Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Hello Group Inc. |
Entity Central Index Key | 0001610601 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Interactive Data Current | Yes |
Entity File Number | 001-36765 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 20th Floor, Block B |
Entity Address, Address Line Two | Tower 2, Wangjing SOHO |
Entity Address, Address Line Three | No. 1 Futongdong Street |
Entity Address, City or Town | Beijing |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 100102 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | U.S. GAAP |
ICFR Auditor Attestation Flag | true |
Auditor Name | Deloitte Touche Tohmatsu Certified Public Accountants LLP |
Auditor Firm ID | 1113 |
Auditor Location | Beijing, the People’s Republic of China |
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 | 314,836,418 |
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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Current assets | |||
Cash and cash equivalents | ¥ 5,570,563 | $ 874,143 | ¥ 3,363,942 |
Short-term deposits | 2,860,000 | 448,796 | 7,566,250 |
Restricted cash | 2,130 | ||
Accounts receivable, net of allowance for doubtful accounts of RMB15,390 and RMB15,127 as of December 31, 2020 and 2021, respectively | 205,225 | 32,204 | 200,831 |
Prepaid expenses and other current assets | 775,072 | 121,626 | 613,696 |
Total current assets | 9,410,860 | 1,476,769 | 11,746,849 |
Long-term deposits | 7,200,000 | 1,129,837 | 5,550,000 |
Long-term restricted cash | 76,471 | 12,000 | |
Right-of-use assets, net | 257,934 | 40,475 | 278,175 |
Property and equipment, net | 180,664 | 28,350 | 265,765 |
Intangible assets,net | 27,320 | 4,287 | 687,211 |
Rental deposits | 19,204 | 3,014 | 21,794 |
Long-term investments | 820,006 | 128,677 | 454,996 |
Other non-current assets | 83,930 | 13,170 | 94,868 |
Deferred tax assets | 34,849 | 5,469 | 32,495 |
Goodwill | 0 | 0 | 4,088,403 |
Total assets | 18,111,238 | 2,842,048 | 23,220,556 |
Current liabilities | |||
Accounts payable (including accounts payable of the consolidated VIEs without recourse to the Company of RMB 607,430 and RMB635,635 as of December 31, 2020 and 2021, respectively) | 726,207 | 113,957 | 699,394 |
Deferred revenue (including deferred revenue of the consolidated VIEs without recourse to the Company of RMB 501,695 and RMB519,237 as of December 31, 2020 and 2021, respectively) | 539,967 | 84,733 | 511,617 |
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Company of RMB311,352 and RMB304,892 as of December 31, 2020 and 2021, respectively) | 911,050 | 142,964 | 854,835 |
Amount due to related parties (including amount due to related parties of the consolidated VIEs without recourse to the Company of RMB19,462 and RMB5,016 as of December 31, 2020 and 2021, respectively) | 5,016 | 787 | 19,462 |
Lease liabilities due within one year (including lease liabilities due within one year of the consolidated VIEs without recourse to the Company of RMB11,225 and RMB31,595 as of December 31, 2020 and 2021, respectively) | 162,950 | 25,570 | 132,793 |
Income tax payable (including income tax payable of the consolidated VIEs without recourse to the Company of RMB 60,226 and RMB58,183 as of December 31, 2020 and 2021, respectively) | 125,773 | 19,737 | 236,490 |
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, 2020 and 2021, respectively) | 44,802 | 7,030 | 62,149 |
Total current liabilities | 2,515,765 | 394,778 | 2,516,740 |
Deferred tax liabilities | 213,384 | 33,485 | 171,803 |
Share-based compensation liability | 875,616 | ||
Lease liabilities | 103,105 | 16,179 | 136,436 |
Other non-current liabilities | 128,095 | 20,101 | 25,666 |
Total liabilities | 7,525,641 | 1,180,937 | 8,385,227 |
Commitments and contingencies (Note 17) | |||
Equity | |||
Treasury stock | (1,595,339) | (250,344) | (732,474) |
Additional paid-in capital | 7,214,698 | 1,132,144 | 6,743,172 |
Retained earnings | 4,677,635 | 734,023 | 8,444,086 |
Accumulated other comprehensive income | 149,368 | 23,439 | 183,922 |
Non-controlling interest | 138,958 | 21,806 | 196,349 |
Total equity | 10,585,597 | 1,661,111 | 14,835,329 |
Total liabilities and equity | 18,111,238 | 2,842,048 | 23,220,556 |
Senior Notes [Member] | |||
Current liabilities | |||
Convertible senior notes | 4,565,292 | 716,394 | 4,658,966 |
Class A Common Stock [Member] | |||
Equity | |||
Ordinary shares, value | 226 | 35 | 223 |
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, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020CNY (¥)¥ / sharesshares |
Allowance for doubtful accounts | ¥ 15,127 | ¥ 15,390 | |
Accounts payable of consolidated VIE without recourse | 726,207 | $ 113,957 | 699,394 |
Deferred revenue of consolidated VIE without recourse | 539,967 | 84,733 | 511,617 |
Accrued expenses and other current liabilities of consolidated VIE without recourse | 911,050 | 142,964 | 854,835 |
Amount due to related parties of the consolidated VIE without recourse the Company | 5,016 | 787 | 19,462 |
Operating lease liability current | 162,950 | 25,570 | 132,793 |
Income tax payable of the consolidated VIE without recourse | 125,773 | 19,737 | 236,490 |
Deferred consideration in connection with business acquisitions of the consolidated VIEs without recourse | 44,802 | $ 7,030 | 62,149 |
Beijing Momo Technology Co., Ltd. [Member] | |||
Accounts payable of consolidated VIE without recourse | 635,635 | 607,430 | |
Deferred revenue of consolidated VIE without recourse | 519,237 | 501,695 | |
Accrued expenses and other current liabilities of consolidated VIE without recourse | 304,892 | 311,352 | |
Amount due to related parties of the consolidated VIE without recourse the Company | 5,016 | 19,462 | |
Operating lease liability current | 31,595 | 11,225 | |
Income tax payable of the consolidated VIE without recourse | 58,183 | 60,226 | |
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 | 343,142,810 | 343,142,810 | 338,798,618 |
Ordinary shares, shares outstanding | shares | 314,836,418 | 314,836,418 | 331,617,042 |
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, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Income Statement [Abstract] | ||||
Net revenues | ¥ 14,575,719 | $ 2,287,248 | ¥ 15,024,188 | ¥ 17,015,089 |
Cost and expenses: | ||||
Cost of revenues (including share-based compensation of RMB 23,972, RMB18,449 and RMB17,941 in 2019, 2020 and 2021, respectively) | (8,383,431) | (1,315,543) | (7,976,781) | (8,492,096) |
Research and development (including share-based compensation of RMB175,053, RMB175,870 and RMB139,571 in 2019, 2020 and 2021, respectively) | (1,131,781) | (177,601) | (1,167,677) | (1,095,031) |
Sales and marketing (including share-based compensation of RMB196,311, RMB158,902 and RMB70,821 in 2019, 2020 and 2021, respectively) | (2,604,309) | (408,673) | (2,813,922) | (2,690,824) |
General and administrative (including share-based compensation of RMB1,012,896, RMB325,465 and RMB247,438 in 2019, 2020 and 2021, respectively) | (624,700) | (98,029) | (763,150) | (1,527,282) |
Impairment loss on goodwill and intangible assets | (4,397,012) | (689,987) | ||
Total cost and expenses | (17,141,233) | (2,689,833) | (12,721,530) | (13,805,233) |
Other operating income | 175,947 | 27,610 | 228,777 | 344,843 |
Income (loss) from operations | (2,389,567) | (374,975) | 2,531,435 | 3,554,699 |
Interest income | 384,279 | 60,302 | 444,471 | 407,542 |
Interest expense | (73,776) | (11,577) | (78,872) | (78,611) |
Other gain or loss, net | (16,000) | (2,511) | 1,500 | (15,711) |
Income (loss) before income tax and share of loss on equity method investments | (2,095,064) | (328,761) | 2,898,534 | 3,867,919 |
Income tax expense | (822,556) | (129,077) | (755,620) | (883,801) |
Income (loss) before share of loss on equity method investments | (2,917,620) | (457,838) | 2,142,914 | 2,984,118 |
Share of income (loss) on equity method investments | (8,084) | (1,269) | (42,522) | (23,350) |
Net income (loss) | (2,925,704) | (459,107) | 2,100,392 | 2,960,768 |
Less: net loss attributable to non-controlling interest | (11,996) | (1,882) | (3,092) | (10,122) |
Net income (loss) attributable to the shareholders of Hello Group Inc. | ¥ (2,913,708) | $ (457,225) | ¥ 2,103,484 | ¥ 2,970,890 |
Net income (loss) per share attributable to ordinary shareholders | ||||
Basic | (per share) | ¥ (7.20) | $ (1.13) | ¥ 5.05 | ¥ 7.15 |
Diluted | (per share) | ¥ (7.20) | $ (1.13) | ¥ 4.83 | ¥ 6.76 |
Weighted average shares used in calculating net income (loss) per ordinary share | ||||
Basic | 404,701,910 | 404,701,910 | 416,914,898 | 415,316,627 |
Diluted | 404,701,910 | 404,701,910 | 452,081,642 | 451,206,091 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Share-based compensation | ¥ 475,771 | ¥ 678,686 | ¥ 1,408,232 |
Cost Of Revenues [Member] | |||
Share-based compensation | 17,941 | 18,449 | 23,972 |
Research And Development [Member] | |||
Share-based compensation | 139,571 | 175,870 | 175,053 |
Sales And Marketing [Member] | |||
Share-based compensation | 70,821 | 158,902 | 196,311 |
General And Administrative [Member] | |||
Share-based compensation | ¥ 247,438 | ¥ 325,465 | ¥ 1,012,896 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | ¥ (2,925,704) | $ (459,107) | ¥ 2,100,392 | ¥ 2,960,768 |
Other comprehensive loss net of tax: | ||||
Foreign currency translation adjustment | (39,161) | (6,145) | (141,677) | (8,835) |
Comprehensive income (loss) | (2,964,865) | (465,252) | 1,958,715 | 2,951,933 |
Less: comprehensive loss attributed to the non-controlling interest | (16,603) | (2,605) | (26,004) | (8,081) |
Comprehensive income (loss) attributable to Hello Group Inc. | ¥ (2,948,262) | $ (462,647) | ¥ 1,984,719 | ¥ 2,960,014 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity ¥ in Thousands, $ in Thousands | CNY (¥)shares | USD ($)shares | Common Stock [Member]CNY (¥)shares | Additional Paid-in Capital [Member]CNY (¥) | Treasury Stock [Member]CNY (¥) | (Accumulated Deficit)/ Retained Earning [Member]CNY (¥) | Accumulated Other Comprehensive Income [Member]CNY (¥) | Non-controlling Interests [Member]CNY (¥) |
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 | 2,103,484 | (3,092) | |||||
Repurchase of shares | (330,207) | (330,207) | ||||||
Share-based compensation | 611,796 | 578,167 | 33,629 | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | ¥ 226 | ¥ 2 | 224 | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units, shares | shares | 1,883,774 | 1,883,774 | 1,883,774 | |||||
Cash Dividends | ¥ (1,123,983) | (1,123,983) | ||||||
Foreign currency translation adjustment | (141,677) | (118,765) | (22,912) | |||||
Balance at Dec. 31, 2020 | 14,835,329 | ¥ 274 | 6,743,172 | (732,474) | 8,444,086 | 183,922 | 196,349 | |
Balance, Shares at Dec. 31, 2020 | shares | 419,163,084 | |||||||
Net income | (2,925,704) | $ (459,107) | (2,913,708) | (11,996) | ||||
Repurchase of shares | (862,865) | (862,865) | ||||||
Share-based compensation | 429,951 | 470,739 | (40,788) | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | ¥ 790 | ¥ 3 | 787 | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units, shares | shares | 4,344,192 | 4,344,192 | 4,344,192 | |||||
Cash Dividends | ¥ (852,743) | (852,743) | ||||||
Foreign currency translation adjustment | (39,161) | $ (6,145) | (34,554) | (4,607) | ||||
Balance at Dec. 31, 2021 | ¥ 10,585,597 | $ 1,661,111 | ¥ 277 | ¥ 7,214,698 | ¥ (1,595,339) | ¥ 4,677,635 | ¥ 149,368 | ¥ 138,958 |
Balance, Shares at Dec. 31, 2021 | shares | 423,507,276 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Cash flows from operating activities | ||||
Net income (loss) | ¥ (2,925,704) | $ (459,107) | ¥ 2,100,392 | ¥ 2,960,768 |
Adjustments to reconcile net income to net cash provided by operating activities | ||||
Depreciation of property and equipment | 155,537 | 24,407 | 208,990 | 198,237 |
Amortization of intangible assets | 109,062 | 17,114 | 157,258 | 157,954 |
Share-based compensation | 475,771 | 74,658 | 678,686 | 1,408,232 |
Share of loss on equity method investments | 8,084 | 1,269 | 42,522 | 23,350 |
Impairment loss on goodwill and intangible assets | 4,397,012 | 689,987 | ||
Gain or loss on long-term investments | 16,000 | 2,511 | (1,500) | 15,711 |
Gain on subsidiary deconsolidation | (6,676) | |||
Gain on disposal of subsidiaries | (15,526) | (2,436) | ||
Gain or loss on disposal of property and equipment | 1,236 | 194 | (282) | (398) |
Provision of losses (income) on receivable and other assets | (263) | (41) | 46,075 | 12,209 |
Cash received on investment income distribution | 1,153 | |||
Changes in operating assets and liabilities | ||||
Accounts receivable | (10,374) | (1,628) | 52,247 | 442,176 |
Prepaid expenses and other current assets | (151,162) | (23,721) | (59,117) | 26,372 |
Amount due from a related party | 4,382 | (4,382) | ||
Deferred tax assets | (2,354) | (369) | 4,569 | 20,722 |
Rental deposits | (343) | (54) | (4,265) | (836) |
Other non-current assets | 34,075 | 5,347 | (138,484) | (24,022) |
Accounts payable | 30,475 | 4,782 | (11,716) | 52,246 |
Income tax payable | (110,717) | (17,374) | 82,514 | 16,886 |
Deferred revenue | 35,106 | 5,509 | 8,910 | 61,641 |
Accrued expenses and other current liabilities | 60,668 | 9,520 | (120,363) | 212,349 |
Amount due to related parties | (14,446) | (2,267) | (10,144) | (53,032) |
Deferred tax liabilities | 180,173 | 28,273 | (39,315) | (45,382) |
Share-based compensation liability | (678,153) | (106,417) | ||
Other non-current liabilities | (34,959) | (5,486) | 85,053 | (31,915) |
Net cash provided by operating activities | 1,559,198 | 244,671 | 3,080,889 | 5,448,886 |
Cash flows from investing activities | ||||
Purchase of property and equipment | (95,323) | (14,958) | (124,143) | (186,522) |
Payment for long-term investments | (415,052) | (65,131) | (13,500) | (64,500) |
Prepayment for long-term investments | (15,000) | |||
Purchase of short-term deposits | (4,976,688) | (780,951) | (14,949,665) | (22,151,135) |
Cash received on maturity of short-term deposits | 9,667,570 | 1,517,053 | 19,577,159 | 18,686,430 |
Cash received on investment income distribution | 5,610 | 880 | ||
Cash of disposed subsidiaries | (8,750) | (1,373) | ||
Purchase of long-term deposits | (1,850,000) | (290,305) | (5,250,000) | (300,000) |
Cash received on maturity of long-term deposits | 200,000 | 31,384 | ||
Payment for short-term investments | (10,000) | (360,000) | ||
Cash received from sales of short-term investment | 10,000 | 360,000 | ||
Cash received from sales of long term investment | 20,000 | 3,138 | 12,000 | |
Other investing activities | 2,975 | 467 | (317) | 808 |
Net cash (used in ) provided by investing activities | 2,550,342 | 400,204 | (748,466) | (4,029,919) |
Cash flows from financing activities | ||||
Deferred payment for business acquisition | (12,957) | (2,033) | (18,354) | (379,507) |
Proceeds from exercise of share options | 776 | 122 | 226 | 187 |
Repurchase of ordinary shares | (862,865) | (135,402) | (330,207) | |
Repurchase of subsidiary's share options | (59,120) | (9,277) | (25,832) | |
Dividends payment | (852,743) | (133,814) | (1,123,983) | (877,346) |
Deferred payment of purchase of property and equipment | (17,114) | |||
Net cash used in financing activities | (1,786,909) | (280,404) | (1,498,150) | (1,273,780) |
Effect of exchange rate changes | (41,669) | (6,538) | (80,944) | (478) |
Net increase in cash, cash equivalent and restricted cash | 2,280,962 | 357,933 | 753,329 | 144,709 |
Cash and cash equivalents at the beginning of year | 3,366,072 | 528,210 | 2,612,743 | 2,468,034 |
Cash, cash equivalent and restricted cash at the end of year | 5,647,034 | 886,143 | 3,366,072 | 2,612,743 |
Non-cash investing and financing activities | ||||
Payable for purchase of property and equipment | 4,878 | 765 | 8,403 | 3,051 |
Right-of-use assets acquired in operating lease | ¥ 166,844 | $ 26,181 | ¥ 236,499 | ¥ 127,362 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Organization and Principal Activities | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Hello Group Inc. (the “Company”), previously named “Momo Inc.”, is the holding company for a group of companies, which was incorporated in the British Virgin Islands (“BVI”) on Momo Inc. In August 2021, the Company changed its name from “Momo Inc.” to “Hello Group 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. As of December 31, 2021, details of the Company’s major subsidiaries, VIEs and VIEs’ subsidiaries are as follows: Major subsidiaries Momo Technology HK Company Limited (“Momo HK”) Beijing Momo Information Technology Co., Ltd. (“Beijing Momo IT”) Tantan Limited (“Tantan”) Tantan Hong Kong Limited (“Tantan HK”) Tantan Technology (Beijing) Co., Ltd. (“Tantan Technology”) QOOL Media Inc. (“QOOL Inc.”) QOOL Media Technology (Tianjin) Co., Ltd. SpaceCape Technology Pte. Ltd. Major VIEs Beijing Momo Technology Co., Ltd. (“Beijing Momo”) * QOOL Media (Tianjin) Co., Ltd. (“QOOL Tianjin”) * Tantan Culture Development (Beijing) Co., Ltd. (“Tantan Culture”) * Hainan Miaoka Network Technology Co., Ltd. (“Miaoka”) * Beijing Top Maker Culture Co, Ltd. (“Beijing Top Maker”) Beijing Perfect Match Technology Co, Ltd. (“Beijing Perfect Match”) SpaceTime (Beijing) Technology Co, Ltd. (“SpaceTime Beijing”) Major VIEs’ subsidiaries Chengdu Momo Technology Co., Ltd. (“Chengdu Momo”) * Tianjin Heer Technology Co., Ltd. (“Tianjin Heer”) * Loudi Momo Technology Co., Ltd. (“Loudi Momo”) * Tianjin Apollo Exploration Culture Co., Ltd. (“Tantan Apollo”) * These entities are controlled by the Company pursuant to the contractual arrangements disclosed below. The VIE arrangements The People’s Republic of China (“PRC”) regulations currently limit direct foreign ownership of business entities providing value-added telecommunications services, advertising services and internet services in the PRC where certain licenses are required for the provision of such services. The Group provides substantially all of its services in China through certain PRC domestic companies, which hold the operating licenses and approvals to enable the Group to provide such mobile internet content services in the PRC. Specifically, these PRC domestic companies that are material to the Company’s business are Beijing Momo, Chengdu Momo, Tianjin Heer, Loudi Momo, QOOL Tianjin, Miaoka, Tantan Culture, Beijing Top Maker, Beijing Perfect Match, SpaceTime Beijing 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 • requiring the Group to restructure the ownership structure or operations, including terminating the contractual arrangements with the VIEs and deregistering the equity pledges of the VIEs, which in turn would affect the ability to consolidate, derive economic interests from, or exert effective control over VIEs; • restricting or prohibiting the use of the proceeds of any of offshore financings to finance the business and operations in china; • impose additional conditions or requirements with which the Group may not be able to comply; or • take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business. The imposition of any of these penalties may result in a material and adverse effect on the Group’s ability to conduct the Group’s business. In addition, if the imposition of any of these penalties causes the 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, 2020 2021 RMB RMB Cash and cash equivalents 1,311,713 2,474,974 Short-term deposits 604,500 550,000 Other current assets 544,615 590,022 Total current assets 2,460,828 3,614,996 Long-term deposits 950,000 750,000 Long-term investments 454,996 404,524 Other non-current 264,825 241,500 Total assets 4,130,649 5,011,020 Accounts payable 607,430 635,635 Deferred revenue 501,695 519,237 Other current liabilities 402,265 399,686 Total current liabilities 1,511,390 1,554,558 Other non-current 58,984 63,095 Total liabilities 1,570,374 1,617,653 For the years ended December 31, 2019 2020 2021 RMB RMB RMB Net revenues 17,001,337 14,902,691 14,336,539 Net income 8,511,991 6,734,471 5,674,607 Net cash provided by operating activities 9,125,496 6,906,938 5,748,529 Net cash (used in) provided by investing activities (881,828 ) (757,949 ) 254,093 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 99.9%, 99.2% and 98.4% of the consolidated net revenues for each of the years ended December 31, 2019, 2020 and 2021, respectively. As of the fiscal years ended December 31, 2020 and 2021, the VIEs accounted for an aggregate of 17.8% and 27.7%, respectively, of the consolidated total assets, and 18.7% and 21.5%, 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 21 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, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Basis of consolidation The consolidated financial statements of the Group include the financial statements of Hello Group Inc., its subsidiaries, its VIEs and VIEs’ subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation. 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 useful lives and impairment of property and equipment and intangible assets, the impairment of long-term investments and goodwill, the valuation allowance for deferred tax assets, and share-based compensation. Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments, which are unrestricted from withdrawal or use, or which have original maturities of three months or less when purchased. Short-term deposits Short-term deposits consist of bank deposits with an original maturity of over three months but within one year. Long-term restricted cash Restricted cash represents US dollar deposits held in escrow account related to payable to Tantan’s founders in accordance with its share options repurchase agreement. The Company considers the expected timing of the release of the restrictions is more than one year. Long-term deposits Long-term deposits represent time deposits placed in banks with original maturities of more than one year. Interest earned is recorded as interest income in the consolidated statements of operations during the periods presented. Accounts receivable Accounts receivable primarily represents the cash due from third-party application stores and other payment channels and advertising customers, net of allowance for doubtful accounts. The Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group maintains an estimated allowance for credit losses based upon its assessment of various factors, including the historical loss experience, the age of accounts receivable balances, credit quality of third-party application stores and other payment channels, advertising customers and other customers, current and future economic conditions and other factors that may affect their ability to pay, to reduce its accounts receivable to the amount that it believes will be collected. Financial instruments Financial instruments of the Group primarily consist of cash and cash equivalents, short-term deposits, restricted cash, long-term deposits, accounts receivable, equity securities without readily determinable fair value, fair value option investment, accounts payable, deferred revenue, convertible senior notes, income tax payable and amount due to related parties. The Group carries its fair value option investment at fair value. Cash and cash equivalents are recorded at fair value based on the quoted market price in an active market. The carrying values of restricted cash, accounts receivable, accounts payable, deferred revenue, income tax payable and amount due to related parties approximate their fair values. The group classifies the valuation techniques that use these inputs as Level 2 in the fair value hierarchy. It is not practical to estimate the fair value of the Group’s equity securities without readily determinable fair value because of the lack of quoted market price and the inability to estimate fair value without incurring excessive costs. The fair value of the Company’s convertible senior notes and term deposits are discussed in Note 11. 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 RMB 2,542 million and RMB 4,631 million as of December 31, 2020 and 2021, 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, 2020 2021 A 26 % 20 % B 14 % 16 % Users or customers accounting for 10% or more of follows: As of December 31, 2020 2021 C 11 % N/A As of December 31, 2021, no user or customer accounted for 10% or more of accounts receivable. Concentration of revenue No user or customer accounted for 10% or more of net revenues for the years ended December 31, 2019, 2020 and 2021, respectively. Equity securities without readily determinable fair value The Group accounts for equity investments that do not have a readily determinable fair value under the measurement alternative in accordance with ASC Topic 321, Investments—Equity Securities, to the extent such investments are not subject to consolidation or the equity method. Under the measurement alternative, these financial instruments are carried at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. If the fair value is less than the investment’s carrying value, the Company recognizes an impairment loss in net income equal to the difference between the carrying value and fair value. Equity method investments The investee companies over which the Group has the ability to exercise significant influence, but does not have a controlling interest are accounted for using the equity method. Significant influence is generally considered to exist when the Group has an ownership interest in the voting stock of the investee between 20% and 50%. Other factors, such as representation in the investee’s Board of Directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate. For the investment in limited partnerships, where the Group holds less than a 20% equity or voting interest, the Group’s influence over the partnership operating and financial policies is determined to be more than minor. Accordingly, the Group accounts for these investments as equity method investments. Under the equity method of accounting, the affiliated company’s accounts are not reflected within the Group’s consolidated balance sheets and consolidated statements of operations; however, the Group’s share of the earnings or losses of the affiliated company is reflected in the caption “share of income (loss) on equity method investments” in the consolidated statements of operations. An impairment 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. Fair value option investments The Group elected the fair value option to account for a new partnership units investment in a private fund, and measured the investment using the net asset value per share based on the practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) (“NAV practical expedient”), whereby the change in fair value is recognized in the consolidated statements of operations. Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Office equipment 3-5 Computer equipment 3 years Vehicles 5 years Leasehold improvement Shorter of the lease term Intangible assets Intangible assets acquired through business acquisitions are recognized as assets separate from goodwill if they satisfy either the “contractual-legal” or “separability” criterion. Purchased intangible assets and intangible assets arising from acquisitions are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: Game copyright 1 year License 3.2-10 years Technology 3 years Active user 5 years Trade name 10 years Impairment of long-lived assets with finite lives The Group reviews its long-lived assets, including intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (asset group) may no longer be recoverable. When these events occur, the Group tests the recoverability of the asset (asset group) by comparing the carrying value of the long-lived assets (asset group) to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the fair value of the assets. 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. The quantitative impairment test compares the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets, liabilities and goodwill to reporting units, and determining the fair value of each reporting unit. 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, 2019, 2020 and 2021, 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, 2021 Momo Tantan QOOL RMB RMB RMB Live video service 7,475,809 903,136 — Value-added services 4,845,744 1,126,048 — Mobile marketing 159,010 — — Mobile games 47,712 — — Other services 12,930 — 5,330 Total 12,541,205 2,029,184 5,330 For the year ended December 31, 2020 Momo Tantan QOOL RMB RMB RMB Live video service 8,638,810 998,769 — Value-added services 3,742,637 1,369,545 — Mobile marketing 198,197 — — Mobile games 39,564 — — Other services 11,911 — 24,755 Total 12,631,119 2,368,314 24,755 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 (a) Live video service The Group is principally engaged in providing live video services whereby users can enjoy live performances and interact with the broadcasters for free during the performance. Broadcasters can either host the performance on their own or join a talent agency. The Group generates revenue from sales of virtual items to its customers. The Group designs, creates and offers various virtual items for sales to users with pre-determined non-refundable non-refundable, point-in-time The Group has evaluated and determined that it is the principal and views the users to be its customers. Specifically, the Group controls the virtual items before they are transferred to users. Its control is evidenced by the Group’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Group being primarily responsible to the users for the delivery of the virtual items as well as having full discretion in establishing pricing for the virtual items. Accordingly, the Group reports its live video service revenues on a gross basis with amounts billed to users for the virtual items recorded as revenues and the Revenue Sharing paid to broadcasters and talent agencies recorded as cost of revenues. Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. The Group has determined that the virtual items represent one performance obligation in the live video service. Revenue related to each of the virtual items is recognized at the point-in- Users also have the right to purchase various combinations of virtual items and virtual item coupons in the live video, which are generally capable of being distinct. Specifically, the Group enters into certain contracts with its users where virtual item coupons are granted to users with a purchase. The virtual item coupons can be used by the users to exchange for free virtual items in the future. Such virtual item coupons typically expire a few days after being granted. The Group has determined that the virtual item coupons represent a material right under Topic 606 which is recognized as a separate performance obligation at the outset of the arrangement. Judgment is required to determine the standalone selling price for each distinct virtual item and virtual item coupon. The Group allocates the consideration to each distinct virtual item and virtual item coupon based on their relative standalone selling prices. In instances where standalone selling price is not directly observable as the Group does not sell the virtual items or virtual item coupons separately, the Group determines the standalone selling price based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each of the distinct virtual item in accordance with the revenue recognition method discussed above unless otherwise stated. Revenue for the virtual item coupons is recognized when the virtual items purchased with the virtual item coupons are consumed. Although virtual item coupons have expiry dates, the Group considers that the impact of breakage for the virtual item coupons is insignificant as historical data shows that virtual item coupons are consumed shortly after they are released to users. The Group does not provide any right of return and does not provide any other credit or incentive to its users. (b) Value-added services Value-added services revenues mainly include membership subscription revenue and virtual gift service revenue. Membership subscription is a service package which enables members to enjoy additional functions and privileges. The contract period for the membership subscription ranges from one month to one year. All membership subscription is nonrefundable. The Group has determined that its membership subscription services represent one performance obligation. The Group collects membership subscription in advance and records it as deferred revenue. Revenue is recognized ratably over the contract period as the membership subscription services are delivered. Virtual gift service enhances users’ experience of interaction and social networking with each other. Generally, users are able to purchase virtual items and send them to other users The Group shares a portion of the revenues derived from the sales of virtual items with the recipients of the virtual items. All virtual items are nonrefundable, typically consumed at a point-in-time For virtual gift service, the Group also provides various combinations of virtual items for users to purchase and grant virtual item coupons with the purchase, similar to its live video service. For the same reasons and with the same methods outlined in the revenue recognition policy for its live video services, the Group recognizes revenue for each of the distinct virtual item and recognizes revenue for the virtual item coupons when the virtual items purchased with the virtual item coupons are consumed. Although virtual item coupons have expiry dates, the Group considers that the impact of breakage for the virtual item coupons is insignificant as historical data shows that virtual item coupons are consumed shortly after they are released to users. (c) Mobile marketing The Group provides advertising and marketing solutions to customers for promotion of their brands and conduction of effective marketing activities through its mobile application. Display-based mobile marketing services For display-based online advertising services, the Group has determined that its mobile marketing services represent one performance obligation. Accordingly, the Group recognizes mobile marketing revenue ratably over the period that the advertising is provided commencing on the date the customer’s advertisement is displayed, or based on the number of times that the advertisement has been displayed for cost per thousand impressions advertising arrangements. Performance-based mobile marketing services The Group also enables advertising customers to place links on its mobile platform on a pay-for-effectiveness The Group’s mobile marketing revenues are recognized net of agency rebates, if applicable. Agency rebates have not been material for the years ended December 31, 2019, 2020 and 2021. (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 virtual currencies or virtual items. The Group records revenue generated from mobile games on a gross basis if the Group acts as the principal in the mobile game arrangements under which the Group controls the specified services before they are provided to the customers. The Group determines that it has a single performance obligation to the players who purchased the virtual items to gain an enhanced game-playing experience over the playing period of the paying players. Specially, the Group is primarily responsible for fulfilling the promise to provide maintenance services and has discretion in setting the price for virtual currencies or virtual items to the customers. Accordingly, the Group recognizes revenues ratably over the estimated average period of player relationship starting from the point in time when the players purchase the virtual items and once all other revenue recognition criteria are met. For arrangements that the Group has determined that it is not the principal, the Group considers the game developers to be its customers and records revenue on a net basis based on the ratios pre-determined in-game (e) Other services Revenues from other services mainly consisted of music service revenues, film distribution service, film promotion service and peripheral products. Practical expedients and exemptions The Group’s contracts have an original duration of one year or less. Accordingly, the Group does not disclose the value of unsatisfied performance obligations. Additionally, the Group generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling and marketing expenses. Contract balances Contract balances include accounts receivable and deferred revenue. Accounts receivable represent cash due from third-party application stores and other payment channels as well as from advertising customers and are recorded when the right to consideration is unconditional. The Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group recorded 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 RMB255,750, RMB142,061 and RMB63,615 for the years ended December 31, 2019, 2020 and 2021, 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. Revenue is recognized net of VAT amounted to 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 realized. Deferred income taxes are recognized on the undistributed earnings of subsidiaries, which are presumed to be transferred to the parent company and are subject to withholding taxes, unless there is sufficient evidence to show that the subsidiary has invested or will invest the undistributed earnings indefinitely or that the earnings will be remitted in a tax-free liquidation. The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than- not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. Foreign currency translation The reporting currency of the Company is the Renminbi (“RMB”). The functional currency of the Company is the US dollar (“US$”). The Company’s operations are principally conducted through the subsidiaries, its VIEs and VIEs’ subsidiaries located in the PRC where the local currency is the functional currency. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange in place at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statement of operations. Assets and liabilities of the Group companies are translated from their respective functional currencies to the reporting currency at the exchange rates at the balance sheet dates, equity accounts are translated at historical exchange rates and revenues and expenses are translated at the average exchange rates in effect during the reporting period. The resulting foreign currency translation adjustments are recorded in other comprehensive income (loss). Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 = RMB6.3726 on the last trading day of 2021 (December 30, 2021) representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rates. Leases The Group leases administrative office spaces and internet data center (“IDC”) facilities in different cities in the PRC under operating leases. The Group determines whether an arrangement constitutes a lease and records lease liabilities and right-of-use 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 RMB1,960,002, RMB2,255,519 and RMB2,192,512 for the years ended December 31, 2019, 2020 and 2021, respectively. Comprehensive income (loss) Comprehensive income (loss) includes net income (loss) and foreign currency translation adjustments. Comprehensive income (loss) is reported in the consolidated statements of comprehensive income (loss). Share-based compensation Share-based payment transactions with employees, executives and consultants are measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense net of a forfeiture rate on a straight-line basis, over the requisite service period, with a corresponding impact reflected in additional paid-in Share-based compensation with cash settlement features are classified as liabilities. The percentage of the fair value that is recorded as compensation cost at the end of each period is based on the percentage of the requisite service that has been rendered at that date. Changes in fair value of the liability classified award that occur during the requisite service period is recognized as compensation cost over that period. These awards typically vest over a specific period, but may fully vest upon the achievement of certain performance conditions. Share-based compensation expense is recognized on an accelerated basis if it is probable that the performance conditions will be achieved during the vesting period. Any difference between the amount for which a liability award is settled and its fair value at the settlement d |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 3. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following: As of December 31, 2020 2021 RMB RMB Interest receivable 118,756 276,316 Deposits with third-party payment channels (i) 210,825 241,719 Input VAT (ii) 69,656 78,657 Advance to suppliers (iii) 66,692 68,986 Prepaid service fee and issuance fee 16,686 42,530 Deferred platform commission cost 35,398 37,690 Deposits at third party broker (iv) 71,653 — Others 24,030 29,174 613,696 775,072 (i) Deposits with third-party payment channels are mainly the cash deposited in certain third-party payment channels by the Group for the broadcasters and the gift recipients who received the virtual items in the value-added service to withdraw their revenue sharing and the customer payment to the Group’s account through the third-party payment channels. (ii) Input VAT mainly occurred from the purchasing of goods or other services, property and equipment and advertising activities. It is subject to verification by related tax authorities before offsetting the VAT output. (iii) Advance to suppliers were primarily for advertising fees and related service fees. (iv) 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. During the year ended December 31, 2021 , C deposit ed $127,248 at Credit Su isse and utilized US$133,395 prepayment at Cre dit Suisse for repurchase of total 21,124,816 shares , and the remai ning prepayment has been withdrawn by the Company as of December 31, 2021. |
Long-Term Investments
Long-Term Investments | 12 Months Ended |
Dec. 31, 2021 | |
Long-term Investments [Abstract] | |
Long-Term Investments | 4. LONG-TERM INVESTMENTS As of December 31, 2020 2021 RMB RMB Equity method investments Jingwei Chuangteng (Hangzhou) L.P. (i) 78,382 73,235 Hangzhou Aqua Ventures Investment Management L.P. (ii) 63,093 52,080 Chengdu Tianfu Qianshi Equity Investment Partnership L.P. (iii) 36,702 39,155 Others (vi) 38,694 37,928 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 58 Daojia Ltd. (iv) — 300,000 Others (vi) 113,125 77,125 Fair value option investment AEZ Capital Feeder Fund (v) — 115,483 454,996 820,006 The Group performed impairment analysis for equity method investments and equity securities without readily determinable fair values periodically. Impairment losses of RMB15,711, RMB10,500 and RMB18,000 were recorded for long-term investments under “other gain or loss, net” in the consolidated statements of operations for the years ended December 31, 2019, 2020 and 2021, respectively. (i) On January 9, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Jingwei Chuangteng (Hangzhou) L.P. (“Jingwei”). According to the partnership agreement, the Group committed to subscribe 4.9% partnership interest in Jingwei for RMB30,000. Due to Jingwei’s further rounds of financing, the Group’s partnership interest was diluted to 2.4% as of December 31, 2020 and 2021. The Group recognized its share of partnership profit or (loss) in Jingwei of RMB8,977, RMB4,964 and RMB(5,147) during the years (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 RMB1,415, RMB(42,458) and RMB(11,013) for the years ended December 31, 2019, 2020 and 2021, respectively. The Group received distribution from Aqua of RMB1,153 during the year ended December 31, 2020. (iii) On September 12, Ch engdu T Q i anshi Eq uity P artnership Tianfu , wh ich had been fully pai d as of December 31 , 2020 T ian fu d uring (iv) The Group invested in certain preferred shares of private companies. On April 9, 2021, the Group entered into a preferred share subscription agreement with 58 Daojia Ltd. for a consideration of RMB300 million The transaction was completed in April 2021. As the investments were neither debt security nor in-substance common stock, they were accounted as equity securities without readily determinable fair values and measured at fair value using the measurement alternative. There has been no orderly transactions for the identical or a similar investment of the same issuer noted during the year ended December 31, 2021. (v) In October 2021, the Group completed an investment in an open mutual fund named “AEZ Capital Feeder Fund” (“AEZ”), which is redeemable on a quarterly basis. The Group, as a limited partner, subscribed Class A participating shares with capital contribution of was (vi) Others represent equity method investments or equity securities without readily determinable fair values that are individually insignificant. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 5. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following: As of December 31, 2020 2021 RMB RMB Computer equipment 718,508 758,097 Office equipment 171,663 175,852 Vehicles 3,807 4,422 Leasehold improvement 105,165 110,169 Less: accumulated depreciation (733,292 ) (867,876 ) Exchange difference (86 ) — 265,765 180,664 Depreciation expenses charged to the consolidated statements of operations for the years ended December 31, 2019, 2020 and 2021 were RMB198,237, RMB208,990 and RMB155,537, respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 6. INTANGIBLE ASSETS, NET Intangible assets, net consisted of the following: As of December 31, 2020 2021 RMB RMB Trade name 652,134 636,902 Active user 348,666 340,523 Technology 26,570 25,949 License 50,133 51,178 Game copyright 2,170 2,170 Less: accumulated amortization (413,026 ) (522,088 ) Less: accumulated impairment loss (1,266 ) (539,375 ) Exchange difference 21,830 32,061 Net book value 687,211 27,320 Amortization expenses charged to the consolidated statements of operations for the years ended December 31, 2019, 2020 and 2021 were RMB157,954, RMB157,258 and RMB109,062, respectively. The impairment loss on acquired intangible assets was nil, nil and RMB538,109 for the years ended December 31, 2019, 2020 and 2021. 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 2022 5,118 2023 5,118 2024 5,118 2025 5,118 2026 5,118 Thereafter 1,730 Total 27,320 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 7. GOODWILL As of December 31, 2021 Momo Tantan Total RMB RMB RMB Balance, as of January 1, 2020 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 Impairment loss (22,130 ) (3,971,300 ) (3,993,430 ) Foreign exchange differences — (94,973 ) (94,973 ) Balance, as of December 31, 2021 — — — 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, 2020 and 2021. When determining the fair value of both the Momo and Tantan reporting units, the Group used a discounted cash flow model that included a number of significant unobservable inputs (Level 3). Based on the Group’s assessment as of December 31, 2020, the fair value of both business reporting units exceeded their carrying value. Beginning in mid of 2021, with the departure of Tantan’s founders, management undertook a comprehensive review of Tantan’s strategy and operations, and determined to lower Tantan’s monetization level to improve user experience and retention to drive overall user growth, which resulted in a decline in the revenue and earnings estimates due to an overall reduced future growth expectations. As of December 31, 2021, combined with a decline in Group’s share price which resulted in the market capitalization of the Group being significantly below its book value, the Group has determined that it was more likely than not that goodwill was impaired. Accordingly, the Group determined the fair value of each respective reporting unit using the income-based approach, such that Tantan’s cash flows forecasts mainly factored in the lower than projected business outlook. Key assumptions used to determine the estimated fair value include: (a) internal cash flows forecasts including expected revenue growth, operating margins and estimated capital needs, (b) an estimated terminal value using a terminal year long-term future growth rate of 3% determined based on the growth prospects of the reporting units; and (c) a discount rate of 20% that reflects the weighted-average cost of capital adjusted for the relevant risk associated with the Momo and Tantan reporting units’ operations and the uncertainty inherent in the Group’s internally developed forecasts. As a result, the fair value of the reporting units was estimated to be below the carrying value and the Group recorded a RMB3,993,430 goodwill impairment during the year ended December 31, 2021. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following: As of December 31, 2020 2021 RMB RMB Payable for advertisement 254,264 259,466 Accrued payroll and welfare 261,599 233,918 Balance of users’ virtual accounts 127,520 134,282 Other tax payables 53,974 60,749 Payable for repurchase of subsidiary’s share options 11,912 57,548 Accrued professional services and related service fee 52,566 53,922 VAT payable 29,930 23,661 Others 63,070 87,504 Total 854,835 911,050 |
Convertible Senior Notes
Convertible Senior Notes | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | 9. 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, 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. During the year ended December 31, 2021, the conversion rate was adjusted to 16.9816 of the Company’s ADSs per US$1,000 principal amount of Notes (which is equivalent to a conversion price of approximately US$58.89 per ADS) due to the cash dividend paid in April 2021. 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 The Notes bear interest at a rate of 1.25% per year and will be payable semiannually. As of December 31, 2020 and 2021, the carrying value of the Notes was RMB4,658,966 and RMB4,565,292, including unamortized issuance cost of RMB71,659 and RMB54,843, respectively. The issuance costs are being amortized through interest expense over the period from July 2, 2018, the date of issuance, to July 1, 2025, the date of expiration, using the effective interest rate method which was 1.61% for the years years 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 “Debt”, as a single instrument under long-term debt. Issuance costs related to the Notes is recorded in consolidated balance sheet as a direct deduction from the principal amount of the Notes. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 10. 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 RMB154,368 and RMB190,561, including RMB20,418 and RMB11,270 short-term lease expense for the years For the years ended December 31 2020 2021 RMB RMB Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 113,577 165,373 Non-cash right-of-use Operating leases 236,499 166,844 Weighted average remaining lease term Operating leases 2.46 2.11 Weighted average discount rate Operating leases 3.33 % 3.48 % As of December 31, 2021, 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 2022 165,812 2023 75,327 2024 and thereafter 34,932 Less imputed interest 10,016 Total 266,055 Payments under operating leases are expensed on a straight-line basis over the periods of their respective leases. The terms of the leases do not contain rent escalation or contingent rents. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 11. FAIR VALUE Measured on a recurring basis The Group measures its financial assets and liabilities including cash and cash equivalents and fair value option investment at fair value on a recurring basis as of December 31, 2020 and 2021. 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. Fair value option investment is measured at fair value using NAV practical expedient and thus is not categorized in the fair value hierarchy per ASC 820. As of December 31, 2020 and 2021, 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 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 — — Fair Value Measured as of December 31, Description 2021 Quoted Significant Significant RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 5,570,563 5,570,563 — — Total 5,570,563 5,570,563 — — Disclosed on a recurring basis The fair value of the Notes was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including the trading price of the Company’s convertible notes, when available, the Company’s stock price and interest rates based on similar debt issued by parties with credit ratings similar to the Company (Level 2). As of December 31, 2020 and 2021, the fair value of the Notes was RMB3,991,465 and RMB4,007,967, respectively. As of December 31, 2020 and 2021, the fair value of the short-term and long-term deposits was RMB13,235,006 and RMB10,336,316, respectively, and the interest rates were determined based on the prevailing interest rates in the market (Level 2). Measured on nonrecurring basis The Group measures its equity method investments at fair value on a nonrecurring basis whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Group didn’t record any impairment loss on its equity method investment during the years ended December 31, 2020 and 2021. 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, 2020 and 2021, the Group performed an impairment test on its equity securities without readily determinable fair value investees and recorded an impairment loss of RMB10,500 Such impairments are considered level 3 fair value measurements because the Group used unobservable inputs such as the management projection of discounted future cash flow and the discount rate. The Group’s goodwill and intangible assets are primarily acquired through business acquisitions. The group measures its goodwill and intangible assets at fair value on a nonrecurring basis annually or whenever events or changes in circumstances indicate that carrying amount of a reporting unit exceeds its fair value. Acquired intangible assets are measured using the income approach — discounted cash flow method when events or changes in circumstance indicate that the carrying amount of an asset may no longer be recoverable. For goodwill impairment testing, refer to Note 7 for details. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES Cayman In July 2014, the Company was redomiciled in the Cayman Islands as an exempted company registered under the laws of the Cayman Islands. Under the current laws of the Cayman Islands, it is not subject to tax on either income or capital gain. BVI Momo BVI is a tax-exempted Hong Kong The Company’s subsidiaries domiciled in Hong Kong are subject to a two-tiered two-tiered two-tiered years 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 202 2 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 Technology Co., Ltd (“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, 202 1 In July 2019, Tantan Technology qualified as HNTE. As such, Tantan Technology enjoyed a preferential tax rate of 15% from 2019 to 2021. Tantan Technology applied for Software Enterprise (“SE”) status for fiscal year 2020 and was approved in 2021, which entitled Tantan Technology to enjoy an income tax exemption in 2020. Accordingly, in 2021 Tantan Technology recorded the preferential tax rate adjustment from 15% to 0 % During the year ended December 31, 2021, 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 2017 to 2021 of the Group’s PRC subsidiaries, VIEs and VIEs’ subsidiaries, remain subject to tax audits as of December 31, 2021, 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 Group 1 by Beijing Momo IT, because Beijing Momo IT’s earnings is planning to be remit to its offshore parent company in the foreseeable future to fund its demand on US dollar in business operations, payments of dividends, potential investments, etc. Aggregate undistributed earnings of the Company’s PRC subsidiaries and the VIEs are available for reinvestment. Upon distribution of such earnings, the Company will be subject to the PRC EIT, the amount of which is impractical to estimate. The Company did not record any other withholding tax on any of the aforementioned undistributed earnings except for retained earnings generated in 2021 by Beijing Momo IT, because the rest of the subsidiaries and the VIEs do not intend to declare dividends and the Company intends to permanently reinvest it within the PRC. Accordingly, no deferred tax liability was recorded for taxable temporary differences attributable to the undistributed earnings because the Company believes the undistributed earnings can be distributed in a manner that would not be subject to income tax. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Group’s deferred tax assets and liabilities are as follows: As of December 31, 2020 2021 RMB RMB Deferred tax assets: Advertising expense 272,228 360,876 Net operating loss carry-forward 178,378 203,839 Accrued expenses 22,293 23,983 Impairment on long-term investments 15,617 20,742 Less: valuation allowance (456,021 ) (574,591 ) Deferred tax assets, net 32,495 34,849 Deferred tax liabilities: Intangible assets acquired 171,803 5,956 Withholding income tax — 207,428 Deferred tax liabilities, net 171,803 213,384 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, 2021, the net operating loss carry-forward for the Company’s subsidiaries domiciled in the PRC, VIEs, and VIEs’ subsidiaries amounted to RMB594,333. The net operating loss in the PRC can be carried forward for five years to offset future taxable profit, and the period was extended to 10 years for entities qualified as HNTE in 2018 and thereafter. As of December 31, 2021, the net operating loss carryforward for the Company’s subsidiaries domiciled in Hong Kong amounted to RMB231,374, which would be carried forward indefinitely and set off against its future taxable profits. As of December 31, 2021, the net operating loss carryforward for the Company’s subsidiaries domiciled in Singapore amounted to RMB100,466, 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, 2019 2020 2021 RMB RMB RMB Net income before provision for income tax 3,867,919 2,898,534 (2,095,064 ) PRC statutory tax rate 25 % 25 % 25 % Income tax expense (benefit) at statutory tax rate 966,980 724,634 (523,766 ) Permanent differences and Research and development super-deduction 24,406 (11,861 ) (55,871 ) Change in valuation allowance 39,427 95,240 118,570 Effect of income tax rate difference in other jurisdictions 257,449 123,778 1,201,729 Effect of tax holidays and preferential tax rates (404,461 ) (282,775 ) (195,209 ) Effect of the preferential tax rate adjustment of prior year’s EIT — (113,396 ) (60,325 ) Effect of PRC withholding tax — 220,000 337,428 Provision for income tax 883,801 755,620 822,556 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, 2019, 2020 and 2021, the increase in income tax expenses and resulting net income (loss) per share amounts would be as follows: For the year ended December 31, 2019 2020 2021 RMB RMB RMB Increase in income tax expenses 404,461 282,775 195,209 Net income (loss) per ordinary share attributable to Momo Inc. - basic 6.18 4.37 (7.68 ) Net income (loss) per ordinary share attributable to Momo Inc. - diluted 5.86 4.20 (7.68 ) No significant unrecognized tax benefit were |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2021 | |
Federal Home Loan Banks [Abstract] | |
Ordinary Shares | 13. ORDINARY SHARES In 2019, 2020 and 2021, 3,402,830, 1,883,774 and 4,344,192 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 15), respectively. On September 3, 2020, the Company’s Board of Directors authorized a share repurchase program (“2020 share repurchase program”) under which the Company may repurchase up to US$300 million of its shares over the next 12 months. The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. For the years |
Distribution To Shareholders
Distribution To Shareholders | 12 Months Ended |
Dec. 31, 2021 | |
Distribution To Shareholders [Abstract] | |
Distribution To Shareholders | 14. 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 (RMB877,346) cash 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 (RMB1,123,983) cash ex-dividend On March 25, 2021, the Company declared a special cash dividend in the amount of US$0.64 per ADS, or US$0.32 per ordinary share. US$132,032 (RMB852,743) cash ex-dividend |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | 15. 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, 2021: Number of Weighted Weighted average Aggregated intrinsic Outstanding as of December 31, 2020 28,217,269 0.0208 6.82 196,370 Granted 6,926,620 0.0002 Exercised (4,231,692 ) 0.0289 Forfeited (1,235,944 ) 0.0002 Outstanding as of December 31, 2021 29,676,253 0.0157 6.69 132,783 Exercisable as of December 31, 2021 16,790,323 0.0275 5.12 74,927 There were 16,790,323 vested options, and 11,610,811 options expected to vest as of December 31, 202 1 1 0 The weighted-average grant-date fair value of the share options granted during the years 2019, 2020, and 2021 was US$16.42, US$ 10.25 The fair value of options granted was estimated on the date of grant using the Black-Sholes pricing model with the following assumptions used for grants during the applicable periods: Risk-free interest Expected term Volatility Dividend yield Exercise price 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 2021 1.64%~1.96% 6 years 50.2%~51.8% — 0.0002 (1) Risk-free interest rate Risk-free interest rate was estimated based on the daily treasury long term rate of U.S. Department of the Treasury with a maturity period close to the expected term of the options, plus the country default spread of China. (2) Expected term The expected term of the options represents the period of time between the grant date and the time the options are either exercised or forfeited, including an estimate of future forfeitures for outstanding options. (3) Volatility The volatility of the underlying ordinary shares during the life of the options was estimated based on the historical stock price volatility of comparable listed companies over a period comparable to the expected term of the options. (4) Dividend yield The dividend yield was estimated by the Group based on its expected dividend policy over the expected term of the options. (5) Exercise price The exercise price of the options was determined by the Group’s board of directors. (6) Fair value of underlying ordinary shares The fair value of the ordinary shares is determined as the closing sales price of the ordinary shares as quoted on the principal exchange or system. For employee, executives and non-employee As of December 31, 2021, total unrecognized compensation expense relating to unvested share options was RMB713,656, which will be recognized over a weighted average period of 2.36 years. The weighted-average remaining contractual term of options outstanding is 6.69 years. Restricted share units (“RSUs”) granted by the Company On April 15, 2019, April 15, 2020 and April 15, 2021, the Company granted 130,000, 130,000 and 130,000 shares of RSUs, respectively, to independent directors under the 2014 Plan with a vesting period of 4 years. The Company will forfeit the unvested portion of the RSUs if the grantees terminate their service during the vesting period. The Group recorded share-based compensation of RMB10,622, RMB11,486 and RMB10,512 for RSUs for the years ended December 31, 2019, 2020 and 2021, 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, 2021, total unrecognized compensation expense relating to unvested RSUs was RMB16,138 which will be recognized over a weighted average period of 2.18 years. Restricted shares granted by QOOL Inc. On December 12, 2018, QOOL Inc.’s minority interest shareholder entered into an arrangement with QOOL Inc. whereby 9,000,000 ordinary shares of QOOL Inc. owned by the minority interest shareholder became subject to service and transfer restrictions. Such restricted shares are subject to repurchase by QOOL Inc. upon early termination of two years of the employment or consulting service provided by the founder of the minority interest shareholder at a nominal price. The Group recorded share-based compensation of RMB10,811 and the restricted shares for the years ended December 31, 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. The restricted shares were fully vested during the year ended December 31, 2020. Share options granted by Tantan In March 2015, Tantan adopted the 2015 share incentive plan (“2015 Plan”), pursuant to which a maximum aggregate of 1,000,000 shares may be issued pursuant to awards may be authorized, but unissued ordinary shares. The Board of Directors of Tantan may in its discretion make adjustments to the numbers of shares. In April 2016 and March 2017, the Board of Directors of Tantan approved to adjust the numbers of shares to a maximum aggregate of 2,000,000 and 2,793,812, respectively. In July 2018, Tantan adopted the 2018 share incentive plan (“2018 Plan”), pursuant to which the maximum aggregate number of shares which may be issued shall initially be 5,963,674 ordinary shares, plus that number of ordinary shares authorized for issuance under the 2015 Plan, in an amount equal to (i) the number of ordinary shares that were not granted pursuant to the 2015 Plan, plus (ii) the number of ordinary shares that were granted pursuant to the 2015 Plan that have expired without having been exercised in full or have otherwise become unexercisable. The time and condition to exercise options will be determined by Tantan’s Board. The term of the options may not exceed ten years from the date of the grant, except for the situation of amendment, modification and termination. Tantan split its shares 1-for-5 Options classified as equity awards The following table summarizes the option activity for the year ended December 31, 2021: Number of Weighted Weighted average Aggregated (US$) (years) (US$) Outstanding as of December 31, 2020 9,968,805 2.5297 6.98 22,035 Granted 1,667,900 0.6371 Repurchased (4,205,439 ) 2.1381 Forfeited (2,582,595 ) 3.6526 Outstanding as of December 31, 2021 4,848,671 1.6232 6.76 — Exercisable as of December 31, 2021 3,290,401 1.9679 5.54 — During the years There were 3,290,401 vested options, and 1,090,788 options expected to vest as of December 31, 2021. For options expected to vest, the weighted- average exercise price was US$0.90 as of December 31, 2021 and the aggregate intrinsic value amounted to US$3,831 and US$ The weighted-average grant-date fair value of the share options granted during the years ended December 31, 2019, 2020 and 2021 was US$3.05, US$ 3.08 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 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 2021 2.04%~2.04% 10 years 59.0%~59.0% — 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. For share options classified as equity awards, Tantan recorded share-based compensation of RMB99,635, RMB77,807 and RMB76,989 during the years ended December 31, 2019, 2020 and 2021, respectively, based on the fair value of the grant dates over the requisite service period of award according to the vesting schedule for employee share option. As of December 31, 2021, total unrecognized compensation expense relating to unvested share options was RMB11,825 which will be recognized over a weighted average period of 2.32 years. The weighted-average remaining contractual term of options outstanding is 6.76 years. Options classified as liability awards In August 2018, Tantan granted 17,891,025 share options to its founders under the 2018 Plan. The founders have the right to request Tantan to redeem for cash the vested options upon the termination of the founders’ employment at a fixed equity value of Tantan. Therefore, the awards are classified as liability on the consolidated balance sheet due to their cash settlement feature. The options include a four-years vesting condition whereas options vest ratably at the end of each year. Accordingly, the awards are re-measured 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 In May 2021, the founders resigned from Tantan and exercised the right to have Tantan repurchased for cash the vested options at the pre-agreed fixed equity value of Those options were subsequently cancelled. The difference between the repurchase price and the fair value of the awards as of settlement date was recorded as an adjustment of share-based compensation during the year ended December 31, 2021. Cash payments amounting were made to the founders during the year ended December 31, 2021, and the remaining US$12,000 is in an escrow account payable upon certain conditions are met. 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 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 For share options classified as liability awards, Tantan recorded share-based compensation of RMB791,028 , and RMB(71,957) during the years ended December 31, 2019, 2020 and 2021, respectively, including the impact of the accelerate vesting and the subsequent adjustment of the fair value at each reporting dates and the settlement date. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 16. NET INCOME (LOSS) PER SHARE The calculation of net income (loss) per share is as follows: For the year ended December 31, 2019 2020 2021 RMB RMB RMB Numerator: Net income (loss) attributed to ordinary shareholders for computing net 2,970,890 2,103,484 (2,913,708 ) Denominator: Denominator for computing net income (loss) per share-basic: Weighted average ordinary shares outstanding used in computing net 415,316,627 416,914,898 404,701,910 Denominator for computing net income (loss) per share-diluted: Weighted average shares outstanding used in computing net income 451,206,091 452,081,642 404,701,910 (i) Net income (loss) per ordinary share attributable to Momo Inc. – basic 7.15 5.05 (7.20 ) Net income (loss) per ordinary share attributable to Momo Inc. - diluted 6.76 4.83 (7.20 ) The following table summarizes potential ordinary shares outstanding excluded from the computation of diluted net income (loss) per ordinary share for the years ended December 31, 2019, 2020 and 2021, because their effect is anti-dilutive: For the year ended December 31, 2019 2020 2021 Share issuable upon exercise of share options 902,655 9,907,671 29,676,253 Share issuable upon exercise of RSUs 45,893 220,781 272,500 (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, 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. The computation of diluted loss per share for the year ended December 31, 2021 has not considered the effect of the share options, RSUs and convertible senior notes given that the effect is anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. COMMITMENTS AND CONTINGENCIES 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, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Balances and Transactions | 18. RELATED PARTY BALANCES AND TRANSACTIONS Major related parties Relationship with the Group Hunan Qindao Network Media Technology Co., Ltd. Affiliate of a long-term investee Beijing Shiyue Haofeng Media Co., Ltd. Long-term investee Beijing Santi Cloud Union Technology Co., Ltd. (i) Long-term investee Beijing Santi Cloud Time Technology Co., Ltd. (i) Affiliate of a long-term investee (i) The Company deconsolidated Beijing Santi Cloud Union Technology Co., Ltd. and its subsidiary, Beijing Santi Cloud Time Technology Co., Ltd. on March 31, 2020, and the (1) Amount due to related parties – current As of December 31, 2020 2021 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (ii) 19,462 5,016 Total 19,462 5,016 (ii) The amount of RMB19,462 and RMB5,016 as of December 31, 2020and 2021 primarily represented the unpaid revenue sharing of live video service to Hunan Qindao Network Media Technology Co., Ltd. (2) Sales to a related party For the year ended 2019 2020 2021 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (iii) 5,449 5,627 — Total 5,449 5,627 — (iii) The sales to Hunan Qindao Network Media Technology Co., Ltd. represented mobile marketing services provided. (3) Purchases from related parties For the year ended 2019 2020 2021 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (iv) 497,789 354,274 253,691 Beijing Santi Cloud Union Technology Co., Ltd. (v) — 5,511 — Beijing Santi Cloud Time Technology Co., Ltd. (v) — 3,410 — Beijing Shiyue Haofeng Media Co., Ltd. (iv) 2,070 164 — Others — — 115 Total 499,859 363,359 253,806 (iv) The purchases from Hunan Qindao Network Media Technology Co., Ltd. and Beijing Shiyue Haofeng Media Co., Ltd. mainly represented the Revenue Sharing. (v) The purchases from Beijing Santi Cloud Union Technology Co., Ltd. and Beijing Santi Cloud Time Technology Co., Ltd. were mainly related to its bandwidth services. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 19. 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, 2019, 2020 and 2021, 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, 2019, 2020 and 2021, 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. The Group primarily operates in the PRC and substantially all of the Group’s long-lived assets are located in the PRC. The Group’s chief operating decision maker evaluates performance based on each reporting segment’s net revenue, operating cost and expenses, operating income and net income. Net revenues, operating cost and expenses, operating income, and net income by segment for the years ended December 31, 2019, 2020 and 2021 were as follows: 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 loss 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 loss on equity method investments (42,522 ) — — (42,522 ) Net income (loss) 2,575,839 (454,070 ) (21,377 ) 2,100,392 For the year ended December 31, 2021 Momo Tantan QOOL Unallocated Consolidated RMB RMB RMB RMB RMB Net revenues: 12,541,205 2,029,184 5,330 — 14,575,719 Cost and expenses: Cost of revenues (7,301,048 ) (1,044,852 ) (37,531 ) — (8,383,431 ) Research and development (828,688 ) (303,093 ) — — (1,131,781 ) Sales and marketing (1,420,130 ) (1,180,146 ) (4,033 ) — (2,604,309 ) General and administrative (619,922 ) 18,401 (23,179 ) — (624,700 ) Impairment loss on goodwill and intangible assets — — — (4,397,012 ) (4,397,012 ) Total cost and expenses (10,169,788 ) (2,509,690 ) (64,743 ) (4,397,012 ) (17,141,233 ) Other operating income 138,884 37,029 34 — 175,947 Income (loss) from operations 2,510,301 (443,477 ) (59,379 ) (4,397,012 ) (2,389,567 ) Interest income 383,028 1,091 160 — 384,279 Interest expense (73,776 ) — — — (73,776 ) Other gain or loss, net (16,000 ) — — — (16,000 ) Income tax (expenses) benefits (844,987 ) 22,431 — — (822,556 ) Share of loss on equity method investments (8,084 ) — — — (8,084 ) Net income (loss) 1,950,482 (419,955 ) (59,219 ) (4,397,012 ) (2,925,704 ) The impairment loss was presented as an unallocated item in the segment information because the CE O |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | 20. 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 RMB214,313, RMB209,930 and RMB241,672 for the years ended December 31, 2019, 2020 and 2021, respectively. |
Statutory Reserves and Restrict
Statutory Reserves and Restricted Net Assets | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Statutory Reserves and Restricted Net Assets | 21. STATUTORY RESERVES AND RESTRICTED NET ASSETS In accordance with the Regulations on Enterprises with Foreign Investment of China and their articles of association, the Group’s subsidiaries and VIEs located in the PRC, being foreign invested enterprises established in the PRC, are required to provide for certain statutory reserves. These statutory reserve funds include one or more of the following: (i) a general reserve, (ii) an enterprise expansion fund or discretionary reserve fund, and (iii) a staff bonus and welfare fund. Subject to certain cumulative limits, the general reserve fund requires a minimum annual appropriation of 10% of after-tax year-end); Appropriations to the enterprise expansion reserve and the staff welfare and bonus reserve are to be made at the discretion of the board of directors of each of the Group’s subsidiaries. The appropriations to these reserves by the Group’s PRC subsidiaries, VIEs and VIEs’ subsidiaries were RMB 2,701, RMB nil and RMB 679 for the years ended December 31, 2019, 2020 and 2021, 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 RMB1,504,378, RMB1,475,551 and RMB1,508,594 as of December 31, 2019, 2020 and 2021, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 22. SUBSEQUENT EVENTS Special cash dividend On March 24, 2022, the Company declared a special cash dividend in the amount of US$0.64 per ADS, or US$0.32 per ordinary share. The cash dividend will be paid on April 29, 2022 ex-dividend Restriction of cash balances in bank In February 2022, the Group’s bank balance of RMB95.4 million was restricted for withdrawal by a local government authority in the PRC. The restricted amount is suspected to be linked with a Momo user’s illegal activity and embezzlement of funds, which was recharged and consumed in the live video service on Momo platform. There is no suspected or alleged wrongdoing on the part of the Group. As the case involving the said user is currently in the early stage of investigation, the likelihood of any unfavorable outcome or any estimate of the amount or range of any potential loss cannot be reasonably ascertained, the Group is still in the process of evaluating its potential loss as of the date of this report. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Basis of presentation | Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Basis of consolidation | Basis of consolidation The consolidated financial statements of the Group include the financial statements of Hello Group Inc., its subsidiaries, its VIEs and VIEs’ subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation. 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 useful lives and impairment of property and equipment and intangible assets, the impairment of long-term investments and goodwill, the valuation allowance for deferred tax assets, and share-based compensation. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments, which are unrestricted from withdrawal or use, or which have original maturities of three months or less when purchased. |
Short-term deposits | Short-term deposits Short-term deposits consist of bank deposits with an original maturity of over three months but within one year. |
Long-term restricted cash | Long-term restricted cash Restricted cash represents US dollar deposits held in escrow account related to payable to Tantan’s founders in accordance with its share options repurchase agreement. The Company considers the expected timing of the release of the restrictions is more than one year. |
Long-term deposits | Long-term deposits Long-term deposits represent time deposits placed in banks with original maturities of more than one year. Interest earned is recorded as interest income in the consolidated statements of operations during the periods presented. |
Accounts receivable | Accounts receivable Accounts receivable primarily represents the cash due from third-party application stores and other payment channels and advertising customers, net of allowance for doubtful accounts. The Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group maintains an estimated allowance for credit losses based upon its assessment of various factors, including the historical loss experience, the age of accounts receivable balances, credit quality of third-party application stores and other payment channels, advertising customers and other customers, current and future economic conditions and other factors that may affect their ability to pay, to reduce its accounts receivable to the amount that it believes will be collected. |
Financial instruments | Financial instruments Financial instruments of the Group primarily consist of cash and cash equivalents, short-term deposits, restricted cash, long-term deposits, accounts receivable, equity securities without readily determinable fair value, fair value option investment, accounts payable, deferred revenue, convertible senior notes, income tax payable and amount due to related parties. The Group carries its fair value option investment at fair value. Cash and cash equivalents are recorded at fair value based on the quoted market price in an active market. The carrying values of restricted cash, accounts receivable, accounts payable, deferred revenue, income tax payable and amount due to related parties approximate their fair values. The group classifies the valuation techniques that use these inputs as Level 2 in the fair value hierarchy. It is not practical to estimate the fair value of the Group’s equity securities without readily determinable fair value because of the lack of quoted market price and the inability to estimate fair value without incurring excessive costs. The fair value of the Company’s convertible senior notes and term deposits are discussed in Note 11. |
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 RMB 2,542 million and RMB 4,631 million as of December 31, 2020 and 2021, respectively, which were denominated in RMB. |
Equity securities without readily determinable fair value | Equity securities without readily determinable fair value The Group accounts for equity investments that do not have a readily determinable fair value under the measurement alternative in accordance with ASC Topic 321, Investments—Equity Securities, to the extent such investments are not subject to consolidation or the equity method. Under the measurement alternative, these financial instruments are carried at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. If the fair value is less than the investment’s carrying value, the Company recognizes an impairment loss in net income equal to the difference between the carrying value and fair value. |
Equity method investments | Equity method investments The investee companies over which the Group has the ability to exercise significant influence, but does not have a controlling interest are accounted for using the equity method. Significant influence is generally considered to exist when the Group has an ownership interest in the voting stock of the investee between 20% and 50%. Other factors, such as representation in the investee’s Board of Directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate. For the investment in limited partnerships, where the Group holds less than a 20% equity or voting interest, the Group’s influence over the partnership operating and financial policies is determined to be more than minor. Accordingly, the Group accounts for these investments as equity method investments. Under the equity method of accounting, the affiliated company’s accounts are not reflected within the Group’s consolidated balance sheets and consolidated statements of operations; however, the Group’s share of the earnings or losses of the affiliated company is reflected in the caption “share of income (loss) on equity method investments” in the consolidated statements of operations. An impairment 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. |
Fair value option investments | Fair value option investments The Group elected the fair value option to account for a new partnership units investment in a private fund, and measured the investment using the net asset value per share based on the practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) (“NAV practical expedient”), whereby the change in fair value is recognized in the consolidated statements of operations. |
Property and equipment, net | Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Office equipment 3-5 Computer equipment 3 years Vehicles 5 years Leasehold improvement Shorter of the lease term |
Intangible assets | Intangible assets Intangible assets acquired through business acquisitions are recognized as assets separate from goodwill if they satisfy either the “contractual-legal” or “separability” criterion. Purchased intangible assets and intangible assets arising from acquisitions are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: Game copyright 1 year License 3.2-10 years Technology 3 years Active user 5 years Trade name 10 years |
Impairment of long-lived assets with finite lives | Impairment of long-lived assets with finite lives The Group reviews its long-lived assets, including intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (asset group) may no longer be recoverable. When these events occur, the Group tests the recoverability of the asset (asset group) by comparing the carrying value of the long-lived assets (asset group) to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the fair value of the assets. |
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. The quantitative impairment test compares the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets, liabilities and goodwill to reporting units, and determining the fair value of each reporting unit. |
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, 2019, 2020 and 2021, 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, 2021 Momo Tantan QOOL RMB RMB RMB Live video service 7,475,809 903,136 — Value-added services 4,845,744 1,126,048 — Mobile marketing 159,010 — — Mobile games 47,712 — — Other services 12,930 — 5,330 Total 12,541,205 2,029,184 5,330 For the year ended December 31, 2020 Momo Tantan QOOL RMB RMB RMB Live video service 8,638,810 998,769 — Value-added services 3,742,637 1,369,545 — Mobile marketing 198,197 — — Mobile games 39,564 — — Other services 11,911 — 24,755 Total 12,631,119 2,368,314 24,755 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 (a) Live video service The Group is principally engaged in providing live video services whereby users can enjoy live performances and interact with the broadcasters for free during the performance. Broadcasters can either host the performance on their own or join a talent agency. The Group generates revenue from sales of virtual items to its customers. The Group designs, creates and offers various virtual items for sales to users with pre-determined non-refundable non-refundable, point-in-time The Group has evaluated and determined that it is the principal and views the users to be its customers. Specifically, the Group controls the virtual items before they are transferred to users. Its control is evidenced by the Group’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Group being primarily responsible to the users for the delivery of the virtual items as well as having full discretion in establishing pricing for the virtual items. Accordingly, the Group reports its live video service revenues on a gross basis with amounts billed to users for the virtual items recorded as revenues and the Revenue Sharing paid to broadcasters and talent agencies recorded as cost of revenues. Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. The Group has determined that the virtual items represent one performance obligation in the live video service. Revenue related to each of the virtual items is recognized at the point-in- Users also have the right to purchase various combinations of virtual items and virtual item coupons in the live video, which are generally capable of being distinct. Specifically, the Group enters into certain contracts with its users where virtual item coupons are granted to users with a purchase. The virtual item coupons can be used by the users to exchange for free virtual items in the future. Such virtual item coupons typically expire a few days after being granted. The Group has determined that the virtual item coupons represent a material right under Topic 606 which is recognized as a separate performance obligation at the outset of the arrangement. Judgment is required to determine the standalone selling price for each distinct virtual item and virtual item coupon. The Group allocates the consideration to each distinct virtual item and virtual item coupon based on their relative standalone selling prices. In instances where standalone selling price is not directly observable as the Group does not sell the virtual items or virtual item coupons separately, the Group determines the standalone selling price based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each of the distinct virtual item in accordance with the revenue recognition method discussed above unless otherwise stated. Revenue for the virtual item coupons is recognized when the virtual items purchased with the virtual item coupons are consumed. Although virtual item coupons have expiry dates, the Group considers that the impact of breakage for the virtual item coupons is insignificant as historical data shows that virtual item coupons are consumed shortly after they are released to users. The Group does not provide any right of return and does not provide any other credit or incentive to its users. (b) Value-added services Value-added services revenues mainly include membership subscription revenue and virtual gift service revenue. Membership subscription is a service package which enables members to enjoy additional functions and privileges. The contract period for the membership subscription ranges from one month to one year. All membership subscription is nonrefundable. The Group has determined that its membership subscription services represent one performance obligation. The Group collects membership subscription in advance and records it as deferred revenue. Revenue is recognized ratably over the contract period as the membership subscription services are delivered. Virtual gift service enhances users’ experience of interaction and social networking with each other. Generally, users are able to purchase virtual items and send them to other users The Group shares a portion of the revenues derived from the sales of virtual items with the recipients of the virtual items. All virtual items are nonrefundable, typically consumed at a point-in-time For virtual gift service, the Group also provides various combinations of virtual items for users to purchase and grant virtual item coupons with the purchase, similar to its live video service. For the same reasons and with the same methods outlined in the revenue recognition policy for its live video services, the Group recognizes revenue for each of the distinct virtual item and recognizes revenue for the virtual item coupons when the virtual items purchased with the virtual item coupons are consumed. Although virtual item coupons have expiry dates, the Group considers that the impact of breakage for the virtual item coupons is insignificant as historical data shows that virtual item coupons are consumed shortly after they are released to users. (c) Mobile marketing The Group provides advertising and marketing solutions to customers for promotion of their brands and conduction of effective marketing activities through its mobile application. Display-based mobile marketing services For display-based online advertising services, the Group has determined that its mobile marketing services represent one performance obligation. Accordingly, the Group recognizes mobile marketing revenue ratably over the period that the advertising is provided commencing on the date the customer’s advertisement is displayed, or based on the number of times that the advertisement has been displayed for cost per thousand impressions advertising arrangements. Performance-based mobile marketing services The Group also enables advertising customers to place links on its mobile platform on a pay-for-effectiveness The Group’s mobile marketing revenues are recognized net of agency rebates, if applicable. Agency rebates have not been material for the years ended December 31, 2019, 2020 and 2021. (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 virtual currencies or virtual items. The Group records revenue generated from mobile games on a gross basis if the Group acts as the principal in the mobile game arrangements under which the Group controls the specified services before they are provided to the customers. The Group determines that it has a single performance obligation to the players who purchased the virtual items to gain an enhanced game-playing experience over the playing period of the paying players. Specially, the Group is primarily responsible for fulfilling the promise to provide maintenance services and has discretion in setting the price for virtual currencies or virtual items to the customers. Accordingly, the Group recognizes revenues ratably over the estimated average period of player relationship starting from the point in time when the players purchase the virtual items and once all other revenue recognition criteria are met. For arrangements that the Group has determined that it is not the principal, the Group considers the game developers to be its customers and records revenue on a net basis based on the ratios pre-determined in-game (e) Other services Revenues from other services mainly consisted of music service revenues, film distribution service, film promotion service and peripheral products. |
Practical expedients and exemptions | Practical expedients and exemptions The Group’s contracts have an original duration of one year or less. Accordingly, the Group does not disclose the value of unsatisfied performance obligations. Additionally, the Group generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling and marketing expenses. |
Contract balances | Contract balances Contract balances include accounts receivable and deferred revenue. Accounts receivable represent cash due from third-party application stores and other payment channels as well as from advertising customers and are recorded when the right to consideration is unconditional. The Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group recorded |
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 RMB255,750, RMB142,061 and RMB63,615 for the years ended December 31, 2019, 2020 and 2021, 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. Revenue is recognized net of VAT amounted to |
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 realized. Deferred income taxes are recognized on the undistributed earnings of subsidiaries, which are presumed to be transferred to the parent company and are subject to withholding taxes, unless there is sufficient evidence to show that the subsidiary has invested or will invest the undistributed earnings indefinitely or that the earnings will be remitted in a tax-free liquidation. The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than- not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. |
Foreign currency translation | Foreign currency translation The reporting currency of the Company is the Renminbi (“RMB”). The functional currency of the Company is the US dollar (“US$”). The Company’s operations are principally conducted through the subsidiaries, its VIEs and VIEs’ subsidiaries located in the PRC where the local currency is the functional currency. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange in place at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statement of operations. Assets and liabilities of the Group companies are translated from their respective functional currencies to the reporting currency at the exchange rates at the balance sheet dates, equity accounts are translated at historical exchange rates and revenues and expenses are translated at the average exchange rates in effect during the reporting period. The resulting foreign currency translation adjustments are recorded in other comprehensive income (loss). Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 = RMB6.3726 on the last trading day of 2021 (December 30, 2021) representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rates. |
Leases | Leases The Group leases administrative office spaces and internet data center (“IDC”) facilities in different cities in the PRC under operating leases. The Group determines whether an arrangement constitutes a lease and records lease liabilities and right-of-use 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 RMB1,960,002, RMB2,255,519 and RMB2,192,512 for the years ended December 31, 2019, 2020 and 2021, respectively. |
Comprehensive income(loss) | Comprehensive income (loss) Comprehensive income (loss) includes net income (loss) and foreign currency translation adjustments. Comprehensive income (loss) is reported in the consolidated statements of comprehensive income (loss). |
Share-based compensation | Share-based compensation Share-based payment transactions with employees, executives and consultants are measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense net of a forfeiture rate on a straight-line basis, over the requisite service period, with a corresponding impact reflected in additional paid-in Share-based compensation with cash settlement features are classified as liabilities. The percentage of the fair value that is recorded as compensation cost at the end of each period is based on the percentage of the requisite service that has been rendered at that date. Changes in fair value of the liability classified award that occur during the requisite service period is recognized as compensation cost over that period. These awards typically vest over a specific period, but may fully vest upon the achievement of certain performance conditions. Share-based compensation expense is recognized on an accelerated basis if it is probable that the performance conditions will be achieved during the vesting period. Any difference between the amount for which a liability award is settled and its fair value at the settlement date as estimated is an adjustment of compensation cost in the period of settlement. The estimate of forfeiture rate is adjusted over the requisite service period to the extent that actual forfeiture rate differs, or is expected to differ, from such estimates. Changes in estimated forfeiture rate is recognized through a cumulative catch-up Changes in the terms or conditions of share options are accounted as a modification. The Group calculates the excess of the fair value of the modified option over the fair value of the original option immediately before the modification, measured based on the share price and other pertinent factors at the modification date. For vested options, the Group recognizes incremental compensation cost in the period that the modification occurred. For unvested options, the Group recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. |
Earnings per share | Net income (loss) per share Basic net income (loss) per ordinary share is computed by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted net income (loss) per ordinary share reflect the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Group had share options, restricted share units and convertible senior notes, which could potentially dilute basic earnings per share in the future. To calculate the number of shares for diluted net income (loss) per ordinary share, the effect of the share options and restricted share units is computed using the treasury stock method, and the effect of the convertible senior notes is computed using the as-if-converted |
Recent accounting pronouncements adopted | Recent accounting pronouncements adopted In January 2020, the FASB issued ASU 2020-01, 2020-01 |
Recent accounting pronouncements not yet adopted | Recent accounting pronouncements not yet adopted In August 2020, the FASB issued ASU 2020-06, 470-20) 815-40) 2020-06”). 2020-06 2020-06 if-converted 2020-06 In May 2021, the FASB issued ASU No. 2021-04, 470-50), 815-40) In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606, Revenue from Contracts with Customers The new amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments, with early adoption permitted. The Group is in the process of evaluating the impact of the adoption of this pronouncement on its consolidated financial statements. In November 2021, FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which requires business entities to provide certain disclosures when they have received government assistance and use a grant or contribution accounting model by analogy to other accounting guidance. The ASU 2021-10 requires a business entity that has received government assistance must disclose: (a) the nature of the transactions, including a general description of the transactions and the form in which the assistance has been received; (b) the accounting policies used to account for the transactions; and (c) the line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item in the current reporting period. The guidance in ASU 2021-10 is effective for all entities for fiscal years beginning after December 15, 2021. The Group is in the process of evaluating the impact of the adoption of this pronouncement on its consolidated financial statements. |
Revenues [Member] | |
Concentration of credit risk and revenue | Concentration of revenue No user or customer accounted for 10% or more of net revenues for the years ended December 31, 2019, 2020 and 2021, 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, 2020 2021 A 26 % 20 % B 14 % 16 % Users or customers accounting for 10% or more of follows: As of December 31, 2020 2021 C 11 % N/A As of December 31, 2021, no user or customer accounted for 10% or more of accounts receivable. |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Subsidiaries, VIEs and VIEs' Subsidiaries | As of December 31, 2021, details of the Company’s major subsidiaries, VIEs and VIEs’ subsidiaries are as follows: Major subsidiaries Momo Technology HK Company Limited (“Momo HK”) Beijing Momo Information Technology Co., Ltd. (“Beijing Momo IT”) Tantan Limited (“Tantan”) Tantan Hong Kong Limited (“Tantan HK”) Tantan Technology (Beijing) Co., Ltd. (“Tantan Technology”) QOOL Media Inc. (“QOOL Inc.”) QOOL Media Technology (Tianjin) Co., Ltd. SpaceCape Technology Pte. Ltd. Major VIEs Beijing Momo Technology Co., Ltd. (“Beijing Momo”) * QOOL Media (Tianjin) Co., Ltd. (“QOOL Tianjin”) * Tantan Culture Development (Beijing) Co., Ltd. (“Tantan Culture”) * Hainan Miaoka Network Technology Co., Ltd. (“Miaoka”) * Beijing Top Maker Culture Co, Ltd. (“Beijing Top Maker”) Beijing Perfect Match Technology Co, Ltd. (“Beijing Perfect Match”) SpaceTime (Beijing) Technology Co, Ltd. (“SpaceTime Beijing”) Major VIEs’ subsidiaries Chengdu Momo Technology Co., Ltd. (“Chengdu Momo”) * Tianjin Heer Technology Co., Ltd. (“Tianjin Heer”) * Loudi Momo Technology Co., Ltd. (“Loudi Momo”) * Tianjin Apollo Exploration Culture Co., Ltd. (“Tantan Apollo”) * These entities are controlled by the Company pursuant to the contractual arrangements disclosed below. |
Schedule of Amounts and Balances of VIEs Included in Consolidated Financial Statements After Elimination of Intercompany Balances and Transactions | The following consolidated financial statements amounts and balances of the VIEs were included in the accompanying consolidated financial statements after the elimination of intercompany balances and transactions as of and for the years ended December 31: As of December 31, 2020 2021 RMB RMB Cash and cash equivalents 1,311,713 2,474,974 Short-term deposits 604,500 550,000 Other current assets 544,615 590,022 Total current assets 2,460,828 3,614,996 Long-term deposits 950,000 750,000 Long-term investments 454,996 404,524 Other non-current 264,825 241,500 Total assets 4,130,649 5,011,020 Accounts payable 607,430 635,635 Deferred revenue 501,695 519,237 Other current liabilities 402,265 399,686 Total current liabilities 1,511,390 1,554,558 Other non-current 58,984 63,095 Total liabilities 1,570,374 1,617,653 For the years ended December 31, 2019 2020 2021 RMB RMB RMB Net revenues 17,001,337 14,902,691 14,336,539 Net income 8,511,991 6,734,471 5,674,607 Net cash provided by operating activities 9,125,496 6,906,938 5,748,529 Net cash (used in) provided by investing activities (881,828 ) (757,949 ) 254,093 Net cash provided by financing activities 11,000 — — |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Estimated Useful Lives | Depreciation is calculated on a straight-line basis over the following estimated useful lives: Office equipment 3-5 Computer equipment 3 years Vehicles 5 years Leasehold improvement Shorter of the lease term |
Identifiable Intangible Assets Amortized over their estimated useful lives using the straight line method | Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: Game copyright 1 year License 3.2-10 years Technology 3 years Active user 5 years Trade name 10 years |
Components of Revenues | The following table provides information about disaggregated revenue by types, including a reconciliation of the disaggregated revenue with the Group’s reportable segments: For the year ended December 31, 2021 Momo Tantan QOOL RMB RMB RMB Live video service 7,475,809 903,136 — Value-added services 4,845,744 1,126,048 — Mobile marketing 159,010 — — Mobile games 47,712 — — Other services 12,930 — 5,330 Total 12,541,205 2,029,184 5,330 For the year ended December 31, 2020 Momo Tantan QOOL RMB RMB RMB Live video service 8,638,810 998,769 — Value-added services 3,742,637 1,369,545 — Mobile marketing 198,197 — — Mobile games 39,564 — — Other services 11,911 — 24,755 Total 12,631,119 2,368,314 24,755 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 |
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, 2020 2021 A 26 % 20 % B 14 % 16 % Users or customers accounting for 10% or more of follows: As of December 31, 2020 2021 C 11 % N/A |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2020 2021 RMB RMB Interest receivable 118,756 276,316 Deposits with third-party payment channels (i) 210,825 241,719 Input VAT (ii) 69,656 78,657 Advance to suppliers (iii) 66,692 68,986 Prepaid service fee and issuance fee 16,686 42,530 Deferred platform commission cost 35,398 37,690 Deposits at third party broker (iv) 71,653 — Others 24,030 29,174 613,696 775,072 (i) Deposits with third-party payment channels are mainly the cash deposited in certain third-party payment channels by the Group for the broadcasters and the gift recipients who received the virtual items in the value-added service to withdraw their revenue sharing and the customer payment to the Group’s account through the third-party payment channels. (ii) Input VAT mainly occurred from the purchasing of goods or other services, property and equipment and advertising activities. It is subject to verification by related tax authorities before offsetting the VAT output. (iii) Advance to suppliers were primarily for advertising fees and related service fees. (iv) 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. During the year ended December 31, 2021 , C deposit ed $127,248 at Credit Su isse and utilized US$133,395 prepayment at Cre dit Suisse for repurchase of total 21,124,816 shares , and the remai ning prepayment has been withdrawn by the Company as of December 31, 2021. |
Long-Term Investments (Tables)
Long-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Long-term Investments [Abstract] | |
Summary of Equity and Cost Method Investments | As of December 31, 2020 2021 RMB RMB Equity method investments Jingwei Chuangteng (Hangzhou) L.P. (i) 78,382 73,235 Hangzhou Aqua Ventures Investment Management L.P. (ii) 63,093 52,080 Chengdu Tianfu Qianshi Equity Investment Partnership L.P. (iii) 36,702 39,155 Others (vi) 38,694 37,928 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 58 Daojia Ltd. (iv) — 300,000 Others (vi) 113,125 77,125 Fair value option investment AEZ Capital Feeder Fund (v) — 115,483 454,996 820,006 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: As of December 31, 2020 2021 RMB RMB Computer equipment 718,508 758,097 Office equipment 171,663 175,852 Vehicles 3,807 4,422 Leasehold improvement 105,165 110,169 Less: accumulated depreciation (733,292 ) (867,876 ) Exchange difference (86 ) — 265,765 180,664 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets, net consisted of the following: As of December 31, 2020 2021 RMB RMB Trade name 652,134 636,902 Active user 348,666 340,523 Technology 26,570 25,949 License 50,133 51,178 Game copyright 2,170 2,170 Less: accumulated amortization (413,026 ) (522,088 ) Less: accumulated impairment loss (1,266 ) (539,375 ) Exchange difference 21,830 32,061 Net book value 687,211 27,320 |
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 2022 5,118 2023 5,118 2024 5,118 2025 5,118 2026 5,118 Thereafter 1,730 Total 27,320 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | As of December 31, 2021 Momo Tantan Total RMB RMB RMB Balance, as of January 1, 2020 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 Impairment loss (22,130 ) (3,971,300 ) (3,993,430 ) Foreign exchange differences — (94,973 ) (94,973 ) Balance, as of December 31, 2021 — — — |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2020 2021 RMB RMB Payable for advertisement 254,264 259,466 Accrued payroll and welfare 261,599 233,918 Balance of users’ virtual accounts 127,520 134,282 Other tax payables 53,974 60,749 Payable for repurchase of subsidiary’s share options 11,912 57,548 Accrued professional services and related service fee 52,566 53,922 VAT payable 29,930 23,661 Others 63,070 87,504 Total 854,835 911,050 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of operating lease additional information | The operating lease expense was recorded in cost and expenses on the consolidated statements of operations. For the years ended December 31 2020 2021 RMB RMB Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 113,577 165,373 Non-cash right-of-use Operating leases 236,499 166,844 Weighted average remaining lease term Operating leases 2.46 2.11 Weighted average discount rate Operating leases 3.33 % 3.48 % |
Summary of future minimum payments under operating leases | As of December 31, 2021, 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 2022 165,812 2023 75,327 2024 and thereafter 34,932 Less imputed interest 10,016 Total 266,055 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | As of December 31, 2020 and 2021, 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 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 — — Fair Value Measured as of December 31, Description 2021 Quoted Significant Significant RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 5,570,563 5,570,563 — — Total 5,570,563 5,570,563 — — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2020 2021 RMB RMB Deferred tax assets: Advertising expense 272,228 360,876 Net operating loss carry-forward 178,378 203,839 Accrued expenses 22,293 23,983 Impairment on long-term investments 15,617 20,742 Less: valuation allowance (456,021 ) (574,591 ) Deferred tax assets, net 32,495 34,849 Deferred tax liabilities: Intangible assets acquired 171,803 5,956 Withholding income tax — 207,428 Deferred tax liabilities, net 171,803 213,384 |
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, 2019 2020 2021 RMB RMB RMB Net income before provision for income tax 3,867,919 2,898,534 (2,095,064 ) PRC statutory tax rate 25 % 25 % 25 % Income tax expense (benefit) at statutory tax rate 966,980 724,634 (523,766 ) Permanent differences and Research and development super-deduction 24,406 (11,861 ) (55,871 ) Change in valuation allowance 39,427 95,240 118,570 Effect of income tax rate difference in other jurisdictions 257,449 123,778 1,201,729 Effect of tax holidays and preferential tax rates (404,461 ) (282,775 ) (195,209 ) Effect of the preferential tax rate adjustment of prior year’s EIT — (113,396 ) (60,325 ) Effect of PRC withholding tax — 220,000 337,428 Provision for income tax 883,801 755,620 822,556 |
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, 2019, 2020 and 2021, the increase in income tax expenses and resulting net income (loss) per share amounts would be as follows: For the year ended December 31, 2019 2020 2021 RMB RMB RMB Increase in income tax expenses 404,461 282,775 195,209 Net income (loss) per ordinary share attributable to Momo Inc. - basic 6.18 4.37 (7.68 ) Net income (loss) per ordinary share attributable to Momo Inc. - diluted 5.86 4.20 (7.68 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Option Activity | The following table summarizes the option activity for the year ended December 31, 2021: Number of Weighted Weighted average Aggregated intrinsic Outstanding as of December 31, 2020 28,217,269 0.0208 6.82 196,370 Granted 6,926,620 0.0002 Exercised (4,231,692 ) 0.0289 Forfeited (1,235,944 ) 0.0002 Outstanding as of December 31, 2021 29,676,253 0.0157 6.69 132,783 Exercisable as of December 31, 2021 16,790,323 0.0275 5.12 74,927 |
Schedule of Assumptions Used to Estimate Fair Value of Stock Options Granted | The fair value of options granted was estimated on the date of grant using the Black-Sholes pricing model with the following assumptions used for grants during the applicable periods: Risk-free interest Expected term Volatility Dividend yield Exercise price 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 2021 1.64%~1.96% 6 years 50.2%~51.8% — 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, 2021: Number of Weighted Weighted average Aggregated (US$) (years) (US$) Outstanding as of December 31, 2020 9,968,805 2.5297 6.98 22,035 Granted 1,667,900 0.6371 Repurchased (4,205,439 ) 2.1381 Forfeited (2,582,595 ) 3.6526 Outstanding as of December 31, 2021 4,848,671 1.6232 6.76 — Exercisable as of December 31, 2021 3,290,401 1.9679 5.54 — |
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 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 2021 2.04%~2.04% 10 years 59.0%~59.0% — 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 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 (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Calculation of Net Income (loss) Per Share | The calculation of net income (loss) per share is as follows: For the year ended December 31, 2019 2020 2021 RMB RMB RMB Numerator: Net income (loss) attributed to ordinary shareholders for computing net 2,970,890 2,103,484 (2,913,708 ) Denominator: Denominator for computing net income (loss) per share-basic: Weighted average ordinary shares outstanding used in computing net 415,316,627 416,914,898 404,701,910 Denominator for computing net income (loss) per share-diluted: Weighted average shares outstanding used in computing net income 451,206,091 452,081,642 404,701,910 (i) Net income (loss) per ordinary share attributable to Momo Inc. – basic 7.15 5.05 (7.20 ) Net income (loss) per ordinary share attributable to Momo Inc. - diluted 6.76 4.83 (7.20 ) |
Summary of Potential Ordinary Shares Outstanding Excluded from Computation of Diluted Net income (Loss) Per Ordinary Share | The following table summarizes potential ordinary shares outstanding excluded from the computation of diluted net income (loss) per ordinary share for the years ended December 31, 2019, 2020 and 2021, because their effect is anti-dilutive: For the year ended December 31, 2019 2020 2021 Share issuable upon exercise of share options 902,655 9,907,671 29,676,253 Share issuable upon exercise of RSUs 45,893 220,781 272,500 (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, 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. |
Related Party Balances and Tr_2
Related Party Balances and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | (1) Amount due to related parties – current As of December 31, 2020 2021 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (ii) 19,462 5,016 Total 19,462 5,016 (ii) The amount of RMB19,462 and RMB5,016 as of December 31, 2020and 2021 primarily represented the unpaid revenue sharing of live video service to Hunan Qindao Network Media Technology Co., Ltd. (2) Sales to a related party For the year ended 2019 2020 2021 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (iii) 5,449 5,627 — Total 5,449 5,627 — (iii) The sales to Hunan Qindao Network Media Technology Co., Ltd. represented mobile marketing services provided. (3) Purchases from related parties For the year ended 2019 2020 2021 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (iv) 497,789 354,274 253,691 Beijing Santi Cloud Union Technology Co., Ltd. (v) — 5,511 — Beijing Santi Cloud Time Technology Co., Ltd. (v) — 3,410 — Beijing Shiyue Haofeng Media Co., Ltd. (iv) 2,070 164 — Others — — 115 Total 499,859 363,359 253,806 (iv) The purchases from Hunan Qindao Network Media Technology Co., Ltd. and Beijing Shiyue Haofeng Media Co., Ltd. mainly represented the Revenue Sharing. (v) The purchases from Beijing Santi Cloud Union Technology Co., Ltd. and Beijing Santi Cloud Time Technology Co., Ltd. were mainly related to its bandwidth services. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2019, 2020 and 2021 were as follows: 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 loss 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 loss on equity method investments (42,522 ) — — (42,522 ) Net income (loss) 2,575,839 (454,070 ) (21,377 ) 2,100,392 For the year ended December 31, 2021 Momo Tantan QOOL Unallocated Consolidated RMB RMB RMB RMB RMB Net revenues: 12,541,205 2,029,184 5,330 — 14,575,719 Cost and expenses: Cost of revenues (7,301,048 ) (1,044,852 ) (37,531 ) — (8,383,431 ) Research and development (828,688 ) (303,093 ) — — (1,131,781 ) Sales and marketing (1,420,130 ) (1,180,146 ) (4,033 ) — (2,604,309 ) General and administrative (619,922 ) 18,401 (23,179 ) — (624,700 ) Impairment loss on goodwill and intangible assets — — — (4,397,012 ) (4,397,012 ) Total cost and expenses (10,169,788 ) (2,509,690 ) (64,743 ) (4,397,012 ) (17,141,233 ) Other operating income 138,884 37,029 34 — 175,947 Income (loss) from operations 2,510,301 (443,477 ) (59,379 ) (4,397,012 ) (2,389,567 ) Interest income 383,028 1,091 160 — 384,279 Interest expense (73,776 ) — — — (73,776 ) Other gain or loss, net (16,000 ) — — — (16,000 ) Income tax (expenses) benefits (844,987 ) 22,431 — — (822,556 ) Share of loss on equity method investments (8,084 ) — — — (8,084 ) Net income (loss) 1,950,482 (419,955 ) (59,219 ) (4,397,012 ) (2,925,704 ) |
Organization and Principal Ac_3
Organization and Principal Activities - Additional Information (Detail) ¥ in Thousands, $ in Thousands | May 31, 2018CNY (¥)shares | Dec. 31, 2021asset_groupTermrelated_party | Dec. 31, 2020 | Dec. 31, 2019 | May 31, 2018USD ($) |
Variable Interest Entity [Line Items] | |||||
Date of incorporation | Nov. 23, 2011 | ||||
Percentage of VIEs revenues to the consolidated net revenues | 98.40% | 99.20% | 99.90% | ||
Percentage of VIEs assets to the consolidated total assets | 27.70% | 17.80% | |||
Percentage of VIEs liability to the consolidated total liabilities | 21.50% | 18.70% | |||
Number of consolidated VIEs' assets that are collateral for the VIEs' obligations | asset_group | 0 | ||||
VIEs creditors having recourse to general credit of the Company | related_party | 0 | ||||
Number of terms under arrangement with VIEs to provide financial support | Term | 0 | ||||
Tantan Limited [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash Consideration | ¥ 3,930,246 | $ 613,181 | |||
Tantan Limited [Member] | Momo INC [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Business acquisition percentage ownership | 100.00% | 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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | |
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | ¥ 5,570,563 | ¥ 3,363,942 | $ 874,143 | ||
Short-term deposits | 2,860,000 | 7,566,250 | 448,796 | ||
Total current assets | 9,410,860 | 11,746,849 | 1,476,769 | ||
Long-term deposits | 7,200,000 | 5,550,000 | 1,129,837 | ||
Long-term investments | 820,006 | 454,996 | 128,677 | ||
Other non-current assets | 83,930 | 94,868 | 13,170 | ||
Total assets | 18,111,238 | 23,220,556 | 2,842,048 | ||
Accounts payable | 726,207 | 699,394 | 113,957 | ||
Deferred revenue | 539,967 | 511,617 | 84,733 | ||
Total current liabilities | 2,515,765 | 2,516,740 | 394,778 | ||
Other non-current liabilities | 128,095 | 25,666 | 20,101 | ||
Total liabilities | 7,525,641 | 8,385,227 | $ 1,180,937 | ||
Net revenues | 14,575,719 | 15,024,188 | ¥ 17,015,089 | ||
Net income | (2,913,708) | 2,103,484 | 2,970,890 | ||
Net cash provided by operating activities | 1,559,198 | $ 244,671 | 3,080,889 | 5,448,886 | |
Net cash (used in) provided by investing activities | 2,550,342 | 400,204 | (748,466) | (4,029,919) | |
Net cash provided by financing activities | (1,786,909) | $ (280,404) | (1,498,150) | (1,273,780) | |
Beijing Momo Technology Co., Ltd. [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | 2,474,974 | 1,311,713 | |||
Short-term deposits | 550,000 | 604,500 | |||
Other current assets | 590,022 | 544,615 | |||
Total current assets | 3,614,996 | 2,460,828 | |||
Long-term deposits | 750,000 | 950,000 | |||
Long-term investments | 404,524 | 454,996 | |||
Other non-current assets | 241,500 | 264,825 | |||
Total assets | 5,011,020 | 4,130,649 | |||
Accounts payable | 635,635 | 607,430 | |||
Deferred revenue | 519,237 | 501,695 | |||
Other current liabilities | 399,686 | 402,265 | |||
Total current liabilities | 1,554,558 | 1,511,390 | |||
Other non-current liabilities | 63,095 | 58,984 | |||
Total liabilities | 1,617,653 | 1,570,374 | |||
Net revenues | 14,336,539 | 14,902,691 | 17,001,337 | ||
Net income | 5,674,607 | 6,734,471 | 8,511,991 | ||
Net cash provided by operating activities | 5,748,529 | 6,906,938 | 9,125,496 | ||
Net cash (used in) provided by investing activities | ¥ 254,093 | ¥ (757,949) | (881,828) | ||
Net cash provided by financing activities | ¥ 11,000 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) ¥ in Thousands, $ in Thousands | Jan. 01, 2021CNY (¥) | Jan. 01, 2020CNY (¥) | Dec. 31, 2021CNY (¥)Customer | Dec. 31, 2020CNY (¥)Customer | Dec. 31, 2019CNY (¥)Customer | Dec. 31, 2021USD ($) |
Accounting Policies [Line Items] | ||||||
Cash and cash equivalents | ¥ 5,570,563 | ¥ 3,363,942 | $ 874,143 | |||
Deferred revenue recognized | ¥ 511,617 | ¥ 503,461 | ||||
Impairment charges related to contract assets | 0 | |||||
Other operating income | 175,947 | 228,777 | ¥ 344,843 | |||
Value added tax incurred | ¥ 1,136,147 | 1,266,603 | 1,484,651 | |||
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$1.00 = RMB6.3726 on the last trading day of 2021 (December 30, 2021) representing the certificated exchange rate published by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rates. | |||||
Foreign currency translation exchange rate | 6.3726 | 6.3726 | ||||
Advertising expense | ¥ 2,192,512 | 2,255,519 | 1,960,002 | |||
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 | |||||
Short-term deposits [Member] | Minimum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Bank deposits maturity | 3 months | |||||
Short-term deposits [Member] | Maximum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Bank deposits maturity | 1 year | |||||
Long-term deposits [Member] | Minimum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Bank deposits maturity | 1 year | |||||
Membership Subscription [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Contract period, minimum | 1 month | |||||
Contract period, maximum | 1 year | |||||
Government Subsidies | ||||||
Accounting Policies [Line Items] | ||||||
Other operating income | ¥ 63,615 | ¥ 142,061 | ¥ 255,750 | |||
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 | |||
User Concentration Risk [Member] | Accounts Receivable [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Number of users or customer accounted for 10% or more of total revenues | Customer | 0 | |||||
China, Yuan Renminbi | ||||||
Accounting Policies [Line Items] | ||||||
Cash and cash equivalents | ¥ 4,631,000 | ¥ 2,542,000 |
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, 2021 | Dec. 31, 2020 | |
Third-party Payment Channel A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 20.00% | 26.00% |
Third-party Payment Channel B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 16.00% | 14.00% |
Third-party Payment Channel C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.00% |
Significant Accounting Polici_6
Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 | |
Game copyright [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 |
Active user [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Trade Names [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Minimum [Member] | Licenses [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Maximum [Member] | Licenses [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years 2 months 12 days |
Significant Accounting Polici_8
Significant Accounting Policies - Components of Revenues (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue From Contract With Customers [Line Items] | |||
Total revenues | ¥ 14,575,719 | ¥ 15,024,188 | ¥ 17,015,089 |
Momo Inc [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 12,541,205 | 12,631,119 | 15,740,815 |
Momo Inc [Member] | Live Video Service [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 7,475,809 | 8,638,810 | 12,448,131 |
Momo Inc [Member] | Value-added Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 4,845,744 | 3,742,637 | 2,846,057 |
Momo Inc [Member] | Mobile Marketing [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 159,010 | 198,197 | 331,822 |
Momo Inc [Member] | Mobile Games [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 47,712 | 39,564 | 92,451 |
Momo Inc [Member] | Other Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 12,930 | 11,911 | 22,354 |
Tantan Limited [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 2,029,184 | 2,368,314 | 1,259,906 |
Tantan Limited [Member] | Live Video Service [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 903,136 | 998,769 | |
Tantan Limited [Member] | Value-added Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 1,126,048 | 1,369,545 | 1,259,906 |
Qool Inc [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 5,330 | 24,755 | 14,368 |
Qool Inc [Member] | Other Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | ¥ 5,330 | ¥ 24,755 | ¥ 14,368 |
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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Interest receivable | ¥ 276,316 | ¥ 118,756 | ||
Deposits with third-party payment channels | [1] | 241,719 | 210,825 | |
Input VAT | [2] | 78,657 | 69,656 | |
Advance to suppliers | [3] | 68,986 | 66,692 | |
Deferred platform commission cost | 37,690 | 35,398 | ||
Prepaid service fee and issuance fee | 42,530 | 16,686 | ||
Deposits at third party broker | [4] | 0 | 71,653 | |
Others | 29,174 | 24,030 | ||
Prepaid expenses and other current assets | ¥ 775,072 | $ 121,626 | ¥ 613,696 | |
[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] | Input VAT mainly occurred from the purchasing of goods or other services, property and equipment and advertising activities. It is subject to verification by related tax authorities before offsetting the VAT output. | |||
[3] | Advance to suppliers were primarily for advertising fees and related service fees. | |||
[4] | 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. During the year ended December 31, 2021, the Company deposited US$127,248 at Credit Suisse and utilized US$133,395 prepayment at Credit Suisse for repurchase of total 21,124,816 shares, and the remaining prepayment has been withdrawn by the Company as of December 31, 2021. |
Prepaid Expenses and Other Cu_4
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Parenthetical) (Detail) - Credit Suisse Securities USA LLC [Member] - Share Repurchase Program [Member] ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2020USD ($)shares |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | ||
Deposit amount with third party | ¥ 127,248 | $ 60,000 |
Deposit amount utilised for shares repuchase for the period | ¥ 133,395 | $ 49,019 |
Number of shares to be repuchase under stock repuchase program | 21,124,816 | 7,181,576 |
Long-Term Investments - Summary
Long-Term Investments - Summary of Equity and Cost Method Investments (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Aug. 18, 2015CNY (¥) | |||
Investments [Line Items] | |||||||
Long term Investments | ¥ 820,006 | $ 128,677 | ¥ 454,996 | ||||
AEZ Capital Feeder Fund [Member] | |||||||
Investments [Line Items] | |||||||
Fair value option investment | [1] | 115,483 | |||||
Hunan Qindao Cultural Spread Ltd. [Member] | |||||||
Investments [Line Items] | |||||||
Equity securities | [2] | 30,000 | 30,000 | ||||
Hangzhou Faceunity Technology Limited [Member] | |||||||
Investments [Line Items] | |||||||
Equity securities | [2] | 70,000 | 70,000 | ||||
Haining Yijiayi Culture Co Ltd [Member] | |||||||
Investments [Line Items] | |||||||
Equity securities | [2] | 25,000 | 25,000 | ||||
Other Equity Securities [Member] | |||||||
Investments [Line Items] | |||||||
Equity securities | [3] | 77,125 | 113,125 | ||||
58 Daojia Ltd [Member] | |||||||
Investments [Line Items] | |||||||
Equity securities | [2] | 300,000 | |||||
Jingwei Chuangteng (Hangzhou) L.P. [Member] | |||||||
Investments [Line Items] | |||||||
Equity method investments | [4] | 73,235 | 78,382 | ||||
Hangzhou Aqua Ventures Investment Management L.P. [Member] | |||||||
Investments [Line Items] | |||||||
Equity method investments | 52,080 | [5] | 63,093 | [5] | ¥ 50,000 | ||
Chengdu Tianfu Qianshi Equity Lp Investment [Member] | |||||||
Investments [Line Items] | |||||||
Equity method investments | [6] | 39,155 | 36,702 | ||||
Other Equity Method Investments [Member] | |||||||
Investments [Line Items] | |||||||
Equity method investments | [3] | ¥ 37,928 | ¥ 38,694 | ||||
[1] | In October 2021, the Group completed investment in an open mutual fund named “AEZ Capital Feeder Fund” (“AEZ”), which is redeemable on a quarterly basis. The Group, as a limited partner, subscribed Class A participating and non-voting shares with capital contribution of RMB114,707. The Group elected the fair value option to account for this investment using the NAV practical expedient whereby the change in fair value of RMB779 is recognized during the year ended December 31, 2021. | ||||||
[2] | The Group invested in certain preferred shares of private companies. On April 9, 2021, the Group entered into a preferred share subscription agreement with 58 Daojia Ltd. for a consideration of RMB300 million, and the transaction was completed in April 2021. As the investments were neither debt security nor in-substance common stock, they were accounted as equity securities without readily determinable fair values and measured at fair value using the measurement alternative. There has been no orderly transactions for the identical or a similar investment of the same issuer noted for the year ended December 31, 2021. | ||||||
[3] | Others represent equity method investments or equity securities without readily determinable fair values that are individually insignificant. | ||||||
[4] | On January 9, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Jingwei Chuangteng (Hangzhou) L.P. (“Jingwei”). According to the partnership agreement, the Group committed to subscribe 4.9% partnership interest in Jingwei for RMB30,000. Due to Jingwei’s further rounds of financing, the Group’s partnership interest was diluted to 2.4% as of December 31, 2020 and 2021. The Group recognized its share of partnership profit or (loss) in Jingwei of RMB8,977, RMB4,964 and RMB(5,147) during the year ended December 31, 2019, 2020 and 2021, respectively. | ||||||
[5] | On August 18, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Hangzhou Aqua Ventures Investment Management L.P. (“Aqua”). According to the partnership agreement, the Group committed to subscribe 42.7% partnership interest for RMB50,000. The Group recognized its share of partnership profit or (loss) in Aqua of RMB1,415, RMB(42,458) and RMB(11,013) for the years ended December 31, 2019, 2020 and 2021, respectively. The Group received distribution from Aqua of RMB1,153 during the year ended December 31, 2020. | ||||||
[6] | On September 12, 2018, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Chengdu Tianfu Qianshi Equity Investment Partnership L.P. (“Tianfu”). According to the partnership agreement, the Group committed to subscribe 5.1% partnership interest for RMB30,000, which had been fully paid as of December 31, 2020. The Group recognized its share of partnership profit or (loss) in Tianfu of RMB(2,121), RMB237 and RMB2,453 during the years ended December 31, 2019, 2020 and 2021, respectively. |
Long-Term Investments - Additio
Long-Term Investments - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Gain or Loss Net [Member] | |||
Impairment loss on long-term investments | ¥ 18,000 | ¥ 10,500 | ¥ 15,711 |
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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Apr. 09, 2021CNY (¥) | Aug. 18, 2015CNY (¥) | |||
Investment Line Items [Line Items] | |||||||||||
Share of income (loss) on equity method investments | ¥ (8,084) | $ (1,269) | ¥ (42,522) | ¥ (23,350) | |||||||
Proceeds from Equity Method Investment, Distribution | 1,153 | ||||||||||
Preferred Share Subscription Agreement [Member] | |||||||||||
Investment Line Items [Line Items] | |||||||||||
Issued Capital Subscribed | ¥ 300,000 | ||||||||||
Class A Participating And Non Voting Shares [Member] | |||||||||||
Investment Line Items [Line Items] | |||||||||||
Capital Contribution | 114,707 | ||||||||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 779 | ||||||||||
Jingwei Chuangteng (Hangzhou) L.P. [Member] | |||||||||||
Investment Line Items [Line Items] | |||||||||||
Equity method investments | [1] | ¥ 73,235 | ¥ 78,382 | ||||||||
Percentage of ownership | 4.90% | 2.40% | 2.40% | ||||||||
Share of income (loss) on equity method investments | ¥ 5,147 | ¥ 4,964 | 8,977 | ||||||||
Payment of equity method investment | ¥ 30,000 | ||||||||||
Hangzhou Aqua Ventures Investment Management L.P. [Member] | |||||||||||
Investment Line Items [Line Items] | |||||||||||
Equity method investments | 52,080 | [2] | 63,093 | [2] | ¥ 50,000 | ||||||
Percentage of ownership | 42.70% | ||||||||||
Share of income (loss) on equity method investments | (11,013) | (42,458) | 1,415 | ||||||||
Proceeds from Equity Method Investment, Distribution | 1,153 | ||||||||||
Chengdu Tianfu Qianshi Equity Lp Investment [Member] | |||||||||||
Investment Line Items [Line Items] | |||||||||||
Equity method investments | [3] | 39,155 | 36,702 | ||||||||
Payments to acquire available-for-sale securities, equity | ¥ 30,000 | ||||||||||
Percentage of ownership | 5.10% | ||||||||||
Share of income (loss) on equity method investments | ¥ 2,453 | ¥ 237 | ¥ (2,121) | ||||||||
[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, 2020 and 2021. The Group recognized its share of partnership profit or (loss) in Jingwei of RMB8,977, RMB4,964 and RMB(5,147) during the year ended December 31, 2019, 2020 and 2021, 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 RMB1,415, RMB(42,458) and RMB(11,013) for the years ended December 31, 2019, 2020 and 2021, 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 RMB(2,121), RMB237 and RMB2,453 during the years ended December 31, 2019, 2020 and 2021, respectively. |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Less: accumulated depreciation | ¥ (867,876) | ¥ (733,292) | |
Exchange difference | 0 | (86) | |
Total | 180,664 | $ 28,350 | 265,765 |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 758,097 | 718,508 | |
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 175,852 | 171,663 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 4,422 | 3,807 | |
Leasehold Improvement [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | ¥ 110,169 | ¥ 105,165 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | ¥ 155,537 | $ 24,407 | ¥ 208,990 | ¥ 198,237 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Intangible Assets (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Liabilities [Line Items] | ||
Less: accumulated amortization | ¥ (522,088) | ¥ (413,026) |
Less: accumulated impairment loss | (539,375) | (1,266) |
Exchange difference | 32,061 | 21,830 |
Net book value | 27,320 | 687,211 |
Trade Names [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 636,902 | 652,134 |
Active User [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 340,523 | 348,666 |
Technology [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 25,949 | 26,570 |
Licenses [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 51,178 | 50,133 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Depreciation expenses and impairment loss | ¥ 109,062 | ¥ 157,258 | ¥ 157,954 |
Intangible Asset Impairment | ¥ 538,109 | ¥ 0 | ¥ 0 |
Intangible Assets, Net - Sche_2
Intangible Assets, Net - Schedule of Future Amortization Expense (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 | ¥ 5,118 | |
2023 | 5,118 | |
2024 | 5,118 | |
2025 | 5,118 | |
2026 | 5,118 | |
Thereafter | 1,730 | |
Net book value | ¥ 27,320 | ¥ 687,211 |
Goodwill - Schedule Of Goodwill
Goodwill - Schedule Of Goodwill (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Goodwill [Line Items] | |||
Beginning balance | ¥ 4,088,403 | ¥ 4,360,610 | |
Foreign exchange differences | (94,973) | (272,207) | |
Impairment loss | (3,993,430) | ||
Ending balance | 0 | $ 0 | 4,088,403 |
Momo Inc [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 22,130 | 22,130 | |
Impairment loss | (22,130) | ||
Ending balance | 0 | 22,130 | |
Tantan Limited [Member] | |||
Goodwill [Line Items] | |||
Beginning balance | 4,066,273 | 4,338,480 | |
Foreign exchange differences | (94,973) | (272,207) | |
Impairment loss | (3,971,300) | ||
Ending balance | ¥ 0 | ¥ 4,066,273 |
Goodwill - Additional informati
Goodwill - Additional information (Detail) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2021CNY (¥) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Impairment Loss | ¥ 3,993,430 |
Terminal Value Longterm Future Growth Rate Used TO Determine The Estimated Fair Value | 3.00% |
Discount Rate Used To Determine The Estimated Fair Value | 20.00% |
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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Payables and Accruals [Abstract] | |||
Payable for advertisement | ¥ 233,918 | ¥ 261,599 | |
Accrued payroll and welfare | 259,466 | 254,264 | |
Balance of users' virtual accounts | 134,282 | 127,520 | |
Other tax payables | 57,548 | 11,912 | |
Payable for repurchase of subsidiary's share options | 53,922 | 52,566 | |
Accrued professional services and related service fee | 60,749 | 53,974 | |
VAT payable | 23,661 | 29,930 | |
Others | 87,504 | 63,070 | |
Total | ¥ 911,050 | $ 142,964 | ¥ 854,835 |
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 ($)shares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2021$ / shares | Dec. 31, 2020$ / 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 | 16.9816 | 16.9816 | 16.2937 | 16.2937 | |||||
Conversion price | $ / shares | $ 45.34 | $ 58.89 | $ 61.37 | $ 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 | ¥ 4,565,292 | ¥ 4,658,966 | ||||||||
Unamortized debt issuance costs | ¥ 54,843 | ¥ 71,659 | ||||||||
Debt instrument, effective interest rate | 1.61% | 1.61% | ||||||||
Amortization and interest expenses | ¥ 73,776 | ¥ 78,872 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Operating Lease Additional Information [Abstract] | ||
Operating cash flows from operating leases | ¥ 165,373 | ¥ 113,577 |
Operating leases | ¥ 166,844 | ¥ 236,499 |
Weighted average remaining lease term, Operating leases | 2 years 1 month 9 days | 2 years 5 months 15 days |
Weighted average discount rate, Operating leases | 3.48% | 3.33% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Payments Under Operating Leases (Detail) ¥ in Thousands | Dec. 31, 2021CNY (¥) |
Leases [Abstract] | |
2022 | ¥ 165,812 |
2023 | 75,327 |
2024 and thereafter | 34,932 |
Less imputed interest | 10,016 |
Total | ¥ 266,055 |
Leases - Additional Information
Leases - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease expenses | ¥ 190,561 | ¥ 154,368 |
Short-term lease expense | ¥ 11,270 | ¥ 20,418 |
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, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ¥ 5,570,563 | ¥ 3,363,942 |
Total | 5,570,563 | 3,363,942 |
Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 5,570,563 | 3,363,942 |
Total | ¥ 5,570,563 | ¥ 3,363,942 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other gain or loss, net | ¥ (16,000) | $ (2,511) | ¥ 1,500 | ¥ (15,711) |
Fair value of the Note | 4,007,967 | 3,991,465 | ||
Fair value of the short-term and long-term deposits | 10,336,316 | 13,235,006 | ||
Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other gain or loss, net | ¥ (18,000) | ¥ (10,500) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - CNY (¥) ¥ in Thousands | Jul. 31, 2019 | Aug. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Contingency [Line Items] | |||||
Income tax rate | 10.00% | ||||
Deferred tax liability | ¥ 213,384 | ¥ 171,803 | |||
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 | ||||
Deferred tax liabilities Withholding income tax | 207,428 | ||||
Tantan Limited [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income Tax Preferential Tax Rate | 15.00% | 0.00% | 15.00% | ||
Momo Technology HK Company Limited [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Special Dividend received | 1,300,000 | ¥ 2,200,000 | |||
Withholding Tax Amount Paid | ¥ 130,000 | ¥ 220,000 | |||
High And New Technology Enterprise ("HNTE") [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income Tax Preferential Tax Rate | 15.00% | ||||
Inland Revenue, Singapore (IRAS) [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax rate | 17.00% | ||||
Operating loss carry forward | ¥ 100,466 | ||||
Parent Company [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Withholding Tax Amount Paid | ¥ 130,000 | ||||
Earliest Tax Year [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax years subject to tax audits | 2017 | ||||
Latest Tax Year [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax years subject to tax audits | 2021 | ||||
PRC [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax rate | 25.00% | 25.00% | 25.00% | ||
Withholding income tax rate for dividends distributed by the PRC subsidiaries | 10.00% | ||||
Deferred tax liability | ¥ 0 | ||||
Operating loss carry forward | ¥ 594,333 | ||||
Operating loss carry forward period | 5 years | 5 years | |||
PRC [Member] | High And New Technology Enterprise ("HNTE") [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carry forward period | 10 years | 10 years | |||
PRC [Member] | Chengdu Momo Technology Company Limited Investment [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income Tax Preferential Tax Rate | 15.00% | ||||
PRC [Member] | Beneficial Owner [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Withholding income tax rate for dividends distributed by the PRC subsidiaries | 5.00% | ||||
PRC [Member] | 2015 - 2016 [Member] | Beijing Momo Information Technology Co., Ltd. [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Tax exemption period | 2 years | ||||
PRC [Member] | 2017 - 2019 [Member] | Beijing Momo Information Technology Co., Ltd. [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Reduced tax rate period | 3 years | ||||
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% | ||||
PRC [Member] | Fiscal Year 2019 [Member] | Beijing Momo Information Technology Co., Ltd. [Member] | Maximum [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income Tax Preferential Tax Rate | 12.50% | ||||
PRC [Member] | Other Entities [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax rate | 25.00% | 25.00% | |||
Hong Kong [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carry forward | ¥ 231,374 | ||||
Hong Kong [Member] | Beneficial Owner [Member] | Minimum [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Equity interest in a PRC-resident enterprise | 25.00% | ||||
Hong Kong [Member] | The first 2 million Hong Kong dollars of profits [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax rate | 8.25% | ||||
Hong Kong [Member] | Remaining profits [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax rate | 16.50% |
Income Taxes - Components of Gr
Income Taxes - Components of Group's Deferred Tax Assets and Liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Advertising expense | ¥ 360,876 | ¥ 272,228 |
Net operating loss carry-forward | 203,839 | 178,378 |
Accrued expenses | 23,983 | 22,293 |
Impairment on long-term investments | 20,742 | 15,617 |
Less: valuation allowance | (574,591) | (456,021) |
Deferred tax assets, net | 34,849 | 32,495 |
Deferred tax liabilities: | ||
Intangible assets acquired | 5,956 | 171,803 |
Withholding income tax | 207,428 | |
Deferred tax liabilities, net | ¥ 213,384 | ¥ 171,803 |
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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Income Taxes And Tax Related [Line Items] | ||||
Net income before provision for income tax | ¥ (2,095,064) | $ (328,761) | ¥ 2,898,534 | ¥ 3,867,919 |
PRC statutory tax rate | 10.00% | |||
Income tax expense (benefit) at statutory tax rate | (523,766) | 724,634 | ¥ 966,980 | |
Permanent differences and Research and development super-deduction | (55,871) | (11,861) | 24,406 | |
Change in valuation allowance | 118,570 | 95,240 | 39,427 | |
Effect of income tax rate difference in other jurisdictions | 1,201,729 | 123,778 | 257,449 | |
Effect of tax holidays and preferential tax rates | (195,209) | (282,775) | (404,461) | |
Effect of the preferential tax rate adjustment of prior year's EIT | (60,325) | (113,396) | ||
Effect of PRC withholding tax | 337,428 | 220,000 | ||
Provision for income tax | ¥ 822,556 | $ 129,077 | ¥ 755,620 | ¥ 883,801 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Increase in income tax expenses | ¥ 195,209 | ¥ 282,775 | ¥ 404,461 |
Net income (loss) per ordinary share attributable to Momo Inc. - basic | ¥ (7.68) | ¥ 4.37 | ¥ 6.18 |
Net income (loss) per ordinary share attributable to Momo Inc. - diluted | ¥ (7.68) | ¥ 4.20 | ¥ 5.86 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | Sep. 03, 2020USD ($) | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019shares |
Class of Stock [Line Items] | ||||||
Issuance of ordinary shares in connection with exercise of options and vesting of share units | 4,344,192 | 4,344,192 | 1,883,774 | 1,883,774 | 3,402,830 | |
Stock repurchased during period value | ¥ | ¥ 862,865 | ¥ 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 | 21,124,816 | 21,124,816 | 7,181,576 | 7,181,576 | ||
Stock repurchased during period value | ¥ 862,865 | $ 133,395 | ¥ 330,207 | $ 49,019 | ||
ADS [Member] | ||||||
Class of Stock [Line Items] | ||||||
Weighted average price of per ADS for repurchase share | $ / shares | $ 12.61 | $ 13.63 |
Distribution to Shareholders -
Distribution to Shareholders - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | Mar. 25, 2021USD ($)$ / shares | Mar. 25, 2021CNY (¥) | Mar. 19, 2020USD ($)$ / shares | Mar. 19, 2020CNY (¥) | Mar. 12, 2019USD ($)$ / shares | Mar. 12, 2019CNY (¥) |
Dividend Paid [Member] | ||||||
Distribution to shareholders [Line Items] | ||||||
Cash dividend paid | $ 132,032 | ¥ 852,743 | $ 158,649 | ¥ 1,123,983 | $ 128,607 | ¥ 877,346 |
Dividend payable date | Apr. 30, 2021 | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2019 |
Dividend record date | Apr. 13, 2021 | Apr. 13, 2021 | Apr. 8, 2020 | Apr. 8, 2020 | Apr. 5, 2019 | Apr. 5, 2019 |
Ex-dividend date | Apr. 12, 2021 | Apr. 12, 2021 | Apr. 7, 2020 | Apr. 7, 2020 | Apr. 4, 2019 | Apr. 4, 2019 |
American Depository Shares [Member] | Dividend Declared [Member] | ||||||
Distribution to shareholders [Line Items] | ||||||
Cash dividend amount per ADS | $ 0.64 | $ 0.76 | $ 0.62 | |||
Common Stock [Member] | Dividend Declared [Member] | ||||||
Distribution to shareholders [Line Items] | ||||||
Cash dividend amount per ADS | $ 0.32 | $ 0.38 | $ 0.31 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | Apr. 15, 2021shares | Apr. 15, 2020shares | Aug. 30, 2019shares | Apr. 15, 2019shares | Dec. 12, 2018shares | May 17, 2016 | Aug. 31, 2018shares | Jul. 31, 2018shares | Jul. 31, 2018shares | Nov. 30, 2014shares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2021USD ($)$ / sharesshares | May 31, 2021USD ($) | Mar. 31, 2017shares | Apr. 30, 2016shares | Mar. 31, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Options vested | 16,790,323 | 16,790,323 | |||||||||||||||||||
Options expected to vest | 11,610,811 | 11,610,811 | |||||||||||||||||||
Options expected to vest, weighted-average exercise price | $ / shares | $ 0.0002 | ||||||||||||||||||||
Options expected to vest, Aggregate intrinsic value | $ | $ 78,806 | $ 52,130 | |||||||||||||||||||
Weighted average fair value per option at grant date, Granted | $ / shares | $ 7.2 | $ 10.25 | $ 16.42 | ||||||||||||||||||
Total intrinsic value of options exercised | $ | $ 28,487 | $ 14,640 | $ 59,423 | ||||||||||||||||||
Share-based compensation | ¥ 475,771 | $ 74,658 | ¥ 678,686 | ¥ 1,408,232 | |||||||||||||||||
Weighted average remaining contractual term options outstanding | 6 years 8 months 8 days | 6 years 8 months 8 days | 6 years 9 months 25 days | 6 years 9 months 25 days | |||||||||||||||||
Number of options, Granted | 6,926,620 | 6,926,620 | |||||||||||||||||||
Share based liability | $ | $ 120,000 | ||||||||||||||||||||
Payments for Employee related liabilities | $ | $ 108,000 | ||||||||||||||||||||
Escrow Deposit | $ | $ 12,000 | ||||||||||||||||||||
Tantan Limited [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Share split ratio | 1-for-5 | ||||||||||||||||||||
Employee vested option repurchased | ¥ | ¥ 119,141 | ¥ 54,367 | |||||||||||||||||||
Payments for vested options repurchased | ¥ | 62,276 | 26,276 | |||||||||||||||||||
Qool Inc [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Number of share options granted | 9,000,000 | ||||||||||||||||||||
Share-based compensation | ¥ | 10,227 | 10,811 | |||||||||||||||||||
RSUs [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Share-based compensation | ¥ | 10,512 | 11,486 | 10,622 | ||||||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 16,138 | ||||||||||||||||||||
Weighted average recognition period | 2 years 2 months 4 days | 2 years 2 months 4 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 | ¥ | ¥ 713,656 | ||||||||||||||||||||
Weighted average recognition period | 2 years 4 months 9 days | 2 years 4 months 9 days | |||||||||||||||||||
Weighted average remaining contractual term options outstanding | 6 years 8 months 8 days | 6 years 8 months 8 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 | 130,000 | ||||||||||||||||||
2014 Plan [Member] | Employee and Executives Share Option [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Share-based compensation | ¥ | ¥ 460,227 | ¥ 566,681 | 496,136 | ||||||||||||||||||
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 | 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] | 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 9 months 3 days | 6 years 9 months 3 days | 6 years 11 months 23 days | 6 years 11 months 23 days | |||||||||||||||||
Number of options, Granted | 1,667,900 | 1,667,900 | |||||||||||||||||||
2018 Plan [Member] | Options classified as Equity Awards | Tantan Limited [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Options vested | 3,290,401 | 3,290,401 | |||||||||||||||||||
Options expected to vest | 1,090,788 | 1,090,788 | |||||||||||||||||||
Options expected to vest, weighted-average exercise price | $ / shares | $ 0.90 | ||||||||||||||||||||
Options expected to vest, Aggregate intrinsic value | $ | $ 3,831 | $ 0 | |||||||||||||||||||
Weighted average fair value per option at grant date, Granted | $ / shares | $ 1.39 | $ 3.08 | $ 3.05 | ||||||||||||||||||
Share-based compensation | ¥ | ¥ 76,989 | ¥ 77,807 | 99,635 | ||||||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 11,825 | ||||||||||||||||||||
Weighted average recognition period | 2 years 3 months 25 days | 2 years 3 months 25 days | |||||||||||||||||||
Weighted average remaining contractual term options outstanding | 6 years 9 months 3 days | 6 years 9 months 3 days | |||||||||||||||||||
2018 Plan [Member] | Options classified as Liability Awards | Tantan Limited [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Share-based compensation | ¥ | ¥ 71,957 | ¥ 12,485 | ¥ 791,028 | ||||||||||||||||||
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, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Outstanding beginning balance | 28,217,269 | |
Number of options, Granted | 6,926,620 | |
Number of options, Exercised | (4,231,692) | |
Number of options, Forfeited | (1,235,944) | |
Number of options, Outstanding ending balance | 29,676,253 | 28,217,269 |
Number of options, Exercisable | 16,790,323 | |
Weighted average exercise price per option, Outstanding beginning balance | $ 0.0208 | |
Weighted average exercise price per option, Granted | 0.0002 | |
Weighted average exercise price per option, Exercised | 0.0289 | |
Weighted average exercise price per option, Forfeited | 0.0002 | |
Weighted average exercise price per option, Outstanding ending balance | 0.0157 | $ 0.0208 |
Weighted average exercise price per option, Exercisable | $ 0.0275 | |
Weighted average remaining contractual term options outstanding | 6 years 8 months 8 days | 6 years 9 months 25 days |
Weighted average remaining contractual life, Exercisable | 5 years 1 month 13 days | |
Aggregated intrinsic value, Outstanding beginning balance | $ 132,783 | $ 196,370 |
Aggregated intrinsic value, Exercisable | $ 74,927 | |
Options classified as Equity Awards | 2018 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Outstanding beginning balance | 9,968,805 | |
Number of options, Granted | 1,667,900 | |
Number of options, Repurchased | (4,205,439) | |
Number of options, Forfeited | (2,582,595) | |
Number of options, Outstanding ending balance | 4,848,671 | 9,968,805 |
Number of options, Exercisable | 3,290,401 | |
Weighted average exercise price per option, Outstanding beginning balance | $ 2.5297 | |
Weighted average exercise price per option, Granted | $ 0.6371 | |
Weighted average exercise price per option, Repurchased | 2.1381 | |
Weighted average exercise price per option, Forfeited | $ 3.6526 | |
Weighted average exercise price per option, Outstanding ending balance | 1.6232 | $ 2.5297 |
Weighted average exercise price per option, Exercisable | $ 1.9679 | |
Weighted average remaining contractual term options outstanding | 6 years 9 months 3 days | 6 years 11 months 23 days |
Weighted average remaining contractual life, Exercisable | 5 years 6 months 14 days | |
Aggregated intrinsic value, Outstanding beginning balance | $ 0 | $ 22,035 |
Aggregated intrinsic value, Exercisable | $ 0 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Assumptions Used to Estimate Fair Value of Stock Options Granted (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
2014 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate of return, minimum | 1.64% | 1.22% | 2.45% |
Risk-free interest rate of return, maximum | 1.96% | 1.48% | 3.21% |
Contractual term | 6 years | 6 years | 6 years |
Volatility, minimum | 50.20% | 50.60% | 49.00% |
Volatility, maximum | 51.80% | 54.40% | 50.50% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Exercise price | $ 0.0002 | $ 0.0002 | $ 0.0002 |
2018 Plan | Options classified as Equity Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate of return, minimum | 2.04% | 1.52% | 2.30% |
Risk-free interest rate of return, maximum | 2.04% | 1.83% | 3.50% |
Contractual term | 10 years | 10 years | 10 years |
Volatility, minimum | 59.00% | 53.80% | 54.20% |
Volatility, maximum | 59.00% | 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% | |
Risk-free interest rate of return, maximum | 1.59% | 3.19% | |
Contractual term | 10 years | 10 years | |
Volatility, minimum | 54.00% | 54.20% | |
Volatility, maximum | 56.10% | 55.50% | |
Exercise price | $ 0.0004 | $ 0.0004 | |
2018 Plan | Minimum [Member] | Options classified as Equity Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price | $ 0.002 | 0.002 | 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 (Loss) Per Share - C
Net Income (Loss) Per Share - Calculation of Net Income (loss) Per Share (Detail) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2021$ / shares | Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net income (loss) attributed to ordinary shareholders for computing net income (loss) per ordinary share-basic and diluted | ¥ | ¥ (2,913,708) | ¥ 2,103,484 | ¥ 2,970,890 | |
Denominator for computing net income (loss) per share-basic: | ||||
Weighted average ordinary shares outstanding used in computing net income per ordinary share-basic | 404,701,910 | 416,914,898 | 415,316,627 | |
Denominator for computing net income (loss) per share-diluted: | ||||
Weighted average shares outstanding used in computing net income (loss) per ordinary share-diluted | 404,701,910 | 452,081,642 | 451,206,091 | |
Net income (loss) per ordinary share attributable to Momo Inc. – basic | (per share) | $ (1.13) | ¥ (7.20) | ¥ 5.05 | ¥ 7.15 |
Net income (loss) per ordinary share attributable to Momo Inc. - diluted | (per share) | $ (1.13) | ¥ (7.20) | ¥ 4.83 | ¥ 6.76 |
Net Income (Loss) Per Share -
Net Income (Loss) Per Share - Summary of Potential Ordinary Shares Outstanding Excluded from Computation of Diluted Net income (Loss) Per Ordinary Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | 29,676,253 | 9,907,671 | 902,655 |
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 | 272,500 | 220,781 | 45,893 |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Convertible Note [Member] | ||
Earnings Per Share [Line Items] | ||
Incremental weighted average number of shares | 23,404,327 | 22,701,379 |
RSUs [Member] | Share Options [Member] | ||
Earnings Per Share [Line Items] | ||
Incremental weighted average number of shares | 11,762,418 | 13,188,085 |
Related Party Balances and Tr_3
Related Party Balances and Transactions - Schedule of Amount Due to Related Parties-current (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Amount due to related parties | ¥ 5,016 | $ 787 | ¥ 19,462 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | [1] | ¥ 5,016 | ¥ 19,462 | |
[1] | The amount of RMB19,462 and RMB5,016 as of December 31, 2020and 2021 primarily represented the unpaid revenue sharing of live video service to Hunan Qindao Network Media Technology Co., Ltd. |
Related Party Balances and Tr_4
Related Party Balances and Transactions - Schedule of Amount Due to Related Parties-current (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Amount due to related parties | ¥ 5,016 | $ 787 | ¥ 19,462 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | [1] | 5,016 | 19,462 | |
Unpaid Revenue [Member] | Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | ¥ 5,016 | ¥ 19,462 | ||
[1] | The amount of RMB19,462 and RMB5,016 as of December 31, 2020and 2021 primarily represented the unpaid revenue sharing of live video service to Hunan Qindao Network Media Technology Co., Ltd. |
Related Party Balances and Tr_5
Related Party Balances and Transactions - Schedule of Sales to a Related Party (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Related Party Transaction [Line Items] | ||||
Sales to related parties | ¥ 0 | ¥ 5,627 | ¥ 5,449 | |
Hunan Qindao Network Media Technology Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales to related parties | [1] | ¥ 0 | ¥ 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_6
Related Party Balances and Transactions - Schedule of Purchase from Related Parties (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | ¥ 253,806 | ¥ 363,359 | ¥ 499,859 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [1] | 253,691 | 354,274 | 497,789 |
Beijing Shiyue Haofeng Media Co Ltd [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [1] | 0 | 164 | 2,070 |
Beijing Santi Cloud Union Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [2] | 0 | 5,511 | |
Beijing Santi Cloud Time Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [2] | 0 | 3,410 | |
Others [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | ¥ 115 | ¥ 0 | ¥ 0 | |
[1] | The purchases from Hunan Qindao Network Media Technology Co., Ltd. and Beijing Shiyue Haofeng Media Co., Ltd. mainly represented the Revenue Sharing. | |||
[2] | The purchases from Beijing Santi Cloud Union Technology Co., Ltd. and Beijing Santi Cloud Time Technology Co., Ltd. were mainly related to its bandwidth services. |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Segment | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Revenue from External Customer [Line Items] | ||||
Net revenues: | ¥ 14,575,719 | ¥ 15,024,188 | ¥ 17,015,089 | |
Cost and expenses: | ||||
Cost of revenues | (8,383,431) | $ (1,315,543) | (7,976,781) | (8,492,096) |
Research and development | (1,131,781) | (1,167,677) | (1,095,031) | |
Sales and marketing | (2,604,309) | (408,673) | (2,813,922) | (2,690,824) |
General and administrative | (624,700) | (98,029) | (763,150) | (1,527,282) |
Impairment loss on goodwill and intangible assets | (4,397,012) | (689,987) | ||
Total cost and expenses | (17,141,233) | (2,689,833) | (12,721,530) | (13,805,233) |
Other operating income | 175,947 | 228,777 | 344,843 | |
Income (loss) from operations | (2,389,567) | (374,975) | 2,531,435 | 3,554,699 |
Interest income | 384,279 | 60,302 | 444,471 | 407,542 |
Interest expense | (73,776) | (11,577) | (78,872) | (78,611) |
Other gain or loss, net | (16,000) | (2,511) | 1,500 | (15,711) |
Income tax (expenses) benefits | (822,556) | (129,077) | (755,620) | (883,801) |
Share of loss on equity method investments | (8,084) | (1,269) | (42,522) | (23,350) |
Net income (loss) | (2,925,704) | $ (459,107) | 2,100,392 | 2,960,768 |
Unallocated segment [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues: | 0 | |||
Cost and expenses: | ||||
Cost of revenues | 0 | |||
Research and development | 0 | |||
Sales and marketing | 0 | |||
Impairment loss on goodwill and intangible assets | (4,397,012) | |||
Total cost and expenses | (4,397,012) | |||
Other operating income | 0 | |||
Income (loss) from operations | (4,397,012) | |||
Interest income | 0 | |||
Interest expense | 0 | |||
Other gain or loss, net | 0 | |||
Income tax (expenses) benefits | 0 | |||
Share of loss on equity method investments | 0 | |||
Net income (loss) | (4,397,012) | |||
Momo Inc [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues: | 12,541,205 | 12,631,119 | 15,740,815 | |
Cost and expenses: | ||||
Cost of revenues | (7,301,048) | (6,865,836) | (8,065,300) | |
Research and development | (828,688) | (844,826) | (797,471) | |
Sales and marketing | (1,420,130) | (1,454,123) | (1,521,511) | |
General and administrative | (619,922) | (664,458) | (641,269) | |
Total cost and expenses | (10,169,788) | (9,829,243) | (11,025,551) | |
Other operating income | 138,884 | 223,312 | 323,444 | |
Income (loss) from operations | 2,510,301 | 3,025,188 | 5,038,708 | |
Interest income | 383,028 | 440,878 | 396,672 | |
Interest expense | (73,776) | (78,872) | (78,611) | |
Other gain or loss, net | (16,000) | 1,500 | (15,711) | |
Income tax (expenses) benefits | (844,987) | (770,333) | (917,265) | |
Share of loss on equity method investments | (8,084) | (42,522) | (23,350) | |
Net income (loss) | 1,950,482 | 2,575,839 | 4,400,443 | |
Tantan Limited [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues: | 2,029,184 | 2,368,314 | 1,259,906 | |
Cost and expenses: | ||||
Cost of revenues | (1,044,852) | (1,088,816) | (415,688) | |
Research and development | (303,093) | (322,851) | (297,560) | |
Sales and marketing | (1,180,146) | (1,359,709) | (1,162,912) | |
General and administrative | (18,401) | (73,019) | (851,099) | |
Total cost and expenses | (2,509,690) | (2,844,395) | (2,727,259) | |
Other operating income | 37,029 | 3,945 | 0 | |
Income (loss) from operations | (443,477) | (472,136) | (1,467,353) | |
Interest income | 1,091 | 3,353 | 10,706 | |
Interest expense | 0 | 0 | ||
Other gain or loss, net | 0 | 0 | ||
Income tax (expenses) benefits | 22,431 | 14,713 | 33,464 | |
Share of loss on equity method investments | 0 | 0 | ||
Net income (loss) | (419,955) | (454,070) | (1,423,183) | |
Qool Inc [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues: | 5,330 | 24,755 | 14,368 | |
Cost and expenses: | ||||
Cost of revenues | (37,531) | (22,129) | (11,108) | |
Research and development | 0 | 0 | ||
Sales and marketing | (4,033) | (90) | (6,401) | |
General and administrative | (23,179) | (25,673) | (34,914) | |
Total cost and expenses | (64,743) | (47,892) | (52,423) | |
Other operating income | 34 | 1,520 | 21,399 | |
Income (loss) from operations | (59,379) | (21,617) | (16,656) | |
Interest income | 160 | 240 | 164 | |
Interest expense | 0 | 0 | ||
Other gain or loss, net | 0 | 0 | ||
Income tax (expenses) benefits | 0 | 0 | 0 | |
Share of loss on equity method investments | 0 | 0 | ||
Net income (loss) | ¥ (59,219) | ¥ (21,377) | ¥ (16,492) |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Provisions for employee benefits | ¥ 241,672 | ¥ 209,930 | ¥ 214,313 |
Statutory Reserves and Restri_2
Statutory Reserves and Restricted Net Assets - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | ¥ 679 | ¥ 0 | ¥ 2,701 |
Total of restricted net assets of the Group's PRC subsidiaries, VIEs and VIEs' subsidiaries | ¥ 1,508,594 | ¥ 1,475,551 | ¥ 1,504,378 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Millions | Mar. 24, 2022USD ($)$ / shares | Mar. 25, 2021$ / shares | Mar. 19, 2020$ / shares | Mar. 12, 2019$ / shares | Feb. 28, 2022CNY (¥) | Dec. 31, 2020CNY (¥) |
Subsequent Event [Line Items] | ||||||
Restricted Cash | ¥ | ¥ 2,130 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividend record date | Apr. 13, 2022 | |||||
Ex-dividend date | Apr. 12, 2022 | |||||
Restricted Cash | ¥ | ¥ 95,400 | |||||
Dividend Declared [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Aggregate amount dividend payable | $ | $ 127 | |||||
Dividend Paid [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividend payable date | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2019 | |||
Dividend record date | Apr. 13, 2021 | Apr. 8, 2020 | Apr. 5, 2019 | |||
Ex-dividend date | Apr. 12, 2021 | Apr. 7, 2020 | Apr. 4, 2019 | |||
Dividend Paid [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividend payable date | Apr. 29, 2022 | |||||
American Depository Shares [Member] | Dividend Declared [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividend amount per share | $ 0.64 | $ 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 | $ 0.32 | $ 0.38 | $ 0.31 | |||
Common Stock [Member] | Dividend Declared [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividend amount per share | $ 0.32 |