GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”)
(NASDAQ: GDS; HKEX: 9698), a leading developer and operator of
high-performance data centers in China and South East Asia, today
announced its unaudited financial results for the fourth quarter
and full year ended December 31, 2023.
Fourth Quarter 2023 Financial Highlights
- Net revenue increased by 6.3%
year-over-year (“Y-o-Y”) to RMB2,556.5 million (US$360.1 million)
in the fourth quarter of 2023 (4Q2022: RMB2,404.0 million).
- Net loss was RMB3,164.6 million
(US$445.7 million) in the fourth quarter of 2023 (4Q2022: net loss
of RMB177.9 million).
- Adjusted EBITDA (non-GAAP)
increased by 5.7% Y-o-Y to RMB1,132.6 million (US$159.5 million) in
the fourth quarter of 2023 (4Q2022: RMB1,071.5 million). See
“Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP
results” elsewhere in this earnings release.
- Adjusted EBITDA margin (non-GAAP)
was 44.3% in the fourth quarter of 2023 (4Q2022: 44.6%).
Full Year 2023 Financial Highlights
- Net revenue increased by 6.8% Y-o-Y
to RMB9,956.5 million (US$1,402.3 million) in 2023 (2022:
RMB9,325.6 million).
- Net loss was RMB4,285.4 million
(US$603.6 million) in 2023 (2022: net loss of RMB1,266.1
million).
- Adjusted EBITDA (non-GAAP)
increased by 8.8% Y-o-Y to RMB4,624.1 million (US$651.3 million) in
2023 (2022: RMB4,251.4 million). See “Non-GAAP Disclosure” and
“Reconciliations of GAAP and non-GAAP results” elsewhere in this
earnings release.
- Adjusted EBITDA margin (non-GAAP)
was 46.4% in 2023 (2022: 45.6%).
Fourth Quarter and Full Year 2023 Operating
Highlights
- Total area committed and
pre-committed by customers increased by 17,242 square meters
(“sqm”) (net) in the fourth quarter of 2023, and by 40,259 sqm
(net) in the full year of 2023, to reach 670,975 sqm as of December
31, 2023, an increase of 6.4% Y-o-Y (December 31, 2022: 630,716
sqm).
- Area in service increased by 18,344
sqm in the fourth quarter of 2023, and by 56,767 sqm in the full
year of 2023, to reach 572,555 sqm as of December 31, 2023, an
increase of 11.0% Y-o-Y (December 31, 2022: 515,787 sqm).
- Commitment rate for area in service
was 92.8% as of December 31, 2023 (December 31, 2022: 95.5%).
- Area under construction was 182,746
sqm as of December 31, 2023 (December 31, 2022: 192,713 sqm).
- Pre-commitment rate for area under
construction was 76.4% as of December 31, 2023 (December 31, 2022:
71.5%).
- Area utilized by customers
increased by 20,074 sqm (net) in the fourth quarter of 2023, and by
48,201 sqm (net) in the full year of 2023, to reach 418,748 sqm as
of December 31, 2023, an increase of 13.0% Y-o-Y (December 31,
2022: 370,547 sqm).
- Utilization rate for area in
service was 73.1% as of December 31, 2023 (December 31, 2022:
71.8%).
“In 2023, we made steady progress towards
achieving our objectives,” said Mr. William Huang, Chairman and CEO
of GDS. “In China, we were highly selective on new bookings,
focused on delivering backlog to customers, and controlled capex.
At the same time, we made great progress in growing our
international presence. Today we announced the equity raise for our
international business, which marks an important milestone in our
drive to establish international as a standalone business and our
second growth engine.”
“For 2023, our revenue grew 6.8%, in line with
our guidance, while adjusted EBITDA increased by 8.8%, surpassing
the upper end of our guidance range,” said Mr. Dan Newman, Chief
Financial Officer. “The successful US$587 million equity raise for
GDS International proves that we are able to access capital at the
subsidiary level to finance overseas expansion.”
Fourth Quarter 2023 Financial Results
Net revenue in the fourth quarter of 2023 was
RMB2,556.5 million (US$360.1 million), a 6.3% increase over the
fourth quarter of 2022 of RMB2,404.0 million and a 1.5% increase
over the third quarter of 2023 of RMB2,519.0 million. Service
revenue in the fourth quarter of 2023 was RMB2,556.5 million
(US$360.1 million), a 6.3% increase over the fourth quarter of 2022
of RMB2,404.0 million, and a 1.5% increase over the third quarter
of 2023 of RMB2,519.0 million The increase was mainly due to full
quarter revenue contribution from additional area utilized in the
third quarter of 2023, and the contribution from 20,074 sqm of net
additional area utilized in the fourth quarter of 2023, mainly
related to the SH17 Phase 1, BJ7, LF13 Phase 1, LF15, HK1 Phase 1
and NTP1 data centers.
Cost of revenue in the fourth quarter of 2023
was RMB2,124.2 million (US$299.2 million), a 10.9% increase over
the fourth quarter of 2022 of RMB1,916.0 million and a 2.5%
increase over the third quarter of 2023 of RMB2,071.6 million. The
increase over the third quarter of 2023 was mainly due to an
increase in depreciation and amortization cost resulting from more
data centers coming into service in recent quarters and an increase
in other components in cost of revenue, partially offset by a
decrease in utility cost due to seasonal factors.
Gross profit was RMB432.3 million (US$60.9
million) in the fourth quarter of 2023, a 11.4% decrease over the
fourth quarter of 2022 of RMB488.0 million, and a 3.4% decrease
over the third quarter of 2023 of RMB447.4 million.
Gross profit margin was 16.9% in the fourth
quarter of 2023, compared with 20.3% in the fourth quarter of 2022,
and 17.8% in the third quarter of 2023. The decrease over the third
quarter of 2023 was mainly due to an increase in depreciation and
amortization cost resulting from more data centers coming into
service in recent quarters and an increase in other components in
cost of revenue, partially offset by a decrease in utility cost due
to seasonal factors.
Adjusted Gross Profit (“Adjusted GP”) (non-GAAP)
is defined as gross profit excluding depreciation and amortization,
operating lease cost relating to prepaid land use rights, accretion
expenses for asset retirement costs and share-based compensation
expenses allocated to cost of revenue. Adjusted GP was RMB1,270.9
million (US$179.0 million) in the fourth quarter of 2023, a 3.8%
increase over the fourth quarter of 2022 of RMB1,224.7 million and
a 1.9% increase over the third quarter of 2023 of RMB1,247.3
million. See “Non-GAAP Disclosure” and “Reconciliations of GAAP and
non-GAAP results” elsewhere in this earnings release.
Adjusted GP margin (non-GAAP) was 49.7% in the
fourth quarter of 2023, compared with 50.9% in the fourth quarter
of 2022, and 49.5% in the third quarter of 2023. The increase over
the third quarter of 2023 was mainly due to a decrease in utility
cost due to seasonal factors, partially offset by an increase in
other components in cost of revenue.
Selling and marketing expenses, excluding
share-based compensation expenses of RMB9.3 million (US$1.3
million), were RMB25.9 million (US$3.6 million) in the fourth
quarter of 2023, a 4.5% increase from the fourth quarter of 2022 of
RMB24.8 million (excluding share-based compensation of RMB8.2
million) and a 1.5% decrease from the third quarter of 2023 of
RMB26.3 million (excluding share-based compensation of RMB12.6
million). The decrease was mainly due to less marketing activities
during the quarter.
General and administrative expenses, excluding
share-based compensation expenses of RMB39.7 million (US$5.6
million), depreciation and amortization expenses of RMB117.3
million (US$16.5 million) and operating lease cost relating to
prepaid land use rights of RMB16.9 million (US$2.4 million), were
RMB135.1 million (US$19.0 million) in the fourth quarter of 2023, a
14.5% decrease over the fourth quarter of 2022 of RMB158.1 million
(excluding share-based compensation expenses of RMB5.5 million,
depreciation and amortization expenses of RMB110.4 million and
operating lease cost relating to prepaid land use rights of RMB22.1
million) and a 21.4% increase from the third quarter of 2023 of
RMB111.3 million (excluding share-based compensation of RMB53.3
million, depreciation and amortization expenses of RMB135.9
million, and operating lease cost relating to prepaid land use
rights of RMB16.8 million). The increase over the third quarter of
2023 was mainly due to an increase in corporate expenses as the
international business expands.
Research and development costs were RMB12.8
million (US$1.8 million) in the fourth quarter of 2023, compared
with RMB10.0 million in the fourth quarter 2022 and RMB10.5 million
in the third quarter of 2023.
Impairment loss of long-lived assets was
RMB3,013.4 million (US$424.4 million) in the fourth quarter of
2023. The impairment loss arises when the estimated undiscounted
future cash flows expected to result from the direct use of the
asset group plus net proceeds expected from disposition of the
asset group, if any, is less than the carrying value of the asset
group. Due to lower sales price, slower than expected move-in,
fixed remaining lease term for the leased properties, and proactive
plans to consolidate certain data centers, based on the Company’s
assessment, the impairment loss was recorded in the fourth quarter
of 2023, which was the excess of the carrying amount of the asset
group over the fair value of the asset group.
Net interest expenses for the fourth quarter of
2023 were RMB482.4 million (US$67.9 million), a 1.2% increase over
the fourth quarter of 2022 of RMB476.8 million and a 4.1% decrease
over the third quarter of 2023 of RMB503.2 million. The decrease
over the third quarter of 2023 was mainly due to a decrease in
effective interest rate.
Foreign currency exchange gain for the fourth
quarter of 2023 was RMB0.8 million (US$119 thousand), compared with
a gain of RMB4.7 million in the fourth quarter of 2022 and a gain
of RMB0.9 million in the third quarter of 2023.
Others, net for the fourth quarter of 2023 was
RMB30.5 million (US$4.3 million), compared with RMB31.0 million in
the fourth quarter of 2022 and RMB21.7 million in the third quarter
of 2023.
Income tax benefits for the fourth quarter of
2023 were RMB224.6 million (US$31.6 million), compared with income
tax expenses of RMB78.0 million in the fourth quarter of 2022 and
income tax expenses of RMB20.9 million in the third quarter of
2023.
Net loss in the fourth quarter of 2023 was
RMB3,164.6 million (US$445.7 million), compared with a net loss of
RMB177.9 million in the fourth quarter of 2022 and a net loss of
RMB420.8 million in the third quarter of 2023.
Adjusted EBITDA (non-GAAP) is defined as net
loss excluding net interest expenses, income tax expenses
(benefits), depreciation and amortization, operating lease cost
relating to prepaid land use rights, accretion expenses for asset
retirement costs, share-based compensation expenses, gain from
purchase price adjustment and impairment loss of long-lived assets.
Adjusted EBITDA was RMB1,132.6 million (US$159.5 million) in the
fourth quarter of 2023, a 5.7% increase over the fourth quarter of
2022 of RMB1,071.5 million and a 0.6% increase over the third
quarter of 2023 of RMB1,126.3 million.
Adjusted EBITDA margin (non-GAAP) was 44.3% in
the fourth quarter of 2023, compared with 44.6% in the fourth
quarter of 2022, and 44.7% in the third quarter of 2023. The
decrease was mainly due to an increase in other components in cost
of revenue and an increase in corporate expenses, partially offset
by a decrease in utility cost.
Basic and diluted loss per ordinary share in the
fourth quarter of 2023 was RMB2.16 (US$0.30), compared with RMB0.13
in the fourth quarter of 2022, and RMB0.30 in the third quarter of
2023.
Basic and diluted loss per American Depositary
Share (“ADS”) in the fourth quarter of 2023 was RMB17.30 (US$2.44),
compared with RMB1.06 in the fourth quarter of 2022, and RMB2.37 in
the third quarter of 2023. Each ADS represents eight Class A
ordinary shares.
Full Year 2023 Financial Results
Net revenue in 2023 was RMB9,956.5 million
(US$1,402.3 million), a 6.8% increase from RMB9,325.6 million in
2022. Service revenue in 2023 was RMB9,955.9 million (US$1,402.3
million), a 6.8% increase from RMB9,317.9 million in 2022.
Cost of revenue in 2023 was RMB8,034.1 million
(US$1,131.6 million), a 8.7% increase from RMB7,389.8 million in
2022.
Gross profit was RMB1,922.5 million (US$270.8
million) in 2023, a 0.7% decrease from RMB1,935.9 million in 2022.
Gross profit margin was 19.3% in 2023, compared with 20.8% in
2022.
Selling and marketing expenses, excluding
share-based compensation expenses of RMB43.8 million (US$6.2
million), were RMB100.4 million (US$14.1 million) in 2023, a 7.7%
decrease from RMB108.7 million (excluding share-based compensation
of RMB41.7 million) in 2022.
General and administrative expenses, excluding
share-based compensation expenses of RMB166.8 million (US$23.5
million), depreciation and amortization expenses of RMB500.8
million (US$70.5 million) and operating lease cost relating to
prepaid land use rights of RMB69.5 million (US$9.8 million), were
RMB448.3 million (US$63.1 million) in 2023, a 8.0% decrease from
RMB487.6 million (excluding share-based compensation expenses of
RMB146.8 million, depreciation and amortization expenses of
RMB459.8 million and operating lease cost relating to prepaid land
use rights of RMB90.9 million) in 2022.
Research and development costs were RMB38.2
million (US$5.4 million) in 2023, compared with RMB35.8 million in
2022.
Impairment loss of long-lived assets was
RMB3,013.4 million (US$424.4 million) in 2023, compared with
RMB12.8 million in 2022.
Net interest expenses were RMB1,939.4 million
(US$273.2 million) in 2023, a 5.1% increase from RMB1,845.4 million
in 2022.
Others, net was RMB98.2 million (US$13.8
million) in 2023, compared with RMB97.5 million in 2022.
Net loss was RMB4,285.4 million (US$603.6
million) in 2023, compared with a net loss of RMB1,266.1 million in
2022.
Adjusted EBITDA was RMB4,624.1 million (US$651.3
million) in 2023, a 8.8% increase from RMB4,251.4 million in 2022.
Adjusted EBITDA margin (non-GAAP) was 46.4% in 2023, compared with
45.6% in 2022.
Basic and diluted loss per ordinary share was
RMB2.96 (US$0.42) in 2023, compared with RMB1.03 in 2022.
Basic and diluted loss per ADS was RMB23.67
(US$3.33) in 2023, compared with RMB8.25 in 2022. Each ADS
represents eight Class A ordinary shares.
Sales
Total area committed and pre-committed at the
end of the fourth quarter of 2023 was 670,975 sqm, compared with
630,716 sqm at the end of the fourth quarter of 2022 and 653,732
sqm at the end of the third quarter of 2023, an increase of 6.4%
Y-o-Y and 2.6% quarter-over-quarter (“Q-o-Q”), respectively. In the
fourth quarter of 2023, net additional total area committed was
17,242 sqm, including significant contributions from the SH18, HK2
and TJ1 data centers.
Data Center Resources
Area in service at the end of the fourth quarter
of 2023 was 572,555 sqm, compared with 515,787 sqm at the end of
the fourth quarter of 2022 and 554,210 sqm at the end of the third
quarter of 2023, an increase of 11.0% Y-o-Y and 3.3% Q-o-Q. In the
fourth quarter of 2023, LF15 and NTP2 data centers came into
service.
Area under construction at the end of the fourth
quarter of 2023 was 182,746 sqm, compared with 192,713 sqm at the
end of the fourth quarter of 2022 and 189,585 sqm at the end of the
third quarter of 2023, a decrease of 5.2% Y-o-Y and a decrease of
3.6% Q-o-Q, respectively. During the fourth quarter, construction
commenced on SH18 Phase 3 and NDP1 Phase 1 data centers.
- SH18 Phase 3 is the third and final
phase of SH18 data center in the Pujiang site in the Minhang
District of Shanghai, next to SH16 and SH17 data centers. It has a
net floor area of 8,368 sqm and is 56.5% pre-committed.
- NDP1 Phase 1 is the first phase of
the first data center in Nongsa Digital Park in Batam, Indonesia,
with a net floor area of 2,274 sqm.
Commitment rate for area in service was 92.8% at
the end of the fourth quarter of 2023, compared with 95.5% at the
end of the fourth quarter of 2022 and 91.9% at the end of the third
quarter of 2023. Pre-commitment rate for area under construction
was 76.4% at the end of the fourth quarter of 2023, compared with
71.5% at the end of the fourth quarter of 2022 and 76.1% at the end
of the third quarter of 2023.
Area utilized at the end of the fourth quarter
of 2023 was 418,748 sqm, compared with 370,547 sqm at the end of
the fourth quarter of 2022 and 398,674 sqm at the end of the third
quarter of 2023, an increase of 13.0% Y-o-Y and 5.0% Q-o-Q. In the
fourth quarter of 2023, net additional area utilized was 20,074
sqm, which mainly came from additional area utilized in the SH17
Phase 1, BJ7, LF13 Phase 1, LF15, HK1 Phase 1 and NTP1 data
centers.
Utilization rate for area in service was 73.1%
at the end of the fourth quarter of 2023, compared with 71.8% at
the end of the fourth quarter of 2022 and 71.9% at the end of the
third quarter of 2023.
Liquidity
As of December 31, 2023, cash was RMB7,710.7
million (US$1,086.0 million). Total short-term debt was RMB3,381.8
million (US$476.3 million), comprised of short-term borrowings and
the current portion of long-term borrowings of RMB2,834.0 million
(US$399.2 million) and the current portion of finance lease and
other financing obligations of RMB547.8 million (US$77.2 million).
Total long-term debt was RMB43,035.2 million (US$6,061.4 million),
comprised of long-term borrowings (excluding current portion) of
RMB26,706.3 million (US$3,761.5 million), convertible bonds payable
of RMB8,434.8 million (US$1,188.0 million) and the non-current
portion of finance lease and other financing obligations of
RMB7,894.2 million (US$1,111.9 million). During the fourth quarter
of 2023, the Company obtained new debt financing and refinancing
facilities of RMB1,733.1 million (US$244.1 million). For the full
year 2023, the Company obtained new debt financing and re-financing
facilities of RMB10.0 billion (US$1.4 billion).
Business Outlook
For the full year of 2024, the Company expects
its total revenues to be between RMB11,340 million to RMB11,760
million, implying a year-on-year increase of between approximately
13.9% to 18.1%; and its Adjusted EBITDA to be between RMB4,950
million to RMB5,150 million, implying a year-on-year increase of
between approximately 7.0% to 11.4%. In addition, the Company
expects capex to be around RMB6,500 million for the full year of
2024.
This forecast reflects the Company’s preliminary
view on the current business situation and market conditions, which
are subject to change.
Conference Call
Management will hold a conference call at 8:00
a.m. U.S. Eastern Time on March 26, 2024 (8:00 p.m. Beijing Time on
March 26, 2024) to discuss financial results and answer questions
from investors and analysts.
Participants should complete online registration
using the link provided below at least 15 minutes before the
scheduled start time. Upon registration, participants will receive
the conference call access information, including dial-in numbers,
a personal PIN and an e-mail with detailed instructions to join the
conference call.
Participant Online
Registration:https://register.vevent.com/register/BIf6b9ea1aff6f4303b82b564d211cf1f3
A live and archived webcast of the conference
call will be available on the Company's investor relations website
at investors.gds-services.com.
Non-GAAP Disclosure
Our management and board of directors use
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP and Adjusted
GP margin, which are non-GAAP financial measures, to evaluate our
operating performance, establish budgets and develop operational
goals for managing our business. We believe that the exclusion of
the income and expenses eliminated in calculating Adjusted EBITDA
and Adjusted GP can provide useful and supplemental measures of our
core operating performance. In particular, we believe that the use
of Adjusted EBITDA as a supplemental performance measure captures
the trend in our operating performance by excluding from our
operating results the impact of our capital structure (primarily
interest expense), asset base charges (primarily depreciation and
amortization, operating lease cost relating to prepaid land use
rights, accretion expenses for asset retirement costs and
impairment loss of long-lived assets), other non-cash expenses
(primarily share-based compensation expenses), and other income and
expenses which we believe are not reflective of our operating
performance, whereas the use of adjusted gross profit as a
supplemental performance measure captures the trend in gross profit
performance of our data centers in service by excluding from our
gross profit the impact of asset base charges (primarily
depreciation and amortization, operating lease cost relating to
prepaid land use rights and accretion expenses for asset retirement
costs) and other non-cash expenses (primarily share-based
compensation expenses) included in cost of revenue.
We note that depreciation and amortization is a
fixed cost which commences as soon as each data center enters
service. However, it usually takes several years for new data
centers to reach high levels of utilization and profitability. The
Company incurs significant depreciation and amortization costs for
its early stage data center assets. Accordingly, gross profit,
which is a measure of profitability after taking into account
depreciation and amortization, does not accurately reflect the
Company’s core operating performance.
We also present these non-GAAP measures because
we believe these non-GAAP measures are frequently used by
securities analysts, investors and other interested parties as
measures of the financial performance of companies in our
industry.
These non-GAAP financial measures are not
defined under U.S. GAAP and are not presented in accordance with
U.S. GAAP. These non-GAAP financial measures have limitations as
analytical tools, and when assessing our operating performance,
cash flows or our liquidity, investors should not consider them in
isolation, or as a substitute for gross profit, net income (loss),
cash flows provided by (used in) operating activities or other
consolidated statements of operations and cash flow data prepared
in accordance with U.S. GAAP. There are a number of limitations
related to the use of these non-GAAP financial measures instead of
their nearest GAAP equivalent. First, Adjusted EBITDA, Adjusted
EBITDA margin, Adjusted GP, and Adjusted GP margin are not
substitutes for gross profit, net income (loss), cash flows
provided by (used in) operating activities or other consolidated
statements of operation and cash flow data prepared in accordance
with U.S. GAAP. Second, other companies may calculate these
non-GAAP financial measures differently or may use other measures
to evaluate their performance, all of which could reduce the
usefulness of these non-GAAP financial measures as tools for
comparison. Finally, these non-GAAP financial measures do not
reflect the impact of net interest expenses, incomes tax benefits
(expenses), depreciation and amortization, operating lease cost
relating to prepaid land use rights, accretion expenses for asset
retirement costs, share-based compensation expenses, gain from
purchase price adjustment and impairment loss of long-lived assets,
each of which have been and may continue to be incurred in our
business.
We mitigate these limitations by reconciling the
non-GAAP financial measure to the most comparable U.S. GAAP
performance measure, all of which should be considered when
evaluating our performance. We do not provide forward-looking
guidance for certain financial data, such as depreciation,
amortization, accretion, share-based compensation and net income
(loss); the impact of such data and related adjustments can be
significant. As a result, we are not able to provide a
reconciliation of forward-looking U.S. GAAP to forward-looking
non-GAAP financial measures without unreasonable effort. Such
forward-looking non-GAAP financial measures include the forecast
for Adjusted EBITDA in the section captioned “Business Outlook” set
forth in this press release.
For more information on these non-GAAP financial
measures, please see the table captioned “Reconciliations of GAAP
and non-GAAP results” set forth at the end of this press
release.
Exchange Rate
This announcement contains translations of
certain RMB amounts into U.S. dollars (“USD”) at specified rates
solely for the convenience of the reader. Unless otherwise stated,
all translations from RMB to USD were made at the rate of RMB7.0999
to US$1.00, the noon buying rate in effect on December 29, 2023 in
the H.10 statistical release of the Federal Reserve Board. The
Company makes no representation that the RMB or USD amounts
referred could be converted into USD or RMB, as the case may be, at
any particular rate or at all.
Statement Regarding Preliminary
Unaudited Financial Information
The unaudited financial information set out in
this earnings release is preliminary and subject to potential
adjustments. Adjustments to the consolidated financial statements
may be identified when audit work has been performed for the
Company’s year-end audit, which could result in significant
differences from this preliminary unaudited financial
information.
About GDS Holdings Limited
GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698)
is a leading developer and operator of high-performance data
centers in China and South East Asia. The Company’s facilities are
strategically located in primary economic hubs where demand for
high-performance data center services is concentrated. The Company
also builds, operates and transfers data centers at other locations
selected by its customers in order to fulfill their broader
requirements. The Company’s data centers have large net floor area,
high power capacity, density and efficiency, and multiple
redundancies across all critical systems. GDS is carrier and
cloud-neutral, which enables its customers to access the major
telecommunications networks, as well as the largest PRC and global
public clouds, which are hosted in many of its facilities. The
Company offers co-location and a suite of value-added services,
including managed hybrid cloud services through direct private
connection to leading public clouds, managed network services, and,
where required, the resale of public cloud services. The Company
has a 23-year track record of service delivery, successfully
fulfilling the requirements of some of the largest and most
demanding customers for outsourced data center services in China.
The Company’s customer base consists predominantly of hyperscale
cloud service providers, large internet companies, financial
institutions, telecommunications carriers, IT service providers,
and large domestic private sector and multinational
corporations.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “aim,” “anticipate,” “believe,” “continue,”
“estimate,” “expect,” “future,” “guidance,” “intend,” “is/are
likely to,” “may,” “ongoing,” “plan,” “potential,” “target,”
“will,” and similar statements. Among other things, statements that
are not historical facts, including statements about GDS Holdings’
beliefs and expectations regarding the growth of its businesses and
its revenue for the full fiscal year, the business outlook and
quotations from management in this announcement, as well as GDS
Holdings’ strategic and operational plans, are or contain
forward-looking statements. GDS Holdings may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”) on Forms 20-F and
6-K, in its current, interim and annual reports to shareholders, in
announcements, circulars or other publications made on the website
of the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock
Exchange”), in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Forward-looking statements involve inherent risks
and uncertainties. A number of factors could cause GDS Holdings’
actual results or financial performance to differ materially from
those contained in any forward-looking statement, including but not
limited to the following: GDS Holdings’ goals and strategies; GDS
Holdings’ future business development, financial condition and
results of operations; the expected growth of the market for
high-performance data centers, data center solutions and related
services in China and South East Asia; GDS Holdings’ expectations
regarding demand for and market acceptance of its high-performance
data centers, data center solutions and related services; GDS
Holdings’ expectations regarding building, strengthening and
maintaining its relationships with new and existing customers; the
continued adoption of cloud computing and cloud service providers
in China and South East Asia; risks and uncertainties associated
with increased investments in GDS Holdings’ business and new data
center initiatives; risks and uncertainties associated with
strategic acquisitions and investments; GDS Holdings’ ability to
maintain or grow its revenue or business; fluctuations in GDS
Holdings’ operating results; changes in laws, regulations and
regulatory environment that affect GDS Holdings’ business
operations; competition in GDS Holdings’ industry in China and
South East Asia; security breaches; power outages; and fluctuations
in general economic and business conditions in China, South East
Asia and globally, and assumptions underlying or related to any of
the foregoing. Further information regarding these and other risks,
uncertainties or factors is included in GDS Holdings’ filings with
the SEC, including its annual report on Form 20-F, and with the
Hong Kong Stock Exchange. All information provided in this press
release is as of the date of this press release and are based on
assumptions that GDS Holdings believes to be reasonable as of such
date, and GDS Holdings does not undertake any obligation to update
any forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please
contact:
GDS Holdings LimitedLaura
ChenPhone: +86 (21) 2029-2203Email: ir@gds-services.com
Piacente Financial
CommunicationsRoss WarnerPhone: +86 (10) 6508-0677Email:
GDS@tpg-ir.com
Brandi PiacentePhone: +1 (212) 481-2050Email:
GDS@tpg-ir.com
GDS Holdings Limited
|
|
|
GDS HOLDINGS LIMITEDUNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS(Amount in thousands of
Renminbi ("RMB") and US dollars ("US$")) |
| |
|
| |
|
As ofDecember 31, 2022 |
As of December 31, 2023 |
|
|
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
Assets |
|
|
|
| Current
assets |
|
|
|
|
|
Cash |
8,608,131 |
|
7,710,711 |
|
1,086,031 |
|
|
|
Accounts receivable, net of
allowance for credit losses |
2,406,025 |
|
2,545,913 |
|
358,584 |
|
|
|
Value-added-tax (“VAT”)
recoverable |
164,743 |
|
214,385 |
|
30,195 |
|
|
|
Prepaid expenses and other
current assets |
772,177 |
|
512,644 |
|
72,205 |
|
|
|
Total current
assets |
11,951,076 |
|
10,983,653 |
|
1,547,015 |
|
|
|
|
|
|
|
| Property and
equipment, net |
46,916,628 |
|
47,499,494 |
|
6,690,164 |
|
| Prepaid land use
rights, net |
23,002 |
|
22,388 |
|
3,153 |
|
| Operating lease
right-of-use assets |
5,633,946 |
|
5,436,288 |
|
765,685 |
|
| Goodwill and
intangible assets, net |
8,124,214 |
|
7,765,055 |
|
1,093,685 |
|
| Other non-current
assets |
2,165,088 |
|
2,739,812 |
|
385,895 |
|
|
|
Total
assets |
74,813,954 |
|
74,446,690 |
|
10,485,597 |
|
|
|
|
|
|
|
|
|
Liabilities, Mezzanine Equity and Equity |
|
|
|
| Current
liabilities |
|
|
|
|
|
Short-term borrowings and
current portion of long-term borrowings |
3,623,967 |
|
2,833,953 |
|
399,154 |
|
|
|
Convertible bonds payable,
current |
2,083,829 |
|
0 |
|
0 |
|
|
|
Accounts payable |
3,092,884 |
|
3,424,937 |
|
482,392 |
|
|
|
Accrued expenses and other
payables |
1,173,091 |
|
1,318,336 |
|
185,684 |
|
|
|
Operating lease liabilities,
current |
175,749 |
|
180,403 |
|
25,409 |
|
|
|
Finance lease and other
financing obligations, current |
453,855 |
|
547,847 |
|
77,163 |
|
|
|
Total current
liabilities |
10,603,375 |
|
8,305,476 |
|
1,169,802 |
|
|
|
|
|
|
|
| Long-term
borrowings, excluding current portion |
23,518,058 |
|
26,706,256 |
|
3,761,497 |
|
| Convertible bonds
payable, non-current |
4,294,985 |
|
8,434,766 |
|
1,188,012 |
|
| Operating lease
liabilities, non-current |
1,617,986 |
|
1,395,981 |
|
196,620 |
|
| Finance lease and
other financing obligations, non-current |
8,916,266 |
|
7,894,185 |
|
1,111,873 |
|
| Other long-term
liabilities |
1,678,629 |
|
1,586,223 |
|
223,415 |
|
|
|
Total
liabilities |
50,629,299 |
|
54,322,887 |
|
7,651,219 |
|
|
|
|
|
|
|
| Mezzanine
equity |
|
|
|
|
|
Redeemable preferred
shares |
1,047,012 |
|
1,064,766 |
|
149,969 |
|
|
|
Total mezzanine
equity |
1,047,012 |
|
1,064,766 |
|
149,969 |
|
|
|
|
|
|
|
| GDS Holdings
Limited shareholders' equity |
|
|
|
|
|
Ordinary shares |
516 |
|
516 |
|
73 |
|
|
|
Additional paid-in
capital |
29,048,598 |
|
29,337,095 |
|
4,132,043 |
|
|
|
Accumulated other
comprehensive loss |
(848,360 |
) |
(974,393 |
) |
(137,240 |
) |
|
|
Accumulated deficit |
(5,179,705 |
) |
(9,469,758 |
) |
(1,333,788 |
) |
|
|
Total GDS Holdings
Limited shareholders' equity |
23,021,049 |
|
18,893,460 |
|
2,661,088 |
|
| Non-controlling
interests |
116,594 |
|
165,577 |
|
23,321 |
|
|
|
Total
equity |
23,137,643 |
|
19,059,037 |
|
2,684,409 |
|
|
|
|
|
|
|
|
|
Total liabilities,
mezzanine equity and equity |
74,813,954 |
|
74,446,690 |
|
10,485,597 |
|
|
|
|
GDS HOLDINGS LIMITEDUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(Amount in
thousands of Renminbi ("RMB") and US dollars
("US$")except for number of shares and per share
data) |
| |
|
|
|
|
| |
|
Three months ended |
|
Year ended |
|
|
|
December 31, 2022 |
September 30, 2023 |
December 31, 2023 |
|
December 31, 2022 |
December 31, 2023 |
|
|
|
RMB |
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
|
|
| Net
revenue |
|
|
|
|
|
|
|
|
| Service
revenue |
2,404,034 |
|
2,518,978 |
|
2,556,490 |
|
360,074 |
|
|
9,317,891 |
|
9,955,937 |
|
1,402,264 |
|
| Equipment
sales |
0 |
|
55 |
|
0 |
|
0 |
|
|
7,740 |
|
564 |
|
79 |
|
| Total net
revenue |
2,404,034 |
|
2,519,033 |
|
2,556,490 |
|
360,074 |
|
|
9,325,631 |
|
9,956,501 |
|
1,402,343 |
|
| Cost of
revenue |
(1,916,000 |
) |
(2,071,584 |
) |
(2,124,173 |
) |
(299,184 |
) |
|
(7,389,774 |
) |
(8,034,051 |
) |
(1,131,572 |
) |
| Gross
profit |
488,034 |
|
447,449 |
|
432,317 |
|
60,890 |
|
|
1,935,857 |
|
1,922,450 |
|
270,771 |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
expenses |
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
(32,932 |
) |
(38,912 |
) |
(35,208 |
) |
(4,959 |
) |
|
(150,433 |
) |
(144,154 |
) |
(20,304 |
) |
|
|
General and administrative
expenses |
(296,067 |
) |
(317,326 |
) |
(309,077 |
) |
(43,533 |
) |
|
(1,185,080 |
) |
(1,185,426 |
) |
(166,964 |
) |
|
|
Research and development
expenses |
(9,986 |
) |
(10,529 |
) |
(12,800 |
) |
(1,803 |
) |
|
(35,806 |
) |
(38,159 |
) |
(5,375 |
) |
|
|
Impairment loss of long-lived
assets |
(12,759 |
) |
0 |
|
(3,013,416 |
) |
(424,431 |
) |
|
(12,759 |
) |
(3,013,416 |
) |
(424,431 |
) |
| Income
(loss) from operations |
136,290 |
|
80,682 |
|
(2,938,184 |
) |
(413,836 |
) |
|
551,779 |
|
(2,458,705 |
) |
(346,303 |
) |
| Other
income (expenses): |
|
|
|
|
|
|
|
|
| |
Net interest expenses |
(476,780 |
) |
(503,156 |
) |
(482,378 |
) |
(67,942 |
) |
|
(1,845,427 |
) |
(1,939,433 |
) |
(273,163 |
) |
|
|
Foreign currency exchange gain
(loss), net |
4,664 |
|
908 |
|
847 |
|
119 |
|
|
1,272 |
|
(267 |
) |
(38 |
) |
|
|
Gain from purchase price
adjustment |
205,000 |
|
0 |
|
0 |
|
0 |
|
|
205,000 |
|
0 |
|
0 |
|
|
|
Others, net |
30,970 |
|
21,680 |
|
30,519 |
|
4,299 |
|
|
97,493 |
|
98,235 |
|
13,836 |
|
| Loss
before income taxes |
(99,856 |
) |
(399,886 |
) |
(3,389,196 |
) |
(477,360 |
) |
|
(989,883 |
) |
(4,300,170 |
) |
(605,668 |
) |
| Income tax
(expenses) benefits |
(78,039 |
) |
(20,945 |
) |
224,552 |
|
31,627 |
|
|
(276,235 |
) |
14,777 |
|
2,081 |
|
| Net
loss |
(177,895 |
) |
(420,831 |
) |
(3,164,644 |
) |
(445,733 |
) |
|
(1,266,118 |
) |
(4,285,393 |
) |
(603,587 |
) |
| Net income
attributable to non-controlling interests |
(2,851 |
) |
(350 |
) |
(1,310 |
) |
(185 |
) |
|
(3,427 |
) |
(4,660 |
) |
(656 |
) |
| Net loss
attributable to redeemable non-controlling interests |
0 |
|
0 |
|
0 |
|
0 |
|
|
655 |
|
0 |
|
0 |
|
| Net loss
attributable to GDS Holdings Limited shareholders |
(180,746 |
) |
(421,181 |
) |
(3,165,954 |
) |
(445,918 |
) |
|
(1,268,890 |
) |
(4,290,053 |
) |
(604,243 |
) |
| Accretion to
redemption value of redeemable non-controlling interests |
0 |
|
0 |
|
0 |
|
0 |
|
|
(10,801 |
) |
0 |
|
0 |
|
| Adjustment to the
redemption value of redeemable non-controlling interests |
0 |
|
0 |
|
0 |
|
0 |
|
|
(178,982 |
) |
0 |
|
0 |
|
| Net loss
available to GDS Holdings Limited shareholders |
(180,746 |
) |
(421,181 |
) |
(3,165,954 |
) |
(445,918 |
) |
|
(1,458,673 |
) |
(4,290,053 |
) |
(604,243 |
) |
| Cumulative
dividend on redeemable preferred shares |
(13,662 |
) |
(13,745 |
) |
(13,679 |
) |
(1,927 |
) |
|
(51,212 |
) |
(53,625 |
) |
(7,553 |
) |
| Net loss
available to GDS Holdings Limited ordinary
shareholders |
(194,408 |
) |
(434,926 |
) |
(3,179,633 |
) |
(447,845 |
) |
|
(1,509,885 |
) |
(4,343,678 |
) |
(611,796 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Loss per
ordinary share |
|
|
|
|
|
|
|
|
| Basic and
diluted |
(0.13 |
) |
(0.30 |
) |
(2.16 |
) |
(0.30 |
) |
|
(1.03 |
) |
(2.96 |
) |
(0.42 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Weighted
average number of ordinary share outstanding |
|
|
|
|
|
|
|
| Basic and
diluted |
1,467,200,367 |
|
1,468,336,869 |
|
1,469,982,015 |
|
1,469,982,015 |
|
|
1,464,447,843 |
|
1,468,187,956 |
|
1,468,187,956 |
|
|
|
|
GDS HOLDINGS LIMITEDUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS(Amount in thousands of Renminbi ("RMB") and
US dollars ("US$")) |
| |
|
|
|
|
| |
|
Three months ended |
|
Year ended |
|
|
|
December 31, 2022 |
September 30, 2023 |
December 31, 2023 |
|
December 31, 2022 |
December 31, 2023 |
|
|
|
RMB |
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(177,895 |
) |
(420,831 |
) |
(3,164,644 |
) |
(445,733 |
) |
|
(1,266,118 |
) |
(4,285,393 |
) |
(603,587 |
) |
| Foreign currency
translation adjustments, net of nil tax |
127,949 |
|
20,261 |
|
117,674 |
|
16,574 |
|
|
(247,509 |
) |
(125,118 |
) |
(17,623 |
) |
|
Comprehensive loss |
(49,946 |
) |
(400,570 |
) |
(3,046,970 |
) |
(429,159 |
) |
|
(1,513,627 |
) |
(4,410,511 |
) |
(621,210 |
) |
| Comprehensive
income attributable to non-controlling interests |
(3,602 |
) |
(6 |
) |
(1,678 |
) |
(236 |
) |
|
(5,092 |
) |
(5,575 |
) |
(785 |
) |
| Comprehensive loss
attributable to redeemable non-controlling interests |
0 |
|
0 |
|
0 |
|
0 |
|
|
655 |
|
0 |
|
0 |
|
|
Comprehensive loss attributable to GDS Holdings Limited
shareholders |
(53,548 |
) |
(400,576 |
) |
(3,048,648 |
) |
(429,395 |
) |
|
(1,518,064 |
) |
(4,416,086 |
) |
(621,995 |
) |
|
|
|
GDS HOLDINGS LIMITEDUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(Amount in
thousands of Renminbi ("RMB") and US dollars ("US$")) |
| |
|
|
|
| |
Three months ended |
|
Year ended |
|
|
December 31, 2022 |
September 30, 2023 |
December 31, 2023 |
|
December 31, 2022 |
December 31, 2023 |
|
|
RMB |
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(177,895 |
) |
(420,831 |
) |
(3,164,644 |
) |
(445,733 |
) |
|
(1,266,118 |
) |
(4,285,393 |
) |
(603,587 |
) |
|
Depreciation and amortization |
820,443 |
|
886,142 |
|
916,135 |
|
129,035 |
|
|
3,189,074 |
|
3,519,745 |
|
495,746 |
|
|
Amortization of debt issuance cost and debt discount |
35,711 |
|
42,058 |
|
20,310 |
|
2,861 |
|
|
154,916 |
|
152,286 |
|
21,449 |
|
|
Share-based compensation expense |
38,375 |
|
107,957 |
|
80,765 |
|
11,376 |
|
|
290,815 |
|
336,616 |
|
47,411 |
|
|
Gain from purchase price adjustment |
(205,000 |
) |
0 |
|
0 |
|
0 |
|
|
(205,000 |
) |
0 |
|
0 |
|
|
Impairment loss of long-lived assets |
12,759 |
|
0 |
|
3,013,416 |
|
424,431 |
|
|
12,759 |
|
3,013,416 |
|
424,431 |
|
|
Others |
(31,295 |
) |
11,356 |
|
(202,342 |
) |
(28,499 |
) |
|
7,534 |
|
(186,554 |
) |
(26,276 |
) |
| Changes in operating assets
and liabilities |
414,805 |
|
(116,236 |
) |
285,750 |
|
40,248 |
|
|
674,087 |
|
(484,859 |
) |
(68,290 |
) |
| Net cash provided by
operating activities |
907,903 |
|
510,446 |
|
949,390 |
|
133,719 |
|
|
2,858,067 |
|
2,065,257 |
|
290,884 |
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment and land use rights |
(2,135,231 |
) |
(1,478,410 |
) |
(1,067,581 |
) |
(150,366 |
) |
|
(7,803,687 |
) |
(6,003,269 |
) |
(845,543 |
) |
|
Receipts (payments) related to acquisitions and investments |
4,270 |
|
(94,000 |
) |
(85,925 |
) |
(12,102 |
) |
|
(3,471,197 |
) |
(322,373 |
) |
(45,405 |
) |
| Net cash used in
investing activities |
(2,130,961 |
) |
(1,572,410 |
) |
(1,153,506 |
) |
(162,468 |
) |
|
(11,274,884 |
) |
(6,325,642 |
) |
(890,948 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from financing activities |
859,971 |
|
442,341 |
|
376,895 |
|
53,085 |
|
|
4,856,318 |
|
3,142,494 |
|
442,611 |
|
| Net cash provided by
financing activities |
859,971 |
|
442,341 |
|
376,895 |
|
53,085 |
|
|
4,856,318 |
|
3,142,494 |
|
442,611 |
|
| Effect of exchange rate
changes on cash and restricted cash |
(8,652 |
) |
(10,222 |
) |
4,705 |
|
662 |
|
|
416,198 |
|
154,302 |
|
21,734 |
|
|
|
|
|
|
|
|
|
|
|
| Net (decrease) increase of
cash and restricted cash |
(371,739 |
) |
(629,845 |
) |
177,484 |
|
24,998 |
|
|
(3,144,301 |
) |
(963,589 |
) |
(135,719 |
) |
| Cash and restricted cash at
beginning of period |
9,253,805 |
|
8,370,564 |
|
7,740,395 |
|
1,090,212 |
|
|
12,026,367 |
|
8,882,066 |
|
1,251,013 |
|
| Reclassification as assets of
disposal group classified as held for sale |
0 |
|
(324 |
) |
53 |
|
7 |
|
|
0 |
|
(545 |
) |
(77 |
) |
| Cash and restricted
cash at end of period |
8,882,066 |
|
7,740,395 |
|
7,917,932 |
|
1,115,217 |
|
|
8,882,066 |
|
7,917,932 |
|
1,115,217 |
|
|
|
|
GDS HOLDINGS LIMITEDRECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS(Amount in thousands of
Renminbi ("RMB") and US dollars ("US$")except for
percentage data) |
| |
|
|
|
|
| |
|
Three months ended |
|
Year ended |
|
|
|
December 31, 2022 |
September 30, 2023 |
December 31, 2023 |
|
December 31, 2022 |
December 31, 2023 |
|
|
|
RMB |
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
488,034 |
|
447,449 |
|
432,317 |
|
60,890 |
|
|
1,935,857 |
|
1,922,450 |
|
270,771 |
|
| Depreciation and
amortization |
708,324 |
|
748,658 |
|
797,284 |
|
112,295 |
|
|
2,722,785 |
|
3,012,843 |
|
424,350 |
|
| Operating lease
cost relating to prepaid land use rights |
4,344 |
|
10,434 |
|
10,615 |
|
1,495 |
|
|
10,944 |
|
38,792 |
|
5,464 |
|
| Accretion expenses
for asset retirement costs |
1,578 |
|
1,708 |
|
1,640 |
|
231 |
|
|
6,366 |
|
6,805 |
|
958 |
|
| Share-based
compensation expenses |
22,417 |
|
39,005 |
|
29,066 |
|
4,095 |
|
|
97,055 |
|
116,467 |
|
16,404 |
|
| Adjusted
GP |
1,224,697 |
|
1,247,254 |
|
1,270,922 |
|
179,006 |
|
|
4,773,007 |
|
5,097,357 |
|
717,947 |
|
| Adjusted
GP margin |
50.9 |
% |
49.5 |
% |
49.7 |
% |
49.7 |
% |
|
51.2 |
% |
51.2 |
% |
51.2 |
% |
|
|
|
GDS HOLDINGS LIMITEDRECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS(Amount in thousands of
Renminbi ("RMB") and US dollars ("US$")except for
percentage data) |
| |
|
|
|
|
| |
|
Three months ended |
|
Year ended |
|
|
|
December 31,2022 |
September 30,2023 |
December 31, 2023 |
|
December 31,2022 |
December 31, 2023 |
|
|
|
RMB |
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(177,895 |
) |
(420,831 |
) |
(3,164,644 |
) |
(445,733 |
) |
|
(1,266,118 |
) |
(4,285,393 |
) |
(603,587 |
) |
| Net interest
expenses |
476,780 |
|
503,156 |
|
482,378 |
|
67,942 |
|
|
1,845,427 |
|
1,939,433 |
|
273,163 |
|
| Income tax
expenses (benefits) |
78,039 |
|
20,945 |
|
(224,552 |
) |
(31,627 |
) |
|
276,235 |
|
(14,777 |
) |
(2,081 |
) |
| Depreciation and
amortization |
820,443 |
|
886,142 |
|
916,135 |
|
129,035 |
|
|
3,189,074 |
|
3,519,745 |
|
495,746 |
|
| Operating lease
cost relating to prepaid land use rights |
26,401 |
|
27,211 |
|
27,494 |
|
3,872 |
|
|
101,848 |
|
108,254 |
|
15,247 |
|
| Accretion expenses
for asset retirement costs |
1,578 |
|
1,708 |
|
1,640 |
|
231 |
|
|
6,366 |
|
6,805 |
|
958 |
|
| Share-based
compensation expenses |
38,375 |
|
107,957 |
|
80,765 |
|
11,376 |
|
|
290,815 |
|
336,616 |
|
47,411 |
|
| Gain from purchase
price adjustment |
(205,000 |
) |
0 |
|
0 |
|
0 |
|
|
(205,000 |
) |
0 |
|
0 |
|
| Impairment loss of
long-lived assets |
12,759 |
|
0 |
|
3,013,416 |
|
424,431 |
|
|
12,759 |
|
3,013,416 |
|
424,431 |
|
| Adjusted
EBITDA |
1,071,480 |
|
1,126,288 |
|
1,132,632 |
|
159,527 |
|
|
4,251,406 |
|
4,624,099 |
|
651,288 |
|
| Adjusted
EBITDA margin |
44.6 |
% |
44.7 |
% |
44.3 |
% |
44.3 |
% |
|
45.6 |
% |
46.4 |
% |
46.4 |
% |
Grafico Azioni GDS (NASDAQ:GDS)
Storico
Da Feb 2025 a Mar 2025
Grafico Azioni GDS (NASDAQ:GDS)
Storico
Da Mar 2024 a Mar 2025
