Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI), a
leading online entertainment platform for young generations in
China, today announced its unaudited financial results for the
third quarter ended September 30, 2018.
Third Quarter 2018 Financial
and Operational Highlights:
- Total net revenues1 reached
RMB1,078.8 million (US$157.1 million), a 48% increase from the same
period in 2017.
- Net loss was RMB246.1 million (US$35.8
million) and net loss margin was 23%, compared to net loss of
RMB14.6 million and net loss margin of 2% in the same period in
2017.
- Adjusted net loss2 was
RMB202.7 million (US$29.5 million) and adjusted net loss
margin2 was 19%, compared to adjusted net loss of
RMB2.9 million and adjusted net loss margin of 0.4% in the same
period in 2017.
- Average monthly active users (MAUs) reached
92.7 million, mobile MAUs reached 80.0 million, representing
increases of 25% and 33% from that of the same period in 2017,
respectively.
- Average monthly paying users reached 3.5
million, a 202% increase from the same period in 2017. Average
monthly paying users for mobile games reached 0.9 million, a 23%
increase from the same period in 2017.
“Our growing library of diverse content
continues to attract new members driving growth throughout our
business,” said Mr. Rui Chen, Chairman of the Board and Chief
Executive Officer of Bilibili. “During the quarter and in recent
months, we have enhanced and expanded our content through our
robust PUGV ecosystem and a number of cooperation agreements. In
October, we have entered into a strategic collaboration with
Tencent to extend our partnership in anime projects as well as to
jointly operate more Tencent games. Meanwhile, our community is
flourishing with a higher-than-ever level of user engagement,
leading to a remarkable increase in time spent per DAU to 85
minutes, compared to 75 minutes in the preceding quarter. Looking
ahead, we will continue to raise the bar for content quality and
improve user experience, solidifying our position as the leading
entertainment platform for young generations in China.”
“For the third quarter, our total revenues
increased 48% year-over-year reaching RMB1.1 billion,” said Mr. Sam
Fan, Chief Financial Officer of Bilibili. “As our commercialization
strategy progresses, we are seeing a more balanced revenue mix with
increased revenue contribution from advertising and live
broadcasting and value-added services streams. The number of paying
users more than tripled in just one year to 3.5 million in the
third quarter, demonstrating our heightened monetization potential.
We are excited to discover the opportunities that reside within our
growing community and the online entertainment industry being
shaped by Generation Z.”
Third Quarter 2018
Financial Results
Total net revenues. Total net
revenues increased to RMB1,078.8 million (US$157.1 million),
representing an increase of 48% from the same period of 2017.
Mobile games. Revenues from mobile games
increased to RMB744.0 million (US$108.3 million), representing an
increase of 24% from the same period of 2017. The increase was
primarily due to the increased number of paying users for mobile
games.
Live broadcasting and Value-added services
(VAS). Revenues from live broadcasting and VAS increased to
RMB169.4 million (US$24.7 million), representing an increase of
292% from the same period of 2017, mainly attributable to the
Company’s enhanced monetization efforts, particularly led by the
increasing number of paying users for the live broadcasting
services as well as the premium membership program.
Advertising. Revenues from advertising increased
to RMB137.3 million (US$20.0 million), representing an increase of
179% from the same period of 2017. This increase was primarily
attributable to additional revenue from brand advertising and
performance-based advertising that the Company started to launch
from the fourth quarter of 2017.
Other revenues. Other revenues were RMB28.1
million (US$4.1 million), representing a decrease of 20% from the
same period of 2017, primarily attributable to the spinoff of
Bilibili’s offline events-related business in the fourth quarter of
2017, partially offset by the increase in sales of products through
the Company’s e-commerce platform.
Cost of revenues. Cost of
revenues increased by 60% to RMB884.2 million (US$128.7 million),
compared to RMB553.0 million in the same period of 2017.
Revenue-sharing cost, a key component of cost of revenues, was
RMB445.2 million (US$64.8 million), representing an increase of 68%
from the same period in 2017.
Gross profit. Gross profit
increased to RMB194.6 million (US$28.3 million), representing an
increase of 11% from the same period of 2017.
Total operating expenses. Total
operating expenses increased to RMB453.6 million (US$66.1 million),
representing an increase of 120% from the same period of 2017.
Selling and marketing expenses. Selling and
marketing expenses were RMB196.8 million (US$28.7
million), representing a 163% increase year-over-year. The increase
was primarily attributable to the increased channel and marketing
expenses associated with Bilibili’s app and brand, including
offline events, as well as promotional expenses for the Company’s
mobile games during the summer holidays and an increase in
headcount in selling and marketing personnel.
General and administrative expenses. General and
administrative expenses were RMB110.6 million (US$16.1
million), representing a 93% increase year over year. The increase
was primarily due to increased headcount in general and
administrative personnel and increased share-based compensation
expenses.
Research and development expenses. Research and
development expenses were RMB146.2 million (US$21.3 million),
representing a 96% increase year over year. The increase was
primarily due to increased headcount in research and development
personnel and increased share-based compensation expenses.
Loss from operations. Loss from
operations was RMB259.0 million (US$37.7 million), compared to a
loss of RMB31.9 million in the same period of 2017.
Income tax expense. Income tax
expense was RMB11.4 million (US$1.7 million), compared to RMB2.3
million in the same period of 2017.
Net loss. Net loss was RMB246.1
million (US$35.8 million) for the third quarter of 2018, compared
to RMB14.6 million in the same period of 2017.
Adjusted net loss.2 Adjusted
net loss, which is a non-GAAP measure that excludes share-based
compensation expenses and amortization expense related to
intangible assets acquired through business acquisition, was
RMB202.7 million (US$29.5 million) compared to RMB2.9 million in
the same period of 2017.
Basic and diluted EPS and
Adjusted basic and diluted EPS2.
Basic and diluted net loss per share were RMB0.88 (US$0.13),
compared to RMB1.20 in the same period of 2017. Adjusted basic and
diluted net loss per share were RMB0.72 (US$0.10),
compared to RMB1.03 in the same period of 2017.
Cash and cash equivalents and time
deposits. As of September 30, 2018, the Company had cash
and cash equivalents, as well as time deposits of RMB2.87 billion
(US$418.2 million), compared to RMB764.8 million as of December 31,
2017.
Recent Development
On October 3, 2018, the Company and Tencent
Holdings Limited (“Tencent”) entered into a share purchase
agreement. Pursuant to the agreement, Tencent subscribed for
25,063,451 newly issued Class Z ordinary shares of the Company
at a purchase price of US$12.67 per Class Z ordinary
share, which was equivalent to US$12.67 per American
Depositary Share (“ADS”). The deal was closed on October 10, 2018,
and the Company received a total consideration of
approximately US$317.6 million. Upon the closing, Tencent
beneficially owned, considering any existing holding, approximately
12% of the Company’s total issued shares.
Outlook
For the fourth quarter of 2018, the Company
currently expects net revenues to be between RMB1.04 billion and
RMB1.08 billion.
The above outlook is based on the current market
conditions and reflects the Company’s preliminary estimates of
market and operating conditions, and customer demand, which are all
subject to change.
1 The Company has adopted ASU No. 2014-09,
''Revenue from Contracts with Customers (Topic 606)”, using the
modified-retrospective transition approach beginning January 1,
2018. The adoption did not have a significant impact on the
Company’s operating results for the three months and nine months
ended September 30, 2018 and comparable periods.
2 Adjusted net loss, adjusted net loss margin
and adjusted basic and diluted EPS are non-GAAP financial
measures. For more information on non-GAAP financial measures,
please see the section of “Use of Non-GAAP Financial Measures” and
the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP
Results” set forth at the end of this press release.
Conference Call
The Company’s management will host an earnings
conference call at 8:00 PM U.S. Eastern Time on November
20, 2018 (9:00 AM Beijing/Hong Kong time
on November 21, 2018).
Dial-in details for the earnings conference call
are as follows:
United States: +1-866-519-4004International:
+65-6713-5090Hong Kong: +800-906-601China: 400-620-8038Conference
ID: 5480249
Participants should dial-in at least 5 minutes
before the scheduled start time and ask to be connected to the call
for “Bilibili Inc.”
Additionally, a live and archived webcast of the
conference call and investor presentation will be available on the
Company's investor relations website at http://ir.bilibili.com.
A replay of the conference call will be
accessible approximately two hours after the conclusion of the live
call through November 27, 2018, by dialing the following
telephone numbers:
United States: +1-855-452-5696International:
+61-2-8199-0299Hong Kong: +800-963-117China: 400-632-2162Replay
Access Code: 5480249
About Bilibili Inc.Bilibili
represents the iconic brand of online entertainment with a mission
to enrich the everyday life of young generations in China. Bilibili
is a full-spectrum online entertainment world covering a wide array
of genres and media formats, including videos, live broadcasting
and mobile games. Bilibili provides an immersive entertainment
experience and high-quality content that caters to the evolving and
diversified interests of its users and communities, and has built
its platform based on the strong emotional connections of
Bilibili’s users to its content and communities.
For more information, please visit:
http://ir.bilibili.com.
Use of Non-GAAP Financial
Measures
The Company uses non-GAAP measures, such as
adjusted net loss, adjusted net loss margin and adjusted net loss
per share, basic and diluted, in evaluating its operating results
and for financial and operational decision-making purposes. The
Company believes that the non-GAAP financial measures help identify
underlying trends in its business by excluding the impact of
share-based compensation expenses and amortization expense related
to intangible assets acquired through business acquisition, which
are non-cash charges. The Company believes that the non-GAAP
financial measures provide useful information about the Company’s
results of operations, enhance the overall understanding of the
Company’s past performance and future prospects and allow for
greater visibility with respect to key metrics used by the
Company’s management in its financial and operational
decision-making.
The non-GAAP financial measures are not defined
under U.S. GAAP and are not presented in accordance with U.S. GAAP.
The non-GAAP financial measures have limitations as analytical
tools, and when assessing the Company’s operating performance, cash
flows or liquidity, investors should not consider them in
isolation, or as a substitute for net loss, cash flows provided by
operating activities or other consolidated statements of operations
and cash flows data prepared in accordance with U.S. GAAP.
The Company mitigates these limitations by
reconciling the non-GAAP financial measures to the most comparable
U.S. GAAP performance measures, all of which should be considered
when evaluating the Company’s performance.
For more information on the non-GAAP financial
measures, please see the table captioned “Unaudited Reconciliations
of GAAP and Non-GAAP Results” set forth at the end of this press
release.
Exchange Rate Information
This announcement contains translations of
certain RMB amounts into U.S. dollars (“US$”) at specified rates
solely for the convenience of the reader. Unless otherwise stated,
all translations from RMB to US$ were made at the rate of RMB6.8680
to US$1.00, the exchange rate on September 28, 2018 set forth in
the H.10 statistical release of the Federal Reserve Board. The
Company makes no representation that the RMB or US$ amounts
referred could be converted into US$ or RMB, as the case may be, at
any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “confident,”
“potential,” “continue” or other similar expressions. Among other
things, the Outlook and quotations from management in this
announcement, as well as Bilibili’s strategic and operational
plans, contain forward-looking statements. Bilibili may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including but not limited to statements about Bilibili’s
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: Bilibili’s
strategies; Bilibili’s future business development, financial
condition and results of operations; Bilibili’s ability to retain
and increase the number of users, members and advertising
customers, provide quality content, products and services, and
expand its product and service offerings; competition in the online
entertainment industry; Bilibili’s ability to maintain its culture
and brand image within its addressable user communities; Bilibili’s
ability to manage its costs and expenses; PRC governmental policies
and regulations relating to the online entertainment industry,
general economic and business conditions globally and in China and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in the
Company’s filings with the Securities and Exchange Commission. All
information provided in this press release and in the attachments
is as of the date of the press release, and the Company undertakes
no duty to update such information, except as required under
applicable law.
For investor and media inquiries, please
contact:
In China:
Bilibili Inc.Juliet YangTel: +86-21-2509 9255
Ext. 8523E-mail: ir@bilibili.com
The Piacente Group, Inc.Ross WarnerTel:
+86-10-5730-6201E-mail: bilibili@tpg-ir.com
In the United States:
The Piacente Group, Inc.Brandi PiacenteTel:
+1-212-481-2050E-mail: bilibili@tpg-ir.com
BILIBILI INC.
Unaudited Condensed Consolidated
Statements of Operations
(All amounts in thousands, except for
share and per share data)
| |
|
|
|
| |
For the Three Months Ended |
|
For the Nine Months Ended |
| |
September 30, |
June 30, |
September 30, |
|
September 30, |
September 30, |
| |
2017 |
2018 |
2018 |
|
2017 |
2018 |
| |
RMB |
RMB |
RMB |
|
RMB |
RMB |
|
|
|
|
|
|
|
|
| Net
revenues: |
|
|
|
|
|
|
| Mobile games |
600,103 |
|
791,013 |
|
743,980 |
|
|
1,440,754 |
|
2,223,489 |
|
| Live
broadcasting and VAS |
43,234 |
|
118,614 |
|
169,441 |
|
|
122,817 |
|
383,819 |
|
|
Advertising |
49,156 |
|
95,863 |
|
137,266 |
|
|
119,412 |
|
303,573 |
|
|
Others |
35,207 |
|
21,052 |
|
28,149 |
|
|
51,753 |
|
62,505 |
|
| Total net
revenues |
727,700 |
|
1,026,542 |
|
1,078,836 |
|
|
1,734,736 |
|
2,973,386 |
|
|
Cost of revenues |
(552,984 |
) |
(775,858 |
) |
(884,207 |
) |
|
(1,361,230 |
) |
(2,314,992 |
) |
| Gross
profit |
174,716 |
|
250,684 |
|
194,629 |
|
|
373,506 |
|
658,394 |
|
|
|
|
|
|
|
|
|
| Operating
expenses: |
|
|
|
|
|
|
| Selling
and marketing expenses |
(74,902 |
) |
(127,764 |
) |
(196,843 |
) |
|
(167,667 |
) |
(403,501 |
) |
| General
and administrative expenses |
(57,213 |
) |
(97,940 |
) |
(110,605 |
) |
|
(174,975 |
) |
(311,102 |
) |
| Research
and development expenses |
(74,496 |
) |
(131,898 |
) |
(146,201 |
) |
|
(193,109 |
) |
(384,005 |
) |
| Total operating
expenses |
(206,611 |
) |
(357,602 |
) |
(453,649 |
) |
|
(535,751 |
) |
(1,098,608 |
) |
| Loss from
operations |
(31,895 |
) |
(106,918 |
) |
(259,020 |
) |
|
(162,245 |
) |
(440,214 |
) |
|
|
|
|
|
|
|
|
| Other
income: |
|
|
|
|
|
|
|
Investment income/(loss), net |
11,378 |
|
818 |
|
(4,951 |
) |
|
15,383 |
|
21,327 |
|
| Interest
income |
354 |
|
19,833 |
|
21,684 |
|
|
687 |
|
42,359 |
|
| Exchange
gains |
668 |
|
10,669 |
|
2,162 |
|
|
7,328 |
|
2,864 |
|
| Other,
net |
7,234 |
|
7,697 |
|
5,400 |
|
|
12,884 |
|
16,409 |
|
| Total other
income |
19,634 |
|
39,017 |
|
24,295 |
|
|
36,282 |
|
82,959 |
|
| Loss before
income tax |
(12,261 |
) |
(67,901 |
) |
(234,725 |
) |
|
(125,963 |
) |
(357,255 |
) |
| Income tax |
(2,324 |
) |
(2,405 |
) |
(11,363 |
) |
|
(6,463 |
) |
(16,942 |
) |
| Net
loss |
(14,585 |
) |
(70,306 |
) |
(246,088 |
) |
|
(132,426 |
) |
(374,197 |
) |
| Accretions to preferred
shares redemption value |
(68,378 |
) |
(1,408 |
) |
- |
|
|
(190,636 |
) |
(64,605 |
) |
| Deemed dividend in
connection with repurchase of preferred shares |
- |
|
- |
|
- |
|
|
(129,244 |
) |
- |
|
| Net loss attributable
to noncontrolling interests |
- |
|
350 |
|
1,149 |
|
|
- |
|
2,449 |
|
| Net loss
attributable to the Bilibili Inc.'s shareholders |
(82,963 |
) |
(71,364 |
) |
(244,939 |
) |
|
(452,306 |
) |
(436,353 |
) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Net loss per share,
basic |
(1.20 |
) |
(0.26 |
) |
(0.88 |
) |
|
(6.45 |
) |
(2.10 |
) |
| Net loss per ADS,
basic |
- |
|
(0.26 |
) |
(0.88 |
) |
|
- |
|
(2.10 |
) |
| Net loss per share,
diluted |
(1.20 |
) |
(0.26 |
) |
(0.88 |
) |
|
(6.45 |
) |
(2.10 |
) |
| Net loss per ADS,
diluted |
- |
|
(0.26 |
) |
(0.88 |
) |
|
- |
|
(2.10 |
) |
| Weighted average number
of ordinary shares, basic |
69,336,926 |
|
273,886,172 |
|
278,836,754 |
|
|
70,141,322 |
|
208,120,682 |
|
| Weighted average number
of ADS, basic |
- |
|
273,886,172 |
|
278,836,754 |
|
|
- |
|
208,120,682 |
|
| Weighted average number
of ordinary shares, diluted |
69,336,926 |
|
273,886,172 |
|
278,836,754 |
|
|
70,141,322 |
|
208,120,682 |
|
| Weighted average number
of ADS, diluted |
- |
|
273,886,172 |
|
278,836,754 |
|
|
- |
|
208,120,682 |
|
| |
|
|
|
|
|
|
The accompanying notes are an integral part of
this press release.
BILIBILI INC.
NOTES TO UNAUDITED FINANCIAL
INFORMATION
(All amounts in thousands, except for
share and per share data)
|
|
|
|
|
|
|
|
| |
For the Three Months Ended |
|
For the Nine Months Ended |
| |
September 30, |
June 30, |
September 30, |
|
September 30, |
September 30, |
| |
2017 |
2018 |
2018 |
|
2017 |
2018 |
| |
RMB |
RMB |
RMB |
|
RMB |
RMB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Share-based
compensation expenses included in: |
|
|
|
|
|
|
| Cost of revenues |
2,659 |
7,555 |
6,919 |
|
5,627 |
23,154 |
| Selling and marketing
expenses |
954 |
2,473 |
2,588 |
|
2,729 |
8,609 |
| General and
administrative expenses |
4,028 |
30,296 |
23,794 |
|
39,031 |
87,605 |
| Research and
development expenses |
2,996 |
9,490 |
9,040 |
|
7,546 |
26,406 |
|
Total |
10,637 |
49,814 |
42,341 |
|
54,933 |
145,774 |
| |
|
|
|
|
|
|
BILIBILI INC.
Unaudited Condensed Consolidated Balance
Sheets
(All amounts in thousands, except for
share and per share data)
| |
|
|
|
| |
December 31, |
|
September 30, |
| |
2017 |
|
2018 |
| |
RMB |
|
RMB |
|
|
|
|
|
|
Assets |
|
|
|
| Current assets: |
|
|
|
| Cash and
cash equivalents |
762,882 |
|
|
2,408,106 |
| Time
deposits |
1,960 |
|
|
463,794 |
| Accounts
receivable, net |
392,942 |
|
|
394,001 |
|
Receivables due from related parties |
29,660 |
|
|
5,354 |
|
Prepayments and other current assets |
477,265 |
|
|
799,444 |
|
Short‑term investments |
488,391 |
|
|
611,947 |
|
Total current assets |
2,153,100 |
|
|
4,682,646 |
| Non‑current
assets: |
|
|
|
| Property
and equipment, net |
186,418 |
|
|
320,718 |
|
Production cost |
20,796 |
|
|
73,207 |
|
Intangible assets, net |
426,292 |
|
|
1,089,455 |
|
Goodwill |
50,967 |
|
|
468,807 |
| Long‑term
investments |
635,952 |
|
|
1,003,275 |
|
Total non‑current assets |
1,320,425 |
|
|
2,955,462 |
| Total
assets |
3,473,525 |
|
|
7,638,108 |
|
Liabilities |
|
|
|
| Current
liabilities: |
|
|
|
| Accounts
payable |
596,507 |
|
|
1,049,537 |
| Salary
and welfare payables |
148,605 |
|
|
199,351 |
| Taxes
payable |
24,992 |
|
|
28,943 |
| Deferred
revenue |
572,848 |
|
|
836,535 |
| Accrued
liabilities and other payables |
49,318 |
|
|
445,254 |
| Amount
due to related parties |
5,724 |
|
|
29,363 |
|
Total current liabilities |
1,397,994 |
|
|
2,588,983 |
| Total
liabilities |
1,397,994 |
|
|
2,588,983 |
|
|
|
|
|
| Total mezzanine
equity |
4,015,043 |
|
|
- |
|
|
|
|
|
| Total
Bilibili Inc.’s shareholders’ (deficit)/equity |
(1,939,512 |
) |
|
4,910,420 |
| Noncontrolling
interests |
- |
|
|
138,705 |
| Total
shareholders’ (deficit)/equity |
(1,939,512 |
) |
|
5,049,125 |
|
|
|
|
|
| Total
liabilities, mezzanine equity and shareholders’
(deficit)/equity |
3,473,525 |
|
|
7,638,108 |
| |
|
|
|
|
BILIBILI INC.
Unaudited Reconciliations of GAAP and
Non-GAAP Results
(All amounts in thousands, except for
share and per share data)
| |
|
|
|
| |
For the Three Months Ended |
|
For the Nine Months Ended |
| |
September 30, |
June 30, |
September 30, |
|
September 30, |
September 30, |
| |
2017 |
2018 |
2018 |
|
2017 |
2018 |
| |
RMB |
RMB |
RMB |
|
RMB |
RMB |
| |
|
|
|
|
|
|
| Net
loss |
(14,585 |
) |
(70,306 |
) |
(246,088 |
) |
|
(132,426 |
) |
(374,197 |
) |
| Add: |
|
|
|
|
|
|
| Share-based
compensation expenses |
10,637 |
|
49,814 |
|
42,341 |
|
|
54,933 |
|
145,774 |
|
| Amortization expense
related to intangible assets acquired through business
acquisition |
1,022 |
|
1,022 |
|
1,022 |
|
|
1,514 |
|
3,066 |
|
|
Adjusted net loss |
(2,926 |
) |
(19,470 |
) |
(202,725 |
) |
|
(75,979 |
) |
(225,357 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss
attributable to the Bilibili Inc.'s shareholders |
(82,963 |
) |
(71,364 |
) |
(244,939 |
) |
|
(452,306 |
) |
(436,353 |
) |
| Add: |
|
|
|
|
|
|
| Share-based
compensation expenses |
10,637 |
|
49,814 |
|
42,341 |
|
|
54,933 |
|
145,774 |
|
| Amortization expense
related to intangible assets acquired through business
acquisition |
1,022 |
|
1,022 |
|
1,022 |
|
|
1,514 |
|
3,066 |
|
|
Adjusted net loss attributable to the Bilibili Inc.'s
shareholders |
(71,304 |
) |
(20,528 |
) |
(201,576 |
) |
|
(395,859 |
) |
(287,513 |
) |
| Adjusted net loss per
share, basic |
(1.03 |
) |
(0.07 |
) |
(0.72 |
) |
|
(5.64 |
) |
(1.38 |
) |
| Adjusted net loss per
ADS, basic |
- |
|
(0.07 |
) |
(0.72 |
) |
|
- |
|
(1.38 |
) |
| Adjusted net loss per
share, diluted |
(1.03 |
) |
(0.07 |
) |
(0.72 |
) |
|
(5.64 |
) |
(1.38 |
) |
| Adjusted net loss per
ADS, diluted |
- |
|
(0.07 |
) |
(0.72 |
) |
|
- |
|
(1.38 |
) |
|
Weighted average number of ordinary shares, basic |
69,336,926 |
|
273,886,172 |
|
278,836,754 |
|
|
70,141,322 |
|
208,120,682 |
|
|
Weighted average number of ADS, basic |
- |
|
273,886,172 |
|
278,836,754 |
|
|
- |
|
208,120,682 |
|
|
Weighted average number of ordinary shares, diluted |
69,336,926 |
|
273,886,172 |
|
278,836,754 |
|
|
70,141,322 |
|
208,120,682 |
|
|
Weighted average number of ADS, diluted |
- |
|
273,886,172 |
|
278,836,754 |
|
|
- |
|
208,120,682 |
|
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