investor presentation - bilibili
Post on 09-Jan-2022
3 Views
Preview:
TRANSCRIPT
1
Investor
PresentationFeb 2021
2
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,”
“anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Among
other things, the Effects of COVID-19, Outlook and quotations from management in this announcement, as well as Bilibili’s 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 and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral
statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to
statements about Bilibili’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including
but not limited to the following: the effect of the COVID-19 pandemic on the Bilibili’s business, results of operations, financial condition, and stock
price; Bilibili’s strategies; Bilibili’s future business development, financial condition and results of operations; Bilibili’s 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; Bilibili’s ability to maintain its culture and brand image within its addressable user
communities; Bilibili’s 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
information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information
provided in this presentation is as of the date of the presentation, and the Company undertakes no duty to update such information, except as
required under applicable law.
Safe Harbor Statement
3
Enrich the everyday life of young generations in China
:
3
202mn
MAU (1) (2)
55% YOY
187mn
Mobile MAU (1) (2)
61% YOY
54mn
DAU (1)
42% YOY
18mn
MPU (1) (3)
103% YOY
75minsAvg. daily time spent (1) (4)
4
18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4
1,156
1,374 1,538
1,859 2,008
2,316
2,618
3,226
3,840
Net revenue (RMB mn)MAU (mn)
18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4
93101
110
128 130
172 172
197 202
Bilibili Outstanding Growth Track Record
Rapid user base expansion sets solid foundation for fast revenue growth
Y-o-Y Growth 55% Y-o-Y Growth 91%
Notes:
(1) Refers to industry related to video content on video-centric platforms and non-video-centric platforms as well as mobile games. Non-video-centric platforms include social media, instant messaging, e-commerce, browser, and other kind of platforms
(2) Average daily time spent on video-based content by China mobile internet users
Source: iResearch
5
Golden Opportunity from Videolization
Massive Video-based Industry(1)
RMB bn
583
1,803
2019 2025E
3x
5G and
video production tools
Infrastructure
More diversified content,
more video content creators
Supply
Rising demand and
spending power
for video-based content
Demand
Video becoming fundamental to information, entertainment and communication
More Video Users, More Time Spent (2)
Hours per daymn
930
2020 2025E
2.5
3.6
2020 2025E
+41%
+27%
1,180
Our Core User Base
Notes:
(1) in 2020
(2) in 2019
(3) Gen Z+ is expected to spend 5.0 hours daily on video-based content, compare with 3.6 hours for overall mobile users in 2025.
(4) Per capita value of Gen Z+ in China’s video-based industry is expected to reach RMB3,042, compared with RMB1,527 for overall users in 2025 .
Source: iResearch
6
Gen Z+ Key Characteristics
86%of our users
aged below 35(1)
Our Unparalleled Leadership in Gen Z+
Gen Z+ (1985-2009)
Key driving force of consumption
+99%Higher per capita value(4)
More time spent & more value
+83 mins
More time spent (3)
65%Gen Z+ contribution to China’s
video-based industry revenue(2)
450+ mn
Gen Z+ population
The golden cohort and future of the video-based industry
Commercialization
Content Community
UsersEver-growing ecosystem
centered around PUGV
Highly engaged,
interactive and sticky
User-centric with
massive opportunities
Aspiring and
fast growing
7
The story
A Welcoming Video Community for All the Videos You Like
Multi-scenarios
PGC
PUGC
UGC
Fragmented Time Immersive Experience
Story Mode
PUGVs
Live Broadcasting
OGVs
Games
Lifestyle
Tech
&
Knowledge
Anime Entertainment
Fashion
E-Sports
Mobile Games
Celebrity
Cosplay
Electronics
How-to
Vlog
Chinese Anime
Interests
Pop Culture
Content Community Commercialization
Multi-categories
8
9
Ever-growing Supply of Creative PUG videos
(1) In 20Q4
total video views
contributed by PUG videos
(1)
Talented Content Creators
Number of Monthly Average Active Content Creators
20Q419Q4
1.0mn
88%
High-quality Content CreationNumber of Monthly Video Submissions
5.9mn
Loyal Fan BaseNumber of Content Creators with more than 10,000 Fans
Dec 31, 2020Dec 31, 2019
70%
91%
reate
Engage
EncourageCreate
Notes:
Content Community Commercialization
1.9mn
20Q419Q4
2.8mn
109%
Content Community Commercialization
AI-powered algorithm
promotes original and high
quality content
Help creators quickly build
fan base and gain influence
High Quality Traffic
Peer creators inspire each other
Positive feedback & encouraging culture
Engaging and interactive community
Motivation and support for
lifelong content creation
Continuous Creation
Customized
premium services
Cash Incentive
Program
Sparkle Platform
Tutorials & Tools
Opportunity to unlock
commercial value
Unlock Value
Robust Mechanism Continuously Attracts and Supports Content Creators
10
OGV: High Quality Content with Multiple Commercial Avenues
Content Community Commercialization
Fueling the Growth of Premium Members
11
(mn)
Up 91%YOY
Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20
3.6
4.8 5.3
6.1
7.6
10.9 10.5
12.8
14.5
High Quality OGV
Valuable IP Assets in Long Term Multiple Derivatives
Expand User BaseSupplement
Content Ecosystem
Strengthen
Commercialization
Mobile Games
IP Licensing
Merchandise
Movie
Anime
Comic
Highly Engaged and Interactive Community
Interactive Features Frequently Engaged by Our Users
Note:
(1) In 20Q4
(2) Interactive features such as bullet-chats, commentaries, following, favorites, sharing, bilibili moment posts, virtual gifting and like etc.
One Click Triple-function Combo
Coin-
castingAdd to
FavoriteLike
ShareBullet-chat Commentary Following Virtual
Gifting
Moment
70% YoY growth
Highly Engaged
1.2bn avg. daily video views (1)
94% YoY growth
Highly Interactive
4.7bn monthly interactions(1)(2)
12
Content Community Commercialization
13
80%+ 12th-month retention rate (1)
(1) To become an official member, user needs to take and pass a community entrance exam consists of 100 questions covering community etiquette and various topics
Notes:
50%
60%
70%
80%
90%
100%
0 3 6 9 12
Jan-19 Feb-19 Mar-19 Apr-19
May-19 Jun-19 Jul-19 Aug-19
Sep-19 Oct-19 Nov-19 Dec-1918Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4
45 49 54
62
68
82
89
97
103
Highly Sticky Community with a Strong Sense of Belonging
103mn official members (1)
(mn)
Up 51%YOY
Content Community Commercialization
Commercialization Comes Naturally around Users’ Interests
Desired content and services fulfilling needsUsers’ diverse, expanding interests
Diverse
Interest
Mobile Games
Advertising
VAS
……
14
E-commerce
of user interests
and behaviors
Big data insights
Content Community Commercialization
Efficient match powered by
Compelling Core Competency of Our Mobile Game Business
Know what they want
User interest & behavior
quality user data
Customized game recommendation
Massive base of gamers
Game is the 2nd most popular
video genre on our platform
Ability to select and operate games
1 Self developed
43 Exclusively
distributed
700+ Jointly
operated
Game-themed live broadcasting
is also the most popular genre
2020 Launched
Content Community Commercialization
Strong pipeline
Majority of our gamers are directly converted from our platform
15
Robust Game Revenue Growth
(RMB mn)
Content Community Commercialization
16
19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 2019 2020
873 920 933 871
1,151 1,248 1,275 1,130
3,598
4,803
Up 34%YOY
Up 30%YOY
Value-added Services: Multi-faceted Commercialization
Live broadcasting
Natural extension of our
diversified content platform
Premium membership
Enjoy exclusive or advanced
high quality content
Content Community Commercialization
Maoer
Premium
audio drama platform
Bilibili Comic
Pay to view
comic platform
17
(RMB mn)
Content Community Commercialization
VAS Revenue: Strong Growth with Great Potential
18
19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 2019 2020
292 326
453 571
794 825
980
1,247
1,641
3,846
Up 118%YOY
Up 134%YOY
Content Community Commercialization
InlineSplash ad
Immersive and interactive brand ads Customized and innovative native ads Performance-based ads
Sponsorship
19
Advertising: Bilibili is Becoming a Go-to Platform for Advertisers
(RMB mn)
Content Community Commercialization
Advertising Revenue: Strong Growth with Great Potential
20
19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 2019 2020
112 168 247
290 214
349
558
722
817
1,843
Up 149%YOY
Up 126%YOY
Our Growth Strategies
Pursue healthy and
high-quality user growth
Put our community first
3 Reinforce our ever-growing
content ecosystem
Strengthen our user-centric
commercialization capabilities
1
2
3
4
21
22
OUR
FINANCIALS
Total MAUs(mn)
55%
Diversified Revenue Mix(RMB mn)
Y-o-Y Growth
Expanding User Base Drives Revenue Growth
23
19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4
101110
128130
172 172
197202
19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 2019 2020
1,374 1,538 1,859
2,008 2,316
2,618 3,226
3,840
6,778
11,999
Mobile games VAS Advertising E-commerce and Others
77%Y-o-Y Growth 91%
Rapid Growth of Paying Users and Paying Ratio
MPU / MAUImpressive growth of paying users
MPUs (mn)
24
19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4
5.7 6.3
7.9 8.8
13.4 12.9
15.0
17.9
Y-o-Y Growth 103%
19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4
5.7% 5.7%
6.2%
6.8%
7.8%7.5% 7.6%
8.9%
19Q4 20Q1 20Q2 20Q3 20Q4
35%38% 39% 37% 33%
14%14%
14%14%
19%
11%
12%11%
9%
8%
19%13%
13%
16%
15%
Revenue-sharing costs Content costs Server and bandwidth costs E-commerce and others
1,6041,778
2,006
2,454
2,883
Cost of Revenue and Operating Expenses
(1) Excluding Share-based compensation
(2) Revenue-sharing costs consist of fees paid to game developers, distribution channels (app stores) and payment processors, as well as fees we pay to hosts of our live broadcasting program and content creators in accordance with our revenue-
sharing arrangements.
(3) Content costs consist of amortized costs of self-produced and licensed content.
(4) Server and bandwidth costs are the fees we pay to telecommunication carriers and other service providers for telecommunication services, hosting our servers at their internet data centers, and providing content and application delivery services.
(5) E-commerce and others include cost of goods sold associated with our E-commerce business, staff cost, depreciation and others.
Notes:
Expanding Gross Margin (1)
(Non-GAAP, RMB mn; as a percentage of revenue %)
Gross margin %
Operating Expenses (1)
(Non-GAAP, RMB mn; as a percentage of revenue %)
(2) (3) (4) (5)
Operating expense as percentage of revenue %
25
20.1% 23.2% 23.4% 23.9% 24.9%
19Q4 20Q1 20Q2 20Q3 20Q4
20%26% 25%
37%26%11%
12%12%
11%11%
7%
6%6%
7%7%
Sales and marketing expenses Research and development expenses
General and administrative expenses
782
1,0261,135
1,7591,713
38.9% 44.3% 43.4% 54.5% 44.6%
Consolidated Balance Sheets(RMB MM) Dec 31, 2019 Dec 31, 2020
Assets
Cash and cash equivalents 4,963 4,678
Time deposits 1,845 4,720
Accounts receivable, net 745 1,054
Prepayments and other current assets 1,511 1,931
Short-term investments 1,261 3,357
Total current assets 10,324 15,740
Property and equipment, net 516 762
Production cost, net 444 668
Intangible assets, net 1,657 2,357
Goodwill 1,012 1,296
Long-term investments, net 1,251 2,233
Other long-term assets 312 810
Total non-current assets 5,193 8,126
Total assets 15,517 23,866
Liabilities
Accounts payable 1,904 3,074
Salary and welfare payables 356 734
Taxes payable 68 127
Short-term loans - 100
Deferred revenue 1,369 2,118
Accrued liabilities and other payables 576 1,239
Total current liabilities 4,273 7,392
Long-term debt 3,415 8,341
Other long-term liabilities 193 351
Total noncurrent liabilities 3,608 8,692
Total liabilities 7,880 16,084
Total Bilibili Inc.’s shareholders’ equity 7,052 7,600
Noncontrolling interests 584 182
Total shareholders’ equity 7,636 7,782
Total liabilities and shareholders’ equity 15,517 23,866 26
Consolidated Statements of Operations and Comprehensive Loss(RMB MM, unless otherwise stated)
19Q4 20Q3 20Q4 YoY Change FY19 FY20 YoY Change
Net revenues
Mobile games 871 1,275 1,130 30% 3,598 4,803 34%
Value-added services 571 980 1,247 118% 1,641 3,846 134%
Advertising 290 558 722 149% 817 1,843 126%
E-commerce and others 276 413 741 168% 722 1,507 109%
Total net revenues 2,008 3,226 3,840 91% 6,778 11,999 77%
Cost of revenues (1,610) (2,464) (2,896) 80% (5,588) (9,159) 64%
Gross profit 398 762 944 137% 1,190 2,840 139%
Sales and marketing expenses (413) (1,190) (1,021) 147% (1,199) (3,492) 191%
General and administrative expenses (160) (254) (343) 114% (592) (976) 65%
Research and development expenses (245) (401) (484) 98% (894) (1,513) 69%
Total operating expenses (818) (1,845) (1,847) 126% (2,685) (5,981) 123%
Loss from operations (420) (1,083) (903) 115% (1,495) (3,141) 110%
Investment (loss)/income, net - 14 9 2350% 97 28 -71%
Interest income 36 18 15 -58% 163 83 -49%
Interest expense (15) (36) (35) 133% (47) (109) 132%
Exchange (losses)/gains (3) 11 13 -533% (12) 42 -450%
Others, net 22 (8) 72 227% 26 96 269%
Loss before income tax (380) (1,084) (829) 118% (1,268) (3,001) 137%
Income tax (7) (17) (15) 114% (36) (53) 47%
Net loss (387) (1,101) (844) 118% (1,304) (3,054) 134%
Adjusted net loss (337) (990) (682) 102% (1,082) (2,622) 142%
27
28
THANK YOU!IR Contacts
Bilibili Inc.
Juliet Yang
Tel: +86-21-2509 9255 Ext. 8523
E-mail: ir@bilibili.com
The Piacente Group, Inc.
Tel: +86-21-6039-8363 (In China)
Tel: +1-212-481-2050 (In U.S.)
E-mail: bilibili@tpg-ir.com
top related