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 second 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, “We continued to embrace transformation in the
second quarter. In China, with the development of digital economy
being a long term prospect with certainty, the value of Internet
Data Center (“IDC”) industry as key fundamental infrastructure is
being increasingly apparent. At the same time, differences in the
underlying capabilities of players will likely become a key driver
of diverse performance. Pandemic has decelerated the flow of
people, technologies and commodities in Pan Asia Pacific emerging
market, posing more challenges to the delivery and execution model
of industry players. To cope with these challenges, Chindata has
remained fully dedicated to core capacity build-up covering
green-field development, integrated energy solution and
white-labeling of key digital infrastructure equipment. We have
maintained the rapid growth of the scale of our deliverable
high-value infrastructure and are constantly supporting our
industry-leading clients in the zero-carbon transformation and
swift scalability of their business in the Pan Asia Pacific region.
We hope to join hands with more partners along such course in the
future.”
Mr. Dongning WANG, Chief Financial Officer of
Chindata Group, commented, “We delivered another strong quarterly
performance, keeping healthy growth of revenue and profit while
maintaining high-quality cash generation. Revenue for the quarter
grew by 64.2% year over year to RMB686.4 million, with a positive
net income at its historical high of RMB65.1 million. Adjusted
EBITDA was RMB338.5 million for the quarter with a margin of 49.3%.
Meanwhile, cash flow from operation was RMB285.8 million for the
quarter. During the quarter, our business fundamentals received
strong recognition from the major credit rating agencies. Going
forward and with our solid credit rating assigned, we shall
continue to diversify our financing channel to support the long
term high-quality development of the Company.”
Business Highlights
Asset Overview
- In-service
capacity increased by 24MW, or 6.9% quarter over quarter, to 361MW,
compared to 337MW in the first quarter of 2021. The increase was
mainly due to the delivery of project CN11-B; under-construction
capacity reached 217MW, compared to 153MW in the first quarter of
2021, with CN14, CN15 and CE03 as the new projects included.
- Total contracted
capacity increased by 0.7% quarter over quarter to 414MW, compared
to 411MW in the first quarter of 2021. Total contracted capacity
and capacity with indication of interest (“IOI”) increased by 15.3%
quarter over quarter to 496MW, compared to 430MW in the first
quarter of 2021.
- In-service
contracted capacity reached 329MW, compared to 304MW in the first
quarter of 2021; Newly contracted capacity was mainly contributed
by project CN11-B and CE01 in northern and eastern China
respectively; contracted ratio for in-service capacity was 91%;
contracted ratio (including IOI) for in-service capacity was
91%.
-
Under-construction contracted capacity reached 85MW,
under-construction IOI capacity reached 81MW. Contracted ratio
(including IOI) for under-construction capacity was 77% (vs. FY21Q1
80%). The inclusion of the 3 new projects (CE03, CN14, CN15) and
the additional IOI capacity on CN12 were the major contribution to
the change.
- Total utilized
capacity increased by around 13MW, or 5.4% quarter over quarter, to
251MW, compared to 238MW in the first quarter of 2021. The increase
was mainly due to the steady ramp-up of several projects (CN06,
CN08, CN09, CE01) and the newly delivered CN11-B in China.
Sales Momentum
The Company continued to explore cooperation
opportunities with potential and existing customers. In China, the
Company added a total of 66MW of IOI capacity, mainly contributed
by the inclusion of three new under-construction projects CE03,
CN14 and CN15 and a 3MW new IOI capacity obtained on project CN12.
Contracted capacity increased by 3MW, as a result of the conversion
of existing IOI capacity with existing customer on project
CE01.
On June 22, the Company entered into a strategic
cooperation agreement with Tencent Holdings to develop cloud
computing-featured new infrastructure and promote carbon
neutrality, marking a steady progress in the Company’s effort in
diversifying the client base. Specifically, the two parties will
integrate respective resources, with potential areas of cooperation
including governance, industry, culture and tourism, healthcare,
energy and transportation, etc.
Sustainable Development
In May 2021, Chindata Group became the first and
only datacenter company in Asia to become a supporter of the Task
Force on Climate-Related Financial Disclosure (“TCFD”). Pursuant to
which, the Company will continue to improve the disclosure quality
of environment- and climate-related information, integrate with the
information disclosure system of the international capital market,
and enhance the capital market’s understandings of the Company’s
sustainable development strategy in building a new generation of
hyperscale digital infrastructure. TCFD was established by the G20
Financial Stability Board (“FSB”) in 2015, and its supporters are
primarily financial institutions. As the systemic risk of climate
change gains more attention in the market, digital economy
companies are becoming an increasingly important group of
supporters.
In June 2021, the Company joined the Scientific
Carbon Target (“SBTi”) initiative and committed to the Business
Ambition for 1.5°C Campaign, becoming one of nine companies in
China to commit to the campaign. Over 1,685 companies worldwide
have joined the SBTi initiative, over 20% of which are part of The
Global 500 company list as ranked by Forbes. The SBTi initiative
was initiated by the World Wide Fund for Nature (“WWF”), the Global
Environmental Information Research Center (“CDP”), the World
Resources Institute (“WRI”), and the United Nations Global Compact
Project (“UNGC”) in 2015. SBTi provides resources and guidance for
companies in different industries to set their own science-based
targets and meet the goals of the Paris Agreement – limiting the
rise in mean global temperature to well-below 2°C above
pre-industrial levels and pursuing efforts to limit the increase to
1.5°C. Through joining the campaign, the Company expect to make
carbon emission target setting more in-line with recommended
standards.
Issuer Rating
On July 27th, Fitch and Moody's assigned a
first-time rating to the Company. Fitch Ratings assigned the
Company an Issuer Default Ratings (IDR) of 'BBB-' with a stable
outlook. Key rating drivers include recurring revenue, long-term
contracts, strong asset ownership, strategic location, robust
growth, favorable industry dynamics, cost leadership and stable
EBITDA margin, etc. Moody's assigned a first-time Ba2 corporate
family rating (CFR) to the Company with a stable outlook. As
quoted, "Chindata's Ba2 CFR reflects the solid demand for data
centers in China, as well as the company's predictable earnings
stream with adequate committed preleasing, moderate leverage and
relatively quick ramp-up to a 90% occupancy rate for its newly
completed data centers."
With the rating, the Company will further
explore diversified financing channels to support its long term
development.
Recent Updates on Industry Policies and
Regulation
Several important regulation and industry
policies were issued or updated during the past few months, namely
“The implementation plan of computing power hub of collaborative
innovation system of national integrated big data Center” issued by
National Development and Reform Committee (NDRC) in May,
“Three-Year Action Plan for the Development of New Data Centers
(2021-2023)” published by Ministry of Industry and Information
Technology (MIIT) in July, and some updated regulation issued by
local government, such as Beijing Municipal Government, to further
strengthen review on data center energy efficiency performance. The
Company takes a positive view on polices and the industry, and we
believe the Company’s past performance, current execution and its
understanding of the essence of the business for now and in the
future are in-line with key directions pointed out in these
policies, such as expectation for more optimized layout of data
center, improved energy efficiency and encouraging the development
and usage of renewable by data center going forward. The Company
will continue to build-up its capacity, deliver value to clients,
and contribute to the sustainable development of the society.
Meanwhile, regarding the revised draft of
Cybersecurity Review Measures by the Cyberspace Administration of
China in July, and regulations on the Security Protection of
Critical Information Infrastructure, which is to be effective on
September 1st, 2021, the Company currently expects limited impact
given its business nature of non-involvement or processing of any
external data or information. Meanwhile, multi-layered internal
security measures have been carefully implemented by the Company to
ensure high level of cybersecurity and data privacy protection,
eliminating any possibility of us or our employees accessing
customers’ business data in any manner. Going forward, the Company
will closely monitor such regulatory updates and take further
necessary measures to comply with any new or updated regulatory
requirements that the Company may be subject to.
Second Quarter and First Half 2021
Financial Results Summary
TOTAL REVENUES
Total revenues in the second quarter of 2021
increased by 64.2% to RMB686.4 million (US$106.3 million) from
RMB418.1 million in the same period of 2020, primarily driven by
the robust growth of the Company’s colocation services.
For the first half of 2021, total revenues
increased by 64.0% to RMB1,329.8 million (US$206.0 million) from
RMB810.6 million in the same period of 2020.
COST OF REVENUE
In line with the Company’s revenue growth, total
cost of revenue in the second quarter of 2021 increased by 62.1% to
RMB407.6 million (US$63.1 million) from RMB251.4 million in the
same period of 2020, mainly driven by increases in utility costs,
and depreciation and amortization expenses.
For the first half of 2021, total cost of
revenue increased by 60.8% to RMB794.5 million (US$123.1 million)
from RMB494.3 million in the same period of 2020.
GROSS PROFIT
Gross profit in the second quarter of 2021
increased by 67.2% to RMB278.8 million (US$43.2 million) from
RMB166.7 million in the same period of 2020. Gross margin in the
second quarter of 2021 was 40.6%, compared with 39.9% in the same
period of 2020.
For the first half of 2021, gross profit
increased by 69.2% to RMB535.2 million (US$82.9 million) from
RMB316.3 million in the same period of 2020. Gross margin in the
first half of 2021 was 40.2%, compared to 39.0% in the same period
of 2020.
OPERATING EXPENSES
Total operating expenses in the second quarter
of 2021 increased by 2.1% to RMB130.5 million (US$20.2 million)
from RMB127.9 million in the same period of 2020.
For the first half of 2021, total operating
expenses increased by 12.5% to RMB266.0 million (US$41.2 million)
from RMB236.5 million in the same period of 2020.
- Selling and marketing
expenses in the second quarter of 2021 increased by 8.9%
to RMB23.2 million (US$3.6 million) from RMB21.3 million in the
same period of 2020, primarily due to more active marketing
activities and related expense. For the first half of 2021, selling
and marketing expenses increased by 19.4% to RMB44.2 million
(US$6.8 million) from RMB37.0 million in the same period of
2020.
- General and administrative
expenses in the second quarter of 2021 decreased by 12.7%
to RMB86.5 million (US$13.4 million) from RMB99.1 million in the
same period of 2020, primarily due to lower share-based
compensation expense. For the first half of 2021, general and
administrative expenses decreased by 0.5% to RMB182.7 million
(US$28.3 million) from RMB183.7 million in the same period of
2020.
- Research and development
expenses in the second quarter of 2021 increased by 180.9%
to RMB20.8 million (US$3.2 million) from RMB7.4 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. For the first
half of 2021, research and development expenses increased by 147.2%
to RMB39.0 million (US$6.0 million) from RMB15.8 million in the
same period of 2020.
OPERATING INCOME
As a result of the foregoing, operating income
in the second quarter of 2021 increased by 281.3% to RMB148.2
million (US$23.0 million), from RMB38.9 million in the same period
of 2020. Operating income margin in the second quarter of 2021 was
21.6%, compared with 9.3% in the same period of 2020.
For the first half of 2021, operating income
increased by 237.1% to RMB269.3 million (US$41.7 million) from
RMB80.0 million in the same period of 2020. Operating income margin
in the first half of 2021 was 20.2%, compared to 9.9% in the same
period of 2020.
NET INCOME
Net income in the second quarter of 2021 was
RMB65.1 million (US$10.1 million), compared to net loss of RMB45.3
million in the same period of 2020. Net income margin in the second
quarter of 2021 was 9.5%, compared with -10.8% in the same period
of 2020.
For the first half of 2021, net income was
RMB123.3 million (US$19.1 million), compared with net loss of
RMB59.4 million in the same period of 2020. Net income margin in
the first half of 2021 was 9.3%, compared to -7.3% in the same
period of 2020.
EARNINGS PER ADS
Basic and diluted earnings per American
Depositary Share ("ADS") in the second quarter of 2021 were RMB0.18
(US$0.02). Basic and diluted earnings per share were RMB0.09
(US$0.01). Each ADS represents two of the Company's Class A
ordinary share.
For the first half of 2021, basic and diluted
earnings per American Depositary Share ("ADS") were RMB0.34
(US$0.06). Basic and diluted earnings per share were RMB0.17
(US$0.03).
ADJUSTED EBITDA
Adjusted EBITDA in the second quarter of 2021
increased by 65.8% to RMB338.5 million (US$52.4 million), from
RMB204.2 million in the same period of 2020. Adjusted EBITDA is
defined as net (loss) 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 and non-cash operating lease cost relating to prepaid land use
rights.
Adjusted EBITDA margin in the second quarter of
2021 was 49.3%, compared with 48.8% in the same period of 2020 and
47.8% in the first quarter of 2021.
For the first half of 2021, Adjusted EBITDA
increased by 67.9% to RMB646.3 million (US$100.1 million), from
RMB384.8 million in the same period of 2020. Adjusted EBITDA margin
in the first half of 2021 was 48.6%, compared with 47.5% in the
same period of 2020.
ADJUSTED NET INCOME
Adjusted net income was RMB113.0 million
(US$17.5 million) in the second quarter of 2021, compared with
RMB29.0 million in the same period 2020, representing a 289.6% YoY
increase. Adjusted net income is defined as net (loss) 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 second quarter
of 2021 was 16.5%, compared with 6.9% in the same period of 2020
and 17.0% in the first quarter of 2021.
For the first half of 2021, Adjusted net income
increased by 223.9% to RMB222.3 million (US$34.4 million), from
RMB68.6 million in the same period of 2020. Adjusted net income
margin in the first half of 2021 was 16.7%, compared with 8.5% in
the same period of 2020.
BALANCE SHEET
As of June 30, 2021, the Company had cash and
cash equivalents and restricted cash of RMB7.0 billion (US$1.1
billion), compared to cash and cash equivalents and restricted cash
of RMB6.9 billion as of March 31, 2021.
2021 Full Year Business Outlook
Taking numerous factors into consideration, the
Company raised the full year guidance for 2021, with previous and
updated guidance as follows:
TOTAL REVENUES
- Previous: RMB2,700
million – RMB2,780 million, a 47.5-51.8% increase over full year
2020.
- Updated: RMB2,780
million - RMB2,830 million, a 51.8-54.6% increase over full year
2020
ADJUSTED EBITDA
- Previous: RMB1,280
million – RMB1,330 million, a 50.2-56.1% increase over full year
2020.
- Updated: RMB1,350
million – RMB1,400 million, a 58.5-64.3% 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, August 26, 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: |
6563697 |
Registration Link: |
http://apac.directeventreg.com/registration/event/6563697 |
The replay will be accessible through September
3, 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: |
6563697 |
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 RMB6.4566 to US$1.00, the
noon buying rate on June 30, 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:
Chindata IR Teamir@chindatagroup.com
Ms. Joy ZhangZhuo.zhang@chindatagroup.com
Ms. Xiaolin
Zhaoxiaolin.zhao@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 June 30, 2021 |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
6,705,612 |
|
|
|
6,632,921 |
|
|
|
1,027,309 |
|
Restricted cash |
102,598 |
|
|
|
281,325 |
|
|
|
43,572 |
|
Accounts receivable, net |
422,224 |
|
|
|
514,290 |
|
|
|
79,653 |
|
Value added taxes
recoverable |
182,982 |
|
|
|
246,531 |
|
|
|
38,183 |
|
Prepayments and other current
assets |
176,560 |
|
|
|
315,944 |
|
|
|
48,933 |
|
Total current
assets |
7,589,976 |
|
|
|
7,991,011 |
|
|
|
1,237,650 |
|
Non-current
assets |
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
6,423,830 |
|
|
|
7,104,897 |
|
|
|
1,100,408 |
|
Operating lease right-of-use
assets |
635,683 |
|
|
|
787,645 |
|
|
|
121,991 |
|
Finance lease right-of-use
assets |
144,615 |
|
|
|
141,749 |
|
|
|
21,954 |
|
Goodwill and intangible
assets, net |
793,182 |
|
|
|
771,614 |
|
|
|
119,508 |
|
Restricted cash |
103,253 |
|
|
|
110,449 |
|
|
|
17,106 |
|
Value added taxes
recoverable |
357,125 |
|
|
|
353,006 |
|
|
|
54,674 |
|
Other non-current assets |
211,934 |
|
|
|
168,107 |
|
|
|
26,037 |
|
Total non-current
assets |
8,669,622 |
|
|
|
9,437,467 |
|
|
|
1,461,678 |
|
Total
assets |
16,259,598 |
|
|
|
17,428,478 |
|
|
|
2,699,328 |
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
|
|
Short-term bank loans and
current portion of long-term bank loans |
296,913 |
|
|
|
456,178 |
|
|
|
70,653 |
|
Accounts payable |
1,186,030 |
|
|
|
1,124,960 |
|
|
|
174,234 |
|
Current portion of operating
lease liabilities |
40,131 |
|
|
|
47,263 |
|
|
|
7,320 |
|
Current portion of finance
lease liabilities |
4,906 |
|
|
|
4,808 |
|
|
|
745 |
|
Accrued expenses and other
current liabilities |
304,960 |
|
|
|
286,128 |
|
|
|
44,316 |
|
Total current
liabilities |
1,832,940 |
|
|
|
1,919,337 |
|
|
|
297,268 |
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
|
|
Long-term bank loans |
3,892,120 |
|
|
|
4,698,216 |
|
|
|
727,661 |
|
Operating lease
liabilities |
204,305 |
|
|
|
206,438 |
|
|
|
31,973 |
|
Finance lease liabilities |
59,986 |
|
|
|
57,681 |
|
|
|
8,934 |
|
Other non-current
liabilities |
530,779 |
|
|
|
619,395 |
|
|
|
95,932 |
|
Total non-current
liabilities |
4,687,190 |
|
|
|
5,581,730 |
|
|
|
864,500 |
|
Total
liabilities |
6,520,130 |
|
|
|
7,501,067 |
|
|
|
1,161,768 |
|
Shareholders’
equity: |
|
|
|
|
|
|
|
|
|
|
Ordinary shares |
46 |
|
|
|
46 |
|
|
|
7 |
|
Additional paid-in
capital |
10,510,516 |
|
|
|
10,630,654 |
|
|
|
1,646,479 |
|
Statutory reserves |
82,792 |
|
|
|
82,792 |
|
|
|
12,823 |
|
Accumulated other
comprehensive loss |
(172,586 |
) |
|
|
(228,130 |
) |
|
|
(35,333 |
) |
Accumulated deficit |
(681,300 |
) |
|
|
(557,951 |
) |
|
|
(86,416 |
) |
Total shareholders’
equity |
9,739,468 |
|
|
|
9,927,411 |
|
|
|
1,537,560 |
|
Total liabilities and
shareholders’ equity |
16,259,598 |
|
|
|
17,428,478 |
|
|
|
2,699,328 |
|
|
|
|
|
|
|
|
|
|
|
|
CHINDATA GROUP
HOLDINGS LIMITED
UNAUDITED
CONDENSED CONSOLIDATED
STATEMENTS OF
COMPREHENSIVE (LOSS) INCOME
(Amount in
thousands of
Renminbi (“RMB”)
and US dollars
(“US$”))
|
|
For the three months ended |
|
|
For the six months ended |
|
|
|
June 30,2020 |
|
|
March 31,2021 |
|
|
June 30,2021 |
|
|
June 30,2020 |
|
|
June 30,2021 |
|
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Revenue |
|
|
418,128 |
|
|
|
643,382 |
|
|
|
686,398 |
|
|
|
106,310 |
|
|
|
810,604 |
|
|
|
1,329,780 |
|
|
|
205,956 |
|
Cost of revenue |
|
|
(251,391 |
) |
|
|
(386,920 |
) |
|
|
(407,626 |
) |
|
|
(63,133 |
) |
|
|
(494,265 |
) |
|
|
(794,546 |
) |
|
|
(123,060 |
) |
Gross
profit |
|
|
166,737 |
|
|
|
256,462 |
|
|
|
278,772 |
|
|
|
43,177 |
|
|
|
316,339 |
|
|
|
535,234 |
|
|
|
82,896 |
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses |
|
|
(21,323 |
) |
|
|
(20,985 |
) |
|
|
(23,213 |
) |
|
|
(3,595 |
) |
|
|
(37,016 |
) |
|
|
(44,198 |
) |
|
|
(6,845 |
) |
General and administrative
expenses |
|
|
(99,127 |
) |
|
|
(96,223 |
) |
|
|
(86,510 |
) |
|
|
(13,399 |
) |
|
|
(183,653 |
) |
|
|
(182,733 |
) |
|
|
(28,302 |
) |
Research and development
expenses |
|
|
(7,414 |
) |
|
|
(18,225 |
) |
|
|
(20,823 |
) |
|
|
(3,225 |
) |
|
|
(15,798 |
) |
|
|
(39,048 |
) |
|
|
(6,048 |
) |
Total operating
expenses |
|
|
(127,864 |
) |
|
|
(135,433 |
) |
|
|
(130,546 |
) |
|
|
(20,219 |
) |
|
|
(236,467 |
) |
|
|
(265,979 |
) |
|
|
(41,195 |
) |
Operating
income |
|
|
38,873 |
|
|
|
121,029 |
|
|
|
148,226 |
|
|
|
22,958 |
|
|
|
79,872 |
|
|
|
269,255 |
|
|
|
41,701 |
|
Interest income |
|
|
2,315 |
|
|
|
15,868 |
|
|
|
18,061 |
|
|
|
2,797 |
|
|
|
4,019 |
|
|
|
33,929 |
|
|
|
5,255 |
|
Interest expense |
|
|
(65,975 |
) |
|
|
(73,624 |
) |
|
|
(73,067 |
) |
|
|
(11,317 |
) |
|
|
(117,628 |
) |
|
|
(146,691 |
) |
|
|
(22,720 |
) |
Foreign exchange gain |
|
|
907 |
|
|
|
63 |
|
|
|
519 |
|
|
|
80 |
|
|
|
781 |
|
|
|
582 |
|
|
|
90 |
|
Changes in fair value of
financial instruments |
|
|
(8,216 |
) |
|
|
12,856 |
|
|
|
(15 |
) |
|
|
(2 |
) |
|
|
1,466 |
|
|
|
12,841 |
|
|
|
1,989 |
|
Others, net |
|
|
2,689 |
|
|
|
4,240 |
|
|
|
5,624 |
|
|
|
871 |
|
|
|
873 |
|
|
|
9,864 |
|
|
|
1,528 |
|
(Loss) income before
income taxes |
|
|
(29,407 |
) |
|
|
80,432 |
|
|
|
99,348 |
|
|
|
15,387 |
|
|
|
(30,617 |
) |
|
|
179,780 |
|
|
|
27,843 |
|
Income tax expense |
|
|
(15,941 |
) |
|
|
(22,232 |
) |
|
|
(34,199 |
) |
|
|
(5,297 |
) |
|
|
(28,814 |
) |
|
|
(56,431 |
) |
|
|
(8,740 |
) |
Net (loss)
income |
|
|
(45,348 |
) |
|
|
58,200 |
|
|
|
65,149 |
|
|
|
10,090 |
|
|
|
(59,431 |
) |
|
|
123,349 |
|
|
|
19,103 |
|
(Loss) earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
(0.08 |
) |
|
|
0.08 |
|
|
|
0.09 |
|
|
|
0.01 |
|
|
|
(0.10 |
) |
|
|
0.17 |
|
|
|
0.03 |
|
Diluted |
|
|
(0.08 |
) |
|
|
0.08 |
|
|
|
0.09 |
|
|
|
0.01 |
|
|
|
(0.10 |
) |
|
|
0.17 |
|
|
|
0.03 |
|
Other comprehensive
income (loss), net of tax of
nil: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments |
|
|
3,151 |
|
|
|
(4,601 |
) |
|
|
(50,943 |
) |
|
|
(7,890 |
) |
|
|
(41,001 |
) |
|
|
(55,544 |
) |
|
|
(8,603 |
) |
Comprehensive (loss)
income |
|
|
(42,197 |
) |
|
|
53,599 |
|
|
|
14,206 |
|
|
|
2,200 |
|
|
|
(100,432 |
) |
|
|
67,805 |
|
|
|
10,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHINDATA GROUP
HOLDINGS LIMITED
UNAUDITED
CONDENSED CONSOLIDATED
STATEMENTS OF
CASH FLOWS
(Amount in
thousands of
Renminbi (“RMB”)
and US dollars
(“US$”))
|
|
For the three months ended |
|
|
For the six months ended |
|
|
|
June 30,2020 |
|
|
March 31,2021 |
|
|
June 30,2021 |
|
|
June 30,2020 |
|
|
June 30,2021 |
|
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Net (loss) income |
|
|
(45,348 |
) |
|
|
58,200 |
|
|
|
65,149 |
|
|
|
10,090 |
|
|
|
(59,431 |
) |
|
|
123,349 |
|
|
|
19,103 |
|
Depreciation and
amortization |
|
|
95,932 |
|
|
|
138,611 |
|
|
|
143,875 |
|
|
|
22,283 |
|
|
|
191,424 |
|
|
|
282,486 |
|
|
|
43,752 |
|
Share-based compensation |
|
|
60,991 |
|
|
|
41,049 |
|
|
|
37,809 |
|
|
|
5,856 |
|
|
|
101,324 |
|
|
|
78,858 |
|
|
|
12,214 |
|
Amortization of debt issuance
cost |
|
|
7,176 |
|
|
|
8,075 |
|
|
|
6,689 |
|
|
|
1,036 |
|
|
|
12,746 |
|
|
|
14,764 |
|
|
|
2,287 |
|
Others |
|
|
6,287 |
|
|
|
(7,541 |
) |
|
|
11,490 |
|
|
|
1,780 |
|
|
|
(259 |
) |
|
|
3,949 |
|
|
|
613 |
|
Changes in operating assets
and liabilities |
|
|
83,489 |
|
|
|
(45,024 |
) |
|
|
20,832 |
|
|
|
3,225 |
|
|
|
62,533 |
|
|
|
(24,192 |
) |
|
|
(3,747 |
) |
Net cash generated
from operating activities |
|
|
208,527 |
|
|
|
193,370 |
|
|
|
285,844 |
|
|
|
44,270 |
|
|
|
308,337 |
|
|
|
479,214 |
|
|
|
74,222 |
|
Purchases of property and
equipment and intangible assets, net of proceeds from
sale of property and equipment |
|
|
(469,114 |
) |
|
|
(590,998 |
) |
|
|
(526,203 |
) |
|
|
(81,498 |
) |
|
|
(801,121 |
) |
|
|
(1,117,201 |
) |
|
|
(173,032 |
) |
Purchase of land use
rights |
|
|
(10,825 |
) |
|
|
(63,401 |
) |
|
|
— |
|
|
|
— |
|
|
|
(33,479 |
) |
|
|
(63,401 |
) |
|
|
(9,820 |
) |
Purchase of short-term
investments |
|
|
— |
|
|
|
— |
|
|
|
(99,998 |
) |
|
|
(15,488 |
) |
|
|
— |
|
|
|
(99,998 |
) |
|
|
(15,488 |
) |
Net cash used in
investing activities |
|
|
(479,939 |
) |
|
|
(654,399 |
) |
|
|
(626,201 |
) |
|
|
(96,986 |
) |
|
|
(834,600 |
) |
|
|
(1,280,600 |
) |
|
|
(198,340 |
) |
Net proceeds from financing
activities |
|
|
916,465 |
|
|
|
447,158 |
|
|
|
513,566 |
|
|
|
79,541 |
|
|
|
1,290,839 |
|
|
|
960,724 |
|
|
|
148,797 |
|
Net cash generated
from financing activities |
|
|
916,465 |
|
|
|
447,158 |
|
|
|
513,566 |
|
|
|
79,541 |
|
|
|
1,290,839 |
|
|
|
960,724 |
|
|
|
148,797 |
|
Exchange rate effect on cash,
cash equivalents and restricted cash |
|
|
236 |
|
|
|
19,124 |
|
|
|
(65,230 |
) |
|
|
(10,101 |
) |
|
|
2,989 |
|
|
|
(46,106 |
) |
|
|
(7,141 |
) |
Net increase in cash,
cash equivalents and restricted
cash |
|
|
645,289 |
|
|
|
5,253 |
|
|
|
107,979 |
|
|
|
16,724 |
|
|
|
767,565 |
|
|
|
113,232 |
|
|
|
17,538 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
|
1,242,116 |
|
|
|
6,911,463 |
|
|
|
6,916,716 |
|
|
|
1,071,263 |
|
|
|
1,119,840 |
|
|
|
6,911,463 |
|
|
|
1,070,449 |
|
Cash, cash equivalents
and restricted cash at end of
period |
|
|
1,887,405 |
|
|
|
6,916,716 |
|
|
|
7,024,695 |
|
|
|
1,087,987 |
|
|
|
1,887,405 |
|
|
|
7,024,695 |
|
|
|
1,087,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHINDATA GROUP
HOLDINGS LIMITED
UNAUDITED
RECONCILIATIONS OF
GAAP AND
NON-GAAP RESULTS
(Amount in
thousands of
Renminbi (“RMB”)
and US dollars
(“US$”) except
for percentage
data)
|
|
For the three months ended |
|
|
For the six months ended |
|
|
|
June 30,2020 |
|
|
March 31,2021 |
|
|
June 30,2021 |
|
|
June 30,2020 |
|
|
June 30,2021 |
|
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Net (loss) income |
|
|
(45,348 |
) |
|
|
58,200 |
|
|
|
65,149 |
|
|
|
10,090 |
|
|
|
(59,431 |
) |
|
|
123,349 |
|
|
|
19,103 |
|
Add: Depreciation and amortization(1) |
|
|
96,953 |
|
|
|
140,618 |
|
|
|
145,881 |
|
|
|
22,594 |
|
|
|
193,470 |
|
|
|
286,499 |
|
|
|
44,373 |
|
Add: Net interest expenses |
|
|
63,660 |
|
|
|
57,756 |
|
|
|
55,006 |
|
|
|
8,520 |
|
|
|
113,609 |
|
|
|
112,762 |
|
|
|
17,465 |
|
Add: Income tax expenses |
|
|
15,941 |
|
|
|
22,232 |
|
|
|
34,199 |
|
|
|
5,297 |
|
|
|
28,814 |
|
|
|
56,431 |
|
|
|
8,740 |
|
Add: Share-based compensation |
|
|
60,991 |
|
|
|
41,049 |
|
|
|
37,809 |
|
|
|
5,856 |
|
|
|
101,324 |
|
|
|
78,858 |
|
|
|
12,214 |
|
Add: Management consulting services fee |
|
|
3,934 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,895 |
|
|
|
— |
|
|
|
— |
|
Add: Changes in fair value of financial instruments |
|
|
8,216 |
|
|
|
(12,856 |
) |
|
|
15 |
|
|
|
2 |
|
|
|
(1,466 |
) |
|
|
(12,841 |
) |
|
|
(1,989 |
) |
Add: Foreign exchange gain |
|
|
(907 |
) |
|
|
(63 |
) |
|
|
(519 |
) |
|
|
(80 |
) |
|
|
(781 |
) |
|
|
(582 |
) |
|
|
(90 |
) |
Add: Non-cash operating lease cost relating to prepaid land
use rights |
|
|
745 |
|
|
|
836 |
|
|
|
949 |
|
|
|
147 |
|
|
|
1,360 |
|
|
|
1,785 |
|
|
|
276 |
|
Adjusted
EBITDA |
|
|
204,185 |
|
|
|
307,772 |
|
|
|
338,489 |
|
|
|
52,426 |
|
|
|
384,794 |
|
|
|
646,261 |
|
|
|
100,092 |
|
Adjusted EBITDA
margin |
|
|
48.8 |
% |
|
|
47.8 |
% |
|
|
49.3 |
% |
|
|
49.3 |
% |
|
|
47.5 |
% |
|
|
48.6 |
% |
|
|
48.6 |
% |
Note:
(1) Before the deduction of government
grants.
|
|
For the three months ended |
|
|
For the six months ended |
|
|
|
June 30,2020 |
|
|
March 31,2021 |
|
|
June 30,2021 |
|
|
June 30,2020 |
|
|
June 30,2021 |
|
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Net (loss) income |
|
|
(45,348 |
) |
|
|
58,200 |
|
|
|
65,149 |
|
|
|
10,090 |
|
|
|
(59,431 |
) |
|
|
123,349 |
|
|
|
19,103 |
|
Add: Depreciation and amortization of property and equipment
and intangible assets resulting from business combination |
|
|
12,382 |
|
|
|
12,282 |
|
|
|
12,253 |
|
|
|
1,898 |
|
|
|
24,766 |
|
|
|
24,535 |
|
|
|
3,800 |
|
Add: Share-based compensation |
|
|
60,991 |
|
|
|
41,049 |
|
|
|
37,809 |
|
|
|
5,856 |
|
|
|
101,324 |
|
|
|
78,858 |
|
|
|
12,214 |
|
Add: Management consulting services fee |
|
|
3,934 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,895 |
|
|
|
— |
|
|
|
— |
|
Add: Tax effects on non-GAAP adjustments(1) |
|
|
(2,959 |
) |
|
|
(2,221 |
) |
|
|
(2,214 |
) |
|
|
(343 |
) |
|
|
(5,920 |
) |
|
|
(4,435 |
) |
|
|
(687 |
) |
Adjusted Net
Income |
|
|
29,000 |
|
|
|
109,310 |
|
|
|
112,997 |
|
|
|
17,501 |
|
|
|
68,634 |
|
|
|
222,307 |
|
|
|
34,430 |
|
Adjusted Net Income
margin |
|
|
6.9 |
% |
|
|
17.0 |
% |
|
|
16.5 |
% |
|
|
16.5 |
% |
|
|
8.5 |
% |
|
|
16.7 |
% |
|
|
16.7 |
% |
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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