Hello (MOMO)2025-03-12 13:22Financial Performance - Net revenues for Q4 2024 decreased by 12.2% year over year to RMB2,636.5 million (US$361.2 million) from RMB3,002.9 million in Q4 2023[5] - Net income attributable to Hello Group Inc. in Q4 2024 was RMB187.2 million (US$25.6 million), down from RMB452.5 million in the same period of 2023[5] - Full year 2024 net revenues were RMB10,563.0 million (US$1,447.1 million), a decrease of 12.0% from RMB12,002.3 million in 2023[24] - Non-GAAP net income for the full year 2024 was RMB1,232.9 million (US$168.9 million), compared to RMB2,224.7 million in the same period of 2023[25] - The net income for Q4 2024 was RMB187,235, down from RMB452,469 in Q4 2023, reflecting a decrease of about 58.6%[48] - Net income for the year ended December 31, 2024, was RMB 1,039,573, a decrease of 46.7% compared to RMB 1,951,695 in 2023[53] User Metrics - Monthly Active Users (MAU) on the Tantan app decreased to 10.8 million in December 2024, compared to 13.7 million in December 2023[5] - Total paying users for the Momo app in Q4 2024 was 5.7 million, down from 7.4 million in the same period last year[5] Expenses and Costs - Research and development expenses for Q4 2024 were RMB222,684, slightly down from RMB231,445 in Q4 2023, indicating a decrease of about 3.3%[46] - The total cost and expenses for Q4 2024 were RMB2,407,825, a slight decrease from RMB2,431,756 in Q4 2023[46] - The cost of revenues for the three months ended December 31, 2024, was RMB 1,724,821, reflecting an increase from RMB 1,621,151 in the previous year[61] - The company incurred total costs and expenses of RMB 9,089,204 (US$ 1,245,216) for the year ended December 31, 2024, with significant allocations to research and development at RMB 804,425 (US$ 110,206)[69] Cash and Assets - As of December 31, 2024, the company's cash and cash equivalents totaled RMB14,728.5 million (US$2,017.8 million), an increase from RMB13,478.5 million a year earlier[23] - Total current assets increased from RMB 7,833,378 in 2023 to RMB 12,011,870 in 2024, representing a growth of 53.9%[50] - Cash and cash equivalents at the end of the period rose to RMB 9,642,421, up from RMB 8,282,912, indicating an increase of 16.4%[53] - The company reported a cash inflow from the maturity of short-term deposits of RMB 1,047,165 in 2024, compared to RMB 800,000 in 2023, an increase of 30.9%[53] Shareholder Actions - The company declared a special cash dividend of US$0.30 per ADS, totaling approximately US$50 million, to be paid on April 30, 2025[27] - The share repurchase program was upsized to US$486.1 million, with US$222 million remaining as of March 12, 2025[29] Future Outlook - For Q1 2025, the Company expects total net revenues to be between RMB2.4 billion to RMB2.5 billion, representing a year-over-year decrease of 6.3% to 2.4%[31] - The company plans to continue expanding its market presence, particularly in live video and value-added services, which are key growth areas[69] Operational Metrics - Non-GAAP diluted net income per ADS for Q4 2024 was RMB1.30 (US$0.18), down from RMB2.63 in the same period of 2023[22] - The Company reported a comprehensive income of RMB510,170 for Q4 2024, compared to RMB356,695 in Q4 2023, showing an increase of approximately 43%[48] - The Company’s diluted net income per share for Q4 2024 was RMB0.53, compared to RMB1.16 in Q4 2023, representing a decline of approximately 54.4%[46] - The company reported an income from operations of RMB 236,686 for the three months ended December 31, 2024, compared to RMB 226,424 in the prior year[63] Investment and Growth - The Company has incubated several new apps since 2019, targeting niche markets and selective demographics, including Hertz, Soulchill, and Duidui[40] - The company demonstrated a strong performance in non-GAAP metrics, indicating operational efficiency[75] - Future strategies may focus on enhancing user engagement and expanding market presence[75]