Kingsoft Cloud Holdings Limited (“Kingsoft Cloud” or the “Company”)
(NASDAQ: KC and HKEX: 3896), a leading independent cloud service
provider in China, today announced its unaudited financial results
for the first quarter ended March 31, 2023.
Mr. Tao Zou, Chief Executive Officer of Kingsoft Cloud,
commented, “This quarter we remained committed to our high-quality
and sustainable development strategy, continued to build our
success based on technology, built our full life-cycle brand
recognition centered around our clients, while keep enhancing our
management of operating. Our results over the past few quarters
demonstrate the effectiveness of our strategy. As we prepare to
meet future opportunities and challenges head-on, we will nimbly
execute on our strategy to create value for our customers,
shareholders, employees, and society.”
Mr. Henry He, Chief Financial Officer of Kingsoft Cloud, added,
“We are pleased to see that our profitability further improved
steadily in the first quarter with the adjusted gross margin
increasing for a fourth consecutive quarter and rising by a
significant 6.6 percentage points year-over-year to a historical
high of 10.4%. To help capital market better understand our path to
improve our profitability, this quarter we started to provide gross
profit and margin for public cloud and enterprise cloud services
separately. Gross margin of public cloud services increased to 2.1%
from negative 3.4% a year ago and gross margin of enterprise cloud
services also improved significantly from 16.1% to 23.8%,
testifying to the effectiveness of our strategy. Looking ahead, we
will continue to take various measures to cut down expenses and we
believe we are well on track to quarterly adjusted EBITDA
breakeven.”
First Quarter
2023 Financial
Results
Total Revenues reached
RMB1,864.4 million (US$271.51 million), representing a decrease of
14.2% from RMB2,173.8 million in the same period of 2022. The
decrease was mainly due to our proactive scaling down of CDN
services, with its gross billings decreased by 11.7% on
year-over-year basis, and more stringent selection of enterprise
cloud projects.
Revenues from public
cloud services decreased by 16.4% to RMB1,153.7 million (US$168.0
million), compared with RMB1,380.8 million in the same quarter of
2022. The year-over-year decrease was mainly due to the
above-mentioned scaling down of our CDN services.
__________________1 This announcement contains translations
of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a
specified rate solely for the convenience of the reader. Unless
otherwise noted, the translation of RMB into US$ has been made at
RMB6.8676 to US$1.00, the noon buying rate in effect on March 31,
2023 as certified for customs purposes by the Federal Reserve Bank
of New York.
Revenues from
enterprise cloud services were RMB710.0 million (US$103.4 million),
representing a decrease of 10.4% from RMB792.5 million in the same
quarter of 2022. The year-over-year decrease was mainly due to the
impact of the surging wave of COVID-19 infections in January 2023,
seasonality of Chinese New Year holidays, as well as more stringent
project selection.
Other revenues were
RMB0.8 million (US$0.1 million).
Cost of
revenues was RMB1,670.2 million (US$243.2
million), representing a significant decrease of 20.2% from
RMB2,093.9 million in the same quarter of 2022. We continue to
enhance our cost control measures. IDC costs decreased
significantly by 21.4% year-over-year from RMB1,110.3 million to
RMB872.4 million this quarter. Depreciation and amortization costs
decreased by 8.7% from RMB246.1 million to RMB224.6 million.
Solution development and services costs decreased by 11.0% from
RMB476.0 million to RMB423.6 million this quarter. Fulfillment
costs and other costs were RMB122.7 million and RMB26.9 million
this quarter, which is in line with our enterprise cloud projects’
quality control strategy.
Gross profit was RMB194.2
million (US$28.3 million), which is a record high quarterly gross
profit, representing a significant increase of 142.8% from RMB80.0
million in the same period in 2022. Gross
margin was 10.4%, compared with 3.7% in the same
period in 2022. Non-GAAP gross
profit2 was RMB194.4 million (US$28.3 million),
compared with RMB83.6 million in the same period in 2022.
Non-GAAP gross
margin2 was 10.4%, compared with
3.8% in the same period in 2022. The significant improvement of our
gross profit and margin was mainly due to our strategic adjustment
of revenue mix, optimized enterprise cloud project selection and
efficient cost control measures, showing our strong commitment to
improving our profitability and delivering high-quality and
sustainable development.
Within that, gross profit of public cloud services was RMB24.8
million (US$3.6 million), which was significantly improved from the
gross loss of RMB47.2 million in same period last year. Gross
margin of public cloud services was 2.1%, compared with negative
3.4% in the same period last year. The improvement was mainly due
to our proactive scale down of CDN services and adjustment of our
clients’ structure. Gross profit of enterprise cloud services was
RMB169.0 million (US$24.6 million), compared with RMB127.4 million
in the same period last year. Gross margin of enterprise cloud
services was 23.8%, improved from 16.1% in the same period last
year. The improvement was mainly due to our more stringent
enterprise cloud project selection.
Total operating
expenses were RMB792.1 million (US$115.3 million),
compared with RMB824.3 million last quarter and RMB612.8 million in
the same period in 2022. Among which:
Selling and
marketing expenses were RMB88.1
million (US$12.8 million), further decreased from RMB126.1 million
last quarter and RMB144.4 million in the same period in 2022.
General and
administrative expenses were
RMB488.6 million (US$71.2 million), compared with RMB 442.8 million
last quarter and RMB221.8 million in the same period in 2022. The
increase was mainly due to one-time long-lived assets impairment
loss of public cloud asset group of RMB185.1 million and loss on
disposal of property and equipment of RMB20.2 million.
Research and
development expenses were
RMB215.4 million (US$31.4 million), further decreased from RMB255.5
million last quarter and RMB246.6 million in the same period in
2022.
Operating loss was RMB597.9
million (US$87.1 million), compared with operating loss of RMB662.4
million last quarter and RMB532.8 million in the same quarter of
2022.
__________________2 Non-GAAP gross profit is defined as
gross profit excluding share-based compensation allocated in the
cost of revenues and we define Non-GAAP gross margin as Non-GAAP
gross profit as a percentage of revenues. See “Use of Non-GAAP
Financial Measures” set forth at the end of this press release.
Net loss was RMB608.8 million
(US$88.7 million), compared with net loss of RMB521.7 million last
quarter and RMB554.8 million in the same quarter of 2022. The
year-over-year increase was mainly due to the impact of operating
loss, while offset by our gross profit improvements.
Non-GAAP net
loss3 was RMB412.5 million
(US$60.1 million), significantly narrowed from net loss of RMB552.7
million last quarter and RMB442.9 million in the same quarter of
2022.
Non-GAAP
EBITDA4 was RMB-130.5 million
(US$-19.0 million), which was largely narrowed from RMB-245.1
million last quarter and RMB-144.2 million in the same quarter of
2022. Non-GAAP EBITDA
margin was-7.0% this quarter, compared with -11.5%
last quarter and -6.6% in the same quarter last year. Excluding
loss on disposal of property and equipment,
normalized Non-GAAP
EBITDA was RMB-110.3 million this quarter,
improved from RMB-216.3 million last quarter and RMB-144.2 million
in the same period last quarter. Normalized
Non-GAAP EBITDA
margin was -5.9%, compared with -10.2% last
quarter and -6.6% in the same quarter of 2022.
Basic and
diluted net loss
per share was RMB0.17 (US$0.02),
compared with RMB0.14 last quarter and RMB0.15 in the same quarter
of 2022.
Cash and cash
equivalents and
short-term investments were
RMB4,461.6 million (US$649.7 million) as of March 31, 2023,
representing strong and sustainable cash reserve.
Outstanding ordinary
shares were 3,509,636,591 as of March 31, 2023,
equivalent to about 233,975,773 ADSs.
Business Outlook
For the second quarter of 2023, the Company expects total
revenues to be between RMB1.85 billion and RMB2.00 billion. This
forecast reflects the Company’s current and preliminary views on
the market and operational conditions, which are subject to
change.
Conference Call
Information
Kingsoft Cloud’s management will host an earnings conference
call on Tuesday, May 23, 2023 at 8:15 am, U.S. Eastern Time (8:15
pm, Beijing/Hong Kong Time on the same day).
Participants can register for the conference call by navigating
to
https://register.vevent.com/register/BI10c24f9a1b6b451b80e048e41962b3b5.
Once preregistration has been completed, participants will receive
dial-in numbers, direct event passcode, and a unique access
PIN.
To join the conference, simply dial the number in the calendar
invite you receive after preregistering, enter the passcode
followed by your PIN, and you will join the conference
instantly.
__________________3 Non-GAAP net loss is defined as net
loss excluding share-based compensation foreign exchange loss
(gain) and impairment of long-lived assets, and we define Non-GAAP
net loss margin as adjusted net loss as a percentage of revenues.
See “Use of Non-GAAP Financial Measures” set forth at the end of
this press release.
4 Non-GAAP EBITDA is defined as Non-GAAP net loss excluding
interest income, interest expense, income tax expense and
depreciation and amortization, and we define Non-GAAP EBITDA margin
as Non-GAAP EBITDA as a percentage of revenues. See “Use of
Non-GAAP Financial Measures” set forth at the end of this press
release.
Additionally, a live and archived webcast of the conference call
will also be available on the Company’s investor relations website
at http://ir.ksyun.com.
Use of
Non-GAAP Financial
Measures
The unaudited condensed consolidated financial information is
prepared in conformity with accounting principles generally
accepted in the United States of America (“U.S. GAAP”). In
evaluating our business, we consider and use certain non-GAAP
measures, Non-GAAP gross profit, Non-GAAP gross margin, Non-GAAP
EBITDA, Non-GAAP EBITDA margin, Non-GAAP net loss and Non-GAAP net
loss margin, as supplemental measures to review and assess our
operating performance. The presentation of these non-GAAP financial
measures is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with U.S. GAAP. We define Non-GAAP gross profit as gross
profit excluding share-based compensation allocated in the cost of
revenues, and we define Non-GAAP gross margin as Non-GAAP gross
profit as a percentage of revenues. We define Non-GAAP net loss as
net loss excluding share-based compensation foreign exchange loss
(gain) and impairment of long-lived assets, and we define Non- GAAP
net loss margin as adjusted net loss as a percentage of revenues.
We define Non-GAAP EBITDA as Non-GAAP net loss excluding interest
income, interest expense, income tax expense and depreciation and
amortization, and we define Non-GAAP EBITDA margin as Non-GAAP
EBITDA as a percentage of revenues. We present these non-GAAP
financial measures because they are used by our management to
evaluate our operating performance and formulate business plans. We
also believe that the use of these non-GAAP measures facilitates
investors’ assessment of our operating performance.
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.
One of the key limitations of using these non-GAAP financial
measures is that they do not reflect all items of income and
expense that affect our operations. Further, these non-GAAP
measures may differ from the non-GAAP information used by other
companies, including peer companies, and therefore their
comparability may be limited.
We compensate for these limitations by reconciling these
non-GAAP financial measures to the nearest U.S. GAAP performance
measure, all of which should be considered when evaluating our
performance. We encourage you to review our financial information
in its entirety and not rely on a single financial measure.
Exchange
Rate Information
This press release contains translations of certain RMB amounts
into U.S. dollars at specified rates solely for the convenience of
readers. Unless otherwise noted, all translations from RMB to U.S.
dollars, in this press release, were made at a rate of RMB6.8676 to
US$1.00, the noon buying rate in effect on March 31, 2023 as
certified for customs purposes by the Federal Reserve Bank of New
York.
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,” “future,” “intends,” “plans,”
“believes,” “estimates” and similar statements. Among other things,
the Business Outlook, and quotations from management in this
announcement, as well as Kingsoft Cloud’s strategic and operational
plans, contain forward-looking statements. Kingsoft Cloud may also
make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission (“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
Kingsoft Cloud’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: Kingsoft
Cloud’s goals and strategies; Kingsoft Cloud’s future business
development, results of operations and financial condition;
relevant government policies and regulations relating to Kingsoft
Cloud’s business and industry; the expected growth of the cloud
service market in China; the expectation regarding the rate at
which to gain customers, especially Premium Customers; Kingsoft
Cloud’s ability to monetize the customer base; fluctuations in
general economic and business conditions in China; the impact of
the COVID-19 to Kingsoft Cloud’s business operations and the
economy in China and elsewhere generally; China’s political or
social conditions and assumptions underlying or related to any of
the foregoing. Further information regarding these and other risks
is included in Kingsoft Cloud’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 Kingsoft Cloud does
not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
About
Kingsoft
Cloud
Holdings
Limited
Kingsoft Cloud Holdings Limited (NASDAQ: KC and HKEX:3896) is a
leading independent cloud service provider in China. With extensive
cloud infrastructure, cutting-edge cloud-native products based on
vigorous cloud technology research and development capabilities,
well-architected industry- specific solutions and end-to-end
fulfillment and deployment, Kingsoft Cloud offers comprehensive,
reliable and trusted cloud service to customers in strategically
selected verticals.
For more information, please visit: http://ir.ksyun.com.
For investor
and media
inquiries,
please
contact:
Kingsoft Cloud Holdings Limited Nicole ShanTel: +86 (10)
6292-7777 Ext. 6300Email: ksc-ir@kingsoft.com
Christensen In ChinaMr. Eric YuanPhone: +86-10-5900-1548Email:
eric.yuan@christensencomms.com
In USMs. Linda Bergkamp Phone: +1-480-6143004Email:
lbergkamp@christensenir.com
|
KINGSOFT CLOUD HOLDINGS LIMITED |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(All amounts in thousands) |
|
Dec 31, 2022 |
Mar 31, 2023 |
Mar 31, 2023 |
|
RMB |
RMB |
US$ |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
3,419,166 |
|
3,568,288 |
|
519,583 |
|
Restricted cash |
114,560 |
|
97,897 |
|
14,255 |
|
Accounts receivable, net |
2,402,430 |
|
2,232,702 |
|
325,107 |
|
Short-term investments |
1,253,670 |
|
893,311 |
|
130,076 |
|
Prepayments and other assets |
1,612,022 |
|
1,614,758 |
|
235,126 |
|
Amounts due from related parties |
246,505 |
|
307,347 |
|
44,753 |
|
Total current assets |
9,048,353 |
|
8,714,303 |
|
1,268,900 |
|
Non-current assets: |
|
|
|
Property and equipment, net |
2,132,994 |
|
1,786,097 |
|
260,076 |
|
Intangible assets, net |
1,008,020 |
|
962,968 |
|
140,219 |
|
Prepayments and other assets |
21,263 |
|
21,046 |
|
3,065 |
|
Equity investments |
273,580 |
|
268,338 |
|
39,073 |
|
Goodwill |
4,605,724 |
|
4,605,724 |
|
670,645 |
|
Amounts due from related parties |
5,758 |
|
6,389 |
|
930 |
|
Operating lease right-of-use assets |
220,539 |
|
192,393 |
|
28,015 |
|
Total non-current assets |
8,267,878 |
|
7,842,955 |
|
1,142,023 |
|
Total assets |
17,316,231 |
|
16,557,258 |
|
2,410,923 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Short-term bank loans |
909,500 |
|
1,087,206 |
|
158,309 |
|
Accounts payable |
2,301,958 |
|
2,195,642 |
|
319,710 |
|
Accrued expenses and other current liabilities |
2,830,826 |
|
2,671,739 |
|
389,035 |
|
Income tax payable |
51,892 |
|
55,117 |
|
8,026 |
|
Amounts due to related parties |
427,727 |
|
420,088 |
|
61,170 |
|
Current operating lease liabilities |
136,723 |
|
115,769 |
|
16,857 |
|
Total current liabilities |
6,658,626 |
|
6,545,561 |
|
953,107 |
|
Non-current liabilities: |
|
|
|
Deferred tax liabilities |
167,052 |
|
155,522 |
|
22,646 |
|
Amounts due to related parties |
413,464 |
|
337,583 |
|
49,156 |
|
Other liabilities |
370,531 |
|
447,981 |
|
65,231 |
|
Non-current operating lease liabilities |
123,059 |
|
114,458 |
|
16,666 |
|
Total non-current liabilities |
1,074,106 |
|
1,055,544 |
|
153,699 |
|
Total liabilities |
7,732,732 |
|
7,601,105 |
|
1,106,806 |
|
Shareholders’ equity: |
|
|
|
Ordinary shares |
25,062 |
|
25,070 |
|
3,650 |
|
Treasury stock |
(208,385 |
) |
(208,385 |
) |
(30,343 |
) |
Additional paid-in capital |
18,648,205 |
|
18,659,506 |
|
2,717,034 |
|
Statutory reserves funds |
(14,700 |
) |
(14,700 |
) |
(2,140 |
) |
Accumulated deficit |
(10,102,236 |
) |
(10,709,224 |
) |
(1,559,384 |
) |
Accumulated other comprehensive income |
453,074 |
|
423,241 |
|
61,629 |
|
Total Kingsoft Cloud Holdings Limited shareholders’
equity |
8,801,020 |
|
8,175,508 |
|
1,190,446 |
|
Noncontrolling interests |
782,479 |
|
780,645 |
|
113,671 |
|
Total equity |
9,583,499 |
|
8,956,153 |
|
1,304,117 |
|
Total liabilities and shareholders’ equity |
17,316,231 |
|
16,557,258 |
|
2,410,923 |
|
|
|
|
|
KINGSOFT CLOUD HOLDINGS LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS |
(All amounts in thousands, except for share and per share
data) |
|
Three Months Ended |
|
Mar 31, 2022 |
Dec 31, 2022 |
Mar 31, 2023 |
Mar 31, 2023 |
|
RMB |
RMB |
RMB |
US$ |
Revenues: |
|
|
|
|
Public cloud services |
1,380,807 |
|
1,344,293 |
|
1,153,674 |
|
167,988 |
|
Enterprise cloud services |
792,509 |
|
785,918 |
|
709,976 |
|
103,381 |
|
Others |
493 |
|
802 |
|
750 |
|
109 |
|
Total revenues |
2,173,809 |
|
2,131,013 |
|
1,864,400 |
|
271,478 |
|
Cost of revenues |
(2,093,851 |
) |
(1,969,056 |
) |
(1,670,215 |
) |
(243,202 |
) |
Gross profit |
79,958 |
|
161,957 |
|
194,185 |
|
28,276 |
|
Operating expenses: |
|
|
|
|
Selling and marketing expenses |
(144,405 |
) |
(126,081 |
) |
(88,053 |
) |
(12,822 |
) |
General and administrative expenses |
(221,763 |
) |
(442,764 |
) |
(488,628 |
) |
(71,150 |
) |
Research and development expenses |
(246,633 |
) |
(255,488 |
) |
(215,370 |
) |
(31,360 |
) |
Total operating expenses |
(612,801 |
) |
(824,333 |
) |
(792,051 |
) |
(115,332 |
) |
Operating loss |
(532,843 |
) |
(662,376 |
) |
(597,866 |
) |
(87,056 |
) |
Interest income |
21,157 |
|
21,688 |
|
14,068 |
|
2,048 |
|
Interest expense |
(34,066 |
) |
(31,694 |
) |
(27,927 |
) |
(4,066 |
) |
Foreign exchange (loss) gain |
(18,741 |
) |
132,290 |
|
93 |
|
14 |
|
Other (loss) gain, net |
(12,035 |
) |
26,399 |
|
(7,946 |
) |
(1,157 |
) |
Other income, net |
20,038 |
|
4,085 |
|
12,286 |
|
1,789 |
|
Loss before income taxes |
(556,490 |
) |
(509,608 |
) |
(607,292 |
) |
(88,428 |
) |
Income tax benefit (expense) |
1,670 |
|
(12,049 |
) |
(1,529 |
) |
(223 |
) |
Net loss |
(554,820 |
) |
(521,657 |
) |
(608,821 |
) |
(88,651 |
) |
Less: net loss attributable to noncontrolling interests |
(1,571 |
) |
(12,779 |
) |
(1,833 |
) |
(267 |
) |
Net loss attributable to Kingsoft Cloud Holdings
Limited |
(553,249 |
) |
(508,878 |
) |
(606,988 |
) |
(88,384 |
) |
|
|
|
|
|
Net loss per share: |
|
|
|
|
Basic and diluted |
(0.15 |
) |
(0.14 |
) |
(0.17 |
) |
(0.02 |
) |
Shares used in the net loss per share
computation: |
|
|
|
|
Basic and diluted |
3,648,282,282 |
|
3,528,680,363 |
|
3,546,512,621 |
|
3,546,512,621 |
|
Other comprehensive income (loss), net of tax of
nil: |
|
|
|
|
Foreign currency translation adjustments |
(9,764 |
) |
(136,070 |
) |
(29,833 |
) |
(4,344 |
) |
Comprehensive loss |
(564,584 |
) |
(657,727 |
) |
(638,654 |
) |
(92,995 |
) |
Less: Comprehensive income (loss) attributable to noncontrolling
interests |
408 |
|
(12,682 |
) |
(1,834 |
) |
(267 |
) |
Comprehensive loss attributable to Kingsoft Cloud Holdings
Limited shareholders |
(564,992 |
) |
(645,045 |
) |
(636,820 |
) |
(92,728 |
) |
|
|
|
|
|
KINGSOFT CLOUD HOLDINGS LIMITED |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
(All amounts in thousands, except for
percentage) |
|
Three Months Ended |
|
Mar 31, 2022 |
Dec 31, 2022 |
Mar 31, 2023 |
Mar 31, 2023 |
|
RMB |
RMB |
RMB |
US$ |
Gross profit |
79,958 |
161,957 |
194,185 |
28,276 |
Adjustments: |
|
|
|
|
– Share-based compensation expenses |
3,619 |
6,557 |
224 |
33 |
Adjusted gross profit |
83,577 |
168,514 |
194,409 |
28,309 |
|
|
|
|
|
KINGSOFT CLOUD HOLDINGS LIMITED |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
(All amounts in thousands, except for
percentage) |
|
Three Months Ended |
|
Mar 31, 2022 |
Dec 31, 2022 |
Mar 31, 2023 |
Gross margin |
3.7 |
% |
7.6 |
% |
10.4 |
% |
Adjusted gross margin |
3.8 |
% |
7.9 |
% |
10.4 |
% |
KINGSOFT CLOUD HOLDINGS LIMITED |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
(All amounts in thousands, except for
percentage) |
|
Three Months Ended |
|
Mar 31, 2022 |
Dec 31, 2022 |
Mar 31, 2023 |
Mar 31, 2023 |
|
RMB |
RMB |
RMB |
US$ |
Net Loss |
(554,820 |
) |
(521,657 |
) |
(608,821 |
) |
(88,651 |
) |
Adjustments: |
|
|
|
|
– Share-based compensation expenses |
93,182 |
|
101,270 |
|
11,309 |
|
1,647 |
|
– Foreign exchange loss (gain) |
18,741 |
|
(132,290 |
) |
(93 |
) |
(14 |
) |
– Impairment of long-lived assets |
- |
|
- |
|
185,135 |
|
26,958 |
|
Adjusted net loss |
(442,897 |
) |
(552,677 |
) |
(412,470 |
) |
(60,060 |
) |
Adjustments: |
|
|
|
|
– Interest income |
(21,157 |
) |
(21,688 |
) |
(14,068 |
) |
(2,048 |
) |
– Interest expense |
34,066 |
|
31,694 |
|
27,927 |
|
4,066 |
|
– Income tax (benefit) expense |
(1,670 |
) |
12,049 |
|
1,529 |
|
223 |
|
– Depreciation and amortization |
287,481 |
|
285,515 |
|
266,535 |
|
38,811 |
|
Adjusted EBITDA |
(144,177 |
) |
(245,107 |
) |
(130,547 |
) |
(19,008 |
) |
– Loss on disposal of property and equipment |
- |
|
28,788 |
|
20,216 |
|
2,944 |
|
Excluding loss on disposal of property and equipment, normalized
Adjusted EBITDA |
(144,177 |
) |
(216,319 |
) |
(110,331 |
) |
(16,064 |
) |
|
|
|
|
|
KINGSOFT CLOUD HOLDINGS LIMITED |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
(All amounts in thousands, except for
percentage) |
|
Three Months Ended |
|
Mar 31, 2022 |
Dec 31, 2022 |
Mar 31, 2023 |
Net loss margin |
-25.5 |
% |
-24.5 |
% |
-32.7 |
% |
Adjusted net loss margin |
-20.4 |
% |
-25.9 |
% |
-22.1 |
% |
Adjusted EBITDA Margin |
-6.6 |
% |
-11.5 |
% |
-7.0 |
% |
Normalized Adjusted EBITDA |
-6.6 |
% |
-10.2 |
% |
-5.9 |
% |
|
|
|
|
KINGSOFT CLOUD HOLDINGS LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS |
(All amounts in thousands) |
|
Three Months Ended |
|
Mar 31, 2022 |
Dec 31, 2022 |
Mar 31, 2023 |
Mar 31, 2023 |
|
RMB |
RMB |
RMB |
US$ |
Net cash (used in) generated from operating
activities |
(626,008 |
) |
370,446 |
|
(271,387 |
) |
(39,517 |
) |
Net cash (used in) generated from investing
activities |
(524,766 |
) |
900,951 |
|
319,670 |
|
46,548 |
|
Net cash generated from (used in) financing
activities |
97,609 |
|
(806,656 |
) |
103,994 |
|
15,143 |
|
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
(21,017 |
) |
(137,369 |
) |
(19,818 |
) |
(2,886 |
) |
Net (decrease) increase in cash, cash equivalents and restricted
cash |
(1,053,165 |
) |
464,741 |
|
152,277 |
|
22,174 |
|
Cash, cash equivalents and restricted cash at beginning of
period |
4,456,621 |
|
3,206,354 |
|
3,533,726 |
|
514,550 |
|
Cash, cash equivalents and restricted cash at end of
period |
3,382,439 |
|
3,533,726 |
|
3,666,185 |
|
533,838 |
|
|
|
|
|
|
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