Kuaishou Technology Announces Fourth Quarter and Full Year 2022 Financial Results
Kuaishou Technology (HK:1024) reported Q4 2022 results, showcasing significant growth. Average DAUs and MAUs reached 366.2 million and 640.0 million, up 13.3% and 10.7% year-over-year, respectively. Revenue increased 15.8% to RMB28.3 billion, driven by online marketing services and live streaming, contributing 53.4% and 35.5% to total revenue. Gross profit surged 26.9% to RMB12.9 billion, with a gross profit margin of 45.5%. E-commerce GMV rose 30% to RMB312.4 billion. For the full year, total revenue grew 16.2% to RMB94.2 billion, and e-commerce GMV exceeded RMB900 billion. The company turned adjusted EBITDA positive, indicating improved operational efficiency.
- Average DAUs on Kuaishou APP increased by 13.3% year-over-year to 366.2 million.
- Total revenue for Q4 2022 grew by 15.8% to RMB28.3 billion.
- Gross profit improved by 26.9% year-over-year to RMB12.9 billion.
- E-commerce GMV reached RMB312.4 billion in Q4 2022, a 30% increase from the prior year.
- Adjusted EBITDA turned positive for full-year 2022.
- Operating loss for Q4 2022 was RMB1.2 billion, despite narrowing from RMB5.8 billion the previous year.
- Full-year operating loss was RMB12.6 billion, although it improved from RMB27.7 billion in 2021.
Fourth Quarter 2022 Key Highlights
- Average DAUs on Kuaishou APP were 366.2 million, representing an increase of
13.3% from 323.3 million for the same period of 2021. - Average MAUs on Kuaishou APP were 640.0 million, representing an increase of
10.7% from 578.0 million for the same period of 2021. - Average daily time spent per DAU(1) was 133.9 minutes, representing an increase of
12.6% from 118.9 minutes for the same period of 2021. - Total GMV of e-commerce transactions facilitated on our platform(2) was
RMB312.4 billion , representing an increase of30.0% fromRMB240.3 billion for the same period of 2021. - Total revenue increased by
15.8% toRMB28.3 billion fromRMB24.4 billion for the same period of 2021. Online marketing services and live streaming contributed53.4% and35.5% , respectively, to the total revenue. The other11.1% came from other services. - Gross profit increased by
26.9% toRMB12.9 billion fromRMB10.1 billion for the same period in 2021. Gross profit margin in the fourth quarter of 2022 was45.5% , improving from41.5% for the same period of 2021. - Operating profit from the domestic segment(3) was
RMB1.3 billion , compared to an operating loss ofRMB847.4 million for the same period of 2021.
Full Year 2022 Key Highlights
- Average DAUs on Kuaishou APP were 355.7 million, representing an increase of
15.4% from 308.2 million in 2021. - Average MAUs on Kuaishou APP were 612.7 million, representing an increase of
12.6% from 544.2 million in 2021. - Average daily time spent per DAU(1) was 129.2 minutes, representing an increase of
15.9% from 111.5 minutes in 2021. - Total GMV of e-commerce transactions facilitated on our platform(2) was
RMB901.2 billion , representing an increase of32.5% fromRMB680.0 billion in 2021. - Total revenue increased by
16.2% toRMB94.2 billion fromRMB81.1 billion in 2021. Online marketing services and live streaming contributed52.1% and37.6% , respectively, to the total revenue. The other10.3% came from other services. - Gross profit increased by
23.8% toRMB42.1 billion fromRMB34.0 billion in 2021. Gross profit margin in 2022 was44.7% , improving from42.0% in 2021. - Operating profit from the domestic segment(3) was
RMB192.1 million , compared to an operating loss ofRMB8.7 billion in 2021.
Mr. Cheng Yixiao, Co-founder and Chief Executive Officer of
Fourth Quarter 2022 Financial Review
Revenue from our online marketing services increased by
Revenue from our live streaming business increased by
Revenue from our other services increased by
Other Key Financial Information for the Fourth Quarter of 2022
Operating loss was
Full Year 2022 Financial Review
Revenue from our online marketing services increased by
Revenue from our live streaming business increased by
Revenue from our other services increased by
Other Key Financial Information for the Full Year of 2022
Operating loss was
Total available funds(6) reached
Notes:
(1) Key operating data are those on Kuaishou App for the periods indicated
(2) Placed on or directed to our partners through our platform
(3) Unallocated items, which consist of share-based compensation expenses, other income, and other gains/(losses), net, are not included.
(4) We define "adjusted net loss" as loss for the year or period adjusted by share-based compensation expenses, fair value changes of convertible redeemable preferred shares, and net fair value changes on investments.
(5) We define "adjusted EBITDA" as adjusted net loss for the year or period adjusted by income tax expenses/(benefits), depreciation of property and equipment, depreciation of right-of-use assets, amortization of intangible assets, and finance (income)/expense, net.
(6) Total available funds included but not limited to cash and cash equivalents, time deposit, financial assets and restricted cash. Financial assets mainly included wealth management products and others.
Business Review
Our fourth quarter results represent the culmination of a year marked by strong execution amid changing macro dynamics. Our user and content ecosystem was more vibrant than ever as we continued to grow the depth and breadth of our content, enhance services on our platform, and deploy more efficient user acquisition strategies. In the fourth quarter of 2022, we set new records in the average DAUs and MAUs on Kuaishou App, as well as average daily time spent per DAU. To unlock the massive value in our traffic, which continues to grow despite the enormous base, we implemented long-term initiatives in areas such as brand promotion, infrastructure, and ecosystem governance while deepening our operations in online marketing services and e-commerce, leading to continued gains in both mindshare and market share among advertisers and merchants.
In particular, our e-commerce GMV increased by
User and content ecosystem
In the fourth quarter of 2022, we continued to improve user acquisition efficiency by upgrading our user growth strategy, further enriched our creative ecosystem, and strengthened the supply of high-quality content. Through our algorithm-based learning system targeting different user groups, we also holistically optimized our operating metrics, such as user time spent and interactions, to improve user retention. In the fourth quarter of 2022, average DAUs and MAUs on Kuaishou App both hit record highs, reaching 366.2 million and 640.0 million, respectively, representing a year-over-year increase of
With respect to our user growth strategy, we continued to refine our personalized strategy and operations through algorithms, and consistently optimized user retention costs. In addition, we have been actively exploring user acquisition opportunities by leveraging more high-quality native short videos and live streaming content. In addition to our growing number of high-quality users, the vitality of
With a robust creative ecosystem as our foundation, we continued to enrich our content supply across various verticals. Specifically, we further strengthened our leadership in the short play segment. In 2022, our Project Astral (星芒計劃) has produced over 200 short plays in total, of which over 100 short plays have each received more than 100 million views accumulatively by the end of 2022. We are also actively striving to commercialize our short plays via advertising, e-commerce and paid content to build a sustainable, win-win ecosystem for creators and our platform. With respect to knowledge-based content, we created Kuaishou New Knowledge (快手新知), a pan-knowledge IP currently covering more than 10 fields such as education, humanities, art, and science. The number of news-related videos uploaded by the media institutions in the fourth quarter of 2022 more than doubled year-over-year. Meanwhile, users who were prompted by major events to consume news on our platform have gradually become our loyal users. Separately, popular variety shows have also had a positive impact on new user acquisition and fortified our brand image in users' mindsets. For example, the
In addition to the efforts above, we consistently optimized our search function. In the fourth quarter of 2022, nearly 400.0 million users on Kuaishou App used
Online marketing services
In 2022, we faced challenges from a slowdown of the online advertising market due to the macro economy headwinds. As consumption recovered after the domestic pandemic control policies were eased in
We provided advertisers with comprehensive industry solutions and elevated the performance and conversion efficiencies of advertising solutions through refined operations, algorithms, and products with in-depth integration of industry attributes. We launched more efficient advertisement performance assurance to our advertisers, coupled with the enhancement of underlying algorithm strategy, which led to more steady spending. With a focus on the holistic health of our advertising ecosystem, we promoted advertiser growth via various channels and through proactive, industry-specific support policies and other measures. The number of our advertisers maintained a rapid growth momentum year-over-year in the fourth quarter of 2022.
The main growth driver of our online advertising services in the fourth quarter of 2022 was the healthy development of advertising services for our native e-commerce merchants. As the macro economy and consumption gradually recovered, fueled by various e-commerce promotion events in the fourth quarter of 2022, revenue from our e-commerce merchants continued to grow at a healthy pace, particularly in sectors such as Fast Moving Consumer Goods (FMCG) and food and beverage. We also improved advertising conversion through a dual strategy, employing both short video and live streaming, which further improved short videos' proportion to our online marketing revenue. In addition, the advancements we made in our original content programs allowed us to tap further into our organic traffic pool. This helped native e-commerce advertisers enhance traffic efficiency across public and private domains and realize their long-term business targets.
With regard to brand advertising, we increased our brand advertising inventory and optimized our sell-through rates by leveraging key promotions and our own marketing programs in the fourth quarter of 2022. We also boosted these results by continuously iterating our brand advertising products. During our Double 11 Sales Promotion, we teamed up with Henan TV to organize the China
E-commerce
In the interest of fostering long-term trust among consumers and merchants on our platform, we have taken various initiatives, including building merchandise infrastructure and enhancing our ecosystem governance. These efforts are intended to develop a worry-free "trust-based community" for merchants and consumers. In the fourth quarter of 2022, the disruptions in merchandise supply and fulfillment caused by the pandemic challenged the traditional e-commerce peak season. We responded swiftly to ensure logistics capacity and the availability of e-commerce streamers. These actions, coupled with our algorithm-based and targeted promotions, minimized the pandemic's impact on user experience. As a result, our e-commerce GMV maintained fast growth in the fourth quarter of 2022, up
On the supply side, we focused on long-term initiatives, including merchant operations, brands, and merchandise infrastructure. We continued to onboard new merchants with an emphasis on growing the number of high-quality active merchants. We upgraded our "service provider team" to our "merchant development department" by integrating the capabilities of our service providers and our products and traffic capabilities to provide a one-stop service for merchants, especially high-potential small and medium-sized merchants that need support, helping them make a smooth transition from cold starts to sales ramp-up. We updated our store scores system based on merchandise quality, logistics timeliness, and service competencies, to better identify high-quality merchants for traffic support and more refined tiered operations. Furthermore, we continued to strengthen the relationship modeling between long-term high-value users and merchants through algorithms, which significantly contributed to the increase of the overall GMV. At the same time, we further improved the accuracy of merchandise recommendation and matching, and the live streaming GPM of public domain traffic in the fourth quarter of 2022 continued to maintain a rapid year-on-year growth. As a result, the number of monthly active merchants grew by over
We achieved strong progress in brand e-commerce in the fourth quarter of 2022 on the back of grand sales promotions in the quarter. Leveraging high-quality public domain traffic and the trust-based private domain in our dual-engine model, we established an end-to-end path from "recommendation" to "transaction", driving consistent growth in brand GMV, including
To further strengthen our merchandising capabilities, we continued to increase the accuracy, diversity, and coverage of product labels, gaining deeper insights into merchandise pricings, brand attributes, and transaction trends. At the same time, we profiled "good merchandise" for
On the consumption side, we improved user conversion efficiency by refining our user operation strategies and consistently optimizing our subsidy promotion based on algorithm. In these efforts, we benefitted from our efficient identification of potential consumers. In the fourth quarter of 2022, monthly active paying users increased further year-over-year and quarter-over-quarter, representing a penetration rate of high double digits. Monthly purchase frequency also improved quarter-over-quarter, while average order value expanded year-over-year and quarter-over-quarter. Moreover, our user review system gradually matured. With an increased weight of user satisfaction metrics in our algorithms, we achieved a consistent decline in negative merchandise feedback and customer complaint rates (CCR), demonstrating notable improvements in the e-commerce shopping experience with us. In addition, upholding the standard of "reliable quality and worry-free after-sales services", we have rolled out over 20 consumer rights and interests protection services on our platform. Meanwhile, our coverage of e-commerce orders with trusted-purchase and other protections grew by
Live streaming
In the fourth quarter of 2022, live streaming revenue increased by
Importantly, we have attached increasing importance to the healthy and sustainable development of our live streaming ecosystem. For example, through the Top 100 Streamer Selection, we encouraged leading streamers from all walks of life to continue providing users with high-quality live streaming content. We also skewed our traffic support to accelerate growth and improve the retention for new streamers, while guiding the traditional KOLs to further enhance content quality. Through refined recommendations and algorithms, we improved the conversion of users' rewarding behavior in the public domain based on the generalized modeling of users' gifting interests, growing our public domain live streaming revenue by over
In addition, we made continuous efforts to expand live streaming usage scenarios and build associated infrastructure to better satisfy users' and business partners' needs. In the fourth quarter of 2022, average daily resume submissions on
Overseas
In terms of our overseas business, we continued to focus on developing our markets in key countries, optimizing resource allocation and elevating operational efficiency. These efforts helped us further improve the bottom line of our overseas business. In addition to optimizing our customer acquisition costs across all channels, our overseas user base achieved healthy, steady growth. Through rich, constructive content offerings, we built user mindsets for consuming news on our platform, as well as short plays and other content verticals in which we excel. Moreover, we kept upgrading our products and algorithms to further strengthen user engagement, with average daily time spent per DAU growing to over 65 minutes in our overseas markets.
We also steadily improved our commercial ecosystem and enhanced our monetization capabilities, leading to rapid revenue expansions in the overseas markets. On the advertising front, we constantly created success cases and expanded our advertiser base. Through refined customer operations, we empowered advertisers to broaden their brand influence and achieve more growth upside. In terms of live streaming, we onboarded more streamers and talent agencies, which enriched our content offerings and deepened our live streaming penetration. Meanwhile, we continued to grow our live streaming revenue via refined operations and diverse operational activities. Additionally, we have been actively exploring e-commerce opportunities in the overseas markets.
Corporate social responsibilities
Leveraging our advanced short video and live streaming capacity, as well as our equitable traffic allocation mechanism,
Since we commenced its operation in 2021,
Business outlook
Looking ahead, we will continue making strides in upgrading our infrastructure, algorithms, usage scenarios and the multiple growth engines of our business, in tandem with our endeavor to further optimize cost structure and improve our operating efficiency. We are confident that our efforts to create value for all our ecosystem participants, with our inclusive and balanced traffic distribution strategy, will draw more users and creative talents to our platform, as such taking our unique, trust-based user and content community to new heights.
With continual enhancements to our user experience and commercial ecosystems, we look forward to further unlocking major monetization opportunities fostered by the massive scale of our traffic in both our private and public domains, our strong user engagement, high e-commerce repeated purchase rates at our platform, and our superior advertising conversion performance. In 2023, through relentless efforts to meet the needs and even exceed the expectation of our users and achieve better returns for our business partners, we will strive to strengthen our market position in online marketing and e-commerce, while creating additional shareholder value through improved monetization and efficiency enhancement measures that drive sustainable profitability over the long-term.
About
Forward-Looking Statements
Certain statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "might", "can", "could", "will", "would", "anticipate", "believe", "continue", "estimate", "expect", "forecast", "intend", "plan", "seek", or "timetable". These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, many of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in the future. Underlying these forward-looking statements are a large number of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstance occurring after the date of this press release or those that might reflect the occurrence of unanticipated events.
For investor and media inquiries, please contact
Investor Relations
Email: ir@kuaishou.com
CONDENSED CONSOLIDATED INCOME STATEMENT | ||||||||||
Unaudited | Audited | |||||||||
Three Months Ended | Year Ended | |||||||||
December 31, | December 31, | |||||||||
2022 RMB'000 | 2022 RMB'000 | 2021 RMB'000 | 2022 RMB'000 | 2021 RMB'000 | ||||||
Revenues | 28,292,284 | 23,128,413 | 24,430,260 | 94,182,522 | 81,081,513 | |||||
Cost of revenues | (15,415,716) | (12,425,410) | (14,281,697) | (52,051,359) | (47,051,808) | |||||
Gross profit | 12,876,568 | 10,703,003 | 10,148,563 | 42,131,163 | 34,029,705 | |||||
Selling and marketing expenses | (9,739,839) | (9,130,341) | (10,229,580) | (37,120,984) | (44,175,898) | |||||
Administrative expenses | (1,034,485) | (1,059,353) | (919,756) | (3,921,001) | (3,400,316) | |||||
Research and development expenses | (3,445,952) | (3,533,090) | (4,016,063) | (13,784,176) | (14,956,247) | |||||
Other income | 450,616 | 687,184 | 222,516 | 1,547,498 | 1,026,742 | |||||
Other (losses)/gains, net | (350,201) | (279,595) | (995,834) | (1,410,452) | (225,251) | |||||
Operating loss | (1,243,293) | (2,612,192) | (5,790,154) | (12,557,952) | (27,701,265) | |||||
Finance income/(expense), net | 106,772 | 68,258 | (56,730) | 165,574 | (38,536) | |||||
Fair value changes of convertible | - | - | - | - | (51,275,797) | |||||
Share of losses of investments | (26,585) | (31,386) | (24,771) | (138,683) | (86,658) | |||||
Loss before income tax | (1,163,106) | (2,575,320) | (5,871,655) | (12,531,061) | (79,102,256) | |||||
Income tax (expenses)/benefits | (383,908) | (137,081) | (331,088) | (1,158,299) | 1,025,155 | |||||
Loss for the period | (1,547,014) | (2,712,401) | (6,202,743) | (13,689,360) | (78,077,101) | |||||
Attributable to: — Equity holders of the Company | (1,547,078) | (2,713,263) | (6,202,042) | (13,690,732) | (78,073,643) | |||||
— Non-controlling interests | 64 | 862 | (701) | 1,372 | (3,458) | |||||
(1,547,014) | (2,712,401) | (6,202,743) | (13,689,360) | (78,077,101) | ||||||
CONDENSED CONSOLIDATED BALANCE SHEET | ||||
Audited As of | ||||
2022 RMB'000 | 2021 RMB'000 | |||
ASSETS Non-current assets Property and equipment |
13,214,811 |
11,050,654 | ||
Right-of-use assets | 10,805,724 | 12,561,745 | ||
Intangible assets | 1,122,667 | 1,171,754 | ||
Investments accounted for using the equity method | 268,355 |
1,411,141 | ||
Financial assets at fair value through profit or | ||||
loss | 3,625,743 | 3,300,623 | ||
Other financial assets at amortized cost | 669,655 | - | ||
Deferred tax assets | 5,095,406 | 5,405,224 | ||
Long-term time deposits | 7,870,000 | 4,000,000 | ||
Other non-current assets | 776,263 | 603,367 | ||
43,448,624 | 39,504,508 | |||
Current assets Trade receivables | 6,287,770 |
4,450,092 | ||
Prepayments, other receivables and other current assets | 4,106,202 |
3,278,318 | ||
Financial assets at fair value through profit or | ||||
loss | 13,087,444 | 8,842,203 | ||
Other financial assets at amortized cost | 726,130 | - | ||
Short-term time deposits | 8,318,078 | 3,825,420 | ||
Restricted cash | 58,771 | 2,415 | ||
Cash and cash equivalents | 13,274,269 | 32,612,419 | ||
45,858,664 | 53,010,867 | |||
Total assets |
89,307,288 |
92,515,375 | ||
Audited As of | ||||
2022 RMB'000 | 2021 RMB'000 | |||
EQUITY AND LIABILITIES | ||||
Share capital | 145 | 142 | ||
Share premium | 274,473,174 | 274,407,796 | ||
Other reserves | 29,238,970 | 20,853,674 | ||
Accumulated losses | (263,882,584) | (250,172,236) | ||
39,829,705 | 45,089,376 | |||
Non-controlling interests |
8,063 |
6,595 | ||
Total equity |
39,837,768 |
45,095,971 | ||
LIABILITIES Non-current liabilities Lease liabilities | 8,720,685 |
10,079,847 | ||
Deferred tax liabilities | 23,346 | 28,477 | ||
Other non-current liabilities | 15,819 | 55,560 | ||
8,759,850 | 10,163,884 | |||
Current liabilities Accounts payables | 22,868,452 |
20,021,082 | ||
Other payables and accruals | 10,189,552 | 9,123,367 | ||
Advances from customers | 3,240,402 | 3,502,642 | ||
Income tax liabilities | 936,459 | 1,079,591 | ||
Lease liabilities | 3,474,805 | 3,528,838 | ||
40,709,670 | 37,255,520 | |||
Total liabilities |
49,469,520 |
47,419,404 | ||
Total equity and liabilities | 89,307,288 | 92,515,375 | ||
Financial Information by Segment | ||||||||||||
Unaudited Three Months Ended | ||||||||||||
Domestic | Overseas | Unallocated | Total | Domestic | Overseas | Unallocated | Total | Domestic | Overseas | Unallocated | Total | |
RMB'000 | RMB'000 | RMB'000 | ||||||||||
Revenues | 28,007,591 | 284,693 | - | 28,292,284 | 22,939,050 | 189,363 | - | 23,128,413 | 24,384,103 | 46,157 | - | 24,430,260 |
Operating profit/(loss) | 1,267,205 | (1,499,133) | (1,011,365) | (1,243,293) | 375,070 | (1,686,912) | (1,300,350) | (2,612,192) | (847,358) |
(2,427,007) |
(2,515,789) |
(5,790,154) |
Audited Year Ended | ||||||||
2022 | 2021 | |||||||
Domestic | Overseas | Unallocated items | Total | Domestic | Overseas | Unallocated items | Total | |
RMB'000 | RMB'000 | |||||||
Revenues | 93,557,462 | 625,060 | - | 94,182,522 | 81,006,397 | 75,116 | - | 81,081,513 |
Operating profit/(loss) | 192,110 | (6,637,993) | (6,112,069) | (12,557,952) | (8,677,389) |
(11,995,118) |
(7,028,758) |
(27,701,265) |
Reconciliation of Non-IFRS Measures to the Nearest IFRS Measures | ||||||||||||
Unaudited | Audited | |||||||||||
Three Months Ended | Year Ended | |||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | ||||||||
(RMB'000) | (RMB'000) | (RMB'000) | (RMB'000) | (RMB'000) | ||||||||
Loss for the period | (1,547,014) | (2,712,401) | (6,202,743) | (13,689,360) | (78,077,101) | |||||||
Add: Share-based compensation | 1,111,780 | 1,707,939 | 1,742,471 | 6,249,115 | 7,830,249 | |||||||
Fair value changes of convertible | - | - | - | - | 51,275,797 | |||||||
Net fair value changes on | 389,912 | 332,516 | 891,504 | 1,688,811 | 119,286 | |||||||
Adjusted net loss | (45,322) | (671,946) | (3,568,768) | (5,751,434) | (18,851,769) | |||||||
Adjusted net loss | (45,322) | (671,946) | (3,568,768) | (5,751,434) | (18,851,769) | |||||||
Add: Income tax expenses/(benefits) | 383,908 | 137,081 | 331,088 | 1,158,299 | (1,025,155) | |||||||
Depreciation of property and equipment | 890,959 | 810,387 | 1,077,220 | 3,212,104 | 3,985,910 | |||||||
Depreciation of right-of-use assets | 776,176 | 779,714 | 776,990 | 3,221,589 | 2,735,442 | |||||||
Amortization of intangible assets | 36,968 | 36,307 | 36,554 | 139,734 | 163,665 | |||||||
Finance (income)/expense, net | (106,772) | (68,258) | 56,730 | (165,574) | 38,536 | |||||||
Adjusted EBITDA | 1,935,917 | 1,023,285 | (1,290,186) | 1,814,718 | (12,953,371) | |||||||
Note:
(1) Net fair value changes on investments represents net fair value (gains)/losses on financial assets at fair
value through profit or loss of our investments in listed and unlisted entities, net (gains)/losses on
deemed disposals of investments and impairment provision for investments, which is unrelated to our
core business and operating performance and subject to market fluctuations, and exclusion of which
provides investors with more relevant and useful information to evaluate our performance.
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