阿里巴巴-2020财年第二季度阿里巴巴财报-2020.9-13页_581kb

September Quarter 2020 Results Summary

Core Content Overview

This document outlines the financial performance of Alibaba Group for the quarter ended September 30, 2020, including revenue growth, segment performance, profitability metrics, and cash flow details. It also highlights the use of non-GAAP financial measures and the associated forward-looking statements.

Key Financial Highlights

• Total Revenue:

  • Increased by 30% YoY to RMB155,059 million (US$22,838 million).
  • Driven by growth in China commerce retail, cloud computing, and Cainiao logistics services.

• Core Commerce Revenue:

  • Grew by 29% YoY to RMB130,922 million (US$19,283 million).
  • China commerce retail revenue increased by 26% YoY to RMB95,470 million (US$14,090 million).
  • International commerce retail revenue increased by 30% YoY to RMB7,789 million (US$1,144 million).
  • Cainiao logistics services revenue increased by 73% YoY to RMB8,226 million (US$1,211 million).

• Cloud Computing Revenue:

  • Rose by 60% YoY to RMB14,899 million (US$2,194 million).
  • Driven by growth in revenues from Internet, finance, and retail industries.

• Adjusted EBITA:

  • Total Adjusted EBITA was RMB41,216 million (US$6,070 million), up 30% YoY.
  • Marketplace-based core commerce Adjusted EBITA increased by 12% YoY to RMB50,940 million (US$7,503 million).
  • Core Commerce Adjusted EBITA increased by 19% YoY to RMB45,958 million (US$6,769 million) with a margin of 35%.
  • Cloud Computing reported an Adjusted EBITA loss of RMB156 million (US$23 million).
  • Digital Media & Entertainment reported an Adjusted EBITA loss of RMB710 million (US$105 million).
  • Innovation Initiatives and Others reported an Adjusted EBITA loss of RMB2,381 million (US$351 million).

• Non-GAAP Free Cash Flow:

  • Increased by 33% YoY to RMB40,540 million (US$5,971 million).
  • Non-GAAP Free Cash Flow was RMB40,540 million (US$5,971 million).
  • Capital Expenditures were RMB14,280 million (US$2,103 million), including land use rights and construction in progress.

Segment Reporting

Non-GAAP Financial Metrics

• Non-GAAP Net Income Attributable to Ordinary Shareholders:

  • Increased by 43% YoY to RMB49,320 million (US$7,263 million).
  • Compared to RMB34,538 million (US$5,074 million) in the same quarter of 2019.

• Share of Results from Equity Method Investees:

  • Profit of RMB4,244 million (US$625 million) in Q3 2020, compared to a loss of RMB11,960 million (US$1,749 million) in Q3 2019.
  • This improvement was due to better financial performance of investees and changes in accounting treatment.

Non-GAAP Reconciliation

• Adjusted EBITA:

  • RMB41,216 million (US$6,070 million), up 30% YoY.
  • Reconciliation from GAAP Income from Operations (RMB13,634 million) includes:
    • Share-based compensation expense: RMB24,694 million (US$3,637 million)
    • Amortization of intangible assets: RMB2,888 million (US$425 million)
    • Impairment of investments and goodwill: RMB5,666 million (US$835 million)

• Non-GAAP Net Income:

  • RMB47,088 million (US$6,935 million), up 43% YoY.
  • Reconciliation from GAAP Net Income (RMB26,524 million) includes:
    • Share-based compensation expense: RMB24,694 million (US$3,637 million)
    • Amortization of intangible assets: RMB2,888 million (US$425 million)
    • Impairment of investments and goodwill: RMB5,666 million (US$835 million)
    • Less: (Loss) Gain on deemed disposals/disposals/revaluation of investments: RMB(12,721 million) (US$(1,874 million))

Notes and Reconciliation Details

• All figures are for the three months ended September 30, 2020, unless otherwise indicated.
• Non-GAAP measures include adjustments for share-based compensation, amortization, and impairment.
• Non-GAAP Free Cash Flow is calculated as Net Cash Provided by Operating Activities (RMB54,296 million) less Capital Expenditures and Acquisition of Licensed Copyrights.
• RMB to USD conversion was based on the exchange rate of RMB6.7896 to US$1.00.
• Share-based compensation and amortization are significant factors in the non-GAAP adjustments.
• Ant Group is a major equity method investee, with a RMB4,681 million (US$689 million) share of profit in Q3 2020, compared to RMB3,034 million (US$460 million) in Q2 2020.

Forward-Looking Statements and Risks

• The document includes forward-looking statements about Alibaba's future performance, growth, and strategic goals.
• Risks include:
  • Impact of the COVID-19 pandemic
  • Revenue growth expectations
  • Strategic acquisitions and investments
  • Competition and geopolitical tensions
  • Regulatory and privacy concerns
  • Security breaches
  • Fluctuations in economic conditions
  • Company culture and innovation capabilities
  • Operational complexity and international business risks

Summary of Key Metrics

• Total Revenue: RMB155,059 million (US$22,838 million)
• Core Commerce Revenue: RMB130,922 million (US$19,283 million)
• Cloud Computing Revenue: RMB14,899 million (US$2,194 million)
• Adjusted EBITA: RMB41,216 million (US$6,070 million)
• Non-GAAP Free Cash Flow: RMB40,540 million (US$5,971 million)
• Non-GAAP Net Income: RMB47,088 million (US$6,935 million)
• Share of Equity Method Investees Profit: RMB4,244 million (US$625 million)
• Capital Expenditures: RMB14,280 million (US$2,103 million)

Conclusion

The September Quarter 2020 results highlight strong revenue growth across core commerce, cloud computing, and logistics services, with non-GAAP Free Cash Flow and Adjusted EBITA also showing notable increases. Despite some segments reporting losses, the overall financial health of the company improved significantly. The use of non-GAAP measures reflects the company's focus on operational performance and long-term sustainability. Forward-looking statements and risk factors are also included, providing insight into future strategies and potential challenges.