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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 quarte

2、r 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 over year.Advertising revenues were RMB1.67 billion(US$231.1 million),representing an increase of 31%year over year.Value-added services(VAS)revenues were

3、 RMB2.53 billion(US$350.3 million),representing an increase 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

4、million),compared with RMB629.6 million in the same period 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 loss1 was RMB455.9 million(US$63.1 million),narrowing by 56%year over year.Operating cash flo

5、w was RMB637.7 million(US$88.3 million)in the first quarter of 2024,compared with 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 b

6、y healthy community growth across the board and a solid financial 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 first quarter also reached a

7、 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 our commercialization strategy,translating our high-quality community traffic into topline

8、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.Moving forward,we aim to further enhance our commercialization capabilities,advancing on our path to profitability.At the same time,we will stay true to o

9、ur underlying aspirations of providing a platform for content creators and cultivating a welcoming community for users.”Mr.Sam Fan,chief financial officer of Bilibili,said,“Our commercialization and operational efficiency enhancement initiatives continued to yield great results.In the first quarter,

10、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 first quarter reached 28.3%,compared with 21.8%same period last year.In addition,we meaningfully narrowed our adjusted operating loss and adjusted net l

11、oss by 52%and 56%year over year,respectively.In the first quarter,we generated RMB637.7 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

12、 Financial Results Total net revenues.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.Value-added services(VAS).Revenues from VAS were RMB2.53 billion(US$350.3 million),representing an increase of 17%from the same pe

13、riod 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 Companys improved advertising product

14、offerings and enhanced advertising efficiency.Mobile games.Revenues from mobile 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 Companys exclusively licensed strategy game,San Guo:Mou Ding Tian

15、Xia,is scheduled to be released on June 13,2024.IP derivatives and others.Revenues from IP derivatives and others were RMB484.3 million(US$67.1 million),representing a decrease of 5%from the same period of 2023.Cost of revenues.Cost of revenues was RMB4.06 billion(US$562.2 million),representing an i

16、ncrease 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 t

17、he same period of 2023.Gross profit.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 enhanced monetization efficiency.Total operating expe

18、nses.Total operating expenses were RMB2.42 billion(US$335.7 million),representing a decrease of 2%from the same period of 2023.Sales and marketing expenses.Sales and marketing expenses were RMB927.1 million(US$128.4 million),representing a 5%increase year over year.General and administrative expense

19、s.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 and development expenses.Research and development expenses were RMB965.1 million(US$133.7 million),r

20、epresenting a 6%decrease year over year.The decrease was mainly attributable to a decrease in headcount of research and development personnel.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 operations1.A

21、djusted loss from operations was RMB512.2 million(US$70.9 million),narrowing by 52%from the same period of 2023.Total other income,net.Total other income was RMB55.5 million(US$7.7 million),compared with RMB776.7 million in the same period of 2023.The change was primarily attributable to gain of RMB

22、336.5 million from the repurchase of convertible senior notes and RMB367.9 million gain 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.Income tax expense.Income tax expense was RMB1.6 million(US$0.2

23、million),compared with RMB31.7 million in the same period of 2023.Net loss.Net loss was RMB764.6 million(US$105.9 million),compared with RMB629.6 million in the same period of 2023.Adjusted net loss1.Adjusted net loss was RMB455.9 million(US$63.1 million),narrowing by 56%from the same period of 2023

24、.Basic and diluted EPS and adjusted basic and diluted EPS1.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 per share were RMB1.06(US$0.15)each,compared with RMB2.51 each in the same period of 202

25、3.Cash and cash equivalents,time deposits and short-term investments.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 no

26、n-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 re

27、purchase 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 surrendered and repurchased with an aggregate cash consideration of US$429.3 million(RMB3.05 billion).After comple

28、tion of this transaction,the aggregate outstanding principal amount of April 2026 Notes,2027 Notes and December 2026 Notes was US$432.5 million(RMB3.07 billion).Conference Call The Companys management will host an earnings conference call at 8:00 AM U.S.Eastern Time on May 23,2024(8:00 PM Beijing/Ho

29、ng Kong Time on May 23,2024).Details for the conference call are as follows:Event Title:Bilibili Inc.First Quarter 2024 Earnings Conference Call Registration Link:https:/ All participants must use the link provided above to complete the online registration process in advance of the conference call.U

30、pon registering,each participant 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 Companys investor relations website at http:/,and a replay of the webcast w

31、ill be available following the session.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 wide array of video-based content with All the Videos You Like as its value proposition.Bili

32、bili builds its community around aspiring users,high-quality content,talented content creators and the strong emotional bonds among them.Bilibili pioneered the“bullet chatting”feature,a live comment function that has transformed our users viewing experience by displaying the thoughts and feelings of

33、 audience members viewing the same video.The Company has now become the welcoming home of diverse interests among young generations in China and the frontier for promoting Chinese culture across the world.For more information,please visit:http:/.Use of Non-GAAP Financial Measures The Company uses no

34、n-GAAP measures,such as adjusted loss from operations,adjusted net loss,adjusted net loss per share 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 C

35、ompany 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 business acquisitions,income tax related to intangible assets acquired

36、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 to organizational optimization,and termination expenses of certain game projects.The Company believes that the non-GAAP financ

37、ial measures provide useful information about the Companys results of operations,enhance the overall understanding of the Companys past performance and future prospects and allow for greater visibility with respect to key metrics used by the Companys management in its financial and operational decis

38、ion-making.The non-GAAP financial measures are not defined under U.S.GAAP and are not presented in accordance with U.S.GAAP.The non-GAAP financial measures have limitations as analytical tools,and when assessing the Companys operating performance,cash flows or liquidity,investors should not consider

39、 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 co

40、mparable U.S.GAAP performance measures,all of which should be considered when evaluating the Companys 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

41、 contains translations 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,the exchange rate on March 29,2024 set forth in the H.10 statistical

42、 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 any particular rate or at all.Safe Harbor Statement This announcement contains forward-looking statements.These statements are made

43、 under the“safe harbor”provisions of the U.S.Private Securities Litigation 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 s

44、imilar expressions.Among other things,outlook and quotations from management in this announcement,as well as Bilibilis 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 an

45、d Exchange Commission,in its interim and annual reports 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 oral statements made by its offi

46、cers,directors or employees to third parties.Statements that are not historical facts,including but not limited to statements about Bilibilis beliefs and expectations,are forward-looking statements.Forward-looking statements involve inherent risks and uncertainties.A number of factors could cause ac

47、tual results to differ materially from those contained in any forward-looking statement,including but not limited to the following:results of operations,financial condition,and stock price;Bilibilis strategies;Bilibilis future business development,financial condition and results of operations;Bilibi

48、lis ability to retain and increase the number of users,members and advertising customers,provide quality content,products and services,and expand its product and service offerings;competition in the online entertainment industry;Bilibilis ability to maintain its culture and brand image within its ad

49、dressable user communities;Bilibilis 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 and assumptions underlying or related to any of the foregoing.Further i

50、nformation regarding these and other risks is included in the Companys filings with the Securities and Exchange Commission and the Hong Kong Stock Exchange.All information provided in this announcement and in the attachments is as of the date of the announcement,and the Company undertakes no duty to

51、 update such information,except as required under applicable law.For investor and media inquiries,please contact:In China:Bilibili Inc.Juliet Yang Tel:+86-21-2509-9255 Ext.8523 E-mail: Piacente Financial Communications Helen Wu Tel:+86-10-6508-0677 E-mail:bilibilitpg- In the United States:Piacente F

52、inancial Communications Brandi Piacente Tel:+1-212-481-2050 E-mail:bilibilitpg- 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

53、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

54、 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)L

55、oss 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

56、 -(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 attribu

57、table 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 41

58、4,793,013 415,274,340 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

59、 of press release.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 13,67

60、7 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 BILIBILI INC.Unaudited Condensed Consolidated Balance Sheets(All amounts in thousands,except for share

61、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-ter

62、m investments 2,653,065 1,833,458 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 investments,net 4,366,632 4,365,225 Othe

63、r long-term assets 931,933 758,373 Total non-current assets 14,432,028 14,121,762 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

64、 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 non-current liabilities

65、 651,105 611,933 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 BILIBILI INC.Unaudited Select

66、ed 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 BILIBILI INC.Unaudited Reconciliations

67、 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 operations(1,374,661)(1,304,670)(818,596)Add:Share-based compensation expenses 260,734 267,059 264,586 Amortization

68、 expense related to intangible assets acquired through business acquisitions 48,151 47,734 41,776 Termination expenses of certain game projects-354,811 -Adjusted loss from operations(1,065,776)(635,066)(512,234)Net loss(629,645)(1,296,690)(764,631)Add:Share-based compensation expenses 260,734 267,05

69、9 264,586 Amortization expense related to intangible assets acquired through business acquisitions 48,151 47,734 41,776 Income tax related to intangible assets acquired through business acquisitions(5,625)(5,563)(5,407)(Gain)/loss on fair value change in investments in publicly traded companies(367,

70、920)76,839 (13,186)(Gain)/loss on repurchase of convertible senior notes(336,485)-20,980 Termination expenses of certain game projects-354,811 -Adjusted net loss(1,030,790)(555,810)(455,882)Net loss attributable to noncontrolling interests 1,959 206 16,086 Adjusted net loss attributable to the Bilib

71、ili Inc.s shareholders(1,028,831)(555,604)(439,796)Adjusted net loss per share,basic(2.51)(1.34)(1.06)Adjusted net loss per ADS,basic(2.51)(1.34)(1.06)Adjusted net loss per share,diluted(2.51)(1.34)(1.06)Adjusted net loss per ADS,diluted(2.51)(1.34)(1.06)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