Chindata Group Holdings Limited (“Chindata Group” or the “Company”)
(Nasdaq: CD), a leading carrier-neutral hyperscale data center
solution provider in Asia-Pacific emerging markets, today announced
its unaudited financial results for the first quarter of 2021. To
supplement the Company’s consolidated financial results presented
in accordance with U.S. GAAP, Chindata Group uses adjusted EBITDA,
adjusted EBITDA margin, adjusted net income and adjusted net income
margin as non-GAAP financial measures, which are described further
below.
Management
Quote
Mr. Jing JU, Chief Executive Officer of Chindata
Group, commented, “With great pleasure, Chindata has gotten off to
a good start in this quarter and continued its efforts in
converting green power and zero-carbon technology into hyperscale
computing power, as well as facilitating our anchor clients in
their rapid development and carbon neutrality transformation.
Meanwhile, we ranked first for the second year in a row by
Greenpeace among internet cloud and data center companies on
carbon-neutral performance. Going forward, we will further our
efforts in exploring solution for the convergence of digits and
carbon neutrality, which is our original aspiration and the
responsibility to take in our time. With confidence, we will
continue to pioneer in carrying out the universal objective of
carbon neutrality and to promote the high-quality development of
green digital community with our ecosystem partners.”
Mr. Dongning WANG, Chief Financial Officer of
Chindata Group, commented, “We continued to show strong financial
performance in the first quarter of 2021. Revenue recorded a 63.9%
year-over-year increase at RMB643.4 million (US$98.2 million),
adjusted EBITDA recorded a 70.4% year-over-year increase at
RMB307.8 million (US$47.0 million) and adjusted net income recorded
a 175.8% year-over-year increase at RMB109.3 million (US$16.7
million), each standing at historical high respectively. Our
profitability remains stable and improving along with the growth,
with adjusted EBITDA margin at 47.8% and adjusted net income margin
recording a historical 17.0%. Such are constantly proving the
prospect and stability of our business model. Going forward, we
will continue the effort in diversifying financing channels and to
properly deploy our resources for sustainable development and
healthy financial performance.”
Business Highlights
Asset Overview
- In-service
capacity increased by 46MW, or 16.0% quarter over quarter, to
337MW, compared to 291MW in the fourth quarter of 2020. The
increase was mainly due to the delivery of one project in Northern
China (CN09); under-construction capacity reached 154MW, compared
to 198MW in the fourth quarter of 2020.
- Total contracted
capacity increased by 3.1% quarter over quarter to 411MW, compared
to 399MW in the fourth quarter of 2020. Total contracted and
capacity with indication of interest (“IOI”) increased by 0.3%
quarter over quarter to 430MW, compared to 429MW in the fourth
quarter of 2020.
- In-service
contracted capacity reached 304MW, compared to 253MW in the fourth
quarter of 2020; Newly contracted capacity was contributed by two
existing projects (CN06, CN08), and the delivery of CN09;
contracted ratio for in-service capacity was 90.0%; contracted
ratio (including IOI) for in-service capacity was 90.9%.
-
Under-construction contracted capacity reached 108MW; contracted
ratio for under-construction capacity was 70.3%; contracted ratio
(including IOI) for under-construction capacity was 80.5%.
- Total utilized
capacity increased by around 17MW, or 7.9% quarter over quarter, to
238MW, compared to 221MW in the fourth quarter of 2020. The
increase was mainly due to the steady ramp-up of several projects
in China (CN01, CN06, CN08, CN09, CN11-A and CS01).
Sales Momentum
The Company continued to explore opportunities
to cooperate with potential and existing customers. In China, the
Company secured contract orders for 15MW of high-density
datacenters with existing customers, with 11MW of which converted
from existing IOI capacity. The capacity of each installed cabinet
for the contract orders will reach 25-32KW, which is another
demonstration of the Company’s solid technology and solution
capacity capable of supporting the customers’ demands for high
computing power and cultivating mutual growth with its
customers.
First Quarter 2021 Financial Results
Summary
TOTAL REVENUES
Total revenues in the first quarter of 2021
increased by 63.9 % to RMB643.4 million (US$98.2 million) from
RMB392.5 million in the same period of 2020, primarily driven by
the robust growth of the Company’s colocation services.
COST OF REVENUE
In line with the Company’s revenue growth, total
cost of revenues in the first quarter of 2021 increased by 59.3% to
RMB386.9 million (US$59.1 million) from RMB242.9 million in the
same period of 2020, mainly driven by increases in utility costs,
depreciation and amortization expenses and share-based compensation
costs.
GROSS PROFIT
Gross profit in the first quarter of 2021
increased by 71.4% to RMB256.5 million (US$39.1 million) from
RMB149.6 million in the same period of 2020. Gross margin in the
first quarter of 2021 expanded to 39.9% from 38.1% in the same
period of 2020.
OPERATING EXPENSES
Total operating expenses in the first quarter of
2021 increased by 24.7% to RMB135.4 million (US$20.7 million) from
RMB108.6 million in the same period of 2020.
- Selling and marketing
expenses in the first quarter of 2021 increased by 33.7%
to RMB21.0 million (US$3.2 million) from RMB15.7 million in the
same period of 2020, primarily due to higher share-based
compensation expenses.
- General and administrative
expenses in the first quarter of 2021 increased by 13.8%
to RMB96.2 million (US$14.7 million) from RMB84.5 million in the
same period of 2020, primarily due to higher professional fee and
personnel expenses.
- Research and development
expenses in the first quarter of 2021 increased by 117.4%
to RMB18.2 million (US$2.8 million) from RMB8.4 million in the same
period of 2020, primarily due to higher personnel costs as the
Company continued to invest in its research and development
initiatives to further enhance its service offerings.
OPERATING INCOME
As a result of the foregoing, operating income
in the first quarter of 2021 increased by 195.2% to RMB121.0
million (US$18.5 million), from RMB41.0 million in the same period
of 2020. Operating income margin in the first quarter of 2021 was
18.8%, compared with 10.4% in the same period of 2020.
NET INCOME
Net income in the first quarter of 2021 was
RMB58.2 million (US$8.9 million), compared to net loss of RMB14.1
million in the same period of 2020. Net income margin in the first
quarter of 2021 was 9.0%, compared with -3.6% in the same period of
2020.
EARNINGS PER ADS
Basic and diluted earnings per American
Depositary Share ("ADS") in the first quarter of 2021 were RMB0.16
(US$0.02). Basic and diluted earnings per share were RMB0.08
(US$0.01). Each ADS represents two of the Company's Class A
ordinary shares.
ADJUSTED EBITDA
Adjusted EBITDA in the first quarter of 2021
increased by 70.4% to RMB307.8 million (US$47.0 million), from
RMB180.6 million in the same period of 2020. Adjusted EBITDA is
defined as net income excluding depreciation and amortization, net
interest expenses, income tax expenses, share-based compensation,
management consulting services fee, change in fair value of
financial instruments, foreign exchange (gain) loss and non-cash
operating lease cost relating to prepaid land use rights.
Adjusted EBITDA margin in the first quarter of
2021 was 47.8%, compared with 46.0% in the same period of 2020 and
43.3% in the fourth quarter of 2020.
Our adjusted EBITDA to interest ratio in the
first quarter was 5.3, compared to 5.6 in the fourth quarter of
2020. Adjusted EBITDA to interest ratio is defined as reported
adjusted EBITDA divided by reported net interest of the period.
Reported net interest equals to reported interest expenses minus
reported interest income.
ADJUSTED NET INCOME
Adjusted net income was RMB109.3 million
(US$16.7 million) in the first quarter of 2021, compared with
RMB39.6 million in the same period 2020, representing a 175.8% YoY
increase. Adjusted net income is defined as net income excluding
share-based compensation, management consulting services fee, and
depreciation and amortization of fixed assets and intangible assets
resulting from business combination, as adjusted for the tax
effects on Non-GAAP adjustments.
Adjusted net income margin in the first quarter
of 2021 was 17.0%, compared with 10.1% in the same period of 2020
and 10.5% in the fourth quarter of 2020.
BALANCE SHEET
As of March 31, 2021, the Company had cash and
cash equivalents and restricted cash of RMB6.9 billion (US$1.1
billion), compared to cash and cash equivalents and restricted cash
of RMB6.9 billion as of December 31, 2020.
2021 Full Year Business
Outlook
TOTAL REVENUES
- RMB2,700 million –
RMB2,780 million, a 47.5-51.8% increase over full year 2020.
ADJUSTED EBITDA
- RMB1,280 million –
RMB1,330 million, a 50.2-56.1% increase over full year 2020.
These forecasts reflect the Company’s current
and preliminary views on the market and operational conditions,
which are subject to change.
Conference Call Information
The Company will hold a conference call on
Thursday, May 20, 2021, at 8:00 A.M. Eastern Time (or 8:00 P.M.
Beijing Time on the same day) to discuss the financial results.
In advance of the conference call, all
participants must use the following link to complete the online
registration process to receive a unique registrant ID and a set of
participant dial-in numbers to join the conference call.
Conference ID: |
8215979 |
Registration Link: |
http://apac.directeventreg.com/registration/event/8215979 |
The replay will be accessible through May 28,
2021, by dialing the following numbers:
United States Toll Free: |
+1-855-452-5696 |
International: |
+61-2-8199-0299 |
Mainland China: |
4006-322162 |
Hong Kong: |
800-963117 |
Conference ID: |
8773029 |
A live and archived webcast of the conference
call will also be available at the Company's investor relations
website at https://investor.chindatagroup.com/.
Investor Presentation and Supplemental
Financial Information
The Company has made available on its website a
presentation designed to accompany the discussion of Chindata
Group's results and future outlook, along with certain supplemental
financial information and other data. Interested parties may access
this information through the Chindata Group Investor Relations
website at https://investor.chindatagroup.com/.
About Chindata Group
Chindata Group is a leading carrier-neutral
hyperscale data center solution provider in Asia-Pacific emerging
markets and a first mover in building next-generation hyperscale
data centers in China, India and Southeast Asia markets, focusing
on the whole life cycle of facility planning, investment, design,
construction and operation of ecosystem infrastructure in the IT
industry. Chindata Group provides its clients with business
solutions in major countries and regions in Asia-Pacific emerging
markets, including asset-heavy ecosystem chain services such as
industrial bases, data centers, network and IT value-added
services.
Chindata Group operates two sub-brands:
"Chindata" and "Bridge Data Centres". Chindata operates
hyper-density IT cluster infrastructure in the Greater Beijing
Area, the Yangtze River Delta Area and the Greater Bay Area, the
three key economic areas in China, and has become the engine of the
regional digital economies. Bridge Data Centres, with its top
international development and operation talents in the industry,
owns fast deployable data center clusters in Malaysia and India,
and seeks business opportunities in other Asia-Pacific emerging
markets.
Use of Non-GAAP Financial
Measures
To supplement Chindata Group’s consolidated
financial results presented in accordance with U.S. GAAP, Chindata
Group uses adjusted EBITDA, adjusted EBITDA margin, adjusted net
income and adjusted net income margin as non-GAAP financial
measure. The presentation of the non-GAAP financial measure is not
intended to be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with
GAAP.
The Company believes that these non-GAAP
financial measures provide useful information to investors and
others in understanding and evaluating its operating results as
they do not include all items that impact its net loss or income
for the period, and are presented to enhance investors’ overall
understanding of the Company’s financial performance. A limitation
of using the non-GAAP financial measure is that the non-GAAP
measure exclude certain items that have been and will continue to
be for the foreseeable future a significant component in the
Company’s results of operations. The non-GAAP financial measure
presented here may not be comparable to similarly titled measures
presented by other companies. Other companies may calculate
similarly titled measures differently, limiting their usefulness as
comparative measures to the Company’s data.
Exchange Rate Information
Unless otherwise stated, all translations from
Renminbi into U.S. dollars were made at RMB6.5518 to US$1.00, the
noon buying rate on March 31, 2021 as set forth in the H.10
statistical release of the Federal Reserve Board. The percentages
stated in this press release are calculated based on the RMB
amounts.
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 “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “confident,”
“potential,” “continue” or other similar expressions. Among other
things, the business outlook and quotations from management in this
announcement, as well as Chindata Group’s strategic and operational
plans, contain forward-looking statements. Chindata Group may also
make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission (the “SEC”),
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including but not limited to statements about
Chindata Group’s beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: Chindata
Group’s goals and strategies; its future business development,
financial condition and results of operations; the expected growth
and competition of the data center and IT market; its ability to
generate sufficient capital or obtain additional capital to meet
its future capital needs; its ability to maintain competitive
advantages; its ability to keep and strengthen its relationships
with major clients and attract new clients; its ability to locate
and secure suitable sites for additional data centers on
commercially acceptable terms; government policies and regulations
relating to Chindata Group’s business or industry; general economic
and business conditions in the regions where Chindata Group
operates and globally and assumptions underlying or related to any
of the foregoing. Further information regarding these and other
risks is included in Chindata Group’s filings with the SEC. All
information provided in this press release and in the attachments
is as of the date of this press release, and Chindata Group
undertakes no obligation to update any forward-looking statement,
except as required under applicable law.
For Enquiries, Please
Contact:
Ms. Joy ZhangZhuo.zhang@chindatagroup.com
Ms. Xiaolin
Zhaoxiaolin.zhao@chindatagroup.com
Chindata IR Teamir@chindatagroup.com
CHINDATA GROUP
HOLDINGS LIMITED
UNAUDITED
CONDENSED CONSOLIDATED
BALANCE SHEETS
(Amount in
thousands of
Renminbi (“RMB”)
and US dollars
(“US$”))
|
|
As of December 31, 2020 |
|
|
As of March 31, 2021 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
6,705,612 |
|
|
|
6,614,933 |
|
|
|
1,009,636 |
|
Restricted cash |
|
|
102,598 |
|
|
|
196,155 |
|
|
|
29,939 |
|
Accounts receivable, net |
|
|
422,224 |
|
|
|
469,322 |
|
|
|
71,633 |
|
Value added taxes
recoverable |
|
|
182,982 |
|
|
|
230,993 |
|
|
|
35,256 |
|
Prepayments and other current
assets |
|
|
176,560 |
|
|
|
199,503 |
|
|
|
30,450 |
|
Total current
assets |
|
|
7,589,976 |
|
|
|
7,710,906 |
|
|
|
1,176,914 |
|
Non-current
assets |
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
6,423,830 |
|
|
|
6,640,194 |
|
|
|
1,013,492 |
|
Operating lease right-of-use
assets |
|
|
635,683 |
|
|
|
740,571 |
|
|
|
113,033 |
|
Finance lease right-of-use
assets |
|
|
144,615 |
|
|
|
144,710 |
|
|
|
22,087 |
|
Goodwill and intangible
assets, net |
|
|
793,182 |
|
|
|
782,331 |
|
|
|
119,407 |
|
Restricted cash |
|
|
103,253 |
|
|
|
105,628 |
|
|
|
16,122 |
|
Value added taxes
recoverable |
|
|
357,125 |
|
|
|
375,722 |
|
|
|
57,346 |
|
Other non-current assets |
|
|
211,934 |
|
|
|
203,925 |
|
|
|
31,126 |
|
Total non-current
assets |
|
|
8,669,622 |
|
|
|
8,993,081 |
|
|
|
1,372,613 |
|
Total
assets |
|
|
16,259,598 |
|
|
|
16,703,987 |
|
|
|
2,549,527 |
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Short-term bank loans and
current portion of long-term bank loans |
|
|
296,913 |
|
|
|
418,756 |
|
|
|
63,915 |
|
Accounts payable |
|
|
1,186,030 |
|
|
|
1,010,415 |
|
|
|
154,219 |
|
Current portion of operating
lease liabilities |
|
|
40,131 |
|
|
|
51,652 |
|
|
|
7,884 |
|
Current portion of finance
lease liabilities |
|
|
4,906 |
|
|
|
4,806 |
|
|
|
734 |
|
Accrued expenses and other
current liabilities |
|
|
304,960 |
|
|
|
304,879 |
|
|
|
46,534 |
|
Total current
liabilities |
|
|
1,832,940 |
|
|
|
1,790,508 |
|
|
|
273,286 |
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term bank loans |
|
|
3,892,120 |
|
|
|
4,238,688 |
|
|
|
646,950 |
|
Operating lease
liabilities |
|
|
204,305 |
|
|
|
210,877 |
|
|
|
32,186 |
|
Finance lease liabilities |
|
|
59,986 |
|
|
|
58,507 |
|
|
|
8,930 |
|
Other non-current
liabilities |
|
|
530,779 |
|
|
|
551,002 |
|
|
|
84,099 |
|
Total non-current
liabilities |
|
|
4,687,190 |
|
|
|
5,059,074 |
|
|
|
772,165 |
|
Total
liabilities |
|
|
6,520,130 |
|
|
|
6,849,582 |
|
|
|
1,045,451 |
|
Shareholders’
equity: |
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares |
|
|
46 |
|
|
|
46 |
|
|
|
7 |
|
Additional paid-in
capital |
|
|
10,510,516 |
|
|
|
10,571,854 |
|
|
|
1,613,580 |
|
Statutory reserves |
|
|
82,792 |
|
|
|
82,792 |
|
|
|
12,637 |
|
Accumulated other
comprehensive loss |
|
|
(172,586 |
) |
|
|
(177,187 |
) |
|
|
(27,044 |
) |
Accumulated deficit |
|
|
(681,300 |
) |
|
|
(623,100 |
) |
|
|
(95,104 |
) |
Total shareholders’
equity |
|
|
9,739,468 |
|
|
|
9,854,405 |
|
|
|
1,504,076 |
|
Total liabilities and
shareholders’ equity |
|
|
16,259,598 |
|
|
|
16,703,987 |
|
|
|
2,549,527 |
|
CHINDATA GROUP
HOLDINGS LIMITED
UNAUDITED
CONDENSED CONSOLIDATED
STATEMENTS OF
COMPREHENSIVE (LOSS) INCOME
(Amount in
thousands of
Renminbi (“RMB”)
and US dollars
(“US$”))
|
|
For the three months ended |
|
|
|
March 31,2020 |
|
|
December 31,2020 |
|
|
March 31,2021 |
|
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Revenue |
|
|
392,476 |
|
|
|
552,989 |
|
|
|
643,382 |
|
|
|
98,199 |
|
Cost of revenue |
|
|
(242,874 |
) |
|
|
(326,874 |
) |
|
|
(386,920 |
) |
|
|
(59,056 |
) |
Gross
profit |
|
|
149,602 |
|
|
|
226,115 |
|
|
|
256,462 |
|
|
|
39,143 |
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses |
|
|
(15,693 |
) |
|
|
(27,601 |
) |
|
|
(20,985 |
) |
|
|
(3,203 |
) |
General and administrative
expenses |
|
|
(84,526 |
) |
|
|
(120,954 |
) |
|
|
(96,223 |
) |
|
|
(14,686 |
) |
Research and development
expenses |
|
|
(8,384 |
) |
|
|
(12,864 |
) |
|
|
(18,225 |
) |
|
|
(2,782 |
) |
Total operating
expenses |
|
|
(108,603 |
) |
|
|
(161,419 |
) |
|
|
(135,433 |
) |
|
|
(20,671 |
) |
Operating
income |
|
|
40,999 |
|
|
|
64,696 |
|
|
|
121,029 |
|
|
|
18,472 |
|
Interest income |
|
|
1,704 |
|
|
|
17,317 |
|
|
|
15,868 |
|
|
|
2,422 |
|
Interest expense |
|
|
(51,653 |
) |
|
|
(59,841 |
) |
|
|
(73,624 |
) |
|
|
(11,237 |
) |
Foreign exchange loss
(gain) |
|
|
(126 |
) |
|
|
(3,036 |
) |
|
|
63 |
|
|
|
10 |
|
Changes in fair value of
financial instruments |
|
|
9,682 |
|
|
|
(4,218 |
) |
|
|
12,856 |
|
|
|
1,962 |
|
Others, net |
|
|
(1,816 |
) |
|
|
(19,968 |
) |
|
|
4,240 |
|
|
|
647 |
|
(Loss) income before
income taxes |
|
|
(1,210 |
) |
|
|
(5,050 |
) |
|
|
80,432 |
|
|
|
12,276 |
|
Income tax expense |
|
|
(12,873 |
) |
|
|
(22,071 |
) |
|
|
(22,232 |
) |
|
|
(3,393 |
) |
Net (loss)
income |
|
|
(14,083 |
) |
|
|
(27,121 |
) |
|
|
58,200 |
|
|
|
8,883 |
|
(Loss) earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
(0.02 |
) |
|
|
(0.04 |
) |
|
|
0.08 |
|
|
|
0.01 |
|
Diluted |
|
|
(0.02 |
) |
|
|
(0.04 |
) |
|
|
0.08 |
|
|
|
0.01 |
|
Other comprehensive
income, net of tax of nil: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustments |
|
|
(44,152 |
) |
|
|
(173,959 |
) |
|
|
(4,601 |
) |
|
|
(702 |
) |
Comprehensive (loss)
income |
|
|
(58,235 |
) |
|
|
(201,080 |
) |
|
|
53,599 |
|
|
|
8,181 |
|
CHINDATA GROUP
HOLDINGS LIMITED
UNAUDITED
CONDENSED CONSOLIDATED
STATEMENTS OF
CASH FLOWS
(Amount in
thousands of
Renminbi (“RMB”)
and US dollars
(“US$”))
|
|
For the three months ended |
|
|
|
March 31,2020 |
|
|
December 31,2020 |
|
|
March 31,2021 |
|
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Net (loss) income |
|
|
(14,083 |
) |
|
|
(27,121 |
) |
|
|
58,200 |
|
|
|
8,883 |
|
Depreciation and
amortization |
|
|
95,492 |
|
|
|
116,951 |
|
|
|
138,611 |
|
|
|
21,156 |
|
Share-based compensation |
|
|
40,333 |
|
|
|
75,010 |
|
|
|
41,049 |
|
|
|
6,265 |
|
Amortization of debt issuance
cost |
|
|
5,570 |
|
|
|
8,706 |
|
|
|
8,075 |
|
|
|
1,232 |
|
Others |
|
|
(6,546 |
) |
|
|
32,926 |
|
|
|
(7,541 |
) |
|
|
(1,149 |
) |
Changes in operating assets
and liabilities |
|
|
(20,956 |
) |
|
|
11,620 |
|
|
|
(45,024 |
) |
|
|
(6,872 |
) |
Net cash generated
from operating activities |
|
|
99,810 |
|
|
|
218,092 |
|
|
|
193,370 |
|
|
|
29,515 |
|
Purchases of property and
equipment and intangible assets, net of proceeds from sale
of property and equipment |
|
|
(332,007 |
) |
|
|
(818,637 |
) |
|
|
(590,998 |
) |
|
|
(90,204 |
) |
Purchase of land use
rights |
|
|
(22,654 |
) |
|
|
(93,272 |
) |
|
|
(63,401 |
) |
|
|
(9,677 |
) |
Cash paid for equity
investment and business combination, net of cash
acquired |
|
|
— |
|
|
|
(56,992 |
) |
|
|
— |
|
|
|
— |
|
Net cash used in
investing activities |
|
|
(354,661 |
) |
|
|
(968,901 |
) |
|
|
(654,399 |
) |
|
|
(99,881 |
) |
Net proceeds from financing
activities |
|
|
374,374 |
|
|
|
4,399,707 |
|
|
|
447,158 |
|
|
|
68,250 |
|
Net cash generated
from financing activities |
|
|
374,374 |
|
|
|
4,399,707 |
|
|
|
447,158 |
|
|
|
68,250 |
|
Exchange rate effect on cash,
cash equivalents and restricted cash |
|
|
2,753 |
|
|
|
(235,101 |
) |
|
|
19,124 |
|
|
|
2,918 |
|
Net increase in cash,
cash equivalents and restricted cash |
|
|
122,276 |
|
|
|
3,413,797 |
|
|
|
5,253 |
|
|
|
802 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
|
1,119,840 |
|
|
|
3,497,666 |
|
|
|
6,911,463 |
|
|
|
1,054,895 |
|
Cash, cash equivalents
and restricted cash at end of period |
|
|
1,242,116 |
|
|
|
6,911,463 |
|
|
|
6,916,716 |
|
|
|
1,055,697 |
|
CHINDATA GROUP
HOLDINGS LIMITED
UNAUDITED
RECONCILIATIONS OF
GAAP AND
NON-GAAP RESULTS
(Amount in
thousands of
Renminbi (“RMB”)
and US dollars
(“US$”) except
for percentage
data)
|
|
For the three months ended |
|
|
|
March 31,2020 |
|
|
December 31,2020 |
|
|
March 31,2021 |
|
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Net (loss) income |
|
|
(14,083 |
) |
|
|
(27,121 |
) |
|
|
58,200 |
|
|
|
8,883 |
|
Add: Depreciation and amortization(1) |
|
|
96,517 |
|
|
|
118,880 |
|
|
|
140,618 |
|
|
|
21,462 |
|
Add: Net interest expenses |
|
|
49,949 |
|
|
|
42,524 |
|
|
|
57,756 |
|
|
|
8,815 |
|
Add: Income tax expenses |
|
|
12,873 |
|
|
|
22,071 |
|
|
|
22,232 |
|
|
|
3,393 |
|
Add: Share-based compensation |
|
|
40,333 |
|
|
|
75,010 |
|
|
|
41,049 |
|
|
|
6,265 |
|
Add: Management consulting services fee |
|
|
3,961 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Add: Changes in fair value of financial instruments |
|
|
(9,682 |
) |
|
|
4,218 |
|
|
|
(12,856 |
) |
|
|
(1,962 |
) |
Add: Foreign exchange loss (gain) |
|
|
126 |
|
|
|
3,036 |
|
|
|
(63 |
) |
|
|
(10 |
) |
Add: Non-cash operating lease cost relating to prepaid land use
rights |
|
|
615 |
|
|
|
779 |
|
|
|
836 |
|
|
|
128 |
|
Adjusted
EBITDA |
|
|
180,609 |
|
|
|
239,397 |
|
|
|
307,772 |
|
|
|
46,974 |
|
Adjusted EBITDA
margin |
|
|
46.0 |
% |
|
|
43.3 |
% |
|
|
47.8 |
% |
|
|
47.8 |
% |
Note:
(1) Before the deduction of
government grants.
|
|
For the three months ended |
|
|
|
March 31,2020 |
|
|
December 31,2020 |
|
|
March 31,2021 |
|
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Net (loss) income |
|
|
(14,083 |
) |
|
|
(27,121 |
) |
|
|
58,200 |
|
|
|
8,883 |
|
Add: Depreciation and amortization of fixed assets and intangible
assets resulting from business combination |
|
|
12,384 |
|
|
|
12,322 |
|
|
|
12,282 |
|
|
|
1,875 |
|
Add: Share-based compensation |
|
|
40,333 |
|
|
|
75,010 |
|
|
|
41,049 |
|
|
|
6,265 |
|
Add: Management consulting services fee |
|
|
3,961 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Add: Tax effects on non-GAAP adjustments(1) |
|
|
(2,961 |
) |
|
|
(2,231 |
) |
|
|
(2,221 |
) |
|
|
(339 |
) |
Adjusted Net
Income |
|
|
39,634 |
|
|
|
57,980 |
|
|
|
109,310 |
|
|
|
16,684 |
|
Adjusted Net Income
margin |
|
|
10.1 |
% |
|
|
10.5 |
% |
|
|
17.0 |
% |
|
|
17.0 |
% |
Note:
(1) Tax effects on
non-GAAP adjustments primarily comprised of tax effects relating to
depreciation and amortization of fixed assets and intangible assets
resulting from business combination, and management consulting
services fee.
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