Second Quarter 2021 Highlights:
- Total net revenues reached
RMB4,495.3 million (US$696.2 million ), a 72% increase from the same period in 2020. - Average monthly active users (MAUs) reached 237.1 million, and mobile MAUs reached 220.5 million, representing increases of 38% and 44%, respectively, from the same period in 2020.
- Average daily active users (DAUs) reached 62.7 million, a 24% increase from the same period in 2020.
- Average monthly paying users (MPUs1) reached 20.9 million, a 62% increase from the same period in 2020.
“Our robust second quarter performance shows that our high-quality user growth strategy is working,” said Mr.
Mr.
Second Quarter 2021 Financial Results
Total net revenues. Total net revenues were
Mobile games. Revenues from mobile games were
Value-added services (VAS). Revenues from VAS were
Advertising. Revenues from advertising were
E-commerce and others. Revenues from e-commerce and others were
Cost of revenues. Cost of revenues was
Gross profit. Gross profit was
Total operating expenses. Total operating expenses were
Sales and marketing expenses. Sales and marketing expenses were
General and administrative expenses. General and administrative expenses were
Research and development expenses. Research and development expenses were
Loss from operations. Loss from operations was
Income tax expense. Income tax expense was
Net loss. Net loss was
Adjusted net loss2. 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 and income tax related to intangible assets acquired through business acquisition, was
Basic and diluted EPS and adjusted basic and diluted EPS2. Basic and diluted net loss per share were
Cash and cash equivalents, time deposits and short-term investments. As of
Outlook
For the third quarter of 2021, the Company currently expects net revenues to be between
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 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.
2 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” set forth at the end of this announcement.
Conference Call
The Company’s management will host an earnings conference call at
Details for the conference call are as follows:
Event Title: | |
Conference ID: | 6624169 |
Registration Link: | http://apac.directeventreg.com/registration/event/6624169 |
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, an event passcode, and a unique registrant ID, which will be used to join the conference call.
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.bilibili.com.
A replay of the conference call will be accessible by phone two hours after the conclusion of the live call at the following numbers, until
+1-855-452-5696 | |
International: | +61-2-8199-0299 |
800-963-117 | |
400-632-2162 | |
Replay Access Code: | 6624169 |
About
For more information, please visit: http://ir.bilibili.com.
Use of Non-GAAP Financial Measures
The Company uses non-GAAP measures, such as adjusted 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 and income tax related to intangible assets acquired through business acquisition, which are non-cash charges. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable
For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this announcement.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the
For investor and media inquiries, please contact:
In
Tel: +86-21-2509-9255 Ext. 8523
E-mail: ir@bilibili.com
Tel: +86-21-6039-8363
E-mail: bilibili@tpg-ir.com
In
Tel: +1-212-481-2050
E-mail: bilibili@tpg-ir.com
Unaudited Condensed Consolidated Statements of Operations
(All amounts in thousands, except for share and per share data)
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||
2020 | 2021 | 2021 | 2020 | 2021 | |||||||||||||||
RMB | RMB | RMB | RMB | RMB | |||||||||||||||
Net revenues: | |||||||||||||||||||
Mobile games | 1,247,977 | 1,170,746 | 1,233,164 | 2,398,590 | 2,403,910 | ||||||||||||||
Value-added services (VAS) | 825,251 | 1,496,529 | 1,634,943 | 1,618,804 | 3,131,472 | ||||||||||||||
Advertising | 348,572 | 714,687 | 1,049,149 | 562,838 | 1,763,836 | ||||||||||||||
E-commerce and others | 195,801 | 519,111 | 577,998 | 352,904 | 1,097,109 | ||||||||||||||
Total net revenues | 2,617,601 | 3,901,073 | 4,495,254 | 4,933,136 | 8,396,327 | ||||||||||||||
Cost of revenues | (2,013,588 | ) | (2,963,197 | ) | (3,506,272 | ) | (3,798,659 | ) | (6,469,469 | ) | |||||||||
Gross profit | 604,013 | 937,876 | 988,982 | 1,134,477 | 1,926,858 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Sales and marketing expenses | (675,092 | ) | (1,000,059 | ) | (1,399,920 | ) | (1,281,049 | ) | (2,399,979 | ) | |||||||||
General and administrative expenses | (208,411 | ) | (388,531 | ) | (435,945 | ) | (379,788 | ) | (824,476 | ) | |||||||||
Research and development expenses | (330,628 | ) | (580,254 | ) | (673,679 | ) | (627,963 | ) | (1,253,933 | ) | |||||||||
Total operating expenses | (1,214,131 | ) | (1,968,844 | ) | (2,509,544 | ) | (2,288,800 | ) | (4,478,388 | ) | |||||||||
Loss from operations | (610,118 | ) | (1,030,968 | ) | (1,520,562 | ) | (1,154,323 | ) | (2,551,530 | ) | |||||||||
Other income/(expenses): | |||||||||||||||||||
Investment income, net | 31,423 | 168,212 | 455,247 | 4,942 | 623,459 | ||||||||||||||
Interest income | 23,504 | 11,277 | 14,276 | 50,156 | 25,553 | ||||||||||||||
Interest expense | (22,671 | ) | (33,245 | ) | (35,601 | ) | (37,843 | ) | (68,846 | ) | |||||||||
Exchange gains/(losses) | 4,213 | (28,423 | ) | 20,484 | 16,923 | (7,939 | ) | ||||||||||||
Others, net | 14,734 | 20,763 | (33,957 | ) | 32,067 | (13,194 | ) | ||||||||||||
Total other income, net | 51,203 | 138,584 | 420,449 | 66,245 | 559,033 | ||||||||||||||
Loss before income tax | (558,915 | ) | (892,384 | ) | (1,100,113 | ) | (1,088,078 | ) | (1,992,497 | ) | |||||||||
Income tax | (11,939 | ) | (12,475 | ) | (21,700 | ) | (21,331 | ) | (34,175 | ) | |||||||||
Net loss | (570,854 | ) | (904,859 | ) | (1,121,813 | ) | (1,109,409 | ) | (2,026,672 | ) | |||||||||
Accretion to redeemable noncontrolling interests | (1,760 | ) | - | - | (3,030 | ) | - | ||||||||||||
Net loss attributable to noncontrolling interests | 5,966 | 1,304 | 1,235 | 10,550 | 2,539 | ||||||||||||||
Net loss attributable to the | (566,648 | ) | (903,555 | ) | (1,120,578 | ) | (1,101,889 | ) | (2,024,133 | ) | |||||||||
Net loss per share, basic | (1.63 | ) | (2.54 | ) | (2.91 | ) | (3.25 | ) | (5.47 | ) | |||||||||
Net loss per ADS, basic | (1.63 | ) | (2.54 | ) | (2.91 | ) | (3.25 | ) | (5.47 | ) | |||||||||
Net loss per share, diluted | (1.63 | ) | (2.54 | ) | (2.91 | ) | (3.25 | ) | (5.47 | ) | |||||||||
Net loss per ADS, diluted | (1.63 | ) | (2.54 | ) | (2.91 | ) | (3.25 | ) | (5.47 | ) | |||||||||
Weighted average number of ordinary shares, basic | 348,634,400 | 355,351,263 | 384,588,209 | 339,039,316 | 370,050,501 | ||||||||||||||
Weighted average number of ADS, basic | 348,634,400 | 355,351,263 | 384,588,209 | 339,039,316 | 370,050,501 | ||||||||||||||
Weighted average number of ordinary shares, diluted | 348,634,400 | 355,351,263 | 384,588,209 | 339,039,316 | 370,050,501 | ||||||||||||||
Weighted average number of ADS, diluted | 348,634,400 | 355,351,263 | 384,588,209 | 339,039,316 | 370,050,501 |
The accompanying notes are an integral part of this press release.
NOTES TO UNAUDITED FINANCIAL INFORMATION
(All amounts in thousands, except for share and per share data)
For the Three Months Ended | For the Six Months Ended | |||||||||||||
2020 | 2021 | 2021 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | RMB | RMB | ||||||||||
Share-based compensation expenses included in: | ||||||||||||||
Cost of revenues | 7,256 | 14,550 | 16,686 | 14,131 | 31,236 | |||||||||
Sales and marketing expenses | 11,212 | 13,012 | 13,130 | 17,971 | 26,142 | |||||||||
General and administrative expenses | 41,421 | 126,023 | 132,931 | 67,837 | 258,954 | |||||||||
Research and development expenses | 26,758 | 60,810 | 76,766 | 42,232 | 137,576 | |||||||||
Total | 86,647 | 214,395 | 239,513 | 142,171 | 453,908 |
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands, except for share and per share data)
2020 | 2021 | ||
RMB | RMB | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | 4,678,109 | 11,493,570 | |
Time deposits | 4,720,089 | 4,496,909 | |
Accounts receivable, net | 1,053,641 | 1,377,784 | |
Prepayments and other current assets | 1,930,519 | 3,944,653 | |
Short-term investments | 3,357,189 | 11,581,749 | |
Total current assets | 15,739,547 | 32,894,665 | |
Non-current assets: | |||
Property and equipment, net | 761,941 | 1,087,260 | |
Production cost, net | 667,876 | 811,920 | |
Intangible assets, net | 2,356,959 | 2,881,926 | |
1,295,786 | 1,594,781 | ||
Long-term investments, net | 2,232,938 | 3,080,245 | |
Other long-term assets | 810,561 | 942,425 | |
Total non-current assets | 8,126,061 | 10,398,557 | |
Total assets | 23,865,608 | 43,293,222 | |
Liabilities | |||
Current liabilities: | |||
Accounts payable | 3,074,298 | 3,627,701 | |
Salary and welfare payables | 734,376 | 689,651 | |
Taxes payable | 127,192 | 122,865 | |
Short-term loan | 100,000 | 388,448 | |
Deferred revenue | 2,118,006 | 2,612,818 | |
Accrued liabilities and other payables | 1,237,676 | 1,956,989 | |
Total current liabilities | 7,391,548 | 9,398,472 | |
Non-current liabilities: | |||
Long-term debt | 8,340,922 | 8,174,278 | |
Other long-term liabilities | 350,934 | 285,683 | |
Total non-current liabilities | 8,691,856 | 8,459,961 | |
Total liabilities | 16,083,404 | 17,858,433 | |
Total Bilibili Inc.’s shareholders’ equity | 7,600,200 | 25,388,713 | |
Noncontrolling interests | 182,004 | 46,076 | |
Total shareholders’ equity | 7,782,204 | 25,434,789 | |
Total liabilities and shareholders’ equity | 23,865,608 | 43,293,222 | |
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 | |||||||||||||
2020 | 2021 | 2021 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | RMB | RMB | ||||||||||
Net loss | (570,854 | ) | (904,859 | ) | (1,121,813 | ) | (1,109,409 | ) | (2,026,672 | ) | ||||
Add: | ||||||||||||||
Share-based compensation expenses | 86,647 | 214,395 | 239,513 | 142,171 | 453,908 | |||||||||
Amortization expense related to intangible assets acquired through business acquisitions | 8,472 | 26,145 | 26,016 | 16,944 | 52,161 | |||||||||
Income tax related to intangible assets acquired through business acquisitions | - | (1,514 | ) | (1,514 | ) | - | (3,028 | ) | ||||||
Adjusted net loss | (475,735 | ) | (665,833 | ) | (857,798 | ) | (950,294 | ) | (1,523,631 | ) | ||||
Net loss attributable to the | (566,648 | ) | (903,555 | ) | (1,120,578 | ) | (1,101,889 | ) | (2,024,133 | ) | ||||
Add: | ||||||||||||||
Share-based compensation expenses | 86,647 | 214,395 | 239,513 | 142,171 | 453,908 | |||||||||
Amortization expense related to intangible assets acquired through business acquisitions | 8,472 | 26,145 | 26,016 | 16,944 | 52,161 | |||||||||
Income tax related to intangible assets acquired through business acquisition | - | (1,514 | ) | (1,514 | ) | - | (3,028 | ) | ||||||
Adjusted net loss attributable to the | (471,529 | ) | (664,529 | ) | (856,563 | ) | (942,774 | ) | (1,521,092 | ) | ||||
Adjusted net loss per share, basic | (1.35 | ) | (1.87 | ) | (2.23 | ) | (2.78 | ) | (4.11 | ) | ||||
Adjusted net loss per ADS, basic | (1.35 | ) | (1.87 | ) | (2.23 | ) | (2.78 | ) | (4.11 | ) | ||||
Adjusted net loss per share, diluted | (1.35 | ) | (1.87 | ) | (2.23 | ) | (2.78 | ) | (4.11 | ) | ||||
Adjusted net loss per ADS, diluted | (1.35 | ) | (1.87 | ) | (2.23 | ) | (2.78 | ) | (4.11 | ) | ||||
Weighted average number of ordinary shares, basic | 348,634,400 | 355,351,263 | 384,588,209 | 339,039,316 | 370,050,501 | |||||||||
Weighted average number of ADS, basic | 348,634,400 | 355,351,263 | 384,588,209 | 339,039,316 | 370,050,501 | |||||||||
Weighted average number of ordinary shares, diluted | 348,634,400 | 355,351,263 | 384,588,209 | 339,039,316 | 370,050,501 | |||||||||
Weighted average number of ADS, diluted | 348,634,400 | 355,351,263 | 384,588,209 | 339,039,316 | 370,050,501 |
Appendix I
Weighted Voting Rights
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
As of
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 |
(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
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.
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 the Board throughout the six months ended
June 30, 2021 and no matters under Rule 8A.17 of the Hong Kong Listing Rules have occurred during the six months endedJune 30, 2021 , 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 endedJune 30, 2021 . - 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 the Board to continue the implementation of the corporate governance measures described above and to periodically review their efficacy.
Source:
2021 GlobeNewswire, Inc., source