loss) per ordinary share attributable to Momo Inc. - diluted | ¥ 3.3 | ¥ (7.68) | ¥ 4.2 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Sep. 03, 2020 USD ($) | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 CNY (¥) shares | Dec. 31, 2020 USD ($) $ / shares shares | Jun. 07, 2022 USD ($) | |
Class of Stock [Line Items] | ||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of share units | 5,748,524 | 5,748,524 | 4,344,192 | 4,344,192 | 1,883,774 | 1,883,774 | ||
Stock repurchased during period value | ¥ | ¥ 395,846 | ¥ 862,865 | ¥ 330,207 | |||||
Maximum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share repurchase program, authorized amount | $ | $ 300,000 | $ 200,000 | ||||||
Stock repurchase program period in force | 12 months | |||||||
Class A Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock repurchased during period shares | 23,978,072 | 23,978,072 | 21,124,816 | 21,124,816 | 7,181,576 | 7,181,576 | ||
Stock repurchased during period value | ¥ 395,846 | $ 56,714 | ¥ 862,865 | $ 133,395 | ¥ 330,207 | $ 49,019 | ||
ADS [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Weighted average price of per ADS for repurchase share | $ / shares | $ 4.71 | $ 12.61 | $ 13.63 |
Distribution to Shareholders -
Distribution to Shareholders - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||||
Mar. 24, 2022 USD ($) $ / shares | Mar. 24, 2022 CNY (¥) | Mar. 25, 2021 USD ($) $ / shares | Mar. 25, 2021 CNY (¥) | Mar. 19, 2020 USD ($) $ / shares | Mar. 19, 2020 CNY (¥) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Distribution to shareholders [Line Items] | |||||||||
Dividend payable date | Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | ||||||
Dividend Paid [Member] | |||||||||
Distribution to shareholders [Line Items] | |||||||||
Cash dividend paid | $ 127,262 | ¥ 840,997 | $ 132,032 | ¥ 852,743 | $ 158,649 | ¥ 1,123,983 | |||
Dividend record date | Apr. 13, 2022 | Apr. 13, 2022 | Apr. 13, 2021 | Apr. 13, 2021 | Apr. 08, 2020 | Apr. 08, 2020 | |||
Ex-dividend date | Apr. 12, 2022 | Apr. 12, 2022 | Apr. 12, 2021 | Apr. 12, 2021 | Apr. 07, 2020 | Apr. 07, 2020 | |||
American Depository Shares [Member] | Dividend Declared [Member] | |||||||||
Distribution to shareholders [Line Items] | |||||||||
Cash dividend amount per ADS | $ 0.64 | $ 0.64 | $ 0.76 | ||||||
Common Stock [Member] | Dividend Declared [Member] | |||||||||
Distribution to shareholders [Line Items] | |||||||||
Cash dividend amount paid per share | $ 0.32 | $ 0.32 | $ 0.38 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Apr. 15, 2022 shares | Mar. 25, 2021 shares | Apr. 15, 2020 shares | Dec. 12, 2018 shares | Jul. 31, 2018 shares | Aug. 31, 2018 shares | Nov. 30, 2014 shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 CNY (¥) | Dec. 31, 2020 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares shares | Aug. 30, 2019 shares | Mar. 31, 2017 shares | Apr. 30, 2016 shares | Mar. 31, 2015 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Options vested | 16,636,567 | 16,636,567 | ||||||||||||||||
Options expected to vest | 10,370,988 | 10,370,988 | ||||||||||||||||
Options expected to vest, weighted-average exercise price | $ / shares | $ 0.0002 | |||||||||||||||||
Options expected to vest, Aggregate intrinsic value | $ | $ 52,130 | $ 46,564 | ||||||||||||||||
Weighted average fair value per option at grant date, Granted | $ / shares | $ 2.48 | $ 7.2 | $ 10.25 | |||||||||||||||
Total intrinsic value of options exercised | $ | $ 20,261 | $ 28,487 | $ 14,640 | |||||||||||||||
Share-based compensation | ¥ 401,484 | $ 58,209 | ¥ 475,771 | ¥ 678,686 | ||||||||||||||
Weighted average remaining contractual term options outstanding | 6 years 4 months 24 days | 6 years 4 months 24 days | 6 years 8 months 8 days | 6 years 8 months 8 days | ||||||||||||||
Number of options, Granted | 5,601,640 | 5,601,640 | ||||||||||||||||
Share based liability | $ | $ 120,000 | |||||||||||||||||
Payments for Employee related liabilities | $ | 108,000 | |||||||||||||||||
Escrow Deposit | $ | $ 12,000 | |||||||||||||||||
Tantan Limited [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share split ratio | 1-for-5 | 1-for-5 | ||||||||||||||||
Employee vested option repurchased | ¥ | ¥ 24,971 | ¥ 119,141 | ||||||||||||||||
Payments for vested options repurchased | ¥ | 89,652 | 62,276 | ||||||||||||||||
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 | ¥ | 10,227 | |||||||||||||||||
RSUs [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based compensation | ¥ | 9,335 | 10,512 | 11,486 | |||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 10,050 | |||||||||||||||||
Weighted average recognition period | 1 year 10 months 24 days | 1 year 10 months 24 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 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share based compensation arrangements expiration Period | 10 years | 10 years | ||||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 406,071 | |||||||||||||||||
Weighted average recognition period | 2 years 1 month 24 days | 2 years 1 month 24 days | ||||||||||||||||
Weighted average remaining contractual term options outstanding | 6 years 4 months 24 days | 6 years 4 months 24 days | ||||||||||||||||
2014 Plan | 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 | RSUs [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Options, vesting period | 4 years | 4 years | ||||||||||||||||
2014 Plan | RSUs [Member] | Independent Directors | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of share options granted | 130,000 | 130,000 | 130,000 | |||||||||||||||
2014 Plan | Employee and Executives Share Option [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based compensation | ¥ | ¥ 363,361 | ¥ 460,227 | 566,681 | |||||||||||||||
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 | 5,963,674 | 29,818,370 | ||||||||||||||||
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. | 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] | Options classified as Equity Awards | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Weighted average remaining contractual term options outstanding | 6 years 6 months 29 days | 6 years 6 months 29 days | 6 years 9 months 3 days | 6 years 9 months 3 days | ||||||||||||||
Number of options, Granted | 926,300 | 926,300 | ||||||||||||||||
2018 Plan [Member] | Options classified as Equity Awards | Tantan Limited [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Options vested | 3,002,020 | 3,002,020 | ||||||||||||||||
Options expected to vest | 1,133,298 | 1,133,298 | ||||||||||||||||
Options expected to vest, weighted-average exercise price | $ / shares | $ 0.26 | |||||||||||||||||
Options expected to vest, Aggregate intrinsic value | $ | $ 0 | $ 0 | ||||||||||||||||
Weighted average fair value per option at grant date, Granted | $ / shares | $ 0 | $ 1.39 | $ 0 | |||||||||||||||
Share-based compensation | ¥ | ¥ 28,788 | ¥ 76,989 | 77,807 | |||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 1,861 | |||||||||||||||||
Weighted average recognition period | 1 year 3 months 21 days | 1 year 3 months 21 days | ||||||||||||||||
Weighted average remaining contractual term options outstanding | 6 months 17 days | 6 months 17 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 | ¥ | ¥ (71,957) | ¥ 12,485 | ||||||||||||||||
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, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Outstanding beginning balance | 29,676,253 | |
Number of options, Granted | 5,601,640 | |
Number of options, Exercised | (5,622,274) | |
Number of options, Forfeited | (1,410,996) | |
Number of options, Outstanding ending balance | 28,244,623 | 29,676,253 |
Number of options, Exercisable | 16,636,567 | |
Weighted average exercise price per option, Outstanding beginning balance | $ 0.0157 | |
Weighted average exercise price per option, Granted | 0.0002 | |
Weighted average exercise price per option, Exercised | 0.0039 | |
Weighted average exercise price per option, Forfeited | 0.0011 | |
Weighted average exercise price per option, Outstanding ending balance | 0.0157 | $ 0.0157 |
Weighted average exercise price per option, Exercisable | $ 0.0265 | |
Weighted average remaining contractual term options outstanding | 6 years 4 months 24 days | 6 years 8 months 8 days |
Weighted average remaining contractual life, Exercisable | 4 years 9 months 10 days | |
Aggregated intrinsic value, Outstanding beginning balance | $ 126,375 | $ 132,783 |
Aggregated intrinsic value, Exercisable | $ 74,260 | |
Options classified as Equity Awards | 2018 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Outstanding beginning balance | 4,848,671 | |
Number of options, Granted | 926,300 | |
Number of options, Repurchased | (769,889) | |
Number of options, Forfeited | (384,066) | |
Number of options, Outstanding ending balance | 4,621,016 | 4,848,671 |
Number of options, Exercisable | 3,002,020 | |
Weighted average exercise price per option, Outstanding beginning balance | $ 1.6232 | |
Weighted average exercise price per option, Granted | $ 0.0001 | |
Weighted average exercise price per option, Repurchased | 1.0237 | |
Weighted average exercise price per option, Forfeited | $ 0.865 | |
Weighted average exercise price per option, Outstanding ending balance | 1.4607 | $ 1.6232 |
Weighted average exercise price per option, Exercisable | $ 2.1096 | |
Weighted average remaining contractual term options outstanding | 6 years 6 months 29 days | 6 years 9 months 3 days |
Weighted average remaining contractual life, Exercisable | 5 years 2 months 12 days | |
Aggregated intrinsic value, Outstanding beginning balance | $ 0 | $ 0 |
Aggregated intrinsic value, Exercisable | $ 0 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
2014 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate of return, minimum | 2.20% | 1.64% | 1.22% |
Risk-free interest rate of return, maximum | 4.86% | 1.96% | 1.48% |
Expected term | 6 years | 6 years | 6 years |
Volatility, minimum | 50.30% | 50.20% | 50.60% |
Volatility, maximum | 57.80% | 51.80% | 54.40% |
Dividend yield | 0% | 0% | 0% |
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 | 4.40% | 2.04% | 1.52% |
Risk-free interest rate of return, maximum | 4.40% | 2.04% | 1.83% |
Expected term | 10 years | 10 years | 10 years |
Volatility, minimum | 56.20% | 59% | 53.80% |
Volatility, maximum | 56.20% | 59% | 57.10% |
Dividend yield | 0% | 0% | 0% |
2018 Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price | $ 0.002 | $ 0.002 | |
2018 Plan | Minimum | Options classified as Equity Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price | $ 0.0001 | ||
2018 Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price | $ 5 | $ 5 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Calculation of Net Income (loss) Per Share (Detail) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 $ / shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Numerator: | ||||
Net income (loss) attributed to ordinary shareholders for computing net income (loss) per ordinary share-basic and diluted | ¥ | ¥ 1,484,283 | ¥ (2,913,708) | ¥ 2,103,484 | |
Denominator for computing net income (loss) per share-basic: | ||||
Weighted average ordinary shares outstanding used in computing net income per ordinary share-basic | 390,176,367 | 404,701,910 | 416,914,898 | |
Denominator for computing net income (loss) per share-diluted: | ||||
Weighted average shares outstanding used in computing net income (loss) per ordinary share-diluted | 423,810,279 | 404,701,910 | 452,081,642 | |
Net income (loss) per ordinary share attributable to Momo Inc. – basic | (per share) | $ 0.55 | ¥ 3.8 | ¥ (7.2) | ¥ 5.05 |
Net income (loss) per ordinary share attributable to Momo Inc. - diluted | (per share) | $ 0.53 | ¥ 3.65 | ¥ (7.2) | ¥ 4.83 |
Net Income (Loss) Per Share -
Net Income (Loss) Per Share - Summary of Potential Ordinary Shares Outstanding Excluded from Computation of Diluted Net income (Loss) Per Ordinary Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 income (loss) per ordinary share | 14,676,458 | 29,676,253 | 9,907,671 |
RSUs [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential ordinary shares outstanding excluded from the computation of diluted net income (loss) per ordinary share | 217,612 | 272,500 | 220,781 |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2020 | |
Convertible Note [Member] | ||
Earnings Per Share [Line Items] | ||
Incremental weighted average number of shares resulting from the assumed conversion of convertible senior notes | 21,550,299 | 23,404,327 |
RSUs [Member] | Share Options [Member] | ||
Earnings Per Share [Line Items] | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 12,083,613 | 11,762,418 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Relating To On Going Investigation Regarding The Source Of Funding [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loss contingency accrual during the period value | ¥ 92,900 | |
Long Term Investees [Member] | ||
Commitments and Contingencies [Line Items] | ||
Contractual Obligation | ¥ 85,000 | ¥ 0 |
Related Party Balances and Tr_3
Related Party Balances and Transactions - Schedule of Amount Due from a Related Party-current (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Related Party Transaction [Line Items] | |||
Amounts due from related parties | ¥ 55 | $ 8 | ¥ 0 |
Others [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | ¥ 55 | ¥ 0 |
Related Party Balances and Tr_4
Related Party Balances and Transactions - Schedule of Amount Due to Related Parties-current (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Amount due to related parties | ¥ 9,178 | $ 1,331 | ¥ 5,016 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | [1] | ¥ 9,178 | ¥ 5,016 | |
[1]The amount of RMB5,016 and RMB9,178 as of December 31, 2021 |
Related Party Balances and Tr_5
Related Party Balances and Transactions - Schedule of Amount Due to Related Parties-current (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Amount due to related parties | ¥ 9,178 | $ 1,331 | ¥ 5,016 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | [1] | 9,178 | 5,016 | |
Unpaid Revenue [Member] | Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | ¥ 9,178 | ¥ 5,016 | ||
[1]The amount of RMB5,016 and RMB9,178 as of December 31, 2021 |
Related Party Balances and Tr_6
Related Party Balances and Transactions - Schedule of Sales to a Related Party (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Related Party Transaction [Line Items] | ||||
Sales to related parties | ¥ 0 | ¥ 0 | ¥ 5,627 | |
Hunan Qindao Network Media Technology Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales to related parties | [1] | ¥ 0 | ¥ 0 | ¥ 5,627 |
[1]The sales to Hunan Qindao Network Media Technology Co., Ltd. represented mobile marketing services provided. |
Related Party Balances and Tr_7
Related Party Balances and Transactions - Schedule of Purchase from Related Parties (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | ¥ 176,674 | ¥ 253,806 | ¥ 363,359 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [1] | 176,674 | 253,691 | 354,274 |
Beijing Shiyue Haofeng Media Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [1] | 0 | 0 | 164 |
Beijing Santi Cloud Union Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [2] | 0 | 0 | 5,511 |
Beijing Santi Cloud Time Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [2] | 0 | 0 | 3,410 |
Others [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | ¥ 0 | ¥ 115 | ¥ 0 | |
[1]The purchases from Hunan Qindao Network Media Technology Co., Ltd. and Beijing Shiyue Haofeng Media Co., Ltd. mainly represented the Revenue Sharing.[2]The purchases from Beijing Santi Cloud Union Technology Co., Ltd. and Beijing Santi Cloud Time Technology Co., Ltd. were mainly related to its bandwidth services. |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segment Information - Component
Segment Information - Components of Revenues (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Revenue from External Customer [Line Items] | ||||
Net revenues | ¥ 12,704,172 | $ 1,841,932 | ¥ 14,575,719 | ¥ 15,024,188 |
Cost and expenses: | ||||
Cost of revenues | (7,421,419) | (1,076,005) | (8,383,431) | (7,976,781) |
Research and development | (1,006,219) | (145,888) | (1,131,781) | (1,167,677) |
Sales and marketing | (2,073,617) | (300,646) | (2,604,309) | (2,813,922) |
General and administrative | (596,006) | (624,700) | (763,150) | |
Impairment loss on goodwill and intangible assets | 0 | 0 | (4,397,012) | 0 |
Total cost and expenses | (11,097,261) | (1,608,952) | (17,141,233) | (12,721,530) |
Other operating income | 20,632 | 2,991 | 175,947 | 228,777 |
Income (loss) from operations | 1,627,543 | 235,971 | (2,389,567) | 2,531,435 |
Interest income | 368,879 | 53,482 | 384,279 | 444,471 |
Interest expense | (83,530) | (12,111) | (73,776) | (78,872) |
Other gain or (loss), net | 118,325 | 17,156 | (16,000) | 1,500 |
Income tax (expenses) benefits | (562,281) | (81,523) | (822,556) | (755,620) |
Share of loss on equity method investments | 11,073 | 1,605 | (8,084) | (42,522) |
Net income (loss) | 1,480,009 | $ 214,580 | (2,925,704) | 2,100,392 |
Unallocated segment [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues | 0 | |||
Cost and expenses: | ||||
Cost of revenues | 0 | |||
Research and development | 0 | |||
Sales and marketing | 0 | |||
Impairment loss on goodwill and intangible assets | (4,397,012) | |||
Total cost and expenses | (4,397,012) | |||
Other operating income | 0 | |||
Income (loss) from operations | (4,397,012) | |||
Interest income | 0 | |||
Interest expense | 0 | |||
Other gain or (loss), net | 0 | |||
Income tax (expenses) benefits | 0 | |||
Share of loss on equity method investments | 0 | |||
Net income (loss) | (4,397,012) | |||
Momo Inc [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues | 11,335,094 | 12,541,205 | 12,631,119 | |
Cost and expenses: | ||||
Cost of revenues | (6,704,020) | (7,301,048) | (6,865,836) | |
Research and development | (737,380) | (828,688) | (844,826) | |
Sales and marketing | (1,346,692) | (1,420,130) | (1,454,123) | |
General and administrative | (547,798) | (619,922) | (664,458) | |
Total cost and expenses | (9,335,890) | (10,169,788) | (9,829,243) | |
Other operating income | 8,753 | 138,884 | 223,312 | |
Income (loss) from operations | 2,007,957 | 2,510,301 | 3,025,188 | |
Interest income | 368,051 | 383,028 | 440,878 | |
Interest expense | (83,530) | (73,776) | (78,872) | |
Other gain or (loss), net | 118,325 | (16,000) | 1,500 | |
Income tax (expenses) benefits | (586,663) | (844,987) | (770,333) | |
Share of loss on equity method investments | 11,073 | (8,084) | (42,522) | |
Net income (loss) | 1,835,213 | 1,950,482 | 2,575,839 | |
Tantan Limited [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues | 1,367,853 | 2,029,184 | 2,368,314 | |
Cost and expenses: | ||||
Cost of revenues | (714,936) | (1,044,852) | (1,088,816) | |
Research and development | (268,839) | (303,093) | (322,851) | |
Sales and marketing | (721,889) | (1,180,146) | (1,359,709) | |
General and administrative | (33,234) | 18,401 | (73,019) | |
Total cost and expenses | (1,738,898) | (2,509,690) | (2,844,395) | |
Other operating income | 11,830 | 37,029 | 3,945 | |
Income (loss) from operations | (359,215) | (443,477) | (472,136) | |
Interest income | 544 | 1,091 | 3,353 | |
Interest expense | 0 | |||
Other gain or (loss), net | 0 | |||
Income tax (expenses) benefits | 24,382 | 22,431 | 14,713 | |
Share of loss on equity method investments | 0 | |||
Net income (loss) | (334,289) | (419,955) | (454,070) | |
Qool Inc [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues | 1,225 | 5,330 | 24,755 | |
Cost and expenses: | ||||
Cost of revenues | (2,463) | (37,531) | (22,129) | |
Research and development | 0 | |||
Sales and marketing | (5,036) | (4,033) | (90) | |
General and administrative | (14,974) | (23,179) | (25,673) | |
Total cost and expenses | (22,473) | (64,743) | (47,892) | |
Other operating income | 49 | 34 | 1,520 | |
Income (loss) from operations | (21,199) | (59,379) | (21,617) | |
Interest income | 284 | 160 | 240 | |
Interest expense | 0 | |||
Other gain or (loss), net | 0 | |||
Income tax (expenses) benefits | 0 | 0 | 0 | |
Share of loss on equity method investments | 0 | |||
Net income (loss) | ¥ (20,915) | ¥ (59,219) | ¥ (21,377) |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Provisions for employee benefits | ¥ 228,137 | ¥ 241,672 | ¥ 209,930 |
Statutory Reserves and Restri_2
Statutory Reserves and Restricted Net Assets - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Regulated Operations [Abstract] | |||
Appropriation Of After Tax Profit To Statutory Surplus Fund Required Minimum Percentage | 10% | ||
General reserve as a percentage of registered capital up to which after-tax profit shall be transferred | 50% | ||
Appropriations to statutory reserves | ¥ 517 | ¥ 679 | ¥ 0 |
Total of restricted net assets of the Group's PRC subsidiaries, VIEs and VIEs' subsidiaries | ¥ 1,509,111 | ¥ 1,508,594 | ¥ 1,475,551 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Mar. 16, 2023 | Mar. 24, 2022 | Mar. 25, 2021 | Mar. 19, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | |||||||
Dividend payable date | Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | ||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividend record date | Apr. 28, 2023 | ||||||
Ex-dividend date | Apr. 27, 2023 | ||||||
Dividend Declared [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Aggregate amount dividend payable | $ 137 | ||||||
Dividend Paid [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividend record date | Apr. 13, 2022 | Apr. 13, 2021 | Apr. 08, 2020 | ||||
Ex-dividend date | Apr. 12, 2022 | Apr. 12, 2021 | Apr. 07, 2020 | ||||
Dividend Paid [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividend payable date | May 22, 2023 | ||||||
American Depository Shares [Member] | Dividend Declared [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Cash dividend amount per ADS | $ 0.72 | ||||||
Common Stock [Member] | Dividend Declared [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Cash dividend amount per share | $ 0.36 |