Alibaba Group Holding Ltd 6-K, filed May 18, 2023

Alibaba Group Holding Ltd (BABA)

6-K 2023-05-18 For: 2023-05-18

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Added on July 04, 2026

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Alibaba Group Holding Ltd filed this 6-K on May 18, 2023.

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	ALIBABA GROUP HOLDING LIMITED

Date: May 18, 2023	By:	/s/ Toby Hong XU
	Name:	Toby Hong XU
	Title:	Chief Financial Officer

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

	(in millions, except percentages and per share amounts)
Revenue		204,052			208,200			30,316		2	%

Income from operations		16,717			15,240			2,219		(9	)%⁽²⁾
Operating margin		8	%		7	%
Adjusted EBITDA⁽¹⁾		23,373			32,123			4,677		37	%⁽³⁾
Adjusted EBITDA margin⁽¹⁾		11	%		15	%
Adjusted EBITA⁽¹⁾		15,811			25,280			3,681		60	%⁽³⁾
Adjusted EBITA margin⁽¹⁾		8	%		12	%

Net (loss) income		(18,357	)⁽⁴⁾		21,996	⁽⁴⁾		3,203		N/A
Net (loss) income attributable to ordinary shareholders		(16,241	)⁽⁴⁾		23,516	⁽⁴⁾		3,424		N/A
Non-GAAP net income⁽¹⁾		19,799			27,375			3,986		38	%⁽³⁾

Diluted (loss) earnings per share⁽⁵⁾		(0.76	)⁽⁴⁾		1.12	⁽⁴⁾		0.16		N/A
Diluted (loss) earnings per ADS⁽⁵⁾		(6.07	)⁽⁴⁾		9.00	⁽⁴⁾		1.31		N/A
Non-GAAP diluted earnings per share^(1) (5)		0.99			1.34			0.20		35	%^(3) (6)
Non-GAAP diluted earnings per ADS^(1) (5)		7.95			10.71			1.56		35	%^(3) (6)

	Three months ended March 31, 2023
	China commerce⁽¹⁾			International commerce			Local consumer services⁽¹⁾			Cainiao			Cloud			Digital media and entertainment			Innovation initiatives and others			Unallocated⁽²⁾			Consolidated
	RMB			RMB			RMB			RMB			RMB			RMB			RMB			RMB			RMB			US$

	(in millions, except percentages)
Revenue		136,073			18,541			12,549			13,619			18,582			8,273			563			—			208,200			30,316
YoY% change		(3	)%		29	%		17	%		18	%		(2	)%		3	%		47	%		N/A			2	%

Income (Loss) from operations		36,529			(2,974	)		(6,599	)		(1,167	)		(910	)		(1,702	)		(2,437	)		(5,500	)		15,240			2,219
Add: Share-based compensation expense		1,544			620			1,063			596			1,292			441			396			1,594			7,546			1,099
Add: Amortization of intangible assets		414			24			1,383			252			3			159			211			48			2,494			363
Adjusted EBITA		38,487			(2,330	)		(4,153	)		(319	)		385			(1,102	)		(1,830	)		(3,858	)		25,280			3,681
Adjusted EBITA YoY% change⁽³⁾		19	%		9	%		25	%		65	%		39	%		44	%		25	%		(19	)%		60	%
Adjusted EBITA margin		28	%		(13	)%		(33	)%		(2	)%		2	%		(13	)%		(325	)%		N/A			12	%

	Three months ended March 31, 2022

	China commerce⁽¹⁾			International commerce			Local consumer services⁽¹⁾			Cainiao			Cloud			Digital media and entertainment			Innovation initiatives and others			Unallocated⁽²⁾			Consolidated

	RMB			RMB			RMB			RMB			RMB			RMB			RMB			RMB			RMB

	(in millions, except percentages)
Revenue		140,079			14,335			10,696			11,582			18,971			8,005			384			—			204,052

Income (Loss) from operations		32,556			(1,918	)		(6,588	)		(1,081	)		598			(2,170	)		(2,727	)		(1,953	)		16,717
Add: Share-based compensation expense		(902	)		(664	)		(479	)		(85	)		(326	)		5			64			(1,350	)		(3,737	)
Add: Amortization of intangible assets		580			19			1,499			254			4			199			211			65			2,831
Adjusted EBITA		32,234			(2,563	)		(5,568	)		(912	)		276			(1,966	)		(2,452	)		(3,238	)		15,811
Adjusted EBITA margin		23	%		(18	)%		(52	)%		(8	)%		1	%		(25	)%		(639	)%		N/A			8	%

	Three months ended March 31,
	2022					2023
	RMB		% of Revenue			RMB		US$		% of Revenue			YoY % Change

	(in millions, except percentages)
China commerce:
China commerce retail
- Customer management		63,421		31	%		60,274		8,777		29	%		(5	)%
- Direct sales and others^(1) (2)		72,275		36	%		71,788		10,453		34	%		(1	)%
		135,696		67	%		132,062		19,230		63	%		(3	)%
China commerce wholesale		4,383		2	%		4,011		584		2	%		(8	)%
Total China commerce		140,079		69	%		136,073		19,814		65	%		(3	)%

International commerce:
International commerce retail		9,887		5	%		13,967		2,034		7	%		41	%
International commerce wholesale		4,448		2	%		4,574		666		2	%		3	%
Total International commerce		14,335		7	%		18,541		2,700		9	%		29	%

Local consumer services⁽¹⁾		10,696		5	%		12,549		1,827		6	%		17	%
Cainiao		11,582		6	%		13,619		1,983		7	%		18	%
Cloud		18,971		9	%		18,582		2,706		9	%		(2	)%
Digital media and entertainment		8,005		4	%		8,273		1,204		4	%		3	%
Innovation initiatives and others		384		0	%		563		82		0	%		47	%
Total		204,052		100	%		208,200		30,316		100	%		2	%

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

	(in millions, except percentages)
Costs and expenses:
Cost of revenue		138,945			68	%		138,823		20,214		67	%		(1	)%
Product development expenses		10,944			5	%		13,880		2,021		7	%		2	%
Sales and marketing expenses		27,200			13	%		24,931		3,630		12	%		(1	)%
General and administrative expenses		7,415			4	%		12,832		1,869		6	%		2	%
Amortization of intangible assets		2,831			2	%		2,494		363		1	%		(1	)%
Total costs and expenses		187,335			92	%		192,960		28,097		93	%		1	%

Share-based compensation expense:
Cost of revenue		(692	)		0	%		1,235		180		1	%		1	%
Product development expenses		(1,407	)		(1	)%		2,938		428		2	%		3	%
Sales and marketing expenses		(199	)		0	%		858		125		0	%		0	%
General and administrative expenses		(1,439	)		(1	)%		2,515		366		1	%		2	%
Total share-based compensation expense		(3,737	)		(2	)%		7,546		1,099		4	%		6	%

Costs and expenses excluding share-based compensation expense:
Cost of revenue		139,637			68	%		137,588		20,034		66	%		(2	)%
Product development expenses		12,351			6	%		10,942		1,593		5	%		(1	)%
Sales and marketing expenses		27,399			13	%		24,073		3,505		12	%		(1	)%
General and administrative expenses		8,854			5	%		10,317		1,503		5	%		0	%
Amortization of intangible assets		2,831			2	%		2,494		363		1	%		(1	)%
Total costs and expenses excluding share-based compensation expense		191,072			94	%		185,414		26,998		89	%		(5	)%

	Year ended March 31,
	2022			2023					YoY %
	RMB			RMB			US$		Change

	(in millions, except percentages and per share amounts)
Revenue		853,062			868,687			126,491		2	%

Income from operations		69,638			100,351			14,612		44	%⁽²⁾
Operating margin		8	%		12	%
Adjusted EBITDA⁽¹⁾		158,205			175,710			25,585		11	%⁽³⁾
Adjusted EBITDA margin⁽¹⁾		19	%		20	%
Adjusted EBITA⁽¹⁾		130,397			147,911			21,538		13	%⁽³⁾
Adjusted EBITA margin⁽¹⁾		15	%		17	%

Net income		47,079			65,573			9,548		39	%⁽⁴⁾
Net income attributable to ordinary shareholders		61,959			72,509			10,558		17	%⁽⁴⁾
Non-GAAP net income⁽¹⁾		136,388			141,379			20,586		4	%⁽³⁾

Diluted earnings per share⁽⁵⁾		2.84			3.43			0.50		21	%^(4) (6)
Diluted earnings per ADS⁽⁵⁾		22.74			27.46			4.00		21	%^(4) (6)
Non-GAAP diluted earnings per share^(1) (5)		6.59			6.82			0.99		4	%^{(3) (6)}
Non-GAAP diluted earnings per ADS^(1) (5)		52.69			54.56			7.94		4	%^(3) (6)

	Year ended March 31, 2023
	China commerce⁽¹⁾		International commerce		Local consumer services⁽¹⁾		Cainiao		Cloud		Digital media and entertainment		Innovation initiatives and others		Unallocated⁽²⁾		Consolidated
	RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB		US$

	(in millions, except percentages)
Revenue	582,731		69,204		50,112		55,681		77,203		31,482		2,274		—		868,687		126,491
YoY% change	(1	)%	13	%	12	%	21	%	4	%	(2	)%	(20	)%	N/A		2	%

Income (Loss) from operations	172,191		(8,429	)	(23,302	)	(3,622	)	(5,151	)	(4,638	)	(9,409	)	(17,289	)	100,351		14,612
Add: Share-based compensation expense	7,969		2,716		3,672		2,218		6,561		1,756		1,658		4,281		30,831		4,489
Add: Amortization and impairment of intangible assets	4,702		93		5,609		1,013		12		1,008		844		223		13,504		1,967
Add: Impairment of goodwill	—		—		—		—		—		—		—		2,714		2,714		395
Add: Equity-settled donation expense	—		—		—		—		—		—		—		511		511		75

Adjusted EBITA	184,862		(5,620	)	(14,021	)	(391	)	1,422		(1,874	)	(6,907	)	(9,560	)	147,911		21,538
Adjusted EBITA YoY% change⁽³⁾	1	%	37	%	37	%	73	%	24	%	60	%	3	%	(8	)%	13	%
Adjusted EBITA margin	32	%	(8	)%	(28	)%	(1	)%	2	%	(6	)%	(304	)%	N/A		17	%

	Year ended March 31, 2022
	China commerce⁽¹⁾		International commerce			Local consumer services⁽¹⁾		Cainiao		Cloud		Digital media and entertainment		Innovation initiatives and others		Unallocated⁽²⁾		Consolidated
	RMB		RMB			RMB		RMB		RMB		RMB		RMB		RMB		RMB

	(in millions, except percentages)
Revenue	591,580			61,078		44,616		46,107		74,568		32,272		2,841		—		853,062

Income (Loss) from operations	172,536			(10,655	)	(30,802	)	(3,920	)	(5,167	)	(7,019	)	(9,424	)	(35,911	)	69,638
Add: Share-based compensation expense	7,078			1,569		2,556		1,396		6,297		1,520		1,839		1,716		23,971
Add: Amortization of intangible assets	2,817			95		6,154		1,059		16		809		456		241		11,647
Add: Impairment of goodwill	—			—		—		—		—		—		—		25,141		25,141

Adjusted EBITA	182,431			(8,991	)	(22,092	)	(1,465	)	1,146		(4,690	)	(7,129	)	(8,813	)	130,397
Adjusted EBITA margin	31	%		(15	)%	(50	)%	(3	)%	2	%	(15	)%	(251	)%	N/A		15	%

	Year ended March 31,												% of
	2022					2023							Revenue
	RMB		% of Revenue			RMB		US$		% of Revenue			YoY change

	(in millions, except percentages)
Costs and expenses:
Cost of revenue		539,450		63	%		549,695		80,042		63	%		0	%
Product development expenses		55,465		7	%		56,744		8,263		7	%		0	%
Sales and marketing expenses		119,799		14	%		103,496		15,070		12	%		(2	)%
General and administrative expenses		31,922		4	%		42,183		6,142		5	%		1	%
Amortization and impairment of intangible assets		11,647		1	%		13,504		1,967		1	%		0	%
Impairment of goodwill		25,141		3	%		2,714		395		0	%		(3	)%
Total costs and expenses		783,424		92	%		768,336		111,879		88	%		(4	)%

Share-based compensation expense:
Cost of revenue		5,725		1	%		5,710		831		1	%		0	%
Product development expenses		11,035		1	%		13,514		1,968		2	%		1	%
Sales and marketing expenses		3,050		0	%		3,710		540		0	%		0	%
General and administrative expenses		4,161		1	%		7,897		1,150		1	%		0	%
Total share-based compensation expense		23,971		3	%		30,831		4,489		4	%		1	%

Costs and expenses excluding share-based compensation expense:
Cost of revenue		533,725		62	%		543,985		79,211		62	%		0	%
Product development expenses		44,430		6	%		43,230		6,295		5	%		(1	)%
Sales and marketing expenses		116,749		14	%		99,786		14,530		12	%		(2	)%
General and administrative expenses		27,761		3	%		34,286		4,992		4	%		1	%
Amortization and impairment of intangible assets		11,647		1	%		13,504		1,967		1	%		0	%
Impairment of goodwill		25,141		3	%		2,714		395		0	%		(3	)%
Total costs and expenses excluding share-based compensation expense		759,453		89	%		737,505		107,390		84	%		(5	)%

	As of March 31,		As of March 31,
	2022		2023
	RMB		RMB		US$

	(in millions)
Assets
Current assets:
Cash and cash equivalents		189,898		193,086		28,115
Short-term investments		256,514		326,492		47,541
Restricted cash and escrow receivables		37,455		36,424		5,304
Equity securities and other investments		8,673		4,892		712
Prepayments, receivables and other assets⁽¹⁾		145,995		137,072		19,960
Total current assets		638,535		697,966		101,632

Equity securities and other investments		223,611		245,737		35,782
Prepayments, receivables and other assets		113,147		110,926		16,152
Investment in equity method investees		219,642		207,380		30,197
Property and equipment, net		171,806		176,031		25,632
Intangible assets, net		59,231		46,913		6,831
Goodwill		269,581		268,091		39,037
Total assets		1,695,553		1,753,044		255,263

Liabilities, Mezzanine Equity and Shareholders’ Equity
Current liabilities:
Current bank borrowings		8,841		7,466		1,087
Current unsecured senior notes		—		4,800		699
Income tax payable		21,753		12,543		1,826
Accrued expenses, accounts payable and other liabilities		271,460		275,950		40,182
Merchant deposits		14,747		13,297		1,936
Deferred revenue and customer advances		66,983		71,295		10,381
Total current liabilities		383,784		385,351		56,111

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