Bilibili Inc. Announces Fourth Quarter and Fiscal Year 2023 Financial Results
- Total net revenues for Bilibili in Q4 2023 were RMB6.3 billion, a 3% increase from the same period in 2022.
- Advertising revenues in Q4 2023 reached RMB1.9 billion, a 28% increase year over year.
- VAS revenues in Q4 2023 were RMB2.9 billion, marking a 22% increase compared to the same period in 2022.
- Gross profit in Q4 2023 was RMB1.7 billion, a 33% increase year over year.
- Net loss for Q4 2023 was RMB1.3 billion, narrowing by 13% from the same period in 2022.
- Bilibili's operating cash flow was RMB640.4 million in Q4 2023, compared to negative RMB707.3 million in the same period last year.
- The company's average daily active users (DAUs) in Q4 2023 were 100.1 million, up 8% from the same period in 2022.
- Revenues from mobile games in Q4 2023 decreased by 12% year over year.
- Revenues from IP derivatives and others in Q4 2023 decreased by 51% from the same period in 2022.
Insights
The financial results of Bilibili Inc. for the fourth quarter and fiscal year 2023 demonstrate a mixed performance with both positive and negative indicators. The company's total net revenues and gross profit have shown modest year-over-year growth, with the gross profit margin indicating a significant improvement. This margin expansion suggests enhanced operational efficiency, which is a positive sign for investors concerned with profitability and cost management.
Despite the revenue growth in advertising and value-added services, the overall revenue increase is relatively subdued at 3%. It's critical to note that the advertising sector's 27% growth reflects a strong market demand for Bilibili's advertising product offerings, which could be a result of improved targeting and engagement strategies. The 14% increase in VAS revenues, driven by live broadcasting and other services, indicates a solidifying user base willing to pay for premium content.
However, the net losses, although narrowing, still raise concerns about the company's path to profitability. The adjusted net loss figures, which exclude non-recurring items, provide a clearer picture of operational performance and suggest that the company is moving in the right direction. The positive operating cash flow is a crucial turnaround from the previous year and indicates a healthier financial status, which is essential for sustaining long-term growth and investment.
Bilibili's user engagement metrics, such as the 8% increase in daily active users (DAUs) and the robust average daily time spent of over 95 minutes, are indicative of a strong and growing platform that is successfully retaining and engaging its user base. This level of engagement is critical for a video community platform, as it directly correlates with the ability to monetize through advertising and value-added services.
Furthermore, the growth in content creators earning income on the platform by 30% compared with 2022 is a testament to Bilibili's expanding creator ecosystem. A thriving creator community can lead to more diverse and high-quality content, which in turn can attract more users and advertisers. This virtuous cycle between community growth and commercialization is a key driver for the platform's long-term success.
The reported decrease in revenues from mobile games and IP derivatives and others, such as e-sports copyright sublicensing, suggests a shift in the company's revenue composition. It is crucial for Bilibili to continue diversifying its revenue streams and reducing reliance on any single category to mitigate risks associated with market fluctuations in specific segments.
The financial results of Bilibili Inc. reflect broader economic trends within the tech and entertainment sectors in China. The modest revenue growth aligns with the cautious optimism seen in consumer spending in these industries. The improvement in gross profit margins and operating cash flow are particularly noteworthy in the context of the economic recovery following pandemic-related disruptions.
Efficient cost control measures, as evidenced by the reduction in operating expenses, are indicative of a strategic response to the macroeconomic environment, where companies are seeking to streamline operations amid uncertain market conditions. This prudence is essential for maintaining financial stability and investor confidence during periods of economic volatility.
The strategic focus on enhancing monetization products and commercial strategies is a response to the competitive landscape in China, where tech companies are vying for consumer attention and spending. Bilibili's ability to increase advertising revenues despite a challenging market highlights the company's competitive edge and potential for capturing a larger share of the advertising market.
SHANGHAI, China, March 07, 2024 (GLOBE NEWSWIRE) -- 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 by3% 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 of28% and27% 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 of22% and14% year over year, respectively.
- Advertising revenues were RMB1.9 billion (US
- 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 of33% and41% year over year, respectively. Gross profit margin reached26.1% in the fourth quarter of 2023, improving from20.3% in the same period last year. Gross profit margin reached24.2% in 2023, improving from17.6% 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 by13% and36% 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 by58% and49% 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
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
Fourth Quarter 2023 Financial Results
Total net revenues. Total net revenues were RMB6.3 billion (US
Value-added services (VAS). Revenues from VAS were RMB2.9 billion (US
Advertising. Revenues from advertising were RMB1.9 billion (US
Mobile games. Revenues from mobile games were RMB1.0 billion (US
IP derivatives and others (formerly known as E-commerce and others). Revenues from IP derivatives and others were RMB556.0 million (US
Cost of revenues. Cost of revenues was RMB4.7 billion (US
Gross profit. Gross profit was RMB1.7 billion (US
Total operating expenses. Total operating expenses were RMB3.0 billion (US
Sales and marketing expenses. Sales and marketing expenses were RMB1.1 billion (US
General and administrative expenses. General and administrative expenses were RMB511.9 million (US
Research and development expenses. Research and development expenses were RMB1.3 billion (US
Loss from operations. Loss from operations was RMB1.3 billion (US
Adjusted loss from operations1. Adjusted loss from operations was RMB635.1 million (US
Total other income/(expenses), net. Total other income was RMB13.1 million (US
Income tax expense. Income tax expense was RMB5.1 million (US
Net loss. Net loss was RMB1.3 billion (US
Adjusted net loss1. Adjusted net loss was RMB555.8 million (US
Basic and diluted EPS and adjusted basic and diluted EPS1. Basic and diluted net loss per share were RMB3.13 (US
Net cash provided by operating activities. Net cash provided by operating activities was RMB640.4 million (US
Fiscal Year 2023 Financial Results
Total net revenues. Total net revenues were RMB22.5 billion (US
Value-added services (VAS). Revenues from VAS were RMB9.9 billion (US
Advertising. Revenues from advertising were RMB6.4 billion (US
Mobile games. Revenues from mobile games were RMB4.0 billion (US
IP derivatives and others (formerly known as E-commerce and others). Revenues from IP derivatives and others were RMB2.2 billion (US
Cost of revenues. Cost of revenues was RMB17.1 billion (US
Gross profit. Gross profit was RMB5.4 billion (US
Total operating expenses. Total operating expenses were RMB10.5 billion (US
Sales and marketing expenses. Sales and marketing expenses were RMB3.9 billion (US
General and administrative expenses. General and administrative expenses were RMB2.1 billion (US
Research and development expenses. Research and development expenses were RMB4.5 billion (US
Loss from operations. Loss from operations was RMB5.1 billion (US
Adjusted loss from operations1. Adjusted loss from operations was RMB3.4 billion (US
Total other income/(expenses), net. Total other income was RMB331.2 million (US
Income tax expense. Income tax expense was RMB78.7 million (US
Net loss. Net loss was RMB4.8 billion (US
Adjusted net loss1. Adjusted net loss was RMB3.4 billion (US
Basic and diluted EPS and adjusted basic and diluted EPS1. Basic and diluted net loss per share were RMB11.67 (US
Net cash provided by operating activities. Net cash provided by operating activities was RMB266.6 million (US
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
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
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
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 Yang
Tel: +86-21-2509-9255 Ext. 8523
E-mail: ir@bilibili.com
Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: bilibili@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-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, | |||||||||||||||
| 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 | ||||||||||||||||
| 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 | ||||||||||||
| BILIBILI INC. | |||||
| 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 | |||
| 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 | |||||||||||
| 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 | |||||
| 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, | |||||||||||
| 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 | ||||||||||||||
| 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 | ||||||||||
FAQ
What were Bilibili's total net revenues for the fiscal year 2023?
How did Bilibili's advertising revenues perform in Q4 2023?
What was the net loss reported by Bilibili in Q4 2023?
What was the average daily active users (DAUs) count for Bilibili in Q4 2023?
How did Bilibili's revenues from IP derivatives and others perform in Q4 2023?
