Chindata Releases Q4 2022 and Full Fiscal Year Financial Reports: Business Scale Doubles, Revenue Hits New Highs

Rhea-AI Summary

Chindata Group (Nasdaq: CD) announced its Q4 and full fiscal year financial results for 2022, highlighting a remarkable 60% annual revenue growth to 4.55 billion yuan and a net profit increase of 106% to 652 million yuan. The company's adjusted EBITDA grew by 67% to 2.37 billion yuan. Q4 revenue reached 1.39 billion yuan, marking a 78% year-on-year increase. Chindata set optimistic guidance for 2023, predicting revenue between 5.88 billion and 6.08 billion yuan, implying 31.4% growth at midpoint. The firm has expanded its data center capacity to 871MW, a 29.4% increase compared to the previous year.

Positive

• Annual revenue increased by 60% to 4.55 billion yuan
• Net profit surged by 106% to 652 million yuan
• Adjusted EBITDA grew by 67% to 2.37 billion yuan
• Q4 revenue jumped 78% year-on-year to 1.39 billion yuan
• Q4 adjusted EBITDA rose by 78% to 720 million yuan
• Set 2023 revenue guidance of 5.88 billion to 6.08 billion yuan, implying 31.4% growth
• Total data center capacity reached 871MW, a 29.4% year-on-year increase

Negative

• None.

BEIJING, March 22, 2023 /PRNewswire/ -- Chindata Group, ("Chindata" or the "Company") (Nasdaq: CD), an industry leader in carrier-neutral hyperscale data center solutions, released its unaudited financial report on March 15, 2023, for Q4 and the full fiscal year ending December 31, 2022. To supplement the Company's consolidated financial results presented in accordance with U.S. GAAP, Chindata utilized adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income margin as non-GAAP financial measures.

The annual revenue reached 4.55 billion yuan, a 60% year-on-year increase with net profit leaping 106% to 652 million yuan and adjusted EBITDA at 2.37 billion yuan, an increase of 67%. Revenue in Q4 2022 jumped to 1.39 billion yuan, a year-on-year increase of 78%, and adjusted EBITDA grew to 720 million yuan, an increase of 78%. This is the tenth consecutive quarter that Chindata has maintained revenue and adjusted EBITDA growth beyond expectations. With strong business momentum, the Company set 2023 revenue and adjusted EBITDA guidance in the range of 5.88 billion yuan to 6.08 million yuan, and 3 billion yuan to 3.11 billion yuan respectively, implying 31.4% and 28.7% year-on-year growth at mid-point, respectively.

Chindata's development trend is driven by customer growth and technological innovation

Chindata has built and put into operation six hyperscale data centers in Malaysia, India, Thailand, among other places, with a total IT capacity of 160MW. Two hyperscale projects with a total capacity of 34MW were put into service in Malaysia. Quarter-end total capacity reached 871MW, representing a 29.4% year-on-year increase compared with 673MW in the same quarter of 2021. Capacity in China and Asia-Pacific emerging markets (excluding China) made up 82% and 18% of total capacity respectively by the end of the Q4.

From the outset, Chindata has nurtured technological innovation while continuously increasing investment in research and development, expanding technical teams, and efficiently converting electricity into computing power. By the end of 2022, 423 patents were obtained and are under application, a year-on-year increase of 51%, far exceeding the industry average. In addition, Chindata also released the world's first waterless cooling technology, which completely solves the layout and energy consumption constraints of data centers in water-scarce areas.

Mr. Huapeng Wu, Chief Executive Officer of Chindata Group, commented: "We continued to leverage our energy-abundant region layout and comprehensive hyperscale business development capability to support our unique client profile, further strengthening our position in existing campuses under the East Data West Computing cluster, while moving ahead pragmatically with deployment in new clusters, and advancing the Southeast Asia market development at a firm pace. The close collaboration between our team in China and Southeast Asia led to a record ten-straight-quarters of upbeat financial performance, and another year of guidance upbeat as well. We continue to feel strong momentum from our clients, and we believe newly emerging technology will bring positive momentum to the long-term demand of the industry. Chindata will continue to sharpen its unique supply model to ensure that future demand can be well accommodated, and to reasonably allocate resources to existing project delivery, client and geographic diversification, to continue to capture opportunities in APAC emerging market."

In 2023, Chindata is committed to providing safer, greener, and more sustainable computing power infrastructure services, assuming elevated corporate social responsibilities, and giving back to the expectations of customers and society. Supported by technological innovation, Chindata will work together to contribute more to the prosperity and development of the global digital economy.

About Chindata Group

Chindata 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 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 and network services.

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SOURCE Chindata Group

FAQ

What were Chindata's Q4 2022 financial results?

Chindata reported Q4 2022 revenue of 1.39 billion yuan, a 78% year-on-year increase, and adjusted EBITDA of 720 million yuan, also up by 78%.

What is Chindata's revenue guidance for 2023?

Chindata has set a revenue guidance for 2023 in the range of 5.88 billion to 6.08 billion yuan, implying a 31.4% year-on-year growth.

How much did Chindata's net profit increase in 2022?

Chindata's net profit for the full fiscal year 2022 increased by 106% to 652 million yuan.

What was Chindata's total adjusted EBITDA for 2022?

Chindata's adjusted EBITDA for the full fiscal year 2022 was 2.37 billion yuan, up 67% from the previous year.

What is the total data center capacity of Chindata as of Q4 2022?

As of Q4 2022, Chindata's total data center capacity reached 871MW, representing a 29.4% year-on-year increase.