Momo Inc.(MOMO) 首席执行官唐嫣在 2019年 第二季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年08月28日 · 166 次阅读 · 陌陌

Momo Inc. (NASDAQ:MOMO) Q2 2019 Results Earnings Conference Call August 27, 2019 8:00 AM ET

Momo Inc.(纳斯达克股票代码:[MOMO])2019年第二季度业绩收益电话会议2019年8月27日美国东部时间上午8:00...

公司参与者

Cathy Peng - Director of Investor Relations
Tang Yan - Co-Founder, Chairman and Chief Executive Officer
Wang Li - President and Chief Operating Officer
Wang Yu - Founder and Chief Executive Officer, Tantan
Jonathan Zhang - Chief Financial Officer

  • Cathy Peng - 投资者关系总监
  • 唐燕 - 联合创始人,董事长兼首席执行官
  • 王力 - 总裁兼首席运营官
  • 王宇 - Tantan创始人兼首席执行官
  • Jonathan Zhang - 首席财务官

电话会议参与者

Thomas Chong - Jefferies
Jialong Shi - Nomura
Lei Zhang - Bank of America Merrill Lynch
Tian Hou - TH Capital

  • Thomas Chong - Jefferies
  • Jialong Shi - 野村
  • 张磊 - 美林银行美林
  • 田厚 - TH Capital

会议主持员

Ladies and gentlemen, thank you for standing by and welcome to Second Quarter 2019 Momo Inc. Earnings Conference Call. Please note, this conference is being recorded today.
I’d now like hand the conference over to your first speaker today Ms. Cathy Peng. Thank you. Please go ahead, ma'am.

女士们,先生们,感谢您的支持,欢迎参加2019年第二季度Momo Inc.收益电话会议。 请注意,此会议今天正在录制。

我现在想把会议交给你今天的第一位发言人Cathy Peng女士。 谢谢。 请继续,女士。

Cathy Peng

Cathy Peng

Thank you, operator. Hello, everyone, and thank you for joining us today for Momo's second quarter 2019 earnings conference call. The company's results were released earlier today and are available on the company's IR website. On the call today from Momo are Mr. Tang Yan, Co-Founder, Chairman and Chief Executive Officer; Mr. Wang Li, President and Chief Operating Officer; Mr. Wang Yu, Founder and Chief Executive Officer of Tantan; and Mr. Jonathan Zhang, Chief Financial Officer. They will discuss the company's business operations and highlights, as well as the financials and guidance. They will all be available to answer your questions during the Q&A session that follows.
Before we begin, I would like to remind you that this call may contain forward-looking statements made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on 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, which may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements.
Further information regarding these and other risks, uncertainties and factors is included in the company's filings with the U.S. Securities and Exchange Commission. The company 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 law.
I will now pass the call over to Mr. Tang. I will translate for him. Mr. Tang, please.

谢谢运营商。各位大家好,感谢您今天加入我们的Momo 2019年第二季度财报电话会议。该公司的业绩今天早些时候发布,可在公司的IR网站上获得。今天来自莫莫的电话会议是联合创始人,董事长兼首席执行官唐燕先生;王力先生,总裁兼首席运营官; Tantan创始人兼首席执行官王宇先生;和首席财务官Jonathan Zhang先生。他们将讨论公司的业务运营和重点,以及财务和指导。在随后的问答环节中,他们都可以回答您的问题。

在我们开始之前,我想提醒您,此次电话会议可能包含根据1995年“私人证券诉讼改革法案”的安全港条款作出的前瞻性陈述。此类陈述基于管理层当前的预期和当前的市场和运营条件以及涉及已知或未知风险,不确定性和其他因素的事件,所有这些都很难预测,其中许多超出公司的控制范围,这可能导致公司的实际结果,业绩或成就与实际结果大不相同前瞻性陈述。

有关这些风险,其他风险,不确定因素和因素的更多信息包含在公司向美国证券交易委员会提交的文件中。除法律要求外,公司不承担因新信息,未来事件或其他原因而更新任何前瞻性陈述的义务。

我现在将电话转给唐先生。我会为他翻译。唐先生,拜托。

Tang Yan

唐嫣

Good morning and good evening everyone. Thank you for joining our conference call today, Q2 was a good quarter, despite the challenges caused by the homepage suspension, the team was able to navigate through them with solid executions and came out stronger and poised for further growth in a healthier shape. At that the same time, I'm proud that we still delivered strong financial results amid those challenges. Now, my team and I will take you through the details.
Firstly, an overview of the financial performance. For the second of 2019 total revenue reached RMB4.15 billion, up 32% year-over-year. Adjusted operating income for the quarter was RMB1.45 billion, representing a 35% adjusted operating margin. Excluding Tantan's financial impact, core Momo's adjusted operating income for the quarter was RMB1.5 billion, representing a 39% adjusted operating margin, up from 35% from the same period last year. The consistent record of profit growth, coupled with a strong operating cash flow from the core Momo business positions the company well to continue to deliver return to our shareholders while making investments to build long-term growth drivers.
Now, a deeper look into the quarter. Firstly, the growth of our community, the core Momo app had 113.5 million monthly actives for the second quarter, up 5% year-on-year, but down by 1% from the previous quarter. Due to the suspension of the user posting and the homepage news feed update since the beginning of May, the number of active users on core Momo saw a downward trend in May and in the first half of June. User posting and the new feeds are basic social infrastructures on the platform. Many users rely on these features to make discoveries of new relationships and build interactions with their connections. Therefore, the suspension of the posting function and the news feed update had caused the user engagement to decrease more than the overall active user count did.
For the month of June, total user time spent decreased by 12% from the month of March. After Momo's posting suspension was lifted on June 21, we undertook a major campaign to call back the users. By mid-August, DAU has gone back to the level that we saw before the inspection period. The gap between the current time spent and the daily average time spent in March has narrowed to low single-digit percentage.
Total paying users for the core Momo platform was 8.6 million in Q2 2019, down by 400,000 from the previous quarter due to the significant decrease in the number of membership subscribers on the core Momo.
For those who are not quite familiar with Momo's paid features, there are three different groups of paying users paying for different services on core Momo. The first group; are membership subscribers who pay a fixed monthly fee for some premium features. The second and the third groups of paying users are those who pay for virtual gifting and live streaming businesses, respectively. Since the beginning of 2017, we've shifted the focus of VAS business more towards virtual gifting and thus the membership subscription business has now grown much since then.

大家早上好,晚上好。感谢您今天参加我们的电话会议,Q2是一个很好的季度,尽管主页暂停带来了挑战,但团队能够通过坚实的执行来完成这些挑战,并且变得更加强大并准备好以更健康的形式进一步增长。与此同时,我很自豪我们仍然在这些挑战中取得了强劲的财务成果。现在,我和我的团队将带您了解详细信息。

首先,概述财务业绩。 2019年第二季度总收入达到人民币41.5亿元,同比增长32%。本季度经调整的营业收入为人民币14.5亿元,调整后经营利润率为35%。剔除Tantan的财务影响,Momo核心业务调整后的营业收入为人民币15亿元,经调整经营利润率为39%,高于去年同期的35%。利润增长的一贯记录,加上来自核心Momo业务的强劲运营现金流,使公司能够继续为股东提供回报,同时进行投资以建立长期增长动力。

现在,深入了解该季度。首先,我们社区的增长,核心Momo应用程序第二季度的月活跃量为1.135亿,同比增长5%,但比上一季度下降了1%。由于自5月初以来用户发布和主页新闻源更新暂停,核心Momo的活跃用户数量在5月份和6月上半月呈下降趋势。用户发布和新订阅源是平台上的基本社交基础结构。许多用户依靠这些功能来发现新关系并与他们的连接建立交互。因此,暂停发布功能和新闻订阅源更新已导致用户参与度降低超过整体活动用户数量。

6月份,用户总时间比3月减少了12%。在6月21日Momo的暂停发布后,我们进行了一次重大活动,以回叫用户。到8月中旬,DAU已经回到了我们在检查期之前看到的水平。当前花费的时间与3月份每日平均花费时间之间的差距已缩小至低个位数百分比。

核心Momo平台的总付费用户在2019年第二季度为860万,比上一季度减少了400,000,原因是核心Momo的会员订户数量大幅减少。

对于那些不太熟悉Momo的付费功能的用户,有三组不同的付费用户在核心Momo上支付不同的服务费用。第一组;是会员订阅者,他们为某些高级功能支付固定月费。第二组和第三组付费用户分别是为虚拟礼物和直播业务付费的人。自2017年初以来,我们已将VAS业务的重点更多地转向虚拟赠送,因此会员订阅业务自那时起已大幅增长。

One of the key premium features offered to paying subscribers hinges upon user posting function which was suspended in May and most part of June. In addition, due to the suspension, we have also seized to run promotions around the membership subscription. These factors have caused a number of subscription members to decrease significantly in the second quarter.
The number of paying users for virtual gifting business and the live streaming business also saw some negative impact from the self-inspection. However, paying users for these two businesses still saw decent sequential growth in the second quarter as the impact from the suspension got largely absorbed by the natural growth momentum of these two businesses. In summary, the decrease in the paying users in the second quarter solely came from the decline in the paying member accounts, which we view as a non-issue as far as Momo's core fundamentals and future growth prospects are concerned. We have plan to gradually convert these current paying subscription members, whose ARPPU was extremely low in the past into higher ARPPU VAS paying users going forward.
With the issue around the homepage suspension behind us, we are confident that the total number of paying users on the core Momo will get back on the growth track from Q3 onward.
Now, turning to Tantan, due to the download suspension and the related in-app purchase ban on iPhone users, Tantan's paying users decreased to 3.2 million for the quarter. Tantan's download and payment service had been fully restored by mid July, since then we've started to see a strong rebound in all the core metrics, including the number of active users, paying subscribers, as well as the daily grossing. By August 25th, the paying users already went back to 4.1 million.
The robustness of Tantan's recovery demonstrated the strong demand for online dating service in China and Tantan's irreplaceable position in this sector. There are hundreds of millions of millennials and the so called Gen Z in China.
Unlike in the western world, in Asian culture, people do not have as many offline options when it comes to discovering new relationships, making Internet dating service a more important source for romantic discoveries.
At the same time, we also noticed that the stigma attached to online dating is gradually fading away among younger generations. These factors make us believe that Tantan has ample room to drive further growth in China.
On top of the addressable market domestically, we are now also seeing huge growth opportunities in the oversea markets. The team will continue to penetrate into these addressable markets through products and marketing endeavors. Our goal is to build Tantan into an important driver of the company in the coming years.
As we put the temporary disruptions behind us and started second half of the year, I would like to reiterate on the four strategic priorities that we laid out at the beginning of the year: number one, continue to grow the user base and engagements through product innovations and effective marketing approaches; number two, drive steady and healthy growth from live broadcasting business through product and operational efforts; number three, cultivate a paying potential from middle cohort and long-tail users through richer VAS experience; and number four, drive monetization growth from Tantan through the optimization of existing premium features and the introduction of new paying experiences.

为付费用户提供的主要优质功能之一取决于用户发布功能,该功能在5月和6月的大部分时间暂停。此外,由于暂停,我们还抓住了围绕会员订阅进行促销活动。这些因素导致许多订阅成员在第二季度大幅减少。

虚拟馈赠业务和直播业务的付费用户数量也从自我检查中看到了一些负面影响。然而,由于这两项业务的自然增长动力大大吸收了暂停的影响,因此这两家公司的付费用户在第二季度仍然保持了良好的连续增长。总之,第二季度付费用户的减少完全来自付费会员账户的下降,我们认为就Momo的核心基本面和未来增长前景而言,这是一个非问题。我们计划逐步将这些现有付费订阅会员(其过去的ARPPU极低)转换为更高的ARPPU VAS付费用户。

由于围绕主页暂停的问题,我们相信核心Momo的付费用户总数将从第3季度开始回到增长轨道。

现在,由于下载暂停和iPhone用户的相关应用内购买禁令,Tantan的付费用户在本季度减少到320万。 Tantan的下载和支付服务已于7月中旬完全恢复,从那时起我们开始看到所有核心指标的强劲反弹,包括活跃用户数,付费用户数以及每日收入。到8月25日,付费用户已经回到了410万。

Tantan复苏的稳健性表明了对中国在线约会服务的强烈需求以及Tantan在该领域不可替代的地位。中国有数以亿计的千禧一代和所谓的Z世代。

与西方世界不同,在亚洲文化中,人们在发现新关系时没有那么多的离线选择,使得互联网约会服务成为浪漫发现的更重要来源。

与此同时,我们也注意到在线约会的耻辱感在年轻一代中逐渐消失。这些因素使我们相信Tantan有足够的空间推动中国的进一步增长。

在国内可寻址市场的顶端,我们现在也看到了海外市场的巨大增长机会。该团队将继续通过产品和营销努力渗透到这些可寻址的市场。我们的目标是在未来几年将Tantan打造成公司的重要推动力。

当我们把暂时的中断放在我们身后,并在今年下半年开始时,我想重申我们在今年年初制定的四个战略重点:第一,继续扩大用户群和​​通过产品参与创新和有效的营销方法;排名第二,通过产品和运营努力推动直播业务稳步健康发展;第三,通过更丰富的VAS体验,从中间队列和长尾用户中培养出潜在的支付潜力;第四,通过优化现有的高级功能和引入新的付费体验,推动Tantan的货币化增长。

I'm glad that we made good progresses across all these priority areas during the past quarter. I am going to elaborate a little bit more on the first priority, which is primarily related to user growth and product innovation. Wang Li will cover the second and the third, which are more monetization related and Wang Yu will be talking about Tantan's product and monetization endeavors later.
On the product side, I'm very happy to say that two of our earlier product experiments The Parking Lot and The Farm gradually rose to popularity in the second quarter due to continuous upgrades and optimizations. These two experiences enabled the users to break the ice and interact non-synchronously via mini game experiences. For example, with The Parking Lot experience, if you do not feel comfortable with directly saying hi to a person nearby, you can park your car in her backyard to draw attention and potentially start a conversation, or you can issue a ticket to the users who have unduly parked into your backyard.
Alternatively, if you want to show a nice gesture, you can send a virtual car as a gift as well. The Farm experience largely works under the same logic. These virtual community experiences allow the users to establish virtual identities and interact with other people in a less pressured way. Today, over 40% of our users connect with others via these two virtual community experiences each day, and the team has already started to build value-added services elements into The Parking Lot experience. These are interesting new experiments on the core Momo platform. If we continue our success in these experiences, they can make meaningful contributions to both user engagements and monetization.
In addition to the progresses we made on the product side, in the second quarter, we also took strides in making our business ecosystem stronger and building new growth drivers that can continuously pump gas into the engine.
Now, here is Wang Li to give you a detailed review on those assets.

我很高兴我们在上一季度在所有这些优先领域取得了很好的进展。我将在第一优先级上详细说明,主要与用户增长和产品创新有关。王力将负责第二个和第三个,更多的货币化相关,王宇将谈论坦坦的产品和货币化努力。

在产品方面,我很高兴地说,由于持续的升级和优化,我们早期的两个产品实验停车场和农场在第二季度逐渐升级。这两种体验使用户能够通过迷你游戏体验打破僵局并进行非同步交互。例如,通过停车场体验,如果您不喜欢直接向附近的人打招呼,您可以将车停在她的后院以引起注意并可能开始对话,或者您可以向用户发出罚单谁不适当地停在你的后院。

或者,如果您想要展示一个漂亮的手势,您也可以发送虚拟汽车作为礼物。农场经验在很大程度上遵循相同的逻辑。这些虚拟社区体验允许用户以较低压力的方式建立虚拟身份并与其他人交互。如今,超过40%的用户每天通过这两个虚拟社区体验与其他用户建立联系,团队已经开始在停车场体验中构建增值服务元素。这些是核心Momo平台上有趣的新实验。如果我们在这些体验中继续取得成功,他们可以为用户参与和货币化做出有意义的贡献。

除了我们在产品方面取得的进展之外,在第二季度,我们还大力推动我们的业务生态系统更加强大,并建立新的增长动力,可以持续将气体泵入发动机。

现在,王力将为您提供有关这些资产的详细审查。

Wang Li

王莉

Thanks. Now, let me review the progresses we've made across our priorities on the monetization side: number one, drive steady and healthy growth from live broadcasting business through product innovations and operational efforts; number two, cultivate a paying potential from the middle cohort and long-tail users through richer VAS experience; number three, drive monetization growth of Tantan through optimization of existing premium features and the introduction of new paying experiences. Wang Yu will elaborate on the third one later in his remarks.
So next, I'm going to take you through what we've done and the future plans regarding the first two priorities.
Firstly, our live broadcasting business. Total revenue from live broadcasting business for the quarter was RMB3.1 billion, an increase of 18% from the same period last year. Unlike in the previous quarter, were most of the year-over-year growth came from the middle cohort of users, the second quarter saw the growth coming pretty much across the board from both the middle and the top spenders. The re-acceleration in live streaming business growth shows the effectiveness of our strategy to apply different product and operational efforts to drive spending from different cohorts of users.
For the middle layers, we continue to leverage the interactive gifts to drive the spending. In the second quarter, we launched a couple of new interactive gifts experiences, similar to the Penguin, which have been well received by the users. A few weeks ago, we launched a new interactive gift called Snowball Fight. This new experience is fully integrated with the [landing] PK feature, which means one-to-one broadcaster knockout match with connected channels. The broadcasters can organize the team offense to battle against the enemy camp in a snowball fight.
Unlike the Penguin like experience, whereby the users pretty much play on standalone basis, the Snowball Fight allows the users to enjoy the interactive experience in a team work environment, so that users can have stronger feeling about being part of the show. We will continue to go down that path in order to provide better entertaining and interactive experience for the middle and longer-tailed users.
As I mentioned on our last earnings call, although the top spender spending fairly grew on a year-over-year basis in Q1, we actually believe that live broadcasting business still has plenty of growth opportunities within the wealthier class if we can come up with effective promotional and operational efforts.
In the second quarter the team starting to pull the levers they have in hand in a methodical way. In May, we held our first offline music tour in Shanghai. At the event, we let some of our high paying users invite their friends, who had not previously been exposed to live streaming shows to join them in the party. Together, they could resonate with what makes live streaming shows a unique entertaining experience. The main event turned out to be more successful than we originally anticipated. Therefore, we had a second one in June in Quanzhou, Fujian Province and the third one in Chengdu two days ago. The purpose of the offline music tour is to enhance the top spenders' experience as well as to expand the pool of high paying users. I'm glad that the tours have proven to be effective in achieving these goals.

谢谢。现在,让我回顾一下我们在货币化方面的优先事项所取得的进展:第一,通过产品创新和运营努力推动现场直播业务的稳定和健康发展;第二,通过更丰富的增值服务体验,从中间群体和长尾用户中培养出潜在的支付潜力;排名第三,通过优化现有的高级功能和引入新的付费体验,推动Tantan的货币化增长。王宇将在后来的讲话中详述第三篇。

接下来,我将带您了解我们已经完成的工作以及有关前两个优先事项的未来计划。

首先,我们的直播业务。本季度直播业务的总收入为人民币31亿元,较去年同期增长18%。与上一季度不同的是,大部分同比增长来自中间群体的用户,第二季度的增长来自中高端消费者的全面增长。实时流媒体业务增长的重新加速表明了我们的策略的有效性,即应用不同的产品和运营工作来推动来自不同群组用户的支出。

对于中间层,我们继续利用互动礼品来推动支出。在第二季度,我们推出了几个新的互动礼品体验,类似于企鹅,受到了用户的好评。几周前,我们推出了一款名为Snowball Fight的新型互动礼品。这种全新的体验与[登陆] PK功能完全集成,这意味着与连接频道进行一对一的广播淘汰赛。广播公司可以组织团队进攻,在雪球战斗中与敌方阵营作战。

与企鹅般的体验不同,用户几乎可以单独玩,Snowball Fight允许用户在团队工作环境中享受互动体验,这样用户就可以更加强烈地感受到成为节目的一部分。我们将继续沿着这条道路前进,以便为中长途用户提供更好的娱乐和互动体验。

正如我在上一次财报电话会议上提到的那样,尽管第一季度最高消费者支出同比增长相当可观,但我们实际上认为,如果能够拿出现场广播业务,那么富裕阶层的增长机会仍然很多。有效的宣传和业务努力。

在第二季度,球队开始以有条不紊的方式拉动他们手中的杠杆。五月,我们在上海举办了首次线下音乐之旅。在活动中,我们让一些高收费用户邀请他们的朋友,他们之前没有接触到直播节目,加入他们的聚会。他们一起可以与现场直播节目的独特娱乐体验产生共鸣。事件证明比我们原先预期的更成功。因此,我们在6月份在福建泉州和第二天在成都进行了第二次。离线音乐之旅的目的是增强顶级消费者的体验,并扩大高收入用户群。我很高兴这些旅行证明有效地实现了这些目标。...

Other than the offline tours, we also rolled out the long-awaited nobility system in late June. As many investors know, one of the key issues with our old user ranking system is that it lasts the promoting mechanism, which is crucial in keeping the paying users, especially new ones motivated.
In the new system, we solve that issue by assigning different titles to the hardcore users based on their spending levels. The titles and their attached privileges need to be re-determined on monthly basis based on user spending level. The nobility system almost immediately started to take effect giving a boost to the spending from the top of the pyramid paying users.
In the third quarter, we will continue to optimize the new ranking system and plan further connect it with the competition experience and make it more compelling.
Due to these concerted efforts to improve the experience from different layers of paying users, we were able to achieve a re-acceleration of live broadcasting business with growth coming across the board from both the top and the middle cohorts. More importantly, many of the new growth drivers that we have built this year focus on long-term structural improvements rather than simply throwing economic stimulus. Therefore the growth in the first half of 2019 happened with an improved margin trend, which is something the management feels proud of given the highly competitive environment in live broadcasting industry today.
Now, turning to VAS, revenue from value-added service, or VAS, continued to grow decently, reaching RMB948.4 million in the second quarter of 2019, a 169% growth on a year-over-year basis. Wang Yu will talk about Tantan's business later, so I will be focusing on the VAS business for the core Momo part. Excluding Tantan, Momo's VAS revenue was RMB663.6 million, a 106% increase from last year. Despite the headwind from the posting suspension and associated decline in traffic, VAS revenue ex-Tantan still grew by 9% from the previous quarter, as the regulatory impacts have largely being absorbed by the robust growth momentum of the virtual gifting business, as well as the new products and operational initiatives that the team has taken. In the second quarter, the virtual gifting revenue in the traditional social experiences, including interest groups, greetings and IM chatting continued its rapid ramp, with a sequential growth rate of over 20%. The growth was mostly driven by an operational event called The Romance Car that we ran in the interest group. We are currently working on some optimizations and intend to repeat experience in Q3.
In addition to the growth from the traditional use cases, the quick chat and party experience also contributed meaningfully to the growth of virtual gifting business. For the chat room experience, in Q2, we opened up more traffic to the monetization testing, so there has been a decent ramp up in revenue. However, at this point, chat room remains at a testing phase and small in terms of overall revenue contribution.

除了离线游览之外,我们还在6月底推出了期待已久的贵族系统。正如许多投资者所知,我们旧用户排名系统的一个关键问题是它持续推广机制,这对于保持付费用户,特别是新用户的动机至关重要。

在新系统中,我们通过根据支出级别为硬核用户分配不同的标题来解决该问题。标题及其附加权限需要根据用户支出水平每月重新确定。贵族制度几乎立即开始生效,从而增加了金字塔支付用户的支出。

在第三季度,我们将继续优化新的排名系统,并计划进一步将其与竞争经验联系起来,使其更具吸引力。

由于这些共同努力改善了不同层次的付费用户的体验,我们能够实现现场直播业务的重新加速,同时从顶级和中间群体中全面增长。更重要的是,我们今年建立的许多新的增长动力都集中在长期的结构改进上,而不仅仅是放弃经济刺激。因此,2019年上半年的增长发生了改善的保证金趋势,鉴于当今现场广播行业竞争激烈的环境,管理层感到自豪。

现在,转向增值服务,增值服务或增值服务收入继续保持良好增长,2019年第二季度达到人民币9.484亿元,同比增长169%。王宇将在稍后谈论Tantan的业务,因此我将专注于VAS业务的核心Momo部分。除Tantan外,Momo的增值服务收入为人民币6.636亿元,较去年增加106%。尽管出现暂停和相关流量下降的逆风,VAS收入前Tantan仍比上一季度增长了9%,因为监管影响主要是由虚拟礼品业务的强劲增长势头所吸收,以及团队采取的新产品和运营计划。在第二季度,传统社交体验中的虚拟赠送收入,包括利益集团,问候和即时通讯聊天,继续快速增长,连续增长率超过20%。增长主要是由我们在利益集团中运营的名为The Romance Car的运营事件推动的。我们目前正在进行一些优化,并打算在第三季度重复经验。

除了传统用例的增长之外,快速聊天和派对体验也为虚拟礼品业务的发展做出了有意义的贡献。对于聊天室体验,在第二季度,我们为货币化测试开辟了更多流量,因此收入有了不错的增长。但是,此时,聊天室仍处于测试阶段,整体收入贡献较小。

Other than these existing paying experiences within VAS, as Tang Yan mentioned earlier, we have also started to experiment on monetization in one of the new community experiences The Parking Lot. Unlike a virtual gifting service whereby the users purchase gifts to send to someone else, the paying experience that we are testing within The Parking Lot, allows the users to purchase items to establish their own virtual identity or interact with other users in a playful manner. While it is still early in its development, we are hopeful that it can activate a different paying mentality and thus appeal to a new cohort of users. This is a new ground that we are plowing into, and the team will continue to explore different possibilities here. As Tang Yan mentioned earlier, if our success continues in this new area, it can open up new opportunities for both engagement growth and monetization growth.
Now, briefly on other business lines. Mobile marketing revenue was RMB76.2 million, a 46% year-over-year decrease. Because most of the ad units reside in the news feeds, the user posting situation have caused us to lose a substantial portion of the marketing revenues during the second quarter. We currently expect mobile marketing revenue to rebound in Q3. However, given the headwind in the overall ad market, mobile marketing will remain as a lower priority effort for us this year. Mobile gaming business continued to shrink, bringing in only RMB23.2 million for the quarter. Our expectation is that the jointly operated games as a business will gradually phase out on our platform.
That's the review of the key business lines. Now, let me hand over to Mr. Wang Yu to review Tantan's product and business development. Mr. Wang Yu?

除了这些现有的增值服务体验之外,正如唐嫣先前提到的,我们也开始在一个新的社区体验停车场中进行货币化试验。与用户购买礼物以发送给其他人的虚拟馈赠服务不同,我们在停车场内测试的付费体验允许用户购买物品以建立他们自己的虚拟身份或以有趣的方式与其他用户交互。虽然它还处于早期发展阶段,但我们希望它可以激活不同的付费心态,从而吸引新的用户群。这是我们正在努力的新领域,团队将继续在这里探索不同的可能性。正如唐燕先前所说,如果我们在这个新领域继续取得成功,它将为参与增长和货币化增长开辟新的机会。

现在,简要介绍其他业务线。移动营销收入为人民币76.2百万元,同比下降46%。由于大多数广告单元都位于新闻Feed中,因此用户发布情况导致我们在第二季度失去了大部分营销收入。我们目前预计移动营销收入将在第三季度反弹。然而,鉴于整体广告市场的逆风,今年移动营销仍将是我们优先考虑的优先事项。移动游戏业务持续萎缩,本季度仅带来人民币2,320万元。我们的期望是,作为一个企业的联合运营游戏将逐步在我们的平台上逐步淘汰。

这是对关键业务线的审查。现在,让我交给王宇先生,回顾一下Tantan的产品和业务发展。王宇先生?

Wang Yu

王宇

Thanks. So, let me briefly review Tantan's operational and business development in the past quarter and our next steps ahead. First, on user growth. Due to the removal of the download service from all the China app stores since late April, in the second quarter, we experienced a substantial decline in the number of monthly and daily active users.
In addition, from the 1st of May to 13th July, ioS suspended the payment service for all iPhone users in China as an extended measure to download suspension. As a result, the number of paying users decreased more than the number of active users did, because the majority of the existing iPhone paying users were unable to renew their subscription due to the in-app purchase suspension. As a result, in the second quarter, we had 3.2 million paying users compared to 5 million a quarter ago.
By mid-July, Tantan's download and payment service had been fully restored at all application stores in China. After the resumption, we have significantly stepped up the marketing efforts to make up for the losses during the inspection period. I am happy to see a rapid recovery to trajectory across all the major operating and revenue metrics.
By August 25th, the number of paying users has already rebounded to approximately 4.1 million. So briefly on financials, total revenue for the second quarter was RMB284.8 million, a 4% decrease from previous quarter. Due to the deferred revenue in connection with the subscriptions from multiple arms, there is a lag between the change in total grossing trajectory and the change in revenue trajectory.
For the second quarter, the 4% sequential decrease in revenue was a result of 24% decrease in total grossing and the revenue grossing from deferred revenues of prior periods. The decline in total grossing in the second quarter was roughly in line with the decrease in average paying user accounts for the quarter.
Due to the above mentioned lagging effect in total grossing and revenue recognition, we expect Q3 revenue to rebound to a less degree than in total grossing growth. Such effect has been reflected in our Q3 revenue estimate equivalent.
Next, I'm going to briefly review what we've done on our future plans against our strategic priorities. Our top priority is to expand the size of Tantan community through product innovations and marketing efforts. First and foremost, we have to make sure that our community grows in a healthy and sustainable environment.
During the second quarter, we devoted substantial resources into strengthening our content reviewing and anti-spam system. We made significant investment in human resources, technologies, as well as infrastructures to build a multi-layer content review and monitoring mechanism, which is to ensure that harmful content and spamming activities are captured and removed in time.
As a result of these efforts, Tantan users can now enjoy our product and services in a much healthier environment. Other than the anti-spam endeavors, in the second quarter, we also took initiatives to enhance the social experiences for Tantan users. We continue to push forward with our real photo verification process.

谢谢。那么,让我简要回顾一下Tantan在过去一个季度的运营和业务发展以及我们未来的下一步。首先,关于用户增长。由于自4月下旬以来从所有中国应用商店中删除了下载服务,在第二季度,我们的每月和每日活跃用户数量大幅下降。

此外,从5月1日到7月13日,ioS暂停了中国所有iPhone用户的支付服务,作为下载暂停的延长措施。结果,付费用户的数量减少超过活跃用户的数量,因为大多数现有的iPhone付费用户由于应用内购买暂停而无法续订。因此,在第二季度,我们有320万付费用户,而一季度前为500万。

截至7月中旬,Tantan的下载和支付服务已在中国所有应用商店全面恢复。复牌后,我们大大加大了营销力度,以弥补检查期间的损失。我很高兴看到所有主要运营和收入指标的快速恢复轨迹。

截至8月25日,付费用户数已经反弹至约410万。因此,在财务方面,第二季度的总收入为人民币2.848亿元,比上一季度下降4%。由于与多个武器的订阅相关的递延收入,总收入轨迹的变化与收入轨迹的变化之间存在滞后。

第二季度,收入连续下降4%是因为总收入减少了24%,而前一期间的递延收入收入减少了。第二季度总销售额的下降与本季度平均付费用户帐户的减少大致相符。

由于上述总收入和收入确认的滞后效应,我们预计第三季度收入将反弹至低于总收入增长的程度。这种影响已反映在我们的第三季度收入预测中。

接下来,我将简要回顾一下我们针对战略重点的未来计划所做的工作。我们的首要任务是通过产品创新和营销努力扩大Tantan社区的规模。首先,我们必须确保我们的社区在健康和可持续的环境中成长。

在第二季度,我们投入了大量资源来加强我们的内容审查和反垃圾邮件系统。我们在人力资源,技术和基础设施方面进行了大量投资,以建立多层次的内容审查和监控机制,以确保及时捕获和删除有害内容和垃圾邮件活动。

通过这些努力,Tantan用户现在可以在更健康的环境中享受我们的产品和服务。除了反垃圾邮件的努力,在第二季度,我们还采取措施增强了Tantan用户的社交体验。我们继续推进真正的照片验证流程。

In Q2, we focused on improving the accuracy rates of the verification and made good progress. We are also working with the Momo team to leverage their face recognition technology in order to further improve the accuracy of verification and lower the cost associated with the process.
Real photo verification has improved the dating experience for users in a meaningful way. At the same time, it also substantially increases the cost of conducting spamming activities on the platform.
In Q2, we also made encouraging progress with a few experimental product experiences that we've been testing. The core performance indicators around these new features are improving and we plan to gradually roll them out to a larger user base of users in Q3. We believe these new features will enable Tantan users to discover, interact with new connections in diversified ways with much more fun. Together, they also provide richer community experience to users on top of the swiping and chatting experience. Enriching the product experiences is important for Tantan to obtain new users and drive user engagement. Moreover, the richer consumer experiences will also open up doors to future monetization opportunities.
Now, a quick update on our second priority, which is to drive monetization through the optimization of existing premium features and the introduction of new paying experiences. During the download suspension period, our team continued with their efforts to test the optimizations for the VIP and fee features. Thanks to their focus and effort, we now have a few readily available optimizations in the pipeline. We're going to roll them out in a methodical way to drive continuous revenue growth in the remainder of the year.
Other than these optimizations, we have also been testing new paid features that could potentially become future revenue drivers. Some of these are subscription-based and some of them will move beyond subscription model to create the ARPPU ceiling.
As I mentioned in previous calls, having good a la carte paying experiences is crucially important not only to unleash the monetization potential, but also to provide better experience to users who are willing to spend more on dating. We're currently making strides with the project and looking to test launch a test launching service with a small user base in Q4.
Lastly, I would like to take a few minutes talking about Tantan's overseas development. It is becoming increasingly clear that there are huge growth opportunities for dating services in oversea markets. We've been working on this area for a while. In the recent several months we've made impressive progress in user growth, product improvements as well as driving market ROI.
Our approach in overseas market is centric heavily upon return on investments. It means that when tapping into new markets, briefly, we will evaluate ROI by comparing the user acquisition costs within modernization opportunities. If we have the assurance with the cost can be recovered within a reasonable period of time, we will get more aggressive in the marketing as far as office. Otherwise, we'll pull back from that specific market and try to find other alternative markets that make better sense in terms of ROI.

在第二季度,我们专注于提高验证的准确率,并取得了良好的进展。我们还与Momo团队合作,利用他们的人脸识别技术,进一步提高验证的准确性,降低与流程相关的成本。

真实的照片验证以有意义的方式改善了用户的约会体验。同时,它还大大增加了在平台上进行垃圾邮件活动的成本。

在第二季度,我们也通过一些我们一直在测试的实验性产品经验取得了令人鼓舞的进展。围绕这些新功能的核心性能指标正在改进,我们计划在第三季度逐步将其扩展到更大的用户群。我们相信这些新功能将使Tantan用户能够以多种方式发现,与新连接进行互动,并获得更多乐趣。它们还可以在刷卡和聊天体验之上为用户提供更丰富的社区体验。丰富产品体验对于Tantan获取新用户和推动用户参与非常重要。此外,更丰富的消费者体验也将为未来的货币化机会敞开大门。

现在,快速更新我们的第二优先级,即通过优化现有高级功能和引入新的付费体验来推动货币化。在下载暂停期间,我们的团队继续努力测试VIP和费用功能的优化。由于他们的专注和努力,我们现在有一些随时可用的优化。我们将以有条不紊的方式推出它们,以在今年剩余时间内实现持续的收入增长。

除了这些优化之外,我们还测试了可能成为未来收入驱动因素的新付费功能。其中一些是基于订阅的,其中一些将超出订阅模式以创建ARPPU上限。

正如我在之前的电话中所提到的,拥有良好的点菜付费体验至关重要,不仅要释放货币化潜力,还要为愿意花更多钱约会的用户提供更好的体验。我们目前正在大力推进该项目,并希望在第四季度测试推出一个小用户群的测试启动服务。

最后,我想谈谈Tantan的海外发展几分钟。越来越清楚的是,海外市场的约会服务有巨大的增长机会。我们已经在这个领域工作了一段时间。在最近几个月里,我们在用户增长,产品改进以及推动市场投资回报方面取​​得了令人瞩目的进步。

我们在海外市场的方法主要依赖于投资回报。这意味着,在进入新市场时,我们将简要地通过比较现代化机会中的用户获取成本来评估ROI。如果我们能够在合理的时间内收回成本的保证,我们将在办公室的营销方面更加积极。否则,我们将退出该特定市场并尝试寻找在投资回报率方面更有意义的其他替代市场。

Now with prior few proven successful cases and getting into new markets in the first half of this year, we now feel well poised to pursue overseas opportunities in a bigger way as of now approximately 15% to 20% of our active users come to all the key markets. Currently, the revenue contribution is over in that percentage as overseas user base is still under monetized. With opportunities as we're currently seeing in our assessment of the advantages that Tantan bears, I am confident that the overseas market will become much more meaningful revenue and profit contributor in the coming three years.
With that, I am passing the call to Mr. Jonathan Zhang for financial review. Jon, please.

现在,在今年上半年已经证实成功案例并进入新市场之前,我们现在已经准备好以更大的方式寻求海外机会,目前约有15%至20%的活跃用户来到所有 主要市场。 目前,由于海外用户群仍处于货币化状态,因此收入贡献超过该百分比。 凭借我们目前在评估Tantan所带来的优势时所看到的机会,我相信海外市场将在未来三年成为更有意义的收入和利润贡献者。

有了这个,我正在打电话给Jonathan Zhang先生进行财务审查。 乔恩,拜托。...

Jonathan Zhang

Jonathan Zhang

Thank you. Hello everyone. Thank you for joining our conference call today. Now, let me briefly take you through the financial review. Our total revenue for the second quarter of 2019 was RMB4.15 billion, up 32% year-over-year and exceeding the high-end of our revenue guidance. Non-GAAP net income executable to Momo was RMB1.24 billion, compared to RMB893.2 million for the same period 2018 or 39% increased year-over-year.
Let me directly jump into the review of cost and the expense items. As revenue line items have been covered comprehensively by Wang Li and Wang Yu earlier, our non-GAAP cost of revenue for the second quarter 2019 was RMB2.04 billion compared to RMB1.71 billion for the same period last year.
The non-GAAP cost of revenue as a percentage of total revenue was 49.1%, a decrease from 54.2% for the second quarter 2018. Non-GAAP cost of revenue for the second quarter 2018 included the production cost of Phanta City, which was a RMB158 million. Excluding the Phanta City, the impact non-GAAP gross margin for the second quarter of 2019 remained stable over the same period last year.
On a quarter-over-quarter basis, the non-GAAP gross margin for the quarter improved slightly by 1 percentage due to the lower payout ratio from both live broadcasting and the VAS businesses. The lower payout ratio for live broadcasting business was from the fact that there was no quarter and term event in the second quarter and some savings on the promotional costs. In the second quarter of 2019, the VAS service team continues to scale back from the promotional efforts around the virtual gifting business. Therefore, the margins for VAS business also improved on a sequential basis.
Non-GAAP R&D expenses for the second quarter was RMB204.8 million compared to RMB116.1 million for the same period last year, representing 4.9% and 3.7% of total revenue respectively. The year-over-year increase reflected our strategy to invest in R&D area throughout 2018, mainly to recruit additional engineering talents to support our various product innovation initiatives as well as the full quarter consolidation of Tantan in second quarter of 2019 verses only June month for the second quarter of 2018.
We ended the quarter with 2,075 total employees of which 528 are from Tantan. The R&D personnel as a percentage of total employees for the group was 54% compared to 45% in Q2 last year. Non-GAAP sales and marketing expenses for the second quarter was RMB502.3 million or 12.1% of total revenue compared to RMB308.9 million or 9.8% of total revenue for the same period of last year.
On a year-over-year basis, the increase in the sales and marketing expenses as a percentage of revenue was due to the full quarter consolidation of Tantan, while the core Momo non-GAAP sales marketing expenses as a percentage of total revenue remained stable. Our non-GAAP G&A expenses was RMB119.4 million for the second quarter 2019 compared to RMB78.6 million for the same quarter last year, representing 2.9% and 2.5% of total net revenue respectively.

谢谢。大家好。感谢您今天参加我们的电话会议。现在,让我简要介绍一下财务审查。我们2019年第二季度的总收入为人民币41.5亿元,同比增长32%,超过了我们的收入指引的高端。可供Momo执行的非GAAP净收入为人民币12.4亿元,而2018年同期为人民币893.2百万元,同比增长39%。

让我直接跳到成本和费用项目的审查。由于王力和王宇先前全面涵盖了收入项目,我们2019年第二季度的非GAAP收入成本为人民币20.4亿元,而去年同期则为人民币17.1亿元。

非GAAP收入成本占总收入的百分比为49.1%,比2018年第二季度的54.2%有所下降。2018年第二季度的非GAAP收入成本包括Phanta City的生产成本,人民币1.58亿元。不包括Phanta City,2019年第二季度非GAAP毛利率的影响与去年同期相比保持稳定。

由于现场直播和增值服务业务的派息率较低,本季度非美国通用会计准则毛利率略微上升1个百分点。现场直播业务的支付率较低的原因是第二季度没有季度和期限事件,而且促销费用有所节省。在2019年第二季度,VAS服务团队继续缩减虚拟礼品业务的促销活动。因此,VAS业务的利润率也在逐步提高。

第二季度非美国通用会计准则研发费用为人民币204.8百万元,而去年同期为人民币116.1百万元,分别占总收入的4.9%和3.7%。同比增长反映了我们在2018年投资研发领域的战略,主要是招募额外的工程人才来支持我们的各种产品创新计划,以及在2019年第二季度仅为6月份的Tantan全季度整合。 2018年第二季度。

我们在本季度结束时共有2,075名员工,其中528名来自Tantan。研发人员占该集团员工总数的百分比为54%,而去年第二季度为45%。第二季度的非GAAP销售和营销费用为人民币502.3百万元,占总收入的12.1%,而去年同期为人民币308.9百万元,占总收入的9.8%。

与去年同期相比,销售和营销费用占收入的百分比增加是由于Tantan的整个季度整合,而Momo非GAAP核心销售营销费用占总收入的百分比保持稳定。我们的非GAAP G&A费用在2019年第二季度为人民币119.4百万元,而去年同期为人民币78.6百万元,分别占总净收入的2.9%和2.5%。

The GAAP G&A expenses was RMB500.7 million for the quarter compared to RMB127.7 million for the second quarter last year. The Company recognized a G&A related share based compensation of RMB381.3 million in the second quarter 2019 compared to RMB49.1 million in the second quarter of 2018. The big jump in the share base compensation expense was due to the same one-off events that we discussed on our last earnings conference call.
Let me give a quick recap here. As we disclosed in our 2018 20-F, in August 2018, Tantan Limited granted 3,578,205 shares options to its founders with a full year vesting period, representing 12% of Tantan's shares on a fully diluted basis. The vesting can be accelerated based on achievement of certain performance conditions.
According to relevant U.S. GAAP literature, a share based compensation expense of RMB466.9 million was amortized in the first quarter 2019 based on the progress of achievements of the performance conditions as of March 31, 2019. During the second quarter of 2149, the performance conditions were fully met. And accordingly, we recognized a stock-based compensation expense of RMB323.7 million in connection with above mentioned option grants.
The amortization of the stock-based compensation expense in connection with this option grants will have no future impacts from Q3 onwards. Non-GAAP operating income was RMB1.45 billion, representing 35% non-GAAP operating margin for the quarter. Excluding Tantan consolidation impact, the core Momo adjusted operating income for the second quarter 2019 would have been RMB1.5 billion or 39% non-GAAP operating margins.
Now, turning to the balance sheet and cash flow items, as of June 30, 2019, Momo's cash, cash equivalents, term deposits and short-term investments totaled RMB12.5 billion compared to RMB11.3 billion as of December 31, 2018. Net cash provided by operating activities in the second quarter was RMB1.4 billion compared to RMB992.4 million for the same quarter last year.
Lastly, for the third quarter revenue guidance, we estimated our third quarter revenue to come in the range from RMB4.25 billion to RMB4.35 billion, representing an increase of 17% to 19% year-on-year. Excluding Phanta City revenue contribution in third quarter 2018, our third quarter revenue guidance on an apple-to-apple basis represents a year-on-year increase of 22% to 25%.
Please be mindful that the forecast represents the Company's current and preliminary view on the market and operational conditions, which are subject to changes. That concludes our prepared portion of today's discussion.
With that, let me turn the call back to Cathy for Q&A.

本季度GAAP G&A费用为人民币500.7百万元,去年第二季度为人民币127.7百万元。公司在2019年第二季度确认了与G&A相关的股权补偿人民币381.3百万元,而2018年第二季度为人民币49.1百万元。股票基本补偿费用的大幅增长是由于同样的一次性事件所致。我们在上次收益电话会议上讨论过。

让我在这里快速回顾一下。正如我们在2018年20-F所披露的,2018年8月,Tantan Limited向其创始人授予了3,578,205股股票期权,全年归属期,占Tantan全部摊薄股份的12%。可以基于某些表现条件的实现来加速归属。

根据相关的美国公认会计准则文献,根据2019年3月31日业绩状况的成就进展,2019年第一季度的股权奖励支出为人民币466.9百万元。在2149年第二季度,业绩表现为条件完全得到满足。因此,我们确认与上述期权授予有关的股票补偿费用为人民币3.237亿元。

与此期权授予相关的股票补偿费用的摊销将从第3季度起不会产生未来影响。非美国通用会计准则营业收入为人民币14.5亿元,占本季度非美国通用会计准则营业利润率的35%。剔除Tantan整合影响,Momo核心调整后的2019年第二季度营业收入将为人民币15亿元或非GAAP营业利润率39%。

现在,转向资产负债表和现金流项目,截至2019年6月30日,Momo的现金,现金等价物,定期存款和短期投资总额为人民币125亿元,而截至2018年12月31日为人民币113亿元。第二季度经营活动产生的现金净额为人民币14亿元,而去年同期为人民币9,940万元。

最后,对于第三季度的收入指引,我们估计第三季度的收入将在人民币42.5亿元至人民币43.5亿元之间,同比增长17%至19%。不包括2018年第三季度Phanta City的收入贡献,我们第三季度的苹果对苹果收入指引同比增长22%至25%。

请注意,预测代表了公司对市场和运营条件的当前和初步观点,这些观点可能会有所变化。这就是我们今天讨论的准备部分。

有了这个,让我把电话转回Cathy进行问答。

Cathy Peng

Cathy Peng

Yes, actually, just one quick reminder. For those who can speak Chinese, please ask your question in Chinese first, followed by English translation by yourself.
Operator, ready for questions.

是的,实际上,只是一个快速提醒。 对于会说中文的人,请先用中文问你的问题,然后自己用英文翻译。

接线员,准备提问。

问答环节

Thank you. We will now begin the question-and-answer session [Operator Instructions]. Your first question comes from the line of Thomas Chong of Jefferies. Please go ahead.

谢谢。 我们现在开始问答环节[操作员说明]。 你的第一个问题来自Jefferies的Thomas Chong。 请继续。

Thomas Chong

Thanks management for taking my questions and congratulations on a solid set of results. My question is about Tantan. Can management give us some color about the revenue and the bottom line outlook for Tantan in the second half and also if there is any timing on profitability? Thank you.

感谢管理层对我的问题表示怀疑并祝贺他们取得了一系列成果。 我的问题是关于坦坦。 管理层能否为我们提供一些关于下半年Tantan收入和底线前景的颜色,以及盈利时机是否有任何时机? 谢谢。

Wang Yu

王宇

Okay. So I've spoken quite a lot about second half monetization strategies already. The growth will be driven by both optimization of existing premium features and the intro of new ones. Our quarter-on-quarter grossing increase is actually better than our expectations. It's around 30% to 40% as we can see right now, but since there is a lagging effect between grossing and revenue that we talked about earlier, the revenue guidance assumes a sequential growth of around 10%.
Now, this positive momentum we expect it to extend into Q4. In terms of profitability, we expect to reach a domestic breakeven on a monthly basis somewhere around mid next year. If we manage to do it on a whole Company basis, including domestic and overseas market depends on how aggressive we will be in overseas expansion during this year.

好的。 所以我已经对下半年的货币化策略说了很多话。 增长将受到现有高级功能优化和新功能介绍的推动。 我们的季度毛利增长实际上好于我们的预期。 我们现在可以看到它大约在30%到40%之间,但由于我们之前谈到的收入和收入之间存在滞后效应,因此收入指导假设连续增长约10%。

现在,我们预计这一积极势头将延续至第四季度。 在盈利能力方面,我们预计明年年中将在每月的基础上实现国内盈亏平衡。 如果我们设法在整个公司的基础上进行,包括国内和海外市场取决于我们今年在海外扩张的积极程度。

会议主持员

Thank you.

谢谢。

Cathy Peng

Cathy Peng

Actually, just a quick reminder before we take next person in. Given the time constraint, we may need to limit one question to one analyst. Please be mindful of that. Operator, ready for next.

实际上,在我们接下一个人之前,请快速提醒。鉴于时间限制,我们可能需要将一个问题限制为一个分析师。 请注意这一点。 接线员,准备下一步。...

会议主持员

Yes. The next question is from the line of Jialong Shi of Nomura. Please go ahead.

是。 接下来的问题来自野村的贾龙石。 请继续。...

佳龙石

So I would translate my questions. My questions is about the industry outlook. From time to time, we were told by some of Momo's Chinese Internet peers that China's Internet population is already saturated and therefore, it is increasingly difficult to acquire new users. As a result, we thought some of your peers are turning their attention to lower-tier markets where the Internet penetration is relatively lower. So I just wonder what will be Momo's strategies to cope with these industry-wide challenges and what will be your MAU target for Momo app by end of this year, and where do you think is the sealing for Momo MAU in the long term? And also, I have a quick follow-up on Tantan. I just wonder what are the key overseas markets for Tantan? Thank you.

所以我会翻译我的问题。 我的问题是关于行业前景。 Momo的一些中国互联网同行不时告诉我们,中国的互联网人口已经饱和,因此,获取新用户越来越困难。 因此,我们认为您的一些同行正在将注意力转向互联网渗透率相对较低的低端市场。 所以我想知道Momo应对这些行业挑战的策略是什么,以及今年年底Momo应用程序的MAU目标是什么?您认为Momo MAU的长期密封在哪里? 而且,我对Tantan进行了快速跟进。 我只是想知道Tantan的主要海外市场是什么? 谢谢。

Wang Yu

王宇

Okay. So this is Yu Wang, I'll first quickly answer the question on Tantan. So, our primary user base overseas are in Southeast Asia and India. And we are doing quite well in terms of all the markets we have tried out overseas. We meet the primary competitors in all of these markets, but the dating market has an appetite for multiple apps, so we don't think that established players in new markets for us actually affect us that much in terms of our expansion potential. Thank you.

好的。 所以这是王宇,我会先快速回答关于坦坦的问题。 因此,我们在海外的主要用户群位于东南亚和印度。 就我们在海外尝试的所有市场而言,我们的表现相当不错。 我们在所有这些市场中遇到了主要竞争对手,但约会市场对多个应用程序有兴趣,因此我们认为新市场中的老牌玩家实际上并没有对我们的扩张潜力产生太大影响。 谢谢。

Cathy Peng

Cathy Peng

Okay. Now, we are ready to answer the question about the MAU outlook and the TAM question.

好的。 现在,我们准备回答有关MAU展望和TAM问题的问题。

Yan Tang

严唐

Okay. After the homepage suspension on the core Momo was lifted up to now all the user and engagement metrics have been showing a very positive trajectory, and that gave us the confidence that the MAU for the Momo core should see continuous growth in the future. At the same time, we do see pretty ample -- we do see huge growth in the open social space and the broader entertainment space.
Right now, we are seeing many newly emerging growth opportunities in China and also in oversea markets. Based on our rough estimation specifically in the open social space, China plus Asia should give us a total addressable market of somewhere around 600 million people for us to penetrate. And if you look at the MAU of Momo and Tantan combined together, we probably represent somewhere around one-fourth of that TAM.
At this point, Tantan is going through a phase where its users and paying users are ascending very, very rapidly. We believe that such hyper growth phase for Tantan is going to continue in the coming couple of years. On top of the core Momo app and Tantan, we also have other deployments, either through internal incubation or external co-operations to continue to penetrate into that addressable market. So that's kind of my basic view on how Momo as a Company is going to continue to drive user growth in the future. Operator, next.

好的。在核心Momo的主页暂停被提升到现在之后,所有用户和参与度指标都呈现出非常积极的轨迹,这让我们相信Momo核心的MAU将来会持续增长。与此同时,我们确实看到了相当多的东西 - 我们确实看到了开放的社交空间和更广阔的娱乐空间的巨大增长。

目前,我们正在中国以及海外市场看到许多新兴的增长机会。基于我们对开放社交空间的粗略估计,中国和亚洲应该为我们提供一个约6亿人口的可寻址市场供我们渗透。如果你看看Momo和Tantan的MAU结合在一起,我们可能代表TAM的四分之一左右。

在这一点上,Tantan正在经历一个阶段,其用户和付费用户正在非常迅速地提升。我们认为Tantan的这种超高速增长阶段将在未来几年继续。除了核心Momo应用程序和Tantan之外,我们还通过内部孵化或外部合作进行其他部署,以继续渗透到可寻址的市场中。这就是我对Momo作为一家公司未来如何继续推动用户增长的基本观点。接下来是运营商。...

会议主持员

Yes. Thank you. And next question comes from the line of Lei Zhang of Bank of America Merrill Lynch. Please go ahead.

是。 谢谢。 接下来的问题来自美国银行美林银行的张磊。 请继续。

Lei Zhang

张磊...

My question is mainly about Tantan. We saw that ARPPU growth in second quarter is very strong, any key feature to drive this and how should we think about ARPPU trend in the second half? And in second half, Tantan's revenue is mainly driven by paying user or ARPPU and any color on the new features, you will launch, such as the timing you can share with us? Thank you.

我的问题主要是关于坦坦。 我们看到第二季度ARPPU增长非常强劲,推动这一趋势的任何关键特征以及我们应如何考虑下半年的ARPPU趋势? 而在下半年,Tantan的收入主要来自付费用户或ARPPU和新功能的任何颜色,您将推出,例如您可以与我们分享的时间? 谢谢。

Wang Yu

王宇

Okay. Thank you. So the thing is that, we have increased ARPPU somewhat with our optimizations. But the primary reason Q2's revenue was reasonably high was because there is a lagging effect between grossing and revenues. So grossing actually decreased quiet a lot while revenues did not. So, revenues actually will be affected quite significantly in Q3 even though grossing increased, like I said, 30% to 40%.
And in terms of the total bottom line, in Q2, we actually spent much less than we planned. So even though revenues decreased, we ended up with a much smaller net loss in Q2 than we projected, and because of this, we are making up for it by increasing marketing spending significantly in Q3.
So the three factors of us spending less in Q2, us spending more in Q3, and also the negative impact on revenues will make the net loss in Q3 widen significantly from Q2, but this is the short-term factor. So moving into Q4, as revenues continue to increase and marketing cost domestically come down significantly, we expect net loss to decrease significantly from Q3

好的。谢谢。所以事情是,我们通过优化增加了ARPPU。但第二季度收入相当高的主要原因是因为总收入和收入之间存在滞后效应。所以总收入实际上减少了很多,而收入却没有。所以,第三季度的收入实际上会受到相当大的影响,尽管总收入增加了,就像我说的那样,增长了30%到40%。

就总体底线而言,在第二季度,我们的实际支出比实际计划少得多。因此,即使收入减少,我们在第二季度的净亏损也比我们预测的要小得多,因此,我们通过在第三季度大幅增加营销支出来弥补这一损失。

因此,我们在第二季度支出较少的三个因素,我们在第三季度的支出更多,以及对收入的负面影响将使第三季度的净亏损从第二季度大幅扩大,但这是短期因素。因此,随着收入继续增加以及国内营销成本显着下降,我们预计第三季度净亏损将大幅减少

Cathy Peng

Cathy Peng

Operator, next.

接下来是运营商。

会议主持员

Yes. Thank you. And next question is from Tian Hou of TH Capital. Please go ahead.

是。 谢谢。 接下来的问题来自THE Capital的Tian Hou。 请继续。

田厚

So in the market this year, password is TikTok, Toutiao or all of its apps, they have many apps. So ByteDance Group has already caused a negative impact on some verticals like advertising, short radio, et cetera. But from Momo's second quarter results, we saw no impact whatsoever. So I wonder can management give us, how to say it, insights, what is exactly the uniqueness of Momo, enable you to avoid this content kind of a titanic how much give you pressure? So, going forward if the ByteDance in your vision is going to give you any negative impact? And what's your strategy to cope from the potential -- if there is any potential pressure? Thank you.

因此,今年在市场上,密码是TikTok,Toutiao或其所有应用程序,他们有很多应用程序。 因此,ByteDance集团已经对广告,短广播等一些垂直行业产生了负面影响。 但从Momo的第二季度业绩来看,我们认为没有任何影响。 所以我想知道管理层可以给我们,怎么说,见解,Momo的唯一性是什么,让你避免这种内容那种泰坦尼克号给你带来多大的压力? 那么,如果您的愿景中的ByteDance会给您带来任何负面影响,那么,继续前进? 如果有任何潜在的压力,那么你应对潜力的策略是什么? 谢谢。...

Yan Tang

严唐

Okay. Let me quickly translate. That question, I remember I've answered like countless times in the past. Every single time from the investor point of view things may seem a little bit different. But actually, from our standpoint, we really haven't seen any substantial change in the competitive environment lately. Our observation is that the live broadcasting business from Toutiao and whole Kuaishou system has been growing very rapidly for quite some time, but we really haven't seen any serious threat by these two players.
With regards to what kind of uniqueness about the products or the ecosystem really help us to achieve that, I guess, it's important that a lot of those live streaming platforms for these platforms live streaming is really just a monetization future attached their respective core use case. If you want to understand what makes us unique, what makes us different from those traffic platforms, you have to understand what's the difference between the core use case of Momo, which is a social use case and the core use case on Kuaishou and Toutiao, I guess that's very crucial for investors to understand what makes the live streaming service on Momo different from the live streaming services from all the big traffic.
And about my view that the bigger players have not posted any threats to our ecosystem, I think it's supported by hard data. If you look at the second quarter data from paying user side, you saw pretty good growth. And on the lives broadcasting and the agencies, during the past few quarters Momo's content supply ecosystem has been strengthening. For example, if you look at the number of professional broadcasters and compare the second quarter of 2019 with toward end of 2017, before we rolled out the talent incentive program, the number of professional broadcasters during that period of time grew by 80%. And if you look at the number of quality agencies who can bring in sizable monthly grossings, In the second quarter, that number also grew somewhere around 50%.
On the revenue side in the second quarter, we also saw a reacceleration in the live broadcasting worldwide growth rate, and we achieved that during a time where there was a homepage suspension on the core Momo platform. So I really don't think that investors need to worry much about the competitive environment that we're in at this point.

好的。让我快速翻译。那个问题,我记得我过去曾经无数次回答过。从投资者的角度来看,每一次事情看起来都有点不同。但实际上,从我们的角度来看,我们最近没有看到竞争环境发生任何重大变化。我们观察到,头条和整个快进系统的直播业务已经持续了很长一段时间,但我们真的没有看到这两个玩家的任何严重威胁。

关于产品或生态系统的哪种独特性真正帮助我们实现这一目标,我想,很多这些平台直播流媒体直播实际上只是一个货币化的未来附加各自的核心用例。如果你想了解是什么让我们与众不同,是什么让我们与这些流量平台不同,你必须了解Momo的核心用例(社交用例)与Kuaishou和Toutiao的核心用例之间的区别,我想这对于投资者了解是什么让Momo上的直播服务与来自所有大流量的直播服务不同非常重要。

而且我认为较大的玩家没有对我们的生态系统发布任何威胁,我认为它受到硬数据的支持。如果从付费用户那里查看第二季度的数据,您会看到相当不错的增长。在广播和代理商的生活中,在过去的几个季度中,Momo的内容供应生态系统得到了加强。例如,如果你看一下专业广播公司的数量,并将2019年第二季度与2017年底相比较,那么在我们推出人才激励计划之前,这段时间内专业广播公司的数量增长了80%。如果你看一下可以带来相当可观的月度总量的优质代理商的数量,在第二季度,这个数字也增长了大约50%。

在第二季度的收入方面,我们也看到了全球直播增长率的重新加速,我们在核心Momo平台上的主页暂停时实现了这一目标。所以我真的不认为投资者需要担心我们目前所处的竞争环境。

Cathy Peng

Cathy Peng

So, given the time, we will make this the last question of this earnings call. Thank you for joining us. We will see you next quarter. Operator, we're ready to close.

所以,考虑到时间,我们将把这个作为本次财报电话会议的最后一个问题。 感谢您加入我们。 我们将在下个季度见到你。 接线员,我们准备好了。

会议主持员

Thank you. Ladies and gentlemen, this does conclude the conference for today and thank you for participating. You may now all disconnect.

谢谢。 女士们,先生们,今天的会议结束了,感谢您的参与。 你现在可能都断开了。

相关问题

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  • 陌陌 财务报告

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