Kingsoft Cloud Holdings Limited (“Kingsoft Cloud” or the “Company”) (NASDAQ: KC), a leading independent cloud service provider in China, today announced its unaudited financial results for the third quarter ended September 30, 2022.

Mr. Tao Zou, Chief Executive Officer of Kingsoft Cloud, commented, “As we navigated through a challenging operating environment, we remained persistent in enhancing our technologies and products, stayed focused on our core businesses, and continued to strengthen our fundamental capabilities to achieve sustainable, high-quality growth in the long run. Our third quarter total revenues increased to RMB1.97 billion, in line with our guidance, and our gross margin improved from 3.4% last quarter to 6.2%, demonstrating our strong commitment to achieving profitability.”

Mr. Henry He, Chief Financial Officer of Kingsoft Cloud, added, “Although we are still implementing our strategic initiatives, including business repositioning and cost control efforts, such adjustments have already yielded positive preliminary results. Third quarter gross profit increased by 38.5% year-over-year and reached RMB122.4 million, and we recorded positive operating cash flow for the last two consecutive quarters, bringing our total cash reserve to a strong and sustainable level of RMB5,328.9 million (US$749.1 million). We believe the ongoing strategic initiatives will propel the sustainable, long-term development of the Company. Meanwhile, as we previously announced, we had duly repurchased our ADSs in the last quarter. Going forward, supported by our ample cash reserve, we expect to continue to execute from time to time under the US$100 million, 12-month period repurchase program mandated by the Board. These efforts fully demonstrate our Board and management’s strong commitment and confidence in the long-term business prospects of the Company, as we strive to reward our shareholders for their support, and believe our share price will eventually reflect the Company’s true value.”

Third Quarter 2022 Financial Results

Total Revenues reached RMB1,968.8 million (US$276.81 million), in line with our guidance, a decrease of 18.4% from RMB2,413.8 million in the same period of 2021, but increased steadily quarter-over-quarter. The decrease was mainly due to our proactive scaling down of CDN services, with its gross billings decreased by 27.6% on year-over-year basis, the impact of the resurgence of COVID-19, as well as more stringent project selection of enterprise cloud services. 

  • Revenues from public cloud services decreased by 20.2% to RMB1,346.0 million (US$189.2 million), compared with RMB1,686.0 million in the same quarter of 2021. The decrease was mainly due to the above-mentioned scaling down of our CDN services.
  • Revenues from enterprise cloud services were RMB622.0 million (US$87.5 million), representing a decrease of 14.4% from RMB726.9 million in the same quarter of 2021. The decrease was mainly due to the impact of the resurgence of COVID-19, as well as more stringent project selection.
  • Other revenues were RMB0.8 million (US$0.1 million).

Cost of revenues was RMB1,846.4 million (US$259.6 million), representing a significant decrease of 20.6% from RMB2,325.4 million in the same quarter of 2021. IDC costs decreased significantly by 23.6% year-over-year from RMB1,410.9 million to RMB1,078.3 million this quarter. Depreciation and amortization costs increased by 26.9% from RMB200.0 million to RMB253.7 million. Solution development and services costs increased from RMB160.0 million to RMB443.1 million this quarter, the increase was mainly due to the consolidation of Camelot since September last year. Fulfillment costs and other costs were RMB31.9 million and RMB39.3 million this quarter.

Gross profit was RMB122.4 million (US$17.2 million), significantly increased by 38.5% from RMB88.4 million in the same period in 2021. Gross margin was 6.2%, compared with 3.7% in the same period in 2021. Non-GAAP gross profit2 was RMB124.7 million (US$17.5 million), compared with RMB92.2 million in the same period in 2021. Non-GAAP gross margin2 was 6.3%, compared with 3.8% in the same period in 2021. The solid improvement of our gross margin was mainly due to our strategic adjustment of revenue mix and efficient cost control measures.

Total operating expenses were RMB626.6 million (US$88.1 million), compared with RMB617.2 million last quarter and RMB557.5 million in the same period in 2021.

Selling and marketing expenses were RMB143.4 million (US$20.2 million), compared with RMB146.2 million last quarter and RMB132.2 million in the same period in 2021.

General and administrative expenses were RMB235.1 million (US$33.0 million), compared with RMB250.1 million last quarter and RMB156.6 million in the same period in 2021.

Research and development expenses were RMB248.1 million (US$34.9 million), compared with RMB220.9 million last quarter and RMB268.7 million in the same period in 2021.

Operating loss was RMB504.2 million (US$70.9 million), compared with operating loss of RMB552.0 million last quarter and RMB469.1 million in the same quarter of 2021.

Net loss was RMB801.4 million (US$112.7 million), compared with net loss of RMB810.5 million last quarter and RMB506.7 million in the same quarter of 2021. The year-over-year increase of net loss was mainly due to the significant depreciation of RMB against USD, resulting in a foreign exchange loss of RMB218.9 million this quarter, which is a non-cash item.

Non-GAAP net loss was RMB487.4 million (US$68.5 million), compared with net loss of RMB451.7 million last quarter and RMB363.7 million in the same quarter of 2021.

Non-GAAP EBITDA was RMB-158.7 million (US$-22.3 million), compared with RMB-147.7 million last quarter and RMB-140.6 million in the same quarter of 2021. Non-GAAP EBITDA margin was -8.1%, compared with -7.7% last quarter and -5.8% in the same quarter of 2021.

Basic and diluted net loss per share was RMB0.22 (US$0.03), compared with RMB0.22 last quarter and RMB0.15 in the same quarter of 2021.

Cash and cash equivalents and short-term investments were RMB5,328.9 million (US$749.1 million) as of September 30, 2022, representing strong and sustainable cash reserve, and largely stable compared to RMB5,352.0 million as of June 30, 2022.

Operating cash flow amounted to RMB100.9 million, representing the second consecutive quarter when we recorded positive operating cash flow.

Share Repurchase. During the quarter ended September 30, 2022, the Company repurchased approximately 4.3 million of ADSs, each representing 15 ordinary shares, from the open market for a total consideration of approximately US$10.2 million pursuant to the currently effective share repurchase program announced in September, 2022.

Outstanding ordinary shares were 3,608,380,825 as of September 30, 2022, equivalent to about 240,558,722 ADSs.

Business Outlook

For the fourth quarter of 2022, the Company expects total revenues to be between RMB2.0 billion and RMB2.2 billion, representing a quarter-over-quarter increase of 1.6 % to 11.7%. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Conference Call Information

Kingsoft Cloud’s management will host an earnings conference call on Wednesday, November 23, 2022 at 7:00 am, U.S. Eastern Time (8:00 pm, Beijing/Hong Kong Time on the same day).

Due to the outbreak of COVID-19, operator assisted conference calls are not available at the moment. All participants must preregister online prior to the call to receive the dial-in details. 

Participants can register for the conference call by navigating to https://s1.c-conf.com/diamondpass/10026944-pikxqe.html. Once preregistration has been completed, participants will receive dial-in numbers, direct event passcode, and a unique access PIN.

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the passcode followed by your PIN, and you will join the conference instantly.

Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.ksyun.com.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In evaluating our business, we consider and use certain non-GAAP measures, Non-GAAP gross profit, Non-GAAP gross margin, Non-GAAP EBITDA, Non-GAAP EBITDA margin, Non-GAAP net loss and Non-GAAP net loss margin, as supplemental measures to review and assess our operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define Non-GAAP gross profit as gross profit excluding share-based compensation allocated in the cost of revenues, and we define Non-GAAP gross margin as Non-GAAP gross profit as a percentage of revenues. We define Non-GAAP net loss as net loss excluding share-based compensation, foreign exchange (gain) loss, other gain, net and other (income) expense, net, and we define Non-GAAP net loss margin as adjusted net loss as a percentage of revenues. We define Non-GAAP EBITDA as Non-GAAP net loss excluding interest income, interest expense, income tax expense and depreciation and amortization, and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We also believe that the use of these non-GAAP measures facilitates investors’ assessment of our operating performance.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

We compensate for these limitations by reconciling these non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

Exchange Rate Information

This press release contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from RMB to U.S. dollars, in this press release, were made at a rate of RMB7.1135 to US$1.00, the noon buying rate in effect on September 30, 2022 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the Business Outlook, and quotations from management in this announcement, as well as Kingsoft Cloud’s strategic and operational plans, contain forward-looking statements. Kingsoft Cloud may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Kingsoft Cloud’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Kingsoft Cloud’s goals and strategies; Kingsoft Cloud’s future business development, results of operations and financial condition; relevant government policies and regulations relating to Kingsoft Cloud’s business and industry; the expected growth of the cloud service market in China; the expectation regarding the rate at which to gain customers, especially Premium Customers; Kingsoft Cloud’s ability to monetize the customer base; fluctuations in general economic and business conditions in China; the impact of the COVID-19 to Kingsoft Cloud’s business operations and the economy in China and elsewhere generally; China’s political or social conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Kingsoft Cloud’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kingsoft Cloud does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Kingsoft Cloud Holdings Limited

Kingsoft Cloud Holdings Limited (NASDAQ: KC) is a leading independent cloud service provider in China. With extensive cloud infrastructure, cutting-edge cloud-native products based on vigorous cloud technology research and development capabilities, well-architected industry-specific solutions and end-to-end fulfillment and deployment, Kingsoft Cloud offers comprehensive, reliable and trusted cloud service to customers in strategically selected verticals.

For more information, please visit: http://ir.ksyun.com.

For investor and media inquiries, please contact:

Kingsoft Cloud Holdings LimitedNicole ShanTel: +86 (10) 6292-7777 Ext. 6300Email: ksc-ir@kingsoft.com

Christensen In ChinaMr. Eric YuanPhone: +86-10-5900-1548Email: eric.yuan@christensencomms.com

In USMs. Linda BergkampPhone: +1-480-6143004Email: lbergkamp@christensenir.com

____________________________________

1 This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.1135 to US$1.00, the noon buying rate in effect on September 30, 2022 as certified for customs purposes by the Federal Reserve Bank of New York.

2 Non-GAAP gross profit is defined as gross profit excluding share-based compensation allocated in the cost of revenues and we define Non-GAAP gross margin as Non-GAAP gross profit as a percentage of revenues. See “Use of Non-GAAP Financial Measures” set forth at the end of this press release.

 

KINGSOFT CLOUD HOLDINGS LIMITED  
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS  
(All amounts in thousands)  
  Dec 31, 2021 Sep 30, 2022 Sep 30, 2022  
  RMB RMB US$  
ASSETS        
Current assets:        
Cash and cash equivalents 4,217,528   3,163,210   444,677    
Restricted cash 239,093   43,144   6,065    
Accounts receivable, net 3,570,975   2,566,969   360,859    
Short-term investments 2,491,056   2,165,674   304,446    
Prepayments and other assets 1,687,021   1,734,108   243,779    
Amounts due from related parties 207,143   365,853   51,431    
Total current assets 12,412,816   10,038,958   1,411,257    
Non-current assets:        
Property and equipment, net 2,364,103   2,350,671   330,452    
Intangible assets, net 1,169,767   1,045,399   146,960    
Prepayments and other assets 29,066   39,899   5,609    
Equity investments 207,166   241,094   33,892    
Goodwill 4,625,115   4,605,724   647,462    
Amounts due from related parties 5,758   4,889   687    
Operating lease right-of-use assets 256,451   218,615   30,732    
Deferred tax assets, net 7,798        
Total non-current assets 8,665,224   8,506,291   1,195,794    
Total assets 21,078,040   18,545,249   2,607,051    
         
LIABILITIES AND SHAREHOLDERS’ EQUITY        
Current liabilities:        
Short-term bank loans 1,348,166   1,041,045   146,348    
Accounts payable 2,938,632   2,454,610   345,064    
Accrued expenses and other current liabilities 2,223,840   2,708,447   380,748    
Income tax payable 60,217   40,926   5,753    
Amounts due to related parties 836,435   851,851   119,751    
Current operating lease liabilities 108,590   104,528   14,694    
Total current liabilities 7,515,880   7,201,407   1,012,358    
Non-current liabilities:        
Deferred tax liabilities 205,889   185,856   26,127    
Amounts due to related parties 472,882   488,020   68,605    
Other liabilities 1,232,677   219,244   30,821    
Non-current operating lease liabilities 158,289   139,594   19,624    
Total non-current liabilities 2,069,737   1,032,714   145,177    
Total liabilities 9,585,617   8,234,121   1,157,535    
Shareholders’ equity:        
Ordinary shares 24,782   24,958   3,509    
Treasury stock   (71,508 ) (10,053 )  
Additional paid-in capital 18,245,801   18,512,795   2,602,488    
Accumulated deficit (7,458,752 ) (9,608,058 ) (1,350,679 )  
Accumulated other comprehensive (loss) income (207,882 ) 589,241   82,834    
Total Kingsoft Cloud Holdings Limited shareholders’ equity 10,603,949   9,447,428   1,328,099    
Noncontrolling interests 888,474   863,700   121,417    
Total equity 11,492,423   10,311,128   1,449,516    
Total liabilities and shareholders’ equity 21,078,040   18,545,249   2,607,051    
         
KINGSOFT CLOUD HOLDINGS LIMITED  
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS  
(All amounts in thousands, except for share and per share data)  
  Three Months Ended Nine Months Ended  
  Sep 30, 2021 Mar 31, 2022 Jun 30, 2022 Sep 30, 2022 Sep 30, 2022 Sep 30, 2021 Sep 30, 2022 Sep 30, 2022  
  RMB RMB RMB RMB US$ RMB RMB US$  
Revenues:                  
Public cloud services 1,685,999   1,380,807   1,289,144   1,346,038   189,223   4,628,609   4,015,989   564,559    
Enterprise cloud services 726,865   792,509   616,574   621,975   87,436   1,769,042   2,031,058   285,522    
Others 971   493   780   774   109   3,403   2,047   288    
Total revenues 2,413,835   2,173,809   1,906,498   1,968,787   276,768   6,401,054   6,049,094   850,369    
Cost of revenues (2,325,423 ) (2,093,851 ) (1,841,294 ) (1,846,368 ) (259,558 ) (6,077,657 ) (5,781,513 ) (812,752 )  
Gross profit 88,412   79,958   65,204   122,419   17,210   323,397   267,581   37,617    
Operating expenses:                  
Selling and marketing expenses (132,202 ) (144,405 ) (146,210 ) (143,363 ) (20,154 ) (341,086 ) (433,978 ) (61,008 )  
General and administrative expenses (156,573 ) (221,763 ) (250,073 ) (235,077 ) (33,047 ) (358,387 ) (706,913 ) (99,376 )  
Research and development expenses (268,721 ) (246,633 ) (220,946 ) (248,149 ) (34,884 ) (765,609 ) (715,728 ) (100,615 )  
Total operating expenses (557,496 ) (612,801 ) (617,229 ) (626,589 ) (88,085 ) (1,465,082 ) (1,856,619 ) (260,999 )  
Operating loss (469,084 ) (532,843 ) (552,025 ) (504,170 ) (70,875 ) (1,141,685 ) (1,589,038 ) (223,382 )  
Interest income 14,668   21,157   17,490   20,408   2,869   51,341   59,055   8,302    
Interest expense (14,277 ) (34,066 ) (34,207 ) (37,845 ) (5,320 ) (24,832 ) (106,118 ) (14,918 )  
Foreign exchange loss (32,443 ) (18,741 ) (229,237 ) (218,941 ) (30,778 ) (9,541 ) (466,919 ) (65,638 )  
Other (loss) gain, net -   (12,035 ) (15,931 ) (42,243 ) (5,938 ) 21,139   (70,209 ) (9,870 )  
Other (expense) income, net (596 ) 20,038   (37 ) (1,079 ) (152 ) 5,794   18,922   2,660    
Loss before income taxes (501,732 ) (556,490 ) (813,947 ) (783,870 ) (110,194 ) (1,097,784 ) (2,154,307 ) (302,846 )  
Income tax expense (5,004 ) 1,670   3,483   (17,577 ) (2,471 ) (11,759 ) (12,424 ) (1,747 )  
Net loss (506,736 ) (554,820 ) (810,464 ) (801,447 ) (112,665 ) (1,109,543 ) (2,166,731 ) (304,593 )  
Less: net income (loss) attributable to noncontrolling interests 1,232   (1,571 ) (7,467 ) (8,387 ) (1,179 ) 1,243   (17,425 ) (2,450 )  
Net loss attributable to Kingsoft Cloud Holdings Limited (507,968 ) (553,249 ) (802,997 ) (793,060 ) (111,486 ) (1,110,786 ) (2,149,306 ) (302,143 )  
                   
Net loss per share:                  
Basic and diluted (0.15 ) (0.15 ) (0.22 ) (0.22 ) (0.03 ) (0.33 ) (0.59 ) (0.08 )  
Shares used in the net loss per share computation:                  
Basic and diluted 3,437,397,527   3,648,282,282   3,654,629,480   3,660,755,177   3,660,755,177   3,377,952,450   3,654,601,335   3,654,601,335    
Other comprehensive income (loss), net of tax of nil:                  
Foreign currency translation adjustments 41,673   (9,764 ) 392,389   414,142   58,219   (20,442 ) 796,767   112,008    
Comprehensive loss (465,063 ) (564,584 ) (418,075 ) (387,305 ) (54,446 ) (1,129,985 ) (1,369,964 ) (192,585 )  
Less: Comprehensive income (loss) attributable to noncontrolling interests 1,232   408   (9,799 ) (8,390 ) (1,179 ) 1,243   (17,781 ) (2,500 )  
Comprehensive loss attributable to Kingsoft Cloud Holdings Limited shareholders (466,295 ) (564,992 ) (408,276 ) (378,915 ) (53,267 ) (1,131,228 ) (1,352,183 ) (190,085 )  
                   
KINGSOFT CLOUD HOLDINGS LIMITED  
RECONCILIATION OF GAAP AND NON-GAAP RESULTS  
(All amounts in thousands, except for percentage)  
  Three Months Ended Nine Months Ended  
  Sep 30, 2021 Mar 31, 2022 Jun 30, 2022 Sep 30, 2022 Sep 30, 2022 Sep 30, 2021 Sep 30, 2022 Sep 30, 2022  
  RMB RMB RMB RMB US$ RMB RMB US$  
Gross profit 88,412 79,958 65,204 122,419 17,210 323,397 267,581 37,617  
Adjustments:                  
– Share-based compensation expenses 3,741 3,619 3,209 2,233 314 12,201 9,061 1,274  
Adjusted gross profit 92,153 83,577 68,413 124,652 17,524 335,598 276,642 38,891  
                   
KINGSOFT CLOUD HOLDINGS LIMITED  
RECONCILIATION OF GAAP AND NON-GAAP RESULTS  
(All amounts in thousands, except for percentage)  
  Three Months Ended Nine Months Ended  
  Sep 30, 2021 Mar 31, 2022 Jun 30, 2022 Sep 30, 2022 Sep 30, 2021 Sep 30, 2022  
Gross margin 3.7% 3.7% 3.4% 6.2% 5.1% 4.4%  
Adjusted gross margin 3.8% 3.8% 3.6% 6.3% 5.2% 4.6%  
KINGSOFT CLOUD HOLDINGS LIMITED  
RECONCILIATION OF GAAP AND NON-GAAP RESULTS  
(All amounts in thousands, except for percentage)  
  Three Months Ended Nine Months Ended  
  Sep 30,2021 Mar 31,2022 Jun 30,2022 Sep 30,2022 Sep 30,2022 Sep 30,2021 Sep 30,2022 Sep 30,2022  
  RMB RMB RMB RMB US$ RMB RMB US$  
Net Loss (506,736 ) (554,820 ) (810,464 ) (801,447 ) (112,665 ) (1,109,543 ) (2,166,731 ) (304,593 )  
Adjustments:                  
– Share-based compensation expenses 110,006   93,182   113,557   51,826   7,286   309,211   258,565   36,348    
– Foreign exchange loss 32,443   18,741   229,237   218,941   30,778   9,541   466,919   65,638    
– Other loss (gain), net -   12,035   15,931   42,243   5,938   (21,139 ) 70,209   9,870    
– Other expense (income), net 596   (20,038 ) 37   1,079   152   (5,794 ) (18,922 ) (2,660 )  
Adjusted net loss (363,691 ) (450,900 ) (451,702 ) (487,358 ) (68,511 ) (817,724 ) (1,389,960 ) (195,397 )  
Adjustments:                  
– Interest income (14,668 ) (21,157 ) (17,490 ) (20,408 ) (2,869 ) (51,341 ) (59,055 ) (8,302 )  
– Interest expense 14,277   34,066   34,207   37,845   5,320   24,832   106,118   14,918    
– Income tax expense 5,004   (1,670 ) (3,483 ) 17,577   2,471   11,759   12,424   1,747    
– Depreciation and amortization 218,450   287,481   290,756   293,672   41,284   588,039   871,909   122,571    
Adjusted EBITDA (140,628 ) (152,180 ) (147,712 ) (158,672 ) (22,305 ) (244,435 ) (458,564 ) (64,463 )  
                   
KINGSOFT CLOUD HOLDINGS LIMITED  
RECONCILIATION OF GAAP AND NON-GAAP RESULTS  
(All amounts in thousands, except for percentage)  
  Three Months Ended Nine Months Ended  
  Sep 30, 2021 Mar 31, 2022 Jun 30, 2022 Sep 30, 2022 Sep 30, 2021 Sep 30, 2022  
Net loss margin -21.0% -25.5% -42.5% -40.7% -17.3% -35.8%  
Adjusted net loss margin -15.1% -20.7% -23.7% -24.8% -12.8% -23.0%  
Adjusted EBITDA Margin -5.8% -7.0% -7.7% -8.1% -3.8% -7.6%  
               
KINGSOFT CLOUD HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(All amounts in thousands)
  Three Months Ended
  Sep 30, 2021 Sep 30, 2022 Sep 30, 2022
  RMB RMB US$
Net cash generated from operating activities 13,926 100,929   14,188  
Net cash generated from investing activities 99,442 323,754   45,513  
Net cash generated from (used in) financing activities 526,164 (130,694 ) (18,373 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash 616 135,595   19,062  
Net increase in cash, cash equivalents and restricted cash 639,532 293,989   41,328  
Cash, cash equivalents and restricted cash at beginning of period 2,954,619 2,776,770   390,352  
Cash, cash equivalents and restricted cash at end of period 3,594,767 3,206,354   450,742  
       
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