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 September 2024

Commission File Number: 001-36427

 

CHEETAH MOBILE INC.

 

Building No. 11

Wandong Science and Technology Cultural Innovation Park

No.7 Sanjianfangnanli, Chaoyang District

Beijing 100024

People’s Republic of China

(Address of principal executive office)

 

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 Form 40-F

 

 

 

 

SIGNATURE

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.

 

 

CHEETAH MOBILE INC.

 

By:

/s/ Thomas Jintao Ren

Name:

Thomas Jintao Ren

Title:

Chief Financial Officer

 

Date: September 13, 2024

 

 

Exhibit Index

 

Exhibit 99.1 — Cheetah Mobile Announces Second Quarter 2024 Unaudited Consolidated Financial Results

 

Exhibit 99.1

 

Cheetah Mobile Announces Second Quarter 2024 Unaudited Consolidated Financial Results

BEIJING, September 13, 2024 - Cheetah Mobile Inc. (NYSE: CMCM) (“Cheetah Mobile” or the “Company”), a China-based IT company, today announced its unaudited consolidated financial results for the second quarter ended June 30, 2024.

Management Commentary

Mr. Sheng Fu, Cheetah Mobile’s Chairman and Chief Executive Officer, remarked, “In Q2, Cheetah Mobile achieved solid revenue growth of 12.3% year-over-year, with AI and others contributing around 40% of total revenue. Our service robotics business, both domestically and internationally, continues to drive growth. Customers choose us for our superior product experience, after-sales services, and strong AI capabilities, including far field speech recognition. With a team that brings extensive experience from the PC and mobile eras, we are investing in developing the best products to capture opportunities in the service robotics and LLMs markets. We remain focused on expanding our robotics use cases, advancing product innovation with LLMs, and growing our global presence. Rather than pursuing short-term gains, we are committed to achieving high-quality, long-term growth. We are confident in our ability to capture long-term opportunities ahead.”

 

Mr. Thomas Ren, Chief Financial Officer of Cheetah Mobile, stated, “In this quarter, we were able to reduce our operating loss compared to the previous quarter by strategically focusing on AI and service robots. Our operating margin, excluding share-based compensation expense for our legacy internet business, increased by 6.9 percentage points year over year and 4.5 percentage points quarter over quarter. Although Cheetah Mobile is still incurring losses, we generated more than RMB218 million in cash from operating activities in the second quarter, showcasing strong capabilities in cash generation and management. Moving forward, we are committed to continuing to enhance our operational efficiency and cash generation capabilities.”

 

Second Quarter 2024 Financial Highlight

Total revenues accelerated to a year-over-year growth of 12.3%, reaching RMB187.4 million (US$25.8 million) in the second quarter of 2024, driven by an increase in the delivery of the Company’s service robots in both domestic and international markets.

•
Revenues from internet business remained relatively flat year over year at RMB113.7 million (US$15.7 million) in the second quarter of 2024. In the second quarter of 2024, revenues generated from the internet business accounted for 60.7% of total revenues, compared to 69.1% in the same period last year.

•
Revenues from AI and others increased by 42.8% year over year to RMB73.7 million (US$10.1 million) in the second quarter of 2024. The growth was primarily driven by an increase in the delivery of the Company’s service robots, following the acquisition of a controlling stake in Beijing OrionStar. In the second quarter of 2024, revenues generated from AI and others accounted for 39.3% of total revenues, compared to 30.9% in the same period last year.

 

1

Operating loss was RMB77.5 million (US$10.7 million) in the second quarter of 2024, compared to RMB65.6 million in the same period of last year. Non-GAAP operating loss was RMB62.5 million (US$8.6 million) in the second quarter of 2024, compared to RMB48.3 million in the same period of last year.

 

The increase in operating losses on a year-over-year basis was due to the Company’s investments in AI, which have helped it enhance the product experience of its service robots. As previously mentioned in the past earnings releases, Cheetah Mobile's year-over-year costs and expenses increased, particularly associated with headcount and hardware.

•
Cost of revenues increased by 15.2% year over year to RMB65.9 million (US$9.1 million) in the second quarter of 2024, primarily resulting from the rise in the hardware-related costs for the Company's service robots. Non-GAAP cost of revenues increased by 14.8% year over year to RMB65.5 million (US$9.0 million) in the second quarter of 2024.
•
Research and development expenses increased by 14.5% year over year to RMB54.3 million (US$7.5 million) in the second quarter of 2024, primarily due to 1) amortization of intangible assets resulting from the acquisition of a controlling stake in Beijing OrionStar, 2) higher R&D personnel-related expenses following the acquisition of Beijing OrionStar. Non-GAAP research and development expenses increased by 3.3% year over year to RMB48.0 million (US$6.6 million) in the second quarter of 2024.
•
Selling and marketing expenses increased by 17.3% year over year to RMB73.4 million (US$10.1 million) in the second quarter of 2024, primarily due to 1) increased marketing and promotion expenses related to our user acquisition for certain products of our internet business; and 2) increased personnel-related expenses as the Company increased its sales personnel following the acquisition of a controlling stake in Beijing OrionStar. Non-GAAP selling and marketing expenses increased by 16.7% year over year to RMB72.8 million (US$10.0 million) in the second quarter of 2024.
•
General and administrative expenses increased by 8.0% year over year to RMB71.6 million (US$9.9 million) in the second quarter of 2024, primarily due to increased personnel-related expenses as the Company increased the number of its G&A personnel following the acquisition of a controlling stake in Beijing OrionStar. Non-GAAP general and administrative expenses increased by 26.9% year over year to RMB63.8 million (US$8.8 million) in the second quarter of 2024.

 

In terms of sequential performance, the Company was able to reduce its operating loss from RMB80.6 million in the first quarter of 2024 to RMB77.5 million in this quarter, and its non-GAAP operating loss from RMB66.4 million in the first quarter of 2024 to RMB62.5 million in this quarter. Notably, operating margin, excluding share-based compensation expense for the internet business, was 12.4% in the second quarter of 2024, an improvement from 7.9% in the first quarter of 2024 and 5.5% in the same period of last year.

As of June 30, 2024, the Company had cash and cash equivalents and short-term investments of RMB1,973.0 million (US$271.5 million).

As of June 30, 2024, the Company has long-term investments of RMB866.9 million (US$119.3 million).

2

 

 

Conference Call Information

The Company will hold a conference call on September 13th, 2024, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time) to discuss its financial results. Listeners may access the call by dialing the following numbers:

Main Line:

International: 1-412-317-6061

United States Toll Free: 1-888-317-6003

Mainland China Toll Free: 4001-206115

Hong Kong Toll Free: 800-963976

Conference ID: 3980144

English Translation:

International: 1-412-317-6061

United States Toll Free: 1-888-317-6003

Mainland China Toll Free: 4001-206115

Hong Kong Toll Free: 800-963976

Conference ID: 7908950

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 RMB7.2672 to US$1.00, the exchange rate in effect as of June 28, 2024, as set forth in the H.10 statistical release of the Federal Reserve Board. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars at that rate or any other rate, or to be the amounts that would have been reported under accounting principles generally accepted in the United States of America (“U.S. GAAP”).

 

About Cheetah Mobile Inc.

Cheetah Mobile is a China-based IT company with a commitment to AI innovation. It has attracted hundreds of millions of users through an array of internet products and services on PCs and mobile devices. At the same time, it actively engages in the independent research and development of AI technologies, including LLM technologies. Cheetah Mobile provides advertising services to advertisers worldwide, value-added services including the sale of premium membership to its users, multi-cloud management platform to companies globally, as well as service robots to international clients. Cheetah Mobile is also committed to leveraging its cutting-edge AI technologies, including LLM technologies, to empower its products and make the world smarter. It has been listed on the New York Stock Exchange since May 2014.

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,”

3

“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

This release contains non-GAAP financial measures, including but not limited to:

•
Non-GAAP cost of revenues excludes share-based compensation expenses;

•
Non-GAAP gross profit excludes share-based compensation expenses;

•
Non-GAAP gross margin excludes share-based compensation expenses;

•
Total non-GAAP operating expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;

•
Non-GAAP research and development expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;

•
Non-GAAP selling and marketing expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;

•
Non-GAAP general and administrative expenses exclude share-based compensation expenses;

•
Non-GAAP operating profit/loss excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;

•
Non-GAAP net income/loss attributable to Cheetah Mobile shareholders excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;

•
Non-GAAP diluted earnings/losses per ADS excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;

and

4

•
Non-GAAP adjusted EBITDA represents net income/loss attributable to Cheetah Mobile shareholders excluding share-based compensation, interest income, depreciation and amortization, net income attributable to noncontrolling interests, other income, net and income tax expenses.

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 and amortization of intangible assets resulting from business acquisitions, 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. Reconciliation of GAAP and Non-GAAP Results”.

Investor Relations Contact

Helen Jing Zhu

Cheetah Mobile Inc.

Tel: +86 10 6292 7779

Email: ir@cmcm.com

5

 

CHEETAH MOBILE INC.

Condensed Consolidated Balance Sheets

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

 

 

As of

 

 

December 31, 2023

 

 

June 30, 2024

 

 

RMB

 

 

RMB

 

 

USD

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

2,020,191

 

 

 

1,972,676

 

 

 

271,449

 

Short-term investments

 

1,023

 

 

 

331

 

 

 

46

 

Accounts receivable, net

 

401,064

 

 

 

445,091

 

 

 

61,247

 

Prepayments and other current assets, net

 

973,127

 

 

 

1,334,395

 

 

 

183,619

 

Due from related parties, net

 

71,505

 

 

 

110,234

 

 

 

15,169

 

Total current assets

 

3,466,910

 

 

 

3,862,727

 

 

 

531,530

 

 

 

 

 

 

 

 

 

 

Non-current assets:

 

 

 

 

 

 

 

 

Property and equipment, net

 

53,884

 

 

 

54,962

 

 

 

7,563

 

Operating lease right-of-use assets

 

30,451

 

 

 

31,337

 

 

 

4,312

 

Intangible assets, net

 

218,559

 

 

 

204,476

 

 

 

28,137

 

Goodwill

 

576,989

 

 

 

576,989

 

 

 

79,396

 

Long-term investments

 

937,460

 

 

 

866,860

 

 

 

119,284

 

Due from related parties, net

 

-

 

 

 

25,287

 

 

 

3,480

 

Deferred tax assets

 

188,503

 

 

 

194,226

 

 

 

26,726

 

Other non-current assets

 

160,428

 

 

 

80,819

 

 

 

11,121

 

Total non-current assets

 

2,166,274

 

 

 

2,034,956

 

 

 

280,019

 

 

 

 

 

 

 

 

 

 

Total assets

 

5,633,184

 

 

 

5,897,683

 

 

 

811,549

 

 

 

 

 

 

 

 

 

 

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Bank loans

 

5,000

 

 

 

-

 

 

 

-

 

Accounts payable

 

170,185

 

 

 

159,787

 

 

 

21,987

 

Accrued expenses and other current liabilities

 

2,437,210

 

 

 

2,811,054

 

 

 

386,814

 

Due to related parties

 

84,147

 

 

 

83,311

 

 

 

11,464

 

Income tax payable

 

31,603

 

 

 

33,351

 

 

 

4,589

 

Total current liabilities

 

2,728,145

 

 

 

3,087,503

 

 

 

424,854

 

 

 

 

 

 

 

 

 

 

Non-current liabilities:

 

 

 

 

 

 

 

 

Deferred tax liabilities

 

54,540

 

 

 

51,870

 

 

 

7,138

 

Other non-current liabilities

 

189,943

 

 

 

182,178

 

 

 

25,069

 

Total non-current liabilities

 

244,483

 

 

 

234,048

 

 

 

32,207

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

2,972,628

 

 

 

3,321,551

 

 

 

457,061

 

 

 

 

 

 

 

 

 

 

Mezzanine equity:

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

105,978

 

 

 

185,676

 

 

 

25,550

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Ordinary shares

 

244

 

 

 

246

 

 

 

34

 

Additional paid-in capital

 

2,711,875

 

 

 

2,716,472

 

 

 

373,799

 

Accumulated deficit

 

(613,102

)

 

 

(816,978

)

 

 

(112,420

)

Accumulated other comprehensive income

 

356,854

 

 

 

381,288

 

 

 

52,467

 

Total Cheetah Mobile shareholders’ equity

 

2,455,871

 

 

 

2,281,028

 

 

 

313,880

 

Noncontrolling interests

 

98,707

 

 

 

109,428

 

 

 

15,058

 

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

 

2,554,578

 

 

 

2,390,456

 

 

 

328,938

 

 

 

 

 

 

 

 

 

 

Total liabilities, mezzanine equity and shareholders’ equity

 

5,633,184

 

 

 

5,897,683

 

 

 

811,549

 

 

6

 

CHEETAH MOBILE INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"), except for number of shares and per share(or ADS) data)

 

 

 

For The Three Months Ended

 

For The Six Months Ended

 

 

 

 

June 30, 2023

 

June 30, 2024

 

June 30, 2024

 

June 30, 2023

 

June 30, 2024

 

June 30, 2024

 

 

 

RMB

 

RMB

 

USD

 

RMB

 

RMB

 

USD

 

Revenues

 

166,951

 

187,417

 

25,790

 

337,385

 

377,705

 

51,974

 

     Internet business

 

115,336

 

113,729

 

15,650

 

235,645

 

222,749

 

30,651

 

     AI and others

 

51,615

 

73,688

 

10,140

 

101,740

 

154,956

 

21,323

 

Cost of revenues (a)

 

(57,186)

 

(65,895)

 

(9,067)

 

(113,349)

 

(135,651)

 

(18,666)

 

Gross profit

 

109,765

 

121,522

 

16,723

 

224,036

 

242,054

 

33,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development (a)

 

(47,426)

 

(54,285)

 

(7,470)

 

(92,854)

 

(111,616)

 

(15,359)

 

Selling and marketing (a)

 

(62,561)

 

(73,396)

 

(10,100)

 

(130,827)

 

(148,532)

 

(20,439)

 

General and administrative (a)

 

(66,333)

 

(71,610)

 

(9,854)

 

(110,459)

 

(140,755)

 

(19,369)

 

Other operating income, net

 

944

 

228

 

31

 

2,215

 

736

 

101

 

Total operating income and expenses

 

(175,376)

 

(199,063)

 

(27,393)

 

(331,925)

 

(400,167)

 

(55,066)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

(65,611)

 

(77,541)

 

(10,670)

 

(107,889)

 

(158,113)

 

(21,758)

 

Other income/(expenses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

14,896

 

9,773

 

1,345

 

27,238

 

25,089

 

3,452

 

Foreign exchange losses

 

(48,684)

 

(7,564)

 

(1,041)

 

(34,221)

 

(10,841)

 

(1,492)

 

Other expense, net

 

(152,351)

 

(51,612)

 

(7,102)

 

(154,152)

 

(59,207)

 

(8,147)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before taxes

 

(251,750)

 

(126,944)

 

(17,468)

 

(269,024)

 

(203,072)

 

(27,945)

 

Income tax (expenses)/ benefits

 

(3,583)

 

6,391

 

879

 

(3,761)

 

6,193

 

852

 

Net loss

 

(255,333)

 

(120,553)

 

(16,589)

 

(272,785)

 

(196,879)

 

(27,093)

 

Less: net income attributable to noncontrolling interests

 

3,461

 

3,288

 

452

 

4,608

 

6,997

 

963

 

Net loss attributable to Cheetah Mobile shareholders

 

(258,794)

 

(123,841)

 

(17,041)

 

(277,393)

 

(203,876)

 

(28,056)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

(0.1772)

 

(0.0841)

 

(0.0116)

 

(0.1925)

 

(0.1390)

 

(0.0191)

 

Diluted

 

(0.1774)

 

(0.0841)

 

(0.0116)

 

(0.1933)

 

(0.1391)

 

(0.0191)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per ADS

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

(8.8615)

 

(4.2042)

 

(0.5785)

 

(9.6239)

 

(6.9488)

 

(0.9562)

 

Diluted

 

(8.8693)

 

(4.2067)

 

(0.5789)

 

(9.6665)

 

(6.9542)

 

(0.9569)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

1,454,090,428

 

1,495,962,672

 

1,495,962,672

 

1,452,066,835

 

1,495,088,007

 

1,495,088,007

 

Diluted

 

1,454,090,428

 

1,495,962,672

 

1,495,962,672

 

1,452,066,835

 

1,495,088,007

 

1,495,088,007

 

Weighted average number of ADSs outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

29,081,809

 

29,919,253

 

29,919,253

 

29,041,337

 

29,901,760

 

29,901,760

 

Diluted

 

29,081,809

 

29,919,253

 

29,919,253

 

29,041,337

 

29,901,760

 

29,901,760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

148,160

 

8,383

 

1,154

 

108,142

 

29,414

 

4,048

 

Unrealized losses on available-for-sale securities, net

 

(43,494)

 

(9,206)

 

(1,267)

 

(43,494)

 

(7,434)

 

(1,023)

 

Other comprehensive income/(loss)

 

104,666

 

(823)

 

(113)

 

64,648

 

21,980

 

3,025

 

Total comprehensive loss

 

(150,667)

 

(121,376)

 

(16,702)

 

(208,137)

 

(174,899)

 

(24,068)

 

Less: Total comprehensive income attributable to noncontrolling interests

 

2,964

 

2,118

 

291

 

3,877

 

4,544

 

625

 

Total comprehensive loss attributable to Cheetah Mobile shareholders

 

(153,631)

 

(123,494)

 

(16,993)

 

(212,014)

 

(179,443)

 

(24,693)

 

 

 

 

 

 

 

For The Three Months Ended

 

 

For The Six Months Ended

 

 

 

June 30, 2023

 

 

June 30, 2024

 

 

June 30, 2024

 

 

June 30, 2023

 

 

June 30, 2024

 

 

June 30, 2024

 

(a) Share-based compensation expenses

 

RMB

 

 

RMB

 

 

USD

 

 

RMB

 

 

RMB

 

 

USD

 

Cost of revenues

 

 

107

 

 

 

357

 

 

 

49

 

 

 

226

 

 

 

449

 

 

 

62

 

Research and development

 

 

958

 

 

 

116

 

 

 

16

 

 

 

870

 

 

 

408

 

 

 

56

 

Selling and marketing

 

 

195

 

 

 

154

 

 

 

21

 

 

 

391

 

 

 

110

 

 

 

15

 

General and administrative

 

 

16,091

 

 

 

7,831

 

 

 

1,078

 

 

 

16,643

 

 

 

15,076

 

 

 

2,075

 

Total

 

 

17,351

 

 

 

8,458

 

 

 

1,164

 

 

 

18,130

 

 

 

16,043

 

 

 

2,208

 

 

7

 

CHEETAH MOBILE INC.

Reconciliation of GAAP and Non-GAAP Results

(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"), except for per share data )

 

 

For The Three Months Ended June 30, 2024

 

For The Six Months Ended June 30, 2024

 

GAAP

 

Share-based

 

Amortization of

 

Non-GAAP

 

GAAP

 

Share-based

 

Amortization of

 

Non-GAAP

 

Result

 

Compensation

 

intangible assets*

 

Result

 

Result

 

Compensation

 

intangible assets*

 

Result

 

RMB

 

RMB

 

RMB

 

RMB

 

USD

 

RMB

 

RMB

 

RMB

 

RMB

 

USD

Revenues

187,417

 

-

 

-

 

187,417

 

25,790

 

377,705

 

-

 

-

 

377,705

 

51,974

Cost of revenues

(65,895)

 

357

 

-

 

(65,538)

 

(9,018)

 

(135,651)

 

449

 

-

 

(135,202)

 

(18,604)

Gross profit

121,522

 

357

 

-

 

121,879

 

16,772

 

242,054

 

449

 

-

 

242,503

 

33,370

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

(54,285)

 

116

 

6,156

 

(48,013)

 

(6,607)

 

(111,616)

 

408

 

12,312

 

(98,896)

 

(13,609)

Selling and marketing

(73,396)

 

154

 

469

 

(72,773)

 

(10,014)

 

(148,532)

 

110

 

938

 

(147,484)

 

(20,294)

General and administrative

(71,610)

 

7,831

 

-

 

(63,779)

 

(8,776)

 

(140,755)

 

15,076

 

-

 

(125,679)

 

(17,294)

Other operating income, net

228

 

-

 

-

 

228

 

31

 

736

 

-

 

-

 

736

 

101

Total operating income and expenses

(199,063)

 

8,101

 

6,625

 

(184,337)

 

(25,366)

 

(400,167)

 

15,594

 

13,250

 

(371,323)

 

(51,096)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

(77,541)

 

8,458

 

6,625

 

(62,458)

 

(8,594)

 

(158,113)

 

16,043

 

13,250

 

(128,820)

 

(17,726)

Net loss attributable to Cheetah Mobile shareholders

(123,841)

 

8,458

 

6,625

 

(108,758)

 

(14,965)

 

(203,876)

 

16,043

 

13,250

 

(174,583)

 

(24,024)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted losses per ordinary share (RMB)

(0.0841)

 

0.0057

 

0.0043

 

(0.0741)

 

 

 

(0.1391)

 

0.0107

 

0.0089

 

(0.1195)

 

 

Diluted losses per ADS (RMB)

(4.2067)

 

0.2850

 

0.2167

 

(3.7050)

 

 

 

(6.9542)

 

0.5350

 

0.4442

 

(5.9750)

 

 

Diluted losses per ADS (USD)

(0.5789)

 

0.0392

 

0.0299

 

(0.5098)

 

 

 

(0.9569)

 

0.0736

 

0.0611

 

(0.8222)

 

 

 

 

For The Three Months Ended June 30, 2023

 

For The Six Months Ended June 30, 2023

 

GAAP

 

Share-based

 

Non-GAAP

 

GAAP

 

Share-based

 

Non-GAAP

 

 

Result

 

Compensation

 

Result

 

Result

 

Compensation

 

Result

 

 

RMB

 

RMB

 

RMB

 

RMB

 

 

 

RMB

 

Revenues

166,951

 

-

 

166,951

 

337,385

 

-

 

337,385

 

Cost of revenues

(57,186)

 

107

 

(57,079)

 

(113,349)

 

226

 

(113,123)

 

Gross profit

109,765

 

107

 

109,872

 

224,036

 

226

 

224,262

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

(47,426)

 

958

 

(46,468)

 

(92,854)

 

870

 

(91,984)

 

Selling and marketing

(62,561)

 

195

 

(62,366)

 

(130,827)

 

391

 

(130,436)

 

General and administrative

(66,333)

 

16,091

 

(50,242)

 

(110,459)

 

16,643

 

(93,816)

 

Other operating income, net

944

 

-

 

944

 

2,215

 

-

 

2,215

 

Total operating income and expenses

(175,376)

 

17,244

 

(158,132)

 

(331,925)

 

17,904

 

(314,021)

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

(65,611)

 

17,351

 

(48,260)

 

(107,889)

 

18,130

 

(89,759)

 

Net loss attributable to Cheetah Mobile shareholders

(258,794)

 

17,351

 

(241,443)

 

(277,393)

 

18,130

 

(259,263)

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted losses per ordinary share (RMB)

(0.1774)

 

0.0119

 

(0.1655)

 

(0.1933)

 

0.0125

 

(0.1808)

 

Diluted losses per ADS (RMB)

(8.8693)

 

0.5943

 

(8.2750)

 

(9.6665)

 

0.6243

 

(9.0422)

 

 

* This represents amortization of intangible assets resulting from business acquisitions.

8

 

CHEETAH MOBILE INC.

Information about Segment

(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"), except for percentage)

 

 

For The Three Months Ended June 30, 2024

 

For The Six Months Ended June 30, 2024

 

Internet Business

 

AI and others

 

Unallocated*

 

Consolidated

 

Internet Business

 

AI and others

 

Unallocated*

 

Consolidated

 

RMB

 

RMB

 

RMB

 

RMB

 

USD

 

RMB

 

RMB

 

RMB

 

RMB

 

USD

Revenue

113,729

 

73,688

 

-

 

187,417

 

25,790

 

222,749

 

154,956

 

-

 

377,705

 

51,974

Operating profit/(loss)

14,159

 

(83,242)

 

(8,458)

 

(77,541)

 

(10,670)

 

22,821

 

(164,891)

 

(16,043)

 

(158,113)

 

(21,758)

Operating margin

12.4%

 

(113.0)%

 

-

 

(41.4)%

 

(41.4)%

 

10.2%

 

(106.4)%

 

-

 

(41.9)%

 

(41.9)%

 

 

For The Three Months Ended June 30, 2023

 

For The Six Months Ended June 30, 2023

 

 

Internet Business

 

AI and others

 

Unallocated*

 

Consolidated

 

Internet Business

 

AI and others

 

Unallocated*

 

Consolidated

 

 

 

 

 

 

 

 

 

 

RMB

 

RMB

 

RMB

 

RMB

 

Revenue

115,336

 

51,615

 

-

 

166,951

 

235,645

 

101,740

 

-

 

337,385

 

Operating profit/(loss)

6,370

 

(54,630)

 

(17,351)

 

(65,611)

 

10,125

 

(99,884)

 

(18,130)

 

(107,889)

 

Operating margin

5.5%

 

(105.8)%

 

-

 

(39.3)%

 

4.3%

 

(98.2)%

 

-

 

(32.0)%

 

 

*Unallocated expenses refer to SBC expenses that are not allocated to individual segments.

9

 

CHEETAH MOBILE INC.

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

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

 

 

 

For The Three Months Ended

 

For The Six Months Ended

 

 

June 30, 2023

 

June 30, 2024

 

June 30, 2024

 

June 30, 2023

 

June 30, 2024

 

June 30, 2024

 

 

RMB

 

RMB

 

USD

 

RMB

 

RMB

 

USD

Net loss attributable to Cheetah Mobile shareholders

 

(258,794)

 

(123,841)

 

(17,041)

 

(277,393)

 

(203,876)

 

(28,056)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expenses/ (benefits)

 

3,583

 

(6,391)

 

(879)

 

3,761

 

(6,193)

 

(852)

Interest income, net

 

(14,896)

 

(9,773)

 

(1,345)

 

(27,238)

 

(25,089)

 

(3,452)

Depreciation and amortization

 

8,273

 

12,317

 

1,695

 

17,106

 

24,629

 

3,389

Net income attributable to noncontrolling interests

 

3,461

 

3,288

 

452

 

4,608

 

6,997

 

963

Other expense, net

 

201,035

 

59,176

 

8,143

 

188,373

 

70,048

 

9,639

Share-based compensation

 

17,351

 

8,458

 

1,164

 

18,130

 

16,043

 

2,208

Adjusted EBITDA

 

(39,987)

 

(56,766)

 

(7,811)

 

(72,653)

 

(117,441)

 

(16,161)

 

 

10

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