Cheetah Mobile Announces First Quarter 2024 Unaudited Consolidated Financial Results
Cheetah Mobile (NYSE: CMCM) reported its unaudited financial results for Q1 2024. Total revenues grew 11.6% YoY to RMB190.3 million (US$26.4 million), driven by a 62.1% rise in the AI and others segment following the acquisition of Beijing OrionStar. Internet business revenue fell 9.4% YoY but rose 1.2% QoQ to RMB109.0 million (US$15.1 million).
Operational expenses increased 23.9% YoY to RMB193.9 million (US$26.9 million), leading to an operating loss of RMB80.6 million (US$11.2 million). R&D costs surged 26.2% YoY to RMB57.3 million (US$7.9 million). Net loss widened to RMB80.0 million (US$11.1 million) from RMB18.6 million YoY. The company has cash equivalents and short-term investments amounting to RMB1,793.2 million (US$248.4 million) as of March 31, 2024.
CEO Sheng Fu highlighted the shift from consumer to enterprise-focused services, leveraging AI and LLM capabilities. CFO Thomas Ren noted the strong integration of Beijing OrionStar and anticipated continued revenue growth and margin improvements.
- Total revenues increased 11.6% YoY to RMB190.3 million (US$26.4 million).
- Revenues from AI and others grew 62.1% YoY to RMB81.3 million (US$11.3 million).
- Internet business revenue rose 1.2% QoQ to RMB109.0 million (US$15.1 million).
- Strong AI capabilities and strategic shift to enterprise-focused services.
- Improved operating margin of 7.9% for the internet business segment.
- Cash and cash equivalents of RMB1,793.2 million (US$248.4 million).
- Internet business revenue decreased 9.4% YoY.
- Total operating expenses rose 23.9% YoY to RMB193.9 million (US$26.9 million).
- Operating loss widened to RMB80.6 million (US$11.2 million) from RMB42.3 million YoY.
- Net loss of RMB80.0 million (US$11.1 million), compared to RMB18.6 million YoY.
- Increased R&D expenses by 26.2% YoY to RMB57.3 million (US$7.9 million).
- Higher cost of revenues due to hardware-related costs for service robots.
Insights
Analyzing the financial results presented by Cheetah Mobile for Q1 2024, we observe a significant revenue growth of
It's also noteworthy that operating expenses increased by
For investors, the doubling down on AI and the acquisition of Beijing OrionStar signify a long-term investment strategy, although the short-term financials exhibit increased expenses and losses. The company's considerable cash reserves (
Cheetah Mobile's strategic pivot towards AI, particularly leveraging large language models (LLMs), is an intriguing development. Their acquisition of Beijing OrionStar brings in a robust 2B sales team and established business customer relationships, enhancing Cheetah Mobile's ability to penetrate the enterprise market with customized AI solutions.
LLMs allow for advanced capabilities in natural language processing (NLP), which can be critical for developing sophisticated service robots and enterprise applications. This shift indicates a move towards high-margin, technologically advanced products, which, while costly to develop, offer substantial long-term revenue potential.
From a technical perspective, the success of this shift will depend on how effectively Cheetah Mobile can commercialize their AI technologies and integrate them into scalable, market-ready products. The reported
Management Commentary
Mr. Sheng Fu, Cheetah Mobile's Chairman and Chief Executive Officer, remarked, "Cheetah Mobile is transforming from a consumer-facing company to an enterprise-facing company. Our acquisition of Beijing OrionStar Technology Co., Ltd. ("Beijing OrionStar") was an important step in our transformation, bringing us an experienced 2B sales team, strong connections with business customers, and comprehensive large language model (LLM) capabilities. We are strategically focused on developing customized LLM-based apps for enterprises and using these apps to further enhance our enterprise-facing service robots. Our robust AI capabilities and proven success in product development position us well to commercialize the once-in-a-generation opportunity presented by LLMs."
Mr. Thomas Ren, Cheetah Mobile's Chief Financial Officer, commented, "We are pleased with our financial performance for the first quarter of 2024, which was largely driven by the successful integration of Beijing OrionStar and robust growth in the AI and others segment. Total revenues increased by
First Quarter 2024 Consolidated Financial Results
Total revenues increased by
- Revenues from the Company's internet business decreased by
9.4% year over year but increased by1.2% quarter-over-quarter toRMB109.0 million (US ) in the first quarter of 2024. The year-over-year decrease was mainly due to the Company's proactive approach to shifting its focus from the internet business to enterprise-facing large language-related business. As a result, the Company continued to review its consumer-facing product portfolio and removed products and product features that did not address user's pain points in the quarter. In the first quarter of 2024, revenues generated from the internet business accounted for$15.1 million 57.3% of total revenues, compared to70.6% in the same period last year and64.4% in the previous quarter. - Revenues from AI and others increased by
62.1% year over year and36.3% quarter over quarter toRMB81.3 million (US ) in the first 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 first quarter of 2024, revenues generated from AI and others accounted for$11.3 million 42.7% of total revenues, compared to29.4% in the same period last year and35.6% in the previous quarter.
Cost of revenues increased by
Total operating expenses increased by
- Research and development expenses increased by
26.2% year over year and44.8% quarter over quarter toRMB57.3 million (US ) in the first quarter of 2024, primarily due to higher personnel-related expenses as the Company expanded its R&D team following the acquisition of a controlling stake in Beijing OrionStar. Non-GAAP research and development expenses increased by$7.9 million 11.8% year over year and41.7% quarter over quarter toRMB50.9 million (US ) in the first quarter of 2024.$7.0 million - Selling and marketing expenses decreased by
0.5% year over year but increased by19.7% quarter over quarter toRMB67.9 million (US ) in the first quarter of 2024. The quarter-over-quarter increase was 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 decreased by$9.4 million 0.8% year over year but increased by19.8% toRMB67.5 million (US ) in the first quarter of 2024.$9.4 million - General and administrative expenses increased by
56.7% year over year and8.9% quarter over quarter toRMB69.1 million (US ) in the first quarter of 2024, primarily due to 1) 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, 2) increased share-based compensation expenses for our key employees. Non-GAAP general and administrative expenses increased by$9.6 million 42.1% year over year and11.0% quarter over quarter toRMB61.9 million (US ) in the first quarter of 2024.$8.6 million
Operating loss was
Share-based compensation expenses were
By segment, operating margin excluding share-based compensation expense for internet business was
Other expenses, net were RMB7.6 million (
Net loss attributable to Cheetah Mobile shareholders was
Diluted loss per ADS was
Balance Sheet
As of March 31, 2024, the Company had cash and cash equivalents and short-term investments of
Conference Call Information
The Company will hold a conference call on June 7th, 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: 8764416
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: 0625357
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
About Cheetah Mobile Inc.
Cheetah Mobile is a
Safe Harbor Statement
This press release contains forward-looking statements. These statements, including management quotes and business outlook, constitute forward-looking statements under the
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.
- Non-GAAP adjusted EBITDA represents net income/loss attributable to Cheetah Mobile shareholders excluding share-based compensation, amortization of intangible assets resulting from business acquisitions, 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
CHEETAH MOBILE INC. | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$")) | |||||||||||
As of | |||||||||||
December 31, 2023 | March 31, 2024 | ||||||||||
RMB | RMB | USD | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | 2,020,191 | 1,792,907 | 248,315 | ||||||||
Short-term investments | 1,023 | 328 | 45 | ||||||||
Accounts receivable, net | 401,064 | 438,596 | 60,745 | ||||||||
Prepayments and other current assets, net | 973,127 | 1,231,793 | 170,601 | ||||||||
Due from related parties, net | 71,505 | 77,408 | 10,721 | ||||||||
Total current assets | 3,466,910 | 3,541,032 | 490,427 | ||||||||
Non-current assets: | |||||||||||
Property and equipment, net | 53,884 | 49,531 | 6,860 | ||||||||
Operating lease right-of-use assets | 30,451 | 27,636 | 3,828 | ||||||||
Intangible assets, net | 218,559 | 211,376 | 29,275 | ||||||||
Goodwill | 576,989 | 576,989 | 79,912 | ||||||||
Long-term investments | 937,460 | 933,011 | 129,221 | ||||||||
Deferred tax assets | 188,503 | 189,775 | 26,284 | ||||||||
Other non-current assets | 160,428 | 89,950 | 12,458 | ||||||||
Total non-current assets | 2,166,274 | 2,078,268 | 287,838 | ||||||||
Total assets | 5,633,184 | 5,619,300 | 778,265 | ||||||||
LIABILITIES, MEZZANINE EQUITY | |||||||||||
Current liabilities: | |||||||||||
Bank loans | 5,000 | 5,000 | 692 | ||||||||
Accounts payable | 170,185 | 172,150 | 23,842 | ||||||||
Accrued expenses and other current liabilities | 2,437,210 | 2,400,597 | 332,479 | ||||||||
Due to related parties | 84,147 | 84,508 | 11,704 | ||||||||
Income tax payable | 31,603 | 34,417 | 4,767 | ||||||||
Total current liabilities | 2,728,145 | 2,696,672 | 373,484 | ||||||||
Non-current liabilities: | |||||||||||
Deferred tax liabilities | 54,540 | 53,281 | 7,379 | ||||||||
Other non-current liabilities | 189,943 | 180,297 | 24,971 | ||||||||
Total non-current liabilities | 244,483 | 233,578 | 32,350 | ||||||||
Total liabilities | 2,972,628 | 2,930,250 | 405,834 | ||||||||
Mezzanine equity: | |||||||||||
Redeemable noncontrolling interests | 105,978 | 183,690 | 25,441 | ||||||||
Shareholders' equity: | |||||||||||
Ordinary shares | 244 | 244 | 34 | ||||||||
Additional paid-in capital | 2,711,875 | 2,716,181 | 376,187 | ||||||||
Accumulated deficit | (613,102) | (693,137) | (95,998) | ||||||||
Accumulated other comprehensive income | 356,854 | 380,940 | 52,760 | ||||||||
Total Cheetah Mobile shareholders' equity | 2,455,871 | 2,404,228 | 332,983 | ||||||||
Noncontrolling interests | 98,707 | 101,132 | 14,007 | ||||||||
Total equity | 2,554,578 | 2,505,360 | 346,990 | ||||||||
Total liabilities, mezzanine equity and equity | 5,633,184 | 5,619,300 | 778,265 |
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 | ||||||||
For The Three Months Ended | ||||||||
March 31, 2023 | December 31, 2023 | March 31, 2024 | March 31, 2024 | |||||
RMB | RMB | RMB | USD | |||||
Revenues | 170,434 | 167,314 | 190,288 | 26,354 | ||||
Internet business | 120,309 | 107,711 | 109,020 | 15,099 | ||||
AI and others | 50,125 | 59,603 | 81,268 | 11,255 | ||||
Cost of revenues (a) | (56,163) | (68,243) | (76,952) | (10,658) | ||||
Gross profit | 114,271 | 99,071 | 113,336 | 15,696 | ||||
Operating income and expenses: | ||||||||
Research and development (a) | (45,428) | (39,583) | (57,331) | (7,940) | ||||
Selling and marketing (a) | (68,266) | (56,746) | (67,940) | (9,410) | ||||
General and administrative (a) | (44,126) | (63,502) | (69,145) | (9,576) | ||||
Other operating income/(expense), net | 1,271 | (185) | 508 | 70 | ||||
Total operating income and expenses | (156,549) | (160,016) | (193,908) | (26,856) | ||||
Operating loss | (42,278) | (60,945) | (80,572) | (11,160) | ||||
Other income/(expenses): | ||||||||
Interest income, net | 12,342 | 15,829 | 15,316 | 2,121 | ||||
Foreign exchange gains/ (losses) | 14,463 | 17,407 | (3,277) | (454) | ||||
Other expense, net | (1,801) | (321,244) | (7,595) | (1,052) | ||||
Loss before taxes | (17,274) | (348,953) | (76,128) | (10,545) | ||||
Income tax (expenses)/ benefits | (178) | 47,760 | (198) | (27) | ||||
Net loss | (17,452) | (301,193) | (76,326) | (10,572) | ||||
Less: net income attributable to noncontrolling interests | 1,147 | 18 | 3,709 | 514 | ||||
Net loss attributable to Cheetah Mobile shareholders | (18,599) | (301,211) | (80,035) | (11,086) | ||||
Net loss per share | ||||||||
Basic | (0.0126) | (0.2056) | (0.0549) | (0.0076) | ||||
Diluted | (0.0129) | (0.2056) | (0.0550) | (0.0076) | ||||
Net loss per ADS | ||||||||
Basic | (0.6300) | (10.2800) | (2.7450) | (0.3800) | ||||
Diluted | (0.6450) | (10.2800) | (2.7500) | (0.3800) | ||||
Weighted average number of shares outstanding | ||||||||
Basic | 1,449,518,133 | 1,493,550,095 | 1,494,213,830 | 1,494,213,830 | ||||
Diluted | 1,449,518,133 | 1,493,550,095 | 1,494,213,830 | 1,494,213,830 | ||||
Weighted average number of ADSs outstanding | ||||||||
Basic | 28,990,363 | 29,871,002 | 29,884,277 | 29,884,277 | ||||
Diluted | 28,990,363 | 29,871,002 | 29,884,277 | 29,884,277 | ||||
Other comprehensive (loss)/income , net of tax of nil | ||||||||
Foreign currency translation adjustments | (40,018) | (29,112) | 21,031 | 2,913 | ||||
Unrealized gains on available-for-sale securities, net | - | - | 1,772 | 245 | ||||
Other comprehensive (loss)/ income | (40,018) | (29,112) | 22,803 | 3,158 | ||||
Total comprehensive loss | (57,470) | (330,305) | (53,523) | (7,414) | ||||
Less: Total comprehensive income attributable to | 913 | 687 | 2,426 | 336 | ||||
Total comprehensive loss attributable to Cheetah Mobile | (58,383) | (330,992) | (55,949) | (7,750) | ||||
For The Three Months Ended | ||||||||
March 31, | December 31, | March 31, | March 31, | |||||
(a) Share-based compensation expenses | RMB | RMB | RMB | USD | ||||
Cost of revenues | 119 | 70 | 92 | 13 | ||||
Research and development | (88) | (426) | 292 | 40 | ||||
Selling and marketing | 196 | 72 | (44) | (6) | ||||
General and administrative | 552 | 7,714 | 7,245 | 1,003 | ||||
Total | 779 | 7,430 | 7,585 | 1,050 |
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 March 31, 2024 | |||||||||
GAAP | Share-based | Amortization of | Non-GAAP | ||||||
Result | Compensation | intangible assets* | Result | ||||||
RMB | RMB | RMB | RMB | USD | |||||
Revenues | 190,288 | - | - | 190,288 | 26,354 | ||||
Cost of revenues | (76,952) | 92 | - | (76,860) | (10,645) | ||||
Gross profit | 113,336 | 92 | - | 113,428 | 15,709 | ||||
Research and development | (57,331) | 292 | 6,156 | (50,883) | (7,047) | ||||
Selling and marketing | (67,940) | (44) | 469 | (67,515) | (9,351) | ||||
General and administrative | (69,145) | 7,245 | - | (61,900) | (8,573) | ||||
Other operating income, net | 508 | - | - | 508 | 70 | ||||
Total operating income and expenses | (193,908) | 7,493 | 6,625 | (179,790) | (24,901) | ||||
Operating loss | (80,572) | 7,585 | 6,625 | (66,362) | (9,192) | ||||
Net loss attributable to Cheetah Mobile shareholders | (80,035) | 7,585 | 6,625 | (65,825) | (9,118) | ||||
Diluted losses per ordinary share (RMB) | (0.0550) | 0.0052 | 0.0043 | (0.0455) | |||||
Diluted losses per ADS (RMB) | (2.7500) | 0.2600 | 0.2150 | (2.2750) | |||||
Diluted losses per ADS (USD) | (0.3800) | 0.0360 | 0.0289 | (0.3151) |
For The Three Months Ended December 31, 2023 | |||||||
GAAP | Share-based | Amortization of | Non-GAAP | ||||
Result | Compensation | intangible assets* | Result | ||||
RMB | RMB | RMB | RMB | ||||
Revenues | 167,314 | - | - | 167,314 | |||
Cost of revenues | (68,243) | 70 | - | (68,173) | |||
Gross profit | 99,071 | 70 | - | 99,141 | |||
Research and development | (39,583) | (426) | 4,104 | (35,905) | |||
Selling and marketing | (56,746) | 72 | 313 | (56,361) | |||
General and administrative | (63,502) | 7,714 | - | (55,788) | |||
Other operating expense, net | (185) | - | - | (185) | |||
Total operating income and expenses | (160,016) | 7,360 | 4,417 | (148,239) | |||
Operating loss | (60,945) | 7,430 | 4,417 | (49,098) | |||
Net loss attributable to Cheetah Mobile shareholders | (301,211) | 7,430 | 4,417 | (289,364) | |||
Diluted losses per ordinary share (RMB) | (0.2056) | 0.0051 | 0.0029 | (0.1976) | |||
Diluted losses per ADS (RMB) | (10.2800) | 0.2550 | 0.1450 | (9.8800) |
For The Three Months Ended March 31, 2023 | |||||
GAAP | Share-based | Non-GAAP | |||
Result | Compensation | Result | |||
RMB | RMB | RMB | |||
Revenues | 170,434 | - | 170,434 | ||
Cost of revenues | (56,163) | 119 | (56,044) | ||
Gross profit | 114,271 | 119 | 114,390 | ||
Research and development | (45,428) | (88) | (45,516) | ||
Selling and marketing | (68,266) | 196 | (68,070) | ||
General and administrative | (44,126) | 552 | (43,574) | ||
Other operating income, net | 1,271 | - | 1,271 | ||
Total operating income and expenses | (156,549) | 660 | (155,889) | ||
Operating loss | (42,278) | 779 | (41,499) | ||
Net loss attributable to Cheetah Mobile shareholders | (18,599) | 779 | (17,820) | ||
Diluted losses per ordinary share (RMB) | (0.0129) | 0.0006 | (0.0123) | ||
Diluted losses per ADS (RMB) | (0.6450) | 0.0300 | (0.6150) | ||
* This represents amortization of intangible assets resulting from business acquisitions. |
CHEETAH MOBILE INC. | ||||||||||
Information about Segment | ||||||||||
(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"), except for percentage) | ||||||||||
For The Three Months Ended March 31, 2024 | ||||||||||
Internet Business | AI and others | Unallocated* | Consolidated | |||||||
RMB | RMB | RMB | RMB | USD | ||||||
Revenue | 109,020 | 81,268 | - | 190,288 | 26,354 | |||||
Operating profit/(loss) | 8,662 | (81,649) | (7,585) | (80,572) | (11,160) | |||||
Operating margin | 7.9 % | (100.5) % | - | (42.3) % | (42.3) % |
For The Three Months Ended December 31, 2023 | ||||||||
Internet Business | AI and others | Unallocated* | Consolidated | |||||
RMB | RMB | RMB | RMB | |||||
Revenue | 107,711 | 59,603 | - | 167,314 | ||||
Operating profit/(loss) | 9,489 | (63,004) | (7,430) | (60,945) | ||||
Operating margin | 8.8 % | (105.7) % | - | (36.4) % |
For The Three Months Ended March 31, 2023 | ||||||||
Internet Business | AI and others | Unallocated* | Consolidated | |||||
RMB | RMB | RMB | RMB | |||||
Revenue | 120,309 | 50,125 | - | 170,434 | ||||
Operating profit/(loss) | 3,755 | (45,254) | (779) | (42,278) | ||||
Operating margin | 3.1 % | (90.3) % | - | (24.8) % | ||||
*Unallocated expenses refer to SBC expenses that are not allocated to individual segments. |
CHEETAH MOBILE INC. | |||||||||||||||||
Reconciliation from Net Income Attributable to Cheetah Mobile Shareholders to Adjusted EBITDA (Non-GAAP) | |||||||||||||||||
(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$")) | |||||||||||||||||
For The Three Months Ended | |||||||||||||||||
March 31, 2023 | December 31, 2023 | March 31, 2024 | March 31, 2024 | ||||||||||||||
RMB | RMB | RMB | USD | ||||||||||||||
Net loss attributable to Cheetah Mobile shareholders | (18,599) | (301,211) | (80,035) | (11,086) | |||||||||||||
Add: | |||||||||||||||||
Income tax expenses/ (benefits) | 178 | (47,760) | 198 | 27 | |||||||||||||
Interest income, net | (12,342) | (15,829) | (15,316) | (2,121) | |||||||||||||
Depreciation and other amortization(1) | 8,833 | 11,275 | 12,312 | 1,705 | |||||||||||||
Net income attributable to noncontrolling interests | 1,147 | 18 | 3,709 | 514 | |||||||||||||
Other (income)/ expense, net | (12,662) | 303,837 | 10,872 | 1,506 | |||||||||||||
Share-based compensation | 779 | 7,430 | 7,585 | 1,050 | |||||||||||||
Amortization of intangible assets(2) | - | 4,417 | 6,625 | 918 | |||||||||||||
Adjusted EBITDA | (32,666) | (37,823) | (54,050) | (7,487) | |||||||||||||
(1) This represents depreciation and other amortization exclude amortization of intangible assets resulting from | |||||||||||||||||
(2) This represents amortization of intangible assets resulting from business acquisitions. |
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SOURCE Cheetah Mobile
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