BILI - Earnings call 3 2023

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Operator

Good day, and welcome to the Bilibili Third Quarter 2023 Financial Results and Business Update Conference Call. Today's conference call is being recorded. At this time, I would like to turn the conference over to Juliet Yang, Executive Director of Investor Relations. Thank you. Please go ahead.

Juliet Yang

operator. you, Thank

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

recorded. As a reminder, this being is conference

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

Bilibili and the Mr. Board Li, Joining management to I Board the and us behalf turn Officer; Financial the will Fan, Officer. on now Mr. Executive And Chen. over Chief Chen, the of Vice Officer; prepared Chief senior today will Ms. Carly read and Mr. who Chief Chairman remarks of of Mr. Fan, Sam call from are Operating Chairwoman Rui

Xin Fan

on our remarks thank behalf everyone, and deliver results. of operating Juliet, discuss Chen. you, Thank our and opening quarter for Mr. XXXX participating you, conference in third financial to to call I'm today's pleased

use of grew the and ratio and milestone DAU XXX quarter to this to ecosystem. to by to engaged. is highly third landing users The record This DAUs a keeping XXX quarter. more testament high the million surpassing in self-driven XX.X%. we high our improved year-over-year, increased committed in quarter drawing and at a in the growth MAU Notably, million, third power record million the continuity of also in the MAUs XXX achieved our XX% content them

increasing time with by XXX Meanwhile, daily a historical of high user reached user total our also spend minutes XX% time spend year-over-year.

margins, by and with encouraged growth and this been growth direct has are narrowing losses strong the user objective momentum the Improving maintaining year. key correlation We efforts. monetization our our

traffic ecosystem growth. the we near content advertising quality In quarter, efficiently, to to our rails year-over-year, our which integrating is in XX% drive products and and more evident in in respectively. grew apply leveraged XX% commercializations business, This VAS by our and third expanding

same profit by gross increased Furthermore, consecutive the profit up year-over-year, XX%, fifth marking year, margin gross our of to quarter our the margin improvement. and period XX% from XX% rose last in gross

by control in total decrease including on and expense a expenses measures and expenses in a year-over-year and expenses sales R&D XX% our in reduced XX%, operating X% X% decrease Our a expenses target decrease G&A basis. marketing

adjusted the Notably, our by achieved profitability of quarter, the loss in important quarter. forward and demonstrating third our operating step milestone positive generating both result, an a year-over-year third and operations net goals. As loss a positive our narrowed in marking have cash entered XX% cycle adjusted operating we in business flow

we compared paradigm, returns. to end headcount In by continued be total around year the adapt in new we our our further business. expenses XXXX focus core changes has the and of end XXXX. expect organization quarter, of fourth streamlined have XXXX X,XXX XX,XXX our with at lower Trading markets. across yielded and to increasing are a To with industries the our been on areas

project future continue ROI-focused. to be will Additionally, plans

look overview, to will in pillars environment the limber we align organization success. With more of new content, at of and better with detail. that as become let's these the the community core our Bilibili's long-term measures, mutualization state With putting ourselves

new third third content to during fan of on rise. content and community of our the increased the XX% metrics continued were year-over-year, represent wider key quality million, And our that Beginning by creators creators submissions base platform content the daily XX more in quarter. with content and up number XX%, community. more monthly both The The the active quarter.

XX% content which video more by of X.X creators by daily number billion, to XX% XX,XXX with The grew year-over-year store over year-over-year. video followers views grew among XX% increased views by year-over-year. Total

users mentioned, an before I high are more time minutes. As XXX than of spending time daily us spend with user with reaching ever all-time

community Meanwhile, members XX quarter, XX% third million event, monthly the who retention year-over-year. And year-over-year, the increase passed increased interactions XX%. XX-month reaching XXX have rate by of By remained among taken our XX% office at had the users also we billion. and end our strong around a

more opportunities merge, expand, such more and and new and creators attracting relationships, creators new as the content and both content virtual, Our users platform. and in In users decoration, entered home commercial automotive. life content to [indiscernible] for categories continue stages bringing categories our

For submissions in in and content example, general year-over-year third home by decoration new quarter. XX% grew apparel the nearly

in on been fully our category content same generated monetization creators and their as have category, direct creators. year. income period all million Bilibili total this more the created we Meanwhile, creators opportunities same of in quarter, In the improved. last third from well content parallel, have XX% from the A advertising earnings, for generated content as revenues X.XX up

grew value. adoption number channels creators who quarter in commerce through The many year-over-year. has by video video of additional also their live and over e-commerce for of more to live commercial earn creators The XXX% third realize the brought and content

in budget X a underscores influence with offline among attendance experience our us culture. our attracted events, community remarkable of new people Additionally, XXX,XXX unique the gathering summer, BilibiliWorld brand and brought generation Bilibili allocation. Bilibili's advertisers The this Shanghai incremental Link, over to and signature more Macro

about talk revenues to XX% XX% while by Advertising revenues VAS like and XX% year-over-year, was in year-over-year. decrease revenues. I'd offset and flat quarter GAM billion, increased commercialization. RMB third X.X by the year-over-year for Total revenue Lastly,

made the new ourselves We adjustments landscape. the and where certain Meanwhile, align the business are a the has our encouraged with in have business, closing growth growth. ads direct a at correlation work by our VAS industry game taken and revenue better to AU potential we progress with

detail. in at more Looking this

community and foundation of commercialization. engaging Our is the growing

more and spend more and for in are more people activities, pay Bilibili As services. engage to they time willing content

revenue XX% business. billion, for broadcasting continues period live the mainly RMB year-over-year video VAS VAS Looking at by business. into to led live yield results. our of by our increased interaction broadcasting to universe X.X ongoing The our

subscription with stepping million brand. September, the More packages, into as income. live content broadcasting creators auto earn them to underscoring XX% further grew live XX.X premium with the host, on the are enriching trust our of members our enabling have built loyalty renewal and offerings end to broadcasting we over and annual or By our

be our Bilibili continued members. the well released Both the received X old years, [indiscernible], was press ensuring these a titles by in In of event. by the anticipated launched new quarter, of In made new September, will and we next many our strength Click highly the titles third NMA, announced loss few NMA Chinese content fans. XX premium self-produced NMA we at Link which of Chinese

to advertising Turning our business.

scenarios, which now billion, our revenues quarter, integrate traffic grew we effectively X.X RMB As XX% by sales ad high-quality into by further by growth. converting products revenue In potential conversion we year-over-year, reaching tools performance-based advertising mainly ads, total year-over-year. led ad XX% are third our grew more over across within the

revenue performance-based revenue added higher growth contribution strong our meaningful with from ads. profit our contributed gross growth Notably, to

appliance, our third for an automotive. and secure quarter strengthened Despite food share e-commerce, the enabled third solutions this season a brewery us verticals to were e-commerce off-peak industry. the quarter, For our and budgets advertising asset games, being traditionally X in top and digital advertising home greater advertising, products of competitive

The collaboration season. our fourth in XX commerce increased we shopping the and data year-over-year GMV video total videos upgrading our products strengthened shopping and our festival XXX% quarter, with products. and the by commerce over WXX further the from platforms and During e-commerce for live large

a game third decrease million, increase representing Total and game this the quarter-over-quarter decrease year. well in for XXX release RMB revenues the Turning reason of XXXX XXX was due an XX% summer of as was of high weaker-than-expected base year-over-year business. the to quarter Space XX% from new performance as year-over-year. The a to our

period. game Zone as meet working dramatically At to industry titled X for the we has quarter, On projects. the [indiscernible] fourth gain XXXX, Our resume closely we our licensed as removed discontinued during The team stable We X, Derby. we our download legacy are launched and refinement, September exclusive further changed SEG was streamlined years. SGO, in August Store App beginning reviewed development XX, possible. the in-house games, remained did development game and our the not past XXXX, from diligently the and of that access content soon temporarily On in-house the our projects standards.

will users aim the leverage said, And expenses. games R&D well the as power to video game our capabilities in we and growing further or game process reduce in-house high-quality a operations business invest distribution our these to our our We generation, Consolidating create community bring partners. development our our strengthen as future to value for natural advantages in selectively advertising help young industry. that as to

summary, profit In reach year. our loss financial and goal dedicated gross are improvement of to we reduction this a

At of net we with and profit XX% adjusted gross third up. in million XXX another path. beginning is strongly continue of DAU us to the operating increase adjusted on a We delivered will XX% good this same a and in believe time, we build community. this goal both have content and for the the reduction and quarter, loss on just loss in power

young and continue generation the average China. to true of stay mission We in will life the for enrich our

concludes the Chen's quarter will provide financial Mr. a third This of for remarks. now brief our overview I XXXX. results of

profile Mr. remarks, Chen's mentioned As in our improved. significantly has financial

gain video our We operating to leverage and community building continue while ecosystem.

our have We narrowed for adjusted X profit margin loss quarters. our and net increased gross consecutive

same year. quarter for revenues billion, with last on net par Total the RMB were the third X.X period

mobile total other from XX% approximately XX% games directives XX% and revenues business. revenue advertising, XX% breaking were by down Our VAS, and stream our IP net

RMB up year-over-year. of RMB year-over-year cost by to billion, revenues driving X% by profit to X.X X.X Our our decreased gross billion, XX%

same last Our from up XX% year. reached XX%, gross profit in the period margin

in gross We fourth expect improve the margin profit continue quarter. to our to

quarter, and total our marketing reached expenses a by while year-over-year XX% DAUs the Our XXX we year-over-year RMB sales were operating In billion. high. to cut RMB our million, third X.X to record XX% expenses down

R&D were of billion, Sales G&A XX% total down same XX% X.X X% X% and period RMB year-over-year. marketing year-over-year. the RMB last year. compared was revenue expenses with in million, were XXX down expenses expenses

the adjusted third XX% we in by result, narrowed quarter. operating net both and a year-over-year our loss loss As adjusted

net operating adjusted was into third loss a positive the business period our cash cycle. the in Notably, year operation third we generated same flow quarter Our ago. improving from XX% quarter, XX%, demonstrating entered the for has ratio in positive a

USD cash As of with of XX amount million. principal time USD third we and of billion September investments cash quarter, XXXX notes of In had billion. million an or USD XX.X RMB deposits aggregate aggregate XXXX, XX.X the equivalents, X.X and repurchased XX, short-term cash we an consideration December

aggregate XXXX As of the notes April the of XXX million. December and XXXX September XXXX, XXXX XX, USD notes, principal outstanding was month notes

convertible We Thank RMB go be attention. to RMB end for believe cash of year lower-than-expected ahead. XX.X remaining now to XX.X our open We your We revenues the billion. all of revenues. position would sufficient to now cover to GAAP due the call bonds expect to our is like XXXX questions. full please lower billion our your at you to Operator,

Operator

We convenience of original will session. is the will purposes provide English Instructions] interpretation session. in statements case Please for the the will [Operator prevail. consecutive language now begin during discrepancy, statements In note for the The question-and-answer that Q&A management's only. management's any company interpretation

CICC. from Our line Xueqing question Shang from first comes the of

Xueqing Zhang

[Foreign Language] question My growth. user about is

the time time reach passed high. third for of and deals new quarter the historical XXX As the a first milestone the in million

what's a [indiscernible]. up views on proposed the potential? growth And has So company internally the go your [indiscernible]

that in increase the share goal path is the for timetable expense your management and could the achieving So organization? this

Rui Chen

Language] [Foreign

Juliet Yang

is talking a are I when natural internally, of bigger the the why about emphasizing growth think for good itself. acquisition. user in video big the movement the the quality, bigger process strategy to user user content product mainly and through utilization we've by been grow not a That's improving very improving on we experience,

Rui Chen

Language] [Foreign

Juliet Yang

of on ROI quarter our have we user been acquisition why second last from strategy. of emphasizing That's starting year, the

we marketing, and and sales actually more in growing more less spending are are we As DAUs.

Rui Chen

Language] [Foreign

Juliet Yang

on is That commercialization improving have the efficiency, operating well as been product we the focusing and pursue user as our capability cycle. growth why simultaneous improving virtuous

Rui Chen

[Foreign Language]

Juliet Yang

DAU new evidence growth we user a this us. our milestone. million is quarter, our reached also in record strong year, for And succeeded third XXX high the past of and in numbers. the We've surpassed a a MAU this just that strategy is In have has beginning

Rui Chen

[Foreign Language]

Juliet Yang

more larger on why content will get, reason creator user base user The key focusing for been Internet product, we the the be base we one with strengths. as all The growth I is, have competitive commercialization the the as of think the will it. come user well

Rui Chen

Language] [Foreign

Juliet Yang

base our product, foundation Internet the for for is commercialization. also And user

As revenue model, and growth -- with live see correlation has advertising you has from broadcasting direct growth. commercialization can Bilibili's DAU its

Rui Chen

[Foreign Language]

Juliet Yang

specifically ad time, part grew revenue see, sector In you virtual we that revenue these and and also and XX%, growth the the growth. as cycle in have live generate revenue from of a VAS can At converted And also the X creation advertising the certain And between on and that converted will VAS, has to revenue form quarter, a creators also to traffic come year-on-year. our or content already our our third by platform. income respectively, a XX% a same broadcasting. more content to grew our strategy

ecosystem. it content So perspective, ecosystem very overall from has to positive been content also a our

Rui Chen

Language] [Foreign

Juliet Yang

metrics year's terms the When well not growth I word of That creators is feel at users. product, the use achieved naturally of growth, means if look good as video new still see mouth past community People spread we the point, about community. only in also Bilibili cycle virtuous I scale. effect. that and many very content words this great At in the between delve have do users, numbers. for strong user that have potential in there for And we research, content the our user a as introduce user and achieved a we we have who great user exceeded growth data, you

Rui Chen

Language] [Foreign

Juliet Yang

Bilibili because ecosystem -- more to and natural to same I interest. find we beings believe desire for it's continues of it's able attract think users prosper. share be find more very our and human all who a good to content content should the brands

Rui Chen

[Foreign Language]

Juliet Yang

position strategy by making expansion on user our ROI the Going to sales user rely user to money forward, our are long-term improvement, means acquire to product marketing when and That we content use sense. invest for will largely makes in and investing only only That strategy. still and growth ROI-focused pair drive the growth users mid- the acquisition us. who a with is

Rui Chen

Language] [Foreign

Juliet Yang

have the We and objectives not this year, achieve the time, . raised for X improvement target End is X of I first maintain which at narrowing to last margin growth. company, sacrificing key want one. last in achieve targets same to loss by the the the

Rui Chen

Language] [Foreign

Juliet Yang

you. That's question, Operator, all. Thank next please?

Operator

We'll move to the next question.

of Fang comes from Wei from question line Mizuho. Next the

Wei Fang

quarter? and help your management ERS promotional especially the on key XX.XX Language] performance streaming In drivers growth to the And during for expect video how update business, should the can e-commerce? how for elaborate our XXXX? segment [Foreign addition progress campaign? the So on can And e-commerce ad you in lastly, short the we data, on us live

Rui Chen

Language] [Foreign

Juliet Yang

level. In year And the grown as gross by quarter from same gross of the the improvement drove in revenue third grew on XX% the Ad profit in revenue has XX% percentage last margin it advertising company our period has year-over-year. XX% total to revenue year. this -- the quarter, of third also,

Rui Chen

[Foreign Language]

Juliet Yang

and the strategy power in horizontal ad quarters well X business as X middle comprehensively, improvement. been the past solutions driving which key the force our introduced as we've has the platform our industry So of

Rui Chen

[Foreign Language]

Juliet Yang

being vertical Despite very From grew industry full been XX% e-commerce ad e-commerce by traditional game an strong. a perspective, year-on-year. revenue and has from season, still QX

Additionally, been solutions exploring industries. with we have integrated actively other other

we've also For health positive XX% which and by quarter-over-quarter. care seen industry, performance grew automotive example, from

performance. industries' strengthen Going those forward, on continue will to we

Rui Chen

Language] [Foreign

Juliet Yang

growth more the also the commercial have ads quarter, platform XX% our And business. on We become lease improved driver of value performance-based main in efficiency scenarios. year-over-year grew our ads which third particularly, level a on ad different has by and across

Rui Chen

[Foreign Language]

Juliet Yang

we overall exceeded overall our double experience -- opping So performance to low in the the soft expectations. think has performances, terms of

grew appear e-commerce continue main year-over-year. the with data to from e-commerce to to We'll and open-loop XX% platforms top the Our by strategy deepen over platforms. our continue revenue collaboration the

bring reached to for grew traffic example, were to baby of revenue by more Alibaba the project, festival ratio advertisers over compared converted ad generated and For brands year. with XX% new Over XX% users worked Shinko new this to the the shopping even than this and brand those users owners, June XXX% advertisers. verticals. XX XX to We've the maternity Alibaba with

Rui Chen

[Foreign Language]

Juliet Yang

proven addition why incremental The our Jinko budget collaboration project, brought Bilibili's performance project actually we Shinko value conversion to launched in has the That's by Alibaba's with program Shinko a Alibaba's of Jindal ad project, ads. recently.

Rui Chen

[Foreign Language]

Juliet Yang

festival, content shopping from community. and GMV than XX.XX and we our up generated atmosphere have the the e-commerce video During more gradually increased our year-over-year. built And within consumption trading live XXX% our

video XXX%. increased over of During video also XXX% session number number by live grew the related the e-commerce shopping of the e-commerce by has and season,

by trading reached to grow Mr. advertising billion, we revenue creator, and e-commerce increased build the over can content well growth, revenue. Bilibili momentum [indiscernible], XX.XX this e-commerce-related his as the live XXX%. continue our confident has GMV on as which to From we're atmosphere Our continue

Rui Chen

[Foreign Language]

Juliet Yang

and As confident. growth for remain revenue XXXX's the quarter advertising to fourth trajectory, we

Here are some and enhance to improve. ways we are hoping to continue

First Bilibili's of all we and that content is can deeply influence mindset perception. brand know users' all

focused capability, performance-based build be be platform ad accelerator. the and very that will brand and be to Spark continue delivered our will our growth We will ads

Rui Chen

Language] [Foreign

Juliet Yang

to can is multiple secondly advantage. the emphasizing reason why our be that user model. will we is And The upgrade reach continue growth. and ad from integrated advertising We've marketing Bilibili's scenario will achieve media revenue multiple been solutions we that strong

clients to measurable help and a and And to XXXX, build them equity within and content our upgrade in model. sustainable continue build we'll to their help growth ad Bilibili community brand

Rui Chen

[Foreign Language]

Juliet Yang

find and new Thirdly traditional and efficiency simple different of ad for scenarios is the effectiveness that's to our scenarios strategy. improve advertising

continue traffic a between ad collaborate traffic natural efficiency. overall our improve better to we'll forward, way find and to commercial Going to

Rui Chen

Language] [Foreign

Juliet Yang

our customers. fear of of three, our needs is product Lastly launch. -- Number the ad that attention needs. ad staging. one, new to close two, transaction-based Number brand pay X Number key we'll of

the is seasonal campaigns. marketing Lastly

and fourth key forward, to a why I'm the expand to That's on our year continue aim market very growth and build revenue going still very our we solution. forward. effective needs to of will the share build advertising these We advertising quarter X in to continue confident

Operator

the move next We'll question. to

of the Liu comes Our UBS. next from question Felix from line

Felix Liu

[Foreign Language] Let translate myself. me

peer my noticed of be question continue game -- Tencent, their -- We game that the is remain So we exited game the on to our competitive in one landscape business. noticed business. that recently

Derby? thoughts game own of R&D business game in-house And on So you game on the think update Pretty your progress? from here? your any How our

Rui Chen

Language] [Foreign

Juliet Yang

We value So firstly, Derby. experience. time, the the I'll user and we Pretty talk same about at game value really this

we possible content and the refinement to as bring conduct minor why that's upgrade will back technical So game soon App as and the Store.

Rui Chen

Language] [Foreign

Juliet Yang

And one want feedback is user been already and experience, very to I add for the that has the thing on game, feedback positive. download their

Rui Chen

[Foreign Language]

Juliet Yang

As year. there the this landscape a very been you has in mentioned, competitive market game

a I think new into We space or has and entered think users overall become saturated game very industry new business where game market. it than that. it's to more more it's a gain hard the that

Rui Chen

[Foreign Language]

Juliet Yang

year, game. have is enough market, In the timing. see where market saturated past not in the But only secret to a top right quality the gamers we of quality is the the to unless game incremental quality the in the you growth where still top bring market, good and a success of

Rui Chen

Language] [Foreign

Juliet Yang

reason to Their game the this years original probably years up to to the out changed. is X target the come expectation. game, quality the unique the the will not we've a been that there noticed later, not gamer those incremental top game. set time good. it build good of As or new years, most year have was necessarily why has still met this that most ago, end have growth. where X be And that game their we X games was have The is games of year, But launched of find

Rui Chen

[Foreign Language]

Juliet Yang

a year, But for those of rat a would From the with rat new this new game because don't the the of They game they've already developers, for have necessarily a that for new games. this the kind designs. income have same new and new look perspective, in. minor there's they try they artistic lot profits all same, probably details. out they different users. with user devoted been they wouldn't of who and notice game Those turned into race And means necessarily users to have looked race others

Rui Chen

[Foreign Language]

Juliet Yang

means necessarily less active. not market that So shrinking the or game is

to see from unique, spend new need still perspective. been attention But the users, actually are close which what DAU very gamer very pay the market games. real Bilibili's game contrary, viewers convert new has verticals, active can to new also and On They The our already time the very is increasing game, lot. the different we be in their content the data a from offering.

Rui Chen

[Foreign Language]

Juliet Yang

games the has The new to changed. in Having standards said has changed. time we that, think invest

key we Now operations. there a new to long-term for criteria One think are succeed. X game is

ROI. copycat titles niche in be is to market. anymore. race a the does And And super top focused a not rat R&D is the projects top work market or type type Second be the or on of the of setup of in lastly past, the the investment

Rui Chen

[Foreign Language]

Juliet Yang

That's established and the likely our of and adjusting game be the when were market exact new very reason are why streamline That's the projects our new project. those online. why we standards, in-house have been standards came the some because and loss-making we to is doing on reviewing based projects projects adjustments old new based development and on

Rui Chen

Language] [Foreign

Juliet Yang

remain development titles competitive After in market. a this of the will our have that we still think we in-house few current adjustment game,

paying focus be attention will very on our limited new [indiscernible] We title those the who can resource in meet standards. money and close to invested the

Rui Chen

Language] [Foreign

Juliet Yang

by that it's and is We done with project Bilibili, the only the across doing This bad we're think industry, not our a not and movement necessarily being thing. correct. things actually it's adjustment is

brilliant idea, the with can most making is innovative game game one to prevail and industry, developing, is and innovation which can competitiveness who for most the succeed. fundamental of this in with the really succeed one the key this returned the the industry have We

Rui Chen

Language] [Foreign

Juliet Yang

China very condensity most platform, on has high of amounts want young popular have generations. I that content very, gamers of game platform with young Bilibili's are video Lastly, large active very there young that to a users do platform. Bilibili the in been our emphasize And

team sense to understanding our and also need What the we development those advantage into for and games of developing. gamers. they Chinese realize do game that team, translate have also is And

Operator

from Next Bank Lei comes from America. question the of line Zhang of

Lei Zhang

my and [indiscernible] management margin. questions question Since Language] regarding [Foreign

So you And you breakeven QX? can outlook to [indiscernible]? your look control for target change some that target our than improvement gross give at margin. any have noticed how XXXX? And full you loss distance in we operated And us do year

Xin Fan

Okay. This X this by will our is XX%. Sam. quarter I take QX, grew year-over-year, XX% our profit improved gross question. and GPM consecutive In to

gross to We margin improve in sequentially the ad expect our from can contribution as QX continue profit revenue. there is revenue more

At loss our even the target QX. XX% loss compared RMB loss same initial in X time, XXXX. in we we our operating and to narrowed non-GAAP by can billion financial our we us will operating achieve help QX, by reduce to our in non-GAAP operating expect non-GAAP with That narrow more QX

keep So initial check. we in our do goal financial

cash flow operating indicating QX been and and positive our the has Notably, head in positive business cycle. operation into

we QX. to in cash positive expect continue operating can flow generate We

confidence the and continue the be will improvement path gross On main of and driver loss. loss which one growth, business contribute ad our in we we gross like profit XXXX, have to will narrow revenue. the the continue to of narrowing. to growth Looking hand, profit our that will high-margin

recent adjustments XXXX. we further structured expenses, other decline expect the expenses hand, operating On including to with some R&D in

Thank the of you. to I work Together, goal breakeven. continue will think towards we

Operator

today. Call you And the that and Third again Update for Conference joining Results Thank Quarter Bilibili's XXXX question-and-answer concludes once Business Financial session.

found great Piacante IR and you, please informations have China for Director press Contact on Bilibili's Communications. any day. have Yang, both in Financial Executive today's Juliet questions, the further U.S. a and IR Thank release. If contact can you or be

Bilibili (BILI) 29 Nov 232023 Q3 Earnings call transcript