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December Quarter 2019 Results Summary

Core Content

This document provides a detailed summary of Alibaba Group's financial performance for the December quarter of 2019, including revenue, cost trends, segment reporting, adjusted EBITA, free cash flow, and capital expenditures. It also outlines key financial metrics and includes a reconciliation of non-GAAP measures to GAAP measures.

Main Financial Highlights

• Total Revenue: Increased by 38% YoY to RMB161,456 million (US$23,192 million).
• Core Commerce Revenue: RMB141,475 million (US$20,322 million), up 38% YoY.
  • China Commerce Retail: RMB110,458 million (US$15,822 million), up 36% YoY.
    • Customer management: RMB61,235 million (US$8,770 million), up 23% YoY.
    • Commission: RMB23,409 million (US$3,354 million), up 16% YoY.
    • Others: RMB25,814 million (US$3,670 million), up 128% YoY.
  • China Commerce Wholesale: RMB3,365 million (US$483 million), up 25% YoY.
  • International Commerce Retail: RMB7,396 million (US$1,062 million), up 27% YoY.
  • International Commerce Wholesale: RMB2,457 million (US$351 million), up 13% YoY.
  • Cainiao Logistics Services: RMB7,518 million (US$1,078 million), up 67% YoY.
  • Local Consumer Services: RMB7,584 million (US$1,087 million), up 47% YoY.
  • Others: RMB2,697 million (US$387 million), up 88% YoY.
• Cloud Computing Revenue: RMB10,721 million (US$1,540 million), up 62% YoY.
• Digital Media and Entertainment Revenue: RMB7,396 million (US$1,062 million), up 14% YoY.
• Innovation Initiatives and Others Revenue: RMB1,864 million (US$268 million), up 40% YoY.

Adjusted EBITA by Segment

• Marketplace-based Core Commerce Adjusted EBITA: Increased by 22% YoY to RMB66,371 million (US$9,534 million).
• Core Commerce Adjusted EBITA: Increased by 26% YoY to RMB58,075 million (US$8,342 million), with a margin of 41%.
• Cloud Computing Adjusted EBITA: A loss of RMB356 million (US$51 million).
• Digital Media and Entertainment Adjusted EBITA: A loss of RMB3,298 million (US$474 million).
• Innovation Initiatives and Others Adjusted EBITA: A loss of RMB1,870 million (US$269 million).

Free Cash Flow and Capital Expenditures

• Cash, Cash Equivalents, and Short-Term Investments: Increased to RMB351,946 million (US$50,554 million) as of December 31, 2019.
• Free Cash Flow: Rose by 52% YoY to RMB78,279 million (US$11,244 million).
• Capital Expenditures: Decreased due to reduced spending and increased annual service fee deposits from merchants.

Non-GAAP Financial Measures

• Non-GAAP Net Income: Increased by 56% YoY to RMB46,493 million (US$6,678 million).
• Non-GAAP Free Cash Flow: Increased by 52% YoY to RMB78,279 million (US$11,244 million).

Other Financial Metrics

• Share of Results of Equity Investees: Profit of RMB2,165 million (US$311 million) in the quarter ended December 31, 2019, compared to a loss of RMB861 million in the same quarter of 2018.
• Ant Financial: Received a 33% equity interest in September 2019, leading to an upward adjustment of RMB2.3 billion (US$330 million) to the one-time gain from the transaction.
• Impairment Loss: RMB4,842 million (US$695 million) in the quarter ended December 31, 2019.
• Dilution Gain (Loss): RMB166 million (US$24 million).

Non-GAAP Reconciliation

• Adjusted EBITA: Increased to RMB50,662 million (US$7,277 million) from RMB36,567 million (US$5,277 million) in the same quarter of 2018.
• Adjusted EBITDA: Increased to RMB55,880 million (US$8,027 million) from RMB40,708 million (US$5,880 million).
• Non-GAAP Net Income: Increased to RMB46,493 million (US$6,678 million) from RMB29,797 million (US$4,284 million).

Notes and Additional Information

• Non-GAAP Measures: Include adjusted EBITDA, adjusted EBITA, non-GAAP net income, and free cash flow.
• Segment Reporting: Excludes inter-company transactions, and unallocated expenses are primarily related to corporate administrative costs.
• Forward-Looking Statements: The document contains forward-looking statements subject to risks and uncertainties.
• GAAP to Non-GAAP Reconciliation: Detailed adjustments for share-based compensation, amortization, impairment, and other items are included.