Bilibili Inc. · NASDAQ:BILI
Bilibili — Q4 2023 Earnings Presentation
28 slides from Bilibili's earnings presentation, March 2024
Slide 1: Investor Presentation
Investor Presentation March 2024 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement This announcement contains forward-looking statements. These statements are made 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,” “antici
Slide 3: Enrich the Everyday Life of Young Generations in China
Enrich the everyday life of young generations in China 100mn 336mn 28mn 95mins DAUs (1) (2) MAUs (1) (2) MPUs (1) (3) Avg. daily time spent (1) (4) :
Slide 4: Rapid Growth of DAUs and MAUs
Rapid Growth of DAUs and MAUs DAUs MAUs (mn) (mn) 2.6x 326 336 100 2.6x 93 272 72 202 54 38 130 19Q4 20Q4 21Q4 22Q4 23Q4 19Q4 20Q4 21Q4 22Q4 23Q4 4
Slide 5: Improving Gross Profits and Narrowing Losses
Improving Gross Profits and Narrowing Losses Gross Profit Net Loss(1) (RMB mn) (Non-GAAP; RMB bn) YOY 33% YOY -58% 26.1% 25.0% 23.1% GPM 21.8% 1,660 20.3% 18.2% 1,450 (0.56) 1,250 1,228 15.0% (0.86) 1,104 1,054 (0.96) (1.03) 738 (1.31) (1.77) (1.97) 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 22Q2 22Q3 22Q4
Slide 6: Golden Opportunity from Videolization
Golden Opportunity from Videolization Video becomes fundamental to information, entertainment and communication Massive Video-Based Industry(1) More Video Users(2), More Time Spent(3) (RMB bn) (mn) (Hours per day) Infrastructure 1,877 3.6 5G and +23% video production tools 1.6x 2.9 +19% 1,180 Supply
Slide 7: Our Unparalleled Leadership in Gen Z+
Our Unparalleled Leadership in Gen Z+ The golden cohort and future of the video-based industry Unparalleled leadership in China’s young generation High-quality user base with strong consumer buying power 48% of our users are female with higher interest in commercial contents(1) of our users live in
Slide 8: The Story
The Story User-centric with massive opportunities Commercialization Highly engaged, Ever-growing ecosystem Users centered around PUGV Aspiring and interactive and sticky fast growing Content Community 8
Slide 9: Multi-Categories for Diverse Content Interests
Content Community Commercialization Automobile Handicraft Food Knowledge Lifestyle Multi-Categories All the Videos for Diverse Traditional Chinese Art You Like Games Tech Anime Content Interests Pets Music Entertainment Autotune Remix Fitness 9
Slide 10: Multi-Scenarios for Different Viewing Preferences
Content Community Commercialization Multi-Scenarios for Different Viewing Preferences Total time spent (1) On-the-go Interactive Living rooms 17% 2022 2023 Average daily video views Story Mode for fragmented time is 25% quickly gaining popularity Story Mode & PUGV and OGV contributing incremental tr
Slide 11: Ever-Growing Supply of Creative PUG Videos
Content Community Commercialization Ever-Growing Supply of Creative PUG Videos Talented Content Creators Number of daily average active content creators 16% Create reate Encourage 22Q4 23Q4 (1) High-Quality Content Creation 95% Loyal Fan Base Number of monthly video submissions (mn) total video view
Slide 12: Robust Mechanism Attracts and Supports Content Creators
Content Community Commercialization Robust Mechanism Attracts and Supports Content Creators 3mn+ 1.8mn+ 955k+ 133% content creators content creators earned income content creators enrolled in various yoy increase in number of content creators received income on Bilibili(1) through live broadcasting(
Slide 13: Highly Engaged and Interactive Community
Content Community Commercialization Highly Engaged and Interactive Community Interactive Features Frequently Engaged by Our Users One Click Triple-Function Combo Coin- Add to Bullet-chat Commentary Share Following Virtual Fan Moment Like Gifting charging casting Favorite Highly Engaged Highly Intera
Slide 14: Highly Sticky Community with a Strong Sense of Belonging
Content Community Commercialization Highly Sticky Community with a Strong Sense of Belonging 230mn official members(1) ~80% 12-month retention rate(1)(2) (mn) 18% YOY 100% 230 80% 224 214 205 195 183 60% 170 158 40% 20% 0% 1 2 3 4 5 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-
Slide 15: Commercialization Comes Naturally Around Users' Interests
Content Community Commercialization Commercialization Comes Naturally Around Users’ Interests Users’ diverse, expanding interests Desired content and services fulfilling needs Create significant potential for monetization VAS Advertising AI-enabled algorithms Mobile IP Derivatives Games and others B
Slide 16: Value-Added Services: Multi-Faceted Commercialization
Content Community Commercialization Value-Added Services: Multi-Faceted Commercialization Our additional unique value-added services Premium course Paid course for more structured learning Fan charging Support content creators and access to exclusive PUGV content Avatar decoration Enable personalize
Slide 17: Value-Added Services: Multi-Faceted Commercialization
Content Community Commercialization Value-Added Services: Multi-Faceted Commercialization (RMB mn) 14% YOY 9,910 22% YOY 8,715 2,857 2,595 2,302 2,156 23Q1 23Q2 23Q3 23Q4 2022 2023 17
Slide 18: Advertising: Bilibili is Becoming a Go-To Platform for Advertisers
Content Community Commercialization Advertising: Bilibili is Becoming a Go-To Platform for Advertisers N-reach brand ads Customized and innovative Performance-based ads native ads with sales conversion add-on 18
Slide 19: Video and Live Commerce: A New Growth Driver Integrating Content with Ads
Content Community Commercialization Video and Live Commerce: A New Growth Driver Integrating Content with Ads 250%+ YOY (1) Total GMV from video and live commerce during Double 11 shopping season Video commerce ad products Live commerce ad products Notes: 19 (1) 10/20/2023-11/11/2023
Slide 20: Advertising Revenues: Robust Growth with Great Potential
Content Community Commercialization Advertising Revenues: Robust Growth with Great Potential (RMB mn) 27% YOY 6,412 28% YOY 5,066 1,929 1,573 1,638 1,272 23Q1 23Q2 23Q3 23Q4 2022 2023 20
Slide 21: Top Game Content Community with Strong Operation and Distribution Capabilities
Content Community Commercialization Top Game Content Community with Strong Operation and Distribution Capabilities Exclusive licensed games Jointly operated games Go-to video community for gamers Game-related content is 2nd most popular PUGV genre Most popular live broadcasting genre (1)（2） 40%+ DAU
Slide 22: Our Financials
bili OUR FINANCIALS
Slide 23: Diversifying Revenue Mix
Diversifying Revenue Mix (RMB mn) 22,528 21,899 10% 14% 18% 6,349 23% 5,805 9% 5,304 10% 5,070 16% 28% 10% 10% 17% 23% 17% 22% 30% 28% 30% 25% 44% 40% 45% 45% 43% 43% 23Q1 23Q2 23Q3 23Q4 2022 2023 VAS Advertising Mobile game IP derivatives and others (1) Note: 23 (1) Formerly known as E-commerce and
Slide 24: Improving Cost Structure and Gross Margin
Improving Cost Structure and Gross Margin Cost of Revenues (as a percentage of revenue %) 26.1% GPM 25.0% 23.1% 21.8% 20.3% 5% 4% 7% 6% 4% 10% 5% 5% 6% 7% 8% 7% 8% 9% 13% 17% 10% 14% 14% 16% 45% 41% 42% 39% 42% 22Q4 23Q1 23Q2 23Q3 23Q4 (1) (2) (3) (4) (5) Revenue-sharing costs Content costs IP deriv
Slide 25: Narrowing Operating Losses
Narrowing Operating Losses Operating Expenses(1) Operating Loss(1) (Non-GAAP, RMB bn; as a percentage of revenue %) (Non-GAAP; RMB bn) -12% -53% YOY YOY 2.62 2.31 2.18 2.17 2.22 16% 14% 18% 17% 16% 6% (0.64) 5% (0.76) 8% 7% 5% (0.93) (1.07) 20% 18% (1.36) 17% 17% 17% 22Q4 23Q1 23Q2 23Q3 23Q4 22Q4 23
Slide 26: Consolidated Balance Sheets
Consolidated Balance Sheets (RMB mn) Dec 31, 2022 Dec 31, 2023 Assets Cash and cash equivalents 10,173 7,192 Time deposits 4,768 5,195 Restricted Cash 15 50 Accounts receivable, net 1,329 1,574 Prepayments and other current assets 3,545 2,063 Short-term investments 4,623 2,653 Total current assets 2
Slide 27: Consolidated Statements of Operations and Comprehensive Loss
Consolidated Statements of Operations and Comprehensive Loss (RMB mn) 22Q4 23Q3 23Q4 YoY Change FY22 FY23 YoY Change Net revenues Mobile games 1,146 992 1,007 -12% 5,021 4,021 -20% Value-added services 2,350 2,595 2,857 22% 8,715 9,910 14% Advertising 1,512 1,638 1,929 28% 5,066 6,412 27% E-commerce
Slide 28: Thank You
THANK YOU BILIBILI Investor Relations IR Contacts: IR Mini Program BILIBILI Inc. Juliet Yang Tel: +86-21-2509-9255 Ext. 8523 E-mail: ir@bilibili.com IR Website Piacente Financial Communications https://ir.bilibili.com Tel: +86-10-6508-0677 (In China) Tel: +1-212-481-2050 (In U.S.) E-mail: bilibili@t