Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Momo Inc. |
Entity Central Index Key | 0001610601 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Interactive Data Current | Yes |
Entity File Number | 001-36765 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 20th Floor, Block B |
Entity Address, Address Line Two | Tower 2, Wangjing SOHO |
Entity Address, Address Line Three | No. 1 Futongdong Street |
Entity Address, City or Town | Beijing |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 100102 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | U.S. GAAP |
ICFR Auditor Attestation Flag | true |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 20th Floor, Block B |
Entity Address, Address Line Two | Tower 2, Wangjing SOHO |
Entity Address, Address Line Three | No. 1 Futongdong Street |
Entity Address, City or Town | Beijing |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 100102 |
Contact Personnel Name | Jonathan Xiaosong Zhang |
Contact Personnel Email Address | ir@immomo.com |
American depositary shares [Member] | |
Document Information [Line Items] | |
Trading Symbol | MOMO |
Title of 12(b) Security | American depositary shares |
Security Exchange Name | NASDAQ |
Class A Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 331,617,042 |
Title of 12(b) Security | Class A ordinary shares, par value US$0.0001 per share |
Security Exchange Name | NASDAQ |
No Trading Symbol Flag | true |
Class B Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 80,364,466 |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Current assets | |||
Cash and cash equivalents | ¥ 3,363,942 | $ 515,547 | ¥ 2,612,743 |
Short-term deposits | 7,566,250 | 1,159,579 | 12,312,585 |
Restricted cash | 2,130 | 326 | |
Accounts receivable, net of allowance for doubtful accounts of RMB12,209 and RMB15,390 as of December 31, 2019 and 2020, respectively | 200,831 | 30,779 | 265,155 |
Amount due from a related party | 4,382 | ||
Prepaid expenses and other current assets | 613,696 | 94,053 | 599,000 |
Total current assets | 11,746,849 | 1,800,284 | 15,793,865 |
Long-term deposits | 5,550,000 | 850,575 | 300,000 |
Right-of-use assets, net | 278,175 | 42,632 | 190,552 |
Property and equipment, net | 265,765 | 40,730 | 346,345 |
Intangible assets,net | 687,211 | 105,320 | 890,303 |
Rental deposits | 21,794 | 3,340 | 25,028 |
Long-term investments | 454,996 | 69,731 | 495,905 |
Other non-current assets | 94,868 | 14,539 | 44,009 |
Deferred tax assets | 32,495 | 4,980 | 37,064 |
Goodwill | 4,088,403 | 626,575 | 4,360,610 |
Total assets | 23,220,556 | 3,558,706 | 22,483,681 |
Current liabilities | |||
Accounts payable (including accounts payable of the consolidated VIEs without recourse to the Company of RMB611,471 and RMB607,430 as of December 31, 2019 and 2020, respectively) | 699,394 | 107,186 | 714,323 |
Deferred revenue (including deferred revenue of the consolidated VIEs without recourse to the Company of RMB497,166 and RMB501,695 as of December 31, 2019 and 2020, respectively) | 511,617 | 78,409 | 503,461 |
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Company of RMB244,759 and RMB311,352 as of December 31, 2019 and 2020, respectively) | 854,835 | 131,009 | 985,873 |
Amount due to related parties (including amount due to related parties of the consolidated VIEs without recourse to the Company of RMB29,554 and RMB19,462 as of December 31, 2019 and 2020, respectively) | 19,462 | 2,983 | 29,606 |
Lease liabilities due within one year (including lease liabilities due within one year of the consolidated VIEs without recourse to the Company of RMB6,830 and RMB11,225 as of December 31, 2019 and 2020, respectively) | 132,793 | 20,351 | 135,169 |
Income tax payable (including income tax payable of the consolidated VIEs without recourse to the Company of RMB122,403 and RMB60,226 as of December 31, 2019 and 2020, respectively) | 236,490 | 36,244 | 153,976 |
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, 2019 and 2020, respectively) | 62,149 | 9,525 | 84,346 |
Total current liabilities | 2,516,740 | 385,707 | 2,606,754 |
Deferred tax liabilities | 171,803 | 26,330 | 222,576 |
Share-based compensation liability | 875,616 | 134,194 | 902,047 |
Lease liabilities | 136,436 | 20,910 | 56,498 |
Other non-current liabilities | 25,666 | 3,933 | 22,672 |
Total liabilities | 8,385,227 | 1,285,092 | 8,764,899 |
Commitments and contingencies (Note 18) | |||
Equity | |||
Treasury stock | (732,474) | (112,257) | (402,267) |
Additional paid-in capital | 6,743,172 | 1,033,436 | 6,164,781 |
Retained earnings | 8,444,086 | 1,294,113 | 7,464,585 |
Accumulated other comprehensive income | 183,922 | 28,187 | 302,687 |
Non-controlling interest | 196,349 | 30,093 | 188,724 |
Total equity | 14,835,329 | 2,273,614 | 13,718,782 |
Total liabilities and equity | 23,220,556 | 3,558,706 | 22,483,681 |
Senior Notes [Member] | |||
Current liabilities | |||
Convertible senior notes | 4,658,966 | 714,018 | 4,954,352 |
Class A Common Stock [Member] | |||
Equity | |||
Ordinary shares, value | 223 | 34 | 221 |
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, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019CNY (¥)¥ / sharesshares |
Allowance for doubtful accounts | ¥ 15,390 | ¥ 12,209 | |
Accounts payable of consolidated VIE without recourse | 699,394 | $ 107,186 | 714,323 |
Deferred revenue of consolidated VIE without recourse | 511,617 | 78,409 | 503,461 |
Accrued expenses and other current liabilities of consolidated VIE without recourse | 854,835 | 131,009 | 985,873 |
Amount due to related parties of the consolidated VIE without recourse the Company | 19,462 | 2,983 | 29,606 |
Operating lease liability current | 132,793 | 20,351 | 135,169 |
Income tax payable of the consolidated VIE without recourse | 236,490 | 36,244 | 153,976 |
Deferred consideration in connection with business acquisitions of the consolidated VIEs without recourse | 62,149 | $ 9,525 | 84,346 |
Beijing Momo Technology Co., Ltd. [Member] | |||
Accounts payable of consolidated VIE without recourse | 607,430 | 611,471 | |
Deferred revenue of consolidated VIE without recourse | 501,695 | 497,166 | |
Accrued expenses and other current liabilities of consolidated VIE without recourse | 311,352 | 244,759 | |
Amount due to related parties of the consolidated VIE without recourse the Company | 19,462 | 29,554 | |
Operating lease liability current | 11,225 | 6,830 | |
Income tax payable of the consolidated VIE without recourse | 60,226 | 122,403 | |
Deferred consideration in connection with business acquisitions of the consolidated VIEs without recourse | ¥ 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 | 338,798,618 | 338,798,618 | 336,914,844 |
Ordinary shares, shares outstanding | shares | 331,617,042 | 331,617,042 | 336,914,844 |
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, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | |||
Income Statement [Abstract] | ||||||
Net revenues | ¥ 15,024,188 | $ 2,302,558 | ¥ 17,015,089 | ¥ 13,408,421 | ||
Cost and expenses: | ||||||
Cost of revenues (including share-based compensation of RMB21,661, RMB23,972 and RMB18,449 in 2018, 2019 and 2020, respectively) | (7,976,781) | (1,222,495) | (8,492,096) | (7,182,897) | ||
Research and development (including share-based compensation of RMB152,806, RMB175,053 and RMB175,870 in 2018, 2019 and 2020, respectively) | (1,167,677) | (178,954) | (1,095,031) | (760,644) | ||
Sales and marketing (including share-based compensation of RMB142,927, RMB196,311 and RMB158,902 in 2018, 2019 and 2020, respectively) | (2,813,922) | (431,252) | (2,690,824) | (1,812,262) | ||
General and administrative (including share-based compensation of RMB263,419, RMB1,012,896 and RMB325,465 in 2018, 2019 and 2020, respectively) | (763,150) | (116,958) | (1,527,282) | (640,023) | ||
Total cost and expenses | (12,721,530) | (1,949,659) | (13,805,233) | (10,395,826) | ||
Other operating income | 228,777 | 35,062 | 344,843 | 253,697 | ||
Income from operations | 2,531,435 | 387,961 | 3,554,699 | 3,266,292 | ||
Interest income | 444,471 | 68,118 | 407,542 | 272,946 | ||
Interest expense | (78,872) | (12,088) | (78,611) | (56,503) | ||
Other gain or loss, net | 1,500 | 230 | (15,711) | (43,200) | ||
Income before income tax and share of income on equity method investments | 2,898,534 | 444,221 | 3,867,919 | 3,439,535 | ||
Income tax expense | (755,620) | (115,804) | (883,801) | (699,648) | ||
Income before share of income on equity method investments | 2,142,914 | 328,417 | 2,984,118 | 2,739,887 | ||
Share of income (loss) on equity method investments | (42,522) | (6,517) | (23,350) | 48,660 | ||
Net income | 2,100,392 | 321,900 | 2,960,768 | 2,788,547 | ||
Less: net loss attributable to non-controlling interest | (3,092) | (474) | (10,122) | (27,228) | ||
Net income attributable to the shareholders of Momo Inc. | ¥ 2,103,484 | $ 322,374 | ¥ 2,970,890 | ¥ 2,815,775 | ||
Net income per share attributable to ordinary shareholders | ||||||
Basic | (per share) | ¥ 5.05 | $ 0.77 | ¥ 7.15 | ¥ 6.92 | ||
Diluted | (per share) | ¥ 4.83 | $ 0.74 | ¥ 6.76 | ¥ 6.59 | ||
Weighted average shares used in calculating net income per ordinary share | ||||||
Basic | 416,914,898 | 416,914,898 | 415,316,627 | 407,009,875 | ||
Diluted | 452,081,642 | [1] | 452,081,642 | [1] | 451,206,091 | 433,083,643 |
[1] | The calculation of the weighted average number of ordinary shares for the purpose of diluted net income per share has considered the effect of certain potentially dilutive securities. For the year ended December 31, 2018, an incremental weighted average number of 14,821,852 ordinary shares from the assumed exercise of share options and RSUs and an incremental weighted average number of 11,251,916 ordinary shares resulting from the assumed conversion of convertible senior notes were included. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Share-based compensation | ¥ 678,686 | ¥ 1,408,232 | ¥ 580,813 |
Cost Of Revenues [Member] | |||
Share-based compensation | 18,449 | 23,972 | 21,661 |
Research And Development [Member] | |||
Share-based compensation | 175,870 | 175,053 | 152,806 |
Sales And Marketing [Member] | |||
Share-based compensation | 158,902 | 196,311 | 142,927 |
General And Administrative [Member] | |||
Share-based compensation | ¥ 325,465 | ¥ 1,012,896 | ¥ 263,419 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | ¥ 2,100,392 | $ 321,900 | ¥ 2,960,768 | ¥ 2,788,547 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | (141,677) | (21,713) | (8,835) | 198,654 |
Comprehensive income | 1,958,715 | 300,187 | 2,951,933 | 2,987,201 |
Less: comprehensive loss attributed to the non-controlling interest | (26,004) | (3,985) | (8,081) | (24,613) |
Comprehensive income attributable to Momo Inc. | ¥ 1,984,719 | $ 304,172 | ¥ 2,960,014 | ¥ 3,011,814 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity ¥ in Thousands, $ in Thousands | CNY (¥)shares | USD ($)shares | Tantan Limited [Member]CNY (¥) | Common Stock [Member]CNY (¥)shares | Common Stock [Member]Tantan Limited [Member]CNY (¥)shares | Additional Paid-in Capital [Member]CNY (¥) | Additional Paid-in Capital [Member]Qool Media Hong Kong Limited. [Member]CNY (¥) | Additional Paid-in Capital [Member]Tantan Limited [Member]CNY (¥) | Treasury Stock [Member]CNY (¥) | (Accumulated Deficit)/ Retained Earning [Member]CNY (¥) | Accumulated Other Comprehensive Income [Member]CNY (¥) | Non-controlling Interests [Member]CNY (¥) | Non-controlling Interests [Member]Qool Media Hong Kong Limited. [Member]CNY (¥) |
Balance at Dec. 31, 2017 | ¥ 6,752,100 | ¥ 260 | ¥ 4,472,666 | ¥ (402,267) | ¥ 2,545,379 | ¥ 117,525 | ¥ 18,537 | ||||||
Balance, Shares at Dec. 31, 2017 | shares | 398,425,309 | ||||||||||||
Net income | 2,788,547 | 2,815,775 | (27,228) | ||||||||||
Share-based compensation | 494,036 | 398,493 | 95,543 | ||||||||||
Capital injection from non-controlling interest shareholder of Ninbo Hongyi Equity Investment L.P | 22 | 22 | |||||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | ¥ 5,285 | ¥ 7 | 5,278 | ||||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units, shares | shares | 10,122,318 | 10,122,318 | 10,122,318 | ||||||||||
Transfer of non-controlling interest of QOOL HK | ¥ (2,811) | ¥ 2,811 | |||||||||||
Share issued connection with the acquisition of Tantan Limited | ¥ 784,215 | ¥ 784,215 | ¥ 3 | ¥ 784,212 | |||||||||
Share issued connection with the acquisition of Tantan Limited, shares | shares | 5,328,853 | ||||||||||||
Foreign currency translation adjustment | 198,654 | 196,039 | 2,615 | ||||||||||
Balance at Dec. 31, 2018 | 11,022,859 | ¥ 270 | 5,657,838 | (402,267) | 5,361,154 | 313,564 | 92,300 | ||||||
Balance, Shares at Dec. 31, 2018 | shares | 413,876,480 | ||||||||||||
Net income | 2,960,768 | 2,970,890 | (10,122) | ||||||||||
Share-based compensation | 611,262 | 506,758 | 104,504 | ||||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | ¥ 187 | ¥ 2 | 185 | ||||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units, shares | shares | 3,402,830 | 3,402,830 | 3,402,830 | ||||||||||
Cash Dividends | ¥ (867,459) | (867,459) | |||||||||||
Foreign currency translation adjustment | (8,835) | (10,877) | 2,042 | ||||||||||
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 | $ 321,900 | 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) | $ (21,713) | (118,765) | (22,912) | |||||||||
Balance at Dec. 31, 2020 | ¥ 14,835,329 | $ 2,273,614 | ¥ 274 | ¥ 6,743,172 | ¥ (732,474) | ¥ 8,444,086 | ¥ 183,922 | ¥ 196,349 | |||||
Balance, Shares at Dec. 31, 2020 | shares | 419,163,084 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Cash flows from operating activities | ||||
Net income | ¥ 2,100,392 | $ 321,900 | ¥ 2,960,768 | ¥ 2,788,547 |
Adjustments to reconcile net income to net cash provided by operating activities | ||||
Depreciation of property and equipment | 208,990 | 32,029 | 198,237 | 148,238 |
Amortization of intangible assets | 157,258 | 24,101 | 157,954 | 93,030 |
Share-based compensation | 678,686 | 104,013 | 1,408,232 | 580,813 |
Share of (income) loss on equity method investments | 42,522 | 6,517 | 23,350 | (48,660) |
Gain or loss on long-term investments | (1,500) | (230) | 15,711 | 43,200 |
Gain on subsidiary deconsolidation | (6,676) | (1,023) | ||
Gain on disposal of property and equipment | (282) | (43) | (398) | (1,283) |
Provision of losses on receivable and other assets | 46,075 | 7,061 | 12,209 | (585) |
Cash received on investment income distribution | 1,153 | 177 | ||
Changes in operating assets and liabilities | ||||
Accounts receivable | 52,247 | 8,007 | 442,176 | (440,644) |
Prepaid expenses and other current assets | (59,117) | (9,060) | 26,372 | (67,304) |
Amount due from a related party | 4,382 | 672 | (4,382) | 33,463 |
Deferred tax assets | 4,569 | 700 | 20,722 | (10,961) |
Rental deposits | (4,265) | (654) | (836) | (3,817) |
Other non-current assets | (138,484) | (21,224) | (24,022) | (45,534) |
Accounts payable | (11,716) | (1,796) | 52,246 | 233,713 |
Income tax payable | 82,514 | 12,646 | 16,886 | (38,791) |
Deferred revenue | 8,910 | 1,366 | 61,641 | (14,249) |
Accrued expenses and other current liabilities | (120,363) | (18,446) | 212,349 | 51,903 |
Amount due to related parties | (10,144) | (1,555) | (53,032) | 43,024 |
Deferred tax liabilities | (39,315) | (6,025) | (45,382) | (22,923) |
Other non-current liabilities | 85,053 | 13,035 | (31,915) | 6,538 |
Net cash provided by operating activities | 3,080,889 | 472,168 | 5,448,886 | 3,327,718 |
Cash flows from investing activities | ||||
Purchase of property and equipment | (124,143) | (19,026) | (186,522) | (242,843) |
Payment for long-term investments | (13,500) | (2,069) | (64,500) | (65,125) |
Prepayment for long-term investments | (15,000) | (55,000) | ||
Payment for business acquisition, net of cash acquired | (3,318,841) | |||
Purchase of short-term deposits | (14,949,665) | (2,291,136) | (22,151,135) | (20,287,302) |
Cash received on maturity of short-term deposits | 19,577,159 | 3,000,331 | 18,686,430 | 13,922,393 |
Purchase of long-term deposits | (5,250,000) | (804,598) | (300,000) | |
Payment for short-term investments | (10,000) | (1,533) | (360,000) | (457,200) |
Cash received from sales of short-term investment | 10,000 | 1,533 | 360,000 | 467,700 |
Cash received from sales of long term investment | 12,000 | 1,839 | ||
Other investing activities | (317) | (48) | 808 | 2,214 |
Net cash used in investing activities | (748,466) | (114,707) | (4,029,919) | (10,034,004) |
Cash flows from financing activities | ||||
Deferred payment for business acquisition | (18,354) | (2,813) | (379,507) | |
Proceeds from exercise of share options | 226 | 35 | 187 | 5,313 |
Repurchase of ordinary shares | (330,207) | (50,606) | ||
Repurchase of subsidiary's share options | (25,832) | (3,959) | ||
Dividends payment | (1,123,983) | (172,258) | (877,346) | |
Deferred payment of purchase of property and equipment | (17,114) | (8,562) | ||
Proceeds from bank loan | 1,913,190 | |||
Repayment of bank loan | (2,041,680) | |||
Proceeds from issuance of convertible notes, net of issuance cost of RMB114,382 | 4,819,678 | |||
Capital contribution from non-controlling interest shareholder | 12 | |||
Net cash provided by (used in) financing activities | (1,498,150) | (229,601) | (1,273,780) | 4,687,951 |
Effect of exchange rate changes | (80,944) | (12,407) | (478) | 24,175 |
Net (decrease) increase in cash, cash equivalent and restricted cash | 753,329 | 115,453 | 144,709 | (1,994,160) |
Cash and cash equivalents at the beginning of year | 2,612,743 | 400,420 | 2,468,034 | 4,462,194 |
Cash, cash equivalent and restricted cash at the end of year | 3,366,072 | 515,873 | 2,612,743 | 2,468,034 |
Non-cash investing and financing activities | ||||
Payable for purchase of property and equipment | 8,403 | 1,288 | 3,051 | 49,407 |
Payable for repurchase of ordinary shares | 44,347 | |||
Deferred consideration in connection with business acquisition | 62,149 | 9,525 | 84,346 | 469,274 |
Ordinary shares issued for the acquisition of Tantan Limited | ¥ 784,215 | |||
Right-of-use assets acquired in operating lease | ¥ 236,499 | $ 36,245 | ¥ 127,362 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2018CNY (¥) | |
Statement of Cash Flows [Abstract] | |
Issuance cost | ¥ 114,382 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Organization and Principal Activities | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Momo Inc. (the “Company”) is the holding company for a group of companies, which is incorporated in the British Virgin Islands (“BVI”) on November 23, 2011. In July 2014, the Company was redomiciled in the Cayman Islands (“Cayman”) as an exempted company registered under the laws of the Cayman Islands, and was renamed Momo Inc. The Company, its subsidiaries, which include the wholly-foreign owned enterprises (“WFOEs”), its consolidated variable interest entities (“VIEs”) and VIEs’ subsidiaries (collectively the “Group”) are principally engaged in providing mobile-based social and entertainment services. The Group started its operation in July 2011. The Group started its monetization in the third quarter of 2013, by offering a platform for live video services, value-added services, mobile marketing services, mobile games and other services. In May 2018, the Company completed the acquisition of 100% equity stake of Tantan Limited (“Tantan”). Tantan is a leading social and dating app for the younger generation that was founded in 2014. Tantan is designed to help its users find and establish romantic connections as well as meet interesting people. The total consideration consisted of cash consideration of RMB3,930,246 (US$613,181) and 5,328,853 Class A ordinary shares of the Company. Refer to Note 3 for further details. As of December 31, 2020, details of the Company’s major subsidiaries, VIEs and VIEs’ subsidiaries are as follows: Major subsidiaries Momo Technology HK Company Limited (“Momo HK”) Beijing Momo Information Technology Co., Ltd. (“Beijing Momo IT”) Qool Media HongKong Limited (“QOOL HK”) Tantan Limited (“Tantan”) Tantan Hong Kong Limited (“Tantan HK”) Tantan Technology (Beijing) Co., Ltd. (“Tantan Technology”) QOOL Media Inc. (“QOOL Inc.”) QOOL Media Technology (Tianjin) Co., Ltd. (“QOOL Media”) SpaceCape Inc. (“SpaceCape Inc.”) SpaceCape Technology Pte.Ltd. (“SpaceCape Singapore”) MatchUp UK Limited (“Tantan MatchUp”) 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”) * Major VIEs’ subsidiaries Chengdu Momo Technology Co., Ltd. (“Chengdu Momo”) * Tianjin Heer Technology Co., Ltd. (“Tianjin Heer”) * Loudi Momo Technology Co., Ltd. (“Loudi Momo”) * Momo Pictures Co., Ltd. (“Momo Pictures”) * Tianjin Laifu Culture Development Co., Ltd. (“Tantan Laifu”) * 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, Momo Pictures, Miaoka, Tantan Culture, Tantan Laifu and Tantan Apollo. 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 • impose additional conditions or requirements with which the Group may not be able to comply; or • take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business. The imposition of any of these penalties may result in a material and adverse effect on the Group’s ability to conduct the Group’s business. In addition, if the imposition of any of these penalties causes the Group to lose the rights to direct the activities of the VIEs or the right to receive their economic benefits, the Group would no longer be able to consolidate the VIEs. The Group does not believe that any penalties imposed or actions taken by the PRC government would result in the liquidation of the Company, WFOEs, or the VIEs. The following consolidated financial statements amounts and balances of the VIEs were included in the accompanying consolidated financial statements after the elimination of intercompany balances and transactions as of and for the years ended December 31: As of December 31, 2019 2020 RMB RMB Cash and cash equivalents 1,147,848 1,311,713 Short-term 800,000 604,500 Other current assets 680,494 544,615 Total current assets 2,628,342 2,460,828 Long-term deposits — 950,000 Long-term investments 495,905 454,996 Other non-current assets 230,634 264,825 Total assets 3,354,881 4,130,649 Accounts payable 611,471 607,430 Deferred revenue 497,166 501,695 Other current liabilities 403,546 402,265 Total current liabilities 1,512,183 1,511,390 Other non-current liabilities 26,738 58,984 Total liabilitie s 1,538,921 1,570,374 For the years ended December 31, 2018 2019 2020 RMB RMB RMB Net revenues 13,408,421 17,001,337 14,902,691 Net income 6,292,183 8,511,991 6,734,471 Net cash provided by operating activities 5,913,709 9,125,496 6,906,938 Net cash used in investing activities (151,546 ) (881,828 ) (757,949 ) Net cash provided by financing activities — 11,000 — The unrecognized revenue-producing assets that are held by the VIEs are primarily self-developed intangible assets such as domain names, trademark and various licenses which are un-recognized The VIEs contributed an aggregate of 100%, 99.9% and 99.2% of the consolidated net revenues for each of the years ended December 31, 2018, 2019 and 2020, respectively. As of the fiscal years ended December 31, 2019 and 2020, the VIEs accounted for an aggregate of 14.9% and 17.8%, respectively, of the consolidated total assets, and 17.6% and 18.7%, 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, long-term deposits, intangible assets and goodwill. There are no consolidated VIEs’ assets that are collateral for the VIEs’ obligations and can only be used to settle the VIEs’ obligations. There are no creditors (or beneficial interest holders) of the VIEs that have recourse to the general credit of the Company or any of its consolidated subsidiaries. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of their statutory reserve and their share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 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, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Basis of consolidation The consolidated financial statements of the Group include the financial statements of Momo Inc., its subsidiaries, its VIEs and VIEs’ subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation. Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income, total assets, total liabilities, or total shareholders’ equity. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues, cost and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements include the acquisition’s purchase price allocation, the useful lives and impairment of property and equipment and intangible assets, the impairment of long-term investments and goodwill, the valuation allowance for deferred tax assets, and share- based compensation. Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments, which are unrestricted from withdrawal or use, or which have original maturities of three months or less when purchased. Short-term deposits Short-term deposits consist of bank deposits with an original maturity of over three months but within one year. Restricted cash Restricted cash represents RMB deposits in restricted bank accounts related to other services that cannot be withdrawn. The Company considers the expected timing of the release of the restrictions to determine the appropriate financial statement classification. 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. Beginning on January 1, 2020, 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, restricted cash, long-term deposits, accounts receivable, equity securities without readily determinable fair value, accounts payable, deferred revenue, convertible senior notes, income tax payable, amount due from a related party and amount due to related parties. Cash and cash equivalents are recorded at fair value based on the quoted market price in an active market. The carrying values of short-term deposits, restricted cash, accounts receivable, accounts payable, deferred revenue, income tax payable, amount due from a related party and amount due to related parties approximate their fair values. It is not practical to estimate the fair value of the Group’s equity securities without readily determinable fair value because of the lack of quoted market price and the inability to estimate fair value without incurring excessive costs. The carrying value of long-term deposits approximates to fair value as the interest rates were determined based on the prevailing interest rates in the market. The Group classifies the valuation techniques that use these inputs as Level 2 in the fair value hierarchy. The fair value of the Company’s convertible senior notes is discussed in Note 12. Foreign currency risk The Renminbi (“RMB”) is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. Cash and cash equivalents of the Group included aggregate amounts of RMB2,434 million and RMB2,542 million as of December 31, 2019 and 2020, respectively, which were denominated in RMB. Concentration of credit risk Financial instruments that potentially expose the Group to concentration of credit risk consist primarily of cash and cash equivalents, short-term deposits, restricted cash, long-term deposits and accounts receivable. The Group places their cash with financial institutions with high-credit ratings and quality. Third-party application stores and other payment channels accounting for 10% or more of accounts receivables are as follows: As of December 31, 2019 2020 A 26 % 26 % B 12 % 14 % Users or customers accounting for 10% or more of accounts receivables is as follows: As of December 31, 2019 2020 C 6 % 11 % Concentration of revenue No user or customer accounted for 10% or more of net revenues for the years ended December 31, 2018, 2019 and 2020, respectively. Business combinations Business combinations are recorded using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers and liabilities incurred by the Company and equity instruments issued. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling non-controlling 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 prescribed within Accounting Standards Update (“ASU”) 2016-01, Equity method investments The investee companies over which the Group has the ability to exercise significant influence, but does not have a controlling interest are accounted for using the equity method. Significant influence is generally considered to exist when the Group has an ownership interest in the voting stock of the investee between 20% and 50%. Other factors, such as representation in the investee’s Board of Directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate. For the investment in limited partnerships, where the Group holds less than a 20% equity or voting interest, the Group’s influence over the partnership operating and financial policies is determined to be more than minor. Accordingly, the Group accounts for these investments as equity method investments. Under the equity method of accounting, the affiliated company’s accounts are not reflected within the Group’s consolidated balance sheets and consolidated statements of operations; however, the Group’s share of the earnings or losses of the affiliated company is reflected in the caption “share of income (loss) on equity method investments” in the consolidated statements of operations. An impairment change is recorded if the carrying amount of the investment exceeds its fair value and this condition is determined to be other-than-temporary. The Group estimates the fair value of the investee company based on comparable quoted price for similar investment in active market, if applicable, or discounted cash flow approach which requires significant judgments, including the estimation of future cash flows, which is dependent on internal forecasts, the estimation of long term growth rate of a company’s business, the estimation of the useful life over which cash flows will occur, and the determination of the weighted average cost of capital. Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. 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 estimated useful lives Intangible assets Intangible assets acquired through business acquisitions are recognized as assets separate from goodwill if they satisfy either the “contractual-legal” or “separability” criterion. Purchased intangible assets and intangible assets arising from acquisitions are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: Copyright 1 year License 3.2-10 years Technology 3 years User base 5 years Trade name 10 years Impairment of long-lived assets with finite lives The Group reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Group measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the fair value of the assets. Goodwill Goodwill represents the excess of the purchase consideration over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed of the acquired entity as a result of the Company’s acquisitions of interests in its subsidiaries. Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. The Company has an option to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. In the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. Based on the qualitative assessment, if it is more likely than not that the fair value of each reporting unit is less than the carrying amount, the quantitative impairment test is performed . Prior to January 1, 2020, in performing the two-step . Convertible senior notes The Group determines the appropriate accounting treatment of its convertible senior notes in accordance with the terms in relation to the conversion feature, call and put options, and beneficial conversion feature. After considering the impact of such features, the Group may account for such instrument as a liability in its entirety, or separate the instrument into debt and equity components following the respective guidance described under ASC 815 “Derivatives and Hedging” and ASC 470 “Debt”. The debt discount, if any, together with the related issuance cost are subsequently amortized as interest expense, using the effective interest method, from the issuance date to the earliest maturity date. Interest expenses are recognized in the consolidated statements of operations in the period in which they are incurred. Fair value Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liability categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Revenue recognition The 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, 2018, 2019 and 2020, 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, 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 For the year ended December 31, 2019 Momo Tantan QOOL RMB RMB RMB Live video service 12,448,131 — — Value-added services 2,846,057 1,259,906 — Mobile marketing 331,822 — — Mobile games 92,451 — — Other services 22,354 — 14,368 Total 15,740,815 1,259,906 14,368 For the year ended December 31, 2018 Momo Tantan QOOL RMB RMB RMB Live video service 10,709,491 — — Value-added services 1,465,152 417,998 — Mobile marketing 500,321 — — Mobile games 130,392 — — Other services 7,065 — 178,002 Total 12,812,421 417,998 178,002 (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 enhance s 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, 2018, 2019 and 2020. (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 and film promotion service. 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. Beginning on January 1, 2020, the Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group recorded 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 2019 and 2020 that was included in the deferred revenue balance as of January 1, 2019 and 2020 were RMB441,892 and RMB , 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 The Group records government subsidies as other operating income when received from the local government authority, because the government subsidies are not subject to further performance obligations or future returns. Government subsidies recorded as other operating income amounted to RMB223,995, RMB255,750 and RMB142,061 for the years ended December 31, 2018, 2019 and 2020, respectively. Research and development expenses Research and development expenses primarily consist of (i) salaries and benefits for research and development personnel, and (ii) technological service fee, depreciation and office rental expenses associated with the research and development activities. The Group’s research and development activities primarily consist of the research and development of new features for its mobile platform and its self-developed mobile games. The Group has expensed all research and development expenses when incurred. Value added taxes (“VAT”) Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in accrued expenses and other current liabilities on the consolidated balance sheets. VAT is also reported as a deduction to revenue when incurred and amounted to RMB1,136,034, RMB1,484,651 and RMB1,266,603 for the years ended December 31, 2018, 2019 and 2020, respectively. Income taxes Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than- not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. Foreign currency translation and change in reporting currency The reporting currency of the Company is the Renminbi (“RMB”). The functional currency of the Company is the US dollar (“US$”). The Company’s operations are principally conducted through the subsidiaries, its VIEs and VIEs’ subsidiaries located in the PRC where the local currency is the functional currency. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange in place at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statement of operations. Assets and liabilities of the Group companies are translated from their respective functional currencies to the reporting currency at the exchange rates at the balance sheet dates, equity accounts are translated at historical exchange rates and revenues and expenses are translated at the average exchange rates in effect during the reporting period. The resulting foreign currency translation adjustments are recorded in other comprehensive income (loss). In the fourth quarter Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 = RMB6.525 on the last trading day of 2020 (December 31, 2020) representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rates. Leases The Group adopted ASU 2016-02, non-lease right-of-use 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 RMB1,236,167, RMB1,960,002 and RMB2,255,519 for the years ended December 31, 2018, 2019 and 2020, respectively, and have been included in sales and marketing expenses in the consolidated statements of operations. Comprehensive income Comprehensive income includes net income and foreign currency translation adjustments. Comprehensive income is reported in the consolidated statements of comprehensive income. Share-based compensation Share-based payment transactions with employees and executives are measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense net of a forfeiture rate on a straight-line basis, over the requisite service period, with a corresponding impact reflected in additional paid-in Share-based compensation with cash settlement features are classified The Group adopted ASU 2018-07, Compensation-Stock Compensation (Topic 718), Improvement to Nonemployee Share-based Payment Accounting, beginning January 1, 2019. Share awards issued to consultants are measured at the grant-date fair value and recognized over the period the services are provided. Before January 1, 2019, the Group accounted for share -based awards issued to non-employees in accordance with ASC 505-50, Equity-based Payments to Non-Employees. 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 Basic earnings per ordinary share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per ordinary share reflect the potential dilution that could occur if securities were exe |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | 3. ACQUISITIONS Acquisition of Tantan On May 31, 2018, the Group acquired % equity interest of Tantan, a leading social and dating app for the younger generation that was founded in 2014. The Group believes that the acquisition of Tantan helps to enrich its product line, expands its user base and strengthens its leading position in China’s open social market . The consideration consisted of RMB3,930,246 of cash, of which RMB3,864,255 was paid as of December 31, 2020. The consideration also included 5,328,853 newly issued Class A ordinary shares of the Company which were fully issued as of the acquisition date. Cash consideration 3,930,246 Fair value of ordinary shares issued 784,215 Total consideration 4,714,461 The transaction was accounted for as a business combination using the purchase method of accounting. The purchase price allocation of the transaction was determined by the Group with the assistance of an independent valuation firm, and the purchase price allocation to assets acquired and liabilities assumed as of the date of acquisition was as follows: Indicated Value Estimated useful lives RMB Net tangible assets: Cash and cash equivalents and short term investment 154,671 Accounts receivable 20,079 Other current asset 22,833 Property and equipment, net 46,160 Other non-current 3,030 Intangible assets Trade name 640,600 10 years Technology 26,100 3 years User base 342,500 5 years Total assets 1,255,973 Accounts payable (21,037 ) Other current liabilities (262,533 ) Deferred tax liabilities (252,300 ) Goodwill 3,994,358 Total consideration 4,714,461 The goodwill was mainly attributable to intangible assets that cannot be recognized separately as identifiable assets under U.S. GAAP, and comprise (a) the assembled work force and (b) the expected but unidentifiable business growth as a result of the synergy resulting from the acquisition. The following information summarizes the results of operation attributable to the acquisition included in the Group’s consolidated statement of operations since the acquisition date: Year ended December 31, 2018 RMB Net revenue 417,998 Net loss 519,206 Pro forma information of acquisitions The following unaudited pro forma information summarizes the results of operations of the Group for the years ended December , assuming that the acquisition of Tantan occurred on January , . The following pro forma financial information is not necessarily indicative of the results that would have occurred had the acquisition been completed at the beginning of the periods as indicated, nor is it indicative of future operating results: Year ended December 31, 2018 (Unaudited) RMB Pro forma net revenue 13,511,439 Pro forma net income attributable to ordinary shareholders of Momo Inc. 2,383,646 Pro forma net income per ordinary share - basic 5.86 Pro forma net income per ordinary share - diluted 5.50 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 4. PREPAID EXPENSES AND OTHER CURRENT ASSETS As of December 31, 2019 2020 RMB RMB Deposits with third-party payment channels (i) 190,037 210,825 Interest receivable 105,450 118,756 Deposits at third party broker (ii) — 71,653 Input VAT (iii) 107,879 69,656 Advance to suppliers (iv) 80,419 66,692 Deferred platform commission cost 35,922 35,398 Prepaid income tax and other expenses 19,738 16,686 Corporate lending receivable (v) 40,000 — Others 19,555 24,030 599,000 613,696 (i) Deposits with third-party (ii) On September 7, 2020, the Company engaged Credit Suisse Securities(USA) LLC (“Credit Suisse”) as agent to facilitate the share repurchase program. During the year ended December 31, 2020, the Company deposited US$60,000 at Credit Suisse, of which US$49,019 has been used to repurchase total 7,181,576 shares as of December 31, 2020. (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. (iv) Advance to suppliers were primarily for advertising fees and related service fees. (v) Corporate lending receivable was a loan to a third-party entity during 2018, which matured in June 2020 amounting to |
Long-Term Investments
Long-Term Investments | 12 Months Ended |
Dec. 31, 2020 | |
Long-term Investments [Abstract] | |
Long-Term Investments | 5. LONG-TERM INVESTMENTS As of December 31, 2019 2020 RMB RMB Equity method investments Jingwei Chuangteng (Hangzhou) L.P. (i) 73,418 78,382 Hangzhou Aqua Ventures Investment Management L.P. (ii) 106,704 63,093 Chengdu Tianfu Qianshi Equity Investment Partnership L.P. (i ii 27,465 36,702 Others (v) 44,193 38,694 Equity securities without readily determinable fair values Hunan Qindao Cultural Spread Ltd. ( iv 30,000 30,000 Hangzhou Faceunity Technology Limited ( iv 70,000 70,000 Haining Yijiayi Culture Co., Ltd. ( iv 25,000 25,000 Others (v) 119,125 113,125 495,905 454,996 The Group performed impairment analysis for equity method investments and equity securities without readily determinable fair values periodically. (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, 2019 and 2020. The Group recognized its share of partnership profit in Jingwei of RMB16,168, RMB8,977 and RMB4,964 during the year ended December 31, 2018, 2019 and 2020, 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 profit or (loss) in Aqua of RMB20,797, RMB1,415 and RMB(42,458) for the years ended December 31, 2018, 2019 and 2020, respectively. The Group received distribution from Aqua of RMB1,153 during the year ended December 31, 2020. (i ii 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 or (loss) in Tianfu of RMB8,586, RMB(2,121) and RMB237 during the years ended December 31, 2018, 2019 and 2020, respectively. ( i The Group invested in certain preferred shares of private companies. As these investments were neither debt security nor in-substance common stock, they were accounted as an 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 for the years ended December 31, 2018, 2019 and 2020. (v) 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, 2020 | |
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, 2019 2020 RMB RMB Computer equipment 623,482 718,508 Office equipment 150,048 171,663 Vehicles 3,599 3,807 Leasehold improvement 99,671 105,165 Less: accumulated depreciation (530,439 ) (733,292 ) Exchange difference (16 ) (86 ) 346,345 265,765 Depreciation expenses charged to the consolidated statements of operations for the years ended December 31, 2018, 2019 and 2020 were RMB148,238, RMB198,237 and RMB208,990, respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 7. INTANGIBLE ASSETS, NET Intangible assets, net consisted of the following: As of December 31, 2019 2020 RMB RMB Trade name 695,789 652,134 Active user 372,007 348,666 Technology 28,349 26,570 License 52,433 50,133 Game copyright 2,170 2,170 Less: accumulated amortization and impairment (257,034 ) (414,292 ) Exchange difference (3,411 ) 21,830 Net book value 890,303 687,211 Amortization expenses and impairment losses charged to the consolidated statements of operations for the years ended December 31, 2018, 2019 and 2020 were RMB93,030, RMB157,954 and RMB157,258, respectively. The estimated aggregate amortization expenses for each of the five succeeding fiscal years and thereafter are as follows: For the year ended December 31, Amounts 2021 143,650 2022 139,960 2023 99,282 2024 70,227 2025 70,227 Thereafter 163,865 Total 687,211 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 8. GOODWILL As of December 31, 2020 Momo Tantan Total RMB RMB RMB Balance, as of January 1, 2019 22,130 4,284,699 4,306,829 Foreign exchange differences — 53,781 53,781 Balance, as of December 31, 2019 22,130 4,338,480 4,360,610 Foreign exchange differences — (272,207 ) (272,207 ) Balance, as of December 31, 2020 22,130 4,066,273 4,088,403 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, 2019 and 2020. When determining the fair value of both the Momo and Tantan reporting units, the Group used a discounted cash flow model that included a number of significant unobservable inputs. Key assumptions used to determine the estimated fair value include: (a) internal cash flows forecasts including expected revenue growth, operating margins and estimated capital needs, (b) an estimated terminal value using a terminal year long-term future growth rate determined based on the growth prospects of the reporting units; and (c) a discount rate that reflects the weighted-average cost of capital adjusted for the relevant risk associated with the Momo and Tantan reporting units’ operations and the uncertainty inherent in the Group’s internally developed forecasts. Based on the Group’s assessment as of December 31, 2019 and 2020, the fair value of both business reporting units exceeded their carrying value. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
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, 2019 2020 RMB RMB Accrued payroll and welfare 335,012 261,599 Payable for advertisement 304,954 254,264 Balance of users’ virtual accounts 120,935 127,520 Other tax payables 55,872 53,974 Accrued professional services and related service fee 68,825 52,566 VAT payable 29,975 29,930 Others 70,300 74,982 Total 985,873 854,835 |
Convertible Senior Notes
Convertible Senior Notes | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | 10. CONVERTIBLE SENIOR NOTES In July 2018, the Company issued RMB4,985 million (US$725 million) of convertible senior notes (the “Notes”) which will mature on July 1, 2025. The Notes will be convertible into the Company’s American depositary shares (“ADSs”), at the option of the holders, based on an initial conversion rate of 15.4776 of the Company’s ADSs per US$1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately US$64.61 per ADS and represents an approximately 42.5% conversion premium over the closing trading price of the Company’s ADSs on June 26, 2018, which was US$45.34 per ADS). The conversion rate for the Notes is subject to adjustments upon the occurrence of certain events. During the year ended December 31, 2019, the conversion rate was adjusted to 15.7172 of the Company’s ADSs per US$1,000 principal amount of Notes (which is equivalent to a conversion price of approximately US$63.62 per ADS) due to the cash dividend paid in April 2019. During the year ended December 31, 2020, the conversion rate was adjusted to 16.2937 of the Company’s ADSs per US$1,000 principal amount of Notes (which is equivalent to a conversion price of approximately US$61.37 per ADS) due to the cash dividend paid in April 2020. The holders of the Notes may convert their notes, in integral multiples of US$1,000 principal amount, at any time prior to the day immediately preceding the maturity date. The Company will not have the right to redeem the Notes prior to maturity, except in the event of certain changes to the tax laws or their application or interpretation. The holders of the Notes will have the right to require the Company to repurchase all or part of their Notes in cash on July 1, 2023, or in the event of certain fundamental changes. As of December 31, 2019 and 2020, no Notes were converted into the Company’s ADSs. The Notes bear interest at a rate of 1.25% per year and will be payable semiannually. As of December 31, 2019 and 2020, the carrying value of the Notes was RMB4,954,352 and including RMB92,953 and , respectively. The issuance ended December 31, 2019 and 2020. Amortization interest expenses related to the convertible senior notes amounted to RMB78,501 and during the year ended December 31, 2019 and 2020. The conversion option meets the definition of a derivative. However, since the conversion option is considered indexed to the Company’s own stock and classified in stockholders’ equity, the scope exception is met and accordingly the bifurcation of the conversion option from the Notes is not required. There is no beneficial conversion feature attributable to the Notes as the set conversion prices for the Notes are greater than the respective fair values of the ordinary share price at date of issuance. Additionally, the feature of mandatory redemption upon maturity is clearly and closely related to the debt host and does not need to be bifurcated. Based on above, the Company accounted for the Notes in accordance with ASC 470, as a single instrument under long-term debt. Issuance costs related to the Notes is recorded in consolidated balance sheet as a direct deduction from the principal amount of the Notes. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
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 RMB160,791 and RMB154,368, including RMB26,848 and RMB20,418 short-term lease expense for the year ended December 31, 2019 and 2020, respectively. The operating lease expense was recorded in cost and expenses on the consolidated statements of operations. For the years ended December 31 2019 2020 RMB RMB Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 106,288 113,577 Non-cash right-of-use Operating leases 127,362 236,499 Weighted average remaining lease term Operating leases 1.59 2.46 Weighted average discount rate Operating leases 4.52 % 3.33 % As of December 31, 2020, 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 2021 135,107 2022 101,646 2023 and thereafter 44,409 Less imputed interest 11,933 Total 269,229 Payments under operating leases are expensed on a straight-line basis over the periods of their respective leases. The terms of the leases do not contain rent escalation or contingent rents. For the years ended December 31, 2018, total rental expense for all operating leases base d |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 12. FAIR VALUE Measured and disclosed on recurring basis The Group measures its financial assets and liabilities including cash and cash equivalents at fair value on a recurring basis as of December 31, 2019 and 2020. Cash and cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued based on the quoted market price in an active market. As of December 31, 2019 and 2020, 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 2019 Quoted Significant Significant RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 2,612,743 2,612,743 — — Total 2,612,743 2,612,743 — — Fair Value Measured as of December 31, Description 2020 Quoted Significant Significant RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 3,363,942 3,363,942 — — Total 3,363,942 3,363,942 — — 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, 2019 and 2020, the fair value of the Notes was RMB4,761,577 and RMB3,991,465, respectively. Measured on nonrecurring basis The Group measures its equity method investments at fair value on a nonrecurring basis whenever events or changes in circumstances indicate that the carrying value may not be recoverable. During the years ended December 31, 2019 and 2020, the Group recorded an impairment loss of RMB3,211 and RMB nil, 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, 2019 and 2020, the Group performed an impairment test on its equity securities without readily determinable fair value investees and recorded an impairment loss of RMB12,500 and RMB10,500, respectively. Such impairments are considered level 3 fair value measurements because the Group used unobservable inputs such as the management projection of discounted future cash flow and the discount rate. For goodwill impairment testing, refer to Note 8 for details. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
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 The United States (“US”) The Company’s subsidiaries domiciled in the U.S. are subject to an income tax rate of for taxable income earned as determined in accordance with relevant tax rules and regulations in the U.S. Hong Kong The Company’s subsidiaries domiciled in Hong Kong are subject to a two-tiered two-tiered two-tiered Singapore The Company’s subsidiary domiciled in Singapore is subject to a tax rate of 17% on its taxable income. PRC In August 2014, Beijing Momo IT was qualified as a software enterprise. As such, Beijing Momo IT will be exempt from income taxes for two years beginning in its first profitable year which was from 2015 to 2016 followed by a tax rate of 12.5% for the succeeding three years which is from 2017 to 2019. 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 2023. 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. 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, 2020 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 July 2019, Tantan Technology qualified as HNTE. As such, Tantan Technology enjoyed a preferential tax rate of 15% from 2019 to 2021. The other entities incorporated in the PRC are subject to an enterprise income tax at a rate of 25%. During the year ended December 31, 2020, 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 2016 to 2020 of the Group’s PRC subsidiaries, VIEs and VIEs’ subsidiaries, remain subject to tax audits as of December 31, 2020, at the tax authority’s discretion. Under the Enterprise Income Tax Law (the “EIT Law”) and its implementation rules which became effective on January 1, 2008, dividends generated after January 1, 2008 and payable by foreign-invested enterprise in the PRC to its foreign investors who are non-resident Uncertainties exist with respect to how the current income tax law in the PRC applies to the Group’s overall operations, and more specifically, with regard to tax residency status. The EIT Law includes a provision specifying that legal entities organized outside of the PRC will be considered residents for Chinese income tax purposes if the place of effective management or control is within the PRC. The implementation rules to the EIT Law provide that non-resident If any entity within the Group that is outside the PRC were to be a non-resident Aggregate undistributed earnings of the Company’s PRC subsidiaries and the VIEs that are available for reinvestment. Upon distribution of such earnings, the Company will be subject to the PRC EIT, the amount of which is impractical to estimate. The Company did not record any withholding tax on any of the aforementioned undistributed earnings because the relevant subsidiaries and the VIEs do not intend to declare dividends and the Company intends to permanently reinvest it within the PRC. Additionally, no deferred tax liability was recorded for taxable temporary differences attributable to the undistributed earnings because the Company believes the undistributed earnings can be distributed in a manner that would not be subject to income tax. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Group’s deferred tax assets and liabilities are as follows: As of December 31, 2019 2020 RMB RMB Deferred tax assets: Advertising expense 239,937 272,228 Net operating loss carry-forward 117,595 178,378 Accrued expenses 26,196 22,293 Impairment on long-term investments and game copyright 14,117 15,617 Less: valuation allowance (360,781 ) (456,021 ) Deferred tax assets, net 37,064 32,495 Deferred tax liabilities: Intangible assets acquired 222,576 171,803 Deferred tax liabilities, net 222,576 171,803 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, 2020, the net operating loss carry-forward for the Company’s subsidiaries domiciled in the PRC, VIEs, and VIEs’ subsidiaries amounted to RMB463,266. 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. The net operating loss of entities in the PRC will begin to expire in 2021, if not utilized. As of December 31, 2020, the net operating loss carryforward for the Company’s subsidiaries domiciled in Hong Kong amounted to RMB190,543, which would be carried forward indefinitely and set off against its future taxable profits. As of December 31, 2020, the net operating loss carry-forward for the Company’s subsidiaries domiciled in the US amounted to RMB76,638. RMB70,055 was generated from the years before 2019, which can be carried back two years and forward twenty years. The remaining RMB6,583 was generated during the year after 2019, which can be carried forward indefinitely but cannot be carried back, and can be used to offset only 80 percent of the taxable income. As of December 31, 2020, the net operating loss carryforward for the Company’s subsidiaries domiciled in Singapore amounted to RMB56,847, 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, 2018 2019 2020 RMB RMB RMB Net income before provision for income tax 3,439,535 3,867,919 2,898,534 PRC statutory tax rate 25 % 25 % 25 % Income tax expense at statutory tax rate 859,884 966,980 724,634 Permanent differences and Research and development super-deduction 20,135 24,406 (11,861 ) Change in valuation allowance 98,862 39,427 95,240 Effect of income tax rate difference in other jurisdictions 156,136 257,449 123,778 Effect of tax holidays and preferential tax rates (435,369 ) (404,461 ) (282,775 ) Effect of the preferential tax rate adjustment of prior year’s EIT — — (113,396 ) Effect of PRC withholding tax — — 220,000 Provision for income tax 699,648 883,801 755,620 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, 2018, 2019 and 2020, the increase in income tax expenses and resulting net income per share amounts would be as follows: For the year ended December 31, 2018 2019 2020 RMB RMB RMB Increase in income tax expenses 435,369 404,461 282,775 Net income per ordinary share attributable to Momo Inc. - basic 5.85 6.18 4.37 Net income per ordinary share attributable to Momo Inc. - diluted 5.59 5.86 4.20 No significant unrecognized tax benefit was identified for the years ended December 31, 2018, 2019 and 2020. 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, 2020 | |
Federal Home Loan Banks [Abstract] | |
Ordinary Shares | 14. ORDINARY SHARES In 2018, 2019 and 2020, 10,122,318, 3,402,830 and 1,883,774 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 For the year ended December 31, 2020, the Company repurchased 7,181,576 Class A ordinary shares for US$49,019 (RMB330,207) on the open market, at a weighted average price of US$13.63 per ADS. 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, 2020 | |
Distribution To Shareholders [Abstract] | |
Distribution To Shareholders | 15. DISTRIBUTION TO SHAREHOLDERS On March 12, 2019, the Company declared a special cash dividend in the amount of US$0.62 per ADS, or US$0.31 per ordinary share. US$128,607 cash dividend was paid in April 2019 ex-dividend 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 cash dividend was paid in April 2020 ex-dividend |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020: Number of Weighted Weighted average Aggregated intrinsic Outstanding as of December 31, 2019 23,797,707 0.0260 7.05 397,993 Granted 6,678,796 0.0002 Exercised (1,785,024 ) 0.0189 Forfeited (474,210 ) 0.0002 Outstanding as of December 31, 2020 28,217,269 0.0208 6.82 196,370 Exercisable as of December 31, 2020 15,745,456 0.0371 5.34 109,317 There were 15,745,456 vested options, and 11,290,572 options expected to vest as of December 31, 2020. For options expected to vest, the weighted- average exercise price was US$0.0002 as of December 31, 2020 and aggregate intrinsic value was US$176,161 and US$78,806 as of December 31, 2019 and 2020, respectively. The weighted-average grant-date fair value of the share options granted during the years 2018, 2019, and 2020 was US$17.75, US$16.42 and US$10.25, respectively. The total intrinsic value of options exercised for the years ended December 31, 2018, 2019 and 2020 was US$209,797, US$59,423 and US$14,640, respectively. The fair value of options granted was estimated on the date of grant using the Black-Sholes pricing model after the Company completed its initial public offering, with the following assumptions used for grants during the applicable periods: Risk-free interest Expected term Volatility Dividend yield Exercise price 2018 3.16%~3.66% 6 years 50.0%~50.7% — 0.0002 2019 2.45%~3.21% 6 years 49.0%~50.5% — 0.0002 2020 1.22%~1.48% 6 years 50.6%~54.4% — 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, 2020, total unrecognized compensation expense relating to unvested share options was RMB970,617, which will be recognized over a weighted average period of 2.46 years. The weighted-average remaining contractual term of options outstanding is 6.82 years. Restricted share units (“RSUs”) granted by the Company On May 2, 2018, April 15, 2019 and April 15, 2020, the Company granted 100,000, 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 RMB6,609, RMB10,622 and RMB11,486 for RSUs for the years ended December 31, 2018, 2019 and 2020, 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, 2020, total unrecognized compensation expense relating to unvested RSUs was RMB20,957 which will be recognized over a weighted average period of 2.44 years. Restricted shares granted by QOOL Inc. On December 12, 2018, QOOL Inc.’s minority interest shareholder entered into an arrangement with QOOL Inc. whereby 9,000,000 ordinary shares of QOOL Inc. owned by the minority interest shareholder became subject to service and transfer restrictions. Such restricted shares are subject to repurchase by QOOL Inc. upon early termination of two years of the employment or consulting service provided by the founder of the minority interest shareholder at a nominal price. The Group recorded share-based compensation of RMB566, RMB10,811 and RMB10,227 for the restricted shares for the years ended December 31, 2018, 2019 and 2020, 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, 2020, total unrecognized compensation expense relating to unvested restricted shares was RMB nil. 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, 2020: Number of Weighted Weighted Aggregated Outstanding as of December 31, 2019 11,925,083 2.1490 7.40 34,356 Granted 2,113,299 3.2235 Redeemed (1,563,979 ) 0.1219 Forfeited (2,505,598 ) 2.8059 Outstanding as of December 31, 2020 9,968,805 2.5297 6.98 22,035 Exercisable as of December 31, 2020 6,166,096 1.9210 6.10 16,994 During the year ended December 31, 2020, the Company voluntarily repurchased for employees’ vested options upon the termination of their employment with total consideration of RMB54,367. Those options were subsequently cancelled. Cash payments amounting to RMB26,276 were made during the year ended December 31, 2020. 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 6,166,096 vested options, and 2,890,056 options expected to vest as of December 31, 2020. For options expected to vest, the weighted- average exercise price was US$3.52 as of December 31, 2020 and the aggregate intrinsic value amounted to US$13,037 and US$3,831 as of December 31, 2019 and 2020, respectively. The weighted-average grant-date fair value of the share options granted during the years ended December , , and was US$ , US$ and US$ , 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 2018 3.58 % 10 years 55.4 % — 0.32~5.0 2019 2.30%~3.50 % 10 years 54.2%~55.4 % — 0.32~5.0 2020 1.52%~1.83 % 10 years 53.8%~57.1 % — 0.002~5.0 (1) Risk-free interest rate Risk-free interest rate was estimated based on the daily treasury long term rate of U.S. Department of the Treasury with a maturity period close to the expected term of the options, plus the country default spread of China. (2) Contractual term Tantan used the original contractual term. (3) Volatility The volatility of the underlying ordinary shares during the life of the options was estimated based on the historical stock price volatility of comparable listed companies over a period comparable to the expected term of the options. (4) Dividend yield The dividend yield was estimated by Tantan based on its expected dividend policy over the expected term of the options. (5) Exercise price The exercise price of the options was determined by the Board of Directors of Tantan. (6) Fair value of underlying ordinary shares The estimated fair value of the ordinary shares underlying the options as of the respective grant dates was determined based on a retrospective valuation before Tantan was acquired and on a contemporaneous valuation after Tantan was acquired, which used management’s best estimate for projected cash flows as of each valuation date. The estimated fair value of the ordinary shares of Tantan was US$5.03 and as of December 31, 2019 and 2020, respectively. For share options classified as equity awards, Tantan recorded share-based compensation of RMB94,977, RMB99,635 and RMB77,807 during the year s As of December 31, 2020, total unrecognized compensation expense relating to unvested share options was RMB75,772 which will be recognized over a weighted average period of 2.21 years. The weighted-average remaining contractual term of options outstanding is 6.98 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 re-measured 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. The fair value of each option granted was estimated using the binomial tree pricing model with the following assumptions used during the applicable periods: Risk-free interest Contractual term Volatility Dividend yield Exercise price 2018 3.39%~3.58 % 10 years 55.4%~55.6 % — 0.0004 2019 2.45%~3.19 % 10 years 54.2%~55.5 % — 0.0004 2020 1.31%~1.59 % 10 years 54.0%~56.1 % — 0.0004 (1) Risk-free interest rate Risk-free interest rate was estimated based on the daily treasury long term rate of U.S. Department of the Treasury with a maturity period close to the expected term of the options, plus the country default spread of China. (2) Contractual term Tantan used the original contractual term. (3) Volatility The volatility of the underlying ordinary shares during the life of the options was estimated based on the historical stock price volatility of comparable listed companies over a period comparable to the expected term of the options. (4) Dividend yield The dividend yield was estimated by Tantan based on its expected dividend policy over the expected term of the options. (5) Exercise price The exercise price of the options was determined by the Board of Directors of Tantan. (6) Fair value of underlying ordinary shares The estimated fair value of the ordinary shares underlying the options as of each period-end The estimated fair value of the ordinary shares of Tantan was US$5.03 and of December 31, 2019 and 2020, respectively. For share options classified as liability awards, Tantan recorded share-based compensation of RMB86,778, RMB791,028 and RMB12,485 during the years ended December 31, 2018, 2019 and 2020, respectively, including the impact of the accelerate vesting and the subsequent adjustment of the fair value at each reporting dates. |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 17. NET INCOME PER SHARE The calculation of net income per share is as follows: For the year ended December 31, 2018 2019 2020 RMB RMB RMB Numerator: Net income attributed to ordinary shareholders for computing net income per ordinary share-basic and diluted 2,815,775 2,970,890 2,103,484 Denominator: Denominator for computing net income per share-basic: Weighted average ordinary shares outstanding used in computing net income per ordinary share-basic 407,009,875 415,316,627 416,914,898 Denominator for computing net income per share-diluted: Weighted average shares outstanding used in computing net income per ordinary share-diluted 433,083,643 451,206,091 452,081,642 (i) Net income per ordinary share attributable to Momo Inc. - basic 6.92 7.15 5.05 Net income per ordinary share attributable to Momo Inc. - diluted 6.59 6.76 4.83 The following table summarizes potential ordinary shares outstanding excluded from the computation of diluted net income per ordinary share for the years ended December 31, 2018, 2019 and 2020, because their effect is anti-dilutive: For the year ended December 31, 2018 2019 2020 RMB RMB RMB Share issuable upon exercise of share options 1,117,334 902,655 9,907,671 Share issuable upon exercise of RSUs — 45,893 220,781 (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, 2018, an incremental weighted average number of 14,821,852 ordinary shares from the assumed exercise of share options and RSUs and an incremental weighted average number of 11,251,916 ordinary shares resulting from the assumed conversion of convertible senior notes were included. For the year ended December 31, 2019, an incremental weighted average number of 13,188,085 ordinary shares from the assumed exercise of share options and RSUs and an incremental weighted average number of 22,701,379 ordinary shares resulting from the assumed conversion of convertible senior notes were included. 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. COMMITMENTS AND CONTINGENCIES Investment commitments The Group was obligated to subscribe RMB13,500 and RMB nil for partnership interest and equity interest of certain long-term investees under various arrangements as of December 31, 2019 and 2020, respectively. Contingencies The Group is subject to legal proceedings in the ordinary course of business. The Group does not believe that any currently pending legal or administrative proceeding to which the Group is a party will have a material effect on its business or financial condition. |
Related Party Balances and Tran
Related Party Balances and Transactions | 12 Months Ended |
Dec. 31, 2020 | |
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 Hunan Qindao Cultural Spread Ltd. 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 returned a remaining equity investment accounted as equity securities without determinable fair value that investment was further sold in November 2020. (1) Amount due from a related party-current As of December 31, 2019 2020 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (ii) 4,382 — Total 4,382 — (ii) The amount of RMB4,382 as of December 31, 2019 represented the uncollected amounts for the mobile marketing services provided to Hunan Qindao Network Media Technology Co., Ltd. (2) Amount due to related parties – current As of December 31, 2019 2020 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (iii) 29,596 19,462 Others 10 — Total 29,606 19,462 (iii) The amount of RMB29,596 and RMB19,462 as of December 31, 2019 and 2020 primarily represented the unpaid revenue sharing of live video service to Hunan Qindao Network Media Technology Co., Ltd. (3) Sales to a related party For the year ended 2018 2019 2020 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (vi) — 5,449 5,627 Total — 5,449 5,627 (vi) The sales to Hunan Qindao Network Media Technology Co., Ltd. represented mobile marketing services provided. (4) Purchase from related parties For the year ended 2018 2019 2020 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (v) 429,345 497,789 354,274 Beijing Santi Cloud Union Technology Co., Ltd. (vi) — — 5,511 Beijing Santi Cloud Time Technology Co., Ltd. (vi) — — 3,410 Beijing Shiyue Haofeng Media Co., Ltd. (v) 2,005 2,070 164 Total 431,350 499,859 363,359 (v) The purchases from Hunan Qindao Network Media Technology Co., Ltd. and Beijing Shiyue Haofeng Media Co., Ltd. mainly represent the Revenue Sharing. (vi) The purchase from Beijing Santi Cloud Union Technology Co., Ltd. and Beijing Santi Cloud Time Technology Co., Ltd. is mainly related to its bandwidth services. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
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, 2018, 2019 and 2020, as a result of the Tantan acquisition discussed in Note 3, the Group determined that Tantan met the criteria for separate reportable segment given its financial information is separately reviewed by the Group’s CEO. Additionally, the Group started its entertainment business that included TV content production through one of its subsidiary QOOL, for which the Group’s CEO started to review discrete financial information. As a result, the Group determined that for the years ended December 31, 2018, 2019 and 2020, it operated in three operating segments namely Momo, Tantan and QOOL. 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. For the year ended December 31,2018 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 12,812,421 417,998 178,002 13,408,421 Cost and expenses: Cost of revenues (6,572,954 ) (174,858 ) (435,085 ) (7,182,897 ) Research and development (614,064 ) (146,580 ) — (760,644 ) Sales and marketing (1,269,493 ) (520,161 ) (22,608 ) (1,812,262 ) General and administrative (472,057 ) (121,887 ) (46,079 ) (640,023 ) Total cost and expenses (8,928,568 ) (963,486 ) (503,772 ) (10,395,826 ) Other operating income 252,458 173 1,066 253,697 Income (loss) from operations 4,136,311 (545,315 ) (324,704 ) 3,266,292 Interest income 268,583 4,285 78 272,946 Interest expense (56,503 ) — — (56,503 ) Other gain or loss, net (43,200 ) — — (43,200 ) Income tax (expenses) benefits (716,729 ) 21,824 (4,743 ) (699,648 ) Share of income on equity method investments 48,660 — — 48,660 Net income (loss) 3,637,122 (519,206 ) (329,369 ) 2,788,547 For the year ended December 31,2019 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 15,740,815 1,259,906 14,368 17,015,089 Cost and expenses: Cost of revenues (8,065,300 ) (415,688 ) (11,108 ) (8,492,096 ) Research and development (797,471 ) (297,560 ) — (1,095,031 ) Sales and marketing (1,521,511 ) (1,162,912 ) (6,401 ) (2,690,824 ) General and administrative (641,269 ) (851,099 ) (34,914 ) (1,527,282 ) Total cost and expenses (11,025,551 ) (2,727,259 ) (52,423 ) (13,805,233 ) Other operating income 323,444 — 21,399 344,843 Income (loss) from operations 5,038,708 (1,467,353 ) (16,656 ) 3,554,699 Interest income 396,672 10,706 164 407,542 Interest expense (78,611 ) — — (78,611 ) Other gain or loss, net (15,711 ) — — (15,711 ) Income tax (expenses) benefits (917,265 ) 33,464 — (883,801 ) Share of income on equity method investments (23,350 ) — — (23,350 ) Net income (loss) 4,400,443 (1,423,183 ) (16,492 ) 2,960,768 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 income on equity method investments (42,522 ) — — (42,522 ) Net income (loss) 2,575,839 (454,070 ) (21,377 ) 2,100,392 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
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 benefits were RMB166,998, RMB214,313 and RMB209,930 for the years ended December 31, 2018, 2019 and 2020, respectively. |
Statutory Reserves and Restrict
Statutory Reserves and Restricted Net Assets | 12 Months Ended |
Dec. 31, 2020 | |
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 RMB5,194, RMB2,701 and RMB nil for the years ended December 31, 2018, 2019 and 2020, 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 RMB1,477,339, RMB1,504,378 and RMB1,475,551 as of December 31, 2018, 2019 and 2020, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 23. SUBSEQUENT EVENTS Special cash dividend On March 19, 2021, the Company declared a special cash dividend in the amount of US$0.64 per ADS, or US$0.32 per ordinary share. The cash dividend will be paid on April 30, 2021 ex-dividend Execution of share repurchase program Under the 2020 share repurchase program, as of the date of this report, the Company had repurchased approximately million ADSs for approximately million on the open market, at an average purchase price of Preferred share investment In April 2021, the Group entered into a preferred share purchase agreement with a third party company that provides home services, with an aggregate consideration of approximately US$46 million. This transaction was completed in late April 2021. The Company is in the process of evaluating the accounting treatment of these transactions . |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Basis of presentation | Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Basis of consolidation | Basis of consolidation The consolidated financial statements of the Group include the financial statements of Momo Inc., its subsidiaries, its VIEs and VIEs’ subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation. Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income, total assets, total liabilities, or total shareholders’ equity. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues, cost and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements include the acquisition’s purchase price allocation, the useful lives and impairment of property and equipment and intangible assets, the impairment of long-term investments and goodwill, the valuation allowance for deferred tax assets, and share- based compensation. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments, which are unrestricted from withdrawal or use, or which have original maturities of three months or less when purchased. |
Short-term deposits | Short-term deposits Short-term deposits consist of bank deposits with an original maturity of over three months but within one year. |
Restricted cash | Restricted cash Restricted cash represents RMB deposits in restricted bank accounts related to other services that cannot be withdrawn. The Company considers the expected timing of the release of the restrictions to determine the appropriate financial statement classification. |
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. Beginning on January 1, 2020, 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, restricted cash, long-term deposits, accounts receivable, equity securities without readily determinable fair value, accounts payable, deferred revenue, convertible senior notes, income tax payable, amount due from a related party and amount due to related parties. Cash and cash equivalents are recorded at fair value based on the quoted market price in an active market. The carrying values of short-term deposits, restricted cash, accounts receivable, accounts payable, deferred revenue, income tax payable, amount due from a related party and amount due to related parties approximate their fair values. It is not practical to estimate the fair value of the Group’s equity securities without readily determinable fair value because of the lack of quoted market price and the inability to estimate fair value without incurring excessive costs. The carrying value of long-term deposits approximates to fair value as the interest rates were determined based on the prevailing interest rates in the market. The Group classifies the valuation techniques that use these inputs as Level 2 in the fair value hierarchy. The fair value of the Company’s convertible senior notes is discussed in Note 12. |
Foreign currency risk | Foreign currency risk The Renminbi (“RMB”) is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. Cash and cash equivalents of the Group included aggregate amounts of RMB2,434 million and RMB2,542 million as of December 31, 2019 and 2020, respectively, which were denominated in RMB. |
Business combinations | Business combinations Business combinations are recorded using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers and liabilities incurred by the Company and equity instruments issued. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling non-controlling |
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 prescribed within Accounting Standards Update (“ASU”) 2016-01, |
Equity method investments | Equity method investments The investee companies over which the Group has the ability to exercise significant influence, but does not have a controlling interest are accounted for using the equity method. Significant influence is generally considered to exist when the Group has an ownership interest in the voting stock of the investee between 20% and 50%. Other factors, such as representation in the investee’s Board of Directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate. For the investment in limited partnerships, where the Group holds less than a 20% equity or voting interest, the Group’s influence over the partnership operating and financial policies is determined to be more than minor. Accordingly, the Group accounts for these investments as equity method investments. Under the equity method of accounting, the affiliated company’s accounts are not reflected within the Group’s consolidated balance sheets and consolidated statements of operations; however, the Group’s share of the earnings or losses of the affiliated company is reflected in the caption “share of income (loss) on equity method investments” in the consolidated statements of operations. An impairment change is recorded if the carrying amount of the investment exceeds its fair value and this condition is determined to be other-than-temporary. The Group estimates the fair value of the investee company based on comparable quoted price for similar investment in active market, if applicable, or discounted cash flow approach which requires significant judgments, including the estimation of future cash flows, which is dependent on internal forecasts, the estimation of long term growth rate of a company’s business, the estimation of the useful life over which cash flows will occur, and the determination of the weighted average cost of capital. |
Property and equipment, net | Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. 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 estimated useful lives |
Intangible assets | Intangible assets Intangible assets acquired through business acquisitions are recognized as assets separate from goodwill if they satisfy either the “contractual-legal” or “separability” criterion. Purchased intangible assets and intangible assets arising from acquisitions are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: Copyright 1 year License 3.2-10 years Technology 3 years User base 5 years Trade name 10 years |
Impairment of long-lived assets with finite lives | Impairment of long-lived assets with finite lives The Group reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Group measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the fair value of the assets. |
Goodwill | Goodwill Goodwill represents the excess of the purchase consideration over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed of the acquired entity as a result of the Company’s acquisitions of interests in its subsidiaries. Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. The Company has an option to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. In the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. Based on the qualitative assessment, if it is more likely than not that the fair value of each reporting unit is less than the carrying amount, the quantitative impairment test is performed . Prior to January 1, 2020, in performing the two-step . |
Convertible senior notes | Convertible senior notes The Group determines the appropriate accounting treatment of its convertible senior notes in accordance with the terms in relation to the conversion feature, call and put options, and beneficial conversion feature. After considering the impact of such features, the Group may account for such instrument as a liability in its entirety, or separate the instrument into debt and equity components following the respective guidance described under ASC 815 “Derivatives and Hedging” and ASC 470 “Debt”. The debt discount, if any, together with the related issuance cost are subsequently amortized as interest expense, using the effective interest method, from the issuance date to the earliest maturity date. Interest expenses are recognized in the consolidated statements of operations in the period in which they are incurred. |
Fair value | Fair value Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liability categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. |
Revenue recognition | Revenue recognition The 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, 2018, 2019 and 2020, 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, 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 For the year ended December 31, 2019 Momo Tantan QOOL RMB RMB RMB Live video service 12,448,131 — — Value-added services 2,846,057 1,259,906 — Mobile marketing 331,822 — — Mobile games 92,451 — — Other services 22,354 — 14,368 Total 15,740,815 1,259,906 14,368 For the year ended December 31, 2018 Momo Tantan QOOL RMB RMB RMB Live video service 10,709,491 — — Value-added services 1,465,152 417,998 — Mobile marketing 500,321 — — Mobile games 130,392 — — Other services 7,065 — 178,002 Total 12,812,421 417,998 178,002 (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 enhance s 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, 2018, 2019 and 2020. (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 and film promotion service. |
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. Beginning on January 1, 2020, the Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group recorded 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 2019 and 2020 that was included in the deferred revenue balance as of January 1, 2019 and 2020 were RMB441,892 and RMB , 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 The Group records government subsidies as other operating income when received from the local government authority, because the government subsidies are not subject to further performance obligations or future returns. Government subsidies recorded as other operating income amounted to RMB223,995, RMB255,750 and RMB142,061 for the years ended December 31, 2018, 2019 and 2020, respectively. |
Research and development expenses | Research and development expenses Research and development expenses primarily consist of (i) salaries and benefits for research and development personnel, and (ii) technological service fee, depreciation and office rental expenses associated with the research and development activities. The Group’s research and development activities primarily consist of the research and development of new features for its mobile platform and its self-developed mobile games. The Group has expensed all research and development expenses when incurred. |
Value added taxes ("VAT") | Value added taxes (“VAT”) Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in accrued expenses and other current liabilities on the consolidated balance sheets. VAT is also reported as a deduction to revenue when incurred and amounted to RMB1,136,034, RMB1,484,651 and RMB1,266,603 for the years ended December 31, 2018, 2019 and 2020, respectively. |
Income taxes | Income taxes Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than- not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. |
Foreign currency translation and change in reporting currency | Foreign currency translation and change in reporting currency The reporting currency of the Company is the Renminbi (“RMB”). The functional currency of the Company is the US dollar (“US$”). The Company’s operations are principally conducted through the subsidiaries, its VIEs and VIEs’ subsidiaries located in the PRC where the local currency is the functional currency. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange in place at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statement of operations. Assets and liabilities of the Group companies are translated from their respective functional currencies to the reporting currency at the exchange rates at the balance sheet dates, equity accounts are translated at historical exchange rates and revenues and expenses are translated at the average exchange rates in effect during the reporting period. The resulting foreign currency translation adjustments are recorded in other comprehensive income (loss). In the fourth quarter Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 = RMB6.525 on the last trading day of 2020 (December 31, 2020) representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rates. |
Leases | Leases The Group adopted ASU 2016-02, non-lease right-of-use 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 RMB1,236,167, RMB1,960,002 and RMB2,255,519 for the years ended December 31, 2018, 2019 and 2020, respectively, and have been included in sales and marketing expenses in the consolidated statements of operations. |
Comprehensive income | Comprehensive income Comprehensive income includes net income and foreign currency translation adjustments. Comprehensive income is reported in the consolidated statements of comprehensive income. |
Share-based compensation | Share-based compensation Share-based payment transactions with employees and executives are measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense net of a forfeiture rate on a straight-line basis, over the requisite service period, with a corresponding impact reflected in additional paid-in Share-based compensation with cash settlement features are classified The Group adopted ASU 2018-07, Compensation-Stock Compensation (Topic 718), Improvement to Nonemployee Share-based Payment Accounting, beginning January 1, 2019. Share awards issued to consultants are measured at the grant-date fair value and recognized over the period the services are provided. Before January 1, 2019, the Group accounted for share -based awards issued to non-employees in accordance with ASC 505-50, Equity-based Payments to Non-Employees. The estimate of forfeiture rate is adjusted over the requisite service period to the extent that actual forfeiture rate differs, or is expected to differ, from such estimates. Changes in estimated forfeiture rate is recognized through a cumulative catch-up Changes in the terms or conditions of share options are accounted as a modification. The Group calculates the excess of the fair value of the modified option over the fair value of the original option immediately before the modification, measured based on the share price and other pertinent factors at the modification date. For vested options, the Group recognizes incremental compensation cost in the period that the modification occurred. For unvested options, the Group recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. |
Earnings per share | Earnings per share Basic earnings per ordinary share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per ordinary share reflect the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Group had share options, restricted share units and convertible senior notes, which could potentially dilute basic earnings per share in the future. To calculate the number of shares for diluted earnings per ordinary share, the effect of the share options and restricted share units is computed using the treasury stock method, and the effect of the convertible senior notes is computed using the as-if-converted |
Recent accounting pronouncements adopted | Recent accounting pronouncements adopted In June 2016, the FASB issued ASU No. 2016-13, 2016-13”) 2016-13 2016-13 2019-04, 2019-04 2016-13, 2019-04 2016-13 2019-04 2016-13. 2016-13 In January 2017, FASB issued ASU No. 2017-04: 2017-04 In August 2018, the FASB issued ASU No. 2018-13, 2018-13”) 2018-13 In March 2019, the FASB issued ASU 2019-02, 2019-02”) 2019-02 920-350 2019-02 2019-02 |
Recent accounting pronouncements not yet adopted | Recent accounting pronouncements not yet adopted In January 2020, the FASB issued ASU 2020-01, In August 2020, the FASB issued ASU 2020-06, 470-20) 815-40) 2020-06”). 2020-06 2020-06 if-converted 2020-06 |
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, 2018, 2019 and 2020, 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, restricted cash, long-term deposits and accounts receivable. The Group places their cash with financial institutions with high-credit ratings and quality. Third-party application stores and other payment channels accounting for 10% or more of accounts receivables are as follows: As of December 31, 2019 2020 A 26 % 26 % B 12 % 14 % Users or customers accounting for 10% or more of accounts receivables is as follows: As of December 31, 2019 2020 C 6 % 11 % |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Schedule of Subsidiaries, VIEs and VIEs' Subsidiaries | As of December 31, 2020, details of the Company’s major subsidiaries, VIEs and VIEs’ subsidiaries are as follows: Major subsidiaries Momo Technology HK Company Limited (“Momo HK”) Beijing Momo Information Technology Co., Ltd. (“Beijing Momo IT”) Qool Media HongKong Limited (“QOOL HK”) Tantan Limited (“Tantan”) Tantan Hong Kong Limited (“Tantan HK”) Tantan Technology (Beijing) Co., Ltd. (“Tantan Technology”) QOOL Media Inc. (“QOOL Inc.”) QOOL Media Technology (Tianjin) Co., Ltd. (“QOOL Media”) SpaceCape Inc. (“SpaceCape Inc.”) SpaceCape Technology Pte.Ltd. (“SpaceCape Singapore”) MatchUp UK Limited (“Tantan MatchUp”) 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”) * Major VIEs’ subsidiaries Chengdu Momo Technology Co., Ltd. (“Chengdu Momo”) * Tianjin Heer Technology Co., Ltd. (“Tianjin Heer”) * Loudi Momo Technology Co., Ltd. (“Loudi Momo”) * Momo Pictures Co., Ltd. (“Momo Pictures”) * Tianjin Laifu Culture Development Co., Ltd. (“Tantan Laifu”) * 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, 2019 2020 RMB RMB Cash and cash equivalents 1,147,848 1,311,713 Short-term 800,000 604,500 Other current assets 680,494 544,615 Total current assets 2,628,342 2,460,828 Long-term deposits — 950,000 Long-term investments 495,905 454,996 Other non-current assets 230,634 264,825 Total assets 3,354,881 4,130,649 Accounts payable 611,471 607,430 Deferred revenue 497,166 501,695 Other current liabilities 403,546 402,265 Total current liabilities 1,512,183 1,511,390 Other non-current liabilities 26,738 58,984 Total liabilitie s 1,538,921 1,570,374 For the years ended December 31, 2018 2019 2020 RMB RMB RMB Net revenues 13,408,421 17,001,337 14,902,691 Net income 6,292,183 8,511,991 6,734,471 Net cash provided by operating activities 5,913,709 9,125,496 6,906,938 Net cash used in investing activities (151,546 ) (881,828 ) (757,949 ) Net cash provided by financing activities — 11,000 — |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 estimated useful lives |
Identifiable Intangible Assets Amortized over their estimated useful lives using the straight line method | Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: Copyright 1 year License 3.2-10 years Technology 3 years User base 5 years Trade name 10 years |
Components of Revenues | The following table provides information about disaggregated revenue by types, including a reconciliation of the disaggregated revenue with the Group’s reportable segments: For the year ended December 31, 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 For the year ended December 31, 2019 Momo Tantan QOOL RMB RMB RMB Live video service 12,448,131 — — Value-added services 2,846,057 1,259,906 — Mobile marketing 331,822 — — Mobile games 92,451 — — Other services 22,354 — 14,368 Total 15,740,815 1,259,906 14,368 For the year ended December 31, 2018 Momo Tantan QOOL RMB RMB RMB Live video service 10,709,491 — — Value-added services 1,465,152 417,998 — Mobile marketing 500,321 — — Mobile games 130,392 — — Other services 7,065 — 178,002 Total 12,812,421 417,998 178,002 |
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, 2019 2020 A 26 % 26 % B 12 % 14 % Users or customers accounting for 10% or more of accounts receivables is as follows: As of December 31, 2019 2020 C 6 % 11 % |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Total Consideration for Acquisition | The consideration consisted of RMB3,930,246 of cash, of which RMB3,864,255 was paid as of December 31, 2020. The consideration also included 5,328,853 newly issued Class A ordinary shares of the Company which were fully issued as of the acquisition date. Cash consideration 3,930,246 Fair value of ordinary shares issued 784,215 Total consideration 4,714,461 |
Schedule of Purchase Price Allocation to Assets Acquired and Liabilities Assumed as of the Date of Acquisition | The transaction was accounted for as a business combination using the purchase method of accounting. The purchase price allocation of the transaction was determined by the Group with the assistance of an independent valuation firm, and the purchase price allocation to assets acquired and liabilities assumed as of the date of acquisition was as follows: Indicated Value Estimated useful lives RMB Net tangible assets: Cash and cash equivalents and short term investment 154,671 Accounts receivable 20,079 Other current asset 22,833 Property and equipment, net 46,160 Other non-current 3,030 Intangible assets Trade name 640,600 10 years Technology 26,100 3 years User base 342,500 5 years Total assets 1,255,973 Accounts payable (21,037 ) Other current liabilities (262,533 ) Deferred tax liabilities (252,300 ) Goodwill 3,994,358 Total consideration 4,714,461 |
Summary of Operation Attributable to Acquisition | The following information summarizes the results of operation attributable to the acquisition included in the Group’s consolidated statement of operations since the acquisition date: Year ended December 31, 2018 RMB Net revenue 417,998 Net loss 519,206 |
Schedule of Pro Froma Result from Operations | The following unaudited pro forma information summarizes the results of operations of the Group for the years ended December , assuming that the acquisition of Tantan occurred on January , . The following pro forma financial information is not necessarily indicative of the results that would have occurred had the acquisition been completed at the beginning of the periods as indicated, nor is it indicative of future operating results: Year ended December 31, 2018 (Unaudited) RMB Pro forma net revenue 13,511,439 Pro forma net income attributable to ordinary shareholders of Momo Inc. 2,383,646 Pro forma net income per ordinary share - basic 5.86 Pro forma net income per ordinary share - diluted 5.50 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2019 2020 RMB RMB Deposits with third-party payment channels (i) 190,037 210,825 Interest receivable 105,450 118,756 Deposits at third party broker (ii) — 71,653 Input VAT (iii) 107,879 69,656 Advance to suppliers (iv) 80,419 66,692 Deferred platform commission cost 35,922 35,398 Prepaid income tax and other expenses 19,738 16,686 Corporate lending receivable (v) 40,000 — Others 19,555 24,030 599,000 613,696 (i) Deposits with third-party (ii) On September 7, 2020, the Company engaged Credit Suisse Securities(USA) LLC (“Credit Suisse”) as agent to facilitate the share repurchase program. During the year ended December 31, 2020, the Company deposited US$60,000 at Credit Suisse, of which US$49,019 has been used to repurchase total 7,181,576 shares as of December 31, 2020. (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. (iv) Advance to suppliers were primarily for advertising fees and related service fees. (v) Corporate lending receivable was a loan to a third-party entity during 2018, which matured in June 2020 amounting to |
Long-Term Investments (Tables)
Long-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long-term Investments [Abstract] | |
Summary of Equity and Cost Method Investments | As of December 31, 2019 2020 RMB RMB Equity method investments Jingwei Chuangteng (Hangzhou) L.P. (i) 73,418 78,382 Hangzhou Aqua Ventures Investment Management L.P. (ii) 106,704 63,093 Chengdu Tianfu Qianshi Equity Investment Partnership L.P. (i ii 27,465 36,702 Others (v) 44,193 38,694 Equity securities without readily determinable fair values Hunan Qindao Cultural Spread Ltd. ( iv 30,000 30,000 Hangzhou Faceunity Technology Limited ( iv 70,000 70,000 Haining Yijiayi Culture Co., Ltd. ( iv 25,000 25,000 Others (v) 119,125 113,125 495,905 454,996 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: As of December 31, 2019 2020 RMB RMB Computer equipment 623,482 718,508 Office equipment 150,048 171,663 Vehicles 3,599 3,807 Leasehold improvement 99,671 105,165 Less: accumulated depreciation (530,439 ) (733,292 ) Exchange difference (16 ) (86 ) 346,345 265,765 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets, net consisted of the following: As of December 31, 2019 2020 RMB RMB Trade name 695,789 652,134 Active user 372,007 348,666 Technology 28,349 26,570 License 52,433 50,133 Game copyright 2,170 2,170 Less: accumulated amortization and impairment (257,034 ) (414,292 ) Exchange difference (3,411 ) 21,830 Net book value 890,303 687,211 |
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 2021 143,650 2022 139,960 2023 99,282 2024 70,227 2025 70,227 Thereafter 163,865 Total 687,211 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | As of December 31, 2020 Momo Tantan Total RMB RMB RMB Balance, as of January 1, 2019 22,130 4,284,699 4,306,829 Foreign exchange differences — 53,781 53,781 Balance, as of December 31, 2019 22,130 4,338,480 4,360,610 Foreign exchange differences — (272,207 ) (272,207 ) Balance, as of December 31, 2020 22,130 4,066,273 4,088,403 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2019 2020 RMB RMB Accrued payroll and welfare 335,012 261,599 Payable for advertisement 304,954 254,264 Balance of users’ virtual accounts 120,935 127,520 Other tax payables 55,872 53,974 Accrued professional services and related service fee 68,825 52,566 VAT payable 29,975 29,930 Others 70,300 74,982 Total 985,873 854,835 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of operating lease additional information | Total operating lease expense was RMB160,791 and RMB154,368, including RMB26,848 and RMB20,418 short-term lease expense for the year ended December 31, 2019 and 2020, respectively. The operating lease expense was recorded in cost and expenses on the consolidated statements of operations. For the years ended December 31 2019 2020 RMB RMB Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 106,288 113,577 Non-cash right-of-use Operating leases 127,362 236,499 Weighted average remaining lease term Operating leases 1.59 2.46 Weighted average discount rate Operating leases 4.52 % 3.33 % |
Summary of future minimum payments under operating leases | As of December 31, 2020, 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 2021 135,107 2022 101,646 2023 and thereafter 44,409 Less imputed interest 11,933 Total 269,229 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | As of December 31, 2019 and 2020, 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 2019 Quoted Significant Significant RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 2,612,743 2,612,743 — — Total 2,612,743 2,612,743 — — Fair Value Measured as of December 31, Description 2020 Quoted Significant Significant RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 3,363,942 3,363,942 — — Total 3,363,942 3,363,942 — — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2019 2020 RMB RMB Deferred tax assets: Advertising expense 239,937 272,228 Net operating loss carry-forward 117,595 178,378 Accrued expenses 26,196 22,293 Impairment on long-term investments and game copyright 14,117 15,617 Less: valuation allowance (360,781 ) (456,021 ) Deferred tax assets, net 37,064 32,495 Deferred tax liabilities: Intangible assets acquired 222,576 171,803 Deferred tax liabilities, net 222,576 171,803 |
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, 2018 2019 2020 RMB RMB RMB Net income before provision for income tax 3,439,535 3,867,919 2,898,534 PRC statutory tax rate 25 % 25 % 25 % Income tax expense at statutory tax rate 859,884 966,980 724,634 Permanent differences and Research and development super-deduction 20,135 24,406 (11,861 ) Change in valuation allowance 98,862 39,427 95,240 Effect of income tax rate difference in other jurisdictions 156,136 257,449 123,778 Effect of tax holidays and preferential tax rates (435,369 ) (404,461 ) (282,775 ) Effect of the preferential tax rate adjustment of prior year’s EIT — — (113,396 ) Effect of PRC withholding tax — — 220,000 Provision for income tax 699,648 883,801 755,620 |
Increase in Income Tax Expenses and Net Income Per Share Amounts | 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, 2018, 2019 and 2020, the increase in income tax expenses and resulting net income per share amounts would be as follows: For the year ended December 31, 2018 2019 2020 RMB RMB RMB Increase in income tax expenses 435,369 404,461 282,775 Net income per ordinary share attributable to Momo Inc. - basic 5.85 6.18 4.37 Net income per ordinary share attributable to Momo Inc. - diluted 5.59 5.86 4.20 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Option Activity | The following table summarizes the option activity for the year ended December 31, 2020: Number of Weighted Weighted average Aggregated intrinsic Outstanding as of December 31, 2019 23,797,707 0.0260 7.05 397,993 Granted 6,678,796 0.0002 Exercised (1,785,024 ) 0.0189 Forfeited (474,210 ) 0.0002 Outstanding as of December 31, 2020 28,217,269 0.0208 6.82 196,370 Exercisable as of December 31, 2020 15,745,456 0.0371 5.34 109,317 |
Schedule of Assumptions Used to Estimate Fair Value of Stock Options Granted | The fair value of options granted was estimated on the date of grant using the Black-Sholes pricing model after the Company completed its initial public offering, with the following assumptions used for grants during the applicable periods: Risk-free interest Expected term Volatility Dividend yield Exercise price 2018 3.16%~3.66% 6 years 50.0%~50.7% — 0.0002 2019 2.45%~3.21% 6 years 49.0%~50.5% — 0.0002 2020 1.22%~1.48% 6 years 50.6%~54.4% — 0.0002 |
Options classified as Equity Awards | 2018 Plan | |
Summary of Option Activity | The following table summarizes the option activity for the year ended December 31, 2020: Number of Weighted Weighted Aggregated Outstanding as of December 31, 2019 11,925,083 2.1490 7.40 34,356 Granted 2,113,299 3.2235 Redeemed (1,563,979 ) 0.1219 Forfeited (2,505,598 ) 2.8059 Outstanding as of December 31, 2020 9,968,805 2.5297 6.98 22,035 Exercisable as of December 31, 2020 6,166,096 1.9210 6.10 16,994 |
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 2018 3.58 % 10 years 55.4 % — 0.32~5.0 2019 2.30%~3.50 % 10 years 54.2%~55.4 % — 0.32~5.0 2020 1.52%~1.83 % 10 years 53.8%~57.1 % — 0.002~5.0 |
Options classified as Liability Awards | 2018 Plan | |
Schedule of Assumptions Used to Estimate Fair Value of Stock Options Granted | The fair value of each option granted was estimated using the binomial tree pricing model with the following assumptions used during the applicable periods: Risk-free interest Contractual term Volatility Dividend yield Exercise price 2018 3.39%~3.58 % 10 years 55.4%~55.6 % — 0.0004 2019 2.45%~3.19 % 10 years 54.2%~55.5 % — 0.0004 2020 1.31%~1.59 % 10 years 54.0%~56.1 % — 0.0004 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Calculation of Net Income Per Share | The calculation of net income per share is as follows: For the year ended December 31, 2018 2019 2020 RMB RMB RMB Numerator: Net income attributed to ordinary shareholders for computing net income per ordinary share-basic and diluted 2,815,775 2,970,890 2,103,484 Denominator: Denominator for computing net income per share-basic: Weighted average ordinary shares outstanding used in computing net income per ordinary share-basic 407,009,875 415,316,627 416,914,898 Denominator for computing net income per share-diluted: Weighted average shares outstanding used in computing net income per ordinary share-diluted 433,083,643 451,206,091 452,081,642 (i) Net income per ordinary share attributable to Momo Inc. - basic 6.92 7.15 5.05 Net income per ordinary share attributable to Momo Inc. - diluted 6.59 6.76 4.83 |
Summary of Potential Ordinary Shares Outstanding Excluded from Computation of Diluted Net Loss Per Ordinary Share | The following table summarizes potential ordinary shares outstanding excluded from the computation of diluted net income per ordinary share for the years ended December 31, 2018, 2019 and 2020, because their effect is anti-dilutive: For the year ended December 31, 2018 2019 2020 RMB RMB RMB Share issuable upon exercise of share options 1,117,334 902,655 9,907,671 Share issuable upon exercise of RSUs — 45,893 220,781 (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, 2018, an incremental weighted average number of 14,821,852 ordinary shares from the assumed exercise of share options and RSUs and an incremental weighted average number of 11,251,916 ordinary shares resulting from the assumed conversion of convertible senior notes were included. |
Related Party Balances and Tr_2
Related Party Balances and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | (1) Amount due from a related party-current As of December 31, 2019 2020 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (ii) 4,382 — Total 4,382 — (ii) The amount of RMB4,382 as of December 31, 2019 represented the uncollected amounts for the mobile marketing services provided to Hunan Qindao Network Media Technology Co., Ltd. (2) Amount due to related parties – current As of December 31, 2019 2020 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (iii) 29,596 19,462 Others 10 — Total 29,606 19,462 (iii) The amount of RMB29,596 and RMB19,462 as of December 31, 2019 and 2020 primarily represented the unpaid revenue sharing of live video service to Hunan Qindao Network Media Technology Co., Ltd. (3) Sales to a related party For the year ended 2018 2019 2020 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (vi) — 5,449 5,627 Total — 5,449 5,627 (vi) The sales to Hunan Qindao Network Media Technology Co., Ltd. represented mobile marketing services provided. (4) Purchase from related parties For the year ended 2018 2019 2020 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (v) 429,345 497,789 354,274 Beijing Santi Cloud Union Technology Co., Ltd. (vi) — — 5,511 Beijing Santi Cloud Time Technology Co., Ltd. (vi) — — 3,410 Beijing Shiyue Haofeng Media Co., Ltd. (v) 2,005 2,070 164 Total 431,350 499,859 363,359 (v) The purchases from Hunan Qindao Network Media Technology Co., Ltd. and Beijing Shiyue Haofeng Media Co., Ltd. mainly represent the Revenue Sharing. (vi) The purchase from Beijing Santi Cloud Union Technology Co., Ltd. and Beijing Santi Cloud Time Technology Co., Ltd. is mainly related to its bandwidth services. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2018, 2019 and 2020 were as follows: For the year ended December 31,2018 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 12,812,421 417,998 178,002 13,408,421 Cost and expenses: Cost of revenues (6,572,954 ) (174,858 ) (435,085 ) (7,182,897 ) Research and development (614,064 ) (146,580 ) — (760,644 ) Sales and marketing (1,269,493 ) (520,161 ) (22,608 ) (1,812,262 ) General and administrative (472,057 ) (121,887 ) (46,079 ) (640,023 ) Total cost and expenses (8,928,568 ) (963,486 ) (503,772 ) (10,395,826 ) Other operating income 252,458 173 1,066 253,697 Income (loss) from operations 4,136,311 (545,315 ) (324,704 ) 3,266,292 Interest income 268,583 4,285 78 272,946 Interest expense (56,503 ) — — (56,503 ) Other gain or loss, net (43,200 ) — — (43,200 ) Income tax (expenses) benefits (716,729 ) 21,824 (4,743 ) (699,648 ) Share of income on equity method investments 48,660 — — 48,660 Net income (loss) 3,637,122 (519,206 ) (329,369 ) 2,788,547 For the year ended December 31,2019 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 15,740,815 1,259,906 14,368 17,015,089 Cost and expenses: Cost of revenues (8,065,300 ) (415,688 ) (11,108 ) (8,492,096 ) Research and development (797,471 ) (297,560 ) — (1,095,031 ) Sales and marketing (1,521,511 ) (1,162,912 ) (6,401 ) (2,690,824 ) General and administrative (641,269 ) (851,099 ) (34,914 ) (1,527,282 ) Total cost and expenses (11,025,551 ) (2,727,259 ) (52,423 ) (13,805,233 ) Other operating income 323,444 — 21,399 344,843 Income (loss) from operations 5,038,708 (1,467,353 ) (16,656 ) 3,554,699 Interest income 396,672 10,706 164 407,542 Interest expense (78,611 ) — — (78,611 ) Other gain or loss, net (15,711 ) — — (15,711 ) Income tax (expenses) benefits (917,265 ) 33,464 — (883,801 ) Share of income on equity method investments (23,350 ) — — (23,350 ) Net income (loss) 4,400,443 (1,423,183 ) (16,492 ) 2,960,768 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 income on equity method investments (42,522 ) — — (42,522 ) Net income (loss) 2,575,839 (454,070 ) (21,377 ) 2,100,392 |
Organization and Principal Ac_3
Organization and Principal Activities - Additional Information (Detail) ¥ in Thousands, $ in Thousands | May 31, 2018CNY (¥)shares | Dec. 31, 2020related_partyasset_groupTerm | Dec. 31, 2019 | Dec. 31, 2018CNY (¥) | May 31, 2018USD ($) |
Variable Interest Entity [Line Items] | |||||
Date of incorporation | Nov. 23, 2011 | ||||
Percentage of VIEs revenues to the consolidated net revenues | 99.20% | 99.90% | 100.00% | ||
Percentage of VIEs assets to the consolidated total assets | 17.80% | 14.90% | |||
Percentage of VIEs liability to the consolidated total liabilities | 18.70% | 17.60% | |||
Number of consolidated VIEs' assets that are collateral for the VIEs' obligations | asset_group | 0 | ||||
VIEs creditors having recourse to general credit of the Company | related_party | 0 | ||||
Number of terms under arrangement with VIEs to provide financial support | Term | 0 | ||||
Tantan Limited [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash Consideration | ¥ 3,930,246 | ¥ 3,930,246 | $ 613,181 | ||
Tantan Limited [Member] | Momo INC [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Business acquisition percentage ownership | 100.00% | 100.00% | |||
Class A Common Stock [Member] | Tantan Limited [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Business Acquisition , share issued | shares | 5,328,853 | ||||
Business Operations Agreement [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Effective years of agreement | 10 years |
Organization and Principal Ac_4
Organization and Principal Activities - Schedule of Amounts and Balances of VIEs Included in Consolidated Financial Statements After Elimination of Intercompany Balances and Transactions (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | |
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | ¥ 3,363,942 | ¥ 2,612,743 | $ 515,547 | ||
Short-term deposits | 7,566,250 | 12,312,585 | 1,159,579 | ||
Total current assets | 11,746,849 | 15,793,865 | 1,800,284 | ||
Long-term deposits | 5,550,000 | 300,000 | 850,575 | ||
Long-term investments | 454,996 | 495,905 | 69,731 | ||
Other non-current assets | 94,868 | 44,009 | 14,539 | ||
Total assets | 23,220,556 | 22,483,681 | 3,558,706 | ||
Accounts payable | 699,394 | 714,323 | 107,186 | ||
Deferred revenue | 511,617 | 503,461 | 78,409 | ||
Total current liabilities | 2,516,740 | 2,606,754 | 385,707 | ||
Other non-current liabilities | 25,666 | 22,672 | 3,933 | ||
Total liabilities | 8,385,227 | 8,764,899 | $ 1,285,092 | ||
Net revenues | 15,024,188 | 17,015,089 | ¥ 13,408,421 | ||
Net income | 2,103,484 | 2,970,890 | 2,815,775 | ||
Net cash provided by operating activities | 3,080,889 | $ 472,168 | 5,448,886 | 3,327,718 | |
Net cash used in investing activities | (748,466) | (114,707) | (4,029,919) | (10,034,004) | |
Net cash provided by financing activities | (1,498,150) | $ (229,601) | (1,273,780) | 4,687,951 | |
Beijing Momo Technology Co., Ltd. [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | 1,311,713 | 1,147,848 | |||
Short-term deposits | 604,500 | 800,000 | |||
Other current assets | 544,615 | 680,494 | |||
Total current assets | 2,460,828 | 2,628,342 | |||
Long-term deposits | 950,000 | ||||
Long-term investments | 454,996 | 495,905 | |||
Other non-current assets | 264,825 | 230,634 | |||
Total assets | 4,130,649 | 3,354,881 | |||
Accounts payable | 607,430 | 611,471 | |||
Deferred revenue | 501,695 | 497,166 | |||
Other current liabilities | 402,265 | 403,546 | |||
Total current liabilities | 1,511,390 | 1,512,183 | |||
Other non-current liabilities | 58,984 | 26,738 | |||
Total liabilities | 1,570,374 | 1,538,921 | |||
Net revenues | 14,902,691 | 17,001,337 | 13,408,421 | ||
Net income | 8,511,991 | 6,292,183 | |||
Net cash provided by operating activities | 6,906,938 | 9,125,496 | 5,913,709 | ||
Net cash used in investing activities | ¥ (757,949) | (881,828) | ¥ (151,546) | ||
Net cash provided by financing activities | ¥ 11,000 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) ¥ in Thousands, $ in Thousands | Jan. 01, 2020CNY (¥) | Jan. 01, 2019CNY (¥) | Dec. 31, 2020CNY (¥)Customer | Dec. 31, 2020USD ($)Customer | Dec. 31, 2019CNY (¥)Customer | Dec. 31, 2018CNY (¥)Customer | Dec. 31, 2020USD ($) |
Accounting Policies [Line Items] | |||||||
Cash and cash equivalents | ¥ 3,363,942 | ¥ 2,612,743 | $ 515,547 | ||||
Deferred revenue recognized | ¥ 503,461 | ¥ 441,892 | |||||
Impairment charges related to contract assets | 0 | ||||||
Other operating income | 228,777 | $ 35,062 | 344,843 | ¥ 253,697 | |||
Value added tax incurred | 1,266,603 | 1,484,651 | 1,136,034 | ||||
Foreign currency adjustment gain loss | ¥ (141,677) | $ (21,713) | (8,835) | 198,654 | |||
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$1.00 = RMB6.525 on the last trading day of 2020 (December 31, 2020) representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rates. | Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 = RMB6.525 on the last trading day of 2020 (December 31, 2020) representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rates. | |||||
Foreign currency translation exchange rate | 6.525 | 6.525 | |||||
Advertising expense | ¥ 2,255,519 | 1,960,002 | 1,236,167 | ||||
Minimum [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Percentage of ownership, equity method investment | 20.00% | 20.00% | |||||
Maximum [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Percentage of ownership, equity method investment | 50.00% | 50.00% | |||||
Contracts, original duration | 1 year | 1 year | |||||
Short-term deposits [Member] | Minimum [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Bank deposits maturity | 3 months | 3 months | |||||
Short-term deposits [Member] | Maximum [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Bank deposits maturity | 1 year | 1 year | |||||
Long-term deposits [Member] | Minimum [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Bank deposits maturity | 1 year | 1 year | |||||
Membership Subscription [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Contract period, minimum | 1 month | 1 month | |||||
Contract period, maximum | 1 year | 1 year | |||||
Government Subsidies | |||||||
Accounting Policies [Line Items] | |||||||
Other operating income | ¥ 142,061 | ¥ 255,750 | ¥ 223,995 | ||||
User Concentration Risk [Member] | Revenues [Member] | |||||||
Accounting Policies [Line Items] | |||||||
Number of users or customer accounted for 10% or more of total revenues | Customer | 0 | 0 | 0 | 0 | |||
China, Yuan Renminbi | |||||||
Accounting Policies [Line Items] | |||||||
Cash and cash equivalents | ¥ 2,542,000 | ¥ 2,434,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Third-Party Application Stores and Other Payment Channels Accounting Receivables (Detail) - Accounts Receivable [Member] - Credit Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Third-party Payment Channel A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 26.00% | 26.00% |
Third-party Payment Channel B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 14.00% | 12.00% |
Third-party Payment Channel C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.00% | 6.00% |
Significant Accounting Polici_6
Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 | |
Copyrights [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 1 year |
Technology [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
User Base [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Trade Names [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Minimum [Member] | Licenses [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years 2 months 12 days |
Maximum [Member] | Licenses [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Significant Accounting Polici_8
Significant Accounting Policies - Components of Revenues (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue From Contract With Customers [Line Items] | |||
Total revenues | ¥ 15,024,188 | ¥ 17,015,089 | ¥ 13,408,421 |
Momo Inc [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 12,631,119 | 15,740,815 | 12,812,421 |
Momo Inc [Member] | Live Video Service [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 8,638,810 | 12,448,131 | 10,709,491 |
Momo Inc [Member] | Value-added Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 3,742,637 | 2,846,057 | 1,465,152 |
Momo Inc [Member] | Mobile Marketing [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 198,197 | 331,822 | 500,321 |
Momo Inc [Member] | Mobile Games [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 39,564 | 92,451 | 130,392 |
Momo Inc [Member] | Other Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 11,911 | 22,354 | 7,065 |
Tantan Limited [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 2,368,314 | 1,259,906 | 417,998 |
Tantan Limited [Member] | Live Video Service [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 998,769 | ||
Tantan Limited [Member] | Value-added Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 1,369,545 | 1,259,906 | 417,998 |
Qool Inc [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 24,755 | 14,368 | 178,002 |
Qool Inc [Member] | Other Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | ¥ 24,755 | ¥ 14,368 | ¥ 178,002 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - Tantan Limited [Member] ¥ in Thousands, $ in Thousands | May 31, 2018CNY (¥)shares | Dec. 31, 2020CNY (¥) | Dec. 31, 2018CNY (¥) | May 31, 2018USD ($) |
Cash Consideration | ¥ 3,930,246 | ¥ 3,930,246 | $ 613,181 | |
Business acquisition cash paid | ¥ | ¥ 3,864,255 | |||
Class A Common Stock [Member] | ||||
Business Acquisition, share issued | shares | 5,328,853 | |||
Momo INC [Member] | ||||
Business acquisition percentage ownership | 100.00% | 100.00% |
Acquisitions - Schedule of Busi
Acquisitions - Schedule of Business Acquisitions Contingent Consideration (Detail) - Tantan Limited [Member] ¥ in Thousands | 12 Months Ended |
Dec. 31, 2018CNY (¥) | |
Business Acquisition, Contingent Consideration [Line Items] | |
Cash consideration | ¥ 3,930,246 |
Fair value of ordinary shares issued | 784,215 |
Total consideration | ¥ 4,714,461 |
Acquisitions - Schedule of Reco
Acquisitions - Schedule of Recognized Identified Assets and Liabilities Acquired (Detail) - Tantan Limited [Member] ¥ in Thousands | 12 Months Ended |
Dec. 31, 2018CNY (¥) | |
Finite-Lived Intangible Assets [Line Items] | |
Cash and cash equivalents and short term investment | ¥ 154,671 |
Accounts receivable | 20,079 |
Other current asset | 22,833 |
Property and equipment, net | 46,160 |
Other non-current asset | 3,030 |
Total assets | 1,255,973 |
Accounts payable | (21,037) |
Other current liabilities | (262,533) |
Deferred tax liabilities | (252,300) |
Goodwill | 3,994,358 |
Total consideration | ¥ 4,714,461 |
Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets useful life | 10 years |
Intangible assets | ¥ 640,600 |
Technology [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets useful life | 3 years |
Intangible assets | ¥ 26,100 |
User Base [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets useful life | 5 years |
Intangible assets | ¥ 342,500 |
Acquisitions - Summary of Opera
Acquisitions - Summary of Operation Attributable to Acquisition (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net revenue | ¥ 15,024,188 | ¥ 17,015,089 | ¥ 13,408,421 |
Net loss | ¥ 2,103,484 | ¥ 2,970,890 | 2,815,775 |
Tantan Limited [Member] | |||
Net revenue | 417,998 | ||
Net loss | ¥ 519,206 |
Acquisitions - Schedule of Prof
Acquisitions - Schedule of Proforma Information of Acquisitions (Detail) - Tantan Limited [Member] ¥ / shares in Units, ¥ in Thousands | 12 Months Ended |
Dec. 31, 2018CNY (¥)¥ / shares | |
Business Combination Segment Allocation [Line Items] | |
Pro forma net revenue | ¥ | ¥ 13,511,439 |
Pro forma net income attributable to ordinary shareholders of Momo Inc. | ¥ | ¥ 2,383,646 |
Pro forma net income per ordinary share - basic | ¥ / shares | ¥ 5.86 |
Pro forma net income per ordinary share - diluted | ¥ / shares | ¥ 5.50 |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Deposits with third-party payment channels | [1] | ¥ 210,825 | ¥ 190,037 | |
Interest receivable | 118,756 | 105,450 | ||
Deposits at third party broker | [2] | 71,653 | ||
Input VAT | [3] | 69,656 | 107,879 | |
Advance to suppliers | [4] | 66,692 | 80,419 | |
Deferred platform commission cost | 35,398 | 35,922 | ||
Prepaid income tax and other expenses | 16,686 | 19,738 | ||
Corporate lending receivable | [5] | 40,000 | ||
Others | 24,030 | 19,555 | ||
Prepaid expenses and other current assets | ¥ 613,696 | $ 94,053 | ¥ 599,000 | |
[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] | On September 7, 2020, the Company engaged Credit Suisse Securities(USA) LLC (“Credit Suisse”) as agent to facilitate the share repurchase program. During the year ended December 31, 2020, the Company deposited US$60,000 at Credit Suisse, of which US$49,019 has been used to repurchase total 7,181,576 shares as of December 31, 2020. | |||
[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. | |||
[4] | Advance to suppliers were primarily for advertising fees and related service fees. | |||
[5] | Corporate lending receivable was a loan to a third-party entity during 2018, which matured in June 2020. The annual interest rate is 10%, which can be waived if certain conditions are met. The third-party entity repaid RMB8,000 during the year ended December 31, 2020. The Company then assessed the collectability of the remaining loan balance as not probable, and thus recorded impairment loss in full amounting to RMB32,000 for the year ended December 31, 2020. |
Prepaid Expenses and Other Cu_4
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Parenthetical) (Detail) - 12 months ended Dec. 31, 2020 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($)shares | CNY (¥)shares |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | |||
Loan maturity date | Jun. 1, 2020 | ||
Annual interest rate | 10.00% | ||
Credit Suisse Securities USA LLC [Member] | |||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | |||
Repayment of outstanding deposit amount | ¥ | ¥ 8,000 | ||
Impairment loss | ¥ | ¥ 32,000 | ||
Credit Suisse Securities USA LLC [Member] | Share Repurchase Program [Member] | |||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | |||
Deposit amount with third party | $ | $ 60,000 | ||
Deposit amount utilised for shares repuchase for the period | $ | $ 49,019 | ||
Number of shares to be repuchase under stock repuchase program | shares | 7,181,576 | 7,181,576 |
Long-Term Investments - Summary
Long-Term Investments - Summary of Equity and Cost Method Investments (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Aug. 18, 2015CNY (¥) | |||
Investments [Line Items] | |||||||
Long term Investments | ¥ 454,996 | $ 69,731 | ¥ 495,905 | ||||
Hunan Qindao Cultural Spread Ltd. [Member] | |||||||
Investments [Line Items] | |||||||
Equity securities | [1] | 30,000 | 30,000 | ||||
Hangzhou Faceunity Technology Limited [Member] | |||||||
Investments [Line Items] | |||||||
Equity securities | [1] | 70,000 | 70,000 | ||||
Haining Yijiayi Culture Co Ltd [Member] | |||||||
Investments [Line Items] | |||||||
Equity securities | [1] | 25,000 | 25,000 | ||||
Other Equity Securities [Member] | |||||||
Investments [Line Items] | |||||||
Equity securities | [2] | 113,125 | 119,125 | ||||
Jingwei Chuangteng (Hangzhou) L.P. [Member] | |||||||
Investments [Line Items] | |||||||
Equity method investments | [3] | 78,382 | 73,418 | ||||
Hangzhou Aqua Ventures Investment Management L.P. [Member] | |||||||
Investments [Line Items] | |||||||
Equity method investments | 63,093 | [4] | 106,704 | [4] | ¥ 50,000 | ||
Chengdu Tianfu Qianshi Equity Lp Investment [Member] | |||||||
Investments [Line Items] | |||||||
Equity method investments | [5] | 36,702 | 27,465 | ||||
Other Equity Method Investments [Member] | |||||||
Investments [Line Items] | |||||||
Equity method investments | ¥ 38,694 | ¥ 44,193 | |||||
[1] | The Group invested in certain preferred shares of private companies. As these investments were neither debt security nor in-substance common stock, they were accounted as an 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 for the years ended December 31, 2018, 2019 and 2020. | ||||||
[2] | Others represent equity method investments or equity securities without readily determinable fair values that are individually insignificant. | ||||||
[3] | 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, 2019 and 2020. The Group recognized its share of partnership profit in Jingwei of RMB16,168, RMB8,977 and RMB4,964 during the year ended December 31, 2018, 2019 and 2020, respectively. | ||||||
[4] | 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 profit or (loss) in Aqua of RMB20,797, RMB1,415 and RMB(42,458) for the years ended December 31, 2018, 2019 and 2020, respectively. The Group received distribution from Aqua of RMB1,153 during the year ended December 31, 2020. | ||||||
[5] | 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 or (loss) in Tianfu of RMB8,586, RMB(2,121) and RMB237 during the years ended December 31, 2018, 2019 and 2020, respectively. |
Long-Term Investments - Additio
Long-Term Investments - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Gain or Loss Net [Member] | |||
Impairment loss on long-term investments | ¥ 10,500 | ¥ 15,711 | ¥ 43,200 |
Long-Term Investments - Summa_2
Long-Term Investments - Summary of Equity and Cost Method Investments (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | Sep. 12, 2018CNY (¥) | Jan. 09, 2015CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Aug. 18, 2015CNY (¥) | |||
Investment Line Items [Line Items] | ||||||||||
Share of income (loss) on equity method investments | ¥ (42,522) | $ (6,517) | ¥ (23,350) | ¥ 48,660 | ||||||
Proceeds from Equity Method Investment, Distribution | 1,153 | $ 177 | ||||||||
Jingwei Chuangteng (Hangzhou) L.P. [Member] | ||||||||||
Investment Line Items [Line Items] | ||||||||||
Equity method investments | [1] | ¥ 78,382 | ¥ 73,418 | |||||||
Percentage of ownership | 4.90% | 2.40% | 2.40% | |||||||
Share of income (loss) on equity method investments | ¥ 4,964 | ¥ 8,977 | 16,168 | |||||||
Payment of equity method investment | ¥ 30,000 | |||||||||
Hangzhou Aqua Ventures Investment Management L.P. [Member] | ||||||||||
Investment Line Items [Line Items] | ||||||||||
Equity method investments | 63,093 | [2] | 106,704 | [2] | ¥ 50,000 | |||||
Percentage of ownership | 42.70% | |||||||||
Share of income (loss) on equity method investments | (42,458) | 1,415 | 20,797 | |||||||
Proceeds from Equity Method Investment, Distribution | 1,153 | |||||||||
Chengdu Tianfu Qianshi Equity Lp Investment [Member] | ||||||||||
Investment Line Items [Line Items] | ||||||||||
Equity method investments | [3] | 36,702 | 27,465 | |||||||
Payments to acquire available-for-sale securities, equity | ¥ 30,000 | |||||||||
Percentage of ownership | 5.10% | |||||||||
Share of income (loss) on equity method investments | ¥ 237 | ¥ (2,121) | ¥ 8,586 | |||||||
[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, 2019 and 2020. The Group recognized its share of partnership profit in Jingwei of RMB16,168, RMB8,977 and RMB4,964 during the year ended December 31, 2018, 2019 and 2020, 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 profit or (loss) in Aqua of RMB20,797, RMB1,415 and RMB(42,458) for the years ended December 31, 2018, 2019 and 2020, 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 or (loss) in Tianfu of RMB8,586, RMB(2,121) and RMB237 during the years ended December 31, 2018, 2019 and 2020, respectively. |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Less: accumulated depreciation | ¥ (733,292) | ¥ (530,439) | |
Exchange difference | (86) | (16) | |
Total | 265,765 | $ 40,730 | 346,345 |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 718,508 | 623,482 | |
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 171,663 | 150,048 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 3,807 | 3,599 | |
Leasehold Improvement [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | ¥ 105,165 | ¥ 99,671 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | ¥ 208,990 | $ 32,029 | ¥ 198,237 | ¥ 148,238 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Intangible Assets (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Liabilities [Line Items] | ||
Less: accumulated amortization and impairment | ¥ (414,292) | ¥ (257,034) |
Exchange difference | 21,830 | (3,411) |
Net book value | 687,211 | 890,303 |
Trade Names [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 652,134 | 695,789 |
Active User [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 348,666 | 372,007 |
Technology [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 26,570 | 28,349 |
Licenses [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 50,133 | 52,433 |
Game copyright [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | ¥ 2,170 | ¥ 2,170 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Depreciation expenses and impairment loss | ¥ 157,258 | ¥ 157,954 | ¥ 93,030 |
Intangible Assets, Net - Sche_2
Intangible Assets, Net - Schedule of Future Amortization Expense (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2021 | ¥ 143,650 | |
2022 | 139,960 | |
2023 | 99,282 | |
2024 | 70,227 | |
2025 | 70,227 | |
Thereafter | 163,865 | |
Net book value | ¥ 687,211 | ¥ 890,303 |
Goodwill - Schedule Of Goodwill
Goodwill - Schedule Of Goodwill (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Goodwill [Line Items] | |||
Beginning balance | ¥ 4,360,610 | ¥ 4,306,829 | |
Foreign exchange differences | (272,207) | 53,781 | |
Ending balance | 4,088,403 | $ 626,575 | 4,360,610 |
Momo Inc [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 22,130 | 22,130 | |
Ending balance | 22,130 | 22,130 | |
Tantan Limited [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 4,338,480 | 4,284,699 | |
Foreign exchange differences | (272,207) | 53,781 | |
Ending balance | ¥ 4,066,273 | ¥ 4,338,480 |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Payables and Accruals [Abstract] | |||
Accrued payroll and welfare | ¥ 261,599 | ¥ 335,012 | |
Payable for advertisement | 254,264 | 304,954 | |
Balance of users' virtual accounts | 127,520 | 120,935 | |
Other tax payables | 53,974 | 55,872 | |
Accrued professional services and related service fee | 52,566 | 68,825 | |
VAT payable | 29,930 | 29,975 | |
Others | 74,982 | 70,300 | |
Total | ¥ 854,835 | $ 131,009 | ¥ 985,873 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Detail) - Convertible Senior Notes Due 2025 [Member] $ / shares in Units, ¥ in Thousands, $ in Thousands | Jun. 26, 2018$ / shares | Jul. 31, 2018USD ($)shares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares | Jul. 31, 2018CNY (¥) | Jul. 31, 2018USD ($)$ / shares |
Line of Credit Facility [Line Items] | ||||||||||
Aggregate principal amount | ¥ 4,985,000 | $ 725,000 | ||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 15.4776 | 16.2937 | 16.2937 | 15.7172 | 15.7172 | |||||
Conversion price | $ / shares | $ 45.34 | $ 61.37 | $ 63.62 | $ 64.61 | ||||||
Debt conversion premium percentage | 42.50% | |||||||||
Convertible senior notes maturity date | Jul. 1, 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% | |||||||||
Debt instrument, carrying value | ¥ 4,658,966 | ¥ 4,954,352 | ||||||||
Unamortized debt issuance costs | ¥ 71,659 | ¥ 92,953 | ||||||||
Debt instrument, effective interest rate | 1.61% | 1.61% | ||||||||
Amortization and interest expenses | ¥ 78,872 | ¥ 78,501 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Operating Lease Additional Information [Abstract] | ||
Operating cash flows from operating leases | ¥ 113,577 | ¥ 106,288 |
Operating leases | ¥ 236,499 | ¥ 127,362 |
Weighted average remaining lease term, Operating leases | 2 years 5 months 15 days | 1 year 7 months 2 days |
Weighted average discount rate, Operating leases | 3.33% | 4.52% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Payments Under Operating Leases (Detail) ¥ in Thousands | Dec. 31, 2020CNY (¥) |
Leases [Abstract] | |
2021 | ¥ 135,107 |
2022 | 101,646 |
2023 and thereafter | 44,409 |
Less imputed interest | 11,933 |
Total | ¥ 269,229 |
Leases - Additional Information
Leases - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Operating lease expenses | ¥ 154,368 | ¥ 160,791 | |
Total rental expense | ¥ 78,713 | ||
Short-term lease expense | ¥ 20,418 | ¥ 26,848 |
Fair Value - Schedule of Assets
Fair Value - Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ¥ 3,363,942 | ¥ 2,612,743 |
Total | 3,363,942 | 2,612,743 |
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 | 3,363,942 | 2,612,743 |
Total | ¥ 3,363,942 | ¥ 2,612,743 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other gain or loss, net | ¥ 1,500 | $ 230 | ¥ (15,711) | ¥ (43,200) |
Fair value of notes | 3,991,465 | 4,761,577 | ||
Other Cost and Equity Method Investment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other gain or loss, net | 0 | (3,211) | ||
Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other gain or loss, net | ¥ (10,500) | ¥ (12,500) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | Jul. 31, 2019 | Aug. 31, 2018 | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Income Tax Contingency [Line Items] | ||||||
Income tax rate | 10.00% | |||||
Income tax rate | 21.00% | 21.00% | ||||
Deferred tax liability | ¥ 171,803,000 | ¥ 222,576,000 | ||||
Operating loss carry forward | ¥ 6,583,000 | |||||
Operating loss carry forward period | 20 years | 20 years | ||||
Tax loss carry backward period | 2 years | 2 years | ||||
Percentage of taxable income offset by tax losses | 80.00% | 80.00% | ||||
Significant unrecognized tax benefit | ¥ 0 | 0 | ¥ 0 | |||
Interest related to penalties | 0 | 0 | 0 | |||
Significant impact on the unrecognized tax benefits for next twelve months | 0 | ¥ 0 | ¥ 0 | |||
Withholding Tax Amount Paid | 220,000,000 | |||||
Tantan Limited [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income Tax Preferential Tax Rate | 15.00% | |||||
Momo Technology HK Company Limited [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Special Dividend received | ¥ 2,200,000,000 | |||||
Withholding Tax Amount Paid | $ | $ 220 | |||||
High And New Technology Enterprise ("HNTE") [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income Tax Preferential Tax Rate | 15.00% | 15.00% | ||||
Inland Revenue, Singapore (IRAS) [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income tax rate | 17.00% | 17.00% | ||||
Operating loss carry forward | ¥ 56,847,000 | |||||
Earliest Tax Year [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Tax years subject to tax audits | 2016 | 2016 | ||||
Latest Tax Year [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Tax years subject to tax audits | 2020 | 2020 | ||||
PRC [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income tax rate | 25.00% | 25.00% | 25.00% | 25.00% | ||
Withholding income tax rate for dividends distributed by the PRC subsidiaries | 10.00% | 10.00% | ||||
Deferred tax liability | ¥ 0 | |||||
Operating loss carry forward | ¥ 463,266,000 | |||||
Operating loss carry forward period | 5 years | 5 years | 5 years | |||
Operating loss carry forward expiration year | 2021 | 2021 | ||||
PRC [Member] | High And New Technology Enterprise ("HNTE") [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating loss carry forward period | 10 years | 10 years | 10 years | |||
PRC [Member] | Chengdu Momo Technology Company Limited Investment [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income Tax Preferential Tax Rate | 15.00% | |||||
PRC [Member] | Beneficial Owner [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Withholding income tax rate for dividends distributed by the PRC subsidiaries | 5.00% | 5.00% | ||||
PRC [Member] | 2015 - 2016 [Member] | Beijing Momo Information Technology Co., Ltd. [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Tax exemption period | 2 years | |||||
PRC [Member] | 2017 - 2019 [Member] | Beijing Momo Information Technology Co., Ltd. [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Reduced tax rate period | 3 years | |||||
Income Tax Preferential Tax Rate | 12.50% | |||||
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 | 10.00% | 10.00% | ||||
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% | 12.50% | ||||
PRC [Member] | Other Entities [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income tax rate | 25.00% | 25.00% | 25.00% | |||
Hong Kong [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating loss carry forward | ¥ 190,543,000 | |||||
Hong Kong [Member] | Beneficial Owner [Member] | Minimum [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Equity interest in a PRC-resident enterprise | 25.00% | |||||
Hong Kong [Member] | The first 2 million Hong Kong dollars of profits [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income tax rate | 8.25% | 8.25% | ||||
Hong Kong [Member] | Remaining profits [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income tax rate | 16.50% | 16.50% | ||||
US [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating loss carry forward | ¥ 76,638,000 | ¥ 70,055,000 |
Income Taxes - Components of Gr
Income Taxes - Components of Group's Deferred Tax Assets and Liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Advertising expense | ¥ 272,228 | ¥ 239,937 |
Net operating loss carry-forward | 178,378 | 117,595 |
Accrued expenses | 22,293 | 26,196 |
Impairment on long-term investments and game copyright | 15,617 | 14,117 |
Less: valuation allowance | (456,021) | (360,781) |
Deferred tax assets, net | 32,495 | 37,064 |
Deferred tax liabilities: | ||
Intangible assets acquired | 171,803 | 222,576 |
Deferred tax liabilities, net | ¥ 171,803 | ¥ 222,576 |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Income Taxes And Tax Related [Line Items] | ||||
Net income before provision for income tax | ¥ 2,898,534 | $ 444,221 | ¥ 3,867,919 | ¥ 3,439,535 |
PRC statutory tax rate | 10.00% | |||
Income tax expense at statutory tax rate | 724,634 | ¥ 966,980 | 859,884 | |
Permanent differences and Research and development super-deduction | (11,861) | 24,406 | 20,135 | |
Change in valuation allowance | 95,240 | 39,427 | 98,862 | |
Effect of income tax rate difference in other jurisdictions | 123,778 | 257,449 | 156,136 | |
Effect of tax holidays and preferential tax rates | (282,775) | (404,461) | (435,369) | |
Effect of the preferential tax rate adjustment of prior year's EIT | (113,396) | |||
Effect of PRC withholding tax | 220,000 | |||
Provision for income tax | ¥ 755,620 | $ 115,804 | ¥ 883,801 | ¥ 699,648 |
PRC [Member] | ||||
Income Taxes And Tax Related [Line Items] | ||||
PRC statutory tax rate | 25.00% | 25.00% | 25.00% | 25.00% |
Income Taxes - Increase in Inco
Income Taxes - Increase in Income Tax Expenses and Net Income Per Share Amounts (Detail) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Increase in income tax expenses | ¥ 282,775 | ¥ 404,461 | ¥ 435,369 |
Earnings per share after increase in income tax expenses - basic | ¥ 4.37 | ¥ 6.18 | ¥ 5.85 |
Earnings per share after increase in income tax expenses - diluted | ¥ 4.20 | ¥ 5.86 | ¥ 5.59 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | Sep. 03, 2020USD ($) | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019shares | Dec. 31, 2018shares |
Class of Stock [Line Items] | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of share units | 1,883,774 | 1,883,774 | 3,402,830 | 10,122,318 | |
Stock repurchased during period value | ¥ | ¥ 330,207 | ||||
Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Shares authorized to be repurchased value | $ | $ 300,000 | ||||
Stock repurchase program period in force | 12 months | ||||
Class A Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock repurchased during period shares | 7,181,576 | 7,181,576 | |||
Stock repurchased during period value | ¥ 330,207 | $ 49,019 | |||
ADS [Member] | |||||
Class of Stock [Line Items] | |||||
Weighted average price of per ADS for repurchase share | $ / shares | $ 13.63 |
Distribution to Shareholders -
Distribution to Shareholders - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 19, 2020 | Mar. 12, 2019 |
Dividend Paid [Member] | ||
Distribution to shareholders [Line Items] | ||
Cash dividend paid | $ 158,649 | $ 128,607 |
Dividend payable date | Apr. 30, 2020 | Apr. 30, 2019 |
Dividend record date | Apr. 8, 2020 | Apr. 5, 2019 |
Ex-dividend date | Apr. 7, 2020 | Apr. 4, 2019 |
American Depository Shares [Member] | Dividend Declared [Member] | ||
Distribution to shareholders [Line Items] | ||
Cash dividend amount per share | $ 0.76 | $ 0.62 |
Common Stock [Member] | Dividend Declared [Member] | ||
Distribution to shareholders [Line Items] | ||
Cash dividend amount per share | $ 0.38 | $ 0.31 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | Apr. 15, 2020shares | Aug. 30, 2019shares | Apr. 15, 2019shares | Dec. 12, 2018shares | May 02, 2018shares | May 17, 2016 | Aug. 31, 2018shares | Jul. 31, 2018shares | Nov. 30, 2014shares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2017shares | Apr. 30, 2016shares | Mar. 31, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options vested | 15,745,456 | 15,745,456 | |||||||||||||||||
Options expected to vest | 11,290,572 | 11,290,572 | |||||||||||||||||
Options expected to vest, weighted-average exercise price | $ / shares | $ 0.0002 | ||||||||||||||||||
Options expected to vest, Aggregate intrinsic value | $ | $ 176,161 | $ 78,806 | |||||||||||||||||
Weighted average fair value per option at grant date, Granted | $ / shares | $ 10.25 | $ 16.42 | $ 17.75 | ||||||||||||||||
Total intrinsic value of options exercised | $ | $ 14,640 | $ 59,423 | $ 209,797 | ||||||||||||||||
Share-based compensation | ¥ 678,686 | $ 104,013 | ¥ 1,408,232 | ¥ 580,813 | |||||||||||||||
Weighted average remaining contractual term options outstanding | 6 years 9 months 25 days | 6 years 9 months 25 days | 7 years 18 days | 7 years 18 days | |||||||||||||||
Number of options, Granted | 6,678,796 | 6,678,796 | |||||||||||||||||
Tantan Limited [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
The estimated fair value of ordinary shares of Tantan | $ / shares | $ 5.03 | $ 4.50 | |||||||||||||||||
Share split ratio | 1-for-5 | ||||||||||||||||||
Employee vested option repurchased | ¥ | ¥ 54,367 | ||||||||||||||||||
Payments for vested options repurchased | ¥ | 26,276 | ||||||||||||||||||
RSUs [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based compensation | ¥ | 11,486 | ¥ 10,622 | 6,609 | ||||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 20,957 | ||||||||||||||||||
Weighted average recognition period | 2 years 5 months 8 days | 2 years 5 months 8 days | |||||||||||||||||
2012 Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Maximum aggregate number of shares issued | 44,758,220 | 44,758,220 | |||||||||||||||||
Number of share options granted | 0 | ||||||||||||||||||
2014 Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share based compensation arrangements expiration Period | 10 years | 10 years | |||||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 970,617 | ||||||||||||||||||
Weighted average recognition period | 2 years 5 months 15 days | 2 years 5 months 15 days | |||||||||||||||||
Weighted average remaining contractual term options outstanding | 6 years 9 months 25 days | 6 years 9 months 25 days | |||||||||||||||||
2014 Plan [Member] | Class A Common Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Maximum aggregate number of shares issued | 14,031,194 | ||||||||||||||||||
Increase in number of shares reserved for future issuances | 1.50% | 1.50% | |||||||||||||||||
Number of shares reserved for future issuances, description | Starting from 2017, the number of shares reserved for future issuances under the 2014 Plan will be increased by a number equal to 1.5% of the total number of outstanding shares on the last day of the immediately preceding calendar year, or such lesser number of Class A ordinary shares as determined by the Company’s board of directors, on the first day of each calendar year during the term of the 2014 Plan. | Starting from 2017, the number of shares reserved for future issuances under the 2014 Plan will be increased by a number equal to 1.5% of the total number of outstanding shares on the last day of the immediately preceding calendar year, or such lesser number of Class A ordinary shares as determined by the Company’s board of directors, on the first day of each calendar year during the term of the 2014 Plan. | |||||||||||||||||
2014 Plan [Member] | RSUs [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options, vesting period | 4 years | ||||||||||||||||||
2014 Plan [Member] | RSUs [Member] | Independent Directors | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Number of share options granted | 130,000 | 130,000 | 100,000 | ||||||||||||||||
2014 Plan [Member] | Employee and Executives Share Option [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based compensation | ¥ | ¥ 566,681 | 496,136 | 391,601 | ||||||||||||||||
2015 Plan [Member] | Tantan Limited [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Maximum aggregate number of shares issued | 9,039,035 | 2,793,812 | 2,000,000 | 1,000,000 | |||||||||||||||
2018 Plan [Member] | Tantan Limited [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Maximum aggregate number of shares issued | 29,818,370 | 5,963,674 | |||||||||||||||||
Share based compensation arrangements expiration Period | 10 years | ||||||||||||||||||
Number of shares reserved for issuance, description | the maximum aggregate number of shares which may be issued shall initially be 5,963,674 ordinary shares, plus that number of ordinary shares authorized for issuance under the 2015 Plan, in an amount equal to (i) the number of ordinary shares that were not granted pursuant to the 2015 Plan, plus (ii) the number of ordinary shares that were granted pursuant to the 2015 Plan that have expired without having been exercised in full or have otherwise become unexercisable. | ||||||||||||||||||
2018 Plan [Member] | Qool Inc [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Number of share options granted | 9,000,000 | ||||||||||||||||||
Share-based compensation | ¥ | 10,227 | ¥ 10,811 | 566 | ||||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 0 | ||||||||||||||||||
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 11 months 23 days | 6 years 11 months 23 days | 7 years 4 months 24 days | 7 years 4 months 24 days | |||||||||||||||
Number of options, Granted | 2,113,299 | 2,113,299 | |||||||||||||||||
2018 Plan [Member] | Options classified as Equity Awards | Tantan Limited [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options vested | 6,166,096 | 6,166,096 | |||||||||||||||||
Options expected to vest | 2,890,056 | 2,890,056 | |||||||||||||||||
Options expected to vest, weighted-average exercise price | $ / shares | $ 3.52 | ||||||||||||||||||
Options expected to vest, Aggregate intrinsic value | $ | $ 13,037 | $ 3,831 | |||||||||||||||||
Weighted average fair value per option at grant date, Granted | $ / shares | $ 3.08 | $ 3.05 | $ 3 | ||||||||||||||||
Share-based compensation | ¥ | ¥ 77,807 | ¥ 99,635 | 94,977 | ||||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 75,772 | ||||||||||||||||||
Weighted average recognition period | 2 years 2 months 15 days | 2 years 2 months 15 days | |||||||||||||||||
Weighted average remaining contractual term options outstanding | 6 years 11 months 23 days | 6 years 11 months 23 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 | ¥ | ¥ 12,485 | ¥ 791,028 | ¥ 86,778 | ||||||||||||||||
2018 Plan [Member] | Founders [Member] | Options classified as Liability Awards | Tantan Limited [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Options, vesting period | 4 years | ||||||||||||||||||
Number of options, Granted | 17,891,025 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Options Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Outstanding beginning balance | 23,797,707 | |
Number of options, Granted | 6,678,796 | |
Number of options, Exercised | (1,785,024) | |
Number of options, Forfeited | (474,210) | |
Number of options, Outstanding ending balance | 28,217,269 | 23,797,707 |
Number of options, Exercisable | 15,745,456 | |
Weighted average exercise price per option, Outstanding beginning balance | $ 0.0260 | |
Weighted average exercise price per option, Granted | 0.0002 | |
Weighted average exercise price per option, Exercised | 0.0189 | |
Weighted average exercise price per option, Forfeited | 0.0002 | |
Weighted average exercise price per option, Outstanding ending balance | 0.0208 | $ 0.0260 |
Weighted average exercise price per option, Exercisable | $ 0.0371 | |
Weighted average remaining contractual term options outstanding | 6 years 9 months 25 days | 7 years 18 days |
Weighted average remaining contractual life, Exercisable | 5 years 4 months 2 days | |
Aggregated intrinsic value, Outstanding beginning balance | $ 196,370 | $ 397,993 |
Aggregated intrinsic value, Exercisable | $ 109,317 | |
Options classified as Equity Awards | 2018 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Outstanding beginning balance | 11,925,083 | |
Number of options, Granted | 2,113,299 | |
Number of options, Exercised | (1,563,979) | |
Number of options, Forfeited | (2,505,598) | |
Number of options, Outstanding ending balance | 9,968,805 | 11,925,083 |
Number of options, Exercisable | 6,166,096 | |
Weighted average exercise price per option, Outstanding beginning balance | $ 2.1490 | |
Weighted average exercise price per option, Granted | 3.2235 | |
Weighted average exercise price per option, Exercised | 0.1219 | |
Weighted average exercise price per option, Forfeited | 2.8059 | |
Weighted average exercise price per option, Outstanding ending balance | 2.5297 | $ 2.1490 |
Weighted average exercise price per option, Exercisable | $ 1.9210 | |
Weighted average remaining contractual term options outstanding | 6 years 11 months 23 days | 7 years 4 months 24 days |
Weighted average remaining contractual life, Exercisable | 6 years 1 month 6 days | |
Aggregated intrinsic value, Outstanding beginning balance | $ 22,035 | $ 34,356 |
Aggregated intrinsic value, Exercisable | $ 16,994 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
2014 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate of return, minimum | 1.22% | 2.45% | 3.16% |
Risk-free interest rate of return, maximum | 1.48% | 3.21% | 3.66% |
Contractual term | 6 years | 6 years | 6 years |
Volatility, minimum | 50.60% | 49.00% | 50.00% |
Volatility, maximum | 54.40% | 50.50% | 50.70% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Exercise price | $ 0.0002 | $ 0.0002 | $ 0.0002 |
2018 Plan | Options classified as Equity Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate of return, minimum | 1.52% | 2.30% | |
Risk-free interest rate of return | 3.58% | ||
Risk-free interest rate of return, maximum | 1.83% | 3.50% | |
Contractual term | 10 years | 10 years | 10 years |
Volatility, minimum | 53.80% | 54.20% | |
Volatility | 55.40% | ||
Volatility, maximum | 57.10% | 55.40% | |
Dividend yield | 0.00% | 0.00% | 0.00% |
2018 Plan | Options classified as Liability Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate of return, minimum | 1.31% | 2.45% | 3.39% |
Risk-free interest rate of return, maximum | 1.59% | 3.19% | 3.58% |
Contractual term | 10 years | 10 years | 10 years |
Volatility, minimum | 54.00% | 54.20% | 55.40% |
Volatility, maximum | 56.10% | 55.50% | 55.60% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Exercise price | $ 0.0004 | $ 0.0004 | $ 0.0004 |
2018 Plan | Minimum [Member] | Options classified as Equity Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price | 0.002 | 0.32 | 0.32 |
2018 Plan | Maximum [Member] | Options classified as Equity Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price | $ 5 | $ 5 | $ 5 |
Net Income Per Share - Calculat
Net Income Per Share - Calculation of Net Income Per Share (Detail) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020$ / shares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | ||
Numerator: | |||||
Net income attributed to ordinary shareholders for computing net income per ordinary share-basic and diluted | ¥ | ¥ 2,103,484 | ¥ 2,970,890 | ¥ 2,815,775 | ||
Denominator for computing net income per share-basic: | |||||
Weighted average ordinary shares outstanding used in computing net income per ordinary share-basic | 416,914,898 | 415,316,627 | 407,009,875 | ||
Denominator for computing net income per share-diluted: | |||||
Weighted average shares outstanding used in computing net income per ordinary share-diluted | 452,081,642 | [1] | 451,206,091 | 433,083,643 | |
Net income per ordinary share attributable to Momo Inc. - basic | (per share) | $ 0.77 | ¥ 5.05 | ¥ 7.15 | ¥ 6.92 | |
Net income per ordinary share attributable to Momo Inc. - diluted | (per share) | $ 0.74 | ¥ 4.83 | ¥ 6.76 | ¥ 6.59 | |
[1] | The calculation of the weighted average number of ordinary shares for the purpose of diluted net income per share has considered the effect of certain potentially dilutive securities. For the year ended December 31, 2018, an incremental weighted average number of 14,821,852 ordinary shares from the assumed exercise of share options and RSUs and an incremental weighted average number of 11,251,916 ordinary shares resulting from the assumed conversion of convertible senior notes were included. |
Net Income Per Share - Summary
Net Income Per Share - Summary of Potential Ordinary Shares Outstanding Excluded from Computation of Diluted Net Loss Per Ordinary Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential ordinary shares outstanding excluded from the computation of diluted net loss per ordinary share | 9,907,671 | 902,655 | 1,117,334 |
RSUs [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential ordinary shares outstanding excluded from the computation of diluted net loss per ordinary share | 220,781 | 45,893 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Convertible Note [Member] | |||
Earnings Per Share [Line Items] | |||
Incremental weighted average number of shares | 23,404,327 | 22,701,379 | 11,251,916 |
RSUs [Member] | Share Options [Member] | |||
Earnings Per Share [Line Items] | |||
Incremental weighted average number of shares | 11,762,418 | 13,188,085 | 14,821,852 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Partnership Interest [Member] | ||
Lease and Investment Commitments [Line Items] | ||
Equity method investments equity contribution obligation | ¥ 0 | ¥ 13,500 |
Related Party Balances and Tr_3
Related Party Balances and Transactions - Schedule of Amount Due from a Related Party-current (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Amount due from a related party | ¥ 4,382 | ||
Hunan Qindao Network Media Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due from a related party | [1] | ¥ 4,382 | |
[1] | The amount of RMB4,382 as of December 31, 2019 represented the uncollected amounts for the mobile marketing services provided to Hunan Qindao Network Media Technology Co., Ltd. |
Related Party Balances and Tr_4
Related Party Balances and Transactions - Schedule of Amount Due from a Related Party-current (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Uncollected amounts for the mobile marketing services | ¥ 4,382 | ||
Hunan Qindao Network Media Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Uncollected amounts for the mobile marketing services | [1] | ¥ 4,382 | |
[1] | The amount of RMB4,382 as of December 31, 2019 represented the uncollected amounts for the mobile marketing services provided to Hunan Qindao Network Media Technology Co., Ltd. |
Related Party Balances and Tr_5
Related Party Balances and Transactions - Schedule of Amount Due to Related Parties-current (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Amount due to related parties | ¥ 19,462 | $ 2,983 | ¥ 29,606 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | [1] | 19,462 | 29,596 | |
Others [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | ¥ 0 | ¥ 10 | ||
[1] | The amount of RMB29,596 and RMB19,462 as of December 31, 2019 and 2020 primarily represented the unpaid revenue sharing of live video service to Hunan Qindao Network Media Technology Co., Ltd. |
Related Party Balances and Tr_6
Related Party Balances and Transactions - Schedule of Amount Due to Related Parties-current (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Amount due to related parties | ¥ 19,462 | $ 2,983 | ¥ 29,606 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | [1] | 19,462 | 29,596 | |
Unpaid Revenue [Member] | Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | ¥ 19,462 | ¥ 29,596 | ||
[1] | The amount of RMB29,596 and RMB19,462 as of December 31, 2019 and 2020 primarily represented the unpaid revenue sharing of live video service to Hunan Qindao Network Media Technology Co., Ltd. |
Related Party Balances and Tr_7
Related Party Balances and Transactions - Schedule of Sales to a Related Party (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Related Party Transaction [Line Items] | ||||
Sales to related parties | ¥ 5,627 | ¥ 5,449 | ¥ 0 | |
Hunan Qindao Network Media Technology Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales to related parties | [1] | ¥ 5,627 | ¥ 5,449 | |
[1] | The sales to Hunan Qindao Network Media Technology Co., Ltd. represented mobile marketing services provided. |
Related Party Balances and Tr_8
Related Party Balances and Transactions - Schedule of Purchase from Related Parties (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | ¥ 363,359 | ¥ 499,859 | ¥ 431,350 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [1] | 354,274 | 497,789 | 429,345 |
Beijing Shiyue Haofeng Media Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [1] | 164 | ¥ 2,070 | ¥ 2,005 |
Beijing Santi Cloud Union Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [2] | 5,511 | ||
Beijing Santi Cloud Time Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [2] | ¥ 3,410 | ||
[1] | The purchases from Hunan Qindao Network Media Technology Co., Ltd. and Beijing Shiyue Haofeng Media Co., Ltd. mainly represent the Revenue Sharing. | |||
[2] | The purchase from Beijing Santi Cloud Union Technology Co., Ltd. and Beijing Santi Cloud Time Technology Co., Ltd. is mainly related to its bandwidth services. |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Segment | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | |||
Number of operating segments | 3 | 3 | 3 |
Segment Information - Component
Segment Information - Components of Revenues (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Revenue from External Customer [Line Items] | ||||
Net revenues: | ¥ 15,024,188 | ¥ 17,015,089 | ¥ 13,408,421 | |
Cost and expenses: | ||||
Cost of revenues | (7,976,781) | $ (1,222,495) | (8,492,096) | (7,182,897) |
Research and development | (1,167,677) | (1,095,031) | (760,644) | |
Sales and marketing | (2,813,922) | (431,252) | (2,690,824) | (1,812,262) |
General and administrative | (763,150) | (116,958) | (1,527,282) | (640,023) |
Total cost and expenses | (12,721,530) | (1,949,659) | (13,805,233) | (10,395,826) |
Other operating income | 228,777 | 35,062 | 344,843 | 253,697 |
Income from operations | 2,531,435 | 387,961 | 3,554,699 | 3,266,292 |
Interest income | 444,471 | 68,118 | 407,542 | 272,946 |
Interest expense | (78,872) | (12,088) | (78,611) | (56,503) |
Other gain or loss, net | 1,500 | 230 | (15,711) | (43,200) |
Income tax (expenses) benefits | (755,620) | (115,804) | (883,801) | (699,648) |
Share of income on equity method investments | (42,522) | (6,517) | (23,350) | 48,660 |
Net income | 2,100,392 | $ 321,900 | 2,960,768 | 2,788,547 |
Momo Inc [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues: | 12,631,119 | 15,740,815 | 12,812,421 | |
Cost and expenses: | ||||
Cost of revenues | (6,865,836) | (8,065,300) | (6,572,954) | |
Research and development | (844,826) | (797,471) | (614,064) | |
Sales and marketing | (1,454,123) | (1,521,511) | (1,269,493) | |
General and administrative | (664,458) | (641,269) | (472,057) | |
Total cost and expenses | (9,829,243) | (11,025,551) | (8,928,568) | |
Other operating income | 223,312 | 323,444 | 252,458 | |
Income from operations | 3,025,188 | 5,038,708 | 4,136,311 | |
Interest income | 440,878 | 396,672 | 268,583 | |
Interest expense | (78,872) | (78,611) | (56,503) | |
Other gain or loss, net | 1,500 | (15,711) | (43,200) | |
Income tax (expenses) benefits | (770,333) | (917,265) | (716,729) | |
Share of income on equity method investments | (42,522) | (23,350) | 48,660 | |
Net income | 2,575,839 | 4,400,443 | 3,637,122 | |
Tantan Limited [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues: | 2,368,314 | 1,259,906 | 417,998 | |
Cost and expenses: | ||||
Cost of revenues | (1,088,816) | (415,688) | (174,858) | |
Research and development | (322,851) | (297,560) | (146,580) | |
Sales and marketing | (1,359,709) | (1,162,912) | (520,161) | |
General and administrative | (73,019) | (851,099) | (121,887) | |
Total cost and expenses | (2,844,395) | (2,727,259) | (963,486) | |
Other operating income | 3,945 | 0 | 173 | |
Income from operations | (472,136) | (1,467,353) | (545,315) | |
Interest income | 3,353 | 10,706 | 4,285 | |
Interest expense | 0 | 0 | ||
Other gain or loss, net | 0 | 0 | ||
Income tax (expenses) benefits | 14,713 | 33,464 | 21,824 | |
Share of income on equity method investments | 0 | 0 | ||
Net income | (454,070) | (1,423,183) | (519,206) | |
Qool Inc [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues: | 24,755 | 14,368 | 178,002 | |
Cost and expenses: | ||||
Cost of revenues | (22,129) | (11,108) | (435,085) | |
Research and development | 0 | 0 | ||
Sales and marketing | (90) | (6,401) | (22,608) | |
General and administrative | (25,673) | (34,914) | (46,079) | |
Total cost and expenses | (47,892) | (52,423) | (503,772) | |
Other operating income | 1,520 | 21,399 | 1,066 | |
Income from operations | (21,617) | (16,656) | (324,704) | |
Interest income | 240 | 164 | 78 | |
Interest expense | 0 | 0 | ||
Other gain or loss, net | 0 | 0 | ||
Income tax (expenses) benefits | 0 | 0 | (4,743) | |
Share of income on equity method investments | 0 | 0 | ||
Net income | ¥ (21,377) | ¥ (16,492) | ¥ (329,369) |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Provisions for employee benefits | ¥ 209,930 | ¥ 214,313 | ¥ 166,998 |
Statutory Reserves and Restri_2
Statutory Reserves and Restricted Net Assets - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Regulated Operations [Abstract] | |||
Appropriation Of After Tax Profit To Statutory Surplus Fund Required Minimum Percentage | 10.00% | ||
General reserve as a percentage of registered capital up to which after-tax profit shall be transferred | 50.00% | ||
Appropriations to statutory reserves | ¥ 0 | ¥ 2,701 | ¥ 5,194 |
Total of restricted net assets of the Group's PRC subsidiaries, VIEs and VIEs' subsidiaries | ¥ 1,475,551 | ¥ 1,504,378 | ¥ 1,477,339 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, shares in Thousands, $ in Millions | Mar. 24, 2021USD ($)$ / sharesshares | Mar. 19, 2021USD ($)$ / shares | Mar. 19, 2020$ / shares | Mar. 12, 2019$ / shares | Apr. 30, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Subsequent Event [Line Items] | ||||||
Stock repurchased during period value | ¥ | ¥ 330,207 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividend record date | Apr. 13, 2021 | |||||
Ex-dividend date | Apr. 12, 2021 | |||||
Subsequent Event [Member] | Preferred Share Purchase Agreement [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Consideration of preferred share purchase | $ | $ 46 | |||||
Subsequent Event [Member] | ADR [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock repurchased during period shares | shares | 3,630 | |||||
Stock repurchased during period value | $ | $ 49.5 | |||||
Shares issued price per share | $ 13.63 | |||||
Dividend Declared [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Aggregate amount dividend payable | $ | $ 132 | |||||
Dividend Paid [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividend payable date | Apr. 30, 2020 | Apr. 30, 2019 | ||||
Dividend record date | Apr. 8, 2020 | Apr. 5, 2019 | ||||
Ex-dividend date | Apr. 7, 2020 | Apr. 4, 2019 | ||||
Dividend Paid [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividend payable date | Apr. 30, 2021 | |||||
American Depository Shares [Member] | Dividend Declared [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividend amount per share | $ 0.76 | $ 0.62 | ||||
American Depository Shares [Member] | Dividend Declared [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividend amount per share | $ 0.64 | |||||
Common Stock [Member] | Dividend Declared [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividend amount per share | $ 0.38 | $ 0.31 | ||||
Common Stock [Member] | Dividend Declared [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividend amount per share | $ 0.32 |