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Alibaba Group Holding Limited (BABA)
Q3 2015 Earnings Conference Call
January 29, 2014 7:30 AM ET
Executives
Jane Penner - Head of Investor Relations and Vice President
Joe Tsai - Executive Vice Chairman
Maggie Wu - Chief Financial Officer
Jonathan Lu - Chief Executive Officer
Daniel Zhang - Chief Operating Officer
Analysts
Dick Wei - Credit Suisse AG
Angela Moh - Morgan Stanley
Alan Hellawell - Deutsche Bank Research
Alex Yao - JPMorgan
Alicia Yap - Barclays
Piyush Mubayi - Goldman Sachs & Co.
Thomas Chong - Citigroup
Carlos Kirjner - Bernstein
Erica Poon Werkun - UBS
Presentation
Operator
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Good day, ladies and gentlemen. Thank you for standing by. Welcome to Alibaba Group December Quarter 2014 Results Conference Call. At this time all participants are on a listen-only mode. After management’s prepared remarks there will be a Q&A session. I would now like to turn the call over to Jane Penner, Head of Investor Relations of Alibaba Group. Thank you. Please go ahead.
Jane Penner
Hello, everyone, and welcome to Alibaba Group December Quarter 2014 Earnings Conference Call. With us today are Joe Tsai, Executive Vice Chairman; Jonathan Lu, Chief Executive Officer; Daniel Zhang, Chief Operating Officer; Maggie Wu, Chief Financial Officer.
Also, as you know, we distribute our earnings press release through Alibaba Group’s Investor Relations website located at www.alibabagroup.com, so please refer to our IR website for our earnings releases as well as the supplementary slides that accompany the call. You can also visit our corporate website for the latest company news and updates. Please check it out.
This call is also being webcast from the IR section of our corporate website. A replay of the call will be available on our website later today.
Now let me quickly cover the safe harbor. Today’s discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from our current expectations. Factors that could cause actual results to differ materially are set forth in today’s press release.
To also understand these risks and uncertainties please refer to our Form F-1, as amended, originally filed with the U.S. Securities and Exchange Commission on May 6, 2014. 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 non-GAAP EBITDA, including non-GAAP EBITDA margin and non-GAAP net income are expressed on a non-GAAP basis. We have also adjusted our net cash provided by operating activities to remove purchases of property and equipment and intangible assets, excluding the acquisition of land use rights and construction in progress, and adjust for changes in loan receivables relating to microloans of our SME loan business, which we refer to as free cash flow. Our GAAP results and reconciliations of GAAP to non-GAAP measures can be found in our earnings press release.
With that, I will now turn the call over to Joe.
Joe Tsai
Thank you, Jane. Good evening, or good morning, depending on where you are. Thank you all for joining.
Jonathan, Maggie, Daniel and I look forward to discussing our business review today. In the quarter that ended in December which is our fiscal third quarter, I’m pleased to report that we saw continued strong growth across our core operating metrics. Those who follow our company closely know that we analyze the health of our business by focusing on a few select core metrics. On each of these metrics we continue to see strong growth. We grew Gross Merchandise Volume across our China retail marketplaces because of robust growth of active buyers.
We continue to expand our strong position and competitive advantage as the unrivaled leader in mobile commerce across China. Our business continues to perform well and our results this quarter highlight both the strength of our ecosystem and the strong foundation we have for sustainable future growth in China and beyond.
My colleagues will provide you with a more in-depth look at our business operations and financial results, but before they do that, I want to highlight a few of our key growth areas. We grew gross merchandise volume across our China retail marketplaces by 49% year-on-year, driven by strength in both Taobao marketplace and Tmall.
In just three months ended December 31, 2014, we achieved a US$127 billion in China retail GMV. For the calendar year 2014, we achieved US$370 billion in China retail GMV, which demonstrates the unparalleled scale we have been able to achieve. A key reason for the strong GMV growth is the continued growth in active buyers across our platforms. An active buyer is someone who came to our retail marketplaces to make at least one purchase during the period of measurement.
For the 12 months ended December, our annual active buyers increased to 334 million compared to 231 million in the 12 months ended a year ago. This growth represents an increase of 45% year-on-year and was driven by an increase in active buyers throughout China which is substantially faster growth from lower tier cities.
For context, when you consider our 334 million annual active buyers, this means that a number of consumers that now surpasses the entire population of the United States is shopping and buying annually on our China retail marketplaces. Yet, this 334 million Chinese consumers represents only about half of the Chinese internet user population and about a quarter of the total population in China. These numbers highlight the significant growth opportunity we have before us.
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