Fourth Quarter and Fiscal Year 2023 Highlights:
- Total net revenues were
RMB6.3 billion (US$894.3 million ) in the fourth quarter of 2023 andRMB22.5 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, andRMB6.4 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, andRMB9.9 billion (US$1.4 billion ) in 2023, representing increases of 22% and 14% year over year, respectively.
- Advertising revenues were
- Gross profit was
RMB1.7 billion (US$233.8 million ) in the fourth quarter of 2023 andRMB5.4 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 andRMB4.8 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 andRMB3.4 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 andRMB266.6 million (US$37.6 million ) in 2023, compared with negativeRMB707.3 million for the same period last year and negativeRMB3.9 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.
Mr.
Fourth Quarter 2023 Financial Results
Total net revenues. Total net revenues were
Value-added services (VAS). Revenues from VAS were
Advertising. Revenues from advertising were
Mobile games. Revenues from mobile games were
IP derivatives and others (formerly known as E-commerce and others). Revenues from IP derivatives and others were
Cost of revenues. Cost of revenues was
Gross profit. Gross profit was
Total operating expenses. Total operating expenses were
Sales and marketing expenses. Sales and marketing expenses were
General and administrative expenses. General and administrative expenses were
Research and development expenses. Research and development expenses were
Loss from operations. Loss from operations was
Adjusted loss from operations1. Adjusted loss from operations was
Total other income/(expenses), net. Total other income was
Income tax expense. Income tax expense was
Net loss. Net loss was
Adjusted net loss1. Adjusted net loss was
Basic and diluted EPS and adjusted basic and diluted EPS1. Basic and diluted net loss per share were
Net cash provided by operating activities. Net cash provided by operating activities was
Fiscal Year 2023 Financial Results
Total net revenues. Total net revenues were
Value-added services (VAS). Revenues from VAS were
Advertising. Revenues from advertising were
Mobile games. Revenues from mobile games were
IP derivatives and others (formerly known as E-commerce and others). Revenues from IP derivatives and others were
Cost of revenues. Cost of revenues was
Gross profit. Gross profit was
Total operating expenses. Total operating expenses were
Sales and marketing expenses. Sales and marketing expenses were
General and administrative expenses. General and administrative expenses were
Research and development expenses. Research and development expenses were
Loss from operations. Loss from operations was
Adjusted loss from operations1. Adjusted loss from operations was
Total other income/(expenses), net. Total other income was
Income tax expense. Income tax expense was
Net loss. Net loss was
Adjusted net loss1. Adjusted net loss was
Basic and diluted EPS and adjusted basic and diluted EPS1. Basic and diluted net loss per share were
Net cash provided by operating activities. Net cash provided by operating activities was
Cash and cash equivalents, time deposits and short-term investments. As of
Convertible Senior Notes. As of
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
Event Title: | |
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
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
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable
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
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the
For investor and media inquiries, please contact:
In
Tel: +86-21-2509-9255 Ext. 8523
E-mail: ir@bilibili.com
Tel: +86-10-6508-0677
E-mail: bilibili@tpg-ir.com
In
Tel: +1-212-481-2050
E-mail: bilibili@tpg-ir.com
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, | |||||||||||||||
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.
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, | |||||||||||||
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 |
Unaudited Condensed Consolidated Balance Sheets | |||||
(All amounts in thousands, except for share and per share data) | |||||
December 31, | December 31, | ||||
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 | |||
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 |
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 | |||||||||||
December 31, | September 30, | December 31, | December 31, | 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 |
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, | |||||||||||
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 | ) |
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 | ||||||||||||||
December 31, | September 30, | December 31, | December 31, | 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 |
Source:
2024 GlobeNewswire, Inc., source