BILI - Earnings call transcript Q2 2022

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Operator

Good day, and welcome to Bilibili's Second Quarter 2022 Financial Results and Business Update Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Juliet Yang, Executive Director of Investor Relations. Thank you. Please go ahead.

Juliet Yang

operator. you, Thank

differ for we'll to statements. in call, and business Stock and comparison with in results outlook the we as today's Hong mentioned During release number news comments discuss Kong Exchange. of and are these non-GAAP a filings provide only. measures uncertainties, forward-looking and news today. SEC could reconciliation or available purpose recent we events These are including today. discussion predictions Definition from of based make those table our of in due most this issued earlier this those in measure Actual The mentioned our release financial and materially a and on expectations our the risks are

this As conference recorded. being is reminder, a

presentation investor at IR Bilibili webcast and available this replay website be will conference an addition, In call on ir.bilibili.com. of

Ms. of headwinds on And of to Chen, on you, and and who behalf Joining Mr. Second of Mr. now Chief are everyone, Fan, remarks Mr. behalf Operating Officer. Chief Fan, us the Rui Mr. prepared Xin We Fan the call Officer; Conference turn quarter. Li, will Mr. Chen. senior management in Officer; Sam today Chief the Call. Board immense from Thank Board second Results Quarter and will the Carly participating Financial Chairman I in Vice read Bilibili Executive over the deliver to Juliet, opening Chairwoman today's remarks you, thank XXXX and of for our I'm confronted pleased Chen.

implementing in believe behind worst lifted products, our users steadied in June, measures. With is we lockdowns bringing period, Shanghai improved the control expanding impact and our content cost by further us. we the During company

loss. half year narrowing net of Importantly, margin to continuing the our grow and our operating while our the users to recover second in we expected

up exciting year-over-year, Our new in representing the total quarter, million milestone. record a XXX second XX% MAUs reached another of

XX% the up time Daily our XX% year. DAUs MAU looking XX.X%, spent putting increased by a from additional of and our was the to This as on minutes, of to QX, of We momentum. and last same to committed strategically by up remain year-over-year year. time the our engagement XX XX.X% user year-over-year XX% net target, our believe outpacing year-over-year. grew compared year-over-year as are products, X-minute revenues Story slower grew million, with us and growth and in high paying to quality-driven will our Impacted X%. products, revenue growth Mode, advertising our nicely million, June. increased quarter. such the second May, popular and our lifted XX.X XX% ratio by matrix in growing X.X With NPUs by April advertising macro environment, continue our ad library our X% grew by In ratio Longer activity same spent total was Followed challenging XX focus we expanding when brought period increasingly in which ads traffic, MAUs. While by were RMB rebounded D/M our the user position lockdowns average such the users, growth rate period we last quality our total in levels. metrics billion, content a to we user strategy the at DAUs business year-over-year. increase

market gaining the of share the in year. We expect second to half continue

initiatives quarter, control we further also second put into the cost During effect.

resources adjustments views revenue XX% underperforming a also XX% reallocate organizational expenses to and and canceling Other Sales including declined XX% year-over-year. cut by percentage cast expenses Specifically, we core same the last year. efficiency, projects from marketing improve per business. to by of we decreased total period and sales XX% Server and year-over-year. made our in marketing as video to

P&L show our made our half to in some impact adjustments the the also In to to start of organization. July, pivotal We second expect we year. will positive

congruent sustainable to long-term was goal more Our growth. to be our

We integrate our have overview, quarter efforts efficiency. and operations integrated our ecosystem, commercialization synergies like of our content, across I'd our our some video made content improve create that go the changes of and with platform across organizational details through With commercialization. and live that operations to second broadcasting community

online We video iterations have many seen of the space.

Smart our that such you like TV, of Ours and expansive all PUGV, signal as our the broadcasting anywhere. formats, is significantly the of remained anytime, different has live Story introduction boost trend-setting. Mode, The videos one and

verticals users' in at in one shorter of Story which of covering excellent needs, is entertainment is Looking Mode more time. as example. length Story on-the-go our efficient video Mode an newest distributing

our more become expect and as in live live Mode these video half opportunities, ecosystems to of such the different X efficient to broadcasting user and views to of a we traffic year. the across hosts. bringing base. Story increased allocation continues While year-over-year, the as This combination by to fully broadcasting. is our grow ongoing grew broadcasting we began and throughout PUGV from trend our content live incremental more views monetization year-over-year, over are to commercial integrate Story that July, second parallel prospect Over XXX% ecosystems. broadcasting XX% traffic In creators penetration MAU presents result an advertising and gateway execution video seeing a from Mode platform. live to PUGV time, inspire in Moreover, we

to categories. games, ACG During the users lifestyle, our and primarily entertainment, gravitated knowledge second quarter,

submissions, year-over-year. through average to talented accumulate up content massive total a had of second of continue In growing We creators. pool the amount monthly we million XX% quarter, a content XX.X

Notably, creators XX% who the with at Story followers over fast-growing Mode Our increase was year-over-year, faster second content with grew followers the number the an XX,XXX QX of million quarter, growth and gained creators, by active of In X during benefited content even our followers year-over-year. XX% million creators grew monthly XX% year-over-year. stems X the of traffic. million XX% creators X.X over from from

over monetary rewards advertising second up program, received period same creators incentive broadcasting, X.X live or avenues monetization content cash through continue to unleash creators' We expand programs last In from million year. to potential. XX% the quarter,

community. Turning to our

along content billion, user robust resonate year-over-year grew with billion. welcoming that in feature saw video to environment. continue We and XX% with across gains. by community impressive XX% to metrics with monthly the our X.X Daily users, XX.X quarter to We the grew views our second this a interactions by

previously mentioned, I also As by minutes spend increased to daily XX the average minutes. time year-over-year X

share, one look commercialization of at to continue the base. Advancing second our high-quality user our advertising let's Now our take paying improved leading market convert and this we our our year. efficiency prospects users goals gain commercial a is quarter, In efforts. to maximizing more

VAS rate stricter The the quarter. a in regulations, have live driven RMB By revenues broadcasting We conversion an we remained in video billion, where of number by of PUGV were broadcasters live live live Net our broadcasting, integrating broadcasting, our VAS at advantages to extension strong Despite this increased second second win-win we business. quarter, of our converted challenges the increase traffic universe. second the for first hold users unique of our by the primarily Looking quarter. more year-over-year natural paying X.X year-over-year. solution. active created XX% in given ecosystem with XXX%

and same quarter revenue-sharing reached year-over-year. plans. grow, by the of XX% nearly be to subscribers. And Our continued broadcasting's XX% live we million, second membership to the broadcasting The gross users improved annual broadcasting Premium for year-over-year. time, MAUs optimizing or for XX live increased NPUs at rates penetration continue up live majority the by margin auto-renewal our

product products, dedicate the top quarter, Looking our our and food year-over-year. beverage. our at advertising our verticals resources X conversion advertising Despite headwinds, continue second to and modules. were care X.XX skin reached and our e-commerce offerings the for efficiency services. to with this scenarios of Optimizing products increase expand cosmetics, RMB the segment games, quarter macro the strategy business. we ad and XX% Revenues improved our and conversion XC diverse and from billion, digital an In in second our remain

We marketing more welcomed app The also Mode strategy our in cross-selling realize April our as Story launched advertisers. executed also campaigns have by we opportunities. been integrated selling to

second in the The Net X.XX of the market first on games for main of RMB in the in game lack supply year. new the domestic quarter. the was was business. challenge content half Lastly, billion revenues

game the around and the hit international domestic our regions. game approval and remains in have normal, the Nevertheless, imported the pipeline, year. focused X are thanks in in-house countries including And ready titles revenues for domestic for on licenses in game to of total In Artery process mainly of overseas the X titles. X returned games contributed many strategy development game our to quarter, applying both for and approved half are Domestically, As games game seeing markets. and for for forward we the look second bringing our high-quality second revenue, to X% pipeline. actively release. we approval exciting, our self-development market titles, of successful our to self-development launch Gear

As a growth are XX-year-old runway a numbers we in long user of this and foresee still seeing future. robust our growth, company, revenues and

attention and enhance With our operational line. this to in on line plan bottom resources Our our mind, and spending focused execution. improving and tighten are top both further we strengthen efficiency, our

operating from of for committed quarter XXXX. Total the provide second gross second was a now We I remarks. X.XX our the quarter and of second narrowing improving our for quarter in brief margin up of X% of Mr. and This loss RMB for the will same Chen's period XXXX. XXXX results overview half outlook are billion, to of financial the revenues third year. net the our to concludes

revenue VAS, key period Cost decreased mobile views XX% bandwidth XX% of a business. Our impact and RMB and revenues, in total net year-over-year, of revenue, broke a cost Revenue-sharing down RMB cost savings. advertising cost relatively XX% revenues per increased ongoing XX% year-over-year was efforts games, X.X quarter-over-quarter. Server and X.X in the decreased an fixed billion. approximately by progress cost was of X% bandwidth video billion, of increase stream, XX% representing e-commerce other part same the cost, component, of XX% XX% demonstrating and as from component Server cost, to XXXX. by and

profit second profit XX%. gross the RMB our margin million, and was Our in was quarter XXX gross

our actively improving are efficiency. control measures operating tightening and our We cost

marketing from We was expenses as increased expenses start increased research a Sales of was to due related down expenses billion was was of expenses to acquisition loss XXXX. to from as costs. and as well representing beginning XX%, compensation in quarter to period expenses R&D primarily promotional rental to certain expenses and gross this respectively. for year-over-year. primarily same in expect increase recover increase general was quarter. RMB same year-over-year adjusted RMB in The RMB percentage profit nonrecurring and marketing last XX% million, The Total our total a X.X period expenses projects. billion, was operating games headcount our increased in XXXX, margin and increase our loss the due were will X.X headcount the share-based for personnel, X.X game adjustment user expenses and decrease RMB representing year. mobile XXX decreased year-over-year. a net XX% RMB and X.XX a lower expenses up of XX% increase Sales decrease second attributed higher XX% X.X Net organizational year-over-year. primarily revenue optimizing was G&A and representing billion, to billion, The billion XX% expenses the RMB related nonrecurring structure. was development,

the management. capital at ADS end a for XXXX. total X.X and total June liability In cost XX, to million repurchased our of allocation aggregate, of of XX.X USD we a million Turning

addition, cash as and of deposits XXXX. million and repurchased of USD cash of And savings total million June we billion, XXX future XXX RMB equivalent, of with of as total In USD for cash the we with December a XXXX. XX.X short-term cost of time June XX XX.X total billion compared million at XX, end had a notes XXXX XX, XX, RMB investments USD of XXXX,

X, obtained for to intent listing the Stock conversion, day. our Meeting, With which a General effective shareholders' convert held XX, respect the on Kong we [dual] XXXX. has application, June Annual of as October Kong to acknowledged company's on proposed the XXXX, necessary our Hong all As setting our at The Exchange to successfully Exchange. was Main Hong proposed also Board primary the approval

we we currently to net and on will RMB billion endeavor maintain base, our third between please Thank listing for your mind, With to status expand your X.X to quarter investor in revenues concurrently now be the Our our access Operator, X.X billion. projecting wider are like a NASDAQ. that We XXXX of for call and go to you to ahead. attention. the RMB questions. expect would open

Operator

Lei America Zhang the Merrill Our first of line Lynch. comes from [Operator Instructions] Bank question of from

Lei Zhang

on half, mainly marketing is question on the sales some My margin cost expenses. Language] profile. measures especially we first [Foreign that taken and We control have in noticed

how see room the our do net in second cost see and gross should And other half? items? in margin margin So we any trend profit we

Rui Chen

Let business money What's to about not but core? the my good what is spend core control Language] efficiency extremely I believe and not [Foreign a not to thoughts spend means Focused me cost our about of be improvement. and money about just our places. business needs on causing just And top share under and telling very focus more effort right environment user It's to cost to challenging not We our this about been exceedingly this have the Video matters that's growth, Under at environment. and to that is most. best our current it's be resource COVID line growth the some focused. our our allocate need the wisely, less employees, control. everywhere the should environment more challenging core. but And noncore, we money, macro spend we on growth. if slogan our the our also put And growth. -- business impact

efficiency but our macro year, is very of emphasizing growth expand company So top user we a this the the importance growth, business, within value the our our user the that that help users. can also of though We believe, Internet runs is lowering improving growth, have first including allocating areas business. priority Even our The it's the to -- growth of all most user the of of video that environment us value our on emphasizing from really but a within growth value we community. important core, we Bilibili into platform still cost. the typical because our is been line. platform the user our half the are resources, growth, areas comes in our challenging environment, and -- in I'm our capital,

to comes revenue and As And our and new same In with at continue the you improving our can investment a as continued came user down, marketing this technology, the sales quarter, has XX% go we expense second achieved have decrease. improve. -- user -- year-over-year our have decreased our to costs second quarter. And allocation the goes percentage resource on And the costs in side. expense optimized the we unified our XX% XX% same last solving retention, engagement, down quarter. period marketing our And in sales of key as infrastructure time, efficiency see, of concentrated technology also acquisition the resources and by technical year to user in and problems. also from

For year-over-year. example, in quarter, the XX% DAU second grew our

Our video year-over-year. views XX% grew

VV the -- be grow our time that overall last the bandwidth year, can, came premier. cost aware, resulted may has the our and we are DAU I'm videos investment also the this more And simultaneously, and last our of on technology spent you improve as XX% unit year-over-year. -- algorithm, for growth technology expense, the and As exceeding what expecting, a will in everything improving using by perfect side, efficiency. resolution our of cost, is more year. become the we down spent and This example to total use we server how not we significantly

Xin Fan

sequential believe lockdowns. about our second take reflected QX. a in we year impact Okay. QX half profit will our I in the the QX momentum will estimate already revenue of of the the trend. the growth question gross and And has We results regain this COVID

we Chen. time, margin XX% narrow in around, will we in say, ratio measures, gradually net control in around QX to loss XX% non-GAAP expense our gross like, to continue like same by let's strict the around also will improve So mentioned as And At adopt Chairman from down QX. to QX. XX% our expect will so

Operator

JPMorgan. Daniel of the next comes Chen from Our line question from

Daniel Chen

translate will I Language] [Foreign myself.

So time this the user XXX noticed the over MAU, we user MAU million nicely. outgrows second on side. per my quarter. the average spent also And that, question grow the quite actually and DAU also surpass in BILI's have is quarter,

what's So DAU the management's also second I was half XXXX? what's the expectation metrics driver for And behind? wondering, the MAU and also for and in

Rui Chen

share points. will Language]I X [Foreign

has all significant As aware, of may change macro there you a globally. been environment

Bilibili unchanged. think we remain the fundamentals of However,

Here at us. support X will this X least. are points not Bilibili's global as supporting growth, X growth. for that's Videolization, is years phenomenon. support movement this also our think for X a And a year, will we start, continue continue to videolization years, to for years, will just X And the

entertainment generation The second their needs is young and the thing culture own content.

We have Bilibili? old. users cultural Why are we our below XX product. years content and they're own are Because their of half using providing

to Third the is sector, Z force part are be within Z+ point their line spiritual I largest and the in why more consumption generation, continued the the the X driving content future. front growth The major our movement. will of still is cultural believe is consumption supporting on these money products, the willing spend this is the consumption consumption. Bilibili cultural upgrade and generation, it. into sustainable a That's of points

the the our our video also And user and has also quarters. growth over daily grown only sequential our daily XX% And multiuser rate, spent quarters, has engagement, significantly. indeed, will past mentioned, DAU focus and keep growth level, we growth, we time for the have spent. rate outpaced on the growth you emphasizing rate. X the many has that has for time As DAU because That's not DAU improved the MAU which MAU engagement our surpassed numbers, year-over-year engagement quality our user means grew of views

has engaged. of healthy sticky engagement business MAU, outpaced the believe become the community So and model, more DAU the outpaced views is On top means the and is spending healthy. DAU, we more our the this itself and is ecosystem-driven money that wisely, model, more a our video the which that content business model very

our has different As content healthy categories, for it verticals. across been very

anime, strong food, growing music, traditionally very Our it's healthily.

a discover lot Because We such many have viral. many, high-quality new also went you titles new category that we And expansion. ecosystem, can we continuously new creator, witnessing have are a of healthy very content content.

our has approach, can category the can phenomenal how talented grow high-quality perfect create us Uncle content. you And to continuously multi-scenario, And Second secondly discover community. very of PUGV example on example, Bilibili helping healthily. creator is our multi-content content For a is also been

the live emerged OGV they the broadcasting, users As Mode, even from actively you platform, growing become engaged. video our more all PUGV see we nicely. those and are are helping may supplementing our scenarios that's newly Story And very

lastly year. the to our user to won't just number, for more And the number XXX achieving next MAU achieving by we focused to be be wanted emphasize -- quality will sake of end of I Here, really on this of which is wanted target, million but growth. we a the

As the a more Thank you putting We you. on going sustainable DAU wanted emphasis can healthy forward. see, we're growth. achieve and to growth

Operator

Brian question Citi. from from Gong comes Next

Brian Gong

My Story commercialization? is on [Foreign ecosystem Mode. shown the is The strong the on of growth. colors viewership And Can Story Language] regarding Mode, the myself. strategy like I the will its progress progress of and and has the Mode? the translate give question Story how management positioning more

Rui Chen

why outstanding have this of the X lot And X. because on [Foreign Mode Story delivered the past this partially being expanding is Mode. Language] seen that how behind is the its Indeed, of growing we from we've result very Story attention quarters, For X. a We're reason from a placed traffic.

also our is to overall that to -- here traffic. traffic I And Mode very on incremental emphasize is total Story is wanted our growing the However, traffic significantly. overall add

year-over-year. year-over-year. total video you VV, views For PUGV grew grew we XX% the if by the XX% example, over look And also at

very base. very Our very a Story wanted forget, But growing traffic to to from nice Mode a don't XXX% incremental traffic overall this rose nicely. growth ecosystem. I just is But emphasize, low our also indeed is our

live of ecosystem, that broadcasters, original multi-scenario, And Story original allowing strategy. well-rounded our and the category, a a all smart that is content broadcasting, that And talked of the content PUGV. TV centers extension around our original to always with adding along creator the video of representation bodied, about is become we a fragmented comprehensive, story and of strategy ecosystem users' application, this time live natural ecosystem multi-content whether or PUGV comes it's growing Mode for new from the Bilibili's full ecosystem. is Here, PUGV scenario

on-the-go and times day. believe need As time active. XX of it's very of level their This that for the period very our users' Probably a entertainment will come importantly, that for Story content X-minute beneficial the users' the Mode, kill-time we important to original engagement a are time. longer has during Story need improve the video. ecosystem. Mode us of X- more And supplement product combined be or there's a for satisfies needs satisfy less believe up we it together, would for And certain those to users been fragmented

to Some long of of to to or some Bilibili on is the them is of quick adapt our difficult a to understand, blend help quickly them community. more start is The the helping into them Bilibili community, Story too think into them give might to video Mode launch comprehend.

Additionally, to period their followers. followers, create spend for a PUGV. Story the been them grow past, to of newly they time creator longer content content to with creator or joined have high-quality, In lot fewer Mode to the beneficiary very the of has

more are this And there followers providing option shorter to lighter, grow a a smaller them Now quickly. create will comes creation their we to new creation. help together,

noticing XX% also them creators benefit followers, creating short-form of Bilibili. helping creators additional on In achieved good that to and of videos, Mode. growth X are Story of of will those the influence the launch grow originally traffic the quarter, from noticed we've Story content are number who that expand second Mode are who million is their We opportunity providing them this content at

algorithms. light algorithm, the revenue. immediately that system the who you this user behind Story Bilibili Mode, the to of users high-quality is been total that recognizing means a vertical percentage data video, I but the quality has emphasize the videos. content future, PUGV emphasize the space, of popular though From The browse will Mode towards recommendation positive That it's that and video viral feedback put and already Story and our of the Mode shows even users and in if noticing to video through be very the in believe, video. the are they you that. Story Mode the cast emerging. We our the definitely Lastly, quality within higher be very typical the is can -- users' will amount I significantly are and than Story also featured, additionally, went are content. Mode the engage in the inclined wanted tell Story Story there same very the weighting content to shorter, we And content, Mode born creator original Mode. And identical Bilibili Story

For [Shenchen Wuxing], typical content Mode would named high-quality example, perfect creator. Za the creator content be the example Story a for

Operator

Zhang Next question Xueqing CICC. from from comes

Xueqing Zhang

And advertising. myself. relates translate question to will I my Language]And [Foreign

scene the make and of what advertising of think on headwinds grow? the COVID-XX, a we the about of does question And macro to management second advertising the the business do Given Story the year? take Mode. half resurgence follow-up the in measures Also trend how

Story advertising. more launched much could utilization April? Mode it? details have since about So How you in We share

Ni Li

a are industries COVID impact in in will combination industry but term, not [Foreign outbreaks shrinking, when in and to more economic the Language] investing conscious budgeting struggling. China be become are repeated noticed have advertising in on only of also significant We've about thinking our advertisers that challenges also years. A impact brand next the advertising. the X causing global macro X short And lasting is emerging

the efficiencies will actually value status platform At conversion high out. user stand the noticed also time, So all that high the are quo. of these we've factors same and with

However, macro ad for it we we grew our this do the are will XXXX ad years. business to Within comparing business, or in Bilibili's especially environment prior in second quarter, XX% still be challenging year-over-year. to tougher business business, if

gain. one opportunity. achieved to sector of share change, the of content community In which lies at this putting very the with our and also year-on-year commercialization and are every growth market advertising we an ecosystem in current plus important X achieved raised that few dual-engine cope do we the challenges What crisis we'll ecosystem opportunities, next in great believe a We commercialization, the growth-centered; cope we're first strategy years, equally and powered. is community-prioritized; and This for position. time is names

integrated two created segments. monetization The will be center. live all structure many serving time, platforms, broadcasting two the One in completely multi-scenarios. middle and in empower large goal is improving business the to income middle content structure. loop platforms, of and video closed efforts business community our same of with helped plus broadcasting the platform traffic-linked video we and structure. ecosystem. create integrate the business center two plus on organizational middle our we efficiency. two This commercialization level ad a business live all achieved We system commercialization infrastructure a further with one also This At will have ad us Namely, the our

live two to experience. overall Another team serve help power the Sparkle and bond our products their growth. content improve adjustment are on e-commerce investors one platform together And thinking Its product. and that and barrier-free growth ad create video to purpose main and is familiar, is the will stimulates will cycle smaller mentioned help And and be, a increase and ecosystem, positive a business above middle self-reinforcing creator platform. their to execution earning user content strategic earning our level our

to power, half this following and the Strengthen help on will unchanged. the the remain system optimize year, construction. for And realization one-stop the our look will in e-commerce, data this Our also and We'll -- the and as One optimizing thing advertising unchanged, of to products. games, two but and second is infrastructure. et iterated verticals, our automotive algorithm solutions industries such provide of efficiency that's improve scenarios based be things methods data a marketing a well-rounded on second focused cetera. further is different remains build of industry construction FMCG of scientific

the for that trend to year-over-year the we accounts our to we thanks for second different will the trajectories, the and remain we integrated uncertain environment. the key advertisers third from quarter, expect marketing industry iteration the absorb. do of ad industry fully second about grossing year, -- and largely half budgets the this solutions. that's app And brand efficiency overall the of improvement due in see that grow macro can XX% the So notice the half budget revenue do To

looking However, including with our Mode industry to ad our ad, In to QX, the are open ecosystem new partners. help transaction-based us multi-scenario ads, gain we share. market approaches, Story will further our

initial with Tmall, e-commerce our native established Jingdong, recommendation already making Pinduduo. partnerships trial context in have And we'll like in and ads active platform, We execution. sales models transaction make Taobao, like

we'll and revenue We've XX% beverage, grew above-mentioned sector help with environment and near games have conduct our -- advertisers [Project products. -- driven digital behavior and remain we create revenue this mid- industry and Among various and first in we our our ad as believe we collaboration term, games, short players. it commercial the ever-growing games, to believe content within establish believe can user achieve the can a forward, year, in an ad by we ecosystem. Takeoff]. the to revenue over ever-growing and build year-over-year. half which, of In products brand goods digital mobile Story] we mobile will cosmetics. edge will we Going food us and year-over-year, term, commercialization collaboration help [Sparkle environment skin like industry us XXX% from in leading XC consumption care the growth and to also we From In games automotive an such longer we from consumer automotive verticals, This the perspective, grow want mobile can to. standout seen products, that

Rui Chen

a it's text new advertising the [Foreign still build in challenging our largely for as that's the from on ads eCPM revenue a of also period witnessed it's longer a growth and healthy sustainable we macro Mode. will picture-based we ecosystem XXXX short industrialized, current mentioned to And our the ad growth if well-rounded we've much can at the integrated compared as Mode user will Story to and us about our XXXX, traffic ad look higher revenue hope our 'XX, and believe and environment, Language] You is growth to Under our solution. community traditional time, This growth. help But Indeed, business the ad marketing depend term. ads. Story scenario, ecosystem-based, the and that company. incremental as be to for also grow ability

We with business our are partners. you. achieve situation deliver to also confident win-win and Thank

Operator

you. management conference now back Thank the concludes I'd any turn session. additional comments. question-and-answer to like closing that or the for to And

Juliet Yang

today. once you joining Thank for again us

Juliet Yang, you or questions, Investor please If Executive IR me, have TPG Bilibili contact Director, Relations. further

the Our today's for China U.S., both IR, contact release. be in can in information and press found in

Okay. Thank you.

Operator

you. call. participating. concludes conference today's Thank Thank you for This

You now disconnect. may

Bilibili (BILI) 8 Sep 222022 Q2 Earnings call transcript