GDS(GDS)2025-04-28 15:26Financial Performance - Net revenue for Q4 2024 increased by 9.1% year-over-year to RMB2,690.7 million (US$368.6 million) from RMB2,465.3 million in Q4 2023[5] - Net loss from continuing operations in Q4 2024 was RMB173.4 million (US$23.8 million), significantly improved from a loss of RMB3,074.6 million in Q4 2023[19] - Adjusted EBITDA for Q4 2024 rose by 13.9% year-over-year to RMB1,297.7 million (US$177.8 million), with an adjusted EBITDA margin of 48.2%[20][22] - Full year 2024 net revenue was RMB10,322.1 million (US$1,414.1 million), a 5.5% increase from RMB9,782.4 million in 2023[9] - Full year 2024 adjusted EBITDA increased by 3.0% year-over-year to RMB4,876.4 million (US$668.1 million), with an adjusted EBITDA margin of 47.2%[30][31] - Net income for Q4 2024 was RMB4,111.6 million (US$563.3 million), compared to a net loss of RMB3,164.6 million in the same period last year[38] - Net income for 2024 was RMB3,303.8 million (US$452.6 million), a significant recovery from a net loss of RMB4,285.4 million in 2023[39] - Basic and diluted income per ordinary share in Q4 2024 was RMB2.81 (US$0.39), compared to a loss of RMB2.16 in Q4 2023[39] Operational Metrics - Total area committed and pre-committed increased by 1.8% year-over-year to 629,997 sqm as of December 31, 2024[9] - Area utilized increased by 11.8% year-over-year to 453,094 sqm as of December 31, 2024, with a utilization rate of 73.8%[9] - Total area committed and pre-committed at the end of Q4 2024 was 629,997 sqm, representing a year-on-year increase of 1.8%[48] - Area in service at the end of Q4 2024 was 613,583 sqm, an increase of 11.9% year-on-year[49] - The commitment rate for area in service was 91.9% at the end of Q4 2024, slightly down from 92.5% in Q4 2023[51] Cash and Debt Management - Cash as of December 31, 2024, was RMB7,867.7 million (US$1,077.9 million)[44] - Total short-term debt was RMB4,978.4 million (US$682.0 million) as of December 31, 2024[45] - The company obtained new debt financing and refinancing facilities of RMB5,734.0 million (US$785.5 million) for continuing operations during 2024[46] - GDS Holdings reported total assets of RMB 74.45 billion as of December 31, 2023, a slight decrease from RMB 73.65 billion in 2024[79] - The company’s cash reserves increased to RMB 7.87 billion in 2024 from RMB 7.35 billion in 2023, reflecting a growth of approximately 7%[79] - Total current liabilities increased to RMB 9.08 billion in 2024 from RMB 8.31 billion in 2023, representing a rise of approximately 9%[79] - Long-term borrowings, excluding current portions, decreased to RMB 21.91 billion in 2024 from RMB 23.09 billion in 2023, a reduction of about 5%[79] - The total gross debt as of December 31, 2023, was RMB 5,169,734 thousand (approximately US$ 1,427,212 thousand)[89] Strategic Positioning and Market Outlook - GDS Holdings is strategically positioned in primary economic hubs in China, catering to high-performance data center service demands[74] - The company offers a suite of value-added services, including managed hybrid cloud services, enhancing its competitive edge in the market[74] - GDS Holdings anticipates continued growth in demand for high-performance data centers and related services in China and Southeast Asia[76] - The company expects total revenues for 2025 to be between RMB11,290 million and RMB11,590 million, indicating a year-on-year increase of approximately 9.4% to 12.3%[58] - Adjusted EBITDA for 2025 is projected to be between RMB5,190 million and RMB5,390 million, reflecting a year-on-year increase of approximately 6.4% to 10.5%[58] Research and Development - Research and development costs decreased to RMB6.9 million (US$0.9 million) in Q4 2024 from RMB12.8 million in the same period last year[17] - Research and development expenses for the year ended December 31, 2024, were RMB 36,319, reflecting a commitment to innovation[80]