2022-06-09 10:00Financial Performance - Total net revenue reached RMB 5,054.1 million (USD 797.3 million), an increase of 30% year-over-year[3] - Total net revenue for the three months ended March 31, 2022, was RMB 5,054,099 thousand, a decrease of 12.5% compared to RMB 5,780,783 thousand for the same period in 2021[37] - Revenue from mobile games was RMB 1,357.8 million (USD 214.2 million), a 16% increase year-over-year[4] - Revenue from mobile games for the three months ended March 31, 2022, was RMB 1,357,818 thousand, an increase from RMB 1,295,350 thousand for the same period in 2021, representing a growth of approximately 4.8%[17] - Revenue from value-added services was RMB 2,052.2 million (USD 323.7 million), a 37% increase year-over-year[4] - The revenue from value-added services for the three months ended March 31, 2022, was RMB 2,052,192 thousand, an increase from RMB 1,894,518 thousand for the same period in 2021, indicating a growth of approximately 8.3%[17] - Advertising revenue increased by 46% year-over-year to RMB 1,040.8 million (USD 164.2 million)[4] - Advertising revenue for the three months ended March 31, 2022, was RMB 603,319 thousand, a decrease from RMB 1,003,299 thousand for the same period in 2021, representing a decline of approximately 40%[17] User Engagement - Monthly active users (MAUs) reached 293.6 million, with mobile MAUs at 276.4 million, representing increases of 31% and 33% year-over-year, respectively[3] - Daily active users (DAUs) reached 79.4 million, a 32% increase compared to the same period last year[3] - Average monthly paying users reached 27.2 million, up 33% year-over-year[3] - The company has a significant focus on user engagement, with paid users defined as those who make payments for various products and services on the platform[29] - The company aims to enrich the daily lives of young people in China through a wide range of video content and interactive features[31] - The company has established a strong community around high-quality content and talented creators, enhancing user experience[31] Financial Losses - Operating loss was RMB 1,990.8 million (USD 314.0 million), compared to RMB 1,031.0 million in the same period last year[6] - The operating loss for the three months ended March 31, 2022, was RMB 1,990,812 thousand, compared to an operating loss of RMB 1,999,540 thousand for the same period in 2021, showing a slight improvement[17] - Net loss was RMB 2,284.1 million (USD 360.3 million), compared to RMB 904.9 million in the same period last year[6] - The net loss for Bilibili was RMB 2,284,132 thousand for the quarter ending March 31, 2022, compared to RMB 2,095,767 thousand for the same period in 2021, indicating an increase in losses[40] - The net loss attributable to shareholders for the three months ended March 31, 2022, was RMB 2,281,982 thousand, compared to a net loss of RMB 2,088,014 thousand for the same period in 2021, representing an increase in loss of approximately 9.3%[17] Cash and Assets - Cash and cash equivalents, term deposits, and short-term investments totaled RMB 24.7 billion (USD 3.9 billion) as of March 31, 2022[6] - Cash and cash equivalents decreased to RMB 5,077,992 thousand as of March 31, 2022, down from RMB 7,523,108 thousand at the end of 2021[19] - As of March 31, 2022, Bilibili's total assets amounted to RMB 47,907,174 thousand, a decrease from RMB 52,053,151 thousand as of December 31, 2021[19] - Total current liabilities as of March 31, 2022, were RMB 11,335,787 thousand, a decrease from RMB 12,071,011 thousand as of December 31, 2021[19] - The company's total equity attributable to shareholders was RMB 19,471,920 thousand as of March 31, 2022, down from RMB 21,716,066 thousand at the end of 2021[19] Future Projections - The company expects net revenue for Q2 2022 to reach between RMB 4.85 billion and RMB 4.95 billion[9] - The company acknowledges uncertainties related to the ongoing COVID-19 pandemic that may impact its projections[29] - The company will hold an earnings conference call on June 9, 2022, to discuss its performance and outlook[30] - The company highlights the potential risks and uncertainties that may affect its future performance, including competition and regulatory factors[34] Non-GAAP Metrics - The adjusted net loss and adjusted earnings per share are non-GAAP financial metrics used to assess operational performance[12] - The company emphasizes the importance of non-GAAP metrics in understanding its business trends and making financial decisions[12] - The adjusted net loss attributable to Bilibili shareholders for Q1 2022 was RMB (1,652,769) thousand, slightly improved from RMB (1,652,060) thousand in Q1 2021[20] - The adjusted net loss per share (basic) was RMB 4.20 for the quarter ending March 31, 2022, consistent with the previous quarter's figure[40]