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Cheetah Mobile Announces Second Quarter 2021 Unaudited Consolidated Financial Results

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Cheetah Mobile Inc. (NYSE: CMCM) (“Cheetah Mobile” or the “Company”), a leading internet company, today announced its unaudited consolidated financial results for the second quarter 2021 ended June 30, 2021.

Management Commentary

Mr. Sheng Fu, Cheetah Mobile’s Chairman and Chief Executive Officer, stated, “We delivered a healthy quarter with total revenue of RMB212 million (USD33 million), which is within our previous guidance. For the first time in 10 quarters, we achieved a quarter over quarter sequential revenue growth. In this quarter, our Internet membership business maintained a strong momentum in both membership number and revenue, especially the revenue from renewal. We are also happy to see more and more members choosing longer-term service now. For our AI business, the business model of shopping-mall coupon-selling robots has been working well. In this quarter, we have opened up more new use cases and GMV(Gross Merchandise Volume)was up by double digits. We are optimistic about the progress we are making and confident that we will continue to achieve our strategic goals steadily.”

Mr. Thomas Ren, Cheetah Mobile’s Chief Financial Officer, commented, “In the second quarter of 2021, our gross margin kept improving to 76.1%, compared to 71.2% in the same period last year and 70.1% in the first quarter 2021. This result reflects our continuous efforts in improving operational efficiency. We ended this quarter with RMB1,672 million (US$259 million) in cash and cash equivalents, restricted cash and short-term investments. The robust balance sheet makes it possible for us to invest across our core business to support our long-term growth plans.”

Second Quarter 2021 Consolidated Financial Results

REVENUES

Total revenues were RMB211.7 million (US$32.8 million) in the second quarter of 2021, representing a decrease of 46.3% year over year and an increase of 6.7% quarter over quarter.

Revenues from the Company’s internet business decreased by 45.6% year over year and increased by 8.6% quarter over quarter to RMB203.8 million (US$31.6 million) in the second quarter of 2021. The year-over-year decrease was due to the Company’s strategic efforts to diminish the gaming-related business in past quarters. The quarter-over-quarter increase was mainly from the growth of our membership business and the commertialization of some new utility products on mobile platform.

Revenues from the AI and others were RMB7.9 million (US$1.2 million) in the second quarter of 2021, representing a 59.2% year-over-year decrease and a 26.7% quarter-over-quarter decrease. The year-over-year decline was primarily attributable to the drop in sales of consumer-facing AI-related products. The quarter-over-quarter decrease was from the expected volatility during the transition of business model.

COST OF REVENUES AND GROSS PROFIT

Cost of revenues decreased by 55.5% year over year and 14.8% quarter over quarter to RMB50.6 million (US$7.8 million) in the second quarter of 2021. The decrease was primarily due to the Company’s ongoing efforts to streamline the business and improve operational efficiency. Non-GAAP cost of revenues decreased by 55.7% year over year and 14.9% quarter over quarter to RMB50.2 million (US$7.8 million) in the second quarter of 2021.

Gross profit decreased by 42.6% year over year and increased 15.9% quarter over quarter to RMB161.2 million (US$25.0 million) in the second quarter of 2021. Non-GAAP gross profit decreased by 42.5% year over year and increased 15.9% quarter over quarter to RMB161.5 million (US$25.0 million) in the second quarter of 2021.

Gross margin was 76.1% in the second quarter of 2021, compared to 71.2% in the second quarter of 2020 and 70.1% in the first quarter of 2021. Non-GAAP gross margin was 76.3% in the second quarter of 2021, compared to 71.2% in the second quarter of 2020 and 70.2% in the first quarter of 2021.

OPERATING INCOME/LOSS AND EXPENSES

Total operating expenses decreased by 52.5% year over year and increased by 12.5% quarter over quarter to RMB220.0 million (US$34.1 million) in the second quarter of 2021. Total non-GAAP operating expenses decreased by 47.3% year over year and increased by 10.3% quarter over quarter to RMB217.9 million (US$33.7million) in the second quarter of 2021.

  • Research and development expenses decreased by 62.2% year over year and 35.4% quarter over quarter to RMB47.3 million (US$7.3 million) in the second quarter of 2021. The year over year decrease was mainly from the deconsolidation of certain gaming business in past quarters. The quarter over quarter decrease was due to the technology to support our current AI business has been relatively well-developed. Non-GAAP research and development expenses decreased by 58.4% year over year and 33.2% quarter over quarter to RMB47.1 million (US$7.3 million) in the second quarter of 2021.
  • Selling and marketing expenses decreased by 40.7% year over year and increased by 52.8% quarter over quarter to RMB121.8 million (US$18.9 million) in the second quarter of 2021. This year-over-year decrease was attributable to the streamlining of our business and the strategic cost cutting. While the quarter-over-quarter increase was mostly from the promotion of our new utility products. Non-GAAP selling and marketing expenses decreased by 40.7% year over year and increased by 52.2% quarter over quarter to RMB121.4 million (US$18.8 million) in the second quarter of 2021.
  • General and administrative expenses decreased by 60.4% year over year and increased by 20.2% quarter over quarter to RMB53.0 million (US$8.2 million) in the second quarter of 2021. The year-over-year decrease was mainly due to the streamlining of our business and the effective expense control. While the quarter-over-quarter increase was caused by reversal of share-based compensation expenses due to forfeitures in the first quarter 2021. Non-GAAP general and administrative expenses decreased by 46.5% year over year and increased by 5.9% quarter over quarter to RMB51.6 million (US$8.0 million) in the second quarter of 2021.

Operating loss was RMB58.8 million (US$9.1 million) in the second quarter of 2021, compared to RMB182.9 million in the same period of the last year and RMB56.5 million in the first quarter of 2021. Non-GAAP operating loss was RMB56.4 million (US$8.7 million) in the second quarter of 2021, compared to RMB132.7 million in the same period of the last year and RMB58.2 million in the first quarter of 2021.

  • Operating loss for the internet business was RMB3.4 million in the second quarter of 2021, compared to an operating profit of RMB35.6 million in the same period last year and operating profit of RMB27.7 million in the first quarter of 2021.
  • Operating loss for AI and others business was RMB53.0 million in the second quarter of 2021, narrowed from an operating loss of RMB168.3 million in the same period last year and an operating loss of RMB85.9 million in the first quarter of 2021.

Share-based compensation expenses were RMB2.4 million (US$0.4 million) in the second quarter of 2021, compared to RMB50.2 million in the same period of the last year and negative RMB1.6 million in the first quarter of 2021.

OTHER INCOME, NET

Other income, net was RMB34.9 million (US$5.4 million) in the second quarter of 2021, which was primarily from the appreciation on the value of certain long-term investments.

NET INCOME ATTRIBUTABLE TO CHEETAH MOBILE SHAREHOLDERS

Net income attributable to Cheetah Mobile shareholders was RMB0.9 million (US$0.1 million) in the second quarter of 2021, compared to a net income attributable to Cheetah Mobile shareholders of RMB193.7 million in the same period of the last year and a net income attributable to Cheetah Mobile shareholders of RMB76.4 million in the first quarter of 2021.

Non-GAAP net income attributable to Cheetah Mobile shareholders was RMB3.3 million (US$0.5 million) in the second quarter of 2021, compared to a non-GAAP net income attributable to Cheetah Mobile shareholders of RMB243.9 million in the same period of the last year and non-GAAP net income attributable to Cheetah Mobile shareholders of RMB74.8 million in the first quarter of 2021.

NET INCOME PER ADS

Diluted Income per ADS was RMB0.01 (US$0.00) in the second quarter of 2021, compared to diluted earnings per ADS of RMB1.38 in the same period of the last year and diluted earnings per ADS of RMB0.54 in the first quarter of 2021. Non-GAAP diluted income per ADS was RMB0.02 (US$0.00) in second quarter of 2021, compared to RMB1.74 in the same period of the last year and RMB0.53 in the first quarter of 2021.

BALANCE SHEET

As of June 30, 2021, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1,671.9 million (US$258.9 million).

SHARES ISSUED AND OUTSTANDING

As of June 30, 2021, the Company had a total of 1,403,070,144 Class A and Class B ordinary shares issued and outstanding. One ADS represents 10 Class A ordinary shares.

Business Outlook

For the third quarter of 2021, the Company expects its total revenues to be between RMB180 million (US$27.8 million) and RMB230 million (US$35.6 million). This amount reflects the Company’s current and preliminary expectations.

Conference Call Information

The Company will hold a conference call on September 7th, 2021, 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:

International:

+1-412-902-4272

United States Toll Free:

+1-888-346-8982

Mainland China Toll Free:

4001-201-203

Hong Kong Toll Free:

800-905-945

Conference ID:

Cheetah Mobile

The replay will be accessible through September 14th, 2021 by dialing the following numbers:

International:

+1-412-317-0088

United States Toll Free:

+1-877-344-7529

Access Code:

10159259

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.cmcm.com.

Exchange Rate

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars in this press release were made at a rate of RMB6.4566 to US$1.00, the exchange rate in effect as of June 30, 2021, 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”).

Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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Trianz Welcomes Israel Abraham as Vice President of Services for Extrica.ai – The Data to AI Platform

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SANTA CLARA, Calif., March 28, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Israel Abraham as Vice President of Extrica Platform Services.

Trianz has embarked on a transformative journey, redefining its value proposition with an ‘IP Led’ model, with a commitment to deliver the fastest time to value, lowest human dependence, and highest ROI. Central to this approach are our hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace.
Israel Abraham is a very well-known pioneer and industry leader in AI, data management, and analytics systems, with over three decades of experience. He joins as the services leader for Extrica- the Trianz Data to AI platform, which productizes data, provides data a face and purpose, and accelerates time to insights and AI by 50% or more. In the role of Extrica Services leader, Israel will lead the shaping, visioning, and delivery of Extrica.ai based enterprise wide datamesh, BI, and AI solutions for customers worldwide.
“We are thrilled to welcome Israel Abraham to the Trianz family,” said Sri Manchala, CEO of Trianz and author of Crossing the Digital Faultline. “He is a leader in modernization as well as conceptualization of data platforms anew. Israel’s prior background in the industry with financial services and insurance giants underscores our commitment to securing top-tier talent that brings real-world experiences and needs to our technology platforms. As we continue to broaden our footprint in the digital transformation space, Israel’s visionary leadership and practical experience will serve as the cornerstone in accelerating insights and AI to deliver transformative value to our clients.”
Having played pivotal roles in highly reputed and large organizations such as Liberty Mutual Insurance, MassMutual, Safeco, and CNA Insurance, Israel has garnered recognition as a seasoned leader in big data and AI cloud implementations. His accolades include the prestigious 2014 Ventana Research IT Innovation Award, the 2009 Informatica MDM Innovation Award, and three filed Data Engineering patents in the last four years.
“Trianz has been at the forefront of digital innovation, and Extrica.ai is a paradigm shifting data to AI platform that completely changes how analytics and AI are delivered- much faster, taking business ahead of change. I am excited to scale the adoption of the Extrica platform, which has attracted attention from giants across the industry and hyperscalers,” said Israel Abraham. “I look forward to engaging with customers, bringing my own experiences, and collaborating with the talented team at Trianz to further enhance the capabilities of the Extrica Platform Services to transform data & AI strategies, execution, and outcomes for customers.”
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our ‘IP Led Transformations’ approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media [email protected] +1-408-387-5800
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