21Vianet Group, Inc. (Nasdaq: VNET) ("21Vianet" or the "Company"),
a leading carrier- and cloud-neutral Internet data center services
provider in China, today announced its unaudited financial results
for the fourth quarter and the full year ended December 31, 2018.
The Company will hold a conference call at 8:00 pm on Monday, March
4, 2019, U.S. Eastern Time to discuss the financial results.
Dial-in details are provided at the end of this release.
Fourth Quarter 2018 Financial
Highlights
- Revenues from hosting and related services increased by 17.8%
year over year to RMB901.9 million (US$131.2 million).
- Gross profit increased by 23.1% year over year to RMB246.3
million (US$35.8 million). Gross margin expanded to 27.3% from
26.1% in the same period of 2017. Adjusted cash gross profit
increased by 27.9% year over year to RMB409.2 million (US$59.5
million) from RMB320.1 million. Adjusted cash gross margin expanded
to 45.4% from 41.8% in the same period of 2017.
- Adjusted EBITDA increased by 49.3% year over year to RMB255.3
million (US$37.1 million). Adjusted EBITDA margin expanded to 28.3%
from 22.3% in the same period of 2017.
- Net cash generated from operating activities was RMB237.0
million (US$34.5 million) compared to RMB157.1 million in the same
period of 2017.
Full Year 2018 Financial
Highlights (including hosting and related business
only)
- Revenues from hosting and related services revenues increased
by 14.3% year over year to RMB3.40 billion (US$494.7 million).
- Gross profit increased by 11.8% year over year to RMB944.9
million (US$137.4 million). Gross margin decreased to 27.8% from
28.4% in 2017. Adjusted cash gross profit increased by 21.2% year
over year to RMB1.51 billion (US$220.0 million) from RMB1.25
billion. Adjusted cash gross margin expanded to 44.5% from 42.0% in
2017.
- Adjusted EBITDA increased by 36.8% year over year to RMB917.7
million (US$133.5 million). Adjusted EBITDA margin expanded to
27.0% from 22.5% in 2017.
- Net cash generated from operating activities was RMB705.0
million (US$102.5 million) compared to RMB487.2 million in
2017.
Fourth Quarter 2018 Operational Highlights
- Hosting MRR1 per cabinet increased to RMB8,457 in the fourth
quarter of 2018 compared to RMB7,766 in the fourth quarter of 2017
and RMB8,384 in the third quarter of 2018.
- Total cabinets under management increased to 30,654 as of
December 31, 2018, compared to 30,303 as of September 30, 2018 and
29,080 as of December 31, 2017. As of December 31, 2018, the
Company had 25,711 cabinets in its self-built data centers and
4,943 cabinets in its partnered data centers.
- Utilization rate in the fourth quarter of 2018 fell slightly to
70.3% compared to the third quarter of 2018, mainly attributable to
the additional 1,194 cabinets that were delivered in September
2018, and 350 cabinets that were delivered in the fourth quarter of
2018.
“We concluded a fruitful 2018 with a solid
fourth quarter performance,” commented Mr. Alvin Wang, Chief
Executive Officer and President of the Company. “Our resilient
financial growth and improving operating performance once again
demonstrated the effectiveness of our business operation
optimization and our ability to capitalize on the increasing market
demand for high-quality data hosting, hybrid IT, and cloud
services. To sustain our strong growth momentum, we actively
acquired new land resources and new customers while expanding our
footprint to new Tier-1 markets and beyond. In addition, we
continued to deepen our strategic partnerships with world-class
technology companies such as Red Hat Inc. to explore more solutions
that can empower our customers’ business expansions. Looking ahead
to 2019 and beyond, we are confident that the counter-cyclical
nature of our business as well as our leadership in the Chinese IDC
market will facilitate our pursuit of long-term sustainable
growth.”
Ms. Sharon Liu, Chief Financial Officer of the
Company, commented, “We delivered a strong quarter with healthy
top- and bottom-line growth. In the fourth quarter of 2018, we had
net revenues of RMB901.9 million, again exceeding the high end of
our previous guidance range. More importantly, our adjusted EBITDA
margin further increased to 28.3%, maintaining its consistent
improvement over the previous quarters. In 2018, we improved
adjusted EBITDA margin significantly to 27.0% from 22.5% in the
previous year. In 2019, we are confident that as we continue to
execute on our growth strategies and fortify our market leading
position, we will yield long-term value for our shareholders.”
Fourth Quarter 2018 Financial
Results
REVENUES: Net revenues
increased by 17.8% to RMB901.9 million (US$131.2 million) in the
fourth quarter of 2018 from RMB765.8 million in the same period of
2017 and increased by 3.7% from RMB870.1 million in the third
quarter of 2018. The increase was primarily attributable to the
growing demand for data centers and cloud services in the domestic
market.
GROSS PROFIT: Gross profit
increased by 23.1% to RMB246.3 million (US$35.8 million) in the
fourth quarter of 2018 from RMB200.2 million in the same period of
2017 and increased by 2.1% from RMB241.2 million in the third
quarter of 2018. Gross margin was 27.3% in the fourth quarter of
2018 compared to 26.1% in the same period of 2017 and 27.7% in the
third quarter of 2018. The year-over-year improvement in gross
margin was mainly attributable to the Company’s continuous efforts
in maximizing its operating efficiency.
ADJUSTED CASH GROSS
PROFIT, which excludes depreciation,
amortization, and share-based compensation expenses, increased by
27.9% to RMB409.2 million (US$59.5 million) in the fourth quarter
of 2018 from RMB320.1 million in the same period of 2017 and
increased by 4.4% from RMB391.9 million in the third quarter of
2018. Adjusted cash gross margin expanded to 45.4% in the fourth
quarter of 2018 from 41.8% in the same period of 2017 and 45.0% in
the third quarter of 2018.
OPERATING EXPENSES: Total operating expenses
decreased by 5.7% to RMB181.4 million (US$26.4 million) in the
fourth quarter of 2018 from RMB192.4 million in the same period of
2017 and increased by 2.8% from RMB176.6 million in the third
quarter of 2018. As a percentage of net revenues, total operating
expenses decreased to 20.1% in the fourth quarter of 2018 from
25.1% in the same period of 2017 and 20.3% in the third quarter of
2018. The decrease of operating expenses as a percentage of net
revenues was primarily due to the successful implementation of the
Company’s efficiency enhancement initiatives.
Sales and marketing expenses were RMB49.2
million (US$7.2 million) in the fourth quarter of 2018 compared to
RMB42.7 million in the same period of 2017 and RMB39.9 million in
the third quarter of 2018. The increase was mainly attributable to
increased marketing activities and higher sales commissions, which
was in line with the growth of the Company’s net revenues in the
fourth quarter of 2018.
Research and development expenses were RMB23.6
million (US$3.4 million) in the fourth quarter of 2018 compared to
RMB29.3 million in the same period of 2017 and RMB24.3 million in
the third quarter of 2018.
General and administrative expenses were
RMB131.0 million (US$19.0 million) in the fourth quarter of 2018
compared to RMB115.4 million in the same period of 2017 and
RMB110.2 million in the third quarter of 2018. The increase was
mainly attributable to share-based compensation expenses that the
Company recognized during the fourth quarter of 2018.
ADJUSTED OPERATING EXPENSES,
which exclude share-based compensation expenses and changes in the
fair value of contingent purchase consideration payables, decreased
by 0.5% to RMB172.4 million (US$25.1 million) in the fourth quarter
of 2018 from RMB173.2 million in the same period of 2017 and
increased by 5.9% from RMB162.9 million in the third quarter of
2018. As a percentage of net revenues, adjusted operating expenses
decreased to 19.1% in the fourth quarter of 2018 from 22.6% in the
same period of 2017 and increased slightly from 18.7% in the third
quarter of 2018.
ADJUSTED EBITDA: Adjusted
EBITDA in the fourth quarter of 2018 increased by 49.3% to RMB255.3
million (US$37.1 million) from RMB171.0 million in the same period
of 2017 and increased by 4.1% from RMB245.2 million in the third
quarter of 2018. Adjusted EBITDA in the fourth quarter of 2018
excluded share-based compensation expenses of RMB29.2 million
(US$4.2 million) and changes in the fair value of contingent
purchase consideration payables, which was a gain of RMB18.5
million (US$2.7 million). Adjusted EBITDA margin expanded to 28.3%
in the fourth quarter of 2018 from 22.3% in the same period of 2017
and 28.2% in the third quarter of 2018.
NET PROFIT/LOSS ATTRIBUTABLE TO ORDINARY
SHAREHOLDERS: Net loss attributable to ordinary
shareholders in the fourth quarter of 2018 was RMB114.1 million
(US$16.6 million) compared to a net profit of RMB798.6 million in
the same period of 2017 and a net loss of RMB29.6 million in the
third quarter of 2018. Net loss attributable to ordinary
shareholders in the fourth quarter of 2018 included a foreign
exchange gain of RMB2.5 million (US$0.4 million) compared to RMB4.3
million in the same period of 2017 and a loss of RMB55.0 million in
the third quarter of 2018.
PROFIT/LOSS PER SHARE: Basic
and diluted loss per share were RMB0.17 (US$0.02) in the fourth
quarter of 2018, which represents the equivalent of RMB1.02
(US$0.12) per American Depositary Share ("ADS"). Each ADS
represents six ordinary shares. Diluted earnings per share is
calculated using net earnings attributable to ordinary shareholders
divided by the weighted average number of diluted shares
outstanding.
As of December 31, 2018, the Company's
cash and cash equivalents, restricted
cash, and short-term investments were
RMB2.91 billion (US$422.7 million).
Net cash generated from operating
activities was RMB237.0 million (US$34.5 million) in the
fourth quarter of 2018 compared to RMB157.1 million in the same
period of 2017 and RMB260.7 million in the third quarter of
2018.
Full Year 2018 Financial
Results
To fully reflect the Company’s performance, all
analysis between “REVENUES” and “ADJUSTED EBITDA” present only the
results of the hosting and related service business. The MNS
business, which was disposed of in the third quarter of 2017, is
excluded.
REVENUES: Net revenues
increased by 14.3% to RMB3.40 billion (US$494.7 million) in 2018
from RMB2.98 billion in the prior year. The increase was primarily
due to the same factors that led to the quarterly increase.
GROSS PROFIT: Gross profit
increased by 11.8% to RMB944.9 million (US$137.4 million) in 2018
from RMB844.9 million in the prior year. Gross margin was 27.8% in
2018 compared to 28.4% in the prior year.
ADJUSTED CASH GROSS
PROFIT, which excludes depreciation,
amortization, and share-based compensation expenses, increased by
21.2% to RMB1.51 billion (US$220.0 million) in 2018 from RMB1.25
billion in the prior year. Adjusted cash gross margin expanded to
44.5% in 2018 from 42.0% in the prior year.
OPERATING EXPENSES: Total operating expenses
increased by 2.8% to RMB707.4 million (US$102.9 million) in 2018
from RMB688.3 million in the prior year. As a percentage of net
revenues, total operating expenses decreased to 20.8% in 2018 from
23.1% in the prior year. The decrease of operating expenses as a
percentage of net revenues was primarily due to the successful
implementation of the Company’s efficiency enhancement
initiatives.
Sales and marketing expenses were RMB172.2
million (US$25.0 million) in 2018 compared to RMB171.8 million in
the prior year.
Research and development expenses were RMB92.1
million (US$13.4 million) in 2018 compared to RMB97.6 million in
the prior year.
General and administrative expenses were
RMB462.6 million (US$67.3 million) in 2018 compared to
RMB417.2million in the prior year.
ADJUSTED OPERATING EXPENSES,
which exclude share-based compensation expenses and changes in the
fair value of contingent purchase consideration payables, increased
by 3.8% to RMB664.4 million (US$96.6 million) in 2018 from RMB639.9
million in the prior year. As a percentage of net revenues,
adjusted operating expenses decreased to 19.5% in 2018 from 21.5%
in the prior year.
ADJUSTED EBITDA: Adjusted
EBITDA in 2018 increased by 36.8% to RMB917.7 million (US$133.5
million) from RMB670.8 million in the prior year. Adjusted EBITDA
in 2018 excluded share-based compensation expenses of RMB59.5
million (US$8.7 million) and changes in the fair value of
contingent purchase consideration payables, which was a gain of
RMB13.9 million (US$2.0 million). Adjusted EBITDA margin expanded
to 27.0% in 2018 from 22.5% in the prior year.
NET PROFIT/LOSS ATTRIBUTABLE TO ORDINARY
SHAREHOLDERS: Net loss attributable to ordinary
shareholders for 2018 was RMB205.1 million (US$29.8 million)
compared to a net loss of RMB772.7 million in the prior year. Net
loss in 2018 included a foreign exchange loss of RMB81.1 million
(US$11.8 million) compared to RMB17.2 million in the prior
year.
PROFIT/LOSS PER SHARE: Basic
and diluted loss per share were RMB0.30 (US$0.04) for 2018, which
represents the equivalent of RMB1.80 (US$0.24) per ADS. Diluted
loss per share is calculated using net loss attributable to
ordinary shareholders divided by the weighted average number of
diluted shares outstanding.
Net cash generated from operating
activities was RMB705.0 million (US$102.5 million) in 2018
compared to RMB487.2 million in 2017.
Recent Development
In February 2019, the Company reached an
agreement to acquire a recently-constructed data center in urban
Chengdu City, Sichuan Province, China. Upon the completion of
quality inspections, the new data center is expected to add
approximately 500 cabinets to the Company’s sales pipeline. This
additional capacity will enable 21Vianet to access the new Tier-1
market in Chengdu, the primary economic center and core network hub
for Southwest China, where the customer demand for high-quality
data center services has been growing.
Financial Outlook
For the first quarter of 2019, the Company
expects net revenues to be in the range of RMB860 million to RMB880
million. Adjusted EBITDA is expected to be in the range of RMB230
million to RMB250 million.
For the full year of 2019, the Company expects
net revenues to be in the range of RMB3,760 million to RMB3,860
million. Adjusted EBITDA is expected to be in the range of RMB1,000
million to RMB1,100 million. The midpoints of the Company’s updated
estimates imply an increase of 12% year-over-year in total revenues
and an increase of 14% year-over-year in adjusted EBITDA.
The forecast reflects the Company’s current and
preliminary view on the market and its operational conditions,
which is subject to change.
Conference Call
The Company will hold a conference call at 8:00 pm on Monday,
March 4, 2019 U.S. Eastern Time, or 9:00 am on Tuesday, March 5,
2019 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: |
|
8385847 |
The replay will be accessible through March 12,
2019 by dialing the following numbers:
United States Toll Free: |
|
+1-855-452-5696 |
International: |
|
+61-2-9003-4211 |
Conference ID: |
|
8385847 |
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 cash gross profit,
adjusted cash gross margin, adjusted operating expenses, adjusted
EBITDA, adjusted EBITDA margin, 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 RMB6.8755
to US$1.00, the noon buying rate in effect on December 31, 2018 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- and
cloud-neutral Internet data center services provider in China.
21Vianet provides hosting and related services, including IDC
services, cloud services, and business VPN services to improve the
reliability, security and speed of its customers' Internet
infrastructure. Customers may locate their servers and equipment in
21Vianet's data centers and connect to China's Internet backbone.
21Vianet operates in more than 30 cities throughout China,
servicing a diversified and loyal base of nearly 5,000 hosting and
related 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.Rene Jiang+86 10 8456
2121IR@21Vianet.com
Julia Jiang+86 10 8456 2121IR@21Vianet.com
ICR, Inc.Jack Wang+1 (646)
405-4922IR@21Vianet.com
______________________________________________1Hosting MRR:
Refers to Monthly Recurring Revenues for the hosting business.
|
|
21VIANET
GROUP, INC. |
CONSOLIDATED
BALANCE SHEETS |
(Amount in
thousands of Renminbi (“RMB”) and US dollars (“US$”)) |
|
|
As of |
|
|
As
of |
|
December 31,
2017 |
|
|
December 31,
2018 |
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
(Audited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Assets |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
1,949,631 |
|
|
2,358,556 |
|
|
343,038 |
|
Restricted cash |
242,494 |
|
|
265,214 |
|
|
38,574 |
|
Accounts and notes receivable,
net |
455,811 |
|
|
524,305 |
|
|
76,257 |
|
Short-term investments |
548,890 |
|
|
245,014 |
|
|
35,636 |
|
Prepaid expenses and other current
assets |
934,460 |
|
|
1,159,574 |
|
|
168,652 |
|
Amounts due from related
parties |
114,256 |
|
|
125,446 |
|
|
18,245 |
|
Total current
assets |
4,245,542 |
|
|
4,678,109 |
|
|
680,402 |
|
|
|
|
|
|
|
|
|
|
Non-current
assets: |
|
|
|
|
|
|
|
|
Property and equipment, net |
3,319,424 |
|
|
4,031,242 |
|
|
586,320 |
|
Intangible assets, net |
401,115 |
|
|
355,313 |
|
|
51,678 |
|
Land use rights, net |
163,671 |
|
|
147,493 |
|
|
21,452 |
|
Goodwill |
989,530 |
|
|
989,530 |
|
|
143,921 |
|
Long-term investments |
510,926 |
|
|
544,323 |
|
|
79,168 |
|
Amounts due from related
parties |
20,210 |
|
|
34,424 |
|
|
5,007 |
|
Restricted cash |
3,344 |
|
|
37,251 |
|
|
5,418 |
|
Deferred tax assets |
172,818 |
|
|
159,441 |
|
|
23,190 |
|
Other non-current assets |
81,581 |
|
|
173,591 |
|
|
25,248 |
|
Total non-current
assets |
5,662,619 |
|
|
6,472,608 |
|
|
941,402 |
|
Total assets |
9,908,161 |
|
|
11,150,717 |
|
|
1,621,804 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Short-term bank borrowings |
50,000 |
|
|
50,000 |
|
|
7,272 |
|
Accounts and notes payable |
252,892 |
|
|
389,508 |
|
|
56,652 |
|
Accrued expenses and other
payables |
657,133 |
|
|
659,320 |
|
|
95,894 |
|
Deferred revenue |
55,753 |
|
|
57,754 |
|
|
8,400 |
|
Advances from customers |
403,244 |
|
|
670,037 |
|
|
97,453 |
|
Income taxes payable |
13,309 |
|
|
13,111 |
|
|
1,907 |
|
Amounts due to related
parties |
55,675 |
|
|
52,328 |
|
|
7,611 |
|
Current portion of long-term bank
borrowings |
70,289 |
|
|
75,284 |
|
|
10,950 |
|
Current portion of capital lease
obligations |
201,315 |
|
|
219,695 |
|
|
31,953 |
|
Current portion of deferred
government grant |
4,574 |
|
|
4,173 |
|
|
607 |
|
Total current
liabilities |
1,764,184 |
|
|
2,191,210 |
|
|
318,699 |
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities: |
|
|
|
|
|
|
|
|
Long-term bank borrowings |
187,638 |
|
|
112,000 |
|
|
16,290 |
|
Amounts due to related
parties |
- |
|
|
504,478 |
|
|
73,373 |
|
Unrecognized tax benefits |
16,511 |
|
|
6,677 |
|
|
971 |
|
Deferred tax liabilities |
190,873 |
|
|
157,720 |
|
|
22,939 |
|
Non-current portion of capital
lease obligations |
600,882 |
|
|
765,993 |
|
|
111,409 |
|
Non-current portion of deferred
government grant |
17,861 |
|
|
11,619 |
|
|
1,690 |
|
Bonds payable |
1,929,208 |
|
|
2,037,836 |
|
|
296,391 |
|
Total non-current
liabilities |
2,942,973 |
|
|
3,596,323 |
|
|
523,063 |
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
|
|
|
|
|
|
|
Treasury stock |
(337,683 |
) |
|
(337,683 |
) |
|
(49,114 |
) |
Ordinary shares |
46 |
|
|
46 |
|
|
7 |
|
Additional paid-in capital |
8,980,407 |
|
|
9,141,494 |
|
|
1,329,575 |
|
Accumulated other comprehensive
(loss) gain |
(2,673 |
) |
|
85,979 |
|
|
12,505 |
|
Statutory reserves |
38,736 |
|
|
42,403 |
|
|
6,167 |
|
Accumulated deficit |
(3,629,300 |
) |
|
(3,838,032 |
) |
|
(558,219 |
) |
Total 21Vianet Group, Inc.
shareholders’ equity |
5,049,533 |
|
|
5,094,207 |
|
|
740,921 |
|
Noncontrolling interest |
151,471 |
|
|
268,977 |
|
|
39,121 |
|
Total shareholders'
equity |
5,201,004 |
|
|
5,363,184 |
|
|
780,042 |
|
Total liabilities and
shareholders' equity |
9,908,161 |
|
|
11,150,717 |
|
|
1,621,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21VIANET GROUP, INC. |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Amount in thousands of Renminbi (“RMB”) and
US dollars (“US$”) except for number of shares and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
|
Twelve months
ended |
|
|
December 31,
2017 |
|
|
September 30,
2018 |
|
|
December 31,
2018 |
|
|
December 31,
2017 |
|
|
December 31,
2018 |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Net revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hosting and related services |
|
765,814 |
|
|
870,068 |
|
|
901,887 |
|
|
131,174 |
|
|
2,975,178 |
|
|
3,401,037 |
|
|
494,660 |
|
Managed network services |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
417,527 |
|
|
- |
|
|
- |
|
Total net revenues |
|
765,814 |
|
|
870,068 |
|
|
901,887 |
|
|
131,174 |
|
|
3,392,705 |
|
|
3,401,037 |
|
|
494,660 |
|
Cost of revenues |
|
(565,645 |
) |
|
(628,873 |
) |
|
(655,546 |
) |
|
(95,345 |
) |
|
(2,634,295 |
) |
|
(2,456,166 |
) |
|
(357,235 |
) |
Gross profit |
|
200,169 |
|
|
241,195 |
|
|
246,341 |
|
|
35,829 |
|
|
758,410 |
|
|
944,871 |
|
|
137,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
operating income |
|
- |
|
|
- |
|
|
5,027 |
|
|
731 |
|
|
5,439 |
|
|
5,027 |
|
|
731 |
|
Sales
and marketing |
|
(42,702 |
) |
|
(39,918 |
) |
|
(49,210 |
) |
|
(7,157 |
) |
|
(256,682 |
) |
|
(172,176 |
) |
|
(25,042 |
) |
Research
and development |
|
(29,340 |
) |
|
(24,333 |
) |
|
(23,583 |
) |
|
(3,430 |
) |
|
(149,143 |
) |
|
(92,109 |
) |
|
(13,397 |
) |
General
and administrative |
|
(115,351 |
) |
|
(110,243 |
) |
|
(130,963 |
) |
|
(19,048 |
) |
|
(519,950 |
) |
|
(462,637 |
) |
|
(67,288 |
) |
(Allowance) reversal for doubtful debt |
|
(1,147 |
) |
|
(643 |
) |
|
(1,241 |
) |
|
(180 |
) |
|
(37,427 |
) |
|
598 |
|
|
87 |
|
Changes
in the fair value of contingent purchase consideration
payables |
|
(3,834 |
) |
|
(1,413 |
) |
|
18,528 |
|
|
2,695 |
|
|
(937 |
) |
|
13,905 |
|
|
2,022 |
|
Impairment of long-lived assets |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(401,808 |
) |
|
- |
|
|
- |
|
Goodwill
impairment |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(766,440 |
) |
|
- |
|
|
- |
|
Total operating expenses |
|
(192,374 |
) |
|
(176,550 |
) |
|
(181,442 |
) |
|
(26,389 |
) |
|
(2,126,948 |
) |
|
(707,392 |
) |
|
(102,887 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss) |
|
7,795 |
|
|
64,645 |
|
|
64,899 |
|
|
9,440 |
|
|
(1,368,538 |
) |
|
237,479 |
|
|
34,538 |
|
Interest
income |
|
10,821 |
|
|
13,484 |
|
|
14,214 |
|
|
2,067 |
|
|
32,925 |
|
|
45,186 |
|
|
6,572 |
|
Interest
expense |
|
(50,836 |
) |
|
(60,766 |
) |
|
(72,430 |
) |
|
(10,535 |
) |
|
(185,313 |
) |
|
(236,066 |
) |
|
(34,334 |
) |
Impairment of long-term investment |
|
139 |
|
|
- |
|
|
- |
|
|
- |
|
|
(20,258 |
) |
|
- |
|
|
- |
|
Disposal
gain of subsidiaries |
|
677,084 |
|
|
- |
|
|
- |
|
|
- |
|
|
497,036 |
|
|
4,843 |
|
|
704 |
|
Other
income |
|
3,260 |
|
|
8,436 |
|
|
7,050 |
|
|
1,025 |
|
|
16,764 |
|
|
58,033 |
|
|
8,441 |
|
Other
expense |
|
(232 |
) |
|
(137 |
) |
|
(1,875 |
) |
|
(273 |
) |
|
(17,060 |
) |
|
(4,103 |
) |
|
(597 |
) |
Foreign
exchange gain (loss) |
|
4,328 |
|
|
(55,024 |
) |
|
2,488 |
|
|
362 |
|
|
(17,153 |
) |
|
(81,055 |
) |
|
(11,789 |
) |
Loss on
debt extinguishment |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
- |
|
Gain (loss) before income taxes and gain (loss) from equity
method investments |
|
652,359 |
|
|
(29,362 |
) |
|
14,346 |
|
|
2,086 |
|
|
(1,061,597 |
) |
|
24,317 |
|
|
3,535 |
|
Income
tax benefits (expenses) |
|
127,478 |
|
|
7,624 |
|
|
46,350 |
|
|
6,741 |
|
|
90,170 |
|
|
(24,411 |
) |
|
(3,550 |
) |
Gain
(loss) from equity method investments |
|
17,732 |
|
|
(6,156 |
) |
|
(158,738 |
) |
|
(23,087 |
) |
|
53,783 |
|
|
(186,642 |
) |
|
(27,146 |
) |
Net gain
(loss) |
|
797,569 |
|
|
(27,894 |
) |
|
(98,042 |
) |
|
(14,260 |
) |
|
(917,644 |
) |
|
(186,736 |
) |
|
(27,161 |
) |
Net loss
(profit) attributable to noncontrolling interest |
|
1,073 |
|
|
(1,739 |
) |
|
(16,020 |
) |
|
(2,330 |
) |
|
144,914 |
|
|
(18,329 |
) |
|
(2,666 |
) |
Net gain (loss)
attributable to ordinary shareholders |
|
798,642 |
|
|
(29,633 |
) |
|
(114,062 |
) |
|
(16,590 |
) |
|
(772,730 |
) |
|
(205,065 |
) |
|
(29,827 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
(loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1.19 |
|
|
(0.04 |
) |
|
(0.17 |
) |
|
(0.02 |
) |
|
(1.36 |
) |
|
(0.30 |
) |
|
(0.04 |
) |
Diluted |
|
1.18 |
|
|
(0.04 |
) |
|
(0.17 |
) |
|
(0.02 |
) |
|
(1.36 |
) |
|
(0.30 |
) |
|
(0.04 |
) |
Shares
used in profit (loss) per share computation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic* |
|
671,279,121 |
|
|
676,327,014 |
|
|
676,361,072 |
|
|
676,361,072 |
|
|
672,836,226 |
|
|
674,732,130 |
|
|
674,732,130 |
|
Diluted* |
|
675,505,879 |
|
|
676,327,014 |
|
|
676,361,072 |
|
|
676,361,072 |
|
|
672,836,226 |
|
|
674,732,130 |
|
|
674,732,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) per ADS
(6 ordinary shares equal to 1 ADS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
7.14 |
|
|
(0.24 |
) |
|
(1.02 |
) |
|
(0.12 |
) |
|
(8.16 |
) |
|
(1.80 |
) |
|
(0.24 |
) |
Diluted |
|
7.08 |
|
|
(0.24 |
) |
|
(1.02 |
) |
|
(0.12 |
) |
|
(8.16 |
) |
|
(1.80 |
) |
|
(0.24 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Shares used in profit (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$”)) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
Twelve months
ended |
|
|
December 31, 2017 |
|
September 30, 2018 |
|
December 31,
2018 |
|
December 31, 2017 |
|
December 31,
2018 |
|
|
RMB |
|
RMB |
|
RMB |
|
|
US$ |
|
|
RMB |
|
RMB |
|
|
US$ |
|
Gross
profit |
|
200,169 |
|
|
241,195 |
|
|
246,341 |
|
|
35,829 |
|
|
758,410 |
|
|
944,871 |
|
|
137,425 |
|
Plus:
depreciation and amortization |
|
119,814 |
|
|
150,056 |
|
|
161,201 |
|
|
23,446 |
|
|
559,963 |
|
|
565,101 |
|
|
82,191 |
|
Plus:
share-based compensation expenses |
|
84 |
|
|
689 |
|
|
1,672 |
|
|
243 |
|
|
(277 |
) |
|
2,668 |
|
|
388 |
|
Adjusted cash gross profit |
|
320,067 |
|
|
391,940 |
|
|
409,214 |
|
|
59,518 |
|
|
1,318,096 |
|
|
1,512,640 |
|
|
220,004 |
|
Adjusted cash gross margin |
|
41.8% |
|
|
45.0% |
|
|
45.4% |
|
|
45.4% |
|
|
38.9% |
|
|
44.5% |
|
|
44.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
(192,374 |
) |
|
(176,550 |
) |
|
(181,442 |
) |
|
(26,389 |
) |
|
(2,126,948 |
) |
|
(707,392 |
) |
|
(102,887 |
) |
Plus:
share-based compensation expenses |
|
15,317 |
|
|
12,240 |
|
|
27,528 |
|
|
4,004 |
|
|
47,406 |
|
|
56,870 |
|
|
8,271 |
|
Plus:
changes in the fair value of contingent purchase consideration
payables |
|
3,834 |
|
|
1,413 |
|
|
(18,528 |
) |
|
(2,695 |
) |
|
937 |
|
|
(13,905 |
) |
|
-2,022 |
|
Plus:
impairment of long-lived assets |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
401,808 |
|
|
- |
|
|
- |
|
Plus:
Goodwill impairment |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
766,440 |
|
|
- |
|
|
- |
|
Adjusted operating expenses |
|
(173,223 |
) |
|
(162,897 |
) |
|
(172,442 |
) |
|
(25,080 |
) |
|
(910,357 |
) |
|
(664,427 |
) |
|
(96,638 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss) |
|
7,795 |
|
|
64,645 |
|
|
64,899 |
|
|
9,440 |
|
|
(1,368,538 |
) |
|
237,479 |
|
|
34,538 |
|
Plus:
depreciation and amortization |
|
143,966 |
|
|
166,244 |
|
|
179,759 |
|
|
26,145 |
|
|
667,102 |
|
|
634,606 |
|
|
92,300 |
|
Plus:
share-based compensation expenses |
|
15,401 |
|
|
12,929 |
|
|
29,200 |
|
|
4,247 |
|
|
47,129 |
|
|
59,538 |
|
|
8,659 |
|
Plus:
changes in the fair value of contingent purchase consideration
payables |
|
3,834 |
|
|
1,413 |
|
|
(18,528 |
) |
|
(2,695 |
) |
|
937 |
|
|
(13,905 |
) |
|
-2,022 |
|
Plus:
impairment of long-lived assets |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
401,808 |
|
|
- |
|
|
- |
|
Plus:
Goodwill impairment |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
766,440 |
|
|
- |
|
|
- |
|
Adjusted EBITDA |
|
170,996 |
|
|
245,231 |
|
|
255,330 |
|
|
37,137 |
|
|
514,878 |
|
|
917,718 |
|
|
133,475 |
|
Adjusted EBITDA margin |
|
22.3% |
|
|
28.2% |
|
|
28.3% |
|
|
28.3% |
|
|
15.2% |
|
|
27.0% |
|
|
27.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21VIANET GROUP, INC. |
SUPPLEMENTARY DISCLOSURE FOR HOSTING AND
RELATED SERVICES |
(Amount in thousands of Renminbi (“RMB”) and
US dollars (“US$”)) |
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
Twelve months
ended |
|
December 31,
2017 |
|
September
30, 2018 |
|
December 31,
2018 |
|
December 31,
2017 |
|
December 31,
2018 |
GAAP Disclosure |
RMB |
|
RMB |
|
RMB |
|
US$ |
|
|
RMB |
|
RMB |
|
US$ |
|
Net
revenues |
765,814 |
|
|
870,068 |
|
|
901,887 |
|
|
131,174 |
|
|
2,975,178 |
|
|
3,401,037 |
|
494,660 |
|
Cost of revenues |
(565,645 |
) |
|
(628,873 |
) |
|
(655,546 |
) |
|
(95,345 |
) |
|
(2,130,279 |
) |
|
(2,456,166 |
) |
(357,235 |
) |
Gross profit |
200,169 |
|
|
241,195 |
|
|
246,341 |
|
|
35,829 |
|
|
844,899 |
|
|
944,871 |
|
137,425 |
|
Other operating income |
- |
|
|
- |
|
|
5,027 |
|
|
731 |
|
|
5,439 |
|
|
5,027 |
|
731 |
|
Sales and marketing |
(42,702 |
) |
|
(39,918 |
) |
|
(49,210 |
) |
|
(7,157 |
) |
|
(171,761 |
) |
|
(172,176 |
) |
(25,042 |
) |
Research and development |
(29,340 |
) |
|
(24,333 |
) |
|
(23,583 |
) |
|
(3,430 |
) |
|
(97,597 |
) |
|
(92,109 |
) |
(13,397 |
) |
General and administrative |
(115,351 |
) |
|
(110,243 |
) |
|
(130,963 |
) |
|
(19,048 |
) |
|
(417,154 |
) |
|
(462,637 |
) |
(67,288 |
) |
(Allowance) reversal for doubtful
debt |
(1,147 |
) |
|
(643 |
) |
|
(1,241 |
) |
|
(180 |
) |
|
(6,257 |
) |
|
598 |
|
87 |
|
Changes in the fair value of
contingent purchase consideration payables |
(3,834 |
) |
|
(1,413 |
) |
|
18,528 |
|
|
2,695 |
|
|
(937 |
) |
|
13,905 |
|
2,022 |
|
Total operating
expenses |
(192,374 |
) |
|
(176,550 |
) |
|
(181,442 |
) |
|
(26,389 |
) |
|
(688,267 |
) |
|
(707,392 |
) |
(102,887 |
) |
Operating
profit |
7,795 |
|
|
64,645 |
|
|
64,899 |
|
|
9,440 |
|
|
156,632 |
|
|
237,479 |
|
34,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Disclosure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
200,169 |
|
|
241,195 |
|
|
246,341 |
|
|
35,829 |
|
|
844,899 |
|
|
944,871 |
|
137,425 |
|
Plus: depreciation and
amortization |
119,814 |
|
|
150,056 |
|
|
161,201 |
|
|
23,446 |
|
|
403,407 |
|
|
565,101 |
|
82,191 |
|
Plus: share-based compensation
expenses |
84 |
|
|
689 |
|
|
1,672 |
|
|
243 |
|
|
(162 |
) |
|
2,668 |
|
388 |
|
Adjusted cash gross
profit |
320,067 |
|
|
391,940 |
|
|
409,214 |
|
|
59,518 |
|
|
1,248,144 |
|
|
1,512,640 |
|
220,004 |
|
Adjusted cash gross
margin |
41.8% |
|
|
45.0% |
|
|
45.4% |
|
|
45.4% |
|
|
42.0% |
|
|
44.5% |
|
44.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
(192,374 |
) |
|
(176,550 |
) |
|
(181,442 |
) |
|
(26,389 |
) |
|
(688,267 |
) |
|
(707,392 |
) |
(102,887 |
) |
Plus: share-based compensation
expenses |
15,317 |
|
|
12,240 |
|
|
27,528 |
|
|
4,004 |
|
|
47,406 |
|
|
56,870 |
|
8,271 |
|
Plus: changes in the fair value of
contingent purchase consideration payables |
3,834 |
|
|
1,413 |
|
|
(18,528 |
) |
|
(2,695 |
) |
|
937 |
|
|
(13,905 |
) |
(2,022 |
) |
Adjusted operating
expenses |
(173,223 |
) |
|
(162,897 |
) |
|
(172,442 |
) |
|
(25,080 |
) |
|
(639,924 |
) |
|
(664,427 |
) |
(96,638 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
7,795 |
|
|
64,645 |
|
|
64,899 |
|
|
9,440 |
|
|
156,632 |
|
|
237,479 |
|
34,538 |
|
Plus: depreciation and
amortization |
143,966 |
|
|
166,244 |
|
|
179,759 |
|
|
26,145 |
|
|
465,976 |
|
|
634,606 |
|
92,300 |
|
Plus: share-based compensation
expenses |
15,401 |
|
|
12,929 |
|
|
29,200 |
|
|
4,247 |
|
|
47,244 |
|
|
59,538 |
|
8,659 |
|
Plus: changes in the fair value of
contingent purchase consideration payables |
3,834 |
|
|
1,413 |
|
|
(18,528 |
) |
|
(2,695 |
) |
|
937 |
|
|
(13,905 |
) |
(2,022 |
) |
Adjusted
EBITDA |
170,996 |
|
|
245,231 |
|
|
255,330 |
|
|
37,137 |
|
|
670,789 |
|
|
917,718 |
|
133,475 |
|
Adjusted EBITDA
margin |
22.3% |
|
|
28.2% |
|
|
28.3% |
|
|
28.3% |
|
|
22.5% |
|
|
27.0% |
|
27.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21VIANET
GROUP, INC. |
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS |
(Amount in
thousands of Renminbi (“RMB”) and US dollars (“US$”)) |
|
|
|
|
|
|
|
|
Three months
ended |
|
|
December 31,
2017 |
|
|
September 30,
2018 |
|
|
December 31,
2018 |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
CASH FLOWS FROM OPERATING
ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Net profit (loss) |
|
797,569 |
|
|
(27,894 |
) |
|
(98,042 |
) |
|
(14,260 |
) |
Adjustments to reconcile
net profit (loss) to net cash generated from operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
143,966 |
|
|
166,244 |
|
|
179,759 |
|
|
26,145 |
|
Stock-based compensation
expenses |
|
15,513 |
|
|
12,929 |
|
|
29,200 |
|
|
4,247 |
|
Gain from disposal of
subsidiaries |
|
(677,084 |
) |
|
- |
|
|
- |
|
|
- |
|
Others |
|
(148,681 |
) |
|
41,616 |
|
|
95,122 |
|
|
13,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in operating
assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
|
32,070 |
|
|
(34,113 |
) |
|
44,566 |
|
|
6,482 |
|
Prepaid expenses and other current
assets |
|
(23,235 |
) |
|
(37,448 |
) |
|
(117,604 |
) |
|
(17,105 |
) |
Accounts and notes payable |
|
(38,841 |
) |
|
37,690 |
|
|
(31,734 |
) |
|
(4,616 |
) |
Accrued expenses and other
payables |
|
92,272 |
|
|
(19,359 |
) |
|
96,432 |
|
|
14,025 |
|
Deferred revenue |
|
8,674 |
|
|
11,154 |
|
|
5,135 |
|
|
747 |
|
Advances from customers |
|
(23,683 |
) |
|
114,528 |
|
|
79,968 |
|
|
11,631 |
|
Others |
|
(21,413 |
) |
|
(4,632 |
) |
|
(45,802 |
) |
|
(6,662 |
) |
Net cash generated from
operating activities |
|
157,127 |
|
|
260,715 |
|
|
237,000 |
|
|
34,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and
equipment |
|
(74,603 |
) |
|
(123,027 |
) |
|
(129,910 |
) |
|
(18,895 |
) |
Purchases of intangible
assets |
|
(4,062 |
) |
|
(4,032 |
) |
|
(8,199 |
) |
|
(1,192 |
) |
Payments for investments |
|
(275,766 |
) |
|
(196,319 |
) |
|
(101,796 |
) |
|
(14,806 |
) |
Proceeds from other investing
activities |
|
100,000 |
|
|
18,061 |
|
|
97,917 |
|
|
14,241 |
|
Net cash used in investing
activities |
|
(254,431 |
) |
|
(305,317 |
) |
|
(141,988 |
) |
|
(20,652 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of 2020
bonds |
|
619,180 |
|
|
- |
|
|
- |
|
|
- |
|
Repayment of long-term bank
borrowings |
|
(67,871 |
) |
|
- |
|
|
(42,690 |
) |
|
(6,209 |
) |
Repayment of short-term bank
borrowings |
|
(1,520,000 |
) |
|
- |
|
|
(19,999 |
) |
|
(2,909 |
) |
Payments for capital lease |
|
(67,239 |
) |
|
(50,996 |
) |
|
(104,420 |
) |
|
(15,187 |
) |
Collection of prepayment for
shares repurchase plan |
|
- |
|
|
42,710 |
|
|
- |
|
|
- |
|
Payment for shares repurchase
plan |
|
60 |
|
|
- |
|
|
- |
|
|
- |
|
(Payments for) proceeds from other
financing activities |
|
(65,756 |
) |
|
89,810 |
|
|
(17,324 |
) |
|
(2,520 |
) |
Contribution from noncontrolling
interest in a subsidiary |
|
49,314 |
|
|
196,281 |
|
|
- |
|
|
- |
|
Net cash (used in) generated from
financing activities |
|
(1,052,312 |
) |
|
277,805 |
|
|
(184,433 |
) |
|
(26,825 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign
exchange rate changes on cash,
cash equivalents and
restricted cash |
|
(4,967 |
) |
|
63,580 |
|
|
14,507 |
|
|
2,113 |
|
Net (decrease)
increase in cash, cash equivalents and restricted
cash |
|
(1,154,583 |
) |
|
296,783 |
|
|
(74,914 |
) |
|
(10,895 |
) |
Cash, cash
equivalents and restricted cash at beginning of
period |
|
3,350,052 |
|
|
2,439,152 |
|
|
2,735,935 |
|
|
397,925 |
|
Cash, cash
equivalents and restricted cash at end of
period |
|
2,195,469 |
|
|
2,735,935 |
|
|
2,661,021 |
|
|
387,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
The Company adopted Accounting
Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows
(Topic 230): Restricted Cash on January 1, 2018 and retrospectively
adjusted the condensed consolidated statement of cash flows for the
three months ended December 31, 2017 by excluding the movement of
restricted cash of RMB1,619.3 million. |
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