MINDsLab Joins AMII, Canada’s Top AI Research Institute

VANCOUVER, British Columbia, March 25, 2019 /PRNewswire/ — AI service firm MINDsLab expressed to be an official member of the Alberta Machine Intelligence Institute (Amii) and plan to proceed collaborative research with its researchers for three years starting April 1st 2019. Amii is one of the top 3 AI research institutes in Canada following Element AI and Vector Institute. It has partnered with the University of Alberta and Google DeepMind to develop AlphaGo under the guidance of Richard Sutton, who is a founder of reinforcement learning, to lead the research about deep learning in each field.

MINDsLab is a member of Amii, Canada’s top 3 AI research institute; collaborative research begins in April.

MINDsLab, a member company of the Born2Global Centre, plans on making progress on Natural Language, Visual Intelligence (computer vision), and Reinforcement Learning, these are the latest areas for deep learning R&D. Korea’s leading AI company MINDsLab worked on major AI projects inside and outside of Korea and has Samsung ElectronicsDaegu Metropolitan City, and KEB Hana Bank as its client. Starting with becoming a member of Amii, MINDsLab aims to raise its in-house technologies to a higher level to compete in the global market and expand its business overseas, focusing on the North American market.   

“MINDsLab, being a member of AMII, has the opportunity to emerge as the leading AI company in the world while expanding its business in the North American market.” said TaeJoon Yoo, CEO of MINDsLab. He also mentioned that “MINDsLab holds multiple successful AI references in Korea and on its way to emerge as a player in the global markets. Paired together with Amii and Canada’s active AI ecosystem, our company will be able to become a major AI service provider in the North American market.”

For more detailed information on MINDsLab, visit https://mindslab.ai/en.

About MINDsLab

MINDsLab accelerates progress on latest AI technology based on its speed and agility. Via innovative services such as AI Platform, maum ai, AI Contact Center, AI Smart Factory, and AI English Education, MINDsLab provides users the new experience that is fundamentally different from other enterprises. It has business offices in South Korea, United States, Canada, Philippines and secured export performance. MINDsLab is working with AMII, which is one of the major AI research institute in Canada, to expand R&D capacity. MINDsLab’s product is recognized by government departments, global press and the media including International Telecommunication Union, Forbes Asia.

About Amii
One of three centres of excellence in Canada’s national AI Strategy, the Amii (Alberta Machine Intelligence Institute) performs advanced research in the fields of machine learning and artificial intelligence and guides businesses as they grow their AI capabilities. Amii supports world-leading research and training at the University of Alberta and acts as a catalyst for transformative growth for Alberta and Alberta-based businesses through machine intelligence.

About Born2Global Centre

Born2Global Centre is a full-cycle service platform for global expansion. Since inception in 2013, Born2Global has been setting the standard for successful startup ecosystem as the main Korean government agency under the Ministry of Science and ICT. Born2Global has expanded and transformed startups to be engaged, equipped and be connected with the global market.

Media contact: 

MINDsLab
yenayoo@mindslab.ai or iamsom@mindslab.ai

Born2Global Centre
jlee@born2global.com

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SOURCE Born2Global Centre

Baidu Conversational AI System (DuerOS) Patent Deployment Trends and Strategies – Valuates Reports

BANGALORE, India, March 25, 2019 /PRNewswire/ –Baidu has been actively investing in AI (Artificial Intelligence) technology and application development in recent years to help the company get one step closer to its goal of “All in AI”.

Valuates_Reports

Through cooperation with Qualcomm, NVidia, and Intel, Baidu strives to promote widespread adoption of DuerOS in smart devices such as smartphones, networked devices, and autonomous cars.

 In 2017, DuerOS, Baidu’s conversational operating system, was launched to provide voice recognition and conversational solutions for IoT (Internet of Things) applications. Users now can count on the interface and natural language processing to generate dialogues and enjoy more intuitive and human-computer interactions in 10 general categories of use cases, including entertainment, information inquiry, chat and leisure, O2O (Online to Offline), smart home, travel/transportation, utility tools, phone instructions, personal assistant and education.

This report provides an overview of Baidu’s DuerOS conversational AI system and all relevant patents filed to and granted by CNIPA (China National Intellectual Property Administration), the former SIPO (State Intellectual Property Office); addresses the patent trends and strategies of Baidu by examining the company’s patent distribution by field and technology.

Browse Full report : https://reports.valuates.com/sreport/MICR-Comp-115/Baidu Conversational AI System

Key Vendors:

  1. Intel
  2. Qualcomm
  3. NVIDIA etc.

Request free sample to get a complete list of companies : https://reports.valuates.com/request/sample/MICR-Comp-115/Baidu Conversational AI System

Table of Content:
1. Background
2. Patent Deployment
2.1 Patent Mining
2.2 Patent Analysis
2.2.1 Baidu Conservational AI System Patent Grants by Field
2.2.2 Baidu Conversational AI System Patent Grants by Technology
2.2.3 Baidu Conversational AI System Patent Claims by Field
2.2.4 Baidu Conversational AI System Patent Claims by Technology

List of topics

  • Baidu’s development in AI conversational systems and includes the analysis of its patent deployment strategies
  • Baidu conservational AI system patent grants and claims by field and by technology for the period 2013 – April 2018

Inquire for discount :  https://reports.valuates.com/request/discount/MICR-Comp-115/BaiduConversationalAISystemPatent

Purchase the report: https://reports.valuates.com/addtocart/MICR-Comp-115@Single_User

Media Contact:

Valuates Reports
sales@valuates.com
For U.S. Toll Free Call  +1(425)388-2538
For IST Call  +91-8040957137

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SOURCE Valuates Reports

By Light Acquires Phacil, Significantly Expanding Core IT Capabilities

ARLINGTON, Va., March 25, 2019 /PRNewswire/ — By Light Professional IT Services LLC (“By Light” or “the Company”) today announced the acquisition of Phacil, Inc., a diversified software, cybersecurity, systems engineering and managed services provider to the US Government. Financial terms of the transaction were not disclosed.

Phacil has been a trusted partner to its U.S. Government client base for nearly two decades. It delivers mission-critical IT services, including the modernization and assessment of IT systems, networks, and data centers; the implementation of cloud and other managed services to support web applications, infrastructure, and project management; cybersecurity threat identification, vulnerability testing and systems monitoring; and the development and implementation of cloud and other software solutions to assist with data migration, server hosting, web portals, and service desk support for the Department of Defense and civilian agencies.

Bob Donahue Jr., CEO and Founder of By Light, said, “We are thrilled to acquire Phacil, which has a proven track record of excellent service and growth. Its diversified IT capabilities across a wide customer base make it an excellent fit with our company, and will allow us to expand our offering to better serve our customers.”

By Light’s acquisition of Phacil is the Company’s second since it was acquired by Sagewind Capital, a private equity firm with extensive experience backing strong management teams in the government/defense business, in 2017.  In 2018, By Light acquired Axom Technologies.

About By Light Professional IT Services LLC
Founded in 2002, By Light (www.bylight.com) is a leading provider of IT, cloud, cyber and infrastructure solutions to the US Federal Government. The Company provides services primarily to the Department of Defense, Veterans Affairs, Defense Information Systems Agency, and the Intelligence Community.

About Phacil
Phacil is a leading provider of mission-focused, results-driven technology solutions to the federal government. We continually demonstrate commitment to our customers, excellence in performance, and service to the nation. Customers trust Phacil to solve their most complex challenges by delivering uniquely-tailored technology solutions that maximize value and mission success. Phacil’s core competencies include Software Services; Systems Engineering/ Integration & Operations; Cybersecurity; Cloud & Managed Services and Artificial Intelligence Solutions. Learn more at www.phacil.com.

About Sagewind Capital LLC
Sagewind Capital LLC (www.sagewindcapital.com) is a New York-based middle-market private equity firm. The principals of Sagewind have a proven track record of providing capital and financial resources to help promising small and middle market companies achieve success faster while generating long-term equity value. Through its investments, Sagewind Capital is building a portfolio of companies in key sectors that have the potential for organic growth and can serve as platforms for substantial value creation through a buy-and-build strategy of strategic acquisitions.

Media Contact:         
Mark Semer or Cameron Njaa
Kekst CNC
+1 (212) 521-4800
mark.semer@kekstcnc.com or cameron.njaa@kekstcnc.com

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SOURCE By Light Professional IT Services LLC

Leadspace Launches Leadspace for Ads, Leveraging Industry-Leading B2B CDP to Drive Highly Targeted, Personalized and Impactful Digital Customer Experience

SAN FRANCISCO, March 25, 2019 /PRNewswire-PRWeb/ — Leadspace, the leading B2B Customer Data Platform (CDP), announced Monday the launch of Leadspace for Advertising, which enables B2B marketers to execute highly-targeted digital ad campaigns that consistently drive pipeline and awareness, and improve the ROI of their digital advertising efforts.

Leadspace for Ads offers customers access to the broadest range of digital ad platforms, in partnership with LiveRamp. In addition, customers can advertise on leading social networks such as LinkedIn and Facebook from Leadspace natively.

“Today’s B2B buyer expects a relevant, personalized user experience online, similar to what they are used to on consumer platforms like Amazon or Google,” said Nick Panayi, VP Brand, Digital and Demand Marketing at DXC Technology. “Leadspace for Ads is an exciting opportunity for B2B marketers, because it brings a B2C-level of personalization that’s been lacking in the B2B arena. This new capability will allow marketers to develop omni-channel campaigns that deliver a cohesive and highly personalized customer experience.”

Leadspace for Ads takes B2B ad personalization to a new level, by leveraging Leadspace’s proprietary Persona Scores to reach precisely those individuals you want to engage with your ads. Rather than focus on a handful of superficial data fields like job title or industry, Leadspace Persona Scores use Artificial Intelligence (AI) to combine a vast range of customer data fields – including install-based technologies, job responsibilities and firmographics – into customized, highly-personalized ideal buyer personas.

“B2B marketers are increasingly looking beyond traditional channels so they can be seen wherever their buyers are looking,” said David Raab, Founder of the CDP Institute. “Leadspace’s latest announcement will make it easier for them to do this while gaining the benefit of precise targeting that comes with Leadspace’s CDP.”

Leadspace CEO Doug Bewsher expanded: “For years, B2B marketers struggled to get real value out of their digital advertising spend, but the lack of targeting at the persona level made most advertising ineffective.

“Leadspace for Ads changes this equation. B2B marketers can now use Leadspace Customer Data Platform to create custom audiences based on their target buyer personas, within target, surging accounts, leading to significant increase in the performance of their advertising campaigns.”

HOW IT WORKS

Customers use Leadspace CDP to identify their Ideal Customer Profile (ICP), leveraging Leadspace’s combination of unrivaled 3rd-party data coverage and AI modeling capabilities to reveal the hidden attributes which comprise the “DNA” of their best customers. Marketers can then create Lookalike audiences based upon ICP key attributes and custom personas, and then activate through Leadspace for Ads to segment and target their audiences with personalized ads across multiple digital advertising platforms.

Leadspace Analytics provides insight into how your audiences match across each platform, while closed-loop feedback allows Leadspace to analyze each audience’s performance over time – so you can continuously optimize your campaigns.

“We have already had great success offering curated audiences in 3rd party ad platforms such as BlueKai over the last 2 years,” stated Leadspace Founder and CTO Amnon Mishor. “The combination of activation across sales, marketing campaigns and advertising with a unified view of the customer generates not only stronger response rates but also a much more aligned, integrated customer experience.”

SINGLE PLATFORM TO COLLATE ALL CUSTOMER DATA, BUILD INTELLIGENCE MODELS, ACTIVATE AD CAMPAIGNS AND MEASURE RESULTS

Leadspace for Advertising is the latest in a series of products and activation tools released by Leadspace over the last several months, to enable customers to leverage Leadspace’s best-in-class B2B CDP across all Sales and Marketing channels. Other integrations include Leadspace for Salesforce and Leadspace for Marketing Automation.

About Leadspace:
Leadspace is the first AI-driven Customer Data Platform (CDP) for B2B.

Leadspace gives B2B Sales and Marketing teams a single, complete source of truth about their customers and prospects so they can focus on growing sales faster through more engaging, relevant interactions, instead of spending inordinate amounts of time managing data.

Leadspace was rated as a leader by Forrester in 2018; has over 130 customers, including leading B2B brands such as Marketo, HP, RingCentral and Microsoft; and is based in San Francisco, Denver and Israel.

For more information visit http://www.leadspace.com

 

SOURCE Leadspace

Dathena Announces Closing of New Investment Round

SINGAPORE, March 25, 2019 /PRNewswire-PRWeb/ — Dathena, the leading AI-powered data protection and privacy management platform announces today the closing of a funding round led by MS&AD Ventures Inc., with strong participation from existing investors CerraCap Ventures and Demetis.

“We are excited to be working with Dathena and we see strong validation of their technology from their customers,” said Jonathan Soberg, Managing Partner, MS&AD Ventures.

Developed by information risk management experts, Dathena fully understands organizations’ data privacy and protection needs and caters to them with a multi-patented Artificial Intelligence-powered technology: the Dathena 99 A.I. core engine.

Built with Natural Language Processing, Machine Learning and Deep Learning technologies, Dathena’s suite of products helps organizations prevent data loss and promote data privacy compliance by identifying, classifying and protecting sensitive information in a comprehensive and accurate process.

This round of financing allows Dathena, a Singapore-based deep-tech company, to support the global deployment of new large customers as well as pursue several significant opportunities. The company is planning another funding round later this year to support further scaling and establish itself as a global leader in data protection.

“We are delighted to welcome MS&AD amongst our investors and look forward to working with them closely. We are also grateful for and proud of CerraCap’s & Demetis’s continued trust and support” said Christopher Muffat, Dathena Founder & CEO.

About Dathena

With offices in Singapore, France and Switzerland, Dathena is a leading Artificial Intelligence company that enables data identification, compliance and protection. Founded by industry pioneers and technology experts, Dathena fully understands the data privacy and protection needs of organizations, and the best technologies to meet those needs. Dathena is committed to building long-term partnerships based on trust, customer-centric innovation and performance delivery. http://www.dathena.io

 

SOURCE Dathena

Cheetah Mobile Announces Fourth Quarter and Full Year 2018 Unaudited Consolidated Financial Results

BEIJING, March 25, 2019 /PRNewswire/ — Cheetah Mobile Inc. (NYSE: CMCM) (“Cheetah Mobile” or the “Company”), a leading mobile internet company with global market coverage, today announced its unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2018.

Fourth Quarter 2018 Financial Highlights

  • Total revenues[1] increased by 1.8% year over year and 2.2% quarter over quarter to RMB1,381.2 million (US$200.9 million).
  • Revenues[1] from the mobile entertainment business increased by 39.4% year over year and 11.6% quarter over quarter to RMB555.6 million (US$80.8 million), accounting for 40.2% of total revenues in the fourth quarter of 2018.
  • Gross profit was RMB964.8 million (US$140.3 million). Gross margin was 69.9%. Non-GAAP[2] gross profit was RMB964.9 million (US$140.3 million). Non-GAAP gross margin was 69.9%.
  • Net income attributable to Cheetah Mobile shareholders was RMB770.2 million (US$112.0 million). Non-GAAP[2] net income attributable to Cheetah Mobile shareholders was RMB805.5 million (US$117.2 million).
  • Diluted net income per ADS was RMB5.35 (US$0.78). Non-GAAP[2] diluted net income per ADS was RMB5.60 (US$0.81).

Fiscal Year 2018 Financial Highlights

  • Total revenues[1] increased by 2.2% to RMB4,981.7 million (US$724.6 million).
  • Revenues[1] from the mobile entertainment business increased by 19.0% to RMB1,778.9 million (US$258.7 million).
  • Gross profit was RMB3,441.1 million (US$500.5 million). Gross margin was 69.1%. Non-GAAP[2] gross profit was RMB3,441.3 million (US$500.5 million). Non-GAAP gross margin was 69.1%.
  • Net income attributable to Cheetah Mobile shareholders was RMB1,203.8 million (US$175.1 million). Non-GAAP[2] net income attributable to Cheetah Mobile shareholders was RMB1,288.9 million (US$187.5 million).
  • Diluted net income per ADS was RMB8.10 (US$1.18). Non-GAAP[2] diluted net income per ADS was RMB8.69 (US$1.26).
  • Net cash from operating activities in 2018 was RMB342.1 million (US$49.8 million). Free cash flow was RMB276.7 million (US$40.2 million) in 2018.

 

[1] Starting from January 1, 2018, Cheetah Mobile adopted a new revenue accounting standard (ASC 606), which reclassifies value added tax from the cost of revenues to net against revenues. To increase comparability of operating results and help investors better understand the Company’s business performance and operating trends, 2017 net revenues have been used to calculate all percentage changes in revenues. 2017 net revenues are defined as gross revenues under legacy GAAP after the deduction of value added taxes, which is presented on the same basis as 2018 and going forward.

[2] Non-GAAP measures exclude share-based compensation expenses. See details in the section titled “USE OF NON-GAAP FINANCIAL MEASURES”.

Fourth Quarter 2018 Operating Metrics

  • The average number of global mobile monthly active users (“Mobile MAUs”) was 470 million in the fourth quarter of 2018. The number of Mobile MAUs from markets outside of China, or overseas markets, accounted for 72% of the total number of Mobile MAUs in the fourth quarter of 2018. 

Mr. Sheng Fu, Cheetah Mobile’s Chairman and Chief Executive Officer, stated, “We achieved full year 2018 financial results that were in line with our previous expectations, mostly driven by growths in our mobile games operation, mobile utility products business in the domestic market, and artificial intelligence (“AI”) powered business. In 2018, we further expanded our product offerings by launching many new games including Bricks n Balls, a popular casual elimination game, and introducing a number of new utility products focused on delivering personalized experiences. We also made substantial progress in attracting our users to purchase virtual items and premium services within our mobile applications, which diversified our revenue streams. More importantly, we have been leveraging AI technologies and expanding into AI-powered businesses. We have successfully launched AI hardware such as Cheetah Translator and deployed Cheetah GreetBot in many customer locations. Looking ahead, we are confident that our long-term growth prospects remain healthy and that our business will maximize the benefits of our users and advertisers continuously.”

Mr. Vincent Jiang, Cheetah Mobile’s Chief Financial Officer, commented, “In 2018, we grew our profits and expanded our margins. Our gross profit increased to RMB3.4 billion, and gross margin expanded to 69.1%. Our operating profit increased to RMB467 million and operating margin expanded to 9.4%. In addition, we continued investing in our mobile games business and our mobile utility products business in the domestic market. More importantly, we generated RMB342 million of net cash from operating activities in 2018. In the fourth quarter of 2018, we sold a certain portion of our equity ownership in Bytedance Ltd., which generated a total investment gain of US$87 million and further augmented our balance sheet. As of December 31, 2018, we had cash and cash equivalents, restricted cash, and short-term investments of approximately US$541 million. Our strong cash generation capabilities and our high cash balance should allow us to continue to invest in our long-term growth and our business expansion into the AI space.”

Fourth Quarter 2018 Consolidated Financial Results

REVENUES

Total revenues in the fourth quarter increased by 1.8% year over year and 2.2% quarter over quarter to RMB1,381.2 million (US$200.9 million). 

Revenues from utility products and related services decreased by 16.5% year over year and 6.3% quarter over quarter to RMB783.0 million (US$113.9 million) in the fourth quarter of 2018. The year over year decrease was mainly due to the discontinuation of certain ad formats, i.e., ads on mobile phone lock screens, by the Company’s overseas third-party advertising partners. The quarter over quarter decrease was mainly due to disruptions to the Company’s business as a result of the negative publicity caused by a news article released in November 2018, about which the Company has made a number of public clarification statements.

Revenues from the mobile entertainment business increased by 39.4% year over year and 11.6% quarter over quarter to RMB555.6 million (US$80.8 million) primarily driven by the growth of the Company’s mobile games business in the fourth quarter of 2018. Revenues from the mobile entertainment business contributed to 40.2% of total revenues in the quarter.

  • Revenues from the mobile games business increased by 91.4% year over year and 14.3% quarter over quarter to RMB326.2 million (US$47.4 million). The increases were mainly due to contributions from Bricks n Balls, a casual elimination game that started ramping up in the middle of July 2018.
  • Revenues from the content-driven products, namely LiveMe, increased by 0.6% year over year and 7.9% quarter over quarter to RMB229.4 million (US$33.4 million), primarily driven by growths in both of its paying user count and average revenue per user as LiveMe continued to introduce new features to increase its user stickiness.

Revenues from others increased to RMB42.6 million (US$6.2 million) from RMB20.0 million in the same period last year and RMB18.5 million in the third quarter of 2018, mainly driven by the sales of Cheetah Translator, an AI-based interpretation device. Revenues from others accounted for 3.1% of total revenues in the fourth quarter of 2018.

By region, revenues generated from the China market increased by 3.7% year over year, but decreased by 0.6% quarter over quarter to RMB533.2 million (US$77.6 million), and constituted 38.6% of the Company’s total revenues in the fourth quarter of 2018, compared to 37.9% in the same period last year and 39.7% in the third quarter of 2018. The year over year revenue growth in the China market was primarily attributable to the sales of Cheetah Translator.

Revenues generated from the overseas market increased by 0.7% year over year and 4.0% quarter over quarter to RMB848.0 million (US$123.3 million), constituting 61.4% of the Company’s total revenues in the fourth quarter of 2018, up from 62.1% in the same period last year and 60.3% in the third quarter of 2018. The revenue growth in the overseas market was primarily driven by the rapid growth of the Company’s mobile games business, whose market is mostly overseas.

COST OF REVENUES AND GROSS PROFIT

Cost of revenues decreased by 3.2% year over year and increased by 9.1% quarter over quarter to RMB416.4 million (US$60.6 million) in the fourth quarter of 2018. The year-over-year decrease was primarily due to (i) reduced traffic acquisition costs associated with third-party advertising, and (ii) reduced bandwidth and IDC costs and personnel costs involved in the Company’s operation for the News Republic business. The quarter-over-quarter increase was primarily driven by (i) higher revenue sharing with live broadcasters of the Company’s LiveMe business, (ii) higher costs as a result of revenue growth in the Company’s hardware business, and (iii) higher costs of payment channels, such as Google Play and Apple’s App Store, for the Company’s mobile games business, as in-game purchase revenues from the Company’s mobile games business grew. Non-GAAP cost of revenues decreased by 3.5% year over year and increased by 9.1% quarter over quarter to RMB416.2 million (US$60.5 million) in the fourth quarter of 2018.  

Gross profit increased by 4.1% year over year and remained relatively flat quarter over quarter at RMB964.8 million (US$140.3 million). Non-GAAP gross profit increased by 4.3% year over year and remained relatively flat quarter over quarter at RMB964.9 million (US$140.3 million) in the fourth quarter of 2018. Gross margin was 69.9% in the fourth quarter of 2018, as compared to 68.3% in the same period last year and 71.8% in the third quarter of 2018. Non-GAAP gross margin was 69.9% in the fourth quarter of 2018, as compared to 68.2% in the same period last year and 71.8% in the third quarter of 2018.

OPERATING INCOME AND EXPENSES

Total operating expenses increased by 26.3% year over year and 5.6% quarter over quarter to RMB889.7 million (US$129.4 million) in the fourth quarter of 2018. Total non-GAAP operating expenses increased by 22.1% year over year and 4.7% quarter over quarter to RMB854.6 million (US$124.3 million) in the fourth quarter of 2018.

  • Research and development (R&D) expenses increased by 25.9% year over year and 9.0% quarter over quarter to RMB191.1 million (US$27.8 million) in the fourth quarter of 2018. The increases were primarily due to increased share-based compensation expenses and increased R&D headcount for the mobile games business. Non-GAAP R&D expenses, which exclude share-based compensation expenses, increased by 19.4% year over year and 5.5% quarter over quarter to RMB176.0 million (US$25.6 million) in the fourth quarter of 2018.
  • Selling and marketing expenses increased by 38.1% year over year but remained relatively flat quarter over quarter at RMB580.3 million (US$84.4 million) in the fourth quarter of 2018. The increases were mainly due to increased marketing promotions for the Company’s utility products and related services business in the domestic market and its mobile games business in all markets. Non-GAAP selling and marketing expenses, which exclude share-based compensation expenses, increased by 36.5% year over year and 2.2% quarter over quarter to RMB577.7 million (US$84.0 million) in the fourth quarter of 2018.
  • General and administrative expenses increased by 14.6% year over year and 21.8% quarter over quarter to RMB131.8 million (US$19.2 million) in the fourth quarter of 2018. The year-over-year increase was primarily due to the increased share-based compensation expenses. The quarter-over-quarter increase was primarily due to higher employee benefits. Non-GAAP general and administrative expenses, which exclude share-based compensation expenses, increased by 2.2% year over year and 22.0% quarter over quarter to RMB114.6 million (US$16.7 million) in the fourth quarter of 2018.

Operating profit decreased by 66.2% year over year and 41.3% quarter over quarter to RMB75.1 million (US$10.9 million). The year-over-year decrease in the Company’s operating profit was primarily due to the Company’s investments in both its mobile utility products business in the domestic market and its mobile games business in all markets. Non-GAAP operating profit decreased by 51.1% year over year and 28.4% quarter over quarter to RMB110.3 million (US$16.0 million). 

The Company has reported its operating profit along the following segments since the second quarter of 2017:

  • Operating profit for utility products and related services decreased by 31.5% year over year and 15.2% quarter over quarter to RMB224.0 million (US$32.6 million) in the fourth quarter of 2018. The decreases were primarily due to a decrease in revenues from this segment and the Company’s increased marketing promotions for its utility products and related services business in the domestic market.
  • Operating loss for the mobile entertainment business was RMB64.8 million (US$9.4 million) in the fourth quarter of 2018, compared to an operating loss of RMB61.8 million in the same period last year and RMB74.1 million in the third quarter of 2018. The wider year-over-year loss was mainly due to higher sales and marketing expenses for the Company’s mobile games operation. The reduced quarter-over-quarter loss was mainly a result of reduced expenses from the LiveMe business.

Share-based compensation expenses increased to RMB35.3 million (US$5.1 million) in the fourth quarter of 2018 from RMB3.4 million in the same period last year and RMB26.3 million in the third quarter of 2018, as the Company granted a certain quantity of restricted shares to key employees.

IMPAIRMENT OF INVESTMENTS

Impairment of investments were RMB98.9 million (US$14.4 million) in the fourth quarter of 2018 primarily due to a one-time non-cash write-down of some investment assets, which the Company considered as other-than-temporary, to its fair value. This write-down was the result of lower-than-expected performance and financial position of the investment assets.

OTHER INCOME, NET

Other income, net, was RMB789.3 million (US$114.8 million) in the fourth quarter of 2018, mainly resulting from the disposals of a certain portion of the Company’s equity ownership in Bytedance Ltd., whose transaction agreement was entered in the fourth quarter of 2018 and resulted in a disposal gain of investment of US$43.3 million. This transaction also resulted in a fair value gain of US$43.3 million in the fourth quarter of 2018 for the remaining portion of the equity ownership which the Company still holds, in accordance with ASC 321, adopted on January 1, 2018.

NET INCOME ATTRIBUTABLE TO CHEETAH MOBILE SHAREHOLDERS

Net income attributable to Cheetah Mobile shareholders decreased by 26.4% year over year, and increased by 361.1% quarter over quarter to RMB770.2 million (US$112.0 million) in the fourth quarter of 2018. Non-GAAP net income attributable to Cheetah Mobile shareholders decreased by 23.3% year over year and increased by 316.6% quarter over quarter to RMB805.5 million (US$117.2 million) in the fourth quarter of 2018.

NET INCOME PER ADS

Diluted income per ADS decreased by 26.4% year over year and increased by 390.8% quarter over quarter to RMB5.35 (US$0.78) in the fourth quarter of 2018. Non-GAAP diluted income per ADS decreased by 23.2% year over year and increased by 340.9% quarter over quarter to RMB5.60 (US$0.81) in the fourth quarter of 2018.

BALANCE SHEET

As of December 31, 2018, the Company had cash and cash equivalents, restricted cash, and short-term investments of RMB3,720.6 million (US$541.1 million). 

SHARES ISSUED AND OUTSTANDING

As of December 31, 2018, the Company had a total of 1,433,343,199 Class A and Class B ordinary shares issued and outstanding. One ADS represents 10 Class A ordinary shares.

Fiscal Year 2018 Results

REVENUES

Total revenues increased by 2.2% to RMB4,981.7 million (US$724.6 million) in 2018. 

Revenues from utility products and related services decreased by 6.7% year over year to RMB3,119.5 million (US$453.7 million) in 2018. The decrease was due to (i) a decline in revenues from the Company’s mobile utility products and related services business in the overseas markets mostly as a result of the discontinuation of certain ad formats, i.e., ads on mobile phone lock screens, by the Company’s overseas third-party advertising partners, and (ii) a decline in the Company’s PC-related revenues. This decrease was largely offset by an increase in revenues from the mobile utility products and related services business in China. Revenues from utility products and related services in the domestic market increased by 22.3% year over year to RMB1,794.4 million (US$261.0 million) in 2018, accounting for 36.0% of total revenues.

Revenues from the mobile entertainment business increased by 19.0% year over year to RMB1,778.9 million (US$258.7 million), mostly driven by the growth of the Company’s mobile games operations. Revenues from the mobile entertainment business contributed 35.7% of total revenues in 2018.

  • Revenues from the mobile game business increased by 48.5% year over year to RMB925.0 million (US$134.5 million). The increases were mainly due to the contribution from Bricks n Balls, a casual elimination game that started ramping up in the middle of July 2018.
  • Revenues from the content-driven products remained relatively flat year over year at RMB853.9 million (US$124.2 million).

By region, revenues generated from the China market increased by 27.5% year over year to RMB 1,971.1 million (US$286.7 million), and constituted 39.6% of the Company’s total revenues in 2018, up from 31.7% in 2017. The revenue growth in the China market was primarily attributable to a ramp-up of the mobile utility products and related services in China.

Revenues generated from the overseas market decreased by 9.5% year over year to RMB3,010.6 million (US$437.9 million), constituting 60.4% of the Company’s total revenues in 2018, down from 68.3% in 2017. The revenue decrease in the overseas market was primarily driven by a decline in revenues from the mobile utility products and related services business in the overseas markets.

COST OF REVENUES AND GROSS PROFIT

Cost of revenues decreased by 8.3% year over year to RMB1,540.6 million (US$224.1 million) in 2018, primarily due to (i) reduced traffic acquisition costs associated with the Company’s third-party advertising business, (ii) reduced bandwidth and IDC costs associated with the Company’s mobile utility applications in the overseas markets, (iii) reduced personnel costs involved in the Company’s PC business, and (iv) lower amortization of intangible assets in 2018 as the Company had disposed News Republic and completed the amortization of MobPartner, which was acquired in April 2015. Non-GAAP cost of revenues decreased by 8.3% year over year to RMB1,540.4 million (US$224.0 million) in 2018.

Gross profit increased by 7.7% year over year to RMB3,441.1 million (US$500.5 million) in 2018. Gross Margin expanded to 69.1% in 2018 from 65.5% in 2017. Non-GAAP gross profit increased by 7.7% year over year to RMB3,441.3 million (US$500.5 million) in 2018. Non-GAAP gross margin expanded to 69.1% in 2018 from 65.6% in 2017.

OPERATING INCOME/LOSS AND EXPENSES

Total operating expenses increased by 8.2% year over year to RMB2,973.9 million (US$432.5 million) in 2018. Total non-GAAP operating expenses increased by 8.0% year over year to RMB2,888.9 million (US$420.2 million).

  • Research and development expenses decreased by 2.3% year over year to RMB668.9 million (US$97.3 million) in 2018, mainly due to lower share-based compensation expenses. Non-GAAP research and development expenses, which exclude share-based compensation expenses, decreased by 1.4% year over year to RMB654.7 million (US$95.2 million).
  • Selling and marketing expenses increased by 15.3% year over year at RMB1,910.0 million (US$277.8 million) in 2018, which was primarily due to increased promotional activities for the Company’s utility products and related services business in the domestic market and its mobile games business in all markets. Non-GAAP selling and marketing expenses, which exclude share-based compensation expenses, increased by 14.8% year over year to RMB1,901.1 million (US$276.5 million).
  • General and administrative expenses increased by 5.7% year over year to RMB430.8 million (US$62.7 million) in 2018, which was mainly due to higher share-based compensation expenses and an increase in allowances for doubtful accounts. Non-GAAP general and administrative expenses, which exclude share-based compensation expenses, increased by 3.8% year over year to RMB369.1 million (US$53.7 million).

Operating profit increased by 4.6% to RMB467.2 million (US$68.0 million) in 2018. Operating margin was 9.4% in 2018, as compared to 9.2% in 2017. Non-GAAP operating profit increased by 6.2% year over year to RMB552.3 million (US$80.3 million) in 2018. Non-GAAP operating margin was 11.1% in 2018, as compared to 10.7% in 2017.

The Company has reported its operating profit along the following segments since the second quarter of 2017:

  • Operating profit for utility products and related services increased by 5.7% year over year to RMB1,035.0 million (US$150.5 million) in 2018. The increase was a result of the Company’s strategy to optimize the cost and expense structure of the mobile utility products and related services business in the overseas markets, as well as revenue increase from the Company’s mobile utility products and related services business in the domestic market.
  • Operating loss for the mobile entertainment business decreased to RMB312.5 (US$45.5 million) in 2018 from RMB417.4 million in 2017. The reduced loss was mainly a result of the year-over-year increases in revenues generated from the Company’s mobile games business and reduced costs and expenses from News Republic business, which were partially offset by the Company’s increased investments in the LiveMe operations.

Share-based compensation expenses increased by 16.1% year over year to RMB85.1 million (US$12.4 million) in 2018, as the Company granted a certain quantity of restricted shares to key employees.

NET INCOME ATTRIBUTABLE TO CHEETAH MOBILE SHAREHOLDERS

Net income attributable to Cheetah Mobile shareholders was RMB1,203.8 million (US$175.1 million) in 2018 as compared to RMB1,348.2 million in 2017. Net margin was 24.2% in 2018, as compared to 27.7% in 2017. Non-GAAP net income attributable to Cheetah Mobile shareholders was RMB1,288.9 million (US$187.5 million) in 2018, as compared to RMB1,421.5 million in 2017. Non-GAAP net margin was 25.9% in 2018, as compared to 29.2% in 2017.

NET INCOME PER ADS

Diluted income per ADS was RMB8.10 (US$1.18) in 2018, as compared to RMB9.37 in 2017. Non-GAAP diluted income per ADS was RMB8.69 (US$1.26) in 2018, as compared to RMB9.88 in 2017.

CASH FLOW

Net cash from operating activities in 2018 was RMB342.1 million (US$49.8 million). Free cash flow was RMB276.7 million (US$40.2 million) in 2018.

BUSINESS OUTLOOK

For the first quarter of 2019, the Company expects its total revenues to be between RMB1,060 million (US$154.2 million) and RMB1,090 million (US$158.5 million). This estimate represents management’s preliminary view as of the date of this release, which is subject to change.

SHARE REPURCHASE PROGRAM

On September 13, 2018, the Company announced that its board of directors had approved a share repurchase program of up to US$100 million of the Company’s outstanding ADSs for a period not to exceed 12 months. Cheetah funded repurchases made under this program from its available cash balance. As of March 22, 2019, the Company had repurchased approximately 4.5 million ADSs for approximately US$32 million under this program.

CONFERENCE CALL INFORMATION

The Company will hold a conference call on Monday, March 25, 2019 at 8:00 am Eastern Time or 8:00 pm 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

China Toll Free:

4001-201-203

Hong Kong Toll Free: 

800-905-945

Conference ID: 

Cheetah Mobile

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

A presentation for the Company’s earnings call is also available at the aforementioned website.

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 RMB6.8755 to US$1.00, the exchange rate in effect as of December 31, 2018, 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 leading mobile Internet company with global market coverage. It has attracted hundreds of millions of monthly active users through its mobile utility products such as Clean Master and Cheetah Keyboard, casual games such as Piano Tiles 2, Bricks n Balls, and live streaming product LiveME. The Company provides its advertising customers, which include direct advertisers and mobile advertising networks through which advertisers place their advertisements, with direct access to highly targeted mobile users and global promotional channels. The Company also provides value-added services to its mobile application users through the sale of in-app virtual items on selected mobile products and games. Cheetah Mobile is committed to leveraging its cutting-edge artificial intelligence technologies to power 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,” “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

To supplement Cheetah Mobile’s consolidated financial information presented in accordance with U.S. GAAP, Cheetah Mobile uses the following non-GAAP financial measures:

  • Non-GAAP cost of revenues reflects cost of revenues excluding the portion of share-based compensation expenses allocated to cost of revenues.
  • Non-GAAP gross profit reflects gross profit excluding the portion of share-based compensation expenses allocated to gross profit.
  • Non-GAAP operating income and expenses reflect operating income and expenses excluding the portion of share-based compensation expenses allocated to operating expenses.
  • Non-GAAP operating profit reflects operating profit excluding share-based compensation expenses.
  • Non-GAAP net income attributable to Cheetah Mobile shareholders is net income attributable to Cheetah Mobile shareholders excluding share-based compensation expenses.
  • Non-GAAP diluted earnings per ADS is non-GAAP net income attributable to Cheetah Mobile shareholders excluding net income attributable to redeemable non-controlling interests, divided by weighted average number of diluted ADSs.
  • Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, other non-operating income and share-based compensation expenses.
  • Free cash flow is net cash generated by operating activities less capital expenditure.

The Company believes that separate analysis and exclusion of share-based compensation expenses and the use of Adjusted EBITDA add clarity to the constituent parts of its performance from the cash perspective. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of share-based compensation expenses, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the 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.  Reconciliations of GAAP and Non-GAAP Results” and “Cheetah Mobile Inc. Reconciliation of Net Income Attributable to Cheetah Mobile Shareholders to Adjusted EBITDA (Non-GAAP)” at the end of this release.

INVESTOR RELATIONS CONTACT
Cheetah Mobile Inc.
Helen Jing Zhu
Tel: +86 10 6292 7779 ext. 1600
Email: helenjingzhu@cmcm.com

ICR Inc.
Jack Wang
Tel: +1 (646) 417-5395
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, 2017

 December 31, 2018

 December 31, 2018

RMB

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

2,317,488

2,783,843

404,893

Restricted cash

90,149

6,133

892

Short-term investments

1,395,694

930,610

135,352

Accounts receivable

621,272

655,261

95,304

Prepayments and other current assets

918,243

1,064,714

154,853

Due from related parties

54,052

126,990

18,470

Total current assets

5,396,898

5,567,551

809,764

Non-current assets:

Property and equipment, net

89,137

63,919

9,297

Intangible assets, net 

70,225

48,421

7,043

Goodwill

634,157

617,837

89,861

Investment in equity investees

149,969

151,533

22,040

Other long term investments

1,002,721

1,697,510

246,893

Due from related parties

5,216

21,139

3,075

Deferred tax assets

57,642

93,733

13,633

Other non-current assets

42,966

35,830

5,211

Total non-current assets

2,052,033

2,729,922

397,053

Total assets

7,448,931

8,297,473

1,206,817

LIABILITIES, MEZZANINE EQUITY AND
SHAREHOLDERS’ EQUITY

Current liabilities: 

Bank loans

336,304

Accounts payable

164,537

171,055

24,879

Accrued expenses and other current liabilities

1,532,489

1,514,642

220,296

Due to related parties

81,810

37,298

5,425

Income tax payable

50,614

117,957

17,156

Total current liabilities

2,165,754

1,840,952

267,756

Non-current liabilities: 

Deferred tax liabilities

73,393

73,718

10,722

Other non-current liabilities

54,574

63,632

9,255

Total non-current liabilities

127,967

137,350

19,977

Total liabilities

2,293,721

1,978,302

287,733

Mezzanine equity:

Redeemable noncontrolling interests

649,246

687,847

100,043

Shareholders’ equity:

Ordinary shares

229

230

33

Treasury stock

(198,360)

(28,850)

Additional paid-in capital

2,644,043

2,742,893

398,937

Retained earnings

1,564,883

2,742,839

398,929

Accumulated other comprehensive income

84,206

225,639

32,818

Total Cheetah Mobile shareholders’ equity

4,293,361

5,513,241

801,867

Noncontrolling interests

212,603

118,083

17,174

Total equity

4,505,964

5,631,324

819,041

Total liabilities, mezzanine equity and equity

7,448,931

8,297,473

1,206,817

 

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

December 31, 2017

 September 30, 2018

December 31, 2018

December 31, 2018

RMB

RMB

RMB

USD

Revenues (a)

1,387,806

1,351,979

1,381,173

200,883

Utility products and related services 

967,232

835,606

783,021

113,886

Mobile entertainment

399,493

497,911

555,597

80,808

Others

21,081

18,462

42,555

6,189

Cost of revenues (b)

(461,383)

(381,692)

(416,399)

(60,563)

Gross profit

926,423

970,287

964,774

140,320

Operating income and expenses: 

Research and development (b)

(151,867)

(175,303)

(191,135)

(27,799)

Selling and marketing (b) 

(420,080)

(568,445)

(580,330)

(84,405)

General and administrative (b) 

(115,089)

(108,270)

(131,849)

(19,177)

Impairment of goodwill and intangible assets

(38,690)

(7,180)

(1,044)

Other operating income

21,307

9,595

20,771

3,021

Total operating income and  expenses

(704,419)

(842,423)

(889,723)

(129,404)

Operating profit

222,004

127,864

75,051

10,916

Other income (expense):

Interest income, net

10,227

24,120

27,519

4,002

Foreign exchange (loss) gain, net

(5,943)

10,532

6,096

887

Impairment of investment impairment

(209,565)

(98,885)

(14,382)

Gain from equity method investments, net

1,921

2,479

2,694

392

Other income, net

1,088,965

1,242

789,325

114,803

Income before taxes

1,107,609

166,237

801,800

116,618

Income tax expenses

(40,259)

(26,957)

(20,138)

(2,929)

Net income

1,067,350

139,280

781,662

113,689

Less: net income (loss) attributable to noncontrolling interests 

20,264

(27,757)

11,457

1,666

Net income attributable to Cheetah Mobile shareholders

1,047,086

167,037

770,205

112,023

Earnings per share

Basic 

0.74

0.11

0.55

0.08

Diluted 

0.73

0.11

0.54

0.08

Earnings per ADS

Basic 

7.43

1.12

5.46

0.79

Diluted 

7.27

1.09

5.35

0.78

Weighted average number of shares outstanding

Basic 

1,400,420,814

1,408,570,797

1,393,015,891

1,393,015,891

Diluted 

1,432,849,633

1,440,581,762

1,420,765,216

1,420,765,216

Weighted average number of ADSs outstanding

Basic 

140,042,081

140,857,080

139,301,589

139,301,589

Diluted 

143,284,963

144,058,176

142,076,522

142,076,522

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

Foreign currency translation adjustments

(52,267)

149,722

(47,900)

(6,967)

Unrealized losses on available-for-sale securities, net

(433)

Other comprehensive (loss) income

(52,700)

149,722

(47,900)

(6,967)

Total comprehensive income

1,014,650

289,002

733,762

106,722

Less: Total comprehensive income (loss)
    attributable to noncontrolling interests

18,568

(17,293)

12,573

1,829

Total comprehensive income attributable to
    Cheetah Mobile shareholders

996,082

306,295

721,189

104,893

 

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)

   (a) On January 1, 2018, The Group adopted ASC 606, applying the modified retrospective method to contracts that were not completed as of January 1, 2018.  

   Adoption did not have a material impact as of January 1, 2018. Results for reporting periods beginning on or after January 1, 2018 are presented under ASC 606,   

   while prior period amounts are not adjusted and continue to be reported in accordance with historic accounting under ASC 605.  

   As ASC 605 has been superseded by ASC 606 on this subject, value added tax was reclassified from the cost of revenues to net against revenues.    

   Advertising-for-advertising barter transactions should be recorded at the fair value of the advertising received by reference to the fair value of advertising services   

   provided to other customers. Revenues are recognized in the same amount with costs and  expenses. Previously, such transactions were recorded at cost which  

   was nil as no consideration was exchanged. The following table illustrates the effect of the adoption of ASC 606 by presenting a comparison of revenues for  

   the three months ended December 31, 2018, as actually reported and as they would have been reported under ASC 605, without the adoption of ASC 606:  

For The Three Months Ended

December 31, 2018

December 31, 2018

RMB

USD

As reported

1,381,173

200,883

Add: value added taxes

34,412

5,005

Less: barter transactions

4,432

645

Without adoption of ASC 606

1,411,153

205,243

For The Three Months Ended

December 31, 2017

 September 30, 2018

December 31, 2018

December 31, 2018

(b) Share-based compensation expenses

RMB

RMB

RMB

USD

Cost of revenues

(981)

46

160

23

Research and development

4,471

8,563

15,169

2,206

Selling and marketing

(3,049)

3,317

2,665

388

General and administrative

2,933

14,380

17,266

2,511

Total

3,374

26,306

35,260

5,128

 

CHEETAH MOBILE INC.

Reconciliation of GAAP and Non-GAAP Results

(Unaudited, in’000, except for per share data and percentage)

For The Three Months Ended December 31, 2018

GAAP

% of Net

Share-based 

% of Net

Non-GAAP

% of Net

Non-GAAP

Result

Revenues

Compensation

Revenues

Result

Revenues

Result ($)

Revenues

1,381,173

1,381,173

200,883

Cost of revenues

(416,399)

30.1%

160

0.0%

(416,239)

30.1%

(60,540)

Gross profit

964,774

69.9%

160

0.0%

964,934

69.9%

140,343

Research and development 

(191,135)

13.8%

15,169

1.1%

(175,966)

12.7%

(25,593)

Selling and marketing 

(580,330)

42.0%

2,665

0.2%

(577,665)

41.8%

(84,017)

General and administrative 

(131,849)

9.5%

17,266

1.3%

(114,583)

8.3%

(16,666)

Impairment of goodwill and intangible assets

(7,180)

0.5%

0.0%

(7,180)

0.5%

(1,044)

Other operating income

20,771

1.5%

0.0%

20,771

1.5%

3,021

Total operating income and expenses

(889,723)

64.4%

35,100

2.5%

(854,623)

61.9%

(124,299)

Operating profit 

75,051

5.4%

35,260

2.6%

110,311

8.0%

16,044

Net income attributable to Cheetah Mobile shareholders

770,205

55.8%

35,260

2.6%

805,465

58.3%

117,150

Diluted earnings per ordinary share (RMB)

0.54

0.02

0.56

Diluted earnings per ADS (RMB)

5.35

0.25

5.60

Diluted earnings per ADS (USD)

0.78

0.03

0.81

For The Three Months Ended September 30, 2018

GAAP

% of Net

Share-based 

% of Net

Non-GAAP

% of Net

Result

Revenues

Compensation

Revenues

Result

Revenues

Revenues

1,351,979

1,351,979

Cost of revenues

(381,692)

28.2%

46

0.0%

(381,646)

28.2%

Gross profit

970,287

71.8%

46

0.0%

970,333

71.8%

Research and development 

(175,303)

13.0%

8,563

0.6%

(166,740)

12.3%

Selling and marketing 

(568,445)

42.0%

3,317

0.2%

(565,128)

41.8%

General and administrative 

(108,270)

8.0%

14,380

1.1%

(93,890)

6.9%

Other operating income

9,595

0.7%

0.0%

9,595

0.7%

Total operating income and expenses

(842,423)

62.3%

26,260

1.9%

(816,163)

60.4%

Operating profit 

127,864

9.5%

26,306

1.9%

154,170

11.4%

Net income attributable to Cheetah Mobile shareholders

167,037

12.4%

26,306

1.9%

193,343

14.3%

Diluted earnings per ordinary share (RMB)

0.11

0.02

0.13

Diluted earnings per ADS (RMB)

1.09

0.18

1.27

For The Three Months Ended December 31, 2017

GAAP

% of Net

Share-based 

% of Net

Non-GAAP

% of Net

Result

Revenues

Compensation

Revenues

Result

Revenues

Revenues

1,387,806

1,387,806

Cost of revenues

(461,383)

33.2%

(981)

0.1%

(462,364)

33.3%

Gross profit

926,423

66.8%

(981)

0.1%

925,442

66.7%

Research and development 

(151,867)

10.9%

4,471

0.3%

(147,396)

10.6%

Selling and marketing 

(420,080)

30.3%

(3,049)

0.2%

(423,129)

30.5%

General and administrative 

(115,089)

8.3%

2,933

0.2%

(112,156)

8.1%

Impairment of goodwill and intangible assets

(38,690)

2.8%

0.0%

(38,690)

2.8%

Other operating income

21,307

1.5%

0.0%

21,307

1.5%

Total operating income and expenses

(704,419)

50.8%

4,355

0.3%

(700,064)

50.4%

Operating profit 

222,004

16.0%

3,374

0.2%

225,378

16.2%

Net income attributable to Cheetah Mobile shareholders

1,047,086

75.4%

3,374

0.2%

1,050,460

75.7%

Diluted earnings per ordinary share (RMB)

0.73

0.00

0.73

Diluted earnings per ADS (RMB)

7.27

0.02

7.29

 

CHEETAH MOBILE INC.

Information about Segment 

(Unaudited, in’000, except for percentage)

For The Three Months Ended December 31, 2018

Utility Products
and
Related Services

Mobile
Entertainment

Others 

Unallocated*

Consolidated

RMB

RMB

RMB

RMB

RMB

USD

Revenue

783,021

555,597

42,555

1,381,173

200,883

Operating profit (loss)

224,033

(64,780)

(48,942)

(35,260)

75,051

10,916

Operating margin

28.6%

(11.7)%

(115.0)%

5.4%

5.4%

For The Three Months Ended September 30, 2018

Utility Products
and
Related Services

Mobile
Entertainment

Others 

Unallocated*

Consolidated

RMB

RMB

RMB

RMB

RMB

Revenue

835,606

497,911

18,462

1,351,979

Operating profit (loss)

264,139

(74,121)

(35,848)

(26,306)

127,864

Operating margin

31.6%

(14.9)%

(194.2)%

9.5%

For The Three Months Ended December 31, 2017

Utility Products
and
Related Services

Mobile
Entertainment

Others 

Unallocated*

Consolidated

RMB

RMB

RMB

RMB

RMB

Revenue

967,232

399,493

21,081

1,387,806

Operating profit (loss)

326,950

(61,846)

(39,726)

(3,374)

222,004

Operating margin

33.8%

(15.5)%

(188.4)%

16.0%

* 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, in ‘000)

For The Three Months Ended

December 31, 2017

 September 30, 2018

December 31, 2018

December 31, 2018

RMB

RMB

RMB

USD

Net income attributable to Cheetah Mobile shareholders

1,047,086

167,037

770,205

112,023

Add:

Income tax expenses

40,259

26,957

20,138

2,929

Interest income, net

(10,227)

(24,120)

(27,519)

(4,002)

Depreciation and amortization

30,377

17,826

17,237

2,507

Net income (loss) attributable to noncontrolling interests 

20,264

(27,757)

11,457

1,666

Other non-operating income, net

(875,378)

(14,253)

(699,230)

(101,700)

Share-based compensation 

3,374

26,306

35,260

5,128

Adjusted EBITDA

255,755

171,996

127,548

18,551

 

CHEETAH MOBILE INC.

Revenues Generated from PC-based and Mobile-based Applications and Services

(Unaudited, in ‘000)

For The Three Months Ended

December 31, 2017

 September 30, 2018

December 31, 2018

December 31, 2018

RMB

RMB

RMB

USD

PC

170,259

143,322

171,837

24,993

Mobile

1,217,547

1,208,657

1,209,336

175,890

Total

1,387,806

1,351,979

1,381,173

200,883

 

CHEETAH MOBILE INC.

Revenues Generated from Domestic and Overseas Markets

(Unaudited, in ‘000)

For The Three Months Ended

December 31, 2017

 September 30, 2018

December 31, 2018

December 31, 2018

RMB

RMB

RMB

USD

Domestic

543,974

536,435

533,221

77,554

Overseas

843,832

815,544

847,952

123,329

Total

1,387,806

1,351,979

1,381,173

200,883

 

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)

2017

2018

2018

RMB

RMB

USD

Revenues

4,974,757

4,981,705

724,559

Utility products and related services 

3,439,563

3,119,483

453,711

Mobile entertainment

1,496,443

1,778,867

258,725

Others

38,751

83,355

12,123

Cost of revenues (a)

(1,780,089)

(1,540,633)

(224,076)

Gross profit

3,194,668

3,441,072

500,483

Operating income and expenses: 

Research and development (a)  

(684,863)

(668,918)

(97,290)

Selling and marketing (a) 

(1,656,505)

(1,910,044)

(277,804)

General and administrative (a) 

(407,410)

(430,826)

(62,661)

Impairment of goodwill and intangible assets

(38,862)

(12,767)

(1,857)

Other operating income

39,852

48,705

7,084

Total operating income and  expenses

(2,747,788)

(2,973,850)

(432,528)

Operating profit

446,880

467,222

67,955

Other income (expense):

Interest income, net

22,603

87,716

12,758

Settlement and changes in fair value of contingent consideration

(9,014)

Foreign exchange (loss) gain, net

(15,224)

13,821

2,010

Impairment of investments

(275,026)

(142,385)

(20,709)

Gains (Losses) from equity method investments, net

495

(384)

(56)

Other income, net

1,262,551

843,733

122,716

Income before taxes

1,433,265

1,269,723

184,674

Income tax expenses

(57,602)

(80,130)

(11,654)

Net income

1,375,663

1,189,593

173,020

Less: net income (loss) attributable to noncontrolling interests 

27,469

(14,186)

(2,063)

Net income attributable to Cheetah Mobile shareholders

1,348,194

1,203,779

175,083

Earnings per share

Basic 

0.96

0.83

0.12

Diluted 

0.94

0.81

0.12

Earnings per ADS

Basic 

9.57

8.31

1.21

Diluted 

9.37

8.10

1.18

Non-GAAP earnings per ADS

Basic 

10.10

8.92

1.30

Diluted 

9.88

8.69

1.26

Weighted average number of shares outstanding

Basic 

1,394,303,326

1,403,089,609

1,403,089,609

Diluted 

1,425,154,838

1,440,414,849

1,440,414,849

Diluted (non-GAAP)

1,425,154,838

1,440,414,849

1,440,414,849

Weighted average number of ADSs used in computation

Basic 

139,430,333

140,308,961

140,308,961

Diluted 

142,515,484

144,041,485

144,041,485

Diluted (non-GAAP)

142,515,484

144,041,485

144,041,485

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

Foreign currency translation adjustments

(148,304)

155,578

22,628

Unrealized losses on available-for-sale securities, net

(433)

Other comprehensive (loss) income

(148,737)

155,578

22,628

Total comprehensive income

1,226,926

1,345,171

195,648

Less: Total comprehensive income (loss) attributable to
    noncontrolling interests

22,671

(41)

(6)

Total comprehensive income attributable to Cheetah
    Mobile shareholders

1,204,255

1,345,212

195,654

(a) Share-based compensation expenses

Cost of revenues

762

206

30

Research and development

20,691

14,224

2,069

Selling and marketing

39

8,967

1,304

General and administrative

51,824

61,721

8,977

Total

73,316

85,118

12,380

 

CHEETAH MOBILE INC.

Reconciliation of GAAP and Non-GAAP Results

(Unaudited, in’000, except for per share data and percentage)

For The Year Ended December 31, 2018

GAAP

% of Net

Share-based 

% of Net

Non-GAAP

% of Net

Non-GAAP

Result

Revenues

Compensation

Revenues

Result

Revenues

Result ($)

Revenues

4,981,705

4,981,705

724,559

Cost of revenues

(1,540,633)

30.9%

206

0.0%

(1,540,427)

30.9%

(224,046)

Gross profit

3,441,072

69.1%

206

0.0%

3,441,278

69.1%

500,513

Research and development 

(668,918)

13.4%

14,224

0.3%

(654,694)

13.1%

(95,221)

Selling and marketing 

(1,910,044)

38.3%

8,967

0.2%

(1,901,077)

38.2%

(276,500)

General and administrative 

(430,826)

8.6%

61,721

1.2%

(369,105)

7.4%

(53,684)

Impairment of goodwill and intangible assets

(12,767)

0.3%

0.0%

(12,767)

0.3%

(1,857)

Other operating income

48,705

1.0%

0.0%

48,705

1.0%

7,084

Total operating income and expenses

(2,973,850)

59.7%

84,912

1.7%

(2,888,938)

58.0%

(420,178)

Operating profit 

467,222

9.4%

85,118

1.7%

552,340

11.1%

80,335

Net income attributable to Cheetah Mobile shareholders

1,203,779

24.2%

85,118

1.7%

1,288,897

25.9%

187,462

Diluted earnings per ordinary share (RMB)

0.81

0.06

0.87

Diluted earnings per ADS (RMB)

8.10

0.59

8.69

Diluted earnings per ADS (USD)

1.18

0.09

1.26

For The Year Ended December 31, 2017

GAAP

% of Net

Share-based 

% of Net

Non-GAAP

% of Net

Result

Revenues

Compensation

Revenues

Result

Revenues

Revenues

4,974,757

4,974,757

Cost of revenues

(1,780,089)

35.8%

762

0.0%

(1,779,327)

35.8%

Gross profit

3,194,668

64.2%

762

0.0%

3,195,430

64.2%

Research and development 

(684,863)

13.8%

20,691

0.4%

(664,172)

13.4%

Selling and marketing 

(1,656,505)

33.3%

39

0.0%

(1,656,466)

33.3%

General and administrative 

(407,410)

8.2%

51,824

1.0%

(355,586)

7.1%

Impairment of goodwill and intangible assets

(38,862)

0.8%

0.0%

(38,862)

0.8%

Other operating income

39,852

0.8%

0.0%

39,852

0.8%

Total operating income and expenses

(2,747,788)

55.2%

72,554

1.5%

(2,675,234)

53.8%

Operating profit 

446,880

9.0%

73,316

1.5%

520,196

10.5%

Net income attributable to Cheetah Mobile shareholders

1,348,194

27.1%

73,316

1.5%

1,421,510

28.6%

Diluted earnings per ordinary share (RMB)

0.94

0.05

0.99

Diluted earnings per ADS (RMB)

9.37

0.51

9.88

 

CHEETAH MOBILE INC.

Information about Segment 

(Unaudited, in’000, except for percentage)

For The Year Ended December 31, 2018

Utility Products
and
Related Services

Mobile
Entertainment

Others 

Unallocated*

Consolidated

RMB

RMB

RMB

RMB

RMB

USD

Revenue

3,119,483

1,778,867

83,355

4,981,705

724,559

Operating profit (loss)

1,034,968

(312,515)

(170,113)

(85,118)

467,222

67,955

Operating margin

33.2%

(17.6)%

(204.1)%

9.4%

9.4%

For The Year Ended December 31, 2017

Utility Products
and
Related Services

Mobile
Entertainment

Others 

Unallocated*

Consolidated

RMB

RMB

RMB

RMB

RMB

Revenue

3,439,563

1,496,443

38,751

4,974,757

Operating profit (loss)

979,447

(417,350)

(41,901)

(73,316)

446,880

Operating margin

28.5%

(27.9)%

(108.1)%

9.0%

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

 

CHEETAH MOBILE INC.

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

(Unaudited, in ‘000)

31-Dec-17

31-Dec-18

31-Dec-18

RMB

RMB

USD

Net income attributable to Cheetah Mobile shareholders

1,348,194

1,203,779

175,083

Add:

        Income tax expense

57,602

80,130

11,654

        Interest income, net

(22,603)

(87,716)

(12,758)

        Depreciation and amortization

136,301

80,108

11,651

        Net income (loss) attributable to noncontrolling interests 

27,469

(14,186)

(2,063)

        Other non-operating income, net

(963,782)

(714,785)

(103,961)

        Share-based compensation 

73,316

85,118

12,380

Adjusted EBITDA

656,497

632,448

91,986

 

CHEETAH MOBILE INC.

Revenues Generated from PC-based and Mobile-based Applications and Services

(Unaudited, in ‘000)

For The Year Ended December 31

31-Dec-17

31-Dec-18

31-Dec-18

RMB

RMB

USD

PC

659,744

580,016

84,360

Mobile

4,315,013

4,401,689

640,199

Total

4,974,757

4,981,705

724,559

 

CHEETAH MOBILE INC.

Revenues Generated from Domestic and Overseas Markets

(Unaudited, in ‘000)

For The Year Ended December 31

31-Dec-17

31-Dec-18

31-Dec-18

RMB

RMB

USD

Domestic revenues

1,639,248

1,971,113

286,687

Overseas revenues

3,335,509

3,010,592

437,872

Total                                                              

4,974,757

4,981,705

724,559

 

Cision View original content:http://www.prnewswire.com/news-releases/cheetah-mobile-announces-fourth-quarter-and-full-year-2018-unaudited-consolidated-financial-results-300817613.html

SOURCE Cheetah Mobile

SupplyOn Awarded by Frost & Sullivan for Its Integrated, Industry-specific Collaboration Suite to Manage Supply Chains Digitally

SupplyOn’s customisable solutions deliver industry-specific features and core processes for collaborating with suppliers and service providers

LONDON, March 25, 2019 /PRNewswire/ — Based on its recent analysis of the European Digital Supply Network market for discrete manufacturing, Frost & Sullivan recognises Germany-based SupplyOn AG with the 2019 European Product Leadership Award. SupplyOn’s dynamic collaboration ecosystem comprises a single global network/platform that connects 65,000 companies from various industries, including automotive, aerospace, railway, and manufacturing. Its integration of artificial intelligence (AI) into supply chain and production management, and its 360-degree data lake and analytics based on customer-specific needs help manufacturing companies develop highly effective, customer-centric products.

Click here to view the full multimedia release: https://best-practices.frost-multimedia-wire.com/supplyon

“Unlike internal, stand-alone enterprise resource planning (ERP) systems, SupplyOn’s ecosystem enables any company to collaborate easily with its global business partners using a central platform. By linking all suppliers, partners, service providers, and forwarders worldwide, the platform ensures transparent handling of business processes,” said Sankara Narayanan, senior industry analyst. “It serves as a one-stop solution for all levels of the supply chain, covering Tier I, Tier II, Tier III, and original equipment manufacturers (OEMs); which results in an extensive amount of connected market participants.”

SupplyOn has on-boarded more than 50 percent of Tier I automotive and aerospace companies and more than 90 percent of Tier II and Tier III suppliers. Its undivided focus on discrete manufacturing strengthens its presence in its core industries, allowing customers to align with a rapidly evolving business environment, place emphasis on strategic activities that match their corporate goals, make the most of new growth opportunities, and stay ahead of the growth curve. Besides, its comprehensive consulting and support services workforce aids quick product implementation and global use by guiding enterprises throughout the entire project lifecycle.

SupplyOn differentiates itself in addressing customers’ needs and pain points by digitising supply chain and procurement management, delivering AI for supply chain and production management, supporting innovation, and enabling scalability. The solution gives customers the flexibility to scale up innovative services such as predictive maintenance. In addition, its well-defined, intuitive user interface, such as dashboards based on digital industry standards, delivers a rich user experience. It even allows users to design the dashboards themselves, resulting in efficient tasking and increased user productivity.

“SupplyOn’s ecosystem consists of a powerful community of industry leaders and global suppliers, facilitating easy cross-company cooperation and helping customers remain agile to address key trends in discrete manufacturing,” noted Sankara Narayanan. “The company’s best-fit partner selection from its network of experienced collaborators drives value for customers who can benefit from these partners’ industry expertise. Owing to its strong partner network and product strategy, SupplyOn is expected to entrench itself further in the market in the coming years.”

Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality that is gaining rapid market acceptance. The award recognises the quality of the solution and the customer value enhancements it enables.

Frost & Sullivan Best Practices awards recognise companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.

About SupplyOn AG

SupplyOn is an IT service provider specializing in intelligent supply chain management solutions for the automotive, aerospace, railway and manufacturing sectors. Offered as Software-as-a-Service, the solutions are aligned to the process requirements of the manufacturing industry and cover cross-company processes in Supply Chain Management, Supplier Risk & Performance Management, Strategic and Operational Procurement as well as Quality and Transport Management.

SupplyOn connects some 65,000 industrial companies from 70 countries worldwide, including Airbus Group, BMW Group, Bombardier, BorgWarner, Bosch, Continental, Deutsche Bahn, DEUTZ, Kautex Textron, Liebherr, Oerlikon, Safran, Schaeffler, Schindler, Siemens, Thales and ZF. 

SupplyOn shareholders are Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG and Schaeffler AG. Founded in 2000, the company is based near Munich and has additional offices in Europe, the USA and China.

Further information: www.SupplyOn.com

About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us: Start the discussion.

Contact:

Estefany Ariza
P: 210.477.8469
E: estefany.ariza@frost.com

Cornelia Staib
P: +49 811 99997-290
E: cornelia.staib@supplyon.com

Cision View original content:http://www.prnewswire.com/news-releases/supplyon-awarded-by-frost–sullivan-for-its-integrated-industry-specific-collaboration-suite-to-manage-supply-chains-digitally-300815281.html

SOURCE Frost & Sullivan

Synapse Technology Launches First-Ever Commercial Artificial Intelligence Threat Detection Platform for Security X-ray Machines

PALO ALTO, Calif., March 25, 2019 /PRNewswire-PRWeb/ — Artificial Intelligence (AI) security and defense company Synapse Technology today announced the release of the Syntech ONE® 200 Series, the first patented AI platform for existing security X-ray machines. Osaka Airport ordered Syntech ONE 200 for multiple passenger lanes, becoming the first airport to deploy true live AI technologies for baggage screening.

Synapse Technology is making life safer and more convenient with AI software that can automatically detect weapons, knives and other threats at airports, concert venues, schools and secure facilities. Synapse Technology’s flagship product, Syntech ONE, is the world’s first patented and commercially available AI-based threat detection system for security X-ray machines. Instead of relying solely on human screeners to identify threats, Syntech ONE augments and automates the detection of multiple dangerous weapons and items using state of the art artificial intelligence and computer vision.

Syntech ONE has already been widely deployed, having processed over 6,000,000 passenger bags at security checkpoints around the world. The US Department of Homeland Security (DHS) also recently granted Synapse Technology Corporation a SAFETY Act award for its technology platform.

“Syntech ONE represents the world’s first commercial deployment of AI technology for X-ray machines. As an industry veteran, I am so pleased we are finally bringing security technology into the AI era. The nimble team of AI experts at Synapse Technology are able to roll out new mission-critical innovations on a previously unheard of timeline,” says Peter Kant, Synapse Technology CEO. “AI will speed passengers and visitors through checkpoints, lower operating costs, and dramatically improve security.”

The 200 Series represents the first broadly-available plug-and-play system that is compatible with new and existing X-ray security systems from leading manufacturers including Rapiscan and Smiths. Customer do not have to endure costly replacements of their current x-ray technology to garner the performance benefits of Syntech ONE. The patented 200 Series system is designed to increase the probability of detection of threats while speeding up throughput at security checkpoints. Synapse’s AI platform also leverages “big data” techniques to provide frequent enhancements, including additional machine capability and additional item detection.

Simanta Gautam, the CTO of Synapse Technology, said, “This broad deployment of AI is particularly exciting, as Syntech ONE is designed to continuously improve over time as more data flows through the system. We’re excited to partner with critical infrastructure and aviation venues around the world to deploy this technology.”

Syntech ONE Series 200 units are currently available and ready to deploy. Contact sales (at) synapsetechnology (dot) com for more information.

 

SOURCE Synapse Technology

At AIPAC Policy Conference, Israel’s Sheba Medical Center Recognized as Global Leaders in Healthcare Innovation

WASHINGTON, March 25, 2019 /PRNewswire-PRWeb/ — At this year’s American Israel Public Affairs Committee (AIPAC) policy session, Sheba Medical Center, Tel HaShomer and Dr. Nathalie Bloch, Director of Sheba’s Innovation Center, were recognized for groundbreaking medical innovations that have an unparalleled impact around the world. The hospital recently earned a place as one of “The Top Ten Hospitals in the World.”

“It’s our mission to redesign healthcare for the next decade and beyond,” said Bloch.

Dr. Bloch spoke with other esteemed panelists about Sheba’s breakthrough cures and treatments and why Israel is leading the world in health innovations. Bloch spoke about Sheba’s new ARC Innovation Center which works to quickly and seamlessly bring start-up ideas to market.

“Our research teams work within the clinical department and are not separated from one another. They apply their own knowledge, technologies and abilities on the real clinical level – that’s what makes Sheba so unique and the products being developed so innovative.”

Sheba Medical Center has over 1900 physicians and 200 specialized researchers pursuing developments in numerous fields of study, including: pharmaceuticals, sophisticated data collection and sharing, artificial intelligence programs and smart technologies.

Dr. Bloch also touched on Sheba’s commitment to humanitarian crises across the globe. Even as Bloch spoke, a Sheba humanitarian team was quickly mobilizing to fly to Mozambique to assess the deadly destruction of Cyclone Idai. This kind of response is part of Sheba’s dedication to bring cutting edge medicine and care to those in desperate need.

About Sheba Medical Center, Tel HaShomer 
Born together with Israel in 1948, Sheba Medical Center, Tel HaShomer is the largest and most comprehensive medical center in the Middle East. Sheba is the only medical center in Israel that combines an acute care hospital and a rehabilitation hospital on one campus, and it is at the forefront of medical treatments, patient care, research and education. As a university teaching hospital affiliated with the Sackler School of Medicine at Tel-Aviv University, it welcomes people from all over the world indiscriminately. To learn more, visit: eng.sheba.co.il.

it welcomes people from all over the world indiscriminately. To learn more, visit: eng.sheba.co.il.

 

SOURCE Sheba Medical Center

U.S. Department of Veterans Affairs and McGuire Research Institute Join Anixa Biosciences Cchek™ Prostate Cancer Study

SAN JOSE, Calif., March 25, 2019 /PRNewswire/ — Anixa Biosciences, Inc. (NASDAQ: ANIX), a biotechnology company focused on using the body’s immune system to fight cancer, today announced that the Hunter Holmes McGuire VA Medical Center (VAMC) located in Richmond, VA has joined its ongoing prostate cancer Cchek™ study.  Study enrollment will be led by Dr. Michael G. Chang, Service Chief, within the Radiation Oncology Department.

Anixa Biosciences, Inc. (PRNewsfoto/Anixa Biosciences, Inc.)

“We are pleased to be working with Dr. Chang and the VAMC to further develop our artificial intelligence based prostate cancer diagnostic test,” stated Dr. Amit Kumar, CEO of Anixa.

About Anixa Biosciences, Inc.
Anixa, a cancer-focused biotechnology company, is harnessing the body’s immune system in the fight against cancer. Anixa is developing both diagnostics and therapeutics to detect cancer early, when it is most curable, and to treat those afflicted once diagnosed. It is developing the Cchek™ platform, a series of inexpensive non-invasive blood tests for the early detection of solid tumors, which is based on the body’s immune response to the presence of a malignancy. It is also developing chimeric antigen receptor T-cell (CAR-T) based immuno-therapy drugs which genetically engineer a patient’s own immune cells to fight cancer. Anixa also continually examines emerging technologies in complementary or related fields for further development and commercialization. Additional information is available at www.anixa.com.

Forward-Looking Statements:  Statements that are not historical fact may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but rather reflect Anixa’s current expectations concerning future events and results. We generally use the words “believes,” “expects,” “intends,” “plans,” “anticipates,” “likely,” “will” and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning our expectations, involve risks, uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and factors include, but are not limited to, those factors set forth in “Item 1A – Risk Factors” and other sections of our most recent Annual Report on Form 10-K as well as in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this press release.

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SOURCE Anixa Biosciences, Inc.