哔哩哔哩(09626) - 2024 Q2 - 季度业绩

Performance Highlights and Management Commentary The company achieved strong Q2 2024 results with 16% revenue growth, significant advertising and gaming increases, improved gross margin, and a 61% reduction in net loss, alongside healthy user growth Q2 2024 Key Financial and Operational Metrics | Metric | Q2 2024 | YoY Change | | :--- | :--- | :--- | | Total Net Revenue | RMB 6.127 billion | +16% | | Advertising Revenue | RMB 2.037 billion | +30% | | Mobile Game Revenue | RMB 1.007 billion | +13% | | Gross Profit | RMB 1.833 billion | +49% | | Gross Margin | 29.9% | vs. 23.1% (prior period) | | Net Loss | RMB 608 million | Narrowed 61% | | Adjusted Net Loss | RMB 271 million | Narrowed 72% | | Operating Cash Flow | RMB 1.751 billion | vs. outflow in prior period | | Daily Active Users (DAU) | 102.3 million | +6% | | Average Daily User Time Spent | 99 minutes | vs. 94 minutes (prior period) | - Management attributes improved monetization efficiency to community development and commercial product integration, maintaining strong advertising momentum. The successful launch of the new strategy game 'Three Kingdoms: The World Settled' demonstrates the company's operational capabilities beyond ACG games, with enhanced monetization driving profitability[13] - The CFO highlighted the eighth consecutive quarter of gross margin improvement, significant year-over-year narrowing of adjusted operating and net losses, and positive operating cash flow this quarter, laying a strong foundation for profitability and sustainable growth[14] Detailed Financial Performance Total revenue reached RMB 6.127 billion, up 16% year-over-year, with advertising as the strongest segment at 30% growth, while effective cost and expense control led to a 49% increase in gross profit and a 54% reduction in operating loss Revenue Analysis Total revenue grew 16% year-over-year to RMB 6.127 billion, driven by 30% growth in advertising, 11% in value-added services, and 13% in mobile games, while IP derivatives and other businesses saw a slight 4% decline Q2 2024 Revenue Composition | Business Segment | Amount (RMB) | YoY Change | | :--- | :--- | :--- | | Value-Added Services | RMB 2.566 billion | +11% | | Advertising | RMB 2.037 billion | +30% | | Mobile Games | RMB 1.007 billion | +13% | | IP Derivatives and Others | RMB 516 million | -4% | | Total Net Revenue | RMB 6.127 billion | +16% | Cost and Expense Analysis Operating costs increased 5% due to higher revenue-sharing, while total operating expenses decreased 3%, with R&D and G&A expenses down 15% and 10% respectively due to reduced headcount, offset by a 13% rise in sales and marketing expenses for new game promotion - Operating Costs: Increased 5% year-over-year to RMB 4.294 billion, primarily due to higher revenue-sharing costs[15] - Sales and Marketing Expenses: Increased 13% year-over-year to RMB 1.036 billion, mainly due to increased marketing for new game launches[16] - General and Administrative Expenses: Decreased 10% year-over-year to RMB 488 million, primarily due to reduced headcount[18] - Research and Development Expenses: Decreased 15% year-over-year to RMB 895 million, primarily due to reduced headcount[18] Profit and Loss Analysis Gross profit increased 49% to RMB 1.833 billion due to strong revenue growth and effective cost control, leading to significant narrowing of both operating and net losses, with net loss down 61% to RMB 608 million and adjusted net loss down 72% to RMB 271 million Q2 2024 Profit and Loss Overview | Metric | Amount (RMB) | YoY Change | | :--- | :--- | :--- | | Gross Profit | RMB 1.833 billion | +49% | | Operating Loss | RMB 585 million | Narrowed 54% | | Adjusted Operating Loss | RMB 284 million | Narrowed 69% | | Net Loss | RMB 608 million | Narrowed 61% | | Adjusted Net Loss | RMB 271 million | Narrowed 72% | Assets and Cash Flow As of June 30, 2024, the company held RMB 13.912 billion in cash, cash equivalents, time deposits, and short-term investments, with operating cash flow turning positive at RMB 1.751 billion for the quarter, a significant improvement from an outflow - Cash Position: As of June 30, 2024, cash and cash equivalents, time deposits, and short-term investments totaled RMB 13.912 billion[20] - Operating Cash Flow: Net cash provided by operating activities was RMB 1.751 billion in Q2 2024, a significant improvement from a net outflow of RMB 21.2 million in the same period of 2023[20] Financial Statements This section presents the unaudited condensed consolidated financial statements, including statements of operations, balance sheets, cash flow statements, and GAAP to Non-GAAP reconciliations, providing a comprehensive overview of the company's Q2 2024 financial position and results Unaudited Condensed Consolidated Statements of Operations The statement of operations shows total net revenue of RMB 6.127 billion in Q2 2024, a 16% increase from RMB 5.304 billion in the prior year, with gross profit up 49% to RMB 1.833 billion, and net loss significantly narrowed by 61% to RMB 608 million from RMB 1.548 billion Statements of Operations Summary (For the Three Months Ended June 30, RMB thousands) | Item | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Total Net Revenue | 6,127,144 | 5,304,199 | | Gross Profit | 1,833,201 | 1,227,534 | | Operating Loss | (585,135) | (1,277,683) | | Net Loss | (608,149) | (1,548,132) | Unaudited Condensed Consolidated Balance Sheets The balance sheet shows total assets of RMB 31.318 billion and total liabilities of RMB 17.737 billion as of June 30, 2024, with cash, cash equivalents, time deposits, and short-term investments totaling RMB 13.912 billion, indicating a stable financial position Balance Sheets Summary (RMB thousands) | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash, Time Deposits, and Short-Term Investments | 13,911,929 | 15,039,777 | | Total Assets | 31,318,493 | 33,159,067 | | Total Liabilities | 17,736,790 | 18,754,800 | | Total Shareholders' Equity | 13,581,703 | 14,404,267 | Unaudited Condensed Consolidated Cash Flow Data Summary The cash flow statement summary indicates net cash provided by operating activities of RMB 1.751 billion in Q2 2024, a significant improvement from a net outflow of RMB 21.18 million in the prior year, demonstrating enhanced operational cash generation - Net cash provided by operating activities in Q2 2024 was RMB 1,750,540 thousand, a significant improvement compared to a net outflow of RMB 21,181 thousand in the same period of 2023[41] Unaudited Reconciliations of GAAP and Non-GAAP Results This table details the reconciliation from GAAP metrics (e.g., operating loss, net loss) to Non-GAAP metrics, primarily excluding the impact of share-based compensation, intangible asset amortization, and fair value changes of investments, with adjusted net loss for Q2 2024 at RMB 271 million Net Loss to Adjusted Net Loss Reconciliation (Q2 2024, RMB thousands) | Item | Amount | | :--- | :--- | | Net Loss (GAAP) | (608,149) | | Add: Share-based compensation expenses | 259,479 | | Add: Amortization of intangible assets | 41,776 | | Add: Income tax impact | (5,407) | | Add: Loss from fair value change of investments | 41,311 | | Adjusted Net Loss (Non-GAAP) | (270,990) | Other Information This section includes details on the earnings conference call, company overview, explanation of Non-GAAP financial measures, exchange rate basis, and safe harbor statement for forward-looking statements - Company management will host an earnings conference call on August 22, 2024, at 8:00 AM U.S. Eastern Time[23] - The company explained its use of Non-GAAP measures like adjusted operating loss and adjusted net loss, stating that excluding items such as share-based compensation helps identify underlying business trends[27]