Alibaba Group (BABA) Q4 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 18, 2023 7:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to Alibaba Group's March Quarter 2023 and Full Fiscal Year 2023 Results Conference Call. [Operator Instructions]

I would now like to turn the call over to Robert Lin, Head of Investor Relations of Alibaba Group. Please go ahead.

Robert Lin

Thank you. [Foreign Language] Mr, Zhang, Chairman and CEO; Joe Tai, Executive Vice Chairman; Toby Xu, Chief Financial Officer; we have also invited Trudy Dai, the CEO of Taobao and Tmall Group; and Jiang Fan, the CEO of Alibaba International Digital Commerce Group. This call is also being webcasted from the IR section of our corporate website. A replay of the call will be available later today.

Now let me quickly cover the safe harbor. Today's discussion may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from current expectations. For detailed discussion of these risks and uncertainties, please refer to our latest annual report on Form 20-F and other documents filed with the U.S. SEC were announced on the website of the Hong Kong Stock Exchange. Any forward-looking statements that we make on this call are based on assumptions as of today, and we do not undertake any obligation to update these statements, except as required under applicable law.

Please note that certain financial measures that we use on this call, such as adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP diluted earnings per share or ADS and free cash flow are expressed on a non-GAAP basis.

Our GAAP results and reconciliation of GAAP to non-GAAP measures can be found in the earnings press release. Unless otherwise stated, growth rate of all stated metrics during the call refer to year-over-year growth versus the same quarter last year.

With that, I will now turn to Daniel.

Daniel Zhang

Thank you, Rob. Hello, everyone. Thank you for joining our earnings call today. We closed the March quarter and fiscal year 2023 in a changing and in a macro environment. As COVID-19 cases weighed after the Chinese New Year, business and the social activities gradually recovered in China. This change has impacted some of our businesses in various degrees.

During the past quarter, our revenue reached RMB 208.2 billion, represent a year-over-year growth of 2%. Our adjusted EBITDA was approximately RMB 25.3 billion, representing a year-over-year growth of 60% as a result of our continued efforts in enhancing operating efficiency and optimizing costs.