Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988,
“Alibaba” or “Alibaba Group”) today announced its financial results
for the quarter ended December 31, 2019.
“Alibaba Group experienced robust growth across our business
this past quarter,” said Daniel Zhang, Chairman and Chief Executive
Officer of Alibaba Group. “Our digital economy reached new heights
with another record 11.11 Global Shopping Festival for our
merchants and partners. Continued investment in user engagement,
especially through social commerce content, contributed to our
strong gains in annual active consumers. As a result of its rapid
growth, our cloud computing services for the first time generated
revenue of over RMB10 billion in a single quarter. In response to
the coronavirus, we mobilized Alibaba ecosystem’s powerful forces
of commerce and technology to fully support the fight against the
outbreak, ensure supply of daily necessities for our communities
and introduced practical relief measures for our merchants. No
matter past, present or future, we remain true to our mission and
we will support our merchants to overcome this challenging time
together.”
“We had a successful listing on the main board of the Hong Kong
Stock Exchange in November and delivered strong results for the
quarter, with top-line revenue growth of 38% year-over-year and
adjusted EBITDA growth of 37% year-over-year,” said Maggie Wu,
Chief Financial Officer of Alibaba Group. “Looking forward, we will
remain dedicated to investing in digital infrastructure and
services, supporting our customers and partners across the Alibaba
Digital Economy, especially during the challenging time.”
BUSINESS HIGHLIGHTS
In the quarter ended December 31,
2019:
- Revenue was RMB161,456 million (US$23,192 million), an
increase of 38% year-over-year.
- Annual active consumers on our China retail marketplaces
reached 711 million, an increase of 18 million from the 12-month
period ended September 30, 2019.
- Mobile MAUs on our China retail marketplaces reached 824
million in December 2019, an increase of 39 million over September
2019.
- Income from operations was RMB39,560 million (US$5,682
million), an increase of 48% year-over-year. Adjusted
EBITDA, a non-GAAP measurement, increased 37% year-over-year to
RMB55,880 million (US$8,027 million).
- Adjusted EBITA for core commerce was RMB58,075 million
(US$8,342 million), an increase of 26% year-over-year. Our
marketplace-based core commerce adjusted EBITA, a non-GAAP
measurement, increased 22% year-over-year to RMB66,371 million
(US$9,534 million).
- Net income attributable to ordinary shareholders was
RMB52,309 million (US$7,514 million), and net income was
RMB50,132 million (US$7,201 million). Non-GAAP net income
was RMB46,493 million (US$6,678 million), an increase of 56%
year-over-year.
- Diluted earnings per ADS was RMB19.55 (US$2.81) and
non-GAAP diluted earnings per ADS was RMB18.19 (US$2.61), an
increase of 49% year-over-year. Diluted earnings per share
was RMB2.44 (US$0.35) and non-GAAP diluted earnings per
share was RMB2.27 (US$0.33), an increase of 49%
year-over-year.
- Net cash provided by operating activities was RMB96,505
million (US$13,862 million) and non-GAAP free cash flow was
RMB78,279 million (US$11,244 million).
Reconciliations of GAAP measures to non-GAAP measures presented
above are included at the end of this results announcement.
BUSINESS AND STRATEGIC UPDATES
Core Commerce
We achieved strong results reflecting our strategic focus on
user acquisition and engagement as well as on enhancing product
variety and increasing our offerings of price-competitive products.
In December 2019, our China retail marketplaces had 824 million
mobile MAUs, representing a net increase of 39 million from
September 2019. Annual active consumers on our China retail
marketplaces reached 711 million for the 12 months ended December
31, 2019, an increase of 18 million compared to 693 million for the
12 months ended September 30, 2019. Over 60% of new annual active
consumers were from less developed areas.
Taobao – fast growing and dynamic consumer community.
Taobao continues to improve in content innovation and personalized
recommendations to serve existing consumers and attract new ones.
“Taobao Live,” where merchants and key opinion leaders ("KOLs") use
live-broadcast to market to their fans and customers, has become
one of the fastest growing and an effective selling formats on our
China retail marketplaces. In December 2019, GMV generated from
Taobao Live and the number of monthly active users who watched
Taobao Live both grew over 100% year-over-year.
Tmall – 11.11 Global Shopping Festival adds to robust GMV
growth on China’s leading consumer and engagement platform.
Tmall continues to expand its leadership position as the consumer
engagement and distribution platform of choice for brands in China.
Tmall online physical goods GMV, excluding unpaid orders, grew 24%
year-over-year in the quarter ended December 31, 2019, with strong
growth in fast-moving consumer goods ("FMCG") and consumer
electronics. Our consumer segmentation initiatives have been well
received by users as we continued to see strong order growth and
higher purchase frequency.
Our annual 11.11 Global Shopping Festival in the quarter was
another record-breaking event, generating RMB268.4 billion (US$38.4
billion) in GMV settled through Alipay on our retail marketplaces
and consumer services platforms, up 26% year-over-year. During this
year’s festival, we continued to drive consumer value by offering
savings and wider product assortment from high quality merchants.
We also enabled more brands to generate greater GMV and increase
their penetration into less developed areas. Over 200,000 brands,
including 22,000 international brands, participated in this year’s
event, among which 15 brands each generated GMV of over RMB1
billion (US$143.0 million) and 299 brands each generated GMV of
over RMB100 million (US$14.3 million). Consumer demand from less
developed areas remained robust, accounting for 54% of the GMV
during the festival.
New Retail – developing new business models to enable the
digital transformation of brick-and-mortar retailing.
Creating the New – Our self-operated grocery retail chain
Freshippo (known as “Hema” in Chinese) continues to achieve solid
same-store sales growth. Freshippo has been implementing
multi-format retail strategies and introducing new initiatives to
improve user experience and customer loyalty. As of December 31,
2019, we had 197 self-operated Freshippo stores in China, primarily
located in tier 1 and tier 2 cities. We will continue to invest in
the growth of this business by, among other things, increasing
Freshippo’s store density in existing cities in order to improve
consumer coverage and delivery efficiency.
Transforming the Old – In September 2019, Tmall Supermarket
launched a store-to-door business with Sun Art Retail Group to make
half-day delivery of food and daily necessity products to consumers
living beyond the catchment area of Sun Art’s stores. The service
marries Sun Art’s store-based inventories with Alibaba’s logistics
infrastructure powered by Cainiao Network to better serve consumers
that live within a 3-to-20 kilometer delivery radius of Sun Art’s
stores.
Local consumer services – delivering strong growth in less
developed areas by leveraging assets in the Alibaba Digital
Economy. During the quarter, we continued to achieve strong
growth in GMV driven by robust order growth. We continued to
penetrate into less developed areas with strong growth potential
and synergies with other businesses in the Alibaba Digital Economy.
During the quarter, GMV from less developed areas grew about 40%
year-over-year.
We are leveraging our relationship with Ant Financial and other
assets in the Alibaba Digital Economy to further benefit our local
consumer services business. In the quarter ended December 31, 2019,
Ele.me acquired 48% of its new customers from the Alipay app.
Cainiao Network – increasing merchant adoption of
cross-border logistics and fulfillment solutions. Cainiao
Network continues to focus on improving domestic and international
one-stop-shop logistics services and supply chain management
solutions to serve the Alibaba Digital Economy’s consumers and
merchants. During the quarter, Cainiao Network’s revenue grew 67%
year-over-year to RMB7,518 million (US$1,080 million). This revenue
growth was primarily driven by increased merchant adoption of
“Fulfilled by Cainiao” services from our fast growing cross-border
businesses.
Cainiao Network and its logistics partners delivered a record
1.29 billion packages generated from this year’s 11.11 Global
Shopping Festival. During this year’s festival, Cainiao Post
enabled greater delivery efficiency with 362 million packages
picked up at its stations around the country, up 88%
year-over-year.
In November 2019, we made an additional investment of RMB23.3
billion (US$3.3 billion) to increase our equity stake in Cainiao
Network from approximately 51% to approximately 63%, by subscribing
for newly issued Cainiao Network ordinary shares in its latest
financing round and purchasing ordinary shares from a third party.
With more financial resources, Cainiao Network will be able to
continue its investment in technologies and logistics
infrastructure services to strengthen its smart logistics
network.
International – strong growth in our global markets.
Lazada – Our Southeast Asian e-commerce platform Lazada saw
robust growth momentum in its marketplace business, driven by
strong order volume growth and the doubling of quarterly active
merchants year-over-year. Lazada recorded 97% year-over-year
quarterly order growth reflecting strong consumer demand in the
apparel and accessories and general merchandise categories.
Lazada’s user engagement programs and promotional campaigns,
including the 11.11 Global Shopping Festival, drove strong mobile
DAU growth during the quarter.
AliExpress – AliExpress continues to deliver robust user and GMV
growth by leveraging our digital commerce technology and global
logistics infrastructure. AliExpress continues to focus on
increasing the number of high quality merchants that can offer
price competitive products to meet the strong consumption demand of
the marketplace’s international consumers. During the quarter,
AliExpress saw robust merchant and consumer participation in the
11.11 Global Shopping Festival, which generated strong GMV growth
of 46% year-over-year.
In October 2019, we completed the contribution of our AliExpress
Russia businesses to a joint venture with Mail.ru Group, MegaFon
and Russian Direct Investment Fund ("RDIF"). We hold less than a
majority of the voting rights to comply with local regulations, and
as a result we deconsolidated the AliExpress Russia businesses upon
the completion of this transaction in this quarter.
Cloud Computing
Alibaba Cloud maintains its leadership position in China’s cloud
computing market by developing technology and business solutions
that enable the digital transformation of businesses across
industries in the public and private sectors. During the quarter,
Alibaba Cloud reached two important financial and technological
milestones. First, our cloud computing business for the first time
generated over RMB10 billion of revenue in a single quarter. Cloud
computing revenue grew 62% year-over-year to RMB10,721 million
(US$1,540 million), driven by increased revenue contributions from
both our public cloud and hybrid cloud businesses.
Second, ahead of this year’s 11.11 Global Shopping Festival,
Alibaba Cloud enabled the migration of the core systems of our
e-commerce businesses onto our public cloud. During the festival,
Alibaba Cloud provided a highly scalable, reliable and secure
public cloud infrastructure that handled a single day GMV of
RMB268.4 billion (US$38.4 billion). Its public cloud infrastructure
and technologies enabled Alibaba Group to process over 544,000
orders per second at peak and 970 petabytes of data without
disruption for the full 24 hour period during the festival. This
year’s festival also showcased the strength of our leading cyber
security technology in the public cloud environment, which is a key
priority of many of our public sector and industry customers.
We believe the migration of the core systems of Alibaba’s
e-commerce businesses onto the public cloud is a major milestone
that not only is generating greater operating efficiencies for
Alibaba but also will encourage more customers to adopt our public
cloud infrastructure.
Digital Media and
Entertainment
For the quarter, Youku’s average daily subscribers increased 59%
year-over-year. The increase was primarily driven by Youku’s more
effective targeting of new subscribers during key promotional
campaigns, an increase of auto-renewal subscribers and a greater
contribution from the 88VIP membership program on our China retail
marketplaces. We continue to invest in original content production
capabilities while seeking cost efficiencies and return on
investment, resulting in narrowing adjusted EBITA losses
year-over-year during the quarter.
Initial Public Offering in Hong
Kong
On November 26, 2019, we successfully listed our ordinary shares
on the main board of The Stock Exchange of Hong Kong Limited (“Hong
Kong Stock Exchange”) with a global offering of 575,000,000
ordinary shares, comprised of an international offering and a Hong
Kong public offering. The Hong Kong-listed shares are fully
fungible with our American depositary shares ("ADSs") listed on the
New York Stock Exchange ("NYSE") (one ADS representing eight
ordinary shares). Our gross proceeds from the global offering,
before deducting underwriting fees and the offering expenses, were
approximately HK$101.2 billion (US$13.0 billion). We plan to use
these proceeds for the further implementation of our strategies to
drive user growth and engagement, empower businesses to facilitate
digital transformation and improve operational efficiency, and
continue to innovate.
Cash Flow from Operating Activities and
Free Cash Flow
In the quarter ended December 31, 2019, net cash provided by
operating activities was RMB96,505 million (US$13,862 million), an
increase of 49% compared to RMB64,898 million in the same quarter
of 2018. Free cash flow, a non-GAAP measurement of liquidity, in
the quarter ended December 31, 2019 increased by 52% to RMB78,279
million (US$11,244 million), from RMB51,373 million in the same
quarter of 2018, which was primarily due to our robust
profitability growth as well as a decrease in capital expenditure
spending and an increase in annual service fee deposits from
merchants. A reconciliation of net cash provided by operating
activities to free cash flow is included at the end of this results
announcement.
KEY OPERATIONAL METRICS*
December 31, 2018
September 30, 2019
December 31, 2019
Net adds
YoY
QoQ
China Commerce Retail:
Annual active consumers(1) (in
millions)
636
693
711
75
18
Mobile monthly active users (MAUs)(2) (in
millions)
699
785
824
125
39
________________________
*
For definitions of terms used but not
defined in this results announcement, please refer to our annual
report on Form 20-F for the fiscal year ended March 31, 2019.
(1)
For the twelve months ended on the
respective dates.
(2)
For the month ended on the respective
dates.
DECEMBER QUARTER SUMMARY FINANCIAL RESULTS
Three months ended December
31,
2018
2019
RMB
RMB
US$(1)
YoY % Change
(in millions, except
percentages and per share amounts)
Revenue
117,278
161,456
23,192
38
%
Income from operations
26,798
39,560
5,682
48
%
Operating margin
23
%
25
%
Adjusted EBITDA(2)
40,708
55,880
8,027
37
%
Adjusted EBITDA margin(2)
35
%
35
%
Adjusted EBITA(2)
36,567
50,662
7,277
39
%
Adjusted EBITA margin(2)
31
%
31
%
Net income
30,964
50,132
7,201
62
%
Net income attributable to ordinary
shareholders
33,052
52,309
7,514
58
%
Non-GAAP net income(2)
29,797
46,493
6,678
56
%
Diluted earnings per share(3)
1.58
2.44
0.35
54
%
Diluted earnings per ADS(3)
12.64
19.55
2.81
55
%
Non-GAAP diluted earnings per
share(2)(3)
1.52
2.27
0.33
49
%
Non-GAAP diluted earnings per
ADS(2)(3)
12.19
18.19
2.61
49
%
________________________
(1)
This results announcement contains
translations of certain Renminbi (“RMB”) amounts into U.S. dollars
(“US$”) for the convenience of the reader. Unless otherwise stated,
all translations of RMB into US$ were made at RMB6.9618 to US$1.00,
the exchange rate on December 31, 2019 as set forth in the H.10
statistical release of the Federal Reserve Board. The translation
of RMB into US$ for the GMV of 11.11 Global Shopping Festival was
made at RMB6.9945 to US$1.00, the central parity rate announced by
the People’s Bank of China ("PBOC") on November 8, 2019. The
percentages stated in this announcement are calculated based on the
RMB amounts and there may be minor differences due to rounding.
(2)
See the sections entitled “Information
about Segments,” “Non-GAAP Financial Measures” and “Reconciliations
of Non-GAAP Measures to the Nearest Comparable GAAP Measures” for
more information about the non-GAAP measures referred to within
this results announcement.
(3)
Each ADS represents eight ordinary shares.
See the section entitled “Share Subdivision and ADS Ratio Change”
for more information.
DECEMBER QUARTER INFORMATION BY SEGMENTS
The table below sets forth selected financial information of our
operating segments for the periods indicated:
Three months ended December
31, 2019
Core commerce
Cloud computing
Digital media and
entertainment
Innovation initiatives and
others
Unallocated(1)
Consolidated
RMB
RMB
RMB
RMB
RMB
RMB
US$
(in millions, except
percentages)
Revenue
141,475
10,721
7,396
1,864
—
161,456
23,192
Income (loss) from operations
51,347
(1,822
)
(3,960
)
(2,856
)
(3,149
)
39,560
5,682
Add: Share-based compensation expense
3,863
1,460
332
963
1,212
7,830
1,125
Add: Amortization of intangible assets
2,865
6
330
23
48
3,272
470
Adjusted EBITA
58,075
(2)
(356
)
(3,298)
(3)
(1,870
)
(1,889
)
50,662
7,277
Adjusted EBITA margin
41
%
(3
)%
(45
)%
(100
)%
31
%
Three months ended December
31, 2018
Core commerce
Cloud computing
Digital media and
entertainment
Innovation initiatives and
others
Unallocated(1)
Consolidated
RMB
RMB
RMB
RMB
RMB
RMB
(in millions, except
percentages)
Revenue
102,843
6,611
6,491
1,333
—
117,278
Income (loss) from operations
40,368
(1,233
)
(7,097
)
(2,549
)
(2,691
)
26,798
Add: Share-based compensation expense
3,253
954
769
940
1,044
6,960
Add: Amortization of intangible assets
2,458
5
294
13
39
2,809
Adjusted EBITA
46,079
(274
)
(6,034)
(3)
(1,596
)
(1,608
)
36,567
Adjusted EBITA margin
45
%
(4
)%
(93
)%
(120
)%
31
%
________________________
(1)
Unallocated expenses are primarily related
to corporate administrative costs and other miscellaneous items
that are not allocated to individual segments.
(2)
Marketplace-based core commerce adjusted
EBITA increased 22% year-over-year to RMB66,371 million (US$9,534
million). A reconciliation of adjusted EBITA for core commerce to
marketplace-based core commerce adjusted EBITA is included at the
end of this results announcement.
(3)
Adjusted EBITA loss in the quarter ended
December 31, 2019 included impairment charges on licensed
copyrights of RMB2.1 billion (US$302 million), compared to RMB2.8
billion in the same quarter of 2018.
DECEMBER QUARTER OPERATIONAL AND FINANCIAL RESULTS
Revenue
Revenue for the quarter ended December 31, 2019 was RMB161,456
million (US$23,192 million), an increase of 38% compared to
RMB117,278 million in the same quarter of 2018. The increase was
mainly driven by the robust revenue growth of our China commerce
retail business and cloud computing.
The following table sets forth a breakdown of our revenue by
segment for the periods indicated:
Three months ended December
31,
2018
2019
RMB
% of Revenue
RMB
US$
% of Revenue
YoY % Change
(in millions, except
percentages)
Core commerce:
China commerce retail
- Customer management
49,592
42
%
61,235
8,796
38
%
23
%
- Commission
20,165
17
%
23,409
3,362
14
%
16
%
- Others*
11,298
10
%
25,814
3,708
16
%
128
%
81,055
69
%
110,458
15,866
68
%
36
%
China commerce wholesale
2,694
2
%
3,365
483
2
%
25
%
International commerce retail
5,834
5
%
7,396
1,062
5
%
27
%
International commerce wholesale
2,175
2
%
2,457
353
1
%
13
%
Cainiao logistics services
4,491
4
%
7,518
1,080
5
%
67
%
Local consumer services
5,159
5
%
7,584
1,089
5
%
47
%
Others
1,435
1
%
2,697
389
2
%
88
%
Total core commerce
102,843
88
%
141,475
20,322
88
%
38
%
Cloud computing
6,611
6
%
10,721
1,540
7
%
62
%
Digital media and entertainment
6,491
5
%
7,396
1,062
5
%
14
%
Innovation initiatives and others
1,333
1
%
1,864
268
0
%
40
%
Total
117,278
100
%
161,456
23,192
100
%
38
%
________________________
*
“Others” revenue under China commerce
retail is primarily generated by our New Retail and direct sales
businesses, comprising mainly direct import, Tmall Supermarket,
Freshippo and Intime.
Core commerce
- China commerce retail business Revenue – Revenue
from our China commerce retail business in the quarter ended
December 31, 2019 was RMB110,458 million (US$15,866 million), an
increase of 36% compared to RMB81,055 million in the same quarter
of 2018. Revenue from our China retail marketplaces continued to
see strong growth. Combined customer management and commission
revenues grew 21% year-over-year, reflecting an increase of 23% in
customer management revenue and an increase of 16% in commission
revenue. The growth of customer management revenue was primarily
the result of an increase in the average unit price per click and
an increase in the volume of paid clicks. The growth of commission
revenue was primarily due to strong 24% year-over-year growth of
Tmall online physical goods GMV (excluding unpaid orders).
Commission revenue did not grow in proportion to the growth of
Tmall online physical goods GMV (excluding unpaid orders) primarily
because more merchants, particularly in those strategically
important categories, received preferential commission rates, as
well as the revenue mix shift within Tmall Supermarket from
commission-based revenue towards direct sales, which is classified
as “Others” revenue under China commerce retail business. “Others”
revenue under China commerce retail business was RMB25,814 million
(US$3,708 million), a significant increase compared to RMB11,298
million in the same quarter of 2018, primarily driven by
contributions from direct sales businesses, including Tmall
Supermarket and Freshippo, as well as our consolidation of Kaola
starting in September 2019.
- China commerce wholesale business Revenue from our China
commerce wholesale business in the quarter ended December 31, 2019
was RMB3,365 million (US$483 million), an increase of 25% compared
to RMB2,694 million in the same quarter of 2018. The increase was
primarily due to an increase in revenue from customer management
and other value-added services on 1688.com, our domestic wholesale
marketplace, as well as an increase in revenue from Lingshoutong, a
digital sourcing platform that connects FMCG brand manufacturers
and their distributors directly to local mom-and-pop stores in
China.
- International commerce retail business Revenue from our
international commerce retail business in the quarter ended
December 31, 2019 was RMB7,396 million (US$1,062 million), an
increase of 27% compared to RMB5,834 million in the same quarter of
2018. The increase was primarily due to the growth in revenue
generated by Lazada, which was partially offset by the exclusion of
revenue from the AliExpress Russia businesses, which we
deconsolidated upon the formation of a Russian joint venture in
October 2019.
- International commerce wholesale business Revenue from
our international commerce wholesale business in the quarter ended
December 31, 2019 was RMB2,457 million (US$353 million), an
increase of 13% compared to RMB2,175 million in the same quarter of
2018. The increase was primarily due to an increase in the number
of paying members on Alibaba.com, our global wholesale
marketplace.
- Cainiao logistics services Revenue from Cainiao
Network’s logistics services, which represents revenue from its
domestic and international one-stop-shop logistics services and
supply chain management solutions, after elimination of
inter-company transactions, was RMB7,518 million (US$1,080 million)
in the quarter ended December 31, 2019, an increase of 67% compared
to RMB4,491 million in the same quarter of 2018, primarily due to
the increase in the volume of orders fulfilled from our fast
growing cross-border businesses.
- Local consumer services Revenue from local consumer
services, which primarily represents platform commissions, fees
from provision of delivery services and other services provided by
our on-demand delivery and local services platform Ele.me, was
RMB7,584 million (US$1,089 million) in the quarter ended December
31, 2019, an increase of 47% compared to RMB5,159 million in the
same quarter of 2018, primarily due to the increase in the volume
of orders delivered.
Cloud computing
Revenue from our cloud computing business in the quarter ended
December 31, 2019 was RMB10,721 million (US$1,540 million), an
increase of 62% compared to RMB6,611 million in the same quarter of
2018, primarily driven by increased revenue contributions from both
our public cloud and hybrid cloud businesses.
Digital media and entertainment
Revenue from our digital media and entertainment business in the
quarter ended December 31, 2019 was RMB7,396 million (US$1,062
million), an increase of 14% compared to RMB6,491 million in the
same quarter of 2018. The increase was mainly due to our
consolidation of Alibaba Pictures starting in March 2019.
Innovation initiatives and others
Revenue from innovation initiatives and others in the quarter
ended December 31, 2019 was RMB1,864 million (US$268 million), an
increase of 40% compared to RMB1,333 million in the same quarter of
2018.
Costs and Expenses
The following tables set forth a breakdown of our costs and
expenses, share-based compensation expense and costs and expenses
excluding share-based compensation expense by function for the
periods indicated.
Three months ended December
31,
% of Revenue YoY
change
2018
2019
RMB
% of Revenue
RMB
US$
% of Revenue
(in millions, except
percentages)
Costs and expenses:
Cost of revenue
60,813
52
%
84,332
12,114
52
%
0
%
Product development expenses
8,901
8
%
11,077
1,591
7
%
(1
)%
Sales and marketing expenses
12,104
10
%
15,800
2,270
9
%
(1
)%
General and administrative expenses
5,853
5
%
7,415
1,065
5
%
0
%
Amortization of intangible assets
2,809
2
%
3,272
470
2
%
0
%
Total costs and expenses
90,480
77
%
121,896
17,510
75
%
(2
)%
Share-based compensation
expense:
Cost of revenue
1,582
2
%
1,685
243
1
%
(1
)%
Product development expenses
2,987
3
%
3,644
523
2
%
(1
)%
Sales and marketing expenses
838
0
%
961
138
0
%
0
%
General and administrative expenses
1,553
1
%
1,540
221
1
%
0
%
Total share-based compensation expense
6,960
6
%
7,830
1,125
4
%
(2
)%
Costs and expenses excluding
share-based compensation expense:
Cost of revenue
59,231
50
%
82,647
11,871
51
%
1
%
Product development expenses
5,914
5
%
7,433
1,068
5
%
0
%
Sales and marketing expenses
11,266
10
%
14,839
2,132
9
%
(1
)%
General and administrative expenses
4,300
4
%
5,875
844
4
%
0
%
Amortization of intangible assets
2,809
2
%
3,272
470
2
%
0
%
Total costs and expenses excluding
share-based compensation expense
83,520
71
%
114,066
16,385
71
%
0
%
Cost of revenue – Cost of revenue in the quarter ended
December 31, 2019 was RMB84,332 million (US$12,114 million), or 52%
of revenue, compared to RMB60,813 million, or 52% of revenue, in
the same quarter of 2018. Without the effect of share-based
compensation expense, cost of revenue as a percentage of revenue
would have increased from 50% in the quarter ended December 31,
2018 to 51% in the quarter ended December 31, 2019. The increase
was primarily due to an increase in revenue mix shift towards
direct sales businesses such as Tmall Supermarket and New Retail,
which resulted in increased cost of inventory, as well as our
consolidation of Kaola, partly offset by a decrease in content cost
by Youku and efficiency gains from our technology and
infrastructure.
Product development expenses – Product development
expenses in the quarter ended December 31, 2019 were RMB11,077
million (US$1,591 million), or 7% of revenue, compared to RMB8,901
million, or 8% of revenue, in the same quarter of 2018. Without the
effect of share-based compensation expense, product development
expenses as a percentage of revenue would have remained stable at
5% in the quarter ended December 31, 2019 compared to the same
quarter of 2018.
Sales and marketing expenses – Sales and marketing
expenses in the quarter ended December 31, 2019 were RMB15,800
million (US$2,270 million), or 9% of revenue, compared to RMB12,104
million, or 10% of revenue, in the same quarter of 2018. Without
the effect of share-based compensation expense, sales and marketing
expenses as a percentage of revenue would have decreased from 10%
in the quarter ended December 31, 2018 to 9% in the quarter ended
December 31, 2019.
General and administrative expenses – General and
administrative expenses in the quarter ended December 31, 2019 were
RMB7,415 million (US$1,065 million), or 5% of revenue, compared to
RMB5,853 million, or 5% of revenue, in the same quarter of 2018.
Without the effect of share-based compensation expense, general and
administrative expenses as a percentage of revenue would also have
remained stable at 4% in the quarter ended December 31, 2019
compared to the same quarter of 2018.
Share-based compensation expense – Total share-based
compensation expense included in the cost and expense items above
in the quarter ended December 31, 2019 was RMB7,830 million
(US$1,125 million), an increase of 13% compared to RMB6,960 million
in the same quarter of 2018. Share-based compensation expense as a
percentage of revenue decreased to 4% in the quarter ended December
31, 2019, as compared to 6% in the same quarter of 2018.
The following table sets forth our analysis of share-based
compensation expense for the quarters indicated by type of
share-based awards:
Three months ended
December 31, 2018
September 30,
2019
December 31, 2019
% Change
RMB
% of Revenue
RMB
% of Revenue
RMB
US$
% of Revenue
YoY
QoQ
(in millions, except
percentages)
By type of awards:
Alibaba Group share-based awards(1)
5,879
5
%
6,899
6
%
6,587
946
4
%
12
%
(5
)%
Ant Financial share-based awards granted
to our employees(2)
505
0
%
303
0
%
347
50
0
%
(31
)%
15
%
Others(3)
576
1
%
943
1
%
896
129
0
%
56
%
(5
)%
Total share-based compensation expense
6,960
6
%
8,145
7
%
7,830
1,125
4
%
13
%
(4
)%
________________________
(1)
This includes awards granted to our
employees, Ant Financial and other consultants. Awards granted to
nonemployees were subject to mark-to-market accounting treatment
until March 31, 2019. Beginning on April 1, 2019, we adopted ASU
2018-07, “Compensation — Stock Compensation (Topic 718):
Improvements to Nonemployee Share-Based Payment Accounting” under
US GAAP. As a result of adopting this new accounting update, these
awards are no longer subject to mark-to-market accounting
treatment. Commencing upon the receipt of the 33% equity interest
in Ant Financial on September 23, 2019, the expense relating to
Alibaba Group share-based awards granted to Ant Financial employees
are recognized in share of results of equity investees.
(2)
Awards subject to mark-to-market
accounting treatment.
(3)
Others primarily relate to share-based
awards underlying the equity of our subsidiaries.
Share-based compensation expense related to Alibaba Group
share-based awards granted to our employees remained stable in this
quarter compared to the previous quarter. We expect that our
share-based compensation expense will continue to be affected by
changes in the fair value of our shares, our subsidiaries’
share-based awards and the quantity of awards that we grant in the
future. Furthermore, we expect that our share-based compensation
expense will continue to be affected by future changes in the
valuation of Ant Financial, although any such changes will be
non-cash and will not result in any economic cost or equity
dilution to our shareholders.
Amortization of intangible assets – Amortization of
intangible assets in the quarter ended December 31, 2019 was
RMB3,272 million (US$470 million), an increase of 16% from RMB2,809
million in the same quarter of 2018.
Income from operations and operating
margin
Income from operations in the quarter ended December 31, 2019
was RMB39,560 million (US$5,682 million), or 25% of revenue, an
increase of 48% compared to RMB26,798 million, or 23% of revenue,
in the same quarter of 2018.
Adjusted EBITDA and Adjusted
EBITA
Adjusted EBITDA increased 37% year-over-year to RMB55,880
million (US$8,027 million) in the quarter ended December 31, 2019,
compared to RMB40,708 million in the same quarter of 2018. Adjusted
EBITA increased 39% year-over-year to RMB50,662 million (US$7,277
million) in the quarter ended December 31, 2019, compared to
RMB36,567 million in the same quarter of 2018. A reconciliation of
net income to adjusted EBITDA and adjusted EBITA is included at the
end of this results announcement.
Adjusted EBITA and adjusted EBITA
margin by segments
Adjusted EBITA and adjusted EBITA margin by segments are set
forth in the table below. See the section entitled “Information
about Segments” above for a reconciliation of income from
operations to adjusted EBITA.
Three months ended December
31,
2018
2019
RMB
% of Revenue
RMB
US$
% of Revenue
(in millions, except
percentages)
Core commerce
46,079
45
%
58,075
8,342
41
%
Cloud computing
(274
)
(4
)%
(356
)
(51
)
(3
)%
Digital media and entertainment
(6,034
)
(93
)%
(3,298
)
(474
)
(45
)%
Innovation initiatives and others
(1,596
)
(120
)%
(1,870
)
(269
)
(100
)%
Core commerce segment – Adjusted EBITA increased by 26%
to RMB58,075 million (US$8,342 million) in the quarter ended
December 31, 2019, compared to RMB46,079 million in the same
quarter of 2018, primarily due to an increase in marketplace-based
core commerce adjusted EBITA to RMB66,371 million (US$9,534
million), as well as our reduced loss in strategic businesses,
partly offset by the effects of our consolidation of Kaola, which
was also one of the factors that led to adjusted EBITA margin
decreasing from 45% in the quarter ended December 31, 2018 to 41%
in the quarter ended December 31, 2019. The continuing revenue mix
shift towards self-operated New Retail and direct sales businesses,
where revenue is recorded on a gross basis, including the cost of
inventory, also contributed to the decrease in adjusted EBITA
margin.
A reconciliation of adjusted EBITA for core commerce to
marketplace-based core commerce adjusted EBITA is included at the
end of this results announcement.
We expect that our core commerce adjusted EBITA margin will
continue to be affected by the pace of our investment in new
businesses and by a continuing revenue mix shift to self-operated
New Retail and direct sales businesses.
Cloud computing segment – Adjusted EBITA in the quarter
ended December 31, 2019 was a loss of RMB356 million (US$51
million), compared to a loss of RMB274 million in the same quarter
of 2018. Adjusted EBITA margin improved to negative 3% in the
quarter ended December 31, 2019 from negative 4% in the quarter
ended December 31, 2018.
Digital media and entertainment segment – Adjusted EBITA
in the quarter ended December 31, 2019 was a loss of RMB3,298
million (US$474 million), compared to a loss of RMB6,034 million in
the same quarter of 2018. Adjusted EBITA margin improved to
negative 45% in the quarter ended December 31, 2019 from negative
93% in the quarter ended December 31, 2018, primarily due to
reduced content cost by Youku as a result of our more disciplined
content spending policy.
Innovation initiatives and others segment – Adjusted
EBITA in the quarter ended December 31, 2019 was a loss of RMB1,870
million (US$269 million), compared to a loss of RMB1,596 million in
the same quarter of 2018.
Interest and investment income,
net
Interest and investment income, net in the quarter ended
December 31, 2019 was RMB17,136 million (US$2,462 million),
compared to RMB11,560 million in the same quarter of 2018. The
increase was primarily due to net gains arising from changes in the
fair value of our equity investments in the quarter ended December
31, 2019 compared to net losses recorded in the same quarter of
2018, a one-time gain of RMB10.3 billion (US$1.5 billion) in
relation to our contribution of the AliExpress Russia businesses
into a joint venture we set up with Russian partners, which
resulted in our deconsolidation of these businesses in this
quarter, and a one-time non-cash gain in the same quarter of 2018
arising from the revaluation of our previously held equity interest
in Koubei when we obtained control in December 2018.
In relation to the 33% equity interest in Ant Financial that we
received in September 2019, we recognized in this quarter an upward
adjustment of RMB2.3 billion (US$330 million) to the amount of the
one-time gain we recognized in the previous quarter. This amount
primarily represents adjustment of the fair value of our share of
Ant Financial's net assets as of the completion date of the
transaction.
The above-mentioned gains and losses are excluded from our
non-GAAP net income.
Other income, net
Other income, net in the quarter ended December 31, 2019 was
RMB987 million (US$142 million), compared to RMB387 million in the
same quarter of 2018.
Income tax expenses
Income tax expenses in the quarter ended December 31, 2019 were
RMB8,407 million (US$1,208 million), compared to RMB5,586 million
in the same quarter of 2018.
Our effective tax rate remained stable at 15% in the quarter
ended December 31, 2019 compared to the same quarter of 2018.
Excluding share-based compensation expense, revaluation and
disposal gains/losses of investments and impairment of investments,
our effective tax rate would have been 19% in the quarter ended
December 31, 2019.
Share of results of equity
investees
Share of results of equity investees in the quarter ended
December 31, 2019 was a profit of RMB2,165 million (US$311
million), compared to a loss of RMB861 million in the same quarter
of 2018. We record our share of results of equity investees one
quarter in arrears. Share of results of equity investees in the
quarter ended December 31, 2019 and the comparative periods
consisted of the following:
Three months ended
December 31, 2018
September 30, 2019
December 31, 2019
RMB
RMB
RMB
US$
(in millions)
Share of profit (loss) of equity
investees
- Ant Financial(1)
—
—
215
31
- Others
22
(2
)
2,229
320
Impairment loss
(493
)
(11,590
)
—
—
Dilution gain (loss)
26
(20
)
166
24
Others(2)
(416
)
(348
)
(445
)
(64
)
Total
(861
)
(11,960
)
2,165
311
________________________
(1)
We received the 33% equity interest in Ant
Financial on September 23, 2019. Similar to other equity method
investees, we record our share of results of Ant Financial one
quarter in arrears. As such, the share of profit of Ant Financial
in the quarter ended December 31, 2019 reflects our share of profit
of Ant Financial for the period from the day following receipt of
the equity interest to the end of the quarter on September 30,
2019.
(2)
Others mainly include amortization of
intangible assets of equity investees and share-based compensation
expense.
The share of profit of other equity investees in the quarter
ended December 31, 2019 mainly include our share of profit in
Suning, which primarily reflected a significant gain arising from
Suning’s deconsolidation of one of its subsidiaries.
Net income and Non-GAAP net
income
Our net income in the quarter ended December 31, 2019 was
RMB50,132 million (US$7,201 million), an increase of 62% compared
to RMB30,964 million in the same quarter of 2018.
Excluding share-based compensation expense, revaluation and
disposal gains/losses of investments, impairment of investments and
certain other items, non-GAAP net income in the quarter ended
December 31, 2019 was RMB46,493 million (US$6,678 million), an
increase of 56% compared to RMB29,797 million in the same quarter
of 2018. A reconciliation of net income to non-GAAP net income is
included at the end of this results announcement.
Net income attributable to ordinary
shareholders
Net income attributable to ordinary shareholders in the quarter
ended December 31, 2019 was RMB52,309 million (US$7,514 million),
an increase of 58% compared to RMB33,052 million in the same
quarter of 2018.
Diluted earnings per ADS/share and
non-GAAP diluted earnings per ADS/share
Diluted earnings per ADS in the quarter ended December 31, 2019
was RMB19.55 (US$2.81) on a weighted average of 21,393 million
diluted shares outstanding during the quarter, an increase of 55%
compared to RMB12.64 on a weighted average of 20,913 million
diluted shares outstanding during the same quarter in 2018 (giving
effect, in each case, to our share split in July 2019). Excluding
share-based compensation expense, revaluation and disposal
gains/losses of investments, impairment of investments and certain
other items, non-GAAP diluted earnings per ADS in the quarter ended
December 31, 2019 was RMB18.19 (US$2.61), an increase of 49%
compared to RMB12.19 in the same quarter of 2018.
Diluted earnings per share in the quarter ended December 31,
2019 was RMB2.44 (US$0.35), an increase of 54% compared to RMB1.58
in the same quarter of 2018. Excluding share-based compensation
expense, revaluation and disposal gains/losses of investments,
impairment of investments and certain other items, non-GAAP diluted
earnings per share in the quarter ended December 31, 2019 was
RMB2.27 (US$0.33), an increase of 49%, compared to RMB1.52 in the
same quarter of 2018.
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.
See the section entitled “Share Subdivision and ADS Ratio Change”
for more information.
Cash, cash equivalents and short-term
investments
As of December 31, 2019, cash, cash equivalents and short-term
investments were RMB351,946 million (US$50,554 million), compared
to RMB235,251 million as of September 30, 2019. The increase in
cash, cash equivalents and short-term investments during the
quarter ended December 31, 2019 was primarily due to net proceeds
of RMB90,610 million (US$13,015 million) from the issuance of
shares in connection with our global offering and free cash flow
generated from operations of RMB78,279 million (US$11,244 million),
partly offset by net cash used in investment and acquisition
activities of RMB20,590 million (US$2,957 million), repayment of
unsecured senior notes of US$2,250 million and cash used to acquire
additional shares of Cainiao Network from a third party.
Cash flow from operating activities and
free cash flow
Net cash provided by operating activities in the quarter ended
December 31, 2019 was RMB96,505 million (US$13,862 million), an
increase of 49% compared to RMB64,898 million in the same quarter
of 2018. Free cash flow, a non-GAAP measurement of liquidity, in
the quarter ended December 31, 2019 increased by 52% to RMB78,279
million (US$11,244 million), from RMB51,373 million in the same
quarter of 2018, which was primarily due to our robust
profitability growth as well as a decrease in capital expenditure
spending and an increase in annual service fee deposits from
merchants. A reconciliation of net cash provided by operating
activities to free cash flow is included at the end of this results
announcement.
Net cash used in investing
activities
During the quarter ended December 31, 2019, net cash used in
investing activities of RMB32,588 million (US$4,681 million)
primarily reflected (i) cash outflow of RMB22,482 million (US$3,229
million) for investment and acquisition activities, including the
acquisition of Kaola and investment in Meinian Onehealth
Healthcare, (ii) capital expenditures of RMB6,659 million (US$956
million), which included cash outflow for the acquisition of land
use rights and construction in progress relating to office campuses
of RMB910 million (US$131 million), as well as (iii) the
acquisition of licensed copyrights and other intangible assets of
RMB5,274 million (US$758 million). These cash outflows were partly
offset by cash inflow of RMB1,892 million (US$272 million) from the
disposal of various investments.
Employees
As of December 31, 2019, we had a total of 116,519 employees,
compared to 111,524 as of September 30, 2019.
Share Subdivision and ADS Ratio
Change
On July 30, 2019, we effected a 1-to-8 share subdivision, as a
result of which each ordinary share was subdivided into eight
ordinary shares (the “Share Subdivision”). At the same time, we
changed our ordinary share-to-ADS ratio. Following the ADS ratio
change, each ADS now represents eight ordinary shares. Because the
ADS ratio change was exactly proportionate to the Share
Subdivision, no new ADSs were issued to any ADS holder and the
total number of our outstanding ADSs remains unchanged.
The tables below set forth the pre- and post-share subdivision
earnings per share/ADS attributable to ordinary shareholders and
weighted average number of shares used in calculating earnings per
ordinary share for the periods indicated.
Three months ended December
31,
2018
2019
Pre-Share Subdivision
Post-Share Subdivision
Pre-Share Subdivision
Post-Share Subdivision
RMB
RMB
RMB
US$
RMB
US$
(except share data)
Earnings per share attributable to
ordinary shareholders
Basic
12.83
1.60
19.87
2.85
2.48
0.36
Diluted
12.64
1.58
19.55
2.81
2.44
0.35
Non-GAAP diluted
12.19
1.52
18.19
2.61
2.27
0.33
Earnings per ADS attributable to
ordinary shareholders
Basic
12.83
12.83
19.87
2.85
19.87
2.85
Diluted
12.64
12.64
19.55
2.81
19.55
2.81
Non-GAAP diluted
12.19
12.19
18.19
2.61
18.19
2.61
Weighted average number of shares used
in calculating earnings per ordinary share (million shares)
Basic
2,576
20,608
2,632
21,058
Diluted
2,614
20,913
2,674
21,393
Nine months ended December
31,
2018
2019
Pre-Share Subdivision
Post-Share Subdivision
Pre-Share Subdivision
Post-Share Subdivision
RMB
RMB
RMB
US$
RMB
US$
(except share data)
Earnings per share attributable to
ordinary shareholders
Basic
23.94
2.99
55.98
8.04
7.00
1.01
Diluted
23.54
2.94
55.14
7.92
6.89
0.99
Non-GAAP diluted
29.83
3.73
43.88
6.30
5.49
0.79
Earnings per ADS attributable to
ordinary shareholders
Basic
23.94
23.94
55.98
8.04
55.98
8.04
Diluted
23.54
23.54
55.14
7.92
55.14
7.92
Non-GAAP diluted
29.83
29.83
43.88
6.30
43.88
6.30
Weighted average number of shares used
in calculating earnings per ordinary share (million shares)
Basic
2,580
20,642
2,610
20,878
Diluted
2,623
20,984
2,649
21,187
WEBCAST AND CONFERENCE CALL INFORMATION
Alibaba Group’s management will hold a conference call to
discuss the financial results at 7:30 a.m. U.S. Eastern Time (8:30
p.m. Hong Kong Time) on February 13, 2020.
Details of the conference call are as follows: International:
+65 6713 5090 U.S.: +1 845 675 0437 U.K.: +44 203 621 4779 Hong
Kong: +852 3018 6771 Conference ID: 9549246
A live webcast of the earnings conference call can be accessed
at http://www.alibabagroup.com/en/ir/earnings. 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
(dial-in number: +61 2 8199 0299; conference ID: 9549246).
Our results announcement and accompanying slides are available
at Alibaba Group’s Investor Relations website at
http://www.alibabagroup.com/en/ir/home on February 13, 2020.
ABOUT ALIBABA GROUP
Alibaba Group's mission is to make it easy to do business
anywhere. The company aims to build the future infrastructure of
commerce. It envisions that its customers will meet, work and live
at Alibaba, and that it will be a company that lasts for 102
years.
SAFE HARBOR STATEMENTS
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates,” “potential,” “continue,” “ongoing,”
“targets,” “guidance” and similar statements. In addition,
statements that are not historical facts, including statements
about Alibaba’s strategies and business plans, Alibaba’s beliefs,
expectations and guidance regarding the growth of its business and
its revenue, the business outlook and quotations from management in
this announcement, as well as Alibaba’s strategic and operational
plans, are or contain forward-looking statements. Alibaba may also
make forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”), in announcements
made on the website of The Stock Exchange of Hong Kong Limited (the
“Hong Kong Stock Exchange”), in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Alibaba’s expected revenue growth; Alibaba’s goals and
strategies; Alibaba’s future business development; Alibaba’s
ability to maintain the trusted status of its ecosystem, reputation
and brand; risks associated with increased investments in Alibaba’s
business and new business initiatives; risks associated with
strategic acquisitions and investments; Alibaba’s ability to retain
or increase engagement of consumers, merchants and other
participants in its ecosystem and enable new offerings; Alibaba’s
ability to maintain or grow its revenue or business; risks
associated with limitation or restriction of services provided by
Alipay; changes in laws, regulations and regulatory environment
that affect Alibaba’s business operations; privacy and regulatory
concerns; competition; security breaches; the continued growth of
the e-commerce market in China and globally; risks associated with
the performance of our business partners, including but not limited
to Ant Financial; and fluctuations in general economic and business
conditions in China and globally and assumptions underlying or
related to any of the foregoing. Further information regarding
these and other risks is included in Alibaba’s filings with the SEC
and announcements on the website of The Hong Kong Stock Exchange.
All information provided in this results announcement is as of the
date of this results announcement and are based on assumptions that
we believe to be reasonable as of this date, and Alibaba does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law.
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), marketplace-based
core commerce adjusted EBITA, 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 section
entitled “Information about Segments” and the table captioned
“Reconciliations of Non-GAAP Measures to the Nearest Comparable
GAAP Measures” in this results announcement.
We believe that adjusted EBITDA, adjusted EBITA,
marketplace-based core commerce 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, as well as one measure that
provides supplemental information on our core commerce segment,
namely marketplace-based core commerce adjusted EBITA, 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, marketplace-based core commerce
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, adjusted
EBITA for core commerce, 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 U.S. GAAP and may not be comparable to similarly
titled measures presented by other companies. Other companies may
calculate similarly titled measures differently, limiting their
usefulness as comparative measures to our data.
Adjusted EBITDA represents net income before (i) interest
and investment income, net, interest expense, other income or loss,
net, income tax expenses and share of results of equity investees,
(ii) certain non-cash expenses, consisting of share-based
compensation expense, amortization, depreciation, operating lease
cost relating to land use rights and impairment of goodwill, which
we do not believe are reflective of our core operating performance
during the periods presented.
Adjusted EBITA represents net income before (i) interest
and investment income, net, interest expense, other income or loss,
net, income tax expenses and share of results of equity investees,
(ii) certain non-cash expenses, consisting of share-based
compensation expense, amortization and impairment of goodwill,
which we do not believe are reflective of our core operating
performance during the periods presented.
Marketplace-based core commerce adjusted EBITA represents
adjusted EBITA for core commerce excluding the effects of (i) local
consumer services, (ii) New Retail and direct import, (iii) Lazada
and (iv) Cainiao Network. Marketplace-based core commerce adjusted
EBITA reflects the performance of our most established businesses,
namely, those of our China retail marketplaces and wholesale
marketplaces which primarily adopt a marketplace-based approach. By
excluding certain businesses that are in the earlier stages of
their development and with business approaches that continue to
evolve, marketplace-based core commerce adjusted EBITA enables
investors to clearly evaluate the performance of our most
established businesses on a like-for-like basis.
Non-GAAP net income represents net income before
share-based compensation expense, amortization, impairment of
investments and goodwill, gain or loss on deemed
disposals/disposals/revaluation of investments, gain in relation to
the receipt of the 33% equity interest in Ant Financial,
amortization of excess value receivable arising from the
restructuring of commercial arrangements with Ant Financial and
others, as adjusted for the tax effects on non-GAAP
adjustments.
Non-GAAP diluted earnings per share represents non-GAAP
net income attributable to ordinary shareholders divided by the
weighted average number of shares outstanding during the periods on
a diluted basis. Non-GAAP diluted earnings per ADS
represents non-GAAP diluted earnings per share after adjustment to
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), licensed copyrights and other intangible assets, as well
as adjustments to exclude from net cash provided by operating
activities the consumer protection fund deposits from merchants on
our China retail 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 consumer protection fund
deposits from merchants on our China retail marketplaces because
these deposits are restricted for the purpose of compensating
consumers for claims against merchants.
The section entitled “Information about Segments” and the table
captioned “Reconciliations of Non-GAAP Measures to the Nearest
Comparable GAAP Measures” in this results announcement have more
details on the non-GAAP financial measures that are most directly
comparable to GAAP financial measures and the related
reconciliations between these financial measures.
ALIBABA GROUP HOLDING LIMITED UNAUDITED CONSOLIDATED
INCOME STATEMENTS
Three months ended December
31,
Nine months ended December
31,
2018
2019
2018
2019
RMB
RMB
US$
RMB
RMB
US$
(in millions, except per share
data)
(in millions, except per share
data)
Revenue
117,278
161,456
23,192
283,346
395,397
56,795
Cost of revenue
(60,813
)
(84,332
)
(12,114
)
(151,319
)
(209,865
)
(30,145
)
Product development expenses
(8,901
)
(11,077
)
(1,591
)
(28,776
)
(32,493
)
(4,667
)
Sales and marketing expenses
(12,104
)
(15,800
)
(2,270
)
(30,131
)
(38,494
)
(5,529
)
General and administrative expenses
(5,853
)
(7,415
)
(1,065
)
(17,277
)
(20,326
)
(2,920
)
Amortization of intangible assets
(2,809
)
(3,272
)
(470
)
(7,524
)
(9,344
)
(1,342
)
Impairment of goodwill
—
—
—
—
(576
)
(83
)
Income from operations
26,798
39,560
5,682
48,319
84,299
12,109
Interest and investment income, net
11,560
17,136
2,462
25,441
80,671
11,588
Interest expense
(1,334
)
(1,309
)
(188
)
(3,887
)
(4,015
)
(577
)
Other income (loss), net
387
987
142
(1,228
)
6,259
899
Income before income tax and share of
results of equity investees
37,411
56,374
8,098
68,645
167,214
24,019
Income tax expenses
(5,586
)
(8,407
)
(1,208
)
(11,528
)
(17,934
)
(2,576
)
Share of results of equity investees
(861
)
2,165
311
(262
)
(9,278
)
(1,333
)
Net income
30,964
50,132
7,201
56,855
140,002
20,110
Net loss attributable to noncontrolling
interests
2,156
2,042
293
5,118
6,211
892
Net income attributable to Alibaba Group
Holding Limited
33,120
52,174
7,494
61,973
146,213
21,002
Accretion of mezzanine equity
(68
)
135
20
(203
)
(112
)
(16
)
Net income attributable to ordinary
shareholders
33,052
52,309
7,514
61,770
146,101
20,986
Earnings per share attributable to
ordinary shareholders(1)
Basic
1.60
2.48
0.36
2.99
7.00
1.01
Diluted
1.58
2.44
0.35
2.94
6.89
0.99
Earnings per ADS attributable to
ordinary shareholders(1)
Basic
12.83
19.87
2.85
23.94
55.98
8.04
Diluted
12.64
19.55
2.81
23.54
55.14
7.92
Weighted average number of shares used
in calculating earnings per ordinary share (million
shares)(1)
Basic
20,608
21,058
20,642
20,878
Diluted
20,913
21,393
20,984
21,187
________________________
(1)
Each ADS represents eight ordinary shares.
See the section entitled “Share Subdivision and ADS Ratio Change”
for more information.
ALIBABA GROUP HOLDING LIMITED REVENUE
The following table sets forth our revenue by segments for the
periods indicated:
Three months ended December
31,
Nine months ended December
31,
2018
2019
2018
2019
RMB
RMB
US$
RMB
RMB
US$
(in millions)
(in millions)
Core commerce(1)
102,843
141,475
20,322
244,506
342,239
49,160
Cloud computing(2)
6,611
10,721
1,540
16,976
27,799
3,993
Digital media and entertainment(3)
6,491
7,396
1,062
18,406
21,004
3,017
Innovation initiatives and others(4)
1,333
1,864
268
3,458
4,355
625
Total
117,278
161,456
23,192
283,346
395,397
56,795
________________________
(1)
Revenue from core commerce is primarily
generated from our China retail marketplaces, Freshippo, 1688.com,
Lazada.com, AliExpress, Alibaba.com, Cainiao logistics services and
local consumer services.
(2)
Revenue from cloud computing is primarily
generated from the provision of services, such as elastic
computing, database, storage, network virtualization services,
large scale computing, security, management and application
services, big data analytics, a machine learning platform and IoT
services.
(3)
Revenue from digital media and
entertainment is primarily generated from Youku and UCWeb.
(4)
Revenue from innovation initiatives and
others is primarily generated from businesses such as Amap, Tmall
Genie and other innovation initiatives. Other revenue also includes
SME annual fee received from Ant Financial and its affiliates.
ALIBABA GROUP HOLDING LIMITED INFORMATION ABOUT
SEGMENTS
The following table sets forth our income (loss) from operations
by segments for the periods indicated:
Three months ended December
31,
Nine months ended December
31,
2018
2019
2018
2019
RMB
RMB
US$
RMB
RMB
US$
(in millions)
(in millions)
Core commerce
40,368
51,347
7,375
87,680
118,465
17,016
Cloud computing
(1,233
)
(1,822
)
(262
)
(4,472
)
(5,259
)
(755
)
Digital media and entertainment
(7,097
)
(3,960
)
(569
)
(16,192
)
(10,446
)
(1,500
)
Innovation initiatives and others
(2,549
)
(2,856
)
(410
)
(8,525
)
(8,929
)
(1,283
)
Unallocated
(2,691
)
(3,149
)
(452
)
(10,172
)
(9,532
)
(1,369
)
Total
26,798
39,560
5,682
48,319
84,299
12,109
The following table sets forth our adjusted EBITA by segments
for the periods indicated:
Three months ended December
31,
Nine months ended December
31,
2018
2019
2018
2019
RMB
RMB
US$
RMB
RMB
US$
(in millions)
(in millions)
Core commerce
46,079
58,075
8,342
108,683
137,674
19,775
Cloud computing
(274
)
(356
)
(51
)
(994
)
(1,235
)
(177
)
Digital media and entertainment
(6,034
)
(3,298
)
(474
)
(12,968
)
(7,738
)
(1,111
)
Innovation initiatives and others
(1,596
)
(1,870
)
(269
)
(4,039
)
(5,752
)
(826
)
Unallocated
(1,608
)
(1,889
)
(271
)
(4,458
)
(5,640
)
(811
)
Total
36,567
50,662
7,277
86,224
117,309
16,850
ALIBABA GROUP HOLDING LIMITED INFORMATION ABOUT
SEGMENTS (CONTINUED)
The table below sets forth selected financial information of our
operating segments for nine months ended December 31, 2019:
Nine months ended December 31,
2019
Core commerce
Cloud computing
Digital media and
entertainment
Innovation initiatives and
others
Unallocated(1)
Consolidated
RMB
RMB
RMB
RMB
RMB
RMB
US$
(in millions, except
percentages)
Revenue
342,239
27,799
21,004
4,355
—
395,397
56,795
Income (loss) from operations
118,465
(5,259
)
(10,446
)
(8,929
)
(9,532
)
84,299
12,109
Add: Share-based compensation expense
11,074
4,007
1,718
3,114
3,177
23,090
3,316
Add: Amortization of intangible assets
8,135
17
990
63
139
9,344
1,342
Add: Impairment of goodwill
—
—
—
—
576
576
83
Adjusted EBITA
137,674
(2)
(1,235
)
(7,738
)
(5,752
)
(5,640
)
117,309
16,850
Adjusted EBITA margin
40
%
(4
)%
(37
)%
(132
)%
30
%
Nine months ended December 31,
2018
Core commerce
Cloud computing
Digital media and
entertainment
Innovation initiatives and
others
Unallocated(1)
Consolidated
RMB
RMB
RMB
RMB
RMB
RMB
(in millions, except
percentages)
Revenue
244,506
16,976
18,406
3,458
—
283,346
Income (loss) from operations
87,680
(4,472
)
(16,192
)
(8,525
)
(10,172
)
48,319
Add: Share-based compensation expense
14,640
3,463
2,297
4,456
5,525
30,381
Add: Amortization of intangible assets
6,363
15
927
30
189
7,524
Adjusted EBITA
108,683
(994
)
(12,968
)
(4,039
)
(4,458
)
86,224
Adjusted EBITA margin
44
%
(6
)%
(70
)%
(117
)%
30
%
________________________
(1)
Unallocated expenses are primarily related
to corporate administrative costs and other miscellaneous items
that are not allocated to individual segments.
(2)
Marketplace-based core commerce adjusted
EBITA increased 25% year-over-year to RMB158,781 million (US$22,807
million). A reconciliation of adjusted EBITA for core commerce to
marketplace-based core commerce adjusted EBITA is included at the
end of this results announcement.
ALIBABA GROUP HOLDING LIMITED UNAUDITED CONSOLIDATED
BALANCE SHEETS
As of March 31,
As of December 31,
2019
2019
RMB
RMB
US$
(in millions)
Assets
Current assets:
Cash and cash equivalents
189,976
350,575
50,357
Short-term investments
3,262
1,371
197
Restricted cash and escrow receivables
8,518
20,949
3,009
Investment securities
9,927
5,264
756
Prepayments, receivables and other
assets
58,590
81,287
11,676
Total current assets
270,273
459,446
65,995
Investment securities
157,090
178,155
25,590
Prepayments, receivables and other
assets(1)
28,018
54,715
7,860
Investment in equity investees
84,454
183,882
26,413
Property and equipment, net
92,030
101,520
14,582
Intangible assets, net
68,276
64,748
9,301
Goodwill
264,935
277,029
39,793
Total assets
965,076
1,319,495
189,534
Liabilities, Mezzanine Equity and
Shareholders’ Equity
Current liabilities:
Current bank borrowings
7,356
4,215
605
Current unsecured senior notes
15,110
—
—
Income tax payable
17,685
21,883
3,143
Escrow money payable
8,250
9,205
1,322
Accrued expenses, accounts payable and
other liabilities(1)
117,711
165,275
23,741
Merchant deposits
10,762
23,967
3,443
Deferred revenue and customer advances
30,795
37,913
5,446
Total current liabilities
207,669
262,458
37,700
ALIBABA GROUP HOLDING LIMITED UNAUDITED CONSOLIDATED
BALANCE SHEETS (CONTINUED)
As of March 31,
As of December 31,
2019
2019
RMB
RMB
US$
(in millions)
Deferred revenue
1,467
1,939
278
Deferred tax liabilities
22,517
43,879
6,303
Non-current bank borrowings
35,427
38,797
5,573
Non-current unsecured senior notes
76,407
79,375
11,401
Other liabilities(1)
6,187
25,937
3,726
Total liabilities
349,674
452,385
64,981
Commitments and contingencies
—
—
—
Mezzanine equity
6,819
7,795
1,120
Shareholders’ equity:
Ordinary shares
1
1
—
Additional paid-in capital
231,783
337,046
48,414
Treasury shares at cost
—
—
—
Restructuring reserve
(97
)
—
—
Subscription receivables
(49
)
(50
)
(7
)
Statutory reserves
5,068
5,969
857
Accumulated other comprehensive loss
(2,335
)
(2,048
)
(294
)
Retained earnings
257,886
403,198
57,916
Total shareholders’ equity
492,257
744,116
106,886
Noncontrolling interests
116,326
115,199
16,547
Total equity
608,583
859,315
123,433
Total liabilities, mezzanine equity and
equity
965,076
1,319,495
189,534
________________________
(1)
We adopted ASU 2016-02, “Leases (Topic
842)” beginning in the first quarter of fiscal year 2020 using the
modified retrospective method and no adjustments are made to the
comparative periods. Adoption of the standard resulted in the
recognition of operating lease right‑of‑use assets of approximately
RMB24.9 billion and operating lease liabilities of approximately
RMB19.4 billion on the consolidated balance sheet as of April 1,
2019.
Operating lease right-of-use assets are
included in non-current prepayments, receivables and other assets,
and operating lease liabilities are included in current accrued
expenses, accounts payable and other liabilities and other
non-current liabilities on the consolidated balance sheets.
ALIBABA GROUP HOLDING LIMITED UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended December
31,
Nine months ended December
31,
2018
2019
2018
2019
RMB
RMB
US$
RMB
RMB
US$
(in millions)
(in millions)
Net cash provided by operating
activities
64,898
96,505
13,862
132,422
178,443
25,632
Net cash used in investing activities
(31,055
)
(32,588
)
(4,681
)
(134,309
)
(75,077
)
(10,784
)
Net cash (used in) provided by financing
activities
(8,915
)
61,287
8,803
(8,111
)
67,886
9,751
Effect of exchange rate changes on cash
and cash equivalents, restricted cash and escrow receivables
(66
)
(1,952
)
(280
)
4,387
1,778
255
Increase (Decrease) in cash and cash
equivalents, restricted cash and escrow receivables
24,862
123,252
17,704
(5,611
)
173,030
24,854
Cash and cash equivalents, restricted cash
and escrow receivables at beginning of period
172,253
248,272
35,662
202,726
198,494
28,512
Cash and cash equivalents, restricted cash
and escrow receivables at end of period
197,115
371,524
53,366
197,115
371,524
53,366
ALIBABA GROUP HOLDING LIMITED RECONCILIATIONS OF
NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
The table below sets forth a reconciliation of our net income to
adjusted EBITA and adjusted EBITDA for the periods indicated:
Three months ended December
31,
Nine months ended December
31,
2018
2019
2018
2019
RMB
RMB
US$
RMB
RMB
US$
(in millions)
(in millions)
Net income
30,964
50,132
7,201
56,855
140,002
20,110
Less: Interest and investment income,
net
(11,560
)
(17,136
)
(2,462
)
(25,441
)
(80,671
)
(11,588
)
Add: Interest expense
1,334
1,309
188
3,887
4,015
577
Less: Other income (loss), net
(387
)
(987
)
(142
)
1,228
(6,259
)
(899
)
Add: Income tax expenses
5,586
8,407
1,208
11,528
17,934
2,576
Add: Share of results of equity
investees
861
(2,165
)
(311
)
262
9,278
1,333
Income from operations
26,798
39,560
5,682
48,319
84,299
12,109
Add: Share-based compensation expense
6,960
7,830
1,125
30,381
23,090
3,316
Add: Amortization of intangible assets
2,809
3,272
470
7,524
9,344
1,342
Add: Impairment of goodwill
—
—
—
—
576
83
Adjusted EBITA
36,567
50,662
7,277
86,224
117,309
16,850
Add: Depreciation and amortization of
property and equipment, and operating lease cost relating to land
use rights
4,141
5,218
750
10,553
14,910
2,142
Adjusted EBITDA
40,708
55,880
8,027
96,777
132,219
18,992
ALIBABA GROUP HOLDING LIMITED RECONCILIATIONS OF
NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
(CONTINUED)
The table below sets forth a reconciliation of adjusted EBITA
for core commerce to marketplace-based core commerce adjusted EBITA
for the periods indicated:
Three months ended December
31,
Nine months ended December
31,
2018
2019
2018
2019
RMB
RMB
US$
RMB
RMB
US$
(in millions)
(in millions)
Adjusted EBITA for core
commerce
46,079
58,075
8,342
108,683
137,674
19,775
Less: Effects of local consumer services,
New Retail and direct import, Lazada and Cainiao Network
8,224
8,296
1,192
18,218
21,107
3,032
Marketplace-based core commerce
adjusted EBITA
54,303
66,371
9,534
126,901
158,781
22,807
ALIBABA GROUP HOLDING LIMITED RECONCILIATIONS OF
NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
(CONTINUED)
The table below sets forth a reconciliation of our net income to
non-GAAP net income for the periods indicated:
Three months ended December
31,
Nine months ended December
31,
2018
2019
2018
2019
RMB
RMB
US$
RMB
RMB
US$
(in millions)
(in millions)
Net income
30,964
50,132
7,201
56,855
140,002
20,110
Add: Share-based compensation expense
6,960
7,830
1,125
30,381
23,090
3,316
Add: Amortization of intangible assets
2,809
3,272
470
7,524
9,344
1,342
Add: Impairment of investments and
goodwill
7,552
4,842
695
7,910
24,947
3,583
Less: Gain on deemed disposals/disposals/
revaluation of investments and others
(16,859
)
(17,015
)
(2,444
)
(27,564
)
(15,098
)
(2,168
)
Less: Gain in relation to the receipt of
the 33% equity interest in Ant Financial
—
(2,336
)
(336
)
—
(71,561
)
(10,279
)
Add: Amortization of excess value
receivable arising from the restructuring of commercial
arrangements with Ant Financial
66
—
—
198
97
14
Adjusted for tax effects on non-GAAP
adjustments(1)
(1,695
)
(232
)
(33
)
(1,953
)
(629
)
(90
)
Non-GAAP net income
29,797
46,493
6,678
73,351
110,192
15,828
________________________
(1)
Tax effects on non-GAAP adjustments
primarily comprised of tax effects relating to the share-based
compensation expense, certain gains and losses from investments and
amortization of intangible assets.
ALIBABA GROUP HOLDING LIMITED RECONCILIATIONS OF
NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
(CONTINUED)
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 December
31,
Nine months ended December
31,
2018
2019
2018
2019
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
33,052
52,309
7,514
61,770
146,101
20,986
Dilution effect on earnings arising from
option plans operated by equity investees and subsidiaries
(16
)
(32
)
(5
)
(31
)
(47
)
(7
)
Net income attributable to ordinary
shareholders – diluted
33,036
52,277
7,509
61,739
146,054
20,979
Add: Non-GAAP adjustments to net
income(1)
(1,167
)
(3,639
)
(523
)
16,496
(29,810
)
(4,282
)
Non-GAAP net income attributable
to ordinary shareholders for computing non-GAAP diluted earnings
per share/ADS
31,869
48,638
6,986
78,235
116,244
16,697
Weighted average number of shares on a
diluted basis (million shares)(5)
20,913
21,393
20,984
21,187
Diluted earnings per
share(2)(5)
1.58
2.44
0.35
2.94
6.89
0.99
Add: Non-GAAP adjustments to net income
per share(3)(5)
(0.06
)
(0.17
)
(0.02
)
0.79
(1.40
)
(0.20
)
Non-GAAP diluted earnings per
share(4)(5)
1.52
2.27
0.33
3.73
5.49
0.79
Diluted earnings per ADS(2)(5)
12.64
19.55
2.81
23.54
55.14
7.92
Add: Non-GAAP adjustments to net income
per ADS(3)(5)
(0.45
)
(1.36
)
(0.20
)
6.29
(11.26
)
(1.62
)
Non-GAAP diluted earnings per
ADS(4)(5)
12.19
18.19
2.61
29.83
43.88
6.30
________________________
(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)
Diluted earnings per share is derived from
net income attributable to ordinary shareholders for computing
diluted earnings per share divided by weighted average number of
shares on a diluted basis. Diluted earnings per ADS is derived from
the diluted earnings per share after adjustment to the ordinary
share-to-ADS ratio.
(3)
Non-GAAP adjustments to net income per
share is derived from non-GAAP adjustments to net income divided by
weighted average number of shares on a diluted basis. Non-GAAP
adjustments to net income per ADS is derived from the non-GAAP
adjustments to net income per share after adjustment to the
ordinary share-to-ADS ratio.
(4)
Non-GAAP diluted earnings per share is
derived from non-GAAP net income attributable to ordinary
shareholders for computing non-GAAP diluted earnings per share
divided by weighted average number of shares on a diluted basis.
Non-GAAP diluted earnings per ADS is derived from the non-GAAP
diluted earnings per share after adjustment to the ordinary
share-to-ADS ratio.
(5)
Each ADS represents eight ordinary shares.
See the section entitled “Share Subdivision and ADS Ratio Change”
for more information.
ALIBABA GROUP HOLDING LIMITED RECONCILIATIONS OF
NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
(CONTINUED)
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 December
31,
Nine months ended December
31,
2018
2019
2018
2019
RMB
RMB
US$
RMB
RMB
US$
(in millions)
(in millions)
Net cash provided by
operating activities
64,898
96,505
13,862
132,422
178,443
25,632
Less: Purchase of property and equipment
(excluding land use rights and construction in progress relating to
office campuses)
(10,011
)
(5,749
)
(825
)
(26,648
)
(20,781
)
(2,985
)
Less: Acquisition of licensed copyrights
and other intangible assets
(3,514
)
(5,274
)
(758
)
(12,010
)
(10,120
)
(1,454
)
Less: Changes in the consumer protection
fund deposits
—
(7,203
)
(1,035
)
—
(12,414
)
(1,783
)
Free cash flow
51,373
78,279
11,244
93,764
135,128
19,410
ALIBABA GROUP HOLDING LIMITED SELECTED OPERATING
DATA
Annual active consumers
The table below sets forth the number of annual active consumers
on our China retail marketplaces for the periods indicated:
Twelve months ended
Mar 31, 2018
Jun 30, 2018
Sep 30, 2018
Dec 31, 2018
Mar 31, 2019
Jun 30, 2019
Sept 30, 2019
Dec 31, 2019
(in millions)
Annual active consumers
552
576
601
636
654
674
693
711
Mobile
The table below sets forth the number of mobile MAUs on our
China retail marketplaces for the periods indicated:
The month ended
Mar 31, 2018
Jun 30, 2018
Sep 30, 2018
Dec 31, 2018
Mar 31, 2019
Jun 30, 2019
Sept 30, 2019
Dec 31, 2019
(in millions)
Mobile MAUs
617
634
666
699
721
755
785
824
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200213005393/en/
Investor Relations Contact Rob Lin investor@alibabagroup.com
Media Contacts Brion Tingler brion.tingler@alibaba-inc.com Adam
Najberg adam.najberg@alibaba-inc.com
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