Hello Group Inc. Announces Unaudited Financial Results for the Fourth Quarter and Fiscal Year 2022

BEIJING,March 16,2023 -- Hello Group Inc. (NASDAQ: MOMO) ("Hello Group" or the "Company"),a leading mobile social and entertainment platform in China,today announced its unaudited financial results for the fourth quarterand the full year ended December 31,2022.

FourthQuarter of 2022 Highlights

Net revenues decreased by 12.6% year over year to RMB3,212.7 million (US$465.8 million*) in the fourth quarter of 2022.

Net income attributable to Hello Group Inc. was RMB398.0 million (US$57.7 million) in the fourth quarter of 2022,compared to a net loss of RMB4,242.7 million in the same period of 2021.

Non-GAAP net income attributable to Hello Group Inc. (note 1) increased to RMB487.9 million (US$70.7 million) in the fourth quarter of 2022,from RMB280.9 million in the same period of 2021.

Diluted net income per American Depositary Share ("ADS") was RMB2.01 (US$0.29) in the fourth quarter of 2022,compared to a diluted net loss per ADS of RMB21.50 in the same period of 2021.

Non-GAAP diluted net income per ADS (note 1) was RMB2.46 (US$0.36) in the fourth quarter of 2022,compared to RMB1.38 in the same period of 2021.

Monthly Active Users ("MAU") on Momo application were 94.6 million in December 2022,compared to 114.1 million in December 2021. MAU on Tantan application were 18.4 million in December 2022,compared to 27.0 million in December 2021.

For the Momo app total paying users was 7.8 million for the fourth quarter of 2022,compared to 8.9 million for the same period last year. Tantan had 1.7 million paying users for the fourth quarter of 2022 compared to 2.5 million from the year ago period.

Full Year2022 Highlights

Net revenues decreased 12.8% year over year to RMB12,704.2 million (US$1,841.9 million) for the full year of 2022.

Net income attributable to Hello Group Inc. was RMB1,484.3 million (US$215.2 million) for the full year of 2022,compared to a net loss of RMB2,913.7 million during the same period of 2021.

Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB1,885.8 million (US$273.4 million) for the full year of 2022,compared to RMB2,037.1 million during the same period of 2021.

Diluted net income per ADS was RMB7.31 (US$1.06) for the full year of 2022,compared to a diluted net loss per ADS of RMB14.40 during the same period of 2021.

Non-GAAP diluted net income per ADS (note 1) was RMB9.20 (US$1.33) for the full year of 2022,compared to RMB9.56 during the same period of 2021.

* This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unlessotherwise noted,all translations from Renminbi to U.S. dollars,in this press release,were made at a rate of RMB6.8972 to US$1.00,the effective noon buying rate for December 30,2022 as set forth in the H.10 statistical release of the Federal Reserve Board.

"2022 was an extremely challenging year. I am pleased to see that our team withstood external pressures by timely adjusting strategic priorities and corresponding execution plans with flexible product and operational measures." Commented Yan Tang,Chairman and CEO of Hello Group. "Despite the challenges,we delivered solid financial results for shareholders,enabling us to conclude the year on a satisfactory note."

FourthQuarter of 2022 Financial Results

Net revenues

Total net revenues were RMB3,212.7 million (US$465.8million) in the fourth quarter of 2022,a decrease of 12.6% from RMB3,674.2 million in the fourthquarter of 2021.

Live video service revenues were RMB1,724.2 million (US$250.0 million) in the fourth quarter of 2022,a decrease of 19.8% from RMB2,148.8 million during the same period of 2021. The decrease was primarily attributable to pressure on Momo application caused by COVID related factors and regulatory changes,and to a lesser extent,the negative impact of COVID infection surge and reduction of channel investments on Tantan's MAU and paying conversion.

Value-added service revenues mainly include virtual gift revenues and membership subscription revenues. Total value-added service revenues were RMB1,449.5 million (US$210.2 million) in the fourth quarter of 2022,a decrease of 1.8% from RMB1,475.7 million during the same period of 2021. The year over year decrease was primarily attributable to the negative impact of COVID to the virtual gift business on the Momo application,and the decrease in Tantan's value-added service due to the surge in COVID infections as well as channel investment reduction,which put pressure on user traffic and paying conversion. The decrease was partially offset by the rapid revenue growth from the new standalone apps.

Mobile marketing revenues were RMB32.9 million (US$4.8 million) in the fourth quarter of 2022,an increase of 29.8% from RMB25.4 million during the same period of 2021. The increase in mobile marketing revenues was due to the increased demand from brand marketers.

Mobile games revenues were RMB5.3 million (US$0.8 million) in the fourth quarter of 2022,a decrease of 72.4% from RMB19.3 million in the fourth quarter of 2021. The decrease in mobile game revenues was mainly due to the Company's strategic decision to pivot away from game distribution business.

Net revenues from the Momo segment decreased from RMB3,235.6 million in the fourthquarter of 2021 to RMB2,865.8 million (US$415.5 million) in the fourthquarter of 2022,primarily due to the decrease in net revenues from live videoservice,partially offset by the growth of value-added service business. Net revenues from the Tantan segment decreased from RMB437.2 million in the fourthquarter of 2021 to RMB346.7 million (US$50.3 million) in the fourthquarter of 2022,due to the negative impact of COVID and the reduction of channel investments on Tantan's user growth and paying conversion.

Cost and expenses

Cost and expenses were RMB2,738.3 million (US$397.0 million) in the fourth quarter of 2022,a decrease of 64.6% from RMB7,729.4 million in the fourth quarter of 2021. The decrease was primarily attributable to: (a) an impairment loss on goodwill and intangible assets amounting to RMB4,397.0 million in the fourth quarter of 2021; (b) a decrease in sales and marketing expenses due to our initiatives to control cost and optimize Tantan's channel marketing strategy; (c) a decrease in revenue sharing with broadcasters related to Momo's core live video service and Tantan's live video service,which was partially offset by an increase in revenue sharing with virtual gift recipients for our virtual gift service; (d) a decrease in salary expenses and share-based compensation expenses,due to our continuous optimization in personnel costs since the beginning of the year and the decreased fair value of newly granted share options.

Non-GAAP cost and expenses (note 1) were RMB2,648.3 million (US$384.0 million) in the fourthquarter of 2022,a decrease of 17.4% from RMB3,205.8 million during the same period of 2021.

Other operating (loss) income,net

Other operating loss was RMB65.2 million (US$9.4 million)in the fourthquarter of 2022,compared to an income of RMB38.6million during the fourthquarter of 2021. The other operating loss in the fourth quarter of 2022 mainly included a contingent loss of RMB92.9 million (US$13.5 million) related to an ongoing investigation of the alleged illegal activity on the source of the funding consumed on Momo's platform.

Income(loss) from operations

Incomefrom operations was RMB409.2 million (US$59.3 million)in the fourth quarter of 2022,compared to a lossfrom operations of RMB4,016.6 million during the same period of 2021. Incomefrom operations of the Momo segment wasRMB435.8 million (US$63.2 million) in the fourth quarter of 2022,which decreased from RMB549.3 million in the fourth quarter of 2021. Loss from operations of the Tantan segment was RMB21.7 million (US$3.1 million) in the fourth quarter of 2022,compared to loss from operations of RMB162.5 million in the fourth quarter of 2021.

Non-GAAP income from operations (note 1) was RMB499.2 million (US$72.4million) in the fourthquarter of 2022,compared to RMB507.0 million during the same period of 2021. Non-GAAPincomefrom operations of the Momo segment wasRMB519.2 million (US$75.3 million)in the fourth quarter of 2022,which decreased from RMB658.4 million in the fourthquarter of 2021. Non-GAAPlossfrom operations of the Tantan segment was RMB15.2 million (US$2.2 million) in the fourthquarter of 2022,compared to non-GAAP loss from operations of RMB145.0 million in the fourth quarter of 2021.

Income tax expenses

Income tax expenses were RMB109.4 million (US$15.9 million) in the fourth quarter of 2022,compared to RMB296.5 million in the fourth quarter of 2021. The decrease was primarily due to the fact that in the fourth quarter of 2022,we accrued withholding income tax of RMB39.7 million (US$5.8million)on undistributed earnings generated in the fourthquarter of 2022 by our wholly-foreign owned enterprise ("WFOE"),because we planned to remit WFOE's earnings to its offshore parent company in the foreseeable future to fund its demand for US dollars in business operations,payments of dividends and debts,potential investments,share repurchase plan,etc.,and in the fourth quarter of 2021,we accrued withholding income tax of RMB207.4 million on undistributed earnings generated in the full year of 2021by WFOE.

Net income (loss)

Net incomewas RMB397.0 million (US$57.6 million) in the fourth quarter of 2022,244.0 million during the same period of 2021. Net incomefrom theMomo segment was RMB397.1 million (US$57.6 million) in the fourth quarter of 2022,compared toRMB306.7million in the same period of 2021. Net incomefrom the Tantan segment was RMB4.7 million (US$0.7 million) in the fourth quarter of 2022,compared toa net loss of RMB147.3 million in the fourth quarter of 2021.

Non-GAAP net income (note 1) was RMB487.0 million (US$70.6million) in the fourth quarter of 2022,compared to RMB279.6 million during the same period of 2021. Non-GAAPnet incomefrom the Momo segment wasRMB480.5million(US$69.7 million) in the fourth quarter of 2022,which increased from RMB415.8million in the fourth quarter of 2021. Non-GAAPnet incomeof the Tantan segment was RMB11.3 million (US$1.6 million) in the fourth quarter of 2022,compared toa non-GAAP net loss of RMB129.9 million in the fourth quarter of 2021.

Net income (loss) attributable to Hello Group Inc.

Net income attributable to Hello Group Inc. was RMB398.0 million (US$57.7 million) in the fourth quarter of 2022,compared toanet loss ofRMB4,242.7million during the same period of 2021.

Non-GAAP net income (note 1) attributable to Hello Group Inc. was RMB487.9 million (US$70.7million) in thefourth quarter of 2022,compared to RMB280.9 million during the same period of 2021.

Net income (loss)per ADS

Diluted net incomeper ADS was RMB2.01 (US$0.29) in the fourth quarter of 2022,compared to a diluted net loss per ADS of RMB21.50in the fourthquarter of 2021.

Non-GAAP diluted net income per ADS (note 1) was RMB2.46 (US$0.36) in the fourth quarter of 2022,compared to RMB1.38 in the fourth quarter of 2021.

Cash and cash flow

As of December 31,2022,the Company's cash,cash equivalents,short-term deposits,long-term deposits,short-term investments,short-term restricted cash and long-term restricted cash totaled RMB13,398.8 million (US$1,942.7million),compared to RMB15,707.0million as of December 31,2021. The decrease was due to a number of cash outflow items,including our cash dividend payment of RMB841.0 million (US$121.9million) to shareholders; an aggregate payment of RMB2,137.0 million (US$309.8 million)for the repurchase of the company's convertible notes; an aggregate payment of RMB392.4 million (US$56.9 million)in relation to the share repurchase program; and RMB360.0 million (US$52.2million)payment to Chinese tax authorities to repatriate cash from our WFOE in China to our offshore entity during 2022.

Net cash provided by operating activities in the fourth quarter of 2022 was RMB538.7 million (US$78.1million),compared to RMB665.5 million in the fourth quarter of 2021.

Full Year2022Financial Results

Net revenues for the full year of 2022 were RMB12,841.9 million),a decrease of 12.8% from RMB14,575.7 million in the same period of 2021.

Net income attributable to Hello GroupInc. was RMB1,compared to anet loss ofRMB2,913.7 million during the same period of 2021.

Non-GAAP net income attributable to Hello GroupInc. (note 1)was RMB1,037.1 million during the same period of 2021.

Dilutednet incomeper ADS was RMB7.31 (US$1.06) during the full year of 2022,compared to a diluted net loss per ADS ofRMB14.40 in the same period of 2021.

Non-GAAP diluted net incomeper ADS (note 1) was RMB9.20 (US$1.33) during the full year of 2022,compared to RMB9.56in the same period of 2021.

Net cash provided by operating activities was RMB1,226.9 million (US$177.9 million) during the full year of 2022,compared to RMB1,559.2 million in the same period of 2021.

Recent Development

Declaration of a special cash dividend

Hello Group's board of directors has declared a special cash dividend in the amount of US$0.72 per ADS,or US$0.36 per ordinary share. The cash dividend will be paid on May 22,2023 to shareholders of record at the close of business on April 28,2023. The ex-dividend date will be April 27,2023. The aggregate amount of cash dividends to be paid is approximately US$137 million,which will be funded by surplus cash on the Company's balance sheet.

Appointment of New Director and Chief Operating Officer

The board of directors has appointed Ms. Sichuan Zhang as a director and Chief Operating Officer of the Company,effective March 16,2023.

Ms. Sichuan Zhang previously served as our director from April 2012 to November 2017. Ms. Zhang founded PUPUPULA,a children's furniture and design company,in 2017,and served as its Chief Executive Officer until 2022. Ms. Zhang first joined the Company in July 2011 and was responsible for product design,then marketing strategies and executions. Prior to joining our company,from June 2009 to February 2011,she co-founded 4 Degrees Motion Design,an advertising design firm. She was an art director of Modern Media,a Chinese media company,from January 2009 to May 2009,a senior designer of Phoenix New Media Limited (NYSE: FENG) from January 2008 to January 2009,and a web designer of NetEase,Inc. from March 2006 to April 2007. Ms. Zhang received her bachelor's degree in South China Normal University in 2005. Ms. Zhang is the spouse of Mr. Yan Tang,our co-founder,chairman and Chief Executive Officer.

Execution of share repurchase program

On June 7,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 over the next 24 months. As of March 16,2023,the Company has repurchased 12.0 million ADSs for US$56.7 million on the open market under this program,at an average purchase price of US$4.71 per ADS.

Business Outlook

For the first quarter of 2023,the Company expects total net revenues to be between RMB2.65 billion to RMB2.75 billion,representing a decrease of 15.8% to 12.6% 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,impairment loss on goodwill and intangible assets,amortization of intangible assets from business acquisitions,and tax impacts related to the amortization of intangible assets from business acquisitions.

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 (loss) attributable to Hello Group Inc.,and diluted net income per ADS) is adjusted from the most comparable GAAP results to exclude share-based compensation,and tax impacts related to the amortization of intangible assets from business acquisitions. A limitation of using these non-GAAP financial measures is that share-based compensation,and tax impacts related to the amortization of intangible assets from business acquisitions have 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 Thursday,at8:00 a.m.U.S. Eastern Time (8:00 p.m. Beijing/Hong KongTime on March 16,2023).

Participants can register for the conference call by navigating to:

https://s1.c-conf.com/diamondpass/10029147-tf6dtf.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 March 23,2023. The dial-in details for the replay are as follows:

U.S. / Canada: 1-855-883-1031

Hong Kong: 800-930-639

Passcode: 10029147

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 China's online social and entertainment space. ThroughMomo,Tantan and other properties within our product portfolio,we enable users to discover new relationships,expand their social connections and build meaningful interactions.Momois 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 inMay 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. We also operate a number of other applications to serve different social and entertainment demands from our users.

For investor and media inquiries,please contact:

Hello Group Inc.

Investor Relations

Phone: +86-10-5731-0538

Email: ir@hellogroup.com

Christensen

In China

Mr. Eric Yuan

Phone: +86-10-5900-1548

E-mail: eric.yuan@christensencomms.com

In U.S.

Ms. Linda Bergkamp

Phone: +1-480-614-3004

Email: 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,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 firstquarter of 2023,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 fourth quarter of 2022 are preliminary,unaudited and subject to audit adjustment. In addition,we may not meet our financial outlook for the firstquarter of 2023 and may be unable to grow our business in the manner planned. We may also modifyour 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 impact of the COVID-19 pandemic on the Company's business operations and the economy in China,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

Year

Ended December 31

Ended December 31

2021

2022

2022

2021

2022

2022

RMB

RMB

US$

RMB

RMB

US$

Net revenues:

Live video service

2,148,785

1,724,228

249,990

8,378,945

6,510,460

943,928

Value-added service

1,475,733

1,449,537

210,164

5,971,792

6,007,018

870,936

Mobile marketing

25,369

32,927

4,774

159,010

124,956

18,117

Mobile games

19,294

5,316

771

47,712

55,732

8,080

Other services

5,048

650

93

18,260

6,006

871

Total net revenues

3,674,229

3,212,658

465,792

14,575,719

12,704,172

1,841,932

Cost and expenses:

Cost of revenues

(2,191,520)

(1,916,050)

(277,801)

(8,383,431)

(7,421,419)

(1,076,005)

Research and development

(316,024)

(272,657)

(39,532)

(1,131,781)

(1,006,219)

(145,888)

Sales and marketing

(659,604)

(407,075)

(59,020)

(2,604,309)

(2,073,617)

(300,646)

General and administrative

(165,257)

(142,492)

(20,659)

(624,700)

(596,006)

(86,413)

Impairment loss on goodwill and

intangible assets

(4,397,012)

-

-

(4,012)

-

-

Total cost and expenses

(7,729,417)

(2,738,274)

(397,012)

(17,141,233)

(11,097,261)

(1,608,952)

Other operating income (loss),net

38,558

(65,158)

(9,447)

175,947

20,632

2,991

(Loss) income from operations

(4,016,630)

409,226

59,333

(2,389,567)

1,627,543

235,971

Interest income

99,573

88,118

12,776

384,279

368,879

53,482

Interest expense

(18,444)

(10,955)

(1,588)

(73,776)

(83,530)

(12,111)

Other gain or loss,net

2,000

-

-

(16,000)

118,325

17,156

(Loss) incomebefore income

tax and share of income on

equity method investments

(3,933,501)

486,389

70,521

(2,095,064)

2,031,217

294,498

Income tax expenses

(296,491)

(109,421)

(15,865)

(822,556)

(562,281)

(81,523)

(Loss) incomebefore share of

income on equity method

investments

(4,229,992)

376,968

54,656

(2,917,620)

1,468,936

212,975

Share of (loss) income on equity

method investments

(14,045)

20,040

2,906

(8,084)

11,073

1,605

Net (loss) income

(4,244,037)

397,008

57,562

(2,925,704)

1,480,009

214,580

Less: net loss attributable to non-

controlling interest

(1,319)

(986)

(143)

(11,996)

(4,274)

(620)

Net (loss) income attributable to

the shareholders of Hello

Group Inc.

(4,242,718)

397,994

57,705

(2,913,708)

1,484,283

215,200

Net (loss) income per share

attributable to ordinary

shareholders

Basic

(10.75)

1.05

0.15

(7.20)

3.80

0.55

Diluted

(10.75)

1.01

0.15

(7.20)

3.65

0.53

Weighted average shares used in

calculating net (loss) income per

ordinary share

Basic

394,694,993

377,986

377,986

404,701,910

390,176,367

390,367

Diluted

394,993

406,152,757

406,757

404,910

423,810,279

423,279

Hello Group Inc.

Unaudited Condensed Consolidated Statement of Comprehensive Income

(All amounts in thousands,except share and per share data)

Three months

Year

Ended December 31

Ended December 31

2021

2022

2022

2021

2022

2022

RMB

RMB

US$

RMB

RMB

US$

Net (loss) income

(4,580

Other comprehensive (loss)

income,net of tax:

Foreign currency translation

adjustment

(7,331)

54,041

7,835

(39,161)

(274,791)

(39,841)

Comprehensive(loss) income

(4,251,368)

451,049

65,397

(2,964,865)

1,205,218

174,739

Less: comprehensive (loss)

income attributed to the non-

controlling interest

(3,280)

(7,154)

(1,037)

(16,603)

10,556

1,530

Comprehensive (loss) income

attributable to Hello Group

Inc.

(4,248,088)

458,203

66,434

(2,948,262)

1,194,662

173,209

Hello Group Inc.

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands,except share and per share data)

December 31

December 31

December 31

2021

2022

2022

RMB

RMB

US$

Assets

Current assets

Cash and cash equivalents

5,570,563

5,018,129

727,560

Short-term deposits

2,860,000

5,300,000

768,428

Restricted cash

-

97,706

14,166

Short-term investments

-

300,240

43,531

Accounts receivable,net of allowance for doubtful accounts of RMB15,127 and

RMB5,870 as of December 31,2021 and 2022,respectively

205,225

188,711

27,361

Amounts due from related parties

-

55

8

Prepaid expenses and other current assets

775,072

819,706

118,846

Total current assets

9,410,860

11,547

1,699,900

Long-term deposits

7,200,000

2,600,000

376,965

Long-term restricted cash

76,471

82,766

12,000

Right-of-use assets,net

257,934

115,520

16,749

Property and equipment,net

180,664

172,984

25,080

Intangible assets,net

27,320

22,203

3,219

Rental deposits

19,204

20,737

3,007

Long-term investments

820,006

893,988

129,616

Other non-current assets

83,930

162,499

23,560

Deferred tax assets

34,849

34,343

4,979

Total assets

18,111,238

15,829,587

2,295,075

Liabilities and equity

Current liabilities

Accounts payable

726,207

617,022

89,460

Deferred revenue

539,967

484,775

70,286

Accrued expenses and other current liabilities

911,050

797,504

115,627

Amounts due to related parties

5,016

9,178

1,331

Lease liabilities due within one year

162,950

88,352

12,810

Income tax payable

125,773

68,765

9,970

Deferred consideration in connection with business acquisitions

44,802

26,483

3,840

Convertible Senior Notes-current

-

2,646,168

383,658

Total current liabilities

2,515,765

4,247

686,982

Deferred tax liabilities

213,384

22,011

3,191

Convertible senior notes

4,565,292

-

-

Lease liabilities

103,105

33,281

4,825

Other non-current liabilities

128,095

105,410

15,283

Total liabilities

7,525,641

4,898,949

710,281

Shareholder's equity (i)

10,585,597

10,930,638

1,584,794

Total liabilities and shareholder's equity

18,075

(i): As ofDecember 31,the number of ordinary shares outstanding was 376,336.

Hello Group Inc.

Unaudited Condensed Consolidated Statement of Cash Flows

(All amounts in thousands,except share and per share data)

Three months

Year

Ended December 31

Ended December 31

2021

2022

2022

2021

2022

2022

RMB

RMB

US$

RMB

RMB

US$

Cash flows from operating activities:

Net (loss) income

(4,037)

397,008

57,562

(2,704)

1,009

214,580

Adjustments to reconcile net income to net cash

provided by operating activities:

Depreciation of property and equipment

34,226

23,908

3,466

155,537

107,015

15,516

Amortization of intangible assets

1,279

1,279

185

109,062

5,116

742

Share-based compensation

126,576

89,944

13,040

475,771

401,484

58,209

Share of loss (income) on equity method

investments

14,045

(20,040)

(2,906)

8,084

(11,073)

(1,605)

Impairment loss on goodwill and intangible assets

4,012

-

-

4,012

-

-

Gain on repurchase of convertible senior notes

-

-

-

-

(129,575)

(18,787)

Gain or loss on long-term investments

(2,000)

-

-

16,000

11,250

1,631

Gain on disposal of subsidiaries

-

-

-

(15,526)

-

-

Cash received on distributions from equity method

investments

-

-

-

-

1,708

248

Gain or loss on disposal of property and equipment

(36)

4

1

1,236

(779)

(113)

Provision of losses on receivable and other assets

(505)

(75)

(11)

(263)

(528)

(77)

Changes in operating assets and liabilities:

Accounts receivable

13,984

4,643

673

(10,374)

20,338

2,949

Prepaid expenses and other current assets

52,504

(36,784)

(5,333)

(151,162)

(52,928)

(7,674)

Amounts due from related parties

-

(55)

(8)

-

(55)

(8)

Rental deposits

1,171

-

-

(343)

1,399

203

Deferred tax assets

(338)

1,493

216

(2,354)

507

74

Other non-current assets

42,125

(15,907)

(2,306)

34,075

60,913

8,832

Accounts payable

11,053

(8,992)

(1,304)

30,475

(115,384)

(16,729)

Income tax payable

(39,285)

(6,081)

(882)

(110,716)

(57,004)

(8,265)

Deferred revenue

9,652

17,504

2,538

35,106

(56,387)

(8,175)

Accrued expenses and other current liabilities

99,497

121,638

17,636

60,668

(182,708)

(26,490)

Amount due to related parties

(9,751)

(265)

(38)

(14,447)

4,162

603

Deferred tax liabilities

207,114

(15,367)

(2,228)

180,173

(187,119)

(27,130)

Share-based compensation liability

-

-

-

(678,153)

-

-

Other non-current liabilities

(48,777)

(15,159)

(2,198)

(34,959)

(73,470)

(10,652)

Net cash provided by operating activities

665,509

538,696

78,103

1,559,198

1,226,891

177,882

Cash flows from investing activities:

Purchase of property and equipment

(19,201)

(10,053)

(1,458)

(95,323)

(80,445)

(11,663)

Payment for long-term investments

(115,052)

(15,000)

(2,175)

(415,052)

(70,343)

(10,199)

Purchase of short-term deposits

(400,000)

-

-

(4,976,688)

(1,700,000)

(246,477)

Cash received on maturity of short-term deposits

3,550,000

1,000

246,477

9,667,570

5,000

784,376

Payment for short term investments

-

(300,000)

(43,496)

-

(300,496)

Cash received on investment income distribution

-

-

-

5,610

3,523

511

Cash of disposed subsidiaries

-

-

-

(8,750)

-

-

Cash received from sales of long-term investment

20,000

-

-

20,000

-

-

Purchase of long-term deposits

(1,000)

(200,000)

(28,997)

(1,850,750,000)

(398,713)

Cash received on maturity of long-term deposits

200,000

-

-

200,000

173,984

Other investing activities

569

7

1

2,975

3,110

451

Net cash provided by investing activities

1,636,316

1,174,954

170,352

2,342

1,715,845

248,774

Cash flows from financing activities:

Deferred payment for business acquisition

(50)

-

-

(12,957)

(21,421)

(3,106)

Proceeds from exercise of share options

5

112

16

776

163

24

Payment in relation to the share repurchase program

-

(104,684)

(15,178)

(862,865)

(392,374)

(56,889)

Repurchase of subsidiary's share options

(5,070)

(1,076)

(156)

(59,120)

(40,943)

(5,936)

Dividends payment

-

-

-

(852,743)

(840,997)

(121,933)

Payment for redemption of convertible bonds

-

-

-

-

(2,136,987)

(309,834)

Net cash used in financing activities

(5,115)

(105,648)

(15,318)

(1,786,909)

(3,432,559)

(497,674)

Effect of exchange rate changes

(12,972)

(30,706)

(4,451)

(41,669)

41,390

6,001

Net increase (decrease) in cash and cash

equivalents

2,283,738

1,577,296

228,686

2,280,962

(448,433)

(65,017)

Cash,cash equivalents and restricted cash at the

beginning of period

3,363,296

3,621,305

525,040

3,366,072

5,647,034

818,743

Cash,cash equivalents and restricted cash at the end of

period

5,034

5,198,601

753,726

5,726

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 December 31,2021

Ended December 31,2022

Ended December 31,2022

GAAP

RMB

Impairment loss

on goodwill and

intangible assets

RMB

Share-based

compensation

RMB

Non-GAAP

RMB

GAAP

RMB

Share-based

compensation

RMB

Non-GAAP

RMB

GAAP

US$

Share-based

compensation

US$

Non-GAAP

US$

Cost of revenues

(2,520)

-

3,393

(2,188,127)

(1,050)

1,707

(1,914,343)

(277,801)

247

(277,554)

Research and

development

(316,024)

-

36,303

(279,721)

(272,657)

22,145

(250,512)

(39,532)

3,211

(36,321)

Sales and marketing

(659,604)

-

11,024

(648,580)

(407,075)

8,480

(398,595)

(59,020)

1,229

(57,791)

General and

administrative

(165,257)

-

75,856

(89,401)

(142,492)

57,612

(84,880)

(20,659)

8,353

(12,306)

Impairment loss on

goodwill and

intangible assets

(4,012)

4,012

-

-

-

-

-

-

-

-

Cost and operating

expenses

(7,417)

4,012

126,576

(3,829)

(2,274)

89,944

(2,648,330)

(397,012)

13,040

(383,972)

(Loss) income from

operations

(4,630)

4,012

126,576

506,958

409,226

89,944

499,170

59,333

13,040

72,373

Net (loss) income

attributable to Hello

Group Inc.

(4,718)

4,576

280,870

397,994

89,944

487,938

57,705

13,040

70,745

Hello Group Inc.

Reconciliation of Non-GAAP financial measures to comparable GAAP measures

(All amounts in thousands,and net income to comparable GAAP measures-continued.

Year

Year

Year

Ended December 31,2022

GAAP

RMB

Impairment

loss on

goodwill

and

intangible

assets

RMB

Amortization of

intangible

assets from

business

acquisitions

RMB

Share-

based

compensation

RMB

Tax

impacts

(ii)

RMB

Non-GAAP

RMB

GAAP

RMB

Share-

based

compensation

RMB

Non-GAAP

RMB

GAAP

US$

Share-based

compensation

US$

Non-GAAP

US$

Cost of revenues

(8,431)

-

51,853

17,941

-

(8,313,637)

(7,419)

14,195

(7,407,224)

(1,005)

2,058

(1,947)

Research and

development

(1,781)

-

3,660

139,571

-

(988,550)

(1,219)

88,797

(917,422)

(145,888)

12,874

(133,014)

Sales and

marketing

(2,309)

-

48,491

70,821

-

(2,997)

(2,617)

38,432

(2,035,185)

(300,646)

5,572

(295,074)

General and

administrative

(624,700)

-

-

247,438

-

(377,262)

(596,006)

260,060

(335,946)

(86,413)

37,705

(48,708)

Impairment loss on

goodwill and

intangible assets

(4,012

-

-

-

-

-

-

-

-

-

-

Cost and

operating

expenses

(17,233)

4,012

104,004

475,771

-

(12,164,446)

(11,261)

401,484

(10,695,777)

(1,952)

58,209

(1,743)

(Loss) income from

operations

(2,567)

4,012

104,004

475,771

-

2,587,220

1,543

401,484

2,029,027

235,971

58,209

294,180

Net (loss) income

attributable to

Hello Group Inc.

(2,708)

4,771

(26,002)

2,037,077

1,283

401,484

1,885,767

215,200

58,209

273,409

(ii) Includes tax impacts related to the amortization of intangible assets from business acquisition.

Hello Group Inc.

Unaudited Condensed Segment Report

(All amounts in thousands,except share and per share data)

Three months

Ended December 31,2022

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Net revenues:

Live video service

1,561,332

162,896

-

1,990

Value-added service

1,265,693

183,844

-

1,164

Mobile marketing

32,927

-

-

32,774

Mobile games

5,316

-

-

5,316

771

Other services

483

-

167

650

93

Total net revenues

2,865,751

346,740

167

3,792

Cost and expenses (iii):

Cost of revenues

(1,722,675)

(192,748)

(627)

(1,801)

Research and development

(200,740)

(71,917)

-

(272,532)

Sales and marketing

(307,166)

(98,209)

(1,700)

(407,020)

General and administrative

(131,844)

(7,899)

(2,749)

(142,659)

Total cost and expenses

(2,362,425)

(370,773)

(5,076)

(2,012)

Other operating (loss) income,net

(67,499)

2,339

2

(65,447)

Income (loss) from operations

435,827

(21,694)

(4,907)

409,333

Interest income

87,799

253

66

88,776

Interest expense

(10,955)

-

-

(10,588)

Income (loss) before income tax and

share of income on equity method

investments

512,671

(21,441)

(4,841)

486,521

Income tax (expenses) benefits

(135,602)

26,181

-

(109,865)

Income (loss) before share of income

on equity method investments

377,069

4,740

(4,841)

376,656

Share of income on equity method

investments

20,040

-

-

20,906

Net income (loss)

397,109

4,841)

397,562

(iii) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

Three months

Ended December 31,2022

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Cost of revenues

1,689

18

-

1,707

247

Research and development

15,907

6,238

-

22,145

3,211

Sales and marketing

8,473

7

-

8,480

1,229

General and administrative

57,350

262

-

57,612

8,353

Total cost and expenses

83,419

6,525

-

89,944

13,040

Hello Group Inc.

Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report

(All amounts in thousands,2022

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Income (loss) from operations

435,827

(21,694)

(4,907)

409,226

59,333

Share-based compensation

83,419

6,525

-

89,040

Non-GAAP income (loss) from

operations

519,246

(15,169)

(4,907)

499,170

72,373

Net income (loss)

397,109

4,740

(4,841)

397,562

Share-based compensation

83,040

Non-GAAP net income (loss)

480,528

11,265

(4,952

70,602

Hello Group Inc.

Unaudited Condensed Segment Report

(All amounts in thousands,except share and per share data)

Three months

Ended December 31,2021

Momo

Tantan

QOOL

Unallocated[1]

Total

Total

RMB

RMB

RMB

RMB

RMB

US$[2]

Net revenues:

-

Live video service

1,947,958

200,827

-

-

2,785

337,191

Value-added service

1,239,351

236,382

-

-

1,733

231,575

Mobile marketing

25,369

-

-

-

25,369

3,981

Mobile games

19,294

-

-

-

19,294

3,028

Other services

3,667

-

1,381

-

5,048

792

Total net revenues

3,235,639

437,209

1,381

-

3,229

576,567

Cost and expenses (iv):

Cost of revenues

(1,962,718)

(228,290)

(512)

-

(2,520)

(343,897)

Research and development

(233,512)

(82,512)

-

-

(316,024)

(49,591)

Sales and marketing

(377,672)

(281,534)

(398)

-

(659,604)

(103,506)

General and administrative

(147,957)

(10,362)

(6,938)

-

(165,257)

(25,932)

Impairment loss on goodwill and intangible

assets

-

-

-

(4,012)

(4,012)

(689,987)

Total cost and expenses

(2,721,859)

(602,698)

(7,848)

(4,012)

(7,417)

(1,913)

Other operating income

35,532

3,023

3

-

38,558

6,051

Income (loss) from operations

549,312

(162,466)

(6,464)

(4,012)

(4,630)

(630,295)

Interest income

99,399

139

35

-

99,573

15,625

Interest expense

(18,444)

-

-

-

(18,444)

(2,894)

Other gain or loss,000

-

-

-

2,000

314

Income (loss) before income tax and share

of income on equity method investments

632,267

(162,327)

(6,429)

(4,012)

(3,501)

(617,250)

Income tax (expenses) benefits

(311,479)

14,988

-

-

(296,491)

(46,526)

Income (loss) before share of income on

equity method investments

320,788

(147,339)

(6,992)

(663,776)

Share of loss on equity method investments

(14,045)

-

-

-

(14,045)

(2,204)

Net income (loss)

306,743

(147,037)

(665,980)

(iv) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

Three months

Ended December 31,2021

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Cost of revenues

2,729

664

-

3,393

532

Research and development

19,569

16,734

-

36,303

5,697

Sales and marketing

10,997

27

-

11,024

1,730

General and administrative

75,808

48

-

75,856

11,903

Total cost and expenses

109,103

17,473

-

126,576

19,862

[1] The impairment loss on goodwill and intangible assets is presented as an unallocated item in the segment information because our management

does not consider this as part of the segment operating performance measure.

[2] All translations from RMB to U.S. dollars are made at a rate of RMB6.3726 to US$1.00,2021 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,2021

Momo

Tantan

QOOL

Unallocated

Total

Total

RMB

RMB

RMB

RMB

RMB

US$

Income (loss) from operations

549,312

(162,466)

(6,464)

(4,630)

(630,295)

Share-based compensation

109,103

17,473

-

-

126,576

19,862

Impairment loss on goodwill and

intangible assets

-

-

-

4,012

4,012

689,987

Non-GAAP income (loss) from

operations

658,415

(144,993)

(6,464)

-

506,958

79,554

Net income (loss)

306,743

(147,339)

(6,429)

(4,037)

(665,980)

Share-based compensation

109,987

Non-GAAP net income (loss)

415,846

(129,866)

(6,429)

-

279,551

43,869

Hello Group Inc.

Unaudited Condensed Segment Report

(All amounts in thousands,except share and per share data)

Year

Ended December 31,2022

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Net revenues:

Live video service

5,966,323

544,137

-

6,928

Value-added service

5,183,302

823,716

-

6,936

Mobile marketing

124,956

-

-

124,117

Mobile games

55,732

-

-

55,080

Other services

4,781

-

1,225

6,006

871

Total net revenues

11,335,094

1,367,853

1,225

12,932

Cost and expenses (v):

Cost of revenues

(6,020)

(714,936)

(2,463)

(7,005)

Research and development

(737,380)

(268,839)

-

(1,888)

Sales and marketing

(1,346,692)

(721,889)

(5,036)

(2,646)

General and administrative

(547,798)

(33,234)

(14,974)

(596,413)

Total cost and expenses

(9,890)

(1,898)

(22,473)

(11,952)

Other operating income

8,753

11,830

49

20,991

Income (loss) from operations

2,957

(359,215)

(21,199)

1,971

Interest income

368,051

544

284

368,482

Interest expense

(83,530)

-

-

(83,111)

Other gain or loss,net

118,325

-

-

118,156

Income (loss) before income tax and

share of income on equity method

investments

2,803

(358,671)

(20,915)

2,498

Income tax (expenses) benefits

(586,663)

24,382

-

(562,523)

Income (loss) before share of income

on equity method investments

1,824,140

(334,289)

(20,915)

1,975

Share of income on equity method

investments

11,073

-

-

11,605

Net income (loss)

1,835,213

(334,580

(v) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

Year

Ended December 31,2022

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Cost of revenues

7,166

7,029

-

14,195

2,058

Research and development

67,659

21,138

-

88,797

12,874

Sales and marketing

38,202

230

-

38,432

5,572

General and administrative

259,669

391

-

260,060

37,705

Total cost and expenses

372,696

28,788

-

401,484

58,209

Hello Group Inc.

Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report

(All amounts in thousands,except share and per share data)

Year

ended December 31,2022

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Operating income (loss)

2,957

(359,215)

(21,199)

1,543

235,971

Share-based compensation

372,696

28,788

-

401,209

Non-GAAP operating income (loss)

2,380,653

(330,427)

(21,199)

2,027

294,180

Net income (loss)

1,213

(334,289)

(20,915)

1,580

Share-based compensation

372,209

Non-GAAP net income (loss)

2,207,909

(305,501)

(20,881,493

272,789

Hello Group Inc.

Unaudited Condensed Segment Report

(All amounts in thousands,2021

Momo

Tantan

QOOL

Unallocated

Total

Total

RMB

RMB

RMB

RMB

RMB

US$

Net revenues:

Live video service

7,809

903,136

-

-

8,945

1,314,839

Value-added service

4,845,744

1,126,048

-

-

5,792

937,104

Mobile marketing

159,010

-

-

-

159,010

24,952

Mobile games

47,712

-

-

-

47,712

7,487

Other services

12,930

-

5,330

-

18,260

2,866

Total net revenues

12,541,205

2,184

5,330

-

14,719

2,287,248

Cost and expenses (vi):

Cost of revenues

(7,301,048)

(1,044,852)

(37,531)

-

(8,431)

(1,315,543)

Research and development

(828,688)

(303,093)

-

-

(1,781)

(177,601)

Sales and marketing

(1,420,130)

(1,180,146)

(4,033)

-

(2,309)

(408,673)

General and administrative

(619,922)

18,401

(23,179)

-

(624,700)

(98,029)

Impairment loss on goodwill and

intangible assets

-

-

-

(4,987)

Total cost and expenses

(10,169,788)

(2,509,690)

(64,743)

(4,233)

(2,689,833)

Other operating income

138,884

37,029

34

-

175,947

27,610

Income (loss) from operations

2,301

(443,477)

(59,379)

(4,012)

(2,567)

(374,975)

Interest income

383,028

1,091

160

-

384,279

60,302

Interest expense

(73,776)

-

-

-

(73,776)

(11,577)

Other gain or loss,net

(16,000)

-

-

-

(16,511)

Income (loss) before income tax

and share of income on equity

method investments

2,803,553

(442,386)

(59,219)

(4,064)

(328,761)

Income tax (expenses) benefits

(844,987)

22,431

-

-

(822,556)

(129,077)

Income (loss) before share of

income on equity method

investments

1,958,566

(419,955)

(59,620)

(457,838)

Share of loss on equity method

investments

(8,084)

-

-

-

(8,084)

(1,269)

Net income (loss)

1,950,482

(419,704)

(459,107)

(vi) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

Year

Ended December 31,2021

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Cost of revenues

10,541

7,400

-

17,941

2,815

Research and development

97,828

41,743

-

139,571

21,902

Sales and marketing

48,154

22,667

-

70,821

11,113

General and administrative

314,216

(66,778)

-

247,438

38,828

Total cost and expenses

470,739

5,032

-

475,771

74,658

Hello Group Inc.

Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report

(All amounts in thousands,except share and per share data)

Year

Ended December 31,2021

Momo

Tantan

QOOL

Unallocated

Total

Total

RMB

RMB

RMB

RMB

RMB

US$

Income (loss) from operations

2,301

(443,477)

(59,379)

(4,012)

(2,567)

(374,975)

Share-based compensation

470,739

5,032

-

-

475,771

74,658

Impairment loss on goodwill and

intangible assets

-

-

-

4,987

Amortization of intangible assets

from business acquisitions

-

104,004

-

-

104,004

16,320

Non-GAAP income (loss) from

operations

2,981,040

(334,441)

(59,379)

-

2,220

405,990

Net income (loss)

1,482

(419,955)

(59,219)

(4,704)

(459,107)

Share-based compensation

470,320

Tax impacts

-

(26,002)

-

-

(26,002)

(4,080)

Non-GAAP net income (loss)

2,221

(336,921)

(59,219)

-

2,025,081

317,778