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 first quarter ended March 31, 2019. The Company will hold a
conference call at 8:00 P.M. on Thursday, May 16, 2019, U.S.
Eastern Time to discuss the financial results. Dial-in details are
provided at the end of this release.
First Quarter 2019 Financial
Highlights
- Net revenues increased by 8.9% year
over year to RMB871.9 million (US$129.9 million).
- Gross profit increased by 5.6% year
over year to RMB240.8 million (US$35.9 million). Gross margin was
27.6% compared to 28.5% in the same period of 2018. Adjusted cash
gross profit increased by 17.0% year over year to RMB406.7 million
(US$60.6 million) from RMB347.5 million. Adjusted cash gross margin
expanded to 46.6% from 43.4% in the same period of 2018.
- Adjusted EBITDA increased by 29.3%
year over year to RMB253.5 million (US$37.8 million). Adjusted
EBITDA margin expanded to 29.1% from 24.5% in the same period of
2018.
First Quarter 2019 Operational Highlights
- Hosting MRR1 per cabinet increased
to RMB8,788 in the first quarter of 2019 compared to RMB7,905 in
the first quarter of 2018 and RMB8,457 in the fourth quarter of
2018.
- Total cabinets under management was
30,578 as of March 31, 2019, compared to 29,035 as of March 31,
2018, and 30,654 as of December 31, 2018. As of March 31, 2019, the
Company had 25,711 cabinets in its self-built data centers and
4,867 cabinets in its partnered data centers.
- Utilization rate in the first
quarter of 2019 fell slightly to 66.2% from 70.3% in the fourth
quarter of 2018, mainly attributable to the churn of two customers
caused by business restructurings.
Mr. Alvin Wang, Chief Executive Officer and
President of the Company, stated, “In the first quarter, we
delivered a stable and healthy performance. In May, we made
exciting progress in the expansion of our cloud solution offerings
through our partnership with Microsoft to launch their Dynamic 365
cloud service. We have also been strategically growing our resource
pipeline in anticipation of our corporate clients’ increasing
demand for scalable data hosting solutions, as demonstrated by our
recent acquisition in Beijing. Looking to the future, we have
created a three-year growth plan, specifically designed to meet the
increasing market demands from medium- to large-scale customers and
ensure the efficient allocation of resources. Increasing our
cabinet capacity to service large-scale corporate clients, one of
the plan’s key focuses, will help us to support customer growth,
broaden our customer base, and provide shareholders a higher return
on their investments.”
Ms. Sharon Liu, Chief Financial Officer of the
Company, commented, “In the first quarter, our net revenues met our
previous target and increased to RMB871.9 million. Furthermore,
despite customer churn caused by business restructurings, our
adjusted EBITDA exceeded the high end of our guidance, increasing
by 29.3% year over year. As a result, our adjusted EBITDA margin
expanded to 29.1%. In April, we also enhanced our cash position by
issuing US$300 million senior notes due 2021. We are confident that
a stronger balance sheet will help to accelerate growth moving into
the quarters ahead.”
Three-Year Growth Plan
In order to capitalize on forecasted market
trends and augment its market position as a reliable carrier- and
cloud-neutral Internet data center services provider in China, the
Company has developed a Three-Year Growth Plan, outlining
objectives from 2019 to 2021. The plan includes targets for
capacity expansion, year-over-year revenue growth rates, and
year-over-year adjusted EBITDA growth rate:
|
|
|
|
|
FY 2019 |
FY 2020 |
FY 2021 |
Capacity Expansion Target # |
6,000 – 8,000 |
15,000 |
15,000 |
YoY. Revenue Growth % |
Midpoint 12% |
20%-24% |
23%-27% |
YoY. Adj. EBITDA Growth % |
Midpoint 14% |
25%-30% |
35%-40% |
|
|
|
|
The forecast reflects the Company’s current and
preliminary view on the market and its operational conditions,
which is subject to change.
First Quarter 2019 Financial
Results
REVENUES: Net revenues
increased by 8.9% to RMB871.9 million (US$129.9 million) in the
first quarter of 2019 from RMB800.8 million in the same period of
2018 and decreased by 3.3% from RMB901.9 million in the fourth
quarter of 2018. This year-over-year increase was primarily
attributable to the growing demand for data centers and cloud
services in the domestic market, partially offset by the churn of a
major customer. The sequential decrease was mostly due to customer
churn, related to a major client’s business restructuring and the
seasonality effect in non-recurring revenue.
GROSS PROFIT: Gross profit
increased by 5.6% to RMB240.8 million (US$35.9 million) in the
first quarter of 2019 from RMB227.9 million in the same period of
2018 and decreased by 2.3% from RMB246.3 million in the fourth
quarter of 2018. Gross margin was 27.6% in the first quarter of
2019 compared to 28.5% in the same period of 2018 and 27.3% in the
fourth quarter of 2018.
ADJUSTED CASH GROSS
PROFIT, which excludes depreciation,
amortization, and share-based compensation expenses, increased by
17.0% to RMB406.7 million (US$60.6 million) in the first quarter of
2019 from RMB347.5 million in the same period of 2018 and decreased
by 0.6% from RMB409.2 million in the fourth quarter of 2018.
Adjusted cash gross margin expanded to 46.6% in the first quarter
of 2019 from 43.4% in the same period of 2018 and 45.4% in the
fourth quarter of 2018. The year-over-year improvement in adjusted
cash gross margin was mainly attributable to the Company’s
continuous efforts in maximizing its operating efficiency.
OPERATING EXPENSES: Total
operating expenses increased by 9.3% to RMB187.5 million (US$27.9
million) in the first quarter of 2019 from RMB171.5 million in the
same period of 2018 and increased by 3.3% from RMB181.4 million in
the fourth quarter of 2018. As a percentage of net revenues, total
operating expenses increased slightly to 21.5% in the first quarter
of 2019 from 21.4% in the same period of 2018 and 20.1% in the
fourth quarter of 2018. The increase of operating expenses as a
percentage of net revenues was primarily due to the slowdown in
revenue growth caused by customer churn.
Sales and marketing expenses were RMB44.1
million (US$6.6 million) in the first quarter of 2019, an increase
of 6.9% from RMB41.2 million in the same period of 2018 and a
decrease of 10.4% from RMB49.2 million in the fourth quarter of
2018. The year-over-year increase was mainly attributable to
increased marketing activities and higher sales commissions. The
increase was in line with the year-over-year increase of the
Company’s net revenues in the first quarter of 2019.
Research and development expenses were RMB22.6
million (US$3.4 million) in the first quarter of 2019 compared to
RMB22.0 million in the same period of 2018 and RMB23.6 million in
the fourth quarter of 2018.
General and administrative expenses were
RMB120.8 million (US$18.0 million) in the first quarter of 2019
compared to RMB112.3 million in the same period of 2018 and
RMB131.0 million in the fourth quarter of 2018. The year-over-year
increase was mainly attributable to share-based compensation
expenses that the Company recognized during the first quarter of
2019.
ADJUSTED OPERATING EXPENSES,
which exclude share-based compensation expenses and changes in the
fair value of contingent purchase consideration payables, increased
by 2.5% to RMB171.3 million (US$25.5 million) in the first quarter
of 2019 from RMB167.2 million in the same period of 2018 and
decreased by 0.7% from RMB172.4 million in the fourth quarter of
2018. As a percentage of net revenues, adjusted operating expenses
decreased to 19.6% in the first quarter of 2019 from 20.9% in the
same period of 2018 and increased slightly from 19.1% in the fourth
quarter of 2018.
ADJUSTED EBITDA: Adjusted
EBITDA in the first quarter of 2019 increased by 29.3% to RMB253.5
million (US$37.8 million) from RMB196.0 million in the same period
of 2018 and decreased by 0.7% from RMB255.3 million in the fourth
quarter of 2018. Adjusted EBITDA in the first quarter of 2019
excluded share-based compensation expenses of RMB16.6 million
(US$2.5 million). Adjusted EBITDA margin expanded to 29.1% in the
first quarter of 2019 from 24.5% in the same period of 2018 and
28.3% in the fourth quarter of 2018.
NET PROFIT/LOSS: Net profit
attributable to ordinary shareholders in the first quarter of 2019
was RMB5.6 million (US$0.8 million) compared to a net profit of
RMB32.8 million in the same period of 2018 and a net loss of
RMB114.1 million in the fourth quarter of 2018. Net profit
attributable to ordinary shareholders in the first quarter of 2019
included a foreign exchange gain of RMB29.5 million (US$4.4
million) compared to RMB44.8 million in the same period of 2018 and
RMB2.5 million in the fourth quarter of 2018.
PROFIT/LOSS PER SHARE: Basic
and diluted profit per share were RMB0.01 (US$0.1 cent) in the
first quarter of 2019, which represents the equivalent of RMB0.06
(US$0.6 cent) 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 March 31, 2019, the Company's cash
and cash equivalents, restricted cash, and
short-term investments were RMB2.54 billion (US$379.0
million).
Net cash generated from operating
activities was RMB32.4 million (US$4.8 million) in the
first quarter of 2019 compared to RMB95.9 million in the same
period of 2018 and RMB237.0 million in the fourth quarter of
2018.
Recent Development
On April 10, 2019, the Company announced that it
priced the offering of US$300.0 million in aggregate principal
amount of the USD-denominated notes due 2021 at an interest rate of
7.875% per annum, following a successful tender offer by the
Company of the outstanding US$300.0 million 7.000% senior notes due
2020 (the “2020 Notes”). Approximately US$150.8 million in
principal amount of the 2020 Notes was validly tendered,
representing approximately 50.3% of the US$300.0 million total
aggregate principal amount outstanding.
On May 6, 2019, the Company facilitated the
official launch of Microsoft’s cloud service Dynamics 365 in China.
Dynamics 365’s launch marked the completion of Microsoft’s
intelligent cloud launch in the Chinese market. As of launch, the
Company is Microsoft’s local partner for all of its three major
cloud offerings: Microsoft Azure, Office 365, and Dynamics 365.
The Company recently reached an agreement to
make an acquisition in Beijing to both satisfy increasing customer
demand in the southern part of Beijing and support the Company’s
continuing expansion plans in Beijing. This acquisition is expected
to deliver approximately 1,000 cabinets by the middle of 2019 and
has the potential for further expansion.
Financial Outlook
For the second quarter of 2019, the Company
expects net revenues to be in the range of RMB880 million to RMB900
million. Adjusted EBITDA is expected to be in the range of RMB250
million to RMB270 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 P.M. on
Thursday, May 16, 2019, U.S. Eastern Time, or 8:00 A.M. on Friday,
May 17, 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: |
3776966 |
|
|
The replay will be accessible through May 24,
2019, by dialing the following numbers:
United States Toll Free: |
+1-855-452-5696 |
International: |
+61-2-9003-4211 |
Conference ID: |
3776966 |
|
|
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 a 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 RMB6.7112
to US$1.00, the noon buying rate in effect on March 29, 2019, 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, 2018 |
March 31, 2019 |
|
RMB |
RMB |
US$ |
|
(Audited) |
(Unaudited) |
(Unaudited) |
Assets |
|
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
2,358,556 |
|
2,177,235 |
|
324,418 |
|
Restricted cash |
265,214 |
|
129,377 |
|
19,278 |
|
Accounts and notes receivable, net |
524,305 |
|
553,886 |
|
82,532 |
|
Short-term investments |
245,014 |
|
168,091 |
|
25,046 |
|
Prepaid expenses and other current assets |
1,159,574 |
|
1,366,091 |
|
203,555 |
|
Amounts due from related parties |
125,446 |
|
107,886 |
|
16,076 |
|
Total current assets |
4,678,109 |
|
4,502,566 |
|
670,905 |
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
Property and equipment, net |
4,031,242 |
|
4,029,916 |
|
600,476 |
|
Intangible assets, net |
355,313 |
|
439,351 |
|
65,465 |
|
Land use rights, net |
147,493 |
|
146,599 |
|
21,844 |
|
Operating lease right-of-use assets, net |
- |
|
817,335 |
|
121,787 |
|
Goodwill |
989,530 |
|
989,530 |
|
147,445 |
|
Long-term investments |
544,323 |
|
524,575 |
|
78,164 |
|
Amounts due from related parties |
34,424 |
|
36,749 |
|
5,476 |
|
Restricted cash |
37,251 |
|
68,894 |
|
10,266 |
|
Deferred tax assets |
159,441 |
|
167,776 |
|
24,999 |
|
Other non-current assets |
173,591 |
|
223,521 |
|
33,306 |
|
Total non-current
assets |
6,472,608 |
|
7,444,246 |
|
1,109,228 |
|
Total assets |
11,150,717 |
|
11,946,812 |
|
1,780,133 |
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Short-term bank borrowings |
50,000 |
|
30,000 |
|
4,470 |
|
Accounts and notes payable |
389,508 |
|
377,928 |
|
56,313 |
|
Accrued expenses and other payables |
659,320 |
|
637,518 |
|
94,993 |
|
Deferred revenue |
57,754 |
|
43,942 |
|
6,548 |
|
Advances from customers |
670,037 |
|
767,065 |
|
114,296 |
|
Income taxes payable |
13,111 |
|
20,957 |
|
3,123 |
|
Amounts due to related parties |
52,328 |
|
46,660 |
|
6,953 |
|
Current portion of long-term bank borrowings |
75,284 |
|
75,284 |
|
11,218 |
|
Current portion of capital lease obligations |
219,695 |
|
182,807 |
|
27,239 |
|
Current portion of deferred government grant |
4,173 |
|
4,001 |
|
596 |
|
Operating lease liabilities - current |
- |
|
105,127 |
|
15,664 |
|
Total current
liabilities |
2,191,210 |
|
2,291,289 |
|
341,413 |
|
|
|
|
|
|
|
|
Non-current
liabilities: |
|
|
|
|
|
|
Long-term borrowings |
112,000 |
|
121,826 |
|
18,153 |
|
Amounts due to related parties |
504,478 |
|
527,172 |
|
78,551 |
|
Unrecognized tax benefits |
6,677 |
|
6,797 |
|
1,013 |
|
Deferred tax liabilities |
157,720 |
|
179,432 |
|
26,736 |
|
Non-current portion of capital lease obligations |
765,993 |
|
731,626 |
|
109,016 |
|
Non-current portion of deferred government grant |
11,619 |
|
9,992 |
|
1,489 |
|
Bonds payable |
2,037,836 |
|
2,002,430 |
|
298,371 |
|
Operating lease liabilities - non current |
- |
|
718,146 |
|
107,007 |
|
Total non-current
liabilities |
3,596,323 |
|
4,297,421 |
|
640,336 |
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
Treasury stock |
(337,683 |
) |
(337,683 |
) |
(50,316 |
) |
Ordinary shares |
46 |
|
46 |
|
7 |
|
Additional paid-in capital |
9,141,494 |
|
9,161,075 |
|
1,365,043 |
|
Accumulated other comprehensive gain |
85,979 |
|
54,734 |
|
8,157 |
|
Statutory reserves |
42,403 |
|
42,964 |
|
6,402 |
|
Accumulated deficit |
(3,838,032 |
) |
(3,832,953 |
) |
(571,128 |
) |
Total 21Vianet Group, Inc. shareholders’
equity |
5,094,207 |
|
5,088,183 |
|
758,165 |
|
Noncontrolling interest |
268,977 |
|
269,919 |
|
40,219 |
|
Total shareholders'
equity |
5,363,184 |
|
5,358,102 |
|
798,384 |
|
Total liabilities and shareholders'
equity |
11,150,717 |
|
11,946,812 |
|
1,780,133 |
|
|
|
|
|
|
|
|
|
21VIANET GROUP,
INC. |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Amount in thousands of Renminbi
(“RMB”) and US dollars (“US$”) except for number of shares and per
share data) |
|
|
|
|
|
|
Three months
ended |
|
March 31, 2018 |
December 31, 2018 |
March 31, 2019 |
|
RMB |
RMB |
RMB |
US$ |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
Net revenues |
800,765 |
|
901,887 |
|
871,859 |
|
129,911 |
|
Cost of revenues |
(572,863 |
) |
(655,546 |
) |
(631,084 |
) |
(94,034 |
) |
Gross profit |
227,902 |
|
246,341 |
|
240,775 |
|
35,877 |
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Other operating income |
- |
|
5,027 |
|
- |
|
- |
|
Sales and marketing |
(41,232 |
) |
(49,210 |
) |
(44,096 |
) |
(6,571 |
) |
Research and development |
(22,030 |
) |
(23,583 |
) |
(22,564 |
) |
(3,362 |
) |
General and administrative |
(112,340 |
) |
(130,963 |
) |
(120,796 |
) |
(17,999 |
) |
Reversal (allowance) for doubtful debt |
1,855 |
|
(1,241 |
) |
(22 |
) |
(3 |
) |
Changes in the fair value of contingent purchase consideration
payables |
2,284 |
|
18,528 |
|
- |
|
- |
|
Total operating
expenses |
(171,463 |
) |
(181,442 |
) |
(187,478 |
) |
(27,935 |
) |
|
|
|
|
|
|
|
|
|
Operating profit |
56,439 |
|
64,899 |
|
53,297 |
|
7,942 |
|
Interest income |
8,527 |
|
14,214 |
|
11,851 |
|
1,766 |
|
Interest expense |
(51,542 |
) |
(72,430 |
) |
(69,442 |
) |
(10,347 |
) |
Other income |
22,161 |
|
7,050 |
|
3,075 |
|
458 |
|
Other expense |
(1,526 |
) |
(1,875 |
) |
(58 |
) |
(9 |
) |
Foreign exchange gain |
44,841 |
|
2,488 |
|
29,538 |
|
4,401 |
|
Gain before income taxes and loss from equity method
investments |
78,900 |
|
14,346 |
|
28,261 |
|
4,211 |
|
Income tax (expenses) benefits |
(34,080 |
) |
46,350 |
|
(10,741 |
) |
(1,600 |
) |
Loss from equity method investments |
(10,089 |
) |
(158,738 |
) |
(10,938 |
) |
(1,630 |
) |
Net gain
(loss) |
34,731 |
|
(98,042 |
) |
6,582 |
|
981 |
|
Net profit attributable to noncontrolling interest |
(1,891 |
) |
(16,020 |
) |
(942 |
) |
(140 |
) |
Net gain (loss)
attributable to ordinary
shareholders |
32,840 |
|
(114,062 |
) |
5,640 |
|
841 |
|
|
|
|
|
|
|
|
|
|
Profit (loss) per share |
|
|
|
|
|
|
|
|
Basic |
0.05 |
|
(0.17 |
) |
0.01 |
|
0.00 |
|
Diluted |
0.05 |
|
(0.17 |
) |
0.01 |
|
0.00 |
|
Shares used in profit (loss) per share computation |
|
|
|
|
Basic* |
672,741,909 |
|
676,361,072 |
|
677,573,837 |
|
677,573,837 |
|
Diluted* |
677,158,404 |
|
676,361,072 |
|
690,608,562 |
|
690,608,562 |
|
|
|
|
|
|
|
|
|
|
Profit (loss) per ADS (6
ordinary shares equal to 1 ADS) |
|
|
|
|
|
|
|
|
Basic |
0.30 |
|
(1.02 |
) |
0.06 |
|
0.01 |
|
Diluted |
0.30 |
|
(1.02 |
) |
0.06 |
|
0.01 |
|
|
|
|
|
|
|
|
|
|
* 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$”)) |
|
|
|
|
|
|
Three months
ended |
|
March 31, 2018 |
December 31, 2018 |
March 31, 2019 |
|
RMB |
RMB |
RMB |
US$ |
Gross profit |
227,902 |
|
246,341 |
|
240,775 |
|
35,877 |
|
Plus: depreciation and amortization |
119,562 |
|
161,201 |
|
165,421 |
|
24,648 |
|
Plus: share-based compensation expenses |
14 |
|
1,672 |
|
474 |
|
70 |
|
Adjusted cash gross
profit |
347,478 |
|
409,214 |
|
406,670 |
|
60,595 |
|
Adjusted cash gross
margin |
43.4 |
% |
45.4 |
% |
46.6 |
% |
46.6 |
% |
|
|
|
|
|
|
|
|
|
Operating expenses |
(171,463 |
) |
(181,442 |
) |
(187,478 |
) |
(27,935 |
) |
Plus: share-based compensation expenses |
6,555 |
|
27,528 |
|
16,165 |
|
2,409 |
|
Plus: changes in the fair value of contingent purchase
consideration payables |
(2,284 |
) |
(18,528 |
) |
- |
|
- |
|
Adjusted operating
expenses |
(167,192 |
) |
(172,442 |
) |
(171,313 |
) |
(25,526 |
) |
|
|
|
|
|
|
|
|
|
Operating profit |
56,439 |
|
64,899 |
|
53,297 |
|
7,942 |
|
Plus: depreciation and amortization |
135,290 |
|
179,759 |
|
183,532 |
|
27,347 |
|
Plus: share-based compensation expenses |
6,569 |
|
29,200 |
|
16,639 |
|
2,479 |
|
Plus: changes in the fair value of contingent purchase
consideration payables |
(2,284 |
) |
(18,528 |
) |
- |
|
- |
|
Adjusted EBITDA |
196,014 |
|
255,330 |
|
253,468 |
|
37,768 |
|
Adjusted EBITDA margin |
24.5 |
% |
28.3 |
% |
29.1 |
% |
29.1 |
% |
|
|
|
|
|
|
21VIANET GROUP, INC. |
CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS |
(Amount in thousands of Renminbi (“RMB”) and US dollars
(“US$”)) |
|
|
|
|
|
|
Three months
ended |
|
March 31, 2018 |
December 31, 2018 |
March 31, 2019 |
|
RMB |
RMB |
RMB |
US$ |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
Net profit (loss) |
34,731 |
|
(98,042 |
) |
6,582 |
|
981 |
|
Adjustments to reconcile net profit (loss) to net cash
generated from operating
activities: |
|
Depreciation and amortization |
135,290 |
|
179,759 |
|
183,532 |
|
27,347 |
|
Stock-based compensation expenses |
6,569 |
|
29,200 |
|
16,639 |
|
2,479 |
|
Others |
(47,256 |
) |
95,122 |
|
(31,628 |
) |
(4,713 |
) |
Changes in operating assets and
liabilities |
|
|
|
|
|
|
|
|
Accounts and notes receivable |
(49,722 |
) |
44,566 |
|
(29,603 |
) |
(4,411 |
) |
Prepaid expenses and other current assets |
(92,181 |
) |
(117,604 |
) |
(197,574 |
) |
(29,441 |
) |
Accounts and notes payable |
40,243 |
|
(31,734 |
) |
(11,580 |
) |
(1,725 |
) |
Accrued expenses and other payables |
(25,300 |
) |
96,432 |
|
(9,582 |
) |
(1,428 |
) |
Deferred revenue |
(20,505 |
) |
5,135 |
|
(13,812 |
) |
(2,058 |
) |
Advances from customers |
73,995 |
|
79,968 |
|
97,028 |
|
14,458 |
|
Others |
39,989 |
|
(45,802 |
) |
22,435 |
|
3,343 |
|
Net cash generated from operating
activities |
95,853 |
|
237,000 |
|
32,437 |
|
4,832 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
(91,027 |
) |
(129,910 |
) |
(133,470 |
) |
(19,888 |
) |
Purchases of intangible assets |
(1,887 |
) |
(8,199 |
) |
(4,328 |
) |
(645 |
) |
Payments for investments |
(14,473 |
) |
(101,796 |
) |
(62,022 |
) |
(9,241 |
) |
Proceeds from other investing activities |
26,654 |
|
97,917 |
|
84,367 |
|
12,572 |
|
Net cash used in
investing activities |
(80,733 |
) |
(141,988 |
) |
(115,453 |
) |
(17,202 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from short-term bank borrowings |
69,999 |
|
- |
|
30,000 |
|
4,470 |
|
Repayment of long-term bank borrowings |
- |
|
(42,690 |
) |
- |
|
- |
|
Repayment of short-term bank borrowings |
(50,000 |
) |
(19,999 |
) |
(50,000 |
) |
(7,450 |
) |
Payments for capital lease |
(29,287 |
) |
(104,420 |
) |
(92,537 |
) |
(13,788 |
) |
Payments for other financing activities |
(19,650 |
) |
(17,324 |
) |
(55,474 |
) |
(8,265 |
) |
Net cash used in
financing activities |
(28,938 |
) |
(184,433 |
) |
(168,011 |
) |
(25,033 |
) |
|
|
|
|
|
|
|
|
|
Effect of foreign
exchange rate changes on cash, cash equivalents and restricted
cash |
(73,414 |
) |
14,507 |
|
(34,488 |
) |
(5,139 |
) |
Net decrease in cash,
cash equivalents and restricted
cash |
(87,232 |
) |
(74,914 |
) |
(285,515 |
) |
(42,542 |
) |
Cash, cash equivalents
and restricted cash at beginning of
period |
2,195,469 |
|
2,735,935 |
|
2,661,021 |
|
396,504 |
|
Cash, cash equivalents
and restricted cash at end of
period |
2,108,237 |
|
2,661,021 |
|
2,375,506 |
|
353,962 |
|
|
|
|
|
|
|
|
|
|
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