Financial Performance - For Q4 2024, GDS Holdings reported a net revenue of RMB 2,690.7 million (USD 368.6 million), a year-on-year increase of 9.1% from RMB 2,465.3 million[10] - The adjusted EBITDA for Q4 2024 grew by 13.9% to RMB 1,297.7 million (USD 177.8 million), with an adjusted EBITDA margin of 48.2%, up from 46.2% in Q4 2023[10] - For the full year 2024, net revenue increased by 5.5% to RMB 10,322.1 million (USD 1,414.1 million) compared to RMB 9,782.4 million in 2023[14] - The gross profit for Q4 2024 was RMB 578.1 million (USD 79.2 million), a significant increase of 33.5% from RMB 432.9 million in the same quarter last year[15] - The gross margin for Q4 2024 improved to 21.5%, up from 17.6% in Q4 2023, primarily due to the growth in data center operations[15] - The net income for the full year 2024 was RMB 10,322.1 million (USD 1,414.1 million), a 5.5% increase from RMB 9,782.4 million in 2023[22] - The gross profit for 2024 was RMB 2,222.6 million (USD 304.5 million), representing a 13.9% increase from RMB 1,951.2 million in 2023, with a gross margin of 21.5% compared to 19.9% in 2023[22] - The adjusted EBITDA for the full year 2024 was RMB 4,876.4 million (USD 668.1 million), an increase of 3.0% from RMB 4,733.0 million in 2023[25] - In Q4 2024, the net income was RMB 4,111.6 million (USD 563.3 million), a turnaround from a net loss of RMB 3,164.6 million in the same period last year[29] Operational Metrics - The total contracted and pre-contracted area as of December 31, 2024, was 629,997 square meters, reflecting a year-on-year increase of 1.8%[14] - The billing area as of December 31, 2024, reached 453,094 square meters, representing an 11.8% increase year-on-year[14] - As of December 31, 2024, the operating area billing rate was 73.8%, slightly down from 73.9% a year earlier[14] - The operational area increased to 613,583 square meters by the end of Q4 2024, a year-over-year growth of 11.9%[36] - The operational power capacity reached 132 MW by the end of Q4 2024, with a billing rate of 93.6%[40] Financial Position - As of December 31, 2024, the company reported cash of RMB 7,867.7 million (USD 1,077.9 million) and total short-term debt of RMB 4,978.4 million (USD 682.0 million)[32] - The total debt amounted to RMB 10,417.6 million (USD 1,427.2 million) as of December 31, 2024, with new debt financing and refinancing of RMB 960.0 million (USD 131.5 million) obtained in Q4 2024[33] - Total assets as of December 31, 2023, amounted to RMB 74.45 billion, a slight increase from RMB 73.65 billion as of December 31, 2024[66] - Current assets totaled RMB 10.98 billion, while non-current assets reached RMB 63.46 billion, indicating a stable asset structure[66] - Total liabilities were RMB 54.32 billion, up from RMB 49.98 billion, reflecting an increase in financial obligations[66] - Long-term borrowings, excluding the current portion, stood at RMB 23.09 billion, indicating significant leverage[66] - Shareholders' equity decreased to RMB 18.89 billion from RMB 22.46 billion, highlighting a decline in retained earnings[66] - The accumulated losses increased to RMB 9.47 billion, reflecting ongoing operational challenges[66] Future Outlook - The company expects total revenue for 2025 to be between RMB 11,290 million and RMB 11,590 million, representing a year-over-year increase of approximately 9.4% to 12.3%[41] - The adjusted EBITDA for 2025 is projected to be between RMB 5,190 million and RMB 5,390 million, indicating a year-over-year increase of approximately 6.4% to 10.5%[41] - The company anticipates capital expenditures of approximately RMB 4,300 million for the year 2025[41] - The company is focusing on expanding its high-performance data center solutions in Southeast Asia, anticipating market growth[62] - Future outlook includes strategic investments in new data center projects to enhance service offerings and market presence[62] Research and Development - The R&D expenses for 2024 were RMB 36.3 million (USD 5.0 million), slightly down from RMB 38.2 million in 2023[23] - Research and development expenses for the year ended December 31, 2024, were RMB 36,319,000, a decrease from RMB 38,159,000 in the previous year, reflecting a reduction of about 4.8%[68] Cash Flow and Financing - The company reported a cash flow from operating activities of RMB 949,390 for the three months ended December 31, 2023[72] - The net cash provided by financing activities was RMB 687,021 for the three months ended December 31, 2023, indicating strong financing support[72] - The company reported a significant increase in net cash from operating activities, amounting to RMB 1,636 million for the three months ended September 30, 2023, compared to a cash outflow of RMB 93,209 million in the same period last year[80] Adjusted Financial Metrics - The company utilizes adjusted EBITDA, adjusted EBITDA margin, adjusted gross profit, and adjusted gross profit margin as non-GAAP financial metrics to assess operational performance and set business goals[49] - The adjusted financial metrics are not defined by GAAP and should not be considered in isolation from GAAP measures such as gross profit and net income[52] - The company emphasizes that adjusted EBITDA and adjusted gross profit metrics exclude certain costs and revenues that do not reflect ongoing operational performance[49]
万国数据-SW(09698) - 2024 - 年度业绩