Kingsoft Cloud Holdings Limited (“Kingsoft Cloud” or the “Company”)
(NASDAQ: KC), a leading independent cloud service provider in
China, today announced its unaudited financial results for the
fourth quarter and fiscal year ended December 31, 2020.
Fourth quarter 2020 Financial Highlights
- Total revenues were
RMB1,922.7 million (US$1294.7 million) in the fourth quarter of
2020, representing an increase of 63.8% year-over-year.
- Gross profit was
RMB92.6 million (US$14.2 million) in the fourth quarter of 2020,
representing an increase of 70.5% year-over-year.
- Non-GAAP gross
profit2 was RMB94.9 million (US$14.5
million) in the fourth quarter of 2020, representing an increase of
67.4% year-over- year.
- Net loss was
RMB105.2 million (US$16.1 million) or -5.5% net margin in the
fourth quarter of 2020, compared with net loss of RMB239.5 million
or net margin of -20.4% in the fourth quarter of 2019.
- Non-GAAP
EBITDA3 was RMB-17.5 million (US$-2.7
million) or -0.9% Non-GAAP EBITDA margin in the fourth quarter of
2020, compared with RMB-89.3 million or -7.6% Non-GAAP EBITDA
margin in the fourth quarter of 2019.
Fiscal Year 2020 Financial Highlights
- Total revenues were
RMB6,577.3 million (US$1,008.0 million) in the fiscal year 2020,
representing an increase of 66.2% year-over-year.
- Gross profit was
RMB357.0 million (US$54.7 million) or 5.4% gross margin in the
fiscal year 2020, compared with RMB7.7 million or 0.2% gross margin
in the fiscal year 2019.
- Non-GAAP gross
profit was RMB367.6 million (US$56.3 million) or 5.6%
Non-GAAP gross margin in the fiscal year 2020, compared with
RMB16.2 million or 0.4% Non-GAAP gross margin in the fiscal year
2019.
- Net loss was
RMB962.2 million (US$147.5 million) or -14.6% net margin in the
fiscal year 2020, compared with net loss of RMB1,111.2 million or
net margin of -28.1% in the fiscal year 2019.
- Non-GAAP EBITDA was
RMB-119.1 million (US$-18.3 million) or -1.8% Non-GAAP EBITDA
margin in the fiscal year 2020, compared with RMB-417.7 million or
-10.6% Non-GAAP EBITDA margin in the fiscal year 2019.
_____________
1 |
This announcement contains translations of certain Renminbi (RMB)
amounts into U.S. dollars (US$) at a specified rate solely for the
convenience of the reader. Unless otherwise noted, the translation
of RMB into US$ has been made at RMB6.525 to US$1.00, the noon
buying rate in effect on December 31, 2020 as certified for customs
purposes by the Federal Reserve Bank of New York. |
2 |
Non-GAAP gross profit is defined as gross profit excluding
share-based compensation allocated in the cost of revenues, and we
define Non-GAAP gross margin as Non-GAAP gross profit as a
percentage of revenues. See “Use of Non-GAAP Financial Measures”
set forth at the end of this press release |
3 |
Non-GAAP
EBITDA is defined as Non-GAAP net loss excluding interest income,
interest expense, income tax expense and depreciation and
amortization, and Non-GAAP net loss is defined as net loss
excluding share-based compensation, foreign exchange (gain) loss,
changes in fair value of financial instruments and other (income)
expense, net. Non-GAAP EBITDA margin is defined as Non-GAAP EBITDA
as a percentage of revenues. See “Use of Non-GAAP Financial
Measures” set forth at the end of this press release. |
Mr. Yulin Wang, Chief Executive Officer of Kingsoft Cloud,
commented, “We are pleased to report another quarter of fast
growth. We continued to improve our cloud-native product portfolio
and focus on serving our premium customers across the Internet,
public services, financial services, and healthcare sectors. During
the year, we have made solid progress winning and serving new
customers, including Zhihu, Agora, Huya, Bigo, Sogou and many other
companies. As a leading independent cloud services provider, and
with our full dedication to cloud business, we are able to avoid
potential conflicts of interest with our premium customers and
enhance our neutral position, which in turn gains additional trust
from customers. With more and more customers deploying a
multi-cloud strategy, we are being warmly welcomed as their vendor
of choice. By deeply digging into and understanding customer needs
during this profound era of digital transformation, we have laid a
solid foundation to expand our customer base and drive steady
growth this year.”
Mr. Henry He, Chief Financial Officer of Kingsoft Cloud added
that “We continue to rapidly scale our business and are making
great strides in achieving profitability. As the backbone that
supports IT infrastructure development, the demand for cloud
computing has been growing rapidly and drives our revenue growth.
Our total revenues were RMB1.92 billion this quarter, representing
a year-over-year growth of 63.8%. Our adjusted EBITDA margin
improved significantly from -7.6% in the fourth quarter of 2019 to
-0.9% this quarter, representing an improvement of 6.7 percentage
points. Net loss margin also narrowed to -5.5% this quarter, which
was a significant improvement from -20.4% in the same period last
year. Our earnings per share was RMB-0.03 this quarter, improving
significantly from RMB-0.32 in the same period last year and
approaching quarterly breakeven. In addition, to touch on our
Environment, Social and Governance (“ESG”) efforts, we are working
on our internal ESG initiatives and expect to publish the first ESG
report in the near future.”
Fourth quarter 2020 Financial Results
Total Revenues reached RMB1,922.7 million
(US$294.7 million), representing an increase of 63.8% from
RMB1,173.6 million in the same period of 2019. The increases were
primarily due to the growth in both public cloud services and
enterprise cloud services for our premium customers.
- Revenues from public cloud services
were RMB1,361.5 million (US$208.7 million), representing an
increase of 44.1% from RMB945.1 million in the same period of
2019.
- Revenues from enterprise cloud
services were RMB535.9 million (US$82.1 million), representing an
increase of 143.1% from RMB220.4 million in the same period of
2019.
- Other revenues were RMB25.3 million
(US$3.9 million).
Cost of revenues was RMB1,830.2 million
(US$280.5 million), representing an increase of 63.5% from
RMB1,119.3 million in the same period of 2019, primarily
attributable to the rapid growth of our business. IDC costs
increased by 49.6% to RMB1,100.1 million (US$168.6 million) from
RMB735.5 million in the same period of 2019. The increase in IDC
costs was in line with the Company’s expanding business and was
partially offset by improved efficiency and utilization of
bandwidth. IDC costs as a percentage of total revenues decreased
from 62.7% during the same period of last year to 57.2% in the
fourth quarter of 2020. Depreciation and amortization costs were
RMB167.5 million (US$25.7 million), remain flat with last
quarter.
Gross profit was RMB92.6 million (US$14.2
million), compared to RMB54.3 million in the same period of 2019.
Gross margin was 4.8%, compared to 4.6% in the
same period of 2019.
Non-GAAP gross profit was RMB94.9 million
(US$14.5 million), compared to RMB56.7 million in the same period
of 2019. Non-GAAP gross margin was 4.9%, compared
to 4.8% in the same period of 2019. The increase was primarily due
to our continued leverage on economies of scale and the costs
savings, which is offset by the investment into new business
opportunities of strategic verticals, and costs incurred for
ongoing projects.
Selling and marketing expenses were RMB114.7
million (US$17.6 million), compared to RMB98.3 million in the same
period of 2019, mainly due to the increase in share-based
compensation expenses, as well as the salaries and welfare of
selling and marketing personnel.
General and administrative expenses were
RMB42.2 million (US$6.5 million), compared with RMB87.2 million in
the same period of 2019, the decrease was mainly due to the
improvement of management efficiency.
Research and development expenses were RMB181.1
million (US$27.7 million), compared with RMB171.5 million in the
same period of 2019, primarily due to the increase in share-based
compensation expenses.
Operating loss was RMB245.3 million (US$37.6
million), compared with RMB302.7 million in the same quarter of
2019.
Net loss was RMB105.2 million (US$16.1
million), compared with RMB239.5 million in the same quarter of
2019. The net margin significantly increased to -5.5% from -20.4%
in the same quarter of 2019.
Non-GAAP net loss was RMB174.3 million (US$26.7
million), compared with RMB254.6 million in the same quarter of
2019. The Non-GAAP net margin significantly increased to -9.1% from
-21.7% in the same quarter of 2019.
Non-GAAP EBITDA was RMB-17.5
million (US$-2.7 million), compared with RMB-89.3 million in the
same quarter of 2019. Non-GAAP EBITDA margin was
-0.9%, compared to -7.6% in the same quarter of 2019. The steady
increase of Non-GAAP EBITDA margin was due to the revenue growth
and operating leverage.
Basic and diluted net loss per
share was RMB0.03 (US$0.00), compared with RMB0.32 in the
same quarter of 2019.
Cash and cash equivalents and short-term
investments were RMB6,117.7 million (US$937.6 million) as
of December 31, 2020, compared to RMB2,248.7 million as of December
31, 2019.
Outstanding ordinary shares were 3,339,618,633
as of December 31, 2020, equivalent to about 222,641,242 ADSs.
Fiscal Year 2020 Financial Results
Total Revenues reached RMB6,577.3 million
(US$1,008.0 million), representing an increase of 66.2% from
RMB3,956.4 million in 2019. The increases were primarily due to the
growth in both public cloud services and enterprise cloud services
for our premium customers.
- Revenues from public cloud services
were RMB5,166.9 million (US$791.9 million), representing an
increase of 49.4% from RMB3,458.8 million in 2019.
- Revenues from enterprise cloud
services were RMB1,372.7 million (US$210.4 million), representing
an increase of 182.3% from RMB486.3 million in 2019.
- Other revenues were RMB37.7 million
(US$5.7 million).
Cost of revenues was RMB6,220.3 million
(US$953.3 million), representing an increase of 57.5% from
RMB3,948.6 million in 2019, primarily attributable to the rapid
growth of our business. IDC costs increased by 42.1% to RMB4,058.8
million (US$622.0 million) from RMB2,856.6 million in 2019. The
increase in IDC costs was in line with the Company’s expanding
business and was partially offset by improved efficiency and
utilization of bandwidth. IDC costs as a percentage of total
revenues decreased from 72.2% during the same period of last year
to 61.7% in 2020. Depreciation and amortization costs were RMB746.2
million (US$114.4 million), compared with RMB599.2 million in
2019.
Gross profit increased to RMB357.0 million
(US$54.7 million), from RMB7.7 million in 2019. Gross
margin was 5.4%, compared to 0.2% in 2019.
Non-GAAP gross profit increased to RMB367.6
million (US$56.3 million), from RMB16.2 million in 2019.
Non-GAAP gross margin was 5.6%, compared to
0.4% in 2019. The increase was primarily due to our continued
leverage on economies of scale and the costs savings.
Selling and marketing expenses were RMB409.2
million (US$62.7 million), compared to RMB317.4 million in 2019,
mainly due to the increase in salaries and welfare of selling and
marketing personnel, as well as the share-based compensation
expenses.
General and administrative expenses were
RMB379.9 million (US$58.2 million), compared with RMB238.6 million
in 2019, the increase was mainly due to the increase in share-based
compensation expenses, as well as the expenses for legal,
accounting, and other administrative and compliance affairs.
Research and development expenses were RMB775.1
million (US$118.8 million), an increase of 30.2% from RMB595.2
million in 2019, primarily due to the increase in salaries and
share-based compensation expenses.
Operating loss was RMB1,207.3 million (US$185.0
million), compared with RMB1,143.5 million in 2019.
Net loss was RMB962.2 million (US$147.5
million), compared with RMB1,111.2 million in 2019. The net margin
significantly increased to -14.6% from -28.1% in the same quarter
of 2019.
Non-GAAP net loss was RMB824.4 million
(US$126.3 million), compared with RMB957.6 million in 2019. The
Non-GAAP net margin significantly increased to -12.5% from -24.2%
in 2019.
Non-GAAP EBITDA was RMB-119.1 million (US$-18.3
million), compared with RMB-417.7 million in 2019. Non-GAAP
EBITDA margin was -1.8%, compared to -10.6% in 2019. The
steady increase of Non-GAAP EBITDA margin was due to the revenue
growth and operating leverage.
Basic and diluted net loss per share was
RMB0.41 (US$0.06), compared with RMB1.31 in 2019.
Business Outlook
For the first quarter of 2021, the Company expects total
revenues to be between RMB1.83 billion and RMB1.93 billion. It is
based on the Company’s current and preliminary views on the market
and operational conditions, which are subject to change. The
forecast reflects the relative late timing of Chinese Lunar New
Year Holiday in the first quarter of 2021 compared with 2020, and
the typical pattern of procurement and implementation process of
major enterprises and public sector clients in mainland China in
the first quarter each year.
Conference Call Information
The Company will hold a conference call on Wednesday, March 17,
2021 at 8:00 am, U.S. Eastern Time (8:00 pm, Beijing/Hong Kong Time
on the same day) to discuss the financial results.
Participants can register for the conference call by navigating
to http://apac.directeventreg.com/registration/event/6443958. Once
preregistration has been completed, participants will receive
dial-in numbers, direct event passcode, and a unique registrant
ID.
To join the conference, simply dial the number in the calendar
invite you receive after preregistering, enter the passcode
followed by your registrant ID, and you will join the conference
instantly.
A telephone replay of the call will be available after the
conclusion of the conference call through 9:00 a.m. U.S. Eastern
Time, March 25, 2021. The dial-in details for the replay are as
follows:
International: +61-2-8199-0299 U.S. Toll Free:
+1-855-452-5696Mainland China Toll Free: 800-870-0206 Hong Kong
Toll Free: 800-963-117 Conference ID: 6443958
A live and archived webcast of the conference call will also be
available at the Company’s investor relations website at
http://ir.ksyun.com/.
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is
prepared in conformity with accounting principles generally
accepted in the United States of America (“U.S. GAAP”). In
evaluating our business, we consider and use certain non-GAAP
measures, Non-GAAP gross (loss) profit, Non-GAAP gross margin,
Non-GAAP EBITDA and Non-GAAP EBITDA margin, as supplemental
measures to review and assess our operating performance. The
presentation of these non-GAAP financial measures is not intended
to be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with U.S. GAAP. We
define Non-GAAP gross (loss) profit as gross (loss) profit
excluding share- based compensation allocated in the cost of
revenues, and we define Non-GAAP gross margin as Non-GAAP gross
(loss) profit as a percentage of revenues. We define Non-GAAP net
loss as net loss excluding share-based compensation, foreign
exchange (gain) loss, changes in fair value of financial
instruments and other (income) expense, net. We define Non-GAAP
EBITDA as Non-GAAP net loss excluding interest income, interest
expense, income tax expense and depreciation and amortization, and
we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage
of revenues. We present these non-GAAP financial measures because
they are used by our management to evaluate our operating
performance and formulate business plans. We also believe that the
use of these non-GAAP measures facilitates investors’ assessment of
our operating performance. These non-GAAP financial measures are
not defined under U.S. GAAP and are not presented in accordance
with U.S. GAAP. These non-GAAP financial measures have limitations
as analytical tools. One of the key limitations of using these
non-GAAP financial measures is that they do not reflect all items
of income and expense that affect our operations. Further, these
non-GAAP measures may differ from the non-GAAP information used by
other companies, including peer companies, and therefore their
comparability may be limited.
We compensate for these limitations by reconciling these
non-GAAP financial measures to the nearest U.S. GAAP performance
measure, all of which should be considered when evaluating our
performance. We encourage you to review our financial information
in its entirety and not rely on a single financial measure.
Exchange Rate Information
This press release contains translations of certain RMB amounts
into U.S. dollars at specified rates solely for the convenience of
readers. Unless otherwise noted, all translations from RMB to U.S.
dollars, in this press release, were made at a rate of RMB6.525 to
US$1.00, the noon buying rate in effect on December 31, 2020 as
certified for customs purposes by the Federal Reserve Bank of New
York.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates” and similar statements. Among other things,
the Business Outlook, and quotations from management in this
announcement, as well as Kingsoft Cloud’s strategic and operational
plans, contain forward-looking statements. Kingsoft Cloud may also
make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission (“SEC”), in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to fourth parties. Statements that are not
historical facts, including but not limited to statements about
Kingsoft Cloud’s beliefs and expectations, are forward-looking
statements. Forward- looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: Kingsoft
Cloud’s goals and strategies; Kingsoft Cloud’s future business
development, results of operations and financial condition;
relevant government policies and regulations relating to Kingsoft
Cloud’s business and industry; the expected growth of the cloud
service market in China; the expectation regarding the rate at
which to gain customers, especially Premium Customers; Kingsoft
Cloud’s ability to monetize the customer base; fluctuations in
general economic and business conditions in China; the impact of
the COVID-19 to Kingsoft Cloud’s business operations and the
economy in China and elsewhere generally; China’s political or
social conditions and assumptions underlying or related to any of
the foregoing. Further information regarding these and other risks
is included in Kingsoft Cloud’s filings with the SEC. All
information provided in this press release and in the attachments
is as of the date of this press release, and Kingsoft Cloud does
not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
About Kingsoft Cloud Holdings Limited
Kingsoft Cloud Holdings Limited (NASDAQ: KC) is a leading
independent cloud service provider in China. Kingsoft Cloud has
built a comprehensive and reliable cloud platform consisting of
extensive cloud infrastructure, cutting-edge cloud products and
well-architected industry-specific solutions across public cloud,
enterprise cloud and Aoi cloud services.
For more information, please visit: http://ir.ksyun.com.
For investor and media inquiries, please
contact:Kingsoft Cloud Holdings Limited Nicole ShanTel:
+86 (10) 6292-7777 Ext. 6300Email: ksc-ir@kingsoft.com
ChristensenMs. Linda Bergama Phone: +1-480-614-3004E-mail:
lbergkamp@christensenir.com
|
KINGSOFT CLOUD HOLDINGS LIMITED |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
(All amounts in thousands) |
|
|
Dec 31, 2019 |
Dec 31, 2020 |
Dec 31, 2020 |
|
RMB |
RMB |
US$ |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
2,023,263 |
|
3,424,674 |
|
524,854 |
|
Accounts receivable, net |
1,347,481 |
|
2,334,871 |
|
357,835 |
|
Short-term investments |
225,425 |
|
2,693,019 |
|
412,723 |
|
Prepayments and other assets |
421,938 |
|
887,086 |
|
135,952 |
|
Amounts due from related parties |
131,632 |
|
205,068 |
|
31,428 |
|
Total current assets |
4,149,739 |
|
9,544,718 |
|
1,462,792 |
|
Non-current assets: |
|
|
|
Property and equipment, net |
1,720,974 |
|
1,986,988 |
|
304,519 |
|
Intangible assets, net |
7,428 |
|
16,573 |
|
2,540 |
|
Prepayments and other assets |
36,468 |
|
11,824 |
|
1,812 |
|
Equity investments |
114,876 |
|
126,583 |
|
19,400 |
|
Amounts due from related parties |
2,336 |
|
5,758 |
|
882 |
|
Operating lease right-of-use assets |
- |
|
266,968 |
|
40,915 |
|
Total non-current assets |
1,882,082 |
|
2,414,694 |
|
370,068 |
|
Total assets |
6,031,821 |
|
11,959,412 |
|
1,832,860 |
|
|
|
|
|
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT)
EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
1,254,589 |
|
2,057,355 |
|
315,303 |
|
Accrued expenses and other liabilities |
949,213 |
|
875,572 |
|
134,187 |
|
Short-term bank loans |
- |
|
278,488 |
|
42,680 |
|
Long-term bank loan, current portion |
100,000 |
|
74,351 |
|
11,395 |
|
Income tax payable |
11,930 |
|
20,564 |
|
3,152 |
|
Amounts due to related parties |
104,259 |
|
112,998 |
|
17,318 |
|
Current operating lease liabilities |
- |
|
76,469 |
|
11,719 |
|
Total current liabilities |
2,419,991 |
|
3,495,797 |
|
535,754 |
|
|
|
|
|
Non-current liabilities: |
|
|
|
Long-term bank loan |
74,351 |
|
- |
|
- |
|
Deferred tax liabilities |
206 |
|
29 |
|
4 |
|
Other liabilities |
- |
|
40,578 |
|
6,219 |
|
Non-current operating lease liabilities |
- |
|
182,958 |
|
28,040 |
|
Total non-current liabilities |
74,557 |
|
223,565 |
|
34,263 |
|
Total liabilities |
2,494,548 |
|
3,719,362 |
|
570,017 |
|
Mezzanine equity: |
|
|
|
Series B convertible preferred shares |
337,268 |
|
- |
|
- |
|
Series C redeemable convertible preferred shares |
1,043,147 |
|
- |
|
- |
|
Series D redeemable convertible preferred shares |
5,965,273 |
|
- |
|
- |
|
Series D+ redeemable convertible preferred shares |
388,844 |
|
- |
|
- |
|
Total mezzanine equity |
7,734,532 |
|
- |
|
- |
|
Shareholders’ (deficit) equity: |
|
|
|
Series A convertible preferred shares |
123,186 |
|
- |
|
- |
|
Ordinary shares |
5,558 |
|
22,801 |
|
3,494 |
|
Additional paid-in capital |
91,746 |
|
14,149,984 |
|
2,168,580 |
|
Accumulated deficit |
(4,902,097 |
) |
(5,864,356 |
) |
(898,751 |
) |
Accumulated other comprehensive income (loss) |
484,348 |
|
(68,440 |
) |
(10,489 |
) |
Total Kingsoft Cloud Holdings Limited shareholders’
(deficit) equity |
(4,197,259 |
) |
8,239,989 |
|
1,262,834 |
|
Noncontrolling interests |
- |
|
61 |
|
9 |
|
Total (deficit) equity |
(4,197,259 |
) |
8,240,050 |
|
1,262,843 |
|
Total liabilities, mezzanine equity and shareholders’
(deficit) equity |
6,031,821 |
|
11,959,412 |
|
1,832,860 |
|
|
|
|
|
KINGSOFT CLOUD HOLDINGS LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS |
(All amounts in thousands, except for share and per share
data) |
|
|
Three Months Ended |
Twelve Months Ended |
|
Dec 31, 2019 |
Sep 30, 2020 |
Dec 31, 2020 |
Dec 31, 2020 |
Dec 31, 2019 |
Dec 31, 2020 |
Dec 31, 2020 |
|
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Revenues: |
|
|
|
|
|
|
|
Public cloud services |
945,142 |
|
1,309,693 |
|
1,361,505 |
|
208,660 |
|
3,458,843 |
|
5,166,851 |
|
791,855 |
|
Enterprise cloud services |
220,427 |
|
409,101 |
|
535,920 |
|
82,133 |
|
486,308 |
|
1,372,689 |
|
210,374 |
|
Others |
8,071 |
|
10,049 |
|
25,321 |
|
3,881 |
|
11,202 |
|
37,767 |
|
5,788 |
|
Total revenues |
1,173,640 |
|
1,728,843 |
|
1,922,746 |
|
294,674 |
|
3,956,353 |
|
6,577,307 |
|
1,008,017 |
|
Cost of revenues |
(1,119,317 |
) |
(1,615,945 |
) |
(1,830,176 |
) |
(280,487 |
) |
(3,948,644 |
) |
(6,220,324 |
) |
(953,306 |
) |
Gross profit |
54,323 |
|
112,898 |
|
92,570 |
|
14,187 |
|
7,709 |
|
356,983 |
|
54,711 |
|
Operating expenses: |
|
|
|
|
|
|
|
Selling and marketing expenses |
(98,286 |
) |
(96,802 |
) |
(114,666 |
) |
(17,573 |
) |
(317,426 |
) |
(409,211 |
) |
(62,714 |
) |
General and administrative expenses |
(87,245 |
) |
(91,338 |
) |
(42,156 |
) |
(6,461 |
) |
(238,648 |
) |
(379,892 |
) |
(58,221 |
) |
Research and development expenses |
(171,484 |
) |
(167,590 |
) |
(181,062 |
) |
(27,749 |
) |
(595,169 |
) |
(775,130 |
) |
(118,794 |
) |
Total operating expenses |
(357,015 |
) |
(355,730 |
) |
(337,884 |
) |
(51,783 |
) |
(1,151,243 |
) |
(1,564,233 |
) |
(239,729 |
) |
Operating loss |
(302,692 |
) |
(242,832 |
) |
(245,314 |
) |
(37,596 |
) |
(1,143,534 |
) |
(1,207,250 |
) |
(185,018 |
) |
Interest income |
11,636 |
|
24,414 |
|
21,672 |
|
3,321 |
|
78,612 |
|
77,118 |
|
11,819 |
|
Interest expense |
- |
|
(3,940 |
) |
(1,838 |
) |
(282 |
) |
(4,925 |
) |
(9,453 |
) |
(1,449 |
) |
Foreign exchange gain (loss) |
56,753 |
|
117,714 |
|
114,113 |
|
17,489 |
|
(38,961 |
) |
188,800 |
|
28,935 |
|
Changes in fair value of financial instruments |
- |
|
2,825 |
|
11,278 |
|
1,728 |
|
- |
|
14,301 |
|
2,192 |
|
Other (expense) income, net |
(3,195 |
) |
515 |
|
(1,724 |
) |
(264 |
) |
6,612 |
|
(10,810 |
) |
(1,657 |
) |
Loss before income taxes |
(237,498 |
) |
(101,304 |
) |
(101,813 |
) |
(15,604 |
) |
(1,102,196 |
) |
(947,294 |
) |
(145,178 |
) |
Income tax expense |
(2,010 |
) |
(4,033 |
) |
(3,345 |
) |
(513 |
) |
(9,003 |
) |
(14,904 |
) |
(2,284 |
) |
Net loss |
(239,508 |
) |
(105,337 |
) |
(105,158 |
) |
(16,117 |
) |
(1,111,199 |
) |
(962,198 |
) |
(147,462 |
) |
Less: net income attributable to noncontrolling interests |
- |
|
196 |
|
54 |
|
8 |
|
- |
|
61 |
|
9 |
|
Net loss attributable to Kingsoft Cloud Holdings
Limited |
(239,508 |
) |
(105,533 |
) |
(105,212 |
) |
(16,125 |
) |
(1,111,199 |
) |
(962,259 |
) |
(147,471 |
) |
Accretion to redemption value of redeemable convertible preferred
shares |
(49,725 |
) |
- |
|
- |
|
- |
|
(49,725 |
) |
(19,768 |
) |
(3,030 |
) |
Net loss attributable to ordinary
shareholders |
(289,233 |
) |
(105,533 |
) |
(105,212 |
) |
(16,125 |
) |
(1,160,924 |
) |
(982,027 |
) |
(150,501 |
) |
|
|
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
|
|
|
Basic and diluted |
(0.32 |
) |
(0.03 |
) |
(0.03 |
) |
(0.00 |
) |
(1.31 |
) |
(0.41 |
) |
(0.06 |
) |
Shares used in the net loss per share
computation: |
|
|
|
|
|
|
|
Basic and diluted |
894,711,200 |
|
3,153,524,558 |
|
3,299,623,515 |
|
3,299,623,515 |
|
889,521,200 |
|
2,400,874,197 |
|
2,400,874,197 |
|
Other comprehensive (loss) income , net of tax of
nil: |
|
|
|
|
|
|
|
Foreign currency translation adjustments |
(76,067 |
) |
(277,166 |
) |
(327,654 |
) |
(50,215 |
) |
64,598 |
|
(552,788 |
) |
(84,718 |
) |
Comprehensive loss |
(315,575 |
) |
(382,503 |
) |
(432,812 |
) |
(66,332 |
) |
(1,046,601 |
) |
(1,514,986 |
) |
(232,180 |
) |
Less: Comprehensive income attributable to noncontrolling
interests |
- |
|
196 |
|
54 |
|
8 |
|
- |
|
61 |
|
9 |
|
Comprehensive loss attributable to Kingsoft Cloud Holdings
Limited shareholders |
(315,575 |
) |
(382,699 |
) |
(432,866 |
) |
(66,340 |
) |
(1,046,601 |
) |
(1,515,047 |
) |
(232,189 |
) |
Accretion to redemption value of redeemable convertible preferred
shares |
(49,725 |
) |
- |
|
- |
|
- |
|
(49,725 |
) |
(19,768 |
) |
(3,030 |
) |
Comprehensive loss attributable to ordinary
shareholders |
(365,300 |
) |
(382,699 |
) |
(432,866 |
) |
(66,340 |
) |
(1,096,326 |
) |
(1,534,815 |
) |
(235,219 |
) |
|
|
|
|
|
|
|
|
KINGSOFT CLOUD HOLDINGS |
LIMITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
(All amounts in thousands, except for percentage) |
|
|
Three Months Ended |
Twelve Months Ended |
|
Dec 31, 2019 |
Sep 30, 2020 |
Dec 31, 2020 |
Dec 31, 2020 |
Dec 31, 2019 |
Dec 31, 2020 |
Dec 31, 2020 |
|
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Gross profit |
54,323 |
112,898 |
92,570 |
14,187 |
7,709 |
356,983 |
54,711 |
Adjustments: |
|
|
|
|
|
|
|
– Share-based compensation expenses |
2,408 |
1,858 |
2,321 |
356 |
8,509 |
10,614 |
1,627 |
Adjusted gross profit |
56,731 |
114,756 |
94,891 |
14,543 |
16,218 |
367,597 |
56,338 |
|
Three Months Ended |
Twelve Months Ended |
|
Dec 31, 2019 |
Sep 30, 2020 |
Dec 31, 2020 |
Dec 31, 2019 |
Dec 31, 2020 |
Gross margin |
4.6% |
6.5% |
4.8% |
0.2% |
5.4% |
Adjusted gross margin |
4.8% |
6.6% |
4.9% |
0.4% |
5.6% |
|
Three Months Ended |
Twelve Months Ended |
|
Dec 31, 2019 |
Sep 30, 2020 |
Dec 31, 2020 |
Dec 31, 2020 |
Dec 31, 2019 |
Dec 31, 2020 |
Dec 31, 2020 |
|
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Net Loss |
(239,508 |
) |
(105,337 |
) |
(105,158 |
) |
(16,117 |
) |
(1,111,199 |
) |
(962,198 |
) |
(147,462 |
) |
Adjustments: |
|
|
|
|
|
|
|
– Share-based compensation expenses |
38,511 |
|
57,339 |
|
54,543 |
|
8,360 |
|
121,279 |
|
330,114 |
|
50,592 |
|
– Foreign exchange (gain) loss |
(56,753 |
) |
(117,714 |
) |
(114,113 |
) |
(17,489 |
) |
38,961 |
|
(188,800 |
) |
(28,935 |
) |
– Changes in fair value of financial instruments |
- |
|
(2,825 |
) |
(11,278 |
) |
(1,728 |
) |
- |
|
(14,301 |
) |
(2,192 |
) |
– Other expense (income), net |
3,195 |
|
(515 |
) |
1,724 |
|
264 |
|
(6,612 |
) |
10,810 |
|
1,657 |
|
Adjusted net loss |
(254,555 |
) |
(169,052 |
) |
(174,282 |
) |
(26,710 |
) |
(957,571 |
) |
(824,375 |
) |
(126,340 |
) |
Adjustments: |
|
|
|
|
|
|
|
– Interest income |
(11,636 |
) |
(24,414 |
) |
(21,672 |
) |
(3,321 |
) |
(78,612 |
) |
(77,118 |
) |
(11,819 |
) |
– Interest expense |
- |
|
3,940 |
|
1,838 |
|
282 |
|
4,925 |
|
9,453 |
|
1,449 |
|
– Income tax expense |
2,010 |
|
4,033 |
|
3,345 |
|
513 |
|
9,003 |
|
14,904 |
|
2,284 |
|
– Depreciation and amortization |
174,865 |
|
159,199 |
|
173,250 |
|
26,552 |
|
604,581 |
|
758,038 |
|
116,174 |
|
Adjusted EBITDA |
(89,316 |
) |
(26,294 |
) |
(17,521 |
) |
(2,684 |
) |
(417,674 |
) |
(119,098 |
) |
(18,252 |
) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
Twelve Months Ended |
|
Dec 31, 2019 |
Sep 30, 2020 |
Dec 31, 2020 |
Dec 31, 2019 |
Dec 31, 2020 |
Net loss margin |
-20.4% |
-6.1% |
-5.5% |
-28.1% |
-14.6% |
Adjusted net loss margin |
-21.7% |
-9.8% |
-9.1% |
-24.2% |
-12.5% |
Adjusted EBITDA Margin |
-7.6% |
-1.5% |
-0.9% |
-10.6% |
-1.8% |
|
|
|
|
|
|
KINGSOFT CLOUD HOLDINGS LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS |
(All amounts in thousands) |
|
|
Three Months Ended |
Twelve Months Ended |
|
Dec 31, 2019 |
Dec 31, 2020 |
Dec 31, 2020 |
Dec 31, 2019 |
Dec 31, 2020 |
Dec 31, 2020 |
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Net cash used in operating activities |
(155,376 |
) |
(278,242 |
) |
(42,642 |
) |
(439,132 |
) |
(290,433 |
) |
(44,511 |
) |
Net cash generated from (used in) investing
activities |
78,104 |
|
(308,729 |
) |
(47,315 |
) |
883,247 |
|
(4,314,003 |
) |
(661,151 |
) |
Net cash generated from financing activities |
309,291 |
|
208,211 |
|
31,910 |
|
64,507 |
|
6,124,153 |
|
938,568 |
|
Effect of exchange rate changes on cash and cash equivalents |
49,728 |
|
(63,069 |
) |
(9,667 |
) |
7,570 |
|
(118,306 |
) |
(18,131 |
) |
Net increase (decrease) in cash and cash equivalents |
232,019 |
|
(378,760 |
) |
(58,047 |
) |
508,622 |
|
1,519,717 |
|
232,906 |
|
Cash and cash equivalents at beginning of period |
1,741,516 |
|
3,866,503 |
|
592,568 |
|
1,507,071 |
|
2,023,263 |
|
310,079 |
|
Cash and cash equivalents at end of period |
2,023,263 |
|
3,424,674 |
|
524,854 |
|
2,023,263 |
|
3,424,674 |
|
524,854 |
|
|
|
|
|
|
|
|
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