Bilibili Inc. (NASDAQ:BILI) Q4 2023 Results Conference Call March 7, 2024 7:00 AM ET Company Participants Juliet Yang - Executive Director-Investor Relations Xin Fan - Chief Financial Officer Rui Chen - Chairman of the Board & CEO Carly Lee - Vice Chairwoman and Chief Operating Officer Conference Call Participants Thomas Chong - Jefferies Yiwen Zhang - China Renaissance Felix Liu - UBS Lei Zhang - Bank of America Securities Operator Good day, and welcome to the Bilibili's 2023 Fourth Quarter and Fiscal Year ...

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年3月8日 美元10.60 美元13.00 +22.6% 哔哩哔哩 (BILI US) 游戏下半年可见性增强，2024 年 3 季度或实现扭亏为盈，维持买入 个股评级  4季度业绩符合预期，全年经营现金流转正。哔哩哔哩2023年4季度收入 为63亿元人民币（下同），同/环比增3%/9%，符合我们/市场预期。调整 买入 后归母净亏损为5.6亿元，同/环比收窄58%/36%，对比我们/市场预期的 5.7亿元/6.5亿元，主要受益于毛利率提升（同比+6/环比+1百分点至26% 1年股价表现 ）。全年首次实现正向经营现金流2.7亿元。 BILI US  4季度业绩概览：1）广告/VAS收入维持快速增长，分别同比增28%/22% 23 00 %% MSCI中国指数 ，效果广告同比增60%+ 。2）交易场景成为广告收入增长的主要支撑之一 10% 0% ，2023年全年电商带货GMV 100亿元，日均2600万用户观看带货内容， -10% -20% 渗透率26%，4季度日均超6万UP主参与带货。3）DAU/日均视频观看量 -30% 同比增8%/10%，较 ...

Bilibili (BILI) came out with a quarterly loss of $0.19 per share versus the Zacks Consensus Estimate of a loss of $0.16. This compares to loss of $0.48 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -18.75%. A quarter ago, it was expected that this Chinese video sharing website would post a loss of $0.24 per share when it actually produced a loss of $0.29, delivering a surprise of -20.83%.Over the last four quarters, the com ...

Core Viewpoint - Bilibili Inc. reported a 3% increase in total net revenues for both the fourth quarter and fiscal year 2023, highlighting growth in advertising and value-added services despite a net loss that narrowed significantly compared to the previous year [2][11][15]. Financial Performance - Total net revenues for Q4 2023 were RMB6.3 billion (US$894.3 million) and RMB22.5 billion (US$3.2 billion) for the full year, both reflecting a 3% increase year-over-year [2][11]. - Advertising revenues reached RMB1.9 billion (US$271.7 million) in Q4 2023, up 28% year-over-year, and RMB6.4 billion (US$903.1 million) for the year, up 27% [2][11]. - Value-added services (VAS) revenues were RMB2.9 billion (US$402.4 million) in Q4 2023, a 22% increase, and RMB9.9 billion (US$1.4 billion) for the year, a 14% increase [2][11]. - Gross profit for Q4 2023 was RMB1.7 billion (US$233.8 million), up 33% year-over-year, with a gross profit margin of 26.1%, improving from 20.3% in the same period last year [2][11][12]. - The net loss narrowed to RMB1.3 billion (US$182.6 million) in Q4 2023, a 13% improvement, and RMB4.8 billion (US$677.7 million) for the year, a 36% improvement [2][11][15]. Operational Efficiency - Operating cash flow was positive at RMB640.4 million (US$90.2 million) in Q4 2023, compared to negative RMB707.3 million in the same period last year [10][12]. - The company reduced operating expenses by 17% year-over-year in Q4 2023 and 14% for the full year, contributing to improved financial metrics [3][12][13]. User Engagement - Average daily active users (DAUs) exceeded 100 million in Q4 2023, representing an 8% increase from the same period in 2022, with users spending over 95 minutes daily on the platform [3][11]. - Over 3 million content creators earned income on Bilibili in 2023, a 30% increase compared to 2022, indicating a strengthening community ecosystem [3][11]. Future Outlook - The company aims to continue enhancing its commercialization strategy and monetization products in 2024, focusing on creating value for users, creators, and shareholders [3][11].

Financial Performance - Total net revenues for Q4 2023 were RMB6.3 billion (US$894.3 million), a 3% increase year over year, while total revenues for the fiscal year 2023 reached RMB22.5 billion (US$3.2 billion), also up 3% from 2022[2]. - Advertising revenues in Q4 2023 were RMB1.9 billion (US$271.7 million), representing a 28% year-over-year increase, and for the full year, advertising revenues were RMB6.4 billion (US$903.1 million), up 27% from 2022[2]. - Value-added services (VAS) revenues for Q4 2023 were RMB2.9 billion (US$402.4 million), a 22% increase year over year, with full-year VAS revenues at RMB9.9 billion (US$1.4 billion), up 14% from 2022[2]. - Gross profit for Q4 2023 was RMB1.7 billion (US$233.8 million), a 33% increase year over year, with a gross profit margin of 26.1%, improving from 20.3% in the same period last year[2]. - Total net revenues for the year ended December 31, 2023, were RMB 22,527,987, representing an increase from RMB 21,899,167 in 2022[24]. - Mobile games revenue for the year ended December 31, 2023, was RMB 4,021,137, a decrease from RMB 5,021,290 in 2022, reflecting a decline of approximately 20%[24]. - Value-added services (VAS) revenue increased to RMB 9,910,080 for the year ended December 31, 2023, up from RMB 8,715,170 in 2022, marking a growth of about 13.7%[24]. - Advertising revenue for the year ended December 31, 2023, was RMB 6,412,040, an increase from RMB 5,066,212 in 2022, representing a growth of approximately 26.6%[24]. - The company reported a gross profit of RMB 5,441,865 for the year ended December 31, 2023, compared to RMB 3,849,295 in 2022, representing an increase of approximately 41.5%[24]. Loss and Adjusted Loss - The net loss for Q4 2023 was RMB1.3 billion (US$182.6 million), narrowing by 13% year over year, while the full-year net loss was RMB4.8 billion (US$677.7 million), a 36% reduction from 2022[2]. - Adjusted net loss for Q4 2023 was RMB555.8 million (US$78.3 million), a 58% improvement year over year, and for the full year, adjusted net loss was RMB3.4 billion (US$480.9 million), narrowing by 49% from 2022[2]. - The net loss attributable to Bilibili Inc.'s shareholders for the year ended December 31, 2023, was RMB 4,822,321, compared to a net loss of RMB 7,497,013 in 2022, indicating an improvement of about 35.5%[24]. - The basic net loss per share for the year ended December 31, 2023, was RMB 11.67, a decrease from RMB 18.99 in 2022, reflecting a reduction of approximately 38.5%[24]. - The company reported an adjusted net loss of RMB 555.8 million for the year ended December 31, 2023, compared to an adjusted net loss of RMB 1.31 billion for the year ended December 31, 2022[31]. - Adjusted net loss per share decreased from RMB 3.31 for the year ended December 31, 2022, to RMB 8.29 for the year ended December 31, 2023, indicating a reduction in losses[33]. User Engagement - Average daily active users (DAUs) reached 100.1 million in Q4 2023, an 8% increase from the same period in 2022, with users spending over 95 minutes daily on the platform[3]. Cash Flow and Expenses - Operating cash flow for Q4 2023 was RMB640.4 million (US$90.2 million), compared to negative RMB707.3 million in the same period last year, marking a significant turnaround[2]. - Total operating expenses for the fiscal year 2023 decreased by 14% to RMB10.5 billion (US$1.5 billion), with sales and marketing expenses down 20% year over year[12][13]. - Total operating expenses for the year ended December 31, 2023, were RMB 10,506,052, down from RMB 12,207,239 in 2022, indicating a decrease of about 14%[24]. - Research and development expenses for the year ended December 31, 2023, were RMB 4,467,470, compared to RMB 4,765,360 in 2022, showing a decline of approximately 6.3%[24]. - Share-based compensation expenses totaled RMB 1,132,644 for the year ended December 31, 2023, up from RMB 1,040,683 in 2022, reflecting an increase of about 8.8%[26]. Assets and Liabilities - As of December 31, 2023, the company had cash and cash equivalents of RMB15.0 billion (US$2.1 billion) and outstanding convertible senior notes totaling US$861.8 million (RMB6.1 billion)[15]. - Total assets decreased from RMB 41.83 billion on December 31, 2022, to RMB 33.16 billion on December 31, 2023, a decline of approximately 20.7%[27]. - Total current liabilities increased from RMB 17.09 billion on December 31, 2022, to RMB 18.10 billion on December 31, 2023, an increase of approximately 5.9%[27]. - Cash and cash equivalents decreased from RMB 10.17 billion on December 31, 2022, to RMB 7.19 billion on December 31, 2023, a decline of approximately 29.5%[27]. - Total liabilities decreased from RMB 26.59 billion on December 31, 2022, to RMB 18.75 billion on December 31, 2023, a decline of approximately 29.6%[27]. - Long-term investments decreased from RMB 5.65 billion on December 31, 2022, to RMB 4.37 billion on December 31, 2023, a decline of approximately 22.7%[27]. Operational Efficiency - Loss from operations narrowed to RMB 1.30 billion for the three months ended December 31, 2023, compared to RMB 2.33 billion for the same period in 2022[31]. - Weighted average number of ordinary shares increased from 396.08 million for the year ended December 31, 2022, to 414.79 million for the year ended December 31, 2023[33].

Shanghai, Feb. 25, 2024 /PRNewswire/ -- China's leading venture capital firm Qiming Venture Partners announced its recent signing of the United Nations-supported Principles for Responsible Investment (PRI). By signing the PRI, Qiming has joined an international network of over 5,000 signatories that share a mission to shape a global sustainable financial system that ensures growth for investors, enterprises, environment, and the wider society. "The signing is a testimony to our commitment to Environmental, ...

SHANGHAI, China, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Bilibili Inc. ("Bilibili" or the "Company") (NASDAQ:BILI), an iconic brand and a leading video community for young generations in China, today announced that it is notifying holders of its 1.375% Convertible Senior Notes due 2026 (CUSIP No. 090040AB2) (the "Notes") that, pursuant to the Indenture dated as of April 5, 2019 (the "Indenture") relating to the Notes by and between the Company and Deutsche Bank Trust Company Americas, as trustee, each holder has ...

The industry is witnessing a mixed bag of fortunes in the dynamic world of online streaming. Though industry bellwethers such as Netflix continue to shine, its competition is struggling, with many of them evolving into streaming stocks to sell. Moreover, certain streaming platforms are struggling remarkably in terms of their financials, with gross margins and revenue growth falling short of industry averages. This is a telling sign of underlying operational inefficiencies and a challenging market environmen ...

"With a lower revenue for online games, the ad industry would be impacted too," he said. UBS estimates online games account for about 20% of the online ad industry's revenue."Big game developers or big DAU [daily active user] social games should fare better: This is because they have other means to boost gamers engagement, reach out to users and have stronger R&D capabilities to attract and retain gamers," Kenneth Fong, head of China internet research, UBS, said in a note.The comment period is open until Ja ...

Investor Presentation November 2023 ...