Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2020

Commission File Number: 001-39556

 

 

Chindata Group Holdings Limited

 

 

No. 47 Laiguangying East Road,

Chaoyang District, Beijing, 100012

The People’s Republic of China

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒            Form 40-F  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

 

 

 


EXHIBITS

 

99.1    Press release — Chindata Group Holdings Limited Reports Third Quarter 2020 Results


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Chindata Group Holdings Limited
By:  

/s/ Jing Ju

  Name:   Jing Ju
  Title:   Director and Chief Executive Officer

Date: November 18, 2020


Exhibit Index

 

Exhibit

    No.    

   Description
Exhibit 99.1    Press Release
EX-99.1

Exhibit 99.1

Chindata Group Reports Third Quarter 2020 Unaudited Financial Results

BEIJING, China, November 19, 2020 Beijing Time — Chindata Group Holdings Limited (“Chindata Group” or the “Company”) (Nasdaq: CD), a leading carrier-neutral hyperscale data center solution provider in Asia-Pacific emerging markets, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Financial and Operating Highlights

 

   

Total revenues increased by 64.5% to RMB467.5 million (US$68.9 million) from RMB284.1 million in the same period of 2019.

 

   

Net loss was RMB173.7 million (US$25.6 million), compared to RMB45.7 million in the same period of 2019.

 

   

Adjusted EBITDA increased by 143.3% to RMB228.0 million (US$33.6 million) from RMB93.7 million in the same period of 2019. Adjusted EBITDA margin expanded to 48.8%, compared to 33.0% in the same period of 2019.

 

   

As of September 30, 2020, total data center IT capacity in service had increased to 248MW from 196MW as of June 30, 2020.

 

   

As of September 30, 2020, total data center IT capacity under construction was 226MW.

Mr. Jing Ju, Chief Executive Officer and the founder of Chindata Group, commented, “In the third quarter of 2020, we maintained our commitment towards helping leading enterprises manage their core assets and focused on providing our clients with key tasks solutions as well as developing our own core capabilities. As such, we were able to not only sustain a high growth trajectory for our hyperscale data center business, but also meet global digital industry leaders’ needs for data center capacity expansion in emerging markets in a speedy manner.”

“During the quarter, we delivered strong financial results as our total revenue grew by 11.8% quarter over quarter to RMB467.5, thus demonstrating our strong execution capability and firm commitment to our ‘Customer First’ business philosophy.” Mr. Dongning Wang, Chief Financial Officer of Chindata Group, commented, “As we continuously enhance our full-stack service capabilities along the industry value chain, we should be able to further improve our company-wide operational efficiency. We also foresee strong demands for our customized hyperscale solutions for the rest of 2020 and beyond.”

Third quarter 2020 Financial Results

TOTAL REVENUES

Total revenues in the third quarter of 2020 increased by 64.5% to RMB467.5 million (US$68.9 million) from RMB284.1 million in the same period of 2019, primarily driven by the robust growth of the Company’s colocation services in the period.

 

1


COST OF REVENUES

In line with the Company’s revenue growth, total cost of revenues in the third quarter of 2020 increased by 37.2% to RMB277.2 million (US$40.8 million) from RMB201.9 million in the same period of 2019, mainly driven by the increases in utility costs and depreciation and amortization expenses.

GROSS PROFIT

Gross profit in the third quarter of 2020 increased by 131.6% to RMB190.3 million (US$28.0 million) from RMB82.2 million in the same period of 2019. Gross margin in the third quarter of 2020 expanded to 40.7% from 28.9% in the same period of 2019.

OPERATING EXPENSES

Total operating expenses in the third quarter of 2020 increased by 159.1% to RMB283.6 million (US$41.8 million) from RMB109.4 million in the same period of 2019.

 

   

Selling and marketing expenses in the third quarter of 2020 increased by 107.7% to RMB34.5 million (US$5.1 million) from RMB16.6 million in the same period of 2019, primarily due to more marketing activities and higher personnel costs as the Company continued to expand its business.

 

   

General and administrative expenses in the third quarter of 2020 increased by 186.6% to RMB236.6 million (US$34.8 million) from RMB82.5 million in the same period of 2019. This increase was mainly driven by (i) higher share-based compensation expenses, which increased to RMB121.3 million (US$17.9 million) in the third quarter of 2020 from RMB45.9 million in the same period of 2019; and (ii) a one-off management consulting services fee, incurred in connection of the initial public offering, in the amount of RMB61.0 million.

 

   

Research and development expenses in the third quarter of 2020 increased by 21.3% to RMB12.5 million (US$1.8 million) from RMB10.3 million in the same period of 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 LOSS

Operating loss in the third quarter of 2020 was RMB93.2 million (US$13.7 million), compared to RMB27.3 million in the same period of 2019.

ADJUSTED EBITDA

Adjusted EBITDA in the third quarter of 2020 increased by 143.3% to RMB228.0 million (US$33.6 million) from RMB93.7 million in the same period of 2019. Adjusted EBITDA is defined as net loss excluding depreciation and amortization, interest income and expenses, income tax (benefits) expenses, share-based compensation, expense related to the reorganization, management consulting service fee, change in fair value of financial instruments, foreign exchange (gain) loss and non-cash operating lease cost relating to prepaid land use rights. Adjusted EBITDA margin in the third quarter of 2020 was 48.8%, compared to 33.0% in the same period of 2019.

 

2


NET LOSS

Net loss in the third quarter of 2020 was RMB173.7 million (US$25.6 million), compared to RMB45.7 million in the same period of 2019.

NET LOSS PER ADS

Basic and diluted net loss per American Depositary Share (“ADS”) were RMB0.58 (US$0.08). Basic and diluted net loss per share were RMB0.29 (US$0.04). Each ADS represents two of the Company’s Class A ordinary shares.

BALANCE SHEET

As of September 30, 2020, the Company had RMB3.50 billion (US$515.2 million) in cash, cash equivalents and restricted cash, compared to RMB1.12 billion as of December 31, 2019.

RECENT DEVELOPMENT

On October 2, 2020, the Company successfully completed its initial public offering (“IPO”) of 40,000,000 ADSs, each representing two Class A ordinary shares of the Company, at a price of US$13.50 per ADS for a total offering size of US$540 million.

On October 2, 2020, the Company’s underwriters exercised their options to acquire additional 6,000,000 ADSs at the public offering price. On the same day, the Company also closed its private placement of 9,629,630, 5,925,926 and 4,444,444 Class A ordinary shares to Joyful Phoenix Limited, SCEP Master Fund, and Shiying Finance Limited, respectively.

Business Outlook

For full year 2020, the Company expects its total revenues range from RMB1,770 million to RMB1,790 million and adjusted EBITDA to range from RMB830 million to RMB850 million. 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 Thursday, November 19, 2020, at 7:30 A.M. Eastern Time (or 8:30 P.M. Beijing Time on the same day) 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:    4252618
Registration Link:    http://apac.directeventreg.com/registration/event/4252618

 

3


The replay will be accessible through November 27, 2020, by dialing the following numbers:

 

United States Toll Free:

   +1-855-452-5696

International:

   +61-2-8199-0299

Conference ID:

   4252618

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/.

About Chindata Group

Chindata Group is a leading carrier-neutral hyperscale data center solution provider in Asia-Pacific emerging markets and a first mover in building next-generation hyperscale data centers in China, India and Southeast Asia markets, focusing on the whole life cycle of facility planning, investment, design, construction and operation of ecosystem infrastructure in the IT industry. Chindata Group provides its clients with business solutions in major countries and regions in Asia-Pacific emerging markets, including asset-heavy ecosystem chain services such as industrial bases, data centers, network and IT value-added services.

Chindata Group operates two sub-brands: “Chindata” and “Bridge Data Centres”. Chindata operates hyper-density IT cluster infrastructure in the Greater Beijing Area, the Yangtze River Delta Area and the Greater Bay Area, the three key economic areas in China, and has become the engine of the regional digital economies. Bridge Data Centres, with its top international development and operation talents in the industry, owns fast deployable data center clusters in Malaysia and India, and seeks business opportunities in other Asia-Pacific emerging markets.

Exchange Rate Information

Unless otherwise stated, all translations from Renminbi into U.S. dollars were made at RMB6.7896 to US$1.00, the noon buying rate on September 30, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board. The percentages stated in this press release are calculated based on the RMB amounts.

 

4


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 “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as Chindata Group’s strategic and operational plans, contain forward-looking statements. Chindata Group may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), 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. Statements that are not historical facts, including but not limited to statements about Chindata Group’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: Chindata Group’s goals and strategies; its future business development, financial condition and results of operations; the expected growth and competition of the data center and IT market; its ability to generate sufficient capital or obtain additional capital to meet its future capital needs; its ability to maintain competitive advantages; its ability to keep and strengthen its relationships with major clients and attract new clients; its ability to locate and secure suitable sites for additional data centers on commercially acceptable terms; government policies and regulations relating to Chindata Group’s business or industry; general economic and business conditions in the regions where Chindata Group operates and globally and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Chindata Group’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Chindata Group undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

To supplement Chindata Group’s consolidated financial results presented in accordance with U.S. GAAP, Chindata Group uses adjusted EBITDA and adjusted EBITDA margin as non-GAAP financial measure. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

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.

For Enquiries, Please Contact:

Ms. Joy Zhang

Zhuo.zhang@chindatagroup.com

Ms. Xiaolin Zhao

xiaolin.zhao@chindatagroup.com

 

5


CHINDATA GROUP HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

 

     As of
December 31,
2019
    As of September 30, 2020  
     RMB     RMB     US$  

ASSETS

      

Current assets

      

Cash and cash equivalents

     1,038,897       3,383,027       498,266  

Restricted cash

     14,365       36,794       5,419  

Accounts receivable, net

     304,695       328,524       48,386  

Value added taxes recoverable

     80,715       150,921       22,228  

Prepayments and other current assets

     134,459       202,607       29,841  
  

 

 

   

 

 

   

 

 

 

Total current assets

     1,573,131       4,101,873       604,140  
  

 

 

   

 

 

   

 

 

 

Non-current assets

      

Property and equipment, net

     4,404,587       5,480,468       807,186  

Operating lease right-of-use assets

     430,288       550,540       81,086  

Finance lease right-of-use assets

     155,347       147,843       21,775  

Goodwill and intangible assets, net

     827,069       797,311       117,431  

Restricted cash

     66,578       77,845       11,465  

Value added taxes recoverable

     247,851       311,208       45,836  

Other non-current assets

     66,332       157,041       23,130  
  

 

 

   

 

 

   

 

 

 

Total non-current assets

     6,198,052       7,522,256       1,107,909  
  

 

 

   

 

 

   

 

 

 

Total assets

     7,771,183       11,624,129       1,712,049  
  

 

 

   

 

 

   

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

      

Current liabilities

      

Short-term bank loans and current portion of long-term bank loans

     63,347       134,183       19,763  

Accounts payable

     959,372       817,650       120,427  

Current portion of operating lease liabilities

     37,767       38,284       5,639  

Current portion of finance lease liabilities

     5,485       4,946       728  

Accrued expenses and other current liabilities

     200,808       1,017,178       149,814  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     1,266,779       2,012,241       296,371  
  

 

 

   

 

 

   

 

 

 

Non-current liabilities

      

Long-term bank loans

     2,692,154       3,924,398       578,001  

Operating lease liabilities

     217,523       209,953       30,923  

Finance lease liabilities

     61,161       60,200       8,867  

Other non-current liabilities

     296,393       428,551       63,119  
  

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     3,267,231       4,623,102       680,910  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     4,534,010       6,635,343       977,281  
  

 

 

   

 

 

   

 

 

 

Shareholders’ equity:

      

Ordinary shares

     34       38       6  

Additional paid-in capital

     3,512,291       5,535,666       815,315  

Statutory reserves

     13,908       13,908       2,048  

Accumulated other comprehensive income

     40,011       1,373       202  

Accumulated deficit

     (329,071     (562,199     (82,803
  

 

 

   

 

 

   

 

 

 

Total shareholders’ equity

     3,237,173       4,988,786       734,768  
  

 

 

   

 

 

   

 

 

 

Total liabilities and shareholders’ equity

     7,771,183       11,624,129       1,712,049  
  

 

 

   

 

 

   

 

 

 


CHINDATA GROUP HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

 

     For the three months ended     For the nine months ended  
     September 30,
2019
    June 30, 2020     September 30, 2020     September 30,
2019
    September 30, 2020  
     RMB     RMB     RMB     US$     RMB     RMB     US$  

Revenue

     284,136     418,128     467,484     68,853     505,625     1,278,088     188,242

Cost of revenue

     (201,949     (251,391     (277,157     (40,821     (377,505     (771,422     (113,618
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     82,187       166,737       190,327       28,032       128,120       506,666       74,624  

Operating expenses

              

Selling and marketing expenses

     (16,602     (21,323     (34,475     (5,078     (33,082     (71,491     (10,529

General and administrative expenses

     (82,535     (99,127     (236,583     (34,845     (170,249     (420,236     (61,894

Research and development expenses

     (10,314     (7,414     (12,513     (1,843     (12,721     (28,311     (4,170
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     (109,451     (127,864     (283,571     (41,766     (216,052     (520,038     (76,593
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating (loss) income

     (27,264     38,873       (93,244     (13,734     (87,932     (13,372     (1,969

Interest income

     1,017       2,315       6,280       925       3,890       10,299       1,517  

Interest expense

     (20,613     (65,975     (60,915     (8,972     (49,936     (178,543     (26,297

Foreign exchange gain (loss)

     449       907       (1,293     (190     (2,089     (512     (75

Changes in fair value of financial instruments

     (990     (8,216     (9,965     (1,468     (3,263     (8,499     (1,252

Others, net

     1,280       2,689       1,894       279       (2,629     2,767       408  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

     (46,121     (29,407     (157,243     (23,160     (141,959     (187,860     (27,668

Income tax benefit (expense)

     405       (15,941     (16,454     (2,423     1,386       (45,268     (6,667
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

     (45,716     (45,348     (173,697     (25,583     (140,573     (233,128     (34,335
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less: Net income attributable to non-controlling interests

     694       —         —         —         4,742       —         —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Chindata Group Holdings Limited

     (46,410     (45,348     (173,697     (25,583     (145,315     (233,128     (34,335
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per share:

              

Basic and diluted

     (0.09     (0.08     (0.29     (0.04     (0.43     (0.40     (0.06

Other comprehensive (loss) income, net of tax of nil:

              

Foreign currency translation adjustments

     (11,234     3,151       2,363       348       (11,156     (38,638     (5,691
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive loss

     (56,950     (42,197     (171,334     (25,235     (151,729     (271,766     (40,026

Less: Comprehensive income attributable to non-controlling interests

     694       —         —         —         4,742       —         —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive loss attributable to Chindata Group Holdings Limited

     (57,644     (42,197     (171,334     (25,235     (156,471     (271,766     (40,026
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


CHINDATA GROUP HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

 

     For the three months ended     For the nine months ended  
     September 30,
2019
    June 30, 2020     September 30, 2020     September 30,
2019
    September 30, 2020  
     RMB     RMB     RMB     US$     RMB     RMB     US$  

Net loss

     (45,716     (45,348     (173,697     (25,583     (140,573     (233,128     (34,335

Depreciation and amortization

     67,201       95,932       102,319       15,070       152,378       293,743       43,264  

Share-based compensation

     45,862       60,991       150,416       22,154       45,862       251,740       37,077  

Amortization of debt issuance cost

     3,787       7,176       12,003       1,768       5,821       24,749       3,645  

Others

     (1,019     6,287       (8,447     (1,244     7,930       (8,706     (1,282

Changes in operating assets and liabilities

     17,277       83,489       55,887       8,231       13,144       118,420       17,441  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash generated from operating activities

     87,392       208,527       138,481       20,396       84,562       446,818       65,810  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Purchases of property and equipment and intangible assets

     (679,616     (469,114     (804,889     (118,547     (869,213     (1,606,010     (236,540

Purchase of land use rights

     (3,141     (10,825     (160,879     (23,695     (23,711     (194,358     (28,626

Cash paid for business combination, net of cash acquired

     —         —         —         —         (1,879,040     —         —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

     (682,757     (479,939     (965,768     (142,242     (2,771,964     (1,800,368     (265,166
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net proceeds from financing activities

     879,458       916,465       2,498,256       367,953       3,472,944       3,789,095       558,073  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash generated from financing activities

     879,458       916,465       2,498,256       367,953       3,472,944       3,789,095       558,073  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Exchange rate effect on cash, cash equivalents and restricted cash

     (23,453     236       (60,708     (8,942     (25,331     (57,719     (8,502
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase in cash, cash equivalents and restricted cash

     260,640       645,289       1,610,261       237,165       760,211       2,377,826       350,215  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash, cash equivalents and restricted cash at beginning of period

     644,274       1,242,116       1,887,405       277,985       144,703       1,119,840       164,935  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash, cash equivalents and restricted cash at end of period

     904,914       1,887,405       3,497,666       515,150       904,914       3,497,666       515,150  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


CHINDATA GROUP HOLDINGS LIMITED

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 nine months ended  
     September 30,
2019
    June 30, 2020     September 30, 2020     September 30,
2019
    September 30, 2020  
     RMB     RMB     RMB     US$     RMB     RMB     US$  

Net loss

     (45,716     (45,348     (173,697     (25,583     (140,573     (233,128     (34,335

Add: Depreciation & Amortization(1)

     68,141       96,953       103,342       15,221       153,833       296,812       43,716  

Add: Interest income & expense

     19,596       63,660       54,635       8,047       46,046       168,244       24,780  

Add: Income tax (benefit) expenses

     (405     15,941       16,454       2,423       (1,386     45,268       6,667  

Add: Share-based compensation

     45,862       60,991       150,416       22,154       45,862       251,740       37,077  

Add: Expenses related to the Reorganization(2)

     2,169       —         —         —         36,312       —         —    

Add: Management consulting services fee

     3,149       3,934       64,862       9,553       12,208       72,757       10,715  

Add: Changes in fair value of financial instruments

     990       8,216       9,965       1,468       3,263       8,499       1,252  

Add: Foreign exchange (gain) loss

     (449     (907     1,293       190       2,089       512       75  

Add: Non-cash operating lease cost relating to prepaid land use rights

     389       745       721       106       634       2,081       306  

Adjusted EBITDA

     93,726       204,185       227,991       33,579       158,288       612,785       90,253  

Adjusted EBITDA margin

     33.0     48.8     48.8     48.8     31.3     47.9     47.9

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.