Alibaba Group Holding Ltd 6-K, filed Feb 7, 2024

Alibaba Group Holding Ltd (BABA)

6-K 2024-02-07 For: 2024-02-07

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Added on April 02, 2026

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Alibaba Group Holding Ltd filed this 6-K on February 7, 2024.

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	ALIBABA GROUP HOLDING LIMITED

Date: February 7, 2024	By:	/s/ Toby Hong XU
	Name:	Toby Hong XU
	Title:	Chief Financial Officer

	Three months ended December 31,
	2022			2023					YoY %
	RMB			RMB			US$		Change

	(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⁾

	Three months ended December 31,
	2022			2023						YoY %
	RMB			RMB			US$			Change

	(in millions, except percentages)
Taobao and Tmall Group:
China commerce retail
- 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	%
China commerce wholesale		4,329			5,308			747			23	%
Total Taobao and Tmall Group		127,065			129,070			18,179			2	%

Cloud Intelligence Group		27,364			28,066			3,953			3	%

Alibaba International Digital Commerce Group:
International commerce retail		14,954			23,260			3,276			56	%
International commerce wholesale		4,870			5,256			740			8	%
Total Alibaba International Digital Commerce Group		19,824			28,516			4,016			44	%

Cainiao Smart Logistics Network Limited		23,023			28,476			4,011			24	%
Local Services Group		13,397			15,160			2,135			13	%
Digital Media and Entertainment Group		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 December 31,
	2022			2023						YoY %
	RMB			RMB			US$			Change

	(in millions, except percentages)
Taobao and Tmall Group:
China commerce retail
- 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	%
China commerce wholesale		13,722			15,527			2,187			13	%
Total Taobao and Tmall Group		323,317			341,677			48,124			6	%

Cloud Intelligence Group		78,755			80,779			11,377			3	%

Alibaba International Digital Commerce Group:
International commerce retail		36,686			59,376			8,363			62	%
International commerce wholesale		14,905			15,774			2,222			6	%
Total Alibaba International Digital Commerce Group		51,591			75,150			10,585			46	%

Cainiao Smart Logistics Network Limited		58,597			74,463			10,488			27	%
Local Services Group		37,909			45,174			6,363			19	%
Digital Media and Entertainment Group		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	%

	Three months ended December 31,
	2022			2023						YoY %
	RMB			RMB			US$			Change ⁽⁴⁾

	(in millions, except percentages)
Taobao and Tmall Group		59,245			59,930			8,441			1	%
Cloud Intelligence Group		1,269			2,364			333			86	%
Alibaba International Digital Commerce Group		(645	)		(3,146	)		(443	)		(388	)%
Cainiao Smart Logistics Network Limited		(12	)		961			135			N/A
Local Services Group		(2,923	)		(2,068	)		(291	)		29	%
Digital Media and Entertainment Group		(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	)%

	Three months ended December 31,												% of
	2022					2023							Revenue
	RMB		% of Revenue			RMB		US$		% of Revenue			YoY change

	(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	%

	As of March 31,		As of December 31,
	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
Goodwill		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

(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.

	Three months ended December 31,
	2022			2023
	RMB			RMB			US$

	(in millions)
Share of profit (loss) of equity method investees
- Ant Group		1,005			80			11
- Others		(807	)		(864	)		(122	)
Impairment loss		(132	)		(11	)		(2	)
Others⁽¹⁾		(959	)		(818	)		(115	)
Total		(893	)		(1,613	)		(228	)

	Three months ended December 31,									Nine months ended December 31,
	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 Alibaba Group Holding Limited		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⁾

	As of March 31,			As of December 31,
	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
Treasury shares at cost		(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