| | | | | | | | |
| | Year ended March 31, |
| | 2020 | | 2021 | | 2022 |
| | RMB | | RMB | | RMB | | US$ |
| | | | | | | | (Note 2(a)) |
| | (in millions) |
Cash flows from operating activities: | | | | | | | | |
Net income | | 140,350 | | 143,284 | | 47,079 | | 7,427 |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | |
Revaluation (gain) loss on previously held equity interest | | (1,538) | | (8,759) | | 2 | | — |
(Gain) Loss on disposals of equity method investees | | (1) | | (644) | | 32 | | 5 |
Loss (Gain) related to equity securities and other investments | | 4,439 | | (57,930) | | 20,479 | | 3,230 |
Change in fair value of other assets and liabilities | | 1,661 | | 250 | | 1,478 | | 233 |
Gain in relation to the receipt of the 33% equity interest in Ant Group Co., Ltd. (“Ant Group”) (Note 4(k)) | | (71,561) | | — | | — | | — |
Gain on disposals of subsidiaries | | (10,042) | | (383) | | (1,163) | | (183) |
Depreciation and impairment of property and equipment, and operating lease cost relating to land use rights | | 20,523 | | 26,389 | | 27,808 | | 4,386 |
Amortization of intangible assets and licensed copyrights | | 21,904 | | 21,520 | | 20,257 | | 3,195 |
Share-based compensation expense | | 31,742 | | 50,120 | | 23,971 | | 3,782 |
Impairment of equity securities and other investments, and other assets | | 13,256 | | 7,481 | | 8,922 | | 1,407 |
Impairment of goodwill, intangible assets and licensed copyrights | | 4,104 | | 1,688 | | 25,886 | | 4,083 |
(Gain) Loss on disposals of property and equipment | | (24) | | 75 | | 132 | | 21 |
Amortization of restructuring reserve | | 97 | | — | | — | | — |
Share of results of equity method investees | | 5,733 | | (6,984) | | (14,344) | | (2,263) |
Deferred income taxes | | (3,443) | | 3,236 | | (1,369) | | (216) |
Allowance for doubtful accounts | | 1,989 | | 1,935 | | 1,739 | | 275 |
Changes in assets and liabilities, net of effects of acquisitions and disposals: | | | | | | | | |
Prepayments, receivables and other assets, and long-term licensed copyrights (Note 2(x)) | | (43,386) | | (43,611) | | (32,496) | | (5,126) |
Income tax payable | | 2,538 | | 4,026 | | (3,526) | | (556) |
Accrued expenses, accounts payable and other liabilities | | 51,474 | | 74,554 | | 13,327 | | 2,103 |
Merchant deposits | | 2,878 | | 1,377 | | (270) | | (43) |
Deferred revenue and customer advances | | 7,914 | | 14,162 | | 4,815 | | 760 |
Net cash provided by operating activities | | 180,607 | | 231,786 | | 142,759 | | 22,520 |
Cash flows from investing activities: | | | | | | | | |
Increase in short-term investments, net | | (24,907) | | (114,826) | | (106,984) | | (16,876) |
Payments for settlement of forward exchange contracts | | (193) | | (803) | | (448) | | (71) |
Acquisitions of equity securities and other investments, and other assets | | (29,944) | | (57,514) | | (39,378) | | (6,212) |
Disposals of equity securities and other investments | | 18,798 | | 7,280 | | 14,543 | | 2,294 |
Acquisitions of equity method investees | | (24,488) | | (18,661) | | (9,383) | | (1,480) |
Disposals and distributions of equity method investees | | 78 | | 2,538 | | 936 | | 148 |
Disposals of intellectual property rights and assets (Note 4(k)) | | 12,648 | | 369 | | — | | — |
Acquisitions of: | | | | | | | | |
Land use rights, property and equipment | | (32,550) | | (41,450) | | (53,309) | | (8,409) |
Licensed copyrights (Note 2(x)) and other intangible assets | | (12,836) | | (1,735) | | (15) | | (2) |
Cash paid for business combinations, net of cash acquired | | (14,536) | | (19,137) | | (4,087) | | (645) |
Deconsolidation and disposal of subsidiaries, net of cash proceeds | | (107) | | (126) | | (11) | | (2) |
Loans to employees, net of repayments | | (35) | | (129) | | (456) | | (72) |
Net cash used in investing activities | | (108,072) | | (244,194) | | (198,592) | | (31,327) |