Alibaba Group Holding Ltd 6-K, filed Nov 17, 2022

Alibaba Group Holding Ltd (BABA)

6-K 2022-11-17 For: 2022-11-17

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Alibaba Group Holding Ltd filed this 6-K on November 17, 2022.

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	ALIBABA GROUP HOLDING LIMITED

Date: November 17, 2022	By:	/s/ Toby Hong XU
	Name:	Toby Hong XU
	Title:	Chief Financial Officer

	Three months ended September 30,
	2021			2022
	RMB			RMB			US$			YoY % Change

	(in millions, except percentages and per share amounts)
Revenue		200,690			207,176			29,124			3	%

Income from operations		15,006			25,137			3,534			68	%⁽²⁾
Operating margin		7	%		12	%
Adjusted EBITDA⁽¹⁾		34,840			43,311			6,089			24	%⁽³⁾
Adjusted EBITDA margin⁽¹⁾		17	%		21	%
Adjusted EBITA⁽¹⁾		28,033			36,164			5,084			29	%⁽³⁾
Adjusted EBITA margin⁽¹⁾		14	%		17	%

Net income (loss)		3,377	⁽⁴⁾		(22,467	)⁽⁴⁾		(3,158	)		N/A
Net income (loss) attributable to ordinary shareholders		5,367	⁽⁴⁾		(20,561	)⁽⁴⁾		(2,890	)		N/A
Non-GAAP net income⁽¹⁾		28,524			33,820			4,754			19	%⁽⁴⁾

Diluted earnings (loss) per share⁽⁵⁾		0.25	⁽⁴⁾		(0.97	)⁽⁴⁾		(0.14	)		N/A
Diluted earnings (loss) per ADS⁽⁵⁾		1.97	⁽⁴⁾		(7.77	)⁽⁴⁾		(1.09	)		N/A
Non-GAAP diluted earnings per share^{(1) (5)}		1.40			1.61			0.23			15	%⁽⁴⁾⁽⁶⁾
Non-GAAP diluted earnings per ADS^{(1) (5)}		11.20			12.92			1.82			15	%⁽⁴⁾⁽⁶⁾

	Three months ended September 30, 2022
	China commerce			International commerce			Local consumer services			Cainiao			Cloud			Digital media and entertainment			Innovation initiatives and others			Unallocated⁽¹⁾			Consolidated
	RMB			RMB			RMB			RMB			RMB			RMB			RMB			RMB			RMB			US$

	(in millions, except percentages)
Revenue		135,431			15,747			13,073			13,367			20,757			8,392			409			—			207,176			29,124
YoY% change		(1	)%		4	%		21	%		36	%		4	%		4	%		(45	)%		N/A			3	%

Income (Loss) from operations		41,283			(1,652	)		(5,702	)		(661	)		(1,442	)		(697	)		(2,521	)		(3,471	)		25,137			3,534
Add: Share-based compensation expense		2,107			670			808			533			1,873			394			364			1,038			7,787			1,094
Add:Amortization of intangible assets		590			22			1,401			253			3			186			211			63			2,729			384
Add: Equity-settled donation expense		—			—			—			—			—			—			—			511			511			72

Adjusted EBITA		43,980			(960	)		(3,493	)		125			434			(117	)		(1,946	)		(1,859	)		36,164			5,084
Adjusted EBITA YoY% change⁽²⁾		6	%		61	%		47	%		N/A			10	%		87	%		(19	)%		(2	)%		29	%
Adjusted EBITA margin		32	%		(6	)%		(27	)%		1	%		2	%		(1	)%		(476	)%		N/A			17	%

	Three months ended September 30, 2021
	China commerce			International commerce			Local consumer services			Cainiao			Cloud			Digital media and entertainment			Innovation initiatives and others			Unallocated⁽¹⁾			Consolidated
	RMB			RMB			RMB			RMB			RMB			RMB			RMB			RMB			RMB

	(in millions, except percentages)
Revenue	136,120			15,092			10,806			9,846			20,007			8,081			738			—			200,690

Income (Loss) from operations		37,676			(3,298	)		(9,133	)		(1,219	)		(1,985	)		(1,700	)		(2,313	)		(3,022	)		15,006
Add: Share-based compensation expense		2,857			793			1,089			630			2,377			566			664			1,145			10,121
Add: Amortization of intangible assets		821			24			1,509			274			4			203			14			57			2,906

Adjusted EBITA		41,354			(2,481	)		(6,535	)		(315	)		396			(931	)		(1,635	)		(1,820	)		28,033

Adjusted EBITA margin		30	%		(16	)%		(60	)%		(3	)%		2	%		(12	)%		(222	)%		N/A			14	%

	Six months ended September 30, 2022
	China commerce			International commerce			Local consumer services			Cainiao			Cloud			Digital media and entertainment			Innovation initiatives and others			Unallocated⁽¹⁾			Consolidated
	RMB			RMB			RMB			RMB			RMB			RMB			RMB			RMB			RMB			US$

	(in millions, except percentages)
Revenue		277,366			31,198			23,705			25,509			38,442			15,623			888			—			412,731			58,021
YoY% change		(1	)%		3	%		13	%		19	%		7	%		(3	)%		(38	)%		N/A			2	%

Income (Loss) from operations		82,318			(3,794	)		(11,013	)		(1,472	)		(2,746	)		(1,912	)		(5,039	)		(6,262	)		50,080			7,040
Add: Share-based compensation expense		4,058			1,227			1,644			905			3,421			793			775			1,689			14,512			2,040
Add: Amortization of intangible assets		1,178			40			2,832			507			6			372			422			123			5,480			770
Add: Equity-settled donation expense		—			—			—			—			—			—			—			511			511			72

Adjusted EBITA		87,554			(2,527	)		(6,537	)		(60	)		681			(747	)		(3,842	)		(3,939	)		70,583			9,922
Adjusted EBITA YoY% change⁽²⁾		(5	)%		28	%		42	%		87	%		(7	)%		45	%		(25	)%		(14	)%		1	%
Adjusted EBITA margin		32	%		(8	)%		(28	)%		(0	)%		2	%		(5	)%		(433	)%		N/A			17	%

	Six months ended September 30, 2021
	China commerce			International commerce			Local consumer services			Cainiao			Cloud			Digital media and entertainment			Innovation initiatives and others			Unallocated⁽¹⁾			Consolidated
	RMB			RMB			RMB			RMB			RMB			RMB			RMB			RMB			RMB

	(in millions, except percentages)
Revenue		280,149			30,294			20,905			21,447			36,058			16,154			1,423			—			406,430

Income (Loss) from operations		85,279			(5,030	)		(16,338	)		(1,852	)		(3,628	)		(2,710	)		(4,263	)		(5,605	)		45,853
Add: Share-based compensation expense		5,240			1,464			1,877			842			4,356			949			1,167			2,037			17,932
Add: Amortization of intangible assets		1,657			55			3,156			549			8			411			28			115			5,979

Adjusted EBITA		92,176			(3,511	)		(11,305	)		(461	)		736			(1,350	)		(3,068	)		(3,453	)		69,764

Adjusted EBITA margin		33	%		(12	)%		(54	)%		(2	)%		2	%		(8	)%		(216	)%		N/A			17	%

	Three months ended September 30,												% of
	2021					2022							Revenue
	RMB		% of Revenue			RMB		US$		% of Revenue			YoY change

	(in millions, except percentages)
Costs and expenses:
Cost of revenue		129,750		64	%		131,210		18,445		64	%	0	%
Product development expenses		15,297		8	%		15,150		2,130		7	%	(1	)%
Sales and marketing expenses		28,857		14	%		22,359		3,143		11	%	(3	)%
General and administrative expenses		8,874		5	%		10,591		1,488		5	%	0	%
Amortization of intangible assets		2,906		2	%		2,729		384		1	%	(1	)%
Total costs and expenses		185,684		93	%		182,039		25,590		88	%	(5	)%

Share-based compensation expense:
Cost of revenue		2,419		1	%		1,202		169		1	%	0	%
Product development expenses		4,446		2	%		3,834		539		2	%	0	%
Sales and marketing expenses		1,237		1	%		871		122		0	%	(1	)%
General and administrative expenses		2,019		1	%		1,880		264		1	%	0	%
Total share-based compensation expense		10,121		5	%		7,787		1,094		4	%	(1	)%

Costs and expenses excluding share-based compensation expense:
Cost of revenue		127,331		63	%		130,008		18,276		63	%	0	%
Product development expenses		10,851		6	%		11,316		1,591		5	%	(1	)%
Sales and marketing expenses		27,620		13	%		21,488		3,021		11	%	(2	)%
General and administrative expenses		6,855		4	%		8,711		1,224		4	%	0	%
Amortization of intangible assets		2,906		2	%		2,729		384		1	%	(1	)%
Total costs and expenses excluding share-based compensation expense		175,563		88	%		174,252		24,496		84	%	(4	)%

	Three months ended September 30,									Six months ended September 30,
	2021			2022						2021			2022
	RMB			RMB			US$			RMB			RMB			US$

	(in millions, except per share data)									(in millions, except per share data)
Revenue		200,690			207,176			29,124			406,430			412,731			58,021
Cost of revenue		(129,750	)		(131,210	)		(18,445	)		(253,847	)		(260,867	)		(36,672	)
Product development expenses		(15,297	)		(15,150	)		(2,130	)		(28,816	)		(29,343	)		(4,125	)
Sales and marketing expenses		(28,857	)		(22,359	)		(3,143	)		(55,893	)		(47,937	)		(6,740	)
General and administrative expenses		(8,874	)		(10,591	)		(1,488	)		(16,042	)		(19,024	)		(2,674	)
Amortization of intangible assets		(2,906	)		(2,729	)		(384	)		(5,979	)		(5,480	)		(770	)

Income from operations		15,006			25,137			3,534			45,853			50,080			7,040
Interest and investment income, net		(11,456	)		(42,452	)		(5,968	)		2,645			(37,083	)		(5,213	)
Interest expense		(1,267	)		(1,388	)		(195	)		(2,534	)		(2,632	)		(370	)
Other income, net		1,663			2,944			414			3,820			3,053			429

Income (Loss) before income tax and share of results of equity method investees		3,946			(15,759	)		(2,215	)		49,784			13,418			1,886
Income tax expenses		(6,087	)		(2,572	)		(362	)		(15,183	)		(7,971	)		(1,120	)
Share of results of equity method investees		5,518			(4,136	)		(581	)		11,611			(7,616	)		(1,071	)

Net income (loss)		3,377			(22,467	)		(3,158	)		46,212			(2,169	)		(305	)
Net loss attributable to noncontrolling interests		2,111			2,034			286			4,344			4,395			618

Net income (loss) attributable to Alibaba Group Holding Limited		5,488			(20,433	)		(2,872	)		50,556			2,226			313

Accretion of mezzanine equity		(121	)		(128	)		(18	)		(48	)		(48	)		(7	)
Net income (loss) attributable to ordinary shareholders		5,367			(20,561	)		(2,890	)		50,508			2,178			306

Earnings (Loss) per share attributable to ordinary shareholders⁽¹⁾
Basic		0.25			(0.97	)		(0.14	)		2.33			0.10			0.01
Diluted		0.25			(0.97	)		(0.14	)		2.30			0.10			0.01

Earnings (Loss) per ADS attributable to ordinary shareholders⁽¹⁾
Basic		1.99			(7.77	)		(1.09	)		18.66			0.82			0.12
Diluted		1.97			(7.77	)		(1.09	)		18.44			0.82			0.12

Weighted average number of shares used in calculating earnings per ordinary share (million shares)⁽¹⁾
Basic		21,562			21,164						21,658			21,231
Diluted		21,794			21,164						21,916			21,329

	As of March 31,		As of September 30,
	2022		2022
	RMB		RMB		US$

	(in millions)
Assets
Current assets:
Cash and cash equivalents		189,898		206,711		29,059
Short-term investments		256,514		270,166		37,979
Restricted cash and escrow receivables		37,455		40,139		5,643
Equity securities and other investments		8,673		10,233		1,439
Prepayments, receivables and other assets		145,995		150,460		21,151
Total current assets		638,535		677,709		95,271

Equity securities and other investments		223,611		198,197		27,862
Prepayments, receivables and other assets		113,147		111,658		15,697
Investment in equity method investees		219,642		219,964		30,922
Property and equipment, net		171,806		179,567		25,243
Intangible assets, net		59,231		54,431		7,652
Goodwill		269,581		271,018		38,099
Total assets		1,695,553		1,712,544		240,746

Liabilities, Mezzanine Equity and Shareholders’ Equity
Current liabilities:
Current bank borrowings		8,841		6,619		930
Current unsecured senior notes		—		4,983		701
Income tax payable		21,753		16,758		2,356
Accrued expenses, accounts payable and other liabilities		271,460		271,863		38,218
Merchant deposits		14,747		13,530		1,902
Deferred revenue and customer advances		66,983		69,108		9,715
Total current liabilities		383,784		382,861		53,822

	Three months ended September 30,							Six months ended September 30,
	2021		2022					2021			2022
	RMB		RMB		US$			RMB			RMB			US$

	(in millions)							(in millions)
Net income (loss)	3,377		(22,467	)		(3,158	)		46,212			(2,169	)		(305	)
Adjustments to reconcile net income (loss) to non-GAAP net income:
Share-based compensation expense	10,121		7,787			1,094			17,932			14,512			2,040
Amortization of intangible assets	2,906		2,729			384			5,979			5,480			770
Impairment of investments	3,120		10,020			1,408			3,517			13,134			1,846
Loss on deemed disposals/disposals/ revaluation of investments and others	11,273		38,560			5,421			649			36,848			5,180
Equity-settled donation expense	—		511			72			—			511			72
Tax effects ⁽¹⁾	(2,273	)	(3,320	)		(467	)		(2,324	)		(4,244	)		(596	)

Non-GAAP net income	28,524		33,820			4,754			71,965			64,072			9,007

(1)	See the table above for the reconciliation of net income (loss) to non-GAAP net income for more information of these non-GAAP adjustments.
(2)	Diluted earnings (loss) per share is derived from net income (loss) attributable to ordinary shareholders for computing diluted earnings (loss) per share divided by weighted average number of shares on a diluted basis. Diluted earnings (loss) per ADS is derived from the diluted earnings (loss) per share after adjustment to the ordinary share-to-ADS ratio.
(3)	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 for computing non-GAAP diluted earnings per share. 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.
(4)	Each ADS represents eight ordinary shares.

	Three months ended September 30,
	2021					2022
	RMB		% of Revenue			RMB		US$		% of Revenue			YoY % Change

	(in millions, except percentages)
China commerce:
China commerce retail
- Customer management		71,131		36	%		66,497		9,348		32	%		(7	)%
- Direct sales and others⁽¹⁾		60,815		30	%		64,725		9,099		31	%		6	%
		131,946		66	%		131,222		18,447		63	%		(1	)%
China commerce wholesale		4,174		2	%		4,209		592		2	%		1	%
Total China commerce		136,120		68	%		135,431		19,039		65	%		(1	)%

International commerce:
International commerce retail		10,375		5	%		10,738		1,510		5	%		3	%
International commerce wholesale		4,717		2	%		5,009		704		3	%		6	%
Total International commerce		15,092		7	%		15,747		2,214		8	%		4	%

Local consumer services		10,806		5	%		13,073		1,838		6	%		21	%
Cainiao		9,846		5	%		13,367		1,879		7	%		36	%
Cloud		20,007		10	%		20,757		2,918		10	%		4	%
Digital media and entertainment		8,081		4	%		8,392		1,179		4	%		4	%
Innovation initiatives and others		738		1	%		409		57		0	%		(45	)%
Total		200,690		100	%		207,176		29,124		100	%		3	%