Adjusted EBITDA up 98.8% YoY to RMB135.0 million,
exceeding high end of the Company’s guidance Adjusted EBITDA
margin up 8.2 percentage points to 15.2%
21Vianet Group, Inc. (NASDAQ:VNET) ("21Vianet" or the "Company"), a
leading carrier-neutral internet data center services provider in
China, today announced its unaudited financial results for the
third quarter ended September 30, 2017. The Company will hold a
conference call at 8:00 p.m. Eastern Time on Tuesday, December 5,
2017. Dial-in details are provided at the end of the release.
Third quarter 2017 Financial
Highlights
- Core hosting and related services revenues increased by 8.7%
year over year to RMB759.3 million (US$114.1 million). Total net
revenues were RMB886.0 million (US$133.2 million).
- Gross profit increased by 1.6% year over year to RMB189.8
million (US$28.5 million). Gross margin expanded to 21.4% from
19.3% in the comparative period in 2016.
- Adjusted EBITDA increased by 98.8% year over year to RMB135.0
million (US$20.3 million), exceeding the high end of the Company’s
previous guidance. Adjusted EBITDA margin expanded to 15.2% from
7.0% in the comparative period of 2016.
Third quarter 2017 Operational Highlights
- Total Monthly Recurring Revenues ("MRR") per cabinet increased
to RMB8,571 in the third quarter of 2017 from RMB8,311 in the
second quarter of 2017.
- Monthly Recurring Revenues for the Company’s hosting business
(“Hosting MRR”) per cabinet increased to RMB7,817 in the third
quarter of 2017 from RMB7,615 in the third quarter of 2016 and
RMB7,697 in the second quarter of 2017.
- Total cabinets under management increased to 27,424 as of
September 30, 2017 from 27,361 as of June 30, 2017, with 21,273
cabinets in the Company's self-built data centers and 6,151
cabinets in its partnered data centers.
- Utilization rate was 74.4% in the third quarter of 2017,
compared to 75.2% in the second quarter of 2017.
- Hosting churn rate, which is based on the Company’s core IDC
business, was 0.97% in the third quarter of 2017, compared to 0.24%
in the second quarter of 2017.
Mr. Steve Zhang, Chief Executive Officer of the
Company, stated, “We are delighted to see our core IDC business
maintained steady growth in the third quarter of 2017. Several of
our large clients, such as JD Finance, Ele.me, Momo and Xiaomi,
further expanded their capacity at our IDC centers. Meanwhile, as
small and medium businesses continue to migrate from public cloud
to hybrid cloud solutions, and as large businesses further evolve
their requirements towards customized solutions, our competitive
advantages in network quality, carrier neutrality and service
quality have uniquely positioned us to capitalize on such market
demand, as evidenced by our newly formed partnership with BMW. In
terms of our managed network services (MNS) business, we completed
its divestiture at the end of the third quarter. We view this as
our milestone development, which will enable us to re-focus on our
IDC business and strengthen our core competitive power. Overall, we
believe we are leaner and stronger than ever before, and we have
the right strategy to bring our business to the next level of
growth.”
Mr. Terry Wang, Chief Financial Officer of the
Company, further commented, "In the third quarter, our total net
revenues were RMB886.0 million, in line with our previous guidance.
Consistent with our strategy of business realignment and cost
control, our profitability in the third quarter continued to
improve. Our adjusted EBITDA reached RMB135.0 million in the
quarter, exceeding the upper end of our guidance of RMB122.0
million. Adjusted EBITDA margin further expanded to 15.2% in the
quarter from 7.0% in the prior year period. We also saw an increase
in our gross margin to 21.4% in the quarter from 19.3% in the prior
year period. Additionally, our net cash from operating activities
increased to RMB208.6 million in the third quarter. With our
divestiture of the MNS business, we believe that we will be able to
accelerate our future growth with the aid of a stronger cash
flow.”
Third Quarter 2017 Financial
Results
REVENUES: Total net revenues
were RMB886.0 million (US$133.2 million) in the third quarter of
2017, compared to RMB968.0 million in the comparative period in
2016. The decrease in net revenues was mainly due to the decrease
in revenues from MNS business, which was partially offset by the
increase in revenues from hosting and related services
business.
Net revenues for hosting and related services
increased by 8.7% year over year to RMB759.3 million (US$114.1
million) in the third quarter of 2017 from RMB698.5 million in the
comparative period in 2016. The increase was primarily due to the
increase in revenues from the Company’s business lines across the
segment.
Net revenues for MNS were RMB126.8 million
(US$19.1 million) in the third quarter of 2017, compared to
RMB269.5 million in the comparative period in 2016. The decrease
was primarily due to intensifying competition and pricing
pressure.
GROSS PROFIT: Gross profit
increased by 1.6% to RMB189.8 million (US$28.5 million) in the
third quarter of 2017 from RMB186.9 million in the comparative
period in 2016. Gross margin increased to 21.4% in the third
quarter of 2017 from 19.3% in the comparative period in 2016. The
increase was primarily due to the Company’s execution of its cost
control strategies.
Adjusted gross profit, which excludes
share-based compensation expenses and amortization of intangible
assets derived from acquisitions, was RMB220.5 million (US$33.1
million) in the third quarter of 2017, compared to RMB224.6 million
in the comparative period in 2016. Adjusted gross margin increased
to 24.9% in the third quarter of 2017 from 23.2% in the comparative
period in 2016.
OPERATING EXPENSES: Total
operating expenses were RMB1,418.9 million (US$213.3 million) in
the third quarter of 2017, compared to RMB313.8 million in the
comparative period in 2016. The increase in operating expenses was
primarily due to impairment of long-lived assets of RMB401.8
million (US$60.4 million) and impairment of goodwill of RMB766.4
million (US$115.2 million). Excluding the impairment of long-lived
assets and impairment of goodwill, total operating expenses were
RMB250.6 million (US$37.7 million).
Adjusted operating expenses, which exclude
impairment of long-lived assets, impairment of goodwill,
share-based compensation expenses and changes in the fair value of
contingent purchase consideration payable, improved by 20.5% to
RMB228.2 million (US$34.3 million) in the third quarter of 2017
from RMB287.1 million in the comparative period in 2016. As a
percentage of net revenues, adjusted operating expenses decreased
to 25.8% in the third quarter of 2017 from 29.7% in the comparative
period in 2016.
Sales and marketing expenses decreased by 22.8%
to RMB77.3 million (US$11.6 million) in the third quarter of 2017
from RMB100.1 million in the comparative period in 2016. The
decrease was primarily due to a decrease in third-party channel
costs.
General and administrative expenses decreased by
20.3% to RMB129.7 million (US$19.5 million) in the third quarter of
2017 from RMB162.7 million in the comparative period in 2016. The
decrease was primarily driven by a reduction in headcount.
Research and development expenses were RMB38.3
million (US$5.8 million) in the third quarter of 2017, compared to
RMB36.1 million in the comparative period in 2016. The increase was
primarily driven by increased research staff for the Company’s core
data center business.
Bad debt provisions decreased by 83.9% to RMB4.4
million (US$0.7 million) in the third quarter of 2017 from RMB27.1
million in the comparative period in 2016.
Changes in the fair value of contingent purchase
consideration payable was negative RMB1.0 million (US$0.2 million)
in the third quarter of 2017, compared to RMB12.3 million in the
comparative period in 2016.
One-time impairment of long-lived assets was
RMB401.8 million (US$60.4 million) in the third quarter of
2017.
One-time impairment of goodwill was RMB766.4
million (US$115.2 million) in the third quarter of 2017.
ADJUSTED EBITDA: Adjusted
EBITDA for the third quarter of 2017 was RMB135.0 million (US$20.3
million), as compared with RMB67.9 million in the comparative
period in 2016. Adjusted EBITDA margin expanded to 15.2% in the
third quarter of 2017 from 7.0% in the comparative period in
2016. Adjusted EBITDA for the third quarter of 2017 excludes
impairment of long-lived assets of RMB401.8 million (US$60.4
million), impairment of goodwill of RMB766.4 million (US$115.2
million), share-based compensation expenses of RMB15.8 million
(US$2.4 million) and changes in the fair value of contingent
purchase consideration payable which was a loss of RMB1.0 million
(US$0.2 million).
Adjusted EBITDA for hosting and related services
increased by 41.0% to RMB175.8 million (US$26.4 million) in the
third quarter of 2017 from RMB124.8 million in the comparative
period in 2016.
Adjusted EBITDA for MNS improved by 28.3% year
over year to negative RMB40.8 million (US$6.1 million) in the third
quarter of 2017 from negative RMB56.9 million in the comparative
period in 2016.
NET PROFIT/LOSS: Net loss was
RMB1,479.1 million (US$222.3 million) in the third quarter of 2017,
compared to RMB171.5 million in the comparative period in 2016. The
increase in net loss was primarily due to impairment of long-lived
assets of RMB401.8 million (US$60.4 million), impairment of
goodwill of RMB766.4 million (US$115.2 million), and disposal loss
of subsidiaries of RMB180.0 million (US$27.1 million). Excluding
the impact of the impairment of long-lived assets, impairment of
goodwill and disposal loss of subsidiaries, net loss was RMB130.8
million (US$19.7 million) in the third quarter of 2017.
Adjusted net loss for the third quarter of 2017
was RMB68.8 million (US$10.3 million), as compared with an adjusted
net loss of RMB91.4 million in the comparative period in 2016.
Adjusted net loss in the third quarter of 2017 excludes impairment
of long-lived assets of RMB401.8 million (US$60.4 million),
impairment of goodwill of RMB766.4 million (US$115.2 million),
disposal loss of subsidiaries of RMB180.0 million (US$27.1
million), impairment of long-term investment of RMB20.4 million
(US$3.1 million), tax impact for the reconciliation adjustments of
RMB6.0 million (US$0.9 million), amortization of intangible assets
derived from acquisitions of RMB30.8 million (US$4.6 million),
share-based compensation expenses of RMB15.8 million (US$2.4
million) and changes in the fair value of contingent purchase
consideration payable which was a loss of RMB1.0 million (US$0.2
million). Adjusted net margin was negative 7.8% in the third
quarter of 2017, compared to negative 9.4% in the comparative
period in 2016.
LOSS PER SHARE: Diluted loss
per share was RMB2.20 in the third quarter of 2017, which
represents the equivalent of RMB13.20 (US$1.98) per American
Depositary Share ("ADS"). Each ADS represents six ordinary
shares.
Adjusted diluted loss per share was RMB0.10 in
the third quarter of 2017, which represents the equivalent of
RMB0.60 (US$0.12) per ADS. Adjusted diluted loss per share is
calculated using adjusted net loss divided by the weighted average
number of shares.
As of September 30, 2017, the Company had a
total of 669.9 million ordinary shares outstanding, or the
equivalent of 111.7 million ADS.
BALANCE SHEET: As of September
30, 2017, the Company's cash and cash equivalents and short-term
investment were RMB1,823.4 million (US$274.1 million).
Recent Developments
In August 2017, the Company issued US$200
million in aggregate principal amount of USD-denominated notes due
2020 at a coupon rate of 7.000% per annum (the "Original Notes").
The Original Notes were offered outside the United States in
reliance on Regulation S under the Securities Act of 1933, as
amended. The Company intends to use the Original Notes proceeds to
refinance outstanding indebtedness, fund future capital needs, and
for general corporate purposes.
In September 2017, the Company issued US$100
million in aggregate principal amount of USD-denominated notes due
2020 at a coupon rate of 7.000% per annum (the "Notes"). The Notes
were priced at a slight premium of 100.04, with an effective yield
of 6.98%. The Notes constitute a further issuance of, and were
consolidated to form a single series with, the Original Notes. The
Notes were initially subject to certain resale restrictions in the
United States during the 40-day distribution compliance period
pursuant to Regulation S under the Securities Act. The Notes were
not fungible with the Original Notes until the expiration of the
initial 40-day distribution compliance period. The Notes were
offered outside the United States in reliance on Regulation S under
the Securities Act of 1933, as amended. The Company intends to use
the Notes proceeds to refinance outstanding indebtedness, fund
future capital needs, and for general corporate purposes. The
USD$100 million is currently not reflected in the Company’s cash
and cash equivalents account balance because the funds were not
received by the Company until after September 30, 2017. The funds
are instead in the Company’s prepaid expenses and other current
assets account.
In September 2017, the Company completed
divesting two business units within its MNS business. Prior to
completion of this transaction, the Company's MNS business included
content delivery network (CDN) services, hosting area network
services, route optimization and last-mile broadband businesses.
After the completion of the transaction, the Company holds 33.3%
equity interests in each of the six (6) wholly-owned companies
engaged in the CDN, hosting area network services and route
optimization businesses (collectively, the “WiFire Entities”) and
50% equity interest minus 1 share in Sichuan Aipu Network Co.,
Ltd., and the financials have been deconsolidated. For more
information and details on the transaction, please go to:
http://ir.21vianet.com/releasedetail.cfm?ReleaseID=1041788
To provide further support for the development
of WiFire Entities, the Company is committed to inject up to RMB100
million and the joint venture partners are committed to inject up
to RMB200 million into the WiFire Entities within the next 12
months. The Company’s injection will be in installments, based on
the business need of the WiFire Entities, and can be in the form of
equity or bridge loan, depending on the timing of the investment by
the joint venture partners. As of November 2017, the Company has
already injected RMB15 million and one joint venture partner has
already injected RMB30 million into the WiFire Entities.
In November 2017, the Company announced that it
has signed a five-and-half-year contract with BMW, the world's
leading automobile manufacturer. The Company will leverage its
expertise and technology advantages in data center and cloud
computing to provide a cutting-edge turnkey solution to BMW, which
includes hosting, equipment and management services, as well as
private and hybrid cloud services, to support BMW's capacity needs
in China.
Financial Outlook
Starting from the fourth quarter of 2017, the
Company will only provide guidance for its hosting and related
services business, as it has completed the divestiture of its MNS
business. The following forecast reflects the Company’s current and
preliminary view on the market and its operational conditions,
which is subject to change.
For the fourth quarter of 2017, the Company
expects net revenues from the hosting and related services business
to be in the range of RMB740 million to RMB760 million, compared to
RMB703.2 million in the prior year period. Adjusted EBITDA for
hosting and related services business is expected to be in the
range of RMB160 million to RMB170 million, compared to RMB129.7
million in the prior year period.
Conference Call
The Company will hold a conference call on
Tuesday, December 5, 2017 at 8:00 pm U.S. Eastern Time, or
Wednesday, December 6, 2017 at 9:00 am Beijing Time to discuss the
financial results.
Participants may access the call by dialing the following
numbers:
United States Toll
Free: |
+1-855-500-8701 |
International: |
+65-6713-5440 |
China Domestic: |
400-120-0654 |
Hong Kong: |
+852-3018-6776 |
Conference ID: |
7689767 |
The replay will be accessible through December 13, 2017, by
dialing the following numbers:
United States Toll
Free: |
+1-855-452-5696 |
International: |
+61-2-9003-4211 |
Conference ID: |
7689767 |
A live and archived webcast of the conference
call will be available through the Company's investor relation
website at http://ir.21vianet.com.
Non-GAAP Disclosure
In evaluating its business, 21Vianet considers
and uses the following non-GAAP measures defined as non-GAAP
financial measures by the SEC as supplemental measure to review and
assess its operating performance: adjusted gross profit, adjusted
gross margin, adjusted operating expenses, adjusted net profit,
adjusted net margin, adjusted EBITDA, adjusted EBITDA margin,
adjusted basic earnings per share, adjusted diluted earnings per
share, adjusted basic earnings per ADS and adjusted diluted
earnings per ADS. 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. For more information on these non-GAAP
financial measures, please see the table captioned "Reconciliations
of GAAP and non-GAAP results" set forth at the end of this press
release.
The non-GAAP financial measures are provided as
additional information to help investors compare business trends
among different reporting periods on a consistent basis and to
enhance investors' overall understanding of the Company's current
financial performance and prospects for the future. These non-GAAP
financial measures should be considered in addition to results
prepared in accordance with U.S. GAAP, but should not be considered
a substitute for, or superior to, U.S. GAAP results. In addition,
the Company's calculation of the non-GAAP financial measures may be
different from the calculation used by other companies, and
therefore comparability may be limited.
Exchange Rate
This announcement contains translations of
certain RMB amounts into U.S. dollars (“USD”) at specified rates
solely for the convenience of the reader. Unless otherwise stated,
all translations from RMB to USD were made at the rate of RMB6.6533
to US$1.00, the noon buying rate in effect on September 30, 2017 in
the H.10 statistical release of the Federal Reserve Board. The
Company makes no representation that the RMB or USD amounts
referred could be converted into USD or RMB, as the case may be, at
any particular rate or at all. For analytical presentation, all
percentages are calculated using the numbers presented in the
financial statements contained in this earnings release.
Statement Regarding Unaudited Condensed
Financial Information
The unaudited financial information set forth
above is preliminary and subject to potential adjustments.
Adjustments to the consolidated financial statements may be
identified when audit work has been performed for the Company's
year-end audit, which could result in significant differences from
this preliminary unaudited condensed financial information.
About 21Vianet
21Vianet Group, Inc. is a leading
carrier-neutral Internet data center services provider in China.
21Vianet provides hosting and related services, cloud services, and
business VPN services, improving the reliability, security and
speed of its customers' Internet infrastructure. Customers may
locate their servers and networking equipment in 21Vianet's data
centers and connect to China's Internet backbone through 21Vianet's
extensive fiber optic network. 21Vianet operates in more than 30
cities throughout China, servicing a diversified and loyal base of
more than 4,000 hosting enterprise customers that span numerous
industries ranging from Internet companies to government entities
and blue-chip enterprises to small- to mid-sized enterprises.
Safe Harbor Statement
This announcement contains forward-looking
statements. These forward-looking statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
Among other things, quotations from management in this announcement
as well as 21Vianet's strategic and operational plans contain
forward-looking statements. 21Vianet may also make written or oral
forward-looking statements in its reports filed with, or furnished
to, the U.S. Securities and Exchange Commission, in its annual
reports to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about 21Vianet'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: 21Vianet's goals and strategies;
21Vianet's expansion plans; the expected growth of the data center
services market; expectations regarding demand for, and market
acceptance of, 21Vianet's services; 21Vianet's expectations
regarding keeping and strengthening its relationships with
customers; 21Vianet's plans to invest in research and development
to enhance its solution and service offerings; and general economic
and business conditions in the regions where 21Vianet provides
solutions and services. Further information regarding these and
other risks is included in 21Vianet's reports filed with, or
furnished to, the Securities and Exchange Commission. All
information provided in this press release and in the attachments
is as of the date of this press release, and 21Vianet undertakes no
duty to update such information, except as required under
applicable law.
Investor Relations Contacts:
21Vianet Group, Inc.Calvin Jiang+86 10 8456
2121IR@21Vianet.com
ICR, Inc.Xueli Song+1 (646)
405-4922IR@21Vianet.com
21VIANET GROUP, INC. |
CONSOLIDATED BALANCE SHEETS |
(Amount in thousands of Renminbi (“RMB”) and US
dollars (“US$”)) |
|
|
As of |
As of |
|
|
|
|
December 31, 2016 |
September 30, 2017 |
|
RMB |
RMB |
US$ |
|
(Audited) |
(Unaudited) |
(Unaudited) |
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and cash
equivalents |
1,297,418 |
|
1,484,936 |
|
223,188 |
|
Restricted cash |
1,963,561 |
|
1,861,717 |
|
279,819 |
|
Accounts and notes
receivable, net |
655,459 |
|
476,728 |
|
71,653 |
|
Short-term
investments |
277,946 |
|
338,499 |
|
50,877 |
|
Inventories |
4,431 |
|
111 |
|
17 |
|
Prepaid expenses and
other current assets |
777,131 |
|
1,696,904 |
|
255,046 |
|
Amount due from related
parties |
182,615 |
|
374,423 |
|
56,276 |
|
Total current assets |
5,158,561 |
|
6,233,318 |
|
936,876 |
|
Non-current
assets: |
|
|
|
|
|
|
Property and equipment,
net |
3,781,613 |
|
3,291,656 |
|
494,740 |
|
Intangible assets,
net |
977,341 |
|
418,857 |
|
62,955 |
|
Land use rights,
net |
167,646 |
|
164,633 |
|
24,745 |
|
Deferred tax
assets |
100,676 |
|
55,466 |
|
8,337 |
|
Goodwill |
1,755,970 |
|
989,530 |
|
148,728 |
|
Long term
investments |
298,871 |
|
411,351 |
|
61,827 |
|
Restricted cash |
33,544 |
|
3,399 |
|
511 |
|
Other non-current
assets |
147,302 |
|
78,318 |
|
11,771 |
|
Total non-current assets |
7,262,963 |
|
5,413,210 |
|
813,614 |
|
Total
assets |
12,421,524 |
|
11,646,528 |
|
1,750,490 |
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Short-term bank
borrowings |
1,683,676 |
|
1,570,000 |
|
235,973 |
|
Accounts and notes
payable |
529,569 |
|
291,733 |
|
43,848 |
|
Accrued expenses and
other payables |
787,916 |
|
653,961 |
|
98,292 |
|
Deferred revenue |
320,023 |
|
47,079 |
|
7,076 |
|
Advances from
customers |
201,397 |
|
426,927 |
|
64,168 |
|
Income taxes
payable |
21,899 |
|
20,145 |
|
3,028 |
|
Amounts due to related
parties |
121,928 |
|
284,324 |
|
42,734 |
|
Current portion of
long-term bank borrowings |
39,303 |
|
52,289 |
|
7,859 |
|
Current portion of
capital lease obligations |
243,723 |
|
220,179 |
|
33,093 |
|
Current portion of
deferred government grant |
5,107 |
|
4,601 |
|
692 |
|
Current portion of
bonds payable |
419,316 |
|
10,732 |
|
1,613 |
|
Total current
liabilities |
4,373,857 |
|
3,581,970 |
|
538,376 |
|
Non-current
liabilities: |
|
|
|
|
|
|
Long-term bank
borrowings |
268,221 |
|
273,509 |
|
41,109 |
|
Deferred revenue |
62,531 |
|
- |
|
- |
|
Unrecognized tax
benefits |
28,689 |
|
24,474 |
|
3,678 |
|
Deferred tax
liabilities |
274,700 |
|
199,616 |
|
30,003 |
|
Non-current portion of
capital lease obligations |
536,623 |
|
548,294 |
|
82,409 |
|
Non-current portion of
deferred government grant |
25,886 |
|
23,013 |
|
3,459 |
|
Bonds payable |
- |
|
1,947,084 |
|
292,649 |
|
Derivative
liabilities |
- |
|
676,629 |
|
101,698 |
|
Total
non-current liabilities |
1,196,650 |
|
3,692,619 |
|
555,005 |
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests |
700,000 |
|
- |
|
- |
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
|
|
|
|
|
Treasury stock |
(204,557 |
) |
(337,683 |
) |
(50,754 |
) |
Ordinary shares |
45 |
|
45 |
|
7 |
|
Additional paid-in
capital |
9,015,846 |
|
8,966,096 |
|
1,347,616 |
|
Accumulated other
comprehensive gain |
118,290 |
|
16,032 |
|
2,410 |
|
Statutory reserves |
64,622 |
|
39,009 |
|
5,863 |
|
Accumulated
deficit |
(2,869,031 |
) |
(4,414,790 |
) |
(663,549 |
) |
Total 21Vianet
Group, Inc. shareholders’ equity |
6,125,215 |
|
4,268,709 |
|
641,593 |
|
Noncontrolling
interest |
25,802 |
|
103,230 |
|
15,516 |
|
Total
shareholders' equity |
6,151,017 |
|
4,371,939 |
|
657,109 |
|
Total
liabilities, redeemable noncontrolling interests and shareholders'
equity |
12,421,524 |
|
11,646,528 |
|
1,750,490 |
|
|
|
|
|
|
|
|
21VIANET GROUP, INC. |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Amount in thousands of Renminbi (“RMB”) and
US dollars (“US$”) except for number of shares and per share
data) |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
September 30, 2016 |
June 30, 2017 |
September 30, 2017 |
|
September 30, 2016 |
September 30, 2017 |
|
RMB |
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
Net
revenues |
|
|
|
|
|
|
|
|
Hosting and related
services |
698,502 |
|
743,398 |
|
759,255 |
|
114,117 |
|
|
1,965,484 |
|
2,209,364 |
|
332,070 |
|
Managed network
services |
269,504 |
|
135,281 |
|
126,780 |
|
19,055 |
|
|
775,643 |
|
417,527 |
|
62,755 |
|
Total net revenues |
968,006 |
|
878,679 |
|
886,035 |
|
133,172 |
|
|
2,741,127 |
|
2,626,891 |
|
394,825 |
|
Cost of revenues |
(781,124 |
) |
(690,716 |
) |
(696,234 |
) |
(104,645 |
) |
|
(2,212,362 |
) |
(2,068,650 |
) |
(310,921 |
) |
Gross
profit |
186,882 |
|
187,963 |
|
189,801 |
|
28,527 |
|
|
528,765 |
|
558,241 |
|
83,904 |
|
Operating
expenses |
|
|
|
|
|
|
|
|
Sales and
marketing |
(100,138 |
) |
(70,880 |
) |
(77,268 |
) |
(11,613 |
) |
|
(260,908 |
) |
(213,980 |
) |
(32,161 |
) |
Research and
development |
(36,079 |
) |
(43,108 |
) |
(38,308 |
) |
(5,758 |
) |
|
(110,912 |
) |
(119,803 |
) |
(18,007 |
) |
General and
administrative |
(162,746 |
) |
(139,113 |
) |
(129,683 |
) |
(19,492 |
) |
|
(452,904 |
) |
(404,599 |
) |
(60,812 |
) |
Bad debt provision |
(27,103 |
) |
(16,449 |
) |
(4,366 |
) |
(656 |
) |
|
(70,114 |
) |
(36,280 |
) |
(5,453 |
) |
Changes in the fair
value of contingent purchase consideration payable |
12,285 |
|
1,032 |
|
(1,002 |
) |
(151 |
) |
|
26,110 |
|
2,897 |
|
435 |
|
Impairment of
long-lived assets |
- |
|
- |
|
(401,808 |
) |
(60,392 |
) |
|
- |
|
(401,808 |
) |
(60,392 |
) |
Impairment of
goodwill |
- |
|
- |
|
(766,440 |
) |
(115,197 |
) |
|
- |
|
(766,440 |
) |
(115,197 |
) |
Total operating
expenses |
(313,781 |
) |
(268,518 |
) |
(1,418,875 |
) |
(213,259 |
) |
|
(868,728 |
) |
(1,940,013 |
) |
(291,587 |
) |
Other operating
income |
6,783 |
|
- |
|
5,439 |
|
817 |
|
|
6,783 |
|
5,439 |
|
817 |
|
Operating
loss |
(120,116 |
) |
(80,555 |
) |
(1,223,635 |
) |
(183,915 |
) |
|
(333,180 |
) |
(1,376,333 |
) |
(206,866 |
) |
Interest income |
3,716 |
|
7,188 |
|
6,664 |
|
1,002 |
|
|
16,239 |
|
22,104 |
|
3,322 |
|
Interest expense |
(49,490 |
) |
(40,033 |
) |
(57,417 |
) |
(8,630 |
) |
|
(157,937 |
) |
(134,477 |
) |
(20,212 |
) |
Impairment of long-term
investment |
- |
|
- |
|
(20,397 |
) |
(3,066 |
) |
|
- |
|
(20,397 |
) |
(3,066 |
) |
Disposal loss of
subsidiaries |
- |
|
- |
|
(180,048 |
) |
(27,061 |
) |
|
- |
|
(180,048 |
) |
(27,061 |
) |
Other income |
19,090 |
|
1,458 |
|
7,220 |
|
1,085 |
|
|
23,563 |
|
13,504 |
|
2,030 |
|
Other expense |
(1,010 |
) |
(2,636 |
) |
(12,630 |
) |
(1,898 |
) |
|
(14,624 |
) |
(16,828 |
) |
(2,529 |
) |
Foreign exchange gain
(loss) |
8,511 |
|
(10,372 |
) |
(5,628 |
) |
(846 |
) |
|
27,492 |
|
(21,481 |
) |
(3,229 |
) |
Loss on debt
extinguishment |
(29,841 |
) |
- |
|
- |
|
- |
|
|
(29,841 |
) |
- |
|
- |
|
Loss before
income taxes and gain from equity method investments |
(169,140 |
) |
(124,950 |
) |
(1,485,871 |
) |
(223,329 |
) |
|
(468,288 |
) |
(1,713,956 |
) |
(257,611 |
) |
Income tax expense |
(10,064 |
) |
(1,387 |
) |
(19,794 |
) |
(2,975 |
) |
|
(6,658 |
) |
(37,308 |
) |
(5,607 |
) |
Gain from equity method
investments |
7,656 |
|
7,080 |
|
26,546 |
|
3,990 |
|
|
28,231 |
|
36,051 |
|
5,419 |
|
Net
loss |
(171,548 |
) |
(119,257 |
) |
(1,479,119 |
) |
(222,314 |
) |
|
(446,715 |
) |
(1,715,213 |
) |
(257,799 |
) |
Net loss attributable
to noncontrolling interest |
37,579 |
|
22,444 |
|
104,354 |
|
15,685 |
|
|
72,971 |
|
143,841 |
|
21,619 |
|
Net loss
attributable to ordinary shareholders |
(133,969 |
) |
(96,813 |
) |
(1,374,765 |
) |
(206,629 |
) |
|
(373,744 |
) |
(1,571,372 |
) |
(236,180 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share |
|
|
|
|
|
|
|
|
Basic |
(0.15 |
) |
(0.18 |
) |
(2.20 |
) |
(0.33 |
) |
|
(0.63 |
) |
(2.54 |
) |
(0.38 |
) |
Diluted |
(0.15 |
) |
(0.18 |
) |
(2.20 |
) |
(0.33 |
) |
|
(0.63 |
) |
(2.54 |
) |
(0.38 |
) |
Shares used in loss per
share computation |
|
|
|
|
|
|
|
|
Basic* |
682,146,465 |
|
670,534,467 |
|
670,701,497 |
|
670,701,497 |
|
|
594,573,516 |
|
673,261,889 |
|
673,261,889 |
|
Diluted* |
682,146,465 |
|
670,534,467 |
|
670,701,497 |
|
670,701,497 |
|
|
594,573,516 |
|
673,261,889 |
|
673,261,889 |
|
|
|
|
|
|
|
|
|
|
Loss per ADS (6
ordinary shares equal to 1 ADS) |
|
|
|
|
|
|
|
|
Basic |
(0.90 |
) |
(1.08 |
) |
(13.20 |
) |
(1.98 |
) |
|
(3.78 |
) |
(15.24 |
) |
(2.28 |
) |
Diluted |
(0.90 |
) |
(1.08 |
) |
(13.20 |
) |
(1.98 |
) |
|
(3.78 |
) |
(15.24 |
) |
(2.28 |
) |
|
|
|
|
|
|
|
|
|
* Shares
used in loss per share/ADS computation were computed under weighted
average method. |
21VIANET GROUP, INC. |
RECONCILIATIONS OF GAAP AND NON-GAAP
RESULTS |
(Amount in thousands of Renminbi (“RMB”) and
US dollars (“US$”) except for number of shares and per share
data) |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
September 30, 2016 |
June 30, 2017 |
September 30, 2017 |
|
September 30, 2016 |
September 30, 2017 |
|
RMB |
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
Gross profit |
186,882 |
|
187,963 |
|
189,801 |
|
28,527 |
|
|
528,765 |
|
558,241 |
|
83,904 |
|
Plus: share-based
compensation expense |
1,173 |
|
42 |
|
(181 |
) |
(27 |
) |
|
(5,975 |
) |
(361 |
) |
(54 |
) |
Plus: amortization of
intangible assets derived from acquisitions |
36,504 |
|
31,258 |
|
30,848 |
|
4,636 |
|
|
113,668 |
|
93,478 |
|
14,050 |
|
Adjusted gross
profit |
224,559 |
|
219,263 |
|
220,468 |
|
33,136 |
|
|
636,458 |
|
651,358 |
|
97,900 |
|
Adjusted gross
margin |
23.2% |
|
25.0% |
|
24.9% |
|
24.9% |
|
|
23.2% |
|
24.8% |
|
24.8% |
|
Operating expenses |
(306,998 |
) |
(268,518 |
) |
(1,413,436 |
) |
(212,442 |
) |
|
(861,945 |
) |
(1,934,574 |
) |
(290,770 |
) |
Plus: share-based
compensation expense |
32,208 |
|
11,563 |
|
15,981 |
|
2,402 |
|
|
68,031 |
|
32,089 |
|
4,823 |
|
Plus: changes in the
fair value of contingent purchase consideration payable |
(12,285 |
) |
(1,032 |
) |
1,002 |
|
151 |
|
|
(26,110 |
) |
(2,897 |
) |
(435 |
) |
Plus: impairment of
long-lived assets |
- |
|
- |
|
401,808 |
|
60,392 |
|
|
- |
|
401,808 |
|
60,392 |
|
Plus: Goodwill
impairment |
- |
|
- |
|
766,440 |
|
115,197 |
|
|
- |
|
766,440 |
|
115,197 |
|
Adjusted
operating expenses |
(287,075 |
) |
(257,987 |
) |
(228,205 |
) |
(34,300 |
) |
|
(820,024 |
) |
(737,134 |
) |
(110,793 |
) |
Net loss |
(171,548 |
) |
(119,257 |
) |
(1,479,119 |
) |
(222,314 |
) |
|
(446,715 |
) |
(1,715,213 |
) |
(257,799 |
) |
Plus: share-based
compensation expense |
33,381 |
|
11,605 |
|
15,800 |
|
2,375 |
|
|
62,056 |
|
31,728 |
|
4,769 |
|
Plus: amortization of
intangible assets derived from acquisitions |
36,504 |
|
31,258 |
|
30,848 |
|
4,636 |
|
|
113,668 |
|
93,478 |
|
14,050 |
|
Plus: changes in the
fair value of contingent purchase consideration payable and related
deferred tax impact |
(12,285 |
) |
(1,032 |
) |
1,002 |
|
151 |
|
|
(25,615 |
) |
(2,897 |
) |
(435 |
) |
Plus: loss on debt
extinguishment |
29,841 |
|
- |
|
- |
|
- |
|
|
29,841 |
|
- |
|
- |
|
Plus: impairment of
long-lived assets |
- |
|
- |
|
401,808 |
|
60,392 |
|
|
- |
|
401,808 |
|
60,392 |
|
Plus: Goodwill
impairment |
- |
|
- |
|
766,440 |
|
115,197 |
|
|
- |
|
766,440 |
|
115,197 |
|
Plus: Disposal loss of
subsidiaries |
- |
|
- |
|
180,048 |
|
27,061 |
|
|
- |
|
180,048 |
|
27,061 |
|
Plus: Impairment of
long-term investment |
- |
|
- |
|
20,397 |
|
3,066 |
|
|
- |
|
20,397 |
|
3,066 |
|
Plus: tax impact for
the reconciliation adjustments |
(7,256 |
) |
(6,101 |
) |
(6,004 |
) |
(902 |
) |
|
(21,768 |
) |
(18,218 |
) |
(2,738 |
) |
Adjusted net
loss |
(91,363 |
) |
(83,527 |
) |
(68,780 |
) |
(10,338 |
) |
|
(288,533 |
) |
(242,429 |
) |
(36,437 |
) |
Adjusted net
margin |
-9.4% |
|
-9.5% |
|
-7.8% |
|
-7.8% |
|
|
-10.5% |
|
-9.2% |
|
-9.2% |
|
Net loss |
(171,548 |
) |
(119,257 |
) |
(1,479,119 |
) |
(222,314 |
) |
|
(446,715 |
) |
(1,715,213 |
) |
(257,799 |
) |
Minus: Provision for
income taxes |
(10,064 |
) |
(1,387 |
) |
(19,794 |
) |
(2,975 |
) |
|
(6,658 |
) |
(37,308 |
) |
(5,607 |
) |
Minus: Interest
income |
3,716 |
|
7,188 |
|
6,664 |
|
1,002 |
|
|
16,239 |
|
22,104 |
|
3,322 |
|
Minus: Interest
expenses |
(49,490 |
) |
(40,033 |
) |
(57,417 |
) |
(8,630 |
) |
|
(157,937 |
) |
(134,477 |
) |
(20,212 |
) |
Minus: Loss on debt
extinguishment |
(29,841 |
) |
- |
|
- |
|
- |
|
|
(29,841 |
) |
- |
|
- |
|
Minus: Exchange gain
(loss) |
8,511 |
|
(10,372 |
) |
(5,628 |
) |
(846 |
) |
|
27,492 |
|
(21,481 |
) |
(3,229 |
) |
Minus: Gain from equity
method investment |
7,656 |
|
7,080 |
|
26,546 |
|
3,990 |
|
|
28,231 |
|
36,051 |
|
5,419 |
|
Minus: Other
income |
19,090 |
|
1,458 |
|
7,220 |
|
1,085 |
|
|
23,563 |
|
13,504 |
|
2,030 |
|
Minus: Other
expenses |
(1,010 |
) |
(2,636 |
) |
(12,630 |
) |
(1,898 |
) |
|
(14,624 |
) |
(16,828 |
) |
(2,529 |
) |
Minus: Impairment of
long-term investment |
- |
|
- |
|
(20,397 |
) |
(3,066 |
) |
|
- |
|
(20,397 |
) |
(3,066 |
) |
Minus: Disposal loss of
subsidiaries |
- |
|
- |
|
(180,048 |
) |
(27,061 |
) |
|
- |
|
(180,048 |
) |
(27,061 |
) |
Plus: depreciation |
122,484 |
|
137,577 |
|
132,240 |
|
19,876 |
|
|
349,619 |
|
399,426 |
|
60,034 |
|
Plus: amortization |
44,452 |
|
41,014 |
|
41,352 |
|
6,215 |
|
|
139,566 |
|
123,710 |
|
18,594 |
|
Plus: share-based
compensation expense |
33,381 |
|
11,605 |
|
15,800 |
|
2,375 |
|
|
62,056 |
|
31,728 |
|
4,769 |
|
Plus: changes in the
fair value of contingent purchase consideration payable |
(12,285 |
) |
(1,032 |
) |
1,002 |
|
151 |
|
|
(26,110 |
) |
(2,897 |
) |
(435 |
) |
Plus: impairment of
long-lived assets |
- |
|
- |
|
401,808 |
|
60,392 |
|
|
- |
|
401,808 |
|
60,392 |
|
Plus: Goodwill
impairment |
- |
|
- |
|
766,440 |
|
115,197 |
|
|
- |
|
766,440 |
|
115,197 |
|
Adjusted
EBITDA |
67,916 |
|
108,609 |
|
135,007 |
|
20,291 |
|
|
191,951 |
|
343,882 |
|
51,685 |
|
Adjusted EBITDA
margin |
7.0% |
|
12.4% |
|
15.2% |
|
15.2% |
|
|
7.0% |
|
13.1% |
|
13.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss |
(91,363 |
) |
(83,527 |
) |
(68,780 |
) |
(10,338 |
) |
|
(288,533 |
) |
(242,429 |
) |
(36,437 |
) |
Less: Net loss
attributable to noncontrolling interest |
37,579 |
|
22,444 |
|
104,354 |
|
15,685 |
|
|
72,971 |
|
143,841 |
|
21,619 |
|
Adjusted net loss
attributable to the Company’s ordinary shareholders |
(53,784 |
) |
(61,083 |
) |
35,574 |
|
5,347 |
|
|
(215,562 |
) |
(98,588 |
) |
(14,818 |
) |
|
|
|
|
|
|
|
|
|
Adjusted loss per
share |
|
|
|
|
|
|
|
|
Basic |
(0.02 |
) |
(0.13 |
) |
(0.10 |
) |
(0.02 |
) |
|
(0.33 |
) |
(0.36 |
) |
(0.05 |
) |
Diluted |
(0.02 |
) |
(0.13 |
) |
(0.10 |
) |
(0.02 |
) |
|
(0.33 |
) |
(0.36 |
) |
(0.05 |
) |
Shares used in adjusted
loss per share computation: |
|
|
|
|
|
|
|
|
Basic* |
682,146,465 |
|
670,534,467 |
|
670,701,497 |
|
670,701,497 |
|
|
594,573,516 |
|
673,261,889 |
|
673,261,889 |
|
Diluted* |
682,146,465 |
|
670,534,467 |
|
670,701,497 |
|
670,701,497 |
|
|
594,573,516 |
|
673,261,889 |
|
673,261,889 |
|
|
|
|
|
|
|
|
|
|
Adjusted loss per ADS
(6 ordinary shares equal to 1 ADS) |
|
|
|
|
|
|
|
|
Basic |
(0.12 |
) |
(0.78 |
) |
(0.60 |
) |
(0.12 |
) |
|
(1.98 |
) |
(2.16 |
) |
(0.30 |
) |
Diluted |
(0.12 |
) |
(0.78 |
) |
(0.60 |
) |
(0.12 |
) |
|
(1.98 |
) |
(2.16 |
) |
(0.30 |
) |
|
|
|
|
|
|
|
|
|
* Shares
used in adjusted loss/ADS per share computation were computed under
weighted average method. |
21VIANET GROUP, INC. |
RECONCILIATIONS OF GAAP AND NON-GAAP
RESULTS (SEGMENT
REPORTING) |
(Amount in thousands of Renminbi (“RMB”) and
US dollars (“US$”) except for number of shares and per share
data) |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
September 30, 2016 |
June 30, 2017 |
September 30, 2017 |
|
September 30, 2016 |
September 30, 2017 |
|
RMB |
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
Hosting and
related services |
|
|
|
|
|
|
|
|
Operating profit |
14,138 |
|
48,637 |
|
47,927 |
|
7,203 |
|
|
52,177 |
|
148,837 |
|
22,370 |
|
Plus: depreciation and
amortization |
89,982 |
|
109,868 |
|
111,510 |
|
16,760 |
|
|
248,255 |
|
322,010 |
|
48,398 |
|
Plus: share-based
compensation expense |
24,563 |
|
13,835 |
|
15,326 |
|
2,304 |
|
|
45,148 |
|
31,843 |
|
4,786 |
|
Plus: changes in the
fair value of contingent purchase consideration payable |
(3,898 |
) |
(1,032 |
) |
1,002 |
|
151 |
|
|
(18,372 |
) |
(2,897 |
) |
(435 |
) |
Adjusted
EBITDA |
124,785 |
|
171,308 |
|
175,765 |
|
26,418 |
|
|
327,208 |
|
499,793 |
|
75,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed network
services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
(134,254 |
) |
(129,192 |
) |
(1,271,562 |
) |
(191,118 |
) |
|
(385,357 |
) |
(1,525,170 |
) |
(229,236 |
) |
Plus: depreciation and
amortization |
76,954 |
|
68,723 |
|
62,082 |
|
9,331 |
|
|
240,930 |
|
201,126 |
|
30,230 |
|
Plus: share-based
compensation expense |
8,818 |
|
(2,230 |
) |
474 |
|
71 |
|
|
16,908 |
|
(115 |
) |
(17 |
) |
Plus: changes in the
fair value of contingent purchase consideration payable |
(8,387 |
) |
- |
|
- |
|
- |
|
|
(7,738 |
) |
- |
|
- |
|
Plus: impairment of
long-lived assets |
- |
|
- |
|
401,808 |
|
60,392 |
|
|
- |
|
401,808 |
|
60,392 |
|
Plus: Goodwill
impairment |
- |
|
- |
|
766,440 |
|
115,197 |
|
|
- |
|
766,440 |
|
115,197 |
|
Adjusted
EBITDA |
(56,869 |
) |
(62,699 |
) |
(40,758 |
) |
(6,127 |
) |
|
(135,257 |
) |
(155,911 |
) |
(23,434 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21VIANET GROUP, INC. |
CONSOLIDATED STATEMENT OF CASH
FLOWS |
(Amount in thousands of Renminbi (“RMB”) and US
dollars (“US$”)) |
|
|
|
|
|
Three months ended |
|
June 30, 2017 |
September 30, 2017 |
|
RMB |
RMB |
US$ |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
Net loss |
(119,257 |
) |
(1,479,119 |
) |
(222,314 |
) |
Adjustments to
reconcile net loss to net cash generated from operating
activities: |
|
|
|
Foreign exchange
loss |
10,372 |
|
5,628 |
|
846 |
|
Changes in the fair
value of contingent purchase consideration payable |
(1,032 |
) |
1,002 |
|
151 |
|
Gain on disposal of
property and equipment |
- |
|
(2,837 |
) |
(426 |
) |
Loss from disposal of
intangible assets |
- |
|
295 |
|
44 |
|
Depreciation of
property and equipment |
137,577 |
|
132,240 |
|
19,876 |
|
Amortization of
intangible assets |
41,014 |
|
41,352 |
|
6,215 |
|
Provision for doubtful
accounts and other receivables |
16,449 |
|
8,990 |
|
1,351 |
|
Impairment of
long-lived assets |
- |
|
401,808 |
|
60,392 |
|
Impairment of
goodwill |
- |
|
766,440 |
|
115,197 |
|
Impairment of long-term
investment |
- |
|
20,398 |
|
3,066 |
|
Loss from disposal of
subsidiaries |
- |
|
180,048 |
|
27,061 |
|
Share-based
compensation expense |
11,573 |
|
15,720 |
|
2,363 |
|
Deferred income taxes
(benefit) expense |
(8,058 |
) |
5,887 |
|
885 |
|
Gain from equity method
investment |
(7,080 |
) |
(26,546 |
) |
(3,990 |
) |
Gain from disposal of
cost method investments |
(1,425 |
) |
- |
|
- |
|
Dividend received from
cost method investment |
- |
|
(396 |
) |
(60 |
) |
Changes in
operating assets and liabilities |
|
|
|
Restricted cash |
(8,217 |
) |
2,075 |
|
312 |
|
Inventories |
277 |
|
(658 |
) |
(99 |
) |
Accounts and notes
receivable |
30,509 |
|
36,562 |
|
5,495 |
|
Unrecognized tax
benefits |
1,981 |
|
951 |
|
143 |
|
Prepaid expenses and
other current assets |
(82,143 |
) |
(119,384 |
) |
(17,944 |
) |
Amounts due from
related parties |
(9,616 |
) |
13,280 |
|
1,996 |
|
Accounts and notes
payable |
(5,560 |
) |
26,379 |
|
3,965 |
|
Accrued expenses and
other payables |
61,956 |
|
120,015 |
|
18,038 |
|
Deferred revenue |
(19,417 |
) |
(11,598 |
) |
(1,743 |
) |
Advances from
customers |
36,406 |
|
77,225 |
|
11,607 |
|
Income taxes
payable |
(13,508 |
) |
7,087 |
|
1,065 |
|
Amounts due to related
parties |
(6,139 |
) |
(13,419 |
) |
(2,017 |
) |
Deferred government
grants |
2,282 |
|
(786 |
) |
(118 |
) |
Net cash
generated from operating activities |
68,944 |
|
208,639 |
|
31,357 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
|
|
|
Purchases of property
and equipment |
(144,092 |
) |
(86,831 |
) |
(13,051 |
) |
Purchases of intangible
assets |
(5,466 |
) |
(43 |
) |
(6 |
) |
Payment for asset
acquisition |
(10,000 |
) |
- |
|
- |
|
Proceeds from disposal
of property and equipment |
- |
|
14,679 |
|
2,206 |
|
Disposal of
subsidiaries, net of cash |
- |
|
(64,580 |
) |
(9,706 |
) |
Payments for short-term
investments |
17 |
|
(337,137 |
) |
(50,672 |
) |
Proceeds received from
maturity of short-term investments |
484,932 |
|
- |
|
- |
|
Proceeds from disposal
of cost method investment |
1,425 |
|
- |
|
- |
|
Dividend received from
cost method investment |
- |
|
396 |
|
60 |
|
Payments for long-term
investments |
(36,264 |
) |
(61,898 |
) |
(9,303 |
) |
Restricted cash |
134,176 |
|
- |
|
- |
|
Net cash
generated from (used in) investing activities |
424,728 |
|
(535,414 |
) |
(80,472 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
|
|
|
Restricted cash |
35,513 |
|
37,920 |
|
5,699 |
|
Proceeds from exercise
of stock options |
13 |
|
171 |
|
26 |
|
Proceeds from long-term
bank borrowings |
23,662 |
|
11,740 |
|
1,765 |
|
Proceeds from issuance
of 2020 bonds |
- |
|
1,316,974 |
|
197,943 |
|
Payment for issurance
cost of 2020 bonds |
- |
|
(3,278 |
) |
(493 |
) |
Proceeds from
short-term bank borrowings |
20,000 |
|
- |
|
- |
|
Repayments of
short-term bank borrowings |
(18,000 |
) |
(40,676 |
) |
(6,114 |
) |
Repayments of long-term
bank borrowings |
(12,349 |
) |
(11,843 |
) |
(1,780 |
) |
Repayments of 2017
Bonds |
(420,600 |
) |
- |
|
- |
|
Repayment of loan from
a third party |
- |
|
(100,000 |
) |
(15,030 |
) |
Prepayment for shares
repurchase plan |
- |
|
(3,866 |
) |
(581 |
) |
Payments for shares
repurchase plan |
(41,880 |
) |
(50,054 |
) |
(7,523 |
) |
Rental prepayments and
deposits for sales and leaseback transactions |
(31,813 |
) |
(39,513 |
) |
(5,939 |
) |
Payments for capital
leases |
(60,552 |
) |
(39,280 |
) |
(5,904 |
) |
Contribution from
noncontrolling interest in a subsidary |
22,962 |
|
62,357 |
|
9,373 |
|
Net cash (used
in) generated from financing activities |
(483,044 |
) |
1,140,652 |
|
171,442 |
|
Effect of
foreign exchange rate changes on cash and short term
investments |
(32,322 |
) |
(86,759 |
) |
(13,040 |
) |
Net (decrease)
increase in cash and cash equivalents |
(21,694 |
) |
727,117 |
|
109,287 |
|
Cash and cash
equivalents at beginning of period |
779,513 |
|
757,819 |
|
113,901 |
|
Cash and cash
equivalents at end of period |
757,819 |
|
1,484,936 |
|
223,188 |
|
|
|
|
|
|
|
|
VNET (NASDAQ:VNET)
Historical Stock Chart
From Mar 2024 to Apr 2024
VNET (NASDAQ:VNET)
Historical Stock Chart
From Apr 2023 to Apr 2024