2023-03-14 16:00Revenue Growth - Net revenue for Q4 2022 increased by 9.9% year-over-year to RMB2,404.0 million (US$348.6 million) compared to RMB2,187.4 million in Q4 2021[3]. - Full year 2022 net revenue rose by 19.3% year-over-year to RMB9,325.6 million (US$1,352.1 million) from RMB7,818.7 million in 2021[4]. - Service revenue for the three months ended December 2022 reached RMB 2,404,034, up from RMB 2,367,593 in the previous quarter, indicating a quarter-over-quarter increase of about 1.6%[59]. - Total net revenue for the year ended December 2022 was RMB 9,325,631, an increase from RMB 7,818,681 in the previous year, representing a growth of approximately 19.3%[59]. EBITDA Performance - Adjusted EBITDA for Q4 2022 was RMB1,071.5 million (US$155.3 million), a 4.3% increase from RMB1,027.4 million in Q4 2021[20]. - Full year 2022 adjusted EBITDA increased by 14.8% year-over-year to RMB4,251.4 million (US$616.4 million) from RMB3,703.4 million in 2021[4]. - Adjusted EBITDA was RMB4,251.4 million (US$616.4 million) in 2022, a 14.8% increase from RMB3,703.4 million in 2021, with an Adjusted EBITDA margin of 45.6%[28]. - Adjusted EBITDA margin for Q4 2022 decreased to 44.6% from 47.0% in Q4 2021, primarily due to higher general corporate expenses[21]. - Adjusted EBITDA for Q4 2022 was RMB 1,071,480, with an adjusted EBITDA margin of 44.6%[70]. Customer Metrics - Total area committed and pre-committed by customers increased by 12,347 square meters in Q4 2022, reaching 630,716 square meters as of December 31, 2022, a 13.3% year-over-year increase[5]. - Area utilized by customers increased by 10,685 square meters in Q4 2022, totaling 370,547 square meters as of December 31, 2022, a 16.0% year-over-year increase[5]. - Commitment rate for area in service was 95.5% as of December 31, 2022, up from 93.8% a year earlier[5]. - The company added over 73,000 square meters of net new bookings in 2022, including a significant 25,000 square meters commitment from an anchor customer in Southeast Asia[6]. - Total area committed and pre-committed at the end of Q4 2022 was 630,716 sqm, a 13.3% increase year-over-year[29]. - Area in service at the end of Q4 2022 was 515,787 sqm, a 5.7% increase year-over-year[30]. - Area under construction at the end of Q4 2022 was 192,713 sqm, a 19.3% increase year-over-year[30]. Financial Position - The company successfully raised US$580 million through a private placement of convertible senior notes in January 2023 to enhance its financial position[8]. - Cash as of December 31, 2022, was RMB8,608.1 million (US$1,248.1 million), with total short-term debt of RMB6,161.7 million (US$893.4 million)[35]. - As of December 31, 2022, GDS Holdings reported total assets of RMB 74,813,954, an increase from RMB 71,632,443 in 2021, representing a growth of approximately 3.05%[56]. - Current assets decreased to RMB 11,951,076 in December 2022 from RMB 14,463,875 in 2021, a decline of about 17.4%[56]. - Total liabilities increased to RMB 50,629,299 in December 2022 from RMB 45,736,281 in 2021, reflecting an increase of approximately 10.4%[57]. - The company's cash position decreased to RMB 8,608,131 in December 2022 from RMB 9,968,109 in 2021, a reduction of about 13.6%[56]. - Accounts receivable increased to RMB 2,406,025 in December 2022 from RMB 1,732,686 in 2021, marking a growth of approximately 39%[56]. - Long-term borrowings, excluding current portion, rose to RMB 23,518,058 in December 2022 from RMB 18,284,514 in 2021, an increase of about 28.5%[57]. - GDS Holdings' accumulated deficit increased to RMB 5,179,705 in December 2022 from RMB 3,910,815 in 2021, reflecting a rise of approximately 32.4%[57]. - The total equity of GDS Holdings decreased to RMB 23,137,643 in December 2022 from RMB 24,533,009 in 2021, a decline of about 5.7%[57]. - The company reported a current portion of convertible bonds payable of RMB 2,083,829 in December 2022, which was not present in 2021[57]. - GDS Holdings' total mezzanine equity increased to RMB 1,047,012 in December 2022 from RMB 958,480 in 2021, an increase of approximately 9.3%[57]. Expenses and Losses - General and administrative expenses were RMB487.6 million (US$70.7 million) in 2022, a 15.7% increase from RMB421.4 million in 2021[25]. - Research and development costs decreased to RMB35.8 million (US$5.2 million) in 2022 from RMB39.3 million in 2021[25]. - Operating expenses for the year ended December 2022 totaled RMB 1,185,080, an increase from RMB 1,021,950 in the previous year, representing a rise of about 16.0%[59]. - Net loss increased to RMB1,266.1 million (US$183.6 million) in 2022 from RMB1,191.2 million in 2021[26]. - Net loss attributable to GDS Holdings Limited shareholders for the year ended December 2022 was RMB 1,268,890, compared to RMB 1,187,218 in the previous year, indicating an increase in losses of approximately 6.9%[59]. - The company reported a comprehensive loss of RMB 1,513,627 for the year ended December 2022, compared to RMB 1,350,927 in the previous year, reflecting an increase of approximately 12.1%[62]. - Net loss for Q4 2022 was RMB (177,895), an improvement from RMB (339,663) in Q3 2022 and RMB (312,882) in Q4 2021[70]. Cash Flow - Net cash provided by operating activities for the year ended December 2022 was RMB 2,858,067, significantly higher than RMB 1,201,363 in the previous year, showing an increase of about 138.0%[64]. - Net cash used in investing activities for the year ended December 31, 2022, was RMB (13,691,538), compared to RMB (11,274,884) in 2021[65]. - Cash and restricted cash at the end of Q4 2022 was RMB 12,026,367, up from RMB 9,253,805 at the end of Q3 2022[65]. - The company reported a net increase in cash and restricted cash of RMB 1,803,701 for Q4 2022[65]. Shareholder Information - The weighted average number of ordinary shares outstanding for the year ended December 2022 was 1,464,447,843, slightly up from 1,452,906,722 in the previous year[60].