Alibaba $BABA 1Q21 Earnings πͺπ»
- Rev $32b +34% βοΈ
- Rev (ex-Sun Art) $29b +22% βοΈ
- EBIT $4.8b -11% βοΈ margin 15% -758bps βοΈ
- Adj EBITA $6.5b -8% margin 20% -922bps βοΈ
- Net Income $7b -5% βοΈ margin 22% -901bps βοΈ
- OCF $5.2b -33% βοΈ
- FCF $3.2b -43% β¬οΈ (~ $1.4b fine)
- Rev $32b +34% βοΈ
- Rev (ex-Sun Art) $29b +22% βοΈ
- EBIT $4.8b -11% βοΈ margin 15% -758bps βοΈ
- Adj EBITA $6.5b -8% margin 20% -922bps βοΈ
- Net Income $7b -5% βοΈ margin 22% -901bps βοΈ
- OCF $5.2b -33% βοΈ
- FCF $3.2b -43% β¬οΈ (~ $1.4b fine)
β‘οΈ Faster growth & more profitable E-Commerce ππ¦ (~87% of Rev, ~109% of Adj EBITDA Rev +35%YoY) continues to fund Cloud βοΈ, Media π¬, other initiatives.
β‘οΈ All Segments grew revenue, Total +34%YoY:
1) E-Commerce (+35%YoY) β¬οΈ
2) Cloud (Rev +29%YoY) β¬οΈ
3) Media (Rev +15%YoY) βοΈ - slower, not new
4) Other Initiatives (Rev +37%YoY) β¬οΈ - off small base
1) E-Commerce (+35%YoY) β¬οΈ
2) Cloud (Rev +29%YoY) β¬οΈ
3) Media (Rev +15%YoY) βοΈ - slower, not new
4) Other Initiatives (Rev +37%YoY) β¬οΈ - off small base
β‘οΈ Core commerce Adj EBITA margins lowered to 25% by -1300bps. due to anti-monopoly fine (non-recurring) and Capex investments.
β‘οΈ Improving Adj EBITA margins (profitability) in Cloud (to 2% +1100bps) and in Media (-5% +1400bps) and Others.
β‘οΈ Improving Adj EBITA margins (profitability) in Cloud (to 2% +1100bps) and in Media (-5% +1400bps) and Others.
β‘οΈ Capex: βInvestments in strategic areasβ¦, such as Community Marketplaces, Taobao Deals, Local Consumer Services & Lazada, as well as our increased spending on growth initiatives within China retail marketplaces, such as Idle Fish and Taobao Live, and our support to merchants.
Final Thoughts on Alibaba $BABA:
(1) One-time anti-monopoly fine (paid ~50% of $2.8b) and (2) strategic LT capex investments resulting in lower profit & cash flow growth/margins near-term. Commerce continues to drive growth in Cloud and others. Thesis unchanged despite noise.
(1) One-time anti-monopoly fine (paid ~50% of $2.8b) and (2) strategic LT capex investments resulting in lower profit & cash flow growth/margins near-term. Commerce continues to drive growth in Cloud and others. Thesis unchanged despite noise.
β’ β’ β’
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