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CONFIDENTIALJune Quarter 2019 ResultsAugust 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 earnings per share/ADS andfree cash flow. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, seeGAAP to Adjusted/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 announcement, as well as Alibabas strategic andoperational plans, are or contain forward-looking statements. Alibaba may also make forward-looking statements in its periodicreports to the U.S. Securities and Exchange Commission (the “SEC”), in press releases and other written materials and in oralstatements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks anduncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-lookingstatement, including but not limited to the following: Alibabas expected revenue growth; Alibabas goals and strategies; Alibabasfuture business development; Alibabas ability to maintain the trusted status of its digital economy; risks associated with sustainedinvestments in Alibabas business, strategic acquisitions and investments; Alibabas ability to maintain or grow its revenue orbusiness, to compete effectively and to maintain and improve the network effect of its digital economy; Alibabas ability tomaintain its culture and to continue to innovate; risks associated with Alibabas growing business and operations, includinginternational and cross-border business and operations; and fluctuations in general economic and business conditions in China andglobally. Further information regarding these and other risks is included in Alibabas filings with the SEC. All information provided inthis results announcement is as of the date of this results announcement and are based on assumptions that we believe to bereasonable as of this date, and Alibaba does not undertake any obligation to update any forward-looking statement, except asrequired under applicable law.CONFIDENTIALFinancial Results4755 MM Mobile MAUs (1)Notes: Unless otherwise indicated, all figures above are for the three months ended June 30, 2019.(1) For the month ended June 30, 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 June 30, 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 RMB6.8650 to US$1.00, the exchange rate on June 28, 2019 as set forth in the H.10 statistical release of the Federal Reserve Board. June Quarter 2019 Financial Highlights42% YoY Total Revenue Growth 674 MMAnnual Active Consumers (2)66% YoYCloud Computing Revenue Growth 44% YoY Core CommerceRevenue Growth RMB34.6 BnAdjusted EBITARevenue CloudProfitability and Cash FlowConsumersUS$3.8 Bn(3)Non-GAAP Free Cash Flow Total Revenue YoY growth of 42% was mainly driven by the robust revenue growth of our China commerceretail business, Ele.me (which we consolidated in May 2018) and Alibaba Cloud.Total Revenue Breakdown June Quarter Revenue5Three months ended June 30, 2019RMB MM % of Revenue YoY %Core commerce:China commerce retail- Customer management 41,954 37% 27%- Commission 16,902 15% 23%- Others 16,745 14% 134%75,601 66% 40%China commerce wholesale 2,992 3% 33%International commerce retail 5,567 5% 29%International commerce wholesale 2,245 2% 22%Cainiao logistics services 5,005 4% 50%Local consumer services 6,180 5% 137%Others 1,954 2% 123%Total core commerce 99,544 87% 44%Cloud computing 7,787 7% 66%Digital media and entertainment 6,312 5% 6%Innovation initiatives and others 1,281 1% 21%Total 114,924 100% 42%26% YoY2.7 6.0 4.8 Jun 30, 2018 Mar 31, 2019 Jun 30, 20196June Quarter Cost TrendsCost of Revenue (Excluding SBC) Product Development Expenses (Excluding SBC)5.0 5.9 7.5 Jun 30, 2018 Mar 31, 2019 Jun 30, 2019Sales & Marketing Expenses (Excluding SBC)6.9 8.9 9.8 Jun 30, 2018 Mar 31, 2019 Jun 30, 2019General & Administrative Expenses (Excluding SBC)(RMB Bn) (RMB Bn)(RMB Bn) (RMB Bn)39.9 53.7 58.2 Jun 30, 2018 Mar 31, 2019 June 30, 201958% 51%Note: For the three months ended on the respective dates.50% of Revenue 7%6% of Revenue 7%8%8% of Revenue 9% 4%3% of Revenue 6%June Quarter Segment Reporting7Core Commerce Cloud ComputingDigital Media & EntertainmentInnovation Initiatives& OthersUn-allocated(2)ConsolidatedJun Q 19 Revenue (MM)RMB 99,544US$ 14,50044% YoYRMB 7,787US$ 1,13466% YoYRMB 6,312US$ 9206% YoYRMB 1,281US$ 18721% YoY-RMB 114,924US$ 16,74142% YoYJun Q 19 Adjusted EBITA (MM)RMB 41,025US$ 5,976RMB (358)US$ (52)RMB (2,233)US$ (325)RMB (1,965)US$ (286)RMB (1,913)US$ (279)RMB 34,556US$ 5,034Jun Q 19 Adjusted EBITA Margin (%)41% (5%) (35%) (153%) - 30%International Commerce WholesaleChina Commerce WholesaleInternational Commerce RetailNotes:(1) Segmental information is presented after elimination of inter-company transactions.(2) 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 Services(1)1, 2, 3, 4B (3,132 )A (488 )20,00025,00030,00035,00040,00045,00036,956Marketplace-basedCore commerceAdjusted EBITA8June Quarter 2018 (RMB MM)A. Cloud ComputingB. Digital Media and EntertainmentC. Innovation Initiatives & Others D. UnallocatedJune Quarter Adjusted EBITA by Segment1. International: Lazada2. Local Consumer Services3. New Retail & Direct Import4. Logistics: CainiaoCore commerceAdjusted EBITAAdjusted EBITA(4,159)Combined Loss32,797 (6,295)Combined Loss26,5021, 2, 3, 4B (2,233 )A (358 )20,00025,00030,00035,00040,00045,000June Quarter 2019 (RMB MM)46,80027% YoYA. Cloud ComputingB. Digital Media and EntertainmentC. Innovation Initiatives & Others D. Unallocated1. Local Consumer Services2. International: Lazada3. New Retail & Direct Import4. Logistics: CainiaoCore commerceAdjusted EBITAAdjusted EBITAMarketplace-basedCore commerceAdjusted EBITA(5,775)Combined Loss41,02525% YoY(6,469)Combined Loss34,55630% YoY Marketplace-based Core Commerce Adjusted EBITA increased 27% YoY to RMB46,800 million (US$6,817 million). Strong marketplace-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 25% YoY to RMB41,025 million (US$5,976 million). Core Commerce Adjusted EBITA margin was 41%. Cloud Computing revenue increased 66% YoY to RMB7,787 million (US$1,134 million), primarily driven by an increase in average revenue per customer. Adjusted EBITA was a loss of RMB358 million (US$52 million). Digital Media and Entertainment revenue increased 6% YoY to RMB6,312 million (US$920 million), primarily due to our consolidation of Alibaba Pictures. Adjusted EBITA was a loss of RMB2,233 million (US$325 million). Innovation Initiatives and Others revenue increased 21% YoY to RMB1,281 million (US$187 million), mainly due to an increase in revenue from Amap. Adjusted EBITA was a loss of RMB1,965 million (US$286 million). The increase in adjusted EBITA loss was primarily due to investments in technological research and innovation, as well as investments in other business initiatives.C (1,202)D (1,473)C (1,965)D (1,913)Free Cash Flow & Capital Expenditures9Non-GAAP Free Cash Flow (1)(RMB Bn)Notes:(1) Non-GAAP free cash flow represents net cash provided by operating activities as presented in Alibaba Groups consolidated cash flow statement less purchases of property and equipment (excluding acquisition of land use rights and construction in progress relating to office campus), licensed copyrights and other intangible assets.(2) Operating CAPEX refers to the purchases of property and equipment (excluding land use rights and construction in progress relating to office campus). As of June 30, 2019, cash, cash equivalent and short-term investments were RMB212,189 million (US$30,909 million). The increase from last quarter was primarily due to free cash flow generated from operations, partly offset by net cash used in investment and acquisition activities. During the June quarter, we generated operating cash flow of RMB34,612 million (US$5,042 million), a decrease of 4% YoY, which was mainly due to a decrease in annual payment of royalty fees and software technology services fees from Ant Financialand payment of a US$250 million cash settlement of a U.S. federal class action lawsuit that we agreed last quarter. We generated healthy free cash flow of RMB26,361 million (US$3,840 million).Capital Expenditures, Licensed Copyrights and Other Intangible Assets(RMB Bn)26.4 26.4 Jun 30, 2018 Jun 30, 2019US$3.8 Bn5.0 5.9 4.8 2.4 1.4 0.5 Jun 30, 2018 Jun 30, 2019Land Use Rights and Construction in Progress Relating to Office CampusLicensed Copyrights and Other Intangible AssetsOperating Capex11.28.8(2)10Other Financial MetricsIn RMB MM June Q 2018 June Q 2019Share of (loss) profit of equity investees (66) 941Dilution loss (108) (5)Others (481) (419)TOTAL (655) 517 During the June quarter, other income, net was RMB2,101 million (US$306 million). Royalty fees and software technology service fees under our profit sharing arrangement with Ant Financial amounted to RMB1,627 million (US$237 million). Share of Results of Equity Investees for the quarter ended June 30, 2019 was a profit of RMB517 million (US$75 million). We record our share of results of equity investees one quarter in arrears. Share of results of equity investees in the quarter ended June 30, 2019 and the comparative period consisted of the following:Notes:(1) Others mainly include amortization of intangible assets of equity investees and share-based compensation expense.(1)
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