Cheetah Mobile Inc (CMCM) Share Price

CMCM, can the MOMO continue

CMCM, can the MOMO continue

Dump Trump, Rump..that's for sure...

CMCM new 52 week high

Pump and Trump

CMCM...HERE'S THE BREAKOUT

CMCM new 52 hi

CMCM blowing up

CMCM rock star

CMCM...THE BREAK OUT HERE IS STRONG!!!

CMCM.....READY TO GO

CMCM new. 52 hi

CMCM...BREAK OUT PLAY UNDERWAY

CMCM new 52 hi

Cmcm $2.64

$CMCM: Beautiful Bullflag setup here at 2.50 now


They are trading welllllllll below cash on hand, Mcap relative to Cash on HAND

https://www.cmcm.com/en/


AI Chinese ROBOTICS and games



GO $CMCM

CMCM: CEO and CTO receive cease and desist order from the SEC.

https://www.sec.gov/litigation/admin/2022/33-11104.pdf

Watch Cheetah Mobile start running. Get your shares before the train leaves the station HAHAHAHHAH

Cheetah Mobile is just getting started.
UP on light volume. A Strong Positive.

This Cheetah is about to take off. ALL ABOARD.

Cheetah Mobile is in 5g. up on light volume. This stock is running.

CMCM Mobile showing an up trend. Looks like it has reached its bottom.
Now its coming back to life. Earnings should help.

* * $CMCM Video Chart 07-10-2020 * *

Link to Video - click here to watch the technical chart video

News: $CMCM Penny Stocks To Watch Right Now After Record COVID Cases

Are These Coronavirus Penny Stocks On Your List In July? It may be crazy to think but c oronavirus penny stocks have been “a thing” for a while now. Ever since the late half of January, COVID-19 has captivated headlines. Investor interest followed shortly after. So what do thing...

In case you are interested CMCM - Penny Stocks To Watch Right Now After Record COVID Cases

$3+ nice

CMCM looks like it turned the corner

* * $CMCM Video Chart 10-28-2019 * *

Link to Video - click here to watch the technical chart video

* * $CMCM Video Chart 08-20-2019 * *

Link to Video - click here to watch the technical chart video

congrats

so market likes the results for a change,
closer to short + long term cash and investments.

News: $CMCM Cheetah Mobile Announces Second Quarter 2019 Unaudited Consolidated Financial Results

BEIJING , Aug. 20 . 2019 /PRNewswire/ -- Cheetah Mobile Inc. (NYSE: CMCM) ("Cheetah Mobile" or the "Company"), a leading mobile internet company with global market coverage, today announced its unaudited consolidated financial results for the second quarter ended June 30, 2019 . Man...

Find out more Cheetah Mobile Announces Second Quarter 2019 Unaudited Consolidated Financial Results

News: $CMCM Cheetah Mobile Announces Dividend of US$0.50 per American Depositary Share

BEIJING , Aug. 20, 2019 /PRNewswire/ -- Cheetah Mobile Inc. (NYSE: CMCM) ("Cheetah Mobile" or the "Company"), a leading mobile internet company with global market coverage, today announced that the Company's board of directors (the "Board") approved a special cash dividend of US$0.50 pe...

Got this from Cheetah Mobile Announces Dividend of US$0.50 per American Depositary Share

1Q19 Results and 2Q19 guidance is out and disappointing..

SeaOfSand: https://finesand.wordpress.com/2019/06/01/cheetah-mobile-cmcm-performance-update-1/#comment-441

We just debated it a bit and currently the only upside it their great annual investing results. They need time to make the proper reversal to have higher revenue + profits again. No guidance in this department yet.

Otherwise a healthy company, cash rich and so forth.
But profitability has now reached the zero mark.

No idea when the (stock) turnaround will happen.

no amended complain filed, dismissal next

SeaOfSand https://finesand.wordpress.com/2019/06/01/cheetah-mobile-cmcm-performance-update-1/comment-page-1/#comment-430

Yes, https://www.pacermonitor.com/public/case/26324343/Marcu_v_Cheetah_Mobile_Inc_et_al
last update was yesterday one minute before midnight!
Meaning, plaintiff didn’t file the amendment and hence this lawsuit will be dismissed now.
So like the short attack and dismissed lawsuit before, the accusations are all a pile of BS.
...
.. and the plaintiff is done, didn’t file an amendment as checked today.
Notable: Last amendment was filed in between Feb 12 – March 28, exactly when the last recovery ended and the last dive started March 5th.
CMCM’s lawyers, Skadden, Arps, Slate, Meagher & Flom Llp (nyc) are also performing the financial audit to ensure company will finally get out of these accusations with flying colors – they found nothing!
Judge Furman will very highly likely dismiss this case now.

P/E is now scratching 3, truly amazing.


Surprised by this price myself. Hmmm.

Updated DD by SeaOfSand, motivated simply by the very 'cheapness' of P/E < 4 now

https://finesand.wordpress.com/2019/06/01/cheetah-mobile-cmcm-performance-update-1/

- or -

https://seekingalpha.com/instablog/48819309-seaofsand/5310773-cheetah-mobile-cmcm-update-1

Bottom line, we have an annual revenue increase of just 0.1% and net income drop of around 14% annually already being compensated by a more than 55% MCAP drop, valuated at P/E < 4 today.

We understand the company’s seasonal income fluctuations and cause of the current ‘income dip’, which shall only be of temporary nature as the shift in business direction will allow even more growth than the to be replaced ad-ware cash flow. Company’s ability to compensate transitional income via financing activities is also very much undervalued.

Income would need to drop 62% further down from currently now ~$170M to $64.5M to make the $4.50/ADS price at P/E 10 somewhat reasonable, even though such a drop in net income would be outworld’ish.

More realistic would be allowing a cautious P/E ~10 while company is transitioning. Let’s say current $170M annual income drops another 14% more in 2019, leaving this year with only ~$146M and EPS of $1.08/ADS having 135M ADS left (see below). Hence $10 – $11 per ADS should be today’s recover goal at P/E 10 already accounting for another last drop in income.

$CMCM 20-F 2018: More dilution than buyback!

OS (issued) 1 ADS = 10 ordinary A or B shares
- 2017-12-31 142.16M (415.25M Class A ordinary, 1,006.398M Class B) 20-F
- 2018-06-30 143.63M
- 2018-09-30 143.33M
- 2018-09-20 142.63M (Repurchased $8M/$100M 1M ADS @ $8/sh avg; $92M to go)
- 2018-12-12 136.13M finviz
- 2018-12-31 143.34M (475.36M Class A ordinary, 957.99M Class B) 20-F

Repurchase
- https://www.sec.gov/Archives/edgar/data/1597835/000119312519122322/d654805d20f.htm#rom654805_25
- 2018-12-31 (and up to 2019-03-31): Total: 7.06M ADS @ $8.4156/ads avg for $67.82M
- 2018-12-31 (and up to 2019-03-31): 2018-09-13 $100M: 4.50M ADS @ $7.1778/ads avg for $32.30M


So effectively OS has been increased, i.e. diluted more than bought back.
CMCM also did not buy as much as possible!

20-F shows an increase in OS (A + B)?

No buyback but a shift from B to A?
Need to check this later on, but that would imply no buyback has been accounted in 2018 20-F?

If anybody can correct me here, please go ahead.
See https://investorshub.advfn.com/boards/read_msg.aspx?message_id=146031855

they didn't buy back as much stock, but almost.

Market not yet excited about CMCM's turnaround, too bad (o8>
Keeping a lose eye on it.

Summertime ..

News: $CMCM LEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 in Cheetah Mobile Inc. to Contact the Firm

NEW YORK, NY / ACCESSWIRE / January 17, 2019 / Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Cheetah Mobile, Inc. (''Cheetah'' or the ''Company'') (NYSE:CMCM) of the January 29, 2019 deadline to seek the role of lead plaintiff in a federal securities ...

In case you are interested https://marketwirenews.com/news-releases/lead-plaintiff-deadline-alert-faruqi-faruqi-llp-encourages-investors-who-suffered-losses-exceeding-50-000-in-cheetah-mobile-inc-to-contact-the-firm-7036010.html

ready for a positive news release & recovery

as laid out here https://finesand.wordpress.com/2018/12/05/cheetah-mobile-cmcm-a-financially-solid-high-growth-company/

- EPS ~ $1.70
- Buy back done (or almost): 4.7M tradable Class-A left



Ownership

added Rule 10b-18 for Repurchase Programs details

https://finesand.wordpress.com/2018/12/05/cheetah-mobile-cmcm-a-financially-solid-high-growth-company/

Short Attack; Excellent Financials & Performance; Buyback

Best summary, I just added the last little piece of the puzzle,
the share structure in combination with the $92M buyback!

Short attack: https://finesand.wordpress.com/2018/11/30/cheetah-mobile-cmcm-an-outrageous-unfounded-accusation-short-attack/
- Already refuted with details given: 3rd Party SDKs, not intend
- Google even blogged about it: 3rd Party SDKs, no intend
- Hence CMCM's refutation is supported, forget the class-action suit attempts

Financial etc: https://finesand.wordpress.com/2018/12/05/cheetah-mobile-cmcm-a-financially-solid-high-growth-company/
- $600M in cash on hand
- 2018 PE roughly a 20-30% 2018 EPS increase to $1.66 -$1.80
- adware phasing out slowly, AI driven stuff coming in
- revenue already more balanced by countries and utils/games

And now the magic cooky, which I didn't totally get first: The impact of the share repurchase program they started for $100M earlier. After the short attack they had $92M left.
And they stated: Every day

Best you read it all in my blog, but below I copy the share structure pic and quote the most important conclusion.

Non-Tradable Class-B shares are fully owned by the parent companies and represent full control of CMCM. Class-A shares are tradable. One ADS represent 10 ordinary shares. Class-A and Class-B shares together represent the total OS, since they have equal value. Major parent companies owning from total OS are

Kingsoft 47.33%
Tencent 16.52%

Insiders and parent companies together hold 81.75% of total OS and 33.29% of Class-A shares. 13-F filings represent 19.72% of Class-A shares. In total 53% of Class-A shares are currently owned in above period, leaving 47% or 18M free float to trade.

...

Below mentioned share repurchase program will reduce the Class-A free float dramatically, roughly by 13M ADS @ $7 avg for $92M. This would reduce the Class-A free float from 39M to 26M ADS, a reduction of over 33%. The Class-A free float would be reduced to below 8M ADS.


..

Thanks to the short attack, $92M could buy roughly 13M ADS @ $7 average in the trading range $5.50 – $8.50. This reduces the Class-A about 33% down to only 26M ADS, leaving the free-float below 8M ADS! Roughly 4.4M ADS short-interest were reported last session.

* * $CMCM Video Chart 12-11-18 * *

Link to Video - click here to watch the technical chart video

* * $CMCM Video Chart 12-04-18 * *

Link to Video - click here to watch the technical chart video

An Outrageous Unfounded Accusation & Short Attack

https://finesand.wordpress.com/2018/11/30/cheetah-mobile-cmcm-an-outrageous-unfounded-accusation-short-attack/

Annual Short Attack / New AI Driven Biz

Oct 2017 Short Attack

2017-10-26 Prescience Point https://www.presciencepoint.com/research/research-archives/cheetah_mobile-cmcm/

2017-10-27 CMCM's fast refutation http://ir.cmcm.com/2017-10-27-Cheetah-Mobile-Responds-to-Recent-Allegations

+++

Nov 2018 Short Attack

CMCM ex-partner Kochava 'discloses' some phenomenons, where he prematurely points his fingers to CMCM and one other company for good measure, see

2018-11-26 https://www.buzzfeednews.com/article/craigsilverman/android-apps-cheetah-mobile-kika-kochava-ad-fraud

In the business of disclosing security vulnerabilities etc, the finder USUALLY contacts the involved companies w/o raising the flag in public. Finder may receive a finders fee.
The behavior Kochava exposes with the public disclosure, breaches the unwritten rules in this field. So called 'Zero day' disclosures are rare and using the yellow press even more so :)
Who knows how they get compensated for it. They surely got their dime here IMHO. Simply unethical in this business.

CMCM made three PR regarding the orchestrated and algo lead short attack

1) 2018-11-27 https://www.prnewswire.com/news-releases/cheetah-mobile-responds-to-recent-article-regarding-app-installation-attribution-300755861.html

2) 2018-11-27 https://www.prnewswire.com/news-releases/cheetah-mobile-further-responds-to-recent-articles-regarding-app-installation-attribution-300756450.html

3) 2018-11-28 https://www.prnewswire.com/news-releases/cheetah-mobile-responds-to-kochavas-misleading-statements-300757227.html

And guess who has outed themselves?
Prescience Point showed up on 2018-11-28

1) https://twitter.com/PresciencePoint/status/1067854554262310912
2) https://twitter.com/PresciencePoint/status/1067854901290639361
3) https://twitter.com/PresciencePoint/status/1067859803953922049

On 11/27 the SP wasn't even able to get above the 5min 8ema on around 10M traded shares, about 143M OS (reduced since 3Q18).
On 11/28 they seemingly enabled their algo around 10am after the gap-up.

The company lost more than 1/3 of their MCAP on 11/27 and only little has been recovered.
On 11/28 C was $6.64, a 17% loss compared to $8 previous support.
But I assume they started way earlier around $10, so factual loss on 11/28 is still 33.6% and on 11/27 was even around 50%!

Good algos were employed here, that's for sure :)

Ambulance chaser joined the coordinated attack as usual
1) 2018-11-28 https://www.businesswire.com/news/home/20181128005744/en/
2) 2018-11-28 https://www.benzinga.com/pressreleases/18/11/r12767961/cheetah-mobile-investor-alert-faruqi-faruqi-llp-encourages-investors-w

Compared to 2017-10-26, this may take a while longer...

+++

CMCM's new AI driven Business

2017-05-26 https://www.prnewswire.com/news-releases/cheetah-mobile-invests-in-robotics-business-300464519.html

2017-06-26 https://www.prnewswire.com/news-releases/orionstar-wins-challenge-to-recognize-one-million-celebrity-faces-with-artificial-intelligence-300494265.html

In May '17 CMCM invested into OrionStar https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=432245050

Please note from CMCM's 2017-10-27 short refutation
Allegations Regarding OrionStar Investment:
The allegations claim that the OrionStar investment is a vehicle for the misappropriation of shareholder capital. Because the transaction is considered a related-party transaction, the Company has followed strict procedures to ensure the fairness of the investment. Each of the Company and Kingsoft Corporation, the parent company of Cheetah Mobile, engaged an independent appraiser to evaluate the transaction and the audit committee of the Company has approved the transaction as well. Several external investors also invested in OrionStar at the same valuation.

CMCM started to plan their adware mobile-phone helper-all exit strategy in early 2017, knowing that this revenue source will no t match their growth trajectory and is declining.

CMCM entered the AI driven application market w/ and w/o hardware involved.

1Q18 CC:

Cheetah GreetBot, which is a full-sized reception robot developed by Beijing OrionStar. Cheetah GreetBot can recognize visitors when they arrive, communicate with them, help them find their contacts and accompanying them to meeting rooms
With Beijing OrionStar's end-to-end knowledge of robot production, they can tailor maker -- tailor make Cheetah GreetBot for customers such as companies, banks and hospitals at a compelling price.
Beijing OrionStar had made significant progress on Cheetah GreetBot production testing since its launch. If they execute according to plans, we expect to start delivering Cheetah GreetBot to customer in Q4 2018.

Q&A My first question about the margin trend for Q2 and 2018 due to our investment in the robotics business. And my second question is about our competitive strengths and our differentiations in the robotics business versus our peers.

A: First of all, for the OrionStar, Beijing OrionStar, this is a -- we are not controlling the company right now. We only have a warrant to acquire controlling position. So at this moment, it was (inaudible) possible right now (inaudible) alternative measurements, so we have not recognized the cost and expenses of Beijing OrionStar yet. So just on our book is our costs. The expense and costs will not impact the bottom line of Cheetah Mobile. In term of the margin, we expect that the gross margin will probably be slightly lower because the top line was reduced.


Timeline as planned was to start selling new products in 4Q18,
but company is now ahead of their plan:

Translator launched July 2018 https://pandaily.com/cheetah-mobile-launches-the-most-affordable-ai-translator-at-40/

GreetBot launched in August 2018 https://venturebeat.com/2018/08/29/cheetah-mobile-and-orionstar-release-greetbot-ai-receptionist-robots/

On 11/22/18 post 3Q18 CFO gave a nice interview https://www.bloomberg.com/news/videos/2018-11-21/china-s-cheetah-mobile-aims-to-become-ai-driven-company-cfo-says-video

CFO mentioned TikTok investment will gain around $86M https://play.google.com/store/apps/details?id=com.photogrid.tiptap&hl=en_US

Bytedance is the Tik Tok creator https://edition.cnn.com/2018/10/18/tech/bytedance-china-tiktok/index.html

and on 11/26 Bytedance generated $43M sold + $43M holding for CMCM https://www.sec.gov/Archives/edgar/data/1597835/000119312518333486/d652620d6k.htm

one of CMCM's big wins of investments https://www.prnewswire.com/news-releases/bytedance-and-nba-announce-global-partnership-to-deliver-customized-mobile-friendly-content-powered-by-artificial-intelligence-300755383.html

hope they buy the remaining portion of OrionStar, for which they do have an option.

Bottom line, company is moving away from the adware biz as planned long time ago anyways and their AI driven apps + tools are well received and already selling.

Such a transition is never easy, but seemingly CMCM managed it best so far - not being damaged by quarterly negatives. The shift and R&D being paid by the exiting adware revenues.

Short Thesis Part-1: Sheng Fu, CMCM CEO also owns OrionStar

and has sold 30% to CMCM. Accusation is that CMCM planned to launch into robotics anyways and CEO simply created OrionStar to sell a stake to CMCM -> misappropriation.

May need to dig into this detail, maybe more to come :)

About OrionStar

OrionStar is an artificial intelligence company incorporated in China and controlled by Mr. Sheng Fu, the chief executive officer and director of Cheetah Mobile. The company was established in September 2016 by a group of technology industry leaders and product specialists from Silicon Valley, Japan, Taiwan, Beijing and Shenzhen. In May 2017, Beijing Kingsoft Internet Security Software Co., Ltd. ("Beijing Security"), a wholly-owned subsidiary of Cheetah Mobile, entered into a capital injection agreement with OrionStar. Pursuant to the agreement, Beijing Security agreed to subscribe to newly issued equity interest in OrionStar.

OrionStar is committed to using AI technology to develop the next generation of ground-breaking technology products and free people from the burden of overly complicated tasks, make homes more intelligent and create a better world through technology.

In less than one year, OrionStar has successfully released its own voice recognition and image recognition systems.

In June 2017, OrionStar partnered with popular audio streaming platform Ximalaya.com in China to release Xiao Ya, a voice-operated speaker powered by OrionStar's self-developed remote voice interactive system, and the first product to connect to OrionStar's AI ecosystem.

lead of the short gang Prescience Point,
which reads to me like cavemen (pre-science) :)

https://www.presciencepoint.com/research/research-archives/cheetah_mobile-cmcm/

Stage-2 of the attack w/ ambulance chaser https://www.businesswire.com/news/home/20181128005744/en/

repeating: 11/22 nice interview w/ CFO re investment and core products shifting away from adware

https://www.bloomberg.com/news/videos/2018-11-21/china-s-cheetah-mobile-aims-to-become-ai-driven-company-cfo-says-video

a must view ..

on 2016-05-23 Google coop started for these ads https://www.prnewswire.com/news-releases/cheetah-mobile-and-google-share-admob-native-ad-success-with-video-case-study-300273292.html

To be honest, I hate all of these apps and don't use it - mobile phones as anonymous as possible. However, CMCM is like all of these other companies here, including Google and FB and who not.
The biz case is to use your data.
The user is the 'good' to trade, nothing to see here.

And if you believe that Google was not aware of anything in this matter, you may dream on :)

Bottom line, as laid out in replied post: CMCM is moving into a solid biz case for more growth away from these questionable adware components as planned in 2017. GL

AdWare Fraud Accusation Short Attack

Christmas came early? Probably!
Forgive me typos and grammar, I just copy paste some prelim text of our notes here, barely structuring it yet.

First of all this wasn't the first short attack on the company.

Now the CMCM ex-partner Kochava 'discloses' some phenomenons, where he prematurely points his fingers to CMCM and one other company for good measure, see
https://www.buzzfeednews.com/article/craigsilverman/android-apps-cheetah-mobile-kika-kochava-ad-fraud

In the business of disclosing security vulnerabilities etc, the finder USUALLY contacts the involved companies w/o raising the flag in public. Finder may receive a finders fee.
The behavior Kochava exposes with the public disclosure, breaches the unwritten rules in this field. So called 'Zero day' disclosures are rare and using the yellow press even more so :)
Who knows how they get compensated for it. They surely got their dime here IMHO. Simply unethical in this business.

CMCM made a 2nd PR regarding the orchestrated and algo lead short attack today https://www.prnewswire.com/news-releases/cheetah-mobile-further-responds-to-recent-articles-regarding-app-installation-attribution-300756450.html

Know that the SP wasn't even able to get above the 5min 8ema on around 10M traded shares, about 143M OS (reduced since 3Q18).

The company lost more than 1/3 of their MCAP!

Good algos were employed here, that's for sure :)

+++

Now let's talk about the future of CMCM.

May 26, 2017, 08:30 ET https://www.prnewswire.com/news-releases/cheetah-mobile-invests-in-robotics-business-300464519.html

Jul 26, 2017, 08:00 ET https://www.prnewswire.com/news-releases/orionstar-wins-challenge-to-recognize-one-million-celebrity-faces-with-artificial-intelligence-300494265.html

In May '17 CMCM invested into OrionStar https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=432245050

CMCM started to plan their adware mobile-phone helper-all exit strategy in early 2017, knowing that this revenue source will no t match their growth trajectory and is declining.

CMCM entered the AI driven application market w/ and w/o hardware involved.

1Q18 CC:
Cheetah GreetBot, which is a full-sized reception robot developed by Beijing OrionStar. Cheetah GreetBot can recognize visitors when they arrive, communicate with them, help them find their contacts and accompanying them to meeting rooms
With Beijing OrionStar's end-to-end knowledge of robot production, they can tailor maker -- tailor make Cheetah GreetBot for customers such as companies, banks and hospitals at a compelling price.
Beijing OrionStar had made significant progress on Cheetah GreetBot production testing since its launch. If they execute according to plans, we expect to start delivering Cheetah GreetBot to customer in Q4 2018.

Q&A My first question about the margin trend for Q2 and 2018 due to our investment in the robotics business. And my second question is about our competitive strengths and our differentiations in the robotics business versus our peers.

A: First of all, for the OrionStar, Beijing OrionStar, this is a -- we are not controlling the company right now. We only have a warrant to acquire controlling position. So at this moment, it was (inaudible) possible right now (inaudible) alternative measurements, so we have not recognized the cost and expenses of Beijing OrionStar yet. So just on our book is our costs. The expense and costs will not impact the bottom line of Cheetah Mobile. In term of the margin, we expect that the gross margin will probably be slightly lower because the top line was reduced.


Timeline as planned was to start selling new products in 4Q18,
but company is now ahead of their plan:

Translator launched July 2018 https://pandaily.com/cheetah-mobile-launches-the-most-affordable-ai-translator-at-40/

GreetBot launched in August 2018 https://venturebeat.com/2018/08/29/cheetah-mobile-and-orionstar-release-greetbot-ai-receptionist-robots/

On 11/22/18 post 3Q18 CFO gave a nice interview https://finance.yahoo.com/video/chinas-cheetah-mobile-aims-become-232458309.html

he mentioned TikTok investment will gain around $86M https://play.google.com/store/apps/details?id=com.photogrid.tiptap&hl=en_US

Bytedance is the Tik Tok creator https://edition.cnn.com/2018/10/18/tech/bytedance-china-tiktok/index.html

and on 11/26 Bytedance generated $43M sold + $43M holding for CMCM https://www.sec.gov/Archives/edgar/data/1597835/000119312518333486/d652620d6k.htm

one of CMCM's big wins of investments https://www.prnewswire.com/news-releases/bytedance-and-nba-announce-global-partnership-to-deliver-customized-mobile-friendly-content-powered-by-artificial-intelligence-300755383.html

hope they buy the remaining portion of OrionStar, for which they do have an option.

Bottom line, company is moving away from the adware biz as planned long time ago anyways and their AI driven apps + tools are well received and already selling.

Such a transition is never easy, but seemingly CMCM managed it best so far - not being damaged by quarterly negatives. The shift and R&D being paid by the exiting adware revenues.

In this sense: Christmas came early!