Financial Performance - For Q3 2023, GDS Holdings reported a net revenue of RMB 2,519.0 million (USD 345.3 million), representing a year-over-year increase of 6.4% from RMB 2,367.6 million in Q3 2022[5]. - The adjusted EBITDA for Q3 2023 was RMB 1,126.3 million (USD 154.4 million), reflecting a 5.6% increase compared to RMB 1,066.6 million in Q3 2022, with an adjusted EBITDA margin of 44.7%[5][8]. - The company recorded a net loss of RMB 420.8 million (USD 57.7 million) in Q3 2023, compared to a net loss of RMB 339.7 million in Q3 2022[5]. - The gross profit for Q3 2023 was RMB 447.4 million (USD 61.3 million), a decrease of 9.2% from RMB 492.8 million in Q3 2022[8]. - The gross margin for Q3 2023 was 17.8%, down from 20.8% in Q3 2022, primarily due to increased utility costs[8]. - Adjusted gross margin for Q3 2023 was 49.5%, down from 50.7% in Q3 2022 and 53.4% in Q2 2023, primarily due to increased utility costs[9]. - The company confirmed its revenue guidance for 2023 to be between RMB 9,940 million and RMB 10,320 million, with adjusted EBITDA expected between RMB 4,430 million and RMB 4,600 million[15]. - The net loss for the nine months ended September 30, 2023, was RMB 1,120,749 thousand, compared to RMB 1,088,223 thousand for the same period in 2022, an increase in loss of approximately 3%[30]. Operational Metrics - The total contracted and pre-contracted area increased by 16,072 square meters to 653,732 square meters as of September 30, 2023, a year-over-year growth of 5.7%[6]. - The operational area increased by 22,994 square meters to 554,210 square meters, marking an 8.6% year-over-year increase[6]. - The utilization rate of the operational area was 91.9% as of September 30, 2023, down from 95.6% a year earlier[6]. - The billing area increased by 15,878 square meters to 398,674 square meters, a 10.8% year-over-year increase[6]. - Total signed and pre-signed area at the end of Q3 2023 was 653,732 square meters, a year-over-year increase of 5.7% and a quarter-over-quarter increase of 2.5%[13]. - Operating area at the end of Q3 2023 was 554,210 square meters, an 8.6% year-over-year increase and a 4.3% quarter-over-quarter increase[14]. Expenses and Costs - Sales and marketing expenses for Q3 2023 were RMB 26.3 million (USD 3.6 million), a decrease of 9.7% year-over-year and an increase of 14.7% quarter-over-quarter[9]. - R&D expenses in Q3 2023 amounted to RMB 10.5 million (USD 1.4 million), up from RMB 6.7 million in Q3 2022 and RMB 5.0 million in Q2 2023[10]. - The company incurred net interest expenses of RMB 503,156 thousand for the three months ended September 30, 2023, compared to RMB 444,328 thousand for the same period in 2022, an increase of approximately 13%[29]. - The interest expense for the nine months ended September 30, 2023, was RMB 1,457,055 thousand, an increase from RMB 1,368,647 thousand in the same period of 2022[33]. - The company incurred share-based compensation expenses of RMB 255,851 thousand for the nine months ended September 30, 2023[33]. Cash and Debt Position - As of September 30, 2023, cash was RMB 7,524.9 million (USD 1,031.4 million) and total short-term debt was RMB 3,024.4 million (USD 414.5 million)[16]. - The company obtained new debt financing and refinancing credit of RMB 6,255.1 million during Q3 2023[16]. - The company's cash position was RMB 8,608,131 thousand as of September 30, 2023, compared to RMB 7,524,894 thousand at the end of 2022, marking an increase of around 14.4%[28]. - The total current liabilities increased to RMB 10,603,375 thousand as of September 30, 2023, from RMB 7,397,741 thousand at the end of 2022, representing a substantial rise of approximately 43.5%[28]. - The cash flow from financing activities for the nine months ended September 30, 2023, was RMB 2,765,599 thousand, compared to RMB 3,996,347 thousand in the same period of 2022[31]. Assets and Equity - The total current assets amounted to RMB 11,951,076 thousand, an increase from RMB 11,255,404 thousand as of December 31, 2022, representing a growth of approximately 6.2%[28]. - The total assets of GDS Holdings reached RMB 74,813,954 thousand as of September 30, 2023, compared to RMB 76,842,279 thousand at the end of 2022, indicating a decrease of about 2.7%[28]. - The total liabilities stood at RMB 50,629,299 thousand as of September 30, 2023, down from RMB 53,763,354 thousand at the end of 2022, reflecting a reduction of approximately 5.0%[28]. - GDS Holdings reported a total equity of RMB 23,137,643 thousand as of September 30, 2023, up from RMB 21,999,711 thousand at the end of 2022, which is an increase of approximately 5.2%[28]. - The company has a significant amount of goodwill and intangible assets valued at RMB 8,124,214 thousand as of September 30, 2023, compared to RMB 7,945,607 thousand at the end of 2022, showing an increase of about 2.3%[28]. Strategic Focus - The company is focusing on strengthening its financial position and advancing strategic initiatives to maximize return on invested capital and deliver long-term value to shareholders[7]. - The company is focused on expanding its high-performance data center solutions in China and Southeast Asia, anticipating growth in demand for cloud computing services[25]. - The management uses adjusted EBITDA and adjusted gross margin as key performance indicators to evaluate operational performance and set business goals[18]. - The company emphasizes that non-GAAP financial metrics should not be considered in isolation from GAAP metrics when assessing financial performance[19]. Conference and Forward-Looking Statements - The company will hold a conference call on November 22, 2023, at 8:00 AM ET to discuss financial performance and answer investor questions[17]. - Forward-looking statements are made in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995[24].
万国数据-SW(09698) - 2023 Q3 - 季度业绩