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CONFIDENTIALMarch Quarter 2019 and Full Fiscal Year 2019 ResultsMay 15, 2019Disclaimer2This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in theUnited States (“GAAP”), including adjusted EBITDA (including adjusted EBITDA margin), adjusted EBITA (including adjusted EBITAmargin), marketplace-based core commerce adjusted EBITA, non-GAAP net income, non-GAAP diluted EPS and free cash flow. Fora reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, see GAAP toAdjusted/Non-GAAP Measures Reconciliation.This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of theU.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as“will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,”“guidance” and similar statements. Among other things, statements that are not historical facts, including statements aboutAlibabas strategies and business plans, Alibabas beliefs, expectations and guidance regarding the growth of its business and itsrevenue, the business outlook and quotations from management in this presentation, as well as Alibabas strategic and operationalplans, are or contain forward-looking statements. Alibaba may also make forward-looking statements in its periodic reports to theU.S. Securities and Exchange Commission (the “SEC”), in press releases and other written materials and in oral statements made byits officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A numberof factors could cause actual results to differ materially from those contained in any forward-looking statement, including but notlimited to the following: Alibabas expected revenue growth; Alibabas goals and strategies; Alibabas future business development;Alibabas ability to maintain the trusted status of its ecosystem, reputation and brand; risks associated with increased investmentsin Alibabas business and new business initiatives; risks associated with strategic acquisitions and investments; Alibabas ability toretain or increase engagement of consumers, merchants and other participants in its ecosystem and enable new offerings;Alibabas ability to maintain or grow its revenue or business; risks associated with limitation or restriction of services provided byAlipay; changes in laws, regulations and regulatory environment that affect Alibabas business operations; privacy and regulatoryconcerns; competition; security breaches; the continued growth of the e-commerce market in China and globally; risks associatedwith the performance of our business partners, including but not limited to Ant Financial; and fluctuations in general economic andbusiness conditions in China and globally and assumptions underlying or related to any of the foregoing. Further informationregarding these and other risks is included in Alibabas filings with the SEC. All information provided in this results announcement isas of the date of this results announcement and are based on assumptions that we believe to be reasonable as of this date, andAlibaba does not undertake any obligation to update any forward-looking statement, except as required under applicable law.CONFIDENTIALFinancial Results4721 MM Mobile MAUs (1)Notes: Unless otherwise indicated, all figures above are for the three months ended March 31, 2019.(1) For the month ended March 31, 2019; in a given month, the number of unique mobile devices that were used to visit or access certain of our mobile applications at least once during that month.(2) For the 12-month period ended March 31, 2019; the number of annual active consumers on our China retail marketplaces.(3) All translations of RMB into US$ in this presentation were made at RMB6.7112 to US$1.00, the exchange rate on March 29, 2019 as set forth in the H.10 statistical release of the Federal Reserve Board. March Quarter 2019 Financial Highlights51% YoY Total Revenue Growth 654 MMAnnual Active Consumers (2)76% YoYCloud Computing Revenue Growth 54% YoY Core CommerceRevenue Growth RMB20.8 BnAdjusted EBITARevenue CloudProfitability and Cash FlowConsumersUS$1.6 Bn(3)Non-GAAP Free Cash Flow Total Revenue YoY growth of 51% was mainly driven by the robust revenue growth of our China commerceretail business, the consolidation of Ele.me, as well as strong revenue growth of Alibaba Cloud.Total Revenue Breakdown(1)March Quarter Revenue5Notes: We started to consolidate Ele.me in May 2018 and Koubei in December 2018.(1) After elimination of inter-company transactions. Three months ended March 31, 2019RMB MM % of Revenue YoY %Core commerce:China commerce retail- Customer management 30,119 32% 31%- Commission 14,790 16% 30%- Others 13,532 15% 132%58,441 63% 45%China commerce wholesale 2,547 3% 35%International commerce retail 4,944 5% 25%International commerce wholesale 2,133 2% 26%Cainiao logistics services 3,861 4% 35%Local consumer services 5,266 5% N/AOthers 1,702 2% 143%Total core commerce 78,894 84% 54%Cloud computing 7,726 8% 76%Digital media and entertainment 5,671 6% 8%Innovation initiatives and others 1,207 2% 22%Total 93,498 100% 51%31% YoY3.1 4.3 6.0 Mar 31, 2018 Dec 31, 2018 Mar 31, 20196March Quarter Cost TrendsCost of Revenue (Excluding SBC) Product Development Expenses (Excluding SBC)4.2 5.9 5.9 Mar 31, 2018 Dec 31, 2018 Mar 31, 2019Sales & Marketing Expenses (Excluding SBC)7.0 11.3 8.9 Mar 31, 2018 Dec 31, 2018 Mar 31, 2019General & Administrative Expenses (Excluding SBC)(RMB Bn) (RMB Bn)(RMB Bn) (RMB Bn)30.8 59.2 53.7 Mar 31, 2018 Dec 31, 2018 Mar 31, 201950% 58%Note: For the three months ended on the respective dates.50% of Revenue 5%7% of Revenue 7%9%11% of Revenue 10% 6%5% of Revenue 4%March Quarter Segment Reporting7Core Commerce Cloud ComputingDigital Media & EntertainmentInnovation Initiatives& OthersUn-allocated(1)ConsolidatedMar Q 19 Revenue (MM)RMB 78,894US$ 11,75654% YoYRMB 7,726US$ 1,15176% YoYRMB 5,671US$ 8458% YoYRMB 1,207US$ 18022% YoY-RMB 93,498US$ 13,93251% YoYMar Q 19 Adjusted EBITA (MM)RMB 27,484US$ 4,095RMB (164)US$ (24)RMB (2,828)US$ (421)RMB (1,932)US$ (288)RMB (1,803)US$ (269)RMB 20,757US$ 3,093Mar Q 19 Adjusted EBITA Margin (%)35% (2%) (50%) (160%) - 22%International Commerce WholesaleChina Commerce WholesaleInternational Commerce RetailNotes: Segmental information is presented after elimination of inter-company transactions.(1) Unallocated expenses are primarily related to corporate administrative costs and other miscellaneous items that are not allocated to individual segments. TudouChina Commerce RetailCainiao Logistics ServicesLocal Consumer Services8March Quarter Adjusted EBITA by Segment Marketplace-based Core Commerce Adjusted EBITA(1) increased 38% YoY to RMB34,688 million (US$5,169 million). Strongmarketplace-based core commerce profits allow us to invest in areas that add value to our customers and contribute to long-term growth for the company. Core Commerce Adjusted EBITA increased 24% YoY to RMB27,484 million (US$4,095 million). Core Commerce Adjusted EBITAmargin was 35%. Cloud Computing revenue increased 76% YoY to RMB7,726 million (US$1,151 million), primarily driven by an increase in averagespending per customer. Adjusted EBITA was a loss of RMB164 million (US$24 million). Digital Media and Entertainment revenue increased 8% YoY to RMB5,671 million (US$845 million), primarily due to an increasein revenue from mobile value-added services provided by UCWeb, such as mobile search and game publishing. Adjusted EBITAwas a loss of RMB2,828 million (US$421 million). Innovation Initiatives and Others revenue increased 22% YoY to RMB1,207 million (US$180 million), mainly due to an increasein revenue from Tmall Genie and Amap. Adjusted EBITA was a loss of RMB1,932 million (US$288 million). The increase inadjusted EBITA loss was primarily due to investments in new business initiatives, including Tmall Genie, as well as investments intechnological research and innovation.Notes: (1) Marketplace-based core commerce adjusted EBITA represents adjusted EBITA for core commerce excluding the effects of local consumer services, Lazada, New Retail and direct import and Cainiao Network. In March Quarter FY18, adjusted EBITA loss for Lazada, Cainiao Network as well as New Retail and direct import amounted to RMB2,914 million.(2) New Retail and direct import primarily includes Freshippo, Tmall Direct Import and Intime.March Quarter 2019 (RMB MM)20,757 24% YoYAdjusted EBITA(164) (2,828)(3,735)34,688 38% YoYMarketplace-basedCore CommerceAdjusted EBITA27,484 24% YoYCore CommerceAdjusted EBITA(7,204)Combined LossesCloud ComputingDigital Media and Entertainment Innovation Initiatives & Others and Unallocated1.Local Consumer Services2.International: Lazada3.New Retail & Direct Import4.Logistics: Cainiao9Fiscal 2019 Financial Highlights51% YoY Total Revenue Growth 84% YoYRevenue Growth RevenueCloudStrong Profitability and Cash FlowUS$15.6 BnNon-GAAP Free Cash FlowRMB 5.7 Trillion(US$ 853 Bn)On China retail marketplacesGMVCore CommerceCore Commerce Adjusted EBITA RMB 136.2 Bn51% YoY Revenue Growth19% YoY Core CommerceAdjusted EBITA Growth31% YoY Marketplace-based Core Commerce Adjusted EBITA Growth (1)(5%)Adjusted EBITA MarginNote: (1) Marketplace-based core commerce adjusted EBITA represents adjusted EBITA for core commerce excluding the effects of local consumer services, Lazada, New Retail and direct import and Cainiao Network. Total Revenue was RMB376,844 million (US$56,152 million), an increase of 51% YoY. The increase was mainlydriven by the robust revenue growth of our China commerce retail business, the consolidation of newlyacquired businesses, mainly Ele.me, as well as strong revenue growth of Alibaba Cloud. Excluding acquisitions, organic revenue growth was 39% in FY2019, continuing to outperform those of globaltechnology peers.Total Revenue Breakdown(1)Fiscal 2019 Revenue10Notes: We started to consolidate Cainiao Network in mid-October 2017, Ele.me in May 2018 and Koubei in December 2018.(1) After elimination of inter-company transactions. Year ended March 31, 2019RMB MM % of Revenue YoY %Core commerce:China commerce retail- Customer management 145,684 39% 27%- Commission 61,847 16% 33%- Others 40,084 11% 155%247,615 66% 40%China commerce wholesale 9,988 3% 39%International commerce retail 19,558 5% 38%International commerce wholesale 8,167 2% 23%Cainiao logistics services 14,885 4% 120%Local consumer services 18,058 5% N/AOthers 5,129 1% 90%Total core commerce 323,400 86% 51%Cloud computing 24,702 7% 84%Digital media and entertainment 24,077 6% 23%Innovation initiatives and others 4,665 1% 42%Total 376,844 100% 51%29% YoY
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