BEIJING, Nov 21, 2016 /PRNewswire/ --Cheetah Mobile Inc. (NYSE: CMCM) ("Cheetah Mobile" or the "Company"), a leading mobile internet company that aims to provide leading applications to help make the internet and mobile experience smarter, speedier, and safer for users worldwide, today announced its unaudited consolidated financial results for the third quarter of 2016.
Third Quarter 2016 Financial Highlights
Third Quarter 2016 Key Operating Metrics
Mr. Sheng Fu, Cheetah Mobile's Chief Executive Officer, stated, "We are delighted to report strengthening financial results for the third quarter of 2016. Driven by the solid performance of our utility apps, total revenues resumed its sequential growth and our mobile and overseas revenues have hit all-time record highs, and the Company returned to profitability. Our utility apps continue to see steady revenue growth as well as improved profitability even as the overall utilities segment continues to mature. In particular, Clean Master maintained its No. 1 position in the U.S. tool application category in early November, according to App Annie. In addition, two of our content-driven apps, Live.me and News Republic, demonstrated strong growth over the past quarter, particularly in the U.S. market. According to App Annie's October data, Live.me was the No.1 grossing social application in the U.S. on Google Play and was ranked as one of the top 5 social apps on Apple App Store. In addition, News Republic was ranked as one of the top 3 news and magazine apps in the U.S. on Google Play in October 2016. Looking ahead, we will continue to implement our mobile content strategy and focus on connecting our over 600 million global Mobile MAUs with more personalized and rich content, further strengthening our user experience, user engagement and growth engine for Cheetah Mobile."
Mr. Andy Yeung, Cheetah Mobile's Chief Financial Officer, commented, "We delivered solid financial results in the third quarter of 2016, with resumed sequential growth in total revenues and improved profitability despite stepped-up investments in our content apps. During the second quarter, we set a clear goal to rejuvenate revenue growth and expand profitability of our utility apps. We have delivered on our promises with strong performance from our utility apps, which continued to drive our total revenue growth and margin expansion. Going forward, we remain focused on executing on our mobile content strategy to establish a sustainable and profitable growth model for the long term. We believe that consistent, strong operational and financial performance of our utility apps will continue to lay a solid foundation for our mobile content strategy, providing another round of strong growth in the coming quarters."
Third Quarter 2016 Consolidated Financial Results
REVENUES
Total revenues increased by 9.7% year over year and 7.8% quarter over quarter to RMB1,128.3 million (US$169.2 million) in the third quarter of 2016, which was primarily driven by the steady and sustained revenue growth from the Company's utility apps and the contribution from the Company's new content-driven apps, namely Live.me and News Republic, which accounted for approximately 4% of total revenues in the quarter.
By platform, revenues generated from mobile business increased by 26.8% year over year and 16.3% quarter over quarter to RMB898.2 million (US$134.7 million) in the third quarter of 2016, which was primarily driven by higher popularity of the Company's mobile marketing services worldwide.
By region, revenues generated from overseas markets increased by 28.9% year over year and 28.4% quarter over quarter to RMB719.9 million (US$108.0 million) in the third quarter of 2016, which was primarily driven by improvements in overseas monetization.
COST OF REVENUES AND GROSS PROFIT
Cost of revenues increased by 47.4% year over year and 13.9% quarter over quarter to RMB403.9 million (US$60.6 million) in the third quarter of 2016, which was primarily driven by increased investments in content for the Company's content-driven apps, higher bandwidth and internet data center costs associated with increased user traffic worldwide, and data analytics.
Gross profit decreased by 4.0% year over year, but increased by 4.7% quarter over quarter to RMB724.4 million (US$108.6 million) in the third quarter of 2016.
OPERATING INCOME/LOSS AND EXPENSES
Total operating expenses increased by 7.6% year over year and 0.4% quarter over quarter to RMB758.3 million (US$113.7 million) in the third quarter of 2016. Total non-GAAP operating expenses increased by 16.1% year over year and 3.0% quarter over quarter to RMB686.5 million (US$102.9 million).
Operating loss was RMB33.8 million (US$5.1 million), as compared with an operating profit of RMB50.0 million in the prior year period and an operating loss of RMB63.0 million in the previous quarter. The year-over-year decline in operating profit was mainly attributable to increased investments in content-driven apps, which lowered operating margin by almost 17% in the quarter. The quarter-over-quarter improvement was due to higher total revenues in the quarter as well as the Company's improved efficiency and cost control measures concerning its marketing efforts, which helped in expanding the profitability of its utility apps.
Non-GAAP operating profit decreased by 76.9% year over year, but increased by 49.3% quarter over quarter to RMB38.1 million (US$5.7 million) in the third quarter of 2016.
Share-based compensation expenses decreased by 37.3% year over year and 18.8% quarter over quarter to RMB71.9 million (US$10.8 million) in the third quarter of 2016.
OTHER INCOME, NET
Other income, net was RMB30.9 million (US$4.6 million) in the third quarter of 2016, which was primarily due to gains on disposal of certain investment assets in the quarter.
NET INCOME/LOSS ATTRIBUTABLE TO CHEETAH MOBILE SHAREHOLDERS
Net income attributable to Cheetah Mobile shareholders was RMB0.4 million (US$0.07 million) in the third quarter of 2016, which represents a decrease of 98.5% year over year, but a significant improvement from a net loss attributable to Cheetah Mobile shareholders of RMB150.5 million in the previous quarter.
Non-GAAP net income attributable to Cheetah Mobile shareholders was RMB72.4 million (US$10.9 million), which represents a decrease of 49.6% year over year, but a significant improvement from a non-GAAP net loss attributable to Cheetah Mobile shareholders of RMB61.9 million in the previous quarter.
NET INCOME PER ADS
Diluted income per ADS in the third quarter of 2016 was RMB0.00 (US$0.00), as compared with diluted income per ADS of RMB0.20 in the prior year period, and diluted loss per ADS of RMB1.08 in the previous quarter.
Non-GAAP diluted income per ADS in the third quarter of 2016 was RMB0.51 (US$0.08), as compared with non-GAAP diluted earnings per ADS of RMB1.00 in the prior year period and non-GAAP diluted loss per ADS of RMB0.44 in the previous quarter.
ADJUSTED EBITDA
Adjusted EBITDA (Non-GAAP) decreased by 60.5% year over year, but increased by 18.4% quarter over quarter to RMB80.1 million (US$12.0 million) in the third quarter of 2016.
CASH AND CASH EQUIVALENTS, RESTRICTED CASH AND SHORT-TERM INVESTMENTS BALANCE
As of September 30, 2016, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1,437.2 million (US$215.5 million).
SHARES ISSUED AND OUTSTANDING
As of September 30, 2016, the Company had a total of 1,425,736,715 Class A and Class B ordinary shares issued and outstanding. One ADS represents 10 Class A ordinary shares.
Cheetah Mobile and Tencent Continue to Expand Strategic Cooperation Agreement
Cheetah Mobile increased the annual cap for promotional services fees payable by Cheetah Mobile to Tencent for each of the years ending December 31, 2016 and 2017. Under the new supplemental agreement, the annual cap for the year ending December 31, 2016 increased from RMB30 million to RMB47.5 million. In addition, the annual cap for the year ending December 31, 2017 increased from RMB45 million to RMB62.5 million. Except for the foregoing, all the existing terms and conditions under the Strategic Cooperation Agreement, as amended, remain unchanged. For the first nine months of 2016, the historical transaction amount for the promotion services fees payable by Cheetah Mobile to Tencent was RMB26 million.
Update on Share Repurchase Program
On March 16, 2016, the Company's Board of Directors authorized a share repurchase plan, pursuant to which the Company may repurchase its own issued and outstanding ADSs with an aggregate value of up to US$100 million from the open market, in negotiated transactions off the market, or through other legally permissible means in accordance with applicable securities laws from time to time within one year after March 16, 2016. The share repurchase plan does not require the Company to acquire a specific number of ADSs. As of November 18, 2016, the Company had repurchased a total of 2,536,808 ADSs, representing 25,368,080 Class A ordinary shares, at an average price of $10.7483 per ADS.
Business Outlook
For the fourth quarter of 2016, the Company expects its total revenues to be between RMB1,200 million (US$180 million) and RMB1,240 million (US$186 million), representing an estimated year-over-year growth of 4% to 8%, and quarter-over-quarter growth of 6% to 10%. This estimate represents management's preliminary view as of the date of this release, which is subject to change and any change could be material.
Conference Call Information
Company will hold a conference call on Monday, November 21, 2016 at 8:00 am Eastern Time or 9:00 pm Beijing Time to discuss the 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 |
China Toll Free: |
4001-201203 |
Hong Kong Toll Free: |
800-905945 |
Conference ID: |
Cheetah Mobile |
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 RMB6.6685 to US$1.00, the exchange rate in effect as of September 30, 2016 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 mobile internet company. It aims to provide leading apps for mobile users worldwide and connect users with personalized content on the mobile platform.
Cheetah Mobile's products, including its popular mission-critical utility applications Clean Master, CM Security and Battery Doctor, help make users' mobile internet experience smarter, speedier, and safer. The Company has attracted 612 million global Mobile MAUs as of September 2016, of which approximately 80% are located outside of China. Leveraging the success of its mission-critical applications, Cheetah Mobile has launched its line of mobile content-driven applications, including News Republic and Live.me.
Cheetah Mobile provides its advertising customers, which include direct advertisers and mobile advertising networks through which advertisers place their advertisements, with direct access to highly targeted mobile users and global promotional channels, which are capable of delivering targeted content to hundreds of millions of users.
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
To supplement Cheetah Mobile's consolidated financial information presented in accordance with U.S. GAAP, Cheetah Mobile uses the following non-GAAP financial measures:
The Company believes that separate analysis and exclusion of share-based compensation expenses and the use of Adjusted EBITDA add clarity to the constituent parts of its performance from the cash perspective. 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" and "Cheetah Mobile Inc. Reconciliation of Net Income (Loss) Attributable to Cheetah Mobile Shareholders to Adjusted EBITDA (Non-GAAP)" at the end of this release.
Investor Relations Contact
Cheetah Mobile Inc.
Helen Jing Zhu
Tel: +86 10 6292 7779 ext. 1600
Email: IR@cmcm.com
ICR, Inc.
Jessie Fan
Tel: +1 (646) 417-5395
Email: IR@cmcm.com
[1] Overseas revenues refer to revenues generated by the Company's operating legal entities incorporated outside the People's Republic of China (excluding Hong Kong, Macau and Taiwan for the purposes of this press release), or the PRC. Such revenues are primarily attributable to customers located outside the PRC. |
CHEETAH MOBILE INC. |
|||||
Condensed Consolidated Balance Sheets |
|||||
(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$") |
|||||
As of |
|||||
31-Dec-15 |
30-Sep-16 |
30-Sep-16 |
|||
RMB |
RMB |
USD |
|||
(As adjusted, unaudited) (a) |
(Unaudited) |
(Unaudited) |
|||
ASSETS |
|||||
Current assets: |
|||||
Cash and cash equivalents |
1,843,233 |
950,467 |
142,531 |
||
Restricted cash |
156,161 |
158,131 |
23,713 |
||
Short-term investments |
29,234 |
328,588 |
49,275 |
||
Accounts receivable |
633,440 |
602,325 |
90,324 |
||
Prepayments and other current assets |
360,004 |
494,045 |
74,086 |
||
Due from related parities |
60,794 |
84,393 |
12,655 |
||
Deferred tax assets |
5,101 |
15,031 |
2,254 |
||
Total current assets |
3,087,967 |
2,632,980 |
394,838 |
||
Non-current assets: |
|||||
Property and equipment, net |
121,241 |
124,716 |
18,702 |
||
Intangible assets, net |
233,092 |
242,200 |
36,320 |
||
Goodwill |
617,863 |
954,745 |
143,172 |
||
Investment in equity investees |
124,708 |
96,522 |
14,474 |
||
Other long term investments |
700,113 |
893,303 |
133,959 |
||
Deferred tax assets |
12,843 |
40,326 |
6,047 |
||
Other non-current assets |
28,724 |
27,002 |
4,049 |
||
Total non-current assets |
1,838,584 |
2,378,814 |
356,723 |
||
Total assets |
4,926,551 |
5,011,794 |
751,561 |
||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
Current liabilities: |
|||||
Bank loans |
130,273 |
358,136 |
53,706 |
||
Accounts payable |
137,883 |
162,296 |
24,338 |
||
Accrued expenses and other current liabilities |
1,308,717 |
1,024,006 |
153,559 |
||
Redemption right liabilities |
474 |
563 |
84 |
||
Deferred revenue |
56,070 |
55,887 |
8,381 |
||
Due to related parties |
56,932 |
64,385 |
9,655 |
||
Income tax payable |
29,822 |
65,618 |
9,840 |
||
Deferred tax liabilities |
414 |
- |
- |
||
Total current liabilities |
1,720,585 |
1,730,891 |
259,563 |
||
Non-current liabilities: |
|||||
Bank loans |
10,523 |
127,475 |
19,116 |
||
Deferred revenue |
8,166 |
8,113 |
1,217 |
||
Deferred tax liabilities |
99,006 |
106,185 |
15,923 |
||
Other non-current liabilities |
73,826 |
33,708 |
5,055 |
||
Total non-current liabilities |
191,521 |
275,481 |
41,311 |
||
Total liabilities |
1,912,106 |
2,006,372 |
300,874 |
||
Shareholders' equity: |
|||||
Ordinary shares |
226 |
230 |
34 |
||
Treasury stock |
- |
(178,991) |
(26,841) |
||
Additional paid-in capital |
2,414,706 |
2,668,573 |
400,176 |
||
Retained earnings |
317,818 |
178,518 |
26,770 |
||
Accumulated other comprehensive income |
121,317 |
155,207 |
23,273 |
||
Total Cheetah Mobile shareholders' equity |
2,854,067 |
2,823,537 |
423,412 |
||
Noncontrolling interests |
160,378 |
181,885 |
27,275 |
||
Total equity |
3,014,445 |
3,005,422 |
450,687 |
||
Total liabilities, noncontrolling interests and shareholders' equity |
4,926,551 |
5,011,794 |
751,561 |
||
Note: |
|||||
(a) The above condensed consolidated balance sheets have been prepared as if the Kingsoft Japan had been owned and operated by the Cheetah Mobile throughout the periods presented in accordance with ASC 805-50. Kingsoft Japan became a subsidiary of the Company on January 29, 2016. |
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 |
|||||||
30-Sep-15 |
30-Jun-16 |
30-Sep-16 |
30-Sep-16 |
||||
RMB |
RMB |
RMB |
USD |
||||
(As adjusted, unaudited) (b) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
||||
Revenues |
1,028,708 |
1,046,664 |
1,128,326 |
169,202 |
|||
Online marketing services |
905,381 |
939,125 |
986,379 |
147,916 |
|||
Internet value-added services |
99,516 |
79,601 |
110,452 |
16,563 |
|||
Internet security services and others |
23,811 |
27,938 |
31,495 |
4,723 |
|||
Cost of revenues (a) |
(274,089) |
(354,710) |
(403,900) |
(60,568) |
|||
Gross profit |
754,619 |
691,954 |
724,426 |
108,634 |
|||
Operating income and expenses: |
|||||||
Research and development (a) |
(205,207) |
(227,496) |
(235,541) |
(35,321) |
|||
Selling and marketing (a) |
(389,584) |
(407,206) |
(391,496) |
(58,708) |
|||
General and administrative (a) |
(129,806) |
(160,735) |
(141,168) |
(21,169) |
|||
Impairment of goodwill and intangible assets |
(11,750) |
- |
- |
- |
|||
Other operating income |
31,763 |
40,446 |
9,938 |
1,490 |
|||
Total operating income and expenses |
(704,584) |
(754,991) |
(758,267) |
(113,708) |
|||
Operating profit (loss) |
50,035 |
(63,037) |
(33,841) |
(5,074) |
|||
Other income (expense): |
|||||||
Interest income, net |
2,558 |
2,715 |
727 |
109 |
|||
Changes in fair value of redemption right and put options granted |
(213) |
(308) |
251 |
38 |
|||
Settlement and changes in fair value of contingent consideration |
(1,286) |
(664) |
981 |
147 |
|||
Foreign exchange (loss) gain, net |
(1,302) |
486 |
1,672 |
251 |
|||
Impairment of investments |
- |
(95,206) |
- |
- |
|||
Losses from equity method investments |
(6,055) |
(6,070) |
(451) |
(68) |
|||
Other income, net |
1,089 |
17,620 |
30,949 |
4,641 |
|||
Income (Loss) before taxes |
44,826 |
(144,464) |
288 |
44 |
|||
Income tax (expenses) benefits |
(14,503) |
(1,964) |
7,873 |
1,181 |
|||
Net income (loss) |
30,323 |
(146,428) |
8,161 |
1,225 |
|||
Less: net income attributable to noncontrolling interests |
1,489 |
4,022 |
7,716 |
1,157 |
|||
Net income (loss) attributable to Cheetah Mobile |
28,834 |
(150,450) |
445 |
68 |
|||
Earnings (Losses) per share |
|||||||
Basic |
0.02 |
(0.11) |
0.00 |
0.00 |
|||
Diluted |
0.02 |
(0.11) |
0.00 |
0.00 |
|||
Earnings (Losses) per ADS |
|||||||
Basic |
0.21 |
(1.08) |
0.00 |
0.00 |
|||
Diluted |
0.20 |
(1.08) |
0.00 |
0.00 |
|||
Weighted average number of shares outstanding |
|||||||
Basic |
1,383,355,451 |
1,391,355,172 |
1,381,491,089 |
1,381,491,089 |
|||
Diluted |
1,434,461,272 |
1,391,355,172 |
1,417,898,001 |
1,417,898,001 |
|||
Weighted average number of ADSs used in computation |
|||||||
Basic |
138,335,545 |
139,135,517 |
138,149,109 |
138,149,109 |
|||
Diluted |
143,446,127 |
139,135,517 |
141,789,800 |
141,789,800 |
|||
Other comprehensive income (loss), net of tax of nil |
|||||||
Foreign currency translation adjustments |
75,693 |
54,165 |
12,347 |
1,852 |
|||
Unrealized gains (losses) on available-for-sale |
413 |
(389) |
(21,666) |
(3,249) |
|||
Other comprehensive income (loss) |
76,106 |
53,776 |
(9,319) |
(1,397) |
|||
Total comprehensive income (loss) |
106,429 |
(92,652) |
(1,158) |
(172) |
|||
Less: Total comprehensive (loss) income attributable to |
(549) |
7,117 |
8,522 |
1,278 |
|||
Total comprehensive income (loss) attributable to Cheetah Mobile shareholders |
106,978 |
(99,769) |
(9,680) |
(1,450) |
|||
(a) Share-based compensation expenses |
|||||||
Cost of revenues |
1,656 |
140 |
187 |
28 |
|||
Research and development |
65,180 |
49,410 |
35,956 |
5,392 |
|||
Selling and marketing |
7,505 |
1,300 |
6,352 |
953 |
|||
General and administrative |
40,471 |
37,707 |
29,449 |
4,416 |
|||
Total |
114,812 |
88,557 |
71,944 |
10,789 |
|||
Notes: |
|||||||
(b) The above condensed consolidated statements of comprehensive income have been prepared as if the Kingsoft Japan had been owned and operated by the Cheetah Mobile throughout the periods presented in accordance with ASC 805-50. Kingsoft Japan became a subsidiary of the Company on January 29, 2016. |
CHEETAH MOBILE INC. |
|||||||||||||
Reconciliation of GAAP and Non-GAAP Results |
|||||||||||||
(Unaudited, in'000, except for per share data and percentage) |
|||||||||||||
For The Three Months Ended September 2016 |
|||||||||||||
GAAP |
% of Net |
Share-based |
% of Net |
Non-GAAP |
% of Net |
Non-GAAP |
|||||||
Result |
Revenues |
Compensation |
Revenues |
Result |
Revenues |
Result ($) |
|||||||
Revenues |
1,128,326 |
1,128,326 |
169,202 |
||||||||||
Cost of revenues |
(403,900) |
35.8% |
187 |
0.0% |
(403,713) |
35.8% |
(60,540) |
||||||
Gross profit |
724,426 |
64.2% |
187 |
0.0% |
724,613 |
64.2% |
108,662 |
||||||
Research and development |
(235,541) |
20.9% |
35,956 |
3.2% |
(199,585) |
17.7% |
(29,930) |
||||||
Selling and marketing |
(391,496) |
34.7% |
6,352 |
0.6% |
(385,144) |
34.1% |
(57,756) |
||||||
General and administrative |
(141,168) |
12.5% |
29,449 |
2.6% |
(111,719) |
9.9% |
(16,753) |
||||||
Other operating income |
9,938 |
0.9% |
- |
- |
9,938 |
0.9% |
1,490 |
||||||
Total operating income and expenses |
(758,267) |
67.2% |
71,757 |
6.4% |
(686,510) |
60.8% |
(102,949) |
||||||
Operating (loss) profit |
(33,841) |
3.0% |
71,944 |
6.4% |
38,103 |
3.4% |
5,713 |
||||||
Net income attributable to Cheetah Mobile shareholders |
445 |
0.0% |
71,944 |
6.4% |
72,389 |
6.4% |
10,855 |
||||||
Diluted earnings per ordinary share (RMB) |
0.00 |
0.05 |
0.05 |
||||||||||
Diluted earnings per ADS (RMB) |
0.00 |
0.51 |
0.51 |
||||||||||
Diluted earnings per ADS (USD) |
0.00 |
0.08 |
0.08 |
||||||||||
For The Three Months Ended June 2016 |
|||||||||||||
GAAP |
% of Net |
Share-based |
% of Net |
Non-GAAP |
% of Net |
||||||||
Result |
Revenues |
Compensation |
Revenues |
Result |
Revenues |
||||||||
Revenues |
1,046,664 |
1,046,664 |
|||||||||||
Cost of revenues |
(354,710) |
33.9% |
140 |
0.0% |
(354,570) |
33.9% |
|||||||
Gross profit |
691,954 |
66.1% |
140 |
0.0% |
692,094 |
66.1% |
|||||||
Research and development |
(227,496) |
21.7% |
49,410 |
4.7% |
(178,086) |
17.0% |
|||||||
Selling and marketing |
(407,206) |
38.9% |
1,300 |
0.1% |
(405,906) |
38.8% |
|||||||
General and administrative |
(160,735) |
15.4% |
37,707 |
3.6% |
(123,028) |
11.8% |
|||||||
Other operating income |
40,446 |
3.9% |
- |
- |
40,446 |
3.9% |
|||||||
Total operating income and expenses |
(754,991) |
72.1% |
88,417 |
8.4% |
(666,574) |
63.7% |
|||||||
Operating (loss) profit |
(63,037) |
6.0% |
88,557 |
8.5% |
25,520 |
2.4% |
|||||||
Net loss attributable to Cheetah Mobile shareholders |
(150,450) |
14.4% |
88,557 |
8.5% |
(61,893) |
5.9% |
|||||||
Diluted losses per ordinary share (RMB) |
(0.11) |
0.07 |
(0.04) |
||||||||||
Diluted losses per ADS (RMB) |
(1.08) |
0.64 |
(0.44) |
||||||||||
For The Three Months Ended September 2015 |
|||||||||||||
GAAP |
% of Net |
Share-based |
% of Net |
Non-GAAP |
% of Net |
||||||||
Result |
Revenues |
Compensation |
Revenues |
Result |
Revenues |
||||||||
Revenues |
1,028,708 |
1,028,708 |
|||||||||||
Cost of revenues |
(274,089) |
26.6% |
1,656 |
0.2% |
(272,433) |
26.5% |
|||||||
Gross profit |
754,619 |
73.4% |
1,656 |
0.2% |
756,275 |
73.5% |
|||||||
Research and development |
(205,207) |
19.9% |
65,180 |
6.3% |
(140,027) |
13.6% |
|||||||
Selling and marketing |
(389,584) |
37.9% |
7,505 |
0.7% |
(382,079) |
37.1% |
|||||||
General and administrative |
(129,806) |
12.6% |
40,471 |
3.9% |
(89,335) |
8.7% |
|||||||
Impairment of goodwill and intangible assets |
(11,750) |
1.1% |
- |
- |
(11,750) |
1.1% |
|||||||
Other operating income |
31,763 |
3.1% |
- |
- |
31,763 |
3.1% |
|||||||
Total operating income and expenses |
(704,584) |
68.5% |
113,156 |
11.0% |
(591,428) |
57.5% |
|||||||
Operating profit |
50,035 |
4.9% |
114,812 |
11.2% |
164,847 |
16.0% |
|||||||
Net income attributable to Cheetah Mobile Shareholders |
28,834 |
2.8% |
114,812 |
11.2% |
143,646 |
14.0% |
|||||||
Diluted earnings per ordinary share (RMB) |
0.02 |
0.08 |
0.10 |
||||||||||
Diluted earnings per ADS (RMB) |
0.20 |
0.80 |
1.00 |
CHEETAH MOBILE INC. |
||||
Reconciliation from Net Income (Loss) Attributable to Cheetah Mobile Shareholders to Adjusted EBITDA (Non-GAAP) |
||||
(Unaudited, in '000) |
||||
For The Three Months Ended |
||||
30-Sep-15 |
30-Jun-16 |
30-Sep-16 |
30-Sep-16 |
|
RMB |
RMB |
RMB |
USD |
|
Net income (loss) attributable to Cheetah Mobile shareholders |
28,834 |
(150,450) |
445 |
68 |
Add: |
||||
Income tax expense (benefits) |
14,503 |
1,964 |
(7,873) |
(1,181) |
Interest income,net |
(2,558) |
(2,715) |
(727) |
(109) |
Depreciation and amortization |
37,589 |
42,126 |
41,959 |
6,292 |
Net income attributable to noncontrolling interests |
1,489 |
4,022 |
7,716 |
1,157 |
Other non-operating expense (income), net |
7,767 |
84,142 |
(33,402) |
(5,009) |
Share-based compensation |
114,812 |
88,557 |
71,944 |
10,789 |
Adjusted EBITDA |
202,436 |
67,646 |
80,062 |
12,007 |
Cheetah Mobile Inc. |
||||
Revenues Generated from PC-based and Mobile-based Applications and Services |
||||
(Unaudited, in '000) |
||||
For The Three Months Ended |
||||
30-Sep-15 |
30-Jun-16 |
30-Sep-16 |
30-Sep-16 |
|
RMB |
RMB |
RMB |
USD |
|
PC |
320,155 |
274,329 |
230,125 |
34,509 |
Mobile |
708,553 |
772,335 |
898,201 |
134,693 |
Total |
1,028,708 |
1,046,664 |
1,128,326 |
169,202 |
Cheetah Mobile Inc. |
||||
Revenues Generated from Domestic and Overseas Markets |
||||
(Unaudited, in '000) |
||||
For The Three Months Ended |
||||
30-Sep-15 |
30-Jun-16 |
30-Sep-16 |
30-Sep-16 |
|
RMB |
RMB |
RMB |
USD |
|
Domestic revenues |
470,337 |
485,972 |
408,440 |
61,249 |
Overseas revenues |
558,371 |
560,692 |
719,886 |
107,953 |
Total |
1,028,708 |
1,046,664 |
1,128,326 |
169,202 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cheetah-mobile-announces-third-quarter-2016-unaudited-consolidated-financial-results-300366464.html