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BEIJING, May 28, 2024 /PRNewswire/ -- Hello Group Inc. (NASDAQ: MOMO) ("Hello Group" or the "Company"), a leading player in mainland China's online social networking space, today announced its unaudited financial results for the first quarter of 2024. First Quarter of 2024 Highlights Net revenues decreased by 9.2% year over year to RMB2,560.4 million (US$354.6 million*) in the first quarter of 2024. Net income attributable to Hello Group Inc. decreased to RMB5.2 million (US$0.7 million) in the first quarter of 2024, from RMB390.3 million in the same period of 2023. Non-GAAP net income attributable to Hello Group Inc. (note 1) decreased to RMB59.9 million (US$8.3 million) in the first quarter of 2024, from RMB471.9 million in the same period of 2023, mainly due to the accrual of withholding income tax of RMB448.6 million (US$62.1 million) on historical undistributed earnings generated by our wholly-foreign owned enterprise ("WFOE"). Diluted net income per American Depositary Share ("ADS") was RMB0.03 (US$0.00) in the first quarter of 2024, compared to RMB1.96 in the same period of 2023. Non-GAAP diluted net income per ADS (note 1) was RMB0.31 (US$0.04) in the first quarter of 2024, compared to RMB2.36 in the same period of 2023. Monthly Active Users ("MAU") on Tantan app were 13.7 million in March 2024, compared to 19.5 million in March 2023. For the Momo app total paying users was 7.1 million for the first quarter of 2024, compared to 7.8 million for the same period last year. Tantan had 1.1 million paying users for the first quarter of 2024 compared to 1.6 million from the year ago period. "We have made steady progress in implementing our strategic priorities for Momo, Tantan, and our new endeavors since the beginning of the year," commented Yan Tang, Chairman and CEO of Hello Group. "Product innovation and our ability to leverage technological advancements have enabled Momo to play an important role in helping users discover new relationships and build meaningful interactions. This has laid a solid foundation for us to maintain user and revenue scale over the long term. I am also glad to see that our overseas team has accelerated the localization process to drive continued growth in the new endeavors. We look forward to delivering high quality social and entertainment services to a much broader user base global wise." * This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rate solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB7.2203 to US$1.00, the effective noon buying rate for March 29, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board. First Quarter of 2024 Financial Results Net revenues Total net revenues were RMB2,560.4 million (US$354.6 million) in the first quarter of 2024, a decrease of 9.2% from RMB2,818.9 million in the first quarter of 2023. Live video service revenues were RMB1,238.5 million (US$171.5 million) in the first quarter of 2024, a decrease of 13.3% from RMB1,429.3 million during the same period of 2023. The decrease was primarily attributable to our proactive operational adjustments to de-emphasise large scale competition events in the Momo app and a soft consumer sentiment in the current macro environment, and to a lesser degree, Tantan pivoting away from the less dating-centric live video service. Value-added service revenues mainly include virtual gift revenues and membership subscription revenues. Total value-added service revenues were RMB1,294.4 million (US$179.3 million) in the first quarter of 2024, a decrease of 4.9% from RMB1,361.5 million during the same period of 2023. The decrease was primarily due to our product adjustments to improve Momo app's ecosystem as well as the impact of the macro economy on consumer sentiment, and to a lesser extent, the decline in Tantan's paying users. The decrease was partially offset by the rapid revenue growth from the new standalone apps. Mobile marketing revenues were RMB26.6 million (US$3.7 million) in the first quarter of 2024, an increase of 26.2% from RMB21.1 million during the same period of 2023. Mobile games revenues were RMB0.4 million (US$0.1 million) in the first quarter of 2024, a decrease of 88.3% from RMB3.7 million in the first quarter of 2023. Net revenues from the Momo segment decreased from RMB2,510.1 million in the first quarter of 2023 to RMB2,318.9 million (US$321.2 million) in the first quarter of 2024, primarily due to the decrease in net revenues from value-added service and live video service on Momo app. The decrease was partially offset by the revenue growth of the new standalone apps. Net revenues from the Tantan segment decreased from RMB308.6 million in the first quarter of 2023 to RMB241.5 million (US$33.4 million) in the first quarter of 2024, mainly due to the decrease in net revenues from live video service, and to a lesser extent, the decrease from value-added service. Cost and expenses Cost and expenses were RMB2,120.0 million (US$293.6 million) in the first quarter of 2024, a decrease of 12.4% from RMB2,419.1 million in the first quarter of 2023. The decrease was primarily attributable to: (a) a decrease in revenue sharing with broadcasters related to live video service on Momo app and Tantan app, and a decrease in revenue sharing with virtual gift recipients of virtual gift service on Momo app. The decrease was partially offset by an increase in revenue sharing with virtual gift recipients for new standalone apps; (b) a decrease in salary expenses and share-based compensation expenses, due to our continuous optimization in personnel costs and the newly granted share options which had lower fair value; (c) a decrease in sales and marketing expenses due to less marketing and promotional spend on live video service and our strategy to trim inefficient channel marketing spend. Non-GAAP cost and expenses (note 1) were RMB2,065.3 million (US$286.0 million) in the first quarter of 2024, a decrease of 11.6% from RMB2,337.4 million during the same period of 2023. Income from operations Income from operations was RMB460.3 million (US$63.8 million) in the first quarter of 2024, compared to RMB436.2 million during the same period of 2023. Income from operations of the Momo segment was RMB434.0 million (US$60.1 million) in the first quarter of 2024, which decreased from RMB435.0 million in the first quarter of 2023. Income from operations of the Tantan segment was RMB28.6 million (US$4.0 million) in the first quarter of 2024, which increased from RMB5.2 million in the first quarter of 2023. Non-GAAP income from operations (note 1) was RMB515.0 million (US$71.3 million) in the first quarter of 2024, compared to RMB517.8 million during the same period of 2023. Non-GAAP income from operations of the Momo segment was RMB488.5 million (US$67.7 million) in the first quarter of 2024, which decreased from RMB507.5 million in the first quarter of 2023. Non-GAAP income from operations of the Tantan segment was RMB28.8 million (US$4.0 million) in the first quarter of 2024, compared to RMB14.5 million in the first quarter of 2023. Income tax expenses Income tax expenses were RMB557.6 million (US$77.2 million) in the first quarter of 2024, compared to RMB122.6 million in the first quarter of 2023. In the first quarter of 2024, we accrued an income tax expenses of RMB109.0 million (US$15.1 million) associated with the profit generated in this quarter. Additionally, we accrued a withholding income tax of RMB448.6 million (US$62.1 million) associated with our WFOE's historical undistributed earnings for the potential remittance of earnings from our WFOE to its offshore parent company in the form of dividend distribution. Because we believe that we might continue to distribute the WFOE's undistributed earnings in the future to fund our demands in overseas business operations, payments of dividends, potential investments, etc, to be prudent, we accrued withholding tax on the total balance of undistributed earnings of our WFOE as of March 31, 2024. From the first quarter of 2024, dividends paid by our wholly foreign-owned subsidiary in the Chinese mainland to its offshore parent company in Hong Kong are qualified for the preferential withholding tax rate of 5% under the Arrangement between the PRC and the Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income, instead of the normal withholding tax rate of 10%. Net income Net income was RMB5.2 million (US$0.7 million) in the first quarter of 2024, compared to RMB389.5 million during the same period of 2023. Net loss of the Momo segment was RMB20.8 million (US$2.9 million) in the first quarter of 2024, compared to a net income of RMB389.0 million in the same period of 2023. Net income from the Tantan segment was RMB28.2 million (US$3.9 million) in the first quarter of 2024, compared to RMB4.5 million in the first quarter of 2023. Non-GAAP net income (note 1) was RMB59.9 million (US$8.3 million) in the first quarter of 2024, compared to RMB471.1 million during the same period of 2023. Non-GAAP net income from the Momo segment was RMB33.7 million (US$4.7 million) in the first quarter of 2024, which decreased from RMB461.5 million in the first quarter of 2023. Non-GAAP net income of the Tantan segment was RMB28.4 million (US$3.9 million) in the first quarter of 2024, compared to RMB13.7 million in the first quarter of 2023. Net income attributable to Hello Group Inc. Net income attributable to Hello Group Inc. was RMB5.2 million (US$0.7 million) in the first quarter of 2024, compared to RMB390.3 million during the same period of 2023. Non-GAAP net income (note 1) attributable to Hello Group Inc. was RMB59.9 million (US$8.3 million) in the first quarter of 2024, compared to RMB471.9 million during the same period of 2023. Net income per ADS Diluted net income per ADS was RMB0.03 (US$0.00) in the first quarter of 2024, compared to RMB1.96 in the first quarter of 2023. Non-GAAP diluted net income per ADS (note 1) was RMB0.31 (US$0.04) in the first quarter of 2024, compared to RMB2.36 in the first quarter of 2023. Cash and cash flow As of March 31, 2024, the Company's cash, cash equivalents, short-term deposits, long-term deposits, short-term restricted cash and long-term restricted cash totaled RMB15,115.8 million (US$2,093.5 million), compared to RMB13,478.5 million as of December 31, 2023. Net cash provided by operating activities in the first quarter of 2024 was RMB400.2 million (US$55.4 million), compared to RMB451.1 million in the first quarter of 2023. Recent Development Payment of a special cash dividend In March 2024, Hello Group's board of directors declared a special cash dividend in the amount of US$0.54 per ADS, or US$0.27 per ordinary share. The cash dividend was paid on April 30, 2024 to shareholders of record at the close of business on April 12, 2024. The aggregate amount of cash dividends paid was US$98.9 million. Share repurchase program On June 7, 2022, Hello Group's board of directors authorized a share repurchase program under which the Company may repurchase up to US$200 million of its shares up to June 6, 2024 (the "Share Repurchase Program"). On March 14, 2024, Hello Group's board of directors approved to amend the Share Repurchase Program to (i) extend the term of the Share Repurchase Program up to June 30, 2026, and (ii) upsize the Share Repurchase Program so that the Company is authorized to, from time to time, acquire up to an aggregate of US$286.1 million worth of its shares in the form of ADSs and/or the ordinary shares of the Company in the open market and through 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. As of May 28, 2024, the Company has repurchased 22.3 million ADSs for US$122.6 million on the open market under Share Repurchase Program announced on June 7, 2022 and amended on March 14, 2024, at an average purchase price of US$5.48 per ADS. Business Outlook For the second quarter of 2024, the Company expects total net revenues to be between RMB2.65 billion to RMB2.75 billion, representing a decrease of 15.5% to 12.4% year over year. This forecast reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change. Note 1: Non-GAAP measures To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), we, Hello Group, use various non-GAAP financial measures that are adjusted from the most comparable GAAP results to exclude share-based compensation. Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures. Our non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of our continuing operations and our prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to the GAAP results. In addition, our calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited. Our non-GAAP information (including non-GAAP cost and operating expenses, income (loss) from operations, net income (loss), net income attributable to Hello Group Inc., and diluted net income per ADS) is adjusted from the most comparable GAAP results to exclude share-based compensation. A limitation of using these non-GAAP financial measures is that share-based compensation has been and will continue to be for the foreseeable future significant recurring expenses in our results of operations. We compensate for such limitation by providing reconciliations of our non-GAAP measures to our U.S. GAAP measures. Please see the reconciliation tables at the end of this earnings release. Conference Call Hello Group's management will host an earnings conference call on Tuesday, May 28, 2024, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on May 28, 2024). Participants can register for the conference call by navigating to: https://s1.c-conf.com/diamondpass/10039014-cp8m51.html. Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin. A telephone replay of the call will be available after the conclusion of the conference call through June 4, 2024. The dial-in details for the replay are as follows: U.S. / Canada: 1-855-883-1031 Hong Kong: 800-930-639 Passcode: 10039014 Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Hello Group's website at https://ir.hellogroup.com. About Hello Group Inc. We are a leading player in mainland China's online social networking space. Through Momo, Tantan and other properties within our product portfolio, we enable users to discover new relationships, expand their social connections and build meaningful interactions. Momo is a mobile application that connects people and facilitates social interactions based on location, interests and a variety of online recreational activities. Tantan, which was added into our family of applications through acquisition in May 2018, is a leading social and dating application. Tantan is designed to help its users find and establish romantic connections as well as meet interesting people. Starting from 2019, we have incubated a number of other new apps, such as Hertz, Soulchill, Duidui and Tietie, which target more niche markets and more selective demographics. For investor and media inquiries, please contact: Hello Group Inc. Investor RelationsPhone: +86-10-5731-0538Email: ir@hellogroup.com Christensen In ChinaMs. Xiaoyan SuPhone: +86-10-5900-1548E-mail: Xiaoyan.Su@christensencomms.com In U.S. Ms. Linda BergkampPhone: +1-480-614-3004Email: linda.bergkamp@christensencomms.com Safe Harbor Statement This news release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to our management quotes, our financial outlook for the second quarter of 2024, as well as the amount of, timing, methods and funding sources for repurchases of our shares under the share repurchase program. Our forward-looking statements are not historical facts but instead represent only our belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and other circumstances may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. Announced results for the first quarter of 2024 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the second quarter of 2024 and may be unable to grow our business in the manner planned. We may also modify our strategy for growth. Moreover, there are other risks and uncertainties that could cause our actual results to differ from what we currently anticipate, including those relating to our ability to retain and grow our user base, our ability to attract and retain sufficiently trained professionals to support our operations, our ability to anticipate and develop new services and enhance existing services to meet the demand of our users or customers, the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company's cash flows from operations, general economic conditions, and other factors. For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations, and prospects, please see our filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, after the date of this release, except as required by law. Such information speaks only as of the date of this release. Hello Group Inc. Unaudited Condensed Consolidated Statement of Operations (All amounts in thousands, except share and per share data) Three months Ended March 31 2023 2024 2024 RMB RMB US$ Net revenues: Live video service 1,429,340 1,238,541 171,536 Value-added service 1,361,469 1,294,376 179,269 Mobile marketing 21,071 26,595 3,683 Mobile games 3,699 432 60 Other services 3,279 476 66 Total net revenues 2,818,858 2,560,420 354,614 Cost and expenses: Cost of revenues (1,664,188) (1,503,008) (208,164) Research and development (236,803) (192,191) (26,618) Sales and marketing (379,786) (293,431) (40,640) General and administrative (138,298) (131,381) (18,196) Total cost and expenses (2,419,075) (2,120,011) (293,618) Other operating income, net 36,394 19,906 2,757 Income from operations 436,177 460,315 63,753 Interest income 99,787 121,107 16,773 Interest expense (10,415) (23,698) (3,282) Other gain or loss, net - (9,245) (1,280) Income before income tax and share of (loss) income on equity method investments 525,549 548,479 75,964 Income tax expenses (122,613) (557,613) (77,229) Income (loss) before share of income on equity method investments 402,936 (9,134) (1,265) Share of (loss) income on equity method investments (13,475) 14,318 1,983 Net income 389,461 5,184 718 Less: net loss attributable to non-controlling interest (828) - - Net income attributable to the shareholders of Hello Group Inc. 390,289 5,184 718 Net income per share attributable to ordinary shareholders Basic 1.04 0.01 0.00 Diluted 0.98 0.01 0.00 Weighted average shares used in calculating net income per ordinary share Basic 377,017,080 374,650,649 374,650,649 Diluted 409,102,277 389,278,806 389,278,806 Hello Group Inc. Unaudited Condensed Consolidated Statement of Comprehensive Income (All amounts in thousands, except share and per share data) Three months Ended March 31 2023 2024 2024 RMB RMB US$ Net income 389,461 5,184 718 Other comprehensive income, net of tax: Foreign currency translation adjustment 2,181 54,894 7,603 Comprehensive income 391,642 60,078 8,321 Less: comprehensive (loss) income attributed to the non-controlling interest (1,670) 3,084 427 Comprehensive income attributable to Hello Group Inc. 393,312 56,994 7,894 Hello Group Inc. Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except share and per share data) December 31 March 31 March 31 2023 2024 2024 RMB RMB US$ Assets Current assets Cash and cash equivalents 5,620,466 6,023,224 834,207 Short-term deposits 1,270,626 1,129,454 156,428 Restricted cash 10,147 1,504,307 208,344 Accounts receivable, net of allowance for doubtful accounts of RMB12,780 and RMB12,497 as of December 31, 2023 and March 31, 2024, respectively 201,517 189,561 26,254 Amounts due from related parties 7,258 - - Prepaid expenses and other current assets 723,364 823,251 114,019 Total current assets 7,833,378 9,669,797 1,339,252 Long-term deposits 3,924,975 3,805,075 526,997 Long-term restricted cash 2,652,299 2,653,744 367,539 Right-of-use assets, net 109,572 116,607 16,150 Property and equipment, net 659,033 688,699 95,384 Intangible assets, net 17,086 15,806 2,189 Rental deposits 12,962 13,766 1,907 Long-term investments 786,911 710,557 98,411 Amounts due from RPT-non current 20,000 - - Other non-current assets 180,052 200,649 27,790 Deferred tax assets 31,741 34,240 4,742 Total assets 16,228,009 17,908,940 2,480,361 Liabilities and equity Current liabilities Accounts payable 616,681 604,398 83,711 Deferred revenue 442,805 459,797 63,681 Accrued expenses and other current liabilities 630,617 564,205 78,141 Amounts due to related parties 4,314 - - Lease liabilities due within one year 60,008 66,136 9,160 Income tax payable 94,719 100,756 13,955 Deferred consideration in connection with business acquisitions 27,261 27,723 3,840 Long-term borrowings, current portion 215,615 217,094 30,067 Dividends payable - 714,120 98,904 Short-term borrowings - 1,334,664 184,849 Total current liabilities 2,092,020 4,088,893 566,308 Deferred tax liabilities 24,987 391,502 54,222 Convertible Senior Notes 19,571 19,920 2,759 Long-term borrowings 1,938,385 1,938,169 268,433 Lease liabilities 52,171 52,487 7,269 Other non-current liabilities 114,085 139,721 19,351 Total liabilities 4,241,219 6,630,692 918,342 Shareholder's equity (i) 11,986,790 11,278,248 1,562,019 Total liabilities and shareholder's equity 16,228,009 17,908,940 2,480,361 (i): As of March 31, 2024, the number of ordinary shares outstanding was 370,162,906. Hello Group Inc. Unaudited Condensed Consolidated Statement of Cash Flows (All amounts in thousands, except share and per share data) Three months Ended March 31 2023 2024 2024 RMB RMB US$ Cash flows from operating activities: Net income 389,461 5,184 718 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of property and equipment 22,844 14,310 1,982 Amortization of intangible assets 1,279 1,279 177 Share-based compensation 81,657 54,670 7,572 Share of loss (income) on equity method investments 13,475 (14,318) (1,983) Loss on long-term investments - 9,245 1,280 Gain or loss on disposal of property and equipment 67 258 36 Provision of loss on receivable and other assets 9,182 1,776 246 Changes in operating assets and liabilities: Accounts receivable (548) 10,980 1,521 Prepaid expenses and other current assets 24,352 (9,677) (1,340) Amounts due from related parties 55 - - Rental deposits - (802) (111) Deferred tax assets 440 (2,498) (346) Other non-current assets (7,485) (7,597) (1,052) Accounts payable 20,379 (17,454) (2,417) Income tax payable (6,393) 6,036 836 Deferred revenue (8,811) 16,674 2,309 Accrued expenses and other current liabilities (132,733) (56,800) (7,867) Amount due to related parties 3,169 - - Deferred tax liabilities 34,120 365,011 50,553 Other non-current liabilities 6,564 23,893 3,309 Net cash provided by operating activities 451,074 400,170 55,423 Cash flows from investing activities: Purchase of property and equipment (10,234) (44,176) (6,118) Purchase of short-term deposits (497,342) - - Cash received on maturity of short-term deposits 900,000 300,000 41,550 Purchase of long-term deposits - (718,860) (99,561) Cash received on maturity of long-term deposits - 718,860 99,561 Cash received from sales of long-term investment - 2,000 277 Other investing activities 738 385 53 Net cash provided by investing activities 393,162 258,209 35,762 Cash flows from financing activities: Proceeds from exercise of share options 3 11 2 Payment in relation to the share repurchase program (3,237) (112,261) (15,548) Repurchase of subsidiary's share options (1,539) - - Proceeds from short-term borrowings - 1,331,635 184,429 Repayment of long-term borrowings - (215) (30) Payment for redemption of convertible bonds (478,786) - - Net cash (used in) provided by financing activities (483,559) 1,219,170 168,853 Effect of exchange rate changes (9,426) 20,814 2,882 Net increase in cash and cash equivalents 351,251 1,898,363 262,920 Cash, cash equivalents and restricted cash at the beginning of period 5,198,601 8,282,912 1,147,170 Cash, cash equivalents and restricted cash at the end of period 5,549,852 10,181,275 1,410,090 Hello Group Inc. Reconciliation of Non-GAAP financial measures to comparable GAAP measures (All amounts in thousands, except per share data) 1. Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income to comparable GAAP measures. Three months Three months Three months Ended March 31, 2023 Ended March 31, 2024 Ended March 31, 2024 GAAP Share-based compensation Non-GAAP GAAP Share-based compensation Non-GAAP GAAP Share-based compensation Non-GAAP RMB RMB RMB RMB RMB RMB US$ US$ US$ Cost of revenues (1,664,188) 1,635 (1,662,553) (1,503,008) 1,882 (1,501,126) (208,164) 261 (207,903) Research and development (236,803) 22,372 (214,431) (192,191) 8,786 (183,405) (26,618) 1,217 (25,401) Sales and marketing (379,786) 7,746 (372,040) (293,431) 6,117 (287,314) (40,640) 847 (39,793) General and administrative (138,298) 49,904 (88,394) (131,381) 37,885 (93,496) (18,196) 5,247 (12,949) Cost and operating expenses (2,419,075) 81,657 (2,337,418) (2,120,011) 54,670 (2,065,341) (293,618) 7,572 (286,046) Income from operations 436,177 81,657 517,834 460,315 54,670 514,985 63,753 7,572 71,325 Net income attributable to Hello Group Inc. 390,289 81,657 471,946 5,184 54,670 59,854 718 7,572 8,290 Unaudited Condensed Segment Report (All amounts in thousands, except share and per share data) Three months Ended March 31, 2024 Momo Tantan QOOL Total Total RMB RMB RMB RMB US$ Net revenues: Live video service 1,150,844 87,697 - 1,238,541 171,536 Value-added service 1,149,285 145,091 - 1,294,376 179,269 Mobile marketing 17,893 8,702 - 26,595 3,683 Mobile games 432 - - 432 60 Other services 434 - 42 476 66 Total net revenues 2,318,888 241,490 42 2,560,420 354,614 Cost and expenses (ii): Cost of revenues (1,392,824) (110,184) - (1,503,008) (208,164) Research and development (150,861) (41,330) - (192,191) (26,618) Sales and marketing (236,659) (54,482) (2,290) (293,431) (40,640) General and administrative (123,752) (7,591) (38) (131,381) (18,196) Total cost and expenses (1,904,096) (213,587) (2,328) (2,120,011) (293,618) Other operating income 19,158 724 24 19,906 2,757 Income (loss) from operations 433,950 28,627 (2,262) 460,315 63,753 Interest income 120,958 147 2 121,107 16,773 Interest expense (23,698) - - (23,698) (3,282) Other gain or loss, net (9,245) - - (9,245) (1,280) Income (loss) before income tax and share of income on equity method investments 521,965 28,774 (2,260) 548,479 75,964 Income tax expenses (557,079) (534) - (557,613) (77,229) (Loss) income before share of income on equity method investments (35,114) 28,240 (2,260) (9,134) (1,265) Share of income on equity method investments 14,318 - - 14,318 1,983 Net (loss) income (20,796) 28,240 (2,260) 5,184 718 (ii) Share-based compensation was allocated in cost of revenues and operating expenses as follows: Three months Ended March 31, 2024 Momo Tantan QOOL Total Total RMB RMB RMB RMB US$ Cost of revenues 1,878 4 - 1,882 261 Research and development 8,638 148 - 8,786 1,217 Sales and marketing 6,117 - - 6,117 847 General and administrative 37,874 11 - 37,885 5,247 Total cost and expenses 54,507 163 - 54,670 7,572 Hello Group Inc. Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report (All amounts in thousands, except share and per share data) Three months Ended March 31, 2024 Momo Tantan QOOL Total Total RMB RMB RMB RMB US$ Income (loss) from operations 433,950 28,627 (2,262) 460,315 63,753 Share-based compensation 54,507 163 - 54,670 7,572 Non-GAAP income (loss) from operations 488,457 28,790 (2,262) 514,985 71,325 Net (loss) income (20,796) 28,240 (2,260) 5,184 718 Share-based compensation 54,507 163 - 54,670 7,572 Non-GAAP net income (loss) 33,711 28,403 (2,260) 59,854 8,290 Hello Group Inc. Unaudited Condensed Segment Report (All amounts in thousands, except share and per share data) Three months Ended March 31, 2023 Momo Tantan QOOL Total Total RMB RMB RMB RMB US$[1] Net revenues: Live video service 1,289,718 139,622 - 1,429,340 208,128 Value-added service 1,193,544 167,925 - 1,361,469 198,246 Mobile marketing 20,021 1,050 - 21,071 3,068 Mobile games 3,699 - - 3,699 539 Other services 3,137 - 142 3,279 477 Total net revenues 2,510,119 308,597 142 2,818,858 410,458 Cost and expenses (iii): Cost of revenues (1,500,531) (163,114) (543) (1,664,188) (242,325) Research and development (169,308) (67,495) - (236,803) (34,481) Sales and marketing (312,640) (65,852) (1,294) (379,786) (55,301) General and administrative (128,078) (7,746) (2,474) (138,298) (20,138) Total cost and expenses (2,110,557) (304,207) (4,311) (2,419,075) (352,245) Other operating income, net 35,478 854 62 36,394 5,299 Income (loss) from operations 435,040 5,244 (4,107) 436,177 63,512 Interest income 99,531 204 52 99,787 14,530 Interest expense (10,415) - - (10,415) (1,517) Income (loss) before income tax and share of income on equity method investments 524,156 5,448 (4,055) 525,549 76,525 Income tax expenses (121,642) (971) - (122,613) (17,854) Income (loss) before share of income on equity method investments 402,514 4,477 (4,055) 402,936 58,671 Share of loss on equity method investments (13,475) - - (13,475) (1,962) Net income (loss) 389,039 4,477 (4,055) 389,461 56,709 (iii) Share-based compensation was allocated in cost of revenues and operating expenses as follows: Three months Ended March 31, 2023 Momo Tantan QOOL Total Total RMB RMB RMB RMB US$ Cost of revenues 1,618 17 - 1,635 238 Research and development 13,170 9,202 - 22,372 3,258 Sales and marketing 7,741 5 - 7,746 1,128 General and administrative 49,896 8 - 49,904 7,267 Total cost and expenses 72,425 9,232 - 81,657 11,891 [1] All translations from RMB to U.S. dollars are made at a rate of RMB6.8676 to US$1.00, the effective noon buying rate for March 31, 2023 as set forth in the H.10 statistical release of the Federal Reserve Board. Hello Group Inc. Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report (All amounts in thousands, except share and per share data) Three months Ended March 31, 2023 Momo Tantan QOOL Total Total RMB RMB RMB RMB US$ Income (loss) from operations 435,040 5,244 (4,107) 436,177 63,512 Share-based compensation 72,425 9,232 - 81,657 11,891 Non-GAAP income (loss) from operations 507,465 14,476 (4,107) 517,834 75,403 Net income (loss) 389,039 4,477 (4,055) 389,461 56,709 Share-based compensation 72,425 9,232 - 81,657 11,891 Non-GAAP net income (loss) 461,464 13,709 (4,055) 471,118 68,600
BEIJING, May 27, 2024 /PRNewswire/ -- Zhihu Inc. ("Zhihu" or the "Company") (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced that it will report its unaudited financial results for the quarter ended March 31, 2024 before the U.S. market opens on June 12, 2024. The Company's management will host a conference call at 7:00 A.M. U.S. Eastern Time on Wednesday, June 12, 2024 (7:00 P.M. Beijing/Hong Kong Time on Wednesday, June 12, 2024) to discuss the results. All participants wishing to join the conference call must pre-register online using the link provided below. Once the pre-registration has been completed, each participant will receive a set of dial-in numbers, a passcode, and a unique registrant ID which can be used to join the conference call. Participants may pre-register at any time, including up to and after the call start time. Registration Link: https://dpregister.com/sreg/10189533/fc960a34f7 Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.zhihu.com. A replay of the conference call will be accessible approximately one hour after the conclusion of the live call, until June 19, 2024, by dialing the following telephone numbers: United States (toll free): +1-877-344-7529 International: +1-412-317-0088 Replay Access Code: 6946527 About Zhihu Inc. Zhihu Inc. (NYSE: ZH; HKEX: 2390) is a leading online content community in China where people come to find solutions, make decisions, seek inspiration, and have fun. Since the initial launch in 2010, we have grown from a Q&A community into one of the top comprehensive online content communities and the largest Q&A-inspired online content community in China. For more information, please visit https://ir.zhihu.com. For investor and media inquiries, please contact: In China: Zhihu Inc.Email: ir@zhihu.com Piacente Financial CommunicationsHelen WuTel: +86-10-6508-0677Email: zhihu@tpg-ir.com In the United States: Piacente Financial CommunicationsBrandi PiacentePhone: +1-212-481-2050Email: zhihu@tpg-ir.com
PepsiCo brands Lay's® and Gatorade® unite in Bilbao, Spain, around the UEFA Women's Champions League Final with programs that instill young female athletes with confidence and provide resources to fuel their participation in sport Lay's RePlay unveils its 11th pitch in Bilbao, with world class talent: Manchester City Player Laia Aleixandri and former Spanish footballer Fernando Llorente Gatorade hosts 5v5 tournament in Bilbao, featuring Confidence Coaches: former English footballer Rachel Yankey alongside Laia Aleixandri and Fernando Llorente PURCHASE, N.Y., May 25, 2024 /PRNewswire/ -- Two of PepsiCo's most iconic brands – Lay's and Gatorade – join forces to fuel global grassroots initiatives, champion equal opportunities for women on the pitch and continue PepsiCo's longstanding support of women in sport through its partnership with UEFA. Ahead of the UEFA Women’s Champions League Final, Lay’s and Gatorade launched a series of community initiatives in this year’s host city of Bilbao, Spain, to give young female athletes more access to football – including hosting an action-packed Gatorade 5v5 tournament on a newly unveiled Lay’s RePlay pitch. Ahead of the UEFA Women's Champions League (UWCL) Final, Lay's and Gatorade seamlessly brought together the power, scale and resources of the two brands to launch a series of community initiatives in this year's host city of Bilbao, Spain, to give young female athletes more access to football – including hosting an action-packed Gatorade 5v5 tournament on a newly unveiled Lay's RePlay pitch this weekend. Despite the rise in popularity of women's sports – particularly women's football – there is still a way to go until female players receive the same level of support as their male equivalents. PepsiCo, a proud partner of UEFA Women's Football, continues to invest in initiatives across its brand portfolio to drive engagement and conversation within the women's game, while inspiring women's opportunities and participation in the sport from grassroots to professional levels. Lay's RePlay, a global initiative created in partnership with the UEFA Foundation for Children and Common Goal, aims to bring joy and access to play to deserving communities by creating environmentally friendly football pitches partially made of reused chip bags. Gatorade reaffirmed its commitment to supporting amateur footballers across the world by leveraging the newly opened Lay's RePlay pitch for its 5v5 program, a grassroots tournament designed to promote and showcase equal opportunities for young talent. 23 MAY: Lay's RePlay Pitch – Bilbao, Spain – Errekalde Sports Center On May 23rd, Lay's RePlay unveiled its 11th pitch with a variety of local activations for the Bilbao community, including a female artist-designed mural to represent and inspire the community and an unveiling of the centre circle, as an homage to UWCL opening ceremonies, to unveil the brand-new pitch. Manchester City player Laia Aleixandri and former Spanish professional footballer Fernando Llorente connected with young athletes on-site, speaking to their personal experiences in football, emphasizing the benefits associated with playing and encouraging the girls to join the program to learn and grow on the pitch and beyond. In selecting Bilbao as the program's next impact epicenter, Lay's RePlay and partners, Common Goal, 'Bilbao Kirolak' (Municipality) and Fundazioa (Athletic Club Foundation), will offer inclusive sports programming for young migrant women footballers in the communities of Errekalde and Ibaiondo. This initiative provides access to sports training, educational resources, and a safe place to play, aiming to support socio-emotional growth and community building while fostering belonging, teamwork, and collaboration. In celebration of the initiative's Bilbao debut, participants, their families and the entire community came together at the new facility for a day filled with football fun and inspiring words from football icons Laia Aleixandri and Fernando Llorente. Lay's RePlay leverages the power of play and innovative sustainability to deliver positive outcomes for both the planet and people. To create a Lay's RePlay pitch, empty packs of chips are collected and made into pellets that form the underlying layer beneath the AstroTurf. With pitches spanning the globe throughout communities in South Africa, Italy, Brazil, the United Kingdom, Colombia, Mexico and more – the program is already making a lasting impact, with 1.5K participants (per month) directly impacted through 8K hours of Lay's RePlay educational programming, and a further 2.3K (per month) wider community members indirectly impacted through general use of the pitch, special community events or families of the participants. Lay's RePlay builds on the work done by Lay's and the UEFA Foundation for Children that delivered three artificial football fields in the Za'atari and Azraq Refugee Camps in 2017 and 2018 and have since provided 35,000 people access to the sport. 24 and 25 MAY: Gatorade 5v5 Tournament on Lay's RePlay Pitch – Bilbao, Spain On May 24th, the latest iteration of Gatorade's 5v5 tournament took place on the new Lay's RePlay pitch in Bilbao, in tandem with the brand's global initiative, "Confidence Coaches," which connects football legends with youth players. Understanding the common barriers women in sport face, chosen "Confidence Coaches" share stories and advice that fuels these up-and-coming players with the confidence they need to keep kicking. This year in Bilbao, Gatorade Confidence Coaches featured world class talent, including former English footballer Rachel Yankey, alongside Laia Aleixandri and Fernando Llorente. At the UWCL final on May 24, the trio met with the final girls' teams of the 5v5 tournament to talk confidence and self-esteem in competitive sports. In alignment with Gatorade's People and Planet priorities, the Bilbao 5v5 tournament was executed with sustainability in mind, including all clothing and medals for the tournament produced as sustainably as possible (both materials and production). Now in its seventh year, 5v5 continues to deliver positive formative sporting experiences to thousands of young amateur athletes, ages 14 to 16, from diverse backgrounds, giving over 151,000 boys and girls (and counting!) the chance to excel in the sport they love. Gatorade's "Confidence Coach" initiative, launched in 2023, aims to inspire future generations by partnering with iconic football players to serve as Confidence Coaches, who share their own experiences to help motivate aspiring players. Gatorade is thrilled to give young adults better opportunities to play sport and realize their potential and is committed to helping 2.5 million teens worldwide access the life changing power of sport by 2030. Mustafa Shamseldin, Category Growth Officer and CMO International Foods, says: "Lay's RePlay illuminates both the human and sustainability elements behind PepsiCo's mission of creating local activations that propel impact on a global scale. The opening of this pitch in Bilbao demonstrates the ongoing efforts and greater impact PepsiCo has on supporting women in sport – providing resources to educate, facilitate and inspire young women globally to pursue their passion for the beautiful game – and its fierce commitment to sustainability efforts – opening its 11th pitch, partially made of reused Lay's chip bags. Lay's and Gatorade joining forces in Bilbao to drive change for women in football is a prime example of what PepsiCo can accomplish with the Power of One." Mark Kirkham, SVP and CMO International Beverages, says: "Gatorade's 5v5 tournament provides an incredible opportunity for girls in grassroots football, and we know how important it is to facilitate truly inclusive participation for all genders. We give the talented players everything they need to succeed and play their best, including access to our inspiring Confidence Coaches. It was incredible to see how football legends Rachel, Laia and Fernando inspired the girls by giving them the confidence to win!" Laia Aleixandri, Manchester City Footballer, says: "The UWCL Final is always an exciting time for me. However, being able to be a part of the Lay's Replay and Gatorade 5v5 programs' shared vision of empowering women in football makes this year's Final extra special! Working alongside these amazing brands, I'm thrilled to be a role model for young female football players everywhere, showing them that dreams are worth chasing. Together, we're not just playing the game, we're changing it – making sure that every girl who loves football knows she belongs on the field." Fernando Llorente, Former Professional Footballer, says: "Lay's Replay and Gatorade 5V5 are amazing initiatives that go beyond the game - it's about making a difference for women athletes. Seeing both of these programs come to life in Bilbao during the UWCL Final is a special moment—it shows how far we've come in making soccer more inclusive, especially for women. Teaming up with brands that share my passion for inclusivity allows me to not only inspire young female players but also to be a supportive ally in their journey. Together, we're rewriting the rules and creating a future where every player has an equal shot at success." FOR MORE INFORMATION, CONTACT: Paul Bromley, paul.bromley@pepsico.com About PepsiCoPepsiCo (NASDAQ: PEP) products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $91 billion in net revenue in 2023, driven by a complementary beverage and convenient foods portfolio that includes Lay's, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including many iconic brands that generate more than $1 billion each in estimated annual retail sales. Guiding PepsiCo is our vision to Be the Global Leader in Beverages and Convenient Foods by Winning with pep+ (PepsiCo Positive). pep+ is our strategic end-to-end transformation that puts sustainability and human capital at the center of how we will create value and growth by operating within planetary boundaries and inspiring positive change for planet and people. For more information, visit http://www.pepsico.com, and follow on X (Twitter), Instagram, Facebook, and LinkedIn @PepsiCo. Ahead of the UEFA Women’s Champions League Final, Lay’s and Gatorade launched a series of community initiatives in this year’s host city of Bilbao, Spain, to give young female athletes more access to football – including hosting an action-packed Gatorade 5v5 tournament on a newly unveiled Lay’s RePlay pitch. Photo - https://mma.prnasia.com/media2/2421963/Friday_highlights_20_PepsiCo.jpg?p=medium600 Photo - https://mma.prnasia.com/media2/2421964/Friday_highlights_11_PepsiCo.jpg?p=medium600 Logo - https://mma.prnasia.com/media2/2418848/4722099/pepsico_logo.jpg?p=medium600
SHENZHEN, China, May 25, 2024 /PRNewswire/ -- X Financial (NYSE: XYF) (the "Company"), a leading online personal finance company in China, today announced that it has rescheduled the release of its unaudited financial results for the first quarter ended March 31, 2024 to Friday, May 31, 2024, before the open of U.S. markets. X Financial's management team will host an earnings conference call at 7:00 AM U.S. Eastern Time on Friday, May 31, 2024 (7:00 PM Beijing / Hong Kong Time on the same day). Dial-in details for the earnings conference call are as follows: United States: 1-888-346-8982 Hong Kong: 852-301-84992 Mainland China: 4001-201203 International: 1-412-902-4272 Passcode: X Financial Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call. A replay of the conference call may be accessed by phone at the following numbers until June 7, 2024: United States: 1-877-344-7529 International: 1-412-317-0088 Passcode: 1086048 Additionally, a live and archived webcast of the conference call will be available at https://ir.xiaoyinggroup.com. About X Financial X Financial is a leading online personal finance company in China. The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitate loans to prime borrowers under a robust risk assessment and control system. For more information, please visit: https://ir.xiaoyinggroup.com. For more information, please contact: X FinancialMr. Frank Fuya ZhengE-mail: ir@xiaoying.com Christensen In ChinaMr. Rene VanguestainePhone: +86-178-1749 0483E-mail: rene.vanguestaine@christensencomms.com In US Ms. Linda BergkampPhone: +1-480-614-3004E-mail: linda.bergkamp@christensencomms.com
BEIJING, May 24, 2024 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG) ("Cheche" or the "Company"), China's leading auto insurance technology platform, today announced it will host a conference call to discuss first quarter 2024 results on Thursday, May 30, 2024, at 8:00 a.m. EST. The first quarter 2024 earnings release and related investor deck will be available on the investor relations website at ir.chechegroup.com prior to the event. A live webcast will be available in the "Events" section of the company's investor relations website under the "News & Events" header at ir.chechegroup.com. The dial-in numbers for the conference call will be as follows: Participant (toll free): 1-888-346-8982 Participant (international): 1-412-902-4272 Hong Kong LT - Unassisted: 852-301-84992 Hong Kong Toll Free: 800-905945 China Toll Free Passcode: 4001-201203 Please dial in 10 to 15 minutes before the scheduled start time. The Company intends to make the webcast replay available for one year. About Cheche Group Inc. Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto insurance technology platform with a nationwide network of around 110 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in auto insurance transaction services, Cheche has evolved into a comprehensive, data-driven technology platform that offers a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China. Learn more at https://www.chechegroup.com/en. Cheche Group Inc.: IR@chechegroup.com Crocker Coulsoncrocker.coulson@aummedia.org(646) 652-7185
Turned to Quarterly Operational Profitability for the First Time Operating Expenses as a Percentage of Revenues Decreased 120 Basis Points YoY to 5.8% Achieved Positive Operating Cash Flow SHANGHAI, May 23, 2024 /PRNewswire/ -- 111, Inc. ("111" or the "Company") (NASDAQ: YI), a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China, today announced its unaudited financial results for the first quarter ended March 31, 2024. First Quarter 2024 Highlights Net revenues were RMB3.5 billion (US$488.7 million) and Gross segment profit (1) was RMB 208.5 million (US$ 28.9 million). Due to the sudden surge in medicine demand during the peak of the Covid-19 pandemic in Q1 2023, net revenue and gross segment profit had a 4.6% and 11.7% decrease respectively. Total operating expenses were RMB204.8 million (US$28.4 million), an improvement of 20.6% compared to RMB257.9 million in the same quarter of last year. As a percentage of net revenues, total operating expenses decreased by 120 basis points to 5.8% from 7.0% in the same quarter of last year, which reflected continuous improvement in our operation efficiency. Income from operations was RMB3.7 million (US$0.5 million), compared to loss from operations was RMB21.7 million in the same quarter of last year. This marks 111's inaugural operational income on a quarterly basis. Non-GAAP income from operations (2) was RMB8.9 million (US$1.2 million), representing an increase of 259.2% compared to RMB2.5 million in the same quarter of last year. As a percentage of net revenues, non-GAAP income from operations accounted for 0.3% in the quarter, an increase of 20 basis points from 0.1% in the same quarter of last year. (1) Gross segment profit represents net revenues less cost of goods sold. (2) Non-GAAP income from operations represents income from operations excluding share-based compensation expenses. Mr. Junling Liu, Co-Founder, Chairman, and Chief Executive Officer of 111, commented, "We are delighted to start the year with a major milestone in the first quarter of 2024 as our continuous operational enhancements empowered us to turn to operational profitability for the first time. Notably, income from operations reached RMB3.7 million during the period, a wonderfully positive shift from an operational loss of RMB21.7 million a year ago. This was achieved despite a decrease in first-quarter revenue because of a higher baseline set in the corresponding period of 2023 during the peak of the pandemic. Non-GAAP income from operations even more than tripled year over year to a record high of RMB8.9 million. Our performance in the quarter validates the effectiveness of our business model as a leading tech-enabled healthcare platform company committed to digitally empower the entire healthcare value chain as well as our growth strategies. Mr. Liu added, "We successfully elevated our operational efficiency after disciplined expense optimization across the whole organization. Our operating expenses as a percentage of net revenues decreased 120 basis points to 5.8%, while the ratio for non-GAAP operating expenses fell 60 basis points to 5.7%, reflecting our efforts for prudent resource management in the pursuit of sustainable growth. We anticipate the possibility of further operating cost reductions and higher efficiency as we scale up our business and refine operations. Our ambition is to stand out as the pinnacle of efficiency in the pharmaceutical e-commerce realm, and we strive to amplify our operational effectiveness to sharpen our competitive edge." "Furthermore, our investments in technology empowerment effectively drove up operational efficiency and customer engagement. We also made novel supply chain advancement that will unlock new growth opportunities, highlighted by our launch of a new delivery and transit model for streamlining logistics and saving fulfilment costs. Our pioneering role in digital commerce transformation and commitment to innovative excellence has also been recognized as we obtained significant accolades and a new patent from government agencies and professional institutions." "Looking ahead, we will remain dedicated to delivering one-stop shopping experiences supported by the most comprehensive and cost-effective product portfolio. With our internal 100% digital operating system at our core, we've attained unmatched operational efficiency within the industry. We are well positioned to empower both upstream and downstream customers to improve efficiency for the entire industry and reshape the traditional value chain. Our focus on strengthened partnership with pharmaceutical companies, strategic investments in operational efficiency, as well as relentless commitment to digitalization and AI innovation will enable us to capture greater market share and growth for higher revenue and profit levels. We are confident that these initiatives will solidify our leadership in the market, and we look forward to continuously generating value to our shareholders, customers, and stakeholders in the quarters ahead." First Quarter 2024 Financial Results Net revenues were RMB3.5 billion (US$488.7 million), representing a decrease of 4.6% from RMB3.7 billion in the same quarter of last year. (In thousands RMB) For the three months ended March 31, 2023 2024 YoY B2B Net Revenue Product 3,562,682 3,431,172 -3.7 % Service 21,141 20,837 -1.4 % Sub-Total 3,583,823 3,452,009 -3.7 % Cost of Products Sold(3) 3,372,828 3,261,103 -3.3 % Segment Profit 210,995 190,906 -9.5 % Segment Profit % 5.9 % 5.5 % (In thousands RMB) For the three months ended March 31 2023 2024 YoY B2C Net Revenue Product 106,608 72,206 -32.3 % Service 6,330 4,214 -33.4 % Sub-Total 112,938 76,420 -32.3 % Cost of Products Sold 87,720 58,793 -33.0 % Segment Profit 25,218 17,627 -30.1 % Segment Profit % 22.3 % 23.1 % (3) For segment reporting purposes, purchase rebates are allocated to the B2B segment and B2C segments primarily based on the amount of cost of products sold for each segment. Cost of products sold does not include other direct costs related to cost of product sales such as shipping and handling expense, payroll and benefits of logistic staff, logistic centers rental expenses and depreciation expenses, which are recorded in the fulfillment expenses. Cost of service revenue is recorded in the operating expense. Operating costs and expenses were RMB3.5 billion (US$488.2 million), representing a decrease of 5.2% from RMB3.7 billion in the same quarter of last year. Cost of products sold was RMB3.3 billion (US$459.8 million), representing a decrease of 4.1% from RMB3.5 billion in the same quarter of last year. Fulfillment expenses were RMB88.5 million (US$12.3 million), representing a decrease of 13.8% from RMB102.7 million in the same quarter of last year. Fulfillment expenses accounted for 2.5% of net revenues this quarter as compared to 2.8% in the same quarter of last year. Selling and marketing expenses were RMB80.4 million (US$11.1 million), representing a decrease of 10.0% from RMB89.2 million in the same quarter of last year. Excluding the share-based compensation expenses of RMB1.9 million for the quarter and RMB1.1 million for the same quarter last year, respectively, selling and marketing expenses as a percentage of net revenues, accounted for 2.2% in the quarter as compared to 2.4% in the same quarter of last year. General and administrative expenses were RMB19.1 million (US$2.6 million), representing a decrease of 53.8% from RMB41.3 million in the same quarter of last year. Excluding the share-based compensation expenses of RMB2.1 million for the quarter and RMB19.0 million for the same quarter last year, respectively, general and administrative expenses as a percentage of net revenues, accounted for 0.5% in the quarter as compared to 0.6% in the same quarter of last year. Technology expenses were RMB18.3 million (US$2.5 million), representing a decrease of 27.7% from RMB25.3 million in the same quarter of last year. Excluding the share-based compensation expenses of RMB1.2 million for the quarter and RMB4.1 million for the same quarter last year, respectively, Technology expenses as a percentage of net revenues, accounted for 0.5% in the quarter as compared to 0.6% in the same quarter of last year. Income from operations was RMB3.7 million (US$0.5 million), compared to loss from operations was RMB21.7 million in the same quarter of last year. Non-GAAP income from operations was RMB8.9 million (US$1.2 million), compared to RMB2.5 million in the same quarter of last year. As a percentage of net revenues, non-GAAP income from operations accounted for 0.3% in the quarter as compared to 0.1% in the same quarter of last year. Net loss was RMB2.7 million (US$0.4 million), compared to RMB19.4 million in the same quarter of last year. As a percentage of net revenues, net loss decreased to 0.1% in the quarter from 0.5% in same quarter of last year. Non-GAAP net income(4) was RMB2.5 million (US$0.3 million), compared to RMB4.9 million in the same quarter of last year. As a percentage of net revenues, non-GAAP net income accounted for 0.1% in the quarter, which was same as last year. Net loss attributable to ordinary shareholders was RMB13.8 million (US$1.9 million), compared to RMB31.8 million in the same quarter of last year. As a percentage of net revenues, net loss attributable to ordinary shareholders decreased to 0.4% in the quarter from 0.9% in same quarter of last year. Non-GAAP net loss attributable to ordinary shareholders(5) was RMB8.6 million (US$1.2 million), compared to RMB7.6 million in the same quarter of last year. As a percentage of net revenues, non-GAAP net loss attributable to ordinary shareholders accounted for 0.2% in the quarter, which was same as last year. (4) Non-GAAP net income represents net income excluding share-based compensation expenses, net of tax. Considering the impact of accretion of redeemable non-controlling interest for the first quarter 2024, non-GAAP net income is used as a more meaningful measurement of the operation performance of the Company. (5) Non-GAAP net loss attributable to ordinary shareholders represents net loss attributable to ordinary shareholders excluding share-based compensation expenses, net of tax. As of March 31, 2024, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB627.3 million (US$86.9 million), compared to RMB673.7 million as of December 31, 2023. To this date, the Company has a total outstanding amount of RMB1.1 billion, which has been included in the balances of redeemable non-controlling interests and accrued expenses and other current liabilities, owed to a group of investors of 1 Pharmacy Technology pursuant to their equity investments made in 2020 as previously disclosed. 111 has received redemption requests from certain of such investors for a total redemption amount of RMB0.2 billion in accordance with the terms of their initial investments in 1 Pharmacy Technology. Furthermore, the Company has entered into written agreements and/or commitment letters with investors representing the majority of the total carrying amounts. For more information about the terms of 111's arrangements with these investors, see "Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources" in the Company's annual report for the fiscal year ended December 31, 2023. Conference Call 111's management team will host an earnings conference call at 7:30 AM U.S. Eastern Time on Thursday, May 23, 2024 (7:30 PM Beijing Time on the same day). Details for the conference call are as follows: Event Title: 111, Inc. First Quarter 2024 Unaudited Financial ResultsRegistration Link: https://s1.c-conf.com/diamondpass/10038645-oelc5s.html All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique Registration ID, which can be used to join the conference call. Please dial in 15 minutes before the call is scheduled to begin and provide the Direct Event passcode and unique Registration ID you have received upon registering to join the call. A telephone replay of the call will be available after the conclusion of the conference call until May 30, 2024 on: China: 4001 209 216United States: +1 855 883 1031International: +61 7 3107 6325Conference ID: 10038645 A live and archived webcast of the conference call will be available on the website at https://edge.media-server.com/mmc/p/83ojreww. Use of Non-GAAP Financial Measures In evaluating the business, the Company considers and uses non-GAAP income from operations, non-GAAP net income, non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS, as supplemental measures to review and assess its operating performance. The Company defines non-GAAP income from operations as income (loss) from operations excluding share-based compensation expenses. The Company defines non-GAAP net income as net loss excluding share-based compensation expenses, net of tax. The Company defines non-GAAP net loss attributable to ordinary shareholders as net loss attributable to ordinary shareholders excluding share-based compensation expenses, net of tax. The Company defines non-GAAP loss per ADS as net loss attributable to ordinary shareholders per ADS excluding share-based compensation expenses, net of tax per ADS. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company believes that non-GAAP income from operations, non-GAAP net income, non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in income (loss) from operations and net loss. Share-based compensation expenses is a non-cash expense that varies from period to period. As a result, management excludes the items from its internal operating forecasts and models. Management believes that the adjustments for share-based compensation expenses provide investors with a reasonable basis to measure the company's core operating performance, in a more meaningful comparison with the performance of other companies. The Company believes that non-GAAP income from operations, non-GAAP net income, non-GAAP net loss attributable to ordinary shareholders, and non-GAAP loss per ADS provide useful information about its operating results, enhances the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management in their financial and operational decision-making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP income from operations, non-GAAP net income, non-GAAP net loss attributable to ordinary shareholders, or non-GAAP loss per ADS is that it does not reflect all items of income and expense that affect the Company's operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP measures, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure. Reconciliation of the non-GAAP financial measures to the most comparable U.S. GAAP measures is included at the end of this press release. Exchange Rate Information Statement This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2203 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2024. Forward-Looking Statements This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as 111's strategic and operational plans, contain forward-looking statements. 111 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability comply with extensive and evolving regulatory requirements, its ability to compete effectively in the evolving PRC general health and wellness market, its ability to manage the growth of its business and expansion plans, its ability to achieve or maintain profitability in the future, its ability to control the risks associated with its pharmaceutical retail and wholesale businesses, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and 111 does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. About 111, Inc. 111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China. The Company provides consumers with better access to pharmaceutical products and healthcare services directly through its online retail pharmacy, 1 Pharmacy, and indirectly through its offline virtual pharmacy network. The Company also offers online healthcare services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation, electronic prescription service, and patient management service. In addition, the Company's online platform, 1 Medicine, serves as a one-stop shop for pharmacies to source a vast selection of pharmaceutical products. With the largest virtual pharmacy network in China, 111 enables offline pharmacies to better serve their customers with cloud-based services. 111 also provides an omni-channel drug commercialization platform to its strategic partners, which includes services such as digital marketing, patient education, data analytics, and pricing monitoring. For more information on 111, please visit: http://ir.111.com.cn/. For more information, please contact: 111, Inc.Investor RelationsEmail: ir@111.com.cn 111, Inc.Media Relations Email: press@111.com.cnPhone: +86-021-2053 6666 (China) 111, Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except for share and per share data) As of As of December 31, 2023 March 31, 2024 RMB RMB US$ ASSETS Current Assets: Cash and cash equivalents 603,523 584,391 80,937 Restricted Cash 20,025 22,938 3,177 Short-term investments 50,143 20,000 2,770 Accounts receivable, net 536,823 468,962 64,950 Notes Receivable 77,598 66,056 9,149 Inventories 1,419,396 1,432,778 198,437 Prepayments and other current assets 225,823 190,385 26,368 Total current assets 2,933,331 2,785,510 385,788 Property and equipment, net 34,340 30,959 4,288 Intangible assets, net 2,256 2,052 284 Long-term investments 2,000 2,000 277 Other non-current assets 13,310 13,160 1,823 Operating lease right-of-use assets 103,799 90,892 12,588 Total Assets 3,089,036 2,924,573 405,048 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT Current Liabilities: Short-term borrowings 338,075 206,990 28,668 Accounts payable 1,588,693 1,641,885 227,398 Accrued expense and other current liabilities 818,295 735,523 101,869 Total Current liabilities 2,745,063 2,584,398 357,935 Long-term operating lease liabilities 62,624 54,671 7,572 Other Non-Current liabilities 5,245 6,147 850 Total Liabilities 2,812,932 2,645,216 366,357 MEZZANINE EQUITY Redeemable non-controlling interests 870,825 881,742 122,120 SHAREHOLDERS' DEFICIT Ordinary shares Class A 32 32 5 Ordinary shares Class B 25 25 3 Treasury shares (5,887) (5,887) (815) Additional paid in capital 3,169,114 3,174,290 439,634 Accumulated deficit (3,819,249) (3,833,024) (530,868) Accumulated other Comprehensive Income 72,514 73,277 10,149 Total shareholders' deficit (583,451) (591,287) (81,892) Non-controlling interest (11,270) (11,098) (1,537) Total Deficit (594,721) (602,385) (83,429) Total liabilities, mezzanine equity and deficit 3,089,036 2,924,573 405,048 111, Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands, except for share and per share data) For the three months ended March 31， 2023 2024 RMB RMB US$ Net Revenues 3,696,761 3,528,429 488,682 Operating Costs and expenses: Cost of products sold (3,460,548) (3,319,896) (459,800) Fulfillment expenses (102,650) (88,523) (12,260) Selling and marketing expenses (89,240) (80,360) (11,130) General and administrative expenses (41,317) (19,074) (2,642) Technology expenses (25,316) (18,309) (2,536) Other operating income,net 578 1,457 202 Total Operating costs and expenses (3,718,493) (3,524,705) (488,166) (Loss) Income from operations (21,732) 3,724 516 Interest income 1,949 1,966 272 Interest expense (4,272) (7,982) (1,106) Foreign exchange loss (gain) 1,634 (219) (30) Other Income (loss), net 3,064 (123) (17) Loss before income taxes (19,357) (2,634) (365) Income tax expense - (51) (7) Net Loss (19,357) (2,685) (372) Net Loss attributable to non-controlling interest 1,400 (173) (24) Net Loss attributable to redeemable non-controlling interest 1,548 289 40 Adjustment attributable to redeemable non-controlling interest (15,378) (11,206) (1,552) Net Loss attributable to ordinary shareholders (31,787) (13,775) (1,908) Other comprehensive loss Unrealized gains of available -for-sale securities 2,135 (34) (5) Realized gains of available-for-sale debt securities (1,902) 177 25 Foreign currency translation adjustments (3,113) 620 86 Comprehensive loss (34,667) (13,012) (1,802) Loss per ADS: Basic and diluted (0.38) (0.16) (0.02) Weighted average number of shares used in computation of loss per share Basic and diluted 167,329,609 171,220,973 171,220,973 111, Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the three months ended March 31， 2023 2024 RMB RMB US$ Net cash (used in) provided by operating activities (121,328) 108,438 15,019 Net cash (used in) provided by investing activities (53,188) 29,742 4,119 Net cash provided by (used in) financing activities 78,497 (155,471) (21,532) Effect of exchange rate changes on cash and cash equivalents, and restricted cash (1,491) 1,072 148 Net decrease in cash and cash equivalents (97,510) (16,219) (2,246) Cash and cash equivalents, and restricted cash at the beginning of the period 716,791 623,548 86,360 Cash and cash equivalents, and restricted cash at the end of the period 619,281 607,329 84,114 111, Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results (In thousands, except for share and per share data) For the three months ended March 31， 2023 2024 RMB RMB US$ (Loss) Income from operations (21,732) 3,724 516 Add: Share-based compensation expenses 24,208 5,171 716 Non-GAAP income from operations 2,476 8,895 1,232 Net Loss (19,357) (2,685) (372) Add: Share-based compensation expenses 24,208 5,171 716 Non-GAAP net Income 4,851 2,486 344 Net Loss attributable to ordinary shareholders (31,787) (13,775) (1,908) Add: Share-based compensation expenses 24,208 5,171 716 Non-GAAP net Loss attributable to ordinary shareholders (7,579) (8,604) (1,192) Loss per ADS(6): Basic and diluted (0.38) (0.16) (0.02) Add: Share-based compensation expenses per ADS(6), net of tax 0.28 0.06 0.00 Non-GAAP Loss per ADS(6) (0.10) (0.10) (0.02) (6) Every one ADSs represent two Class A ordinary shares.
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