| Schedule of each segment's revenue, income from operations and adjusted EBITA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, 2021 |
|
|
|
China
commerce (i) |
|
|
International
commerce |
|
|
Local
consumer
services (i) |
|
|
Cainiao |
|
|
Cloud |
|
|
Digital media
and
entertainment |
|
|
Innovation
initiatives and
others |
|
|
Total
segments |
|
|
Unallocated (ii) |
|
|
Consolidated |
|
|
|
(in millions of RMB, except percentages) |
|
Revenue |
|
|
501,379 |
|
|
|
48,851 |
|
|
|
35,746 |
|
|
|
37,258 |
|
|
|
60,558 |
|
|
|
31,186 |
|
|
|
2,311 |
|
|
|
717,289 |
|
|
|
— |
|
|
|
717,289 |
|
Income (Loss) from
operations |
|
|
197,232 |
|
|
|
(9,361 |
) |
|
|
(29,197 |
) |
|
|
(3,964 |
) |
|
|
(12,479 |
) |
|
|
(10,321 |
) |
|
|
(7,802 |
) |
|
|
124,108 |
|
|
|
(34,430 |
) |
|
|
89,678 |
|
Add: Share-based
compensation expense |
|
|
14,505 |
|
|
|
4,223 |
|
|
|
4,972 |
|
|
|
1,956 |
|
|
|
10,205 |
|
|
|
3,281 |
|
|
|
2,518 |
|
|
|
41,660 |
|
|
|
8,460 |
|
|
|
50,120 |
|
Add: Amortization of
intangible assets |
|
|
1,922 |
|
|
|
206 |
|
|
|
7,852 |
|
|
|
1,195 |
|
|
|
23 |
|
|
|
922 |
|
|
|
83 |
|
|
|
12,203 |
|
|
|
224 |
|
|
|
12,427 |
|
Add: Anti-monopoly Fine |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,228 |
|
|
|
18,228 |
|
Adjusted EBITA (iii) |
|
|
213,659 |
|
|
|
(4,932 |
) |
|
|
(16,373 |
) |
|
|
(813 |
) |
|
|
(2,251 |
) |
|
|
(6,118 |
) |
|
|
(5,201 |
) |
|
|
177,971 |
|
|
|
(7,518 |
) |
|
|
|
Adjusted EBITA
margin (iv) |
|
|
43 |
% |
|
|
(10 |
)% |
|
|
(46 |
)% |
|
|
(2 |
)% |
|
|
(4 |
)% |
|
|
(20 |
)% |
|
|
(225 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, 2022 |
|
|
|
China
commerce (i) |
|
|
International
commerce |
|
|
Local
consumer
services (i) |
|
|
Cainiao |
|
|
Cloud |
|
|
Digital media
and
entertainment |
|
|
Innovation
initiatives and
others |
|
|
Total
segments |
|
|
Unallocated (ii) |
|
|
Consolidated |
|
|
|
(in millions of RMB, except percentages) |
|
Revenue |
|
|
591,580 |
|
|
|
61,078 |
|
|
|
44,616 |
|
|
|
46,107 |
|
|
|
74,568 |
|
|
|
32,272 |
|
|
|
2,841 |
|
|
|
853,062 |
|
|
|
— |
|
|
|
853,062 |
|
Income (Loss) from
operations |
|
|
172,536 |
|
|
|
(10,655 |
) |
|
|
(30,802 |
) |
|
|
(3,920 |
) |
|
|
(5,167 |
) |
|
|
(7,019 |
) |
|
|
(9,424 |
) |
|
|
105,549 |
|
|
|
(35,911 |
) |
|
|
69,638 |
|
Add: Share-based
compensation expense |
|
|
7,078 |
|
|
|
1,569 |
|
|
|
2,556 |
|
|
|
1,396 |
|
|
|
6,297 |
|
|
|
1,520 |
|
|
|
1,839 |
|
|
|
22,255 |
|
|
|
1,716 |
|
|
|
23,971 |
|
Add: Amortization of
intangible assets |
|
|
2,817 |
|
|
|
95 |
|
|
|
6,154 |
|
|
|
1,059 |
|
|
|
16 |
|
|
|
809 |
|
|
|
456 |
|
|
|
11,406 |
|
|
|
241 |
|
|
|
11,647 |
|
Add: Impairment of
goodwill |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25,141 |
|
|
|
25,141 |
|
Adjusted EBITA (iii) |
|
|
182,431 |
|
|
|
(8,991 |
) |
|
|
(22,092 |
) |
|
|
(1,465 |
) |
|
|
1,146 |
|
|
|
(4,690 |
) |
|
|
(7,129 |
) |
|
|
139,210 |
|
|
|
(8,813 |
) |
|
|
|
Adjusted EBITA
margin (iv) |
|
|
31 |
% |
|
|
(15 |
)% |
|
|
(50 |
)% |
|
|
(3 |
)% |
|
|
2 |
% |
|
|
(15 |
)% |
|
|
(251 |
)% |
|
|
|
|
|
|
|
|
|
26.Segment information (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, 2023 |
|
|
|
China
commerce (i) |
|
|
International
commerce |
|
|
Local
consumer
services (i) |
|
|
Cainiao |
|
|
Cloud |
|
|
Digital media
and
entertainment |
|
|
Innovation
initiatives and
others |
|
|
Total
segments |
|
|
Unallocated (ii) |
|
|
Consolidated |
|
|
|
(in millions of RMB, except percentages) |
|
Revenue |
|
|
582,731 |
|
|
|
69,204 |
|
|
|
50,112 |
|
|
|
55,681 |
|
|
|
77,203 |
|
|
|
31,482 |
|
|
|
2,274 |
|
|
|
868,687 |
|
|
|
— |
|
|
|
868,687 |
|
Income (Loss) from
operations |
|
|
172,191 |
|
|
|
(8,429 |
) |
|
|
(23,302 |
) |
|
|
(3,622 |
) |
|
|
(5,151 |
) |
|
|
(4,638 |
) |
|
|
(9,409 |
) |
|
|
117,640 |
|
|
|
(17,289 |
) |
|
|
100,351 |
|
Add: Share-based
compensation expense |
|
|
7,969 |
|
|
|
2,716 |
|
|
|
3,672 |
|
|
|
2,218 |
|
|
|
6,561 |
|
|
|
1,756 |
|
|
|
1,658 |
|
|
|
26,550 |
|
|
|
4,281 |
|
|
|
30,831 |
|
Add: Amortization and
impairment of
intangible assets |
|
|
4,702 |
|
|
|
93 |
|
|
|
5,609 |
|
|
|
1,013 |
|
|
|
12 |
|
|
|
1,008 |
|
|
|
844 |
|
|
|
13,281 |
|
|
|
223 |
|
|
|
13,504 |
|
Add: Impairment of
goodwill |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,714 |
|
|
|
2,714 |
|
Add: Equity-settled
donation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
511 |
|
|
511 |
|
Adjusted EBITA (iii) |
|
|
184,862 |
|
|
|
(5,620 |
) |
|
|
(14,021 |
) |
|
|
(391 |
) |
|
|
1,422 |
|
|
|
(1,874 |
) |
|
|
(6,907 |
) |
|
|
157,471 |
|
|
|
(9,560 |
) |
|
|
|
Adjusted EBITA
margin (iv) |
|
|
32 |
% |
|
|
(8 |
)% |
|
|
(28 |
)% |
|
|
(1 |
)% |
|
|
2 |
% |
|
|
(6 |
)% |
|
|
(304 |
)% |
|
|
|
|
|
|
|
|
|
|
| Schedule of reconciliation from the adjusted EBITA to the consolidated net income |
The following table presents the reconciliation from the Adjusted EBITA to the consolidated net income for the years ended March 31, 2021, 2022 and 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, |
|
|
|
2021 |
|
|
2022 |
|
|
2023 |
|
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
|
(in millions) |
|
Total Segments Adjusted EBITA |
|
|
177,971 |
|
|
|
139,210 |
|
|
|
157,471 |
|
Unallocated (ii) |
|
|
(7,518 |
) |
|
|
(8,813 |
) |
|
|
(9,560 |
) |
Share-based compensation expense |
|
|
(50,120 |
) |
|
|
(23,971 |
) |
|
|
(30,831 |
) |
Amortization and impairment of intangible assets |
|
|
(12,427 |
) |
|
|
(11,647 |
) |
|
|
(13,504 |
) |
Impairment of goodwill |
|
|
— |
|
|
|
(25,141 |
) |
|
|
(2,714 |
) |
Anti-monopoly Fine |
|
|
(18,228 |
) |
|
|
— |
|
|
|
— |
|
Equity-settled donation expense |
|
|
— |
|
|
|
— |
|
|
|
(511 |
) |
Consolidated income from operations |
|
|
89,678 |
|
|
|
69,638 |
|
|
|
100,351 |
|
Interest and investment income, net |
|
|
72,794 |
|
|
|
(15,702 |
) |
|
|
(11,071 |
) |
Interest expense |
|
|
(4,476 |
) |
|
|
(4,909 |
) |
|
|
(5,918 |
) |
Other income, net |
|
|
7,582 |
|
|
|
10,523 |
|
|
|
5,823 |
|
Income tax expenses |
|
|
(29,278 |
) |
|
|
(26,815 |
) |
|
|
(15,549 |
) |
Share of results of equity method investees |
|
|
6,984 |
|
|
|
14,344 |
|
|
|
(8,063 |
) |
Consolidated net income |
|
|
143,284 |
|
|
|
47,079 |
|
|
|
65,573 |
|
|
| Schedule of depreciation and impairment of property and equipment and land use rights by segment |
The following table presents the consolidated depreciation and impairment of property and equipment, and operating lease cost relating to land use rights by segment for the years ended March 31, 2021, 2022 and 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended March 31, |
|
|
|
2021 |
|
|
2022 |
|
|
2023 |
|
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
|
(in millions) |
|
China commerce (i) |
|
|
9,790 |
|
|
|
13,043 |
|
|
|
10,880 |
|
International commerce |
|
|
1,180 |
|
|
|
1,473 |
|
|
|
1,757 |
|
Local consumer services (i) |
|
|
1,161 |
|
|
|
1,237 |
|
|
|
1,314 |
|
Cainiao |
|
|
872 |
|
|
|
992 |
|
|
|
1,147 |
|
Cloud |
|
|
11,161 |
|
|
|
7,613 |
|
|
|
9,093 |
|
Digital media and entertainment |
|
|
1,109 |
|
|
|
956 |
|
|
|
912 |
|
Innovation initiatives and others and unallocated (ii) |
|
|
1,116 |
|
|
|
2,494 |
|
|
|
2,696 |
|
Consolidated depreciation and impairment of property and equipment, and
operating lease cost relating to land use rights |
|
|
26,389 |
|
|
|
27,808 |
|
|
|
27,799 |
|
(i)For the year ended March 31, 2023, the Company reclassified the results of Instant Supermarket Delivery business, which was previously reported under the China commerce segment, to the Local consumer services segment in order to conform to the way that we manage and monitor segment performance. Figures for the years ended March 31, 2021 and 2022 were reclassified to conform to this presentation. (ii)Unallocated expenses primarily relate to corporate administrative costs and other miscellaneous items that are not allocated to individual segments. (iii)Adjusted EBITA represents net income before (i) interest and investment income, net, interest expense, other income, net, income tax expenses and share of results of equity method investees, (ii) certain non-cash expenses, consisting of share-based compensation expense, amortization and impairment of intangible assets and impairment of goodwill, and (iii) Anti-monopoly Fine, as well as equity-settled donation expense, which the Company does not believe are reflective of the Company’s core operating performance during the periods presented. (iv)Adjusted EBITA margin represents Adjusted EBITA divided by revenue.
|