KINGSOFT CLOUD(KC)

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Kingsoft Cloud to Report First Quarter 2024 Financial Results on May 22, 2024
Newsfilter· 2024-05-09 11:19
BEIJING, May 09, 2024 (GLOBE NEWSWIRE) -- Kingsoft Cloud Holdings Limited (NASDAQ:KC) ("Kingsoft Cloud" or the "Company"), a leading independent cloud service provider in China, today announced that it will release its unaudited financial results for the first quarter 2024 ended March 31, 2024 before the open of U.S. markets on Wednesday, May 22, 2024. Kingsoft Cloud's management will host an earnings conference call on Wednesday May 22, 2024 at 8:15 am, U.S. Eastern Time (8:15 pm, Beijing/Hong Kong Time on ...
Kingsoft Cloud to Report First Quarter 2024 Financial Results on May 22, 2024
Globenewswire· 2024-05-09 11:19
BEIJING, May 09, 2024 (GLOBE NEWSWIRE) -- Kingsoft Cloud Holdings Limited (NASDAQ: KC and HKEX: 3896) (“Kingsoft Cloud” or the “Company”), a leading independent cloud service provider in China, today announced that it will release its unaudited financial results for the first quarter 2024 ended March 31, 2024 before the open of U.S. markets on Wednesday, May 22, 2024. Kingsoft Cloud’s management will host an earnings conference call on Wednesday May 22, 2024 at 8:15 am, U.S. Eastern Time (8:15 pm, Beijing/H ...
KINGSOFT CLOUD(KC) - 2023 Q4 - Annual Report
2024-04-30 12:42
Financial Performance - Total revenues for the year ended December 31, 2023, were RMB 8,180.1 million, a decrease of 13.8% from RMB 7,047.5 million in 2022[11]. - Gross profit for 2023 was RMB 429.5 million, representing a significant increase of 97.9% from RMB 850.2 million in 2022[11]. - Net loss attributable to Kingsoft Cloud Holdings for 2023 was RMB 2,688.4 million, an increase of 18.8% compared to RMB 2,183.6 million in 2022[11]. - Non-GAAP adjusted gross profit for 2023 was RMB 859.9 million, up 93.2% from RMB 445.2 million in 2022[24]. - Average revenues per Public Cloud Service Premium Customer decreased to RMB 20.1 million in 2023 from RMB 26.7 million in 2022[21]. - Revenues from public cloud services were RMB 4,381.7 million, while revenues from enterprise cloud services were RMB 2,664.0 million in 2023[24]. - Gross margin improved to 12.1% in 2023, compared to 5.3% in 2022[24]. - Adjusted net loss margin for 2023 was 18.3%, an improvement from 24.4% in 2022[17]. Customer and Market Metrics - The number of Public Cloud Service Premium Customers increased to 214 in 2023 from 197 in 2022[21]. - Revenues from public cloud services were RMB 4,381.7 million (US$617.2 million), representing a decrease of 18.3% from RMB 5,360.3 million in 2022[36]. - The single largest customer accounted for 14.7% of total revenue, while the top five customers accounted for 47.3% of total revenue for the year ended December 31, 2023[136]. Research and Development - Research and development expenses were RMB 784.8 million (US$110.5 million), down from RMB 971.2 million in 2022[39]. - The workforce in the Wuhan R&D team grew to over 500 people, accounting for approximately 40% of total R&D personnel[31]. - The company established an AI Research and Development Center in 2023, focusing on application, algorithm, and platform capabilities[30]. Capital and Assets - Total capital expenditure for 2023 was RMB 1,964.7 million (US$276.7 million)[28]. - Cash and cash equivalents as of December 31, 2023, amounted to RMB 2,255.3 million (US$317.7 million), a decrease of 34.0% from RMB 3,419.2 million in 2022[42]. - The total assets of the Consolidated Affiliated Entities amounted to RMB 8,042.7 million as of December 31, 2023, representing approximately 53.4% of the total assets of the Group[123]. Corporate Governance - Kingsoft Cloud is committed to high corporate governance standards, ensuring the protection of shareholder interests and enhancing corporate value[186]. - The Board comprises seven members, including two executive Directors, two non-executive Directors, and three independent non-executive Directors, meeting the independence requirements of the Listing Rules[191][196]. - The Company has fully complied with all code provisions of the Corporate Governance Code during the reporting period[187]. - The Board met five times during the reporting period, with all Directors actively participating in meetings[194]. Loans and Financial Arrangements - Kingsoft Corporation has agreed to provide a loan facility of up to RMB 1.5 billion to the Group from December 5, 2023, to December 31, 2025[85]. - The Group borrowed RMB 500 million from the Unsecured Loan Facility at a fixed annual interest rate of 3.75%, to be fully repaid by September 2024[87]. - Kingsoft Cloud Holdings Limited has entered into multiple loan agreements with Ms. Qiu Weiqin, providing interest-free loans, with repayment structured through equity transfers[105]. Impairment and Recoverability - The company recognized a total impairment loss of RMB 653.67 million (US$92.067 million) on long-lived assets for the year ended December 31, 2023, due to declines in public cloud service revenue[68]. - The company performed a recoverability test for the public cloud asset group as of December 31, 2023, and no further impairment was considered necessary[69]. Compliance and Regulatory Matters - The company has complied with relevant laws and regulations impacting its operations, including the Hong Kong Companies Ordinance and the Corporate Governance Code[80]. - Kingsoft Cloud is in the process of applying for VAT Licenses for value-added telecommunications services, which are essential for its cloud service offerings[118]. - The contractual arrangements are designed to navigate foreign investment restrictions in the PRC, particularly in the telecommunications sector[115]. Employee and Management Structure - The company has a total of 10,493 employees, with 79% (8,265) in solution development and services, 12% (1,243) in research and development, 6% (613) in general and administrative, and 3% (372) in sales and marketing[49]. - The Company has taken out liability insurance to provide appropriate coverage for the Directors[151]. - The roles of chairman and chief executive officer are separated, with Mr. Lei Jun as Chairman and Mr. Zou Tao as acting CEO[198].
Kingsoft Cloud Files Annual Report on Form 20-F for Fiscal Year 2023 and Releases 2023 Environmental, Social and Governance Report
Newsfilter· 2024-04-30 10:28
BEIJING, April 30, 2024 (GLOBE NEWSWIRE) -- Kingsoft Cloud Holdings Limited ("we," "Kingsoft Cloud" or the "Company") (NASDAQ:KC), a leading independent cloud service provider in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission ("SEC") on April 30, 2024. The annual report can be accessed on the Company's investor relations website at http://ir.ksyun.com as well as the SEC's website at http://www.sec.go ...
KINGSOFT CLOUD(KC) - 2023 Q4 - Annual Report
2024-04-30 10:03
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 WASHINGTON, D.C. 20549 FORM 20-F For the fiscal year ended December 31, 2023. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITI ...
Kingsoft Cloud (KC) Shows Fast-paced Momentum But Is Still a Bargain Stock
Zacks Investment Research· 2024-03-21 13:51
Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potenti ...
KINGSOFT CLOUD(KC) - 2024 Q1 - Quarterly Report
2024-05-22 12:27
Exhibit 99.1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Kingsoft Cloud Holdings Limited 金山云控股有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 3896) (Nasdaq S ...
KINGSOFT CLOUD(KC) - 2023 Q4 - Earnings Call Transcript
2024-03-20 15:57
Financial Data and Key Metrics Changes - For the full year of 2023, adjusted gross margin increased to 12.2%, up from 5.4% in 2022, representing a significant improvement of 6.8 percentage points [6][23] - Adjusted gross profit for 2023 was RMB860 million, nearly doubling from RMB445 million in 2022 [6][23] - Normalized adjusted EBITDA improved to negative 3.4% in 2023 from negative 8.9% in 2022 [6][23] - In Q4 2023, total revenues reached RMB1.72 billion, a 6.0% increase quarter-over-quarter [7][18] - Adjusted gross margin for Q4 2023 was 15.2%, marking a 3.1 percentage point increase quarter-over-quarter [7][18] Business Line Data and Key Metrics Changes - Public cloud services revenue for Q4 2023 was RMB1.05 billion, a 3.5% increase quarter-over-quarter [7][18] - Excluding CDN business, public cloud revenue increased by 11.8% quarter-over-quarter [7] - Enterprise cloud services revenue was RMB670 million, increasing by 10.2% quarter-over-quarter [10][19] - CDN revenue decreased by nearly 10% compared to the previous quarter, contributing approximately 23% of total revenue [10][18] Market Data and Key Metrics Changes - Revenue from the Xiaomi and Kingsoft ecosystem reached 16% of total revenue, up 5 percentage points year-over-year [8] - AI business represented approximately 8% of public cloud revenues, with an 82% increase quarter-over-quarter [9] Company Strategy and Development Direction - The company is strategically adjusting its business mix and embracing AI opportunities to lay a solid foundation for sustainable development [6][16] - Focus on enhancing operational management and building strengths in technology and innovation [6][16] - The company aims to improve profitability through strict cost control and talent training [16] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive trend of profitability continuing into 2024, driven by synergies within the Xiaomi and Kingsoft Group ecosystems [23] - The company is optimistic about the demand for AI-related services and the potential for new customer growth [34][36] Other Important Information - The company signed a loan facility agreement with Kingsoft Corporation for RMB1.5 billion to support AI business development [9][22] - Cash and cash equivalents, along with long-term investments, amounted to RMB2.3 billion as of December 31, 2023, ensuring sufficient liquidity for operations [22] Q&A Session Summary Question: Can management provide insights on the AI strategy and CapEx plans? - Management highlighted the competitive positioning of AI products and the ongoing investment based on customer demand, though specifics on CapEx were not disclosed [25][30][31] Question: What are the drivers for gross margin improvement moving forward? - Management identified three key drivers: the stable CDN revenue contribution, cost-cutting measures, and improved project quality leading to higher margins [26][27][28] Question: What is the outlook for the enterprise cloud segment in 2024? - Management noted opportunities arising from the migration of state-owned asset companies to the cloud and the integration of digital assets with cloud services [42][45] Question: How does the company view the competitive landscape and pricing pressures? - Management acknowledged ongoing price competition but emphasized that customer satisfaction and service quality are more critical than pricing alone [46][48]
What Makes Kingsoft Cloud Holdings Limited Sponsored ADR (KC) a New Buy Stock
Zacks Investment Research· 2024-03-15 17:00
Kingsoft Cloud Holdings Limited Sponsored ADR (KC) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years ...
Kingsoft Cloud to Report Fourth Quarter and Fiscal Year 2023 Financial Results on March 20, 2024
Newsfilter· 2024-03-08 10:42
BEIJING, March 08, 2024 (GLOBE NEWSWIRE) -- Kingsoft Cloud Holdings Limited (NASDAQ:KC) ("Kingsoft Cloud" or the "Company"), a leading independent cloud service provider in China, today announced that it will release its unaudited financial results for the fourth quarter and fiscal year 2023 ended December 31, 2023 before the open of U.S. markets on Wednesday, March 20, 2024. 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, ...