Chindata Group Reports Fourth Quarter and Full Year 2020 Unaudited Financial Results
Fourth quarter and Full Year Financial and Operating Highlights
- Customer diversification further expanded. The Company received over 45 IT MW of newly contracted and indication of interest (“IOI”) orders from top global cloud companies in the fourth quarter of 2020.
- Regional expansion in progress. The Company received over 40 IT MW of IOI orders and 26.35 IT MW of newly contracted orders for its
Southeast Asia facilities from anchor tenants in the fourth quarter of 2020, further validating its next-generation hyperscale model. - Financial performance excelled. The Company achieved strong growth momentum and industry-leading profitability in this quarter. Total revenues and adjusted EBITDA for 2020 exceeded the Company’s previous guidance range. Full-year revenues increased by 114.7% year-on-year to
RMB1.8 billion (USD275.7 million ). Full-year adjusted EBITDA increased by 186.4% year over year toRMB852.2 million (USD130.6 million ). Adjusted net income in the fourth quarter was positive for the sixth consecutive quarter.
BEIJING,
Management Quote
Mr.
Along with our rapid business growth in 2020, we have also improved our percentage of renewable energy usage to approximately 51%, which is a 14% increase compared to 37% in 2019. This improvement has made
Extending our three core corporate capabilities, we established three subgroups, namely Chindustry, Chinpower, and Chinidea, in the fourth quarter of 2020. We expect this move to further strengthen Chindata’s cost and technical advantages, while allowing us to better serve digital leaders and provide the industry with next-generation computing infrastructure solutions with greater diversification and better cost-efficiency.
In 2021, we will remain focused on capability building to lead the industry toward the universal objective on carbon neutrality and to promote the high-quality development of green digital community.”
Mr.
Business Highlights
Asset Overview
The Company delivered two new data centers in the fourth quarter of 2020, which grew the Company’s total in-service capacity by 43 IT MW quarter over quarter to 291 IT MW, with 92% of such capacity being contracted or having received IOI orders. By the end of the fourth quarter of 2020, the Company had a total of 198 IT MW capacity under construction, with 81% of such capacity being contracted or having received IOI orders.
Sales Momentum
The Company continued to achieve positive results in various regions. In
In
Establishment of Three Business Subgroups
In the fourth quarter of 2020, the Company established three subgroups: Chindustry, Chinpower, and Chinidea.
Chindustry
Chindustry maintains an in-house team with comprehensive design, construction, and project management capabilities. The team is transforming its unique full-stack greenfield development capabilities for next-generation hyperscale datacenters into future-oriented digital infrastructure service capability so as to better serve digital leaders and other customers, and is striving to become a leading development and construction partner for digital infrastructure.
Chinpower
Chinpower is committed to bringing
Chinpower has signed a total capacity of 1,300MW of wind and solar power development agreements in China’s
Chinpower is also dedicated to the construction and development of highly reliable and scalable power solution. As of
Chinidea
The construction of the Chinidea high-end equipment manufacturing campus was launched in the fourth quarter of 2020. It is expected to be China’s first intelligent equipment manufacturing plant in the data center industry. Going forward, Chinidea is dedicated to pursuing improved independence for critical technologies in the computing infrastructure, to promote the white-labeling of key digital infrastructure equipment, and to constantly deliver products with greater efficiency, higher quality and better cost-efficiency.
ESG
As a pioneer in green and sustainable development, the Company achieved several positive milestones in clean energy usage during the fourth quarter and full year of 2020, including becoming:
China's first data center company with announced power usage exceeding 1 billion kWh;China's first data center company with more than 50% clean energy in its procured power capacity;China's first Internet technology company to formulate a detailed roadmap for carbon neutrality.
Fourth Quarter 2020 Financial Results Summary
TOTAL REVENUES
Total revenues in the fourth quarter of 2020 increased by 59.2% to
COST OF REVENUE
In line with the Company’s revenue growth, total cost of revenues in the fourth quarter of 2020 increased by 40.5% to
GROSS PROFIT
Gross profit in the fourth quarter of 2020 increased by 97.2% to
OPERATING EXPENSES
Total operating expenses in the fourth quarter of 2020 increased by 81.8% to
- Selling and marketing expenses in the fourth quarter of 2020 increased by 91.5% to
RMB27.6 million (US$4.2 million ) fromRMB14.4 million in the same period of 2019, primarily due to more marketing activities and share-based compensation expenses as the Company continued to expand its business.
- General and administrative expenses in the fourth quarter of 2020 increased by 93.3% to
RMB121.0 million (US$18.5 million ) fromRMB62.6 million in the same period of 2019, primarily due to higher share-based compensation expenses.
- Research and development expenses in the fourth quarter of 2020 increased by 9.1% to
RMB12.9 million (US$2.0 million ) fromRMB11.8 million in the same period of 2019, primarily due to higher personnel costs as the Company continued to invest in its research and development initiatives to further enhance its service offerings.
OPERATING INCOME
As a result of the foregoing, operating income in the fourth quarter of 2020 increased by 150.0% to
NET LOSS
Net loss in the fourth quarter of 2020 was
NET LOSS PER ADS
Basic and diluted net loss per American Depositary Share ("ADS") in the fourth quarter of 2020 were
ADJUSTED EBITDA
Adjusted EBITDA in the fourth quarter of 2020 increased by 72.0% to
Adjusted EBITDA margin in the fourth quarter of 2020 was 43.3%, compared with 40.1% in the same period of 2019 and 48.8% in the third quarter of 2020.
ADJUSTED NET INCOME
Adjusted net income was
BALANCE SHEET
As of
Full Year 2020 Financial Results Summary
TOTAL REVENUES
Total revenues in fiscal year 2020 increased by 114.7% to
COST OF REVENUE
In line with the Company’s revenue growth, total cost of revenues in fiscal year 2020 increased by 80.0% to
GROSS PROFIT
Gross profit in fiscal year 2020 increased by 201.8% to
OPERATING EXPENSES
Total operating expenses in fiscal year 2020 increased by 131.1% to
- Selling and marketing expenses in fiscal year 2020 increased by 108.6% to
RMB99.1 million (US$15.2 million ) fromRMB47.5 million in fiscal year 2019, primarily due to more marketing activities and share-based compensation expenses as the Company continued to expand its business.
- General and administrative expenses in fiscal year 2020 increased by 142.4% to
RMB564.3 million (US$86.5 million ) fromRMB232.8 million in fiscal year 2019. This increase was mainly driven by higher share-based compensation expenses during the year and one-off management consulting services fee incurred in the third quarter.
- Research and development expenses in fiscal year 2020 increased by 68.0% to
RMB41.2 million (US$6.3 million ) fromRMB24.5 million in fiscal year 2019, mostly due to higher personnel costs as the Company continued to invest in its research and development initiatives to further enhance its service offerings.
OPERATING INCOME
Operating income in fiscal year 2020 was
NET LOSS
Net loss in fiscal year 2020 was
NET LOSS PER ADS
Basic and diluted net loss per ADS in fiscal year 2020 were
ADJUSTED EBITDA
Adjusted EBITDA in fiscal year 2020 increased by 186.4% to
ADJUSTED NET INCOME
Adjusted net income was
2021 Business Outlook
TOTAL REVENUES
RMB 2,700 million –RMB 2,780 million , representing a 47.5-51.8% increase from the same period of 2020.
ADJUSTED EBITDA
RMB 1,280 million –RMB 1,330 million , representing a 50.2-56.1% increase from the same period of 2020.
These forecasts reflect the Company’s current and preliminary views on the market and operational conditions, which are subject to change.
Conference Call Information
The Company will hold a conference call on
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: | 8773029 |
Registration Link: | http://apac.directeventreg.com/registration/event/8773029 |
The replay will be accessible through
United States Toll Free: | +1-855-452-5696 |
International: | +61-2-8199-0299 |
Mainland |
4006-322162 |
800-963117 | |
Conference ID: | 8773029 |
A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://investor.chindatagroup.com/.
Investor Presentation and Supplemental Financial Information
The Company has made available on its website a presentation designed to accompany the discussion of
About
Use of Non-GAAP Financial Measures
To supplement Chindata Group’s consolidated financial results presented in accordance with
The Company believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating its operating results as they do not include all items that impact its net loss or income for the period, and are presented to enhance investors’ overall understanding of the Company’s financial performance. A limitation of using the non-GAAP financial measure is that the non-GAAP measure exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. The non-GAAP financial measure presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.
Exchange Rate Information
Unless otherwise stated, all translations from Renminbi into
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the
For Enquiries, Please Contact:
Ms.
Zhuo.zhang@chindatagroup.com
Ms.
xiaolin.zhao@chindatagroup.com
Chindata IR Team
ir@chindatagroup.com
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
As of 2019 |
As of |
|||||||||||
RMB | RMB | US$ | ||||||||||
ASSETS | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | 1,038,897 | 6,705,612 | 1,027,680 | |||||||||
Restricted cash | 14,365 | 102,598 | 15,724 | |||||||||
Accounts receivable, net | 304,695 | 422,224 | 64,709 | |||||||||
Value added taxes recoverable | 80,715 | 182,982 | 28,043 | |||||||||
Prepayments and other current assets | 134,459 | 176,560 | 27,057 | |||||||||
Total current assets | 1,573,131 | 7,589,976 | 1,163,213 | |||||||||
Non-current assets | ||||||||||||
Property and equipment, net | 4,404,587 | 6,423,830 | 984,495 | |||||||||
Operating lease right-of-use assets | 430,288 | 635,683 | 97,423 | |||||||||
Finance lease right-of-use assets | 155,347 | 144,615 | 22,163 | |||||||||
827,069 | 793,182 | 121,560 | ||||||||||
Restricted cash | 66,578 | 103,253 | 15,824 | |||||||||
Value added taxes recoverable | 247,851 | 357,125 | 54,732 | |||||||||
Other non-current assets | 66,332 | 211,934 | 32,480 | |||||||||
Total non-current assets | 6,198,052 | 8,669,622 | 1,328,677 | |||||||||
Total assets | 7,771,183 | 16,259,598 | 2,491,890 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Current liabilities | ||||||||||||
Short-term bank loans and current portion of long-term bank loans | 63,347 | 296,913 | 45,504 | |||||||||
Accounts payable | 959,372 | 1,186,030 | 181,767 | |||||||||
Current portion of operating lease liabilities | 37,767 | 40,131 | 6,150 | |||||||||
Current portion of finance lease liabilities | 5,485 | 4,906 | 752 | |||||||||
Accrued expenses and other current liabilities | 200,808 | 304,960 | 46,737 | |||||||||
Total current liabilities | 1,266,779 | 1,832,940 | 280,910 | |||||||||
Non-current liabilities | ||||||||||||
Long-term bank loans | 2,692,154 | 3,892,120 | 596,493 | |||||||||
Operating lease liabilities | 217,523 | 204,305 | 31,311 | |||||||||
Finance lease liabilities | 61,161 | 59,986 | 9,193 | |||||||||
Other non-current liabilities | 296,393 | 530,779 | 81,345 | |||||||||
Total non-current liabilities | 3,267,231 | 4,687,190 | 718,342 | |||||||||
Total liabilities | 4,534,010 | 6,520,130 | 999,252 | |||||||||
Shareholders’ equity: | ||||||||||||
Ordinary shares | 34 | 46 | 7 | |||||||||
Additional paid-in capital | 3,512,291 | 10,510,516 | 1,610,807 | |||||||||
Statutory reserves | 13,908 | 82,792 | 12,688 | |||||||||
Accumulated other comprehensive income (loss) | 40,011 | (172,586 | ) | (26,450 | ) | |||||||
Accumulated deficit | (329,071 | ) | (681,300 | ) | (104,414 | ) | ||||||
Total shareholders’ equity | 3,237,173 | 9,739,468 | 1,492,638 | |||||||||
Total liabilities and shareholders’ equity | 7,771,183 | 16,259,598 | 2,491,890 | |||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
For the three months ended | For the year ended | |||||||||||||||||||||||||||||||
2019 |
2020 |
2020 |
2019 |
2019 (Pro forma(1)) |
2020 |
|||||||||||||||||||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | RMB | US$ | |||||||||||||||||||||||||
Revenue | 347,385 | 467,484 | 552,989 | 84,749 | 853,010 | 1,098,383 | 1,831,077 | 280,625 | ||||||||||||||||||||||||
Cost of revenue | (232,716 | ) | (277,157 | ) | (326,874 | ) | (50,096 | ) | (610,221 | ) | (749,034 | ) | (1,098,296 | ) | (168,321 | ) | ||||||||||||||||
Gross profit | 114,669 | 190,327 | 226,115 | 34,653 | 242,789 | 349,349 | 732,781 | 112,304 | ||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||
Selling and marketing expenses | (14,414 | ) | (34,475 | ) | (27,601 | ) | (4,230 | ) | (47,496 | ) | (62,816 | ) | (99,092 | ) | (15,187 | ) | ||||||||||||||||
General and administrative expenses | (62,588 | ) | (259,679 | ) | (120,954 | ) | (18,537 | ) | (232,837 | ) | (238,828 | ) | (564,286 | ) | (86,481 | ) | ||||||||||||||||
Research and development expenses | (11,789 | ) | (12,513 | ) | (12,864 | ) | (1,971 | ) | (24,510 | ) | (32,817 | ) | (41,175 | ) | (6,310 | ) | ||||||||||||||||
Total operating expenses | (88,791 | ) | (306,667 | ) | (161,419 | ) | (24,738 | ) | (304,843 | ) | (334,461 | ) | (704,553 | ) | (107,978 | ) | ||||||||||||||||
Operating income (loss) | 25,878 | (116,340 | ) | 64,696 | 9,915 | (62,054 | ) | 14,888 | 28,228 | 4,326 | ||||||||||||||||||||||
Interest income | 3,271 | 6,280 | 17,317 | 2,654 | 7,161 | 8,491 | 27,616 | 4,232 | ||||||||||||||||||||||||
Interest expense | (52,354 | ) | (60,915 | ) | (59,841 | ) | (9,171 | ) | (102,290 | ) | (124,111 | ) | (238,384 | ) | (36,534 | ) | ||||||||||||||||
Foreign exchange loss | (349 | ) | (1,293 | ) | (3,036 | ) | (465 | ) | (2,438 | ) | (2,438 | ) | (3,548 | ) | (544 | ) | ||||||||||||||||
Changes in fair value of financial instruments | (7,926 | ) | (9,965 | ) | (4,218 | ) | (646 | ) | (11,189 | ) | (11,189 | ) | (12,717 | ) | (1,949 | ) | ||||||||||||||||
Others, net | 1,996 | 1,894 | (19,968 | ) | (3,060 | ) | (633 | ) | (283 | ) | (17,201 | ) | (2,636 | ) | ||||||||||||||||||
Loss before income taxes | (29,484 | ) | (180,339 | ) | (5,050 | ) | (773 | ) | (171,443 | ) | (114,642 | ) | (216,006 | ) | (33,105 | ) | ||||||||||||||||
Income tax benefit (expense) | 356 | (16,454 | ) | (22,071 | ) | (3,383 | ) | 1,742 | (18,287 | ) | (67,339 | ) | (10,320 | ) | ||||||||||||||||||
Net loss | (29,128 | ) | (196,793 | ) | (27,121 | ) | (4,156 | ) | (169,701 | ) | (132,929 | ) | (283,345 | ) | (43,425 | ) | ||||||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | — | 4,742 | 8,816 | — | — | ||||||||||||||||||||||||
Net loss attributable to |
(29,128 | ) | (196,793 | ) | (27,121 | ) | (4,156 | ) | (174,443 | ) | (141,745 | ) | (283,345 | ) | (43,425 | ) | ||||||||||||||||
Net loss per share: | ||||||||||||||||||||||||||||||||
Basic and diluted | (0.05 | ) | (0.33 | ) | (0.04 | ) | (0.01 | ) | (0.44 | ) | (0.46 | ) | (0.07 | ) | ||||||||||||||||||
Other comprehensive income (loss), net of tax of nil: | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustments |
33,123 | 2,363 | (173,959 | ) | (26,660 | ) | 21,967 | (212,597 | ) | (32,582 | ) | |||||||||||||||||||||
Comprehensive income (loss) | 3,995 | (194,430 | ) | (201,080 | ) | (30,816 | ) | (147,734 | ) | (495,942 | ) | (76,007 | ) | |||||||||||||||||||
Less: Comprehensive income attributable to non-controlling interests | — | — | — | — | 4,742 | — | — | |||||||||||||||||||||||||
Comprehensive income (loss) attributable to |
3,995 | (194,430 | ) | (201,080 | ) | (30,816 | ) | (152,476 | ) | (495,942 | ) | (76,007 | ) |
Note: | |
(1) | Pro forma is defined as the presentation basis to reflect the combined results of operations of the Group and |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
For the three months ended | For the year ended | |||||||||||||||||||||||||||
2019 |
2020 |
2020 |
2019 |
2020 |
||||||||||||||||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||||||||||
Net loss | (29,128 | ) | (196,793 | ) | (27,121 | ) | (4,156 | ) | (169,701 | ) | (283,345 | ) | (43,425 | ) | ||||||||||||||
Depreciation and amortization | 88,797 | 102,319 | 116,951 | 17,924 | 241,175 | 410,694 | 62,942 | |||||||||||||||||||||
Share-based compensation | 17,884 | 173,512 | 75,010 | 11,496 | 63,746 | 349,846 | 53,616 | |||||||||||||||||||||
Amortization of debt issuance cost | 5,066 | 12,003 | 8,706 | 1,334 | 10,887 | 33,455 | 5,127 | |||||||||||||||||||||
Others | 14,452 | (8,447 | ) | 32,926 | 5,046 | 22,382 | 24,220 | 3,712 | ||||||||||||||||||||
Changes in operating assets and liabilities | (141,466 | ) | 55,887 | 11,620 | 1,781 | (128,322 | ) | 130,040 | 19,930 | |||||||||||||||||||
Net cash (used in) generated from operating activities | (44,395 | ) | 138,481 | 218,092 | 33,425 | 40,167 | 664,910 | 101,902 | ||||||||||||||||||||
Purchases of property and equipment and intangible assets | (742,040 | ) | (804,889 | ) | (818,637 | ) | (125,462 | ) | (1,611,253 | ) | (2,424,647 | ) | (371,593 | ) | ||||||||||||||
Purchase of land use rights | (6,635 | ) | (160,879 | ) | (93,272 | ) | (14,295 | ) | (30,346 | ) | (287,630 | ) | (44,081 | ) | ||||||||||||||
Cash paid for equity investment and business combination, net of cash acquired | — | — | (56,992 | ) | (8,734 | ) | (1,879,040 | ) | (56,992 | ) | (8,734 | ) | ||||||||||||||||
Net cash used in investing activities | (748,675 | ) | (965,768 | ) | (968,901 | ) | (148,491 | ) | (3,520,639 | ) | (2,769,269 | ) | (424,408 | ) | ||||||||||||||
Net proceeds from financing activities | 983,384 | 2,498,256 | 4,399,707 | 674,285 | 4,456,328 | 8,188,802 | 1,254,989 | |||||||||||||||||||||
Net cash generated from financing activities | 983,384 | 2,498,256 | 4,399,707 | 674,285 | 4,456,328 | 8,188,802 | 1,254,989 | |||||||||||||||||||||
Exchange rate effect on cash, cash equivalents and restricted cash | 24,612 | (60,708 | ) | (235,101 | ) | (36,032 | ) | (719 | ) | (292,820 | ) | (44,878 | ) | |||||||||||||||
Net increase in cash, cash equivalents and restricted cash | 214,926 | 1,610,261 | 3,413,797 | 523,187 | 975,137 | 5,791,623 | 887,605 | |||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period/year | 904,914 | 1,887,405 | 3,497,666 | 536,041 | 144,703 | 1,119,840 | 171,623 | |||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period/year | 1,119,840 | 3,497,666 | 6,911,463 | 1,059,228 | 1,119,840 | 6,911,463 | 1,059,228 | |||||||||||||||||||||
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for percentage data)
For the three months ended | For the year ended | |||||||||||||||||||||||||||||||
2019 |
2020 |
2020 |
2019 |
2019 (Pro forma) |
2020 |
|||||||||||||||||||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | RMB | US$ | |||||||||||||||||||||||||
Net loss | (29,128 | ) | (196,793 | ) | (27,121 | ) | (4,156 | ) | (169,701 | ) | (132,929 | ) | (283,345 | ) | (43,425 | ) | ||||||||||||||||
Add: Depreciation and amortization(1) | 89,820 | 103,342 | 118,880 | 18,219 | 243,653 | 284,656 | 415,692 | 63,708 | ||||||||||||||||||||||||
Add: Net interest expense | 49,083 | 54,635 | 42,524 | 6,517 | 95,129 | 115,620 | 210,768 | 32,302 | ||||||||||||||||||||||||
Add: Income tax (benefit) expenses | (356 | ) | 16,454 | 22,071 | 3,383 | (1,742 | ) | 18,287 | 67,339 | 10,320 | ||||||||||||||||||||||
Add: Share-based compensation | 17,884 | 173,512 | 75,010 | 11,496 | 63,746 | 63,746 | 349,846 | 53,616 | ||||||||||||||||||||||||
Add: Expenses related to the Reorganization(2) | — | — | — | — | 36,312 | 24,019 | — | — | ||||||||||||||||||||||||
Add: Management consulting services fee | 3,020 | 64,862 | — | — | 15,228 | 15,228 | 72,757 | 11,150 | ||||||||||||||||||||||||
Add: Changes in fair value of financial instruments | 7,926 | 9,965 | 4,218 | 646 | 11,189 | 11,189 | 12,717 | 1,949 | ||||||||||||||||||||||||
Add: Foreign exchange loss | 349 | 1,293 | 3,036 | 465 | 2,438 | 2,438 | 3,548 | 544 | ||||||||||||||||||||||||
Add: Non-cash operating lease cost relating to prepaid land use rights | 615 | 721 | 779 | 119 | 1,249 | 1,740 | 2,860 | 438 | ||||||||||||||||||||||||
Adjusted EBITDA | 139,213 | 227,991 | 239,397 | 36,689 | 297,501 | 403,994 | 852,182 | 130,602 | ||||||||||||||||||||||||
Adjusted EBITDA margin | 40.1 | % | 48.8 | % | 43.3 | % | 43.3 | % | 34.9 | % | 36.8 | % | 46.5 | % | 46.5 | % |
Note: | |
(1) | Before the deduction of government grants. |
(2) | Expenses related to the Reorganization are non-recurring expenses related to the transactions in the Reorganization. |
For the three months ended | For the year ended | |||||||||||||||||||||||||||||||
2019 |
2020 |
2020 |
2019 |
2019 (Pro forma) |
2020 |
|||||||||||||||||||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | RMB | US$ | |||||||||||||||||||||||||
Net loss | (29,128 | ) | (196,793 | ) | (27,121 | ) | (4,156 | ) | (169,701 | ) | (132,929 | ) | (283,345 | ) | (43,425 | ) | ||||||||||||||||
Add: Depreciation and amortization of fixed assets and intangible assets resulting from business combination | 12,450 | 12,336 | 12,322 | 1,888 | 38,311 | 49,647 | 49,424 | 7,575 | ||||||||||||||||||||||||
Add: Share-based compensation | 17,884 | 173,512 | 75,010 | 11,496 | 63,746 | 63,746 | 349,846 | 53,616 | ||||||||||||||||||||||||
Add: Expenses related to the Reorganization | — | — | — | — | 36,312 | 24,019 | — | — | ||||||||||||||||||||||||
Add: Management consulting services fee | 3,020 | 64,862 | — | — | 15,228 | 15,228 | 72,757 | 11,150 | ||||||||||||||||||||||||
Add: Tax effects on non-GAAP adjustments(1) | (2,875 | ) | (5,681 | ) | (2,231 | ) | (342 | ) | (9,384 | ) | (7,684 | ) | (13,832 | ) | (2,120 | ) | ||||||||||||||||
Adjusted Net Income (loss) | 1,351 | 48,236 | 57,980 | 8,886 | (25,488 | ) | 12,027 | 174,850 | 26,796 | |||||||||||||||||||||||
Adjusted Net Income (loss) margin | 0.4 | % | 10.3 | % | 10.5 | % | 10.5 | % | (3.0 | %) | 1.1 | % | 9.5 | % | 9.5 | % |
Note: | |
(1) | Tax effects on non-GAAP adjustments primarily comprised of tax effects relating to depreciation and amortization of fixed assets and intangible assets resulting from business combination, expenses related to the reorganization, and management consulting services fee. |
Chindata Group Holdings Limited