HANGZHOU, China–(BUSINESS WIRE)–$BABA #alibaba–Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988, �Alibaba or Alibaba Group) today announced its financial results for the quarter ended December 31, 2022.
We delivered a solid quarter despite softer demand, supply chain and logistics disruptions due to impact of changes in COVID-19 measures, said Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group. Looking ahead, we expect continued recovery in consumer sentiment and economic activity. We are focused on driving growth for our customers amid the competitive landscape, and creating sustainable, long-term value for our shareholders.
During the past quarter, we continued to improve operating efficiency and cost optimization that resulted in robust profit growth, said Toby Xu, Chief Financial Officer of Alibaba Group. Our net cash position remains strong and we continue to generate healthy cash flow. During the quarter ended December 31, 2022, we repurchased 45.4 million ADSs for approximately US$3.3 billion under our share repurchase program as part of our ongoing commitment to improve our shareholder return.
BUSINESS HIGHLIGHTS
In the quarter ended December 31, 2022:
BUSINESS AND STRATEGIC UPDATES
China Commerce
China commerce segment mainly includes our China commerce retail businesses such as Taobao, Tmall, Taobao Deals, Taocaicai, Freshippo, Tmall Supermarket, Sun Art, Tmall Global and Alibaba Health, as well as wholesale businesses including 1688.com.
For the quarter ended December 31, 2022, online physical goods GMV generated on Taobao and Tmall, excluding unpaid orders, declined mid-single-digit year-over-year, mainly due to soft consumption demand and ongoing competition as well as a surge in COVID-19 cases in China that resulted in supply chain and logistics disruptions in December. The declining GMV was driven by weakening demand in fashion & accessories category, which was partially offset by accelerating growth for healthcare, pet care and fresh produce, as well as narrowing decline for consumer electronics category.
Taobao Deals, our value-for-money platform, continues to enrich product supply and enhance digital consumption experience for price sensitive consumers. Taobao Deals has continued to help an expanding base of manufacturers to sell directly to consumers (M2C) and, in the December quarter, paid GMV of M2C products grew more than 35% year-over-year on Taobao and Taobao Deals. Taocaicai continues to drive category penetration in high purchase frequency categories of groceries and fresh produce on our China retail marketplaces. During the quarter, both Taobao Deals and Taocaicai continued to narrow losses year-over-year by optimizing user acquisition and improving overall operating efficiency.
During the quarter ended December 31, 2022, our direct sales and others revenue grew 10% year-over-year to RMB74,421 million (US$10,790 million), primarily driven by strong revenue growth of Freshippo and Alibaba Health. Freshippo delivered double-digit same store sales growth and expanded its digital and physical footprints in targeted cities throughout China during the quarter. It also continued to strengthen its merchandising capability, improve delivery efficiency and enhance operations that contributed to higher gross margin and significant loss reduction year-over-year in the quarter. Benefitting from surging demand for medical and healthcare products due to COVID-19 resurgence in December, Alibaba Health achieved rapid year-over-year revenue growth during the quarter.
International Commerce
Our International commerce retail businesses include Lazada, AliExpress, Trendyol and Daraz. During the December quarter, the combined order growth of Lazada, AliExpress, Trendyol and Daraz was 3% year-over-year, primarily driven by the robust order growth of Trendyol.
During the quarter, the decline in AliExpress orders continued to narrow compared to prior quarters. AliExpress continues to improve consumer experience by strengthening its cross-border delivery capabilities in partnership with Cainiao. Cross-border delivery lead time has significantly improved in strategic countries.
In Southeast Asia, Lazada saw recovering order growth that was up slightly year-over-year. Lazada continues to improve monetization rate by offering more value-added services and to enhance operating efficiency. During the quarter, losses per order for Lazada continued to improve compared to the same period last year.
Trendyol delivered a robust year-over-year order growth in the December quarter that was driven by rapid growth of its local consumer service business and strong growth of its e-commerce business.
Local Consumer Services
Local consumer services segment includes “To-Home” and “To-Destination” businesses. For the quarter ended December 31, 2022, Local consumer services order volume growth was flat year-over-year. Segment losses continued to narrow driven by improving business efficiency of Ele.me.
To-Home
During the quarter, Ele.me continued to deliver positive GMV growth driven by higher average order value and improving year-over-year order growth that turned positive in the month of December. As COVID-19 restrictions eased in December 2022, Ele.me was able to adapt quickly to meet surging demands for groceries and medicine, and the robust growth of these non-restaurant orders with higher order value drove the increase in the overall average order value of Ele.me. For the quarter ended December 31, 2022, Ele.me’s unit economics per order continued to be positive due to increased average order value as well as reduced delivery cost per order year-over-year.
To-Destination
In the quarter ended December 31, 2022, order volume of “To-Destination” businesses slowed in the month of December, which was negatively impacted by rising COVID-19 cases throughout China. In January 2023, as COVID-19 cases stabilized and travel demand improved, Amap saw recovering demand for its usage, and Fliggys outbound travel business grew rapidly as well.
Cainiao
In the quarter ended December 31, 2022, revenue from Cainiao, before inter-segment elimination, grew 17% year-over-year to RMB23,023 million (US$3,338 million) of which 72% was generated from external customers. Revenue from Cainiao, after inter-segment elimination, grew 27% year-over-year to RMB16,553 million (US$2,400 million), primarily contributed by the increase in revenue from domestic consumer logistics services as a result of service model upgrade since late 2021 to enhance customer experience, and international fulfillment solution services.
Cainiao continues to expand its international logistics network by strengthening its end-to-end logistics capabilities, including eHubs, line-haul, sorting centers and last-mile network. In the quarter ended December 31, 2022, Cainiao commenced operation of five new international sorting centers, bringing the number of overseas sorting centers in operation to fifteen.
In China, Cainiao continues to expand its door-step delivery services for our China commerce consumers. During the 11.11 Global Shopping Festival period, peak daily door-step deliveries exceeded 18 million, including those delivered directly to door or through Cainiao Post.
Cloud
Our Cloud segment comprises Alibaba Cloud and DingTalk. For the quarter ended December 31, 2022, total revenue from our Cloud segment before inter-segment elimination, which includes revenue from services provided to other Alibaba businesses, was RMB26,693 million (US$3,870 million). For the quarter ended December 31, 2022, revenue after inter-segment elimination grew 3% year-over-year to RMB20,179 million (US$2,925 million) mainly driven by healthy public cloud growth, partially offset by declining hybrid cloud revenue, as we continue to drive high-quality, recurring revenue growth.
During the quarter, after inter-segment elimination, revenue from non-Internet industries grew 9% year-over-year and contributed 53% of overall Cloud revenue. The non-Internet revenue growth was mainly driven by solid growth of revenue from financial services, education and automobile industries, which was partially offset by the decline in revenue from public services industry. Revenue from customers in the Internet industry declined by 4% year-over-year, mainly driven by declining revenue from the top Internet customer that has gradually stopped using our overseas cloud services for its international business, partially offset by improving demands from other customers in Chinas Internet industry.
Alibaba Cloud continues to develop, expand and support our partners to better serve our enterprise customers. Highlights during the quarter ended December 31, 2022 include:
Digital Media and Entertainment
In the December quarter, Youkus daily average paying subscriber base increased 2% year-over-year, primarily driven by quality content and continued contribution from our 88VIP membership program. Youku continues to improve operating efficiency through disciplined investment in content and production capability, which resulted in narrowing of losses year-over-year for seven consecutive quarters.
Updates on ESG Initiatives
China Rural Village COVID-19 Relief Support
COVID-19 resurged in China towards the end of 2022, and we leveraged our digital, supply, and logistics capabilities to support a smooth recovery for those in need.
Türkiye Earthquake Emergency Relief
On February 6, 2023, two huge earthquakes struck Türkiye. We quickly established an emergency working group to monitor the safety of our employees in the region and delivered urgently needed supplies to support local disaster relief activities. Trendyol mobilized its resources to aid in disaster relief, including sourcing urgently needed supplies, leveraging its logistics capabilities to deliver to disaster-hit areas, and helping raise donations from the global community as part of the Türkiye Earthquake Solidarity Campaign to support NGOs providing disaster relief on the ground. Alibaba helped deliver winter supplies from China, including sleeping bags and outdoor jackets, to disaster victims in Türkiye, and helped build a digital disaster relief platform, which the Chinese Red Cross Foundation used to more effectively and efficiently coordinate Chinese organizations to participate in earthquake relief efforts.
Share Repurchases
During the quarter ended December 31, 2022, we repurchased 45.4 million ADSs (the equivalent of 363.3 million ordinary shares) for approximately US$3.3 billion under our share repurchase program. As of December 31, 2022, we had approximately 20.7 billion ordinary shares (the equivalent of 2.6 billion ADSs) outstanding, and approximately US$21.3 billion remaining under the current authorization, effective through March 2025.
DECEMBER QUARTER SUMMARY FINANCIAL RESULTS
| Three months ended December 31, |
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| 2021 |
| 2022 |
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| RMB |
| RMB |
| US$ |
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YoY % | |
| (in millions, except percentages and per share amounts) | |||||||
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Revenue | 242,580 | 247,756 | 35,921 | 2% | ||||
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Income from operations | 7,068 | 35,031 | 5,079 | 396%(2) | ||||
Operating margin | 3% | 14% |
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Adjusted EBITDA(1) | 51,364 | 59,162 | 8,578 | 15%(3) | ||||
Adjusted EBITDA margin(1) | 21% | 24% |
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Adjusted EBITA(1) | 44,822 | 52,048 | 7,546 | 16%(3) | ||||
Adjusted EBITA margin(1) | 18% | 21% |
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Net income | 19,224 | 45,746 | 6,633 | 138%(4) | ||||
Net income attributable to ordinary shareholders(5) | 27,692 | 46,815 | 6,788 | 69%(4) | ||||
Non-GAAP net income(1) | 44,624 | 49,932 | 7,239 | 12%(3) | ||||
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Diluted earnings per share(5) (6) | 1.27 | 2.24 | 0.32 | 76%(4) (7) | ||||
Diluted earnings per ADS(5) (6) | 10.19 | 17.91 | 2.60 | 76%(4) (7) | ||||
Non-GAAP diluted earnings per share(1) (6) | 2.11 | 2.41 | 0.35 | 14%(3) (7) | ||||
Non-GAAP diluted earnings per ADS(1) (6) | 16.87 | 19.26 | 2.79 | 14%(3) (7) |
________________ | ||
(1) | See the sections entitled Non-GAAP Financial Measures and Reconciliations of Non-GAAP Measures to the Nearest Comparable U.S. GAAP Measures for more information about the non-GAAP measures referred to within this results announcement. | |
(2) | The year-over-year increase was primarily due to a RMB22,427 million decrease in impairment of goodwill in relation to Digital media and entertainment segment. We excluded impairment of goodwill from our non-GAAP measurements. | |
(3) | The year-over-year increase was primarily due to the narrowed adjusted EBITA losses of International commerce, Local consumer services and Digital media and entertainment, as well as an increase in China commerce adjusted EBITA. | |
(4) | The year-over-year increase of net income was primarily due to a RMB22,427 million decrease in impairment of goodwill in relation to Digital media and entertainment segment, while net income attributable to ordinary shareholders and earnings per share/ADS would further take into account the relevant attributions to noncontrolling interests. | |
(5) | As noted in our results announcement for the quarter and fiscal year ended March 31, 2022, which we announced on May 26, 2022, net income attributable to ordinary shareholders and earnings per share/ADS in the consolidated financial information for the three months and nine months ended December 31, 2021, which we announced on February 24, 2022, were understated. This understatement was due to a non-cash goodwill impairment charge that should have been partially attributed to noncontrolling interests but was fully recorded in net income attributable to ordinary shareholders. We have performed quantitative and qualitative assessments and concluded that the effect of the attribution was not material to the consolidated financial information for the three months and nine months ended December 31, 2021. The financial results for the three months and nine months ended December 31, 2021 as presented have been revised to reflect the above attribution (Revised attribution to noncontrolling interests). | |
(6) | Each ADS represents eight ordinary shares. | |
(7) | The year-over-year percentages as stated are calculated based on the exact amount and there may be minor differences from the year-over-year percentages calculated based on the RMB amounts after rounding. |
DECEMBER QUARTER INFORMATION BY SEGMENTS
The table below sets forth selected financial information of our operating segments for the periods indicated:
| Three months ended December 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 | US$ | |||||||||||||||||||
| (in millions, except percentages) |
| |||||||||||||||||||||||||||
Revenue | 169,986 |
| 19,465 |
| 13,164 |
| 16,553 |
| 20,179 |
| 7,586 |
| 823 |
| |
| 247,756 |
| 35,921 | ||||||||||
YoY% change | (1 | )% | 18 | % | 6 | % | 27 | % | 3 | % | (6 | )% | (20 | )% | N/A |
| 2 | % |
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Income (Loss) from operations | 53,127 |
| (1,661 | ) | (5,473 | ) | (983 | ) | (1,495 | ) | (1,024 | ) | (1,933 | ) | (5,527 | ) | 35,031 |
| 5,079 | ||||||||||
Add: Share-based compensation expense | 2,390 |
| 869 |
| 942 |
| 717 |
| 1,848 |
| 522 |
| 487 |
| 998 |
| 8,773 |
| 1,272 | ||||||||||
Add: Amortization and impairment of intangible assets | 3,110 |
| 29 | 1,394 |
| 254 |
| 3 |
| 477 | 211 |
| 52 | 5,530 | 801 | ||||||||||||||
Add: Impairment of goodwill | |
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| |
| |
| |
| |
| |
| 2,714 |
| 2,714 |
| 394 | ||||||||||
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Adjusted EBITA | 58,627 |
| (763 | ) | (3,137 | ) | (12 | ) | 356 |
| (25 | ) | (1,235 | ) | (1,763 | ) | 52,048 |
| 7,546 | ||||||||||
Adjusted EBITA YoY% change(3) | 1 | % | 74 | % | 38 | % | 87 | % | 166 | % | 98 | % | 23 | % | 17 | % | 16 | % |
| ||||||||||
Adjusted EBITA margin | 34 | % | (4 | )% | (24 | )% | (0 | )% | 2 | % | (0 | )% | (150 | )% | N/A |
| 21 | % |
|
Three months ended December 31, 2021 | |||||||||||||||||||||||||||||
|
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 | 171,901 |
| 16,449 |
| 12,466 |
| 13,078 |
| 19,539 |
| 8,113 |
| 1,034 |
| |
| 242,580 |
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Income (Loss) from operations | 54,558 |
| (3,707 | ) | (7,733 | ) | (987 | ) | (2,137 | ) | (2,139 | ) | (2,434 | ) | (28,353 | ) | 7,068 |
| |||||||||||
Add: Share-based compensation expense | 2,740 |
| 769 |
| 1,158 |
| 639 |
| 2,267 |
| 566 |
| 608 |
| 1,029 |
| 9,776 |
| |||||||||||
Add: Amortization of intangible assets | 580 |
| 21 |
| 1,499 |
| 256 |
| 4 |
| 199 |
| 217 |
| 61 |
| 2,837 |
| |||||||||||
Add: Impairment of goodwill | |
| |
| |
| |
| |
| |
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| 25,141 |
| 25,141 |
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Adjusted EBITA | 57,878 |
| (2,917 | ) | (5,076 | ) | (92 | ) | 134 |
| (1,374 | ) | (1,609 | ) | (2,122 | ) | 44,822 |
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Adjusted EBITA margin | 34 | % | (18 | )% | (41 | )% | (1 | )% | 1 | % | (17 | )% | (156 | )% | N/A |
| 18 | % |
| Nine months ended December 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 | US$ | |||||||||||||||||||
| (in millions, except percentages) |
| |||||||||||||||||||||||||||
Revenue | 446,658 |
| 50,663 |
| 37,563 |
| 42,062 |
| 58,621 |
| 23,209 |
| 1,711 |
| |
| 660,487 |
| 95,762 | ||||||||||
YoY% change | (1 | )% | 8 | % | 11 | % | 22 | % | 5 | % | (4 | )% | (30 | )% | N/A |
| 2 | % |
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Income (Loss) from operations | 135,662 |
| (5,455 | ) | (16,703 | ) | (2,455 | ) | (4,241 | ) | (2,936 | ) | (6,972 | ) | (11,789 | ) | 85,111 |
| 12,340 | ||||||||||
Add: Share-based compensation expense | 6,425 |
| 2,096 |
| 2,609 |
| 1,622 |
| 5,269 |
| 1,315 |
| 1,262 |
| 2,687 |
| 23,285 |
| 3,376 | ||||||||||
Add: Amortization and impairment of intangible assets | 4,288 |
| 69 |
| 4,226 |
| 761 |
| 9 |
| 849 |
| 633 |
| 175 |
| 11,010 |
| 1,596 | ||||||||||
Add: Impairment of goodwill | |
| |
| |
| |
| |
| |
| |
| 2,714 |
| 2,714 |
| 394 | ||||||||||
Add: Equity-settled donation expense | |
| |
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| |
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| |
| 511 |
| 511 |
| 74 | ||||||||||
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Adjusted EBITA | 146,375 |
| (3,290 | ) | (9,868 | ) | (72 | ) | 1,037 |
| (772 | ) | (5,077 | ) | (5,702 | ) | 122,631 |
| 17,780 | ||||||||||
Adjusted EBITA YoY% change(3) | (3 | )% | 49 | % | 40 | % | 87 | % | 19 | % | 72 | % | (9 | )% | (2 | )% | 7 | % |
| ||||||||||
Adjusted EBITA margin | 33 | % | (6 | )% | (26 | )% | (0 | )% | 2 | % | (3 | )% | (297 | )% | N/A |
| 19 | % |
|
Nine months ended December 31, 2021 | |||||||||||||||||||||||||||||
| 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 | 451,501 |
| 46,743 |
| 33,920 |
| 34,525 |
| 55,597 |
| 24,267 |
| 2,457 |
| |
| 649,010 |
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Income (Loss) from operations | 139,980 |
| (8,737 | ) | (24,214 | ) | (2,839 | ) | (5,765 | ) | (4,849 | ) | (6,697 | ) | (33,958 | ) | 52,921 |
| |||||||||||
Add: Share-based compensation expense | 7,980 |
| 2,233 |
| 3,035 |
| 1,481 |
| 6,623 |
| 1,515 |
| 1,775 |
| 3,066 |
| 27,708 |
| |||||||||||
Add: Amortization of intangible assets | 2,237 |
| 76 |
| 4,655 |
| 805 |
| 12 |
| 610 |
| 245 |
| 176 |
| 8,816 |
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Add: Impairment of goodwill | |
| |
| |
| |
| |
| |
| |
| 25,141 |
| 25,141 |
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Adjusted EBITA | 150,197 |
| (6,428 | ) | (16,524 | ) | (553 | ) | 870 |
| (2,724 | ) | (4,677 | ) | (5,575 | ) | 114,586 |
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Adjusted EBITA margin | 33 | % | (14 | )% | (49 | )% | (2 | )% | 2 | % | (11 | )% | (190 | )% | N/A |
| 18 | % |
________________ | ||
(1) | Beginning on October 1, 2022, we reclassified the results of our Instant Supermarket Delivery (????) business, which was previously reported under China commerce segment, to Local consumer services segment following the strategy refinement of Instant Supermarket Delivery business to focus on building customer mindshare for grocery delivery services through Ele.me platform. This reclassification conforms to the way that we manage and monitor segment performance. Comparative figures were reclassified to conform to this presentation. | |
(2) | Unallocated expenses primarily relate to corporate administrative costs and other miscellaneous items that are not allocated to individual segments. The goodwill impairment, and the equity-settled donation expense related to the allotment of shares to a charitable trust, are presented as unallocated items in the segment information because our management does not consider these as part of the segment operating performance measure. | |
(3) | For a more intuitive presentation, widening of loss in YoY% is shown in terms of negative growth rate, and narrowing of loss in YoY% is shown in terms of positive growth rate. |
DECEMBER QUARTER SEGMENT RESULTS
Revenue
Revenue for the quarter ended December 31, 2022 was RMB247,756 million (US$35,921 million), an increase of 2% compared to RMB242,580 million in the same quarter of 2021.
The following table sets forth a breakdown of our revenue by segment for the periods indicated:
| Three months ended December 31, |
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| 2021 | 2022 |
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| RMB |
% of | RMB | US$ |
% of |
YoY % | |||||||||
| (in millions, except percentages) | ||||||||||||||
China commerce: |
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China commerce retail |
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– Customer management | 100,089 | 41 | % | 91,344 | 13,244 | 37 | % | (9 | )% | ||||||
– Direct sales and others(1) (2) | 67,581 | 28 | % | 74,421 | 10,790 | 30 | % | 10 | % | ||||||
| 167,670 | 69 | % | 165,765 | 24,034 | 67 | % | (1 | )% | ||||||
China commerce wholesale | 4,231 | 2 | % | 4,221 | 612 | 2 | % | (0 | )% | ||||||
Total China commerce | 171,901 | 71 | % | 169,986 | 24,646 | 69 | % | (1 | )% | ||||||
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International commerce: |
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International commerce retail | 11,606 | 5 | % | 14,644 | 2,123 | 6 | % | 26 | % | ||||||
International commerce wholesale | 4,843 | 2 | % | 4,821 | 699 | 2 | % | (0 | )% | ||||||
Total International commerce | 16,449 | 7 | % | 19,465 | 2,822 | 8 | % | 18 | % | ||||||
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Local consumer services(1) | 12,466 | 5 | % | 13,164 | 1,909 | 5 | % | 6 | % | ||||||
Cainiao | 13,078 | 5 | % | 16,553 | 2,400 | 7 | % | 27 | % | ||||||
Cloud | 19,539 | 8 | % | 20,179 | 2,925 | 8 | % | 3 | % | ||||||
Digital media and entertainment | 8,113 | 3 | % | 7,586 | 1,100 | 3 | % | (6 | )% | ||||||
Innovation initiatives and others | 1,034 | 1 | % | 823 | 119 | 0 | % | (20 | )% | ||||||
Total | 242,580 | 100 | % | 247,756 | 35,921 | 100 | % | 2 | % |
Contacts
Investor Relations Contact
Rob Lin
Investor Relations
Alibaba Group Holding Limited
investor@alibaba-inc.com
Media Contacts:
Cathy Yan
cathy.yan@alibaba-inc.com
Ivy Ke
ivy.ke@alibaba-inc.com
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