We could not find any results for: Make sure your spelling is correct or try broadening your search.
It looks like you aren't logged in.Click the button below to log in and view your recent history.
Already a member? Sign in
Live Options Flow
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2023
Commission File Number: 001-38429
Guozheng Center, No. 485 Zhengli Road
Yangpu District, Shanghai, 200433
Peoples Republic of China
(Address of principal executive offices)
Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
20-F ☒ Form 40-F ☐
Exhibit 99.1 Press Release
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
/s/ Xin Fan
Date: November 29, 2023
Bilibili Inc. Announces Third Quarter 2023 Financial Results
SHANGHAI, November 29, 2023 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 third quarter ended September 30, 2023.
Third Quarter 2023 Highlights:
Total net revenues were RMB5.8 billion (US$795.7 million), flat with the same period of 2022.
Revenues from advertising were RMB1.6 billion (US$224.5 million), representing an increase of 21% from the same period of 2022.
Gross profit was RMB1.5 billion (US$198.8 million), representing an increase of 38% from the same
period of 2022. Gross profit margin was 25.0%, compared with 18.2% in the same period of 2022.
Net loss was RMB1.3 billion (US$183.3 million), narrowing by 22% from the same period of 2022.
Adjusted net loss1 was RMB863.5 million
(US$118.3 million), narrowing by 51% from the same period of 2022.
Average daily active users (DAUs) were 102.8 million, representing an increase of 14% from the same
period of 2022.
Our community growth and commercialization efforts have formed a virtuous cycle in the third quarter, said
Mr. Rui Chen, chairman and chief executive officer of Bilibili. We delivered remarkable user growth and engagement in the third quarter while effectively improving our commercialization efficiency. Our DAUs surpassed an exciting milestone
of 100 million, marking a 14% year-over-year increase to 103 million. Additionally, users average daily time spent on our platform reached a historical high of 100 minutes, boosting total user time spent2 by 19% year-over-year. Meanwhile, we are continuing to strengthen our commercialization efficiency by integrating advertising solutions and live broadcasting across our content ecosystem. This
strategy has driven our revenues from advertising and value-added services up by 21% and 17% year-over-year, respectively. We are proud of the quality community growth we have achieved thus far, and we are confident that our self-driven content
ecosystem will lead to even more user growth and commercial opportunities ahead.
Mr. Sam Fan, chief financial officer of Bilibili, said,
In the third quarter, our gross profit margin improved from 18% to 25%, and our gross profit grew by 38%, both year-over-year. While we grew our DAUs, we further reined in our total operating expenses by 12% and narrowed our adjusted net loss
by 51%, both year-over-year. Notably, our operating cash flow turned positive in the third quarter, showing our operations have entered a positive cycle. Going forward, we remain committed to further improving our financials and creating value for
Third Quarter 2023 Financial Results
Total net revenues. Total net revenues were RMB5.8 billion (US$795.7 million), flat with the same period of 2022.
Value-added services (VAS). Revenues from VAS were RMB2.6 billion (US$355.7 million), representing an increase of 17% 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
RMB1.6 billion (US$224.5 million), representing an increase of 21% from the same period of 2022, mainly attributable to the Companys improved advertising product offerings and enhanced advertising efficiency.
Mobile games. Revenues from mobile games were RMB991.8 million (US$135.9 million), representing
a decrease of 33% from the same period of 2022, and an increase of 11% quarter-over-quarter. The year-over-year decrease was mainly due to the high base from the release of Space Hunter 3 in June 2022, as well as lower-than-expected revenues
from certain new games in the third quarter of 2023.
IP derivatives and others (formerly known as E-commerce
and others). Revenues from IP derivatives and others were RMB580.0 million (US$79.5 million), representing a decrease of 23% from the same period of 2022, primarily due to a decrease in revenues from IP derivatives sales.
Cost of revenues. Cost of revenues was RMB4.4 billion (US$596.9 million), representing a decrease of 8% from the same period of 2022. The decrease
was mainly due to lower content costs, server and bandwidth costs and others costs led by effective cost control. Revenue-sharing costs, a key component of the cost of revenues, were RMB2.5 billion (US$336.6 million), representing an increase
of 3% from the same period of 2022.
Gross profit. Gross profit was RMB1.5 billion (US$198.8 million), representing an increase of 38% from
the same period of 2022, primarily as a result of the Companys reduction of fixed costs related to platform operations, as the Company enhanced its monetization efficiency.
Total operating expenses. Total operating expenses were RMB2.6 billion (US$350.5 million), representing a decrease of 12% from the same period of
Sales and marketing expenses. Sales and marketing expenses were RMB992.3 million (US$136.0 million), representing a 19% decrease
year-over-year. The decrease was primarily attributable to reduced promotional spending related to user acquisition in the third quarter of 2023.
General and administrative expenses. General and administrative expenses were RMB499.1 million (US$68.4 million), representing an 8% decrease
year-over-year. The decrease was primarily attributable to a decline in allowance for doubtful accounts, rental costs and other general and administrative expenses in the third quarter of 2023.
Research and development expenses. Research and development expenses were RMB1.1 billion (US$146.1 million), representing a 6% decrease
year-over-year. The decrease was mainly attributable to a decline in staff-related costs in the third quarter of 2023.
Loss from operations. Loss
from operations was RMB1.1 billion (US$151.8 million), narrowing by 40% from the same period of 2022.
Adjusted loss from operations1. Adjusted loss from operations was RMB755.4 million (US$103.5million), narrowing by 51% from the same period of 2022. Adjusted loss from operations is a
non-GAAP measure that excludes share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions, expenses related to organizational optimization, and
termination expenses of certain game projects.
Investment income/(loss), net (including impairments). Total investment loss was
RMB245.0 million (US$33.6 million), compared with an investment income of RMB178.6 million in the same period of 2022. The change was primarily attributable to the fair value changes in investments in publicly traded companies. A fair
value loss of RMB137.4 million was recognized in the third quarter of 2023, compared to a fair value gain of RMB343.0 million for the same period of 2022.
Income tax expense. Income tax expense was RMB18.0 million (US$2.5 million), compared with
RMB27.1 million in the same period of 2022.
Net loss. Net loss was RMB1.3 billion (US$183.3 million), narrowing by 22% from the same
period of 2022.
Adjusted net loss1. Adjusted net loss was RMB863.5 million
(US$118.3 million), narrowing by 51% from the same period of 2022. Adjusted net loss is a non-GAAP measure that excludes share-based compensation expenses, amortization expenses 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 the repurchase of convertible senior
notes, expenses related to organizational optimization and termination expenses of certain game projects.
Basic and diluted EPS and adjusted basic and
diluted EPS1. Basic and diluted net loss per share were RMB3.26 (US$0.45) each, compared with RMB4.34 each in the same period of 2022. Adjusted basic and diluted net loss per
share were RMB2.12 (US$0.29) each, compared with RMB4.46 each in the same period of 2022.
Cash and cash equivalents, time deposits and short-term
investments. As of September 30, 2023, the Company had cash and cash equivalents, time deposits and short-term investments of RMB14.5 billion (US$2.0 billion).
Repurchase of Convertible Senior Notes
In the third
quarter of 2023, the Company repurchased an aggregate principal amount of US$14.5 million (RMB104.0 million) December 2026 Notes with an aggregate cash consideration of US$13.0 million (RMB93.3 million). As of September 30, 2023, the
aggregate outstanding principal amount of April 2026 Notes, 2027 Notes and December 2026 Notes was US$861.8 million (RMB6.3 billion).
For the full year of 2023, due to lower-than-expected mobile game revenues, the Company currently expects total net revenues to be at the low-end of the RMB22.5 billion to RMB23.5 billion range.
The outlook is based on the current market
conditions and reflects the Companys preliminary estimates, which are all subject to various uncertainties.
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.
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.
The Companys management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 29, 2023 (8:00 PM Beijing/Hong Kong Time on
November 29, 2023). Details for the conference call are as follows:
Event Title: Bilibili Inc. Third
Quarter 2023 Earnings Conference Call
Registration Link: https://register.vevent.com/register/BI1db4115406524e49ae627bb437ede6bc
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 Companys investor relations website at https://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
Use of Non-GAAP Financial Measures
The Company uses non-GAAP measures, such as adjusted loss from operations, adjusted net loss and 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/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 Companys results of operations, enhance the overall understanding of the Companys past
performance and future prospects and allow for greater visibility with respect to key metrics used by the Companys 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 Companys 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 Companys 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 RMB7.2960 to US$1.00, the exchange rate on September 29, 2023, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no
representation that the RMB or US$ amounts referred to could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
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, outlook and quotations from management in this
announcement, as well as Bilibilis 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 Bilibilis 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; Bilibilis strategies; Bilibilis future business development, financial condition and results of operations; Bilibilis 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; Bilibilis ability to maintain its culture and brand image within
its addressable user communities; Bilibilis 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 Companys 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:
Tel: +86-21-2509-9255 Ext. 8523
Piacente Financial Communications
In the United States:
Unaudited Condensed Consolidated Statements of Operations
(All amounts in thousands, except for share and per share data)
Value-added services (VAS)
IP derivatives and others (formerly known as E-commerce
Total net revenues
Cost of revenues
Sales and marketing expenses
General and administrative expenses
Research and development expenses
Total operating expenses
Loss from operations
Investment income/(loss), net (including impairments)
Debt extinguishment (loss)/gain
Total other income/(expenses), net
Loss before income tax
Net loss/(income) attributable to noncontrolling interests
Net loss attributable to the Bilibili Inc.s shareholders
Net loss per share, basic
Net loss per ADS, basic
Net loss per share, diluted
Net loss per ADS, diluted
Weighted average number of ordinary shares, basic
Weighted average number of ADS, basic
Weighted average number of ordinary shares, diluted
Weighted average number of ADS, diluted
The accompanying notes are an integral part of this press release.
Notes to Unaudited Financial Information
Share-based compensation expenses included in:
Unaudited Condensed Consolidated Balance Sheets
Cash and cash equivalents
Accounts receivable, net
Prepayments and other current assets
Total current assets
Property and equipment, net
Production cost, net
Intangible assets, net
Long-term investments, net
Other long-term assets
Total non-current assets
Salary and welfare payables
Short-term loan and current portion of long-term debt
Accrued liabilities and other payables
Total current liabilities
Other long-term liabilities
Total non-current liabilities
Total Bilibili Inc.s shareholders equity
Total shareholders equity
Total liabilities and shareholders equity
Unaudited Reconciliations of GAAP and Non-GAAP Results
Share-based compensation expenses
Amortization expense related to intangible assets acquired through business acquisitions
Expenses related to organizational optimization
Termination expenses of certain game projects
Adjusted loss from operations
Income tax related to intangible assets acquired through business acquisitions
(Gain)/Loss on fair value change in investments in publicly traded companies
Loss/(Gain) on repurchase of convertible senior notes
Adjusted net loss
Adjusted net loss attributable to the Bilibili Inc.s shareholders
Unaudited Reconciliations of GAAP and Non-GAAP Results (Continued)
Adjusted net loss per share, basic
Adjusted net loss per ADS, basic
Adjusted net loss per share, diluted
Adjusted net loss per ADS, diluted
More Bilibili Inc News Articles
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's
Terms & Conditions