Alibaba Group Holding Limited (BABA) 7 Feb 242024 Q3 Earnings call transcript

Good day, ladies and gentlemen. Thank you for standing by. Welcome to Alibaba Group's December Quarter 2023 Results Conference Call. [Operator Instructions] I would now like to turn the call over to Rob Lin, Head of Investor Relations of Alibaba Group. Please go ahead.

welcome Group's and Results Quarter everyone, Call. Conference day, to December Alibaba XXXX Good Joe Eddie Tsai, Officer; are us With Chairman; Chief Officer. Toby Wu, Financial Xu, Executive Chief

Digital Fan, We call invited is will of our our also the on the CEO corporate Commerce on call Group, website webcasted be section of call. have available This AIDC, Jiang later the Alibaba IR also being website. join to replay International today. of A

may and cover contain statements our me Now and as our the such the on about without organization Today's discussion business well expectations statements safe limitation, revenue as forward-looking return investment. let future about and harbor. including government business as new of our growth and business, prospects structure, beliefs strategies plans our

inherent that expectations. actual statements may our materially risks differ Forward-looking uncertainties cause from and to results current involve

and of on Kong documents annual XX-F on discussions Form these detailed Stock U.S. For or please the risks latest our the refer Hong report website of with SEC. other to and Exchange. uncertainties, filed the announced

use a expressed adjusted per this Please share as are financial on under that to ADS statements based EBITDA, EBITA, that or call update are net any flow and as statements, adjusted not of we on measures today, these except non-GAAP this basis. forward-looking margin, we on on earnings we diluted call, law. free obligation certain make adjusted applicable EBITDA do Any note assumptions non-GAAP adjusted as such income, that EBITA undertake margin, non-GAAP and cash required

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

With will Eddie. now turn that, I to

approach we to that at win we We focus. a quarter, core in growth time, business order that with adjustments landscape. and our align the competitive this making investment capabilities steady At our the maintain competition concluded took core increase deep aggressive our Hello, everyone. edge, to look strategic while our and organizational operations towards past more in same delivered competitive Over a growth. adopt we

Our top e-commerce core priority X cloud of businesses, and growth reignite our computing. to is the

execution of user-first year-over-year and competitive In order public TTG active a During was and the and elaborate a in increase. The and resulting growth healthy the number Tmall plans of at buyers of to Taobao the quarter, Computing, as robust strategy of strategies our our effective number Cloud prioritizing I'll moment. the pricing committed on continue volume merchants double-digit in GMV showed and for outlook grow to we're a in rate, XXXX cloud. Group,

results and our continues contracts These We capability Alibaba showing reduced have cloud improve. structure, to proactively business and increased adjustments revenue optimized profitability are project-based investment in products. structural overall Cloud's public from

expanding enhance We've coverage also Commerce serve upgraded sizes we service the experience. offerings In capabilities, operations shopping we and will Alibaba service customer sales our and on rate. sales and of to systems business, different cross-border by Cloud's improving establishing customers our International and focused the different growth types enhancing

realizing global revenue of all contributing business. continued resulting solutions as to commerce growth growth fulfillment a cross-border of XX% as rate at logistics retail AIDC's and cross-border quarter, This the synergies e-commerce well develop strong revenues year-over-year. overall platforms in growing international with to digital rapid its XX% with logistics year-over-year achieved Cainiao network smart

operates capturing competitive market, share to TTG world's like which in opportunities. China. investing e-commerce most I'd the in TTG for is growth priorities Next, strategic the and

TTG primary share be its and place the operate that shopping. amongst within as and leading #X TTG peers. deepest platform Merchants GMV products has As continues and on we of e-commerce carefully market, position in most consumer business, comprehensive platform note selection the evaluate TTG's China the their the is to for of competitive e-commerce we

we still experience. and and improvements investments competitiveness, user in service price make targeted must However,

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a service. Taobao's types to improve doing different pricing we're delivering that have offer value on suited is for proposition. quality flexible business best we'll and of across prices models are is to their quality This consumers operational suppliers, is and demand thereby focused cycles The products. business. Three, efficiency For that attractive enhance competitive fundamental

work to merchants invest service and in post-sale logistics We logistics. in-sale, consumer partners including presale, the improving experience our entire and will with

Through accurately enhance our quality products different service identifies Fourth, For investments, the platform, meets increased different groups. offer purchase prices build will attractive great we needs the the capabilities comprehensive with various system the a frequency. above of on to customer segments at service. and consumer we that will

and improve and Taobao place believe the purchase increased materially user efficiency the the service We and for remain overall most merchants valuable platforms business. shopping experience quality do and of lead improving growth. main will shopping that frequency platform's the to Today, Tmall to

we're planning to capability return XXXX, -- for confident With plan will TTG that the growth. building comprehensive

Next, over present on ADC. I'll to Fan hand Jiang to

Good evening, everybody.

competition, Over orders across international in the Growth driven platforms. major achieved despite intense growth. cross-border the grew all retail growth more AIDC year-on-year rapid market business by and strong by our XX% significant. was past Total quarter, uncertain especially environment

first, our consumer upgrade; growth X a of and and experience drivers as in technology services expansion Our our product enhanced are chain third, second, result major markets. business priority innovation; model and supply targeted

and business Next, I future around X results will these drivers. present plans development our

early and original model fully is, AE chain combines balancing made the XX%. to Choice essence, model other business growth hybrid pure The model in Choice AE upgrade. Last new achieved quarter, driven year-on-year one our in richness upgrade our we that the we with platform with underpinned an a on over services a is by of business platform First was model it's mainly and the of order model AliExpress supply by on the supply that chain This by XXXX. on offerings. hand entrusted supply efficiency. experience model optimizes that into It launched POP

entrusted return. by assortment more cross-border providing competitive continue operations time to by lower platform. engage we delivery diverse including value-added prices same continuing and barrier services we logistics, to the product to by enhance time, offering and adding quality local their more services, optimize more business, and stable and other experience consumer end-to-end marketing in to product more like bringing the By to At the the cross-border certainty for merchants

further users. up choice January to forward, driven already to half transaction a resolutely of significant the continue invest on XXXX penetration provide AliExpress better all user user to going AliExpress high-quality and more As of platform. and experience we'll increase a It's made experience orders. growth has growth And choice

and have appreciated, of in and kind innovation, and lower actively countries to line and pursue optimized to In with enhance local already product been AI regions upgrading. the AIDC serves efforts terms regions operating and products These We're consumers in highly world. different barriers preferences. technology around and merchants. We've for certain key in continue deploying we'll innovation also of that efficiency countries

launched, AI-based suite logistics have generation foreign officially translation and products images et real-time cetera. AI for Our and language rapid videos services, digital of enabling marketing, of been trade

breakthrough neighboring further markets. order key in growth the we business last leading the good the platform robust certain and markets. growth In East. the locally. Middle achieved Turkish markets, quarter, regional its also growth become And growth sustained A achieved rapid double-digit In Third, in markets key continue markets, in different maintained position leading expanded in market. achieve It Turkey its and to in in Trendyol valuable new to

value region Visable, global its potential and completed its strategy. acquisition of huge alibaba.com alibaba.com's further the There Europe, the in expanding In investment base markets to user we overseas European and advancing trade dual our in on digital will AIDC supplier healthy is where regional see for in to opportunities brand opportunities BXB we and expansion well-known further platform, and current our select high of the building for increase growth. majority markets, resources certainty footprint, achieve and penetration increase

maintain consumers in user momentum scale. differentiated services. to our our growth increase To experience we'll investments Going continue end, and business our forward, rapid business we'll and continue while enhancing provide with to expanding competitiveness that improved

was increase healthy by by [indiscernible] steady RMB major an and XX.X Jonathan. revenue X% billion, of the driven a improving businesses. you, business achieved increased XXX.X RMB billion. consolidated Thank quarter, We in EBITDA Consolidated performance financial momentum adjusted X%. Total efficiency past several to in

billion, net X%. decrease Our XX was non-GAAP of a RMB income

of was to RMB change investment income Our That was and a GAAP impairments. attributable in billion, net decrease values RMB XX.X XX primarily billion.

change market-to-market billion; our XX.X from assets impairments. of of a XX.X XX RMB related to second, which equity was investments [indiscernible] billion, was RMB impairment there amortization was RMB Firstly, intangible of about billion

to Third, billion from impairment net income. were of X.X related RMB excluded The X goodwill was above Youku. non-GAAP items

changes several in our increased of several a RMB As XX.X quarter The cash and position payments CapEx a to XX%. including net of in XXX businesses. of USD flow billion. to December factors, of billion, was decrease was to working billion attributed decrease strong we this RMB XX.X related onetime flow income capital continue timing Free free XX XXXX, tax cash maintain cash or of

Taobao Group at let's and for Now look increase was Tmall with and X%. billion, Group. an segment of Taobao Tmall XXX.X RMB Revenue results. the Starting

and we We quarter, observed execute this trends. few our progress a to During made Taobao strategies. steady positive Tmall

half GMV mentioned, quarter. during growth double-digit the achieved the Notably, healthy quarter. exited second order strongly Eddie volume growth our the of order year-over-year the with As online during growing volume

to grow to continued past the operating brands X efforts wide our range at merchants. and has double platform this on and we continued our number over our sustained The digits, of quarters. Importantly, trend merchants of onboard

because towards merchants Tmall while quarter. from take rate Taobao merchants. potential The shift the Taobao mix The merchants. with was management GMV slightly revenue we RMB billion, in also seeing are growth in of Additionally, year-over-year. Customer mainly increase from XX.X relatively came strong because us paying flat been Taobao rate of merchants decreased the further during improving, overall has provide rate take take the GMV monetization merchants was year-over-year unchanged

billion. Group demand Taobao due XX.X Direct Importantly, consumer well trend offered XXXX.com X.X to sales primarily on revenue [ businesses Taobao X% other by revenue services in increased billion. XX.X and commerce ]. business The also content, offset to value-added of increased technological narrowing acquisition increased this RMB to our Tmall RMB increasing increase of adjusted reflects losses in billion, RMB certain increasing primarily platform. price-competitive was of and XX% investment retention as wholesale partly revenue by China in innovation. from EPP to to increase as EBITDA the an products user the and X% due

process and growth. Group and the in are We for future position Taobao it Tmall revitalizing or

this by early investment of recovery beginning a part year. in to We work fiscal are still ahead. of see We earlier GMV signs made have since growth lot driven

will As Group's strengthen market and Eddie invest Tmall for future Taobao leadership. and we growth mentioned,

from Our project-based revenue reduced we Cloud to quality as Intelligence continues low-margin contracts. Group's improve proactively revenue

public our technology Cloud adjusted reflected and customers public to the of billion cloud mix The focus from improvement strengthen our we in leadership product EBITDA XX% to gives invest through enhance revenue improving operating our from the RMB an Cloud was X%. future. cloud public XX.X to X.X our Additionally, and Cloud's profitability EBITA Revenue quarter, increased billion. Intelligence customers. RMB growth increase recorded adjusted efficiency, external in but cloud in Group business healthy on of of confidence by continuous this us

generated billion. revenue from Commerce an in billion, XX.X International solid due RMB RMB Group was increase revenue from from increased primarily X.X Commerce increase increase The Digital and by RMB to XX% AliExpress, International Commerce to especially Wholesale revenue increased to our services of growth was Retail business Revenue alibaba.com. by Alibaba increase was business related International XX%. XX.X due value-added X% revenue billion, from primarily Business Revenue an the by Trendyol. to cross-border in Choice

in AliExpress improvement across primarily increased loss the in major billion. in increase Losses platforms. AIDC's international Trendyol's by adjusted of partly Choice, EBITA RMB was offset because X.X all a monetization investment of business

the order e-commerce investment and have we step drive quarters. to we business services seen cross-border this of to To increased provide we'll our momentum AIDC customers, and few rapid this very sustain differentiated up over investments revenue growth and quarter, further a Overall, the during growth. last

a to in to increase Cainiao last same the of scale XX.X RMB billion, the expenditure spending to in was RMB primarily of adjusted increase compared well of Cainiao fulfillment cost from a solutions. revenue partner by Total coming million cross-border revenue grew quarter XX loss The strategic AliExpress. optimization as reflected XX% economies quarters million from operating the XXX that contributed as year. as leads RMB in EBITDA optimize

loss of this driven December billion quarter billion, quarter due the [indiscernible] compared same Local logistics loss billion by to driven last growth home and adjusted business, cross-border narrowing XX% unit EBITDA improved support our will growth. growth increasing investments of of services RMB RMB a scale. in year, and group continued to loss [indiscernible] of Local healthy to Choice's by a from a expanding X We XX.X primarily revenue economics rapid RMB X.X quarter to grew X.X Group Amap. service in was capabilities of increase our

entertainment XXX losses group Youku. DME XXX Losses a of our the by million last increased the due of strong an loss to of a primarily growth same X from XX%, businesses. compared Revenue driven loss was year. RMB off-line million billion, RMB of RMB revenue increased of was EBITA quarter to Adjusted increase primarily

down Revenue of other from revenue RMB of from XX a billion year mainly year-over-year RMB to same scale Sunna other decreased a of businesses. quarter in to the of to due loss RMB segments from decrease the to ] [ from all was [indiscernible]. certain due last billion, Adjusted X.X all X% due EBITDA to segments X.X loss increase loss in compared primarily in billion

been operations, and points businesses group grown our have XX% that at have this quarter. Excluding approximately adjusted retail physical margin percentage in-time X [ in approximately have EBITDA Sunna at would X% flushable consolidated ], group would revenue higher

to returning Lastly, we to committed remain shareholders. cash

repurchased and the consistently for have December the shares. our XXXX, We months we XX, ended USD have buying by ESOP. shares of billion reduced accounting shares been back share XX have X.X under X.X% In account in issued

USD until Xth, of have we worth shares. X.X our February another quarter-to-date billion Additionally, repurchased

upsize USD program in XXXX, has another and March capability. XX upsizing demonstrates Our of billion approved Board repurchase repurchase our of program through cash strong Directors flow the fundamentals share share by our confidence generation our business

prepared to outstanding reduction you. next market for at conditions, of least target annual X years. currently we The X% accretion. and shares we a Thank the under allow Subject our us upsize, achieve to Q&A. to end in up fiscal total share for the Following share can reduction share program. flow count XX.X achieve USD billion in cash in repurchase remarks. per our will net EPS and open program achieve available the We That's have upsize

ask in Please the will A In translation statement convenience discrepancy, language translator the or prevail. call, Chinese case for interpretation note Q&A in provide will original consecutive purpose are third-party for Everyone, to session. the our any the English. that for of today's welcome only. questions management you is

Chinese the you days within this available to Chinese conference speaker when be you. line website the hear session ready. the [Foreign Language] now X working start bilingual call connect holiday. SI our New after translation, If will please the on Thank Q&A right Operator, of are and transcript and unable Year

Sachs. from Ronald Your first with Instructions] comes Goldman Keung [Operator question

a rate just I the that take ask mentioned take blended about and want rate. Slide X to the we quarter Tmall this Taobao

but the rate mix take shift, factors, Taobao also mentioned the You increase. about different

that is to peers. hear how take per rates should take -- stabilize, on how was shift is sales the still we quite stabilize are much Taobao, just CMR the in I cost upgrades to we global want base driving than lower to a same our tech the think specific about take So we of And adoption particularly few potential the on should GMV increase then long-term this, rate the about what peers of given I lower expect sales how and would we our on say and China ad in rate rate? when the based and the blend the i.e., than and should

there potential the and the when in So near to term stabilize long-term potential.

[Foreign I Language] [Interpreted] will okay. you, Ronald. take question. Thank this

little script, explaining this this bit, at as in see shift, products rate quarter, look overall grow. take the For relative was we consumers drop actually, a my price-competitive if actually, appetite was chart mix as because can of for you I the

towards see strategy merchants. [Foreign of Taobao of actually in can [indiscernible] is Tmall a the early that's strategy see we we year, the why as execution So earlier -- the This the -- the announced is Taobao Language] [Interpreted] of we for from the shift the because success and user-centric.

particularly the to up need for we build our So all for price-competitive product. supply the consumers

So big to strategy. [Foreign the that's is execution platform merchants, other rate compared we take silly relatively our enhancing providers, overall early of rate. not rate, operating so in the via which will which enable rates platform merchants increase efficiency, the shows platform the be help terms have lower as take some with of is take to our the well potential take said, in too said, success -- for as our on overall the is Language] [Interpreted] of still the operating us because just efficiency sort increasing we we actually of rate why growing, job for of believe I the the what as our you like So is, the are take of concerned demonstrates a this the Taobao rate take what the increasing

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This about answer strategic an how purchase and Toby growth GMV executing the relationship strategy gave. take that like we're that between what I'd [Interpreted] we is now increasing will on Thank focused overall Eddie. to our achieve purchase increasing is purchase frequency, and level growth. strategy we is. GMV just view to The Talking that by rate add on frequency, you. frequency

we be optimized basis that that growth developing that the been then and will GMV SME advertising of achieved, highly once On merchants. for has more products are

to terms to approach. we'll monetization. plan advertising a those achieve to going in strategy a new and At time-wise we're higher point, clear products be that of how able There's leverage

Your with next question Alicia Citigroup. from [ ] Yap comes

[Foreign Language]

the if in for an understanding, me, for Taobao asset Is for increase relating wondering going And on you that result [Interpreted] if a forward, expect see light strategy, that asset to to correct. my strategy confirm correct? Question can strategy Tmall understanding this focusing could I'm group. is as EBITA. of also we're TTG in my and we more light

that merchants, And I'd when platform that what against in its lots my successfully value that the the what's know more that merchants We video platforms other we biggest the has way other than terms into compared then of What's of know is that of do. to offer convert advantage our to create like to second traffic TTG is we for model question organic biggest difference goods. platforms? the and able short-form purchases platforms the have

how TTG customers? those going traffic to So and existing pull back is

sales Tmall parts, different to question an Thank X I direct I'll This had But with is, really, customers profits purchase CMR, do revenue that. there. If look the and comprises help you. revenue Taobao I the direct first business contributed having also a retain and -- customer by The offering. way couple increased the of be group, certain I Language] [Interpreted] in think take The questions mostly management then we [Foreign And revenue, fundamentally, heard the and of categories. revenue and revenue CMR. purpose to offerings frequency advantage structure correctly, understood to is in drive should achieve a of advantage contributed the be profits to at bulk firstly, CMR. and of by should the sales competitive Eddie. our

robust think of the is certainly, offer terms merchants. the in Tmall most it TTG I is from that overall its different from can merchant Group with Taobao perspective, strongest how Secondly, the platform capabilities competitors,

can product merchants that also streaming We lot launches. of modalities And quickly Very drive marketing have via volumes for a are we that to operating offer. function Taobao made purchase day-to-day other course, marketing of Taobao. important on are for purchases, new on help in search tools the live and fact, the

the have robust also stronger And domain of course, all that well competitors. we other private tools as a than of are

for robust them possible make for of very marketing different high-efficiency and services all So to and tools merchants, these operations. it achieve

in these Taobao Tmall and the fuller respects. group capabilities So most comprehensive has set of

The customers to how as drive platform. on and to the purchase frequency other question retain

said because we them tiers we that is of to precisely I different relative of the the remarks, customers services good coupled provide targeting in about experience for customers that that As good really have good makes my this opening products to with and at e-commerce. needs prices ensuring up core together,

going So go driving that's and purchase increased how growing GMV. frequency we're to about

Thank you.

Next question?

Shao question next Jiong Your comes with Barclays. from

may capital It's potential we already I you of have return. limitations you pick you constraints great buyback, on pace Trendyol. What the sort of to and very the any as so increased the for pace talk buyback a the that, able outside you question buyback? But in up and of to much. of such about the IPOs Freshippo related update shareholder of happen the about you to billion. XX have Could of And understand terms there the by cash RMB control. Thank the you, needs be may China? are

Thank question. take take [Foreign will one. Joe your second the will and Language] [Interpreted] for I the Okay. you one first

sitting preparation terms balance -- buyback. and the use cash, do to as very strong the see, actually buyback sheet a really us, which the of share cash percentage the is can we have in for of of and can think you sort offshore offshore, I of a have the cash certain For firstly, we a

the using actually, And in like cash of we secondly, can we other to are those investments sort out good cash very we underleveraged. the can that sort to well also Language] [Interpreted] as of our businesses hand, leverage offshore dividend to further do have a offshore we On that buyback. [Foreign make channel as be either

at amount also look a increase balance can if the to only If And do data. share sufficient sheet, small need for actually, of we better the we of sort get the very us we can to cash is do it, buyback. you the leverage

I as X to X% every net to my targeting reduction count said share have in reduce years. year we are So next fiscal a the least in -- of script, at

can [Foreign intrinsic business raising made Language] [Interpreted] of and companies of I'll and when that address But we could okay? businesses. steps sure all -- the and [indiscernible] Okay. our of about specifically -- so transactions value valuation these reorganization, of the the take believe make was announcement there multiple the we was to not Cainiao reflect truly we were on Group, question just the And like value [indiscernible] mark year, intrinsic off that announced it. in various really are caveat where market And goal business we the businesses. subject state last conditions. we of reflect units so IPO Alibaba these -- a put to currently that part spinning we our true valuation The in do a are to talked we ways and could these we we the capital when And in Cainiao. market about conditions value units

for core look business, few now, team right very Eddie be the our potential value best a we've creation excited our will the and the have to months, that the value We're way So the businesses. in through group last very Group. close within of Alibaba to conclusion at close about and focusing come the the collaboration generating on entire companies among taken synergies his reflect our in

the and continue several we business to the given a Having our path on Language] to hurry core the conditions, to said of our believe we financings synergies that, In these said, we're today. is best challenging special areas, in separate strengthen transactions. [Foreign ensure timing teams creation of have value-maximizing synergy prioritizing as not I project formed creation business explore through market value units. But we

question? Next

with next from Your Fong Kenneth UBS. comes question

other one digit improve our recorded double aim investment we single also from to for on on TTG the question earnings to ROIC for group continue call, a hand, last have We time. return. in will in growth. on to we the overseas I But invest area over digit the and hand,

a want that about, on on see I that we front, for of and disposal of are return the assets we and say, progress the strategy what are ask terms the the So [indiscernible] to for should numerator being asset-light what segments expect? room pace improvement then let's noncore in the And

[Foreign Language] [Interpreted] first your you, Thank Kenneth. part the I'll take question. of

we a listed improve I company, the investors. think ROIC said, it's As important the think to as to I

So we that's that single years. [Foreign ROIC we to Language] committed will couple the our of last call, during earnings from quarter's why digit improve digit next the double in

this improve because with ROIC. will improvement [Interpreted] investments the are on make also to the return making help we conflict for and However, eventually exactly the ROIC of investment doesn't growth to the going is the growth for future the

Language] [Foreign

doing that previously core will be the focused by would Eddie. What on we from businesses, be is more elaborated differently we [Interpreted] previously as

well offshore onshore as we focus including is and which computing. only So will e-commerce the as e-commerce, on the business cloud

noncore And rule-making from in Language] [Interpreted] will of some say are Okay. So as the script, investments. Joe emphasized the -- cover the I asset areas, was those investments. [Foreign my

sales. [Foreign Language] [Interpreted] since capital committee. making this capital the the good Yes. assets is asset progress I'll focus management of non-core a the talk and of sale management on noncore We're I about very major committee chair

markets, good listed 'XX securities. our fiscal in form very, pretty And have looking get And these capital X sales to exited in so at so months noncore RMB out active a to transactions pace. that's execute very date, this So securities, a we're during right? investments, year, fiscal and we're we listed we to X.X team billion into special of

referred has Toby Now addition, in to this.

sheet, businesses, given time these traditional these physical the makes We take have not to focus. Language] conditions, retail but our are challenging exit a sense this us but make for it. [Foreign will core to number we'll It and will businesses -- market it on balance our of continue on work

Next question?

with comes next question from JPMorgan. Alex Your Yao

shareholder I return on value the questions couple a initiatives. have to of

buyback program, a real the have guys you up USD which intention XX to to ] So compared XXXX pace, year first Do year XX.X the billion the buyback per USD and this put years? the the have buyback in do next another billion the is per serious currently it right think step-up. about? the is and step available dividend XX USD And averaged year calendar determine all, you the of roughly [ guys or buyback yield then fiscal add billion to buyback [ a for to of you shareholders, a target couple way, how number holistically, yield together sizable if do have you we ] call

Okay. [Foreign Thank you, Alex, this question. Language] [Interpreted] for

the think I we version is, are answer yes, serious. short

of if back share our program. course, have upsizes look Of you we the done record, track buyback few have the few we of in past years, a -- been at

if look we're original like timetable, the record, you sort exceeded like like. of if you like, if track actually at of So sort the you

approved this So Board that's upsize the another time. why we --

that's it our we also we factors of as be like need consideration, cash-generating much sort take how we will why, decide and I into this offshore. -- few course, So capability cash a of to including So we of are in to get to generate terms to Language] [Interpreted] how said, serious. [Foreign do number, we able

as I we we So consider. And have. all leveraging capability the course, said these of previously,

to ], right [ that's us buyback. [Foreign So upsize, [ number for the think Language] [Interpreted] USD the only buyback. this consider billion in is ] do the buyback, addition $XX billion we around for the number So the together, I XX for -- a right the to

As ] we to pay started we last [ dividend. an the quarter, annual announced in

than including the USD you of giving like, the fiscal more X.X billion billion for XX back USD we're So buyback and year X.X billion if dividend, USD the actually, 'XX, back continue our to we -- shareholders sort back Language] committed. [Foreign cash-generating the capability, of as with the are deliver like cash expecting to we forward, to give the shareholders. And continued going

like we is through real X look buyback what points just And of reduced year question. the accretion XX pretty count X his I'd remarks program. a math because months, over at our per commitment next by X.X%. the years past you our share actually Yes, if that year do [Interpreted] has bit percentage this said, Toby to a per are little we prepared that I'll on supplement of said targeting Toby in

more, able -- the that So we're have our outstanding can billion but we -- stock X% XX believe, accretion achievable. increase we year target to in is we keep current X over actually back shares it X% our stock per will our year. $XX at about shares. price, X.X a that look of back -- buy that count, of are if so price keep still And stock buy we could years our is and be years anticipating course, million share even at we If X the to next billion would is accretion the we over last deploying you

buyback So using of $XX get billion year. the to accretion X% stock to think with rising a is year price a it reasonable still I

XX-year is plus dividend The #X. Math X.X% buyback, about about X% at a X.X% combined math you're ADS. yield. that's #X is which the dividend yield accretion treasury year and and looking per is quite X.X%, so dividend close So a $X yield, to of the accretion with actually the

treasury XX-year stock a price bought you of like it's appreciation. the stock, Alibaba upside buy bond with you if So

we're Language] the looking that's So math at. [Foreign

question. Next

Your next Gary with Morgan from question Stanley. Yu comes

Jiang business. a have question on I Fan for international

the to Or we at look AIDC we a group And at level? should of tap quarter there ahead the the is bit loss we of in want the the fourth kind segment elections. offshore we our in up financing regarding stepping that level the market at and U.S. of investment particular of any quarters? to level. I a also to see investment are if of the specifically, more geographical given How Just rates the about into strategy of kind in focusing about going fund talked capabilities are e-commerce financing more ask how potentially we're to business, couple wanted [indiscernible]. going And on individual

questions. your you quite is repeat noisy. background your Gary, Can

Can Hi. hear me you better?

Yes, please go ahead.

Okay. Apologies I'm in a for that. Chinese of the New Year. middle

of first our specifically, So my international And couple is given ahead for of market one quarters. And in is focus the particular terms elections? markets risk of question next regarding strategy business. in U.S. the any the geopolitical what

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