Alibaba Group Holding Limited

Good day, ladies and gentlemen. Thank you for standing by. Welcome to Alibaba Group's September quarter 2019 results conference call. At this time, all participants are only in only mode. After management's prepared remarks, there will be a Q&A session. I would now like to turn the call over to Rob Lin, Head of Investor Relations of Alibaba Group. Please go ahead.

Hello, everyone, and welcome to Alibaba Group's September quarter 2019 results conference call. With us are Dana Zhang, Executive Chairman and CEO, Joe Tsai, Executive Vice Chairman, Maggie Wu, Chief Financial Officer. This call is also being webcast from our IR section of the 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. These forward-looking statements involve inherent risk and uncertainties and may cause the actual results to differ materially from our current expectations. For detailed discussions of these risks and uncertainties, please refer to our latest annual report on the Form 20-F and other documents filed with the U.S. SEC. 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 adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, marketplace core commerce adjusted EBITDA, non-GAAP net income, non-GAAP diluted earnings per share, or ADS, and free cash flow are expressed on a non-GAAP basis. Our GAAP results and reconciliation of GAAP to non-GAAP measures can be found in our earnings per share list. Unless otherwise stated, the growth rate of all beta metrics mentioned during this call refers to year-on-year growth versus the same quarter last year. With that, I would now turn the call to Joe.

Thanks, Rob. Thank you all for joining us. In past earnings calls, we have kicked off company management remarks with my overall observations on strategic issues or macro trends. Starting this quarter and going forward, Daniel Zhang, who has assumed our executive chairman role, will deliver the overall strategic and macro state of affairs, as well as his usual discussion of business operations. I will continue to make myself available for Q&A after our prepared remarks. Daniel, please go ahead.