UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2016
Commission File Number: 001-36427
CHEETAH MOBILE INC.
Building No. 8
Hui Tong Times Square
Yaojiayuan South Road
Beijing 100123
Peoples Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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CHEETAH MOBILE INC. |
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By |
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/s/ Ka Wai Andy Yeung |
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Name |
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Ka Wai Andy Yeung |
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Title |
: |
Chief Financial Officer |
Date: March 17, 2016
2
Exhibit Index
Exhibit 99.1 Press release
3
Exhibit 99.1
Cheetah Mobile Announces Fourth Quarter 2015 and Fiscal Year 2015 Unaudited Financial Results and US$100 million Share Repurchase Program
Beijing, China, March 16, 2016 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 revenues1 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).
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
1
Mr. Sheng Fu, Cheetah Mobiles 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 Plays 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 Mobiles 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 boards 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 Companys organic business growth, which was attributable to the Companys 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 Companys growing global mobile user base, and strong demand from advertisers for the Companys 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 Companys 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 Companys growing global mobile user base, and the increasing popularity of the Companys mobile marketing services in overseas and domestic markets.
2
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 Companys overseas mobile user base, and rapid growth of the Companys 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 Companys 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.
3
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.
4
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 Companys growing global mobile user base, and strong demand from advertisers for the Companys 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 Companys 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 Companys growing global mobile user base, and the increasing popularity of the Companys 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 Companys overseas mobile user base, and rapid growth of the Companys 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.
5
· 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 Companys 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 Companys 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 Companys shareholders. The Companys 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.
6
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 Companys 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 Companys 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.
7
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 Mobiles growth strategies; Cheetah Mobiles ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobiles ability to monetize its platform; Cheetah Mobiles 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 Mobiles 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 Mobiles 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 Mobiles 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 Companys 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
8
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 |
|
9
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
|
|
For The Three Months Ended |
|
|
|
December 31, 2014 |
|
September 30, 2015 |
|
December 31, 2015 |
|
December 31, 2015 |
|
|
|
RMB |
|
RMB |
|
RMB |
|
USD |
|
(In 000) |
|
(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 |
|
10
Cheetah Mobile Inc.
Reconciliation of GAAP and Non-GAAP Results
(In000, 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 |
|
|
|
|
|
11
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
|
|
2014 |
|
2015 |
|
2015 |
|
|
|
RMB |
|
RMB |
|
USD |
|
(In 000) |
|
(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 |
|
12
Cheetah Mobile Inc.
Reconciliation of GAAP and Non-GAAP Results
(In000, 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 |
|
|
|
|
|
13
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 |
|
|
|
14
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 |
|
|
|
15
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 |
|
|
|
16
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