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,
2022.
Fourth Quarter and Fiscal Year 2022
Highlights:
- Total
net revenues were RMB6.1 billion (US$890.6 million) in the
fourth quarter of 2022, representing an increase of 6% from the
same period in 2021. Total net revenues were RMB21.9 billion
(US$3.2 billion) in 2022, compared with RMB19.4 billion in the
prior year.
- Net loss was
RMB1.5 billion (US$217.1 million) in the fourth quarter of 2022,
narrowed by 29% from the same period in 2021. Net loss was RMB7.5
billion (US$1.1 billion) in 2022, compared with RMB6.8 billion in
the prior year.
- Adjusted net loss1 was RMB1.3
billion (US$190.6 million) in the fourth quarter of 2022, narrowed
by 21% from the same period in 2021. Adjusted net loss was RMB6.7
billion (US$971.8 million) in 2022, compared with RMB5.5 billion in
the prior year.
- Average
daily active users
(DAUs2) reached 92.8
million in the fourth quarter of 2022, a 29% increase from the same
period in 2021.
- Average
monthly active users
(MAUs2) reached 326.0
million in the fourth quarter of 2022, a 20% increase from the same
period in 2021.
- Average
monthly paying users
(MPUs3) reached 28.1
million in the fourth quarter of 2022, a 15% increase from the same
period in 2021.
“We ended 2022 with solid DAU growth, improved
gross margin and narrowed losses in the fourth quarter,” said Mr.
Rui Chen, chairman and chief executive officer of Bilibili.
“Following the shift in our priority to target DAU growth, our DAUs
increased by 29% year-over-year to 92.8 million in the fourth
quarter bringing our DAU/MAU ratio to 28.5%, an improvement from
26.6% in the same period last year. Our community remained highly
engaged, with the average daily time spent per user reaching 96
minutes in the fourth quarter, driving the total time spent4 on our
platform up by 51% from the same period last year. Nowadays, the
changing market environment calls for increased adaptability. As
such, we have taken steps to tighten our expenses and streamline
our organization to further prioritize commercialization. Moving
through 2023, we will elevate our execution in these core areas,
ensuring we achieve our financial goals while continuing to foster
a welcoming and inclusive community for our users.”
Mr. Sam Fan, chief financial officer of
Bilibili, said, “For the fourth quarter, total net revenues reached
RMB6.1 billion, gross margin improved to 20.3%, and we further
narrowed our adjusted net loss by 21% year-on-year and 26%
quarter-on-quarter, respectively. Notably, we reduced our sales and
marketing expenses by 28% year-on-year while continuing to grow our
DAUs. Since October 2022, we have taken a more active stance toward
balance sheet management through convertible senior notes
repurchases. As a result, during the period of October 2022 to
January 2023, we reduced the aggregate principal amount of our
outstanding convertible senior notes by US$932 million. Looking
ahead, we will maintain strict cost control measures as we continue
to improve our margins and further narrow our losses.”
Fourth Quarter 2022 Financial
Results
Total net revenues. Total net
revenues were RMB6.1 billion (US$890.6 million), representing an
increase of 6% from the same period of 2021.
Mobile games. Revenues from mobile games were
RMB1.1 billion (US$166.1 million), representing a decrease of 12%
from the same period of 2021, mainly attributable to the lack of
new games launches in the fourth quarter of 2022.
Value-added services (VAS). Revenues from VAS
were RMB2.3 billion (US$340.7 million), representing an increase of
24% from the same period of 2021, mainly attributable to the
Company’s enhanced monetization efforts, led by an increased number
of paying users for the Company’s value-added services, including
live broadcasting services, premium membership program, and other
value-added services.
Advertising. Revenues from advertising were
RMB1.5 billion (US$219.3 million) compared with RMB1.6 billion in
the same period of 2021.
E-commerce and others. Revenues from e-commerce
and others were RMB1.1 billion (US$164.5 million), representing an
increase of 13% from the same period of 2021, mainly attributable
to increased revenue from e-sports copyright sub-licensing.
Cost of revenues. Cost of
revenues was RMB4.9 billion (US$709.4 million), representing an
increase of 4%, from the same period of 2021. The increase was
mainly due to higher revenue-sharing costs and content costs.
Revenue-sharing costs, a key component of cost of revenues, was
RMB2.5 billion (US$365.0 million), representing an increase of 4%
from the same period of 2021.
Gross profit. Gross profit was
RMB1.2 billion (US$181.2 million), representing an increase of 14%
from the same period in 2021, primarily due to increased total net
revenues.
Total operating expenses. Total
operating expenses were RMB3.6 billion (US$518.6 million),
representing an increase of 15% from the same period of 2021.
Sales and marketing expenses. Sales and
marketing expenses were RMB1.3 billion (US$183.6 million),
representing a 28% decrease year-over-year. The decrease was
primarily attributable to reduced promotional spending in the
fourth quarter of 2022.
General and administrative expenses. General and
administrative expenses were RMB816.8 million (US$118.4 million),
representing a 52% increase year-over-year. The increase was
primarily due to severance cost of RMB251.7 million related to
organization optimization in the fourth quarter of 2022.
Research and development expenses. Research and
development expenses were RMB1.5 billion (US$216.6 million),
representing an 87% increase year-over-year. The increase was
primarily due to expenses of RMB416.7 million associated with the
termination of certain game projects and increased depreciation
expenses of servers and equipment.
Loss from operations. Loss from
operations was RMB2.3 billion (US$337.4 million), compared with
RMB2.0 billion in the same period of 2021.
Total other (expenses)/income,
net. Other income was RMB850.6 million (US$123.3 million),
compared with RMB63.4 million of other expenses in the same period
of 2021. The change was primarily attributable to gains of RMB842.8
million from the repurchase of convertible senior notes and
partially offset by investments loss charge for certain
investees.
Income tax expense. Income tax
expense was RMB20.5 million (US$3.0 million), compared with RMB32.8
million in the same period of 2021.
Net loss. Net loss was RMB1.5
billion (US$217.1 million), a 29% decrease from RMB2.1 billion in
the same period of 2021.
Adjusted net
loss1. Adjusted net
loss, which is a non-GAAP measure that excludes 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 on the repurchase of convertible senior notes,
expenses related to organizational optimization and termination
expenses of certain game projects, was RMB1.3 billion (US$190.6
million), a 21% decrease from RMB1.7 billion in the same period of
2021.
Basic and diluted EPS and
adjusted basic and diluted
EPS1. Basic and diluted net loss per
share were RMB3.77 (US$0.55), compared with RMB5.34 in the same
period of 2021. Adjusted basic and diluted net loss per share were
RMB3.31 (US$0.48), compared with RMB4.22 in the same period of
2021.
Fiscal Year 2022 Financial
Results
Total net revenues. Total net
revenues were RMB21.9 billion (US$3.2 billion), representing an
increase of 13% from 2021.
Mobile games. Revenues from
mobile games were RMB5.0 billion (US$728.0 million), representing a
decrease of 1% from 2021.
Value-added services (VAS).
Revenues from VAS were RMB8.7 billion (US$1.3 billion),
representing an increase of 26% from 2021, mainly attributable to
the Company’s enhanced monetization efforts, led by an increased
number of paying users for the Company’s value-added services
including live broadcasting services, premium membership program
and other value-added services.
Advertising. Revenues from
advertising were RMB5.1 billion (US$734.5 million), representing an
increase of 12% from 2021. This increase was primarily attributable
to further recognition of Bilibili’s brand name in China’s online
advertising market, as well as Bilibili’s improved advertising
efficiency.
E-commerce and others. Revenues
from e-commerce and others were RMB3.1 billion (US$448.9 million),
representing an increase of 9% from 2021, mainly attributable to
increased revenue from e-sports copyright sub-licensing.
Cost of revenues. Cost of
revenues was RMB18.0 billion (US$2.6 billion), representing an
increase of 18% from 2021. The increase was mainly due to higher
revenue-sharing costs and content costs. Revenue-sharing costs, a
key component of cost of revenues, was RMB9.1 billion (US$1.3
billion), representing an increase of 18% from 2021.
Gross profit. Gross profit was
RMB3.8 billion (US$558.1 million), compared with RMB4.0 billion in
2021.
Total operating expenses. Total
operating expenses were RMB12.2 billion (US$1.8 billion),
representing an increase of 17% from 2021.
Sales and marketing expenses. Sales and
marketing expenses were RMB4.9 billion (US$713.4 million),
representing a 15% decrease year-over-year. The decrease was
primarily attributable to reduced promotional spending in 2022.
General and administrative expenses. General and
administrative expenses were RMB2.5 billion (US$365.5 million),
representing a 37% increase year-over-year. The increase was
primarily due to severance cost of RMB341.4 million related to
organization optimization in 2022.
Research and development expenses. Research and
development expenses were RMB4.8 billion (US$690.9 million),
representing a 68% increase year-over-year. The increase was
primarily due to expenses of RMB525.8 million associated with the
termination of certain game projects and increased depreciation
expenses of servers and equipment.
Loss from operations. Loss from
operations was RMB8.4 billion (US$1.2 billion), compared with
RMB6.4 billion in 2021.
Total other (expenses)/income,
net. Other income was RMB954.4 million (US$138.4 million),
compared with RMB284.4 million of other expenses in 2021. The
change was primarily attributable to gains of RMB1.3 billion from
the repurchase of convertible senior notes and partially offset by
investments loss charge for certain investees.
Income tax expense. Income tax
expense was RMB104.1 million (US$15.1 million), compared with
RMB95.3 million in 2021.
Net loss. Net loss was RMB7.5
billion (US$1.1 billion), compared with RMB6.8 billion in 2021.
Adjusted net
loss1. Adjusted net
loss, which is a non-GAAP measure that excludes 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 on the repurchase of convertible senior notes,
expenses related to organizational optimization and termination
expenses of certain game projects, was RMB6.7 billion (US$971.8
million) compared with RMB5.5 billion in 2021.
Basic and diluted EPS and Adjusted basic
and diluted EPS1. Basic
and diluted net loss per share were RMB18.99 (US$2.75), compared
with RMB17.87 in 2021. Adjusted basic and diluted net loss per
share were RMB16.95 (US$2.46), compared with RMB14.42 in 2021.
Cash and cash equivalents, time deposits
and short-term investments. As of December 31, 2022, the
Company had cash and cash equivalents, time deposits and short-term
investments of RMB19.6 billion (US$2.8 billion).
Share Repurchase Program and Repurchase
of Convertible Senior Notes
The Company announced in March 2022 that its
board of directors had authorized a share repurchase program, under
which the Company may repurchase up to US$500 million of its ADSs
for the next 24 months. The Company had repurchased a total of 2.6
million ADSs for a total cost of US$53.6 million as of December 31,
2022.
In the fourth quarter of 2022, the Company
repurchased a total principal amount of US$54 million 2027 Notes
and a total principal amount of US$493 million of December 2026
Notes for a total cash consideration of US$420 million.
As of December 31, 2022, the Company had
repurchased a total principal amount of US$54 million 2027 Notes
and a total principal amount of US$768 million December 2026 Notes
for a total cash consideration of US$618 million.
The Company’s repurchase programs of its ADSs or
convertible senior notes will depend upon a variety of factors,
including market conditions. These programs may be suspended or
discontinued at any time.
Recent Developments
On January 11, 2023, the Company completed an
offering of 15,344,000 American depositary shares, each
representing one Class Z ordinary share, par value US$0.0001 per
share of the Company (the “ADS Offering”), at US$26.65 per ADS.
Shortly thereafter, the Company completed the exchange of an
aggregate principal amount of US$384.8 million of its outstanding
0.50% convertible senior notes due December 2026 (the “Exchange
Notes”) purchased by Goldman Sachs (Asia) L.L.C. and its applicable
affiliate(s), as duly engaged and authorized by the Company, from
the holders of such Exchange Notes in privately negotiated
transactions for the Company’s issuance of ADSs. The aggregate
purchase price of the Exchange Notes in the amount of US$331.2
million was funded by the net proceeds from the ADS Offering. The
Company plans to use the remaining net proceeds (after deducting
selling commissions) of the ADS Offering in the amount of US$68.8
million to replenish its cash reserve after its repurchases of
certain convertible senior notes in the fourth quarter of 2022 and
for other working capital purposes.
Outlook
For the full year of 2023, the Company currently
expects net revenues to be between RMB24.0 billion and RMB26.0
billion.
The above outlook is based on the current market
conditions and reflects the Company’s preliminary estimates, which
are all subject to various uncertainties, including those related
to the ongoing COVID-19 pandemic.
1 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.”
2 Starting from the second quarter of 2022, we
count our active users as the sum of active users
on mobile apps and PC ends during a given
period. We calculate active users on mobile apps based on the
number of mobile devices (including smart TV and other smart
devices) that have launched our mobile apps during a given period.
Active users on the PC ends refer to the sum of valid logged-in
users who visit our PC website at www.bilibili.com and engage in PC
application during a given period, after
eliminating duplicates.
3 The paying users refer to users who make
payments for various products and services on our platform,
including purchases in games and payments for VAS (excluding
purchases on our e-commerce platform). A user who makes payments
across different products and services offered on our platform
using the same registered account is counted as one paying user and
we add the number of paying users of Maoer toward our total paying
users without eliminating duplicates. Starting from the second
quarter of 2022, we add the number of paying users of smart TVs
toward our total paying users without eliminating duplicates.
4 Total time spent represents the total time
users spent on our mobile apps during a given period, which is the
result of average daily time spent per active user on our mobile
apps multiplied by DAUs and further multiplied by the number of
days in such period.
Conference Call
The Company’s management will host an earnings
conference call at 7:00 AM U.S. Eastern Time on March 2, 2023 (8:00
PM Beijing/Hong Kong Time on March 2, 2023).
Details for the conference call are as
follows: |
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|
|
Event Title: |
|
Bilibili Inc. Fourth Quarter and Fiscal Year 2022 Earnings
Conference Call |
Registration Link: |
|
https://register.vevent.com/register/BI22821643c86e4b4d9e82bc0440762b86 |
|
|
|
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 life 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 bond
among them. Bilibili pioneered the “bullet chatting” feature, a
live commenting function that has transformed the viewing
experience by displaying thoughts and feelings of other audience
viewing the same video. It has now become the welcoming home of
diverse interests for young generations in China and the frontier
to promote 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 net loss, adjusted net loss per share and per ADS, 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, 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 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 RMB6.8972
to US$1.00, the exchange rate on December 30, 2022 set forth in the
H.10 statistical release of the Federal Reserve Board. The Company
makes no representation that the RMB or US$ 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 impact of COVID-19, 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 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: the impact of the COVID-19 pandemic on Bilibili’s
business, 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
The Piacente Group, Inc.Emilie WuTel:
+86-21-6039-8363E-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 Year Ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
2021 |
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
|
|
|
|
|
|
|
|
|
|
Net
revenues: |
|
|
|
|
|
|
|
|
|
|
Mobile games |
|
1,295,350 |
|
|
1,471,331 |
|
|
1,145,905 |
|
|
5,090,926 |
|
|
5,021,290 |
|
Value-added services (VAS) |
|
1,894,518 |
|
|
2,209,711 |
|
|
2,349,809 |
|
|
6,934,886 |
|
|
8,715,170 |
|
Advertising |
|
1,587,616 |
|
|
1,354,834 |
|
|
1,512,356 |
|
|
4,523,421 |
|
|
5,066,212 |
|
E-commerce and others |
|
1,003,299 |
|
|
757,775 |
|
|
1,134,416 |
|
|
2,834,451 |
|
|
3,096,495 |
|
Total net
revenues |
|
5,780,783 |
|
|
5,793,651 |
|
|
6,142,486 |
|
|
19,383,684 |
|
|
21,899,167 |
|
Cost of revenues |
|
(4,682,981 |
) |
|
(4,739,435 |
) |
|
(4,892,933 |
) |
|
(15,340,537 |
) |
|
(18,049,872 |
) |
Gross
profit |
|
1,097,802 |
|
|
1,054,216 |
|
|
1,249,553 |
|
|
4,043,147 |
|
|
3,849,295 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
|
(1,761,605 |
) |
|
(1,228,708 |
) |
|
(1,266,149 |
) |
|
(5,794,853 |
) |
|
(4,920,745 |
) |
General and administrative expenses |
|
(538,120 |
) |
|
(543,366 |
) |
|
(816,807 |
) |
|
(1,837,506 |
) |
|
(2,521,134 |
) |
Research and development expenses |
|
(797,617 |
) |
|
(1,131,010 |
) |
|
(1,493,799 |
) |
|
(2,839,862 |
) |
|
(4,765,360 |
) |
Total operating
expenses |
|
(3,097,342 |
) |
|
(2,903,084 |
) |
|
(3,576,755 |
) |
|
(10,472,221 |
) |
|
(12,207,239 |
) |
Loss from
operations |
|
(1,999,540 |
) |
|
(1,848,868 |
) |
|
(2,327,202 |
) |
|
(6,429,074 |
) |
|
(8,357,944 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other
(expenses)/income: |
|
|
|
|
|
|
|
|
|
|
Investment (loss)/income, net |
|
(93,331 |
) |
|
178,603 |
|
|
(166,815 |
) |
|
(194,183 |
) |
|
(532,485 |
) |
Interest income |
|
26,583 |
|
|
82,477 |
|
|
108,306 |
|
|
70,367 |
|
|
281,051 |
|
Interest expense |
|
(50,097 |
) |
|
(63,753 |
) |
|
(63,558 |
) |
|
(155,467 |
) |
|
(250,923 |
) |
Exchange gains/(losses) |
|
4,056 |
|
|
(62,867 |
) |
|
64,648 |
|
|
(15,504 |
) |
|
(19,745 |
) |
Debt extinguishment gain |
|
- |
|
|
- |
|
|
842,804 |
|
|
- |
|
|
1,318,594 |
|
Others, net |
|
49,349 |
|
|
25,451 |
|
|
65,242 |
|
|
10,411 |
|
|
157,944 |
|
Total other
(expenses)/income, net |
|
(63,440 |
) |
|
159,911 |
|
|
850,627 |
|
|
(284,376 |
) |
|
954,436 |
|
Loss before income
tax |
|
(2,062,980 |
) |
|
(1,688,957 |
) |
|
(1,476,575 |
) |
|
(6,713,450 |
) |
|
(7,403,508 |
) |
Income tax |
|
(32,787 |
) |
|
(27,083 |
) |
|
(20,461 |
) |
|
(95,289 |
) |
|
(104,145 |
) |
Net loss |
|
(2,095,767 |
) |
|
(1,716,040 |
) |
|
(1,497,036 |
) |
|
(6,808,739 |
) |
|
(7,507,653 |
) |
Net loss attributable to noncontrolling interests |
|
7,753 |
|
|
2,590 |
|
|
2,382 |
|
|
19,511 |
|
|
10,640 |
|
Net loss
attributable to the Bilibili Inc.'s
shareholders |
(2,088,014 |
) |
|
(1,713,450 |
) |
|
(1,494,654 |
) |
|
(6,789,228 |
) |
|
(7,497,013 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic |
|
(5.34 |
) |
|
(4.34 |
) |
|
(3.77 |
) |
|
(17.87 |
) |
|
(18.99 |
) |
Net loss per ADS, basic |
|
(5.34 |
) |
|
(4.34 |
) |
|
(3.77 |
) |
|
(17.87 |
) |
|
(18.99 |
) |
Net loss per share,
diluted |
|
(5.34 |
) |
|
(4.34 |
) |
|
(3.77 |
) |
|
(17.87 |
) |
|
(18.99 |
) |
Net loss per ADS, diluted |
|
(5.34 |
) |
|
(4.34 |
) |
|
(3.77 |
) |
|
(17.87 |
) |
|
(18.99 |
) |
Weighted average number of
ordinary shares, basic |
|
391,248,558 |
|
|
395,062,497 |
|
|
396,083,505 |
|
|
379,898,121 |
|
|
394,863,584 |
|
Weighted average number of
ADS, basic |
|
391,248,558 |
|
|
395,062,497 |
|
|
396,083,505 |
|
|
379,898,121 |
|
|
394,863,584 |
|
Weighted average number of
ordinary shares, diluted |
|
391,248,558 |
|
|
395,062,497 |
|
|
396,083,505 |
|
|
379,898,121 |
|
|
394,863,584 |
|
Weighted average number of
ADS, diluted |
|
391,248,558 |
|
|
395,062,497 |
|
|
396,083,505 |
|
|
379,898,121 |
|
|
394,863,584 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2021 |
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
|
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expenses included
in: |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
26,163 |
|
16,076 |
|
14,908 |
|
76,232 |
|
69,096 |
|
Sales and marketing expenses |
|
15,257 |
|
15,295 |
|
17,815 |
|
53,452 |
|
59,041 |
|
General and administrative expenses |
|
165,669 |
|
135,420 |
|
136,681 |
|
553,526 |
|
554,976 |
|
Research and development expenses |
|
100,381 |
|
84,537 |
|
85,391 |
|
316,607 |
|
357,570 |
|
Total |
|
307,470 |
|
251,328 |
|
254,795 |
|
999,817 |
|
1,040,683 |
|
|
BILIBILI INC.
Unaudited Condensed Consolidated Balance
Sheets
(All amounts in thousands, except for
share and per share data)
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
|
|
|
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
7,523,108 |
|
10,172,584 |
Time deposits |
|
7,632,334 |
|
4,767,972 |
Restricted cash |
|
- |
|
14,803 |
Accounts receivable, net |
|
1,382,328 |
|
1,328,584 |
Prepayments and other current assets |
|
4,848,364 |
|
3,545,493 |
Short-term investments |
|
15,060,722 |
|
4,623,452 |
Total current assets |
|
36,446,856 |
|
24,452,888 |
Non-current assets: |
|
|
|
|
Property and equipment, net |
|
1,350,256 |
|
1,227,163 |
Production cost, net |
|
1,083,772 |
|
1,929,622 |
Intangible assets, net |
|
3,835,600 |
|
4,326,790 |
Goodwill |
|
2,338,303 |
|
2,725,130 |
Long-term investments, net |
|
5,502,524 |
|
5,651,018 |
Other long-term assets |
|
1,495,840 |
|
1,517,959 |
Total non-current assets |
|
15,606,295 |
|
17,377,682 |
Total
assets |
|
52,053,151 |
|
41,830,570 |
Liabilities |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
4,360,906 |
|
4,291,656 |
Salary and welfare payables |
|
995,451 |
|
1,401,526 |
Taxes payable |
|
203,770 |
|
316,244 |
Short-term loan and current-portion of long-term debt |
|
1,232,106 |
|
6,621,386 |
Deferred revenue |
|
2,645,389 |
|
2,819,323 |
Accrued liabilities and other payables |
|
2,633,389 |
|
1,643,269 |
Total current liabilities |
|
12,071,011 |
|
17,093,404 |
Non-current liabilities: |
|
|
|
|
Long-term debt |
|
17,784,092 |
|
8,683,150 |
Other long-term liabilities |
|
481,982 |
|
814,429 |
Total non-current liabilities |
|
18,266,074 |
|
9,497,579 |
Total
liabilities |
|
30,337,085 |
|
26,590,983 |
|
|
|
|
|
Total Bilibili Inc.’s
shareholders’ equity |
|
21,703,667 |
|
15,237,828 |
Noncontrolling interests |
|
12,399 |
|
1,759 |
Total shareholders’
equity |
|
21,716,066 |
|
15,239,587 |
|
|
|
|
|
Total liabilities and
shareholders’ equity |
|
52,053,151 |
|
41,830,570 |
|
|
|
|
|
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 |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
2021 |
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(2,095,767 |
) |
|
(1,716,040 |
) |
|
(1,497,036 |
) |
|
(6,808,739 |
) |
|
(7,507,653 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
Share-based compensation
expenses |
|
307,470 |
|
|
251,328 |
|
|
254,795 |
|
|
999,817 |
|
|
1,040,683 |
|
Amortization expense related
to intangible assets acquired through business acquisitions |
|
33,227 |
|
|
48,151 |
|
|
48,151 |
|
|
113,405 |
|
|
192,637 |
|
Income tax related to
intangible assets acquired through business acquisitions |
|
(1,514 |
) |
|
(5,625 |
) |
|
(5,625 |
) |
|
(6,056 |
) |
|
(29,259 |
) |
Loss/(Gain) on fair value
change in investments in publicly traded companies |
|
96,771 |
|
|
(342,952 |
) |
|
59,688 |
|
|
204,000 |
|
|
52,665 |
|
(Gain) on repurchase of
convertible senior notes |
|
- |
|
|
- |
|
|
(842,804 |
) |
|
- |
|
|
(1,318,594 |
) |
Expenses related to
organizational optimization |
|
- |
|
|
- |
|
|
251,736 |
|
|
- |
|
|
341,386 |
|
Termination expenses of
certain game projects |
|
- |
|
|
- |
|
|
416,708 |
|
|
- |
|
|
525,762 |
|
Adjusted net loss |
|
(1,659,813 |
) |
|
(1,765,138 |
) |
|
(1,314,387 |
) |
|
(5,497,573 |
) |
|
(6,702,373 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to the Bilibili Inc.'s shareholders |
|
(2,088,014 |
) |
|
(1,713,450 |
) |
|
(1,494,654 |
) |
|
(6,789,228 |
) |
|
(7,497,013 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
Share-based compensation
expenses |
|
307,470 |
|
|
251,328 |
|
|
254,795 |
|
|
999,817 |
|
|
1,040,683 |
|
Amortization expense related
to intangible assets acquired through business acquisitions |
|
33,227 |
|
|
48,151 |
|
|
48,151 |
|
|
113,405 |
|
|
192,637 |
|
Income tax related to
intangible assets acquired through business acquisitions |
|
(1,514 |
) |
|
(5,625 |
) |
|
(5,625 |
) |
|
(6,056 |
) |
|
(29,259 |
) |
Loss/(Gain) on fair value
change in investments in publicly traded companies |
|
96,771 |
|
|
(342,952 |
) |
|
59,688 |
|
|
204,000 |
|
|
52,665 |
|
(Gain) on repurchase of
convertible senior notes |
|
- |
|
|
- |
|
|
(842,804 |
) |
|
- |
|
|
(1,318,594 |
) |
Expenses related to
organizational optimization |
|
- |
|
|
- |
|
|
251,736 |
|
|
- |
|
|
341,386 |
|
Termination expenses of
certain game projects |
|
- |
|
|
- |
|
|
416,708 |
|
|
- |
|
|
525,762 |
|
Adjusted net loss attributable to the Bilibili Inc.'s
shareholders |
|
(1,652,060 |
) |
|
(1,762,548 |
) |
|
(1,312,005 |
) |
|
(5,478,062 |
) |
|
(6,691,733 |
) |
Adjusted net loss per share,
basic |
|
(4.22 |
) |
|
(4.46 |
) |
|
(3.31 |
) |
|
(14.42 |
) |
|
(16.95 |
) |
Adjusted net loss per ADS,
basic |
|
(4.22 |
) |
|
(4.46 |
) |
|
(3.31 |
) |
|
(14.42 |
) |
|
(16.95 |
) |
Adjusted net loss per share,
diluted |
|
(4.22 |
) |
|
(4.46 |
) |
|
(3.31 |
) |
|
(14.42 |
) |
|
(16.95 |
) |
Adjusted net loss per ADS,
diluted |
|
(4.22 |
) |
|
(4.46 |
) |
|
(3.31 |
) |
|
(14.42 |
) |
|
(16.95 |
) |
Weighted average number of ordinary shares, basic |
|
391,248,558 |
|
|
395,062,497 |
|
|
396,083,505 |
|
|
379,898,121 |
|
|
394,863,584 |
|
Weighted average number of ADS, basic |
|
391,248,558 |
|
|
395,062,497 |
|
|
396,083,505 |
|
|
379,898,121 |
|
|
394,863,584 |
|
Weighted average number of ordinary shares, diluted |
|
391,248,558 |
|
|
395,062,497 |
|
|
396,083,505 |
|
|
379,898,121 |
|
|
394,863,584 |
|
Weighted average number of ADS, diluted |
|
391,248,558 |
|
|
395,062,497 |
|
|
396,083,505 |
|
|
379,898,121 |
|
|
394,863,584 |
|
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