UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of June 2024

Commission File Number: 001-36427

 

CHEETAH MOBILE INC.

 

Building No. 11

Wandong Science and Technology Cultural Innovation Park

No.7 Sanjianfangnanli, Chaoyang District

Beijing 100024

People’s Republic of China

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F Form 40-F

 

 


 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

CHEETAH MOBILE INC.

 

By:

/s/ Thomas Jintao Ren

Name:

Thomas Jintao Ren

Title:

Chief Financial Officer

 

Date: June 07, 2024

 


 

Exhibit Index

 

Exhibit 99.1 — Cheetah Mobile Announces First Quarter 2024 Unaudited Consolidated Financial Results

 


Exhibit 99.1

 

Cheetah Mobile Announces First Quarter 2024 Unaudited Consolidated Financial Results

BEIJING, June 7, 2024 — Cheetah Mobile Inc. (NYSE: CMCM) (“Cheetah Mobile” or the “Company”), a China-based IT company, today announced its unaudited consolidated financial results for the first quarter ended March 31, 2024.

Management Commentary

Mr. Sheng Fu, Cheetah Mobile’s Chairman and Chief Executive Officer, remarked, “Cheetah Mobile is transforming from a consumer-facing company to an enterprise-facing company. Our acquisition of Beijing OrionStar Technology Co., Ltd. (“Beijing OrionStar”) was an important step in our transformation, bringing us an experienced 2B sales team, strong connections with business customers, and comprehensive large language model (LLM) capabilities. We are strategically focused on developing customized LLM-based apps for enterprises and using these apps to further enhance our enterprise-facing service robots. Our robust AI capabilities and proven success in product development position us well to commercialize the once-in-a-generation opportunity presented by LLMs.”

 

Mr. Thomas Ren, Cheetah Mobile’s Chief Financial Officer, commented, “We are pleased with our financial performance for the first quarter of 2024, which was largely driven by the successful integration of Beijing OrionStar and robust growth in the AI and others segment. Total revenues increased by 11.6% year over year, reaching RMB190.3 million, with a 62.1% increase in the AI and others segment. Our strategic investments in LLMs and enhancements in operational efficiencies position us well for continued revenue growth and improved margins in the coming quarters.”

 

First Quarter 2024 Consolidated Financial Results

Total revenues increased by 11.6% year over year and 13.7% quarter over quarter to RMB190.3 million (US$26.4 million) in the first quarter of 2024.

Revenues from the Company’s internet business decreased by 9.4% year over year but increased by 1.2% quarter-over-quarter to RMB109.0 million (US$15.1 million) in the first quarter of 2024. The year-over-year decrease was mainly due to the Company’s proactive approach to shifting its focus from the internet business to enterprise-facing large language-related business. As a result, the Company continued to review its consumer-facing product portfolio and removed products and product features that did not address user’s pain points in the quarter. In the first quarter of 2024, revenues generated from the internet business accounted for 57.3% of total revenues, compared to 70.6% in the same period last year and 64.4% in the previous quarter.

Revenues from AI and others increased by 62.1% year over year and 36.3% quarter over quarter to RMB81.3 million (US$11.3 million) in the first quarter of 2024. The growth was primarily driven by an increase in the delivery of the Company’s service robots, following the acquisition of a controlling stake in Beijing OrionStar. In the first quarter of 2024, revenues generated from AI and others accounted for 42.7% of total revenues, compared to 29.4% in the same period last year and 35.6% in the previous quarter.

1


 

Cost of revenues increased by 37.0% year over year and 12.8% quarter over quarter to RMB77.0 million (US$10.7 million) in the first quarter of 2024. The increases were primarily attributable to the rise in the hardware-related costs for the Company’s service robots. Non-GAAP cost of revenues increased by 37.1% year over year and 12.7% quarter over quarter to RMB76.9 million (US$10.6 million) in the first quarter of 2024.

Total operating expenses increased by 23.9% year over year and 21.2% quarter over quarter to RMB193.9 million (US$26.9 million) in the first quarter of 2024. The increases primarily resulted from the acquisition of a controlling stake in Beijing OrionStar. Total non-GAAP operating expenses increased by 15.3% year over year and 21.3% quarter over quarter to RMB179.8 million (US$24.9 million) in the first quarter of 2024.

Research and development expenses increased by 26.2% year over year and 44.8% quarter over quarter to RMB57.3 million (US$7.9 million) in the first quarter of 2024, primarily due to higher personnel-related expenses as the Company expanded its R&D team following the acquisition of a controlling stake in Beijing OrionStar. Non-GAAP research and development expenses increased by 11.8% year over year and 41.7% quarter over quarter to RMB50.9 million (US$7.0 million) in the first quarter of 2024.

 

Selling and marketing expenses decreased by 0.5% year over year but increased by 19.7% quarter over quarter to RMB67.9 million (US$9.4 million) in the first quarter of 2024. The quarter-over-quarter increase was primarily due to 1) increased marketing and promotion expenses related to our user acquisition for certain products of our internet business; and 2) increased personnel-related expenses as the Company increased its sales personnel following the acquisition of a controlling stake in Beijing OrionStar. Non-GAAP selling and marketing expenses decreased by 0.8% year over year but increased by 19.8% to RMB67.5 million (US$9.4 million) in the first quarter of 2024.

 

General and administrative expenses increased by 56.7% year over year and 8.9% quarter over quarter to RMB69.1 million (US$9.6 million) in the first quarter of 2024, primarily due to 1) increased personnel-related expenses as the Company increased the number of its G&A personnel following the acquisition of a controlling stake in Beijing OrionStar, 2) increased share-based compensation expenses for our key employees. Non-GAAP general and administrative expenses increased by 42.1% year over year and 11.0% quarter over quarter to RMB61.9 million (US$8.6 million) in the first quarter of 2024.

 

 

Operating loss was RMB80.6 million (US$11.2 million) in the first quarter of 2024, compared to RMB42.3 million in the same period last year and RMB60.9 million in the previous quarter. Non-GAAP operating loss was RMB66.4 million (US$9.2 million) in the first quarter of 2024, compared to RMB41.5 million in the same period last year and RMB49.1 million in the previous quarter. The Company widened its operating loss in the quarter because of: 1) its increased personnel-related expenses, and 2) hardware-related costs, which in turn resulted from the acquisition of a controlling stake in Beijing OrionStar.

 

2


Share-based compensation expenses were RMB7.6 million (US$1.1 million) in the first quarter of 2024, compared to RMB0.8 million in the same period last year and RMB7.4 million in the previous quarter.

 

By segment, operating margin excluding share-based compensation expense for internet business was 7.9% in the first quarter of 2024, which improved from 3.1% in the same period last year, but slightly decreased from 8.8% in the previous quarter.

 

Other expenses, net were RMB7.6 million (US$1.1 million) in the first quarter of 2024, primarily due to loss from the disposal of its subsidiary outside of China.

 

Net loss attributable to Cheetah Mobile shareholders was RMB80.0 million (US$11.1 million) in the first quarter of 2024, compared to RMB18.6 million in the same period last year and RMB301.2 million in the previous quarter. Non-GAAP net loss attributable to Cheetah Mobile shareholders was RMB65.8 million (US$9.1 million) in the first quarter of 2024, compared to RMB17.8 million in the same period last year and RMB289.4 million in the previous quarter.

Diluted loss per ADS was RMB2.8 (US$0.4) in the first quarter of 2024, compared to RMB0.6 in the same period last year and RMB 10.3 in the previous quarter. Non-GAAP diluted loss per ADS was RMB2.3 (US$0.3) in the first quarter of 2024, compared to RMB0.6 in the same period last year and RMB9.9 in the previous quarter.

 

Balance Sheet

As of March 31, 2024, the Company had cash and cash equivalents and short-term investments of RMB1,793.2 million (US$248.4 million).

Conference Call Information

The Company will hold a conference call on June 7th, 2024, 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:

 

Main Line:

International: 1-412-317-6061

United States Toll Free: 1-888-317-6003

Mainland China Toll Free: 4001-206115

Hong Kong Toll Free: 800-963976

Conference ID: 8764416

 

English Translation:

International: 1-412-317-6061

United States Toll Free: 1-888-317-6003

Mainland China Toll Free: 4001-206115

Hong Kong Toll Free: 800-963976

Conference ID: 0625357

 

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.

 

3


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 RMB7.2203 to US$1.00, the exchange rate in effect as of March 29, 2024, 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 China-based IT company with a commitment to AI innovation. It has attracted hundreds of millions of users through an array of internet products and services on PCs and mobile devices. At the same time, it actively engages in the independent research and development of its AI technologies, including LLM technologies. Cheetah Mobile provides advertising services to advertisers worldwide, value-added services including the sale of premium membership to its users, multi-cloud management platform to companies globally, as well as service robots to international clients. Cheetah Mobile is also committed to leveraging its cutting-edge AI technologies, including LLM technologies, to empower 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 non-GAAP financial measures, including but not limited to:

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 expenses;

4


Total non-GAAP operating expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;

Non-GAAP research and development expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;

Non-GAAP selling and marketing expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;

Non-GAAP general and administrative expenses exclude share-based compensation expenses;

Non-GAAP operating profit/loss excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;

Non-GAAP net income/loss attributable to Cheetah Mobile shareholders excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;

Non-GAAP diluted earnings/losses per ADS excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;

and

Non-GAAP adjusted EBITDA represents net income/loss attributable to Cheetah Mobile shareholders excluding share-based compensation, amortization of intangible assets resulting from business acquisitions, interest income, depreciation and amortization, net income attributable to noncontrolling interests, other income, net and income tax 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 and amortization of intangible assets resulting from business acquisitions, 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. Reconciliation of GAAP and Non-GAAP Results”.

Investor Relations Contact

5


Helen Jing Zhu

Cheetah Mobile Inc.

Tel: +86 10 6292 7779

Email: ir@cmcm.com

6


 

CHEETAH MOBILE INC.

Condensed Consolidated Balance Sheets

(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"))

 

 

As of

 

 

December 31, 2023

 

 

March 31, 2024

 

 

RMB

 

 

RMB

 

 

USD

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

2,020,191

 

 

 

1,792,907

 

 

 

248,315

 

Short-term investments

 

1,023

 

 

 

328

 

 

 

45

 

Accounts receivable, net

 

401,064

 

 

 

438,596

 

 

 

60,745

 

Prepayments and other current assets, net

 

973,127

 

 

 

1,231,793

 

 

 

170,601

 

Due from related parties, net

 

71,505

 

 

 

77,408

 

 

 

10,721

 

Total current assets

 

3,466,910

 

 

 

3,541,032

 

 

 

490,427

 

 

 

 

 

 

 

 

 

 

Non-current assets:

 

 

 

 

 

 

 

 

Property and equipment, net

 

53,884

 

 

 

49,531

 

 

 

6,860

 

Operating lease right-of-use assets

 

30,451

 

 

 

27,636

 

 

 

3,828

 

Intangible assets, net

 

218,559

 

 

 

211,376

 

 

 

29,275

 

Goodwill

 

576,989

 

 

 

576,989

 

 

 

79,912

 

Long-term investments

 

937,460

 

 

 

933,011

 

 

 

129,221

 

Deferred tax assets

 

188,503

 

 

 

189,775

 

 

 

26,284

 

Other non-current assets

 

160,428

 

 

 

89,950

 

 

 

12,458

 

Total non-current assets

 

2,166,274

 

 

 

2,078,268

 

 

 

287,838

 

 

 

 

 

 

 

 

 

 

Total assets

 

5,633,184

 

 

 

5,619,300

 

 

 

778,265

 

 

 

 

 

 

 

 

 

 

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Bank loans

 

5,000

 

 

 

5,000

 

 

 

692

 

Accounts payable

 

170,185

 

 

 

172,150

 

 

 

23,842

 

Accrued expenses and other current liabilities

 

2,437,210

 

 

 

2,400,597

 

 

 

332,479

 

Due to related parties

 

84,147

 

 

 

84,508

 

 

 

11,704

 

Income tax payable

 

31,603

 

 

 

34,417

 

 

 

4,767

 

Total current liabilities

 

2,728,145

 

 

 

2,696,672

 

 

 

373,484

 

 

 

 

 

 

 

 

 

 

Non-current liabilities:

 

 

 

 

 

 

 

 

Deferred tax liabilities

 

54,540

 

 

 

53,281

 

 

 

7,379

 

Other non-current liabilities

 

189,943

 

 

 

180,297

 

 

 

24,971

 

Total non-current liabilities

 

244,483

 

 

 

233,578

 

 

 

32,350

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

2,972,628

 

 

 

2,930,250

 

 

 

405,834

 

 

 

 

 

 

 

 

 

 

Mezzanine equity:

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

105,978

 

 

 

183,690

 

 

 

25,441

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Ordinary shares

 

244

 

 

 

244

 

 

 

34

 

Additional paid-in capital

 

2,711,875

 

 

 

2,716,181

 

 

 

376,187

 

Accumulated deficit

 

(613,102

)

 

 

(693,137

)

 

 

(95,998

)

Accumulated other comprehensive income

 

356,854

 

 

 

380,940

 

 

 

52,760

 

Total Cheetah Mobile shareholders’ equity

 

2,455,871

 

 

 

2,404,228

 

 

 

332,983

 

Noncontrolling interests

 

98,707

 

 

 

101,132

 

 

 

14,007

 

 

 

 

 

 

 

 

 

 

Total equity

 

2,554,578

 

 

 

2,505,360

 

 

 

346,990

 

 

 

 

 

 

 

 

 

 

Total liabilities, mezzanine equity and equity

 

5,633,184

 

 

 

5,619,300

 

 

 

778,265

 

 

7


 

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, 2023

 

December 31, 2023

 

March 31, 2024

 

March 31, 2024

 

 

RMB

 

RMB

 

RMB

 

USD

Revenues

 

170,434

 

167,314

 

190,288

 

26,354

     Internet business

 

120,309

 

107,711

 

109,020

 

15,099

     AI and others

 

50,125

 

59,603

 

81,268

 

11,255

Cost of revenues (a)

 

(56,163)

 

(68,243)

 

(76,952)

 

(10,658)

Gross profit

 

114,271

 

99,071

 

113,336

 

15,696

 

 

 

 

 

 

 

 

Operating income and expenses:

 

 

 

 

 

 

 

 

Research and development (a)

 

(45,428)

 

(39,583)

 

(57,331)

 

(7,940)

Selling and marketing (a)

 

(68,266)

 

(56,746)

 

(67,940)

 

(9,410)

General and administrative (a)

 

(44,126)

 

(63,502)

 

(69,145)

 

(9,576)

Other operating income/(expense), net

 

1,271

 

(185)

 

508

 

70

Total operating income and expenses

 

(156,549)

 

(160,016)

 

(193,908)

 

(26,856)

 

 

 

 

 

 

 

 

Operating loss

 

(42,278)

 

(60,945)

 

(80,572)

 

(11,160)

Other income/(expenses):

 

 

 

 

 

 

 

 

Interest income, net

 

12,342

 

15,829

 

15,316

 

2,121

Foreign exchange gains/ (losses)

 

14,463

 

17,407

 

(3,277)

 

(454)

Other expense, net

 

(1,801)

 

(321,244)

 

(7,595)

 

(1,052)

 

 

 

 

 

 

 

 

Loss before taxes

 

(17,274)

 

(348,953)

 

(76,128)

 

(10,545)

Income tax (expenses)/ benefits

 

(178)

 

47,760

 

(198)

 

(27)

Net loss

 

(17,452)

 

(301,193)

 

(76,326)

 

(10,572)

Less: net income attributable to noncontrolling interests

 

1,147

 

18

 

3,709

 

514

Net loss attributable to Cheetah Mobile shareholders

 

(18,599)

 

(301,211)

 

(80,035)

 

(11,086)

 

 

 

 

 

 

 

 

Net loss per share

 

 

 

 

 

 

 

 

Basic

 

(0.0126)

 

(0.2056)

 

(0.0549)

 

(0.0076)

Diluted

 

(0.0129)

 

(0.2056)

 

(0.0550)

 

(0.0076)

 

 

 

 

 

 

 

 

Net loss per ADS

 

 

 

 

 

 

 

 

Basic

 

(0.6300)

 

(10.2800)

 

(2.7450)

 

(0.3800)

Diluted

 

(0.6450)

 

(10.2800)

 

(2.7500)

 

(0.3800)

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding

 

 

 

 

 

 

 

 

Basic

 

1,449,518,133

 

1,493,550,095

 

1,494,213,830

 

1,494,213,830

Diluted

 

1,449,518,133

 

1,493,550,095

 

1,494,213,830

 

1,494,213,830

Weighted average number of ADSs outstanding

 

 

 

 

 

 

 

 

Basic

 

28,990,363

 

29,871,002

 

29,884,277

 

29,884,277

Diluted

 

28,990,363

 

29,871,002

 

29,884,277

 

29,884,277

 

 

 

 

 

 

 

 

Other comprehensive (loss)/income , net of tax of nil

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

(40,018)

 

(29,112)

 

21,031

 

2,913

Unrealized gains on available-for-sale securities, net

 

-

 

-

 

1,772

 

245

Other comprehensive (loss)/ income

 

(40,018)

 

(29,112)

 

22,803

 

3,158

Total comprehensive loss

 

(57,470)

 

(330,305)

 

(53,523)

 

(7,414)

Less: Total comprehensive income attributable to noncontrolling interests

 

913

 

687

 

2,426

 

336

Total comprehensive loss attributable to Cheetah Mobile shareholders

 

(58,383)

 

(330,992)

 

(55,949)

 

(7,750)

 

 

 

 

 

 

 

For The Three Months Ended

 

 

 

 

March 31, 2023

 

 

December 31, 2023

 

 

March 31, 2024

 

 

March 31, 2024

 

(a) Share-based compensation expenses

 

 

RMB

 

 

RMB

 

 

RMB

 

 

USD

 

Cost of revenues

 

 

 

119

 

 

 

70

 

 

 

92

 

 

 

13

 

Research and development

 

 

 

(88

)

 

 

(426

)

 

 

292

 

 

 

40

 

Selling and marketing

 

 

 

196

 

 

 

72

 

 

 

(44

)

 

 

(6

)

General and administrative

 

 

 

552

 

 

 

7,714

 

 

 

7,245

 

 

 

1,003

 

Total

 

 

 

779

 

 

 

7,430

 

 

 

7,585

 

 

 

1,050

 

 

8


 

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, 2024

 

GAAP

 

Share-based

 

Amortization of

 

Non-GAAP

 

Result

 

Compensation

 

intangible assets*

 

Result

 

RMB

 

RMB

 

RMB

 

RMB

 

USD

Revenues

190,288

 

-

 

-

 

190,288

 

26,354

Cost of revenues

(76,952)

 

92

 

-

 

(76,860)

 

(10,645)

Gross profit

113,336

 

92

 

-

 

113,428

 

15,709

 

 

 

 

 

 

 

 

 

Research and development

(57,331)

 

292

 

6,156

 

(50,883)

 

(7,047)

Selling and marketing

(67,940)

 

(44)

 

469

 

(67,515)

 

(9,351)

General and administrative

(69,145)

 

7,245

 

-

 

(61,900)

 

(8,573)

Other operating income, net

508

 

-

 

-

 

508

 

70

Total operating income and expenses

(193,908)

 

7,493

 

6,625

 

(179,790)

 

(24,901)

 

 

 

 

 

 

 

 

 

Operating loss

(80,572)

 

7,585

 

6,625

 

(66,362)

 

(9,192)

Net loss attributable to Cheetah Mobile shareholders

(80,035)

 

7,585

 

6,625

 

(65,825)

 

(9,118)

 

 

 

 

 

 

 

 

 

Diluted losses per ordinary share (RMB)

(0.0550)

 

0.0052

 

0.0043

 

(0.0455)

 

 

Diluted losses per ADS (RMB)

(2.7500)

 

0.2600

 

0.2150

 

(2.2750)

 

 

Diluted losses per ADS (USD)

(0.3800)

 

0.0360

 

0.0289

 

(0.3151)

 

 

 

 

For The Three Months Ended December 31, 2023

 

GAAP

 

Share-based

 

Amortization of

 

Non-GAAP

 

Result

 

Compensation

 

intangible assets*

 

Result

 

RMB

 

RMB

 

RMB

 

RMB

Revenues

167,314

 

-

 

-

 

167,314

Cost of revenues

(68,243)

 

70

 

-

 

(68,173)

Gross profit

99,071

 

70

 

-

 

99,141

 

 

 

 

 

 

 

Research and development

(39,583)

 

(426)

 

4,104

 

(35,905)

Selling and marketing

(56,746)

 

72

 

313

 

(56,361)

General and administrative

(63,502)

 

7,714

 

-

 

(55,788)

Other operating expense, net

(185)

 

-

 

-

 

(185)

Total operating income and expenses

(160,016)

 

7,360

 

4,417

 

(148,239)

 

 

 

 

 

 

 

Operating loss

(60,945)

 

7,430

 

4,417

 

(49,098)

Net loss attributable to Cheetah Mobile shareholders

(301,211)

 

7,430

 

4,417

 

(289,364)

 

 

 

 

 

 

 

Diluted losses per ordinary share (RMB)

(0.2056)

 

0.0051

 

0.0029

 

(0.1976)

Diluted losses per ADS (RMB)

(10.2800)

 

0.2550

 

0.1450

 

(9.8800)

 

 

For The Three Months Ended March 31, 2023

 

GAAP

 

Share-based

 

Non-GAAP

 

Result

 

Compensation

 

Result

 

RMB

 

RMB

 

RMB

Revenues

170,434

 

-

 

170,434

Cost of revenues

(56,163)

 

119

 

(56,044)

Gross profit

114,271

 

119

 

114,390

 

 

 

 

 

Research and development

(45,428)

 

(88)

 

(45,516)

Selling and marketing

(68,266)

 

196

 

(68,070)

General and administrative

(44,126)

 

552

 

(43,574)

Other operating income, net

1,271

 

-

 

1,271

Total operating income and expenses

(156,549)

 

660

 

(155,889)

 

 

 

 

 

Operating loss

(42,278)

 

779

 

(41,499)

Net loss attributable to Cheetah Mobile shareholders

(18,599)

 

779

 

(17,820)

 

 

 

 

 

Diluted losses per ordinary share (RMB)

(0.0129)

 

0.0006

 

(0.0123)

Diluted losses per ADS (RMB)

(0.6450)

 

0.0300

 

(0.6150)

 

* This represents amortization of intangible assets resulting from business acquisitions.

9


 

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, 2024

 

 

 

 

Internet Business

 

AI and others

 

Unallocated*

 

Consolidated

 

 

RMB

 

RMB

 

RMB

 

RMB

 

USD

Revenue

 

109,020

 

81,268

 

-

 

190,288

 

26,354

Operating profit/(loss)

 

8,662

 

(81,649)

 

(7,585)

 

(80,572)

 

(11,160)

Operating margin

 

7.9%

 

(100.5)%

 

-

 

(42.3)%

 

(42.3)%

 

 

 

For The Three Months Ended December 31, 2023

 

 

Internet Business

 

AI and others

 

Unallocated*

 

Consolidated

 

 

RMB

 

RMB

 

RMB

 

RMB

Revenue

 

107,711

 

59,603

 

-

 

167,314

Operating profit/(loss)

 

9,489

 

(63,004)

 

(7,430)

 

(60,945)

Operating margin

 

8.8%

 

(105.7)%

 

-

 

(36.4)%

 

 

 

For The Three Months Ended March 31, 2023

 

 

Internet Business

 

AI and others

 

Unallocated*

 

Consolidated

 

 

RMB

 

RMB

 

RMB

 

RMB

Revenue

 

120,309

 

50,125

 

-

 

170,434

Operating profit/(loss)

 

3,755

 

(45,254)

 

(779)

 

(42,278)

Operating margin

 

3.1%

 

(90.3)%

 

-

 

(24.8)%

 

 

*Unallocated expenses refer to SBC expenses that are not allocated to individual segments.

10


 

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

 

 

 

 

March 31, 2023

 

 

December 31, 2023

 

 

March 31, 2024

 

 

March 31, 2024

 

 

 

 

RMB

 

 

RMB

 

 

RMB

 

 

USD

 

Net loss attributable to Cheetah Mobile shareholders

 

 

 

(18,599

)

 

 

(301,211

)

 

 

(80,035

)

 

 

(11,086

)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expenses/ (benefits)

 

 

 

178

 

 

 

(47,760

)

 

 

198

 

 

 

27

 

Interest income, net

 

 

 

(12,342

)

 

 

(15,829

)

 

 

(15,316

)

 

 

(2,121

)

Depreciation and other amortization(1)

 

 

 

8,833

 

 

 

11,275

 

 

 

12,312

 

 

 

1,705

 

Net income attributable to noncontrolling interests

 

 

 

1,147

 

 

 

18

 

 

 

3,709

 

 

 

514

 

Other (income)/ expense, net

 

 

 

(12,662

)

 

 

303,837

 

 

 

10,872

 

 

 

1,506

 

Share-based compensation

 

 

 

779

 

 

 

7,430

 

 

 

7,585

 

 

 

1,050

 

Amortization of intangible assets(2)

 

 

 

-

 

 

 

4,417

 

 

 

6,625

 

 

 

918

 

Adjusted EBITDA

 

 

 

(32,666

)

 

 

(37,823

)

 

 

(54,050

)

 

 

(7,487

)

 

(1) This represents depreciation and other amortization exclude amortization of intangible assets resulting from business acquisitions.

(2) This represents amortization of intangible assets resulting from business acquisitions.

11



Cheetah Mobile (NYSE:CMCM)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Cheetah Mobile Charts.
Cheetah Mobile (NYSE:CMCM)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Cheetah Mobile Charts.