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v3.22.2

Segment information | 12 Months Ended
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Mar. 31, 2022
Segment information |
Segment information |
26. | Segment information
The Company presents segment information after elimination of inter-company transactions. In general, revenue, cost of revenue and operating expenses are directly attributable, or are allocated, to each segment. The Company allocates costs and expenses that are not directly attributable to a specific segment, such as those that support infrastructure across different segments, to different segments mainly on the basis of usage, revenue or headcount, depending on the nature of the relevant costs and expenses. The Company does not allocate assets to its segments as the CODM does not evaluate the performance of segments using asset information. Starting from the quarter ended December 31, 2021, the CODM started to review information under a new reporting structure, and segment reporting has been updated to conform to this change, which also provides greater transparency in the Company’s business progress and financial performance (Note 2(e)). The following tables present the summary of each segment’s revenue, income from operations and adjusted earnings before interest, taxes and amortization (“Adjusted EBITA”) which is considered as a segment operating performance measure, for the years ended March 31, 2020, 2021 and 2022. Comparative figures for the years ended March 31, 2020 and 2021 were recast to conform to the segment presentation for the year ended March 31, 2022. ​
a | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended March 31, 2020
​ | ​ | ​ | ​ | ​ | ​ | Local | ​ | ​ | ​ | ​ | ​ | Digital media | ​ | Innovation | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | China | ​ | International | ​ | consumer | ​ | ​ | ​ | ​ | ​ | and | ​ | initiatives and | ​ | Total | ​ | ​ | ​ | ​
​ |  | commerce |  | commerce |  | services (i) |  | Cainiao |  | Cloud (ii) |  | entertainment |  | others (i)(ii) |  | segments |  | Unallocated (iii) |  | Consolidated
​ | ​ | (in millions of RMB, except percentages)
Revenue | ​ | 351,977 | ​ | 33,917 | ​ | 29,660 | ​ | 22,233 | ​ | 40,301 | ​ | 29,094 | ​ | 2,529 | ​ | 509,711 | ​ | — | ​ | 509,711
Income (Loss) from operations |  | 174,561 |  | (7,615) | ​ | (26,289) | ​ | (5,218) | ​ | (9,662) |  | (15,389) |  | (6,661) |  | 103,727 | ​ | (12,297) |  | 91,430
Add: share-based compensation expense |  | 9,409 |  | 2,996 | ​ | 3,027 | ​ | 961 | ​ | 6,231 |  | 2,566 |  | 2,308 |  | 27,498 | ​ | 4,244 |  | 31,742
Add: amortization and impairment of intangible assets |  | 845 |  | 279 | ​ | 8,245 | ​ | 2,373 | ​ | 25 |  | 1,377 |  | 86 |  | 13,230 | ​ | 158 |  | 13,388
Add: impairment of goodwill |  | — |  | — | ​ | — | ​ | — | ​ | — |  | — |  | — |  | — | ​ | 576 |  | 576
Adjusted EBITA (iv) |  | 184,815 |  | (4,340) | ​ | (15,017) | ​ | (1,884) | ​ | (3,406) |  | (11,446) |  | (4,267) |  | 144,455 | ​ | (7,319) |  |
Adjusted EBITA margin (v) |  | 53% | ​ | (13)% | ​ | (51)% | ​ | (8)% | ​ | (8)% | ​ | (39)% | ​ | (169)% | ​ | ​ | ​ |  |  |
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended March 31, 2021
​ | ​ | ​ | ​ | ​ | ​ | Local | ​ | ​ | ​ | ​ | ​ | Digital media | ​ | Innovation | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | China | ​ | International | ​ | consumer | ​ | ​ | ​ | ​ | ​ | and | ​ | initiatives and | ​ | Total | ​ | ​ | ​ | ​
​ |  | commerce |  | commerce |  | services (i) |  | Cainiao |  | Cloud (ii) |  | entertainment |  | others (i)(ii) |  | segments |  | Unallocated (iii) |  | Consolidated
​ | ​ | (in millions of RMB, except percentages)
Revenue | ​ | 501,683 | ​ | 48,851 | ​ | 35,442 | ​ | 37,258 | ​ | 60,558 | ​ | 31,186 | ​ | 2,311 | ​ | 717,289 | ​ | — | ​ | 717,289
Income (Loss) from operations |  | 197,135 |  | (9,361) | ​ | (29,100) | ​ | (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 (iv) |  | 213,562 |  | (4,932) | ​ | (16,276) | ​ | (813) | ​ | (2,251) |  | (6,118) |  | (5,201) |  | 177,971 | ​ | (7,518) | ​ | ​
Adjusted EBITA margin (v) |  | 43% | ​ | (10)% | ​ | (46)% | ​ | (2)% | ​ | (4)% | ​ | (20)% | ​ | (225)% | ​ | ​ | ​ | ​ | ​ | ​
​
26. | Segment information (Continued)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended March 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | Local | ​ | ​ | ​ | ​ | ​ | Digital media | ​ | Innovation | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | China | ​ | International | ​ | consumer | ​ | ​ | ​ | ​ | ​ | and | ​ | initiatives and | ​ | Total | ​ | ​ | ​ | ​
​ |  | commerce |  | commerce |  | services (i) |  | Cainiao |  | Cloud (ii) |  | entertainment |  | others (i)(ii) |  | segments |  | Unallocated (iii) |  | Consolidated
​ | ​ | (in millions of RMB, except percentages)
Revenue | ​ | 592,705 | ​ | 61,078 | ​ | 43,491 | ​ | 46,107 | ​ | 74,568 | ​ | 32,272 | ​ | 2,841 | ​ | 853,062 | ​ | — | ​ | 853,062
Income (Loss) from operations |  | 172,219 | ​ | (10,655) | ​ | (30,485) | ​ | (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 (iv) | ​ | 182,114 | ​ | (8,991) | ​ | (21,775) | ​ | (1,465) | ​ | 1,146 | ​ | (4,690) | ​ | (7,129) | ​ | 139,210 | ​ | (8,813) | ​ | ​
Adjusted EBITA margin (v) |  | 31% | ​ | (15)% | ​ | (50)% | ​ | (3)% | ​ | 2% | ​ | (15)% | ​ | (251)% | ​ | ​ | ​ | ​ | ​ | ​
​ The following table presents the reconciliation from the Adjusted EBITA to the consolidated net income for the years ended March 31, 2020, 2021 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended March 31,
​ |  | 2020 |  | 2021 |  | 2022
​ | ​ | (in millions of RMB)
Total Segments Adjusted EBITA |  | 144,455 |  | 177,971 |  | 139,210
Unallocated (iii) |  | (7,319) |  | (7,518) |  | (8,813)
Share-based compensation expense |  | (31,742) |  | (50,120) |  | (23,971)
Amortization and impairment of intangible assets |  | (13,388) |  | (12,427) |  | (11,647)
Impairment of goodwill |  | (576) |  | — |  | (25,141)
Anti-monopoly Fine | ​ | — | ​ | (18,228) | ​ | —
Consolidated income from operations |  | 91,430 |  | 89,678 |  | 69,638
Interest and investment income, net |  | 72,956 |  | 72,794 |  | (15,702)
Interest expense |  | (5,180) |  | (4,476) |  | (4,909)
Other income, net |  | 7,439 |  | 7,582 |  | 10,523
Income tax expenses | ​ | (20,562) | ​ | (29,278) | ​ | (26,815)
Share of results of equity method investees |  | (5,733) |  | 6,984 |  | 14,344
Consolidated net income |  | 140,350 |  | 143,284 |  | 47,079
​ ​ 26.Segment information (Continued) 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, 2020, 2021 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended March 31,
​ |  | 2020 |  | 2021 |  | 2022
​ | ​ | (in millions of RMB)
China commerce | ​ | 6,605 | ​ | 9,790 | ​ | 13,043
International commerce | ​ | 725 | ​ | 1,180 | ​ | 1,473
Local consumer services (i) | ​ | 766 | ​ | 1,161 | ​ | 1,237
Cainiao | ​ | 694 | ​ | 872 | ​ | 992
Cloud (ii) |  | 9,257 |  | 11,161 |  | 7,613
Digital media and entertainment |  | 1,359 |  | 1,109 |  | 956
Innovation initiatives and others and unallocated (i)(ii)(iii) |  | 1,117 |  | 1,116 |  | 2,494
Consolidated depreciation and impairment of property and equipment, and operating lease cost relating to land use rights | ​ | 20,523 | ​ | 26,389 | ​ | 27,808
​
| (i) | For the year ended March 31, 2022, as a result of the change in segment reporting (Note 2 (e)), the Company reclassified results of Amap, which was previously reported under the Innovation initiatives and others segment, to the Local consumer services segment. Figures for the years ended March 31, 2020 and 2021 were reclassified to conform to this presentation.
| (ii) | For the year ended March 31, 2022, the Company reclassified results of DingTalk, which was previously reported under the Innovation initiatives and others segment, to the Cloud segment in order to conform to the way that we manage and monitor segment performance. Figures for the years ended March 31, 2020 and 2021 were reclassified to conform to this presentation.
| (iii) | Unallocated expenses primarily relate to corporate administrative costs and other miscellaneous items that are not allocated to individual segments.
| (iv) | 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, which the Company does not believe are reflective of the Company’s core operating performance during the periods presented.
| (v) | Adjusted EBITA margin represents Adjusted EBITA divided by revenue.
Details of the Company’s revenue by segment are set out in Note 5. As substantially all of the Company’s long-lived assets are located in the PRC and substantially all of the Company’s revenue is derived from within the PRC, no geographical information is presented.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) its reported revenue is 10 percent or more of the combined revenue of all operating segments after elimination of inter-company transaction b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References No definition available. + Details
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