Financial Performance - For Q1 2022, GDS Holdings reported a net revenue of RMB 2,243.6 million (USD 353.9 million), representing a year-over-year increase of 31.5% from RMB 1,706.0 million in Q1 2021[5]. - Service revenue for Q1 2022 also grew by 31.6% year-over-year to RMB 2,243.5 million (USD 353.9 million) compared to RMB 1,704.5 million in Q1 2021[5]. - The adjusted EBITDA for Q1 2022 increased by 28.5% year-over-year to RMB 1,051.2 million (USD 165.8 million), with an adjusted EBITDA margin of 46.9%[5][8]. - GDS Holdings experienced a net loss of RMB 373.3 million (USD 58.9 million) in Q1 2022, compared to a net loss of RMB 278.7 million in Q1 2021[5]. - In Q1 2022, the gross profit was RMB 486.4 million (USD 76.7 million), an increase of 22.6% compared to Q1 2021, but a slight decrease of 0.2% from Q4 2021[9]. - The adjusted gross profit for Q1 2022 was RMB 1,174.6 million (USD 185.3 million), up 26.6% year-over-year and 2.3% quarter-over-quarter[9]. - The net loss for Q1 2022 was RMB 373.3 million (USD 58.9 million), compared to a net loss of RMB 278.7 million in Q1 2021 and RMB 312.9 million in Q4 2021[11]. - The adjusted EBITDA for Q1 2022 was RMB 1,051.2 million (USD 165.8 million), representing a 28.5% increase from Q1 2021 and a 2.3% increase from Q4 2021[12]. - The adjusted gross margin for Q1 2022 was 52.4%, down from 54.4% in Q1 2021 and slightly up from 52.5% in Q4 2021[9]. - The company reported a net loss attributable to the shareholders of the company for the three months ended March 31, 2022, was RMB 574,466, compared to RMB 350,688 for the same period in 2021, representing an increase in loss of approximately 63.9%[34]. - The company reported a net loss per ordinary share of RMB 0.39 for the three months ended March 31, 2022, compared to RMB 0.24 for the same period in 2021, reflecting a significant increase in loss per share[34]. Operational Metrics - The total contracted and pre-contracted area increased by 24.5% year-over-year to 575,009 square meters as of March 31, 2022[6]. - The operational area increased by 36.6% year-over-year to 492,344 square meters as of March 31, 2022[6]. - The billing area increased by 32.2% year-over-year to 332,019 square meters as of March 31, 2022[7]. - As of March 31, 2022, the pre-contracted rate for the area under construction was 63.1%, down from 70.0% a year earlier[6]. - The total area of signed and pre-signed contracts at the end of Q1 2022 was 575,009 square meters, a year-over-year increase of 24.5% and a quarter-over-quarter increase of 3.3%[14]. - The operational area at the end of Q1 2022 was 492,344 square meters, a 36.6% increase year-over-year and a 0.9% increase quarter-over-quarter[15]. - The construction area at the end of Q1 2022 was 168,128 square meters, a decrease of 1.2% year-over-year but an increase of 4.1% quarter-over-quarter[15]. - The operational area signing rate was 95.3% at the end of Q1 2022, compared to 95.0% at the end of Q1 2021[16]. Strategic Initiatives - GDS Holdings raised USD 620 million through a private placement of convertible preferred notes in Q1 2022 to support future business development[7]. - The company is advancing its regionalization strategy by collaborating with YTL to develop green data center parks in Malaysia, enhancing its influence in Southeast Asia[7]. - SH18 Phase I will generate a net data center area of 6,680 square meters, with a pre-signing rate of 67.5%, expected to commence operations in the second half of 2022[16]. - WH1 Phase II will produce a net data center area of 2,800 square meters, expected to be operational in the first half of 2023[16]. - The company completed the acquisition of a data center site in Wuhan, which will yield a total net data center area of approximately 8,400 square meters upon full development[16]. - The company plans to develop a data center park in Malaysia with a total net area of approximately 18,000 square meters, expected to be delivered in 2024[16]. - The company has acquired a majority stake in an undeveloped site in Hebei, which could yield approximately 30,000 square meters of net data center area upon full development[17]. - The company has completed the acquisition of a data center in Shenzhen, which will generate approximately 7,089 square meters of net data center area[19]. - The company has partnered with YTL Power to develop a green data center park in Malaysia with a total capacity of 500 megawatts, expected to be operational in 2024[20]. - The company signed a share purchase agreement to sell 49% of the Ulanqab 1 data center project, which will become a Build-Operate-Transfer (B-O-T) joint venture[21]. Financial Guidance and Metrics - The company maintains its full-year 2022 guidance with total revenue expected between RMB 9,320 million and RMB 9,680 million, adjusted EBITDA between RMB 4,285 million and RMB 4,450 million, and capital expenditures around RMB 12,000 million[22]. - The adjusted EBITDA and adjusted gross profit are used as key performance indicators to assess operational performance and set business targets[25]. - The company emphasizes that depreciation and amortization are fixed costs that begin as soon as each data center is operational, impacting gross profit calculations[25]. - The company’s financial data is subject to potential adjustments during the year-end audit, which may lead to significant differences from preliminary unaudited financial information[28]. - The company’s non-GAAP financial metrics are frequently used by analysts and investors to measure financial performance within the industry[26]. Balance Sheet Highlights - The total assets of GDS Holdings Limited as of March 31, 2022, amounted to RMB 75.67 billion, compared to RMB 71.63 billion as of December 31, 2021, reflecting an increase of approximately 5.7%[33]. - The total liabilities of GDS Holdings Limited as of March 31, 2022, were RMB 50.67 billion, up from RMB 45.74 billion as of December 31, 2021, indicating an increase of about 10.5%[33]. - The cash and cash equivalents as of March 31, 2022, were RMB 11.32 billion, compared to RMB 9.97 billion as of December 31, 2021, representing a growth of approximately 13.5%[33]. - The accounts receivable, net of allowance for doubtful accounts, stood at RMB 11.32 billion as of March 31, 2022, compared to RMB 9.97 billion as of December 31, 2021, marking an increase of around 13.5%[33]. - GDS Holdings Limited's total equity as of March 31, 2022, was RMB 24.04 billion, compared to RMB 24.53 billion as of December 31, 2021, showing a decrease of approximately 2%[33]. - The company reported a net loss of RMB 4.28 billion for the period ending March 31, 2022, compared to a net loss of RMB 3.91 billion for the same period in the previous year, indicating a worsening of approximately 9.5%[33]. - GDS Holdings Limited's total current liabilities as of March 31, 2022, were RMB 13.22 billion, compared to RMB 13.47 billion as of December 31, 2021, reflecting a decrease of about 1.9%[33]. - The company’s long-term borrowings, excluding the current portion, were RMB 19.59 billion as of March 31, 2022, compared to RMB 18.28 billion as of December 31, 2021, representing an increase of approximately 7.1%[33]. - The company’s goodwill and intangible assets as of March 31, 2022, were RMB 8.30 billion, slightly down from RMB 8.36 billion as of December 31, 2021, indicating a decrease of about 0.7%[33]. - GDS Holdings Limited's total liabilities and equity as of March 31, 2022, were RMB 75.67 billion, compared to RMB 71.63 billion as of December 31, 2021, reflecting an increase of approximately 5.7%[33].
万国数据-SW(09698) - 2022 Q1 - 季度财报