GDS Holdings Limited Reports Fourth Quarter and Full Year 2024 Results
GDS Holdings reported its Q4 and full year 2024 results, with notable changes including the deconsolidation of DayOne (formerly GDS International) following a Series B equity raise that diluted GDS's stake from 52.7% to 35.6%.
For continuing operations in Q4 2024, net revenue increased 9.1% Y-o-Y to RMB2,690.7 million (US$368.6 million), while net loss improved to RMB173.4 million (US$23.8 million) compared to RMB3,074.6 million in Q4 2023. Adjusted EBITDA grew 13.9% Y-o-Y to RMB1,297.7 million with a margin of 48.2%.
Full year 2024 results showed a 5.5% Y-o-Y revenue growth to RMB10,322.1 million, with net loss of RMB770.9 million. Operating metrics revealed total area committed increased 1.8% Y-o-Y to 629,997 sqm, with area utilized up 11.8% to 453,094 sqm. The utilization rate stood at 73.8%.
GDS Holdings ha riportato i risultati del quarto trimestre e dell'intero anno 2024, con cambiamenti significativi tra cui la deconsolidazione di DayOne (precedentemente GDS International) a seguito di un aumento di capitale di Serie B che ha diluito la partecipazione di GDS dal 52,7% al 35,6%.
Per le operazioni continuative nel quarto trimestre 2024, il fatturato netto è aumentato del 9,1% su base annua, raggiungendo RMB2.690,7 milioni (US$368,6 milioni), mentre la perdita netta è migliorata a RMB173,4 milioni (US$23,8 milioni) rispetto a RMB3.074,6 milioni nel quarto trimestre 2023. L'EBITDA rettificato è cresciuto del 13,9% su base annua, raggiungendo RMB1.297,7 milioni con un margine del 48,2%.
I risultati dell'intero anno 2024 hanno mostrato una crescita del fatturato del 5,5% su base annua, raggiungendo RMB10.322,1 milioni, con una perdita netta di RMB770,9 milioni. Le metriche operative hanno rivelato che l'area totale impegnata è aumentata dell'1,8% su base annua, raggiungendo 629.997 mq, con l'area utilizzata in aumento dell'11,8% a 453.094 mq. Il tasso di utilizzo si è attestato al 73,8%.
GDS Holdings informó sobre sus resultados del cuarto trimestre y del año completo 2024, con cambios notables que incluyen la des consolidación de DayOne (anteriormente GDS International) tras una ronda de financiación de serie B que diluyó la participación de GDS del 52,7% al 35,6%.
Para las operaciones continuas en el cuarto trimestre de 2024, los ingresos netos aumentaron un 9,1% interanual, alcanzando RMB2.690,7 millones (US$368,6 millones), mientras que la pérdida neta mejoró a RMB173,4 millones (US$23,8 millones) en comparación con RMB3.074,6 millones en el cuarto trimestre de 2023. El EBITDA ajustado creció un 13,9% interanual, alcanzando RMB1.297,7 millones con un margen del 48,2%.
Los resultados del año completo 2024 mostraron un crecimiento de ingresos del 5,5% interanual, alcanzando RMB10.322,1 millones, con una pérdida neta de RMB770,9 millones. Las métricas operativas revelaron que el área total comprometida aumentó un 1,8% interanual, alcanzando 629.997 m², con el área utilizada en aumento del 11,8% a 453.094 m². La tasa de utilización se situó en el 73,8%.
GDS Holdings는 2024년 4분기 및 연간 실적을 보고했으며, 여기에는 GDS의 지분이 52.7%에서 35.6%로 희석된 후 DayOne(이전 GDS International)의 비(非) 연결이 포함된 주목할 만한 변화가 있습니다.
2024년 4분기 지속 운영의 경우, 순수익은 전년 대비 9.1% 증가하여 RMB2,690.7백만(US$368.6백만)에 달했으며, 순손실은 2023년 4분기의 RMB3,074.6백만에 비해 RMB173.4백만(US$23.8백만)으로 개선되었습니다. 조정된 EBITDA는 전년 대비 13.9% 증가하여 RMB1,297.7백만에 달하며, 마진은 48.2%입니다.
2024년 전체 결과는 전년 대비 5.5%의 수익 성장을 보여주었으며, RMB10,322.1백만에 달했습니다. 순손실은 RMB770.9백만이었습니다. 운영 지표에 따르면, 총 약정 면적은 전년 대비 1.8% 증가하여 629,997㎡에 이르렀고, 사용 면적은 11.8% 증가하여 453,094㎡에 달했습니다. 활용률은 73.8%로 나타났습니다.
GDS Holdings a publié ses résultats du quatrième trimestre et de l'année complète 2024, avec des changements notables, notamment la déconsolidation de DayOne (anciennement GDS International) suite à une levée de fonds de série B qui a dilué la participation de GDS de 52,7 % à 35,6 %.
Pour les opérations continues au quatrième trimestre 2024, le chiffre d'affaires net a augmenté de 9,1 % d'une année sur l'autre, atteignant 2 690,7 millions de RMB (368,6 millions de dollars américains), tandis que la perte nette s'est améliorée à 173,4 millions de RMB (23,8 millions de dollars américains) par rapport à 3 074,6 millions de RMB au quatrième trimestre 2023. L'EBITDA ajusté a augmenté de 13,9 % d'une année sur l'autre, atteignant 1 297,7 millions de RMB avec une marge de 48,2 %.
Les résultats de l'année complète 2024 ont montré une croissance des revenus de 5,5 % d'une année sur l'autre, atteignant 10 322,1 millions de RMB, avec une perte nette de 770,9 millions de RMB. Les indicateurs opérationnels ont révélé que la superficie totale engagée a augmenté de 1,8 % d'une année sur l'autre, atteignant 629 997 m², la superficie utilisée ayant augmenté de 11,8 % pour atteindre 453 094 m². Le taux d'utilisation s'est établi à 73,8 %.
GDS Holdings hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 bekannt gegeben, mit bemerkenswerten Veränderungen, darunter die Dekonsolidierung von DayOne (ehemals GDS International) nach einer Series-B-Finanzierungsrunde, die den Anteil von GDS von 52,7% auf 35,6% verwässert hat.
Für die fortgeführten Betriebe im vierten Quartal 2024 stiegen die Nettoumsätze im Jahresvergleich um 9,1% auf RMB2.690,7 Millionen (US$368,6 Millionen), während sich der Nettoverlust auf RMB173,4 Millionen (US$23,8 Millionen) im Vergleich zu RMB3.074,6 Millionen im vierten Quartal 2023 verbesserte. Das bereinigte EBITDA wuchs im Jahresvergleich um 13,9% auf RMB1.297,7 Millionen mit einer Marge von 48,2%.
Die Ergebnisse des gesamten Jahres 2024 zeigten ein Umsatzwachstum von 5,5% im Jahresvergleich auf RMB10.322,1 Millionen, mit einem Nettoverlust von RMB770,9 Millionen. Die Betriebskennzahlen zeigten, dass die insgesamt gebundene Fläche im Jahresvergleich um 1,8% auf 629.997 qm zunahm, während die genutzte Fläche um 11,8% auf 453.094 qm anstieg. Die Auslastungsquote lag bei 73,8%.
- Net revenue increased 9.1% Y-o-Y in Q4 2024
- Adjusted EBITDA grew 13.9% Y-o-Y with improved margin of 48.2%
- Area utilized increased 11.8% Y-o-Y
- Gross profit margin improved to 21.5% from 17.6% Y-o-Y in Q4
- Net loss of RMB770.9 million (US$105.6 million) for full year 2024
- Adjusted EBITDA margin declined to 47.2% in 2024 from 48.4% in 2023
- Slow growth in total area committed at only 1.8% Y-o-Y
- High debt level with total short-term and long-term debt of RMB43,062.6 million
Insights
GDS Holdings' Q4 and Full Year 2024 results reveal a complex financial picture with both operational improvements and structural changes. The company's deconsolidation of DayOne (formerly GDS International) represents a significant strategic shift, reducing GDS's equity stake from 52.7% to 35.6% and generating a substantial one-time gain of
For continuing operations, Q4 revenue grew
The reduction in net loss from continuing operations—from
Operational metrics show steady progress with area utilized increasing
The balance sheet remains heavily leveraged with
GDS's strategic execution in 2024 shows a disciplined approach to data center development amid China's evolving digital infrastructure landscape. The company's statement about being "selective on new commitments" while focusing on "backlog delivery" explains the modest
This careful expansion strategy has yielded operational improvements—gross profit margin for continuing operations increased to
The deconsolidation of DayOne represents a significant pivot in GDS's international strategy. By reducing ownership while maintaining a substantial stake (
The company's reference to "asset monetisation program with first ever data center ABS issue in China" signals an important financial innovation, introducing new funding channels for capital-intensive data center development. This could reduce reliance on traditional debt financing, which remains substantial at
CEO William Huang's comment about being "well positioned strategically and financially to capture new business opportunities arising from AI" suggests a pivot toward higher-power-density facilities needed for AI workloads, which could drive higher returns per square meter in future deployments.
SHANGHAI, China, March 19, 2025 (GLOBE NEWSWIRE) -- 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, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.
DayOne Data Centers Limited (“DayOne”), previously known as GDS International or GDSI, completed and closed its Series B equity raise on December 31, 2024. At closing, GDS’s equity interest in DayOne was diluted from
Fourth Quarter 2024 Financial Highlights For Continuing Operations
- Net revenue increased by
9.1% year-over-year (“Y-o-Y”) to RMB2,690.7 million (US$368.6 million ) in the fourth quarter of 2024 (4Q2023: RMB2,465.3 million). - Net loss from continuing operations was RMB173.4 million (US
$23.8 million ) in the fourth quarter of 2024 (4Q2023: RMB3,074.6 million). - Adjusted EBITDA (non-GAAP) increased by
13.9% Y-o-Y to RMB1,297.7 million (US$177.8 million ) in the fourth quarter of 2024 (4Q2023: RMB1,139.2 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release. - Adjusted EBITDA margin (non-GAAP) was
48.2% in the fourth quarter of 2024 (4Q2023:46.2% ).
Full Year 2024 Financial Highlights For Continuing Operations
- Net revenue increased by
5.5% Y-o-Y to RMB10,322.1 million (US$1,414.1 million ) in 2024 (2023: RMB9,782.4 million). - Net loss from continuing operations was RMB770.9 million (US
$105.6 million ) in 2024 (2023: RMB3,926.0 million). - Adjusted EBITDA (non-GAAP) increased by
3.0% Y-o-Y to RMB4,876.4 million (US$668.1 million ) in 2024 (2023: RMB4,733.0 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release. - Adjusted EBITDA margin (non-GAAP) was
47.2% in 2024 (2023:48.4% ).
Fourth Quarter and Full Year 2024 Operating Highlights For Continuing Operations
- Total area committed and pre-committed increased by
1.8% Y-o-Y to 629,997 sqm as of December 31, 2024 (December 31, 2023: 618,942 sqm). - Area utilized increased by
11.8% Y-o-Y to 453,094 sqm as of December 31, 2024 (December 31, 2023: 405,302 sqm). - Utilization rate for area in service was
73.8% as of December 31, 2024 (December 31, 2023:73.9% ).
“In 2024, we executed our business strategy in a disciplined way,” stated Mr. William Huang, Chairman and CEO of GDS. “We focused on backlog delivery while being selective on new commitments. At the same time, we made significant progress with our asset monetisation program with first ever data center ABS issue in China. Looking forward, we are well positioned strategically and financially to capture new business opportunities arising from AI.”
Fourth Quarter 2024 Financial Results For Continuing Operations
Net revenue in the fourth quarter of 2024 was RMB2,690.7 million (US
Cost of revenue in the fourth quarter of 2024 was RMB2,112.5 million (US
Gross profit was RMB578.1 million (US
Gross profit margin was
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 RMB1,396.7 million (US
Adjusted GP margin (non-GAAP) was
Selling and marketing expenses, excluding share-based compensation expenses of RMB6.9 million (US
General and administrative expenses, excluding share-based compensation expenses of RMB55.9 million (US
Research and development costs were RMB6.9 million (US
Impairment losses of long-lived assets was zero in the fourth quarter of 2024, compared with RMB3,013.4 million in the same period last year.
Net interest expenses for the fourth quarter of 2024 were RMB458.7 million (US
Foreign currency exchange gain for the fourth quarter of 2024 was RMB8.1 million (US
Others, net for the fourth quarter of 2024 was RMB29.7 million (US
Income tax expenses for the fourth quarter of 2024 were RMB34.1 million (US
Net loss from continuing operations in the fourth quarter of 2024 was RMB173.4 million (US
Adjusted EBITDA (non-GAAP) is defined as net income (loss) excluding income (loss) from discontinued operations, 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 RMB1,297.7 million (US
Adjusted EBITDA margin (non-GAAP) was
Full Year 2024 Financial Results For Continuing Operations
Net revenue in 2024 was RMB10,322.1 million (US
Cost of revenue in 2024 was RMB8,099.4 million (US
Gross profit was RMB2,222.6 million (US
Selling and marketing expenses, excluding share-based compensation expenses of RMB25.0 million (US
General and administrative expenses, excluding share-based compensation expenses of RMB165.6 million (US
Research and development costs were RMB36.3 million (US
Impairment losses of long-lived assets was zero in 2024, compared with RMB3,013.4 million in 2023.
Net interest expenses were RMB1,834.9 million (US
Others, net was RMB49.1 million (US
Net loss from continuing operations was RMB770.9 million (US
Adjusted EBITDA (non-GAAP) was RMB4,876.4 million (US
Adjusted EBITDA margin (non-GAAP) was
Fourth Quarter and Full Year 2024 Financial Results for Discontinued Operations
Net revenue was RMB443.4 million (US
Loss from operations of discontinued operations, net of income taxes in the fourth quarter of 2024 was RMB190.5 million (US
Adjusted EBITDA (non-GAAP) for discontinued operations is defined as loss from operations of discontinued operations, net of income taxes excluding net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs. Adjusted EBITDA (non-GAAP) was RMB109.7 million (US
Adjusted EBITDA margin (non-GAAP) was
Gain on Deconsolidation of Subsidiaries
Gain on deconsolidation of subsidiaries in the fourth quarter of 2024 and full year of 2024 was RMB4,475.5 million (US
Net Income
Net income in the fourth quarter of 2024 was RMB4,111.6 million (US
Net income was RMB3,303.8 million (US
Basic and diluted income per ordinary share in the fourth quarter of 2024 was RMB2.81 (US
Basic and diluted income per American Depositary Share (“ADS”) in the fourth quarter of 2024 was RMB22.51 (US
Basic and diluted income per ordinary share was RMB2.29 (US
Basic and diluted income per ADS was RMB18.28 (US
Liquidity for GDS Excluding DayOne
GDS deconsolidated DayOne as a subsidiary on December 31, 2024. As a result, the following financial information excludes DayOne’s assets and liabilities.
As of December 31, 2024, cash was RMB7,867.7 million (US
Total short-term debt was RMB4,978.4 million (US
During the fourth quarter of 2024, the Company obtained new debt financing and refinancing facilities of RMB960.0 million (US
During the full year of 2024, the Company obtained new debt financing and refinancing facilities of RMB5,734.0 million (US
Liquidity For DayOne
As of December 31, 2024, upon deconsolidation, cash was RMB9,930.9 million (US
Fourth Quarter and Full Year 2024 Operating Results For Continuing Operations
Sales
Total area committed and pre-committed at the end of the fourth quarter of 2024 was 629,997 sqm, compared with 618,942 sqm at the end of the fourth quarter of 2023 and 626,783 sqm at the end of the third quarter of 2024, an increase of
Data Center Resources
Area in service at the end of the fourth quarter of 2024 was 613,583 sqm, compared with 548,352 sqm at the end of the fourth quarter of 2023 and 595,606 sqm at the end of the third quarter of 2024, an increase of
Area under construction at the end of the fourth quarter of 2024 was 102,691 sqm, compared with 151,602 sqm at the end of the fourth quarter of 2023 and 120,422 sqm at the end of the third quarter of 2024, a decrease of
Commitment rate for area in service was
Move-In
Area utilized at the end of the fourth quarter of 2024 was 453,094 sqm, compared with 405,302 sqm at the end of the fourth quarter of 2023 and 438,654 sqm at the end of the third quarter of 2024, an increase of
Utilization rate for area in service was
Fourth Quarter and Full Year 2024 Operating Results for Discontinued Operations
Total power committed was 469 MW as of December 31, 2024, an increase from 433 MW as of September 30, 2024. The contribution was mainly from the two sites in Johor, Malaysia.
Power Capacity in Service was 132 MW as of December 31, 2024, compared to 131 MW as of September 30, 2024. Power Capacity Under Construction was 369 MW as of December 31, 2024, an increase from 320 MW as of September 30, 2024. This increase was primarily driven by the progress of two new data centers under construction in Johor sites.
Power utilized was 123 MW as of December 31, 2024, an increase from 105 MW as of September 30, 2024. Utilization Rate was
Recent Development
Reference is made to the Company’s press release on March 10, 2025 where it announced that it has entered into definitive agreements to monetize, on a net basis, a
Business Outlook For Continuing Operations
For the full year of 2025, the Company expects its total revenues to be between RMB11,290 million to RMB11,590 million, implying a year-on-year increase of between approximately
This forecast assumes completion of the ABS transaction and deconsolidation of the underlying data center project companies. However, the gain on sale is not included in Adjusted EBITDA.
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 March 19, 2025 (8:00 p.m. Beijing Time on March 19, 2025) 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-conf.media-server.com/register/BI4cc739e1f3c748ffa22f7df4125e5079
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. In addition, we exclude the income (loss) from discontinued operation from our Adjusted EBITDA and Adjusted EBITDA margin to measure our financial performance from continuing operations, which will be consistent with our future financial performance disclosure.
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 income (loss) from discontinued operations, 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 For Continuing Operations” 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 RMB7.2993 to US
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. The Company’s facilities are strategically located in and around primary economic hubs where demand for high-performance data center services is concentrated. 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 24-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. The Company also holds a non-controlling
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 regions in which GDS’ major equity investees operate, such as 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 results of operations, growth prospects, financial condition, regulatory environment, competitive landscape and other uncertainties associated with the business and operations of our significant equity investee DayOne; the continued adoption of cloud computing and cloud service providers in China and other major markets that may impact the results of our equity investees, such as 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 and those of its major equity investees; competition in GDS Holdings’ industry in China and in markets that affect the business of our major equity investees, such as South East Asia; security breaches; power outages; and fluctuations in general economic and business conditions in China 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 Limited
Laura Chen
Phone: +86 (21) 2029-2203
Email: ir@gds-services.com
Piacente Financial Communications
Ross Warner
Phone: +86 (10) 6508-0677
Email: GDS@tpg-ir.com
Brandi Piacente
Phone: +1 (212) 481-2050
Email: GDS@tpg-ir.com
GDS Holdings Limited
| GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | |||||||
| As of December 31, 2023 | As of December 31, 2024 | ||||||
| RMB | RMB | US$ | |||||
| Assets | |||||||
| Current assets | |||||||
| Cash | 7,354,809 | 7,867,659 | 1,077,865 | ||||
| Accounts receivable, net of allowance for credit losses | 2,493,059 | 3,021,956 | 414,006 | ||||
| Value-added-tax (“VAT”) recoverable | 214,385 | 240,506 | 32,949 | ||||
| Prepaid expenses and other current assets | 483,833 | 482,950 | 66,164 | ||||
| Current assets of discontinued operations | 437,567 | 0 | 0 | ||||
| Total current assets | 10,983,653 | 11,613,071 | 1,590,984 | ||||
| Non-current assets | |||||||
| Long-term investments in equity investees | 7,298 | 7,544,555 | 1,033,600 | ||||
| Property and equipment, net | 40,098,423 | 40,204,133 | 5,507,944 | ||||
| Prepaid land use rights, net | 22,388 | 21,774 | 2,983 | ||||
| Operating lease right-of-use assets | 5,310,723 | 5,193,408 | 711,494 | ||||
| Goodwill and intangible assets, net | 6,574,669 | 6,367,493 | 872,343 | ||||
| Other non-current assets | 2,538,542 | 2,704,194 | 370,473 | ||||
| Non-current assets of discontinued operations | 8,910,994 | 0 | 0 | ||||
| Total non-current assets | 63,463,037 | 62,035,557 | 8,498,837 | ||||
| Total assets | 74,446,690 | 73,648,628 | 10,089,821 | ||||
| Liabilities, Mezzanine Equity and Equity | |||||||
| Current liabilities | |||||||
| Short-term borrowings and current portion of long-term borrowings | 2,582,350 | 4,341,649 | 594,803 | ||||
| Convertible bonds payable, current | 0 | 575 | 79 | ||||
| Accounts payable | 2,749,896 | 2,593,305 | 355,281 | ||||
| Accrued expenses and other payables | 1,265,259 | 1,389,072 | 190,302 | ||||
| Operating lease liabilities, current | 132,811 | 117,345 | 16,076 | ||||
| Finance lease and other financing obligations, current | 547,847 | 636,152 | 87,152 | ||||
| Current liabilities of discontinued operations | 1,027,313 | 0 | 0 | ||||
| Total current liabilities | 8,305,476 | 9,078,098 | 1,243,693 | ||||
| Non-current liabilities | |||||||
| Long-term borrowings, excluding current portion | 23,088,055 | 21,905,985 | 3,001,108 | ||||
| Convertible bonds payable, non-current | 8,434,766 | 8,576,583 | 1,174,987 | ||||
| Operating lease liabilities, non-current | 1,344,264 | 1,279,726 | 175,322 | ||||
| Finance lease and other financing obligations, non-current | 7,894,185 | 7,601,651 | 1,041,422 | ||||
| Other long-term liabilities | 1,586,012 | 1,537,952 | 210,699 | ||||
| Non-current liabilities of discontinued operations | 3,670,129 | 0 | 0 | ||||
| Total non-current liabilities | 46,017,411 | 40,901,897 | 5,603,538 | ||||
| Total liabilities | 54,322,887 | 49,979,995 | 6,847,231 | ||||
| Mezzanine equity | |||||||
| Redeemable preferred shares | 1,064,766 | 1,080,656 | 148,049 | ||||
| Total mezzanine equity | 1,064,766 | 1,080,656 | 148,049 | ||||
| GDS Holdings Limited shareholders' equity | |||||||
| Ordinary shares | 516 | 527 | 72 | ||||
| Additional paid-in capital | 29,337,095 | 29,596,268 | 4,054,672 | ||||
| Accumulated other comprehensive loss | (974,393 | ) | (1,094,377 | ) | (149,929 | ) | |
| Accumulated deficit | (9,469,758 | ) | (6,044,372 | ) | (828,075 | ) | |
| Total GDS Holdings Limited shareholders' equity | 18,893,460 | 22,458,046 | 3,076,740 | ||||
| Non-controlling interests | 165,577 | 129,931 | 17,801 | ||||
| Total equity | 19,059,037 | 22,587,977 | 3,094,541 | ||||
| Total liabilities, mezzanine equity and equity | 74,446,690 | 73,648,628 | 10,089,821 | ||||
| GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for number of shares and per share data) | |||||||||||||||||||||||
| Three months ended | Year ended | ||||||||||||||||||||||
| December 31, 2023 | September 30, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2024 | |||||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||||
| Net revenue | |||||||||||||||||||||||
| Service revenue | 2,465,283 | 2,619,578 | 2,690,482 | 368,595 | 9,781,884 | 10,321,888 | 1,414,093 | ||||||||||||||||
| Equipment sales | 0 | 0 | 180 | 25 | 564 | 180 | 25 | ||||||||||||||||
| Total net revenue | 2,465,283 | 2,619,578 | 2,690,662 | 368,620 | 9,782,448 | 10,322,068 | 1,414,118 | ||||||||||||||||
| Cost of revenue | (2,032,352 | ) | (2,061,995 | ) | (2,112,545 | ) | (289,417 | ) | (7,831,222 | ) | (8,099,439 | ) | (1,109,619 | ) | |||||||||
| Gross profit | 432,931 | 557,583 | 578,117 | 79,203 | 1,951,226 | 2,222,629 | 304,499 | ||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Selling and marketing expenses | (34,050 | ) | (32,356 | ) | (30,571 | ) | (4,188 | ) | (140,890 | ) | (116,440 | ) | (15,952 | ) | |||||||||
| General and administrative expenses | (246,274 | ) | (211,392 | ) | (259,048 | ) | (35,490 | ) | (965,982 | ) | (917,877 | ) | (125,748 | ) | |||||||||
| Research and development expenses | (12,800 | ) | (8,588 | ) | (6,862 | ) | (940 | ) | (38,159 | ) | (36,319 | ) | (4,976 | ) | |||||||||
| Impairment losses of long-lived assets | (3,013,416 | ) | 0 | 0 | 0 | (3,013,416 | ) | 0 | 0 | ||||||||||||||
| (Loss) income from continuing operations | (2,873,609 | ) | 305,247 | 281,636 | 38,585 | (2,207,221 | ) | 1,151,993 | 157,823 | ||||||||||||||
| Other income (expenses): | |||||||||||||||||||||||
| Net interest expenses | (450,700 | ) | (463,327 | ) | (458,745 | ) | (62,848 | ) | (1,842,529 | ) | (1,834,851 | ) | (251,374 | ) | |||||||||
| Foreign currency exchange (loss) gain, net | (5,991 | ) | 586 | 8,117 | 1,112 | (1,573 | ) | 18,942 | 2,595 | ||||||||||||||
| Others, net | 30,347 | 5,001 | 29,727 | 4,072 | 109,729 | 49,057 | 6,721 | ||||||||||||||||
| Loss from continuing operations before income taxes | (3,299,953 | ) | (152,493 | ) | (139,265 | ) | (19,079 | ) | (3,941,594 | ) | (614,859 | ) | (84,235 | ) | |||||||||
| Income tax benefits (expenses) | 225,342 | 347 | (34,144 | ) | (4,678 | ) | 15,577 | (156,053 | ) | (21,379 | ) | ||||||||||||
| Net loss from continuing operations | (3,074,611 | ) | (152,146 | ) | (173,409 | ) | (23,757 | ) | (3,926,017 | ) | (770,912 | ) | (105,614 | ) | |||||||||
| Discontinued operations | |||||||||||||||||||||||
| Loss from operations of discontinued operations, net of income taxes | (90,033 | ) | (78,963 | ) | (190,491 | ) | (26,097 | ) | (359,376 | ) | (400,796 | ) | (54,909 | ) | |||||||||
| Gain on deconsolidation of subsidiaries | 0 | 0 | 4,475,539 | 613,146 | 0 | 4,475,539 | 613,146 | ||||||||||||||||
| (Loss) income from discontinued operations | (90,033 | ) | (78,963 | ) | 4,285,048 | 587,049 | (359,376 | ) | 4,074,743 | 558,237 | |||||||||||||
| Net (loss) income | (3,164,644 | ) | (231,109 | ) | 4,111,639 | 563,292 | (4,285,393 | ) | 3,303,831 | 452,623 | |||||||||||||
| Net loss from continuing operations | (3,074,611 | ) | (152,146 | ) | (173,409 | ) | (23,757 | ) | (3,926,017 | ) | (770,912 | ) | (105,614 | ) | |||||||||
| Net income from continuing operations attributable to non-controlling interests | (1,676 | ) | (1,755 | ) | (1,268 | ) | (174 | ) | (5,026 | ) | (6,209 | ) | (851 | ) | |||||||||
| Net loss from continuing operations attributable to GDS Holdings Limited shareholders | (3,076,287 | ) | (153,901 | ) | (174,677 | ) | (23,931 | ) | (3,931,043 | ) | (777,121 | ) | (106,465 | ) | |||||||||
| (Loss) income from discontinued operations | (90,033 | ) | (78,963 | ) | 4,285,048 | 587,049 | (359,376 | ) | 4,074,743 | 558,237 | |||||||||||||
| Net loss from discontinued operations attributable to non-controlling interests | 366 | 5,092 | 3,373 | 462 | 366 | 7,317 | 1,003 | ||||||||||||||||
| Net loss from discontinued operations attributable to redeemable non-controlling interests | 0 | 35,432 | 75,550 | 10,350 | 0 | 120,447 | 16,501 | ||||||||||||||||
| Net (loss) income from discontinued operations attributable to GDS Holdings Limited shareholders | (89,667 | ) | (38,439 | ) | 4,363,971 | 597,861 | (359,010 | ) | 4,202,507 | 575,741 | |||||||||||||
| Net (loss) income attributable to GDS Holdings Limited shareholders | (3,165,954 | ) | (192,340 | ) | 4,189,294 | 573,930 | (4,290,053 | ) | 3,425,386 | 469,276 | |||||||||||||
| Cumulative dividend on redeemable preferred shares | (13,679 | ) | (13,618 | ) | (13,679 | ) | (1,874 | ) | (53,625 | ) | (54,232 | ) | (7,430 | ) | |||||||||
| Net (loss) income available to GDS Holdings Limited ordinary shareholders | (3,179,633 | ) | (205,958 | ) | 4,175,615 | 572,056 | (4,343,678 | ) | 3,371,154 | 461,846 | |||||||||||||
| (Loss) income per ordinary share | |||||||||||||||||||||||
| Basic and diluted | (2.16 | ) | (0.14 | ) | 2.81 | 0.39 | (2.96 | ) | 2.29 | 0.31 | |||||||||||||
| Weighted average number of ordinary share outstanding | |||||||||||||||||||||||
| Basic and diluted | 1,469,982,015 | 1,476,130,132 | 1,484,083,188 | 1,484,083,188 | 1,468,187,956 | 1,475,079,754 | 1,475,079,754 | ||||||||||||||||
| GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | |||||||||||||||
| Three months ended | Year ended | ||||||||||||||
| December 31, 2023 | September 30, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2024 | |||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
| Net (loss) income | (3,164,644 | ) | (231,109 | ) | 4,111,639 | 563,292 | (4,285,393 | ) | 3,303,831 | 452,623 | |||||
| Foreign currency translation adjustments, net of nil tax | 117,674 | 538,739 | (391,639 | ) | (53,654 | ) | (125,118 | ) | 74,741 | 10,239 | |||||
| Defined benefit plan, net of nil tax | 0 | 0 | (41 | ) | (6 | ) | 0 | (41 | ) | (6 | ) | ||||
| Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | (96,957 | ) | (13,283 | ) | 0 | (96,957 | ) | (13,283 | ) | ||||
| Comprehensive (loss) income | (3,046,970 | ) | 307,630 | 3,623,002 | 496,349 | (4,410,511 | ) | 3,281,574 | 449,573 | ||||||
| Comprehensive (income) loss attributable to non-controlling interests | (1,678 | ) | (5,287 | ) | 6,631 | 908 | (5,575 | ) | (1,076 | ) | (147 | ) | |||
| Comprehensive (income) loss attributable to redeemable non-controlling interests | 0 | (107,365 | ) | 126,721 | 17,361 | 0 | 24,904 | 3,412 | |||||||
| Comprehensive (loss) income attributable to GDS Holdings Limited shareholders | (3,048,648 | ) | 194,978 | 3,756,354 | 514,618 | (4,416,086 | ) | 3,305,402 | 452,838 | ||||||
| GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | |||||||||||||||
| Three months ended | Year ended | ||||||||||||||
| December 31, 2023 | September 30, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2024 | |||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
| Net (loss) income | (3,164,644 | ) | (231,109 | ) | 4,111,639 | 563,292 | (4,285,393 | ) | 3,303,831 | 452,623 | |||||
| Net loss (income) from discontinued operations | 90,033 | 78,963 | (4,285,048 | ) | (587,049 | ) | 359,376 | (4,074,743 | ) | (558,237 | ) | ||||
| Depreciation and amortization | 865,485 | 803,535 | 865,896 | 118,627 | 3,368,474 | 3,243,004 | 444,290 | ||||||||
| Amortization of debt issuance cost and debt discount | 34,010 | 33,467 | 18,290 | 2,506 | 140,625 | 110,724 | 15,169 | ||||||||
| Share-based compensation expense | 80,765 | 61,194 | 82,965 | 11,366 | 336,616 | 296,487 | 40,619 | ||||||||
| Impairment losses of long-lived assets | 3,013,416 | 0 | 0 | 0 | 3,013,416 | 0 | 0 | ||||||||
| Others | (202,637 | ) | (63,810 | ) | (29,703 | ) | (4,069 | ) | (187,844 | ) | (115,941 | ) | (15,884 | ) | |
| Changes in operating assets and liabilities | 326,171 | (42,362 | ) | 315,821 | 43,267 | (385,994 | ) | (543,700 | ) | (74,487 | ) | ||||
| Net cash provided by operating activities from continuing operations | 1,042,599 | 639,878 | 1,079,860 | 147,940 | 2,359,276 | 2,219,662 | 304,093 | ||||||||
| Net cash (used in) provided by operating activities from discontinued operations | (93,209 | ) | 1,636 | (150,554 | ) | (20,626 | ) | (294,019 | ) | (281,297 | ) | (38,538 | ) | ||
| Net cash provided by operating activities | 949,390 | 641,514 | 929,306 | 127,314 | 2,065,257 | 1,938,365 | 265,555 | ||||||||
| Purchase of property and equipment and land use rights | (282,591 | ) | (788,123 | ) | (381,382 | ) | (52,249 | ) | (3,175,406 | ) | (2,965,384 | ) | (406,256 | ) | |
| (Payments) receipts related to acquisitions and investments | (396,051 | ) | 0 | 27,000 | 3,699 | (1,339,639 | ) | 1,125,023 | 154,128 | ||||||
| Net cash used in investing activities from continuing operations | (678,642 | ) | (788,123 | ) | (354,382 | ) | (48,550 | ) | (4,515,045 | ) | (1,840,361 | ) | (252,128 | ) | |
| Net cash used in investing activities from discontinued operations | (784,990 | ) | (2,110,682 | ) | (3,011,040 | ) | (412,511 | ) | (2,827,863 | ) | (6,920,177 | ) | (948,060 | ) | |
| Net cash used in investing activities | (1,463,632 | ) | (2,898,805 | ) | (3,365,422 | ) | (461,061 | ) | (7,342,908 | ) | (8,760,538 | ) | (1,200,188 | ) | |
| Net cash (used in) provided by financing activities from continuing operations | (271,778 | ) | (392,325 | ) | (612,447 | ) | (83,905 | ) | 1,266,936 | 174,295 | 23,878 | ||||
| Net cash provided by financing activities from discontinued operations | 958,799 | 2,334,112 | 11,441,448 | 1,567,472 | 2,892,824 | 16,883,042 | 2,312,967 | ||||||||
| Net cash provided by financing activities | 687,021 | 1,941,787 | 10,829,001 | 1,483,567 | 4,159,760 | 17,057,337 | 2,336,845 | ||||||||
| Effect of exchange rate changes on cash and restricted cash | 4,705 | (28,109 | ) | (6,457 | ) | (885 | ) | 154,302 | (13,592 | ) | (1,862 | ) | |||
| Net increase (decrease) of cash and restricted cash | 177,484 | (343,613 | ) | 8,386,428 | 1,148,935 | (963,589 | ) | 10,221,572 | 1,400,350 | ||||||
| Cash and restricted cash at beginning of period | 7,740,395 | 10,096,689 | 9,753,076 | 1,336,166 | 8,882,066 | 7,917,932 | 1,084,752 | ||||||||
| Reclassification as assets of disposal group classified as held for sale | 53 | 0 | 0 | 0 | (545 | ) | 0 | 0 | |||||||
| Cash and restricted cash at end of period | 7,917,932 | 9,753,076 | 18,139,504 | 2,485,101 | 7,917,932 | 18,139,504 | 2,485,102 | ||||||||
| Less: Cash and restricted cash of discontinued operations at end of period or deconsolidation date | (420,610 | ) | (1,760,719 | ) | (10,045,974 | ) | (1,376,293 | ) | (420,610 | ) | (10,045,974 | ) | (1,376,293 | ) | |
| Cash and restricted cash of continuing operations at end of period | 7,497,322 | 7,992,357 | 8,093,530 | 1,108,808 | 7,497,322 | 8,093,530 | 1,108,809 | ||||||||
| GDS HOLDINGS LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for percentage data) | |||||||||||||||
| Three months ended | Year ended | ||||||||||||||
| December 31, 2023 | September 30, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2024 | |||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
| Gross profit | 432,931 | 557,583 | 578,117 | 79,203 | 1,951,226 | 2,222,629 | 304,499 | ||||||||
| Depreciation and amortization | 775,122 | 731,630 | 786,869 | 107,801 | 2,974,546 | 2,947,444 | 403,798 | ||||||||
| Operating lease cost relating to prepaid land use rights | 10,615 | 11,536 | 11,996 | 1,643 | 38,792 | 44,872 | 6,147 | ||||||||
| Accretion expenses for asset retirement costs | 1,588 | 1,730 | 1,709 | 234 | 6,599 | 6,827 | 935 | ||||||||
| Share-based compensation expenses | 29,066 | 20,549 | 18,002 | 2,466 | 116,467 | 92,402 | 12,659 | ||||||||
| Adjusted GP | 1,249,322 | 1,323,028 | 1,396,693 | 191,347 | 5,087,630 | 5,314,174 | 728,038 | ||||||||
| Adjusted GP margin | 50.7% | 50.5% | 51.9% | 51.9% | 52.0% | 51.5% | 51.5% | ||||||||
| GDS HOLDINGS LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for percentage data) | |||||||||||||||
| Three months ended | Year ended | ||||||||||||||
| December 31, 2023 | September 30, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2024 | |||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
| Net (loss) income | (3,164,644 | ) | (231,109 | ) | 4,111,639 | 563,292 | (4,285,393 | ) | 3,303,831 | 452,623 | |||||
| Loss (income) from discontinued operations | 90,033 | 78,963 | (4,285,048 | ) | (587,049 | ) | 359,376 | (4,074,743 | ) | (558,237 | ) | ||||
| Net loss from continuing operations | (3,074,611 | ) | (152,146 | ) | (173,409 | ) | (23,757 | ) | (3,926,017 | ) | (770,912 | ) | (105,614 | ) | |
| Net interest expenses | 450,700 | 463,327 | 458,745 | 62,848 | 1,842,529 | 1,834,851 | 251,374 | ||||||||
| Income tax (benefits) expenses | (225,342 | ) | (347 | ) | 34,144 | 4,678 | (15,577 | ) | 156,053 | 21,379 | |||||
| Depreciation and amortization | 865,485 | 803,535 | 865,896 | 118,627 | 3,368,474 | 3,243,004 | 444,290 | ||||||||
| Operating lease cost relating to prepaid land use rights | 27,199 | 27,602 | 27,609 | 3,782 | 106,964 | 110,126 | 15,087 | ||||||||
| Accretion expenses for asset retirement costs | 1,588 | 1,730 | 1,709 | 234 | 6,599 | 6,827 | 935 | ||||||||
| Share-based compensation expenses | 80,765 | 61,194 | 82,965 | 11,366 | 336,616 | 296,487 | 40,619 | ||||||||
| Impairment losses of long-lived assets | 3,013,416 | 0 | 0 | 0 | 3,013,416 | 0 | 0 | ||||||||
| Adjusted EBITDA | 1,139,200 | 1,204,895 | 1,297,659 | 177,778 | 4,733,004 | 4,876,436 | 668,070 | ||||||||
| Adjusted EBITDA margin | 46.2% | 46.0% | 48.2% | 48.2% | 48.4% | 47.2% | 47.2% | ||||||||
| Additional Information for Discontinued Operations (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | |||
| As of December 31, 2023 | As of December 31, 2024 | ||
| RMB | RMB | US$ | |
| Property and equipment, net | 7,401,071 | 16,646,191 | 2,280,519 |
| Cash | 355,902 | 9,930,915 | 1,360,530 |
| Gross debt | 5,169,734 (1) | 10,417,647 | 1,427,212 |
Note:
- Including amounts due to GDSH.
| Additional Information for Discontinued Operations Cont’d (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for percentage data) | |||||||||||||||
| Three months ended | Year ended | ||||||||||||||
| December 31, 2023 | September 30, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2024 | |||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
| Net revenue | 102,853 | 363,209 | 443,413 | 60,747 | 175,737 | 1,262,063 | 172,902 | ||||||||
| Cost of revenue | (90,862) | (252,211) | (290,131) | (39,748) | (194,570) | (859,254) | (117,717) | ||||||||
| Operating expenses | (66,214) | (88,776) | (150,543) | (20,624) | (233,249) | (400,336) | (54,846) | ||||||||
| (Loss) income from operations | (54,223) | 22,222 | 2,739 | 375 | (252,082) | 2,473 | 339 | ||||||||
| Other expenses, net | (35,020) | (110,846) | (126,457) | (17,324) | (106,494) | (346,145) | (47,422) | ||||||||
| Loss from operations of discontinued operations before income taxes | (89,243) | (88,624) | (123,718) | (16,949) | (358,576) | (343,672) | (47,083) | ||||||||
| Income tax (expenses) benefits | (790) | 9,661 | (66,773) | (9,148) | (800) | (57,124) | (7,826) | ||||||||
| Loss from operations of discontinued operations, net of income taxes | (90,033) | (78,963) | (190,491) | (26,097) | (359,376) | (400,796) | (54,909) | ||||||||
| Net interest expenses | 42,060 | 76,069 | 102,991 | 14,110 | 107,286 | 280,652 | 38,449 | ||||||||
| Income tax expenses (benefits) | 790 | (9,661) | 66,773 | 9,148 | 800 | 57,124 | 7,826 | ||||||||
| Depreciation and amortization | 50,650 | 107,739 | 128,662 | 17,627 | 151,271 | 393,735 | 53,941 | ||||||||
| Operating lease cost relating to prepaid land use rights | 295 | 0 | 1,778 | 244 | 1,290 | 1,782 | 244 | ||||||||
| Accretion expenses for asset retirement costs | 52 | 0 | (1) | 0 | 206 | (211) | (29) | ||||||||
| Adjusted EBITDA | 3,814 | 95,184 | 109,712 | 15,032 | (98,523) | 332,286 | 45,522 | ||||||||
| Adjusted EBITDA margin | 3.7% | 26.2% | 24.7% | 24.7% | (56.1)% | 26.3% | 26.3% | ||||||||
| Net cash (used in) provided by operating activities | (93,209) | 1,636 | (150,554) | (20,626) | (294,019) | (281,297) | (38,538) | ||||||||
| Net cash used in investing activities | (784,990) | (2,110,682) | (3,011,040) | (412,511) | (2,827,863) | (6,920,177) | (948,060) | ||||||||
| Net cash provided by financing activities | 958,799 | 2,334,112 | 11,441,448 | 1,567,472 | 2,892,824 | 16,883,042 | 2,312,967 | ||||||||
FAQ
What was GDS Holdings' revenue growth in Q4 2024?
How did GDS's ownership in DayOne change after the Series B raise?
What was GDS's data center utilization rate at the end of 2024?
How much did GDS's total area committed grow in 2024?
What was GDS Holdings' Adjusted EBITDA margin in Q4 2024?
