Adjusted EBITDA up 228.9% YoY to RMB171.0
million Adjusted EBITDA margin expanded to 22.3% from 5.8% in
prior year period
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
fourth quarter and full year ended December 31, 2017. The Company
will hold a conference call at 8:00 pm on Monday, March 12, 2018
U.S. Eastern Time to discuss the financial results. Dial-in details
are provided at the end of this release.
Fourth Quarter 2017 Financial
Highlights
- Net revenues for hosting and related services increased by 8.9%
year over year to RMB765.8 million (US$117.7 million).
- Gross profit increased by 9.2% year over year to RMB200.2
million (US$30.8 million). Gross margin expanded to 26.1% from
20.4% in the same period in 2016.
- Adjusted EBITDA increased by 228.9% year over year to RMB171.0
million (US$26.3 million). Adjusted EBITDA margin expanded to 22.3%
from 5.8% in the same period of 2016.
Mr. Steve Zhang, Co-Chief Executive Officer of
the Company, stated, “2017 was an exciting and milestone year for
21Vianet. We completed the restructuring of the Company by
optimizing and then ultimately divesting our loss-generating
managed network services (MNS) business, which allows us to fully
focus our resources on our core hosting and related services
business. During the past quarter, we further expanded our client
base, including new relationships with Meitu, Douyu, and 99Bill,
while many of our large clients, such as Xiaomi, Momo, Huawei and
Lianjia, continued to expand their capacity at our IDC centers. As
China’s internet companies migrate from public cloud to the hybrid
cloud, their demand for customized cloud solutions rose
continuously throughout 2017. To satisfy our customers’ specific
requirements, we have proactively expanded our service offerings
with more customized solutions. We are confident that our carrier-
and cloud-neutral solutions coupled with customization will enable
us to capitalize on rising demand and solidify our leadership
position in this blooming Chinese market.”
Ms. Sharon Liu, Chief Financial Officer of the
Company, commented, “We are pleased to once again deliver
better-than-expected financial and operating results in the fourth
quarter. Our revenue from the core hosting and related services
business increased by 8.9% to RMB765.8 million and our Adjusted
EBIDTA increased by 228.9% to RMB171.0 million, both of which
exceeded the upper end of our guidance. Furthermore, in December of
last year, we successfully completed the divestiture of the
remaining equity stake in Sichuan Aipu Network Co. Ltd (“Aipu”), as
well as the elimination of the Aipu put option. As we move toward a
leaner business model with an improved cost structure, we expect
our financial and operating metrics to show continued improvement
going forward.”
Fourth Quarter 2017 Financial
Results
REVENUES: Total net revenues
were RMB765.8 million (US$117.7 million) in the fourth quarter of
2017, compared to RMB900.6 million in the same period in 2016. The
decrease in net revenues was due to the discontinuation of the
Company’s MNS business following the completion of the divestiture
in the third quarter of 2017.
Net revenues for hosting and related services,
which represent 100% of the company’s total net revenues in the
fourth quarter of 2017, increased by 8.9% year over year to
RMB765.8 million (US$117.7 million) in the fourth quarter of 2017
from RMB703.2 million in the same period in 2016. The increase was
primarily due to the growth in revenues from the Company’s business
lines of hosting and related services.
GROSS PROFIT: Gross profit
increased by 9.2% to RMB200.2 million (US$30.8 million) in the
fourth quarter of 2017 from RMB183.4 million in the same period in
2016. Gross margin increased to 26.1% in the fourth quarter of 2017
from 20.4% in the same period in 2016. The increase was primarily
due to the divestiture of the MNS business and execution of the
Company’s cost control strategies.
Adjusted gross profit, which excludes
share-based compensation expenses and amortization of intangible
assets derived from acquisitions, was RMB211.1 million (US$32.4
million) in the fourth quarter of 2017, compared to RMB222.6
million in the same period in 2016. Adjusted gross margin expanded
to 27.6% in the fourth quarter of 2017 from 24.7% in the same
period in 2016.
OPERATING EXPENSES: Total
operating expenses were RMB192.4 million (US$29.6 million) in the
fourth quarter of 2017, compared to RMB690.4 million in the same
period in 2016. The decrease in operating expenses was primarily
due to the divestiture of the MNS business and the execution of the
Company’s cost control strategies.
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, decreased by 44.1% to
RMB173.2 million (US$26.6 million) in the fourth quarter of 2017
from RMB309.8 million in the same period in 2016. As a percentage
of net revenues, adjusted operating expenses decreased to 22.6% in
the fourth quarter of 2017 from 34.4% in the same period in
2016.
Sales and marketing expenses decreased by 53.6%
to RMB42.7 million (US$6.6 million) in the fourth quarter of 2017
from RMB92.0 million in the same period in 2016. The decrease was
primarily due to the divesture of our MNS business
General and administrative expenses decreased by
38.2% to RMB115.4 million (US$17.7 million) in the fourth quarter
of 2017 from RMB186.7 million in the same period in 2016. The
decrease was primarily due to the divesture of our MNS business and
a reduction in headcount.
Research and development expenses were RMB29.3
million (US$4.5 million) in the fourth quarter of 2017, compared to
RMB38.4 million in the same period in 2016. The decrease was
primarily due to the divesture of our MNS business.
Changes in the fair value of contingent purchase
consideration payable was a loss of RMB3.8 million (US$0.6 million)
in the fourth quarter of 2017, compared to a gain of RMB67.2
million in the same period in 2016.
ADJUSTED EBITDA: Adjusted
EBITDA for the fourth quarter of 2017 increased by 228.9% to
RMB171.0 million (US$26.3 million), from RMB52.0 million in the
same period in 2016. Adjusted EBITDA margin expanded to 22.3% in
the fourth quarter of 2017 from 5.8% in the same period in
2016. Adjusted EBITDA for the fourth quarter of 2017 excludes
disposal gain of subsidiaries of RMB677.1 million (US$104.1
million), share-based compensation expense of RMB15.4 million
(US$2.4 million), and changes in the fair value of contingent
purchase consideration payable which was a loss of RMB3.8 million
(US$0.6million).
NET PROFIT/LOSS: Net profit was
RMB797.6 million (US$122.6 million) in the fourth quarter of 2017,
compared to a net loss of RMB485.2 million in the same period in
2016. The increase in net profit was primarily due to a one-off
gain from the disposal of subsidiaries of RMB677.1 million
(US$104.1 million).
Adjusted net profit for the fourth quarter of
2017 was RMB51.6 million (US$7.9 million), as compared with an
adjusted net loss of RMB70.6 million in the same period in 2016.
Adjusted net profit in the fourth quarter of 2017 excludes
share-based compensation expense of RMB15.4 million (US$2.4
million), amortization of intangible assets derived from
acquisitions of RMB10.8 million (US$1.7 million), changes in the
fair value of contingent purchase consideration payable and related
deferred tax impact of RMB3.8 million (US$ 0.6 million), disposal
gain of subsidiaries of RMB677.1 million (US$104.1 million),
impairment of long-term investment of RMB0.1 million (US$21
thousand), tax impact for the reconciliation adjustments of RMB4.6
million (US$0.7 million),and tax impact for the disposal of
long-term investment of RMB94.2 million (US$14.5 million). Adjusted
net margin was positive 6.7% in the fourth quarter of 2017, as
compared to negative 7.8% in the same period in 2016.
PROFIT PER SHARE: Diluted
profit per share was RMB1.18 (US$0.18) in the fourth quarter of
2017, which represents the equivalent of RMB7.08 (US$1.09) per
American Depositary Share ("ADS"). Each ADS represents six ordinary
shares.
Adjusted diluted profit per share was RMB0.08
(US$0.01) in the fourth quarter of 2017, which represents the
equivalent of RMB0.48 (US$0.06) per ADS. Adjusted diluted profit
per share is calculated using adjusted net profit divided by the
weighted average number of shares.
As of December 31, 2017, the Company had a total
of 675.5 million diluted ordinary shares outstanding, or the
equivalent of 112.6 million ADS.
As of December 31, 2017, the Company's cash and
cash equivalents and short-term investment were RMB2,498.5 million
(US$384.0 million).
Net cash generated from operating activities was
RMB106.3 million (US$16.3 million) in the fourth quarter of
2017.
Full Year 2017 Financial Performance
For the full year of 2017, net revenues for
hosting and related services increased to RMB2.98 billion (US$457.3
million) from RMB2.67 billion in the prior year. Adjusted EBITDA
for the full year was RMB514.9 million (US$79.1 million), as
compared with RMB243.9 million in the prior year. Adjusted EBITDA
margin was 15.2%, as compared with 6.7% in the prior year. Adjusted
EBITDA for the full year excludes share-based compensation expenses
of RMB47.1 million (US$7.2 million), changes in the fair value of
contingent purchase consideration payable which was a loss of
RMB0.9 million (US$0.1 million), impairment of long-lived assets of
RMB401.8 million (US$61.8 million), and impairment of goodwill of
RMB766.4 million (US$117.8 million). Adjusted net loss for the full
year was RMB190.8 million (US$29.3 million), as compared with
RMB359.1 million in the prior year. Adjusted net loss in the full
year excludes share-based compensation expense of RMB47.1 million
(US$7.2 million), amortization of intangible assets derived from
acquisitions of RMB104.3 million (US$16.0 million), changes in the
fair value of contingent purchase consideration payable and related
deferred tax impact of RMB0.9 million (US$0.1 million), impairment
of long-lived assets of RMB401.8 million (US$61.8 million),
impairment of goodwill of RMB766.4 million (US$117.8 million),
disposal gain of subsidiaries of RMB497.0 million (US$76.4
million), impairment of long-term investment of RMB20.3 million
(US$3.1 million), tax impact for the reconciliation adjustments of
RMB22.8 million (US$3.5million), and tax impact for the disposal of
long-term investment of RMB94.2 million (US$14.5million). Adjusted
diluted loss per share for the full year of 2017 was RMB0.28
(US$0.04), which represents the equivalent of RMB1.68 (US$0.24) per
ADS.
Fourth Quarter 2017 Operational Highlights
- Monthly Recurring Revenues for the Company’s hosting and
related services business per cabinet was RMB 7,766 in the fourth
quarter of 2017, compared to RMB 7,878 in the fourth quarter of
2016 and RMB 7,817 in the third quarter of 2017.
- Total cabinets under management increased to 29,080 as of
December 31, 2017 from 27,424 as of September 30, 2017, with 23,823
cabinets in the Company's self-built data centers and 5,257
cabinets in its partnered data centers.
- Utilization rate was 75.7 % in the fourth quarter of 2017,
compared to 73.8 % in the third quarter of 2017.
- Hosting churn rate, which is based on the Company’s core IDC
business, was 0.18% in the fourth quarter of 2017, compared to
0.97% in the third quarter of 2017.
Recent Developments
On December 20, 2017, the Company announced
completion of its divestiture of all remaining equity interest in
Aipu and elimination of related put options.
On January 9, 2018, the Company announced that
Mr. Terry Wang has resigned due to personal reasons and Ms. Sharon
Xiao Liu assumed the position of Chief Financial Officer following
his departure.
On February 5, 2018, the Company announced the
addition of Mr. Alvin Wang to its leadership team as co-CEO to
strengthen its cooperation with its shareholders and to foster
strategic partnerships with various external parties.
Financial Outlook
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 first quarter of 2018, the Company
expects net revenues to be in the range of RMB770 million to RMB790
million. Adjusted EBITDA is expected to be in the range of RMB178
million to RMB190 million.
For the full year of 2018, the Company now
expects net revenues to be in the range of RMB3.25 billion to
RMB3.35 billion. Adjusted EBITDA for the full year 2018 is expected
to be in the range of RMB750 million to RMB830 million.
Conference Call
The Company will hold a conference call at 8:00
pm on Monday, March 12, 2018 U.S. Eastern Time, or 8:00 am on
Tuesday, March 13, 2018 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: |
1299086 |
|
|
The replay
will be accessible through March 19, 2018 by dialing the following
numbers: |
United States Toll
Free: |
+1-855-452-5696 |
International: |
+61-2-9003-4211 |
Conference ID: |
1299086 |
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 RMB6.5063
to US$1.00, the noon buying rate in effect on December 31, 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.Jack Wang+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 |
December 31, 2017 |
|
RMB |
RMB |
US$ |
|
(Audited) |
(Unaudited) |
(Unaudited) |
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
1,297,418 |
|
1,949,631 |
|
299,653 |
|
Restricted cash |
1,963,561 |
|
242,494 |
|
37,271 |
|
Accounts and notes
receivable, net |
655,459 |
|
455,811 |
|
70,057 |
|
Short-term
investments |
277,946 |
|
548,890 |
|
84,363 |
|
Inventories |
4,431 |
|
710 |
|
109 |
|
Prepaid expenses and
other current assets |
777,131 |
|
933,750 |
|
143,514 |
|
Amount due from related
parties |
182,615 |
|
114,256 |
|
17,561 |
|
Total current assets |
5,158,561 |
|
4,245,542 |
|
652,528 |
|
Non-current
assets: |
|
|
|
|
|
|
Property and equipment,
net |
3,781,613 |
|
3,319,424 |
|
510,186 |
|
Intangible assets,
net |
977,341 |
|
401,115 |
|
61,650 |
|
Land use rights,
net |
167,646 |
|
163,671 |
|
25,156 |
|
Deferred tax
assets |
100,676 |
|
172,818 |
|
26,562 |
|
Goodwill |
1,755,970 |
|
989,530 |
|
152,088 |
|
Long term
investments |
298,871 |
|
510,926 |
|
78,528 |
|
Restricted cash |
33,544 |
|
3,344 |
|
514 |
|
Amount due from related
parties |
- |
|
20,210 |
|
3,106 |
|
Other non-current
assets |
147,302 |
|
81,581 |
|
12,539 |
|
Total non-current assets |
7,262,963 |
|
5,662,619 |
|
870,329 |
|
Total
assets |
12,421,524 |
|
9,908,161 |
|
1,522,857 |
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Short-term bank
borrowings |
1,683,676 |
|
50,000 |
|
7,685 |
|
Accounts and notes
payable |
529,569 |
|
252,892 |
|
38,869 |
|
Accrued expenses and
other payables |
787,916 |
|
657,133 |
|
100,999 |
|
Deferred revenue |
320,023 |
|
55,753 |
|
8,569 |
|
Advances from
customers |
201,397 |
|
403,244 |
|
61,977 |
|
Income taxes
payable |
21,899 |
|
13,309 |
|
2,046 |
|
Amounts due to related
parties |
121,928 |
|
55,675 |
|
8,557 |
|
Current portion of
long-term bank borrowings |
39,303 |
|
70,289 |
|
10,803 |
|
Current portion of
capital lease obligations |
243,723 |
|
201,315 |
|
30,942 |
|
Current portion of
deferred government grant |
5,107 |
|
4,574 |
|
703 |
|
Current portion of
bonds payable |
419,316 |
|
11,139 |
|
1,712 |
|
Total current
liabilities |
4,373,857 |
|
1,775,323 |
|
272,862 |
|
Non-current
liabilities: |
|
|
|
|
|
|
Long-term bank
borrowings |
268,221 |
|
187,638 |
|
28,839 |
|
Deferred revenue |
62,531 |
|
- |
|
- |
|
Unrecognized tax
benefits |
28,689 |
|
16,511 |
|
2,538 |
|
Deferred tax
liabilities |
274,700 |
|
190,873 |
|
29,337 |
|
Non-current portion of
capital lease obligations |
536,623 |
|
600,882 |
|
92,354 |
|
Non-current portion of
deferred government grant |
25,886 |
|
17,861 |
|
2,745 |
|
Bonds payable |
- |
|
1,918,069 |
|
294,802 |
|
Total
non-current liabilities |
1,196,650 |
|
2,931,834 |
|
450,615 |
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests |
700,000 |
|
- |
|
- |
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
|
|
|
|
|
Treasury stock |
(204,557 |
) |
(337,683 |
) |
(51,901 |
) |
Ordinary shares |
45 |
|
46 |
|
7 |
|
Additional paid-in
capital |
9,015,846 |
|
8,980,407 |
|
1,380,263 |
|
Accumulated other
comprehensive gain |
118,290 |
|
(2,673 |
) |
(411 |
) |
Statutory reserves |
64,622 |
|
38,736 |
|
5,954 |
|
Accumulated
deficit |
(2,869,031 |
) |
(3,629,300 |
) |
(557,813 |
) |
Total 21Vianet
Group, Inc. shareholders’ equity |
6,125,215 |
|
5,049,533 |
|
776,099 |
|
Noncontrolling
interest |
25,802 |
|
151,471 |
|
23,281 |
|
Total
shareholders' equity |
6,151,017 |
|
5,201,004 |
|
799,380 |
|
Total
liabilities, redeemable noncontrolling interests and shareholders'
equity |
12,421,524 |
|
9,908,161 |
|
1,522,857 |
|
|
|
|
|
|
|
|
21VIANET GROUP, INC. |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Amount in thousands of Renminbi (“RMB”) and
US dollars (“US$”) except for number of shares and per share
data) |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
|
December 31, 2016 |
September 30, 2017 |
December 31, 2017 |
|
December 31, 2016 |
December 31, 2017 |
|
RMB |
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
Net
revenues |
|
|
|
|
|
|
|
|
Hosting and related
services |
703,171 |
|
759,255 |
|
765,814 |
|
117,703 |
|
|
2,668,655 |
|
2,975,178 |
|
457,276 |
|
Managed network
services |
197,476 |
|
126,780 |
|
- |
|
- |
|
|
973,119 |
|
417,527 |
|
64,173 |
|
Total net revenues |
900,647 |
|
886,035 |
|
765,814 |
|
117,703 |
|
|
3,641,774 |
|
3,392,705 |
|
521,449 |
|
Cost of revenues |
(717,276 |
) |
(696,234 |
) |
(565,645 |
) |
(86,938 |
) |
|
(2,929,638 |
) |
(2,634,295 |
) |
(404,884 |
) |
Gross
profit |
183,371 |
|
189,801 |
|
200,169 |
|
30,765 |
|
|
712,136 |
|
758,410 |
|
116,565 |
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing |
(92,018 |
) |
(77,268 |
) |
(42,702 |
) |
(6,563 |
) |
|
(352,926 |
) |
(256,682 |
) |
(39,451 |
) |
Research and
development |
(38,425 |
) |
(38,308 |
) |
(29,340 |
) |
(4,509 |
) |
|
(149,337 |
) |
(149,143 |
) |
(22,923 |
) |
General and
administrative |
(186,744 |
) |
(129,683 |
) |
(115,351 |
) |
(17,729 |
) |
|
(639,648 |
) |
(519,950 |
) |
(79,915 |
) |
Bad debt provision |
(47,450 |
) |
(4,366 |
) |
(1,147 |
) |
(176 |
) |
|
(117,564 |
) |
(37,427 |
) |
(5,752 |
) |
Changes in the fair
value of contingent purchase consideration payable |
67,197 |
|
(1,002 |
) |
(3,834 |
) |
(589 |
) |
|
93,307 |
|
(937 |
) |
(144 |
) |
Impairment of
long-lived assets |
(392,947 |
) |
(401,808 |
) |
- |
|
- |
|
|
(392,947 |
) |
(401,808 |
) |
(61,757 |
) |
Impairment of
goodwill |
- |
|
(766,440 |
) |
- |
|
- |
|
|
- |
|
(766,440 |
) |
(117,800 |
) |
Total operating
expenses |
(690,387 |
) |
(1,418,875 |
) |
(192,374 |
) |
(29,566 |
) |
|
(1,559,115 |
) |
(2,132,387 |
) |
(327,742 |
) |
Other operating
income |
- |
|
5,439 |
|
- |
|
- |
|
|
6,783 |
|
5,439 |
|
836 |
|
Operating
(loss) profit |
(507,016 |
) |
(1,223,635 |
) |
7,795 |
|
1,199 |
|
|
(840,196 |
) |
(1,368,538 |
) |
(210,341 |
) |
Interest income |
4,839 |
|
6,664 |
|
10,821 |
|
1,663 |
|
|
21,078 |
|
32,925 |
|
5,060 |
|
Interest expense |
(40,652 |
) |
(57,417 |
) |
(50,836 |
) |
(7,813 |
) |
|
(198,589 |
) |
(185,313 |
) |
(28,482 |
) |
Impairment of long-term
investment |
- |
|
(20,397 |
) |
139 |
|
21 |
|
|
- |
|
(20,258 |
) |
(3,114 |
) |
Disposal (loss) gain of
subsidiaries |
- |
|
(180,048 |
) |
677,084 |
|
104,066 |
|
|
- |
|
497,036 |
|
76,393 |
|
Other income |
555 |
|
7,220 |
|
3,260 |
|
501 |
|
|
28,922 |
|
16,764 |
|
2,577 |
|
Other expense |
(1,825 |
) |
(12,630 |
) |
(232 |
) |
(36 |
) |
|
(16,449 |
) |
(17,060 |
) |
(2,622 |
) |
Foreign exchange gain
(loss) |
28,849 |
|
(5,628 |
) |
4,328 |
|
665 |
|
|
56,341 |
|
(17,153 |
) |
(2,636 |
) |
Loss on debt
extinguishment |
- |
|
- |
|
- |
|
- |
|
|
(29,841 |
) |
- |
|
- |
|
(Loss) profit
before income taxes and gain from equity method
investments |
(515,250 |
) |
(1,485,871 |
) |
652,359 |
|
100,266 |
|
|
(978,734 |
) |
(1,061,597 |
) |
(163,165 |
) |
Income tax
benefit/(expense) |
17,818 |
|
(19,794 |
) |
127,478 |
|
19,593 |
|
|
11,160 |
|
90,170 |
|
13,859 |
|
Gain from equity method
investments |
12,225 |
|
26,546 |
|
17,732 |
|
2,725 |
|
|
35,652 |
|
53,783 |
|
8,266 |
|
Net (loss)
profit |
(485,207 |
) |
(1,479,119 |
) |
797,569 |
|
122,584 |
|
|
(931,922 |
) |
(917,644 |
) |
(141,040 |
) |
Net loss attributable
to noncontrolling interest |
225,353 |
|
104,354 |
|
1,073 |
|
165 |
|
|
298,324 |
|
144,914 |
|
22,273 |
|
Net (loss)
profit attributable to ordinary shareholders |
(259,854 |
) |
(1,374,765 |
) |
798,642 |
|
122,749 |
|
|
(633,598 |
) |
(772,730 |
) |
(118,767 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) profit per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
(0.69 |
) |
(2.20 |
) |
1.19 |
|
0.18 |
|
|
(1.37 |
) |
(1.36 |
) |
(0.21 |
) |
Diluted |
(0.69 |
) |
(2.20 |
) |
1.18 |
|
0.18 |
|
|
(1.37 |
) |
(1.36 |
) |
(0.21 |
) |
Shares used in (loss)
profit per share computation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic* |
681,210,352 |
|
670,701,497 |
|
671,279,121 |
|
671,279,121 |
|
|
617,169,833 |
|
672,836,226 |
|
672,836,226 |
|
Diluted* |
681,210,352 |
|
670,701,497 |
|
675,505,879 |
|
675,505,879 |
|
|
617,169,833 |
|
672,836,226 |
|
672,836,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) profit per ADS
(6 ordinary shares equal to 1 ADS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
(4.14 |
) |
(13.20 |
) |
7.14 |
|
1.10 |
|
|
(8.22 |
) |
(8.16 |
) |
(1.26 |
) |
Diluted |
(4.14 |
) |
(13.20 |
) |
7.08 |
|
1.09 |
|
|
(8.22 |
) |
(8.16 |
) |
(1.26 |
) |
|
|
|
|
|
|
|
|
|
* Shares
used in (loss) profit 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$”) except for number of shares and per share
data) |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
|
December 31, 2016 |
September 30, 2017 |
December 31, 2017 |
|
December 31, 2016 |
December 31, 2017 |
|
RMB |
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
Gross profit |
183,371 |
|
189,801 |
|
200,169 |
|
30,765 |
|
|
712,136 |
|
758,410 |
|
116,565 |
|
Plus: share-based
compensation expense |
1,865 |
|
(181 |
) |
84 |
|
13 |
|
|
(4,110 |
) |
(277 |
) |
(43 |
) |
Plus: amortization of
intangible assets derived from acquisitions |
37,369 |
|
30,848 |
|
10,797 |
|
1,659 |
|
|
151,037 |
|
104,275 |
|
16,027 |
|
Adjusted gross
profit |
222,605 |
|
220,468 |
|
211,050 |
|
32,437 |
|
|
859,063 |
|
862,408 |
|
132,549 |
|
Adjusted gross
margin |
24.7% |
|
24.9% |
|
27.6% |
|
27.6% |
|
|
23.6% |
|
25.4% |
|
25.4% |
|
Operating expenses |
(690,387 |
) |
(1,413,436 |
) |
(192,374 |
) |
(29,566 |
) |
|
(1,552,332 |
) |
(2,126,948 |
) |
(326,906 |
) |
Plus: share-based
compensation expense |
54,808 |
|
15,981 |
|
15,317 |
|
2,354 |
|
|
122,839 |
|
47,406 |
|
7,286 |
|
Plus: changes in the
fair value of contingent purchase consideration payable |
(67,197 |
) |
1,002 |
|
3,834 |
|
589 |
|
|
(93,307 |
) |
937 |
|
144 |
|
Plus: impairment of
long-lived assets |
392,947 |
|
401,808 |
|
- |
|
- |
|
|
392,947 |
|
401,808 |
|
61,757 |
|
Plus: Goodwill
impairment |
- |
|
766,440 |
|
- |
|
- |
|
|
- |
|
766,440 |
|
117,800 |
|
Adjusted
operating expenses |
(309,829 |
) |
(228,205 |
) |
(173,223 |
) |
(26,623 |
) |
|
(1,129,853 |
) |
(910,357 |
) |
(139,919 |
) |
Net (loss) profit |
(485,207 |
) |
(1,479,119 |
) |
797,569 |
|
122,584 |
|
|
(931,922 |
) |
(917,644 |
) |
(141,040 |
) |
Plus: share-based
compensation expense |
56,673 |
|
15,800 |
|
15,401 |
|
2,367 |
|
|
118,729 |
|
47,129 |
|
7,244 |
|
Plus: amortization of
intangible assets derived from acquisitions |
37,369 |
|
30,848 |
|
10,797 |
|
1,659 |
|
|
151,037 |
|
104,275 |
|
16,027 |
|
Plus: changes in the
fair value of contingent purchase consideration payable and related
deferred tax impact |
(67,874 |
) |
1,002 |
|
3,834 |
|
589 |
|
|
(93,489 |
) |
937 |
|
144 |
|
Plus: loss on debt
extinguishment |
- |
|
- |
|
- |
|
- |
|
|
29,841 |
|
- |
|
- |
|
Plus: impairment of
long-lived assets |
392,947 |
|
401,808 |
|
- |
|
- |
|
|
392,947 |
|
401,808 |
|
61,757 |
|
Plus: Goodwill
impairment |
- |
|
766,440 |
|
- |
|
- |
|
|
- |
|
766,440 |
|
117,800 |
|
Plus: Disposal loss
(gain) of subsidiaries |
- |
|
180,048 |
|
(677,084 |
) |
(104,066 |
) |
|
- |
|
(497,036 |
) |
(76,393 |
) |
Plus: Impairment of
long-term investment |
- |
|
20,397 |
|
(139 |
) |
(21 |
) |
|
- |
|
20,258 |
|
3,114 |
|
Plus: tax impact for
the reconciliation adjustments |
(4,489 |
) |
(6,004 |
) |
(4,546 |
) |
(699 |
) |
|
(26,257 |
) |
(22,764 |
) |
(3,499 |
) |
Plus: tax impact for
the disposal of long-term investment |
- |
|
- |
|
(94,195 |
) |
(14,478 |
) |
|
- |
|
(94,195 |
) |
(14,478 |
) |
Adjusted net
(loss) profit |
(70,581 |
) |
(68,780 |
) |
51,637 |
|
7,935 |
|
|
(359,114 |
) |
(190,792 |
) |
(29,324 |
) |
Adjusted net
margin |
-7.8% |
|
-7.8% |
|
6.7% |
|
6.7% |
|
|
-9.9% |
|
-5.6% |
|
-5.6% |
|
Net (loss) profit |
(485,207 |
) |
(1,479,119 |
) |
797,569 |
|
122,584 |
|
|
(931,922 |
) |
(917,644 |
) |
(141,040 |
) |
Minus: Provision for
income taxes |
17,818 |
|
(19,794 |
) |
127,478 |
|
19,593 |
|
|
11,160 |
|
90,170 |
|
13,859 |
|
Minus: Interest
income |
4,839 |
|
6,664 |
|
10,821 |
|
1,663 |
|
|
21,078 |
|
32,925 |
|
5,060 |
|
Minus: Interest
expenses |
(40,652 |
) |
(57,417 |
) |
(50,836 |
) |
(7,813 |
) |
|
(198,589 |
) |
(185,313 |
) |
(28,482 |
) |
Minus: Loss on debt
extinguishment |
- |
|
- |
|
- |
|
- |
|
|
(29,841 |
) |
- |
|
- |
|
Minus: Exchange gain
(loss) |
28,849 |
|
(5,628 |
) |
4,328 |
|
665 |
|
|
56,341 |
|
(17,153 |
) |
(2,636 |
) |
Minus: Gain from equity
method investment |
12,225 |
|
26,546 |
|
17,732 |
|
2,725 |
|
|
35,652 |
|
53,783 |
|
8,266 |
|
Minus: Other
income |
555 |
|
7,220 |
|
3,260 |
|
501 |
|
|
28,922 |
|
16,764 |
|
2,577 |
|
Minus: Other
expenses |
(1,825 |
) |
(12,630 |
) |
(232 |
) |
(36 |
) |
|
(16,449 |
) |
(17,060 |
) |
(2,622 |
) |
Minus: Impairment of
long-term investment |
- |
|
(20,397 |
) |
139 |
|
21 |
|
|
- |
|
(20,258 |
) |
(3,114 |
) |
Minus: Disposal (loss)
gain of subsidiaries |
- |
|
(180,048 |
) |
677,084 |
|
104,066 |
|
|
- |
|
497,036 |
|
76,393 |
|
Plus: depreciation |
130,486 |
|
132,240 |
|
120,228 |
|
18,479 |
|
|
480,105 |
|
519,654 |
|
79,869 |
|
Plus: amortization |
46,092 |
|
41,352 |
|
23,738 |
|
3,648 |
|
|
185,658 |
|
147,448 |
|
22,662 |
|
Plus: share-based
compensation expense |
56,673 |
|
15,800 |
|
15,401 |
|
2,367 |
|
|
118,729 |
|
47,129 |
|
7,244 |
|
Plus: changes in the
fair value of contingent purchase consideration payable |
(67,197 |
) |
1,002 |
|
3,834 |
|
589 |
|
|
(93,307 |
) |
937 |
|
144 |
|
Plus: impairment of
long-lived assets |
392,947 |
|
401,808 |
|
- |
|
- |
|
|
392,947 |
|
401,808 |
|
61,757 |
|
Plus: Goodwill
impairment |
- |
|
766,440 |
|
- |
|
- |
|
|
- |
|
766,440 |
|
117,800 |
|
Adjusted
EBITDA |
51,985 |
|
135,007 |
|
170,996 |
|
26,282 |
|
|
243,936 |
|
514,878 |
|
79,135 |
|
Adjusted EBITDA
margin |
5.8% |
|
15.2% |
|
22.3% |
|
22.3% |
|
|
6.7% |
|
15.2% |
|
15.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net (loss)
profit |
(70,581 |
) |
(68,780 |
) |
51,637 |
|
7,935 |
|
|
(359,114 |
) |
(190,792 |
) |
(29,324 |
) |
Less: Net loss
attributable to noncontrolling interest |
225,353 |
|
104,354 |
|
1,073 |
|
165 |
|
|
298,324 |
|
144,914 |
|
22,273 |
|
Adjusted net profit
(loss) attributable to the Company’s ordinary shareholders |
154,772 |
|
35,574 |
|
52,710 |
|
8,100 |
|
|
(60,790 |
) |
(45,878 |
) |
(7,051 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted (loss) profit
per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
(0.08 |
) |
(0.10 |
) |
0.08 |
|
0.01 |
|
|
(0.44 |
) |
(0.28 |
) |
(0.04 |
) |
Diluted |
(0.08 |
) |
(0.10 |
) |
0.08 |
|
0.01 |
|
|
(0.44 |
) |
(0.28 |
) |
(0.04 |
) |
Shares used in adjusted
(loss) profit per share computation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic* |
681,210,352 |
|
670,701,497 |
|
671,279,121 |
|
671,279,121 |
|
|
617,169,833 |
|
672,836,226 |
|
672,836,226 |
|
Diluted* |
681,210,352 |
|
670,701,497 |
|
675,505,879 |
|
675,505,879 |
|
|
617,169,833 |
|
672,836,226 |
|
672,836,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted (loss) profit
per ADS (6 ordinary shares equal to 1 ADS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
(0.48 |
) |
(0.60 |
) |
0.48 |
|
0.06 |
|
|
(2.64 |
) |
(1.68 |
) |
(0.24 |
) |
Diluted |
(0.48 |
) |
(0.60 |
) |
0.48 |
|
0.06 |
|
|
(2.64 |
) |
(1.68 |
) |
(0.24 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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$”) except for number of shares and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Year ended |
|
December 31, 2016 |
September 30, 2017 |
December 31, 2017 |
|
December 31, 2016 |
December 31, 2017 |
|
RMB |
RMB |
RMB |
|
US$ |
|
RMB |
RMB |
US$ |
Hosting and
related services |
|
|
|
|
|
|
|
|
|
Operating profit |
(8,077 |
) |
47,927 |
|
7,795 |
|
1,199 |
|
44,101 |
|
156,632 |
|
24,073 |
|
Plus: depreciation and
amortization |
96,935 |
|
111,510 |
|
143,966 |
|
22,127 |
|
345,190 |
|
465,976 |
|
71,619 |
|
Plus: share-based
compensation expense |
41,807 |
|
15,326 |
|
15,401 |
|
2,367 |
|
86,955 |
|
47,244 |
|
7,261 |
|
Plus: changes in the
fair value of contingent purchase consideration payable |
(1,022 |
) |
1,002 |
|
3,834 |
|
589 |
|
(19,394 |
) |
937 |
|
144 |
|
Adjusted
EBITDA |
129,643 |
|
175,765 |
|
170,996 |
|
26,281 |
|
456,852 |
|
670,789 |
|
103,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed network
services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
(498,939 |
) |
(1,271,562 |
) |
- |
|
- |
|
(884,297 |
) |
(1,525,170 |
) |
(234,414 |
) |
Plus: depreciation and
amortization |
79,643 |
|
62,082 |
|
- |
|
- |
|
320,573 |
|
201,126 |
|
30,913 |
|
Plus: share-based
compensation expense |
14,866 |
|
474 |
|
- |
|
- |
|
31,774 |
|
(115 |
) |
(18 |
) |
Plus: changes in the
fair value of contingent purchase consideration payable |
(66,176 |
) |
- |
|
- |
|
- |
|
(73,913 |
) |
- |
|
- |
|
Plus: impairment of
long-lived assets |
392,947 |
|
401,808 |
|
- |
|
- |
|
392,947 |
|
401,808 |
|
61,757 |
|
Plus: Goodwill
impairment |
- |
|
766,440 |
|
- |
|
- |
|
- |
|
766,440 |
|
117,800 |
|
Adjusted
EBITDA |
(77,658 |
) |
(40,758 |
) |
- |
|
- |
|
(212,916 |
) |
(155,911 |
) |
(23,963 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21VIANET GROUP, INC. |
CONSOLIDATED STATEMENT OF CASH
FLOWS |
(Amount in thousands of Renminbi (“RMB”) and US
dollars (“US$”)) |
|
|
|
|
|
Three months ended |
|
September 30, 2017 |
December 31, 2017 |
|
RMB |
RMB |
US$ |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
CASH
FLOWS FROM OPERATING ACTIVITIES |
|
|
|
Net (loss)
profit |
(1,479,119 |
) |
797,569 |
|
122,584 |
|
Adjustments to reconcile net (loss) profit to net
cash generated from operating activities: |
|
|
|
|
|
|
Foreign exchange
loss (gain) |
5,628 |
|
(4,328 |
) |
(665 |
) |
Changes in the
fair value of contingent purchase consideration payable |
1,002 |
|
3,834 |
|
589 |
|
Gain on disposal
of property and equipment |
(2,837 |
) |
(743 |
) |
(114 |
) |
Loss from
disposal of intangible assets |
295 |
|
- |
|
- |
|
Depreciation of
property and equipment |
132,240 |
|
120,228 |
|
18,479 |
|
Amortization of
intangible assets |
41,352 |
|
23,738 |
|
3,648 |
|
Provision for
doubtful accounts and other receivables |
8,990 |
|
(3,255 |
) |
(500 |
) |
Impairment of
long-lived assets |
401,808 |
|
- |
|
- |
|
Impairment of
goodwill |
766,440 |
|
- |
|
- |
|
Impairment of
long-term investment |
20,398 |
|
(139 |
) |
(21 |
) |
Loss (gain) from
disposal of subsidiaries |
180,048 |
|
(677,084 |
) |
(104,066 |
) |
Share-based
compensation expense |
15,720 |
|
13,643 |
|
2,097 |
|
Deferred income
taxes expense (benefits) |
5,887 |
|
(126,095 |
) |
(19,380 |
) |
Gain from equity
method investment |
(26,546 |
) |
(17,732 |
) |
(2,725 |
) |
Dividend received
from cost method invesemt |
(396 |
) |
- |
|
- |
|
Changes
in operating assets and liabilities |
|
|
|
|
- |
|
Restricted
cash |
2,075 |
|
(54,648 |
) |
(8,399 |
) |
Inventories |
(658 |
) |
(599 |
) |
(92 |
) |
Accounts and
notes receivable |
36,562 |
|
32,070 |
|
4,929 |
|
Unrecognized tax
benefits (expense) |
951 |
|
(7,963 |
) |
(1,224 |
) |
Prepaid expenses
and other current assets |
(119,384 |
) |
(23,457 |
) |
(3,605 |
) |
Amounts due from
related parties |
13,280 |
|
1,854 |
|
285 |
|
Accounts and
notes payable |
26,379 |
|
(38,841 |
) |
(5,970 |
) |
Accrued expenses
and other payables |
120,015 |
|
98,005 |
|
15,063 |
|
Deferred
revenue |
(11,598 |
) |
8,674 |
|
1,333 |
|
Advances from
customers |
77,225 |
|
(23,683 |
) |
(3,641 |
) |
Income taxes
payable |
7,087 |
|
(6,836 |
) |
(1,051 |
) |
Amounts due to
related parties |
(13,419 |
) |
(2,690 |
) |
(413 |
) |
Deferred
government grants |
(786 |
) |
(5,179 |
) |
(796 |
) |
Net cash
generated from operating activities |
208,639 |
|
106,343 |
|
16,345 |
|
CASH
FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
Purchases of
property and equipment |
(77,872 |
) |
(80,336 |
) |
(12,347 |
) |
Purchases of
intangible assets |
(43 |
) |
(4,062 |
) |
(624 |
) |
Proceeds from
disposal of property and equipment |
5,719 |
|
- |
|
- |
|
Disposal of
subsidiaries net of cash |
(64,580 |
) |
- |
|
- |
|
Payments for
short-term investments |
(337,137 |
) |
(211,752 |
) |
(32,546 |
) |
Dividend received
from cost method investment |
396 |
|
- |
|
- |
|
Payments for
long-term investments |
(61,898 |
) |
(64,014 |
) |
(9,839 |
) |
Restricted
cash |
- |
|
(3,344 |
) |
(514 |
) |
Net cash
used in investing activities |
(535,415 |
) |
(363,508 |
) |
(55,870 |
) |
CASH
FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
- |
|
Restricted
cash |
37,920 |
|
1,677,270 |
|
257,792 |
|
Proceeds from
exercise of stock options |
171 |
|
187 |
|
29 |
|
Proceeds from
loan from a third party |
- |
|
100,000 |
|
15,370 |
|
Proceeds from
long-term bank borrowings |
11,740 |
|
- |
|
- |
|
Proceeds from
issuance of 2020 bonds |
1,316,974 |
|
619,180 |
|
95,166 |
|
Payment of
issurance cost of 2020 bonds |
(3,278 |
) |
(6,457 |
) |
(992 |
) |
Repayments of
short-term bank borrowings |
(40,676 |
) |
(1,520,000 |
) |
(233,620 |
) |
Repayments of
long-term bank borrowings |
(11,843 |
) |
(67,871 |
) |
(10,432 |
) |
Repayment of loan
from a third party |
(100,000 |
) |
- |
|
- |
|
Prepayment for
shares repurchase plan |
(3,866 |
) |
60 |
|
9 |
|
Payments for
shares repurchase plan |
(50,054 |
) |
- |
|
- |
|
Rental
prepayments and deposits for sales and leaseback transactions |
(39,513 |
) |
(59,486 |
) |
(9,143 |
) |
Payments for
capital leases |
(39,280 |
) |
(67,239 |
) |
(10,334 |
) |
Contribution from
noncontrolling interest in a subsidary |
62,357 |
|
49,314 |
|
7,579 |
|
Net cash
provided by financing activities |
1,140,652 |
|
724,958 |
|
111,424 |
|
|
|
|
|
|
|
|
Effect of
foreign exchange rate changes on cash and short term
investments |
(86,759 |
) |
(3,098 |
) |
(476 |
) |
Net
increase in cash and cash equivalents |
727,117 |
|
464,695 |
|
71,423 |
|
Cash and
cash equivalents at beginning of period |
757,819 |
|
1,484,936 |
|
228,230 |
|
Cash and
cash equivalents at end of period |
1,484,936 |
|
1,949,631 |
|
299,653 |
|
|
|
|
|
|
|
|
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