Alibaba Group Holding Ltd 6-K, filed May 26, 2022

Alibaba Group Holding Ltd (BABA)

6-K 2022-05-26 For: 2022-05-26

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Added on April 02, 2026

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Alibaba Group Holding Ltd filed this 6-K on May 26, 2022.

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	ALIBABA GROUP HOLDING LIMITED

Date: May 26, 2022	By:	/s/ Toby Hong XU
	Name:	Toby Hong XU
	Title:	Chief Financial Officer

	Three months ended March 31,
	2021			2022						YoY %
	RMB			RMB			US$			Change⁽⁷⁾

	(in millions, except percentages and per share amounts)
Revenue		187,395			204,052			32,188			9	%

(Loss) Income from operations		(7,663	)⁽²⁾		16,717	⁽²⁾		2,637			N/A
Operating margin		(4	)%		8	%
Adjusted EBITDA⁽¹⁾		29,898			23,373			3,687			(22	)%⁽³⁾
Adjusted EBITDA margin⁽¹⁾		16	%		11	%
Adjusted EBITA⁽¹⁾		22,612			15,811			2,494			(30	)%⁽³⁾
Adjusted EBITA margin⁽¹⁾		12	%		8	%

Net loss		(7,654	)		(18,357	)		(2,896	)		(140	)%⁽⁴⁾
Net loss attributable to ordinary shareholders		(5,479	)		(16,241	)		(2,562	)		(196	)%⁽⁴⁾
Non-GAAP net income⁽¹⁾		26,216			19,799			3,123			(24	)%⁽³⁾

Diluted loss per share⁽⁵⁾		(0.25	)		(0.76	)		(0.12	)		(205	)%^(4) (6)
Diluted loss per ADS⁽⁵⁾		(1.99	)		(6.07	)		(0.96	)		(205	)%^(4) (6)
Non-GAAP diluted earnings per share^(1) (5)		1.29			0.99			0.16			(23	)%^(3) (6)
Non-GAAP diluted earnings per ADS^(1) (5)		10.32			7.95			1.25			(23	)%^(3) (6)

	Three months ended March 31, 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		140,330			14,335			10,445			11,582			18,971			8,005			384			—			204,052			32,188
YoY% change		8	%		7	%		29	%		16	%		12	%		(1	)%		(35	)%		—			9	%

Income (Loss) from operations		32,471			(1,918	)		(6,503	)		(1,081	)		598			(2,170	)		(2,727	)		(1,953	)		16,717			2,637
Add: Share-based compensation expense		(902	)		(664	)		(479	)		(85	)		(326	)		5			64			(1,350	)		(3,737	)		(590	)
Add: Amortization of intangible assets		580			19			1,499			254			4			199			211			65			2,831			447

Adjusted EBITA		32,149			(2,563	)		(5,483	)		(912	)		276			(1,966	)		(2,452	)		(3,238	)		15,811			2,494
Adjusted EBITA YoY% change⁽²⁾		(19	)%		(3	)%		17	%		(56	)%		N/A			27	%		(49	)%		(30	)%		(30	)%
Adjusted EBITA margin		23	%		(18	)%		(52	)%		(8	)%		1	%		(25	)%		(639	)%		—			8	%

	Three months ended March 31, 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		130,391			13,416			8,123			9,959			16,865			8,047			594			—			187,395

Income (Loss) from operations		36,165			(3,416	)		(9,443	)		(1,089	)		(2,337	)		(3,565	)		(2,135	)		(21,843	)		(7,663	)
Add: Share-based compensation expense		2,500			884			850			229			1,989			646			471			1,063			8,632
Add: Amortization of intangible assets		835			49			1,960			275			6			221			16			53			3,415
Add: Fine imposed pursuant to China’s Anti-monopoly Law		—			—			—			—			—			—			—			18,228			18,228

Adjusted EBITA		39,500			(2,483	)		(6,633	)		(585	)		(342	)		(2,698	)		(1,648	)		(2,499	)		22,612
Adjusted EBITA margin		30	%		(19	)%		(82	)%		(6	)%		(2	)%		(34	)%		(277	)%		—			12	%

	Three months ended March 31,
	2021					2022
	RMB		% of Revenue			RMB		US$		% of Revenue			YoY % Change

	(in millions, except percentages)
China commerce:
China commerce retail
- Customer management		63,224		34	%		63,421		10,004		31	%		0	%
- Direct sales and others⁽¹⁾		63,797		34	%		72,526		11,441		36	%		14	%
		127,021		68	%		135,947		21,445		67	%		7	%
China commerce wholesale		3,370		2	%		4,383		692		2	%		30	%
Total China commerce		130,391		70	%		140,330		22,137		69	%		8	%

International commerce:
International commerce retail		9,496		5	%		9,887		1,560		5	%		4	%
International commerce wholesale		3,920		2	%		4,448		701		2	%		13	%
Total International commerce		13,416		7	%		14,335		2,261		7	%		7	%

Local consumer services		8,123		4	%		10,445		1,647		5	%		29	%
Cainiao		9,959		5	%		11,582		1,827		6	%		16	%
Cloud		16,865		9	%		18,971		2,993		9	%		12	%
Digital media and entertainment		8,047		4	%		8,005		1,263		4	%		(1	)%
Innovation initiatives and others		594		1	%		384		60		0	%		(35	)%
Total		187,395		100	%		204,052		32,188		100	%		9	%

	Three months ended March 31,														% of
	2021					2022									Revenue
	RMB		% of Revenue			RMB			US$			% of Revenue			YoY change

	(in millions, except percentages)
Costs and expenses:
Cost of revenue		125,454		67	%		138,945			21,918			68	%		1	%
Product development expenses		13,302		7	%		10,944			1,726			5	%		(2	)%
Sales and marketing expenses		25,153		14	%		27,200			4,291			13	%		(1	)%
General and administrative expenses		27,734		14	%		7,415			1,169			4	%		(10	)%
Amortization of intangible assets		3,415		2	%		2,831			447			2	%		0	%
Total costs and expenses		195,058		104	%		187,335			29,551			92	%		(12	)%

Share-based compensation expense:
Cost of revenue		1,750		1	%		(692	)		(109	)		0	%		(1	)%
Product development expenses		3,785		2	%		(1,407	)		(222	)		(1	)%		(3	)%
Sales and marketing expenses		1,001		1	%		(199	)		(32	)		0	%		(1	)%
General and administrative expenses		2,096		1	%		(1,439	)		(227	)		(1	)%		(2	)%
Total share-based compensation expense		8,632		5	%		(3,737	)		(590	)		(2	)%		(7	)%

Costs and expenses excluding share-based compensation expense:
Cost of revenue		123,704		66	%		139,637			22,027			68	%		2	%
Product development expenses		9,517		5	%		12,351			1,948			6	%		1	%
Sales and marketing expenses		24,152		13	%		27,399			4,323			13	%		0	%
General and administrative expenses		25,638		13	%		8,854			1,396			5	%		(8	)%
Amortization of intangible assets		3,415		2	%		2,831			447			2	%		0	%
Total costs and expenses excluding share-based compensation expense		186,426		99	%		191,072			30,141			94	%		(5	)%

(1)	This represents Alibaba Group share-based awards granted to our employees.
(2)	This represents Ant Group share-based awards granted to our employees, which is subject to mark-to-market accounting treatment.
(3)	This represents share-based awards of our subsidiaries

	Year ended March 31,
	2021			2022
	RMB			RMB			US$		YoY % Change⁽⁸⁾

	(in millions, except percentages and per share amounts)
Revenue		717,289			853,062			134,567		19	%

Income from operations		89,678			69,638			10,985		(22	)%⁽²⁾
Operating margin		13	%		8	%
Adjusted EBITDA⁽¹⁾		196,842			158,205			24,956		(20	)%⁽³⁾
Adjusted EBITDA margin⁽¹⁾		27	%		19	%
Adjusted EBITA⁽¹⁾		170,453			130,397			20,570		(23	)%⁽³⁾
Adjusted EBITA margin⁽¹⁾		24	%		15	%

Net income		143,284			47,079			7,427		(67	)%⁽⁴⁾
Net income attributable to ordinary shareholders⁽⁵⁾		150,308			61,959			9,774		(59	)%⁽⁴⁾
Non-GAAP net income⁽¹⁾		171,985			136,388			21,515		(21	)%⁽³⁾

Diluted earnings per share^(5) (6)		6.84			2.84			0.45		(58	)%^(4) (7)
Diluted earnings per ADS^(5) (6)		54.70			22.74			3.59		(58	)%^(4) (7)
Non-GAAP diluted earnings per share^(1) (6)		8.14			6.59			1.04		(19	)%^(3) (7)
Non-GAAP diluted earnings per ADS^(1) (6)		65.15			52.69			8.31		(19	)%^(3) (7)

	Year ended March 31, 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		592,705			61,078			43,491			46,107			74,568			32,272			2,841			—			853,062			134,567
YoY% change		18	%		25	%		23	%		24	%		23	%		3	%		23	%		—			19	%

Income (Loss) from operations		172,219			(10,655	)		(30,485	)		(3,920	)		(5,167	)		(7,019	)		(9,424	)		(35,911	)		69,638			10,985
Add: Share-based compensation expense		7,078			1,569			2,556			1,396			6,297			1,520			1,839			1,716			23,971			3,782
Add: Amortization of intangible assets		2,817			95			6,154			1,059			16			809			456			241			11,647			1,837
Add: Impairment of goodwill		—			—			—			—			—			—			—			25,141			25,141			3,966


Adjusted EBITA		182,114			(8,991	)		(21,775	)		(1,465	)		1,146			(4,690	)		(7,129	)		(8,813	)		130,397			20,570

Adjusted EBITA YoY% change⁽²⁾		(15	)%		(82	)%		(34	)%		(80	)%		N/A			23	%		(37	)%		(17	)%		(23	)%
Adjusted EBITA margin		31	%		(15	)%		(50	)%		(3	)%		2	%		(15	)%		(251	)%		—			15	%

	Year ended March 31, 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		501,683			48,851			35,442			37,258			60,558			31,186			2,311			—			717,289

Income (Loss) from operations		197,135			(9,361	)		(29,100	)		(3,964	)		(12,479	)		(10,321	)		(7,802	)		(34,430	)		89,678
Add: Share-based compensation expense		14,505			4,223			4,972			1,956			10,205			3,281			2,518			8,460			50,120
Add: Amortization of intangible assets		1,922			206			7,852			1,195			23			922			83			224			12,427
Add: Fine imposed pursuant to China’s Anti-monopoly Law		—			—			—			—			—			—			—			18,228			18,228


Adjusted EBITA		213,562			(4,932	)		(16,276	)		(813	)		(2,251	)		(6,118	)		(5,201	)		(7,518	)		170,453

Adjusted EBITA margin		43	%		(10	)%		(46	)%		(2	)%		(4	)%		(20	)%		(225	)%		—			24	%


	•	China commerce, which mainly includes retail businesses such as Taobao, Tmall, Taobao Deals, Taocaicai, Tmall Supermarket, Tmall Global, Freshippo, Alibaba Health, and Sun Art, as well as wholesale business including 1688.com;
	•	International commerce, which mainly includes our international retail and wholesale businesses such as Lazada, AliExpress, Trendyol, Daraz and Alibaba.com;
	•	Local consumer services, which mainly includes location-based services, such as Ele.me, Amap (previously reported under the Innovation initiatives and others segment), Fliggy and Taoxianda;
	•	Cainiao, which mainly includes our domestic and international one-stop-shop logistics services and supply chain management solutions;
	•	Cloud, which comprises Alibaba Cloud and DingTalk;
	•	Digital media and entertainment, which comprises Youku and Alibaba Pictures, as well as other content platforms and online games business; and
	•	Innovation initiatives and others, which includes businesses such as Tmall Genie and DAMO Academy.

	Year ended March 31,
	2021					2022
	RMB		% of Revenue			RMB		US$		% of Revenue			YoY % Change

	(in millions, except percentages)
China commerce:
China commerce retail
- Customer management		304,543		43	%		315,038		49,696		37	%		3	%
- Direct sales and others⁽¹⁾		182,818		25	%		260,955		41,165		30	%		43	%
		487,361		68	%		575,993		90,861		67	%		18	%
China commerce wholesale		14,322		2	%		16,712		2,636		2	%		17	%
Total China commerce		501,683		70	%		592,705		93,497		69	%		18	%

International commerce:
International commerce retail		34,455		5	%		42,668		6,731		5	%		24	%
International commerce wholesale		14,396		2	%		18,410		2,904		2	%		28	%
Total International commerce		48,851		7	%		61,078		9,635		7	%		25	%

Local consumer services		35,442		5	%		43,491		6,861		5	%		23	%
Cainiao		37,258		5	%		46,107		7,273		5	%		24	%
Cloud		60,558		8	%		74,568		11,763		9	%		23	%
Digital media and entertainment		31,186		4	%		32,272		5,091		4	%		3	%
Innovation initiatives and others		2,311		1	%		2,841		447		1	%		23	%
Total		717,289		100	%		853,062		134,567		100	%		19	%

	Year ended March 31,												% of
	2021					2022							Revenue
	RMB		% of Revenue			RMB		US$		% of Revenue			YoY change

	(in millions, except percentages)
Costs and expenses:
Cost of revenue		421,205		59	%		539,450		85,096		63	%		4	%
Product development expenses		57,236		8	%		55,465		8,749		7	%		(1	)%
Sales and marketing expenses		81,519		11	%		119,799		18,898		14	%		3	%
General and administrative expenses		55,224		8	%		31,922		5,036		4	%		(4	)%
Amortization of intangible assets		12,427		1	%		11,647		1,837		1	%		0	%
Impairment of goodwill		—		—			25,141		3,966		3	%		3	%
Total costs and expenses		627,611		87	%		783,424		123,582		92	%		5	%

Share-based compensation expense:
Cost of revenue		11,224		2	%		5,725		903		1	%		(1	)%
Product development expenses		21,474		3	%		11,035		1,741		1	%		(2	)%
Sales and marketing expenses		5,323		0	%		3,050		481		0	%		0	%
General and administrative expenses		12,099		2	%		4,161		657		1	%		(1	)%
Total share-based compensation expense		50,120		7	%		23,971		3,782		3	%		(4	)%

Costs and expenses excluding share-based compensation expense:
Cost of revenue		409,981		57	%		533,725		84,193		62	%		5	%
Product development expenses		35,762		5	%		44,430		7,008		6	%		1	%
Sales and marketing expenses		76,196		11	%		116,749		18,417		14	%		3	%
General and administrative expenses		43,125		6	%		27,761		4,379		3	%		(3	)%
Amortization of intangible assets		12,427		1	%		11,647		1,837		1	%		0	%
Impairment of goodwill		—		—			25,141		3,966		3	%		3	%
Total costs and expenses excluding share-based compensation expense		577,491		80	%		759,453		119,800		89	%		9	%

	As of March 31,		As of March 31,
	2021		2022
	RMB		RMB		US$

	(in millions)
Assets
Current assets:
Cash and cash equivalents		321,262		189,898		29,956
Short-term investments		152,376		256,514		40,464
Restricted cash and escrow receivables		35,207		37,455		5,908
Equity securities and other investments		9,807		8,673		1,368
Prepayments, receivables and other assets⁽¹⁾		124,708		145,995		23,030
Total current assets		643,360		638,535		100,726

Equity securities and other investments		237,221		223,611		35,274
Prepayments, receivables and other assets		98,432		113,147		17,849
Investment in equity method investees		200,189		219,642		34,648
Property and equipment, net		147,412		171,806		27,102
Intangible assets, net		70,833		59,231		9,343
Goodwill		292,771		269,581		42,525
Total assets		1,690,218		1,695,553		267,467

Liabilities, Mezzanine Equity and Shareholders’ Equity
Current liabilities:
Current bank borrowings		3,606		8,841		1,395
Current unsecured senior notes		9,831		—		—
Income tax payable		25,275		21,753		3,431
Accrued expenses, accounts payable and other liabilities		261,140		271,460		42,822
Merchant deposits		15,017		14,747		2,326
Deferred revenue and customer advances		62,489		66,983		10,566
Total current liabilities		377,358		383,784		60,540

The table below sets forth a reconciliation of our net income to adjusted EBITA and adjusted EBITDA for the periods indicated:

	Three months ended March 31,									Year ended March 31,
	2021			2022						2021			2022
	RMB			RMB			US$			RMB			RMB			US$

	(in millions)									(in millions)
Net (loss) income		(7,654	)		(18,357	)		(2,896	)		143,284			47,079			7,427
Adjustments to reconcile net (loss) income to adjusted EBITA and adjusted EBITDA:
Interest and investment income, net		(111	)		36,708			5,791			(72,794	)		15,702			2,477
Interest expense		1,160			1,189			188			4,476			4,909			774
Other income, net		(2,115	)		(1,620	)		(256	)		(7,582	)		(10,523	)		(1,660	)
Income tax expenses		7,049			2,079			328			29,278			26,815			4,230
Share of results of equity method investees		(5,992	)		(3,282	)		(518	)		(6,984	)		(14,344	)		(2,263	)
(Loss) Income from operations		(7,663	)		16,717			2,637			89,678			69,638			10,985
Share-based compensation expense		8,632			(3,737	)		(590	)		50,120			23,971			3,782
Amortization of intangible assets		3,415			2,831			447			12,427			11,647			1,837
Fine imposed pursuant to China’s Anti-monopoly Law		18,228			—			—			18,228			—			—
Impairment of goodwill		—			—			—			—			25,141			3,966
Adjusted EBITA		22,612			15,811			2,494			170,453			130,397			20,570
Depreciation and impairment of property and equipment, and operating lease cost relating to land use rights		7,286			7,562			1,193			26,389			27,808			4,386
Adjusted EBITDA		29,898			23,373			3,687			196,842			158,205			24,956


(2)	Diluted (loss) earnings per share is derived from net (loss) income attributable to ordinary shareholders for computing diluted (loss) earnings per share divided by weighted average number of shares on a diluted basis. Diluted (loss) earnings per ADS is derived from the diluted (loss) earnings per share after adjustment to the ordinary share-to-ADS ratio.