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 August 2023
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
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99.1 |
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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.
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Chindata Group Holdings Limited |
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By: |
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/s/ Huapeng Wu |
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Name: |
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Huapeng Wu |
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Title: |
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Director and Chief Executive Officer |
Date: August 31, 2023
Exhibit Index
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Exhibit No. |
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Description |
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Exhibit 99.1 |
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Exhibit 99.1
Chindata Group Reports Fiscal Year 2023 Second Quarter and Half Year Unaudited Financial Results
BEIJING, August 31, 2023 (GLOBE NEWSWIRE) -- 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 second quarter and half year 2023 ended June 30, 2023. To supplement the Company’s consolidated financial results presented in accordance with U.S. GAAP, Chindata Group uses adjusted EBITDA, adjusted EBITDA margin, adjusted net income, and adjusted net income margin as non-GAAP financial measures, which are described further below.
Recent Financial and Operating Highlights
Management Quote
Mr. Huapeng Wu, Chief Executive Officer of Chindata Group, commented, “In the second quarter of 2023, Chindata continued to maintain a vigorous growth momentum. We deeply participated in the digital economic development of China and the Asia-Pacific emerging markets, building two major growth engines at home and abroad, and in-serivce and utilized capacity in the overseas market reached more than 5 times that of the same period last year. At the same time, we accumulated technology innovation bit by bit, supported sustainable growth with technology, and promoted high-quality upgrading of business. By the end of the second quarter, the number of patents obtained and applied for by the group reached 493, which is 1.37 times that of the same period last year. We have successfully developed a systematic and full-stack AI Generated Content ("AIGC") data center solution, seizing the new opportunities brought about by the new round of technological revolution in the industry.”
Mr. Dongning WANG, Chief Financial Officer of Chindata Group, commented, “We continued to deliver consistent and solid financial results in the second quarter of the year 2023. Revenue increased by 49.7% YoY to RMB1,553.8 million, and adjusted EBITDA increased by 49.9% to RMB816.1 million. The economy of scale of our hyperscale model and our cost control effort continued to yield healthy margin performance. Adjusted EBITDA margin in the second quarter continued to stay at above 50% level, at 52.5%. Net profit performance has lasted for 10 straight quarters, with net income in the second quarter grew by 9.8%, with a net margin of 14.1%. Return continued to improve as a result, with company
1
level pre-tax ROIC reaching 19.3% in the second quarter, compared with 18.7% by end of the first quarter of 2023. Taking into consideration such momentum, we are reiterating our 2023 revenue and adjusted EBITDA guidance previously provided.”
Business Highlights
Asset Overview
2
Recent Developments: Sustainability
On July 24, 2023, the Company published its 2022 ESG Report. The Company continued to run its business in an energy-efficient entity. The Company procured 220 million kWh of green electricity in 2022, and has amassed nearly 770 million kWh green electricity through transactions by end of 2022. Total power consumption for the year was 3.03 billion kWh, with annual PUE of its Chinese business at 1.21, remarkably lower than industry average. The Company leverages its core values of Stable, Advanced, Forward, Eco-friendly (SAFE) to enhance its environmental, social, and governance (ESG) strategy, aiming to efficiently convert electricity into high-quality computational power, ensuring stability, eco-friendliness, and quality. This approach will not only enhance operational stability, but also bolster partner confidence and promote long-term sustainability. More information regarding the Company’s ESG initiatives can be obtained at https://investor.chindatagroup.com/esg-efforts.
Recent Developments: Strategic Cooperation Agreement
The Company continued to build its partnership ecosystem to lay the foundation for future opportunities. On July 28, 2023, the Company entered into a ten-year strategic cooperation agreement with Zhangjiakou Construction & Investment Group, an SOE based in Zhangjiakou. Zhangjiakou Construction & Investment Group brings a wealth of experience and robust capabilities in asset management, capital operations, resource development, and industrial investment. The two entities will forge a comprehensive partnership spanning land and water resource development, energy development, data center collaboration and operations, and integrated source-grid-load-storage projects. Both parties will also further explore other collaborative opportunities in the big data industry chain. This partnership enhances the Company’s presence in Hebei and Zhangjiakou's "East Data" hub, while delivering mutual benefits, fostering industry convergence, and boosting Zhangjiakou's digital economy.
Recent Developments: National Award
On July 14, 2023, Hebei Qinhuai, a subsidiary of the Company, was selected to be a part of the National List of Specialized and Innovative "Little Giant" Enterprises. This prestigious designation is awarded to companies that focus on niche markets, exhibiting strong innovation, maintaining significant market share, mastering core technologies, and achieving high levels of quality and efficiency. The Company holds the distinction of being the first data center enterprise in Hebei to attain this honor. The Company’s "Four Campuses Layout" in Huailai County is well-established, with an IT capacity of over 300MW and a server deployment scale accounting for 80% of the total in Huailai County.
Fiscal Year 2023 Second Quarter and First Half Financial Results Summary
TOTAL REVENUES
Total revenues in the second quarter of 2023 increased by 49.7% to RMB1,553.8 million (US$214.3 million) from RMB1,038.1 million in the same period of 2022, primarily driven by the robust growth of the Company’s colocation services as more capacity was put into utilization as scheduled.
For the first half of 2023, total revenues increased by 53.0% to RMB2,997.3 million (US$413.4 million) from RMB1,958.7 million in the same period of 2022.
3
COST OF REVENUE
In line with the Company’s revenue growth, total costs of revenue in the second quarter of 2023 were RMB911.2 million (US$125.7 million), compared to RMB602.2 million in the same period of 2022, representing an increase of 51.3%, mainly driven by increases in utility costs, and depreciation and amortization expenses.
For the first half of 2023, total cost of revenue increased by 57.2% to RMB1,731.5 million (US$238.8 million) from RMB1,101.8 million in the same period of 2022, mainly driven by increases in utility costs, and depreciation and amortization expenses.
GROSS PROFIT
Gross profit in the second quarter of 2023 increased by 47.4% to RMB642.6 million (US$88.6 million) from RMB435.9 million in the same period of 2022. Gross margin in the second quarter of 2023 was 41.4%, compared with 42.0% in the same period of 2022 and 43.2% in the first quarter of 2023.
For the first half of 2023, gross profit increased by 47.7% to RMB1,265.8 million (US$174.6 million) from RMB856.9 million in the same period of 2022. Gross margin in the first half of 2023 was 42.2%, compared to 43.8% in the same period of 2022.
OPERATING EXPENSES
Total operating expenses in the second quarter of 2023 increased by 56.9% to RMB197.6 million (US$27.2 million) from RMB125.9 million in the same period of 2022.
For the first half of 2023, total operating expenses increased by 23.5% to RMB364.7 million (US$50.3 million) from RMB295.4 million in the same period of 2022.
• Selling and marketing expenses in the second quarter of 2023 slightly increased by 4.1% to RMB16.1 million (US$2.2 million) from RMB15.4 million in the same period of 2022, primarily due to more marketing activities conducted by the Company. For the first half of 2023, selling and marketing expenses slightly decreased by 0.9% to RMB37.5 million (US$5.2 million) from RMB37.8 million in the same period of 2022.
• General and administrative expenses in the second quarter of 2023 increased by 69.6% to RMB154.5 million (US$21.3 million) from RMB91.1 million in the same period of 2022, primarily due to higher professional service fee and employee benefit expense. For the first half of 2023, general and administrative expenses increased by 25.7% to RMB275.3 million (US$38.0 million) from RMB218.9 million in the same period of 2022, primarily due to higher professional service fee and employee benefit expense.
• Research and development expenses in the second quarter of 2023 were RMB27.0 million (US$3.7 million), compared to RMB19.4 million in the same period of 2022, representing an increase of 39.3%, primarily due to an increase in R&D personnel and higher share-based compensation expense. For the first half of 2023, research and development expenses increased by 34.4% to RMB51.9 million (US$7.2 million) from RMB38.6 million in the same period of 2022, primarily due to an increase in R&D personnel and higher share-based compensation expense.
OPERATING INCOME
As a result of the foregoing, operating income in the second quarter of 2023 increased by 43.5% to RMB445.0 million (US$61.4 million) from RMB310.0 million in the same period of 2022. Operating income margin in the second quarter of 2023 was 28.6%, compared with 29.9% in the same period of 2022 and 31.6% in the first quarter of 2023.
For the first half of 2023, operating income increased by 60.5% to RMB901.1 million (US$124.3 million) from RMB561.6 million in the same period of 2022. Operating income margin in the first half of 2023 was 30.1%, compared to 28.7% in the same period of 2022.
NET INCOME
Net income in the second quarter of 2023 increased by 9.8% to RMB219.2 million (US$30.2 million) from RMB199.6 million in the same period of 2022. Net income margin in the second quarter of 2023 was 14.1%, compared with 19.2% in the same period of 2022 and 17.5% in the first quarter of 2023. For the first half of 2023, net income increased by 60.5% to RMB472.2 million (US$65.1 million), compared with RMB294.1 million in the same period of 2022. Net income margin in the first half of 2023 was 15.8%, compared to 15.0% in the same period of 2022.
EARNINGS PER ADS
4
Basic and diluted earnings per American Depositary Share ("ADS") in the second quarter of 2023 were RMB0.60 (US$0.08) and RMB0.60 (US$0.08). Basic and diluted earnings per share were RMB0.30 (US$0.04) and RMB0.30 (US$0.04). Each ADS represents two of the Company's Class A ordinary shares.
For the first half of 2023, basic and diluted earnings per American Depositary Share ("ADS") were RMB1.30 (US$0.18) and RMB1.28 (US$0.18). Basic and diluted earnings per share were RMB0.65 (US$0.09) and RMB0.64 (US$0.09).
ADJUSTED EBITDA
Adjusted EBITDA in the second quarter of 2023 increased by 49.9% to RMB816.1 million (US$112.5 million), from RMB544.3 million in the same period of 2022. Adjusted EBITDA is defined as net income excluding depreciation and amortization, net interest expenses, income tax expenses, share-based compensation, impairment of long-lived assets, 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 second quarter of 2023 was 52.5%, compared with 52.4% in the same period of 2022 and 56.4% in the first quarter of 2023.
For the first half of 2023, adjusted EBITDA increased by 56.9% to RMB1,629.9 million (US$224.8 million), from RMB1,038.8 million in the same period of 2022. Adjusted EBITDA margin in the first half of 2023 was 54.4%, compared with 53.0% in the same period of 2022.
ADJUSTED NET INCOME
Adjusted net income in the second quarter of 2023 increased by 6.7% to RMB258.2 million (US$35.6 million), from RMB241.9 million in the same period of 2022. Adjusted net income is defined as net income excluding share-based compensation, impairment of long-lived assets, and depreciation and amortization of property and equipment and intangible assets resulting from a business combination, as adjusted for the tax effects on non-GAAP adjustments.
Adjusted net income margin in the second quarter of 2023 was 16.6%, compared with 23.3% in the same period of 2022 and 21.9% in the first quarter of 2023.
For the first half of 2023, adjusted net income increased by 36.8% to RMB574.0 million (US$79.2 million), from RMB419.5 million in the same period of 2022. Adjusted net income margin in the first half of 2023 was 19.1%, compared with 21.4% in the same period of 2022.
BALANCE SHEET
As of June 30, 2023, the Company had cash, cash equivalents and restricted cash of RMB5,915.3 million (US$815.8 million), compared to RMB4,064.2 million as of December 31, 2022. As of June 30, 2023, the Company had short-term bank loans and current portion of long-term bank loans of RMB1,306.1 million (US$180.1 million), long-term bank loans of RMB8,225.1 million (US$1,134.3 million) and notes payable of RMB2,137.4 million (US$294.8 million), compared to RMB1,203.1 million, RMB7,168.4 million and nil, respectively, as of December 31, 2022.
The Company and its affiliates may from time to time purchase Company debt, including the 10.500% senior notes due 2026 (the “Notes”), in open market purchases, privately negotiated transactions, tender offers or otherwise. In addition, the Company currently expects to exercise its right under the indenture governing the Notes to redeem the Notes after the closing of the merger contemplated in the Agreement and Plan of Merger among the Company and the other parties thereto, dated August 11, 2023 (the “Merger”), subject to market conditions, the Company’s liquidity requirements and capital resources, the terms of the debt financing to be incurred in connection with the Merger, and other factors.
2023 Full Year Business Outlook
Taking numerous factors into consideration, the Company reiterated its guidance for the full year of 2023 as follows.
TOTAL REVENUES
ADJUSTED EBITDA
5
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, August 31, 2023, at 8:00 A.M. Eastern Time (or 8:00 P.M. Beijing Time on the same day) to discuss the financial results.
In advance of the conference call, all participants must use the link provided below to complete the online registration process. Upon registering, each participant will receive a set of participant dial-in numbers and a unique access PIN, which can be used to join the conference call.
Event Title: Chindata Group Holdings Limited Q2 2023 Earnings Call
Registration Link: https://register.vevent.com/register/BI63d50056b5074db9b67a2349f0ab7a98
A live and archived webcast of the conference call will 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 Chindata Group's results and future outlook, along with certain supplemental financial information and other data. Interested parties may access this information through the Chindata Group 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.
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, adjusted EBITDA margin, adjusted net income and adjusted net income 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.
Exchange Rate Information
Unless otherwise stated, all translations from Renminbi into U.S. dollars were made at RMB7.2513 to US$1.00, the noon buying rate on June 30, 2023 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.
Safe Harbor Statement
6
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.
For Enquiries, Please Contact:
Chindata IR Team
ir@chindatagroup.com
Don ZHOU
Penghua.zhou@chindatagroup.com
Claire LIN
Shiqing.lin@chindatagroup.com
7
CHINDATA GROUP HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
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As of December 31, 2022 |
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As of June 30, 2023 |
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RMB |
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RMB |
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US$ |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
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3,115,914 |
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4,907,901 |
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676,830 |
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Restricted cash |
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796,549 |
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768,637 |
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|
106,000 |
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Accounts receivable, net |
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1,937,692 |
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|
1,397,109 |
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192,670 |
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Value added taxes recoverable |
|
|
437,579 |
|
|
|
477,810 |
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|
|
65,893 |
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Prepayments and other current assets |
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|
468,688 |
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653,239 |
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90,086 |
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Total current assets |
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6,756,422 |
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8,204,696 |
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1,131,479 |
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Non-current assets |
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Property and equipment, net |
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13,369,156 |
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15,316,834 |
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2,112,288 |
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Operating lease right-of-use assets |
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1,104,895 |
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1,099,258 |
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151,595 |
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Finance lease right-of-use assets |
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133,037 |
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134,383 |
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18,532 |
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Goodwill and intangible assets, net |
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793,082 |
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773,152 |
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106,623 |
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Restricted cash |
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151,763 |
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238,723 |
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32,921 |
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Value added taxes recoverable |
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369,016 |
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367,221 |
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50,642 |
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Other non-current assets |
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422,860 |
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467,960 |
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64,534 |
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Total non-current assets |
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16,343,809 |
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18,397,531 |
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2,537,135 |
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Total assets |
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23,100,231 |
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26,602,227 |
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3,668,614 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities |
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Short-term bank loans and current portion of long-term bank loans |
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1,203,080 |
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1,306,082 |
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180,117 |
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Accounts payable |
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2,420,376 |
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2,119,212 |
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292,253 |
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Current portion of operating lease liabilities |
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42,407 |
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36,898 |
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|
5,088 |
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Current portion of finance lease liabilities |
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4,978 |
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|
5,071 |
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|
699 |
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Accrued expenses and other current liabilities |
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584,839 |
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657,466 |
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90,669 |
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Total current liabilities |
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4,255,680 |
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4,124,729 |
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568,826 |
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Non-current liabilities |
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Long-term bank loans |
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|
7,168,445 |
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|
8,225,121 |
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1,134,296 |
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Notes payable |
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|
— |
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2,137,360 |
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294,755 |
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Operating lease liabilities |
|
|
178,609 |
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|
|
175,855 |
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|
|
24,252 |
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Finance lease liabilities |
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|
58,745 |
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|
|
58,284 |
|
|
|
8,038 |
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Other non-current liabilities |
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|
529,198 |
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|
|
601,491 |
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|
82,949 |
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Total non-current liabilities |
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|
7,934,997 |
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|
11,198,111 |
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|
1,544,290 |
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Total liabilities |
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|
12,190,677 |
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|
|
15,322,840 |
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|
|
2,113,116 |
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Shareholders’ equity: |
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Ordinary shares |
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|
46 |
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46 |
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6 |
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Additional paid-in capital |
|
|
10,832,160 |
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|
|
10,917,432 |
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|
|
1,505,583 |
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Statutory reserves |
|
|
311,821 |
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|
|
311,821 |
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|
|
43,002 |
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Accumulated other comprehensive loss |
|
|
(300,517 |
) |
|
|
(488,147 |
) |
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|
(67,319 |
) |
Retained earnings |
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|
66,044 |
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|
|
538,235 |
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|
|
74,226 |
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Total shareholders’ equity |
|
|
10,909,554 |
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|
|
11,279,387 |
|
|
|
1,555,498 |
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Total liabilities and shareholders’ equity |
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|
23,100,231 |
|
|
|
26,602,227 |
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|
|
3,668,614 |
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CHINDATA GROUP HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share information)
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For the three months ended |
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For the six months ended |
|
||||||||||||||||||||||
|
|
June 30, 2022 |
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|
March 31, 2023 |
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|
June 30, 2023 |
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|
June 30, 2022 |
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|
June 30, 2023 |
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|||||||||||||
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RMB |
|
|
RMB |
|
|
RMB |
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|
US$ |
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|
RMB |
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|
RMB |
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|
US$ |
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|||||||
Revenue |
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|
1,038,097 |
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|
|
1,443,547 |
|
|
|
1,553,793 |
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|
|
214,278 |
|
|
|
1,958,705 |
|
|
|
2,997,340 |
|
|
|
413,352 |
|
Cost of revenue |
|
|
(602,182 |
) |
|
|
(820,324 |
) |
|
|
(911,221 |
) |
|
|
(125,663 |
) |
|
|
(1,101,756 |
) |
|
|
(1,731,545 |
) |
|
|
(238,791 |
) |
Gross profit |
|
|
435,915 |
|
|
|
623,223 |
|
|
|
642,572 |
|
|
|
88,615 |
|
|
|
856,949 |
|
|
|
1,265,795 |
|
|
|
174,561 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Selling and marketing expenses |
|
|
(15,426 |
) |
|
|
(21,449 |
) |
|
|
(16,066 |
) |
|
|
(2,216 |
) |
|
|
(37,842 |
) |
|
|
(37,515 |
) |
|
|
(5,174 |
) |
General and administrative expenses |
|
|
(91,104 |
) |
|
|
(120,784 |
) |
|
|
(154,531 |
) |
|
|
(21,311 |
) |
|
|
(218,942 |
) |
|
|
(275,315 |
) |
|
|
(37,968 |
) |
Research and development expenses |
|
|
(19,360 |
) |
|
|
(24,880 |
) |
|
|
(26,978 |
) |
|
|
(3,720 |
) |
|
|
(38,574 |
) |
|
|
(51,858 |
) |
|
|
(7,152 |
) |
Total operating expenses |
|
|
(125,890 |
) |
|
|
(167,113 |
) |
|
|
(197,575 |
) |
|
|
(27,247 |
) |
|
|
(295,358 |
) |
|
|
(364,688 |
) |
|
|
(50,294 |
) |
Operating income |
|
|
310,025 |
|
|
|
456,110 |
|
|
|
444,997 |
|
|
|
61,368 |
|
|
|
561,591 |
|
|
|
901,107 |
|
|
|
124,267 |
|
Net interest expense |
|
|
(60,518 |
) |
|
|
(117,425 |
) |
|
|
(131,591 |
) |
|
|
(18,147 |
) |
|
|
(145,145 |
) |
|
|
(249,016 |
) |
|
|
(34,341 |
) |
Foreign exchange gain (loss) |
|
|
3,667 |
|
|
|
2,045 |
|
|
|
(1,174 |
) |
|
|
(162 |
) |
|
|
3,138 |
|
|
|
871 |
|
|
|
120 |
|
Changes in fair value of financial instruments |
|
|
10,436 |
|
|
|
3,310 |
|
|
|
5,659 |
|
|
|
780 |
|
|
|
10,381 |
|
|
|
8,969 |
|
|
|
1,237 |
|
Others, net |
|
|
13,637 |
|
|
|
18,556 |
|
|
|
13,591 |
|
|
|
1,874 |
|
|
|
14,255 |
|
|
|
32,147 |
|
|
|
4,433 |
|
Income before income taxes |
|
|
277,247 |
|
|
|
362,596 |
|
|
|
331,482 |
|
|
|
45,713 |
|
|
|
444,220 |
|
|
|
694,078 |
|
|
|
95,716 |
|
Income tax expense |
|
|
(77,683 |
) |
|
|
(109,624 |
) |
|
|
(112,263 |
) |
|
|
(15,482 |
) |
|
|
(150,088 |
) |
|
|
(221,887 |
) |
|
|
(30,600 |
) |
Net income |
|
|
199,564 |
|
|
|
252,972 |
|
|
|
219,219 |
|
|
|
30,231 |
|
|
|
294,132 |
|
|
|
472,191 |
|
|
|
65,116 |
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Basic |
|
|
0.27 |
|
|
|
0.35 |
|
|
|
0.30 |
|
|
|
0.04 |
|
|
|
0.40 |
|
|
|
0.65 |
|
|
|
0.09 |
|
Diluted |
|
|
0.27 |
|
|
|
0.34 |
|
|
|
0.30 |
|
|
|
0.04 |
|
|
|
0.40 |
|
|
|
0.64 |
|
|
|
0.09 |
|
Other comprehensive income, net of tax of nil: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Foreign currency translation adjustments |
|
|
(32,410 |
) |
|
|
(20,940 |
) |
|
|
(166,690 |
) |
|
|
(22,988 |
) |
|
|
(47,843 |
) |
|
|
(187,630 |
) |
|
|
(25,875 |
) |
Comprehensive income |
|
|
167,154 |
|
|
|
232,032 |
|
|
|
52,529 |
|
|
|
7,243 |
|
|
|
246,289 |
|
|
|
284,561 |
|
|
|
39,241 |
|
CHINDATA GROUP HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
|
|
For the three months ended |
|
|
For the six months ended |
|
||||||||||||||||||||||
|
|
June 30, 2022 |
|
|
March 31, 2023 |
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
|
June 30, 2023 |
|
|||||||||||||
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|||||||
Net income |
|
|
199,564 |
|
|
|
252,972 |
|
|
|
219,219 |
|
|
|
30,231 |
|
|
|
294,132 |
|
|
|
472,191 |
|
|
|
65,116 |
|
Depreciation and amortization |
|
|
185,318 |
|
|
|
281,577 |
|
|
|
323,853 |
|
|
|
44,661 |
|
|
|
351,674 |
|
|
|
605,430 |
|
|
|
83,493 |
|
Share-based compensation |
|
|
32,345 |
|
|
|
52,253 |
|
|
|
28,475 |
|
|
|
3,927 |
|
|
|
105,338 |
|
|
|
80,728 |
|
|
|
11,133 |
|
Amortization of debt issuance cost |
|
|
11,042 |
|
|
|
15,195 |
|
|
|
15,916 |
|
|
|
2,195 |
|
|
|
51,127 |
|
|
|
31,111 |
|
|
|
4,290 |
|
Others |
|
|
25,592 |
|
|
|
9,500 |
|
|
|
43,347 |
|
|
|
5,978 |
|
|
|
44,222 |
|
|
|
52,847 |
|
|
|
7,289 |
|
Changes in operating assets and liabilities |
|
|
21,632 |
|
|
|
81,779 |
|
|
|
556,005 |
|
|
|
76,677 |
|
|
|
(202,753 |
) |
|
|
637,784 |
|
|
|
87,954 |
|
Net cash generated from operating activities |
|
|
475,493 |
|
|
|
693,276 |
|
|
|
1,186,815 |
|
|
|
163,669 |
|
|
|
643,740 |
|
|
|
1,880,091 |
|
|
|
259,275 |
|
Net cash paid for long-lived assets and business combinations |
|
|
(1,007,840 |
) |
|
|
(1,653,902 |
) |
|
|
(1,254,568 |
) |
|
|
(173,013 |
) |
|
|
(2,232,725 |
) |
|
|
(2,908,470 |
) |
|
|
(401,096 |
) |
Net cash from short-term investment activities |
|
|
33,052 |
|
|
|
— |
|
|
|
(141,857 |
) |
|
|
(19,563 |
) |
|
|
194,903 |
|
|
|
(141,857 |
) |
|
|
(19,563 |
) |
Net cash used in investing activities |
|
|
(974,788 |
) |
|
|
(1,653,902 |
) |
|
|
(1,396,425 |
) |
|
|
(192,576 |
) |
|
|
(2,037,822 |
) |
|
|
(3,050,327 |
) |
|
|
(420,659 |
) |
Net proceeds from financing activities |
|
|
1,819,657 |
|
|
|
2,713,334 |
|
|
|
259,142 |
|
|
|
35,737 |
|
|
|
1,858,931 |
|
|
|
2,972,476 |
|
|
|
409,923 |
|
Net cash generated from financing activities |
|
|
1,819,657 |
|
|
|
2,713,334 |
|
|
|
259,142 |
|
|
|
35,737 |
|
|
|
1,858,931 |
|
|
|
2,972,476 |
|
|
|
409,923 |
|
Exchange rate effect on cash, cash equivalents and restricted cash |
|
|
71,166 |
|
|
|
(47,663 |
) |
|
|
96,458 |
|
|
|
13,302 |
|
|
|
58,002 |
|
|
|
48,795 |
|
|
|
6,730 |
|
Net increase in cash, cash equivalents and restricted cash |
|
|
1,391,528 |
|
|
|
1,705,045 |
|
|
|
145,990 |
|
|
|
20,132 |
|
|
|
522,851 |
|
|
|
1,851,035 |
|
|
|
255,269 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
4,372,325 |
|
|
|
4,064,226 |
|
|
|
5,769,271 |
|
|
|
795,619 |
|
|
|
5,241,002 |
|
|
|
4,064,226 |
|
|
|
560,482 |
|
Cash, cash equivalents and restricted cash at end of period |
|
|
5,763,853 |
|
|
|
5,769,271 |
|
|
|
5,915,261 |
|
|
|
815,751 |
|
|
|
5,763,853 |
|
|
|
5,915,261 |
|
|
|
815,751 |
|
CHINDATA GROUP HOLDINGS LIMITED
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for percentage data)
|
|
For the three months ended |
|
|
For the six months ended |
|
||||||||||||||||||||||
|
|
June 30, 2022 |
|
|
March 31, 2023 |
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
|
June 30, 2023 |
|
|||||||||||||
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|||||||
Net income |
|
|
199,564 |
|
|
|
252,972 |
|
|
|
219,219 |
|
|
|
30,231 |
|
|
|
294,132 |
|
|
|
472,191 |
|
|
|
65,116 |
|
Add: Depreciation and amortization(1) |
|
|
187,324 |
|
|
|
283,584 |
|
|
|
325,859 |
|
|
|
44,938 |
|
|
|
355,687 |
|
|
|
609,443 |
|
|
|
84,046 |
|
Add: Net interest expenses |
|
|
60,518 |
|
|
|
117,425 |
|
|
|
131,591 |
|
|
|
18,147 |
|
|
|
145,145 |
|
|
|
249,016 |
|
|
|
34,341 |
|
Add: Income tax expenses |
|
|
77,683 |
|
|
|
109,624 |
|
|
|
112,263 |
|
|
|
15,482 |
|
|
|
150,088 |
|
|
|
221,887 |
|
|
|
30,600 |
|
Add: Share-based compensation |
|
|
32,345 |
|
|
|
52,253 |
|
|
|
28,475 |
|
|
|
3,927 |
|
|
|
105,338 |
|
|
|
80,728 |
|
|
|
11,133 |
|
Add: Changes in fair value of financial instruments |
|
|
(10,436 |
) |
|
|
(3,310 |
) |
|
|
(5,659 |
) |
|
|
(780 |
) |
|
|
(10,381 |
) |
|
|
(8,969 |
) |
|
|
(1,237 |
) |
Add: Foreign exchange (gain) loss |
|
|
(3,667 |
) |
|
|
(2,045 |
) |
|
|
1,174 |
|
|
|
162 |
|
|
|
(3,138 |
) |
|
|
(871 |
) |
|
|
(120 |
) |
Add: Non-cash operating lease cost relating to prepaid land use rights |
|
|
959 |
|
|
|
3,297 |
|
|
|
3,172 |
|
|
|
437 |
|
|
|
1,918 |
|
|
|
6,469 |
|
|
|
892 |
|
Adjusted EBITDA |
|
|
544,290 |
|
|
|
813,800 |
|
|
|
816,094 |
|
|
|
112,544 |
|
|
|
1,038,789 |
|
|
|
1,629,894 |
|
|
|
224,771 |
|
Net income margin |
|
|
19.2 |
% |
|
|
17.5 |
% |
|
|
14.1 |
% |
|
|
14.1 |
% |
|
|
15.0 |
% |
|
|
15.8 |
% |
|
|
15.8 |
% |
Adjusted EBITDA margin |
|
|
52.4 |
% |
|
|
56.4 |
% |
|
|
52.5 |
% |
|
|
52.5 |
% |
|
|
53.0 |
% |
|
|
54.4 |
% |
|
|
54.4 |
% |
Note:
|
|
For the three months ended |
|
|
For the six months ended |
|
||||||||||||||||||||||
|
|
June 30, 2022 |
|
|
March 31, 2023 |
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
|
June 30, 2023 |
|
|||||||||||||
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|||||||
Net income |
|
|
199,564 |
|
|
|
252,972 |
|
|
|
219,219 |
|
|
|
30,231 |
|
|
|
294,132 |
|
|
|
472,191 |
|
|
|
65,116 |
|
Add: Depreciation and amortization of property and equipment |
|
|
12,240 |
|
|
|
12,591 |
|
|
|
12,424 |
|
|
|
1,713 |
|
|
|
24,410 |
|
|
|
25,015 |
|
|
|
3,450 |
|
Add: Share-based compensation |
|
|
32,345 |
|
|
|
52,253 |
|
|
|
28,475 |
|
|
|
3,927 |
|
|
|
105,338 |
|
|
|
80,728 |
|
|
|
11,133 |
|
Add: Tax effects on non-GAAP adjustments(2) |
|
|
(2,210 |
) |
|
|
(2,041 |
) |
|
|
(1,926 |
) |
|
|
(266 |
) |
|
|
(4,404 |
) |
|
|
(3,967 |
) |
|
|
(547 |
) |
Adjusted Net Income |
|
|
241,939 |
|
|
|
315,775 |
|
|
|
258,192 |
|
|
|
35,605 |
|
|
|
419,476 |
|
|
|
573,967 |
|
|
|
79,152 |
|
Net income margin |
|
|
19.2 |
% |
|
|
17.5 |
% |
|
|
14.1 |
% |
|
|
14.1 |
% |
|
|
15.0 |
% |
|
|
15.8 |
% |
|
|
15.8 |
% |
Adjusted Net Income margin |
|
|
23.3 |
% |
|
|
21.9 |
% |
|
|
16.6 |
% |
|
|
16.6 |
% |
|
|
21.4 |
% |
|
|
19.1 |
% |
|
|
19.1 |
% |
Note: