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CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Millions, $ in Millions
12 Months Ended
Mar. 31, 2025
CNY (¥)
Mar. 31, 2025
USD ($)
Mar. 31, 2024
CNY (¥)
Mar. 31, 2023
CNY (¥)
Cash flows from operating activities:        
Net income ¥ 125,976 $ 17,360 ¥ 71,332 ¥ 65,573
Adjustments to reconcile net income to net cash provided by operating activities:        
Revaluation gain on previously held equity interest (628) (87) 0 0
Loss on disposals of equity method investees 27 4 10 72
Loss (Gain) related to equity securities and other investments (28,652) (3,948) 23,480 14,911
Change in fair value of other assets and liabilities 590 81 (708) (1,522)
(Gain) Loss on disposals of subsidiaries 21,509 2,964 (1,550) (14)
Depreciation and impairment of property and equipment, and operating lease cost relating to land use rights 29,260 4,032 26,640 27,799
Amortization of intangible assets and licensed copyrights 13,199 1,819 17,864 19,139
Equity-settled share-based compensation expense 13,970 1,925 18,546 30,831
Equity-settled donation expense 0 0 0 511
Impairment of equity securities and other investments 8,801 1,213 12,244 13,327
Impairment of goodwill, intangible assets and licensed copyrights 6,805 937 22,610 6,658
Gain on disposals of property and equipment (784) (108) (107) (163)
Share of results of equity method investees (5,966) (822) 7,735 8,063
Deferred income taxes 374 52 (5,263) (1,717)
Allowance for doubtful accounts 3,016 416 3,509 2,802
Changes in assets and liabilities, net of effects of acquisitions and disposals:        
Prepayments, receivables and other assets, and long-term licensed copyrights (50,590) (6,972) (37,621) 8,605
Income tax payable 1,968 271 (4,764) (9,214)
Accrued expenses, accounts payable and other liabilities 25,873 3,565 27,126 11,159
Merchant deposits (12,463) (1,717) (560) (1,450)
Deferred revenue and customer advances 11,224 1,547 2,070 4,382
Net cash provided by operating activities 163,509 22,532 182,593 199,752
Cash flows from investing activities:        
(Increase) Decrease in short-term investments, net 23,395 3,224 71,426 (61,086)
Increase in other treasury investment, net (126,041) (17,369) (64,392) (40,794)
Settlement of forward exchange contracts, net (335) (46) 658 1,282
Acquisitions of equity securities and other investments and other assets (10,342) (1,425) (15,240) (17,818)
Disposals of equity securities and other investments, and other assets 18,214 2,510 21,966 21,738
Acquisitions of equity method investees (3,822) (527) (3,525) (4,552)
Disposals of and distributions from equity method investees 1,520 209 1,265 1,001
Acquisitions of:        
Land use rights, property and equipment (85,972) (11,847) (32,087) (34,330)
Intangible assets 0 0 (842) (22)
Disposals of property and equipment 2,428 335 373 644
Cash (paid) received for business combinations, net of cash acquired 353 49 (2,204) (1,204)
Deconsolidation and disposal of subsidiaries, net of cash proceeds (5,077) (699) 699 (5)
Loans to employees, net of repayments 264 35 79 (360)
Net cash (used in) provided by investing activities (185,415) (25,551) (21,824) (135,506)
Cash flows from financing activities:        
Issuance of ordinary shares 10 1 843 11
Repurchase of ordinary shares (86,662) (11,942) (88,745) (74,746)
Dividend distribution (29,077) (4,007) (17,946) 0
Proceeds from convertible unsecured senior notes, net of debt issuance cost 35,665 4,915 0 0
Payments for capped call transactions (4,612) (636) 0 0
Acquisition of additional equity interests in non-wholly owned subsidiaries (21,949) (3,025) (5,821) (2,511)
Dividends paid by non-wholly owned subsidiaries to noncontrolling interests (664) (91) (546) (489)
Contingent consideration payments made after a business combination (197) (27) (71) (144)
Capital injection from noncontrolling interests 2,402 331 1,577 918
Proceeds from bank borrowings and other borrowings 52,788 7,275 20,570 22,790
Repayment of bank borrowings (43,678) (6,019) (13,092) (11,448)
Proceeds from unsecured senior notes, net of debt issuance cost 35,979 4,958 0 0
Repayment of unsecured senior notes (16,220) (2,235) (5,013) 0
Net cash (used in) provided by financing activities (76,215) (10,502) (108,244) (65,619)
Effect of exchange rate changes on cash and cash equivalents, restricted cash and escrow receivables 965 133 4,389 3,530
Increase (Decrease) in cash and cash equivalents, restricted cash and escrow receivables (97,156) (13,388) 56,914 2,157
Cash and cash equivalents, restricted cash and escrow receivables at beginning of year 286,424 39,470 229,510 227,353
Cash and cash equivalents, restricted cash and escrow receivables at end of year 189,268 26,082 286,424 229,510
Supplemental disclosures of cash flow information:        
Payment of income tax 33,409   32,486 26,476
Payment of interest 8,866   7,832 5,637
Business combinations:        
Cash paid for business combinations (612)   (2,325) (1,254)
Cash acquired in business combinations 965   121 50
Cash paid for business combinations, net of cash acquired ¥ 353 $ 49 ¥ (2,204) ¥ (1,204)