2025-02-20 10:19Financial Performance - For Q4 2024, Bilibili reported total net revenue of RMB 7.734 billion (USD 1.060 billion), a year-over-year increase of 22%[9] - Advertising revenue for Q4 2024 reached RMB 2.389 billion (USD 327 million), up 24% year-over-year, while full-year advertising revenue was RMB 8.189 billion (USD 1.122 billion), increasing by 28%[9] - Mobile gaming revenue in Q4 2024 was RMB 1.798 billion (USD 246 million), a significant increase of 79% year-over-year, with full-year revenue at RMB 5.610 billion (USD 769 million), up 40%[9] - Total net revenue for Q4 2024 was RMB 7.734 billion (USD 1.060 billion), an increase of 22% compared to the same period in 2023[11] - For the fiscal year 2024, total net revenue was RMB 26.832 billion (USD 3.676 billion), an increase of 19% compared to 2023[18] Profitability - Gross profit for Q4 2024 was RMB 2.788 billion (USD 382 million), representing a 68% year-over-year increase, while the gross margin improved to 36.1% from 26.1% in Q4 2023[9] - The net profit for Q4 2024 was RMB 889 million (USD 122 million), a turnaround from a net loss of RMB 1.297 billion in the same period last year, with the full-year net loss narrowing by 72% to RMB 1.364 billion (USD 187 million)[9] - Adjusted net profit for Q4 2024 was RMB 452 million (USD 61.9 million), compared to an adjusted net loss of RMB 556 million in the previous year[9] - Adjusted net loss for the fiscal year 2024 was RMB 390 million (USD 53 million), a 99% reduction compared to the previous year[25] - The net loss for the year ended December 31, 2023, was RMB (4,811,713) thousand, while the net loss for the year ended December 31, 2024, was RMB (1,363,651) thousand[52] Cash Flow and Expenses - Operating cash flow for Q4 2024 was RMB 1.401 billion (USD 192 million), significantly up from RMB 640 million in Q4 2023, with full-year operating cash flow at RMB 6.015 billion (USD 824 million)[9] - Operating expenses totaled RMB 2.662 billion (USD 365 million), a decrease of 10% year-over-year[14] - Cash and cash equivalents, along with short-term investments, amounted to RMB 16.544 billion (USD 2.267 billion) as of December 31, 2024[25] - The company incurred expenses of RMB 354,811 thousand related to the termination of several game projects for the year ended December 31, 2023[52] User Engagement - Daily active users (DAUs) reached 103 million in Q4 2024, an increase from 100 million in the same period last year[9] Strategic Initiatives - The company aims to leverage new AI models to enhance its commercial efficiency and unlock greater value from its unique community[10] - Bilibili repurchased USD 865 million worth of American Depositary Shares and convertible preferred bonds during the year to enhance shareholder returns[10] - The company announced a share repurchase plan to buy back up to $200 million of publicly traded securities within 24 months, with approximately 840,000 American Depositary Shares repurchased at a total cost of $16.4 million as of December 31, 2024[26] - The company completed a tender offer for the repurchase of its 0.50% convertible senior notes due in December 2026, with a total principal amount of $419 million repurchased for a total cash consideration of $419 million[28] Financial Metrics and Reporting - The company utilizes non-GAAP financial metrics such as adjusted operating profit/loss and adjusted net profit/loss to assess its operating performance and inform financial and operational decisions[33] - The company emphasizes the importance of non-GAAP metrics in identifying underlying business trends by excluding certain expenses and gains/losses related to equity incentives and acquisitions[34] - The company’s financial data is presented in thousands, with specific currency conversions based on an exchange rate of 7.2993 RMB to 1 USD as of December 31, 2024[35] Future Outlook - The company expects total net revenue for the fiscal year 2024 to reach approximately RMB 26,831,525, representing a growth of 19.3% compared to the previous year[41] - The company acknowledges inherent risks and uncertainties in its forward-looking statements, which may affect actual performance and financial condition[37] Conference Call - The company will hold an earnings conference call on February 20, 2025, at 7:00 AM EST to discuss its fourth quarter and fiscal year 2024 results[29]