Cheetah Mobile Announces Second Quarter 2024 Unaudited Consolidated Financial Results
Cheetah Mobile (NYSE: CMCM) reported Q2 2024 financial results, showing 12.3% year-over-year revenue growth to RMB187.4 million (US$25.8 million). The growth was driven by increased delivery of service robots in domestic and international markets. AI and others segment revenue grew 42.8% year-over-year, accounting for 39.3% of total revenue. However, the company reported an operating loss of RMB77.5 million (US$10.7 million) due to investments in AI and increased costs. Despite losses, Cheetah Mobile generated RMB218 million in cash from operating activities. The company remains focused on expanding robotics use cases, advancing product innovation with LLMs, and growing its global presence.
Cheetah Mobile (NYSE: CMCM) ha riportato i risultati finanziari del secondo trimestre 2024, mostrando una crescita dei ricavi del 12,3% anno su anno a 187,4 milioni di RMB (25,8 milioni di dollari USA). La crescita è stata sostenuta dall'aumento della fornitura di robot di servizio nei mercati domestici e internazionali. I ricavi del segmento AI e altri sono aumentati del 42,8% rispetto all'anno precedente, rappresentando il 39,3% del ricavo totale. Tuttavia, l'azienda ha riportato una perdita operativa di 77,5 milioni di RMB (10,7 milioni di dollari USA) a causa degli investimenti in AI e dell'aumento dei costi. Nonostante le perdite, Cheetah Mobile ha generato 218 milioni di RMB in liquidità dalle attività operative. L'azienda continua a concentrarsi sull'espansione dei casi d'uso della robotica, sull'innovazione dei prodotti con i LLM e sulla crescita della sua presenza globale.
Cheetah Mobile (NYSE: CMCM) reportó los resultados financieros del segundo trimestre de 2024, mostrando un crecimiento de ingresos del 12,3% interanual hasta 187,4 millones de RMB (25,8 millones de dólares estadounidenses). Este crecimiento fue impulsado por un aumento en la entrega de robots de servicio en mercados nacionales e internacionales. Los ingresos del segmento de IA y otros crecieron un 42,8% interanual, representando el 39,3% de los ingresos totales. Sin embargo, la empresa reportó una pérdida operativa de 77,5 millones de RMB (10,7 millones de dólares estadounidenses) debido a inversiones en IA y al aumento de costos. A pesar de las pérdidas, Cheetah Mobile generó 218 millones de RMB en efectivo de actividades operativas. La empresa se mantiene enfocada en expandir los casos de uso de la robótica, avanzar en la innovación de productos con LLMs y aumentar su presencia global.
치타 모바일 (NYSE: CMCM)은 2024년 2분기 재무 결과를 보고하며 전년 대비 12.3%의 매출 성장을 기록해 1억 8740만 위안(2580만 달러)으로 증가했습니다. 이 성장은 국내외 시장에서 서비스 로봇 공급 증가에 의해 촉진되었습니다. AI 및 기타 부문 매출은 전년 대비 42.8% 증가하며 전체 매출의 39.3%를 차지했습니다. 하지만, 회사는 AI에 대한 투자와 증가하는 비용으로 인해 7750만 위안의 운영 손실 (1070만 달러)을 보고했습니다. 손실에도 불구하고, 치타 모바일은 운영 활동에서 2억 1800만 위안의 현금을 생성했습니다. 이 회사는 로봇 사용 사례 확대, LLM을 통한 제품 혁신 및 글로벌 입지 확대에 집중하고 있습니다.
Cheetah Mobile (NYSE: CMCM) a publié ses résultats financiers du deuxième trimestre 2024, révélant une croissance des revenus de 12,3 % par rapport à l'année précédente, atteignant 187,4 millions de RMB (25,8 millions de dollars américains). Cette croissance a été stimulée par une augmentation de la livraison de robots de service sur les marchés national et international. Les revenus du segment IA et autres ont augmenté de 42,8% par rapport à l'année dernière, représentant 39,3 % des revenus totaux. Cependant, la société a signalé une perte d'exploitation de 77,5 millions de RMB (10,7 millions de dollars américains) en raison des investissements dans l'IA et des coûts accrus. Malgré ces pertes, Cheetah Mobile a généré 218 millions de RMB de liquidités provenant des activités opérationnelles. L'entreprise reste concentrée sur l'expansion des cas d'utilisation de la robotique, l'avancement de l'innovation produit avec des LLM et le développement de sa présence mondiale.
Cheetah Mobile (NYSE: CMCM) berichtete über die Finanzergebnisse für das zweite Quartal 2024, die ein Umsatzwachstum von 12,3% im Jahresvergleich auf 187,4 Millionen RMB (25,8 Millionen US-Dollar) zeigten. Das Wachstum wurde durch eine erhöhte Lieferung von Service-Robotern auf nationalen und internationalen Märkten angetrieben. Der Umsatz im Segment KI und andere wuchs im Jahresvergleich um 42,8% und machte 39,3% des Gesamtumsatzes aus. Das Unternehmen berichtete jedoch von einem Betriebsverlust von 77,5 Millionen RMB (10,7 Millionen US-Dollar) aufgrund von Investitionen in KI und gestiegenen Kosten. Trotz der Verluste generierte Cheetah Mobile 218 Millionen RMB liquiden Mittel aus operativen Aktivitäten. Das Unternehmen bleibt darauf fokussiert, Anwendungsfälle für Robotik zu erweitern, Produktinnovationen mit LLMs voranzutreiben und seine globale Präsenz auszubauen.
- Total revenue increased 12.3% year-over-year to RMB187.4 million
- AI and others segment revenue grew 42.8% year-over-year
- Generated over RMB218 million in cash from operating activities
- Operating margin for internet business improved by 6.9 percentage points year-over-year
- Operating loss increased to RMB77.5 million from RMB65.6 million year-over-year
- Cost of revenues increased by 15.2% year-over-year
- Research and development expenses increased by 14.5% year-over-year
- Selling and marketing expenses increased by 17.3% year-over-year
Insights
Cheetah Mobile's Q2 2024 results show a 12.3% year-over-year revenue growth to
The shift towards AI and robotics is evident, with this segment now contributing
Cheetah Mobile's focus on AI and service robotics, particularly their emphasis on far-field speech recognition, positions them well in the growing AI market. Their experience from PC and mobile eras could be valuable in developing competitive AI products. However, the AI and robotics market is highly competitive with well-funded players.
The company's investment in LLMs (Large Language Models) is noteworthy, as this technology is at the forefront of AI advancements. Their ability to integrate LLMs into their products could be a key differentiator. However, the lack of specific details on their AI capabilities and product roadmap makes it difficult to assess their competitive position. Investors should look for concrete examples of AI implementation and customer adoption in future reports.
Cheetah Mobile's pivot from a primarily internet-based business to AI and robotics reflects broader market trends. The
However, the transition period may be challenging. The company's increased investments in R&D, marketing and personnel for the AI business are pressuring profitability. The market will likely want to see evidence of scalability and improved margins in the AI segment. The company's strong cash position of
Management Commentary
Mr. Sheng Fu, Cheetah Mobile's Chairman and Chief Executive Officer, remarked, "In Q2, Cheetah Mobile achieved solid revenue growth of
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
Second Quarter 2024 Financial Highlight
Total revenues accelerated to a year-over-year growth of
- Revenues from internet business remained relatively flat year over year at
RMB113.7 million (US ) in the second quarter of 2024. In the second quarter of 2024, revenues generated from the internet business accounted for$15.7 million 60.7% of total revenues, compared to69.1% in the same period last year. - Revenues from AI and others increased by
42.8% year over year toRMB73.7 million (US ) 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$10.1 million 39.3% of total revenues, compared to30.9% in the same period last year.
Operating loss was
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 toRMB65.9 million (US ) 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$9.1 million 14.8% year over year toRMB65.5 million (US ) in the second quarter of 2024.$9.0 million - Research and development expenses increased by
14.5% year over year toRMB54.3 million (US ) 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$7.5 million 3.3% year over year toRMB48.0 million (US ) in the second quarter of 2024.$6.6 million - Selling and marketing expenses increased by
17.3% year over year toRMB73.4 million (US ) 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$10.1 million 16.7% year over year toRMB72.8 million (US ) in the second quarter of 2024.$10.0 million - General and administrative expenses increased by
8.0% year over year toRMB71.6 million (US ) 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$9.9 million 26.9% year over year toRMB63.8 million (US ) in the second quarter of 2024.$8.8 million
In terms of sequential performance, the Company was able to reduce its operating loss from
As of June 30, 2024, the Company had cash and cash equivalents and short-term investments of
As of June 30, 2024, the Company has long-term investments of
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
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; and
- 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
Investor Relations Contact
Helen Jing Zhu
Cheetah Mobile Inc.
Tel: +86 10 6292 7779
Email: ir@cmcm.com
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 |
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 | 2,964 | 2,118 | 291 | 3,877 | 4,544 | 625 | |||||||||||||
Total comprehensive loss attributable to Cheetah | (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 |
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. |
CHEETAH MOBILE INC. | |||||||||||||||||||
Information about Segment | |||||||||||||||||||
(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"), except for percentage) | |||||||||||||||||||
For The Three Months Ended June 30, 2024 | For The Six Months Ended June 30, 2024 | ||||||||||||||||||
Internet Business | AI and others | Unallocated* | Consolidated | Internet Business | AI and others | Unallocated* | Consolidated | ||||||||||||
RMB | RMB | RMB | RMB | USD | RMB | RMB | RMB | RMB | USD | ||||||||||
Revenue | 113,729 | 73,688 | - | 187,417 | 25,790 | 222,749 | 154,956 | - | 377,705 | 51,974 | |||||||||
Operating profit/(loss) | 14,159 | (83,242) | (8,458) | (77,541) | (10,670) | 22,821 | (164,891) | (16,043) | (158,113) | (21,758) | |||||||||
Operating margin | 12.4 % | (113.0) % | - | (41.4) % | (41.4) % | 10.2 % | (106.4) % | - | (41.9) % | (41.9) % | |||||||||
For The Three Months Ended June 30, 2023 | For The Six Months Ended June 30, 2023 | ||||||||||||||||||
Internet Business | AI and others | Unallocated* | Consolidated | Internet Business | AI and others | Unallocated* | Consolidated | ||||||||||||
RMB | RMB | RMB | RMB | ||||||||||||||||
Revenue | 115,336 | 51,615 | - | 166,951 | 235,645 | 101,740 | - | 337,385 | |||||||||||
Operating profit/(loss) | 6,370 | (54,630) | (17,351) | (65,611) | 10,125 | (99,884) | (18,130) | (107,889) | |||||||||||
Operating margin | 5.5 % | (105.8) % | - | (39.3) % | 4.3 % | (98.2) % | - | (32.0) % | |||||||||||
*Unallocated expenses refer to SBC expenses that are not allocated to individual segments. |
CHEETAH MOBILE INC. | ||||||||||||
Reconciliation from Net Income Attributable to Cheetah Mobile Shareholders to Adjusted EBITDA (Non-GAAP) | ||||||||||||
(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$")) | ||||||||||||
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) |
View original content:https://www.prnewswire.com/news-releases/cheetah-mobile-announces-second-quarter-2024-unaudited-consolidated-financial-results-302247571.html
SOURCE Cheetah Mobile
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