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BEIJING, Aug. 30, 2022 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier- and cloud-neutral Internet data center services provider in China, today announced its unaudited financial results for the three months ended June 30, 2022.
"We delivered solid results in the second quarter amid macro uncertainties and tightened restrictions to contain COVID resurgences," said Samuel Shen, Chief Executive Officer of VNET and Executive Chairman of VNET's Retail IDC. "Notably, our wholesale business continued making good progress. We extended our contract with a leading social platform in China in the second quarter, generating a capacity of approximately 14MW, and recently signed a new contract generating a capacity of 15MW with a leading cloud service provider in China. Our retail business also achieved impressive results driven by rising digital demand from various industries. With our strong operating capabilities, deep industry experience and proven technology expertise, we are confident our compelling value proposition will enable us to seize new growth opportunities and create additional value for all of our stakeholders."
Tim Chen, Chief Financial Officer of VNET, commented, "Fueled by our dual-core growth strategy, this quarter we delivered a robust financial performance with a year-over-year growth 15.2% and 14.5% in revenue and adjusted EBITDA, respectively. Our solid financial position provides a firm foundation from which to drive long-term, sustainable growth as we continue to leverage our scalable service offerings, build our customer base across a wider variety of industries and maximize the opportunities ahead."
Second Quarter 2022 Financial Highlights
Second Quarter 2022 Operational Highlights
[1] The overall utilization rate is calculated by dividing the number of customer-utilized cabinets by the total cabinets under management at the end of the period. Before the first quarter of 2022, the Company used the compound utilization rate, a metric that was calculated based on the weighted average number of customer-utilized cabinets over the reported period. |
[2] Retail IDC MRR refers to Monthly Recurring Revenues for the retail IDC business. |
Update on the Non-binding Acquisition Proposal
The Company has retained Citigroup Global Markets Asia Limited as its financial advisor and Davis Polk & Wardwell LLP as its legal counsel to assist it in review and evaluation of the previously announced preliminary non-binding proposal letter dated April 6, 2022 to acquire all of the outstanding ordinary shares of the Company (the "Proposal") and any alternative strategic option that the Company may pursue.
The Board of Directors (the "Board") cautions the Company's shareholders and others considering trading the Company's securities that the Board has not made any decisions with respect to the Proposal or any alternative strategic option that the Company may pursue. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.
Second Quarter 2022 Financial Results
NET REVENUES: Net revenues in the second quarter of 2022 were RMB1.72 billion (US$257.5 million), representing an increase of 15.2% from RMB1.50 billion in the same period of 2021. The year-over-year increase was mainly due to the increased demand from both wholesale and retail IDC customers, as well as the growth of revenue from cloud business.
GROSS PROFIT: Gross profit in the second quarter of 2022 was RMB357.8 million (US$53.4 million), compared with RMB359.5 million in the same period of 2021. Gross margin in the second quarter of 2022 was 20.7%, compared to 24.0% in the same period of 2021.
ADJUSTED CASH GROSS PROFIT, which excludes depreciation, amortization, and share-based compensation expenses, was RMB713.7 million (US$106.6 million) in the second quarter of 2022, compared to RMB640.2 million in the same period of 2021. Adjusted cash gross margin in the second quarter of 2022 was 41.4%, compared to 42.8% in the same period of 2021.
OPERATING EXPENSES: Total operating expenses in the second quarter of 2022 were RMB321.7 million (US$48.0 million), compared to RMB262.5 million in the same period of 2021. As a percentage of net revenues, total operating expenses in the second quarter of 2022 were 18.7%, compared to 17.5% in the same period of 2021.
Sales and marketing expenses in the second quarter of 2022 were RMB80.4 million (US$12.0 million), compared to RMB59.6 million in the same period of 2021.
Research and development expenses in the second quarter of 2022 were RMB76.7 million (US$11.5 million), compared to RMB38.3 million in the same period of 2021.
General and administrative expenses in the second quarter of 2022 were RMB167.0 million (US$24.9 million), compared to RMB154.2 million in the same period of 2021.
ADJUSTED OPERATING EXPENSES, which exclude share-based compensation expenses, compensation for postcombination employment in an acquisition and impairment of loan receivable to potential investee, were RMB250.7 million (US$37.4 million) in the second quarter of 2022, compared to RMB235.6 million in the same period of 2021. As a percentage of net revenues, adjusted operating expenses in the second quarter of 2022 were 14.5%, compared to 15.7% in the same period of 2021.
ADJUSTED EBITDA: Adjusted EBITDA in the second quarter of 2022 was RMB486.9 million (US$72.7 million), representing an increase of 14.5% from RMB425.1 million in the same period of 2021. Adjusted EBITDA in the second quarter of 2022 excluded share-based compensation expenses of RMB47.5 million (US$7.1 million). Adjusted EBITDA margin in the second quarter of 2022 was 28.2%, compared to 28.4% in the same period of 2021.
NET PROFIT/LOSS: Net loss attributable to ordinary shareholders in the second quarter of 2022 was RMB377.2 million (US$56.3 million), compared to a net profit of RMB455.9 million in the same period of 2021. Net loss attributable to ordinary shareholders in the second quarter of 2022 included a foreign exchange loss of RMB319.9 million (US$47.8 million), compared to a foreign exchange gain of RMB78.0 million in the same period of 2021.
PROFIT/LOSS PER SHARE: Basic and diluted loss per share in the second quarter of 2022 were both RMB0.43 (US$0.06) which represented the equivalent of both RMB2.58 (US$0.36) per American depositary share ("ADS"). Each ADS represents six Class A ordinary shares. Diluted profit/loss per share is calculated using adjusted net profit/loss attributable to ordinary shareholders divided by the weighted average number of diluted shares outstanding.
As of June 30, 2022, the aggregate amount of the Company's cash,cash equivalents and restricted cash was RMB3.62 billion (US$539.9 million).
Net cash generated from operating activities, in the second quarter of 2022, was RMB942.7 million (US$140.7 million), compared to RMB314.8 million in the same period of 2021.
Business Outlook
In consideration of COVID-related disruptions in the second quarter 2022 and softer economic conditions, the Company currently expects net revenues for the full year of 2022 to be in the range of RMB7,250 million to RMB7,550 million, and adjusted EBITDA to be in the range of RMB1,800 million to RMB1,950 million.
The forecast reflects the Company's current and preliminary views on the market and its operational conditions, which does not factor in any of the potential future impacts caused by the ongoing COVID-19 pandemic, and is subject to change.
Conference Call
The Company's management will host an earnings conference call at 9:00 PMU.S. Eastern Time on Tuesday, August 30, 2022, or 9:00 AMBeijing Time on Wednesday, August 31, 2022.
For participants who wish to join the call, please access the link provided below to complete the online registration process and dial in 5 minutes prior to the scheduled call start time.
Event Title: VNET Second Quarter 2022 Earnings Conference CallRegistration Link: https://register.vevent.com/register/BIe1ecf9e092d04400b0020b258448551c
Upon registration, each participant will receive a set of dial-in numbers by location, a personal PIN and an email with further detailed instructions, which will be used to join the conference call.
A simultaneous audio webcast and replay of the conference call will be accessible on the Company's investor relations website at http://ir.vnet.com.
Non-GAAP Disclosure
In evaluating its business, VNET considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission as a supplemental measure to review and assess its operating performance: adjusted cash gross profit, adjusted cash gross margin, adjusted operating expenses, adjusted EBITDA and 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 RMB6.6981 to US$1.00, the noon buying rate in effect on June 30, 2022, 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 VNET
VNET Group, Inc. is a leading carrier- and cloud-neutral Internet data center services provider in China. VNET 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 VNET's data centers and connect to China's internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 6,500 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," "target," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement as well as VNET's strategic and operational plans contain forward-looking statements. VNET 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 VNET'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: VNET's goals and strategies; VNET's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET's services; VNET's expectations regarding keeping and strengthening its relationships with customers; VNET'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 VNET provides solutions and services. Further information regarding these and other risks is included in VNET's reports filed with, or furnished to, the U.S. 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 VNET undertakes no duty to update such information, except as required under applicable law.
Investor Relations Contact:
Xinyuan LiuTel: +86 10 8456 2121Email: ir@vnet.com
VNET GROUP, INC. | |||||
CONSOLIDATED BALANCE SHEETS | |||||
(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | |||||
As of | As of | ||||
December 31, 2021 | June 30, 2022 | ||||
RMB | RMB | US$ | |||
(Audited) | (Unaudited) | (Unaudited) | |||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | 1,372,481 | 3,408,381 | 508,858 | ||
Restricted cash | 327,767 | 202,374 | 30,214 | ||
Accounts and notes receivable, net | 1,405,997 | 1,745,156 | 260,545 | ||
Prepaid expenses and other current assets | 2,049,911 | 1,916,422 | 286,114 | ||
Amounts due from related parties | 167,967 | 173,142 | 25,848 | ||
Total current assets | 5,324,123 | 7,445,475 | 1,111,579 | ||
Non-current assets: | |||||
Property and equipment, net | 10,092,419 | 10,485,412 | 1,565,431 | ||
Intangible assets, net | 900,335 | 871,067 | 130,047 | ||
Land use rights, net | 337,235 | 333,187 | 49,744 | ||
Operating lease right-of-use assets, net | 2,869,338 | 2,801,343 | 418,229 | ||
Goodwill | 1,339,657 | 1,339,657 | 200,006 | ||
Restricted cash | 8,225 | 5,500 | 821 | ||
Deferred tax assets, net | 168,002 | 157,719 | 23,547 | ||
Long-term investments, net | 98,243 | 29,506 | 4,405 | ||
Other non-current assets | 1,957,462 | 2,007,789 | 299,755 | ||
Total non-current assets | 17,770,916 | 18,031,180 | 2,691,985 | ||
Total assets | 23,095,039 | 25,476,655 | 3,803,564 | ||
Liabilities and Shareholders' Equity | |||||
Current liabilities: | |||||
Accounts and notes payable | 493,506 | 695,034 | 103,766 | ||
Accrued expenses and other payables | 2,298,089 | 2,009,115 | 299,953 | ||
Advances from customers | 1,041,902 | 1,238,029 | 184,833 | ||
Deferred revenue | 55,695 | 75,766 | 11,312 | ||
Income taxes payable | 43,770 | 47,492 | 7,090 | ||
Amounts due to related parties | 8,772 | 4,791 | 715 | ||
Current portion of long-term borrowings | 384,158 | 415,907 | 62,093 | ||
Current portion of finance lease liabilities | 244,032 | 224,454 | 33,510 | ||
Current portion of deferred government grant | 2,074 | 2,074 | 310 | ||
Current portion of operating lease liabilities | 607,997 | 579,956 | 86,585 | ||
Total current liabilities | 5,179,995 | 5,292,618 | 790,167 | ||
Non-current liabilities: | |||||
Long-term borrowings | 2,215,015 | 2,835,549 | 423,336 | ||
Convertible promissory notes | 4,266,951 | 6,117,694 | 913,348 | ||
Non-current portion of finance lease liabilities | 1,119,751 | 1,117,232 | 166,798 | ||
Unrecognized tax benefits | 77,573 | 80,621 | 12,036 | ||
Deferred tax liabilities | 348,404 | 360,873 | 53,877 | ||
Non-current portion of deferred government grant | 2,294 | 1,114 | 166 | ||
Non-current portion of operating lease liabilities | 2,284,055 | 2,258,049 | 337,118 | ||
Total non-current liabilities | 10,314,043 | 12,771,132 | 1,906,679 | ||
Shareholders' equity | |||||
Treasury stock | (349,523) | (349,523) | (52,182) | ||
Ordinary shares | 60 | 60 | 9 | ||
Additional paid-in capital | 15,198,055 | 15,229,505 | 2,273,705 | ||
Accumulated other comprehensive loss | (90,443) | (29,383) | (4,387) | ||
Statutory reserves | 74,462 | 75,540 | 11,278 | ||
Accumulated deficit | (7,590,382) | (7,877,958) | (1,176,148) | ||
Total VNET Group, Inc. shareholders' equity | 7,242,229 | 7,048,241 | 1,052,275 | ||
Noncontrolling interest | 358,772 | 364,664 | 54,443 | ||
Total shareholders' equity | 7,601,001 | 7,412,905 | 1,106,718 | ||
Total liabilities and shareholders' equity | 23,095,039 | 25,476,655 | 3,803,564 | ||
VNET GROUP, INC. | |||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
(Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for number of shares and per share data) | |||||||||||||
Three months ended | Six months ended | ||||||||||||
June 30, 2021 | March 31, 2022 | June 30, 2022 | June 30, 2021 | June 30, 2022 | |||||||||
RMB | RMB | RMB | US$ | RMB | RMB | RMB | |||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||
Net revenues | 1,496,978 | 1,645,486 | 1,724,863 | 257,515 | 2,883,901 | 3,370,349 | 503,180 | ||||||
Cost of revenues | (1,137,463) | (1,289,965) | (1,367,086) | (204,101) | (2,201,074) | (2,657,051) | (396,687) | ||||||
Gross profit | 359,515 | 355,521 | 357,777 | 53,414 | 682,827 | 713,298 | 106,493 | ||||||
Operating income (expense) | |||||||||||||
Other operating income | - | 39,697 | 1,588 | 237 | - | 41,285 | 6,164 | ||||||
Sales and marketing | (59,589) | (74,941) | (80,368) | (11,999) | (133,565) | (155,309) | (23,187) | ||||||
Research and development | (38,296) | (72,615) | (76,740) | (11,457) | (71,861) | (149,355) | (22,298) | ||||||
General and administrative | (154,243) | (154,237) | (167,044) | (24,939) | (289,489) | (321,281) | (47,966) | ||||||
(Allowance) reversal for doubtful debt | (7,527) | 2,633 | 845 | 126 | (7,920) | 3,478 | 519 | ||||||
Impairment of loan receivable to potential investee | (2,816) | - | - | - | (2,816) | - | - | ||||||
Total operating expenses | (262,471) | (259,463) | (321,719) | (48,032) | (505,651) | (581,182) | (86,768) | ||||||
Operating profit | 97,044 | 96,058 | 36,058 | 5,382 | 177,176 | 132,116 | 19,725 | ||||||
Interest income | 8,103 | 4,549 | 8,814 | 1,316 | 13,812 | 13,363 | 1,995 | ||||||
Interest expense | (87,095) | (53,119) | (68,530) | (10,231) | (171,574) | (121,649) | (18,162) | ||||||
Other income | 5,263 | 5,391 | 2,896 | 432 | 7,435 | 8,287 | 1,237 | ||||||
Other expenses | (11,872) | (352) | (693) | (103) | (15,294) | (1,045) | (156) | ||||||
Changes in the fair value of convertible promissory notes | 424,107 | 60,278 | (2,321) | (347) | 415,466 | 57,957 | 8,653 | ||||||
Foreign exchange gain (loss) | 78,026 | 24,749 | (319,875) | (47,756) | 44,180 | (295,126) | (44,061) | ||||||
Gain (loss) before income taxes and (loss) gain from equity method investments | 513,576 | 137,554 | (343,651) | (51,307) | 471,201 | (206,097) | (30,769) | ||||||
Income tax expenses | (29,499) | (46,700) | (30,946) | (4,620) | (66,798) | (77,646) | (11,592) | ||||||
(Loss) gain from equity method investments | (23,605) | 2,047 | 1,090 | 163 | (24,910) | 3,137 | 468 | ||||||
Net profit (loss) | 460,472 | 92,901 | (373,507) | (55,764) | 379,493 | (280,606) | (41,893) | ||||||
Net gain attributable to noncontrolling interest | (4,620) | (2,195) | (3,696) | (552) | (8,300) | (5,891) | (880) | ||||||
Net profit (loss) attributable to the Company's ordinary shareholders | 455,852 | 90,706 | (377,203) | (56,316) | 371,193 | (286,497) | (42,773) | ||||||
Profit (loss) per share | |||||||||||||
Basic | 0.52 | 0.10 | (0.43) | (0.06) | 0.42 | (0.32) | (0.05) | ||||||
Diluted | 0.04 | 0.03 | (0.43) | (0.06) | (0.05) | (0.37) | (0.06) | ||||||
Shares used in profit (loss) per share computation | |||||||||||||
Basic* | 869,645,966 | 885,771,728 | 886,204,618 | 886,204,618 | 863,960,057 | 885,915,878 | 132,263,758 | ||||||
Diluted* | 905,446,557 | 938,146,240 | 886,204,618 | 886,204,618 | 905,136,178 | 919,915,879 | 137,339,825 | ||||||
Profit (loss) per ADS (6 ordinary shares equal to 1 ADS) | |||||||||||||
Basic | 3.12 | 0.60 | (2.58) | (0.36) | 2.52 | (1.92) | (0.30) | ||||||
Diluted | 0.24 | 0.18 | (2.58) | (0.36) | (0.30) | (2.22) | (0.36) | ||||||
* Shares used in profit (loss) per share/ADS computation were computed under weighted average method. | |||||||||||||
VNET GROUP, INC. | |||||||||||||
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS | |||||||||||||
(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | |||||||||||||
Three months ended | Six months ended | ||||||||||||
June 30, 2021 | March 31, 2022 | June 30, 2022 | June 30, 2021 | June 30, 2022 | |||||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Gross profit | 359,515 | 355,521 | 357,777 | 53,414 | 682,827 | 713,298 | 106,493 | ||||||
Plus: depreciation and amortization | 277,288 | 327,393 | 362,003 | 54,046 | 555,139 | 689,396 | 102,924 | ||||||
Plus: share-based compensation expenses | 3,444 | 1,860 | (6,066) | (906) | 7,570 | (4,206) | (628) | ||||||
Adjusted cash gross profit | 640,247 | 684,774 | 713,714 | 106,554 | 1,245,536 | 1,398,488 | 208,789 | ||||||
Adjusted cash gross margin | 42.8 % | 41.6 % | 41.4 % | 41.4 % | 43.2 % | 41.5 % | 41.5 % | ||||||
Operating expenses | (262,471) | (259,463) | (321,719) | (48,032) | (505,651) | (581,182) | (86,768) | ||||||
Plus: share-based compensation expenses | 24,063 | 41,385 | 53,551 | 7,995 | 54,792 | 94,936 | 14,174 | ||||||
Plus: compensation for postcombination employment in an acquisition | - | 17,260 | 17,453 | 2,606 | - | 34,713 | 5,183 | ||||||
Plus: impairment of loan receivable to potential investee | 2,816 | - | - | - | 2,816 | - | - | ||||||
Adjusted operating expenses | (235,592) | (200,818) | (250,715) | (37,431) | (448,043) | (451,533) | (67,411) | ||||||
Operating profit | 97,044 | 96,058 | 36,058 | 5,382 | 177,176 | 132,116 | 19,724 | ||||||
Plus: depreciation and amortization | 297,738 | 349,609 | 385,876 | 57,610 | 597,843 | 735,485 | 109,805 | ||||||
Plus: share-based compensation expenses | 27,507 | 43,245 | 47,485 | 7,089 | 62,362 | 90,730 | 13,546 | ||||||
Plus: compensation for postcombination employment in an acquisition | - | 17,260 | 17,453 | 2,606 | - | 34,713 | 5,183 | ||||||
Plus: impairment of loan receivable to potential investee | 2,816 | - | - | - | 2,816 | - | - | ||||||
Adjusted EBITDA | 425,105 | 506,172 | 486,872 | 72,687 | 840,197 | 993,044 | 148,258 | ||||||
Adjusted EBITDA margin | 28.4 % | 30.8 % | 28.2 % | 28.2 % | 29.1 % | 29.5 % | 29.5 % | ||||||
VNET GROUP, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | ||||||||
Three months ended | ||||||||
June 30, 2021 | March 31, 2022 | June 30, 2022 | ||||||
RMB | RMB | RMB | US$ | |||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net profit (loss) | 460,472 | 92,901 | (373,507) | (55,764) | ||||
Adjustments to reconcile net profit (loss) to net cash generated from operating activities: | ||||||||
Depreciation and amortization | 297,738 | 349,609 | 385,876 | 57,610 | ||||
Stock-based compensation expenses | 27,507 | 43,245 | 47,485 | 7,089 | ||||
Others | (344,711) | 39,992 | 447,480 | 66,807 | ||||
Changes in operating assets and liabilities | ||||||||
Accounts and notes receivable | (198,696) | (197,962) | (137,720) | (20,561) | ||||
Prepaid expenses and other current assets | 324,091 | (115,458) | 526,090 | 78,543 | ||||
Accounts and notes payable | 34,035 | 125,459 | 76,070 | 11,357 | ||||
Accrued expenses and other payables | (1,761) | 101,002 | 21,363 | 3,189 | ||||
Deferred revenue | 4,228 | 82 | 19,989 | 2,984 | ||||
Advances from customers | (180,551) | 125,243 | 70,884 | 10,583 | ||||
Others | (107,546) | (81,514) | (141,299) | (21,095) | ||||
Net cash generated from operating activities | 314,806 | 482,599 | 942,711 | 140,742 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchases of property and equipment | (430,071) | (1,005,736) | (527,867) | (78,808) | ||||
Purchases of intangible assets | (17,672) | (10,497) | (12,690) | (1,895) | ||||
Proceeds from (payments for) investments | 139,711 | (14,487) | (38,280) | (5,715) | ||||
(Payments for) proceeds from other investing activities | (214,308) | (2,038) | 208 | 31 | ||||
Net cash used in investing activities | (522,340) | (1,032,758) | (578,629) | (86,387) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from bank borrowings | 33,623 | 650,952 | 18,860 | 2,816 | ||||
Repayment of bank borrowings | (30,300) | (65,570) | (43,275) | (6,461) | ||||
Payments for finance lease | (241,709) | (102,073) | (75,145) | (11,219) | ||||
Proceed from issuance of convertible promissory notes | - | 1,592,627 | - | - | ||||
Payment for shares repurchase and cancellation | (1,701,807) | - | - | - | ||||
Proceeds from (payments for) other financing activities | 52,418 | 137,968 | (62,119) | (9,273) | ||||
Net cash (used in) generated from financing activities | (1,887,775) | 2,213,904 | (161,679) | (24,137) | ||||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (60,905) | (7,328) | 48,962 | 7,310 | ||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (2,156,214) | 1,656,417 | 251,365 | 37,528 | ||||
Cash, cash equivalents and restricted cash at beginning of period | 7,177,704 | 1,708,473 | 3,364,890 | 502,365 | ||||
Cash, cash equivalents and restricted cash at end of period | 5,021,490 | 3,364,890 | 3,616,255 | 539,893 | ||||
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SOURCE VNET Group, Inc.
