GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”)
(NASDAQ: GDS; HKEX: 9698), a leading developer and operator of
high-performance data centers in China and South East Asia, today
announced its unaudited financial results for the second quarter
ended June 30, 2024.
Second Quarter 2024 Financial Highlights
- Net revenue increased by 14.3%
year-over-year (“Y-o-Y”) to RMB2,826.4 million (US$388.9 million)
in the second quarter of 2024 (2Q2023: RMB2,472.0 million). Net
revenue increased by 17.7% Y-o-Y in the second quarter of 2024
(excluding previously disclosed one-time items of RMB70.7 million
from the same period last year).
- Net loss was RMB231.8 million
(US$31.9 million) in the second quarter of 2024 (2Q2023: net loss
of RMB225.3 million).
- Adjusted EBITDA (non-GAAP)
increased by 6.2% Y-o-Y to RMB1,312.2 million (US$180.6 million) in
the second quarter of 2024 (2Q2023: RMB1,235.1 million). Adjusted
EBITDA increased by 14.9% Y-o-Y in the second quarter of 2024
(excluding previously disclosed one-time items of RMB92.8 million
from the same period last year). See “Non-GAAP Disclosure” and
“Reconciliations of GAAP and non-GAAP results” elsewhere in this
earnings release.
- Adjusted EBITDA margin (non-GAAP)
was 46.4% in the second quarter of 2024 (2Q2023: 50.0%).
Second Quarter 2024 Operating Highlights
- Total area committed and
pre-committed increased by 18.7% Y-o-Y to 756,992 sqm as of June
30, 2024 (June 30, 2023: 637,661 sqm).
- Area in service increased by 18.8%
Y-o-Y to 630,963 sqm as of June 30, 2024 (June 30, 2023: 531,216
sqm).
- Commitment rate for area in service
was 92.5% as of June 30, 2024 (June 30, 2023: 92.4%).
- Area under construction was 226,272
sqm as of June 30, 2024 (June 30, 2023: 196,703 sqm).
- Pre-commitment rate for area under
construction was 76.6% as of June 30, 2024 (June 30, 2023:
74.8%).
- Area utilized increased by 20.9%
Y-o-Y to 462,673 sqm as of June 30, 2024 (June 30, 2023: 382,796
sqm).
- Utilization rate for area in
service was 73.3% as of June 30, 2024 (June 30, 2023: 72.1%).
“Disciplined execution, with strong focus on our
strategic objectives, drove solid results in the second quarter,”
said Mr. William Huang, Chairman and CEO of GDS. “In China, we saw
an improving trend in gross move-in, while other metrics remain
stable. Internationally, we secured significant new customer orders
in Johor, capitalizing on extraordinary regional demand and
strengthening our presence in what is fast emerging as a top global
data center hub.”
“In the second quarter, we grew revenue by 17.7%
and Adjusted EBITDA by 14.9% year-over-year (excluding previously
disclosed one-time items from the same period last year),” said Mr.
Dan Newman, Chief Financial Officer. “Supported by our strengthened
financial position especially from the equity raise for
International business, we are well aigned with our growth
initiatives to deliver long-term value for our stakeholders.”
Second Quarter 2024 Financial Results
Net revenue in the second quarter of 2024 was
RMB2,826.4 million (US$388.9 million), a 14.3% increase over the
same period last year of RMB2,472.0 million, or a 17.7% increase
over the same period last year of RMB2,401.3 million (excluding a
previously disclosed one-time termination fee of RMB70.7 million).
The normalized Y-o-Y increase was mainly due to continued ramp-up
of our data centers and business growth.
- Net revenue for China1 was
RMB2,579.6 million (US$355.0 million), an 8.9% increase over the
same period last year of RMB2,369.0 million (excluding a previously
disclosed one-time termination fee of RMB70.7 million).
- Net revenue for International2 was
RMB255.5 million (US$35.2 million), a 690.2% increase over the same
period last year of RMB32.3 million.
Cost of revenue in the second quarter of 2024
was RMB2,188.5 million (US$301.2 million), a 13.9% increase over
the same period last year of RMB1,921.0 million. The Y-o-Y increase
was in line with the continued growth of our business.
Gross profit was RMB637.8 million (US$87.8
million) in the second quarter of 2024, a 15.8% increase over the
same period last year of RMB551.0 million.
Gross profit margin was 22.6% in the second
quarter of 2024, compared with 22.3% in the same period last year
or 20.0% in the same period last year (excluding a previously
disclosed one-time termination fee). The normalized Y-o-Y increase
was mainly due to the fast ramp-up of our International
business.
Adjusted Gross Profit (“Adjusted GP”) (non-GAAP)
is defined as gross profit excluding depreciation and amortization,
operating lease cost relating to prepaid land use rights, accretion
expenses for asset retirement costs and share-based compensation
expenses allocated to cost of revenue. Adjusted GP was RMB1,451.5
million (US$199.7 million) in the second quarter of 2024, a 10.0%
increase over the same period last year of RMB1,319.8 million, or a
16.2% increase over the same period last year of RMB1,249.1 million
(excluding a previously disclosed one-time termination fee of
RMB70.7 million). See “Non-GAAP Disclosure” and “Reconciliations of
GAAP and non-GAAP results” elsewhere in this earnings release.
Adjusted GP margin (non-GAAP) was 51.4% in the
second quarter of 2024, compared with 53.4% in the same period last
year or 52.0% in the same period last year (excluding a previously
disclosed one-time termination fee). The normalized Y-o-Y decrease
was mainly due to higher utility cost.
Selling and marketing expenses, excluding
share-based compensation expenses of RMB4.0 million (US$0.6
million), were RMB22.5 million (US$3.1 million) in the second
quarter of 2024, a 1.9% decrease over the same period last year of
RMB22.9 million (excluding share-based compensation of RMB9.3
million). The Y-o-Y decrease was mainly due to less marketing
activities.
General and administrative expenses, excluding
share-based compensation expenses of RMB40.9 million (US$5.6
million), depreciation and amortization expenses of RMB99.6 million
(US$13.7 million) and operating lease cost relating to prepaid land
use rights of RMB16.6 million (US$2.3 million), were RMB127.6
million (US$17.6 million) in the second quarter of 2024, a 51.0%
increase over the same period last year of RMB84.5 million, or a
19.8% increase over the same period last year (excluding a
previously disclosed one-time cash reimbursement of RMB22.1
million) (excluding share-based compensation expenses of RMB30.7
million, depreciation and amortization expenses of RMB136.8 million
and operating lease cost relating to prepaid land use rights of
RMB17.5 million). The normalized Y-o-Y increase was mainly due to
fast expansion of our international business.
Research and development costs were RMB10.9
million (US$1.5 million) in the second quarter of 2024, compared
with RMB5.0 million in the same period last year.
Net interest expenses for the second quarter of
2024 were RMB505.2 million (US$69.5 million), a 7.6% increase over
the same period last year of RMB469.5 million. The Y-o-Y increase
was mainly due to a higher level of total borrowings.
Foreign currency exchange gain for the second
quarter of 2024 was RMB11.8 million (US$1.6 million), compared with
a gain of RMB5.0 million in the same period last year.
Others, net for the second quarter of 2024 was
RMB5.9 million (US$0.8 million), compared with RMB20.2 million in
the same period last year.
Income tax expenses for the second quarter of
2024 were RMB59.9 million (US$8.2 million), compared with RMB25.3
million in the same period last year.
Net loss in the second quarter of 2024 was
RMB231.8 million (US$31.9 million), compared with a net loss of
RMB225.3 million in the same period last year.
Adjusted EBITDA (non-GAAP) is defined as net
loss excluding net interest expenses, income tax expenses
(benefits), depreciation and amortization, operating lease cost
relating to prepaid land use rights, accretion expenses for asset
retirement costs, share-based compensation expenses, gain from
purchase price adjustment and impairment losses of long-lived
assets. Adjusted EBITDA was RMB1,312.2 million (US$180.6 million)
in the second quarter of 2024, a 6.2% increase over the same period
last year of RMB1,235.1 million, or a 14.9% increase over the same
period last year of RMB1,142.4 million (excluding a previously
disclosed one-time termination fee of RMB70.7 million and cash
reimbursement of RMB22.1 million in the same period last year).
- Adjusted EBITDA for China3 was
RMB1,233.2 million (US$169.7 million), a 4.3% increase over the
same period last year of RMB1,182.1 million (excluding a previously
disclosed one-time termination fee of RMB70.7 million and cash
reimbursement of RMB22.1 million).
- Adjusted EBITDA for International
was RMB84.5 million (US$11.6 million), compared with negative
RMB39.4 million in the same period last year.
Adjusted EBITDA margin (non-GAAP) was 46.4% in
the second quarter of 2024, compared with 50.0% in the same period
last year or 47.6% in the same period last year (excluding
previously disclosed one-time items). The normalized Y-o-Y decrease
was mainly due to higher utility cost and higher level of corporate
expenses for International business.
Basic and diluted loss per ordinary share in the
second quarter of 2024 was RMB0.16 (US$0.02), compared with RMB0.16
in the same period last year.
Basic and diluted loss per American Depositary
Share (“ADS”) in the second quarter of 2024 was RMB1.30 (US$0.18),
compared with RMB1.31 in the same period last year.
Liquidity:
As of June 30, 2024, cash was RMB9,907.8 million
(US$1,363.4 million).
- Cash for GDSH was RMB8,395.9
million (US$1,155.3 million).
- Cash for GDSI was RMB1,511.9
million (US$208.0 million).
Total short-term debt was RMB5,597.5 million
(US$770.2 million), comprised of short-term borrowings and the
current portion of long-term borrowings of RMB5,016.9 million
(US$690.4 million), the current portion of convertible bonds
payable of RMB570 thousand (US$78 thousand) and the current portion
of finance lease and other financing obligations of RMB580.0
million (US$79.8 million). Total long-term debt was RMB43,068.7
million (US$5,926.4 million), comprised of long-term borrowings
(excluding current portion) of RMB26,720.2 million (US$3,676.8
million), the non-current portion of convertible bonds payable of
RMB8,494.8 million (US$1,168.9 million) and the non-current portion
of finance lease and other financing obligations of RMB7,853.7
million (US$1,080.7 million).
- Total gross debt for GDSH,
comprised of short-term and long-term borrowings, convertible bonds
payable and finance lease and other financing obligations, was
RMB43,815.0 million (US$6,029.1 million).
- Total gross debt for GDSI,
comprised of short-term and long-term borrowings, was RMB4,851.2
million (US$667.5 million).
During the second quarter of 2024, the Company
obtained new debt financing and refinancing facilities of
RMB2,211.6 million (US$304.3 million), including RMB100.0 million
(US$13.8 million) for GDSH and RMB2,111.6 million (US$290.6
million) for GDSI. Furthermore, GDSI raised gross cash proceeds of
US$672.0 million from the issue of new Series A Convertible
Preferred Shares, out of which US$448.0 million was received during
the second quarter of 2024 and the balance of US$224.0 million was
received during the third quarter of 2024.
Second Quarter 2024 Operating
Results
China
Sales
Total area committed and pre-committed at the
end of the second quarter of 2024 was 614,094 sqm, compared with
593,068 sqm at the end of the second quarter of 2023 and 608,645
sqm at the end of the first quarter of 2024, an increase of 3.5%
Y-o-Y and 0.9% quarter-over-quarter (“Q-o-Q”), respectively. In the
second quarter of 2024, gross additional total area committed was
9,678 sqm, mainly contributed by data centers in Shanghai, Beijing
and Langfang. Net additional total area committed was 5,449
sqm.
Data Center Resources
Area in service at the end of the second quarter
of 2024 was 580,165 sqm, compared with 528,105 sqm at the end of
the second quarter of 2023 and 549,352 sqm at the end of the first
quarter of 2024, an increase of 9.9% Y-o-Y and 5.6% Q-o-Q. In the
second quarter of 2024, net additional area in service for China
was 30,813 sqm, mainly from data centers in Langfang.
Area under construction at the end of the second
quarter of 2024 was 117,861 sqm, compared with 146,741 sqm at the
end of the second quarter of 2023 and 141,576 sqm at the end of the
first quarter of 2024, a decrease of 19.7% Y-o-Y and 16.8% Q-o-Q,
respectively. During the second quarter of 2024, we initiated the
construction of a new data center in Langfang, LF18 Phase 1, with
net floor area of 3,990 sqm and 100% pre-committed.
Commitment rate for area in service was 92.3% at
the end of the second quarter of 2024, compared with 92.3% at the
end of the second quarter of 2023 and 92.1% at the end of the first
quarter of 2024. Pre-commitment rate for area under construction
was 66.9% at the end of the second quarter of 2024, compared with
71.9% at the end of the second quarter of 2023 and 72.6% at the end
of the first quarter of 2024.
Move-In
Area utilized at the end of the second quarter
of 2024 was 419,976 sqm, compared with 380,978 sqm at the end of
the second quarter of 2023 and 403,609 sqm at the end of the first
quarter of 2024, an increase of 10.2% Y-o-Y and 4.1% Q-o-Q. In the
second quarter of 2024, gross additional area utilized was 20,027
sqm, mainly contributed by data centers in Langfang. Net additional
area utilized was 16,366 sqm.
Utilization rate for area in service was 72.4%
at the end of the second quarter of 2024, compared with 72.1% at
the end of the second quarter of 2023 and 73.5% at the end of the
first quarter of 2024.
International
Sales
Total area committed and pre-committed at the
end of the second quarter of 2024 was 142,898 sqm, compared with
44,593 sqm at the end of the second quarter of 2023 and 59,367 sqm
at the end of the first quarter of 2024, an increase of 220.5%
Y-o-Y and 140.7% Q-o-Q. In the second quarter of 2024, net
additional total area committed was 83,531 sqm, mainly contributed
from our NTP and KTP campuses in Johor, Malaysia.
Data Center Resources
Area in service at the end of the second quarter
of 2024 was 50,798 sqm, compared with 3,112 sqm at the end of the
second quarter of 2023 and 33,877 sqm at the end of the first
quarter of 2024, an increase of 1,532.5% Y-o-Y and 49.9% Q-o-Q. In
the second quarter of 2024, net additional area in service was
16,921 sqm, mainly from NTP4 and NTP5 data centers.
Area under construction at the end of the second
quarter of 2024 was 108,411 sqm, compared with 49,962 sqm at the
end of the second quarter of 2023 and 30,961 sqm at the end of the
first quarter of 2024, an increase of 117.0% Y-o-Y and 250.2%
Q-o-Q. During the second quarter of 2024, we initiated the
construction of two new data centers at our NTP campus, NTP6 and
NTP7, and four new data centers at our KTP campus, KTP1, KTP2, KTP4
and KTP5, with an overall pre-commitment rate of 96.4% across these
six data centers.
Commitment rate for area in service was 95.2% at
the end of the second quarter of 2024, compared with 100% at the
end of the second quarter of 2023 and 100% at the end of the first
quarter of 2024. Pre-commitment rate for area under construction
was 87.2% at the end of the second quarter of 2024, compared with
83.0% at the end of the second quarter of 2023 and 82.3% at the end
of the first quarter of 2024.
Move-In
Area utilized at the end of the second quarter
of 2024 was 42,698 sqm, compared with 1,817 sqm at the end of the
second quarter of 2023 and 33,265 sqm at the end of the first
quarter of 2024, an increase of 2,249.4% Y-o-Y and 28.4% Q-o-Q. In
the second quarter of 2024, net additional area utilized was 9,432
sqm, mainly contributed by NTP4 data center.
Utilization rate for area in service was 84.1%
at the end of the second quarter of 2024, compared with 58.4% at
the end of the second quarter of 2023 and 98.2% at the end of the
first quarter of 2024.
Business Outlook
The Company confirms that the previously
provided guidance of total revenues for the year of 2024 of
RMB11,340 – RMB11,760 million, Adjusted EBITDA of RMB4,950 –
RMB5,150 million and capex of around RMB6,500 million remain
unchanged.
This forecast reflects the Company’s preliminary
view on the current business situation and market conditions, which
are subject to change.
Conference Call
Management will hold a conference call at 8:00
a.m. U.S. Eastern Time on August 21, 2024 (8:00 p.m. Beijing Time
on August 21, 2024) to discuss financial results and answer
questions from investors and analysts.
Participants should complete online registration
using the link provided below at least 15 minutes before the
scheduled start time. Upon registration, participants will receive
the conference call access information, including dial-in numbers,
a personal PIN and an e-mail with detailed instructions to join the
conference call.
Participant Online
Registration:https://register.vevent.com/register/BIb44615ecd2044a83b68167305fb82909
A live and archived webcast of the conference
call will be available on the Company's investor relations website
at investors.gds-services.com.
Non-GAAP Disclosure
Our management and board of directors use
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP and Adjusted
GP margin, which are non-GAAP financial measures, to evaluate our
operating performance, establish budgets and develop operational
goals for managing our business. We believe that the exclusion of
the income and expenses eliminated in calculating Adjusted EBITDA
and Adjusted GP can provide useful and supplemental measures of our
core operating performance. In particular, we believe that the use
of Adjusted EBITDA as a supplemental performance measure captures
the trend in our operating performance by excluding from our
operating results the impact of our capital structure (primarily
interest expense), asset base charges (primarily depreciation and
amortization, operating lease cost relating to prepaid land use
rights, accretion expenses for asset retirement costs and
impairment losses of long-lived assets), other non-cash expenses
(primarily share-based compensation expenses), and other income and
expenses which we believe are not reflective of our operating
performance, whereas the use of adjusted gross profit as a
supplemental performance measure captures the trend in gross profit
performance of our data centers in service by excluding from our
gross profit the impact of asset base charges (primarily
depreciation and amortization, operating lease cost relating to
prepaid land use rights and accretion expenses for asset retirement
costs) and other non-cash expenses (primarily share-based
compensation expenses) included in cost of revenue.
We note that depreciation and amortization is a
fixed cost which commences as soon as each data center enters
service. However, it usually takes several years for new data
centers to reach high levels of utilization and profitability. The
Company incurs significant depreciation and amortization costs for
its early stage data center assets. Accordingly, gross profit,
which is a measure of profitability after taking into account
depreciation and amortization, does not accurately reflect the
Company’s core operating performance.
We also present these non-GAAP measures because
we believe these non-GAAP measures are frequently used by
securities analysts, investors and other interested parties as
measures of the financial performance of companies in our
industry.
These non-GAAP financial measures are not
defined under U.S. GAAP and are not presented in accordance with
U.S. GAAP. These non-GAAP financial measures have limitations as
analytical tools, and when assessing our operating performance,
cash flows or our liquidity, investors should not consider them in
isolation, or as a substitute for gross profit, net income (loss),
cash flows provided by (used in) operating activities or other
consolidated statements of operations and cash flow data prepared
in accordance with U.S. GAAP. There are a number of limitations
related to the use of these non-GAAP financial measures instead of
their nearest GAAP equivalent. First, Adjusted EBITDA, Adjusted
EBITDA margin, Adjusted GP, and Adjusted GP margin are not
substitutes for gross profit, net income (loss), cash flows
provided by (used in) operating activities or other consolidated
statements of operation and cash flow data prepared in accordance
with U.S. GAAP. Second, other companies may calculate these
non-GAAP financial measures differently or may use other measures
to evaluate their performance, all of which could reduce the
usefulness of these non-GAAP financial measures as tools for
comparison. Finally, these non-GAAP financial measures do not
reflect the impact of net interest expenses, incomes tax benefits
(expenses), depreciation and amortization, operating lease cost
relating to prepaid land use rights, accretion expenses for asset
retirement costs, share-based compensation expenses, gain from
purchase price adjustment and impairment losses of long-lived
assets, each of which have been and may continue to be incurred in
our business.
We mitigate these limitations by reconciling the
non-GAAP financial measure to the most comparable U.S. GAAP
performance measure, all of which should be considered when
evaluating our performance. We do not provide forward-looking
guidance for certain financial data, such as depreciation,
amortization, accretion, share-based compensation and net income
(loss); the impact of such data and related adjustments can be
significant. As a result, we are not able to provide a
reconciliation of forward-looking U.S. GAAP to forward-looking
non-GAAP financial measures without unreasonable effort. Such
forward-looking non-GAAP financial measures include the forecast
for Adjusted EBITDA in the section captioned “Business Outlook” set
forth in this press release.
For more information on these non-GAAP financial
measures, please see the table captioned “Reconciliations of GAAP
and non-GAAP results” set forth at the end of this press
release.
Exchange Rate
This announcement contains translations of
certain RMB amounts into U.S. dollars (“USD”) at specified rates
solely for the convenience of the reader. Unless otherwise stated,
all translations from RMB to USD were made at the rate of RMB7.2672
to US$1.00, the noon buying rate in effect on June 28, 2024 in the
H.10 statistical release of the Federal Reserve Board. The Company
makes no representation that the RMB or USD amounts referred could
be converted into USD or RMB, as the case may be, at any particular
rate or at all.
Statement Regarding Preliminary
Unaudited Financial Information
The unaudited financial information set out in
this earnings release is preliminary and subject to potential
adjustments. Adjustments to the consolidated financial statements
may be identified when audit work has been performed for the
Company’s year-end audit, which could result in significant
differences from this preliminary unaudited financial
information.
About GDS Holdings Limited
GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698)
is a leading developer and operator of high-performance data
centers in China and South East Asia. The Company’s facilities are
strategically located in primary economic hubs where demand for
high-performance data center services is concentrated. The Company
also builds, operates and transfers data centers at other locations
selected by its customers in order to fulfill their broader
requirements. The Company’s data centers have large net floor area,
high power capacity, density and efficiency, and multiple
redundancies across all critical systems. GDS is carrier and
cloud-neutral, which enables its customers to access the major
telecommunications networks, as well as the largest PRC and global
public clouds, which are hosted in many of its facilities. The
Company offers co-location and a suite of value-added services,
including managed hybrid cloud services through direct private
connection to leading public clouds, managed network services, and,
where required, the resale of public cloud services. The Company
has a 23-year track record of service delivery, successfully
fulfilling the requirements of some of the largest and most
demanding customers for outsourced data center services in China.
The Company’s customer base consists predominantly of hyperscale
cloud service providers, large internet companies, financial
institutions, telecommunications carriers, IT service providers,
and large domestic private sector and multinational
corporations.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “aim,” “anticipate,” “believe,” “continue,”
“estimate,” “expect,” “future,” “guidance,” “intend,” “is/are
likely to,” “may,” “ongoing,” “plan,” “potential,” “target,”
“will,” and similar statements. Among other things, statements that
are not historical facts, including statements about GDS Holdings’
beliefs and expectations regarding the growth of its businesses and
its revenue for the full fiscal year, the business outlook and
quotations from management in this announcement, as well as GDS
Holdings’ strategic and operational plans, are or contain
forward-looking statements. GDS Holdings may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”) on Forms 20-F and
6-K, in its current, interim and annual reports to shareholders, in
announcements, circulars or other publications made on the website
of the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock
Exchange”), in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Forward-looking statements involve inherent risks
and uncertainties. A number of factors could cause GDS Holdings’
actual results or financial performance to differ materially from
those contained in any forward-looking statement, including but not
limited to the following: GDS Holdings’ goals and strategies; GDS
Holdings’ future business development, financial condition and
results of operations; the expected growth of the market for
high-performance data centers, data center solutions and related
services in China and South East Asia; GDS Holdings’ expectations
regarding demand for and market acceptance of its high-performance
data centers, data center solutions and related services; GDS
Holdings’ expectations regarding building, strengthening and
maintaining its relationships with new and existing customers; the
continued adoption of cloud computing and cloud service providers
in China and South East Asia; risks and uncertainties associated
with increased investments in GDS Holdings’ business and new data
center initiatives; risks and uncertainties associated with
strategic acquisitions and investments; GDS Holdings’ ability to
maintain or grow its revenue or business; fluctuations in GDS
Holdings’ operating results; changes in laws, regulations and
regulatory environment that affect GDS Holdings’ business
operations; competition in GDS Holdings’ industry in China and
South East Asia; security breaches; power outages; and fluctuations
in general economic and business conditions in China, South East
Asia and globally, and assumptions underlying or related to any of
the foregoing. Further information regarding these and other risks,
uncertainties or factors is included in GDS Holdings’ filings with
the SEC, including its annual report on Form 20-F, and with the
Hong Kong Stock Exchange. All information provided in this press
release is as of the date of this press release and are based on
assumptions that GDS Holdings believes to be reasonable as of such
date, and GDS Holdings does not undertake any obligation to update
any forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please
contact:
GDS Holdings LimitedLaura
ChenPhone: +86 (21) 2029-2203Email: ir@gds-services.com
Piacente Financial
CommunicationsRoss WarnerPhone: +86 (10) 6508-0677Email:
GDS@tpg-ir.com
Brandi PiacentePhone: +1 (212) 481-2050Email:
GDS@tpg-ir.com
GDS Holdings Limited
________________
1 For the purpose of this earnings release,
“China” or “GDSH” refers to GDS’s assets and operations in Mainland
China, including third party data centers in Hong Kong and Macau.
Includes the inter-company charges.
2 For the purpose of this earnings release,
“International” or “GDSI” refers to GDS’s assets and operations
outside Mainland China, excluding third party data centers in Hong
Kong and Macau.
3 Includes the inter-company charges.
|
GDS HOLDINGS LIMITEDUNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS(Amount in thousands of
Renminbi ("RMB") and US dollars ("US$")) |
| |
| |
|
As ofDecember 31,2023 |
As of June 30, 2024 |
|
|
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
Assets |
|
|
|
| Current
assets |
|
|
|
|
|
Cash |
7,710,711 |
|
9,907,823 |
|
1,363,362 |
|
|
|
Accounts receivable, net of
allowance for credit losses |
2,545,913 |
|
3,393,766 |
|
466,998 |
|
|
|
Value-added-tax (“VAT”)
recoverable |
214,385 |
|
201,597 |
|
27,741 |
|
|
|
Prepaid expenses and other
current assets |
512,644 |
|
803,265 |
|
110,533 |
|
|
|
Total current
assets |
10,983,653 |
|
14,306,451 |
|
1,968,634 |
|
|
|
|
|
|
|
| Non-current
assets |
|
|
|
|
|
Property and equipment,
net |
47,499,494 |
|
48,937,933 |
|
6,734,084 |
|
|
|
Prepaid land use rights,
net |
22,388 |
|
22,081 |
|
3,038 |
|
|
|
Operating lease right-of-use
assets |
5,436,288 |
|
5,394,689 |
|
742,334 |
|
|
|
Goodwill and intangible
assets, net |
7,765,055 |
|
7,660,434 |
|
1,054,110 |
|
|
|
Other non-current assets |
2,739,812 |
|
2,843,825 |
|
391,323 |
|
|
|
Total non-current
assets |
63,463,037 |
|
64,858,962 |
|
8,924,889 |
|
|
|
Total
assets |
74,446,690 |
|
79,165,413 |
|
10,893,523 |
|
|
|
|
|
|
|
|
|
Liabilities, Mezzanine Equity and Equity |
|
|
|
| Current
liabilities |
|
|
|
|
|
Short-term borrowings and
current portion of long-term borrowings |
2,833,953 |
|
5,016,916 |
|
690,351 |
|
|
|
Convertible bonds payable,
current |
0 |
|
570 |
|
78 |
|
|
|
Accounts payable |
3,424,937 |
|
3,089,299 |
|
425,102 |
|
|
|
Accrued expenses and other
payables |
1,318,336 |
|
1,407,850 |
|
193,726 |
|
|
|
Operating lease liabilities,
current |
180,403 |
|
183,785 |
|
25,290 |
|
|
|
Finance lease and other
financing obligations, current |
547,847 |
|
579,972 |
|
79,807 |
|
|
|
Total current
liabilities |
8,305,476 |
|
10,278,392 |
|
1,414,354 |
|
|
|
|
|
|
|
| Non-current
liabilities |
|
|
|
|
|
Long-term borrowings,
excluding current portion |
26,706,256 |
|
26,720,162 |
|
3,676,817 |
|
|
|
Convertible bonds payable,
non-current |
8,434,766 |
|
8,494,835 |
|
1,168,928 |
|
|
|
Operating lease liabilities,
non-current |
1,395,981 |
|
1,343,766 |
|
184,908 |
|
|
|
Finance lease and other
financing obligations, non-current |
7,894,185 |
|
7,853,677 |
|
1,080,702 |
|
|
|
Other long-term
liabilities |
1,586,223 |
|
1,599,439 |
|
220,090 |
|
|
|
Total non-current
liabilities |
46,017,411 |
|
46,011,879 |
|
6,331,445 |
|
|
|
Total
liabilities |
54,322,887 |
|
56,290,271 |
|
7,745,799 |
|
|
|
|
|
|
|
| Mezzanine
equity |
|
|
|
|
|
Redeemable preferred
shares |
1,064,766 |
|
1,071,247 |
|
147,408 |
|
|
|
Redeemable non-controlling
interests |
0 |
|
3,109,219 |
|
427,843 |
|
|
|
Total mezzanine
equity |
1,064,766 |
|
4,180,466 |
|
575,251 |
|
|
|
|
|
|
|
| GDS Holdings
Limited shareholders' equity |
|
|
|
|
|
Ordinary shares |
516 |
|
527 |
|
73 |
|
|
|
Additional paid-in
capital |
29,337,095 |
|
29,465,653 |
|
4,054,609 |
|
|
|
Accumulated other
comprehensive loss |
(974,393 |
) |
(1,048,755 |
) |
(144,313 |
) |
|
|
Accumulated deficit |
(9,469,758 |
) |
(10,041,326 |
) |
(1,381,732 |
) |
|
|
Total GDS Holdings
Limited shareholders' equity |
18,893,460 |
|
18,376,099 |
|
2,528,637 |
|
| Non-controlling
interests |
165,577 |
|
318,577 |
|
43,836 |
|
|
|
Total
equity |
19,059,037 |
|
18,694,676 |
|
2,572,473 |
|
|
|
|
|
|
|
|
|
Total liabilities,
mezzanine equity and equity |
74,446,690 |
|
79,165,413 |
|
10,893,523 |
|
|
|
|
|
|
|
|
|
|
| |
GDS HOLDINGS LIMITEDUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(Amount in
thousands of Renminbi ("RMB") and US dollars
("US$")except for number of shares and per share
data) |
| |
|
| |
|
Three months ended |
|
Six months ended |
| |
|
June 30, 2023 |
March 31, 2024 |
June 30, 2024 |
|
June 30, 2023 |
June 30, 2024 |
|
|
|
RMB |
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
|
|
| Net
revenue |
|
|
|
|
|
|
|
|
| Service
revenue |
2,472,020 |
|
2,627,367 |
|
2,826,369 |
|
388,921 |
|
|
4,880,469 |
|
5,453,736 |
|
750,459 |
|
| Equipment
sales |
0 |
|
0 |
|
0 |
|
0 |
|
|
509 |
|
0 |
|
0 |
|
| Total net
revenue |
2,472,020 |
|
2,627,367 |
|
2,826,369 |
|
388,921 |
|
|
4,880,978 |
|
5,453,736 |
|
750,459 |
|
| Cost of
revenue |
(1,921,023 |
) |
(2,053,693 |
) |
(2,188,544 |
) |
(301,154 |
) |
|
(3,838,294 |
) |
(4,242,237 |
) |
(583,751 |
) |
| Gross
profit |
550,997 |
|
573,674 |
|
637,825 |
|
87,767 |
|
|
1,042,684 |
|
1,211,499 |
|
166,708 |
|
| |
|
|
|
|
|
|
|
|
|
| Operating
expenses |
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
(32,193 |
) |
(33,628 |
) |
(26,516 |
) |
(3,649 |
) |
|
(70,034 |
) |
(60,144 |
) |
(8,276 |
) |
| |
General and administrative
expenses |
(269,527 |
) |
(310,835 |
) |
(284,787 |
) |
(39,188 |
) |
|
(559,023 |
) |
(595,622 |
) |
(81,960 |
) |
| |
Research and development
expenses |
(5,045 |
) |
(9,980 |
) |
(10,889 |
) |
(1,498 |
) |
|
(14,830 |
) |
(20,869 |
) |
(2,872 |
) |
| Income
from operations |
244,232 |
|
219,231 |
|
315,633 |
|
43,432 |
|
|
398,797 |
|
534,864 |
|
73,600 |
|
| Other
income (expenses): |
|
|
|
|
|
|
|
|
| |
Net interest expenses |
(469,472 |
) |
(503,476 |
) |
(505,231 |
) |
(69,522 |
) |
|
(953,899 |
) |
(1,008,707 |
) |
(138,803 |
) |
| |
Foreign currency exchange gain
(loss), net |
4,953 |
|
(4,527 |
) |
11,829 |
|
1,628 |
|
|
(2,022 |
) |
7,302 |
|
1,005 |
|
| |
Others, net |
20,243 |
|
6,234 |
|
5,876 |
|
809 |
|
|
46,036 |
|
12,110 |
|
1,666 |
|
| Loss
before income taxes |
(200,044 |
) |
(282,538 |
) |
(171,893 |
) |
(23,653 |
) |
|
(511,088 |
) |
(454,431 |
) |
(62,532 |
) |
| Income tax
expenses |
(25,262 |
) |
(62,393 |
) |
(59,875 |
) |
(8,239 |
) |
|
(188,830 |
) |
(122,268 |
) |
(16,825 |
) |
| Net
loss |
(225,306 |
) |
(344,931 |
) |
(231,768 |
) |
(31,892 |
) |
|
(699,918 |
) |
(576,699 |
) |
(79,357 |
) |
| Net income
attributable to non-controlling interests |
(1,270 |
) |
(896 |
) |
(3,438 |
) |
(473 |
) |
|
(3,000 |
) |
(4,334 |
) |
(596 |
) |
| Net loss
attributable to redeemable non-controlling interests |
0 |
|
0 |
|
9,465 |
|
1,302 |
|
|
0 |
|
9,465 |
|
1,302 |
|
| Net loss
attributable to GDS Holdings Limited shareholders |
(226,576 |
) |
(345,827 |
) |
(225,741 |
) |
(31,063 |
) |
|
(702,918 |
) |
(571,568 |
) |
(78,651 |
) |
| Cumulative
dividend on redeemable preferred shares |
(13,306 |
) |
(13,458 |
) |
(13,477 |
) |
(1,854 |
) |
|
(26,201 |
) |
(26,935 |
) |
(3,706 |
) |
| Net loss
available to GDS Holdings Limited ordinary
shareholders |
(239,882 |
) |
(359,285 |
) |
(239,218 |
) |
(32,917 |
) |
|
(729,119 |
) |
(598,503 |
) |
(82,357 |
) |
| |
|
|
|
|
|
|
|
|
|
| Loss per
ordinary share |
|
|
|
|
|
|
|
|
| Basic and
diluted |
(0.16 |
) |
(0.24 |
) |
(0.16 |
) |
(0.02 |
) |
|
(0.50 |
) |
(0.41 |
) |
(0.06 |
) |
| |
|
|
|
|
|
|
|
|
|
| Weighted
average number of ordinary share outstanding |
|
|
|
|
|
|
|
|
| Basic and
diluted |
1,467,200,367 |
|
1,469,982,015 |
|
1,470,013,200 |
|
1,470,013,200 |
|
|
1,467,200,367 |
|
1,469,997,608 |
|
1,469,997,608 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GDS HOLDINGS LIMITEDUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(Amount in
thousands of Renminbi ("RMB") and US dollars ("US$")) |
| |
| |
Three months ended |
|
Six months ended |
|
|
June 30, 2023 |
March 31, 2024 |
June 30, 2024 |
|
June 30, 2023 |
June 30, 2024 |
|
|
RMB |
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(225,306 |
) |
(344,931 |
) |
(231,768 |
) |
(31,892 |
) |
|
(699,918 |
) |
(576,699 |
) |
(79,357 |
) |
| Foreign currency translation
adjustments, net of nil tax |
(310,992 |
) |
(56,025 |
) |
(16,334 |
) |
(2,248 |
) |
|
(263,053 |
) |
(72,359 |
) |
(9,957 |
) |
| Comprehensive
loss |
(536,298 |
) |
(400,956 |
) |
(248,102 |
) |
(34,140 |
) |
|
(962,971 |
) |
(649,058 |
) |
(89,314 |
) |
| Comprehensive income
attributable to non-controlling interests |
(2,396 |
) |
(97 |
) |
(2,323 |
) |
(320 |
) |
|
(3,891 |
) |
(2,420 |
) |
(333 |
) |
| Comprehensive loss
attributable to redeemable non-controlling interests |
0 |
|
0 |
|
5,548 |
|
763 |
|
|
0 |
|
5,548 |
|
763 |
|
| Comprehensive loss
attributable to GDS Holdings Limited shareholders |
(538,694 |
) |
(401,053 |
) |
(244,877 |
) |
(33,697 |
) |
|
(966,862 |
) |
(645,930 |
) |
(88,884 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GDS HOLDINGS LIMITEDUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(Amount in
thousands of Renminbi ("RMB") and US dollars ("US$")) |
| |
| |
Three months ended |
|
Six months ended |
|
|
June 30, 2023 |
March 31, 2024 |
June 30, 2024 |
|
June 30, 2023 |
June 30, 2024 |
|
|
RMB |
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(225,306 |
) |
(344,931 |
) |
(231,768 |
) |
(31,892 |
) |
|
(699,918 |
) |
(576,699 |
) |
(79,357 |
) |
|
Depreciation and amortization |
874,109 |
|
856,739 |
|
874,168 |
|
120,290 |
|
|
1,717,468 |
|
1,730,907 |
|
238,181 |
|
|
Amortization of debt issuance cost and debt discount |
45,226 |
|
38,562 |
|
31,364 |
|
4,316 |
|
|
89,918 |
|
69,926 |
|
9,622 |
|
|
Share-based compensation expense |
63,029 |
|
76,646 |
|
75,682 |
|
10,414 |
|
|
147,894 |
|
152,328 |
|
20,961 |
|
|
Others |
5,073 |
|
12,227 |
|
(34,653 |
) |
(4,768 |
) |
|
4,432 |
|
(22,426 |
) |
(3,086 |
) |
| Changes in operating assets
and liabilities |
(27,530 |
) |
(764,215 |
) |
(260,556 |
) |
(35,855 |
) |
|
(654,373 |
) |
(1,024,771 |
) |
(141,013 |
) |
| Net cash provided by
(used in) operating activities |
734,601 |
|
(124,972 |
) |
454,237 |
|
62,505 |
|
|
605,421 |
|
329,265 |
|
45,308 |
|
| |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment and land use rights |
(1,415,175 |
) |
(1,595,107 |
) |
(1,960,947 |
) |
(269,836 |
) |
|
(3,457,278 |
) |
(3,556,054 |
) |
(489,330 |
) |
|
Receipts (payments) related to acquisitions and investments |
8,807 |
|
0 |
|
(70,791 |
) |
(9,741 |
) |
|
(142,448 |
) |
(70,791 |
) |
(9,741 |
) |
| Net cash used in
investing activities |
(1,406,368 |
) |
(1,595,107 |
) |
(2,031,738 |
) |
(279,577 |
) |
|
(3,599,726 |
) |
(3,626,845 |
) |
(499,071 |
) |
| |
|
|
|
|
|
|
|
|
|
Net proceeds from financing activities |
(1,551,157 |
) |
1,621,969 |
|
3,833,394 |
|
527,491 |
|
|
2,323,258 |
|
5,455,363 |
|
750,682 |
|
| Net cash (used in)
provided by financing activities |
(1,551,157 |
) |
1,621,969 |
|
3,833,394 |
|
527,491 |
|
|
2,323,258 |
|
5,455,363 |
|
750,682 |
|
| Effect of exchange rate
changes on cash and restricted cash |
134,877 |
|
(9,909 |
) |
30,883 |
|
4,252 |
|
|
159,819 |
|
20,974 |
|
2,888 |
|
| |
|
|
|
|
|
|
|
|
| Net (decrease) increase of
cash and restricted cash |
(2,088,047 |
) |
(108,019 |
) |
2,286,776 |
|
314,671 |
|
|
(511,228 |
) |
2,178,757 |
|
299,807 |
|
| Cash and restricted cash at
beginning of period |
10,456,645 |
|
7,917,932 |
|
7,809,913 |
|
1,074,680 |
|
|
8,882,066 |
|
7,917,932 |
|
1,089,544 |
|
| Reclassification as assets of
disposal group classified as held for sale |
1,966 |
|
0 |
|
0 |
|
0 |
|
|
(274 |
) |
0 |
|
0 |
|
| Cash and restricted
cash at end of period |
8,370,564 |
|
7,809,913 |
|
10,096,689 |
|
1,389,351 |
|
|
8,370,564 |
|
10,096,689 |
|
1,389,351 |
|
|
GDS HOLDINGS LIMITEDRECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS(Amount in thousands of
Renminbi ("RMB") and US dollars ("US$")except for
percentage data) |
| |
| |
|
Three months ended |
|
Six months ended |
|
|
|
June 30, 2023 |
March 31, 2024 |
June 30, 2024 |
|
June 30, 2023 |
June 30, 2024 |
|
|
|
RMB |
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
| |
|
|
|
|
|
|
|
|
|
|
Gross profit |
550,997 |
|
573,674 |
|
637,825 |
|
87,767 |
|
|
1,042,684 |
|
1,211,499 |
|
166,708 |
|
| Depreciation and
amortization |
735,993 |
|
755,960 |
|
773,302 |
|
106,411 |
|
|
1,466,901 |
|
1,529,262 |
|
210,434 |
|
| Operating lease
cost relating to prepaid land use rights |
9,387 |
|
10,634 |
|
10,706 |
|
1,473 |
|
|
17,743 |
|
21,340 |
|
2,936 |
|
| Accretion expenses
for asset retirement costs |
1,731 |
|
1,488 |
|
1,690 |
|
233 |
|
|
3,457 |
|
3,178 |
|
437 |
|
| Share-based
compensation expenses |
21,697 |
|
26,324 |
|
27,934 |
|
3,844 |
|
|
48,396 |
|
54,258 |
|
7,466 |
|
| Adjusted
GP |
1,319,805 |
|
1,368,080 |
|
1,451,457 |
|
199,728 |
|
|
2,579,181 |
|
2,819,537 |
|
387,981 |
|
| Adjusted
GP margin |
53.4 |
% |
52.1 |
% |
51.4 |
% |
51.4 |
% |
|
52.8 |
% |
51.7 |
% |
51.7 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GDS HOLDINGS LIMITEDRECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS(Amount in thousands of
Renminbi ("RMB") and US dollars ("US$")except for
percentage data) |
| |
| |
|
Three months ended |
|
Six months ended |
|
|
|
June 30, 2023 |
March 31, 2024 |
June 30, 2024 |
|
June 30, 2023 |
June 30, 2024 |
|
|
|
RMB |
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(225,306 |
) |
(344,931 |
) |
(231,768 |
) |
(31,892 |
) |
|
(699,918 |
) |
(576,699 |
) |
(79,357 |
) |
| Net interest
expenses |
469,472 |
|
503,476 |
|
505,231 |
|
69,522 |
|
|
953,899 |
|
1,008,707 |
|
138,803 |
|
| Income tax
expenses |
25,262 |
|
62,393 |
|
59,875 |
|
8,239 |
|
|
188,830 |
|
122,268 |
|
16,825 |
|
| Depreciation and
amortization |
874,109 |
|
856,739 |
|
874,168 |
|
120,290 |
|
|
1,717,468 |
|
1,730,907 |
|
238,181 |
|
| Operating lease
cost relating to prepaid land use rights |
26,845 |
|
27,603 |
|
27,316 |
|
3,759 |
|
|
53,549 |
|
54,919 |
|
7,557 |
|
| Accretion expenses
for asset retirement costs |
1,731 |
|
1,488 |
|
1,690 |
|
233 |
|
|
3,457 |
|
3,178 |
|
437 |
|
| Share-based
compensation expenses |
63,029 |
|
76,646 |
|
75,682 |
|
10,414 |
|
|
147,894 |
|
152,328 |
|
20,961 |
|
| Adjusted
EBITDA |
1,235,142 |
|
1,183,414 |
|
1,312,194 |
|
180,565 |
|
|
2,365,179 |
|
2,495,608 |
|
343,407 |
|
| Adjusted
EBITDA margin |
50.0 |
% |
45.0 |
% |
46.4 |
% |
46.4 |
% |
|
48.5 |
% |
45.8 |
% |
45.8 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GDS HOLDINGS LIMITEDSELECTED SEGMENT
INFORMATION(Amount in thousands of Renminbi
("RMB") and US dollars ("US$")) |
| |
| |
|
Three months ended June 30, 2023 |
|
Three months ended March 31, 2024 |
|
Three months ended June 30, 2024 |
|
|
|
GDSH |
GDSI |
Elimination |
Total |
|
GDSH |
GDSI |
Elimination |
Total |
|
GDSH |
GDSI |
Elimination |
Total |
|
|
|
RMB |
RMB |
RMB |
RMB |
|
RMB |
RMB |
RMB |
RMB |
|
RMB |
RMB |
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue |
2,439,682 |
|
32,338 |
|
0 |
|
2,472,020 |
|
|
2,426,138 |
|
206,004 |
|
(4,775 |
) |
2,627,367 |
|
|
2,579,594 |
|
255,533 |
|
(8,758 |
) |
2,826,369 |
|
388,921 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
loss |
(125,709 |
) |
(99,330 |
) |
(267 |
) |
(225,306 |
) |
|
(272,512 |
) |
(69,455 |
) |
(2,964 |
) |
(344,931 |
) |
|
(172,845 |
) |
(55,666 |
) |
(3,257 |
) |
(231,768 |
) |
(31,892 |
) |
| Net interest
expenses |
443,638 |
|
25,834 |
|
0 |
|
469,472 |
|
|
462,508 |
|
42,114 |
|
(1,146 |
) |
503,476 |
|
|
450,271 |
|
57,043 |
|
(2,083 |
) |
505,231 |
|
69,522 |
|
| Income tax
expenses |
25,257 |
|
5 |
|
0 |
|
25,262 |
|
|
62,392 |
|
1 |
|
0 |
|
62,393 |
|
|
59,864 |
|
11 |
|
0 |
|
59,875 |
|
8,239 |
|
| Depreciation and
amortization |
840,498 |
|
33,611 |
|
0 |
|
874,109 |
|
|
782,672 |
|
74,067 |
|
0 |
|
856,739 |
|
|
790,901 |
|
83,430 |
|
(163 |
) |
874,168 |
|
120,290 |
|
| Operating lease
cost relating to prepaid land use rights |
26,443 |
|
402 |
|
0 |
|
26,845 |
|
|
27,312 |
|
291 |
|
0 |
|
27,603 |
|
|
27,603 |
|
(287 |
) |
0 |
|
27,316 |
|
3,759 |
|
| Accretion expenses
for asset retirement costs |
1,680 |
|
51 |
|
0 |
|
1,731 |
|
|
1,698 |
|
(210 |
) |
0 |
|
1,488 |
|
|
1,690 |
|
0 |
|
0 |
|
1,690 |
|
233 |
|
| Share-based
compensation expenses |
63,029 |
|
0 |
|
0 |
|
63,029 |
|
|
76,646 |
|
0 |
|
0 |
|
76,646 |
|
|
75,682 |
|
0 |
|
0 |
|
75,682 |
|
10,414 |
|
| Adjusted
EBITDA |
1,274,836 |
|
(39,427 |
) |
(267 |
) |
1,235,142 |
|
|
1,140,716 |
|
46,808 |
|
(4,110 |
) |
1,183,414 |
|
|
1,233,166 |
|
84,531 |
|
(5,503 |
) |
1,312,194 |
|
180,565 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash
provided by (used in) operating activities |
829,293 |
|
(94,692 |
) |
0 |
|
734,601 |
|
|
(96,262 |
) |
(28,710 |
) |
0 |
|
(124,972 |
) |
|
599,443 |
|
(106,926 |
) |
(38,280 |
) |
454,237 |
|
62,505 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash
(used in) provided by investing activities |
(982,604 |
) |
(641,401 |
) |
217,637 |
|
(1,406,368 |
) |
|
(1,302,818 |
) |
(701,564 |
) |
409,275 |
|
(1,595,107 |
) |
|
654,451 |
|
(1,146,380 |
) |
(1,539,809 |
) |
(2,031,738 |
) |
(279,577 |
) |
|
- |
Purchase of property and equipment and land use rights |
(773,774 |
) |
(641,401 |
) |
0 |
|
(1,415,175 |
) |
|
(943,032 |
) |
(652,075 |
) |
0 |
|
(1,595,107 |
) |
|
(852,847 |
) |
(1,146,380 |
) |
38,280 |
|
(1,960,947 |
) |
(269,836 |
) |
|
- |
Receipts (payments) related to acquisitions and investments |
8,807 |
|
0 |
|
0 |
|
8,807 |
|
|
49,489 |
|
(49,489 |
) |
0 |
|
0 |
|
|
(70,791 |
) |
0 |
|
0 |
|
(70,791 |
) |
(9,741 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
GDSH investment in GDSI |
(217,637 |
) |
0 |
|
217,637 |
|
0 |
|
|
(409,275 |
) |
0 |
|
409,275 |
|
0 |
|
|
1,578,089 |
|
0 |
|
(1,578,089 |
) |
0 |
|
0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net cash (used in)
provided by financing activities |
(1,927,646 |
) |
594,126 |
|
(217,637 |
) |
(1,551,157 |
) |
|
1,298,276 |
|
732,968 |
|
(409,275 |
) |
1,621,969 |
|
|
(119,209 |
) |
2,374,514 |
|
1,578,089 |
|
3,833,394 |
|
527,491 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GDS HOLDINGS LIMITEDSELECTED SEGMENT
INFORMATION CONT’D(Amount in thousands of Renminbi
("RMB") and US dollars ("US$")) |
| |
| |
As of December 31, 2023 |
As of June 30, 2024 |
|
|
RMB |
RMB |
US$ |
|
|
|
|
|
| Property and
equipment, net |
|
|
|
|
GDSH |
40,098,416 |
|
40,087,960 |
|
5,516,287 |
|
| GDSI |
7,408,567 |
|
8,863,680 |
|
1,219,683 |
|
| Elimination |
(7,489 |
) |
(13,707 |
) |
(1,886 |
) |
| Total |
47,499,494 |
|
48,937,933 |
|
6,734,084 |
|
| |
|
|
|
| Gross debt
(Note) |
|
|
|
| GDSH |
42,547,203 |
|
43,814,967 |
|
6,029,140 |
|
| GDSI |
5,170,653 |
|
4,851,165 |
|
667,543 |
|
| Elimination |
(1,300,849 |
) |
0 |
|
0 |
|
| Total |
46,417,007 |
|
48,666,132 |
|
6,696,683 |
|
| |
|
|
|
| Cash |
|
|
|
| GDSH |
7,301,976 |
|
8,395,908 |
|
1,155,315 |
|
| GDSI |
408,735 |
|
1,511,915 |
|
208,047 |
|
| Total |
7,710,711 |
|
9,907,823 |
|
1,363,362 |
|
Note: Gross debt comprised of short-term and
long-term borrowings, convertible bonds payable and finance lease
and other financing obligations. For GDSI, for December 31, 2023,
gross debt also includes the amounts due to GDSH.
GDS (NASDAQ:GDS)
Historical Stock Chart
From Oct 2024 to Nov 2024
GDS (NASDAQ:GDS)
Historical Stock Chart
From Nov 2023 to Nov 2024
