Core Viewpoint - GDS Holdings experienced a significant sell-off following its latest earnings release, with a nearly 14% decline in American depositary shares, contrasting with the S&P 500's gain of over 1% on the same day [1] Financial Performance - For Q4 2024, GDS reported a revenue increase of 9% year over year, reaching 2.69 billion yuan ($372 million) [2] - The net loss from continuing operations for the same period was slightly over 173 million yuan ($24 million), a significant improvement from the 3.07 billion yuan ($425 million) loss in Q4 2023 [2] Management Commentary - CEO William Huang stated that in 2024, the company executed its business strategy in a disciplined manner, focusing on backlog delivery while being selective with new commitments [3] Future Guidance - GDS anticipates total revenue for 2025 to be between 11.29 billion yuan ($1.56 billion) and 11.59 billion yuan ($1.6 billion), indicating at least 9% growth over 2024 [3] - Non-GAAP adjusted EBITDA is expected to range from 5.19 billion yuan ($718 million) to 5.39 billion yuan ($745 million), with the lower end being 6% above the 2024 figure [4] Market Reaction - The aggressive sell-off following the earnings release is viewed as unjustified, as the results were not disastrous, and the anticipated single-digit growth for 2025 may present a buying opportunity for investors [5]

Financial Data and Key Metrics Changes - In Q4 2024, revenue increased by 9.1% and adjusted EBITDA increased by 13.9% year-on-year [27] - For the full year 2024, revenue increased by 5.5% and adjusted EBITDA increased by 3% year-on-year [27] - Adjusted EBITDA margin for 2024 was 47.2%, down from 48.4% in 2023 [28] - Cash flow before financing for 2024 was positive RMB 379 million [30] - At year-end 2024, cash balance was RMB 7.9 billion and net debt to last quarter annualized adjusted EBITDA multiple was 6.8 times [32] Business Line Data and Key Metrics Changes - Gross move-in during 2024 was 79,000 square meters, the highest in company history, all in Tier 1 markets [15] - Utilization rate at the end of 2024 was 74%, expected to increase to high 70s% by the end of 2025 [16] - Gross additional area committed during 2024 was 49,000 square meters, consistent with the past two years [16] Market Data and Key Metrics Changes - Demand for AI inferencing in Tier 1 markets is expected to grow significantly, with potential demand running into multiples of gigawatts over the next few years [8] - The company has multiple sites suitable for AI inferencing around major cities, with around 900 megawatts of developable capacity remaining after fulfilling new orders [20] Company Strategy and Development Direction - The company remains committed to a strategy focused on Tier 1 markets, prioritizing backlog delivery and selective new business [13] - The asset monetization program is expected to provide flexibility for future investments while maintaining commitments to shareholders [12] - The company aims to achieve steady growth and a stronger financial position through disciplined capital expenditure and recycling capital [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for AI-related services, particularly in Tier 1 markets, while remaining cautious about chip supply uncertainties [56] - The company anticipates a shift in demand from AI training to AI inferencing, which is expected to benefit its resource positioning [73] - Management expects the utilization rate to rebalance in the Tier 1 market within the next 6 to 12 months [75] Other Important Information - DayOne, now an equity investee, ended 2024 with 467 megawatts of total IT power committed, with expectations of significant growth in the coming years [21] - The company executed its first asset monetization transaction, selling equity in certain data center project companies, with an enterprise value of approximately RMB 2.9 billion [34] Q&A Session Summary Question: Update on the plan to spin off DayOne and IPO schedule - Management plans to list DayOne within 18 months, confident in its growth and potential for a successful IPO [46] Question: Status of C-REIT progress - Significant progress has been made, but specific details cannot be disclosed yet; updates will be provided when allowed [48] Question: CapEx based on existing orders and new order wins - Current CapEx includes the new 152 megawatt order; management is cautious about new orders due to chip supply uncertainties [54][56] Question: Customer types and workloads - Demand is mainly driven by AI inferencing, with improved lead times for order fulfillment now at around 12 months [65] Question: Supply and demand dynamics in Tier 1 markets - The market is starting to rebalance, with expectations for improved pricing and demand driven by established companies [76] Question: Use of ABS proceeds - Proceeds can be used for debt reduction or reinvestment; the ABS transaction was well-timed with new investment opportunities [84] Question: Update on Thailand and Batam projects - The new data center in Thailand is driven by strong customer demand, while the Batam project is progressing well with successful deliveries [88][89]

Core Insights - GDS Holdings reported a quarterly loss of $0.10 per share, outperforming the Zacks Consensus Estimate of a loss of $0.27, and showing improvement from a loss of $0.62 per share a year ago, resulting in an earnings surprise of 62.96% [1] - The company posted revenues of $368.62 million for the quarter ended December 2024, which missed the Zacks Consensus Estimate by 14.41%, but showed an increase from year-ago revenues of $360.07 million [2] - GDS Holdings shares have increased by approximately 49.8% since the beginning of the year, contrasting with a decline of 4.5% in the S&P 500 [3] Earnings Outlook - The earnings outlook for GDS Holdings is mixed, with the current consensus EPS estimate for the coming quarter at -$0.15 on revenues of $445.73 million, and for the current fiscal year at -$0.70 on revenues of $1.79 billion [7] - The company has surpassed consensus EPS estimates in all four of the last quarters, indicating a positive trend in earnings performance [2] Industry Context - The Technology Services industry, to which GDS Holdings belongs, is currently ranked in the top 26% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

4Q24 & FY24 Earnings Call 19 March 2025 NASDAQ: GDS HKEX: 9698 © GDS 2016 0 GDS FY24 HIGHLIGHTS (1)(2) | Customer Commitments • | New customer commitments (net) of +11,055 sqm | | --- | --- | | • | Total area committed increased by 1.8% y/y to 629,997 sqm | | Customer Move-In | • Additional area utilized (net) of +47,792 sqm | | --- | --- | | | • Total area utilized of 453,094 sqm, +11.8% y/y, and utilization rate of 73.8% | This presentation contains forward-looking statements within the meaning of Section ...

GDS (GDS) Q4 2024 Earnings Call March 19, 2025 08:00 AM ET Company Participants Laura Chen - Head-Investor RelationsWilliam Huang - Founder, Chairman & Chief Executive OfficerDaniel Newman - Chief Financial OfficerYang Liu - Executive DirectorFrank Louthan - Managing DirectorJonathan Atkin - Managing Director Conference Call Participants Xinyi Wang - Equity Research Analyst - Greater China Telecom & Data CenterTimothy Zhao - AnalystDaley Li - Vice President, Equity Research Analyst - China Software & Semis ...

Core Viewpoint - GDS Holdings Limited reported its financial results for the fourth quarter and full year of 2024, highlighting a strategic focus on backlog delivery and asset monetization, while also indicating a positive outlook for future business opportunities driven by AI [4][45]. Financial Highlights for Fourth Quarter 2024 - Net revenue for Q4 2024 was RMB2,690.7 million (US$368.6 million), a 9.1% increase from RMB2,465.3 million in Q4 2023 [5][10]. - Cost of revenue increased by 3.9% year-over-year to RMB2,112.5 million (US$289.4 million) [6]. - Gross profit reached RMB578.1 million (US$79.2 million), marking a 33.5% increase from RMB432.9 million in the same period last year [6]. - Gross profit margin improved to 21.5% from 17.6% year-over-year [7]. - Adjusted Gross Profit (non-GAAP) was RMB1,396.7 million (US$191.3 million), an 11.8% increase from RMB1,249.3 million in Q4 2023 [8]. - Adjusted EBITDA (non-GAAP) rose by 13.9% year-over-year to RMB1,297.7 million (US$177.8 million) [10][16]. - Net loss from continuing operations was RMB173.4 million (US$23.8 million), significantly reduced from RMB3,074.6 million in Q4 2023 [10][15]. Financial Highlights for Full Year 2024 - Total net revenue for 2024 was RMB10,322.1 million (US$1,414.1 million), a 5.5% increase from RMB9,782.4 million in 2023 [10][18]. - Gross profit for the year was RMB2,222.6 million (US$304.5 million), a 13.9% increase from RMB1,951.2 million in 2023 [19]. - Adjusted EBITDA for 2024 was RMB4,876.4 million (US$668.1 million), a 3.0% increase from RMB4,733.0 million in 2023 [23]. - Net loss from continuing operations for the year was RMB770.9 million (US$105.6 million), down from RMB3,926.0 million in 2023 [22]. Operational Highlights - Total area committed and pre-committed increased by 1.8% year-over-year to 629,997 sqm as of December 31, 2024 [10][36]. - Area utilized increased by 11.8% year-over-year to 453,094 sqm [10][40]. - The utilization rate for area in service was 73.8% as of December 31, 2024, slightly down from 73.9% in the previous year [10][41]. Recent Developments - The company completed a Series B equity raise for DayOne Data Centers Limited, resulting in a dilution of GDS's equity interest from 52.7% to 35.6% [2]. - GDS announced a significant transaction to monetize a 70% equity interest in certain data centers, with an implied enterprise value to EBITDA multiple of around 13 times [44]. Business Outlook - For 2025, GDS expects total revenues to be between RMB11,290 million to RMB11,590 million, indicating a year-on-year increase of approximately 9.4% to 12.3% [45]. - Adjusted EBITDA is projected to be between RMB5,190 million to RMB5,390 million, reflecting a year-on-year increase of approximately 6.4% to 10.5% [45].

Core Viewpoint - GDS Holdings Limited has announced a significant transaction to monetize a 70% equity interest in certain data centers, marking a pioneering move in the Chinese data center sector with an implied enterprise value to EBITDA multiple of approximately 13 times [1][2]. Group 1: Transaction Details - The total enterprise value for the transaction is approximately RMB 2.9 billion, with total equity consideration reaching around RMB 1.7 billion, or RMB 1.2 billion net of GDS's 30% reinvestment in the Asset Backed Security (ABS) [2]. - GDS will receive net cash proceeds of approximately RMB 500 million at closing, with an additional RMB 700 million contingent on meeting specific milestones related to the data centers' ramp-up [2]. - The transaction involves the deconsolidation of data center project companies, including existing debt and other net liabilities of around RMB 1.2 billion at closing [2]. Group 2: Strategic Importance - This transaction is characterized as a first P-REIT transaction in the China data center sector, showcasing a true sale and successful monetization of data center assets [3]. - The participation of China Life Insurance Company Limited as an anchor investor underscores confidence in GDS's capabilities and the sector's outlook as it transitions into the AI era [3]. Group 3: Company Overview - GDS Holdings Limited is a leading developer and operator of high-performance data centers in China, strategically located in primary economic hubs to meet high demand for data center services [4]. - The company offers a range of services, including co-location and managed hybrid cloud services, and has a diverse customer base that includes hyperscale cloud service providers, large internet companies, and financial institutions [4]. - GDS has a 24-year track record in service delivery, fulfilling the needs of some of the largest customers for outsourced data center services in China [4].

Core Viewpoint - GDS Holdings Limited is set to report its fourth quarter and full year 2024 unaudited financial results on March 19, 2025, after the Hong Kong market closes and before the U.S. market opens [1]. Company Overview - GDS Holdings Limited is a leading developer and operator of high-performance data centers in China, strategically located in primary economic hubs to meet high demand for data center services [4]. - The company offers a range of services including co-location, managed hybrid cloud services, and managed network services, catering primarily to hyperscale cloud service providers, large internet companies, and financial institutions [4]. - GDS has a 24-year track record of service delivery, fulfilling the needs of major customers in the outsourced data center sector in China [4]. - The company holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited, which operates data centers in international markets [4]. Earnings Conference Call - The management will host an earnings conference call on March 19, 2025, at 8:00 AM U.S. Eastern Time, with online registration required for participants [2]. - A live and archived webcast of the conference call will be available on the company's investor relations website [3].

Core Viewpoint - Ramsay Health Care Limited has appointed a financial advisor to explore strategic options regarding its majority shareholding in Ramsay Générale de Santé [1] Group Overview - Ramsay Santé is a leader in private hospitalization and primary care in Europe, employing 38,000 staff and collaborating with nearly 10,000 practitioners to treat over 12.6 million patients annually across 488 facilities in five countries: France, Sweden, Norway, Denmark, and Italy [3] - The company offers a wide range of medical and surgical specialties, including Medicine, Surgery, Obstetrics, Follow-up Care and Rehabilitation, and Mental Health [3] Commitment to Innovation - Ramsay Santé invests over 200 million euros each year in innovation to enhance care pathways across medical, hospital, digital, and administrative sectors [5] - The company is dedicated to improving public health and ensuring comprehensive patient care from prevention to follow-up [4]

Core Insights - Ramsay Santé reported a consolidated revenue of €2.5 billion for the half-year ended December 31, 2024, reflecting a growth of 5.8% compared to the previous year, with a like-for-like growth of 3.7% [3][16][5] - The company faced challenges with EBITDA remaining flat at €284.6 million, impacted by government tariff adjustments and rising operational costs [20][5] - A net loss attributable to owners of the company was recorded at €43.1 million, a significant increase from the previous year's loss of €17.3 million, primarily due to higher lease depreciation and increased debt costs [5][23] Financial Performance - Group revenue increased by 5.8% to €2,507.2 million, with France revenue growing by 7.2% due to new primary care centers and increased admissions [5][17] - EBITDA for the half-year was stable at €284.6 million, with an EBITDA margin of 11.4%, down from 12.0% the previous year [5][20] - The current operating result decreased by 15.5% to €66.1 million, and the operating profit fell by 27.6% to €62.2 million [5][21] Debt and Financing - Ramsay Santé successfully refinanced its €1.65 billion senior debt facilities, extending maturities to 2029-2031, which provides a long-term financing framework [12][13] - As of December 31, 2024, the net financial debt stood at €3.72 billion, with a stable restated net leverage ratio of 5.4x [29][6] Operational Developments - The company expanded its healthcare access initiatives, serving 12.6 million patients across France, the Nordics, and Italy, with 95% of French facilities certified to the highest quality standards [3][30] - Significant growth in outpatient and primary care activities was noted, including the acquisition of Cosem primary care centers and the establishment of new mental health facilities [3][10] Strategic Initiatives - The "Yes We Care 2025" strategic plan aims to enhance digital healthcare systems and improve patient care pathways amidst budgetary constraints [4][31] - Ramsay Santé's commitment to sustainability and ESG initiatives is reflected in its refinancing agreements, which include performance-based adjustments related to patient care and environmental impact [12][13]