Financial Performance - For Q1 2024, Kingsoft Cloud reported total revenue of RMB 1,775.7 million (approximately USD 245.91 million), a 3.1% increase from RMB 1,722.5 million in Q4 2023, but a 4.8% decrease from RMB 1,864.4 million in Q1 2023[4] - Adjusted EBITDA turned positive at RMB 33.2 million, representing a margin of 1.9%, compared to a loss of RMB 130.5 million in Q1 2023[3] - Adjusted gross profit increased by 53.8% year-over-year to RMB 299.1 million, with an adjusted gross margin of 16.8%, up 6.4 percentage points from 10.4% in Q1 2023[3] - Gross profit was RMB 293.3 million (USD 40.6 million), a significant increase of 51.0% compared to RMB 194.2 million in the same period of 2023, indicating improved revenue quality[6] - Gross margin improved to 16.5%, up from 10.4% in the same period of 2023[6] - Operating loss narrowed to RMB 274.2 million (USD 38.0 million), significantly improved from RMB 342.7 million in the previous quarter and RMB 597.9 million in the same period of 2023[6] - Net loss was RMB 363.6 million (USD 50.4 million), compared to RMB 286.8 million in the previous quarter and RMB 608.8 million in the same period of 2023[6] - Non-GAAP net loss was RMB 217.3 million (USD 30.1 million), down from RMB 250.4 million in the previous quarter and RMB 412.5 million in the same period of 2023[8] - Non-GAAP EBITDA was RMB 33.2 million (USD 4.6 million), improving from RMB -27.7 million in the previous quarter and RMB -130.5 million in the same period of 2023[8] Revenue Breakdown - Public cloud service revenue rose by 12.9% quarter-over-quarter to RMB 1,187.4 million, driven by increased contributions from AI-related customers[4] - AI-related revenue accounted for approximately 13% of public cloud service revenue in Q1 2024, up from 8% in the previous quarter[3] - Industry cloud service revenue decreased by 12.3% quarter-over-quarter to RMB 588.2 million, and down 17.2% year-over-year from RMB 710.0 million[4] Cost Management - Operating costs decreased by 11.2% year-over-year to RMB 1,482.4 million, with significant reductions in internet data center costs[4] - Total operating expenses decreased to RMB 567.4 million (USD 78.6 million), down from RMB 595.9 million in the previous quarter and RMB 792.1 million in the same period of 2023[6] Research and Development - Research and development expenses increased to RMB 232.0 million (USD 32.1 million), compared to RMB 175.2 million in the previous quarter and RMB 215.4 million in the same period of 2023[6] Cash and Assets - Cash and cash equivalents as of March 31, 2024, were RMB 1,811.7 million (USD 250.9 million), down from RMB 2,255.3 million as of December 31, 2023[8] - As of March 31, 2024, total assets amounted to RMB 15,952,480 thousand, an increase from RMB 15,070,278 thousand as of December 31, 2023, reflecting a growth of approximately 5.85%[15] - Cash and cash equivalents decreased to RMB 1,811,739 thousand from RMB 2,255,287 thousand, representing a decline of about 19.7%[15] - Total liabilities increased to RMB 8,944,691 thousand as of March 31, 2024, up from RMB 7,824,374 thousand, indicating a rise of approximately 14.3%[16] - The company's equity decreased to RMB 7,007,789 thousand from RMB 7,245,904 thousand, a decline of about 3.3%[16] - Accounts receivable net amount increased to RMB 1,649,807 thousand from RMB 1,529,915 thousand, showing a growth of approximately 7.8%[15] - The company reported a total of RMB 6,238,190 thousand in current assets as of March 31, 2024, compared to RMB 6,098,124 thousand, marking an increase of about 2.3%[15] - Short-term bank loans rose to RMB 1,218,629 thousand from RMB 1,110,896 thousand, reflecting an increase of approximately 9.7%[16] - The company’s goodwill remained stable at RMB 4,605,724 thousand as of both reporting dates[15] - Non-current liabilities increased significantly to RMB 1,909,498 thousand from RMB 995,784 thousand, indicating a rise of approximately 91.7%[16] - The company’s restricted cash increased to RMB 279,021 thousand from RMB 234,194 thousand, representing a growth of about 19.1%[15] Sustainability and ESG - The company has invested billions of RMB in AI over the past year, focusing on optimizing its business portfolio and controlling costs[3] - Kingsoft Cloud released its fourth ESG report since its IPO in 2020, highlighting its commitment to sustainable development[3] - The company emphasizes profitability and sustainability in its selected verticals, including public cloud services, state-owned cloud, healthcare, and financial services[4]
金山云(03896) - 2024 Q1 - 季度业绩