BEIJING, March 23, 2021 /PRNewswire/ -- Cheetah Mobile
Inc. (NYSE: CMCM) ("Cheetah Mobile" or the "Company"), a leading
internet company, today announced its unaudited consolidated
financial results for the fourth quarter and full year ended
December 31, 2020.
Management Commentary
Mr. Sheng Fu, Cheetah Mobile's
Chairman and Chief Executive Officer, stated, "For the full year of
2020, Cheetah Mobile earned RMB1,559
million in revenues, and RMB417
million in GAAP net income attributable to our shareholders,
despite the unfavorable macro environment. In 2020, we chose to
strategically exit from overseas markets and focus our resources on
the domestic market and the AI-related business. As a result, our
total cost and expenses decreased by 50% year over year in 2020. In
particular, the operating profits for our internet business
increased to RMB190 million in 2020,
from an operating loss of RMB78
million in 2019. Besides, we further divested our previous
investments in 2020 to improve our cash flow."
Mr. Thomas Ren, Cheetah Mobile's
Chief Financial Officer, commented, "Our balance sheet remained
strong. As of December 31, 2020, we
had approximately US$255 million in
cash and cash equivalents, restricted cash, and short-term
investments, as well as US$369
million in long-term investments. Our strong balance sheet
provided us the flexibility to our continued investment in our home
market and AI-related business."
Fourth Quarter 2020 Consolidated Financial Results
REVENUES
Total revenues were RMB271.2
million (US$41.6 million) in
the fourth quarter of 2020, representing a decrease of 55.7% year
over year. The year-over-year decrease was primarily due to the
suspension of the Company's collaborations with Google since
February 2020. Such year-over-year
decrease was also a result of the Company's disposal of certain
gaming-related business and assets.
On February 21, 2020, the Company
announced that the Company's Google Play Store, Google AdMob, and
Google AdManager accounts had been disabled, which adversely
affected its ability to attract new users and generate revenue from
Google. Given the unfavorable environment in the overseas markets,
the Company has chosen to shift its focus from international
markets to the domestic market. In 2020, the Company disposed
certain gaming-related business and assets in the overseas markets.
As a result, the Company expects the revenue contribution from its
mobile game business to decrease in the foreseeable future. Post
such disposals, Cheetah Mobile's business primarily comprises of
two segments. One is the Internet business, which includes its
utility product on both the PC and mobile platforms in domestic
market and a remaining and diminishing portion of its mobile game
business. The other is AI and others. Therefore, the Company
started reporting its revenues and operating profits by the below
two business lines from this quarter. The Company has
retrospectively revised segment information from the previous
period to conform to the requisite presentation for the current
period.
Revenues from the Company's internet business decreased
by 56.0% year over year to RMB257.0
million (US$39.4 million) in
the fourth quarter of 2020. Approximately 73.6% of the Company's
revenues from its internet business were generated by the utility
products and related services, and the remaing was coming from the
mobile game business.
Revenues from the AI and others decreased by 49.7% year
over year to RMB14.2 million
(US$2.2 million) in the fourth
quarter of 2020. This decrease was primarily attributable to a
decline in sale of consumer-facing AI-related products.
COST OF REVENUES AND GROSS PROFIT
Cost of revenues decreased by 59.4% year over year to
RMB74.0 million (US$11.3 million) in the fourth quarter of 2020.
The decrease was primarily due to reduced costs associated with the
Company's move to exit from overseas operation. Non-GAAP cost of
revenues decreased by 59.5% year over year to RMB73.7 million (US$11.3
million) in the fourth quarter of 2020.
Gross profit decreased by 54.1% year over year to
RMB197.2 million (US$30.2 million) in the fourth quarter of 2020.
Non-GAAP gross profit decreased by 54.0% year over year to
RMB197.5 million (US$30.3 million) in the fourth quarter of
2020.
Gross margin was 72.7% in the fourth quarter of 2020,
compared to 70.2% in the fourth quarter of 2019. Non-GAAP gross
margin was 72.8% in the fourth quarter of 2020, compared to 70.2%
in the fourth quarter of 2019.
OPERATING INCOME/LOSS AND EXPENSES
Total operating expenses decreased by 77.6% year over
year to RMB271.3 million
(US$41.6 million) in the fourth
quarter of 2020. Total non-GAAP operating expenses decreased
by 59.7% year over year to RMB254.9
million (US$39.1 million) in
the fourth quarter of 2020.
- Research and development expenses decreased by
44.5% year over year to RMB85.2
million (US$13.1 million) in
the fourth quarter of 2020. This decrease was primarily
attributable to a reduction in the research and development
personnel. Non-GAAP research and development expenses
decreased by 42.0% year over year to RMB79.7
million (US$12.2 million) in
the fourth quarter of 2020.
- Selling and marketing expenses decreased by 73.9% year
over year to RMB89.9 million
(US$13.8 million) in the fourth
quarter of 2020. This decrease was mainly due to the reduction in
promotional activities. Non-GAAP selling and marketing
expenses decreased by 73.9% year over year to RMB89.5 million (US$13.7
million) in the fourth quarter of 2020.
- General and administrative expenses decreased by 50.1%
year over year to RMB87.3 million
(US$13.4 million) in the fourth
quarter of 2020. This decrease was primarily due to reduced general
and administrative personnel and reduced professional service fees.
Non-GAAP general and administrative expenses decreased by
52.2% year over year to RMB76.8
million (US$11.8 million) in
the fourth quarter of 2020.
Operating loss was RMB74.2
million (US$11.4 million) in
the fourth quarter of 2020, reduced from RMB780.4 million in the same period last year.
Non-GAAP operating loss was RMB57.4
million (US$8.8 million) in
the fourth quarter of 2020, reduced from RMB203.5 million in the same period last
year.
- Operating profit for the internet business was
RMB75.6 million in the fourth quarter
of 2020, significantly increased from an operating loss of
RMB91.7 million in the same period
last year due to reduced cost and expenses.
- Operating loss for AI and others business was
RMB133.0 million in the fourth
quarter of 2020, compared to an operating loss of RMB111.8 million in the same period last
year.
Share-based compensation expenses were RMB16.8 million (US$2.6
million) in the fourth quarter of 2020, compared to
RMB31.3 million in the same period
last year.
OTHER INCOME, NET
Other income, net was RMB102.3
million (US$15.7 million) in
the fourth quarter of 2020, which was primarily due to increases in
fair value of certain long-term investments.
NET INCOME ATTRIBUTABLE TO CHEETAH MOBILE
SHAREHOLDERS
Net income attributable to Cheetah Mobile shareholders
was RMB68.4 million (US$10.5 million) in the fourth quarter of 2020,
compared to a net loss attributable to Cheetah Mobile shareholders
of RMB821.2 million in the same
period last year.
Non-GAAP net income attributable to Cheetah Mobile
shareholders was RMB85.2 million
(US$13.1 million) in the fourth
quarter of 2020, compared to a non-GAAP net income attributable to
Cheetah Mobile shareholders of RMB244.2
million in the same period last year.
NET INCOME PER ADS
Diluted earnings per ADS was RMB0.49 (US$0.07)
in the fourth quarter of 2020, compared to losses per ADS of
RMB5.98 in the same period last year.
Non-GAAP diluted earnings per ADS was RMB0.60 (US$0.09)
in fourth quarter of 2020, compared to losses per ADS of
RMB1.78 in the same period last
year.
BALANCE SHEET
As of December 31, 2020, the
Company had cash and cash equivalents, restricted cash, and
short-term investments of RMB1,661.3
million (US$254.6
million).
SHARES ISSUED AND OUTSTANDING
As of December 31, 2020, the
Company had a total of 1,403,070,144 Class A and Class B ordinary
shares issued and outstanding. One ADS represents 10 Class A
ordinary shares.
Fiscal Year 2020 Results
REVENUES
Total revenues decreased by 56.6% to RMB1,558.6 million (US$238.9 million) in 2020.
Revenues from the Company's internet business decreased
by 57.3% year over year to RMB1,471.9
million (US$225.6 million) in
2020. The year-over-over decrease was primarily due to the
suspension of the Company's collaborations with Google since
February 2020, and the
deconsolidation of LiveMe.
In 2020, approximately 53.1% of the Company's revenues from the
internet business were generated by its utility products and
related services while the rest of its revenues were generated from
the mobile game business.
Revenues from the AI and others decreased by 39.4% year
over year to RMB86.7 million
(US$13.3 million), mostly due to
decline in sale of consumer-facing AI-related products.
COST OF REVENUES AND GROSS PROFIT
Cost of revenues decreased by 63.8% year over year to
RMB449.0 million (US$68.8 million) in 2020. The year-over-year
decrease was primarily due to a significant reduction in costs
associated with the Company's overseas business and the
deconsolidation of LiveMe. Non-GAAP cost of revenues
decreased by 63.9% year over year to RMB448.0 million (US$68.7
million) in 2020.
Gross profit decreased by 52.7% year over year to
RMB1,109.6 million (US$170.1 million) in 2020. Non-GAAP gross
profit decreased by 52.7% year over year to RMB1,110.6 million (US$170.2 million) in 2020.
Gross Margin increased to 71.2% in 2020 from 65.4% in
2019. Non-GAAP gross margin increased to 71.3% in 2020 from 65.4%
in 2019.
OPERATING INCOME/LOSS AND EXPENSES
Total operating expenses decreased by 52.5% year over
year to RMB1,640.7 million
(US$251.4 million) in 2020. Total
non-GAAP operating expenses decreased by 43.9% year over year to
RMB1,560.8 million (US$239.2 million).
- Research and development expenses decreased by 40.3%
year over year to RMB470.4 million
(US$72.1 million) in 2020. The
year-over-year decrease was mainly due to the decrease in R&D
personnel, and the deconsolidation of LiveMe. Non-GAAP research and
development expenses decreased by 39.3% year over year to
RMB441.3 million (US$67.6 million).
- Selling and marketing expenses decreased by 51.0% year
over year to RMB763.8 million
(US$117.1 million) in 2020. The
year-over-year decrease was primarily due to the reduction in
promotional activities, and the deconsolidation of LiveMe. Non-GAAP
selling and marketing expenses decreased by 50.8% year over year to
RMB764.9 million (US$117.2 million).
- General and administrative expenses decreased by 31.8%
year over year to RMB400.8 million
(US$61.4 million) in 2020, which was
mainly due to reduced general and administrative personnel and
reduced professional service fees. Non-GAAP general and
administrative expenses decreased by 33.4% year over year to
RMB348.9 million (US$53.5 million).
Operating loss was RMB531.1
million (US$81.4 million) in
2020, compared to RMB1,110.9 million
in 2019. Non-GAAP operating loss was RMB450.1 million (US$69.0
million) in 2020, compared to RMB437.8 million in 2019.
- Operating profit for the internet business was
RMB189.7 million in 2020, compared to
an operating loss of RMB78.2 million
in 2019, primarily due to a decrease in cost and expenses and the
deconsolidation of LiveMe.
- Operating loss for AI and others business was
RMB640.6 million in 2020, compared to
RMB359.6 million in 2019,
attributable to the Company's increased investment into its AI
business.
Share-based compensation expenses decreased by 36.5% year
over year to RMB81.0 million
(US$12.4 million) in 2020, as more
unvested awarded shares were forfeited in 2020.
OTHER INCOME, NET
Other income, net was RMB977.0
million (US$149.7 million) in
2020, which was primarily due to the disposal of equity ownership
in Bytedance Ltd. as well as the disposal of certain business and
assets during 2020.
NET INCOME ATTRIBUTABLE TO CHEETAH MOBILE
SHAREHOLDERS
Net income attributable to Cheetah Mobile shareholders
was RMB416.7 million (US$63.9 million) in 2020, as compared to net loss
attributable to Cheetah Mobile shareholders of RMB314.0 million in 2019.
Non-GAAP net income attributable to Cheetah Mobile
shareholders was RMB497.7 million
(US$76.3 million) in 2020, as
compared to RMB359.1 million in
2019.
NET INCOME PER ADS
Diluted earnings per ADS was RMB3.01 (US$0.46)
in 2020, as compared to loss per ADS of RMB2.51 in 2019. Non-GAAP diluted earnings per
ADS was RMB3.59 (US$0.55) in 2020, as compared to non-GAAP
diluted earnings per ADS of RMB2.40
in 2019.
Recent Development
Cheetah Mobile today announced that Mr. Pin Zhou has resigned as
Director and Senior Vice President of the Company for personal
reasons, effective March 31, 2021.
Mr. Zhou's resignation did not result from any disagreement with
the Company.
Business Outlook
For the first quarter of 2021, the Company expects its total
revenues to be between RMB165 million
(US$25.3 million) and RMB215 million (US$33.0
million). This amount reflects the Company's current and
preliminary expectations.
Conference Call Information
The Company will hold a conference call on Tuesday, March 23, 2021, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time) to discuss its financial
results. Listeners may access the call by dialing the following
numbers:
International: +1-412-902-4272
United States Toll Free: +1-888-346-8982
Mainland China Toll Free:
4001-201-203
Hong Kong Toll Free: 800-905-945
Conference ID: Cheetah Mobile
The replay will be accessible March 30,
2021 by dialing the following numbers:
International: +1-412-317-0088
United States Toll Free: +1-877-344-7529
Access Code: 10152999
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.cmcm.com.
Exchange Rate
This press release contains translations of certain Renminbi
amounts into U.S. dollars at specified rates solely for the
convenience of readers. Unless otherwise noted, all translations
from Renminbi to U.S. dollars in this press release were made at a
rate of RMB6.5250 to US$1.00, the exchange rate in effect as of
December 31, 2020, as set forth in
the H.10 statistical release of the Federal Reserve Board. Such
translations should not be construed as representations that RMB
amounts could be converted into U.S. dollars at that rate or any
other rate, or to be the amounts that would have been reported
under accounting principles generally accepted in the United States of America ("U.S.
GAAP").
About Cheetah Mobile Inc.
Cheetah Mobile is a leading Internet company. It has attracted
hundreds of millions of monthly active users through its PC and
mobile products. The Company's advertising customers include direct
advertisers and mobile advertising networks. Through the Company's
advertising products, advertisers can promote their products and
services to a wide range of mobile users. The Company also provides
value-added services to its users through the sale of premium
services. Cheetah Mobile is committed to leveraging its
cutting-edge artificial intelligence technologies to power its
products and make the world smarter. It has been listed on the New
York Stock Exchange since May
2014.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements, including management quotes and business outlook,
constitute forward-looking statements under the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements. Such statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in the
forward-looking statements, including but are not limited to the
following: Cheetah Mobile's growth strategies; Cheetah Mobile's
ability to retain and increase its user base and expand its product
and service offerings; Cheetah Mobile's ability to monetize its
platform; Cheetah Mobile's future business development, financial
condition and results of operations; competition with companies in
a number of industries including internet companies that provide
online marketing services and internet value-added services;
expected changes in Cheetah Mobile's revenues and certain cost or
expense items; and general economic and business condition globally
and in China. Further information
regarding these and other risks is included in Cheetah Mobile's
filings with the U.S. Securities and Exchange Commission. Cheetah
Mobile does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under applicable law.
Use of Non-GAAP Financial Measures
This release contains the following non-GAAP financial
measures:
- Non-GAAP cost of revenues excludes share-based compensation
expenses
- Non-GAAP gross profit excludes share-based compensation
expenses
- Non-GAAP gross margin excludes share-based compensation
expense
- Total non-GAAP operating expenses exclude share-based
compensation expenses and impairment of goodwill
- Non-GAAP research and development expenses exclude share-based
compensation expenses
- Non-GAAP selling and marketing expenses exclude share-based
compensation expenses
- Non-GAAP general and administrative expenses exclude
share-based compensation expenses
- Non-GAAP operating profit/loss excludes share-based
compensation expenses and impairment of goodwill
- Non-GAAP net income/loss attributable to Cheetah Mobile
shareholders excludes share-based compensation expenses and
impairment of goodwill
- Non-GAAP diluted income/loss per ADS excludes share-based
compensation expenses and impairment of goodwill
The Company reviews these non-GAAP financial measures together
with GAAP financial measures to obtain a better understanding of
its operating performance. It uses the non-GAAP financial measures
for planning, forecasting and measuring results against the
forecast. The Company believes that non-GAAP financial measures are
useful supplemental information for investors and analysts to
assess its operating performance without the effect of share-based
compensation expenses, which have been and will continue to be
significant recurring expenses in its business. However, the use of
non-GAAP financial measures has material limitations as an
analytical tool. One of the limitations of using non-GAAP financial
measures is that they do not include all items that impact the
Company's net income for the period. In addition, because non-GAAP
financial measures are not measured in the same manner by all
companies, they may not be comparable to other similarly titled
measures used by other companies. In light of the foregoing
limitations, you should not consider non-GAAP financial measure in
isolation from or as an alternative to the financial measure
prepared in accordance with U.S. GAAP. For more information on
these non-GAAP financial measures, please see the tables captioned
"Cheetah Mobile Inc. Reconciliations of GAAP and Non-GAAP
Results".
Investor Relations Contact
Cheetah Mobile Inc.
Tel: +86 10 6292 7779 ext. 1600
Email: ir@cmcm.com
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|
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|
|
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CHEETAH MOBILE
INC.
|
Condensed
Consolidated Balance Sheets
|
(Unaudited,
amounts in thousands of Renminbi ("RMB") and US dollars
("US$"))
|
|
|
|
|
|
|
|
As
of
|
|
December 31, 2019
|
|
December 31,
2020
|
|
December 31,
2020
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
983,004
|
|
1,299,658
|
|
199,181
|
Restricted
cash
|
2,638
|
|
797
|
|
122
|
Short-term
investments
|
1,369,118
|
|
360,803
|
|
55,295
|
Accounts
receivable
|
469,276
|
|
225,637
|
|
34,580
|
Prepayments and other
current assets
|
936,109
|
|
850,977
|
|
130,418
|
Due from related
parties
|
233,255
|
|
202,476
|
|
31,031
|
Total current
assets
|
3,993,400
|
|
2,940,348
|
|
450,627
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Property and
equipment, net
|
103,397
|
|
101,984
|
|
15,630
|
Right-of-use assets,
net
|
183,563
|
|
17,729
|
|
2,717
|
Intangible assets,
net
|
44,476
|
|
12,575
|
|
1,927
|
Investment in equity investees
|
194,473
|
|
216,126
|
|
33,123
|
Other long term investments
|
2,322,251
|
|
2,193,600
|
|
336,184
|
Due from related
parties
|
25,533
|
|
23,881
|
|
3,660
|
Deferred tax
assets
|
31,951
|
|
15,607
|
|
2,392
|
Other non-current
assets
|
112,700
|
|
105,478
|
|
16,165
|
Total non-current
assets
|
3,018,344
|
|
2,686,980
|
|
411,798
|
|
|
|
|
|
|
Total
assets
|
7,011,744
|
|
5,627,328
|
|
862,425
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
87,524
|
|
103,970
|
|
15,934
|
Accrued expenses and
other current liabilities
|
1,504,728
|
|
1,399,915
|
|
214,547
|
Due to related
parties
|
92,210
|
|
50,800
|
|
7,785
|
Income tax
payable
|
60,657
|
|
27,505
|
|
4,215
|
Total current
liabilities
|
1,745,119
|
|
1,582,190
|
|
242,481
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Deferred tax
liabilities
|
82,847
|
|
60,502
|
|
9,272
|
Other non-current
liabilities
|
189,231
|
|
184,632
|
|
28,296
|
Total non-current
liabilities
|
272,078
|
|
245,134
|
|
37,568
|
|
|
|
|
|
|
Total
liabilities
|
2,017,197
|
|
1,827,324
|
|
280,049
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
Ordinary
shares
|
225
|
|
234
|
|
36
|
Additional paid-in
capital
|
2,649,342
|
|
2,726,619
|
|
417,873
|
Retained
earnings
|
1,944,938
|
|
868,800
|
|
133,149
|
Accumulated other
comprehensive income
|
337,773
|
|
163,340
|
|
25,033
|
Total Cheetah
Mobile shareholders' equity
|
4,932,278
|
|
3,758,993
|
|
576,091
|
Noncontrolling
interests
|
62,269
|
|
41,011
|
|
6,285
|
|
|
|
|
|
|
Total
equity
|
4,994,547
|
|
3,800,004
|
|
582,376
|
|
|
|
|
|
|
Total liabilities
and equity
|
7,011,744
|
|
5,627,328
|
|
862,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHEETAH MOBILE
INC.
|
Condensed
Consolidated Statements of Comprehensive Income
(Loss)
|
(Unaudited,
amounts in thousands of Renminbi ("RMB") and US dollars ("US$"),
except for number of shares and per share(or ADS)
data)
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
December 31,
2019
|
|
September 30,
2020
|
|
December 31,
2020
|
|
December 31,
2020
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues
|
612,003
|
|
365,098
|
|
271,217
|
|
41,566
|
Internet
business
|
583,698
|
|
343,802
|
|
256,976
|
|
39,384
|
AI and
others
|
28,305
|
|
21,296
|
|
14,241
|
|
2,183
|
|
|
|
|
|
|
|
|
Cost of revenues
(a)
|
(182,271)
|
|
(113,584)
|
|
(74,050)
|
|
(11,349)
|
Gross
profit
|
429,732
|
|
251,514
|
|
197,167
|
|
30,217
|
|
|
|
|
|
|
|
|
Operating income
and expenses:
|
|
|
|
|
|
|
|
Research and
development (a)
|
(153,530)
|
|
(117,627)
|
|
(85,161)
|
|
(13,051)
|
Selling and marketing
(a)
|
(343,993)
|
|
(165,547)
|
|
(89,944)
|
|
(13,785)
|
General and
administrative (a)
|
(174,899)
|
|
(91,021)
|
|
(87,312)
|
|
(13,381)
|
Impairment of
goodwill
|
(545,665)
|
|
-
|
|
-
|
|
-
|
Other operating
income (expense)
|
7,910
|
|
(3,354)
|
|
(8,924)
|
|
(1,368)
|
Total operating
income and expenses
|
(1,210,177)
|
|
(377,549)
|
|
(271,341)
|
|
(41,585)
|
|
|
|
|
|
|
|
|
Operating
loss
|
(780,445)
|
|
(126,035)
|
|
(74,174)
|
|
(11,368)
|
Other income
(expenses):
|
|
|
|
|
|
|
|
Interest income,
net
|
18,849
|
|
7,228
|
|
2,077
|
|
318
|
Foreign exchange
gain
|
5,478
|
|
32,690
|
|
22,203
|
|
3,403
|
(Loss) gain from
equity method investments, net
|
(322)
|
|
3,115
|
|
(7,883)
|
|
(1,208)
|
Other (expense)
income, net
|
(151,665)
|
-
|
378,297
|
-
|
102,286
|
|
15,676
|
|
|
|
|
|
|
|
|
(Loss) Income
before taxes
|
(908,105)
|
|
295,295
|
|
44,509
|
|
6,821
|
Income tax benefit
(expenses)
|
36,927
|
|
(31,794)
|
|
23,441
|
|
3,592
|
Net (loss)
income
|
(871,178)
|
|
263,501
|
|
67,950
|
|
10,414
|
Less: net (loss)
income attributable to noncontrolling interests
|
(50,020)
|
|
4,333
|
|
(486)
|
|
(74)
|
Net (loss) income
attributable to Cheetah Mobile shareholders
|
(821,158)
|
|
259,168
|
|
68,436
|
|
10,488
|
|
|
|
|
|
|
|
|
(Loss) Earnings
per share
|
|
|
|
|
|
|
|
Basic
|
(0.60)
|
|
0.18
|
|
0.05
|
|
0.01
|
Diluted
|
(0.60)
|
|
0.18
|
|
0.05
|
|
0.01
|
|
|
|
|
|
|
|
|
(Loss) Earnings
per ADS
|
|
|
|
|
|
|
|
Basic
|
(5.98)
|
|
1.83
|
|
0.49
|
|
0.07
|
Diluted
|
(5.98)
|
|
1.82
|
|
0.49
|
|
0.07
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding
|
|
|
|
|
|
|
|
Basic
|
1,374,016,957
|
|
1,416,988,202
|
|
1,419,268,065
|
|
1,419,268,065
|
Diluted
|
1,374,016,957
|
|
1,421,872,320
|
|
1,421,488,309
|
|
1,421,488,309
|
Weighted average
number of ADSs outstanding
|
|
|
|
|
|
|
|
Basic
|
137,401,696
|
|
141,698,820
|
|
141,926,807
|
|
141,926,807
|
Diluted
|
137,401,696
|
|
142,187,232
|
|
142,148,831
|
|
142,148,831
|
|
|
|
|
|
|
|
|
Other
comprehensive (loss) income, net of tax of nil
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
(60,937)
|
|
(106,081)
|
|
(119,253)
|
|
(18,276)
|
Unrealized gain on
available-for-sale securities, net
|
4,241
|
|
-
|
|
-
|
|
-
|
Other
comprehensive loss
|
(56,696)
|
|
(106,081)
|
|
(119,253)
|
|
(18,276)
|
Total
comprehensive (loss) income
|
(927,874)
|
|
157,420
|
|
(51,303)
|
|
(7,863)
|
Less: Total
comprehensive (loss) income attributable to noncontrolling
interests
|
(52,056)
|
|
3,563
|
|
(1,268)
|
|
(194)
|
Total
comprehensive (loss) income attributable to Cheetah Mobile
shareholders
|
(875,818)
|
|
153,857
|
|
(50,034)
|
|
(7,668)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHEETAH MOBILE
INC.
|
Condensed
Consolidated Statements of Comprehensive Income
(Loss)
|
(Unaudited,
amounts in thousands of Renminbi ("RMB") and US dollars ("US$"),
except for number of shares and per share(or ADS)
data)
|
|
|
For The Three
Months Ended
|
|
|
|
September 30,
2020
|
|
December 31,
2020
|
|
December 31,
2020
|
(a) Share-based
compensation expenses
|
|
RMB
|
|
RMB
|
|
USD
|
Cost of
revenues
|
|
366
|
|
352
|
|
54
|
Research and
development
|
|
5,099
|
|
5,429
|
|
832
|
Selling and
marketing
|
|
(1,120)
|
|
470
|
|
72
|
General and
administrative
|
|
2,782
|
|
10,501
|
|
1,609
|
Total
|
|
7,127
|
|
16,752
|
|
2,567
|
|
CHEETAH MOBILE
INC.
|
Reconciliation of
GAAP and Non-GAAP Results
|
(Unaudited,
amounts in thousands of Renminbi ("RMB") and US dollars ("US$"),
except for per share data )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended December 31, 2020
|
|
GAAP
|
|
Share-based
|
|
Non-GAAP
|
|
Non-GAAP
|
|
Result
|
|
Compensation
|
|
Result
|
|
Result
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues
|
271,217
|
|
-
|
|
271,217
|
|
41,566
|
Cost of
revenues
|
(74,050)
|
|
352
|
|
(73,698)
|
|
(11,295)
|
Gross
profit
|
197,167
|
|
352
|
|
197,519
|
|
30,271
|
|
|
|
|
|
|
|
|
Research and
development
|
(85,161)
|
|
5,429
|
|
(79,732)
|
|
(12,219)
|
Selling and
marketing
|
(89,944)
|
|
470
|
|
(89,474)
|
|
(13,713)
|
General and
administrative
|
(87,312)
|
|
10,501
|
|
(76,811)
|
|
(11,772)
|
Other operating
expense
|
(8,924)
|
|
-
|
|
(8,924)
|
|
(1,368)
|
Total operating
income and expenses
|
(271,341)
|
|
16,400
|
|
(254,941)
|
|
(39,072)
|
|
|
|
|
|
|
|
|
Operating
loss
|
(74,174)
|
|
16,752
|
|
(57,422)
|
|
(8,801)
|
Net income
attributable to Cheetah Mobile shareholders
|
68,436
|
|
16,752
|
|
85,188
|
|
13,056
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
0.05
|
|
0.01
|
|
0.06
|
|
|
Diluted earnings per
ADS (RMB)
|
0.49
|
|
0.12
|
|
0.60
|
|
|
Diluted earnings per
ADS (USD)
|
0.07
|
|
0.02
|
|
0.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended September 30, 2020
|
|
|
|
GAAP
|
|
Share-based
|
|
Non-GAAP
|
|
|
|
Result
|
|
Compensation
|
|
Result
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
Revenues
|
365,098
|
|
-
|
|
365,098
|
|
|
Cost of
revenues
|
(113,584)
|
|
366
|
|
(113,218)
|
|
|
Gross
profit
|
251,514
|
|
366
|
|
251,880
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
(117,627)
|
|
5,099
|
|
(112,528)
|
|
|
Selling and
marketing
|
(165,547)
|
|
(1,120)
|
|
(166,667)
|
|
|
General and
administrative
|
(91,021)
|
|
2,782
|
|
(88,239)
|
|
|
Other operating
expense
|
(3,354)
|
|
-
|
|
(3,354)
|
|
|
Total operating
income and expenses
|
(377,549)
|
|
6,761
|
|
(370,788)
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
(126,035)
|
|
7,127
|
|
(118,908)
|
|
|
Net income
attributable to Cheetah Mobile shareholders
|
259,168
|
|
7,127
|
|
266,295
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
0.18
|
|
0.01
|
|
0.19
|
|
|
Diluted earnings per
ADS (RMB)
|
1.82
|
|
0.05
|
|
1.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended December 31, 2019
|
|
GAAP
|
|
Share-based
|
|
Impairment
|
|
Non-GAAP
|
|
Result
|
|
Compensation
|
|
of
Goodwill
|
|
Result
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
Revenues
|
612,003
|
|
-
|
|
-
|
|
612,003
|
Cost of
revenues
|
(182,271)
|
|
108
|
|
-
|
|
(182,163)
|
Gross
profit
|
429,732
|
|
108
|
|
-
|
|
429,840
|
|
|
|
|
|
|
|
|
Research and
development
|
(153,530)
|
|
15,995
|
|
-
|
|
(137,535)
|
Selling and
marketing
|
(343,993)
|
|
1,058
|
|
-
|
|
(342,935)
|
General and
administrative
|
(174,899)
|
|
14,155
|
|
-
|
|
(160,744)
|
Impairment of
goodwill
|
(545,665)
|
|
-
|
|
545,665
|
|
-
|
Other operating
income
|
7,910
|
|
-
|
|
-
|
|
7,910
|
Total operating
income and expenses
|
(1,210,177)
|
|
31,208
|
|
545,665
|
|
(633,304)
|
|
|
|
|
|
|
|
|
Operating
loss
|
(780,445)
|
|
31,316
|
|
545,665
|
|
(203,464)
|
Net loss attributable
to Cheetah Mobile shareholders
|
(821,158)
|
|
31,316
|
|
545,665
|
|
(244,177)
|
|
|
|
|
|
|
|
|
Diluted loss per
ordinary share (RMB)
|
(0.60)
|
|
0.02
|
|
0.40
|
|
(0.18)
|
Diluted loss per ADS
(RMB)
|
(5.98)
|
|
0.23
|
|
3.97
|
|
(1.78)
|
|
|
|
|
|
|
|
|
CHEETAH MOBILE
INC.
|
Information about
Segment
|
(Unaudited,
amounts in thousands of Renminbi ("RMB") and US dollars ("US$"),
except for percentage)
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended December 31, 2020
|
|
|
|
Internet
Business
|
|
AI and
others
|
|
Unallocated*
|
|
Consolidated
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Revenue
|
256,976
|
|
14,241
|
|
-
|
|
271,217
|
|
41,566
|
Operating profit
(loss)
|
75,559
|
|
(132,981)
|
|
(16,752)
|
|
(74,174)
|
|
(11,368)
|
Operating
margin
|
29.4%
|
|
(933.8)%
|
|
-
|
|
(27.3)%
|
|
(27.3)%
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended September 30, 2020
|
|
|
|
Internet
Business
|
|
AI and
others
|
|
Unallocated*
|
|
Consolidated
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
Revenue
|
343,802
|
|
21,296
|
|
-
|
|
365,098
|
|
|
Operating profit
(loss)
|
71,451
|
|
(190,358)
|
|
(7,127)
|
|
(126,035)
|
|
|
Operating
margin
|
20.8%
|
|
(893.9)%
|
|
-
|
|
(34.5)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended December 31, 2019
|
|
|
|
Internet
Business
|
|
AI and
others
|
|
Unallocated*
|
|
Consolidated
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
Revenue
|
583,698
|
|
28,305
|
|
-
|
|
612,003
|
|
|
Operating
loss
|
(91,714)
|
|
(111,750)
|
|
(576,981)
|
|
(780,445)
|
|
|
Operating
margin
|
(15.7)%
|
|
(394.8)%
|
|
-
|
|
(127.5)%
|
|
|
|
|
|
|
|
|
|
|
|
|
* Unallocated
expenses refer to SBC expenses and goodwill impairment that are not
allocated to individual segments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHEETAH MOBILE
INC.
|
Reconciliation
from Net Income Attributable to Cheetah Mobile Shareholders to
Adjusted EBITDA (Non-GAAP)
|
(Unaudited,
amounts in thousands of Renminbi ("RMB") and US dollars
("US$"))
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
December 31,
2019
|
|
September 30,
2020
|
|
December 31,
2020
|
|
December 31,
2020
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Net (loss) income
attributable to Cheetah Mobile shareholders
|
(821,158)
|
|
259,168
|
|
68,436
|
|
10,488
|
Add:
|
|
|
|
|
|
|
|
Income tax (benefits)
expenses
|
(36,927)
|
|
31,794
|
|
(23,441)
|
|
(3,592)
|
Interest income,
net
|
(18,849)
|
|
(7,228)
|
|
(2,077)
|
|
(318)
|
Depreciation and
amortization
|
16,108
|
|
17,297
|
|
14,172
|
|
2,172
|
Net (loss) income
attributable to noncontrolling interests
|
(50,020)
|
|
4,333
|
|
(486)
|
|
(74)
|
Other expense
(income), net
|
146,509
|
|
(414,102)
|
|
(116,606)
|
|
(17,871)
|
Share-based
compensation
|
31,316
|
|
7,127
|
|
16,752
|
|
2,567
|
Impairment of
goodwill
|
545,665
|
|
-
|
|
-
|
|
|
Adjusted
EBITDA
|
(187,356)
|
|
(101,611)
|
|
(43,250)
|
|
(6,628)
|
|
|
|
|
|
|
|
|
CHEETAH MOBILE
INC.
|
Condensed
Consolidated Statements of Comprehensive Income
(Loss)
|
(Unaudited,
amounts in thousands of Renminbi ("RMB") and US dollars ("US$"),
except for number of shares and per share(or ADS)
data)
|
|
|
|
|
|
|
|
For The Years
Ended
|
|
December 31,
2019
|
|
December 31,
2020
|
|
December 31,
2020
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues
|
3,587,695
|
|
1,558,613
|
|
238,868
|
Internet
business
|
3,444,573
|
|
1,471,867
|
|
225,574
|
AI and
others
|
143,122
|
|
86,746
|
|
13,294
|
|
|
|
|
|
|
Cost of revenues
(a)
|
(1,241,932)
|
|
(449,031)
|
|
(68,817)
|
Gross
profit
|
2,345,763
|
|
1,109,582
|
|
170,051
|
|
|
|
|
|
|
Operating income
and expenses:
|
|
|
|
|
|
Research and
development (a)
|
(787,329)
|
|
(470,412)
|
|
(72,094)
|
Selling and marketing
(a)
|
(1,558,315)
|
|
(763,806)
|
|
(117,058)
|
General and
administrative (a)
|
(587,457)
|
|
(400,794)
|
|
(61,424)
|
Impairment of
goodwill
|
(545,665)
|
|
-
|
|
-
|
Other operating
income (expense)
|
22,091
|
|
(5,684)
|
|
(871)
|
Total operating
income and expenses
|
(3,456,675)
|
|
(1,640,696)
|
|
(251,447)
|
|
|
|
|
|
|
Operating
loss
|
(1,110,912)
|
|
(531,115)
|
|
(81,396)
|
Other income
(expenses):
|
|
|
|
|
|
Interest income,
net
|
110,010
|
|
35,655
|
|
5,464
|
Foreign exchange
gain
|
49
|
|
39,393
|
|
6,037
|
Gain (loss) from
equity method investments, net
|
19,781
|
|
(12,683)
|
|
(1,944)
|
Other income,
net
|
615,385
|
|
977,000
|
|
149,732
|
|
|
|
|
|
|
(Loss) Income
before taxes
|
(365,687)
|
|
508,250
|
|
77,893
|
Income tax
expenses
|
(7,904)
|
|
(97,090)
|
|
(14,880)
|
Net (loss)
income
|
(373,591)
|
|
411,160
|
|
63,013
|
Less: net loss
attributable to noncontrolling interests
|
(59,614)
|
|
(5,575)
|
|
(854)
|
Net (loss) income
attributable to Cheetah Mobile shareholders
|
(313,977)
|
|
416,735
|
|
63,867
|
|
|
|
|
|
|
(Loss) Earnings
per share
|
|
|
|
|
|
Basic
|
(0.25)
|
|
0.31
|
|
0.05
|
Diluted
|
(0.25)
|
|
0.30
|
|
0.05
|
|
|
|
|
|
|
(Loss) Earnings
per ADS
|
|
|
|
|
|
Basic
|
(2.51)
|
|
3.05
|
|
0.47
|
Diluted
|
(2.51)
|
|
3.01
|
|
0.46
|
|
|
|
|
|
|
Weighted average
number of shares outstanding
|
|
|
|
|
|
Basic
|
1,369,041,418
|
|
1,399,445,964
|
|
1,399,445,964
|
Diluted
|
1,369,041,418
|
|
1,418,004,484
|
|
1,418,004,484
|
Weighted average
number of ADSs outstanding
|
|
|
|
|
|
Basic
|
136,904,142
|
|
139,944,596
|
|
139,944,596
|
Diluted
|
136,904,142
|
|
141,800,448
|
|
141,800,448
|
|
|
|
|
|
|
Other
comprehensive income (loss), net of tax of nil
|
|
|
|
|
|
Foreign currency
translation adjustments
|
77,097
|
|
(167,476)
|
|
(25,667)
|
Unrealized gain
(loss) on available-for-sale securities, net
|
10,913
|
|
(7,250)
|
|
(1,111)
|
Other
comprehensive income (loss)
|
88,010
|
|
(174,726)
|
|
(26,778)
|
Total
comprehensive (loss) income
|
(285,581)
|
|
236,435
|
|
36,235
|
Less: Total
comprehensive loss attributable to noncontrolling
interests
|
(60,073)
|
|
(5,867)
|
|
(899)
|
Total
comprehensive (loss) income attributable to Cheetah Mobile
shareholders
|
(225,508)
|
|
242,302
|
|
37,134
|
|
|
|
|
|
|
|
|
|
|
|
|
CHEETAH MOBILE
INC.
Condensed Consolidated Statements of Comprehensive Income
(Loss)
(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars
("US$"), except for number of shares and per share(or ADS)
data)
|
|
For The Years
Ended
|
|
December 31,
2019
|
|
December 31,
2020
|
|
December 31,
2020
|
|
RMB
|
|
RMB
|
|
USD
|
(a) Share-based
compensation expenses
|
|
|
|
|
|
Cost of
revenues
|
524
|
|
1,044
|
|
160
|
Research and
development
|
59,771
|
|
29,091
|
|
4,458
|
Selling and
marketing
|
3,818
|
|
(1,087)
|
|
(167)
|
General and
administrative
|
63,327
|
|
51,934
|
|
7,959
|
Total
|
127,440
|
|
80,982
|
|
12,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHEETAH MOBILE
INC.
|
Reconciliation of
GAAP and Non-GAAP Results
|
(Unaudited,
amounts in thousands of Renminbi ("RMB") and US dollars ("US$"),
except for per share data )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Year Ended
December 31, 2020
|
|
|
|
GAAP
|
|
Share-based
|
|
Non-GAAP
|
|
Non-GAAP
|
|
|
|
Result
|
|
Compensation
|
|
Result
|
|
Result
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Revenues
|
1,558,613
|
|
-
|
|
1,558,613
|
|
238,868
|
|
|
Cost of
revenues
|
(449,031)
|
|
1,044
|
|
(447,987)
|
|
(68,657)
|
|
|
Gross
profit
|
1,109,582
|
|
1,044
|
|
1,110,626
|
|
170,211
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
(470,412)
|
|
29,091
|
|
(441,321)
|
|
(67,635)
|
|
|
Selling and
marketing
|
(763,806)
|
|
(1,087)
|
|
(764,893)
|
|
(117,225)
|
|
|
General and
administrative
|
(400,794)
|
|
51,934
|
|
(348,860)
|
|
(53,465)
|
|
|
Other operating
expense
|
(5,684)
|
|
-
|
|
(5,684)
|
|
(871)
|
|
|
Total operating
income and expenses
|
(1,640,696)
|
|
79,938
|
|
(1,560,758)
|
|
(239,196)
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
(531,115)
|
|
80,982
|
|
(450,133)
|
|
(68,986)
|
|
|
Net income
attributable to Cheetah Mobile shareholders
|
416,735
|
|
80,982
|
|
497,717
|
|
76,279
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
0.30
|
|
0.06
|
|
0.36
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
3.01
|
|
0.57
|
|
3.59
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
0.46
|
|
0.09
|
|
0.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Year Ended
December 31, 2019
|
|
|
|
GAAP
|
|
Share-based
|
|
Impairment
|
|
Non-GAAP
|
|
|
|
Result
|
|
Compensation
|
|
of
Goodwill
|
|
Result
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
Revenues
|
3,587,695
|
|
-
|
|
-
|
|
3,587,695
|
|
|
Cost of
revenues
|
(1,241,932)
|
|
524
|
|
-
|
|
(1,241,408)
|
|
|
Gross
profit
|
2,345,763
|
|
524
|
|
-
|
|
2,346,287
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
(787,329)
|
|
59,771
|
|
-
|
|
(727,558)
|
|
|
Selling and
marketing
|
(1,558,315)
|
|
3,818
|
|
-
|
|
(1,554,497)
|
|
|
General and
administrative
|
(587,457)
|
|
63,327
|
|
-
|
|
(524,130)
|
|
|
Impairment of
goodwill
|
(545,665)
|
|
-
|
|
545,665
|
|
-
|
|
|
Other operating
income
|
22,091
|
|
-
|
|
-
|
|
22,091
|
|
|
Total operating
income and expenses
|
(3,456,675)
|
|
126,916
|
|
545,665
|
|
(2,784,094)
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
(1,110,912)
|
|
127,440
|
|
545,665
|
|
(437,807)
|
|
|
Net (loss) income
attributable to Cheetah Mobile shareholders
|
(313,977)
|
|
127,440
|
|
545,665
|
|
359,128
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss)
earnings per ordinary share (RMB)
|
(0.25)
|
|
0.09
|
|
0.40
|
|
0.24
|
|
|
Diluted (loss)
earnings per ADS (RMB)
|
(2.51)
|
|
0.93
|
|
3.99
|
|
2.41
|
|
|
|
|
|
|
|
|
|
|
|
|
CHEETAH MOBILE
INC.
|
Information about
Segment
|
(Unaudited,
amounts in thousands of Renminbi ("RMB") and US dollars ("US$"),
except for percentage)
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Year Ended
December 31, 2020
|
|
|
Internet
Business
|
|
AI and
others
|
|
Unallocated*
|
|
Consolidated
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
Revenue
|
1,471,867
|
|
86,746
|
|
-
|
|
1,558,613
|
|
238,868
|
|
Operating profit
(loss)
|
190,428
|
|
(640,562)
|
|
(80,982)
|
|
(531,115)
|
|
(81,396)
|
|
Operating
margin
|
12.9%
|
|
(738.4)%
|
|
|
|
(34.1)%
|
|
(34.1)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Year Ended
December 31, 2019
|
|
|
|
|
Internet
Business
|
|
AI and
others
|
|
Unallocated*
|
|
Consolidated
|
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
|
Revenue
|
3,444,573
|
|
143,122
|
|
-
|
|
3,587,695
|
|
|
|
Operating
loss
|
(78,180)
|
|
(359,627)
|
|
(673,105)
|
|
(1,110,912)
|
|
|
|
Operating
margin
|
(2.3)%
|
|
(251.3)%
|
|
|
|
(31.0)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Unallocated
expenses refer to SBC expenses and goodwill impairment that are not
allocated to individual segments.
|
|
|
|
|
|
|
|
|
|
|
|
CHEETAH MOBILE
INC.
|
Reconciliation
from Net Income (Loss) Attributable to Cheetah Mobile Shareholders
to Adjusted EBITDA (Non-GAAP)
|
(Unaudited,
amounts in thousands of Renminbi ("RMB") and US dollars
("US$"))
|
|
|
|
|
|
|
|
|
|
For The Years
Ended
|
|
|
December 31,
2019
|
|
December 31,
2020
|
|
December 31,
2020
|
|
|
RMB
|
|
RMB
|
|
USD
|
Net (loss) income
attributable to Cheetah Mobile shareholders
|
|
(313,977)
|
|
416,735
|
|
63,867
|
Add:
|
|
|
|
|
|
|
Income tax
expense
|
|
7,904
|
|
97,090
|
|
14,880
|
Interest
income, net
|
|
(110,010)
|
|
(35,655)
|
|
(5,464)
|
Depreciation and amortization
|
|
65,461
|
|
68,545
|
|
10,505
|
Net loss
attributable to noncontrolling interests
|
|
(59,614)
|
|
(5,575)
|
|
(854)
|
Other
income, net
|
|
(635,215)
|
|
(1,003,710)
|
|
(153,825)
|
Share-based compensation
|
|
127,440
|
|
80,982
|
|
12,410
|
Impairment
of goodwill
|
|
545,665
|
|
-
|
|
-
|
Adjusted
EBITDA
|
|
(372,346)
|
|
(381,588)
|
|
(58,481)
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/cheetah-mobile-announces-fourth-quarter-and-full-year-2020-unaudited-consolidated-financial-results-301253717.html
SOURCE Cheetah Mobile Inc