BEIJING, June 11, 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 first quarter 2021 ended March 31, 2021.
Management Commentary
Mr. Sheng Fu, Cheetah Mobile's
Chairman and Chief Executive Officer, stated, "Despite seasonality,
Cheetah Mobile's total revenues in the first quarter of 2021 were
RMB198 million, which was within our
guidance. Our internet business is in line with our strategy of
focusing on driving our membership growth to deliver superior user
experience. In this quarter, we saw continued increase in revenues
from our membership services, in terms of both absolute numbers and
a percentage of total internet revenues. For our AI business, we
are on the right track of deploying robots in shopping malls in
China's tier one and tier two
cities to amplify our partners' promotions and help them build
brand recognition. So far, we have successfully entered into
approximately 1,200 shopping malls in more than 40 cities. We
believe that we have been off to a good start and on a firm footing
to achieve our strategic goals step by step."
Mr. Thomas Ren, Cheetah Mobile's
Chief Financial Officer, commented, "In the first quarter of 2021,
we continued to improve our operational efficiency. Our costs were
well controlled and gross margin was 70.1% in this quarter, compared to 62.1% in
the fourth quarter of 2020. Our operating loss narrowed to
RMB57 million, from RMB148 million in the same period last year and
RMB74 million in the fourth quarter
of 2020. In addition, our balance sheet remained robust, with cash
and cash equivalents, restricted cash, and short-term investments
of approximately US$276 million on
March 31, 2021. The abundant cash
resources enable us to invest according to our strategies and
create new milestones for the Company."
First Quarter 2021 Consolidated Financial Results
REVENUES
Total revenues were RMB198.4
million (US$30.3 million) in
the first quarter of 2021, representing a decrease of 62.4% year
over year and a decrease of 25.2% quarter over quarter.
Revenues from the Company's internet business decreased
by 62.2% year over year and 25.3% quarter over quarter to
RMB187.6 million (US$28.6 million) in the first quarter of 2021.
The year-over-year decrease was due to the suspension of the
Company's collaboration with Google since February 2020, as well as the Company's disposal
of certain gaming-related business and assets in the second half of
2020. The quarter-over-quarter decrease was mainly due to the
impact of seasonality and decreased revenues from the diminishing
mobile gaming business.
Revenues from the AI and others was RMB10.8 million (US$1.7
million) in the first quarter of 2021, representing a 65.9%
year-over-year decrease and a 24.0% quarter-over-quarter decrease.
The decline 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 59.8% year over year and 40.9% quarter over quarter to RMB59.4 million (US$9.1 million) in the first quarter of 2021. The
decrease was primarily due to the Company's ongoing efforts to
improve operational efficiency as well as disposals of certain
overseas utility and gaming-related business and assets.
Non-GAAP cost of revenues decreased by 60.0% year over year
and 41.0% quarter over quarter to
RMB59.0 million (US$9.0 million) in the first quarter of 2021.
Gross profit decreased by 63.4%year over year and
15.6%quarter over quarter to RMB139.1
million (US$21.2 million) in
the first quarter of 2021. Non-GAAP gross profit decreased
by 63.4% year over year and 15.6% quarter over quarter to
RMB139.4 million (US$21.3 million) in the first quarter of
2021.
Gross margin was 70.1% in the first quarter of 2021,
compared to 72.0% in the first quarter of 2020 and 62.1% in the
fourth quarter of 2020. Non-GAAP gross margin was 70.2% in the
first quarter of 2021, compared to 72.0% in the first quarter of
2020 and 62.3% in the fourth quarter of 2020.
OPERATING INCOME/LOSS AND EXPENSES
Total operating expenses decreased by 63.0% year over
year and 18.2% quarter over quarter to RMB195.6 million (US$29.9 million) in the first quarter of 2021.
Total non-GAAP operating expenses decreased by 62.1% year
over year and 11.3% quarter over quarter to RMB197.5 million (US$30.1
million) in the first quarter of 2021.
- Research and development expenses decreased by
48.6% year over year and slightly increased by 4.8% quarter over
quarter to RMB73.3 million
(US$11.2 million) in the first
quarter of 2021. The year over year decrease was primarily
attributable to the streamlining of our business, such as the
deconsolidation of certain gaming business. While at the same time,
we have been keeping investing in R&D in our domestic utility
and AI business to optimize our products and services. Non-GAAP
research and development expenses decreased by 48.1% year over
year and increased by 9.3% quarter over quarter to RMB70.5 million (US$10.8
million) in the first quarter of 2021.
- Selling and marketing expenses decreased by 73.7% year
over year and 14.4% quarter over quarter to RMB79.7 million (US$12.2
million) in the first quarter of 2021. This decrease was
mainly due to strategic cut of promotional activities and disposals
of certain gaming business. Non-GAAP selling and marketing
expenses decreased by 73.8% year over year and 13.9% quarter
over quarter to RMB79.8 million
(US$12.2 million) in the first
quarter of 2021.
- General and administrative expenses decreased by 50.2%
year over year and 34.2% quarter over quarter to RMB44.1 million (US$6.7million) in the first quarter of 2021. This
decrease was primarily due to effective expense control, through
which both general and administrative personnel and professional
service fees have been reduced. Non-GAAP general and
administrative expenses decreased by 44.2% year over year and
13.8% quarter over quarter to RMB48.7million (US$7.4million) in the first quarter of 2021.
Operating loss was RMB56.5
million (US$8.6 million) in
the first quarter of 2021, reduced from RMB148.0 million in the same period last year and
RMB74.2 million in the fourth quarter
of 2020. Non-GAAP operating loss was RMB58.2 million (US$8.9
million) in the first quarter of 2021, compared to
RMB141.1 million in the same period
last year and RMB57.4 million in the
fourth quarter of 2020.
- Operating profit for the internet business was
RMB27.7 million in the first quarter
of 2021, compared to an operating profit of RMB7.8 million in the same period last year and
RMB75.6 million in the fourth quarter
of 2020.
- Operating loss for AI and others business was
RMB85.9 million in the first quarter
of 2021, narrowed from an operating loss of RMB148.9 million in the same period last year and
an operating loss of RMB133.0 million
in the fourth quarter of 2020.
Share-based compensation expenses were negative
RMB1.6 million (US$0.2 million) in the first quarter of 2021,
compared to RMB6.9 million in the
same period last year and RMB16.8
million in the fourth quarter of 2020. The negavie
share-based compensation was mainly due to the personnel adjustment
for business streamlining.
OTHER INCOME, NET
Other income, net was RMB85.6
million (US$13.1 million) in
the first quarter of 2021, which was primarily due to the gains
from a partial disposal of some of our investees.
NET INCOME ATTRIBUTABLE TO CHEETAH MOBILE
SHAREHOLDERS
Net income attributable to Cheetah Mobile shareholders
was RMB76.4 million (US$11.7 million) in the first quarter of 2021,
compared to a net loss attributable to Cheetah Mobile shareholders
of RMB104.6 million in the same
period last year and a net income attributable to Cheetah Mobile
shareholders of RMB68.4 million in
the fourth quarter of 2020.
Non-GAAP net income attributable to Cheetah Mobile
shareholders was RMB74.8 million
(US$11.4 million) in the first
quarter of 2021, compared to a non-GAAP net loss attributable to
Cheetah Mobile shareholders of RMB97.7
million in the same period last year and non-GAAP net income
attributable to Cheetah Mobile shareholders of RMB85.2 million in the fourth quarter of
2020.
NET INCOME PER ADS
Diluted earnings per ADS was RMB0.54 (US$0.08)
in the first quarter of 2021, compared to losses per ADS of
RMB0.76 in the same period last year
and earnings per ADS of RMB0.49 in
the fourth quarter of 2020. Non-GAAP diluted earnings per
ADS was RMB0.53 (US$0.08) in first quarter of 2021, compared to
losses per ADS of RMB0.71 in the same
period last year and earnings per ADS of RMB0.60 in the fourth quarter of 2020.
BALANCE SHEET
As of March 31, 2021, the Company
had cash and cash equivalents, restricted cash, and short-term
investments of RMB1,806.3 million
(US$275.7 million).
SHARES ISSUED AND OUTSTANDING
As of March 31, 2021, 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.
Business Outlook
For the second quarter of 2021, the Company expects its total
revenues to be between RMB175 million
(US$26.7 million) and RMB225 million (US$34.3
million). This amount reflects the Company's current and
preliminary expectations.
Conference Call Information
The Company will hold a conference call on June 11, 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 through June 18, 2021 by dialing the following
numbers:
International:
|
+1-412-317-0088
|
United States Toll
Free:
|
+1-877-344-7529
|
Access
Code:
|
10157331
|
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 RMB6.5518 to US$1.00, the exchange rate in effect as of
March 31, 2021, 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 an array of
internet products such as Clean Master, Security Master and several
casual games. The Company provides advertising services to
advertisers worldwide as well as value-added services including the
sale of premium membership and in-app virtual items to its users.
Cheetah Mobile is also 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
- Non-GAAP net income/loss attributable to Cheetah Mobile
shareholders excludes share-based compensation expenses
- Non-GAAP diluted income/loss per ADS excludes share-based
compensation expenses
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
Email: ir@cmcm.com
CHEETAH MOBILE
INC.
|
Condensed
Consolidated Balance Sheets
|
(Unaudited,
amounts in thousands of Renminbi ("RMB") and US dollars
("US$"))
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of
|
|
December
31, 2020
|
|
March 31,
2021
|
|
March 31,
2021
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
1,299,658
|
|
1,259,611
|
|
192,254
|
Restricted
cash
|
797
|
|
801
|
|
122
|
Short-term
investments
|
360,803
|
|
545,920
|
|
83,324
|
Accounts
receivable
|
225,586
|
|
197,479
|
|
30,141
|
Prepayments and other
current assets
|
835,694
|
|
829,313
|
|
126,578
|
Due from related
parties
|
224,323
|
|
196,922
|
|
30,056
|
Total current
assets
|
2,946,861
|
|
3,030,046
|
|
462,475
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Property and
equipment, net
|
101,984
|
|
96,775
|
|
14,771
|
Right-of-use assets,
net
|
17,729
|
|
6,951
|
|
1,061
|
Intangible assets,
net
|
12,575
|
|
11,750
|
|
1,793
|
Investment in equity investees
|
216,126
|
|
272,916
|
|
41,655
|
Other long term investments
|
2,193,600
|
|
2,120,107
|
|
323,592
|
Due from related
parties
|
3,522
|
|
-
|
|
-
|
Deferred tax
assets
|
15,607
|
|
15,274
|
|
2,331
|
Other non-current
assets
|
105,479
|
|
93,640
|
|
14,293
|
Total non-current
assets
|
2,666,622
|
|
2,617,413
|
|
399,496
|
|
|
|
|
|
|
Total
assets
|
5,613,483
|
|
5,647,459
|
|
861,971
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
105,832
|
|
118,300
|
|
18,056
|
Accrued expenses and
other current liabilities
|
1,390,042
|
|
1,315,707
|
|
200,815
|
Due to related
parties
|
48,938
|
|
51,405
|
|
7,846
|
Income tax
payable
|
27,505
|
|
34,705
|
|
5,297
|
Total current
liabilities
|
1,572,317
|
|
1,520,117
|
|
232,014
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Deferred tax
liabilities
|
60,502
|
|
60,813
|
|
9,282
|
Other non-current
liabilities
|
192,272
|
|
184,915
|
|
28,224
|
Total non-current
liabilities
|
252,774
|
|
245,728
|
|
37,506
|
|
|
|
|
|
|
Total
liabilities
|
1,825,091
|
|
1,765,845
|
|
269,520
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
Ordinary
shares
|
234
|
|
234
|
|
36
|
Additional paid-in
capital
|
2,726,619
|
|
2,727,765
|
|
416,338
|
Retained
earnings
|
857,188
|
|
933,635
|
|
142,501
|
Accumulated other
comprehensive income
|
163,340
|
|
177,966
|
|
27,163
|
Total Cheetah
Mobile shareholders' equity
|
3,747,381
|
|
3,839,600
|
|
586,038
|
Noncontrolling
interests
|
41,011
|
|
42,014
|
|
6,413
|
|
|
|
|
|
|
Total
equity
|
3,788,392
|
|
3,881,614
|
|
592,451
|
|
|
|
|
|
|
Total liabilities
and equity
|
5,613,483
|
|
5,647,459
|
|
861,971
|
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
|
|
March 31,
2020
|
|
December 31,
2020
|
|
March 31,
2021
|
|
March 31,
2021
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues
|
528,088
|
|
265,249
|
|
198,420
|
|
30,285
|
Internet
business
|
496,330
|
|
251,008
|
|
187,598
|
|
28,633
|
AI and
others
|
31,758
|
|
14,241
|
|
10,822
|
|
1,652
|
|
|
|
|
|
|
|
|
Cost of revenues
(a)
|
(147,736)
|
|
(100,397)
|
|
(59,359)
|
|
(9,060)
|
Gross
profit
|
380,352
|
|
164,852
|
|
139,061
|
|
21,225
|
|
|
|
|
|
|
|
|
Operating income
and expenses:
|
|
|
|
|
|
|
|
Research and
development (a)
|
(142,588)
|
|
(69,928)
|
|
(73,251)
|
|
(11,180)
|
Selling and marketing
(a)
|
(302,753)
|
|
(93,124)
|
|
(79,716)
|
|
(12,167)
|
General and
administrative (a)
|
(88,621)
|
|
(67,050)
|
|
(44,106)
|
|
(6,733)
|
Other operating
income (expense)
|
5,596
|
|
(8,924)
|
|
1,484
|
|
227
|
Total operating
expenses
|
(528,366)
|
|
(239,027)
|
|
(195,589)
|
|
(29,853)
|
|
|
|
|
|
|
|
|
Operating
loss
|
(148,014)
|
|
(74,174)
|
|
(56,528)
|
|
(8,628)
|
Other income
(expenses):
|
|
|
|
|
|
|
|
Interest income,
net
|
17,854
|
|
2,077
|
|
4,786
|
|
730
|
Foreign exchange (loss)
gain
|
(12,091)
|
|
22,203
|
|
(4,846)
|
|
(739)
|
(Loss) gain from
equity method investments, net
|
(2,463)
|
|
(7,883)
|
|
56,040
|
|
8,553
|
Other income,
net
|
42,868
|
|
102,286
|
|
85,561
|
|
13,059
|
|
|
|
|
|
|
|
|
(Loss) Income
before taxes
|
(101,846)
|
|
44,509
|
|
85,013
|
|
12,975
|
Income tax (expenses)
benefit
|
(6,539)
|
|
23,441
|
|
(7,792)
|
|
(1,189)
|
Net (loss)
income
|
(108,385)
|
|
67,950
|
|
77,221
|
|
11,786
|
Less: net (loss)
income attributable to noncontrolling interests
|
(3,796)
|
|
(486)
|
|
774
|
|
118
|
Net (loss) income
attributable to Cheetah Mobile shareholders
|
(104,589)
|
|
68,436
|
|
76,447
|
|
11,668
|
|
|
|
|
|
|
|
|
(Loss) Earnings
per share
|
|
|
|
|
|
|
|
Basic
|
(0.08)
|
|
0.05
|
|
0.05
|
|
0.01
|
Diluted
|
(0.08)
|
|
0.05
|
|
0.05
|
|
0.01
|
|
|
|
|
|
|
|
|
(Loss) Earnings
per ADS
|
|
|
|
|
|
|
|
Basic
|
(0.76)
|
|
0.49
|
|
0.54
|
|
0.08
|
Diluted
|
(0.76)
|
|
0.49
|
|
0.54
|
|
0.08
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding
|
|
|
|
|
|
|
|
Basic
|
1,378,171,071
|
|
1,425,122,249
|
|
1,427,820,687
|
|
1,427,820,687
|
Diluted
|
1,378,171,071
|
|
1,427,342,492
|
|
1,431,305,814
|
|
1,431,305,814
|
Weighted average
number of ADSs outstanding
|
|
|
|
|
|
|
|
Basic
|
137,817,107
|
|
142,512,225
|
|
142,782,069
|
|
142,782,069
|
Diluted
|
137,817,107
|
|
142,734,249
|
|
143,130,581
|
|
143,130,581
|
|
|
|
|
|
|
|
|
Other
comprehensive income
(loss), net of tax of nil
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
59,974
|
|
(119,253)
|
|
16,797
|
|
2,564
|
Unrealized gain on
available-for-sale securities, net
|
(7,250)
|
|
-
|
|
-
|
|
-
|
Other
comprehensive income
(loss)
|
52,724
|
|
(119,253)
|
|
16,797
|
|
2,564
|
Total
comprehensive (loss) income
|
(55,661)
|
|
(51,303)
|
|
94,018
|
|
14,350
|
Less: Total
comprehensive (loss) income attributable to noncontrolling
interests
|
(2,735)
|
|
(1,268)
|
|
2,946
|
|
450
|
Total
comprehensive (loss) income attributable to Cheetah Mobile
shareholders
|
(52,925)
|
|
(50,034)
|
|
91,072
|
|
13,900
|
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
|
|
March 31,
2020
|
|
December 31,
2020
|
|
March 31,
2021
|
|
March 31,
2021
|
(a) Share-based
compensation expenses
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Cost of
revenues
|
96
|
|
352
|
|
313
|
|
48
|
Research and
development
|
6,737
|
|
5,429
|
|
2,722
|
|
415
|
Selling and
marketing
|
(1,222)
|
|
470
|
|
(49)
|
|
(7)
|
General and
administrative
|
1,292
|
|
10,501
|
|
(4,612)
|
|
(704)
|
Total
|
6,903
|
|
16,752
|
|
(1,626)
|
|
(248)
|
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 March 31, 2021
|
|
GAAP
|
|
Share-based
|
|
Non-GAAP
|
|
Non-GAAP
|
|
Result
|
|
Compensation
|
|
Result
|
|
Result
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues
|
198,420
|
|
-
|
|
198,420
|
|
30,285
|
Cost of
revenues
|
(59,359)
|
|
313
|
|
(59,046)
|
|
(9,012)
|
Gross
profit
|
139,061
|
|
313
|
|
139,374
|
|
21,273
|
|
|
|
|
|
|
|
|
Research and
development
|
(73,251)
|
|
2,722
|
|
(70,529)
|
|
(10,765)
|
Selling and
marketing
|
(79,716)
|
|
(49)
|
|
(79,765)
|
|
(12,174)
|
General and
administrative
|
(44,106)
|
|
(4,612)
|
|
(48,718)
|
|
(7,437)
|
Other operating
expense
|
1,484
|
|
-
|
|
1,484
|
|
227
|
Total operating
income and expenses
|
(195,589)
|
|
(1,939)
|
|
(197,528)
|
|
(30,149)
|
|
|
|
|
|
|
|
|
Operating
loss
|
(56,528)
|
|
(1,626)
|
|
(58,154)
|
|
(8,876)
|
Net income
attributable to Cheetah Mobile shareholders
|
76,447
|
|
(1,626)
|
|
74,821
|
|
11,420
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
0.05
|
|
0.00
|
|
0.05
|
|
|
Diluted earnings per
ADS (RMB)
|
0.54
|
|
(0.01)
|
|
0.53
|
|
|
Diluted earnings per
ADS (USD)
|
0.08
|
|
(0.00)
|
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended December 31, 2020
|
|
|
|
GAAP
|
|
Share-based
|
|
Non-GAAP
|
|
|
|
Result
|
|
Compensation
|
|
Result
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
Revenues
|
265,249
|
|
-
|
|
265,249
|
|
|
Cost of
revenues
|
(100,397)
|
|
352
|
|
(100,045)
|
|
|
Gross
profit
|
164,852
|
|
352
|
|
165,204
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
(69,928)
|
|
5,429
|
|
(64,499)
|
|
|
Selling and
marketing
|
(93,124)
|
|
470
|
|
(92,654)
|
|
|
General and
administrative
|
(67,050)
|
|
10,501
|
|
(56,549)
|
|
|
Other operating
expense
|
(8,924)
|
|
-
|
|
(8,924)
|
|
|
Total operating
income and expenses
|
(239,027)
|
|
16,400
|
|
(222,627)
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
(74,174)
|
|
16,752
|
|
(57,422)
|
|
|
Net income
attributable to Cheetah Mobile shareholders
|
68,436
|
|
16,752
|
|
85,188
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
0.05
|
|
0.01
|
|
0.06
|
|
|
Diluted earnings per
ADS (RMB)
|
0.49
|
|
0.12
|
|
0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended March 31, 2020
|
|
GAAP
|
|
Share-based
|
|
Non-GAAP
|
|
|
|
Result
|
|
Compensation
|
|
Result
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
Revenues
|
528,088
|
|
-
|
|
528,088
|
|
|
Cost of
revenues
|
(147,736)
|
|
96
|
|
(147,640)
|
|
|
Gross
profit
|
380,352
|
|
96
|
|
380,448
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
(142,588)
|
|
6,737
|
|
(135,851)
|
|
|
Selling and
marketing
|
(302,753)
|
|
(1,222)
|
|
(303,975)
|
|
|
General and
administrative
|
(88,621)
|
|
1,292
|
|
(87,329)
|
|
|
Other operating
income
|
5,596
|
|
-
|
|
5,596
|
|
|
Total operating
income and expenses
|
(528,366)
|
|
6,807
|
|
(521,559)
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
(148,014)
|
|
6,903
|
|
(141,111)
|
|
|
Net loss attributable
to Cheetah Mobile shareholders
|
(104,589)
|
|
6,903
|
|
(97,686)
|
|
|
|
|
|
|
|
|
|
|
Diluted losses per
ordinary share (RMB)
|
(0.08)
|
|
0.01
|
|
(0.07)
|
|
|
Diluted losses per
ADS (RMB)
|
(0.76)
|
|
0.05
|
|
(0.71)
|
|
|
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 March 31, 2021
|
|
|
|
Internet
Business
|
|
AI and
others
|
|
Unallocated*
|
|
Consolidated
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Revenue
|
187,598
|
|
10,822
|
|
-
|
|
198,420
|
|
30,285
|
Operating profit
(loss)
|
27,731
|
|
(85,885)
|
|
1,626
|
|
(56,528)
|
|
(8,628)
|
Operating
margin
|
14.8%
|
|
(793.6)%
|
|
-
|
|
(28.5)%
|
|
(28.5)%
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended December 31, 2020
|
|
|
|
Internet
Business
|
|
AI and
others
|
|
Unallocated*
|
|
Consolidated
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
Revenue
|
251,008
|
|
14,241
|
|
-
|
|
265,249
|
|
|
Operating profit
(loss)
|
75,559
|
|
(132,981)
|
|
(16,752)
|
|
(74,174)
|
|
|
Operating
margin
|
30.1%
|
|
(933.8)%
|
|
-
|
|
(28.0)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended March 31, 2020
|
|
|
|
Internet
Business
|
|
AI and
others
|
|
Unallocated*
|
|
Consolidated
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
Revenue
|
496,330
|
|
31,758
|
|
-
|
|
528,088
|
|
|
Operating profit
(loss)
|
7,810
|
|
(148,921)
|
|
(6,903)
|
|
(148,014)
|
|
|
Operating
margin
|
1.6%
|
|
(468.9)%
|
|
-
|
|
(28.0)%
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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
|
|
Mar 31,
2020
|
|
December 31,
2020
|
|
March 31,
2021
|
|
March 31,
2021
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Net (loss) income
attributable to Cheetah Mobile shareholders
|
(104,589)
|
|
68,436
|
|
76,447
|
|
11,668
|
Add:
|
|
|
|
|
|
|
|
Income tax (expenses)
benefits
|
6,539
|
|
(23,441)
|
|
7,792
|
|
1,189
|
Interest income,
net
|
(17,854)
|
|
(2,077)
|
|
(4,786)
|
|
(730)
|
Depreciation and
amortization
|
18,548
|
|
14,172
|
|
8,144
|
|
1,243
|
Net (loss) income
attributable to noncontrolling interests
|
(3,796)
|
|
(486)
|
|
774
|
|
118
|
Other income,
net
|
(28,314)
|
|
(116,606)
|
|
(136,755)
|
|
(20,872)
|
Share-based
compensation
|
6,903
|
|
16,752
|
|
(1,626)
|
|
(248)
|
Adjusted
EBITDA
|
(122,563)
|
|
(43,250)
|
|
(50,010)
|
|
(7,632)
|
View original
content:http://www.prnewswire.com/news-releases/cheetah-mobile-announces-first-quarter-2021-unaudited-consolidated-financial-results-301310750.html
SOURCE Cheetah Mobile Inc