Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX:
9626), an iconic brand and a leading video community for young
generations in China, today announced its unaudited financial
results for the fourth quarter and fiscal year ended December 31,
2023.
Fourth Quarter and Fiscal Year 2023
Highlights:
- Total
net revenues were RMB6.3 billion (US$894.3 million) in the
fourth quarter of 2023 and RMB22.5 billion (US$3.2 billion) in
2023, each increased by 3% compared with the same prior year
period.
-
Advertising revenues were RMB1.9 billion (US$271.7
million) in the fourth quarter of 2023, and RMB6.4 billion
(US$903.1 million) in 2023, representing increases of 28% and 27%
year over year, respectively.
-
Value-added services (VAS) revenues were RMB2.9
billion (US$402.4 million) in the fourth quarter of 2023, and
RMB9.9 billion (US$1.4 billion) in 2023, representing increases of
22% and 14% year over year, respectively.
- Gross
profit was RMB1.7 billion (US$233.8 million) in the fourth
quarter of 2023 and RMB5.4 billion (US$766.5 million) in 2023,
representing increases of 33% and 41% year over year, respectively.
Gross profit margin reached 26.1% in the fourth quarter of 2023,
improving from 20.3% in the same period last year. Gross profit
margin reached 24.2% in 2023, improving from 17.6% in 2022.
- Net
loss was RMB1.3 billion (US$182.6 million) in the fourth
quarter of 2023 and RMB4.8 billion (US$677.7 million) in 2023,
narrowing by 13% and 36% year over year, respectively.
- Adjusted
net loss1 was RMB555.8 million (US$78.3 million) in the
fourth quarter of 2023 and RMB3.4 billion (US$480.9 million) in
2023, narrowing by 58% and 49% year over year, respectively.
-
Operating cash flow was RMB640.4 million (US$90.2
million) in the fourth quarter of 2023 and RMB266.6 million
(US$37.6 million) in 2023, compared with negative RMB707.3 million
for the same period last year and negative RMB3.9 billion in
2022.
- Average daily active users
(DAUs) were 100.1 million in the fourth quarter of 2023,
representing an increase of 8% from the same period of 2022.
“Presented with both challenges and
opportunities in 2023, we closed the year with healthy community
growth and a vastly improved financial profile,” said Mr. Rui Chen,
chairman and chief executive officer of Bilibili. “We continued to
build our large community with DAUs exceeding 100 million in the
fourth quarter, while users’ daily time spent remained robust at
over 95 minutes on average. Meanwhile, to better serve our content
creators and strengthen the overall community ecosystem, we further
advanced our commercialization strategy and improved various
monetization products. In 2023, over 3 million content creators
earned income on Bilibili, up 30% compared with 2022. The
commercial progress we made can also be seen in our mounting
advertising and value-added services revenues, which grew by 27%
and 14% for the full year of 2023, respectively. As we move through
2024, we plan to keep facilitating a virtuous cycle between
community and commercialization, and create value for our users,
creators and shareholders.”
Mr. Sam Fan, chief financial officer of
Bilibili, said, “Throughout 2023, we focused on business operation
efficiency, resulting in expanded gross margins and bottom-line
improvement. For the fourth quarter, our gross profit increased by
33% year over year and our gross profit margin reached 26.1%,
marking our sixth consecutive quarter of margin expansion. We also
reduced our operating expenses by 17% year over year during the
fourth quarter and 14% for the full year. As a result, our adjusted
net loss narrowed by 58% in the fourth quarter and 49% in 2023,
both year over year, putting us on track to achieve our
profitability goal. Moreover, we are delighted to share that we
have achieved positive operating cash flow for the full year of
2023, and we are committed to further improving our financials in
2024.”
Fourth Quarter 2023 Financial
Results
Total net revenues. Total net
revenues were RMB6.3 billion (US$894.3 million), representing an
increase of 3% from the same period of 2022.
Value-added services (VAS). Revenues from VAS
were RMB2.9 billion (US$402.4 million), representing an increase of
22% from the same period of 2022, led by an increase in revenues
from live broadcasting and other value-added services.
Advertising. Revenues from advertising were
RMB1.9 billion (US$271.7 million), representing an increase of 28%
from the same period of 2022, mainly attributable to the Company’s
improved advertising product offerings and enhanced advertising
efficiency.
Mobile games. Revenues from mobile games were
RMB1.0 billion (US$141.8 million), representing a 12%
year-over-year decrease, and a 2% quarter-over-quarter increase.
The year-over-year decrease was mainly attributable to the high
base from the release of Space Hunter 3 in the second half of 2022,
while revenues from top-performing legacy games, like Azur Lane and
FGO, remained relatively stable.
IP derivatives and others (formerly known as
E-commerce and others). Revenues from IP derivatives and others
were RMB556.0 million (US$78.3 million), representing a decrease of
51% from the same period of 2022, mainly attributable to a decrease
in revenues from e-sports copyright sublicensing.
Cost of revenues. Cost of
revenues was RMB4.7 billion (US$660.4 million), representing a
decrease of 4% from the same period of 2022. The decrease was
mainly due to lower content costs, server and bandwidth costs,
staff costs and other costs led by effective cost control measures.
Revenue-sharing costs, a key component of cost of revenues, were
RMB2.8 billion (US$398.9 million), representing an increase of 12%
from the same period of 2022.
Gross profit. Gross profit was
RMB1.7 billion (US$233.8 million), representing an increase of 33%
from the same period of 2022, primarily attributed to the Company’s
reduction of costs related to platform operations, as the Company
enhanced its monetization efficiency.
Total operating expenses. Total
operating expenses were RMB3.0 billion (US$417.6 million),
representing a decrease of 17% from the same period of 2022.
Sales and marketing expenses. Sales and
marketing expenses were RMB1.1 billion (US$158.5 million),
representing an 11% year-over-year decrease. The decrease was
primarily attributable to reduced promotional spending related to
user acquisition in the fourth quarter of 2023.
General and administrative expenses. General and
administrative expenses were RMB511.9 million (US$72.1 million),
representing a 37% year-over-year decrease. The decrease was
primarily attributable to a decrease in headcount of general and
administrative personnel in the fourth quarter of 2023.
Research and development expenses. Research and
development expenses were RMB1.3 billion (US$186.9 million),
representing an 11% year-over-year decrease. The decrease was
mainly attributable to a decline in headcount of research and
development personnel and fewer expenses associated with the
termination of certain game projects in the fourth quarter of
2023.
Loss from operations. Loss from
operations was RMB1.3 billion (US$183.8 million), narrowing by 44%
from the same period of 2022.
Adjusted loss from
operations1. Adjusted loss from
operations was RMB635.1 million (US$89.4 million), narrowing by 53%
from the same period of 2022.
Total other income/(expenses),
net. Total other income was RMB13.1 million (US$1.8
million), compared with total other income of RMB850.6 million in
the same period of 2022. The change was primarily attributable to
the gains of RMB842.8 million from the repurchase of convertible
senior notes in the fourth quarter of 2022.
Income tax expense. Income tax
expense was RMB5.1 million (US$0.7 million), compared with RMB20.5
million in the same period of 2022.
Net loss. Net loss was RMB1.3
billion (US$182.6 million), narrowing by 13% from the same period
of 2022.
Adjusted net
loss1. Adjusted net loss
was RMB555.8 million (US$78.3 million), narrowing by 58% from the
same period of 2022.
Basic and diluted EPS and adjusted basic
and diluted EPS1. Basic
and diluted net loss per share were RMB3.13 (US$0.44) each,
compared with RMB3.77 each in the same period of 2022. Adjusted
basic and diluted net loss per share were RMB1.34 (US$0.19) each,
compared with RMB3.31 each in the same period of 2022.
Net cash provided by operating
activities. Net cash provided by operating activities was
RMB640.4 million (US$90.2 million), compared with net cash used in
operating activities of RMB707.3 million in the same period of
2022.
Fiscal Year 2023 Financial
Results
Total net revenues. Total net
revenues were RMB22.5 billion (US$3.2 billion), representing an
increase of 3% from 2022.
Value-added services (VAS). Revenues from VAS
were RMB9.9 billion (US$1.4 billion), representing an increase of
14% from 2022, led by an increase in revenues from live
broadcasting and other value-added services.
Advertising. Revenues from advertising were
RMB6.4 billion (US$903.1 million), representing an increase of 27%
from 2022, mainly attributable to the Company’s improved
advertising product offerings and enhanced advertising
efficiency.
Mobile games. Revenues from mobile games were
RMB4.0 billion (US$566.4 million), representing a decrease of 20%
from 2022. The decrease was mainly attributable to fewer new game
launches as well as lower revenue contributions from certain games,
while revenues from top-performing legacy games, like Azur Lane and
FGO, remained relatively stable in 2023.
IP derivatives and others (formerly known as
E-commerce and others). Revenues from IP derivatives and others
were RMB2.2 billion (US$307.7 million), representing a decrease of
29% from 2022, mainly attributable to a decrease in revenues from
e-sports copyright sublicensing and IP derivatives sales.
Cost of revenues. Cost of
revenues was RMB17.1 billion (US$2.4 billion), representing a
decrease of 5% from 2022. The decrease was mainly due to lower
server and bandwidth costs, staff costs, content costs and other
costs led by effective cost control measures. Revenue-sharing
costs, a key component of cost of revenues, were RMB9.5 billion
(US$1.3 billion), representing an increase of 4% from 2022.
Gross profit. Gross profit was
RMB5.4 billion (US$766.5 million), representing an increase of 41%
from 2022, primarily as a result of the Company’s reduction of
costs related to platform operations, as the Company enhanced its
monetization efficiency.
Total operating expenses. Total
operating expenses were RMB10.5 billion (US$1.5 billion),
representing a decrease of 14% from 2022.
Sales and marketing expenses. Sales and
marketing expenses were RMB3.9 billion (US$551.6 million),
representing a 20% decrease from 2022. The decrease was primarily
attributable to reduced promotional spending related to user
acquisition in 2023.
General and administrative expenses. General and
administrative expenses were RMB2.1 billion (US$298.9 million),
representing a 16% decrease from 2022. The decrease was primarily
attributable to a decrease in headcount of general and
administrative personnel and allowance for expected credit loss in
2023.
Research and development expenses. Research and
development expenses were RMB4.5 billion (US$629.2 million),
representing a 6% year-over-year decrease. The decrease was mainly
attributable to a decrease in headcount of research and development
personnel and fewer expenses associated with the termination of
certain game projects in 2023.
Loss from operations. Loss from
operations was RMB5.1 billion (US$713.3 million), narrowing by 39%
from 2022.
Adjusted loss from
operations1. Adjusted
loss from operations was RMB3.4 billion (US$476.8 million),
narrowing by 46% from 2022.
Total other income/(expenses), net. Total other
income was RMB331.2 million (US$46.6 million), compared with
RMB954.4 million in the same period of 2022. The change was
primarily attributable to gains of RMB292.2 million from the
repurchase of convertible senior notes in 2023, compared with gains
of RMB1.3 billion in 2022.
Income tax expense. Income tax
expense was RMB78.7 million (US$11.1 million), compared with
RMB104.1 million in 2022.
Net loss. Net loss was RMB4.8
billion (US$677.7 million), narrowing by 36% from 2022.
Adjusted net
loss1. Adjusted net loss
was RMB3.4 billion (US$480.9 million), narrowing by 49% from
2022.
Basic and diluted EPS and adjusted basic
and diluted EPS1. Basic
and diluted net loss per share were RMB11.67 (US$1.64) each,
compared with RMB18.99 each in 2022. Adjusted basic and diluted net
loss per share were RMB8.29 (US$1.17) each, compared with RMB16.95
each in 2022.
Net cash provided by operating
activities. Net cash provided by operating activities was
RMB266.6 million (US$37.6 million), compared with net cash used in
operating activities of RMB3.9 billion in 2022.
Cash and cash equivalents, time deposits
and short-term investments. As of December 31, 2023, the
Company had cash and cash equivalents, time deposits and short-term
investments of RMB15.0 billion (US$2.1 billion).
Convertible Senior
Notes. As of December 31, 2023, the
aggregate outstanding principal amount of April 2026 Notes, 2027
Notes and December 2026 Notes was US$861.8 million (RMB6.1
billion).
1 Adjusted loss from operations, adjusted net
loss 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.”
Conference Call
The Company’s management will host an earnings
conference call at 7:00 AM U.S. Eastern Time on March 7, 2024 (8:00
PM Beijing/Hong Kong Time on March 7, 2024). Details for the
conference call are as follows:
| Event
Title: |
Bilibili 2023
Fourth Quarter and Fiscal Year Earnings Conference Call |
| Registration Link: |
https://register.vevent.com/register/BIbf5014f1c88f40899dfa24f4a0731484 |
All participants must use the link provided
above to complete the online registration process in advance of the
conference call. Upon registering, each participant will receive a
set of participant dial-in numbers and a personal PIN, which will
be used to join the conference call.
Additionally, a live webcast of the conference
call will be available on the Company’s investor relations website
at http://ir.bilibili.com, and a replay of the webcast will be
available following the session.
About Bilibili Inc.
Bilibili is an iconic brand and a leading video
community with a mission to enrich the everyday lives of young
generations in China. Bilibili offers a wide array of video-based
content with All the Videos You Like as its value proposition.
Bilibili builds its community around aspiring users, high-quality
content, talented content creators and the strong emotional bonds
among them. Bilibili pioneered the “bullet chatting” feature, a
live comment function that has transformed our users’ viewing
experience by displaying the thoughts and feelings of audience
members viewing the same video. The Company has now become the
welcoming home of diverse interests among young generations in
China and the frontier for promoting Chinese culture across the
world.
For more information, please visit:
http://ir.bilibili.com.
Use of Non-GAAP Financial
Measures
The Company uses non-GAAP measures, such as
adjusted loss from operations, adjusted net loss, adjusted net loss
per share and per ADS, basic and diluted and adjusted net loss
attributable to the Bilibili Inc.’s shareholders 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, amortization expense
related to intangible assets acquired through business
acquisitions, income tax related to intangible assets acquired
through business acquisitions, gain/loss on fair value change in
investments in publicly traded companies, gain/loss on repurchase
of convertible senior notes, expenses related to organizational
optimization, and termination expenses of certain game projects.
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.”
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 RMB
7.0999 to US$1.00, the exchange rate on December 29, 2023 set forth
in the H.10 statistical release of the Federal Reserve Board. The
Company makes no representation that the RMB or US$ amounts
referred to 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, quotations from management in this announcement and
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 interim and annual reports to
shareholders, in announcements, circulars or other publications
made on the website of The Stock Exchange of Hong Kong Limited (the
“Hong Kong Stock Exchange”), 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: results of
operations, financial condition, and stock price; 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 and
the Hong Kong Stock Exchange. All information provided in this
announcement and in the attachments is as of the date of the
announcement, 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
Piacente Financial Communications Helen WuTel:
+86-10-6508-0677E-mail: bilibili@tpg-ir.com
In the United States:
Piacente Financial Communications 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 Year Ended |
|
|
December31, |
|
September 30, |
|
December31, |
|
December31, |
|
December 31, |
|
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
|
|
|
|
|
|
|
|
|
|
| Net
revenues: |
|
|
|
|
|
|
|
|
|
|
Mobile games |
1,145,905 |
|
|
991,776 |
|
|
1,006,858 |
|
|
5,021,290 |
|
|
4,021,137 |
|
|
Value-added services (VAS) |
2,349,809 |
|
|
2,595,036 |
|
|
2,857,079 |
|
|
8,715,170 |
|
|
9,910,080 |
|
|
Advertising |
1,512,356 |
|
|
1,638,232 |
|
|
1,929,164 |
|
|
5,066,212 |
|
|
6,412,040 |
|
|
IP derivatives and others (formerly known as E-commerce and
others) |
1,134,416 |
|
|
580,037 |
|
|
555,995 |
|
|
3,096,495 |
|
|
2,184,730 |
|
| Total net
revenues |
6,142,486 |
|
|
5,805,081 |
|
|
6,349,096 |
|
|
21,899,167 |
|
|
22,527,987 |
|
| Cost of
revenues |
(4,892,933 |
) |
|
(4,354,664 |
) |
|
(4,689,114 |
) |
|
(18,049,872 |
) |
|
(17,086,122 |
) |
| Gross
profit |
1,249,553 |
|
|
1,450,417 |
|
|
1,659,982 |
|
|
3,849,295 |
|
|
5,441,865 |
|
| |
|
|
|
|
|
|
|
|
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
(1,266,149 |
) |
|
(992,303 |
) |
|
(1,125,464 |
) |
|
(4,920,745 |
) |
|
(3,916,150 |
) |
|
General and administrative expenses |
(816,807 |
) |
|
(499,132 |
) |
|
(511,906 |
) |
|
(2,521,134 |
) |
|
(2,122,432 |
) |
|
Research and development expenses |
(1,493,799 |
) |
|
(1,066,155 |
) |
|
(1,327,282 |
) |
|
(4,765,360 |
) |
|
(4,467,470 |
) |
| Total operating
expenses |
(3,576,755 |
) |
|
(2,557,590 |
) |
|
(2,964,652 |
) |
|
(12,207,239 |
) |
|
(10,506,052 |
) |
| Loss from
operations |
(2,327,202 |
) |
|
(1,107,173 |
) |
|
(1,304,670 |
) |
|
(8,357,944 |
) |
|
(5,064,187 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Other
income/(expenses): |
|
|
|
|
|
|
|
|
|
|
Investment loss, net (including impairments) |
(166,815 |
) |
|
(244,961 |
) |
|
(199,004 |
) |
|
(532,485 |
) |
|
(435,644 |
) |
|
Interest income |
108,306 |
|
|
117,722 |
|
|
126,450 |
|
|
281,051 |
|
|
542,472 |
|
|
Interest expense |
(63,558 |
) |
|
(30,064 |
) |
|
(29,181 |
) |
|
(250,923 |
) |
|
(164,927 |
) |
|
Exchange gains/(losses) |
64,648 |
|
|
(23,871 |
) |
|
4,848 |
|
|
(19,745 |
) |
|
(35,575 |
) |
|
Debt extinguishment gain |
842,804 |
|
|
9,771 |
|
|
- |
|
|
1,318,594 |
|
|
292,213 |
|
|
Others, net |
65,242 |
|
|
(40,695 |
) |
|
110,007 |
|
|
157,944 |
|
|
132,640 |
|
| Total other
income/(expenses), net |
850,627 |
|
|
(212,098 |
) |
|
13,120 |
|
|
954,436 |
|
|
331,179 |
|
| Loss before income
tax |
(1,476,575 |
) |
|
(1,319,271 |
) |
|
(1,291,550 |
) |
|
(7,403,508 |
) |
|
(4,733,008 |
) |
|
Income tax |
(20,461 |
) |
|
(17,975 |
) |
|
(5,140 |
) |
|
(104,145 |
) |
|
(78,705 |
) |
| Net loss |
(1,497,036 |
) |
|
(1,337,246 |
) |
|
(1,296,690 |
) |
|
(7,507,653 |
) |
|
(4,811,713 |
) |
|
Net loss/(income) attributable to noncontrolling interests |
2,382 |
|
|
(14,198 |
) |
|
206 |
|
|
10,640 |
|
|
(10,608 |
) |
| Net loss attributable
to the Bilibili Inc.’s shareholders |
(1,494,654 |
) |
|
(1,351,444 |
) |
|
(1,296,484 |
) |
|
(7,497,013 |
) |
|
(4,822,321 |
) |
| Net loss per share, basic |
(3.77 |
) |
|
(3.26 |
) |
|
(3.13 |
) |
|
(18.99 |
) |
|
(11.67 |
) |
| Net loss per ADS, basic |
(3.77 |
) |
|
(3.26 |
) |
|
(3.13 |
) |
|
(18.99 |
) |
|
(11.67 |
) |
| Net loss per share,
diluted |
(3.77 |
) |
|
(3.26 |
) |
|
(3.13 |
) |
|
(18.99 |
) |
|
(11.67 |
) |
| Net loss per ADS, diluted |
(3.77 |
) |
|
(3.26 |
) |
|
(3.13 |
) |
|
(18.99 |
) |
|
(11.67 |
) |
| Weighted average number of
ordinary shares, basic |
396,083,505 |
|
|
413,983,020 |
|
|
414,793,013 |
|
|
394,863,584 |
|
|
413,210,271 |
|
| Weighted average number of
ADS, basic |
396,083,505 |
|
|
413,983,020 |
|
|
414,793,013 |
|
|
394,863,584 |
|
|
413,210,271 |
|
| Weighted average number of
ordinary shares, diluted |
396,083,505 |
|
|
413,983,020 |
|
|
414,793,013 |
|
|
394,863,584 |
|
|
413,210,271 |
|
| Weighted average number of
ADS, diluted |
396,083,505 |
|
|
413,983,020 |
|
|
414,793,013 |
|
|
394,863,584 |
|
|
413,210,271 |
|
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 Year Ended |
|
|
December31, |
|
September 30, |
|
December31, |
|
December31, |
|
December31, |
|
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expenses included
in: |
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
14,908 |
|
18,808 |
|
15,014 |
|
69,096 |
|
63,724 |
|
Sales and marketing expenses |
17,815 |
|
13,523 |
|
13,960 |
|
59,041 |
|
56,649 |
|
General and administrative expenses |
136,681 |
|
155,511 |
|
150,226 |
|
554,976 |
|
596,950 |
|
Research and development expenses |
85,391 |
|
116,195 |
|
87,859 |
|
357,570 |
|
415,321 |
| Total |
254,795 |
|
304,037 |
|
267,059 |
|
1,040,683 |
|
1,132,644 |
| |
|
BILIBILI INC. |
|
Unaudited Condensed Consolidated Balance
Sheets |
|
(All amounts in thousands, except for share and per share
data) |
| |
|
|
December 31, |
|
December31, |
|
|
2022 |
|
2023 |
|
|
RMB |
|
RMB |
|
|
|
|
|
|
Assets |
|
|
|
| Current
assets: |
|
|
|
|
Cash and cash equivalents |
10,172,584 |
|
7,191,821 |
|
Time deposits |
4,767,972 |
|
5,194,891 |
|
Restricted cash |
14,803 |
|
50,000 |
|
Accounts receivable, net |
1,328,584 |
|
1,573,900 |
|
Prepayments and other current assets |
3,545,493 |
|
2,063,362 |
|
Short-term investments |
4,623,452 |
|
2,653,065 |
|
Total current assets |
24,452,888 |
|
18,727,039 |
| Non-current
assets: |
|
|
|
|
Property and equipment, net |
1,227,163 |
|
714,734 |
|
Production cost, net |
1,929,622 |
|
2,066,066 |
|
Intangible assets, net |
4,326,790 |
|
3,627,533 |
|
Goodwill |
2,725,130 |
|
2,725,130 |
|
Long-term investments, net |
5,651,018 |
|
4,366,632 |
|
Other long-term assets |
1,517,959 |
|
931,933 |
|
Total non-current assets |
17,377,682 |
|
14,432,028 |
| Total
assets |
41,830,570 |
|
33,159,067 |
|
Liabilities |
|
|
|
| Current
liabilities: |
|
|
|
|
Accounts payable |
4,291,656 |
|
4,333,730 |
|
Salary and welfare payables |
1,401,526 |
|
1,219,355 |
|
Taxes payable |
316,244 |
|
345,250 |
|
Short-term loan and current portion of long-term debt |
6,621,386 |
|
7,455,753 |
|
Deferred revenue |
2,819,323 |
|
2,954,088 |
|
Accrued liabilities and other payables |
1,643,269 |
|
1,795,519 |
|
Total current liabilities |
17,093,404 |
|
18,103,695 |
| Non-current
liabilities: |
|
|
|
|
Long-term debt |
8,683,150 |
|
646 |
|
Other long-term liabilities |
814,429 |
|
650,459 |
|
Total non-current liabilities |
9,497,579 |
|
651,105 |
| Total
liabilities |
26,590,983 |
|
18,754,800 |
| |
|
|
|
| Total
Bilibili Inc.’s shareholders’ equity |
15,237,828 |
|
14,391,900 |
| Noncontrolling
interests |
1,759 |
|
12,367 |
| Total
shareholders’ equity |
15,239,587 |
|
14,404,267 |
| |
|
|
|
| Total
liabilities and shareholders’ equity |
41,830,570 |
|
33,159,067 |
| |
|
BILIBILI INC. |
|
Unaudited Selected Condensed Consolidated Cash Flows
Data |
|
(All amounts in thousands, except for share and per share
data) |
| |
| |
For the Three Months Ended |
|
For the Year Ended |
|
|
December31, |
|
September30, |
|
December31, |
|
December31, |
|
December 31, |
|
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in)/ provided by |
|
|
|
|
|
|
|
|
|
|
operating activities |
(707,255 |
) |
|
277,384 |
|
640,396 |
|
(3,911,370 |
) |
|
266,622 |
| |
|
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 Year Ended |
|
|
December31, |
|
September30, |
|
December31, |
|
December31, |
|
December 31, |
|
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
| |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(2,327,202 |
) |
|
(1,107,173 |
) |
|
(1,304,670 |
) |
|
(8,357,944 |
) |
|
(5,064,187 |
) |
| Add: |
|
|
|
|
|
|
|
|
|
| Share-based compensation
expenses |
254,795 |
|
|
304,037 |
|
|
267,059 |
|
|
1,040,683 |
|
|
1,132,644 |
|
| Amortization expense related
to intangible assets acquired through business acquisitions |
48,151 |
|
|
47,734 |
|
|
47,734 |
|
|
192,637 |
|
|
191,770 |
|
| Expenses related to
organizational optimization |
251,736 |
|
|
- |
|
|
- |
|
|
341,386 |
|
|
- |
|
| Termination expenses of
certain game projects |
416,708 |
|
|
- |
|
|
354,811 |
|
|
525,762 |
|
|
354,811 |
|
| Adjusted loss from
operations |
(1,355,812 |
) |
|
(755,402 |
) |
|
(635,066 |
) |
|
(6,257,476 |
) |
|
(3,384,962 |
) |
| |
|
|
|
|
|
|
|
|
|
| Net loss |
(1,497,036 |
) |
|
(1,337,246 |
) |
|
(1,296,690 |
) |
|
(7,507,653 |
) |
|
(4,811,713 |
) |
| Add: |
|
|
|
|
|
|
|
|
|
| Share-based compensation
expenses |
254,795 |
|
|
304,037 |
|
|
267,059 |
|
|
1,040,683 |
|
|
1,132,644 |
|
| Amortization expense related
to intangible assets acquired through business acquisitions |
48,151 |
|
|
47,734 |
|
|
47,734 |
|
|
192,637 |
|
|
191,770 |
|
| Income tax related to
intangible assets acquired through business acquisitions |
(5,625 |
) |
|
(5,563 |
) |
|
(5,563 |
) |
|
(29,259 |
) |
|
(22,376 |
) |
| Loss on fair value change in
investments in publicly traded companies |
59,688 |
|
|
137,358 |
|
|
76,839 |
|
|
52,665 |
|
|
32,964 |
|
| Gain on repurchase of
convertible senior notes |
(842,804 |
) |
|
(9,771 |
) |
|
- |
|
|
(1,318,594 |
) |
|
(292,213 |
) |
| Expenses related to
organizational optimization |
251,736 |
|
|
- |
|
|
- |
|
|
341,386 |
|
|
- |
|
| Termination expenses of
certain game projects |
416,708 |
|
|
- |
|
|
354,811 |
|
|
525,762 |
|
|
354,811 |
|
| Adjusted net
loss |
(1,314,387 |
) |
|
(863,451 |
) |
|
(555,810 |
) |
|
(6,702,373 |
) |
|
(3,414,113 |
) |
| Net loss/(income) attributable
to noncontrolling interests |
2,382 |
|
|
(14,198 |
) |
|
206 |
|
|
10,640 |
|
|
(10,608 |
) |
| Adjusted net loss
attributable to the Bilibili Inc.’s shareholders |
(1,312,005 |
) |
|
(877,649 |
) |
|
(555,604 |
) |
|
(6,691,733 |
) |
|
(3,424,721 |
) |
| |
|
BILIBILI INC. |
|
Unaudited Reconciliations of GAAP and Non-GAAP Results
(Continued) |
|
(All amounts in thousands, except for share and per share
data) |
|
|
| |
For the Three Months Ended |
|
For the Year Ended |
|
|
December31, |
|
September 30, |
|
December31, |
|
December31, |
|
December 31, |
|
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
Adjusted net loss per share, basic |
(3.31 |
) |
|
(2.12 |
) |
|
(1.34 |
) |
|
(16.95 |
) |
|
(8.29 |
) |
| Adjusted net loss per ADS,
basic |
(3.31 |
) |
|
(2.12 |
) |
|
(1.34 |
) |
|
(16.95 |
) |
|
(8.29 |
) |
| Adjusted net loss per share,
diluted |
(3.31 |
) |
|
(2.12 |
) |
|
(1.34 |
) |
|
(16.95 |
) |
|
(8.29 |
) |
| Adjusted net loss per ADS,
diluted |
(3.31 |
) |
|
(2.12 |
) |
|
(1.34 |
) |
|
(16.95 |
) |
|
(8.29 |
) |
| Weighted average number of
ordinary shares, basic |
396,083,505 |
|
|
413,983,020 |
|
|
414,793,013 |
|
|
394,863,584 |
|
|
413,210,271 |
|
| Weighted average number of
ADS, basic |
396,083,505 |
|
|
413,983,020 |
|
|
414,793,013 |
|
|
394,863,584 |
|
|
413,210,271 |
|
| Weighted average number of
ordinary shares, diluted |
396,083,505 |
|
|
413,983,020 |
|
|
414,793,013 |
|
|
394,863,584 |
|
|
413,210,271 |
|
| Weighted average number of
ADS, diluted |
396,083,505 |
|
|
413,983,020 |
|
|
414,793,013 |
|
|
394,863,584 |
|
|
413,210,271 |
|
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