Kingsoft Cloud Holdings Limited (“Kingsoft Cloud” or the “Company”)
(NASDAQ: KC and HKEX: 3896), a leading independent cloud service
provider in China, today announced its unaudited financial results
for the third quarter ended September 30, 2023.
Mr. Tao Zou, Chief Executive Officer of Kingsoft
Cloud, commented, “This quarter, we are excited to see our strategy
of embracing AI bearing fruit, as AI business revenue grew rapidly,
generating healthy, sustainable margin and securing a strong
pipeline. We also remained steadfast in the strategic adjustment of
CDN business, as we see revenue contribution from the largest CDN
customer further decreasing to 12% as compared with 16% in the
previous quarter. We expect to deepen our strategic planning and
engagement with Xiaomi and Kingsoft in their comprehensive AI cloud
demand to capture market opportunities, maintain the healthy
trajectory of continued profitability improvement, and generate
value for our shareholders.”
Mr. Henry He, Chief Financial Officer of
Kingsoft Cloud, added, “We are pleased to deliver another quarter
of steady profitability improvement. Our adjusted gross margin
continued to grow for the fifth consecutive quarter and achieved
record high of 12.1%, rising by a significant 5.8 percentage points
year-over-year. Our normalized adjusted EBITDA significantly
narrowed from negative RMB202.0 million in the same period last
year to negative RMB44.1 million this quarter. We also recorded
operating cash inflow for the second consecutive quarter, amounted
to RMB20.4 million in this quarter. Our results over the past few
quarters demonstrate our revenue mix and quality improvement as
well as profitability trajectory.”
Third Quarter
2023 Financial
Results
Total Revenues reached
RMB1,625.2 million (US$222.81 million), representing a decrease of
17.5% from RMB1,968.8 million in the same period of 2022. The
decrease was mainly due to our proactive scale-down of services for
content delivery network (CDN) customers, and phasing-out of
loss-making clients.
Revenues from public
cloud services decreased by 24.5% to RMB1,016.6 million (US$139.3
million), compared with RMB1,346.0 million in the same quarter of
2022. The year-over-year decrease was mainly due to the
above-mentioned scale-down of our CDN services.
Revenues from
enterprise cloud services were RMB608.5 million (US$83.4 million),
representing a decrease of 2.2% from RMB622.0 million in the same
quarter of 2022. The year-over-year decrease was mainly driven by
our focus on selected verticals and high-quality projects.
Other revenues were
RMB0.1 million (US$0.02 million).
Cost of
revenues was RMB1,429.0 million (US$195.9
million), representing a decrease of 22.6% from RMB1,846.4 million
in the same quarter of 2022. We continue to enhance our cost
control measures. Internet Data Center (IDC) costs decreased
significantly by 31.6% year-over-year from RMB1,078.3 million to
RMB737.7 million this quarter. Depreciation and amortization costs
decreased by 21.0% from RMB253.7 million to RMB200.4 million.
Solution development and services costs decreased by 4.0% from
RMB443.1 million to RMB425.3 million this quarter. Fulfillment
costs and other costs were RMB25.7 million and RMB39.9 million this
quarter, which is in line with our enterprise cloud projects’
quality control strategy.
Gross profit was RMB196.2
million (US$26.9 million), representing a significant increase of
60.3% from RMB122.4 million in the same period in 2022.
Gross margin was 12.1%, compared with 6.2% in the
same period in 2022. Non-GAAP gross
profit2 was RMB196.3 million (US$26.9
million), compared with RMB124.7 million in the same period in
2022. Non-GAAP gross margin2 was
12.1%, compared with 6.3% in the same period in 2022. The
significant improvements in our gross profit and margin were mainly
due to our strategic adjustment of revenue mix, optimized
enterprise cloud project selection and efficient cost control
measures, showing our strong commitment to improving our
profitability and delivering high-quality and sustainable
development.
Within that, gross profit of public cloud
services was RMB48.1 million (US$6.6 million), which was
significantly improved from the gross loss of RMB22.1 million in
the same period last year. Gross margin of public cloud services
was 4.7%, which improved significantly from negative 1.6% in the
same period last year. The improvement was mainly due to our
expansion in AI business, proactive scale-down of CDN services and
adjustment of our clients’ structure. Gross profit of enterprise
cloud services was RMB147.3 million (US$20.2 million), compared
with RMB143.8 million in the same period last year. Gross margin of
enterprise cloud services was 24.2%, improved from 23.1% in the
same period last year. The improvement was mainly due to our more
stringent enterprise cloud project selection.
Total operating expenses were
RMB1,001.1 million (US$137.2 million), compared with RMB569.7
million last quarter and RMB626.6 million in the same period in
2022. Among which:
Selling and marketing expenses
were RMB116.4 million (US$16.0 million), compared with RMB129.3
million last quarter and RMB143.4 million in the same period in
2022. The year-over-year decrease was mainly due to our strict
expense control as well as decrease in share-based
compensation.
General and administrative
expenses were RMB215.7 million (US$29.6 million), further
decreased from RMB246.5 million last quarter and RMB235.1 million
in the same period in 2022. The quarter-over-quarter decrease was
mainly attributable to our continued expense control this
quarter.
Research and development
expenses were RMB200.4 million (US$27.5 million), slightly
increased from RMB193.9 million last quarter, but decreased when
comparing with RMB248.1 million in the same period in 2022. The
year-over-year decrease was mainly due to the enhanced research and
development efficiency and the region re-allocation of personnel in
Beijing and Wuhan.
Impairment of long-lived assets
was RMB468.5 million (US$64.2 million), mainly attributable to
impairment loss of public cloud asset group.
Operating loss was RMB804.8
million (US$110.3 million), compared with operating loss of
RMB363.1 million last quarter and RMB504.2 million in the same
quarter of 2022.
Net loss was RMB789.7 million
(US$108.2 million), compared with net loss of RMB498.3 million last
quarter and RMB801.4 million in the same quarter of 2022.
Non-GAAP net
loss3 was RMB313.3 million (US$42.9
million), narrowed from net loss of RMB315.0 million last quarter
and RMB530.7 million in the same quarter of 2022.
Non-GAAP
EBITDA4 was RMB-45.4 million
(US$-6.2 million), compared with RMB-61.4 million last quarter and
RMB-202.0 million in the same quarter of 2022. Non-GAAP
EBITDA margin was -2.8% this quarter, compared with -3.3%
last quarter and -10.3% in the same quarter last year. Excluding
loss on disposal of property and equipment, normalized
Non-GAAP EBITDA was RMB-44.1 million (US$-6.0 million)
this quarter, improved from RMB-59.9 million last quarter and
RMB-202.0 million in the same period last year. Normalized
Non-GAAP EBITDA margin was -2.7%, compared with -3.3% last
quarter and -10.3% in the same quarter of 2022.
Basic and
diluted net loss
per share was RMB0.22 (US$0.03),
compared with RMB0.14 last quarter and RMB0.22 in the same quarter
of 2022.
Cash and
cash equivalents
and short-term
investments were RMB2,612.1 million (US$358.0
million) as of September 30, 2023.
Outstanding
ordinary shares were
3,542,133,556 as of September 30, 2023, equivalent to about
236,142,237 ADSs.
Conference Call
Information
Kingsoft Cloud’s management will host an
earnings conference call on Tuesday, November 21, 2023 at 7:15
A.M., U.S. Eastern Time (8:15 P.M., Beijing/Hong Kong Time on the
same day).
Participants can register for the conference
call by navigating to
https://register.vevent.com/register/BI7699077da6174c888cfdf768162a07cb.
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 loss
(gain) and impairment of long-lived assets, 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 RMB7.2960 to US$1.00, the noon buying rate in
effect on September 29, 2023 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 and
HKEX:3896) 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
__________________________________________
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
RMB7.2960 to US$1.00, the noon buying rate in effect on September
29, 2023 as certified for customs purposes by the Federal Reserve
Bank of New York.2 Non-GAAP gross profit is defined as gross profit
excluding share-based compensation allocated in the cost of
revenues and we define Non-GAAP gross margin as Non-GAAP gross
profit as a percentage of revenues. See “Use of Non-GAAP Financial
Measures” set forth at the end of this press release.3 Non-GAAP net
loss is defined as net loss excluding share-based compensation,
foreign exchange loss (gain) and impairment of long-lived assets,
and we define Non-GAAP net loss margin as adjusted net loss as a
percentage of revenues. See “Use of Non-GAAP Financial Measures”
set forth at the end of this press release.4 Non-GAAP EBITDA is
defined as Non-GAAP net loss excluding interest income, interest
expense, income tax expense and depreciation and amortization, and
we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage
of revenues. See “Use of Non-GAAP Financial Measures” set forth at
the end of this press release.
KINGSOFT CLOUD HOLDINGS LIMITED |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(All amounts in thousands) |
|
Dec 31,2022 |
Sep 30,2023 |
Sep 30,2023 |
|
RMB |
RMB |
US$ |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
3,419,166 |
|
2,612,058 |
|
358,012 |
|
Restricted cash |
114,560 |
|
119,570 |
|
16,388 |
|
Accounts receivable, net |
2,402,430 |
|
1,759,571 |
|
241,169 |
|
Short-term investments |
1,253,670 |
|
— |
|
— |
|
Prepayments and other assets |
1,612,022 |
|
1,747,811 |
|
239,557 |
|
Amounts due from related
parties |
246,505 |
|
329,581 |
|
45,173 |
|
Total current
assets |
9,048,353 |
|
6,568,591 |
|
900,299 |
|
Non-current
assets: |
|
|
|
Property and equipment, net |
2,132,994 |
|
1,342,524 |
|
184,008 |
|
Intangible assets, net |
1,008,020 |
|
889,608 |
|
121,931 |
|
Prepayments and other assets |
21,263 |
|
255,493 |
|
35,018 |
|
Equity investments |
273,580 |
|
277,662 |
|
38,057 |
|
Goodwill |
4,605,724 |
|
4,605,724 |
|
631,267 |
|
Amounts due from related
parties |
5,758 |
|
6,389 |
|
876 |
|
Operating lease right-of-use
assets |
220,539 |
|
164,383 |
|
22,531 |
|
Total non-current
assets |
8,267,878 |
|
7,541,783 |
|
1,033,688 |
|
Total
assets |
17,316,231 |
|
14,110,374 |
|
1,933,987 |
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Short-term bank loans |
909,500 |
|
926,683 |
|
127,012 |
|
Accounts payable |
2,301,958 |
|
2,161,558 |
|
296,266 |
|
Accrued expenses and other
current liabilities |
2,830,826 |
|
2,320,306 |
|
318,025 |
|
Income tax payable |
51,892 |
|
65,339 |
|
8,955 |
|
Amounts due to related
parties |
427,727 |
|
80,270 |
|
11,002 |
|
Current operating lease
liabilities |
136,723 |
|
56,040 |
|
7,681 |
|
Total current
liabilities |
6,658,626 |
|
5,610,196 |
|
768,941 |
|
Non-current
liabilities: |
|
|
|
Deferred tax liabilities |
167,052 |
|
150,063 |
|
20,568 |
|
Amounts due to related
parties |
413,464 |
|
— |
|
— |
|
Other liabilities |
370,531 |
|
764,115 |
|
104,731 |
|
Non-current operating lease
liabilities |
123,059 |
|
96,941 |
|
13,287 |
|
Total non-current
liabilities |
1,074,106 |
|
1,011,119 |
|
138,586 |
|
Total
liabilities |
7,732,732 |
|
6,621,315 |
|
907,527 |
|
Shareholders’
equity: |
|
|
|
Ordinary shares |
25,062 |
|
25,302 |
|
3,468 |
|
Treasury stock |
(208,385 |
) |
(208,385 |
) |
(28,562 |
) |
Additional paid-in capital |
18,648,205 |
|
18,705,939 |
|
2,563,862 |
|
Statutory reserves funds |
(14,700 |
) |
(14,700 |
) |
(2,015 |
) |
Accumulated deficit |
(10,102,236 |
) |
(11,994,428 |
) |
(1,643,973 |
) |
Accumulated other comprehensive
income |
453,074 |
|
623,004 |
|
85,390 |
|
Total Kingsoft Cloud
Holdings Limited shareholders’ equity |
8,801,020 |
|
7,136,732 |
|
978,170 |
|
Noncontrolling interests |
782,479 |
|
352,327 |
|
48,290 |
|
Total
equity |
9,583,499 |
|
7,489,059 |
|
1,026,460 |
|
Total liabilities and
shareholders’ equity |
17,316,231 |
|
14,110,374 |
|
1,933,987 |
|
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 30,2022 |
Mar 31,2023 |
Jun 30,2023 |
Sep 30,2023 |
Sep 30,2023 |
Sep 30,2022 |
Sep 30,2023 |
Sep 30,2023 |
|
RMB |
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Revenues: |
|
|
|
|
|
|
|
|
Public cloud services |
1,346,038 |
|
1,153,674 |
|
1,159,509 |
|
1,016,592 |
|
139,336 |
|
4,015,989 |
|
3,329,775 |
|
456,384 |
|
Enterprise cloud services |
621,975 |
|
709,976 |
|
675,176 |
|
608,510 |
|
83,403 |
|
2,031,058 |
|
1,993,662 |
|
273,254 |
|
Others |
774 |
|
750 |
|
718 |
|
106 |
|
15 |
|
2,047 |
|
1,574 |
|
216 |
|
Total
revenues |
1,968,787 |
|
1,864,400 |
|
1,835,403 |
|
1,625,208 |
|
222,754 |
|
6,049,094 |
|
5,325,011 |
|
729,854 |
|
Cost of revenues |
(1,846,368 |
) |
(1,670,215 |
) |
(1,628,797 |
) |
(1,428,968 |
) |
(195,856 |
) |
(5,781,513 |
) |
(4,727,980 |
) |
(648,024 |
) |
Gross
profit |
122,419 |
|
194,185 |
|
206,606 |
|
196,240 |
|
26,898 |
|
267,581 |
|
597,031 |
|
81,830 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling and marketing
expenses |
(143,363 |
) |
(88,053 |
) |
(129,253 |
) |
(116,438 |
) |
(15,959 |
) |
(433,978 |
) |
(333,744 |
) |
(45,743 |
) |
General and administrative
expenses |
(235,077 |
) |
(303,493 |
) |
(246,549 |
) |
(215,740 |
) |
(29,570 |
) |
(706,913 |
) |
(765,782 |
) |
(104,959 |
) |
Research and development
expenses |
(248,149 |
) |
(215,370 |
) |
(193,920 |
) |
(200,362 |
) |
(27,462 |
) |
(715,728 |
) |
(609,652 |
) |
(83,560 |
) |
Impairment of long-lived
assets |
- |
|
(185,135 |
) |
- |
|
(468,535 |
) |
(64,218 |
) |
- |
|
(653,670 |
) |
(89,593 |
) |
Total operating
expenses |
(626,589 |
) |
(792,051 |
) |
(569,722 |
) |
(1,001,075 |
) |
(137,209 |
) |
(1,856,619 |
) |
(2,362,848 |
) |
(323,855 |
) |
Operating
loss |
(504,170 |
) |
(597,866 |
) |
(363,116 |
) |
(804,835 |
) |
(110,311 |
) |
(1,589,038 |
) |
(1,765,817 |
) |
(242,025 |
) |
Interest income |
20,408 |
|
14,068 |
|
25,568 |
|
26,332 |
|
3,609 |
|
59,055 |
|
65,968 |
|
9,042 |
|
Interest expense |
(37,845 |
) |
(27,927 |
) |
(30,307 |
) |
(40,800 |
) |
(5,592 |
) |
(106,118 |
) |
(99,034 |
) |
(13,574 |
) |
Foreign exchange loss (gain) |
(218,941 |
) |
93 |
|
(151,515 |
) |
20,200 |
|
2,769 |
|
(466,919 |
) |
(131,222 |
) |
(17,985 |
) |
Other (loss) gain, net |
(42,243 |
) |
(7,946 |
) |
(11,841 |
) |
3,855 |
|
528 |
|
(70,209 |
) |
(15,932 |
) |
(2,184 |
) |
Other (expense) income, net |
(1,079 |
) |
12,286 |
|
37,781 |
|
16,520 |
|
2,264 |
|
18,922 |
|
66,587 |
|
9,127 |
|
Loss before income
taxes |
(783,870 |
) |
(607,292 |
) |
(493,430 |
) |
(778,728 |
) |
(106,733 |
) |
(2,154,307 |
) |
(1,879,450 |
) |
(257,599 |
) |
Income tax expense |
(17,577 |
) |
(1,529 |
) |
(4,842 |
) |
(10,990 |
) |
(1,506 |
) |
(12,424 |
) |
(17,361 |
) |
(2,380 |
) |
Net loss |
(801,447 |
) |
(608,821 |
) |
(498,272 |
) |
(789,718 |
) |
(108,239 |
) |
(2,166,731 |
) |
(1,896,811 |
) |
(259,979 |
) |
Less: net (loss)
income attributable to noncontrolling interests |
(8,387 |
) |
(1,833 |
) |
1,073 |
|
(3,859 |
) |
(529 |
) |
(17,425 |
) |
(4,619 |
) |
(633 |
) |
Net loss attributable to
Kingsoft Cloud Holdings Limited |
(793,060 |
) |
(606,988 |
) |
(499,345 |
) |
(785,859 |
) |
(107,710 |
) |
(2,149,306 |
) |
(1,892,192 |
) |
(259,346 |
) |
|
|
|
|
|
|
|
|
|
Net loss per
share: |
|
|
|
|
|
|
|
|
Basic and diluted |
(0.22 |
) |
(0.17 |
) |
(0.14 |
) |
(0.22 |
) |
(0.03 |
) |
(0.59 |
) |
(0.53 |
) |
(0.07 |
) |
Shares used in the net
loss per share computation: |
|
|
|
|
|
|
|
|
Basic and diluted |
3,660,755,177 |
|
3,546,512,621 |
|
3,554,529,097 |
|
3,564,635,578 |
|
3,564,635,578 |
|
3,654,601,335 |
|
3,551,616,821 |
|
3,551,616,821 |
|
Other comprehensive
income (loss), net of tax of nil: |
|
|
|
|
|
|
|
|
Foreign currency translation
adjustments |
414,142 |
|
(29,833 |
) |
238,614 |
|
(38,904 |
) |
(5,332 |
) |
796,767 |
|
169,877 |
|
23,284 |
|
Comprehensive
loss |
(387,305 |
) |
(638,654 |
) |
(259,658 |
) |
(828,622 |
) |
(113,571 |
) |
(1,369,964 |
) |
(1,726,934 |
) |
(236,695 |
) |
Less:
Comprehensive (loss) income attributable to
noncontrolling interests |
(8,390 |
) |
(1,834 |
) |
1,059 |
|
(3,897 |
) |
(534 |
) |
(17,781 |
) |
(4,672 |
) |
(640 |
) |
Comprehensive loss
attributable to Kingsoft Cloud Holdings Limited
shareholders |
(378,915 |
) |
(636,820 |
) |
(260,717 |
) |
(824,725 |
) |
(113,037 |
) |
(1,352,183 |
) |
(1,722,262 |
) |
(236,055 |
) |
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 30,2022 |
Mar 31,2023 |
Jun 30,2023 |
Sep 30,2023 |
Sep 30,2023 |
Sep 30,2022 |
Sep 30,2023 |
Sep 30,2023 |
|
RMB |
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Gross
profit |
122,419 |
194,185 |
206,606 |
196,240 |
26,898 |
267,581 |
597,031 |
81,830 |
Adjustments: |
|
|
|
|
|
|
|
|
– Share-based compensation expenses |
2,233 |
224 |
169 |
34 |
5 |
9,061 |
427 |
59 |
Adjusted gross profit |
124,652 |
194,409 |
206,775 |
196,274 |
26,903 |
276,642 |
597,458 |
81,889 |
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 30,2022 |
Mar 31,2023 |
Jun 30,2023 |
Sep 30,2023 |
Sep 30,2022 |
Sep 30,2023 |
Gross
margin |
6.2% |
10.4% |
11.3% |
12.1% |
4.4% |
11.2% |
Adjusted gross
margin |
6.3% |
10.4% |
11.3% |
12.1% |
4.6% |
11.2% |
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 30,2022 |
Mar 31,2023 |
Jun 30,2023 |
Sep 30,2023 |
Sep 30,2023 |
Sep 30,2022 |
Sep 30,2023 |
Sep 30,2023 |
|
RMB |
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Net Loss |
(801,447 |
) |
(608,821 |
) |
(498,272 |
) |
(789,718 |
) |
(108,239 |
) |
(2,166,731 |
) |
(1,896,811 |
) |
(259,979 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
– Share-based compensation
expenses |
51,826 |
|
11,309 |
|
31,797 |
|
28,102 |
|
3,852 |
|
258,565 |
|
71,208 |
|
9,760 |
|
– Foreign exchange loss
(gain) |
218,941 |
|
(93 |
) |
151,515 |
|
(20,200 |
) |
(2,769 |
) |
466,919 |
|
131,222 |
|
17,985 |
|
– Impairment of long-lived
assets |
- |
|
185,135 |
|
- |
|
468,535 |
|
64,218 |
|
- |
|
653,670 |
|
89,593 |
|
Adjusted net loss |
(530,680 |
) |
(412,470 |
) |
(314,960 |
) |
(313,281 |
) |
(42,938 |
) |
(1,441,247 |
) |
(1,040,711 |
) |
(142,641 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
– Interest income |
(20,408 |
) |
(14,068 |
) |
(25,568 |
) |
(26,332 |
) |
(3,609 |
) |
(59,055 |
) |
(65,968 |
) |
(9,042 |
) |
– Interest expense |
37,845 |
|
27,927 |
|
30,307 |
|
40,800 |
|
5,592 |
|
106,118 |
|
99,034 |
|
13,574 |
|
– Income tax expense |
17,577 |
|
1,529 |
|
4,842 |
|
10,990 |
|
1,506 |
|
12,424 |
|
17,361 |
|
2,380 |
|
– Depreciation and
amortization |
293,672 |
|
266,535 |
|
243,984 |
|
242,421 |
|
33,227 |
|
871,909 |
|
752,940 |
|
103,199 |
|
Adjusted EBITDA |
(201,994 |
) |
(130,547 |
) |
(61,395 |
) |
(45,402 |
) |
(6,222 |
) |
(509,851 |
) |
(237,344 |
) |
(32,530 |
) |
– Loss on disposal of property
and equipment |
- |
|
20,216 |
|
1,456 |
|
1,324 |
|
181 |
|
- |
|
22,996 |
|
3,152 |
|
Excluding loss on disposal of
property and equipment, normalized Adjusted EBITDA |
(201,994 |
) |
(110,331 |
) |
(59,939 |
) |
(44,078 |
) |
(6,041 |
) |
(509,851 |
) |
(214,348 |
) |
(29,378 |
) |
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 30,2022 |
Mar 31,2023 |
Jun 30,2023 |
Sep 30,2023 |
Sep 30,2022 |
Sep 30,2023 |
Net loss
margin |
-40.7% |
-32.7% |
-27.1% |
-48.6% |
-35.8% |
-35.6% |
Adjusted net loss
margin |
-27.0% |
-22.1% |
-17.2% |
-19.3% |
-23.8% |
-19.5% |
Adjusted EBITDA
Margin |
-10.3% |
-7.0% |
-3.3% |
-2.8% |
-8.4% |
-4.5% |
Normalized Adjusted
EBITDA |
-10.3% |
-5.9% |
-3.3% |
-2.7% |
-8.4% |
-4.0% |
KINGSOFT CLOUD HOLDINGS LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS |
(All amounts in thousands) |
|
Three Months Ended |
|
Sep 30,2022 |
Sep 30,2023 |
Sep 30,2023 |
|
RMB |
RMB |
US$ |
Net cash generated from operating activities |
100,929 |
|
20,372 |
|
2,792 |
|
Net cash generated from
investing activities |
323,754 |
|
165,089 |
|
22,627 |
|
Net cash used in
financing activities |
(130,694 |
) |
(1,263,894 |
) |
(173,231 |
) |
Effect of exchange rate changes
on cash, cash equivalents and restricted cash |
135,595 |
|
(13,026 |
) |
(1,786 |
) |
Net increase (decrease) in cash,
cash equivalents and restricted cash |
293,989 |
|
(1,078,433 |
) |
(147,812 |
) |
Cash, cash equivalents and
restricted cash at beginning of period |
2,776,770 |
|
3,823,087 |
|
523,998 |
|
Cash, cash equivalents
and restricted cash at end of period |
3,206,354 |
|
2,731,628 |
|
374,400 |
|
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