21Vianet Group, Inc. Reports Unaudited Second Quarter 2021 Financial Results
21Vianet Group, a leading Internet data center services provider in China, reported a 30.8% increase in net revenues for Q2 2021, totaling RMB1.50 billion (US$231.9 million). Adjusted EBITDA rose by 38.7% to RMB425.1 million (US$65.8 million), exceeding prior guidance. The company's cash gross profit increased by 36.9% to RMB640.2 million (US$99.2 million), reflecting strong operational efficiency. For Q3 2021, net revenue guidance is set at RMB1.53-1.55 billion, anticipating a year-over-year growth of 28.4%.
- 30.8% increase in net revenues to RMB1.50 billion (US$231.9 million).
- Adjusted EBITDA rose by 38.7% to RMB425.1 million (US$65.8 million).
- Adjusted cash gross profit increased by 36.9% to RMB640.2 million (US$99.2 million).
- Net profit attributable to ordinary shareholders was RMB455.9 million (US$70.6 million), compared to a net loss in the previous year.
- Strong guidance for Q3 2021 with expected net revenues of RMB1.53-1.55 billion.
- Total operating expenses increased by 35.7% to RMB262.5 million (US$40.7 million) year-over-year.
- Utilization rate for newly-built IDCs decreased to 29.2% from 30.6% in Q1 2021.
BEIJING, Aug. 25, 2021 (GLOBE NEWSWIRE) -- 21Vianet Group, Inc. (Nasdaq: VNET) ("21Vianet" or the "Company"), a leading carrier- and cloud-neutral Internet data center services provider in China, today announced its unaudited financial results for the second quarter ended June 30, 2021. The Company will hold a conference call at 8:00 P.M. on Tuesday, August 24, 2021, U.S. Eastern Time to discuss the financial results. Dial-in details are provided at the end of this release.
Second Quarter 2021 Financial Highlights
- Net revenues in the second quarter of 2021 increased by
30.8% to RMB1.50 billion (US$231.9 million ) from RMB1.14 billion in the same period of 2020. - Adjusted cash gross profit (non-GAAP) in the second quarter of 2021 increased by
36.9% to RMB640.2 million (US$99.2 million ) from RMB467.6 million in the same period of 2020. Adjusted cash gross margin (non-GAAP) in the second quarter of 2021 was42.8% , compared to40.9% in the same period of 2020. - Adjusted EBITDA (non-GAAP) in the second quarter of 2021 increased by
38.7% to RMB425.1 million (US$65.8 million ) from RMB306.4 million in the same period of 2020. Adjusted EBITDA margin (non-GAAP) in the second quarter of 2021 was28.4% , compared to26.8% in the same period of 2020.
Second Quarter 2021 Operational Highlights
- Total cabinets under management net increased by 6,950 to 62,876, as of June 30, 2021, compared to 55,926 as of March 31, 2021, and 44,050 as of June 30, 2020.
- Retail IDC MRR1 per cabinet was RMB9,015, compared to RMB8,953 in the same period of 2020 and RMB9,144 in the first quarter of 2021.
- Compound utilization rate was
59.9% , compared to61.7% in the first quarter of 2021.- Utilization rate for mature IDCs, which consisted of IDC deliveries prior to and during 2019, was
76.3% , compared to a utilization rate for mature IDCs of73.9% in the first quarter of 2021. - Utilization rate for ramp-up and newly-built IDCs, which consisted of IDC deliveries in 2020 and 2021, was
29.2% , compared to a utilization rate for ramp-up and newly-built IDCs of30.6% in the first quarter of 2021.
- Utilization rate for mature IDCs, which consisted of IDC deliveries prior to and during 2019, was
_______________________
1 Retail IDC MRR: Refers to Monthly Recurring Revenues for the retail IDC business.
Mr. Samuel Shen, Chief Executive Officer and Executive Chairman of Retail IDC, stated, “We are delighted to report another strong quarter. Our dual-core growth engine, diversified customer base, and strong IDC market demand continued to fuel organic growth in our cabinet deliveries for the first half of 2021. Based on our leading market position and dual-core growth engine of retail and wholesale IDC solutions, we are confident that we will acquire more customers from various sectors, further diversify our revenue streams, sustain our growth, and generate lasting shareholder value going forward.”
Mr. Tim Chen, Chief Financial Officer of the Company, commented, “In the second quarter, our net revenues and adjusted EBITDA rose by
Second Quarter 2021 Financial Results
NET REVENUES: Net revenues in the second quarter of 2021 increased by
GROSS PROFIT: Gross profit in the second quarter of 2021 was RMB359.5 million (US
ADJUSTED CASH GROSS PROFIT, which excludes depreciation, amortization, and share-based compensation expenses, was RMB640.2 million (US
OPERATING EXPENSES: Total operating expenses in the second quarter of 2021 were RMB262.5 million (US
Sales and marketing expenses in the second quarter of 2021 were RMB59.6 million (US
Research and development expenses in the second quarter of 2021 were RMB38.3 million (US
General and administrative expenses in the second quarter of 2021 were RMB154.2 million (US
ADJUSTED OPERATING EXPENSES, which exclude share-based compensation expenses and impairment of loan receivable to potential investee, were RMB235.6 million (US
ADJUSTED EBITDA: Adjusted EBITDA in the second quarter of 2021 was RMB425.1 million (US
NET PROFIT/LOSS: Net profit attributable to ordinary shareholders in the second quarter of 2021 was RMB455.9 million (US
PROFIT PER SHARE: Basic and diluted profit per share were RMB0.52 (US
As of June 30, 2021, the aggregate amount of the Company's cash and cash equivalents, restricted cash, and short-term investments was RMB5.03 billion (US
Net cash generated from operating activities in the second quarter of 2021 was RMB314.8 million (US
Financial Outlook
For the third quarter of 2021, the Company expects net revenues to be in the range of RMB1.53 billion to RMB1.55 billion. Adjusted EBITDA is expected to be in the range of RMB420 million to RMB440 million.
For the full year of 2021, the Company expects net revenues to be in the range of RMB6.10 billion to RMB6.30 billion. Adjusted EBITDA is expected to be in the range of RMB1.68 billion to RMB1.78 billion. The midpoints of the Company’s updated estimates imply an increase of
The forecast reflects the Company’s current and preliminary views on the market and its operational conditions, which do not factor in any of the potential future impacts caused by the ongoing COVID-19 pandemic, and are subject to change.
Conference Call
The Company will hold a conference call at 8:00 P.M. on Tuesday, August 24, 2021, U.S. Eastern Time, or 8:00 A.M. on Wednesday, August 25, 2021 Beijing Time, 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: | 5585337 |
| Registration Link: | http://apac.directeventreg.com/registration/event/5585337 |
| The replay will be accessible through September 1, 2021, by dialing the following numbers: | |
| United States Toll Free: | +1-855-452-5696 |
| International: | +61-2-8199-0299 |
| Conference ID: | 5585337 |
A live and archived webcast of the conference call will be available through the Company's investor relations website at http://ir.21vianet.com.
Non-GAAP Disclosure
In evaluating its business, 21Vianet considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the Securities and Exchange Commission as a supplemental measure to review and assess its operating performance: adjusted cash gross profit, adjusted cash gross margin, adjusted operating expenses, adjusted EBITDA and adjusted EBITDA margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. 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.
The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the Company's current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company's calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.
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 RMB6.4566 to US
Statement Regarding Unaudited Condensed Financial Information
The unaudited financial information set forth above 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 condensed financial information.
About 21Vianet
21Vianet Group, Inc. is a leading carrier- and cloud-neutral Internet data center services provider in China. 21Vianet provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security and speed of its customers' Internet infrastructure. Customers may locate their servers and equipment in 21Vianet's data centers and connect to China's Internet backbone. 21Vianet operates in more than 20 cities throughout China, servicing a diversified and loyal base of over 6,000 hosting and related enterprise customers that span numerous industries ranging from Internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.
Safe Harbor Statement
This announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," “target,” "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement as well as 21Vianet's strategic and operational plans contain forward-looking statements. 21Vianet may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports 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 statements about 21Vianet'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: 21Vianet's goals and strategies; 21Vianet's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, 21Vianet's services; 21Vianet's expectations regarding keeping and strengthening its relationships with customers; 21Vianet's plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where 21Vianet provides solutions and services. Further information regarding these and other risks is included in 21Vianet's reports filed with, or furnished to, the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and 21Vianet undertakes no duty to update such information, except as required under applicable law.
Investor Relations Contacts:
21Vianet Group, Inc.
Xinyuan Liu
+86 10 8456 2121
IR@21Vianet.com
Julia Jiang
+86 10 8456 2121
IR@21Vianet.com
ICR, LLC
Robin Yang
+1 (646) 405-4922
IR@21Vianet.com
| 21VIANET GROUP, INC. | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | ||||||||
| As of | As of | |||||||
| December 31, 2020 | June 30, 2021 | |||||||
| RMB | RMB | US$ | ||||||
| (Audited) | (Unaudited) | (Unaudited) | ||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 2,710,349 | 4,603,653 | 713,015 | |||||
| Restricted cash | 270,450 | 286,303 | 44,343 | |||||
| Accounts and notes receivable, net | 847,233 | 1,243,053 | 192,524 | |||||
| Short-term investments | 285,872 | 12,920 | 2,001 | |||||
| Prepaid expenses and other current assets | 1,866,184 | 1,819,808 | 281,853 | |||||
| Amounts due from related parties | 75,519 | 73,595 | 11,398 | |||||
| Total current assets | 6,055,607 | 8,039,332 | 1,245,134 | |||||
| Non-current assets: | ||||||||
| Property and equipment, net | 8,106,425 | 8,473,036 | 1,312,306 | |||||
| Intangible assets, net | 658,195 | 641,252 | 99,317 | |||||
| Land use rights, net | 255,373 | 305,276 | 47,281 | |||||
| Operating lease right-of-use assets, net | 1,325,526 | 1,279,138 | 198,113 | |||||
| Goodwill | 994,993 | 994,993 | 154,105 | |||||
| Restricted cash | 135,638 | 131,534 | 20,372 | |||||
| Deferred tax assets | 185,481 | 183,407 | 28,406 | |||||
| Long-term investments | 135,517 | 115,515 | 17,891 | |||||
| Amounts due from related parties | 20,562 | - | - | |||||
| Other non-current assets | 1,500,438 | 1,720,502 | 266,472 | |||||
| Total non-current assets | 13,318,148 | 13,844,653 | 2,144,263 | |||||
| Total assets | 19,373,755 | 21,883,985 | 3,389,397 | |||||
| Liabilities and Shareholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Short-term bank borrowings | 34,000 | - | - | |||||
| Accounts and notes payable | 289,387 | 432,257 | 66,948 | |||||
| Accrued expenses and other payables | 1,631,563 | 1,443,884 | 223,629 | |||||
| Advances from customers | 1,041,594 | 980,088 | 151,796 | |||||
| Deferred revenue | 63,245 | 63,311 | 9,806 | |||||
| Income taxes payable | 29,028 | 35,992 | 5,574 | |||||
| Amounts due to related parties | 51,007 | 2,595 | 402 | |||||
| Current portion of long-term borrowings | 180,328 | 233,448 | 36,156 | |||||
| Current portion of finance lease liabilities | 403,843 | 389,000 | 60,248 | |||||
| Current portion of deferred government grant | 2,074 | 2,074 | 321 | |||||
| Current portion of bonds payable | 1,943,619 | 1,932,905 | 299,369 | |||||
| Current portion of operating lease liabilities | 452,272 | 372,007 | 57,617 | |||||
| Total current liabilities | 6,121,960 | 5,887,561 | 911,866 | |||||
| Non-current liabilities: | ||||||||
| Long-term borrowings | 886,996 | 1,593,557 | 246,811 | |||||
| Convertible promissory notes | 3,014,057 | 4,732,739 | 733,008 | |||||
| Non-current portion of finance lease liabilities | 688,128 | 1,071,404 | 165,939 | |||||
| Unrecognized tax benefits | 68,696 | 71,835 | 11,126 | |||||
| Deferred tax liabilities | 299,093 | 293,632 | 45,478 | |||||
| Non-current portion of deferred government grant | 4,100 | 3,196 | 495 | |||||
| Amounts due to related parties | 747,746 | - | - | |||||
| Non-current portion of operating lease liabilities | 645,499 | 946,898 | 146,656 | |||||
| Total non-current liabilities | 6,354,315 | 8,713,261 | 1,349,513 | |||||
| Shareholders' equity | ||||||||
| Treasury stock | (349,523 | ) | (349,523 | ) | (54,134 | ) | ||
| Ordinary shares | 56 | 59 | 9 | |||||
| Additional paid-in capital | 13,083,119 | 14,995,378 | 2,322,488 | |||||
| Accumulated other comprehensive loss | (55,535 | ) | (63,254 | ) | (9,797 | ) | ||
| Statutory reserves | 74,462 | 74,462 | 11,533 | |||||
| Accumulated deficit | (7,235,113 | ) | (7,721,978 | ) | (1,195,982 | ) | ||
| Series A perpetual convertible preferred shares | 1,047,468 | - | - | |||||
| Total 21Vianet Group, Inc. shareholders’ equity | 6,564,934 | 6,935,144 | 1,074,117 | |||||
| Noncontrolling interest | 332,546 | 348,019 | 53,901 | |||||
| Total shareholders' equity | 6,897,480 | 7,283,163 | 1,128,018 | |||||
| Total liabilities and shareholders' equity | 19,373,755 | 21,883,985 | 3,389,397 | |||||
| 21VIANET GROUP, INC. | ||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
| (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data) | ||||||||||||||||||||
| Three months ended | Six months ended | |||||||||||||||||||
| June 30, 2020 | March 31, 2021 | June 30, 2021 | June 30, 2020 | June 30, 2021 | ||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
| Net revenues | 1,144,061 | 1,386,923 | 1,496,978 | 231,852 | 2,234,858 | 2,883,901 | 446,659 | |||||||||||||
| Cost of revenues | (871,729 | ) | (1,063,611 | ) | (1,137,463 | ) | (176,171 | ) | (1,728,415 | ) | (2,201,074 | ) | (340,903 | ) | ||||||
| Gross profit | 272,332 | 323,312 | 359,515 | 55,681 | 506,443 | 682,827 | 105,756 | |||||||||||||
| Operating expenses | ||||||||||||||||||||
| Sales and marketing | (51,652 | ) | (73,976 | ) | (59,589 | ) | (9,229 | ) | (100,362 | ) | (133,565 | ) | (20,687 | ) | ||||||
| Research and development | (23,665 | ) | (33,565 | ) | (38,296 | ) | (5,931 | ) | (44,649 | ) | (71,861 | ) | (11,130 | ) | ||||||
| General and administrative | (119,494 | ) | (135,246 | ) | (154,243 | ) | (23,889 | ) | (244,696 | ) | (289,489 | ) | (44,836 | ) | ||||||
| Reversal (allowance) for doubtful debt | 1,338 | (393 | ) | (7,527 | ) | (1,166 | ) | (1,183 | ) | (7,920 | ) | (1,227 | ) | |||||||
| Impairment of loan receivable to potential investee | - | - | (2,816 | ) | (436 | ) | - | (2,816 | ) | (436 | ) | |||||||||
| Total operating expenses | (193,473 | ) | (243,180 | ) | (262,471 | ) | (40,651 | ) | (390,890 | ) | (505,651 | ) | (78,316 | ) | ||||||
| Operating profit | 78,859 | 80,132 | 97,044 | 15,030 | 115,553 | 177,176 | 27,440 | |||||||||||||
| Interest income | 11,713 | 5,709 | 8,103 | 1,255 | 21,095 | 13,812 | 2,139 | |||||||||||||
| Interest expense | (102,742 | ) | (84,479 | ) | (87,095 | ) | (13,489 | ) | (205,000 | ) | (171,574 | ) | (26,573 | ) | ||||||
| Other income | 8,197 | 2,172 | 5,263 | 815 | 9,056 | 7,435 | 1,152 | |||||||||||||
| Other expense | (2,158 | ) | (3,422 | ) | (11,872 | ) | (1,839 | ) | (23,991 | ) | (15,294 | ) | (2,369 | ) | ||||||
| Changes in the fair value of convertible promissory notes | (1,612,054 | ) | (8,641 | ) | 424,107 | 65,686 | (1,612,054 | ) | 415,466 | 64,347 | ||||||||||
| Foreign exchange gain (loss) | 275 | (33,846 | ) | 78,026 | 12,085 | (41,472 | ) | 44,180 | 6,843 | |||||||||||
| (Loss) gain before income tax and loss from equity method investments | (1,617,910 | ) | (42,375 | ) | 513,576 | 79,543 | (1,736,813 | ) | 471,201 | 72,979 | ||||||||||
| Income tax expenses | (20,410 | ) | (37,299 | ) | (29,499 | ) | (4,569 | ) | (42,896 | ) | (66,798 | ) | (10,346 | ) | ||||||
| Loss from equity method investments | (10,457 | ) | (1,305 | ) | (23,605 | ) | (3,656 | ) | (6,590 | ) | (24,910 | ) | (3,858 | ) | ||||||
| Net (loss) profit | (1,648,777 | ) | (80,979 | ) | 460,472 | 71,318 | (1,786,299 | ) | 379,493 | 58,775 | ||||||||||
| Net gain attributable to noncontrolling interest | (3,573 | ) | (3,680 | ) | (4,620 | ) | (716 | ) | (4,814 | ) | (8,300 | ) | (1,286 | ) | ||||||
| Net (loss) profit attributable to 21Vianet Group, Inc | (1,652,350 | ) | (84,659 | ) | 455,852 | 70,602 | (1,791,113 | ) | 371,193 | 57,489 | ||||||||||
| Deemed distribution to Series A perpetual convertible preferred shareholders | (470,643 | ) | - | - | - | (470,643 | ) | - | - | |||||||||||
| Net (loss) profit attributable to the Company’s ordinary shareholders | (2,122,993 | ) | (84,659 | ) | 455,852 | 70,602 | (2,261,756 | ) | 371,193 | 57,489 | ||||||||||
| (Loss) profit per share | ||||||||||||||||||||
| Basic | (3.21 | ) | (0.10 | ) | 0.52 | 0.08 | (3.42 | ) | 0.42 | 0.07 | ||||||||||
| Diluted | (3.21 | ) | (0.10 | ) | 0.04 | 0.01 | (3.42 | ) | (0.05 | ) | (0.01 | ) | ||||||||
| Shares used in (loss) profit per share computation | ||||||||||||||||||||
| Basic* | 660,949,226 | 860,540,297 | 869,645,966 | 869,645,966 | 660,543,890 | 863,960,057 | 863,960,057 | |||||||||||||
| Diluted* | 660,949,226 | 860,540,297 | 905,446,557 | 905,446,557 | 660,543,890 | 905,136,178 | 905,136,178 | |||||||||||||
| (Loss) profit per ADS (6 ordinary shares equal to 1 ADS) | ||||||||||||||||||||
| Basic | (19.26 | ) | (0.60 | ) | 3.12 | 0.48 | (20.52 | ) | 2.52 | 0.42 | ||||||||||
| Diluted | (19.26 | ) | (0.60 | ) | 0.24 | 0.06 | (20.52 | ) | (0.30 | ) | (0.06 | ) | ||||||||
| * Shares used in (loss) profit per share/ADS computation were computed under weighted average method. | ||||||||||||||||||||
| 21VIANET GROUP, INC. | ||||||||||||||||||||
| RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS | ||||||||||||||||||||
| (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | ||||||||||||||||||||
| Three months ended | Six months ended | |||||||||||||||||||
| June 30, 2020 | March 31, 2021 | June 30, 2021 | June 30, 2020 | June 30, 2021 | ||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
| Gross profit | 272,332 | 323,312 | 359,515 | 55,681 | 506,443 | 682,827 | 105,756 | |||||||||||||
| Plus: depreciation and amortization | 194,651 | 277,851 | 277,288 | 42,946 | 377,207 | 555,139 | 85,980 | |||||||||||||
| Plus: share-based compensation expenses | 569 | 4,126 | 3,444 | 533 | 1,029 | 7,570 | 1,172 | |||||||||||||
| Adjusted cash gross profit | 467,552 | 605,289 | 640,247 | 99,160 | 884,679 | 1,245,536 | 192,908 | |||||||||||||
| Adjusted cash gross margin | 40.9 | % | 43.6 | % | 42.8 | % | 42.8 | % | 39.6 | % | 43.2 | % | 43.2 | % | ||||||
| Operating expenses | (193,473 | ) | (243,180 | ) | (262,471 | ) | (40,651 | ) | (390,890 | ) | (505,651 | ) | (78,316 | ) | ||||||
| Plus: share-based compensation expenses | 11,005 | 30,729 | 24,063 | 3,727 | 30,633 | 54,792 | 8,486 | |||||||||||||
| Plus: impairment of loan receivable to potential investee | - | - | 2,816 | 436 | - | 2,816 | 436 | |||||||||||||
| Adjusted operating expenses | (182,468 | ) | (212,451 | ) | (235,592 | ) | (36,488 | ) | (360,257 | ) | (448,043 | ) | (69,394 | ) | ||||||
| Operating profit | 78,859 | 80,132 | 97,044 | 15,030 | 115,553 | 177,176 | 27,440 | |||||||||||||
| Plus: depreciation and amortization | 215,981 | 300,105 | 297,738 | 46,114 | 418,588 | 597,843 | 92,594 | |||||||||||||
| Plus: share-based compensation expenses | 11,574 | 34,855 | 27,507 | 4,260 | 31,662 | 62,362 | 9,659 | |||||||||||||
| Plus: impairment of loan receivable to potential investee | - | - | 2,816 | 436 | - | 2,816 | 436 | |||||||||||||
| Adjusted EBITDA | 306,414 | 415,092 | 425,105 | 65,840 | 565,803 | 840,197 | 130,129 | |||||||||||||
| Adjusted EBITDA margin | 26.8 | % | 29.9 | % | 28.4 | % | 28.4 | % | 25.3 | % | 29.1 | % | 29.1 | % | ||||||
| 21VIANET GROUP, INC. | |||||||||||
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||||||
| (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | |||||||||||
| Three months ended | |||||||||||
| June 30, 2020 | March 31, 2021 | June 30, 2021 | |||||||||
| RMB | RMB | RMB | US$ | ||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
| Net (loss) profit | (1,648,777 | ) | (80,979 | ) | 460,472 | 71,318 | |||||
| Adjustments to reconcile net (loss) profit to net cash generated from operating activities: | |||||||||||
| Depreciation and amortization | 215,981 | 300,105 | 297,738 | 46,114 | |||||||
| Stock-based compensation expenses | 11,574 | 34,855 | 27,507 | 4,260 | |||||||
| Others | 1,776,114 | 186,399 | (344,711 | ) | (53,389 | ) | |||||
| Changes in operating assets and liabilities | |||||||||||
| Accounts and notes receivable | (79,036 | ) | (203,432 | ) | (198,696 | ) | (30,774 | ) | |||
| Prepaid expenses and other current assets | (126,703 | ) | (195,171 | ) | 324,091 | 50,195 | |||||
| Accounts and notes payable | (37,021 | ) | 108,832 | 34,035 | 5,271 | ||||||
| Accrued expenses and other payables | 41,951 | 123,047 | (1,761 | ) | (273 | ) | |||||
| Deferred revenue | (18,731 | ) | (4,162 | ) | 4,228 | 655 | |||||
| Advances from customers | 29,340 | 119,045 | (180,551 | ) | (27,964 | ) | |||||
| Others | (2,905 | ) | (114,086 | ) | (107,546 | ) | (16,657 | ) | |||
| Net cash generated from operating activities | 161,787 | 274,453 | 314,806 | 48,756 | |||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
| Purchases of property and equipment | (478,231 | ) | (675,486 | ) | (430,071 | ) | (66,610 | ) | |||
| Purchases of intangible assets | (15,707 | ) | (7,522 | ) | (17,672 | ) | (2,737 | ) | |||
| Proceeds from investments | 68,989 | 61,432 | 139,711 | 21,638 | |||||||
| Proceeds from (payments for) other investing activities | 9,484 | 761 | (214,308 | ) | (33,192 | ) | |||||
| Net cash used in investing activities | (415,465 | ) | (620,815 | ) | (522,340 | ) | (80,901 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
| Proceeds from bank borrowings | 219,978 | 718,636 | 33,623 | 5,208 | |||||||
| Repayments of bank borrowings | (16,000 | ) | (34,000 | ) | (30,300 | ) | (4,693 | ) | |||
| Payments for finance lease | (73,165 | ) | (110,480 | ) | (241,709 | ) | (37,436 | ) | |||
| Proceed from issuance of convertible promissory notes | 509,577 | 3,797,090 | - | - | |||||||
| Proceed from Series A perpetual convertible preferred shares | 1,058,325 | - | - | - | |||||||
| Payment for shares repurchase | - | - | (1,701,807 | ) | (263,576 | ) | |||||
| Proceeds from (payments for) other financing activities | 107,796 | (29,387 | ) | 52,418 | 8,120 | ||||||
| Net cash generated from (used in) financing activities | 1,806,511 | 4,341,859 | (1,887,775 | ) | (292,377 | ) | |||||
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 10,778 | 65,770 | (60,905 | ) | (9,433 | ) | |||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 1,563,610 | 4,061,267 | (2,156,214 | ) | (333,955 | ) | |||||
| Cash, cash equivalents and restricted cash at beginning of period | 3,258,757 | 3,116,437 | 7,177,704 | 1,111,685 | |||||||
| Cash, cash equivalents and restricted cash at end of period | 4,822,367 | 7,177,704 | 5,021,490 | 777,730 | |||||||
FAQ
What were 21Vianet's net revenues for Q2 2021?
How much did 21Vianet's adjusted EBITDA increase in Q2 2021?
What is 21Vianet's financial outlook for Q3 2021?
What net profit did 21Vianet achieve in Q2 2021?
How did 21Vianet's total operating expenses change in Q2 2021?
