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 fourth quarter and fiscal year ended December 31,
2023.
Mr. Tao Zou, Chief Executive Officer of Kingsoft Cloud,
commented, “In 2023, we continued to uphold the principle of
high-quality and sustainable development and have accomplished
significant achievements. During the year, we continued to optimize
our business mix, and have exhibited remarkable agility in
embracing the advent of the AIGC era. We increasingly tapped into
the structural and tangible opportunities of AI related cloud
computing demands within the Xiaomi and Kingsoft ecosystem, while
partnering with well-known independent AI unicorns in long-term
strategic cooperation, altogether contributing approximately 8% of
revenues from public cloud services in the fourth quarter 2023. In
terms of technology, we founded our AI research center, and have
launched our Model as a Services (MaaS) mutual trust dedicated zone
solutions, which was pioneered in data security features of MaaS
solutions.
In terms of talents strategy, our Wuhan research center
progressing swiftly. By the end of 2023, we have over 500 employees
in Wuhan, occupying around 40% of our total research and
development staffs. The Beijing-Wuhan dual research center strategy
builds solid foundations to our long-term talents development.
Looking forward, we will continue to focus on high-quality revenue
expansion, improve our profitability and create true value to our
customers, shareholders, employees and society.”
Mr. Henry He, Chief Financial Officer of Kingsoft Cloud,
added, “We are pleased to close the year with another record high
profitability. During the year, we have been adjusting our revenue
mix. We allocate more resources to non-CDN public cloud services
and the high-quality projects of enterprise cloud, while cutting
down the scale of CDN services with low-margin profile. As a
result, our profitability and cash flow measures significantly
improved. For the full year of 2023, adjusted gross margin was
12.2%, significantly increased by 6.8 percentage points from 5.4%
in 2022. Adjusted gross profit was RMB859.9 million, almost doubled
compared with RMB445.2 million in 2022. Normalized adjusted EBITDA
was negative 3.4%, significantly narrowed down from negative 8.9%
in 2022. Our profitability has been consecutively improved for the
last six quarters. In 2024, we expect to continue strict costs and
expenses control and we believe there is still potential to further
improve our profitability.”
Fourth Quarter 2023 Financial Results
Total Revenues reached RMB1,722.5 million
(US$242.61 million), increased steadily by 6.0%
quarter-over-quarter from RMB1,625.2 million in the third quarter
2023. The increase was mainly due to the expanded revenue from AI
related customers and the intense delivery of enterprise cloud
projects. Total revenues decreased by 19.2% from RMB2,131.0 million
in the same period of 2022. The decrease was in line with our
expectation as we proactively scale down of CDN services, and are
more stringent project selection of enterprise cloud projects.
|
|
Revenues from public cloud services increased by 3.5% from
RMB1,016.6 million in last quarter to RMB1,052.0 million (US$148.2
million). The increase was mainly due to the revenue contribution
from new AI customers. Revenues from public cloud services
decreased by 21.7%, compared with RMB1,344.3 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. |
|
|
|
|
|
Revenues from enterprise cloud services were RMB670.3 million
(US$94.4 million), representing a growth of 10.2% from RMB608.5
million last quarter and a decrease of 14.7% from RMB785.9 million
in the same quarter of 2022. We keep focus in selected verticals
and take profitability and sustainability of the enterprise cloud
projects as our priorities. |
|
|
|
|
|
Other revenues were RMB0.2 million (US$0.02 million). |
|
|
|
Cost of revenues was RMB1,469.3 million
(US$206.9 million), representing a significant decrease of 25.4%
from RMB1,969.1 million in the same quarter of 2022. IDC costs
decreased significantly by 30.0% year-over-year from RMB1,057.6
million to RMB740.4 million (US$104.3 million) this quarter. The
decrease was in line with our adjustment with CDN services and the
less reliance on IDC services for AI computing services.
Depreciation and amortization costs decreased by 39.2% from
RMB241.7 million to RMB146.9 million (US$20.7 million). The
decrease was mainly due to the impairment of our long-lived assets.
Solution development and services costs increased by 8.0% from
RMB465.8 million to RMB502.9 million (US$70.8 million) this
quarter. The increase was mainly due to the increase of solution
personnel demands from Camelot. Fulfillment costs and other costs
were RMB9.4 million (US$1.3 million) and RMB69.7 million (US$9.8
million) this quarter, which is in line with our enterprise cloud
projects’ quality control strategy.
______________________
1 This announcement contains translations of certain Renminbi
(RMB) amounts into U.S. dollars (US$) at a specified rate solely
for the convenience of the reader. Unless otherwise noted, the
translation of RMB into US$ has been made at RMB7.0999 to US$1.00,
the noon buying rate in effect on December 31, 2023 as certified
for customs purposes by the Federal Reserve Bank of New
York.
Gross profit was RMB253.1 million (US$35.7
million), a significant increase of 56.3% from RMB162.0 million in
the same period in 2022, demonstrating our improvements in revenue
quality. Gross margin was 14.7%, compared with
7.6% in the same period in 2022. Non-GAAP gross
profit2 was RMB262.5 million (US$37.0 million), compared
with RMB168.5 million in the same period in 2022. Non-GAAP
gross margin2 was 15.2%, compared with
7.9% 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.
Total operating expenses were RMB595.9 million
(US$83.9 million), significantly decreased compared with RMB1,001.1
million last quarter and RMB824.3 million in the same period in
2022. Among which:
Selling and marketing expenses were RMB126.5
million (US$17.8 million), slightly increased from RMB116.4 million
last quarter and maintained stable from RMB126.1 million in the
same period in 2022.
General and administrative expenses were
RMB294.2 million (US$41.4 million), compared with RMB 215.7 million
last quarter and RMB442.8 million in the same period in 2022. The
year-over-year decrease was mainly due to the Hong-Kong listing
expenses incurred in 2022.
Research and development expenses were RMB175.2
million (US$24.7 million), further decreased from RMB200.4 million
last quarter and RMB255.5 million in the same period in 2022. The
year-over-year decrease was mainly due to the “Beijing-Wuhan” dual
research center building and the lower employees salary level in
Wuhan compared with Beijing.
Operating loss was RMB342.7 million (US$48.3
million), significantly narrowed down compared with operating loss
of RMB804.8 million last quarter and RMB662.4 million in the same
quarter of 2022. The improvement was mainly due to our gross profit
expansion and we have been taking strict control over expenses.
Net loss was RMB286.8 million (US$40.4
million), significantly narrowed down compared with net loss of
RMB789.7 million last quarter and RMB521.7 million in the same
quarter of 2022. The improvements of our profitability were in line
with our strategies of high quality and sustainable development, as
we focus on profitable business and execute strict control over
costs and expenses.
Non-GAAP net loss3 was
RMB250.4 million (US$35.3 million), compared with net loss of
RMB313.3 million last quarter and RMB552.7 million in the same
quarter of 2022.
Non-GAAP
EBITDA4 was RMB-27.7 million (US$-3.9
million), compared with RMB-45.4 million last quarter and RMB-245.1
million in the same quarter of 2022. Non-GAAP EBITDA
margin was -1.6%, compared with -2.8% last quarter and
-11.5% in the same quarter of 2022.
Basic and diluted net loss per
share was RMB0.08 (US$0.01), compared with RMB0.22 last
quarter and RMB0.14 in the same quarter of 2022.
Cash and cash equivalents and short-term
investments were RMB2,255.3 million (US$317.7 million) as
of December 31, 2023, representing strong and sustainable cash
reserve. We have entered Loan Facility Framework Agreement with
Kingsoft Corporation on December 4, 2023, pursuant to which
Kingsoft Corporation agreed to provide up to RMB1.5 billion loan
facility to the company during the period commencing from
December 5, 2023 and ending at December 31, 2025. The
loan will be dedicated to support our AI business development.
Net cash generated from operating
activities amounted to RMB16.8 million (US$2.4 million),
indicating the third consecutive quarter in which we recorded
positive operating cash flow.
Fiscal Year 2023 Financial Results
Total Revenues reached RMB7,047.5 million
(US$992.6 million), representing a decrease of 13.8% from
RMB8,180.1 million in 2022. The decrease was due to proactive
scale-down of CDN services within public cloud services, and more
stringent project selection of enterprise cloud services, while
partially offset by the increase of revenues from AI related
customers.
______________________
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.
3 Non-GAAP net loss is defined as net loss excluding
share-based compensation, impairment of long-lived assets and
foreign exchange (gain) loss, 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.
- Revenues from public cloud services were RMB4,381.7 million
(US$617.2 million), representing a decrease of 18.3% from
RMB5,360.3 million in 2022.
- Revenues from enterprise cloud services were RMB2,664.0 million
(US$375.2 million), representing a decrease of 5.4% from RMB2,817.0
million in 2022.
- Other revenues were RMB1.7 million (US$0.2
million).
Cost of revenues was RMB6,197.3 million
(US$872.9 million), representing a decrease of 20.0% from
RMB7,750.6 million in 2022. Among which: IDC costs decreased by
24.9% to RMB3,211.2 million (US$452.3 million) from RMB4,275.3
million in 2022. The decrease was in line with our adjustment of
CDN services. Depreciation and amortization costs were RMB774.0
million (US$109.0 million), compared with RMB990.7 million in 2022,
mainly as a result of impairment of long-live assets. Fulfillment
costs were RMB229.5 million (US$32.3 million), representing a
decrease of 42.2% from RMB396.8 million in 2022. The decrease was
mainly due to we have been focusing more on cloud-native and
software-layer enterprise cloud projects. Solution development and
services costs were RMB1,804.8 million (US$254.2million) in 2023,
compared with RMB1,873.9 million in 2022.
Gross profit increased by 97.9% to RMB850.2
million (US$119.7 million) in 2023, from RMB429.5 million in 2022.
Gross margin increased to 12.1%, from 5.3% in
2022. Non-GAAP gross profit increased to RMB859.9
million (US$121.1 million) in 2023, from RMB445.2 million in 2022.
Non-GAAP gross margin increased to 12.2% in 2023
from 5.4% in 2022. Such increases were primarily because of the
optimization of revenue mix and our effective cost controls.
Selling and marketing expenses were RMB460.2
million (US$64.8 million), compared with RMB560.1 million in 2022.
The decrease was mainly due to certain of share-based compensations
have been fully vested.
General and administrative expenses were
RMB1,060.0 million (US$149.3 million), compared with RMB1,149.7
million in 2022. The decrease was mainly due to the strict control
over daily operating expenses.
Research and development expenses were RMB784.8
million (US$110.5 million), compared with RMB971.2 million in 2022.
The decrease was mainly due to the workforce transition from
Beijing to Wuhan.
Impairment of long-lived assets was
RMB653.7 million (US$92.1 million), mainly attributable to
impairment loss of public cloud asset group.
Operating loss was RMB2,108.6 million (US$297.0
million), compared with RMB2,251.4 million in 2022.
Net loss was RMB2,183.6 million (US$307.6
million), compared with net loss of RMB2,688.4 million in 2022.
Non-GAAP net loss was RMB1,291.1 million
(US$181.9 million), compared with net loss of RMB1,993.9 million in
2022.
Non-GAAP EBITDA was RMB-265.1
million (US$-37.3 million), compared with RMB-755.0 million in
2022. Non-GAAP EBITDA margin was -3.8%, compared
with -9.2% in 2022.
Basic and diluted net loss per
share was RMB0.61 (US$0.09), compared with RMB0.73 in
2022.
Outstanding ordinary shares
were 3,562,097,466 as of December 31, 2023, equivalent to
about 237,473,164 ADSs.
Conference Call Information
Kingsoft Cloud’s management will host an earnings conference
call on Wednesday, March 20, 2024 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/BI01533ed48646479caee2aeaff27efdd8.
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.
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
(gain) loss 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 RMB7.0999 to
US$1.00, the noon buying rate in effect on December 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 LimitedNicole ShanTel: +86
(10) 6292-7777 Ext. 6300Email: ksc-ir@kingsoft.com
KINGSOFT CLOUD HOLDINGS LIMITED |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(All amounts in thousands) |
|
Dec 31,2022 |
Dec 31,2023 |
Dec 31,2023 |
|
RMB |
RMB |
US$ |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
3,419,166 |
|
2,255,287 |
|
317,651 |
|
Restricted cash |
114,560 |
|
234,194 |
|
32,986 |
|
Accounts receivable, net |
2,402,430 |
|
1,529,915 |
|
215,484 |
|
Short-term investments |
1,253,670 |
|
— |
|
— |
|
Prepayments and other assets |
1,612,022 |
|
1,812,692 |
|
255,312 |
|
Amounts due from related parties |
246,505 |
|
266,036 |
|
37,470 |
|
Total current assets |
9,048,353 |
|
6,098,124 |
|
858,903 |
|
Non-current assets: |
|
|
|
Property and equipment, net |
2,132,994 |
|
2,186,145 |
|
307,912 |
|
Intangible assets, net |
1,008,020 |
|
834,478 |
|
117,534 |
|
Prepayments and other assets |
21,263 |
|
870,781 |
|
122,647 |
|
Equity investments |
273,580 |
|
259,930 |
|
36,610 |
|
Goodwill |
4,605,724 |
|
4,605,724 |
|
648,703 |
|
Amounts due from related parties |
5,758 |
|
56,264 |
|
7,925 |
|
Operating lease right-of-use assets |
220,539 |
|
158,832 |
|
22,371 |
|
Total non-current assets |
8,267,878 |
|
8,972,154 |
|
1,263,702 |
|
Total assets |
17,316,231 |
|
15,070,278 |
|
2,122,605 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Short-term bank loans |
909,500 |
|
1,110,896 |
|
156,466 |
|
Accounts payable |
2,301,958 |
|
1,805,083 |
|
254,241 |
|
Accrued expenses and other current liabilities |
2,830,826 |
|
2,838,085 |
|
399,736 |
|
Income tax payable |
51,892 |
|
63,961 |
|
9,009 |
|
Amounts due to related parties |
427,727 |
|
931,906 |
|
131,256 |
|
Current operating lease liabilities |
136,723 |
|
78,659 |
|
11,079 |
|
Total current liabilities |
6,658,626 |
|
6,828,590 |
|
961,787 |
|
Non-current liabilities: |
|
|
|
Long-term bank loans |
— |
|
100,000 |
|
14,085 |
|
Deferred tax liabilities |
167,052 |
|
142,565 |
|
20,080 |
|
Amounts due to related parties |
413,464 |
|
40,069 |
|
5,644 |
|
Other liabilities |
370,531 |
|
634,803 |
|
89,410 |
|
Non-current operating lease liabilities |
123,059 |
|
78,347 |
|
11,035 |
|
Total non-current liabilities |
1,074,106 |
|
995,784 |
|
140,254 |
|
Total liabilities |
7,732,732 |
|
7,824,374 |
|
1,102,041 |
|
Shareholders’ equity: |
|
|
|
Ordinary shares |
25,062 |
|
25,443 |
|
3,584 |
|
Treasury stock |
(208,385 |
) |
(208,385 |
) |
(29,350 |
) |
Additional paid-in capital |
18,648,205 |
|
18,811,028 |
|
2,649,478 |
|
Statutory reserves funds |
(14,700 |
) |
(21,765 |
) |
(3,066 |
) |
Accumulated deficit |
(10,102,236 |
) |
(12,271,511 |
) |
(1,728,407 |
) |
Accumulated other comprehensive income |
453,074 |
|
555,342 |
|
78,218 |
|
Total Kingsoft Cloud Holdings Limited shareholders’
equity |
8,801,020 |
|
6,890,152 |
|
970,457 |
|
Noncontrolling interests |
782,479 |
|
355,752 |
|
50,107 |
|
Total equity |
9,583,499 |
|
7,245,904 |
|
1,020,564 |
|
Total liabilities and shareholders’ equity |
17,316,231 |
|
15,070,278 |
|
2,122,605 |
|
|
|
|
|
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 |
Twelve Months Ended |
|
Dec 31,2022 |
Sep 30,2023 |
Dec 31,2023 |
Dec 31,2023 |
Dec 31,2022 |
Dec 31,2023 |
Dec 31,2023 |
|
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Revenues: |
|
|
|
|
|
|
|
Public cloud services |
1,344,293 |
|
1,016,592 |
|
1,051,966 |
|
148,166 |
|
5,360,282 |
|
4,381,741 |
|
617,155 |
|
Enterprise cloud services |
785,918 |
|
608,510 |
|
670,331 |
|
94,414 |
|
2,816,976 |
|
2,663,993 |
|
375,216 |
|
Others |
802 |
|
106 |
|
153 |
|
22 |
|
2,849 |
|
1,727 |
|
243 |
|
Total revenues |
2,131,013 |
|
1,625,208 |
|
1,722,450 |
|
242,602 |
|
8,180,107 |
|
7,047,461 |
|
992,614 |
|
Cost of revenues |
(1,969,056 |
) |
(1,428,968 |
) |
(1,469,312 |
) |
(206,948 |
) |
(7,750,569 |
) |
(6,197,292 |
) |
(872,870 |
) |
Gross profit |
161,957 |
|
196,240 |
|
253,138 |
|
35,654 |
|
429,538 |
|
850,169 |
|
119,744 |
|
Operating expenses: |
|
|
|
|
|
|
|
Selling and marketing expenses |
(126,081 |
) |
(116,438 |
) |
(126,477 |
) |
(17,814 |
) |
(560,059 |
) |
(460,221 |
) |
(64,821 |
) |
General and administrative expenses |
(442,764 |
) |
(215,740 |
) |
(294,240 |
) |
(41,443 |
) |
(1,149,677 |
) |
(1,060,022 |
) |
(149,301 |
) |
Research and development expenses |
(255,488 |
) |
(200,362 |
) |
(175,155 |
) |
(24,670 |
) |
(971,216 |
) |
(784,807 |
) |
(110,538 |
) |
Impairment of long-lived assets |
- |
|
(468,535 |
) |
- |
|
0 |
|
- |
|
(653,670 |
) |
(92,067 |
) |
Total operating expenses |
(824,333 |
) |
(1,001,075 |
) |
(595,872 |
) |
(83,927 |
) |
(2,680,952 |
) |
(2,958,720 |
) |
(416,727 |
) |
Operating loss |
(662,376 |
) |
(804,835 |
) |
(342,734 |
) |
(48,273 |
) |
(2,251,414 |
) |
(2,108,551 |
) |
(296,983 |
) |
Interest income |
21,688 |
|
26,332 |
|
12,442 |
|
1,752 |
|
80,743 |
|
78,410 |
|
11,044 |
|
Interest expense |
(31,694 |
) |
(40,800 |
) |
(46,992 |
) |
(6,619 |
) |
(137,812 |
) |
(146,026 |
) |
(20,567 |
) |
Foreign exchange loss (gain) |
132,290 |
|
20,200 |
|
74,011 |
|
10,425 |
|
(334,629 |
) |
(57,211 |
) |
(8,058 |
) |
Other (loss) gain, net |
26,399 |
|
3,855 |
|
(16,741 |
) |
(2,358 |
) |
(43,810 |
) |
(32,673 |
) |
(4,602 |
) |
Other (expense) income, net |
4,085 |
|
16,520 |
|
33,776 |
|
4,757 |
|
23,007 |
|
100,363 |
|
14,136 |
|
Loss before income taxes |
(509,608 |
) |
(778,728 |
) |
(286,238 |
) |
(40,316 |
) |
(2,663,915 |
) |
(2,165,688 |
) |
(305,030 |
) |
Income tax expense |
(12,049 |
) |
(10,990 |
) |
(598 |
) |
(84 |
) |
(24,473 |
) |
(17,959 |
) |
(2,529 |
) |
Net loss |
(521,657 |
) |
(789,718 |
) |
(286,836 |
) |
(40,400 |
) |
(2,688,388 |
) |
(2,183,647 |
) |
(307,559 |
) |
Less: net (loss) income attributable to noncontrolling
interests |
(12,779 |
) |
(3,859 |
) |
(2,688 |
) |
(379 |
) |
(30,204 |
) |
(7,307 |
) |
(1,029 |
) |
Net loss attributable to Kingsoft Cloud Holdings
Limited |
(508,878 |
) |
(785,859 |
) |
(284,148 |
) |
(40,021 |
) |
(2,658,184 |
) |
(2,176,340 |
) |
(306,530 |
) |
|
|
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
|
|
|
Basic and diluted |
(0.14 |
) |
(0.22 |
) |
(0.08 |
) |
(0.01 |
) |
(0.73 |
) |
(0.61 |
) |
(0.09 |
) |
Shares used in the net loss per share
computation: |
|
|
|
|
|
|
|
Basic and diluted |
3,528,680,363 |
|
3,564,635,578 |
|
3,570,915,939 |
|
3,570,915,939 |
|
3,623,838,985 |
|
3,558,354,940 |
|
3,558,354,940 |
|
Other comprehensive income (loss), net of tax of
nil: |
|
|
|
|
|
|
|
Foreign currency translation adjustments |
(136,070 |
) |
(38,904 |
) |
(67,636 |
) |
(9,526 |
) |
660,697 |
|
102,241 |
|
14,400 |
|
Comprehensive loss |
(657,727 |
) |
(828,622 |
) |
(354,472 |
) |
(49,926 |
) |
(2,027,691 |
) |
(2,081,406 |
) |
(293,159 |
) |
Less: Comprehensive (loss) income attributable to noncontrolling
interests |
(12,682 |
) |
(3,897 |
) |
(2,662 |
) |
(375 |
) |
(30,463 |
) |
(7,334 |
) |
(1,033 |
) |
Comprehensive loss attributable to Kingsoft Cloud Holdings
Limited shareholders |
(645,045 |
) |
(824,725 |
) |
(351,810 |
) |
(49,551 |
) |
(1,997,228 |
) |
(2,074,072 |
) |
(292,126 |
) |
|
|
|
|
|
|
|
|
KINGSOFT CLOUD HOLDINGS LIMITED |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
(All amounts in thousands, except for
percentage) |
|
Three Months Ended |
Twelve Months Ended |
|
Dec 31,2022 |
Sep 30,2023 |
Dec 31,2023 |
Dec 31,2023 |
Dec 31,2022 |
Dec 31,2023 |
Dec 31,2023 |
|
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Gross profit |
161,957 |
196,240 |
253,138 |
35,654 |
429,538 |
850,169 |
119,744 |
Adjustments: |
|
|
|
|
|
|
|
– Share-based compensation expenses |
6,557 |
34 |
9,330 |
1,314 |
15,618 |
9,757 |
1,374 |
Adjusted gross profit |
168,514 |
196,274 |
262,468 |
36,968 |
445,156 |
859,926 |
121,118 |
|
|
|
|
|
|
|
|
KINGSOFT CLOUD HOLDINGS LIMITED |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
(All amounts in thousands, except for
percentage) |
|
Three Months Ended |
Twelve Months Ended |
|
Dec 31,2022 |
Sep 30,2023 |
Dec 31,2023 |
Dec 31,2022 |
Dec 31,2023 |
Gross margin |
7.6% |
12.1% |
14.7% |
5.3% |
12.1% |
Adjusted gross margin |
7.9% |
12.1% |
15.2% |
5.4% |
12.2% |
|
|
|
|
|
|
KINGSOFT CLOUD HOLDINGS LIMITED |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
(All amounts in thousands, except for
percentage) |
|
Three Months Ended |
Twelve Months Ended |
|
Dec 31,2022 |
Sep 30,2023 |
Dec 31,2023 |
Dec 31,2023 |
Dec 31,2022 |
Dec 31,2023 |
Dec 31,2023 |
|
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Net Loss |
(521,657 |
) |
(789,718 |
) |
(286,836 |
) |
(40,400 |
) |
(2,688,388 |
) |
(2,183,647 |
) |
(307,559 |
) |
Adjustments: |
|
|
|
|
|
|
|
– Share-based compensation expenses |
101,270 |
|
28,102 |
|
110,437 |
|
15,555 |
|
359,835 |
|
181,645 |
|
25,584 |
|
– Foreign exchange loss (gain) |
(132,290 |
) |
(20,200 |
) |
(74,011 |
) |
(10,424 |
) |
334,629 |
|
57,211 |
|
8,058 |
|
– Impairment of long-lived assets |
|
468,535 |
|
- |
|
- |
|
|
653,670 |
|
92,067 |
|
Adjusted net loss |
(552,677 |
) |
(313,281 |
) |
(250,410 |
) |
(35,269 |
) |
(1,993,924 |
) |
(1,291,121 |
) |
(181,850 |
) |
Adjustments: |
|
|
|
|
|
|
|
– Interest income |
(21,688 |
) |
(26,332 |
) |
(12,442 |
) |
(1,752 |
) |
(80,743 |
) |
(78,410 |
) |
(11,044 |
) |
– Interest expense |
31,694 |
|
40,800 |
|
46,992 |
|
6,619 |
|
137,812 |
|
146,026 |
|
20,567 |
|
– Income tax expense |
12,049 |
|
10,990 |
|
598 |
|
84 |
|
24,473 |
|
17,959 |
|
2,529 |
|
– Depreciation and amortization |
285,515 |
|
242,421 |
|
187,542 |
|
26,415 |
|
1,157,424 |
|
940,482 |
|
132,464 |
|
Adjusted EBITDA |
(245,107 |
) |
(45,402 |
) |
(27,720 |
) |
(3,903 |
) |
(754,958 |
) |
(265,064 |
) |
(37,334 |
) |
– Loss on disposal of property and equipment |
28,788 |
|
1,324 |
|
- |
|
- |
|
28,788 |
|
22,996 |
|
3,239 |
|
Excluding loss on disposal of property and equipment, normalized
Adjusted EBITDA |
(216,319 |
) |
(44,078 |
) |
(27,720 |
) |
(3,903 |
) |
(726,170 |
) |
(242,068 |
) |
(34,095 |
) |
|
|
|
|
|
|
|
|
KINGSOFT CLOUD HOLDINGS LIMITED |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
(All amounts in thousands, except for
percentage) |
|
Three Months Ended |
Twelve Months Ended |
|
Dec 31,2022 |
Sep 30,2023 |
Dec 31,2023 |
Dec 31,2022 |
Dec 31,2023 |
Net loss margin |
-24.5% |
-48.6% |
-16.7% |
-32.9% |
-31.0% |
Adjusted net loss margin |
-25.9% |
-19.3% |
-14.5% |
-24.4% |
-18.3% |
Adjusted EBITDA Margin |
-11.5% |
-2.8% |
-1.6% |
-9.2% |
-3.8% |
Normalized Adjusted EBITDA |
-10.2% |
-2.7% |
-1.6% |
-8.9% |
-3.4% |
|
|
|
|
|
|
KINGSOFT CLOUD HOLDINGS LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS |
(All amounts in thousands) |
|
Three Months Ended |
Twelve Months Ended |
|
Dec 31,2022 |
Dec 31,2023 |
Dec 31,2023 |
Dec 31,2022 |
Dec 31,2023 |
Dec 31,2023 |
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Net cash generated from operating activities |
370,446 |
|
16,787 |
|
2,365 |
|
188,974 |
|
(169,070 |
) |
(23,813 |
) |
Net cash generated from investing activities |
900,951 |
|
(1,414,761 |
) |
(199,265 |
) |
(32,865 |
) |
(673,186 |
) |
(94,816 |
) |
Net cash used in financing activities |
(806,656 |
) |
1,154,815 |
|
162,652 |
|
(1,152,146 |
) |
(227,852 |
) |
(32,092 |
) |
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
(137,369 |
) |
1,013 |
|
143 |
|
73,142 |
|
25,863 |
|
3,643 |
|
Net increase (decrease) in cash, cash equivalents and restricted
cash |
464,741 |
|
(243,159 |
) |
(34,248 |
) |
(996,037 |
) |
(1,070,108 |
) |
(150,721 |
) |
Cash, cash equivalents and restricted cash at beginning of
period |
3,206,354 |
|
2,731,627 |
|
384,742 |
|
4,456,621 |
|
3,533,726 |
|
497,715 |
|
Cash, cash equivalents and restricted cash at end of
period |
3,533,726 |
|
2,489,481 |
|
350,637 |
|
3,533,726 |
|
2,489,481 |
|
350,637 |
|
|
|
|
|
|
|
|
Grafico Azioni Kingsoft Cloud (NASDAQ:KC)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Kingsoft Cloud (NASDAQ:KC)
Storico
Da Mag 2023 a Mag 2024