GDS Reports First Quarter 2020 Results
GDS Holdings Limited (NASDAQ: GDS) reported impressive first-quarter results for 2020, with net revenue rising 39.1% year-over-year to RMB1,240.4 million (US$175.2 million). Service revenue also increased by 38.3% to RMB1,232.6 million (US$174.1 million). The company's net loss decreased to RMB92.0 million (US$13.0 million) from RMB136.6 million a year earlier. Adjusted EBITDA surged 49.3% to RMB572.1 million (US$80.8 million), with an adjusted EBITDA margin of 46.1%. Total area committed increased by 43.6% year-over-year, reaching 286,990 square meters as of March 31, 2020.
- Net revenue increased by 39.1% YoY to RMB1,240.4 million (US$175.2 million).
- Service revenue rose by 38.3% YoY to RMB1,232.6 million (US$174.1 million).
- Adjusted EBITDA grew by 49.3% YoY to RMB572.1 million (US$80.8 million).
- Adjusted EBITDA margin reached a new high of 46.1%.
- Total area committed surged 43.6% YoY to 286,990 sqm.
- Net loss was RMB92.0 million (US$13.0 million), indicating operating challenges.
- Commitment rate for area in service declined to 91.9% from 96.1% YoY.
SHANGHAI, China, May 14, 2020 (GLOBE NEWSWIRE) -- GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS), a leading developer and operator of high-performance data centers in China, today announced its unaudited financial results for the first quarter ended March 31, 2020.
First Quarter 2020 Financial Highlights
- Net revenue increased by
39.1% year-over-year (“Y-o-Y”) to RMB1,240.4 million (US$175.2 million ) in the first quarter of 2020 (1Q2019: RMB891.8 million). - Service revenue increased by
38.3% Y-o-Y to RMB1,232.6 million (US$174.1 million ) in the first quarter of 2020 (1Q2019: RMB890.9 million). - Net loss was RMB92.0 million (US
$13.0 million ) in the first quarter of 2020, compared with a net loss of RMB136.6 million in the first quarter of 2019. - Adjusted EBITDA (non-GAAP) increased by
49.3% Y-o-Y to RMB572.1 million (US$80.8 million ) in the first quarter of 2020 (1Q2019: RMB383.2 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release. - Adjusted EBITDA margin (non-GAAP) increased to
46.1% in the first quarter of 2020 (1Q2019:43.0% ).
Operating Highlights
- Total area committed and pre-committed increased by 22,112 square meters (“sqm”) in the first quarter of 2020 to 286,990 sqm as of March 31, 2020, an increase of
43.6% Y-o-Y (March 31, 2019: 199,831 sqm). - Area in service increased by 4,023 sqm in the first quarter of 2020 to 229,986 sqm as of March 31, 2020, an increase of
34.1% Y-o-Y (March 31, 2019: 171,515 sqm). - Area utilized (or area in service which is revenue-generating) increased by 7,816 sqm in the first quarter of 2020 to 163,838 sqm as of March 31, 2020, an increase of
38.8% Y-o-Y (March 31, 2019: 118,050 sqm). - Commitment rate for area in service was
91.9% as of March 31, 2020 (March 31, 2019:96.1% ), and utilization rate was71.2% as of March 31, 2020 (March 31, 2019:68.8% ). - Area under construction was 110,706 sqm as of March 31, 2020 (March 31, 2019: 65,736 sqm).
- Pre-commitment rate for area under construction was
68.4% as of March 31, 2020 (March 31, 2019:53.4% ).
“We kicked off 2020 with an outstanding first quarter fueled by strong results across the full spectrum of our business, despite challenges presented by the COVID-19 pandemic," said Mr. William Huang, Chairman and Chief Executive Officer. "Our net additional total area committed was over 22,000 sqm during the quarter, carrying on the strong momentum from 2019. Our data center capacity expanded by approximately 25,000 sqm, with the addition of major new projects in the Beijing and Shanghai markets. Most important of all, we kept up our record of zero infections across our workforce and zero interruptions to customer operations. We are confident of our ability to continue satisfying the unprecedented demand for data center services in the digital era.”
“Our sustained growth performance in the first quarter of 2020, with
First Quarter 2020 Financial Results
Net revenue in the first quarter of 2020 was RMB1,240.4 million (US
Cost of revenue in the first quarter of 2020 was RMB890.1 million (US
Gross profit was RMB350.3 million (US
Adjusted Net Operating Income (“Adjusted NOI”) (non-GAAP) is defined as net loss (computed in accordance with GAAP), excluding net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, selling and marketing expenses, general and administrative expenses, research and development expenses, foreign currency exchange loss (gain) and others. Adjusted NOI was RMB664.9 million (US
Adjusted NOI margin (non-GAAP) was
Selling and marketing expenses, excluding share-based compensation expenses of RMB13.2 million (US
General and administrative expenses, excluding share-based compensation expenses of RMB35.9 million (US
Research and development costs were RMB8.7 million (US
Net interest expenses for the first quarter of 2020 were RMB260.9 million (US
Foreign currency exchange loss for the first quarter of 2020 was RMB12.6 million (US
Net loss in the first quarter of 2020 was RMB92.0 million (US
Adjusted EBITDA (non-GAAP) is defined as net loss excluding net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and share-based compensation expenses. Adjusted EBITDA was RMB572.1 million (US
Adjusted EBITDA margin (non-GAAP) was
Basic and diluted loss per ordinary share in the first quarter of 2020 was RMB0.09 (US
Basic and diluted loss per American Depositary Share (“ADS”) in the first quarter of 2020 was RMB0.71 (US
Sales
Total area committed at the end of the first quarter of 2020 was 286,990 sqm, compared with 199,831 sqm at the end of the first quarter of 2019 and 264,878 sqm at the end of the fourth quarter of 2019, an increase of
Data Center Resources
Area in service at the end of the first quarter of 2020 was 229,986 sqm, compared with 171,515 sqm at the end of the first quarter of 2019 and 225,963 sqm at the end of the fourth quarter of 2019, an increase of
Area under construction at the end of the first quarter of 2020 was 110,706 sqm, compared with 65,736 sqm at the end of the first quarter of 2019 and 89,834 sqm at the end of the fourth quarter of 2019, an increase of
As previously disclosed, SH14 is an existing building we acquired in the fourth quarter of 2019, located in the same area as our Waigaoqiao data center cluster. It will yield a net floor area of approximately 11,040 sqm, and was
LF4 is the first building of two on our Langfang Site 1 Phase 2, adjacent to our Langfang 3 (“LF3”) data center which is currently being developed on Langfang Site 1 Phase 1. As previously disclosed, we entered into a framework agreement with the local government for the allocation of power and acquisition in phases of a greenfield site (“Langfang Site 1”), with a total land area of approximately 127,000 sqm, in Langfang, Hebei province. In the third quarter of 2019, we completed the acquisition of the first phase of this greenfield site, where we are currently developing LF3. In the fourth quarter of 2019, we acquired the second phase, with a land area of approximately 44,000 sqm. We intend developing two data centers on this land, LF4 and Langfang 5, with a net floor area of around 29,000 sqm in aggregate according to the initial design. LF4, currently under construction, will yield a net floor area of approximately 14,832 sqm and was
Commitment rate of area in service was
Area utilized at the end of the first quarter of 2020 was 163,838 sqm, compared with 118,050 sqm at the end of the first quarter of 2019 and 156,022 sqm at the end of the fourth quarter of 2019, an increase of
Utilization rate of area in service was
During the first quarter of 2020, we acquired the following land and buildings:
Site in Pujiang Area, Minhang District, Shanghai
In March 2020, we acquired a site in Pujiang Area, Minhang District of Shanghai, located around 25 kilometers from our existing data center cluster in Waigaoqiao, Shanghai, from a third party for a cash consideration of RMB1.37 billion (US
In the first phase of development, we intend to convert two existing buildings into data centers (to be known as “SH16” and “SH17”), which will yield a total net floor area of approximately 22,600 sqm according to the initial design. Construction of SH16 and SH17 is expected to commence in 2Q20. Access to power has been obtained for Phase 1, while development of subsequent phases, with roughly 50,000 sqm of potential total net floor area, will be contingent on obtaining additional power capacity.
Chongqing Land
In February 2020, we acquired the right of use for greenfield land with a ground area of approximately 49,000 sqm in the city of Chongqing from the local government for a consideration of RMB28.0 million (US
Liquidity
As of March 31, 2020, cash was RMB3,611.1 million (US
Business Outlook
The Company confirms that the previously provided guidance for total revenues of RMB5,510 – RMB5,750 million, adjusted EBITDA of RMB2,550 – RMB2,670 million and capital expenditures of RMB7,500 million for the full year of 2020 remains unchanged.
This forecast reflects the Company’s preliminary view based on the current business situation and market conditions. Due to the impact of the COVID-19 pandemic and the resulting business disruption in many aspects of the Chinese and global economy, this forecast remains uncertain and subject to change. While China appears to be on a path to recovery, the situation is evolving, and we are closely monitoring developments. Looking beyond the current period, we are confident that GDS will emerge stronger, with even greater opportunity to drive long-term sustainable growth.
Conference Call
Management will hold a conference call at 8:00 a.m. Eastern Time on May 14, 2020 (8:00 p.m. Beijing Time on May 14, 2020) to discuss financial results and answer questions from investors and analysts. Listeners may access the call by dialing:
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| International: | +65-6713-5090 |
| Hong Kong: | +852-3018-6771 |
| Mainland China: | 400-620-8038 |
| Conference ID: | 8297728 |
Participants should dial in at least 10 minutes before the scheduled start time and provide the Conference ID to the Operator to be connected to the conference. Due to conditions surrounding the outbreak of COVID-19, participants may experience longer than normal hold period before being assisted to join the call. The Company thanks everyone in advance for their patience and understanding.
A telephone replay will be available approximately two hours after the call until May 22, 2020 09:59 AM U.S. ET by dialing:
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| International: Hong Kong: Mainland China: | +61-2-8199-0299 +852-3051-2780 400-632-2162 |
| Replay Access Code: | 8297728 |
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 NOI, adjusted NOI margin, adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP financial measures, to evaluate our operating performance, establish budgets and develop operational goals for managing our business. In particular, we believe that the exclusion of the expenses eliminated in calculating adjusted NOI and adjusted EBITDA can provide a useful measure of our 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 net income (loss), cash flows 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 NOI, and adjusted NOI margin are not substitutes for net income (loss), cash flows used in operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. Second, other companies may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP financial measures as tools for comparison. Finally, these non-GAAP financial measures do not reflect the impact of net interest expenses, incomes tax benefits (expenses), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, and share-based compensation expenses, 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.
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 RMB7.0808 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) is a leading developer and operator of high-performance data centers in China. The Company’s facilities are strategically located in China’s primary economic hubs where demand for high-performance data center services is concentrated. The Company also builds-to-suit and operates data centers at lower-tier locations selected by its customers in order to fulfill their broader requirements. The Company’s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancy across all critical systems. GDS is carrier and cloud-neutral, which enables its customers to access all the major PRC telecommunications networks, as well as the largest PRC and global public clouds which are hosted in many of its facilities. The Company offers colocation and managed services, including direct private connection to leading public clouds, an innovative service platform for managing hybrid clouds and, where required, the resale of public cloud services. The Company has a 19-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 and IT service providers, and large domestic private sector and multinational corporations.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “guidance,” “intend,” “is/are likely to,” “may,” “ongoing,” “plan,” “potential,” “target,” “will,” and similar statements. Among other things, statements that are not historical facts, including statements about GDS Holdings’ beliefs and expectations regarding the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement, as well as GDS Holdings’ strategic and operational plans, are or contain forward-looking statements. GDS Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) on Forms 20-F and 6-K, in its 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. 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; GDS Holdings’ expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services; GDS Holdings’ expectations regarding building, strengthening and maintaining its relationships with new and existing customers; the continued adoption of cloud computing and cloud service providers in China; risks and uncertainties associated with increased investments in GDS Holdings’ business and new data center initiatives; risks and uncertainties associated with strategic acquisitions and investments; GDS Holdings’ ability to maintain or grow its revenue or business; fluctuations in GDS Holdings’ operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings’ business operations; competition in GDS Holdings’ industry in China; security breaches; power outages; and fluctuations in general economic and business conditions in China and globally, the impact of COVID-19 outbreak, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the GDS Holdings’ filings with the SEC, including its annual report on form 20-F. 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) 5118-6915
Email: ir@gds-services.com
The Piacente Group, Inc.
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, 2019 | As of March 31, 2020 | ||||||
| RMB | RMB | US$ | |||||
| Assets | |||||||
| Current assets | |||||||
| 1%; width: | 66%; width: | 10%; width: | 1%; width: | 10%; width: | 1%; width: | 10%; width: | 1%; width: |
| Accounts receivable, net of allowance for doubtful accounts | 879,962 | 1,248,279 | 176,291 | ||||
| Value-added-tax (“VAT”) recoverable | 129,994 | 85,304 | 12,047 | ||||
| Prepaid expenses and other current assets | 263,815 | 347,306 | 49,048 | ||||
| Total current assets | 7,084,709 | 5,292,010 | 747,374 | ||||
| Property and equipment, net | 19,184,639 | 20,549,477 | 2,902,141 | ||||
| Prepaid land use rights, net | 747,187 | 754,769 | 106,594 | ||||
| Operating lease right-of-use assets | 796,679 | 1,497,002 | 211,417 | ||||
| Goodwill and intangible assets, net | 2,300,468 | 2,287,546 | 323,063 | ||||
| Other non-current assets | 1,378,849 | 1,523,560 | 215,168 | ||||
| Total assets | 31,492,531 | 31,904,364 | 4,505,757 | ||||
| Liabilities, Redeemable Preferred Shares and Shareholders’ Equity | |||||||
| Current liabilities | |||||||
| Short-term borrowings and current portion of long-term borrowings | 1,137,737 | 1,406,969 | 198,702 | ||||
| Accounts payable | 1,675,966 | 1,300,828 | 183,712 | ||||
| Accrued expenses and other payables | 908,199 | 993,389 | 140,294 | ||||
| Operating lease liabilities, current | 55,139 | 50,924 | 7,192 | ||||
| Finance lease and other financing obligations, current | 222,473 | 261,093 | 36,873 | ||||
| Total current liabilities | 3,999,514 | 4,013,203 | 566,773 | ||||
| Long-term borrowings, excluding current portion | 8,028,473 | 8,059,398 | 1,138,204 | ||||
| Convertible bonds payable | 2,049,654 | 2,084,733 | 294,421 | ||||
| Operating lease liabilities, non-current | 709,998 | 748,077 | 105,649 | ||||
| Finance lease and other financing obligations, non-current | 4,751,121 | 5,055,923 | 714,033 | ||||
| Other long-term liabilities | 598,209 | 629,779 | 88,941 | ||||
| Total liabilities | 20,136,969 | 20,591,113 | 2,908,021 | ||||
| Redeemable preferred shares | 1,061,981 | 1,065,127 | 150,425 | ||||
| Shareholders' equity | |||||||
| Ordinary shares | 412 | 412 | 58 | ||||
| Additional paid-in capital | 12,403,043 | 12,459,166 | 1,759,570 | ||||
| Accumulated other comprehensive loss | (52,684) | (62,233) | (8,789) | ||||
| Accumulated deficit | (2,057,190) | (2,149,221) | (303,528) | ||||
| Total shareholders’ equity | 10,293,581 | 10,248,124 | 1,447,311 | ||||
| Commitments and contingencies | |||||||
| Total liabilities, redeemable preferred shares and shareholders' equity | 31,492,531 | 31,904,364 | 4,505,757 | ||||
| GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for number of shares and per share data) | |||||||||
| Three months ended | |||||||||
| March 31, 2019 | December 31, 2019 | March 31, 2020 | |||||||
| RMB | RMB | RMB | US$ | ||||||
| Net revenue | |||||||||
| Service revenue | 890,946 | 1,159,610 | 1,232,589 | 174,075 | |||||
| Equipment sales | 895 | 19,577 | 7,829 | 1,106 | |||||
| Total net revenue | 891,841 | 1,179,187 | 1,240,418 | 175,181 | |||||
| Cost of revenue | (679,832) | (884,464) | (890,080) | (125,703) | |||||
| Gross profit | 212,009 | 294,723 | 350,338 | 49,478 | |||||
| Operating expenses | |||||||||
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| General and administrative expenses | (90,301) | (120,891) | (117,043) | (16,530) | |||||
| Research and development expenses | (4,639) | (6,595) | (8,744) | (1,235) | |||||
| Income from operations | 89,237 | 127,569 | 194,246 | 27,433 | |||||
| Other income (expenses): | |||||||||
| Net interest expenses | (219,117) | (233,615) | (260,865) | (36,841) | |||||
| Foreign currency exchange gain (loss), net | 4,772 | (446) | (12,619) | (1,782) | |||||
| Others, net | 2,503 | 6,341 | 2,916 | 412 | |||||
| Loss before income taxes | (122,605) | (100,151) | (76,322) | (10,778) | |||||
| Income tax expenses | (14,015) | (3,511) | (15,709) | (2,219) | |||||
| Net loss | (136,620) | (103,662) | (92,031) | (12,997) | |||||
| Change in redemption value of redeemable preferred shares | (17,760) | 0 | 0 | 0 | |||||
| Cumulative dividend on redeemable preferred shares | (559) | (13,486) | (13,225) | (1,868) | |||||
| Net loss attributable to ordinary shareholders | (154,939) | (117,148) | (105,256) | (14,865) | |||||
| Loss per ordinary share | |||||||||
| Basic and diluted | (0.15) | (0.10) | (0.09) | (0.01) | |||||
| Weighted average number of ordinary share outstanding | |||||||||
| Basic and diluted | 1,025,055,553 | 1,142,608,700 | 1,181,502,498 | 1,181,502,498 |
| GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | ||||||||
| Three months ended | ||||||||
| March 31, 2019 | December 31, 2019 | March 31, 2020 | ||||||
| RMB | RMB | RMB | US$ | |||||
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| Foreign currency translation adjustments, net of nil tax | 19,353 | (9,467) | (9,549) | (1,349) | ||||
| Comprehensive loss | (117,267) | (113,129) | (101,580) | (14,346) | ||||
| GDS HOLDINGS LIMITED | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | ||||||||
| Three months ended | ||||||||
| March 31, 2019 | December 31, 2019 | March 31, 2020 | ||||||
| RMB | RMB | RMB | US$ | |||||
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| Depreciation and amortization | 254,037 | 319,470 | 319,026 | 45,055 | ||||
| Amortization of debt issuance cost and debt discount | 16,990 | 13,876 | 14,377 | 2,030 | ||||
| Share-based compensation expense | 31,957 | 74,936 | 67,143 | 9,482 | ||||
| Others | (5,160) | (8,880) | (25,226) | (3,563) | ||||
| Changes in operating assets and liabilities | (221,010) | (223,627) | (453,088) | (63,988) | ||||
| Net cash (used in) provided by operating activities | (59,806) | 72,113 | (169,799) | (23,981) | ||||
| Purchase of property and equipment and land use rights | (829,446) | (2,091,787) | (2,525,678) | (356,693) | ||||
| Payments related to acquisitions and investments | (5,000) | (515,411) | (10,262) | (1,449) | ||||
| Net cash used in investing activities | (834,446) | (2,607,198) | (2,535,940) | (358,142) | ||||
| Net proceeds from financing activities | 4,789,711 | 2,705,016 | 604,262 | 85,337 | ||||
| Net cash provided by financing activities | 4,789,711 | 2,705,016 | 604,262 | 85,337 | ||||
| Effect of exchange rate changes on cash and restricted cash | (9,215) | (58,508) | 25,587 | 3,614 | ||||
| Net increase (decrease) of cash and restricted cash | 3,886,244 | 111,423 | (2,075,890) | (293,172) | ||||
| Cash and restricted cash at beginning of period | 2,284,748 | 5,861,839 | 5,973,262 | 843,586 | ||||
| Cash and restricted cash at end of period | 6,170,992 | 5,973,262 | 3,897,372 | 550,414 | ||||
| GDS HOLDINGS LIMITED UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for percentage data) | ||||||||
| Three months ended | ||||||||
| March 31, 2019 | December 31, 2019 | March 31, 2020 | ||||||
| RMB | RMB | RMB | US$ | |||||
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| Net interest expenses | 219,117 | 233,615 | 260,865 | 36,841 | ||||
| Income tax expenses | 14,015 | 3,511 | 15,709 | 2,219 | ||||
| Depreciation and amortization | 254,037 | 319,470 | 319,026 | 45,055 | ||||
| Operating lease cost relating to prepaid land use rights | 0 | 0 | 496 | 70 | ||||
| Accretion expenses for asset retirement costs | 711 | 813 | 896 | 127 | ||||
| Share-based compensation expenses | 31,957 | 74,936 | 67,143 | 9,482 | ||||
| Selling and marketing expenses (1) | 20,330 | 25,195 | 17,063 | 2,410 | ||||
| General and administrative expenses (1) | 57,090 | 59,769 | 58,762 | 8,299 | ||||
| Research and development expenses (1) | 3,970 | 5,395 | 7,306 | 1,032 | ||||
| Foreign currency exchange (gain) loss, net | (4,772) | 446 | 12,619 | 1,782 | ||||
| Others, net | (2,503) | (6,341) | (2,916) | (412) | ||||
| Adjusted NOI | 457,332 | 613,147 | 664,938 | 93,908 | ||||
| Adjusted NOI margin |
Note 1:
Selling and marketing expenses, general and administrative expenses and research and development expenses exclude depreciation, amortization, operating lease cost relating to prepaid land use rights and share-based compensation expenses.
| GDS HOLDINGS LIMITED UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for percentage data) | ||||||||
| Three months ended | ||||||||
| March 31, 2019 | December 31, 2019 | March 31, 2020 | ||||||
| RMB | RMB | RMB | US$ | |||||
| 56%; width: | 10%; width: | 1%; width: | 10%; width: | 1%; width: | 10%; width: | 1%; width: | 10%; width: | 1%; width: |
| Net interest expenses | 219,117 | 233,615 | 260,865 | 36,841 | ||||
| Income tax expenses | 14,015 | 3,511 | 15,709 | 2,219 | ||||
| Depreciation and amortization | 254,037 | 319,470 | 319,026 | 45,055 | ||||
| Operating lease cost relating to prepaid land use rights | 0 | 0 | 496 | 70 | ||||
| Accretion expenses for asset retirement costs | 711 | 813 | 896 | 127 | ||||
| Share-based compensation expenses | 31,957 | 74,936 | 67,143 | 9,482 | ||||
| Adjusted EBITDA | 383,217 | 528,683 | 572,104 | 80,797 | ||||
| Adjusted EBITDA margin |
FAQ
What were GDS' first-quarter 2020 revenue results?
How much did GDS' adjusted EBITDA increase in Q1 2020?
What was GDS' net loss for the first quarter of 2020?
How much total area was committed by GDS at the end of Q1 2020?
What was GDS' adjusted EBITDA margin in Q1 2020?
