Alibaba Group Announces December Quarter 2023 Results
“We delivered a solid quarter as we are executing our focused strategies across the organization. Our top priority is to reignite the growth of our core businesses, e-commerce and cloud computing. We will step up investment to improve users’ core experiences to drive growth in
“Alibaba Group delivered a healthy quarter with revenue growth of 5% year-over-year. We increased our investment in strategic priorities and improved shareholder return by leveraging our strong balance sheet and cash flow. Our board of directors approved an increase of
BUSINESS HIGHLIGHTS
In the quarter ended
-
Revenue was
RMB260,348 million (US$36,669 million ), an increase of 5% year-over-year.
-
Income from operations was
RMB22,511 million (US$3,171 million ), a decrease of 36% year-over-year. The year-over-year decrease was primarily attributable to impairment of intangible assets ofSun Art and impairment of goodwill of Youku. Adjusted EBITA, a non-GAAP measurement (excluding share-based compensation expense, impairment of intangible assets and goodwill and certain other items), increased 2% year-over-year toRMB52,843 million (US$7,443 million ).
-
Net income attributable to ordinary shareholders was
RMB14,433 million (US$2,033 million ). Net income wasRMB10,717 million (US$1,509 million ), a decrease of 77% orRMB35,029 million year-over-year, primarily attributable to mark-to-market changes from our equity investments and the decrease in income from operations due to the impairment as mentioned above. Excluding share-based compensation expense, gains/losses of investments, impairment of intangible assets and goodwill, and certain other items, non-GAAP net income in the quarter endedDecember 31, 2023 wasRMB47,951 million (US$6,754 million ), a decrease of 4% compared toRMB49,932 million in the same quarter of 2022.
-
Diluted earnings per ADS was
RMB5.65 (US$0.80 ) and diluted earnings per share wasRMB0.71 (US$0.10 orHK$0.78 ). Non-GAAP diluted earnings per ADS wasRMB18.97 (US$2.67 ), a decrease of 2% year-over-year and non-GAAP diluted earnings per share wasRMB2.37 (US$0.33 orHK$2.62 ), a decrease of 2% year-over-year.
-
Net cash provided by operating activities was
RMB64,716 million (US$9,115 million ), a decrease of 26% compared toRMB87,370 million in the same quarter of 2022. Free cash flow, a non-GAAP measurement of liquidity, wasRMB56,540 million (US$7,963 million ), a decrease of 31% compared toRMB81,514 million in the same quarter of 2022. The decrease in free cash flow was attributed to increased capex and several one-time factors including timing of income tax payments and working capital changes related to several of our businesses.
BUSINESS AND STRATEGIC UPDATES
We are in the process of revitalizing
For the quarter ended
Following a successful 11.11 Global Shopping Festival, order volume grew double digits year-over-year during the second half of the quarter. This reflected increasing consumer demand and willingness to make purchases on our platform driven by our price-competitive strategy.
On the other hand, we have been successful in retaining and growing premium shoppers as the number of 88VIP members continued to increase double digits year-over-year, surpassing 32 million.
For the quarter ended
Recent highlights of our proprietary products and technology include:
-
Elastic Compute: In
January 2024 ,Alibaba Cloud unveiled its newest general-purpose ECS instance g8i, which significantly boosts overall performance and AI inferencing capabilities.
-
Database: In the 2023 Gartner® Magic Quadrant™ for Cloud Database Management Systems report,
Alibaba Cloud was named a Leader for the fourth year in a row.
For the quarter ended
During the quarter, AliExpress delivered over 60% year-over-year order growth, driven by Choice, which provides an enhanced experience to consumers by combining better product selection, price and quality with speed of logistics and great customer support. Choice represented about half of AliExpress’ total orders in
During the quarter, Trendyol continued its robust double-digit order growth. While maintaining its leading e-commerce position in Türkiye, Trendyol has further extended its operations into the
Lazada continues to focus on optimizing its operating efficiency. With further increased monetization and decreased logistics costs, Lazada’s loss per order continued to narrow year-over-year during the quarter.
For the quarter ended
Cainiao continues to execute its strategy of building a global smart logistics network, reinforcing comprehensive end-to-end capabilities in first-mile pick-up, line haul, customs clearance, sortation, and last-mile delivery. To support cross-border business development, with the upgrade of end-to-end capabilities, Cainiao further expanded its premium 5-day delivery service coverage, adding two more countries during the quarter. The order volume for the premium 5-day delivery service achieved robust triple-digit quarter-over-quarter growth.
Local
For the quarter ended
During the quarter ended
Updates on ESG Initiatives
Progress in Decarbonization
We continue to accelerate our transition to clean energy. In
In
Upsize of Share Repurchase Program
As previously announced, during the quarter ended
Our board of directors has approved an increase of
DECEMBER QUARTER SUMMARY FINANCIAL RESULTS |
||||||||
|
Three months ended |
|
|
|||||
|
2022 |
|
2023 |
|
|
|||
|
RMB |
|
RMB |
|
US$ |
|
YoY %
|
|
|
(in millions, except percentages and per share amounts) |
|||||||
|
|
|
|
|
||||
Revenue |
247,756 |
|
260,348 |
|
36,669 |
|
5% |
|
|
|
|
|
|
|
|
|
|
Income from operations |
35,031 |
|
22,511 |
|
3,171 |
|
(36)%(2) |
|
Operating margin |
14% |
|
9% |
|
|
|
|
|
Adjusted EBITDA(1) |
59,162 |
|
59,572 |
|
8,391 |
|
1%(3) |
|
Adjusted EBITDA margin(1) |
24% |
|
23% |
|
|
|
|
|
Adjusted EBITA(1) |
52,048 |
|
52,843 |
|
7,443 |
|
2%(3) |
|
Adjusted EBITA margin(1) |
21% |
|
20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
45,746 |
|
10,717 |
|
1,509 |
|
(77)%(4) |
|
Net income attributable to ordinary shareholders |
46,815 |
|
14,433 |
|
2,033 |
|
(69)%(4) |
|
Non-GAAP net income(1) |
49,932 |
|
47,951 |
|
6,754 |
|
(4)%(4) |
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share(5) |
2.24 |
|
0.71 |
|
0.10 |
|
(68)%(4)(6) |
|
Diluted earnings per ADS(5) |
17.91 |
|
5.65 |
|
0.80 |
|
(68)%(4)(6) |
|
Non-GAAP diluted earnings per share(1)(5) |
2.41 |
|
2.37 |
|
0.33 |
|
(2)%(4)(6) |
|
Non-GAAP diluted earnings per ADS(1)(5) |
19.26 |
|
18.97 |
|
2.67 |
|
(2)%(4)(6) |
____________________ | ||
(1) |
See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures to the Nearest Comparable |
|
(2) |
The year-over-year decrease was primarily attributable to impairment of intangible assets of |
|
(3) |
The year-over-year increases were primarily contributed by revenue growth and improved operating efficiency that was partly offset by the increase in investments in certain businesses. |
|
(4) |
The year-over-year decrease in net income was primarily attributable to mark-to-market changes from our equity investments and the decrease in income from operations due to the impairment as mentioned above. We excluded share-based compensation expense, gains/losses of investments, impairment of intangible assets and goodwill, and certain other items from our non-GAAP measurements. |
|
(5) |
Each ADS represents eight ordinary shares. |
|
(6) |
The year-over-year percentages as stated are calculated based on the exact amount and there may be minor differences from the year-over-year percentages calculated based on the RMB amounts after rounding. |
DECEMBER QUARTER SEGMENT RESULTS
Revenue for the quarter ended
Starting from the quarter ended
The following table sets forth a breakdown of our revenue by segment for the periods indicated(1):
|
Three months ended |
|
|
|||||
|
2022 |
|
2023 |
|
|
|||
|
RMB |
|
RMB |
|
US$ |
|
YoY % Change |
|
|
(in millions, except percentages) |
|||||||
|
|
|
|
|
||||
|
|
|
|
|
||||
- Customer management |
91,694 |
|
92,113 |
|
12,974 |
|
0% |
|
- Direct sales and others(2) |
31,042 |
|
31,649 |
|
4,458 |
|
2% |
|
|
122,736 |
|
123,762 |
|
17,432 |
|
1% |
|
|
4,329 |
|
5,308 |
|
747 |
|
23% |
|
|
127,065 |
|
129,070 |
|
18,179 |
|
2% |
|
|
|
|
|
|
|
|
|
|
|
27,364 |
|
28,066 |
|
3,953 |
|
3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International commerce retail |
14,954 |
|
23,260 |
|
3,276 |
|
56% |
|
International commerce wholesale |
4,870 |
|
5,256 |
|
740 |
|
8% |
|
|
19,824 |
|
28,516 |
|
4,016 |
|
44% |
|
|
|
|
|
|
|
|
|
|
|
23,023 |
|
28,476 |
|
4,011 |
|
24% |
|
Local |
13,397 |
|
15,160 |
|
2,135 |
|
13% |
|
|
4,261 |
|
5,040 |
|
710 |
|
18% |
|
All others(3) |
50,334 |
|
47,023 |
|
6,623 |
|
(7)% |
|
Total segment revenue |
265,268 |
|
281,351 |
|
39,627 |
|
6% |
|
Unallocated |
225 |
|
374 |
|
53 |
|
|
|
Inter-segment elimination |
(17,737) |
|
(21,377) |
|
(3,011) |
|
|
|
Consolidated revenue |
247,756 |
|
260,348 |
|
36,669 |
|
5% |
|
|
Nine months ended |
|
|
|||||
|
2022 |
|
2023 |
|
|
|||
|
RMB |
|
RMB |
|
US$ |
|
YoY % Change |
|
|
(in millions, except percentages) |
|||||||
|
|
|
|
|
||||
|
|
|
|
|
||||
- Customer management |
230,996 |
|
240,435 |
|
33,864 |
|
4% |
|
- Direct sales and others(2) |
78,599 |
|
85,715 |
|
12,073 |
|
9% |
|
|
309,595 |
|
326,150 |
|
45,937 |
|
5% |
|
|
13,722 |
|
15,527 |
|
2,187 |
|
13% |
|
|
323,317 |
|
341,677 |
|
48,124 |
|
6% |
|
|
|
|
|
|
|
|
|
|
|
78,755 |
|
80,779 |
|
11,377 |
|
3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International commerce retail |
36,686 |
|
59,376 |
|
8,363 |
|
62% |
|
International commerce wholesale |
14,905 |
|
15,774 |
|
2,222 |
|
6% |
|
|
51,591 |
|
75,150 |
|
10,585 |
|
46% |
|
|
|
|
|
|
|
|
|
|
|
58,597 |
|
74,463 |
|
10,488 |
|
27% |
|
Local |
37,909 |
|
45,174 |
|
6,363 |
|
19% |
|
|
13,455 |
|
16,200 |
|
2,282 |
|
20% |
|
All others(3) |
143,812 |
|
140,873 |
|
19,841 |
|
(2)% |
|
Total segment revenue |
707,436 |
|
774,316 |
|
109,060 |
|
9% |
|
Unallocated |
634 |
|
900 |
|
127 |
|
|
|
Inter-segment elimination |
(47,583) |
|
(55,922) |
|
(7,877) |
|
|
|
Consolidated revenue |
660,487 |
|
719,294 |
|
101,310 |
|
9% |
____________________ | ||
(1) |
During the nine months ended |
|
(2) |
Direct sales and others revenue under |
|
(3) |
All others include |
The following table sets forth a breakdown of our adjusted EBITA by segment for the periods indicated(1):
|
Three months ended |
|
|
|||||
|
2022 |
|
2023 |
|
|
|||
|
RMB |
|
RMB |
|
US$ |
|
YoY % Change (4) |
|
|
(in millions, except percentages) |
|||||||
|
59,245 |
|
59,930 |
|
8,441 |
|
1% |
|
|
1,269 |
|
2,364 |
|
333 |
|
86% |
|
|
(645) |
|
(3,146) |
|
(443) |
|
(388)% |
|
|
(12) |
|
961 |
|
135 |
|
N/A |
|
Local |
(2,923) |
|
(2,068) |
|
(291) |
|
29% |
|
|
(391) |
|
(517) |
|
(73) |
|
(32)% |
|
All others(2) |
(1,698) |
|
(3,172) |
|
(447) |
|
(87)% |
|
Total segment adjusted EBITA |
54,845 |
|
54,352 |
|
7,655 |
|
(1)% |
|
Unallocated(3) |
(2,173) |
|
(808) |
|
(114) |
|
|
|
Inter-segment elimination |
(624) |
|
(701) |
|
(98) |
|
|
|
Consolidated adjusted EBITA |
52,048 |
|
52,843 |
|
7,443 |
|
2% |
|
Less: Share-based compensation expense |
(8,773) |
|
(6,222) |
|
(876) |
|
|
|
Less: Amortization and impairment of intangible assets |
(5,530) |
|
(14,601) |
|
(2,056) |
|
|
|
Less: Impairment of goodwill, and others |
(2,714) |
|
(9,509) |
|
(1,340) |
|
|
|
Income from operations |
35,031 |
|
22,511 |
|
3,171 |
|
(36)% |
|
|
Nine months ended |
|
|
|||||
|
2022 |
|
2023 |
|
|
|||
|
RMB |
|
RMB |
|
US$ |
|
YoY % Change (4) |
|
|
(in millions, except percentages) |
|||||||
|
150,099 |
|
156,326 |
|
22,018 |
|
4% |
|
|
3,114 |
|
4,689 |
|
660 |
|
51% |
|
|
(2,773) |
|
(3,950) |
|
(556) |
|
(42)% |
|
|
(72) |
|
2,744 |
|
387 |
|
N/A |
|
Local |
(9,085) |
|
(6,614) |
|
(932) |
|
27% |
|
|
(1,660) |
|
(655) |
|
(92) |
|
61% |
|
All others(2) |
(7,533) |
|
(6,342) |
|
(893) |
|
16% |
|
Total segment adjusted EBITA |
132,090 |
|
146,198 |
|
20,592 |
|
11% |
|
Unallocated(3) |
(7,779) |
|
(3,290) |
|
(463) |
|
|
|
Inter-segment elimination |
(1,680) |
|
(1,849) |
|
(261) |
|
|
|
Consolidated adjusted EBITA |
122,631 |
|
141,059 |
|
19,868 |
|
15% |
|
Less: Share-based compensation expense |
(23,285) |
|
(11,423) |
|
(1,609) |
|
|
|
Less: Amortization and impairment of intangible assets |
(11,010) |
|
(19,511) |
|
(2,748) |
|
|
|
Less: Impairment of goodwill, and others |
(3,225) |
|
(11,540) |
|
(1,626) |
|
|
|
Income from operations |
85,111 |
|
98,585 |
|
13,885 |
|
16% |
____________________ | ||
(1) |
During the nine months ended |
|
(2) |
All others include |
|
(3) |
Unallocated primarily relates to certain costs incurred by corporate functions and other miscellaneous items that are not allocated to individual segments. |
|
(4) |
For a more intuitive presentation, widening of loss in YoY% is shown in terms of negative growth rate, and narrowing of loss in YoY% is shown in terms of positive growth rate. |
(i) Segment revenue
-
China Commerce Retail Business
Revenue from ourChina commerce retail business in the quarter endedDecember 31, 2023 wasRMB123,762 million (US$17,432 million ), an increase of 1% compared toRMB122,736 million in the same quarter of 2022.
Customer management revenue remained stable year-over-year, primarily due to healthy growth in online GMV generated on Taobao and Tmall, excluding unpaid orders, partly offset by decline in overall take rate. The overall take rate decreased slightly year-over-year mainly because the increase in GMV came from Taobao merchants.
Direct sales and others revenue underChina commerce retail business in the quarter endedDecember 31, 2023 wasRMB31,649 million (US$4,458 million ), an increase of 2% compared toRMB31,042 million in the same quarter of 2022.
-
China Commerce Wholesale Business
Revenue from ourChina commerce wholesale business in the quarter endedDecember 31, 2023 wasRMB5,308 million (US$747 million ), an increase of 23% compared toRMB4,329 million in the same quarter of 2022, primarily due to an increase in revenue from value-added services provided to paying members.
(ii) Segment adjusted EBITA
(i) Segment revenue
Revenue from
(ii) Segment adjusted EBITA
(i) Segment revenue
-
International Commerce Retail Business
Revenue from our International commerce retail business in the quarter endedDecember 31, 2023 wasRMB23,260 million (US$3,276 million ), an increase of 56% compared toRMB14,954 million in the same quarter of 2022. The increase in revenue was primarily due to solid combined order growth of AIDC’s retail businesses driven by the strong performance of all its major retail platforms, the revenue contribution from AliExpress Choice as well as improvements in monetization. As certain of our international businesses generate revenue in local currencies while our reporting currency is Renminbi, AIDC’s revenue is affected by exchange rate fluctuations.
-
International Commerce Wholesale Business
Revenue from our International commerce wholesale business in the quarter endedDecember 31, 2023 wasRMB5,256 million (US$740 million ), an increase of 8% compared toRMB4,870 million in the same quarter of 2022. The increase was primarily due to an increase in revenue generated by cross-border related value-added services.
(ii) Segment adjusted EBITA
(i) Segment revenue
Revenue from
(ii) Segment adjusted EBITA
Local
(i) Segment revenue
Revenue from Local
(ii) Segment adjusted EBITA
Local
(i) Segment revenue
Revenue from
(ii) Segment adjusted EBITA
All Others
(i) Segment revenue
Revenue from All others segment was
(ii) Segment adjusted EBITA
Adjusted EBITA from All others segment in the quarter ended
DECEMBER QUARTER OTHER FINANCIAL RESULTS
Costs and Expenses
The following tables set forth a breakdown of our costs and expenses, share-based compensation expense, and costs and expenses excluding share-based compensation expense by function for the periods indicated:
|
Three months ended |
|
% of Revenue YoY change |
|||||||||
|
2022 |
|
2023 |
|
||||||||
|
RMB |
|
% of Revenue |
|
RMB |
|
US$ |
|
% of Revenue |
|
||
|
(in millions, except percentages) |
|||||||||||
Costs and expenses: |
|
|
|
|
|
|
||||||
Cost of revenue |
150,005 |
|
61% |
|
156,214 |
|
22,002 |
|
60% |
|
(1)% |
|
Product development expenses |
13,521 |
|
6% |
|
13,488 |
|
1,900 |
|
5% |
|
(1)% |
|
Sales and marketing expenses |
30,628 |
|
12% |
|
33,783 |
|
4,758 |
|
13% |
|
1% |
|
General and administrative expenses |
10,327 |
|
4% |
|
11,261 |
|
1,586 |
|
4% |
|
0% |
|
Amortization and impairment of intangible assets |
5,530 |
|
2% |
|
14,601 |
|
2,056 |
|
6% |
|
4% |
|
Impairment of goodwill |
2,714 |
|
1% |
|
8,490 |
|
1,196 |
|
3% |
|
2% |
|
Total costs and expenses |
212,725 |
|
86% |
|
237,837 |
|
33,498 |
|
91% |
|
5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
1,660 |
|
1% |
|
1,184 |
|
167 |
|
0% |
|
(1)% |
|
Product development expenses |
3,755 |
|
2% |
|
2,822 |
|
397 |
|
1% |
|
(1)% |
|
Sales and marketing expenses |
1,081 |
|
0% |
|
805 |
|
113 |
|
0% |
|
0% |
|
General and administrative expenses |
2,277 |
|
1% |
|
1,411 |
|
199 |
|
1% |
|
0% |
|
Total share-based compensation expense |
8,773 |
|
4% |
|
6,222 |
|
876 |
|
2% |
|
(2)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses excluding share-based compensation expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
148,345 |
|
60% |
|
155,030 |
|
21,835 |
|
60% |
|
0% |
|
Product development expenses |
9,766 |
|
4% |
|
10,666 |
|
1,503 |
|
4% |
|
0% |
|
Sales and marketing expenses |
29,547 |
|
12% |
|
32,978 |
|
4,645 |
|
13% |
|
1% |
|
General and administrative expenses |
8,050 |
|
3% |
|
9,850 |
|
1,387 |
|
3% |
|
0% |
|
Amortization and impairment of intangible assets |
5,530 |
|
2% |
|
14,601 |
|
2,056 |
|
6% |
|
4% |
|
Impairment of goodwill |
2,714 |
|
1% |
|
8,490 |
|
1,196 |
|
3% |
|
2% |
|
Total costs and expenses excluding share-based compensation expense |
203,952 |
|
82% |
|
231,615 |
|
32,622 |
|
89% |
|
7% |
Cost of revenue – Cost of revenue in the quarter ended
Product development expenses – Product development expenses in the quarter ended
Sales and marketing expenses – Sales and marketing expenses in the quarter ended
General and administrative expenses – General and administrative expenses in the quarter ended
Share-based compensation expense – Total share-based compensation expense included in the cost and expense items above in the quarter ended
The following table sets forth our analysis of share-based compensation expense for the quarters indicated by type of share-based awards:
|
Three months ended |
|
|
|||||||||
|
2022 |
|
2023 |
|
|
|||||||
|
RMB |
|
% of Revenue |
|
RMB |
|
US$ |
|
% of Revenue |
|
YoY % Change |
|
|
(in millions, except percentages) |
|||||||||||
By type of awards: |
|
|
|
|
|
|
||||||
|
6,841 |
|
3% |
|
4,517 |
|
636 |
|
2% |
|
(34)% |
|
|
354 |
|
0% |
|
33 |
|
5 |
|
0% |
|
(91)% |
|
Others(3) |
1,578 |
|
1% |
|
1,672 |
|
235 |
|
0% |
|
6% |
|
Total share-based compensation expense |
8,773 |
|
4% |
|
6,222 |
|
876 |
|
2% |
|
(29)% |
____________________ | ||
(1) |
This represents |
|
(2) |
This represents |
|
(3) |
This represents share-based awards of our subsidiaries. |
Share-based compensation expense related to
We expect that our share-based compensation expense will continue to be affected by changes in the fair value of the underlying awards and the quantity of awards we grant in the future.
Amortization and impairment of intangible assets – Amortization and impairment of intangible assets in the quarter ended
Impairment of goodwill – Impairment of goodwill in the quarter ended
Income from operations and operating margin
Income from operations in the quarter ended
Adjusted EBITDA and Adjusted EBITA
Adjusted EBITDA increased 1% year-over-year to
Adjusted EBITA by segment
Adjusted EBITA by segment as well as a reconciliation of income from operations to adjusted EBITA are set forth in the section entitled “December Quarter Segment Results” above.
Interest and investment income, net
Interest and investment income, net in the quarter ended
The above-mentioned gains and losses were excluded from our non-GAAP net income.
Other income, net
Other income, net in the quarter ended
Income tax expenses
Income tax expenses in the quarter ended
Share of results of equity method investees
Share of results of equity method investees in the quarter ended
|
Three months ended |
|||||
|
2022 |
|
2023 |
|||
|
RMB |
|
RMB |
|
US$ |
|
|
(in millions) |
|||||
Share of profit (loss) of equity method investees |
|
|
|
|||
- |
1,005 |
|
80 |
|
11 |
|
- Others |
(807) |
|
(864) |
|
(122) |
|
Impairment loss |
(132) |
|
(11) |
|
(2) |
|
Others(1) |
(959) |
|
(818) |
|
(115) |
|
Total |
(893) |
|
(1,613) |
|
(228) |
____________________ | ||
(1) |
Others mainly include basis differences arising from equity method investees, share-based compensation expense related to share-based awards granted to employees of our equity method investees, as well as gain or loss arising from the deemed disposal of the equity method investees. |
We record our share of results of all equity method investees one quarter in arrears. The year-over-year decrease in share of profit of
Net income and Non-GAAP net income
Our net income in the quarter ended
Excluding share-based compensation expense, revaluation and disposal gains/losses of investments, impairment of goodwill and investments, amortization and impairment of intangible assets and certain other items, non-GAAP net income in the quarter ended
Net income attributable to ordinary shareholders
Net income attributable to ordinary shareholders in the quarter ended
Diluted earnings per ADS/share and non-GAAP diluted earnings per ADS/share
Diluted earnings per ADS in the quarter ended
Diluted earnings per share in the quarter ended
A reconciliation of diluted earnings per ADS/share to non-GAAP diluted earnings per ADS/share is included at the end of this results announcement. Each ADS represents eight ordinary shares.
Cash and cash equivalents , short-term investments and other treasury investments
As of
Net cash provided by operating activities and free cash flow
During the quarter ended
Net cash used in investing activities
During the quarter ended
Net cash used in financing activities
During the quarter ended
Employees
As of
WEBCAST AND CONFERENCE CALL INFORMATION
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A live webcast of the earnings conference call can be accessed at https://www.alibabagroup.com/en-US/ir-financial-reports-quarterly-results. An archived webcast will be available through the same link following the call. A replay of the conference call will be available for one week from the date of the conference (Dial-in number: +1 855 883 1031; English conference PIN 10035621; Chinese conference PIN 10035625).
Please visit
ABOUT
EXCHANGE RATE INFORMATION
This results announcement contains translations of certain Renminbi (“RMB”) amounts into
SAFE HARBOR STATEMENTS
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the
NON-GAAP FINANCIAL MEASURES
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: for our consolidated results, adjusted EBITDA (including adjusted EBITDA margin), adjusted EBITA (including adjusted EBITA margin), non-GAAP net income, non-GAAP diluted earnings per share/ADS and free cash flow. For more information on these non-GAAP financial measures, please refer to the table captioned “Reconciliations of Non-GAAP Measures to the Nearest Comparable
We believe that adjusted EBITDA, adjusted EBITA, non-GAAP net income and non-GAAP diluted earnings per share/ADS help identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income from operations, net income and diluted earnings per share/ADS. We believe that these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We present three different income measures, namely adjusted EBITDA, adjusted EBITA and non-GAAP net income in order to provide more information and greater transparency to investors about our operating results.
We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic corporate transactions, including investing in our new business initiatives, making strategic investments and acquisitions and strengthening our balance sheet.
Adjusted EBITDA, adjusted EBITA, non-GAAP net income, non-GAAP diluted earnings per share/ADS and free cash flow should not be considered in isolation or construed as an alternative to income from operations, net income, diluted earnings per share/ADS, cash flows or any other measure of performance or as an indicator of our operating performance. These non-GAAP financial measures presented here do not have standardized meanings prescribed by
Adjusted EBITDA represents net income before interest and investment income, net, interest expense, other income, net, income tax expenses and share of results of equity method investees, share-based compensation expense, amortization and impairment of intangible assets, depreciation and impairment of property and equipment, and operating lease cost relating to land use rights, impairment of goodwill, and others (including provision in relation to matters outside the ordinary course of business, as well as equity-settled donation expense), which we do not believe are reflective of our core operating performance during the periods presented.
Adjusted EBITA represents net income before interest and investment income, net, interest expense, other income, net, income tax expenses and share of results of equity method investees, share-based compensation expense, amortization and impairment of intangible assets, impairment of goodwill, and others (including provision in relation to matters outside the ordinary course of business, as well as equity-settled donation expense), which we do not believe are reflective of our core operating performance during the periods presented.
Non-GAAP net income represents net income before share-based compensation expense, amortization and impairment of intangible assets, gain or loss on deemed disposals/disposals/revaluation of investments, impairment of goodwill and investments, and others (including provision in relation to matters outside the ordinary course of business, as well as equity-settled donation expense), and adjustments for the tax effects.
Non-GAAP diluted earnings per share represents non-GAAP net income attributable to ordinary shareholders divided by the weighted average number of outstanding ordinary shares for computing non-GAAP diluted earnings per share on a diluted basis. Non-GAAP diluted earnings per ADS represents non-GAAP diluted earnings per share after adjusting for the ordinary share-to-ADS ratio.
Free cash flow represents net cash provided by operating activities as presented in our consolidated cash flow statement less purchases of property and equipment (excluding acquisition of land use rights and construction in progress relating to office campuses) and intangible assets (excluding those acquired through acquisitions), as well as adjustments to exclude from net cash provided by operating activities the buyer protection fund deposits from merchants on our marketplaces. We deduct certain items of cash flows from investing activities in order to provide greater transparency into cash flow from our revenue-generating business operations. We exclude “acquisition of land use rights and construction in progress relating to office campuses” because the office campuses are used by us for corporate and administrative purposes and are not directly related to our revenue-generating business operations. We also exclude buyer protection fund deposits from merchants on our marketplaces because these deposits are restricted for the purpose of compensating buyers for claims against merchants.
The table captioned “Reconciliations of Non-GAAP Measures to the Nearest Comparable
|
||||||||||||
UNAUDITED CONSOLIDATED INCOME STATEMENTS |
||||||||||||
|
Three months ended |
|
Nine months ended |
|||||||||
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|||||
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
(in millions, except per share data) |
|
(in millions, except per share data) |
|||||||||
Revenue |
247,756 |
260,348 |
36,669 |
660,487 |
719,294 |
101,310 |
||||||
Cost of revenue |
(150,005) |
(156,214) |
(22,002) |
(410,872) |
(438,225) |
(61,723) |
||||||
Product development expenses |
(13,521) |
(13,488) |
(1,900) |
(42,864) |
(38,171) |
(5,376) |
||||||
Sales and marketing expenses |
(30,628) |
(33,783) |
(4,758) |
(78,565) |
(86,315) |
(12,157) |
||||||
General and administrative expenses |
(10,327) |
(11,261) |
(1,586) |
(29,351) |
(27,966) |
(3,939) |
||||||
Amortization and impairment of intangible assets |
(5,530) |
(14,601) |
(2,056) |
(11,010) |
(19,511) |
(2,748) |
||||||
Impairment of goodwill |
(2,714) |
(8,490) |
(1,196) |
(2,714) |
(10,521) |
(1,482) |
||||||
|
|
|
|
|
|
|
||||||
Income from operations |
35,031 |
22,511 |
3,171 |
85,111 |
98,585 |
13,885 |
||||||
Interest and investment income, net |
15,516 |
(3,500) |
(493) |
(21,567) |
(4,262) |
(600) |
||||||
Interest expense |
(1,550) |
(2,132) |
(301) |
(4,182) |
(5,770) |
(813) |
||||||
Other income, net |
1,462 |
439 |
62 |
4,515 |
3,194 |
450 |
||||||
|
|
|
|
|
|
|
||||||
Income before income tax and share of results of equity method investees |
50,459 |
17,318 |
2,439 |
63,877 |
91,747 |
12,922 |
||||||
Income tax expenses |
(3,820) |
(4,988) |
(702) |
(11,791) |
(16,807) |
(2,367) |
||||||
Share of results of equity method investees |
(893) |
(1,613) |
(228) |
(8,509) |
(4,527) |
(638) |
||||||
|
|
|
|
|
|
|
||||||
Net income |
45,746 |
10,717 |
1,509 |
43,577 |
70,413 |
9,917 |
||||||
Net loss attributable to noncontrolling interests |
1,167 |
3,838 |
541 |
5,562 |
6,231 |
878 |
||||||
|
|
|
|
|
|
|
||||||
Net income attributable to |
46,913 |
14,555 |
2,050 |
49,139 |
76,644 |
10,795 |
||||||
|
|
|
|
|
|
|
||||||
Accretion of mezzanine equity |
(98) |
(122) |
(17) |
(146) |
(173) |
(24) |
||||||
|
|
|
|
|
|
|
||||||
Net income attributable to ordinary shareholders |
46,815 |
14,433 |
2,033 |
48,993 |
76,471 |
10,771 |
||||||
|
|
|
|
|
|
|
||||||
Earnings per share attributable to ordinary shareholders(1) |
|
|
|
|
|
|
||||||
Basic |
2.25 |
0.72 |
0.10 |
2.32 |
3.76 |
0.53 |
||||||
Diluted |
2.24 |
0.71 |
0.10 |
2.31 |
3.72 |
0.52 |
||||||
|
|
|
|
|
|
|
||||||
Earnings per ADS attributable to ordinary shareholders(1) |
|
|
|
|
|
|
||||||
Basic |
18.00 |
5.73 |
0.81 |
18.59 |
30.04 |
4.24 |
||||||
Diluted |
17.91 |
5.65 |
0.80 |
18.49 |
29.73 |
4.19 |
||||||
|
|
|
|
|
|
|
||||||
Weighted average number of shares used in calculating earnings per ordinary share (million shares)(1) |
|
|
|
|
|
|
||||||
Basic |
20,805 |
20,138 |
|
21,089 |
20,322 |
|
||||||
Diluted |
20,912 |
20,321 |
|
21,190 |
20,485 |
|
____________________ | ||
(1) |
Each ADS represents eight ordinary shares. |
|
|||||||||
UNAUDITED CONSOLIDATED BALANCE SHEETS |
|||||||||
|
As of |
|
As of |
||||||
|
2023 |
|
2023 |
||||||
|
RMB |
|
RMB |
|
US$ |
||||
|
(in millions) |
||||||||
Assets |
|
|
|
||||||
Current assets: |
|
|
|
||||||
Cash and cash equivalents |
193,086 |
|
254,804 |
|
35,889 |
|
|||
Short-term investments |
326,492 |
|
300,419 |
|
42,313 |
|
|||
Restricted cash and escrow receivables |
36,424 |
|
40,125 |
|
5,651 |
|
|||
Equity securities and other investments |
4,892 |
|
59,176 |
|
8,335 |
|
|||
Prepayments, receivables and other assets |
137,072 |
|
152,718 |
|
21,510 |
|
|||
Total current assets |
697,966 |
|
807,242 |
|
113,698 |
|
|||
|
|||||||||
Equity securities and other investments |
245,737 |
|
222,038 |
|
31,273 |
|
|||
Prepayments, receivables and other assets |
110,926 |
|
115,035 |
|
16,202 |
|
|||
Investment in equity method investees |
207,380 |
|
207,166 |
|
29,179 |
|
|||
Property and equipment, net |
176,031 |
|
181,608 |
|
25,579 |
|
|||
Intangible assets, net |
46,913 |
|
28,355 |
|
3,994 |
|
|||
|
268,091 |
|
259,522 |
|
36,553 |
|
|||
Total assets |
1,753,044 |
|
1,820,966 |
|
256,478 |
|
|||
|
|
|
|
||||||
Liabilities, Mezzanine Equity and Shareholders’ Equity |
|
|
|
||||||
Current liabilities: |
|
|
|
||||||
Current bank borrowings |
7,466 |
|
10,396 |
|
1,464 |
|
|||
Current unsecured senior notes |
4,800 |
|
15,958 |
|
2,248 |
|
|||
Income tax payable |
12,543 |
|
11,017 |
|
1,552 |
|
|||
Accrued expenses, accounts payable and other liabilities |
275,950 |
|
315,242 |
|
44,401 |
|
|||
Merchant deposits |
13,297 |
|
23,901 |
|
3,366 |
|
|||
Deferred revenue and customer advances |
71,295 |
|
72,240 |
|
10,175 |
|
|||
Total current liabilities |
385,351 |
|
448,754 |
|
63,206 |
|
|
|||||||||
UNAUDITED CONSOLIDATED BALANCE SHEETS (CONTINUED) |
|||||||||
|
As of |
|
As of |
||||||
|
2023 |
|
2023 |
||||||
|
RMB |
|
RMB |
|
US$ |
||||
|
(in millions) |
||||||||
|
|
|
|
||||||
Deferred revenue |
3,560 |
|
4,048 |
|
570 |
|
|||
Deferred tax liabilities |
61,745 |
|
53,583 |
|
7,547 |
|
|||
Non-current bank borrowings |
52,023 |
|
55,034 |
|
7,751 |
|
|||
Non-current unsecured senior notes |
97,065 |
|
84,538 |
|
11,907 |
|
|||
Other liabilities |
30,379 |
|
32,579 |
|
4,589 |
|
|||
Total liabilities |
630,123 |
|
678,536 |
|
95,570 |
|
|||
|
|
|
|
||||||
Commitments and contingencies |
|
|
|
||||||
Mezzanine equity |
9,858 |
|
10,561 |
|
1,487 |
|
|||
Shareholders’ equity: |
|
|
|
||||||
Ordinary shares |
1 |
|
1 |
|
— |
|
|||
Additional paid-in capital |
416,880 |
|
406,515 |
|
57,256 |
|
|||
|
(28,763 |
) |
(27,905 |
) |
(3,930 |
) |
|||
Subscription receivables |
(49 |
) |
— |
|
— |
|
|||
Statutory reserves |
12,977 |
|
14,555 |
|
2,050 |
|
|||
Accumulated other comprehensive (loss) income |
(10,417 |
) |
403 |
|
57 |
|
|||
Retained earnings |
599,028 |
|
617,021 |
|
86,906 |
|
|||
|
|
|
|
||||||
Total shareholders’ equity |
989,657 |
|
1,010,590 |
|
142,339 |
|
|||
Noncontrolling interests |
123,406 |
|
121,279 |
|
17,082 |
|
|||
|
|
|
|
||||||
Total equity |
1,113,063 |
|
1,131,869 |
|
159,421 |
|
|||
|
|
|
|||||||
Total liabilities, mezzanine equity and equity |
1,753,044 |
|
1,820,966 |
|
256,478 |
|
|
||||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||||||||
|
Three months ended |
Nine months ended |
||||||||||||||||
|
2022 |
2023 |
2022 |
2023 |
||||||||||||||
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
||||||||||||
|
(in millions) |
(in millions) |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||||
Net cash provided by operating activities |
87,370 |
|
64,716 |
|
9,115 |
|
168,351 |
|
159,253 |
|
22,430 |
|
||||||
Net cash used in investing activities |
(72,943 |
) |
(30,925 |
) |
(4,356 |
) |
(108,698 |
) |
(42,091 |
) |
(5,928 |
) |
||||||
Net cash used in financing activities |
(23,808 |
) |
(17,214 |
) |
(2,424 |
) |
(56,300 |
) |
(54,232 |
) |
(7,638 |
) |
||||||
Effect of exchange rate changes on cash and cash equivalents, restricted cash and escrow receivables |
(2,032 |
) |
(2,643 |
) |
(372 |
) |
4,731 |
|
2,489 |
|
350 |
|
||||||
|
|
|
|
|
|
|
||||||||||||
(Decrease) Increase in cash and cash equivalents, restricted cash and escrow receivables |
(11,413 |
) |
13,934 |
|
1,963 |
|
8,084 |
|
65,419 |
|
9,214 |
|
||||||
Cash and cash equivalents, restricted cash and escrow receivables at beginning of period |
246,850 |
|
280,995 |
|
39,577 |
|
227,353 |
|
229,510 |
|
32,326 |
|
||||||
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents, restricted cash and escrow receivables at end of period |
235,437 |
|
294,929 |
|
41,540 |
|
235,437 |
|
294,929 |
|
41,540 |
|
|
||||||||||||||||||
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE |
||||||||||||||||||
The table below sets forth a reconciliation of our net income to adjusted EBITA and adjusted EBITDA for the periods indicated: |
||||||||||||||||||
|
|
|
||||||||||||||||
|
Three months ended |
Nine months ended |
||||||||||||||||
|
2022 |
2023 |
2022 |
2023 |
||||||||||||||
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
||||||||||||
|
(in millions) |
(in millions) |
||||||||||||||||
Net income |
45,746 |
|
10,717 |
|
1,509 |
|
43,577 |
|
70,413 |
|
9,917 |
|
||||||
Adjustments to reconcile net income to adjusted EBITA and adjusted EBITDA: |
|
|
|
|
|
|
||||||||||||
Interest and investment income, net |
(15,516 |
) |
3,500 |
|
493 |
|
21,567 |
|
4,262 |
|
600 |
|
||||||
Interest expense |
1,550 |
|
2,132 |
|
301 |
|
4,182 |
|
5,770 |
|
813 |
|
||||||
Other income, net |
(1,462 |
) |
(439 |
) |
(62 |
) |
(4,515 |
) |
(3,194 |
) |
(450 |
) |
||||||
Income tax expenses |
3,820 |
|
4,988 |
|
702 |
|
11,791 |
|
16,807 |
|
2,367 |
|
||||||
Share of results of equity method investees |
893 |
|
1,613 |
|
228 |
|
8,509 |
|
4,527 |
|
638 |
|
||||||
Income from operations |
35,031 |
|
22,511 |
|
3,171 |
|
85,111 |
|
98,585 |
|
13,885 |
|
||||||
Share-based compensation expense |
8,773 |
|
6,222 |
|
876 |
|
23,285 |
|
11,423 |
|
1,609 |
|
||||||
Amortization and impairment of intangible assets |
5,530 |
|
14,601 |
|
2,056 |
|
11,010 |
|
19,511 |
|
2,748 |
|
||||||
Impairment of goodwill, and others |
2,714 |
|
9,509 |
|
1,340 |
|
3,225 |
|
11,540 |
|
1,626 |
|
||||||
Adjusted EBITA |
52,048 |
|
52,843 |
|
7,443 |
|
122,631 |
|
141,059 |
|
19,868 |
|
||||||
Depreciation and impairment of property and equipment, and operating lease cost relating to land use rights |
7,114 |
|
6,729 |
|
948 |
|
20,956 |
|
19,802 |
|
2,789 |
|
||||||
Adjusted EBITDA |
59,162 |
|
59,572 |
|
8,391 |
|
143,587 |
|
160,861 |
|
22,657 |
|
|
||||||||||||||||||
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE |
||||||||||||||||||
The table below sets forth a reconciliation of our net income to non-GAAP net income for the periods indicated: |
||||||||||||||||||
|
||||||||||||||||||
|
Three months ended |
|
Nine months ended |
|||||||||||||||
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|||||||||||
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|||||||
|
(in millions) |
|
(in millions) |
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Net income |
45,746 |
|
10,717 |
|
1,509 |
|
43,577 |
|
70,413 |
|
9,917 |
|
||||||
Adjustments to reconcile net income to non-GAAP net income: |
|
|
|
|
|
|
||||||||||||
Share-based compensation expense |
8,773 |
|
6,222 |
|
876 |
|
23,285 |
|
11,423 |
|
1,609 |
|
||||||
Amortization and impairment of intangible assets |
5,530 |
|
14,601 |
|
2,056 |
|
11,010 |
|
19,511 |
|
2,748 |
|
||||||
(Gain) Loss on deemed disposals/disposals/ revaluation of investments |
(11,187 |
) |
9,358 |
|
1,318 |
|
25,661 |
|
16,665 |
|
2,347 |
|
||||||
Impairment of goodwill and investments, and others |
3,927 |
|
11,149 |
|
1,571 |
|
17,572 |
|
23,022 |
|
3,243 |
|
||||||
Tax effects (1) |
(2,857 |
) |
(4,096 |
) |
(576 |
) |
(7,101 |
) |
(7,973 |
) |
(1,123 |
) |
||||||
|
|
|
|
|
|
|
||||||||||||
Non-GAAP net income |
49,932 |
|
47,951 |
|
6,754 |
|
114,004 |
|
133,061 |
|
18,741 |
|
____________________ | ||
(1) |
Tax effects primarily comprise tax effects relating to share-based compensation expense, amortization and impairment of intangible assets and certain gains and losses from investments, and others. |
|
||||||||||||||||||
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE |
||||||||||||||||||
The table below sets forth a reconciliation of our diluted earnings per share/ADS to non-GAAP diluted earnings per share/ADS for the periods indicated: |
||||||||||||||||||
|
||||||||||||||||||
|
Three months ended |
|
Nine months ended |
|||||||||||||||
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|||||||||||
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|||||||
|
(in millions, except per share data) |
|
(in millions, except per share data) |
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Net income attributable to ordinary shareholders – basic |
46,815 |
|
14,433 |
|
2,033 |
|
48,993 |
|
76,471 |
|
10,771 |
|
||||||
Dilution effect on earnings arising from share-based awards operated by equity method investees and subsidiaries |
(8 |
) |
(79 |
) |
(11 |
) |
(9 |
) |
(213 |
) |
(30 |
) |
||||||
Net income attributable to ordinary shareholders – diluted |
46,807 |
|
14,354 |
|
2,022 |
|
48,984 |
|
76,258 |
|
10,741 |
|
||||||
Non-GAAP adjustments to net income attributable to ordinary shareholders(1) |
3,526 |
|
33,824 |
|
4,764 |
|
67,051 |
|
56,773 |
|
7,996 |
|
||||||
|
|
|
|
|
|
|
||||||||||||
Non-GAAP net income attributable to ordinary shareholders for computing non-GAAP diluted earnings per share/ADS |
50,333 |
|
48,178 |
|
6,786 |
|
116,035 |
|
133,031 |
|
18,737 |
|
||||||
|
|
|
|
|
|
|
||||||||||||
Weighted average number of shares on a diluted basis for computing non-GAAP diluted earnings per share/ADS (million shares)(2) |
20,912 |
|
20,321 |
|
|
21,190 |
|
20,485 |
|
|
||||||||
|
|
|
|
|
|
|
||||||||||||
Diluted earnings per share(2)(3) |
2.24 |
|
0.71 |
|
0.10 |
|
2.31 |
|
3.72 |
|
0.52 |
|
||||||
|
|
|
|
|
|
|
||||||||||||
Non-GAAP diluted earnings per share(2)(4) |
2.41 |
|
2.37 |
|
0.33 |
|
5.48 |
|
6.50 |
|
0.91 |
|
||||||
|
|
|
|
|
|
|
||||||||||||
Diluted earnings per ADS(2)(3) |
17.91 |
|
5.65 |
|
0.80 |
|
18.49 |
|
29.73 |
|
4.19 |
|
||||||
|
|
|
|
|
|
|
||||||||||||
Non-GAAP diluted earnings per ADS(2)(4) |
19.26 |
|
18.97 |
|
2.67 |
|
43.80 |
|
51.97 |
|
7.32 |
|
____________________ | ||
(1) |
See the table above for the reconciliation of net income to non-GAAP net income for more information of these non-GAAP adjustments. |
|
(2) |
Each ADS represents eight ordinary shares. |
|
(3) |
Diluted earnings per share is derived from dividing net income attributable to ordinary shareholders by the weighted average number of outstanding ordinary shares, on a diluted basis. Diluted earnings per ADS is derived from the diluted earnings per share after adjusting for the ordinary share-to-ADS ratio. |
|
(4) |
Non-GAAP diluted earnings per share is derived from dividing non-GAAP net income attributable to ordinary shareholders by the weighted average number of outstanding ordinary shares for computing non-GAAP diluted earnings per share, on a diluted basis. Non-GAAP diluted earnings per ADS is derived from the non-GAAP diluted earnings per share after adjusting for the ordinary share-to-ADS ratio. |
|
||||||||||||||||||
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE |
||||||||||||||||||
|
||||||||||||||||||
The table below sets forth a reconciliation of net cash provided by operating activities to free cash flow for the periods indicated: |
||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||
|
Three months ended |
|
Nine months ended |
|||||||||||||||
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|||||||||||
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|||||||
|
(in millions) |
|
(in millions) |
|||||||||||||||
Net cash provided by operating activities |
87,370 |
|
64,716 |
|
9,115 |
|
168,351 |
|
159,253 |
|
22,430 |
|
||||||
Less: Purchase of property and equipment (excluding land use rights and construction in progress relating to office campuses) |
(5,793 |
) |
(7,286 |
) |
(1,026 |
) |
(27,860 |
) |
(17,405 |
) |
(2,451 |
) |
||||||
Less: Purchase of intangible assets (excluding those acquired through acquisitions) |
— |
|
(842 |
) |
(119 |
) |
(22 |
) |
(842 |
) |
(119 |
) |
||||||
Less: Changes in the buyer protection fund deposits |
(63 |
) |
(48 |
) |
(7 |
) |
(1,073 |
) |
(157 |
) |
(22 |
) |
||||||
|
|
|
|
|
|
|
||||||||||||
Free cash flow |
81,514 |
|
56,540 |
|
7,963 |
|
139,396 |
|
140,849 |
|
19,838 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240205735477/en/
Investor Relations Contact
Head of Investor Relations
investor@alibaba-inc.com
Media Contacts
cathy.yan@alibaba-inc.com
ivy.ke@alibaba-inc.com
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