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 second quarter ended June 30, 2022.
Second Quarter 2022
Highlights:
- Total
net revenues reached RMB4.9 billion (US$732.9 million), a
9% increase from the same period in 2021.
- Average
monthly active users
(MAUs1) reached 305.7
million, a 29% increase from the same period in 2021.
- Average
daily active users
(DAUs1) reached 83.5
million, a 33% increase from the same period in 2021.
-
Average monthly paying users
(MPUs2) reached 27.5
million, a 32% increase from the same period in 2021.
“Confronting the immense challenges of the
macro-environment and COVID-19 lockdowns in the second quarter, we
are pleased to have continued to grow our high-quality user base
and control our expenses. We believe the largest impact of the
pandemic is behind us, and we are poised to regain our growth
momentum and improve our margins in the second half of 2022,” said
Mr. Rui Chen, chairman and chief executive officer of Bilibili.
“Our ever-growing content in various formats, such as Story Mode,
steered our growing user base and increased user engagement in the
second quarter. Particularly, our MAUs reached a record 306
million, up 29% year-over-year, marking another exciting milestone.
Our DAUs grew even faster at 33% year-over-year, driving our
DAU/MAU ratio to 27.3%, up from 26.4% in the same period last year.
The execution of our monetization initiatives also supported our
ability to convert users to paying users in the second quarter.
Simultaneously, we grew our advertising market share, bucking broad
industry trends. Moving through the back half of 2022, we expect to
benefit from an improved macro-landscape where we can further grow
our business, while continuing to control costs and close the gap
on our net loss.”
Mr. Sam Fan, chief financial officer of
Bilibili, said, “Despite the macro headwinds, our net revenues
reached RMB4.9 billion in the second quarter, up 9% year-over-year.
In particular, our advertising revenues and VAS revenues grew 10%
and 29%, respectively, year-over-year, against the backdrop of a
grueling industry climate. More importantly, we increased our user
base while implementing rigorous expense control measures that
decreased sales and marketing expenses by 16% year-over-year. Our
proposed conversion to primary listing on The Main Board of The
Stock Exchange of Hong Kong Limited is expected to be effective on
October 3, 2022. We believe our binary approach will further expand
our investor base and provide us with more flexibility in the
capital market.”
Second Quarter 2022 Financial
Results
Total net revenues. Total net
revenues were RMB4.9 billion (US$732.9 million), representing an
increase of 9% from the same period of 2021.
Mobile games. Revenues from mobile games were
RMB1,046.2 million (US$156.2 million), compared with RMB1,233.2
million in the same period of 2021. The change was mainly due to
the lack of popular new exclusively distributed game releases in
the first half of 2022.
Value-added services (VAS). Revenues from VAS
were RMB2,103.5 million (US$314.0 million), representing an
increase of 29% from the same period of 2021, mainly attributable
to the Company’s enhanced monetization efforts, led by an increased
number of paying users for the Company’s value-added services
including the premium membership program, live broadcasting
services and other value-added services.
Advertising. Revenues from advertising were
RMB1,158.3 million (US$172.9 million), representing an increase of
10% from the same period of 2021. This increase was primarily
attributable to further recognition of Bilibili’s brand name in
China’s online advertising market, as well as Bilibili’s improved
advertising efficiency.
E-commerce and others. Revenues from e-commerce
and others were RMB601.0 million (US$89.7 million), representing an
increase of 4% from the same period of 2021.
Cost of revenues. Cost of
revenues was RMB4,170.6 million (US$622.7 million), representing an
increase of 19%, compared with the same period of 2021. The
increase was mainly due to higher revenue-sharing costs and content
costs. Revenue-sharing costs, a key component of cost of revenues,
was RMB2,068.4 million (US$308.8 million), representing an increase
of 18% from the same period in 2021.
Gross profit. Gross profit was
RMB738.3 million (US$110.2 million), compared with RMB989.0 million
in the same period of 2021.
Total operating expenses. Total
operating expenses were RMB2,929.3 million (US$437.3 million),
representing an increase of 17% from the same period of 2021.
Sales and marketing expenses. Sales and
marketing expenses were RMB1,172.0 million (US$175.0 million),
representing a 16% decrease year-over-year. The decrease was
primarily attributable to less promotional spending in the first
half of 2022 and was partially offset by an increase in headcount
in sales and marketing personnel.
General and administrative expenses. General and
administrative expenses were RMB625.7 million (US$93.4 million),
representing a 44% increase year-over-year. The increase was
primarily due to increased headcount in general and administrative
personnel, higher rental expenses and expenses related to
organizational optimization.
Research and development expenses. Research and
development expenses were RMB1,131.7 million (US$169.0 million),
representing a 68% increase year-over-year. The increase was
primarily due to increased headcount in research and development
personnel, increased share-based compensation expenses and
termination expenses of certain game projects.
Loss from operations. Loss from
operations was RMB2,191.1 million (US$327.1 million), compared with
RMB1,520.6 million in the same period of 2021.
Others, net. Others, net was
RMB145.9 million (US$21.8 million), compared with negative RMB34.0
million in the same period of 2021. The change was primarily
attributable to gains of RMB137.0 million from the repurchase of
convertible senior notes.
Income tax expense. Income tax
expense was RMB26.8 million (US$4.0 million), compared with RMB21.7
million in the same period of 2021.
Net loss. Net loss was
RMB2,010.4 million (US$300.2 million), compared with RMB1,121.8
million in the same period of 2021.
Adjusted net
loss3. Adjusted net
loss, which is a non-GAAP measure that excludes share-based
compensation expenses, amortization expense related to intangible
assets acquired through business acquisitions, income tax related
to intangible assets acquired through business acquisitions,
gain/loss on fair value change in investments in publicly traded
companies, gain on the repurchase of convertible senior notes,
expenses related to organizational optimization and termination
expenses of certain game projects, was RMB1,967.9 million (US$293.8
million), compared with RMB1,324.7 million in the same period of
2021.
Basic and diluted EPS and
adjusted basic and diluted
EPS3. Basic and diluted
net loss per share were RMB5.08 (US$0.76), compared with RMB2.91 in
the same period of 2021. Adjusted basic and diluted net loss per
share were RMB4.98 (US$0.74), compared with RMB3.44 in the same
period of 2021.
Cash and cash equivalents, time deposits
and short-term investments. As of June 30, 2022, the
Company had cash and cash equivalents, time deposits, and
short-term investments of RMB24.9 billion (US$3.7 billion).
Share Repurchase Program and Repurchase
of Convertible Senior Notes
The Company announced in March 2022 that its
board of directors had authorized a share repurchase program, under
which the Company may repurchase up to US$500 million of its ADSs
for the next 24 months. During the second quarter of 2022,
approximately 1.2 million ADSs were repurchased under this program
for a total cost of US$23.6 million. The Company had repurchased a
total of 2.6 million ADSs for a total cost of US$53.6 million as of
June 30, 2022.
In addition, the Company repurchased an
aggregate principal amount of US$71.4 million of December 2026
Notes with a total cash consideration of US$49.8 million in the
second quarter of 2022. The Company had repurchased a total
principal amount of US$275.4 million December 2026 Notes for a
total cost of US$197.7 million as of June 30, 2022.
The Company’s repurchase programs of its ADSs or
convertible senior notes will depend upon a variety of factors,
including market conditions. These programs may be suspended or
discontinued at any time.
Recent Development
The Company applied to the Hong Kong Stock
Exchange with regard to its proposed conversion to primary listing
(the “Proposed Conversion”) and received acknowledgement from the
Hong Kong Stock Exchange on April 29, 2022. The effective date of
the Proposed Conversion is expected to be October 3, 2022 (the
“Effective Date”). All necessary shareholders’ approval in respect
to the Proposed Conversion had been obtained at the Company’s
annual general meeting held on June 30, 2022. Upon the Effective
Date, the Company will become dual primary listed on The Main Board
of Hong Kong Stock Exchange in Hong Kong and the Nasdaq Global
Select Market in the United States, and will continue to make the
necessary arrangements to facilitate compliance with all applicable
laws, regulations and stock exchange rules as a dual-primary listed
issuer on both markets.
Outlook
For the third quarter of 2022, the Company
currently expects net revenues to be between RMB5.6 billion and
RMB5.8 billion.
The above outlook is based on the current market
conditions and reflects the Company’s preliminary estimates, which
are all subject to various uncertainties, including those related
to the ongoing COVID-19 pandemic.
1 Starting from the second quarter of 2022, we
count our active users as the sum of active users
on mobile apps and PC ends during a given
period. We calculate active users on mobile apps based on the
number of mobile devices (including smart TV and other smart
devices) that have launched our mobile apps during a given period.
Active users on the PC ends refer to the sum of valid logged-in
users who visit our PC website at www.bilibili.com and engage in PC
application during a given period, after
eliminating duplicates.
2 The paying users refer to users who make
payments for various products and services on our platform,
including purchases in games and payments for VAS (excluding
purchases on our e-commerce platform). A user who makes payments
across different products and services offered on our platform
using the same registered account is counted as one paying user and
we add the number of paying users of Maoer toward our total paying
users without eliminating duplicates. Starting from the second
quarter of 2022, we add the number of paying users of smart TVs
toward our total paying users without eliminating duplicates.
3 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 8:00 AM U.S. Eastern Time on September 8, 2022
(8:00 PM Beijing/Hong Kong time on September 8, 2022).
Details for the conference call are as
follows:
Event
Title: |
Bilibili Inc.
Second Quarter 2022 Earnings Conference Call |
Registration Link: |
https://register.vevent.com/register/BI3744badaab43494aadb018b5519c7a53 |
All participants must use the link provided
above to complete the online registration process in advance of the
conference call. Upon registering, each participant will receive a
set of participant dial-in numbers and a personal PIN, which will
be used to join the conference call.
Additionally, a live webcast of the conference
call will be available on the Company’s investor relations website
at http://ir.bilibili.com, and a replay of the webcast will be
available following the session.
About Bilibili Inc.
Bilibili is an iconic brand and a leading video
community with a mission to enrich the everyday life of young
generations in China. Bilibili offers a wide array of video-based
content with All the Videos You Like as its value proposition.
Bilibili builds its community around aspiring users, high-quality
content, talented content creators and the strong emotional bond
among them. Bilibili pioneered the “bullet chatting” feature, a
live commenting function that has transformed the viewing
experience by displaying thoughts and feelings of other audience
viewing the same video. It has now become the welcoming home of
diverse interests for young generations in China and the frontier
to promote Chinese culture across the world.
For more information, please visit:
http://ir.bilibili.com.
Use of Non-GAAP Financial
Measures
The Company uses non-GAAP measures, such as
adjusted net loss, adjusted net loss per share and per ADS, basic
and diluted, in evaluating its operating results and for financial
and operational decision-making purposes. The Company believes that
the non-GAAP financial measures help identify underlying trends in
its business by excluding the impact of share-based compensation
expenses, amortization expense related to intangible assets
acquired through business acquisitions, income tax related to
intangible assets acquired through business acquisitions,
(gain)/loss on fair value change in investments in publicly traded
companies, gain on repurchase of convertible senior notes, expenses
related to organizational optimization and termination expenses of
certain game projects. The Company believes that the non-GAAP
financial measures provide useful information about the Company’s
results of operations, enhance the overall understanding of the
Company’s past performance and future prospects and allow for
greater visibility with respect to key metrics used by the
Company’s management in its financial and operational
decision-making.
The non-GAAP financial measures are not defined
under U.S. GAAP and are not presented in accordance with U.S. GAAP.
The non-GAAP financial measures have limitations as analytical
tools, and when assessing the Company’s operating performance, cash
flows or liquidity, investors should not consider them in
isolation, or as a substitute for net loss, cash flows provided by
operating activities or other consolidated statements of operations
and cash flows data prepared in accordance with U.S. GAAP.
The Company mitigates these limitations by
reconciling the non-GAAP financial measures to the most comparable
U.S. GAAP performance measures, all of which should be considered
when evaluating the Company’s performance.
For more information on the non-GAAP financial
measures, please see the table captioned “Unaudited Reconciliations
of GAAP and Non-GAAP Results.”
Exchange Rate Information
This announcement contains translations of
certain RMB amounts into U.S. dollars (“US$”) at specified rates
solely for the convenience of the reader. Unless otherwise stated,
all translations from RMB to US$ were made at the rate of RMB6.6981
to US$1.00, the exchange rate on June 30, 2022 set forth in the
H.10 statistical release of the Federal Reserve Board. The Company
makes no representation that the RMB or US$ amounts referred could
be converted into US$ or RMB, as the case may be, at any particular
rate or at all.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “confident,”
“potential,” “continue,” or other similar expressions. Among other
things, the impact of COVID-19, outlook and quotations from
management in this announcement, as well as Bilibili’s strategic
and operational plans, contain forward-looking statements. Bilibili
may also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission, in
its interim and annual reports to shareholders, in announcements,
circulars or other publications made on the website of The Stock
Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in
press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties.
Statements that are not historical facts, including but not limited
to statements about Bilibili’s beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the impact of the COVID-19 pandemic on Bilibili’s
business, results of operations, financial condition, and stock
price; Bilibili’s strategies; Bilibili’s future business
development, financial condition and results of operations;
Bilibili’s ability to retain and increase the number of users,
members and advertising customers, provide quality content,
products and services, and expand its product and service
offerings; competition in the online entertainment industry;
Bilibili’s ability to maintain its culture and brand image within
its addressable user communities; Bilibili’s ability to manage its
costs and expenses; PRC governmental policies and regulations
relating to the online entertainment industry, general economic and
business conditions globally and in China and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in the Company’s
filings with the Securities and Exchange Commission and the Hong
Kong Stock Exchange. All information provided in this announcement
and in the attachments is as of the date of the announcement, and
the Company undertakes no duty to update such information, except
as required under applicable law.
For investor and media inquiries, please
contact:
In China:
Bilibili Inc.Juliet YangTel: +86-21-2509-9255
Ext. 8523E-mail: ir@bilibili.com
The Piacente Group, Inc.Emilie WuTel:
+86-21-6039-8363E-mail: bilibili@tpg-ir.com
In the United States:
The Piacente Group, Inc.Brandi PiacenteTel:
+1-212-481-2050E-mail: bilibili@tpg-ir.com
BILIBILI INC.
Unaudited Condensed Consolidated
Statements of Operations
(All amounts in thousands, except for
share and per share data)
|
For the Three Months Ended |
|
For the Six Months Ended |
|
June 30, |
|
|
March 31, |
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
2021 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mobile games |
1,233,164 |
|
|
1,357,818 |
|
|
1,046,236 |
|
|
2,403,910 |
|
|
2,404,054 |
|
Value-added services (VAS) |
1,634,943 |
|
|
2,052,192 |
|
|
2,103,458 |
|
|
3,131,472 |
|
|
4,155,650 |
|
Advertising |
1,049,149 |
|
|
1,040,770 |
|
|
1,158,252 |
|
|
1,763,836 |
|
|
2,199,022 |
|
E-commerce and others |
577,998 |
|
|
603,319 |
|
|
600,985 |
|
|
1,097,109 |
|
|
1,204,304 |
|
Total net
revenues |
4,495,254 |
|
|
5,054,099 |
|
|
4,908,931 |
|
|
8,396,327 |
|
|
9,963,030 |
|
Cost of
revenues |
(3,506,272 |
) |
|
(4,246,858 |
) |
|
(4,170,646 |
) |
|
(6,469,469 |
) |
|
(8,417,504 |
) |
Gross
profit |
988,982 |
|
|
807,241 |
|
|
738,285 |
|
|
1,926,858 |
|
|
1,545,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
(1,399,920 |
) |
|
(1,253,914 |
) |
|
(1,171,974 |
) |
|
(2,399,979 |
) |
|
(2,425,888 |
) |
General and administrative expenses |
(435,945 |
) |
|
(535,296 |
) |
|
(625,665 |
) |
|
(824,476 |
) |
|
(1,160,961 |
) |
Research and development expenses |
(673,679 |
) |
|
(1,008,843 |
) |
|
(1,131,708 |
) |
|
(1,253,933 |
) |
|
(2,140,551 |
) |
Total operating
expenses |
(2,509,544 |
) |
|
(2,798,053 |
) |
|
(2,929,347 |
) |
|
(4,478,388 |
) |
|
(5,727,400 |
) |
Loss from
operations |
(1,520,562 |
) |
|
(1,990,812 |
) |
|
(2,191,062 |
) |
|
(2,551,530 |
) |
|
(4,181,874 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income/(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income/(loss), net |
455,247 |
|
|
(626,316 |
) |
|
82,043 |
|
|
623,459 |
|
|
(544,273 |
) |
Interest income |
14,276 |
|
|
34,300 |
|
|
55,968 |
|
|
25,553 |
|
|
90,268 |
|
Interest expense |
(35,601 |
) |
|
(62,435 |
) |
|
(61,177 |
) |
|
(68,846 |
) |
|
(123,612 |
) |
Exchange gains/(losses) |
20,484 |
|
|
(6,264 |
) |
|
(15,262 |
) |
|
(7,939 |
) |
|
(21,526 |
) |
Others, net |
(33,957 |
) |
|
397,154 |
|
|
145,887 |
|
|
(13,194 |
) |
|
543,041 |
|
Total other
income/(expenses), net |
420,449 |
|
|
(263,561 |
) |
|
207,459 |
|
|
559,033 |
|
|
(56,102 |
) |
Loss before income
tax |
(1,100,113 |
) |
|
(2,254,373 |
) |
|
(1,983,603 |
) |
|
(1,992,497 |
) |
|
(4,237,976 |
) |
Income tax |
(21,700 |
) |
|
(29,759 |
) |
|
(26,842 |
) |
|
(34,175 |
) |
|
(56,601 |
) |
Net loss |
(1,121,813 |
) |
|
(2,284,132 |
) |
|
(2,010,445 |
) |
|
(2,026,672 |
) |
|
(4,294,577 |
) |
Net loss attributable to noncontrolling interests |
1,235 |
|
|
2,150 |
|
|
3,518 |
|
|
2,539 |
|
|
5,668 |
|
Net loss attributable
to the Bilibili Inc.'s shareholders |
(1,120,578 |
) |
|
(2,281,982 |
) |
|
(2,006,927 |
) |
|
(2,024,133 |
) |
|
(4,288,909 |
) |
Net loss per share, basic |
(2.91 |
) |
|
(5.80 |
) |
|
(5.08 |
) |
|
(5.47 |
) |
|
(10.88 |
) |
Net loss per ADS, basic |
(2.91 |
) |
|
(5.80 |
) |
|
(5.08 |
) |
|
(5.47 |
) |
|
(10.88 |
) |
Net loss per share,
diluted |
(2.91 |
) |
|
(5.80 |
) |
|
(5.08 |
) |
|
(5.47 |
) |
|
(10.88 |
) |
Net loss per ADS, diluted |
(2.91 |
) |
|
(5.80 |
) |
|
(5.08 |
) |
|
(5.47 |
) |
|
(10.88 |
) |
Weighted average number of
ordinary shares, basic |
384,588,209 |
|
|
393,538,141 |
|
|
394,742,634 |
|
|
370,050,501 |
|
|
394,142,409 |
|
Weighted average number of
ADS, basic |
384,588,209 |
|
|
393,538,141 |
|
|
394,742,634 |
|
|
370,050,501 |
|
|
394,142,409 |
|
Weighted average number of
ordinary shares, diluted |
384,588,209 |
|
|
393,538,141 |
|
|
394,742,634 |
|
|
370,050,501 |
|
|
394,142,409 |
|
Weighted average number of
ADS, diluted |
384,588,209 |
|
|
393,538,141 |
|
|
394,742,634 |
|
|
370,050,501 |
|
|
394,142,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Six Months Ended |
|
June 30, |
|
March 31, |
|
|
June 30, |
|
June 30, |
|
|
June 30, |
|
|
2021 |
|
2022 |
|
|
2022 |
|
2021 |
|
|
2022 |
|
|
RMB |
|
RMB |
|
|
RMB |
|
RMB |
|
|
RMB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses included in: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
16,686 |
|
23,033 |
|
|
15,079 |
|
31,236 |
|
|
38,112 |
|
Sales and marketing expenses |
13,130 |
|
12,592 |
|
|
13,339 |
|
26,142 |
|
|
25,931 |
|
General and administrative expenses |
132,931 |
|
145,995 |
|
|
136,880 |
|
258,954 |
|
|
282,875 |
|
Research and development expenses |
76,766 |
|
96,242 |
|
|
91,400 |
|
137,576 |
|
|
187,642 |
|
Total |
239,513 |
|
277,862 |
|
|
256,698 |
|
453,908 |
|
|
534,560 |
|
BILIBILI INC.
Unaudited Condensed Consolidated Balance
Sheets
(All amounts in thousands, except for
share and per share data)
|
December 31, |
|
June 30, |
|
2021 |
|
2022 |
|
RMB |
|
RMB |
|
|
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
7,523,108 |
|
3,491,471 |
Time deposits |
7,632,334 |
|
11,827,483 |
Accounts receivable, net |
1,382,328 |
|
1,430,427 |
Prepayments and other current assets |
4,848,364 |
|
4,008,486 |
Short-term investments |
15,060,722 |
|
9,598,710 |
Total current assets |
36,446,856 |
|
30,356,577 |
Non-current assets: |
|
|
|
Property and equipment, net |
1,350,256 |
|
1,481,859 |
Production cost, net |
1,083,772 |
|
1,472,547 |
Intangible assets, net |
3,835,600 |
|
4,583,451 |
Goodwill |
2,338,303 |
|
2,725,130 |
Long-term investments, net |
5,502,524 |
|
6,354,323 |
Other long-term assets |
1,495,840 |
|
1,529,740 |
Total non-current assets |
15,606,295 |
|
18,147,050 |
Total
assets |
52,053,151 |
|
48,503,627 |
Liabilities |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
4,360,906 |
|
5,501,052 |
Salary and welfare payables |
995,451 |
|
868,129 |
Taxes payable |
203,770 |
|
238,429 |
Short-term loan |
1,232,106 |
|
1,449,049 |
Deferred revenue |
2,645,389 |
|
2,777,120 |
Accrued liabilities and other payables |
2,633,389 |
|
2,157,209 |
Total current liabilities |
12,071,011 |
|
12,990,988 |
Non-current liabilities: |
|
|
|
Long-term debt |
17,784,092 |
|
16,922,598 |
Other long-term liabilities |
481,982 |
|
647,327 |
Total non-current liabilities |
18,266,074 |
|
17,569,925 |
Total
liabilities |
30,337,085 |
|
30,560,913 |
|
|
|
|
|
|
|
|
Total Bilibili Inc.’s
shareholders’ equity |
21,703,667 |
|
17,935,983 |
Noncontrolling interests |
12,399 |
|
6,731 |
Total shareholders’
equity |
21,716,066 |
|
17,942,714 |
|
|
|
|
Total liabilities and
shareholders’ equity |
52,053,151 |
|
48,503,627 |
|
|
|
|
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 Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
2021 |
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
|
|
|
|
|
|
|
|
|
Net loss |
(1,121,813 |
) |
|
(2,284,132 |
) |
|
(2,010,445 |
) |
|
(2,026,672 |
) |
|
(4,294,577 |
) |
Add: |
|
|
|
|
|
|
|
|
|
Share-based compensation
expenses |
239,513 |
|
|
277,862 |
|
|
256,698 |
|
|
453,908 |
|
|
534,560 |
|
Amortization expense related
to intangible assets acquired through business acquisitions |
26,016 |
|
|
56,997 |
|
|
39,338 |
|
|
52,161 |
|
|
96,335 |
|
Income tax related to
intangible assets acquired through business acquisitions |
(1,514 |
) |
|
(7,981 |
) |
|
(10,028 |
) |
|
(3,028 |
) |
|
(18,009 |
) |
(Gain)/Loss on fair value
change in investments in publicly traded companies |
(466,895 |
) |
|
641,114 |
|
|
(305,185 |
) |
|
(692,082 |
) |
|
335,929 |
|
(Gain) on repurchase of
convertible senior notes |
- |
|
|
(338,779 |
) |
|
(137,011 |
) |
|
- |
|
|
(475,790 |
) |
Expenses related to
organizational optimization |
- |
|
|
- |
|
|
89,650 |
|
|
- |
|
|
89,650 |
|
Termination expenses of
certain game projects |
- |
|
|
- |
|
|
109,054 |
|
|
- |
|
|
109,054 |
|
Adjusted net
loss |
(1,324,693 |
) |
|
(1,654,919 |
) |
|
(1,967,929 |
) |
|
(2,215,713 |
) |
|
(3,622,848 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to the Bilibili Inc.'s shareholders |
(1,120,578 |
) |
|
(2,281,982 |
) |
|
(2,006,927 |
) |
|
(2,024,133 |
) |
|
(4,288,909 |
) |
Add: |
|
|
|
|
|
|
|
|
|
Share-based compensation
expenses |
239,513 |
|
|
277,862 |
|
|
256,698 |
|
|
453,908 |
|
|
534,560 |
|
Amortization expense related
to intangible assets acquired through business acquisitions |
26,016 |
|
|
56,997 |
|
|
39,338 |
|
|
52,161 |
|
|
96,335 |
|
Income tax related to
intangible assets acquired through business acquisition |
(1,514 |
) |
|
(7,981 |
) |
|
(10,028 |
) |
|
(3,028 |
) |
|
(18,009 |
) |
(Gain)/Loss on fair value
change in investments in publicly traded companies |
(466,895 |
) |
|
641,114 |
|
|
(305,185 |
) |
|
(692,082 |
) |
|
335,929 |
|
(Gain) on repurchase of
convertible senior notes |
- |
|
|
(338,779 |
) |
|
(137,011 |
) |
|
- |
|
|
(475,790 |
) |
Expenses related to
organizational optimization |
- |
|
|
- |
|
|
89,650 |
|
|
- |
|
|
89,650 |
|
Termination expenses of
certain game projects |
- |
|
|
- |
|
|
109,054 |
|
|
- |
|
|
109,054 |
|
Adjusted net loss
attributable to the Bilibili Inc.'s shareholders |
(1,323,458 |
) |
|
(1,652,769 |
) |
|
(1,964,411 |
) |
|
(2,213,174 |
) |
|
(3,617,180 |
) |
Adjusted net loss per share,
basic |
(3.44 |
) |
|
(4.20 |
) |
|
(4.98 |
) |
|
(5.98 |
) |
|
(9.18 |
) |
Adjusted net loss per ADS,
basic |
(3.44 |
) |
|
(4.20 |
) |
|
(4.98 |
) |
|
(5.98 |
) |
|
(9.18 |
) |
Adjusted net loss per share,
diluted |
(3.44 |
) |
|
(4.20 |
) |
|
(4.98 |
) |
|
(5.98 |
) |
|
(9.18 |
) |
Adjusted net loss per ADS,
diluted |
(3.44 |
) |
|
(4.20 |
) |
|
(4.98 |
) |
|
(5.98 |
) |
|
(9.18 |
) |
Weighted average number of
ordinary shares, basic |
384,588,209 |
|
|
393,538,141 |
|
|
394,742,634 |
|
|
370,050,501 |
|
|
394,142,409 |
|
Weighted average number of
ADS, basic |
384,588,209 |
|
|
393,538,141 |
|
|
394,742,634 |
|
|
370,050,501 |
|
|
394,142,409 |
|
Weighted average number of
ordinary shares, diluted |
384,588,209 |
|
|
393,538,141 |
|
|
394,742,634 |
|
|
370,050,501 |
|
|
394,142,409 |
|
Weighted average number of
ADS, diluted |
384,588,209 |
|
|
393,538,141 |
|
|
394,742,634 |
|
|
370,050,501 |
|
|
394,142,409 |
|
APPENDIX I
Weighted Voting Rights
Bilibili Inc. (the “Company”)
is controlled through weighted voting rights. Each Class Y ordinary
share entitles the holder to exercise 10 votes and each Class Z
ordinary share entitles the holder to exercise one vote on all
matters that require a shareholder’s vote, subject to Rule 8A.24 of
the Hong Kong Listing Rules that requires certain matters to be
voted on a one vote per share basis (the “Reserved
Matters”). The Company’s weighted voting rights structure
enables Mr. Rui Chen, Ms. Ni Li and Mr. Yi Xu, holders of the Class
Y ordinary shares (the “WVR Beneficiaries”), to
exercise voting control over the Company notwithstanding that the
WVR Beneficiaries do not hold a majority economic interest in the
share capital of the Company. This allows the Company to benefit
from the continued vision and leadership of the WVR
Beneficiaries.
Shareholders and prospective investors are
advised to be aware of the potential risks of investing in
companies with weighted voting rights structures, in particular
that interests of the WVR Beneficiaries may not necessarily always
be aligned with those of our shareholders as a whole, and that the
WVR Beneficiaries will be in a position to exert significant
influence over the affairs of the Company and the outcome of
shareholders’ resolutions, irrespective of how other shareholders
vote. Prospective investors should make the decision to invest in
the Company only after due and careful consideration.
As of June 30, 2022, the WVR Beneficiaries were
interested in a total of 83,715,114 Class Y ordinary shares,
representing a total of 73.2% voting rights in the Company with
respect to shareholders’ resolutions relating to matters other than
the Reserved Matters (excluding the Company’s repurchase of
2,640,832 Class Z ordinary shares in the form of ADSs held as
treasury shares and 6,823,815 Class Z ordinary shares issued and
reserved for future issuance upon the exercise or vesting of awards
granted under the Company’s share incentive plans). Class Y
ordinary shares may be converted into Class Z ordinary shares on a
one-to-one ratio. Upon the conversion of the Class Y ordinary
shares, the Company would redesignate 83,715,114 Class Y ordinary
shares and reissue the same number of Class Z ordinary shares,
representing 21.4% of the issued share capital of the Company as at
June 30, 2022 (excluding the Company's repurchase of 2,640,832
Class Z ordinary shares in the form of ADSs held as treasury shares
and 6,823,815 Class Z ordinary shares issued and reserved for
future issuance upon the exercise or vesting of awards granted
under the Company’s share incentive plans).
As at June 30, 2022, Mr. Rui Chen was interested
in and controlled through Vanship Limited 49,299,006 Class Y
ordinary shares and held 102,000 Class Z ordinary shares in the
form of ADSs, representing a total of 43.1% of the voting rights in
the Company. Vanship Limited is controlled by a trust of which Mr.
Chen and his family members are the beneficiaries. As at June 30,
2022, Ms. Ni Li was interested in and controlled through Saber Lily
Limited 7,200,000 Class Y ordinary shares and 908,300 Class Z
ordinary shares, representing a total of 6.4% of the voting rights
in the Company. Saber Lily Limited is controlled by a trust, and
Ms. Li and her family members are the trust’s beneficiaries. As at
June 30, 2022, Mr. Yi Xu was interested in and controlled through
Kami Sama Limited 27,216,108 Class Y ordinary shares and 151,100
Class Z ordinary shares and he held 45,000 Class Z ordinary shares
in the form of ADSs directly, representing a total of 23.8% of the
voting rights in the Company. Kami Sama Limited is controlled by a
trust, and Mr. Xu and his family members are the trust’s
beneficiaries.
The weighted voting rights attached to the Class
Y ordinary shares will cease when none of the WVR Beneficiaries
have beneficial ownership of any of the Class Y ordinary shares, in
accordance with Rule 8A.22 of the Hong Kong Listing Rules. This may
occur:
(i) upon the
occurrence of any of the circumstances set out in Rule 8A.17 of the
Hong Kong Listing Rules, in particular where a WVR Beneficiary is:
(1) deceased; (2) no longer a member of our board; (3) deemed by
the Hong Kong Stock Exchange to be incapacitated for the purpose of
performing his duties as a director; or (4) deemed by the Hong Kong
Stock Exchange to no longer meet the requirements of a director set
out in the Hong Kong Listing Rules;
(ii) when a WVR
Beneficiary have transferred to another person the beneficial
ownership of, or economic interest in, all of the Class Y ordinary
shares or the voting rights attached to them, other than in the
circumstances permitted by Rule 8A.18 of the Hong Kong Listing
Rules;
(iii) where a
vehicle holding Class Y ordinary shares on behalf of a WVR
Beneficiary no longer complies with Rule 8A.18(2) of the Hong Kong
Listing Rules; or
(iv) when all of the
Class Y ordinary shares have been converted to Class Z ordinary
shares.
The Company confirms that it has, since its
listing on the Hong Kong Stock Exchange and up to June 30, 2022,
complied with the Corporate Governance Code set out in Appendix 14
to the Hong Kong Listing Rules to the extent required by Chapter 8A
of the Hong Kong Listing Rules.
Nominating and Corporate Governance
Committee
The Company’s nominating and corporate
governance committee complies with Rules 8A.27 and 8A.30 of the
Hong Kong Listing Rules. The members of the nominating and
corporate governance committee are independent non-executive
Directors, namely, Mr. JP Gan, Mr. Eric He and Mr. Feng Li. Mr. JP
Gan is the chairman of the nominating and corporate governance
committee.
The following is a summary of work performed by
the nominating and corporate governance committee in respect of its
corporate governance functions:
- Reviewed the policies and practices
of the Company on corporate governance and on compliance with legal
and regulatory requirements.
- Reviewed the Company’s compliance
with the Corporate Governance Code to the extent required by
Chapter 8A of the Hong Kong Listing Rules and the Company’s
disclosure for compliance with Chapter 8A of the Hong Kong Listing
Rules.
- Made a recommendation to the board
as to the appointment of the Company’s compliance advisor.
- Reviewed and monitored the
management of conflicts of interests between the Company and its
subsidiaries and consolidated affiliated entities (the
“Group”)/the shareholders on one hand and the WVR
Beneficiaries on the other.
- Reviewed and monitored all risks
related to the weighted voting rights structure, including any
connected transactions between the Group on one hand and any WVR
Beneficiary on the other.
- Reviewed the arrangements for the
training and continuous professional development of directors and
senior management (in particular, Chapter 8A of the Hong Kong
Listing Rules and knowledge in relation to the risks relating to
the weighted voting rights structure).
- Reviewed and confirmed that the WVR
Beneficiaries have been members of our board throughout the six
months ended June 30, 2022 and no matters under Rule 8A.17 of the
Hong Kong Listing Rules have occurred during the six months ended
June 30, 2022, and they have complied with Rules 8A.14, 8A.15,
8A.18 and 8A.24 of the Hong Kong Listing Rules throughout the six
months ended June 30, 2022.
- Sought to ensure effective and
on-going communication between the Company and its shareholders,
particularly with regards to the requirements of Rule 8A.35 of the
Hong Kong Listing Rules.
- Reported on the work of the
nominating and corporate governance committee covering areas of its
terms of reference.
The nominating and corporate governance
committee recommended our board to continue the implementation of
the corporate governance measures described above and to
periodically review their efficacy.
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