UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
6-K
REPORT OFFOREIGN PRIVATE ISSUER
PURSUANT TO RULE
13a-16
OR
15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2024
Commission File Number:
001-38429
Bilibili Inc.
Building 3,Guozheng Center, No. 485 Zhengli Road
Yangpu District, Shanghai, 200433
People's Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form
20-F
or Form
40-F.
Form
20-F
Form
40-F
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Exhibit Index
Exhibit 99.1 - Press Release
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf bythe
undersigned, thereunto duly authorized.
BILIBILI INC.
By: /s/ Xin Fan
Name: Xin Fan
Title: Chief Financial Officer
Date: May 24, 2024
Exhibit 99.1
Bilibili Inc. Announces First Quarter 2024 Financial Results
SHANGHAI, China, May
23, 2024
-- 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 first quarter
ended March 31, 2024.
First Quarter 2024 Highlights:
. Total net revenues
were RMB5.66 billion (US$784.5 million), representing an increase of 12% year overyear.
. Advertising revenues
were
RMB1.67 billion (US$231.1 million), representing an increase of 31%year over year.
. Value-added services (VAS) revenues
were
RMB2.53 billion (US$350.3 million), representing anincrease of 17% year over year.
. Gross profit
was RMB1.61 billion (US$222.3 million), representing an increase of 45% year over
year.Gross profit margin reached 28.3%, improving from 21.8% in the same period last year.
. Net loss
was RMB764.6 million (US$105.9 million), compared with RMB629.6 million in the sameperiod last year. The year over
year increase was mainly due to debt extinguish gain of RMB336.5 million recorded in the first quarter of 2023.
. Adjusted net loss
1
was RMB455.9 million (US$63.1million), narrowing by 56% year over year.
. Operating cash flow
was RMB637.7 million (US$88.3 million) in the first quarter of 2024,
comparedwith negative RMB630.0 million for the same period last year.
. Average daily active users (DAUs)
were 102.4 million, representing an increase of 9% year over year.
"We are off to a good start in 2024. The first quarter was marked by healthy
community growth across the board and a solidfinancial performance," said Mr.
Rui Chen, chairman and chief executive officer of Bilibili. "Our community is
thriving with our increasingly diverse content, driving DAUs up 9% year over
year to 102.4 million. MAUs in the firstquarter also reached a new high of
341.5 million, up 8% year over year. Users engagement continued to be strong
with average daily time spent hitting 105 minutes, another new high in our
operating history. Meanwhile, we further executed ourcommercialization
strategy, translating our high-quality community traffic into topline growth.
In particular, we are encouraged by the progress of our advertising business,
which recorded a 31% year-over-year growth in the first quarter. Movingforward,
we aim to further enhance our commercialization capabilities, advancing on our
path to profitability. At the same time, we will stay true to our underlying
aspirations of providing a platform for content creators and cultivating a
welcomingcommunity for users."
Mr. Sam Fan, chief financial officer of Bilibili, said, "Our commercialization
and operational efficiencyenhancement initiatives continued to yield great
results. In the first quarter, total net revenues increased by 12% year over
year to RMB5.66 billion, and our gross profit increased by 45% year over year.
Gross profit margin in the firstquarter reached 28.3%, compared with 21.8%
same period last year. In addition, we meaningfully narrowed our adjusted
operating loss and adjusted net loss by 52% and 56% year over year,
respectively. In the first quarter, we generatedRMB637.7 million operating
cash flow, compared with negative RMB630.0 million for same period last year.
We believe the solid progress we have made is placing us firmly on track to
our profitability goal."
First Quarter 2024 Financial Results
Total netrevenues.
Total net revenues were RMB5.66 billion (US$784.5 million) in the first
quarter of 2024, representing an increase of 12% year over year.
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Value-added services (VAS)
. Revenues from VAS were RMB2.53 billion (US$350.3 million),representing an
increase of 17% from the same period of 2023, led by an increase in revenues
from live broadcasting and other value-added services.
Advertising.
Revenues from advertising were RMB1.67 billion (US$231.1 million),
representing an increase of 31% from the same period of 2023,mainly
attributable to the Company's improved advertising product offerings and
enhanced advertising efficiency.
Mobile games.
Revenues frommobile games were RMB982.8 million (US$136.1 million),
representing a decrease of 13% year over year, mainly due to decreased
revenues from certain legacy games. The Company's exclusively licensed
strategy game,
San Guo: Mou Ding TianXia,
is scheduled to be released on June 13, 2024.
IP derivatives and others.
Revenues from IP derivatives and others wereRMB484.3 million (US$67.1
million), representing a decrease of 5% from the same period of 2023.
Cost of revenues.
Cost of revenues wasRMB4.06 billion (US$562.2 million), representing an
increase of 2% from the same period of 2023. The increase was mainly due to
higher revenue-sharing costs and was partially offset by lower content costs
and other costs. Revenue-sharing costs,a key component of cost of revenues,
were RMB2.24 billion (US$309.9 million), representing an increase of 13% from
the same period of 2023.
Grossprofit.
Gross profit was RMB1.61 billion (US$222.3 million), representing an increase
of 45% from the same period of 2023, attributed to the growth in total net
revenue and reduced costs related to platform operations from enhancedmonetizati
on efficiency.
Total operating expenses.
Total operating expenses were RMB2.42 billion (US$335.7 million), representing
a decreaseof 2% from the same period of 2023.
Sales and marketing expenses.
Sales and marketing expenses were RMB927.1 million (US$128.4 million),representi
ng a 5% increase year over year.
General and administrative expenses.
General and administrative expenses were RMB531.8 million(US$73.7 million),
representing a 7% decrease year over year. The decrease was primarily
attributable to lower rental-related expenses.
Research anddevelopment expenses.
Research and development expenses were RMB965.1 million (US$133.7 million),
representing a 6% decrease year over year. The decrease was mainly
attributable to a decrease in headcount of research and developmentpersonnel.
Loss from operations.
Loss from operations was RMB818.6 million (US$113.4 million), narrowing by 40%
from the same period of 2023.
Adjusted loss from operations
1
.
Adjusted loss from operations wasRMB512.2 million (US$70.9 million), narrowing
by 52% from the same period of 2023.
Total other income, net.
Total other income wasRMB55.5 million (US$7.7 million), compared with RMB776.7
million in the same period of 2023. The change was primarily attributable to
gain of RMB336.5 million from the repurchase of convertible senior notes and
RMB367.9 milliongain on fair value change in investments in publicly traded
companies in the first quarter of 2023, both of which were lower in the first
quarter of 2024.
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Income tax expense.
Income tax expense was RMB1.6 million (US$0.2 million), compared withRMB31.7
million in the same period of 2023.
Net loss.
Net loss was RMB764.6 million (US$105.9 million), compared withRMB629.6
million in the same period of 2023.
Adjusted net loss
1
.
Adjustednet loss was RMB455.9 million (US$63.1 million), narrowing by 56% from
the same period of 2023.
Basic and diluted EPS and adjusted basic anddiluted EPS
1
.
Basic and diluted net loss per share were RMB1.80 (US$0.25) each, compared
with RMB1.53 each in the same period of 2023. Adjusted basic and diluted net
loss pershare were RMB1.06 (US$0.15) each, compared with RMB2.51 each in the
same period of 2023.
Cash and cash equivalents, time deposits and short-terminvestments.
As of March 31, 2024, the Company had cash and cash equivalents, time deposits
and short-term investments of RMB12.92 billion (US$1.79 billion).
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."
Repurchase of Convertible Senior Notes
In March 2024,the Company completed the repurchase right offer for its 1.375%
Convertible Senior Notes due 2026 (the "April 2026 Notes"). An aggregate
principal amount of US$429.3 million (RMB3.05 billion) April 2026 Notes was
validly surrenderedand repurchased with an aggregate cash consideration of
US$429.3 million (RMB3.05 billion). After completion of this transaction, the
aggregate outstanding principal amount of April 2026 Notes, 2027 Notes and
December 2026 Notes wasUS$432.5 million (RMB3.07 billion).
Conference Call
The Company's management will host an earnings conference call at 8:00 AM U.S.
Eastern Time on May 23, 2024 (8:00 PM Beijing/Hong Kong Time onMay 23, 2024).
Details for the conference call are as follows:
Event Title: Bilibili Inc. First Quarter 2024 Earnings Conference Call
Registration Link:
https://register.vevent.com/register/BIdb280fdab7884a4497749497e7afe731
All participants must use the link provided above to complete the online
registration process in advance of the conference call. Upon registering,
eachparticipant 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 areplay of the webcast will be available following the session.
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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
widearray 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 pioneeredthe "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 welcominghome of diverse interests among young generations in China
and the frontier for promoting Chinese culture across the world.
For more information, pleasevisit: h
ttp://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 pershare 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 businessacquisitions,
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 toorganizational 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
ofoperations, 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
operationaldecision-making.
The
non-GAAP
financial measures are not defined under U.S. GAAP and are not presented
inaccordance 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
notconsider 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 containstranslations 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 7.2203 to US$1.00, theexchange rate on March 29, 2024 set forth in
the H.10 statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ amounts referred to could be converted
into US$ or RMB, as the case may be, at anyparticular rate or at all.
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Safe Harbor Statement
This announcement contains forward-looking statements. These statements are
made under the "safe harbor" provisions of the U.S. Private SecuritiesLitigation
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, outlook and
quotations from management in this announcement, as well asBilibili'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
annualreports 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 oralstatements 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 ofoperations, 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 andadvertising 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
itsaddressable 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 andassumptions 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 informationprovided 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:
InChina:
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
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BILIBILI INC.
Unaudited Condensed Consolidated Statements of Operations
(All amounts in thousands, except for share and per share data)
For the Three Months Ended
March 31, December 31, March 31,
2023 2023 2024
RMB RMB RMB
Net revenues:
Value-added services (VAS) 2,156,224 2,857,079 2,528,909
Advertising 1,271,804 1,929,164 1,668,584
Mobile games 1,131,619 1,006,858 982,810
IP derivatives and others 509,964 555,995 484,297
Total net revenues 5,069,611 6,349,096 5,664,600
Cost of revenues (3,965,679 ) (4,689,114 ) (4,059,240 )
Gross profit 1,103,932 1,659,982 1,605,360
Operating expenses:
Sales and marketing expenses (880,186 ) (1,125,464 ) (927,059 )
General and administrative expenses (571,695 ) (511,906 ) (531,777 )
Research and development expenses (1,026,712 ) (1,327,282 ) (965,120 )
Total operating expenses (2,478,593 ) (2,964,652 ) (2,423,956 )
Loss from operations (1,374,661 ) (1,304,670 ) (818,596 )
Other income:
Investment income/(loss), net (including impairments) 286,402 (199,004 ) (21,249 )
Interest income 146,274 126,450 133,207
Interest expense (57,706 ) (29,181 ) (31,574 )
Exchange (losses)/gains (7,712 ) 4,848 (58,060 )
Debt extinguishment gain/(loss) 336,485 -- (20,980 )
Others, net 73,005 110,007 54,183
Total other income, net 776,748 13,120 55,527
Loss before income tax expenses (597,913 ) (1,291,550 ) (763,069 )
Income tax (31,732 ) (5,140 ) (1,562 )
Net loss (629,645 ) (1,296,690 ) (764,631 )
Net loss attributable to noncontrolling interests 1,959 206 16,086
Net loss attributable to the Bilibili Inc.'s shareholders (627,686 ) (1,296,484 ) (748,545 )
Net loss per share, basic (1.53 ) (3.13 ) (1.80 )
Net loss per ADS, basic (1.53 ) (3.13 ) (1.80 )
Net loss per share, diluted (1.53 ) (3.13 ) (1.80 )
Net loss per ADS, diluted (1.53 ) (3.13 ) (1.80 )
Weighted average number of ordinary shares, basic 410,564,084 414,793,013 415,274,340
Weighted average number of ADS, basic 410,564,084 414,793,013 415,274,340
Weighted average number of ordinary shares, diluted 410,564,084 414,793,013 415,274,340
Weighted average number of ADS, diluted 410,564,084 414,793,013 415,274,340
The accompanying notes are an integral part of press release.
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BILIBILI INC.
NOTES TO UNAUDITED FINANCIAL INFORMATION
(All amounts in thousands, except for share and per share data)
For the Three Months Ended
March 31, December 31, March 31,
2023 2023 2024
RMB RMB RMB
Share-based compensation expenses included in
:
Cost of revenues 12,462 15,014 13,677
Sales and marketing expenses 14,504 13,960 12,560
General and administrative expenses 137,616 150,226 157,824
Research and development expenses 96,152 87,859 80,525
Total 260,734 267,059 264,586
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BILIBILI INC.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands, except for share and per share data)
December 31, March 31,
2023 2024
RMB RMB
Assets
Current assets:
Cash and cash equivalents 7,191,821 6,037,409
Time deposits 5,194,891 5,050,823
Restricted cash 50,000 50,000
Accounts receivable, net 1,573,900 1,278,323
Prepayments and other current assets 2,063,362 1,877,483
Short-term 2,653,065 1,833,458
investments
Total current assets 18,727,039 16,127,496
Non-current
assets:
Property and equipment, net 714,734 757,663
Production cost, net 2,066,066 2,023,621
Intangible assets, net 3,627,533 3,491,750
Goodwill 2,725,130 2,725,130
Long-term 4,366,632 4,365,225
investments, net
Other long-term assets 931,933 758,373
Total 14,432,028 14,121,762
non-current
assets
Total assets 33,159,067 30,249,258
Liabilities
Current liabilities:
Accounts payable 4,333,730 4,530,078
Salary and welfare payables 1,219,355 932,820
Taxes payable 345,250 279,637
Short-term loan and current portion of long-term debt 7,455,753 4,941,485
Deferred revenue 2,954,088 2,987,606
Accrued liabilities and other payables 1,795,519 2,058,980
Total current liabilities 18,103,695 15,730,606
Non-current
liabilities:
Long-term debt 646 732
Other long-term liabilities 650,459 611,201
Total 651,105 611,933
non-current
liabilities
Total liabilities 18,754,800 16,342,539
Total Bilibili Inc.'s shareholders' equity 14,391,900 13,910,438
Noncontrolling interests 12,367 (3,719 )
Total shareholders' equity 14,404,267 13,906,719
Total liabilities and shareholders' equity 33,159,067 30,249,258
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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
March 31, December 31, March 31,
2023 2023 2024
RMB RMB RMB
Net cash (used in)/provided by operating activities (629,977 ) 640,396 637,697
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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
March 31, December 31, March 31,
2023 2023 2024
RMB RMB RMB
Loss from (1,374,661 ) (1,304,670 ) (818,596 )
operations
Add:
Share-based 260,734 267,059 264,586
compensation expenses
Amortization expense related to intangible 48,151 47,734 41,776
assets acquired through business acquisitions
Termination expenses of -- 354,811 --
certain game projects
Adjusted loss (1,065,776 ) (635,066 ) (512,234 )
from operations
Net loss (629,645 ) (1,296,690 ) (764,631 )
Add:
Share-based 260,734 267,059 264,586
compensation expenses
Amortization expense related to intangible 48,151 47,734 41,776
assets acquired through business acquisitions
Income tax related to intangible assets (5,625 ) (5,563 ) (5,407 )
acquired through business acquisitions
(Gain)/loss on fair value change in (367,920 ) 76,839 (13,186 )
investments in publicly traded companies
(Gain)/loss on repurchase (336,485 ) -- 20,980
of convertible senior notes
Termination expenses of -- 354,811 --
certain game projects
Adjusted (1,030,790 ) (555,810 ) (455,882 )
net loss
Net loss attributable to 1,959 206 16,086
noncontrolling interests
Adjusted net loss attributable to (1,028,831 ) (555,604 ) (439,796 )
the Bilibili Inc.'s shareholders
Adjusted net loss (2.51 ) (1.34 ) (1.06 )
per share, basic
Adjusted net loss (2.51 ) (1.34 ) (1.06 )
per ADS, basic
Adjusted net loss (2.51 ) (1.34 ) (1.06 )
per share, diluted
Adjusted net loss (2.51 ) (1.34 ) (1.06 )
per ADS, diluted
Weighted average number 410,564,084 414,793,013 415,274,340
of ordinary shares, basic
Weighted average 410,564,084 414,793,013 415,274,340
number of ADS, basic
Weighted average number of 410,564,084 414,793,013 415,274,340
ordinary shares, diluted
Weighted average 410,564,084 414,793,013 415,274,340
number of ADS, diluted