BABA(BABA)2024-05-14 13:06Revenue Growth - Revenue from Local Services Group increased by 19% to RMB14,628 million (US$2,026 million) in Q1 2024, driven by order growth in Ele.me and Amap[1] - Revenue for fiscal year 2024 reached RMB941,168 million (US$130,350 million), an 8% year-over-year increase from RMB868,687 million in 2023[31] - Taobao and Tmall Group revenue grew 4% year-over-year to RMB93,216 million (US$12,910 million) in Q1 2024, with customer management revenue increasing 5%[42] - Cloud Intelligence Group revenue increased 3% year-over-year to RMB25,595 million (US$3,545 million) in Q1 2024, with price reductions on over 100 public cloud products[43] - AliExpress achieved robust year-over-year order growth, with Choice representing around 70% of total orders in April 2024[45] - Cainiao extended its premium delivery service to 14 countries, strengthening its cross-border logistics capabilities[47] - Taobao and Tmall Group revenue decreased by 1% YoY to RMB38,501 million (US$5,332 million) in Q1 2024[63] - Cloud Intelligence Group revenue increased by 45% YoY to RMB1,432 million (US$198 million) in Q1 2024[63] - Alibaba International Digital Commerce Group revenue grew 45% YoY to RMB27,448 million (US$3,802 million) in Q1 2024[76] - Cainiao Smart Logistics revenue increased 30% YoY to RMB24,557 million (US$3,401 million) in Q1 2024[79] - Local Services Group revenue grew 19% YoY to RMB14,628 million (US$2,026 million) in Q1 2024[81] - Digital Media and Entertainment Group revenue decreased 1% YoY to RMB4,945 million (US$685 million) in Q1 2024[82] - Revenue for the quarter ended March 31, 2024 was RMB221,874 million (US$30,729 million), a 7% YoY increase compared to RMB208,200 million in the same quarter of 2023[113] - Cainiao Smart Logistics Network Limited revenue increased 30% YoY to RMB24,557 million (US$3,401 million) in Q1 2024[120] - All others segment revenue decreased 3% YoY to RMB51,458 million (US$7,126 million) in Q1 2024[108] - China commerce wholesale business revenue increased 20% YoY to RMB4,952 million (US$686 million) in Q1 2024[103] - Direct sales and others revenue under China commerce retail business decreased 2% YoY to RMB24,690 million (US$3,419 million) in Q1 2024[102] - Revenue from Cainiao Smart Logistics Network Limited increased 28% year-over-year to RMB99,020 million (US$13,714 million) in fiscal year 2024[187] - Revenue from Digital Media and Entertainment Group increased 15% year-over-year to RMB21,145 million (US$2,929 million) in fiscal year 2024[193] - China Commerce Wholesale Business revenue increased 15% year-over-year to RMB20,479 million (US$2,836 million) in fiscal year 2024[189] - International Commerce Wholesale Business revenue increased 7% year-over-year to RMB20,944 million (US$2,901 million) in fiscal year 2024[191] Net Income and Earnings - Non-GAAP net income decreased by 11% to RMB24,418 million (US$3,382 million) in Q1 2024 compared to RMB27,375 million in Q1 2023[2] - Non-GAAP diluted earnings per share decreased by 5% to RMB1.27 (US$0.18) in Q1 2024 compared to RMB1.34 in Q1 2023[3] - Net income attributable to ordinary shareholders decreased to RMB3,270 million (US$453 million) in Q1 2024 from RMB23,516 million in Q1 2023[6] - Net income attributable to ordinary shareholders was RMB79,741 million (US$11,044 million), with non-GAAP net income increasing 11% to RMB157,479 million (US$21,811 million) compared to 2023[38] - Net income attributable to ordinary shareholders was RMB3,270 million (US$453 million) in Q1 2024, a decrease of 96% YoY[64] - Non-GAAP diluted earnings per ADS increased 14% YoY to RMB62.23 (US$8.62) in Q1 2024[65] - Net income in fiscal year 2024 increased by 9% to RMB71,332 million (US$9,879 million) compared to fiscal year 2023[137] - Non-GAAP diluted earnings per ADS in fiscal year 2024 was RMB62.23 (US$8.62), a 14% increase from fiscal year 2023[138] - Non-GAAP net income in fiscal year 2024 was RMB157,479 million (US$21,811 million), an 11% increase from fiscal year 2023[160] - Net income attributable to ordinary shareholders in fiscal year 2024 increased by 10% to RMB79,741 million (US$11,044 million)[161] Cash Flow and Financial Position - Net cash provided by operating activities decreased by 26% to RMB23,340 million (US$3,233 million) in Q1 2024 compared to RMB31,401 million in Q1 2023[13] - Free cash flow decreased by 52% to RMB15,361 million (US$2,127 million) in Q1 2024 compared to RMB32,267 million in Q1 2023[13] - Net cash provided by investing activities was RMB20,267 million (US$2,807 million) in Q1 2024, primarily due to a decrease in short-term investments and cash inflow from disposal of investments[15] - Net cash used in financing activities was RMB54,012 million (US$7,481 million) in Q1 2024, primarily due to share repurchases and dividend payments[16] - Cash and cash equivalents increased to RMB617,230 million (US$85,485 million) as of March 31, 2024, up from RMB560,314 million in 2023, driven by free cash flow from operations of RMB156,210 million (US$21,635 million) and exchange rate gains of RMB13,270 million (US$1,838 million)[30] - Free cash flow decreased by 9% to RMB156,210 million (US$21,635 million) in fiscal year 2024, primarily due to special dividends from Ant Group in 2023 and changes in working capital[39] - Free cash flow decreased 52% YoY to RMB15,361 million (US$2,127 million) in Q1 2024[71] - Net cash used in investing activities in fiscal year 2024 was RMB21,824 million (US$3,023 million), primarily due to increased treasury investments and capital expenditures[153] Operational Metrics and Expenses - Total employees decreased to 204,891 as of March 31, 2024, compared to 219,260 as of December 31, 2023[17] - Share-based compensation expense decreased 6% YoY to RMB7,123 million (US$987 million) in Q1 2024[128] - Cost of revenue in Q1 2024 was RMB148,098 million (US$20,511 million), accounting for 67% of revenue, consistent with Q1 2023[134] - Product development expenses in Q1 2024 were RMB14,085 million (US$1,951 million), or 6% of revenue, down from 7% in Q1 2023[135] - Income tax expenses in fiscal year 2024 were RMB22,529 million (US$3,120 million), a 45% increase from RMB15,549 million in fiscal year 2023[168] - Impairment of goodwill in fiscal year 2024 was RMB10,521 million (US$1,457 million), a 288% increase from RMB2,714 million in fiscal year 2023[177] Equity and Investments - Share of results of equity method investees was a loss of RMB3,208 million (US$444 million) in Q1 2024, compared to a profit of RMB446 million in Q1 2023[5] - Share repurchases resulted in a net reduction of 1,057 million ordinary shares, or 5.1% of outstanding shares, during fiscal year 2024[48] - Ant Group repurchased approximately 7% equity interest in Q3 2023, allocated to employee incentive plans, while Alibaba's equity interest in Ant Group remains at 33%[143] Adjusted EBITA and EBITDA - Adjusted EBITA increased 12% year-over-year to RMB165,028 million (US$22,856 million) in fiscal year 2024, driven by operational improvements[61] - Taobao and Tmall Group adjusted EBITA was RMB38,501 million (US$5,332 million) in Q1 2024, a slight decrease from RMB39,041 million in Q1 2023[104] - Cloud Intelligence Group adjusted EBITA increased by 45% to RMB1,432 million (US$198 million) in Q1 2024 compared to RMB987 million in Q1 2023[115] - Local Services Group adjusted EBITA loss narrowed to RMB3,198 million (US$443 million) in Q1 2024 from RMB4,063 million in Q1 2023[106] - Digital Media and Entertainment Group adjusted EBITA loss reduced to RMB884 million (US$122 million) in Q1 2024 from RMB1,129 million in Q1 2023[107] - Adjusted EBITDA decreased 4% year-over-year to RMB30,807 million (US$4,267 million) in Q1 2024, compared to RMB32,123 million in Q1 2023[171] - Adjusted EBITA decreased 5% year-over-year to RMB23,969 million (US$3,320 million) in Q1 2024, compared to RMB25,280 million in Q1 2023[171] - Taobao and Tmall Group adjusted EBITA increased 3% year-over-year to RMB194,827 million (US$26,983 million) in fiscal year 2024[190] - Local Services Group adjusted EBITA loss narrowed to RMB9,812 million (US$1,359 million) in fiscal year 2024, compared to a loss of RMB13,148 million in fiscal year 2023[174] Membership and Customer Growth - The number of 88VIP members surpassed 35 million, with double-digit YoY growth in Q1 2024[73]