BEIJING, March 16, 2016 /PRNewswire/ -- Cheetah Mobile
Inc. (NYSE: CMCM) ("Cheetah Mobile" or the "Company"), a leading
mobile internet company that provides mission critical applications
to help make the internet and mobile experience speedier, simpler,
and safer for users worldwide, today announced its unaudited
financial results for the fourth quarter and fiscal year ended
December 31, 2015.
Fourth Quarter 2015 Financial Highlights
- Total revenues increased by 92.3% year over year and
12.3% quarter over quarter to RMB1,132.7 million (US$174.9 million).
- Mobile revenues increased by 261.8% year over year and
14.4% quarter over quarter to RMB803.5
million (US$124.0 million),
which was primarily driven by robust growth in mobile advertising
revenues in both overseas and domestic markets. Mobile revenues
accounted for 70.9% of total revenues.
- Overseas revenues[1] increased by 343.1%
year over year and 14.6% quarter over quarter to RMB616.2 million (US$95.1
million), which was driven by a continued increase in mobile
advertising revenues in overseas markets. Overseas revenues
accounted for 54.4% of total revenues and 76.7% of mobile
revenues.
- Non-GAAP operating profit increased by 66.4% year over
year and 7.3% quarter over quarter to RMB175.2 million (US$27.0
million).
- Non-GAAP net income attributable to Cheetah Mobile
shareholders increased by 88.1% year over year and 8.5% quarter
over quarter to RMB155.7 million
(US$24.0 million).
Fourth Quarter 2015 Key Operating Metrics
- Mobile monthly active users ("Mobile MAUs") increased by 68
million quarter over quarter to 635 million in December 2015. Mobile MAUs from overseas markets
were 78.6% of total mobile MAUs in December
2015.
- Total global mobile user installations increased by 399 million
quarter over quarter to 2,341 million as of December 31, 2015.
Fiscal Year 2015 Financial Highlights
- Total revenues increased by 108.9% year over year
to RMB3,684.4 million (US$568.8
million).
- Mobile revenues increased by 423.2% year over year to
RMB2,433.2 million (US$375.6 million). Mobile revenues accounted for
66.0% of total revenues.
- Overseas revenues increased by 730.0% year over
year to RMB1,841.5 million
(US$284.3 million). Overseas revenues
accounted for 50.0% of total revenues and 75.7% of mobile
revenues.
- Non-GAAP operating profit increased by 104.1% year over
year to RMB522.3 million
(US$80.6 million).
- Non-GAAP net income attributable to Cheetah Mobile
shareholders increased by 104.0% year over year to RMB492.0 million (US$76.0
million).
Mr. Sheng Fu, Cheetah Mobile's
Chief Executive Officer, stated, "We continued to achieve our core
strategic goals in 2015 in terms of overseas user expansion and
better monetization of our growing global mobile user base.
By December 2015, we had expanded our
user base to over 635 million mobile users globally with 79% of
them located outside of China. Cheetah Mobile remained the
third largest global publisher in Google Play's non-game category,
with four of its mobile apps, namely Clean Master, CM Security,
Photo Grid and CM Lockers, ranked among the top 40 most downloaded
non-game apps on the Google Play App store in December.
Looking forward, we remain firmly committed to strengthening our
mobile and global businesses, and building Cheetah Mobile into one
of the leading mobile platforms globally. We will continue to
leverage our mission critical apps as the main entry point to
acquire users, build a content platform to enhance user engagement,
and strengthen our strong data analytics capabilities to fortify
our strategic advantage."
Mr. Andy Yeung, Cheetah Mobile's
Chief Financial Officer, commented, "Robust mobile and overseas
performances once again drove our top-line growth in the
quarter. Total revenues grew by 92% year over year and 12%
quarter over quarter to RMB1,133
million in the fourth quarter of 2015. On the mobile
monetization side, mobile revenues climbed to 71% of our total
revenues in the fourth quarter, up from 38% in the fourth quarter
of 2014. Overseas revenues contributed to 77% of our mobile
revenues and 54% of our total revenues in the fourth quarter. Our
strong top-line growth and execution yielded better-than-expected
profitability in the quarter, as evidenced by the new records we
set for non-GAAP operating profit and non-GAAP net income in the
quarter. Our board of directors has authorized the repurchase
of up to US$100 million worth of our
shares or ADSs. The board's decision reflects our belief that our
shares are presently undervalued and demonstrates our confidence in
the long-term outlook for our business. Looking forward, we
will stay focused on building a profitable and sustainable growth
model over the long-term, as well as implementing a more balanced
approach when looking at our key priorities, such as user
acquisition, user engagement, revenue growth and
profitability."
Fourth Quarter 2015 Financial Results
REVENUES
Total revenues for the fourth quarter of 2015 increased
by 92.3% to RMB1,132.7 million
(US$174.9 million) from RMB588.9 million in the prior year period. This
increase was mainly driven by the Company's organic business
growth, which was attributable to the Company's growing global
mobile user base and substantial improvements in mobile
monetization, especially in overseas markets.
- Revenues from online marketing services increased by
131.2% to RMB1,031.4 million
(US$159.2 million) in the fourth
quarter of 2015 from RMB446.1 million
in the prior year period. Mobile advertising revenues represented
approximately 74% of online marketing revenues in the quarter,
which increased from approximately 38% of online marketing revenues
in the prior year period. The increase in mobile advertising
revenues was driven by the Company's growing global mobile user
base, and strong demand from advertisers for the Company's mobile
advertising services worldwide.
- Revenues from internet value added services
("IVAS") decreased by 34.8% to RMB89.3
million (US$13.8 million)
in the fourth quarter of 2015 from RMB137.0
million in the prior year period. The year over year
decrease was primarily due to the temporary suspension of our
online lottery operation in response to regulatory changes in
China, and moderating trends in
web games business in China.
- Revenues from internet security services and others
increased by 106.3% to RMB12.0
million (US$1.8 million) in
the fourth quarter of 2015 from RMB5.8
million in the prior year period. This increase was
primarily due to the sales of the Company's air purifier
product.
By platform, revenues generated from mobile business
increased by 261.8% to RMB803.5
million (US$124.0 million)
from RMB222.1 million in the prior
year period. This increase was primarily driven by the Company's
growing global mobile user base, and the increasing popularity of
the Company's mobile marketing services in overseas and domestic
markets.
By region, revenues generated from overseas markets
increased by 343.1% to RMB616.2
million (US$95.1 million) from
RMB139.1 million in the prior year
period. This increase was primarily due to continued growth of the
Company's overseas mobile user base, and rapid growth of the
Company's mobile advertising revenues in the overseas markets.
COST OF REVENUES AND GROSS PROFIT
Cost of revenues increased by 110.7% to RMB297.0 million (US$45.8
million) in the fourth quarter of 2015 from RMB141.0 million in the prior year period. The
increase in cost of revenues was mainly due to higher traffic
acquisition costs associated with the Cheetah Mobile ad platform
business, and higher bandwidth and internet data center (IDC) costs
associated with increased user traffic worldwide and data
analytics.
Gross profit increased by 86.6% to RMB835.7 million (US$129.0
million) in the fourth quarter of 2015 from RMB447.9 million in the prior year period.
OPERATING INCOME AND EXPENSES
Total operating income and expenses for the fourth quarter of
2015 increased by 93.1% to RMB759.1
million (US$117.2 million)
from RMB393.2 million in the prior
year period. Total non-GAAP operating income and expenses,
increased by 91.9% to RMB658.9
million (US$101.7 million)
from RMB343.3 million in the prior
year period.
- Research and development expenses increased by 73.5% to
RMB208.4 million (US$32.2 million) from RMB120.1 million in the prior year period. The
increase was primarily due to higher share-based compensation and
personnel-related costs. Non-GAAP research and development
expenses, which exclude share-based compensation expenses,
increased by 51.6% to RMB159.6
million (US$24.6 million) from
RMB105.3 million in the prior year
period.
- Selling and marketing expenses increased by 174.6% to
RMB506.0 million (US$78.1 million) from RMB184.3 million in the prior year period. The
increase was primarily due to the spending on promotional
activities for the Company's mobile business, including the global
promotional activities associated with the launch of a new mobile
game. Non-GAAP selling and marketing expenses, which exclude
share-based compensation expenses, increased by 174.8% to
RMB500.3 million (US$77.2 million) from RMB182.0 million in the prior year period.
- General and administrative expenses increased by 14.1% to
RMB91.9 million (US$14.2 million) from RMB80.5 million in the prior year period. The
year-over-year growth was primarily due to an increase in staff
benefits, share-based compensation expenses and expenses associated
with increased headcount, which was offset by a decrease in
professional services fees. Non-GAAP general and administrative
expenses, which exclude share-based compensation expenses,
decreased by 3.0% to RMB46.2 million
(US$7.1 million) from RMB47.7 million in the prior year period. The
decrease was primarily due to a decline in professional services
fees.
- The Company recognized an impairment loss of goodwill and
intangible assets of RMB12.5 million
(US$1.9 million) for the fourth
quarter of 2015, which was primarily associated with the online
lottery business. The online lottery business was temporarily
suspended in response to regulatory changes in China.
- Other operating income was RMB59.7
million (US$9.2 million) for
the fourth quarter 2015, which primarily consisted of government
grants, subsidies and financial incentives that the Company
received for its operations that fell outside the scope of R&D
project subsidies.
Operating profit increased by 40.0% year over year to
RMB76.6 million (US$11.8 million) from RMB54.7 million in the prior year period.
Non-GAAP operating profit increased by 66.4% to RMB175.2 million (US$27.0
million) in the fourth quarter of 2015 from RMB105.3 million in the prior year period.
For the fourth quarter of 2015, share-based compensation
expenses were RMB98.5 million
(US$15.2 million), compared to
RMB50.6 million in the prior year
period.
NET INCOME ATTRIBUTABLE TO CHEETAH MOBILE
SHAREHOLDERS
Net income attributable to Cheetah Mobile shareholders increased
by 77.6% to RMB57.1 million
(US$8.8 million) in the fourth
quarter of 2015 from RMB32.2 million
in the prior year period.
Non-GAAP net income attributable to Cheetah Mobile shareholders
increased by 88.1% to RMB155.7
million (US$24.0 million) from
RMB82.7 million in the prior year
period.
NET INCOME PER ADS
Diluted earnings per ADS in the fourth quarter of 2015 increased
by 73.9% to RMB0.40 (US$0.06) from RMB0.23 in the prior year period.
Non-GAAP diluted earnings per ADS in the fourth quarter of 2015
increased by 84.7% to RMB1.09
(US$0.17) from RMB0.59 in the prior year period.
CASH AND CASH EQUIVALENTS, RESTRICTED CASH AND SHORT-TERM
INVESTMENTS BALANCE
As of December 31, 2015, the
Company had cash and cash equivalents, restricted cash and
short-term investments of RMB1,994.7
million (US$307.9
million).
SHARES ISSUED AND OUTSTANDING
As of December 31, 2015, the
Company had a total of 1,424,475,911 Class A and Class B ordinary
shares issued and outstanding. One ADS represents 10 Class A
ordinary shares.
ADJUSTED EBITDA
Adjusted EBITDA (Non-GAAP) was RMB213.2
million ($32.9 million) for
the fourth quarter of 2015, representing a 61.9% increase from the
prior year period.
Fiscal Year 2015 Results
REVENUES
Total revenues for 2015 increased by 108.9% to
RMB3,684.4 million (US$568.8 million) from RMB1,763.6 million in the prior year. This
increase was primarily due to growth in our mobile user traffic and
strong demand for our mobile advertising services in both overseas
and domestic markets.
- Revenues from online marketing services increased by
145.3% to RMB3,244.1 million
(US$500.8 million) in 2015 from
RMB1,322.6 million in the prior year.
Mobile advertising revenues represented approximately 69% of online
marketing revenues in 2015, which increased from approximately 24%
of online marketing revenues in the prior year. The increase in
mobile advertising revenues was driven by the Company's growing
global mobile user base, and strong demand from advertisers for the
Company's mobile advertising services worldwide.
- Revenues from internet value added services
("IVAS") decreased by 1.3% to RMB395.3
million (US$61.0 million)
in 2015 from RMB400.7 million in the
prior year. The decrease was primarily due to the temporary
suspension of our online lottery operation in response to
regulatory changes in China, and
moderating trends in web games business in China.
- Revenues from internet security services and others
increased by 11.6% to RMB45.0 million
(US$6.9 million) in 2015 from
RMB40.3 million in the prior year.
This increase was primarily due to the sales of the Company's air
purifier product.
By platform, revenues generated from our mobile
business increased by 423.2% to RMB2,433.2 million (US$375.6 million) from RMB465.0 million in the prior year. This
increase was primarily driven by the Company's growing global
mobile user base, and the increasing popularity of the Company's
mobile marketing services in overseas and domestic markets.
By region, revenues generated from overseas markets
increased by 730.0% to RMB1,841.5
million (US$284.3 million)
from RMB221.9 million in the prior
year. This increase was primarily due to continued growth of the
Company's overseas mobile user base, and rapid growth of the
Company's mobile advertising revenues in the overseas markets.
COST OF REVENUES AND GROSS PROFIT
Cost of revenues increased by 131.8% to RMB935.2 million (US$144.4
million) in 2015 from RMB403.4
million in the prior year period. The increase was due to
higher traffic acquisition costs associated with the Cheetah Mobile
ad platform business, higher bandwidth and internet data center
(IDC) costs associated with increased user traffic worldwide and
data analytics, in addition to higher amortization costs from
intangible assets resulting from acquisitions.
Gross profit increased by 102.1% to RMB2,749.3 million (US$424.4 million) in 2015 from RMB1,360.2 million in the prior year.
OPERATING INCOME AND EXPENSES
Total operating income and expenses for 2015 increased by 99.0%
to RMB2,542.3 million (US$392.5 million) from RMB1,277.5 million in the prior year. Total
non-GAAP income and expenses for 2015 increased by 101.6% to
RMB2,228.5 million (US$344.0 million) from RMB1,105.6 million in the prior year.
- Research and development expenses increased by 57.3% to
RMB687.2 million (US$106.1 million) from RMB436.8 million in the prior year. This increase
was primarily due to an increase in the number of research and
development personnel as well as an increase in share-based
compensation expenses. Non-GAAP research and development expenses,
which exclude share-based compensation expenses, for 2015 increased
by 41.2% to RMB544.6 million
(US$84.1 million) from RMB385.7 million in the prior year.
- Selling and marketing expenses increased by 154.8% to
RMB1,479.4 million (US$228.4 million) from RMB580.6 million in the prior year. The increase
was primarily due to promotional spending for the mobile business.
Non-GAAP selling and marketing expenses, which exclude share-based
compensation expenses, increased by 154.9% to RMB1,461.4 million (US$225.6 million) from RMB573.2 million in the prior year.
- General and administrative expenses increased by 68.1% to
RMB423.2 million (US$65.3 million) from RMB251.7 million in the prior year. This increase
was primarily due to an increase in share-based compensation
expenses and professional service fees as well as an increase in
headcount. Non-GAAP general and administrative expenses, which
exclude share-based compensation expenses, increased by 95.1% to
RMB270.1 million (US$41.7 million) from RMB138.4 million in the prior year.
- The Company recognized an impairment loss of goodwill and
intangible assets of RMB49.9 million
(US$7.7 million) for 2015, which was
primarily associated with the online lottery business. The online
lottery business was temporarily suspended in response to
regulatory changes in China.
- Other operating income was RMB 97.5
million (US$15.0 million) for
2015, which primarily consisted of government grants, subsidies and
financial incentives that the Company received for its operations
that fell outside the scope of R&D project
subsidies.
Operating profit increased by 150.3% to RMB206.9 million (US$31.9
million) in 2015 from RMB82.7
million in the prior year.
Non-GAAP operating profit increased by 104.1% to RMB522.3 million (US$80.6
million) in 2015 from RMB255.9
million in the prior year.
For 2015, share-based compensation expenses were RMB315.4 million (US$48.7
million), compared to RMB173.3
million in the prior year.
NET INCOME ATTRIBUTABLE TO CHEETAH MOBILE
SHAREHOLDERS
Net income attributable to Cheetah Mobile shareholders increased
by 159.9% to RMB176.6 million
(US$27.3 million) in 2015 from
RMB67.9 million in the prior
year.
Non-GAAP net income attributable to Cheetah Mobile shareholders
increased by 104.0% to RMB492.0
million (US$76.0 million) from
RMB241.2 million in the prior
year.
NET INCOME PER ADS
Diluted earnings per ADS for 2015 increased by 143.1% to
RMB1.24 (US$0.19) from RMB0.51 in the prior year.
Non-GAAP diluted earnings per ADS for 2015 increased by 91.7% to
RMB3.45 (US$0.53) from RMB1.80 in the prior year.
ADJUSTED EBITDA
Adjusted EBITDA (Non-GAAP) increased by 99.7% year over year to
RMB668.5 million ($103.2 million) in 2015.
Share Repurchase Program
On March 16, 2016, the Company's
board of directors approved a share repurchase program whereby the
Company may purchase its SHARES/ADSs with an aggregate value of up
to US$100 million over the next
12-month period.
The repurchases may be made from time to time on the open market
at prevailing market prices pursuant to a 10b5-1 plan, in
negotiated transactions off the market, in block trades or other
legally permissible means. The timing and extent of any purchases
will depend on market conditions, the trading price of the
Company's ADSs and other factors, subject to applicable law. The
Company expects to implement this share repurchase program in a
manner consistent with market conditions and in the best interests
of the Company's shareholders. The Company's board of directors
will review the share repurchase program periodically, and may
authorize adjustment of its terms and size accordingly. The Company
plans to fund repurchases made under this program from its
available cash balance.
Business Outlook
For the first quarter of 2016, the Company expects its estimated
total revenues to be between RMB1,080
million (US$167 million) and
RMB1,100 million (US$170 million), representing a year over year
growth of approximately 61% to 64%. The forecast reflects the
Company's current and preliminary view, which is subject to
change.
Conference Call Information
Company will hold a conference call on Wednesday, March 16, 2015 at 8:00 am Eastern Time or 8:00 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 RMB6.4778 to US$1.00, the noon buying rate in effect on
December 31, 2015 in the
City of New York for cable
transfers in Renminbi per U.S. dollar as certified for customs
purposes by the Federal Reserve Bank of New York. 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. The Company
aims to provide the best apps for mobile users worldwide, while
building a leading global mobile ad platform for advertisers.
Cheetah Mobile had approximately 635 million global mobile monthly
active users in December 2015. Its
mission critical applications, including Clean Master, CM Security,
Battery Doctor and Duba Anti-virus, help make the internet and
mobile experience speedier, simpler, and safer for users
worldwide.
The Company also provides various platform products such as
Duba.com, Cheetah browser, game centers, and mobile app stores to
provide multiple user traffic entry points and global content
distribution channels for its business partners.
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 operating expenses reflect operating expenses
excluding share-based compensation 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.
Vera Tang
Tel: +1 (646) 417-5395
Email: IR@cmcm.com
[1] Overseas revenues refers to revenues generated by our
operating legal entities incorporated outside China. Such revenues are primarily
attributable to customers located outside China
Cheetah Mobile
Inc.
|
Condensed
Consolidated Balance Sheet
|
(In '000, except for
per share data)
|
|
|
|
As
of
|
|
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2015
|
|
RMB
|
|
RMB
|
|
USD
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
1,093,285
|
|
1,809,288
|
|
279,306
|
Restricted
cash
|
-
|
|
156,161
|
|
24,107
|
Short-term
investments
|
513,621
|
|
29,234
|
|
4,513
|
Accounts
receivable
|
260,347
|
|
620,556
|
|
95,797
|
Prepayments and other
current assets
|
180,029
|
|
358,631
|
|
55,363
|
Due from related
parities
|
43,570
|
|
63,762
|
|
9,843
|
Deferred tax
assets
|
2,693
|
|
3,954
|
|
610
|
Total current
assets
|
2,093,545
|
|
3,041,586
|
|
469,539
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Property and
equipment, net
|
45,905
|
|
119,329
|
|
18,421
|
Intangible assets,
net
|
199,616
|
|
232,029
|
|
35,819
|
Goodwill
|
261,686
|
|
613,220
|
|
94,665
|
Investment in equity investees
|
131,707
|
|
199,723
|
|
30,832
|
Other long-term investments
|
207,135
|
|
698,497
|
|
107,829
|
Deferred tax
assets
|
6,384
|
|
12,843
|
|
1,983
|
Other non-current
assets
|
55,197
|
|
25,422
|
|
3,924
|
Total non-current
assets
|
907,630
|
|
1,901,063
|
|
293,473
|
|
|
|
|
|
|
Total
assets
|
3,001,175
|
|
4,942,649
|
|
763,012
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Bank loans
|
-
|
|
130,273
|
|
20,111
|
Accounts
payable
|
61,793
|
|
136,997
|
|
21,149
|
Accrued expenses and
other current liabilities
|
481,694
|
|
1,297,288
|
|
200,266
|
Redemption right
liabilities
|
520
|
|
474
|
|
73
|
Deferred
revenue
|
44,180
|
|
54,155
|
|
8,360
|
Due to related
parties
|
29,885
|
|
62,580
|
|
9,661
|
Income tax
payable
|
3,584
|
|
26,506
|
|
4,092
|
Deferred tax
liabilities
|
-
|
|
414
|
|
64
|
Total current
liabilities
|
621,656
|
|
1,708,687
|
|
263,776
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Bank loans
|
-
|
|
10,523
|
|
1,624
|
Deferred
revenue
|
1,134
|
|
2,477
|
|
382
|
Deferred tax
liabilities
|
65,991
|
|
99,006
|
|
15,284
|
Other non-current
liabilities
|
29,525
|
|
73,826
|
|
11,397
|
Total non-current
liabilities
|
96,650
|
|
185,832
|
|
28,687
|
|
|
|
|
|
|
Total
liabilities
|
718,306
|
|
1,894,519
|
|
292,463
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
Ordinary
shares
|
222
|
|
226
|
|
35
|
Additional paid-in
capital
|
2,059,983
|
|
2,468,562
|
|
381,080
|
Retained
earnings
|
142,760
|
|
319,356
|
|
49,299
|
Accumulated other
comprehensive income
|
3,373
|
|
123,795
|
|
19,111
|
Total Cheetah
Mobile shareholders' equity
|
2,206,338
|
|
2,911,939
|
|
449,525
|
Noncontrolling
interests
|
76,531
|
|
136,191
|
|
21,024
|
Total
equity
|
2,282,869
|
|
3,048,130
|
|
470,549
|
|
|
|
|
|
|
Total liabilities,
noncontrolling interests and shareholders' equity
|
3,001,175
|
|
4,942,649
|
|
763,012
|
Cheetah Mobile
Inc.
|
Condensed
Consolidated Statements of Comprehensive Income
|
(In '000, except for
per share data and number of shares and ADSs)
|
|
For The Three
Months Ended
|
|
December 31, 2014
|
September 30, 2015
|
December 31, 2015
|
December 31, 2015
|
|
RMB
|
RMB
|
RMB
|
USD
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Revenues
|
588,888
|
1,008,744
|
1,132,657
|
174,852
|
Online marketing
services
|
446,122
|
900,484
|
1,031,357
|
159,214
|
Internet value-added
services
|
136,968
|
99,516
|
89,337
|
13,791
|
Internet security
services and others
|
5,798
|
8,744
|
11,963
|
1,847
|
|
|
|
|
|
Cost of revenues
(a)
|
(140,973)
|
(270,375)
|
(296,965)
|
(45,843)
|
Gross
profit
|
447,915
|
738,369
|
835,692
|
129,009
|
|
|
|
|
|
Operating income
and expenses:
|
|
|
|
|
Research and
development (a)
|
(120,086)
|
(203,100)
|
(208,365)
|
(32,166)
|
Selling and marketing
(a)
|
(184,287)
|
(382,622)
|
(506,022)
|
(78,116)
|
General and
administrative (a)
|
(80,518)
|
(124,167)
|
(91,891)
|
(14,186)
|
Impairment of
goodwill and intangible assets
|
(8,304)
|
(11,750)
|
(12,525)
|
(1,934)
|
Other operating
income
|
-
|
31,763
|
59,727
|
9,220
|
Total operating
income and expenses
|
(393,195)
|
(689,876)
|
(759,076)
|
(117,182)
|
|
|
|
|
|
Operating
profit
|
54,720
|
48,493
|
76,616
|
11,827
|
Other (expenses)
income:
|
|
|
|
|
Interest income,
net
|
9,678
|
2,555
|
2,815
|
435
|
Changes in fair value
of redemption right and put options granted
|
372
|
(213)
|
68
|
10
|
Settlement and
changes in fair value of contingent consideration
|
(11,271)
|
(1,286)
|
9,097
|
1,404
|
Foreign exchange gain
(loss), net
|
129
|
(1,081)
|
1,444
|
223
|
Impairment loss of
long-term investments
|
(8,664)
|
-
|
(8,837)
|
(1,364)
|
(Losses) gains
from equity method investments
|
(524)
|
(5,813)
|
5,794
|
894
|
Other income,
net
|
811
|
1,172
|
(302)
|
(47)
|
|
|
|
|
|
Income before
taxes
|
45,251
|
43,827
|
86,695
|
13,382
|
Income tax
expenses
|
(13,968)
|
(14,009)
|
(30,868)
|
(4,765)
|
Net
income
|
31,283
|
29,818
|
55,827
|
8,617
|
Less: net (loss)
income attributable to noncontrolling interests
|
(894)
|
1,055
|
(1,312)
|
(203)
|
Net income
attributable to Cheetah Mobile shareholders
|
32,177
|
28,763
|
57,139
|
8,820
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
Basic
|
0.02
|
0.02
|
0.04
|
0.01
|
Diluted
|
0.02
|
0.02
|
0.04
|
0.01
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
Basic
|
0.24
|
0.21
|
0.41
|
0.06
|
Diluted
|
0.23
|
0.20
|
0.40
|
0.06
|
|
|
|
|
|
Weighted average
number of shares outstanding
|
|
|
|
|
Basic
|
1,354,673,777
|
1,383,355,451
|
1,385,225,872
|
1,385,225,872
|
Diluted
|
1,410,449,593
|
1,434,461,272
|
1,434,672,741
|
1,434,672,741
|
Weighted average
number of ADSs used in computation
|
|
|
|
|
Basic
|
135,467,378
|
138,335,545
|
138,522,587
|
138,522,587
|
Diluted
|
141,044,959
|
143,446,127
|
143,467,274
|
143,467,274
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income, net of tax
|
|
|
|
|
Foreign currency
translation adjustments
|
(9,214)
|
77,782
|
41,677
|
6,434
|
Unrealized gains on
available-for-sale
securities, net
|
38,772
|
413
|
3,219
|
497
|
Reclassification
adjustments for gains included in the consolidated statement of
profit or loss
|
(21,121)
|
-
|
-
|
-
|
Other
comprehensive income
|
8,437
|
78,195
|
44,896
|
6,931
|
Total
comprehensive income
|
39,720
|
108,013
|
100,723
|
15,548
|
Less: Total
comprehensive (loss) income attributable to noncontrolling
interests
|
(990)
|
1,338
|
(1,145)
|
(177)
|
Total
comprehensive income attributable to Cheetah Mobile
shareholders
|
40,710
|
106,675
|
101,868
|
15,725
|
|
|
|
|
|
(a) Share-based
compensation expenses
|
|
|
|
|
|
|
|
|
|
(In
'000)
|
For The
Three Months Ended
|
|
December 31,
2014
|
September 30, 2015
|
December 31,
2015
|
December 31,
2015
|
|
RMB
|
RMB
|
RMB
|
USD
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Cost of
revenues
|
677
|
1,656
|
(1,623)
|
(251)
|
Research and
development
|
14,809
|
65,141
|
48,756
|
7,527
|
Selling and
marketing
|
2,249
|
7,448
|
5,750
|
888
|
General and
administrative
|
32,834
|
40,435
|
45,656
|
7,048
|
Total
|
50,569
|
114,680
|
98,539
|
15,212
|
Cheetah Mobile
Inc.
|
Reconciliation of
GAAP and Non-GAAP Results
|
(In'000, except for
per share data and percentage)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended December 31, 2015
|
|
|
|
GAAP
|
|
% of
Net
|
|
Share-based
|
|
% of
Net
|
|
Non-GAAP
|
|
% of
Net
|
|
Non-GAAP
|
|
Result
|
|
Revenues
|
|
Compensation
|
|
Revenues
|
|
Result
|
|
Revenues
|
|
Result ($)
|
Revenues
|
1,132,657
|
|
|
|
|
|
|
|
1,132,657
|
|
|
|
174,852
|
Cost of
revenues
|
(296,965)
|
|
26.2%
|
|
(1,623)
|
|
0.1%
|
|
(298,588)
|
|
26.4%
|
|
(46,094)
|
Gross
profit
|
835,692
|
|
73.8%
|
|
(1,623)
|
|
0.1%
|
|
834,069
|
|
73.6%
|
|
128,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
(208,365)
|
|
18.4%
|
|
48,756
|
|
4.3%
|
|
(159,609)
|
|
14.1%
|
|
(24,639)
|
Selling and
marketing
|
(506,022)
|
|
44.7%
|
|
5,750
|
|
0.5%
|
|
(500,272)
|
|
44.2%
|
|
(77,229)
|
General and
administrative
|
(91,891)
|
|
8.1%
|
|
45,656
|
|
4.0%
|
|
(46,235)
|
|
4.1%
|
|
(7,137)
|
Impairment of
goodwill and intangible assets
|
(12,525)
|
|
1.1%
|
|
-
|
|
-
|
|
(12,525)
|
|
1.1%
|
|
(1,934)
|
Other operating
income
|
59,727
|
|
5.3%
|
|
-
|
|
-
|
|
59,727
|
|
5.3%
|
|
9,220
|
Total operating
income and expenses
|
(759,076)
|
|
67.0%
|
|
100,162
|
|
8.8%
|
|
(658,914)
|
|
58.2%
|
|
(101,719)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
76,616
|
|
6.8%
|
|
98,539
|
|
8.7%
|
|
175,155
|
|
15.5%
|
|
27,039
|
Net income
attributable to Cheetah Mobile shareholders
|
57,139
|
|
5.0%
|
|
98,539
|
|
8.7%
|
|
155,678
|
|
13.7%
|
|
24,033
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
0.04
|
|
|
|
0.07
|
|
|
|
0.11
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
0.40
|
|
|
|
0.69
|
|
|
|
1.09
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
0.06
|
|
|
|
0.11
|
|
|
|
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended September 30, 2015
|
|
|
|
GAAP
|
|
% of
Net
|
|
Share-based
|
|
% of
Net
|
|
Non-GAAP
|
|
% of
Net
|
|
|
|
Result
|
|
Revenues
|
|
Compensation
|
|
Revenues
|
|
Result
|
|
Revenues
|
|
|
Revenues
|
1,008,744
|
|
|
|
|
|
|
|
1,008,744
|
|
|
|
|
Cost of
revenues
|
(270,375)
|
|
26.8%
|
|
1,656
|
|
0.2%
|
|
(268,719)
|
|
26.6%
|
|
|
Gross
profit
|
738,369
|
|
73.2%
|
|
1,656
|
|
0.2%
|
|
740,025
|
|
73.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
(203,100)
|
|
20.1%
|
|
65,141
|
|
6.5%
|
|
(137,959)
|
|
13.7%
|
|
|
Selling and
marketing
|
(382,622)
|
|
37.9%
|
|
7,448
|
|
0.7%
|
|
(375,174)
|
|
37.2%
|
|
|
General and
administrative
|
(124,167)
|
|
12.3%
|
|
40,435
|
|
4.0%
|
|
(83,732)
|
|
8.3%
|
|
|
Impairment of
goodwill and intangible assets
|
(11,750)
|
|
1.2%
|
|
-
|
|
-
|
|
(11,750)
|
|
1.2%
|
|
|
Other operating
income
|
31,763
|
|
3.1%
|
|
-
|
|
-
|
|
31,763
|
|
3.1%
|
|
|
Total operating
income and expenses
|
(689,876)
|
|
68.4%
|
|
113,024
|
|
11.2%
|
|
(576,852)
|
|
57.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
48,493
|
|
4.8%
|
|
114,680
|
|
11.4%
|
|
163,173
|
|
16.2%
|
|
|
Net income
attributable to Cheetah Mobile shareholders
|
28,763
|
|
2.9%
|
|
114,680
|
|
11.4%
|
|
143,443
|
|
14.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
0.02
|
|
|
|
0.08
|
|
|
|
0.10
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
0.20
|
|
|
|
0.80
|
|
|
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three
Months Ended December 31, 2014
|
|
|
|
GAAP
|
|
% of
Net
|
|
Share-based
|
|
% of
Net
|
|
Non-GAAP
|
|
% of
Net
|
|
|
|
Result
|
|
Revenues
|
|
Compensation
|
|
Revenues
|
|
Result
|
|
Revenues
|
|
|
Revenues
|
588,888
|
|
|
|
|
|
|
|
588,888
|
|
|
|
|
Cost of
revenues
|
(140,973)
|
|
23.9%
|
|
677
|
|
0.1%
|
|
(140,296)
|
|
23.8%
|
|
|
Gross
profit
|
447,915
|
|
76.1%
|
|
677
|
|
0.1%
|
|
448,592
|
|
76.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
(120,086)
|
|
20.4%
|
|
14,809
|
|
2.5%
|
|
(105,277)
|
|
17.9%
|
|
|
Selling and
marketing
|
(184,287)
|
|
31.3%
|
|
2,249
|
|
0.4%
|
|
(182,038)
|
|
30.9%
|
|
|
General and
administrative
|
(80,518)
|
|
13.7%
|
|
32,834
|
|
5.6%
|
|
(47,684)
|
|
8.1%
|
|
|
Impairment of
goodwill and intangible assets
|
(8,304)
|
|
1.4%
|
|
-
|
|
-
|
|
(8,304)
|
|
1.4%
|
|
|
Total operating
expenses
|
(393,195)
|
|
66.8%
|
|
49,892
|
|
8.5%
|
|
(343,303)
|
|
58.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
54,720
|
|
9.3%
|
|
50,569
|
|
8.6%
|
|
105,289
|
|
17.9%
|
|
|
Net income
attributable to Cheetah Mobile shareholders
|
32,177
|
|
5.5%
|
|
50,569
|
|
8.6%
|
|
82,746
|
|
14.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
0.02
|
|
|
|
0.04
|
|
|
|
0.06
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
0.23
|
|
|
|
0.36
|
|
|
|
0.59
|
|
|
|
|
Cheetah Mobile
Inc.
|
Condensed
Consolidated Statements of Comprehensive Income
|
(In '000, except for
per share data and number of shares and ADSs)
|
|
Year Ended
December 31,
|
|
2014
|
2015
|
2015
|
|
RMB
|
RMB
|
USD
|
|
(Audited)
|
(Unaudited)
|
(Unaudited)
|
Revenues
|
1,763,579
|
3,684,429
|
568,778
|
Online marketing
services
|
1,322,612
|
3,244,130
|
500,807
|
Internet value-added
services
|
400,671
|
395,312
|
61,026
|
Internet security
services and others
|
40,296
|
44,987
|
6,945
|
|
|
|
|
Cost of revenues
(a)
|
(403,412)
|
(935,154)
|
(144,363)
|
Gross
profit
|
1,360,167
|
2,749,275
|
424,415
|
|
|
|
|
Operating income
and expenses:
|
|
|
|
Research and
development (a)
|
(436,840)
|
(687,235)
|
(106,091)
|
Selling and marketing
(a)
|
(580,610)
|
(1,479,441)
|
(228,386)
|
General and
administrative (a)
|
(251,743)
|
(423,248)
|
(65,338)
|
Impairment of
goodwill and intangible assets
|
(8,304)
|
(49,882)
|
(7,700)
|
Other operating
income
|
-
|
97,468
|
15,046
|
Total operating
income and expenses
|
(1,277,497)
|
(2,542,338)
|
(392,469)
|
|
|
|
|
Operating
profit
|
82,670
|
206,937
|
31,946
|
Other
income:
|
|
|
|
Interest income,
net
|
28,216
|
14,545
|
2,245
|
Changes in fair value
of redemption right and put options granted
|
4,375
|
22
|
3
|
Settlement and
changes in fair value of contingent consideration
|
(13,749)
|
7,010
|
1,082
|
Foreign exchange gain
(loss), net
|
16
|
(250)
|
(39)
|
Impairment loss of
long-term investments
|
(8,664)
|
(34,728)
|
(5,361)
|
Losses from equity
method investments
|
(5,447)
|
(9,334)
|
(1,441)
|
Other income,
net
|
3,487
|
47,173
|
7,282
|
|
|
|
|
Income before
taxes
|
90,904
|
231,375
|
35,717
|
Income tax
expenses
|
(23,993)
|
(60,097)
|
(9,277)
|
Net
income
|
66,911
|
171,278
|
26,440
|
Less: net loss
attributable to noncontrolling interests
|
(1,030)
|
(5,318)
|
(821)
|
Net income
attributable to Cheetah Mobile shareholders
|
67,941
|
176,596
|
27,261
|
|
|
|
|
Earnings per
share
|
|
|
|
Basic
|
0.05
|
0.13
|
0.02
|
Diluted
|
0.05
|
0.12
|
0.02
|
|
|
|
|
Earnings per
ADS
|
|
|
|
Basic
|
0.53
|
1.29
|
0.20
|
Diluted
|
0.51
|
1.24
|
0.19
|
|
|
|
|
Weighted average
number of shares outstanding
|
|
|
|
Basic
|
1,210,501,020
|
1,372,863,321
|
1,372,863,321
|
Diluted
|
1,341,732,457
|
1,426,810,939
|
1,426,810,939
|
Weighted average
number of ADSs used in computation
|
|
|
|
Basic
|
121,050,102
|
137,286,332
|
137,286,332
|
Diluted
|
134,173,246
|
142,681,094
|
142,681,094
|
|
|
|
|
|
|
|
|
Other
comprehensive (loss) income, net of tax
|
|
|
|
Foreign currency
translation adjustments
|
(6,960)
|
117,977
|
18,213
|
Unrealized gains on
available-for-sale
securities, net
|
18,119
|
9,729
|
1,502
|
Reclassification
adjustments for gains included in the consolidated statement of
profit or loss
|
(21,121)
|
(6,814)
|
(1,052)
|
Other
comprehensive (loss) income
|
(9,962)
|
120,892
|
18,663
|
Total
comprehensive income
|
56,949
|
292,170
|
45,103
|
Less: Total
comprehensive loss attributable to noncontrolling
interests
|
(1,126)
|
(4,848)
|
(748)
|
Total
comprehensive income attributable to Cheetah Mobile
shareholders
|
58,075
|
297,018
|
45,851
|
|
|
|
|
(a) Share-based
compensation expenses
|
|
|
|
|
|
|
|
(In
'000)
|
|
|
|
|
2014
|
2015
|
2015
|
|
RMB
|
RMB
|
USD
|
|
(Audited)
|
(Unaudited)
|
(Unaudited)
|
Cost of
revenues
|
1,393
|
1,523
|
235
|
Research and
development
|
51,176
|
142,682
|
22,026
|
Selling and
marketing
|
7,407
|
18,068
|
2,789
|
General and
administrative
|
113,298
|
153,134
|
23,640
|
Total
|
173,274
|
315,407
|
48,690
|
Cheetah Mobile
Inc.
|
Reconciliation of
GAAP and Non-GAAP Results
|
(In'000, except for
per share data and percentage)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Year Ended
December 31, 2015
|
|
|
|
GAAP
|
|
% of
Net
|
|
Share-based
|
|
% of
Net
|
|
Non-GAAP
|
|
% of
Net
|
|
Non-GAAP
|
|
Result
|
|
Revenues
|
|
Compensation
|
|
Revenues
|
|
Result
|
|
Revenues
|
|
Result ($)
|
Revenues
|
3,684,429
|
|
|
|
|
|
|
|
3,684,429
|
|
|
|
568,778
|
Cost of
revenues
|
(935,154)
|
|
25.4%
|
|
1,523
|
|
0.0%
|
|
(933,631)
|
|
25.3%
|
|
(144,128)
|
Gross
profit
|
2,749,275
|
|
74.6%
|
|
1,523
|
|
0.0%
|
|
2,750,798
|
|
74.7%
|
|
424,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
(687,235)
|
|
18.7%
|
|
142,682
|
|
3.9%
|
|
(544,553)
|
|
14.8%
|
|
(84,064)
|
Selling and
marketing
|
(1,479,441)
|
|
40.2%
|
|
18,068
|
|
0.5%
|
|
(1,461,373)
|
|
39.7%
|
|
(225,597)
|
General and
administrative
|
(423,248)
|
|
11.5%
|
|
153,134
|
|
4.2%
|
|
(270,114)
|
|
7.3%
|
|
(41,698)
|
Impairment of
goodwill and intangible assets
|
(49,882)
|
|
1.4%
|
|
-
|
|
-
|
|
(49,882)
|
|
1.4%
|
|
(7,700)
|
Other operating
income
|
97,468
|
|
2.6%
|
|
-
|
|
-
|
|
97,468
|
|
2.6%
|
|
15,046
|
Total operating
income and expenses
|
(2,542,338)
|
|
69.0%
|
|
313,884
|
|
8.5%
|
|
(2,228,454)
|
|
60.5%
|
|
(344,013)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
206,937
|
|
5.6%
|
|
315,407
|
|
8.6%
|
|
522,344
|
|
14.2%
|
|
80,636
|
Net income
attributable to Cheetah Mobile shareholders
|
176,596
|
|
4.8%
|
|
315,407
|
|
8.6%
|
|
492,003
|
|
13.4%
|
|
75,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
0.12
|
|
|
|
0.22
|
|
|
|
0.34
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
1.24
|
|
|
|
2.21
|
|
|
|
3.45
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
0.19
|
|
|
|
0.34
|
|
|
|
0.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Year Ended
December 31, 2014
|
|
|
|
GAAP
|
|
% of
Net
|
|
Share-based
|
|
% of
Net
|
|
Non-GAAP
|
|
% of
Net
|
|
|
|
Result
|
|
Revenues
|
|
Compensation
|
|
Revenues
|
|
Result
|
|
Revenues
|
|
|
Revenues
|
1,763,579
|
|
|
|
|
|
|
|
1,763,579
|
|
|
|
|
Cost of
revenues
|
(403,412)
|
|
22.9%
|
|
1,393
|
|
0.1%
|
|
(402,019)
|
|
22.8%
|
|
|
Gross
profit
|
1,360,167
|
|
77.1%
|
|
1,393
|
|
0.1%
|
|
1,361,560
|
|
77.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
(436,840)
|
|
24.8%
|
|
51,176
|
|
2.9%
|
|
(385,664)
|
|
21.9%
|
|
|
Selling and
marketing
|
(580,610)
|
|
32.9%
|
|
7,407
|
|
0.4%
|
|
(573,203)
|
|
32.5%
|
|
|
General and
administrative
|
(251,743)
|
|
14.3%
|
|
113,298
|
|
6.4%
|
|
(138,445)
|
|
7.9%
|
|
|
Impairment of
goodwill and intangible assets
|
(8,304)
|
|
0.5%
|
|
-
|
|
-
|
|
(8,304)
|
|
0.5%
|
|
|
Total operating
expenses
|
(1,277,497)
|
|
72.4%
|
|
171,881
|
|
9.7%
|
|
(1,105,616)
|
|
62.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
82,670
|
|
4.7%
|
|
173,274
|
|
9.8%
|
|
255,944
|
|
14.5%
|
|
|
Net income
attributable to Cheetah Mobile shareholders
|
67,941
|
|
3.9%
|
|
173,274
|
|
9.8%
|
|
241,215
|
|
13.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
0.05
|
|
|
|
0.13
|
|
|
|
0.18
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
0.51
|
|
|
|
1.29
|
|
|
|
1.80
|
|
|
|
|
Cheetah Mobile
Inc.
|
Reconciliation
from Net Income Attributable to Cheetah Mobile Shareholders to
Adjusted EBITDA (Non-GAAP)
|
(In '000)
|
|
|
|
|
|
For The Three
Months Ended
|
|
December 31, 2014
|
September 30, 2015
|
December 31, 2015
|
December 31, 2015
|
|
RMB
|
RMB
|
RMB
|
USD
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Net income
attributable to Cheetah Mobile shareholders
|
32,177
|
28,763
|
57,139
|
8,820
|
Add:
|
|
|
|
|
Income tax
expense
|
13,968
|
14,009
|
30,868
|
4,765
|
Interest
income,net
|
(9,678)
|
(2,555)
|
(2,815)
|
(435)
|
Depreciation and amortization
|
26,458
|
37,365
|
38,081
|
5,879
|
Net (loss)
income attributable to noncontrolling interests
|
(894)
|
1,055
|
(1,312)
|
(203)
|
Other
non-operating expense (income), net
|
19,147
|
7,221
|
(7,264)
|
(1,120)
|
Share-based compensation
|
50,569
|
114,680
|
98,539
|
15,212
|
Adjusted
EBITDA
|
131,747
|
200,538
|
213,236
|
32,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Year Ended
December 31,
|
|
|
2014
|
2015
|
2015
|
|
|
RMB
|
RMB
|
USD
|
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
Net income
attributable to Cheetah Mobile shareholders
|
67,941
|
176,596
|
27,261
|
|
Add:
|
|
|
|
|
Income tax
expense
|
23,993
|
60,097
|
9,277
|
|
Interest
income,net
|
(28,216)
|
(14,545)
|
(2,245)
|
|
Depreciation and amortization
|
78,750
|
146,157
|
22,563
|
|
Net loss
attributable to noncontrolling interests
|
(1,030)
|
(5,318)
|
(821)
|
|
Other
non-operating expense (income), net
|
19,982
|
(9,893)
|
(1,526)
|
|
Share-based compensation
|
173,274
|
315,407
|
48,690
|
|
Adjusted
EBITDA
|
334,694
|
668,501
|
103,199
|
|
Cheetah Mobile
Inc.
|
Revenues Generated
from PC-based and Mobile-based Applications and
Services
|
(In '000)
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
December 31,
2014
|
September 30,
2015
|
December 31,
2015
|
December 31, 2015
|
|
RMB
|
RMB
|
RMB
|
USD
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
PC
|
366,777
|
306,092
|
329,116
|
50,807
|
Mobile
|
222,111
|
702,652
|
803,541
|
124,045
|
Total
|
588,888
|
1,008,744
|
1,132,657
|
174,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Year Ended
December 31,
|
|
|
2014
|
2015
|
2015
|
|
|
RMB
|
RMB
|
USD
|
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
PC
|
1,298,561
|
1,251,279
|
193,164
|
|
Mobile
|
465,018
|
2,433,150
|
375,614
|
|
Total
|
1,763,579
|
3,684,429
|
568,778
|
|
Cheetah Mobile
Inc.
|
Revenues Generated
from Domestic and Overseas Markets
|
(In '000)
|
|
|
|
|
|
|
For The Three
Months Ended
|
|
December 31, 2014
|
September 30, 2015
|
December 31, 2015
|
December 31, 2015
|
|
RMB
|
RMB
|
RMB
|
USD
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Domestic
revenues
|
449,819
|
471,038
|
516,412
|
79,720
|
Overseas
revenues
|
139,069
|
537,706
|
616,245
|
95,132
|
Total
|
588,888
|
1,008,744
|
1,132,657
|
174,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Year Ended
December 31,
|
|
|
2014
|
2015
|
2015
|
|
|
RMB
|
RMB
|
USD
|
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
Domestic
revenues
|
1,541,699
|
1,842,893
|
284,494
|
|
Overseas
revenues
|
221,880
|
1,841,536
|
284,284
|
|
Total
|
1,763,579
|
3,684,429
|
568,778
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cheetah-mobile-announces-fourth-quarter-2015-and-fiscal-year-2015-unaudited-financial-results-and-us100-million-share-repurchase-program-300237018.html
SOURCE Cheetah Mobile