Cheetah Mobile Announces First Quarter 2017 Unaudited Consolidated Financial Results


May 22, 2017

BEIJING, May 22, 2017 /PRNewswire/ — Cheetah Mobile Inc. (NYSE: CMCM) (“Cheetah Mobile” or the “Company”), a leading mobile internet company that aims to provide leading apps for mobile users worldwide and connect users with personalized content on the mobile platform, today announced its unaudited consolidated financial results for the first quarter ended March 31, 2017.

First Quarter 2017 Financial Highlights

  • Total revenues increased by 6.8% year over year to RMB1,190.7 million (US$173.0 million), primarily driven by growth in revenues from content-driven applications, which contributed to 18.8% of total revenues in the first quarter of 2017, as compared to 11.3% in the fourth quarter of 2016.
  • ŸNet income attributable to Cheetah Mobile shareholders increased by 752.2% year over year to RMB91.2 million (US$13.3 million).  Non-GAAP net income attributable to Cheetah Mobile shareholders increased by 13.2% year over year to RMB115.6 million (US$16.8 million).

First Quarter 2017 Key Operating Metrics

  • ŸThe number of global mobile monthly active users (“Mobile MAUs”) was 603.2 million in March 2017.  The number of Mobile MAUs from markets outside of China, or overseas markets, accounted for 78.8% of the total number of Mobile MAUs in March 2017.

Mr. Sheng Fu, Cheetah Mobile’s Chief Executive Officer, stated, “2017 is a year of transformation for Cheetah Mobile.  We will continue to enhance our artificial intelligence-based technology platform that brings new opportunities to the mobile utility space and drives the rapid growth of our mobile content products.  We are encouraged by the strong performance we are witnessing in Live.me, one of our successful content-driven products in the overseas markets.  Driven by Live.me’s robust results, our overseas revenues1 achieved a record high in the first quarter of 2017.  We believe Live.me’s recent financing by external investors is an endorsement of its strong future market potential and will provide more flexibility for Live.me to execute its growth strategy.  Looking at our core utility apps, A.I. allowed us to further expand our utility product portfolio even though the segment has entered into a more mature phase of its product cycle.   For example, we launched Panda Keyboard, an AI-enabled application, early this year.  Recently, Panda Keyboard has become one of the top 5 personalized applications in the U.S. on Google Play.  Importantly, our utility products and related services continue to generate strong profits, which lay a solid foundation for our mobile content transformation.  Going forward, we remain focused on content and artificial intelligence to drive further growth of our business.”

Mr. Vincent Jiang, Cheetah Mobile’s Chief Financial Officer, commented, “It is becoming increasingly clear that our total revenue growth is driven by the fast growth of our content-driven products.  We continue to optimize cost structure on the utility products side to maintain profitability and support the growth of our content-driven products.  As our various business lines are in different phases of growth, starting this quarter, we will report our revenues according to business lines to help investors better understand our businesses. We expect to provide more transparency in our operations in the coming quarters.”

[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.

First Quarter 2017 Consolidated Financial Results

REVENUES

Total revenues increased by 6.8% year over year to RMB1,190.7 million (US$173.0 million) in the first quarter of 2017.  Starting from the first quarter of 2017, the Company will report its revenues according to the following business lines:

  • ŸRevenues from utility products and related services mainly consist of revenues generated by the Company’s mobile utility applications, internet browsers and PC security software.  The Company’s portfolio of utility products has attracted a massive user base, which enabled the company to become one of the leading online and mobile advertising platforms.  Revenues from the Company’s utility products and related services for the first quarter of 2017 decreased by 12.9% year over year and 18.0% quarter over quarter to RMB827.2 million (US$120.2 million), primarily due to decreased PC revenues as a result of the migration of internet traffic from PC to mobile phones in China.  The quarter-over-quarter fluctuation was also affected by seasonality in advertising in both China and the overseas markets.
  • Revenues from content-driven products consist of revenues generated by Live.me and News Republic. Live.me, which was launched in the fourth quarter of 2015, is a popular live video streaming application serving overseas users, especially in developed countries.  Users can purchase virtual gifts using virtual currencies the Company sells on Live.me to show support and appreciation to their favorite broadcasting hosts.  News Republic, which was acquired by the Company in the second quarter of 2016, is a popular news feed application that delivers personalized news and advertisements driven by the Company’s artificial intelligence-based technologies. Revenues from the content-driven products for the first quarter of 2017 increased by 55.2% quarter over quarter to RMB223.8 million (US$32.5 million).  The quarter-over-quarter increase was primarily driven by a rapid growth of Live.me broadcasting revenue.
  • Revenues from mobile game business mainly consists of revenues from the operations of mobile games.  The Company’s portfolio of mobile games has attracted a massive user base, which provides ample advertising revenue opportunities.  Users can also purchase in-game virtual items.  Revenues from mobile game business for the first quarter of 2017 decreased by 15.7% year over year but increased by 15.1% quarter over quarter to RMB139.7 million (US$20.3 million).  The year-over-year decrease was primarily due to a decline in revenues from Piano Tiles 2, as the user number was at its peak in early 2016.  The quarter-over-quarter increase was primarily due to the Company’s continuous efforts to introduce more mobile casual games in the first quarter of 2017, further enriching its mobile game portfolio.

By platform, revenues generated from mobile business increased by 22.0% year over year, but decreased by 2.4% quarter over quarter to RMB1,008.4 million (US$146.5 million) in the first quarter of 2017.  The year-over-year increase was primarily driven by the rapid growth of the Company’s Live.me business in the overseas markets.  The quarter-over-quarter decline was primarily attributable to seasonality in advertising in both China and the overseas markets.

By region, revenues generated from the overseas markets increased by 33.9% year over year and 1.9% quarter over quarter to RMB848.3 million (US$123.2 million) in the first quarter of 2017.  The increases were primarily driven by the rapid growth of the Company’s Live.me business in the overseas markets.

COST OF REVENUES AND GROSS PROFIT

Cost of revenues increased by 42.7% year over year, but decreased by 1.3% quarter over quarter to RMB458.0 million (US$66.5 million) in the first quarter of 2017. The year-over-year increase was primarily driven by increased investments in the Company’s content-driven products.  Non-GAAP cost of revenues increased by 42.5% year over year, but decreased by 1.4% quarter over quarter to RMB457.0 million (US$66.4 million) in the first quarter of 2017.

Gross profit decreased by 7.7% year over year and 9.6% quarter over quarter to RMB732.8 million (US$106.5 million) in the first quarter of 2017.  Non-GAAP gross profit decreased by 7.6% year over year and 9.6% quarter over quarter to RMB733.7 million (US$106.6 million) in the first quarter of 2017.

OPERATING INCOME AND EXPENSES

Total operating expenses decreased by 8.5% year over year and 5.6% quarter over quarter to RMB706.4 million (US$102.6 million) in the first quarter of 2017.  Total non-GAAP operating expenses increased by 0.3% year over year, but decreased by 1.7% quarter over quarter to RMB683.0 million (US$99.2 million) in the first quarter of 2017.

  • Research and development expenses decreased by 7.8% year over year and 18.7% quarter over quarter to RMB191.4 million (US$27.8 million) in the first quarter of 2017, primarily due to decreased share-based compensation expenses and lower research and development personnel costs for its utility products, which was partially offset by increased personnel costs in the development of artificial intelligence technologies and content-driven products.  Non-GAAP research and development expenses, which exclude share-based compensation expenses, increased by 8.6% year over year, but decreased by 14.5% quarter over quarter to RMB181.8 million (US$26.4 million) in the first quarter of 2017.
  • Selling and marketing expenses decreased by 6.7% year over year but increased by 1.5% quarter over quarter to RMB414.3 million (US$60.2 million) in the first quarter of 2017.  The year-over-year decrease was due to lower expenses on promotional activities for its utility products, which was partially offset by increased product promotional activities for its content-driven apps. Non-GAAP selling and marketing expenses, which exclude share-based compensation expenses, decreased by 5.3% year over year, but increased by 1.6% quarter over quarter to RMB414.5 million (US$60.2 million) in the first quarter of 2017.
  • General and administrative expenses decreased by 22.2% year over year and 18.3% quarter over quarter to RMB103.6 million (US$15.0 million) in the first quarter of 2017, primarily due to decreased share-based compensation expenses and professional service fee.  Non-GAAP general and administrative expenses, which exclude share-based compensation expenses, increased by 1.5% year over year, but decreased by 6.9% quarter over quarter to RMB89.5 million (US$13.0 million) in the first quarter of 2017.

Operating profit increased by 18.3% year over year, but decreased by 57.7% quarter over quarter to RMB26.3 million (US$3.8 million) in the first quarter of 2017.  The year-over-year increase was mainly attributable to the Company’s overall revenue growth and strategy to implement cost control for its utility products, which was partially offset by increased investments in its content-driven products. The Company’s content-driven products lowered its operating margin by approximately 14.4 percentage points in the first quarter of 2017.  The quarter-over-quarter decrease in operating profit was mainly due to a decline in revenues from the Company’s utility products and services in the quarter, which was primarily due to seasonality in advertising in both China and the overseas markets.

Non-GAAP operating profit decreased by 55.4% year over year and 56.5% quarter over quarter to RMB50.7 million (US$7.4 million) in the first quarter of 2017.

Share-based compensation expenses decreased by 73.4% year over year and 55.0% quarter over quarter to RMB24.4 million (US$3.5 million) in the first quarter of 2017, mainly due to the change in the estimated forfeiture rates of share-based compensation.

OTHER INCOME, NET

Other income, net was RMB67.7 million (US$9.8 million) in the first quarter of 2017, which was primarily due to gains on disposal of certain investment assets in the first quarter of 2017.

NET INCOME ATTRIBUTABLE TO CHEETAH MOBILE SHAREHOLDERS

Net income attributable to Cheetah Mobile shareholders increased by 752.2% year over year and 55.2% quarter over quarter to RMB91.2 million (US$13.3 million) in the first quarter of 2017.

Non-GAAP net income attributable to Cheetah Mobile shareholders increased by 13.2% year over year and 2.3% quarter over quarter to RMB115.6 million (US$16.8 million).

NET INCOME PER ADS

Diluted income per ADS in the first quarter of 2017 was RMB0.64 (US$0.09), as compared with RMB0.07 in the prior year period and RMB0.41 in the previous quarter.

Non-GAAP diluted income per ADS in the first quarter of 2017 was RMB0.81 (US$0.12), as compared with RMB0.71 in the prior year period and RMB0.80 in the previous quarter.

ADJUSTED EBITDA

Adjusted EBITDA (Non-GAAP) decreased by 42.1% year over year and 45.0% quarter over quarter to RMB87.3 million (US$12.7 million) in the first quarter of 2017.

CASH AND CASH EQUIVALENTS, RESTRICTED CASH AND SHORT-TERM INVESTMENTS BALANCE

As of March 31, 2017, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1,960.3 million (US$284.8 million).

SHARES ISSUED AND OUTSTANDING

As of March 31, 2017, the Company had a total of 1,430,736,715 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 2017, the Company expects its total revenues to be between RMB1,190 million (US$173 million) and RMB1,240 million (US$180 million), representing a year-over-year increase of 14% to 18% and a quarter-over-quarter increase of 0% to 4%.  This estimate represents management’s preliminary view as of the date of this release, which is subject to change.

Conference Call Information

Company will hold a conference call on Monday, May 22, 2017 at 8:00 a.m. Eastern Time or 8:00 p.m. 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 RMB6.8832 to US$1.00, the exchange rate in effect as of March 31, 2017 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 utility applications Clean Master, CM Security and Battery Doctor, help make users’ mobile internet experience smarter, speedier, and safer. The Company has attracted more than 600 million global Mobile MAUs, of which approximately 80% are located outside of China.  Leveraging the success of its utility 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:

  • Non-GAAP cost of revenues reflects cost of revenues excluding the portion of share-based compensation expenses allocated to cost of revenues.
  • Non-GAAP gross profit reflects gross profit excluding the portion of share-based compensation expenses allocated to gross profit.
  • Non-GAAP operating income and expenses reflect operating income and expenses excluding the portion of share-based compensation expenses allocated to operating expenses.
  • Non-GAAP operating profit reflects operating profit excluding share-based compensation expenses.
  • Non-GAAP net income attributable to Cheetah Mobile shareholders is net income attributable to Cheetah Mobile shareholders excluding share-based compensation expenses.
  • Non-GAAP diluted earnings per ADS is non-GAAP net income attributable to Cheetah Mobile shareholders divided by weighted average number of diluted ADSs.
  • Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, other non-operating income and share-based compensation expenses.

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 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

 

CHEETAH MOBILE INC.

Condensed Consolidated Balance Sheets

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

As of

31-Dec-16

31-Mar-17

31-Mar-17

 RMB 

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

1,411,000

1,327,176

192,814

Restricted cash

167,751

112,734

16,378

Short-term investments

361,499

520,399

75,604

Accounts receivable

600,885

549,111

79,776

Prepayments and other current assets

571,306

569,700

82,767

Due from related parities

44,278

47,799

6,944

Deferred tax assets

15,527

Total current assets

3,172,246

3,126,919

454,283

Non-current assets:

Property and equipment, net

117,439

108,897

15,821

Intangible assets, net 

227,251

201,954

29,340

Goodwill

943,922

939,716

136,523

Investment in equity investees

100,063

99,677

14,481

Other long term investments

877,094

855,130

124,234

Deferred tax assets

74,809

88,687

12,885

Other non-current assets

28,310

28,524

4,144

Total non-current assets

2,368,888

2,322,585

337,428

Total assets

5,541,134

5,449,504

791,711

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities: 

Bank loans

379,544

384,712

55,891

Accounts payable

194,882

169,704

24,655

Accrued expenses and other current liabilities

1,359,758

1,165,420

169,314

Deferred revenue

48,661

48,685

7,073

Due to related parties

71,167

78,973

11,473

Income tax payable

12,209

17,519

2,545

Total current liabilities

2,066,221

1,865,013

270,951

Non-current liabilities: 

Bank loans

118,797

107,141

15,566

Deferred revenue

6,001

6,141

892

Deferred tax liabilities

112,438

105,330

15,302

Other non-current liabilities

36,499

40,884

5,940

Total non-current liabilities

273,735

259,496

37,700

Total liabilities

2,339,956

2,124,509

308,651

Shareholders’ equity:

Ordinary shares

230

231

34

Treasury stock

(178,991)

(178,991)

(26,004)

Additional paid-in capital

2,725,675

2,761,792

401,237

Retained earnings

237,293

328,522

47,728

Accumulated other comprehensive income

228,145

218,830

31,792

Total Cheetah Mobile shareholders’ equity

3,012,352

3,130,384

454,787

Noncontrolling interests

188,826

194,611

28,273

Total equity

3,201,178

3,324,995

483,060

Total liabilities, noncontrolling interests and shareholders’ equity

5,541,134

5,449,504

791,711

 

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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

31-Mar-16

31-Dec-16

31-Mar-17

31-Mar-17

RMB

RMB

RMB

USD

Revenues

1,114,988

1,274,672

1,190,703

172,987

Utility products and related services 

949,285

1,009,206

827,225

120,181

Content driven products 

144,160

223,805

32,515

Mobile game

165,695

121,306

139,663

20,290

Others

8

10

1

Cost of revenues (a)

(321,010)

(464,197)

(457,953)

(66,532)

Gross profit

793,978

810,475

732,750

106,455

Operating income and expenses: 

Research and development (a)  

(207,462)

(235,355)

(191,367)

(27,802)

Selling and marketing (a) 

(443,782)

(408,097)

(414,264)

(60,185)

General and administrative (a) 

(133,085)

(126,846)

(103,588)

(15,049)

Impairment of goodwill and intangible assets

(2,350)

(539)

Other operating income

14,948

22,545

2,784

404

Total operating income and  expenses

(771,731)

(748,292)

(706,435)

(102,632)

Operating profit

22,247

62,183

26,315

3,823

Other income (expense):

Interest income, net

3,387

954

1,616

235

Changes in fair value of redemption right and put options granted

20

(57)

(233)

(34)

Settlement and changes in fair value of contingent consideration

(683)

(3,011)

(790)

(115)

Foreign exchange (loss) gain, net

(1,362)

2,951

1,213

176

Impairment of investments

(45,863)

(Losses) gains from equity method investments, net

(7,731)

2,889

(367)

(53)

Other income, net

651

38,705

67,708

9,837

Income before taxes

16,529

58,751

95,462

13,869

Income tax (expenses) benefits

(2,998)

9,278

(4,912)

(714)

Net income

13,531

68,029

90,550

13,155

Less: net income (loss) attributable to noncontrolling interests 

2,826

9,254

(679)

(99)

Net income attributable to Cheetah Mobile shareholders

10,705

58,775

91,229

13,254

Earnings per share

Basic 

0.01

0.04

0.07

0.01

Diluted 

0.01

0.04

0.06

0.01

Earnings per ADS

Basic 

0.08

0.42

0.66

0.10

Diluted 

0.07

0.41

0.64

0.09

Weighted average number of shares outstanding

Basic 

1,392,324,511

1,384,035,270

1,387,446,596

1,387,446,596

Diluted 

1,441,882,966

1,419,820,902

1,422,443,105

1,422,443,105

Weighted average number of ADSs used in computation

Basic 

139,232,451

138,403,527

138,744,660

138,744,660

Diluted 

144,188,297

141,982,090

142,244,310

142,244,310

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

Foreign currency translation adjustments

(6,473)

72,411

(8,517)

(1,237)

Unrealized gains on available-for-sale securities, net

1,215

415

Other comprehensive (loss) income 

(5,258)

72,826

(8,517)

(1,237)

Total comprehensive income

8,273

140,855

82,033

11,918

Less: Total comprehensive income attributable to noncontrolling
interests

4,234

6,941

119

17

Total comprehensive income attributable to Cheetah Mobile
shareholders

4,039

133,914

81,914

11,901

(a) Share-based compensation expenses

Cost of revenues

339

824

934

136

Research and development

40,129

22,716

9,571

1,390

Selling and marketing

6,144

34

(188)

(27)

General and administrative

44,835

30,627

14,051

2,041

Total

91,447

54,201

24,368

3,540

 

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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 March 31, 2017

GAAP

% of Net

Share-based 

% of Net

Non-GAAP

% of Net

Non-GAAP

Result

Revenues

Compensation

Revenues

Result

Revenues

Result ($)

Revenues

1,190,703

1,190,703

172,987

Cost of revenues

(457,953)

38.5%

934

0.1%

(457,019)

38.4%

(66,396)

Gross profit

732,750

61.5%

934

0.1%

733,684

61.6%

106,591

Research and development 

(191,367)

16.1%

9,571

0.8%

(181,796)

15.3%

(26,412)

Selling and marketing 

(414,264)

34.8%

(188)

0.0%

(414,452)

34.8%

(60,212)

General and administrative 

(103,588)

8.7%

14,051

1.2%

(89,537)

7.5%

(13,008)

Impairment of goodwill and intangible assets

0.0%

0.0%

0.0%

Other operating income

2,784

0.2%

0.0%

2,784

0.2%

404

Total operating income and expenses

(706,435)

59.3%

23,434

2.0%

(683,001)

57.4%

(99,228)

Operating profit 

26,315

2.2%

24,368

2.0%

50,683

4.3%

7,363

Net income attributable to Cheetah Mobile shareholders

91,229

7.7%

24,368

2.0%

115,597

9.7%

16,794

Diluted earnings per ordinary share (RMB)

0.06

0.02

0.08

Diluted earnings per ADS (RMB)

0.64

0.17

0.81

Diluted earnings per ADS (USD)

0.09

0.03

0.12

For The Three Months Ended December 31, 2016

GAAP

% of Net

Share-based 

% of Net

Non-GAAP

% of Net

Result

Revenues

Compensation

Revenues

Result

Revenues

Revenues

1,274,672

1,274,672

Cost of revenues

(464,197)

36.4%

824

0.1%

(463,373)

36.4%

Gross profit

810,475

63.6%

824

0.1%

811,299

63.6%

Research and development 

(235,355)

18.5%

22,716

1.8%

(212,639)

16.7%

Selling and marketing 

(408,097)

32.0%

34

0.0%

(408,063)

32.0%

General and administrative 

(126,846)

10.0%

30,627

2.4%

(96,219)

7.5%

Impairment of goodwill and intangible assets

(539)

0.0%

0.0%

(539)

0.0%

Other operating income

22,545

1.8%

0.0%

22,545

1.8%

Total operating income and expenses

(748,292)

58.7%

53,377

4.2%

(694,915)

54.5%

Operating profit

62,183

4.9%

54,201

4.3%

116,384

9.1%

Net income attributable to Cheetah Mobile shareholders

58,775

4.6%

54,201

4.3%

112,976

8.9%

Diluted earnings per ordinary share (RMB)

0.04

0.04

0.08

Diluted earnings per ADS (RMB)

0.41

0.39

0.80

For The Three Months Ended March 31, 2016

GAAP

% of Net

Share-based 

% of Net

Non-GAAP

% of Net

Result

Revenues

Compensation

Revenues

Result

Revenues

Revenues

1,114,988

1,114,988

Cost of revenues

(321,010)

28.8%

339

0.0%

(320,671)

28.8%

Gross profit

793,978

71.2%

339

0.0%

794,317

71.2%

Research and development 

(207,462)

18.6%

40,129

3.6%

(167,333)

15.0%

Selling and marketing 

(443,782)

39.8%

6,144

0.6%

(437,638)

39.3%

General and administrative 

(133,085)

11.9%

44,835

4.0%

(88,250)

7.9%

Impairment of goodwill and intangible assets

(2,350)

0.2%

0.0%

(2,350)

0.2%

Other operating income

14,948

1.3%

0.0%

14,948

1.3%

Total operating income and expenses

(771,731)

69.2%

91,108

8.2%

(680,623)

61.0%

Operating profit

22,247

2.0%

91,447

8.2%

113,694

10.2%

Net income attributable to Cheetah Mobile Shareholders

10,705

1.0%

91,447

8.2%

102,152

9.2%

Diluted earnings per ordinary share (RMB)

0.01

0.06

0.07

Diluted earnings per ADS (RMB)

0.07

0.64

0.71

 

CHEETAH MOBILE INC.

Reconciliation from Net Income Attributable to Cheetah Mobile Shareholders to Adjusted EBITDA (Non-GAAP)

(Unaudited, in ‘000)

For The Three Months Ended

31-Mar-16

31-Dec-16

31-Mar-17

31-Mar-17

RMB

RMB

RMB

USD

Net income attributable to Cheetah Mobile shareholders

10,705

58,775

91,229

13,254

Add:

        Income tax expenses (benefits)

2,998

(9,278)

4,912

714

        Interest income, net

(3,387)

(954)

(1,616)

(235)

        Depreciation and amortization

37,076

42,196

36,595

5,317

        Net income attributable to noncontrolling interests 

2,826

9,254

(679)

(99)

        Other non-operating expense (income), net

9,105

4,386

(67,531)

(9,811)

        Share-based compensation 

91,447

54,201

24,368

3,540

Adjusted EBITDA

150,770

158,580

87,278

12,680

Cheetah Mobile Inc.

Revenues Generated from PC-based and Mobile-based Applications and Services

(Unaudited, in ‘000)

For The Three Months Ended

31-Mar-16

31-Dec-16

31-Mar-17

31-Mar-17

RMB

RMB

RMB

USD

PC

288,398

241,353

182,337

26,490

Mobile

826,590

1,033,319

1,008,366

146,497

Total

1,114,988

1,274,672

1,190,703

172,987

 

Cheetah Mobile Inc.

Revenues Generated from Domestic and Overseas Markets

(Unaudited, in ‘000)

For The Three Months Ended

31-Mar-16

31-Dec-16

31-Mar-17

31-Mar-17

RMB

RMB

RMB

USD

Domestic

481,373

442,089

342,383

49,742

Overseas

633,615

832,583

848,320

123,245

Total

1,114,988

1,274,672

1,190,703

172,987

SOURCE Cheetah Mobile

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