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
second quarter ended June 30, 2022.
Mr. Tao Zou, Chief Executive Officer of Kingsoft Cloud,
commented, “Despite the challenging operating environment since the
second half of 2021, we see vast and definite opportunities brought
about by digital transformation. It is our firm commitment to
tackle the challenges and embrace the opportunities head-on with
our unique value propositions, including among others, (1)
“building a business led by technology” to continuously perfect our
scalable core technologies and products; (2) turn-key solution
driven sales to offer readily accessible and tangible value of
cloud adoption for traditional enterprises in China; and (3)
adhering to neutrality and remaining one of the most trusted cloud
service provider across industry verticals. We believe, with
such value propositions, we will be able to penetrate deep in
existing verticals, while tapping into transferrable expertise and
Kingsoft and Xiaomi ecosystem, to strategically expand into new
industry vertical for sustainable quality growth.”
Mr. Henry He, Chief Financial Officer of Kingsoft Cloud, added,
“Our total revenues amounted to RMB1,906.5 million in the second
quarter of 2022. Among which, revenues from public cloud services
amounted to RMB1,289.1 million in the second quarter of 2022. As we
continued to proactively scale down our CDN services, its gross
billing decreased by 30% year-over-year, while computing and
storage services’ gross billing increased by 5% year-over-year.
Revenues from enterprise cloud services amounted to RMB616.6
million, largely stable year-over-year, as we navigated through
challenging operating environment which slowed down bidding and
project deployment process during the second quarter. Meanwhile, to
drive efficiency, we have executed cost control measures and
successfully saved RMB252.6 million in total costs on a sequential
basis.
Despite the challenges, we remain confident about our long-term
prospect and value. We are pleased to announce that we intend
to enter into a repurchase agreement with potential size no
more than US$30 million during a 90 days window, subject to
agreements to be finalized with repurchase agent. This action is
pursuant to and part of the US$100 million repurchase program
authorized by the board and announced back in March 2022. As usual,
the timing, structure and dollar amount of the repurchase will be
subject to, among others, the market conditions, terms to be agreed
with the relevant repurchase agent, the trading prices of ADSs, and
the relevant securities rules and regulations.”
Second Quarter 2022
Financial Results
Total Revenues reached
RMB1,906.5 million (US$284.61 million), representing a decrease of
12.3% from RMB2,173.7 million in the same period of 2021. The
decrease was mainly due to our proactive scaling down of CDN
services, with its gross billings decreased by 30% on
year-over-year basis, as well as the delays to the deployment and
bidding process of our enterprise cloud projects mainly caused by
the resurgences of COVID-19.
- Revenues from public cloud services decreased by 16.9% to
RMB1,289.1 million (US$192.5 million), compared with RMB1,550.8
million in the same quarter of 2021. The decrease was mainly due to
the above-mentioned scaling down of our CDN services, and partially
offset by the increase of billings from computing and storage
services.
- Revenues from enterprise cloud services were RMB616.6 million
(US$92.0 million), representing a slight decrease of 0.9% from
RMB622.1 million in the same quarter of 2021. The slight decrease
was mainly due to the difficult operating and market environments
as a result of COVID resurgences, which slowed down bidding and
project deployment process.
- Other revenues were RMB0.8 million (US$0.1 million) in the
second quarter of 2022.
Cost of revenues was RMB1,841.3 million
(US$274.9 million), representing a decrease of 12.1% from
RMB2,093.9 million last quarter and a decrease of 10.4% from
RMB2,055.2 million in the same quarter of 2021. IDC costs decreased
by RMB81.3 million from last quarter to RMB1,029.1 million this
quarter, in line with our proactive scale down of our CDN services.
Depreciation and amortization costs increased slightly by 1.2%
quarter-over-quarter to RMB249.1 million as a result of continued
capex. Fulfillment costs decreased from RMB184.5 million last
quarter to RMB24.7 million this quarter, mainly due to the slowdown
of deployment process as a result of the resurgences of COVID-19.
Other costs were RMB48.6 million this quarter.
Gross profit was RMB65.2 million (US$9.7
million), compared with RMB80.0 million last quarter and RMB118.5
million in the same period in 2021. Gross margin
was 3.4%, compared with 3.7% last quarter and 5.5% in the same
period in 2021. Non-GAAP gross
profit2 were RMB68.4 million (US$10.2
million), compared with RMB83.6 million last quarter and RMB121.4
million in the same period in 2021. Non-GAAP gross
margin was 3.6%, compared with 3.8% last quarter and 5.6%
in the same period in 2021.
Total operating expenses were RMB617.2 million
(US$92.2 million), compared with RMB612.8 million last quarter and
RMB438.9 million in the same period in 2021.
Selling and marketing expenses were RMB146.2
million (US$21.8 million), compared with RMB144.4 million last
quarter and RMB96.1 million in the same period in 2021.
General and administrative expenses were
RMB250.1 million (US$37.3 million), compared with RMB221.8 million
last quarter and RMB110.6 million in the same period in 2021.
___________________________1This announcement contains
translations of certain Renminbi (RMB) amounts into U.S. dollars
(US$) at a specified rate solely for the convenience of the reader.
Unless otherwise noted, the translation of RMB into US$ has been
made at RMB6.6981 to US$1.00, the noon buying rate in effect on
June 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.
Research and development expenses were RMB220.9
million (US$33.0 million), compared with RMB246.6 million last
quarter and RMB232.3 million in the same period in 2021.
Operating loss was RMB552.0 million (US$82.4
million), compared with operating loss of RMB532.8 million last
quarter and RMB320.5 million in the same quarter of 2021.
Net loss was RMB810.5 million (US$121.0
million), compared with net loss of RMB554.8 million last quarter
and RMB220.6 million in the same quarter of 2021. The increase of
net loss was mainly due to the significant depreciation of RMB
against USD, resulting foreign exchange loss of RMB229.2 million
this quarter.
Non-GAAP net loss was RMB451.7 million (US$67.4
million), compared with net loss of RMB450.9 million last quarter
and RMB235.6 million in the same quarter of 2021.
Non-GAAP EBITDA was RMB-147.7 million (US$-22.1
million), compared with RMB-152.2 million last quarter and RMB-55.3
million in the same quarter of 2021. Non-GAAP EBITDA
margin was -7.7%, compared with -7.0% last quarter and
-2.5% in the same quarter of 2021.
Basic and diluted net loss per share was
RMB0.22 (US$0.03), compared with RMB0.15 last quarter and RMB0.07
in the same quarter of 2021.
Cash and cash equivalents and short-term
investments were RMB5,352.0 million (US$799.0 million) as
of June 30, 2022, compared to RMB5,604.0 million as of March 31,
2022.
Outstanding ordinary shares were 3,663,417,840
as of June 30, 2022, equivalent to about 244,227,856 ADSs.
Business Outlook
For the third quarter of 2022, the Company expects total
revenues to be between RMB1.95 billion and RMB2.15
billion, representing a quarter-over-quarter increase of 2.3%
to 12.8%. This forecast reflects the Company’s current and
preliminary views on the market and operational conditions, which
are subject to change.
Conference Call Information
The Company will hold a conference call on Tuesday, September 6,
2022, at 8:00 A.M. Eastern Time (8:00 P.M. Beijing/Hong Kong Time
on the same day) to discuss the financial results.
Participants can register for the conference call by navigating
to
https://register.vevent.com/register/BI70b64716007f4342b0ab1c4119d00611.
Once preregistration has been completed, each participant will
receive dial-in details, including dial-in numbers and a unique
access PIN.
To join the conference, simply dial the number in the email you
receive after preregistering followed by the access 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 (loss), 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 RMB6.6981 to
US$1.00, the noon buying rate in effect on June 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:
eyuan@christensenir.com
In USMs. Linda BergkampPhone: +1-480-6143004Email:
lbergkamp@christensenir.com
KINGSOFT
CLOUD HOLDINGS LIMITED |
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS |
(All amounts
in thousands) |
|
Dec
31,2021 |
Jun
30,2022 |
Jun
30,2022 |
|
RMB |
RMB |
US$ |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
4,217,528 |
|
2,732,331 |
|
407,926 |
|
Restricted
cash |
239,093 |
|
44,439 |
|
6,635 |
|
Accounts
receivable, net |
3,570,975 |
|
2,872,904 |
|
428,913 |
|
Short-term
investments |
2,491,056 |
|
2,619,701 |
|
391,111 |
|
Prepayments
and other assets |
1,687,021 |
|
1,694,048 |
|
252,914 |
|
Amounts due
from related parties |
207,143 |
|
357,853 |
|
53,426 |
|
Total current assets |
12,412,816 |
|
10,321,276 |
|
1,540,924 |
|
Non-current assets: |
|
|
|
Property and
equipment, net |
2,364,103 |
|
2,449,659 |
|
365,724 |
|
Intangible
assets, net |
1,169,767 |
|
1,086,514 |
|
162,212 |
|
Prepayments
and other assets |
29,066 |
|
22,437 |
|
3,350 |
|
Equity
investments |
207,166 |
|
271,146 |
|
40,481 |
|
Goodwill |
4,625,115 |
|
4,605,724 |
|
687,616 |
|
Amounts due
from related parties |
5,758 |
|
4,889 |
|
730 |
|
Operating
lease right-of-use assets |
256,451 |
|
225,225 |
|
33,625 |
|
Deferred tax
assets,net |
7,798 |
|
13,464 |
|
2,010 |
|
Total non-current assets |
8,665,224 |
|
8,679,058 |
|
1,295,748 |
|
Total assets |
21,078,040 |
|
19,000,334 |
|
2,836,672 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Short-term
bank loans |
1,348,166 |
|
1,266,270 |
|
189,049 |
|
Accounts
payable |
2,938,632 |
|
2,409,134 |
|
359,674 |
|
Accrued
expenses and other current liabilities |
2,223,840 |
|
2,748,407 |
|
410,326 |
|
Income tax
payable |
60,217 |
|
43,163 |
|
6,444 |
|
Amounts due
to related parties |
836,435 |
|
826,042 |
|
123,325 |
|
Current
operating lease liabilities |
108,590 |
|
100,620 |
|
15,022 |
|
Total current liabilities |
7,515,880 |
|
7,393,636 |
|
1,103,840 |
|
|
|
|
|
Non-current liabilities: |
|
|
|
Deferred tax
liabilities |
205,889 |
|
192,004 |
|
28,665 |
|
Amounts due
to related parties |
472,882 |
|
354,392 |
|
52,909 |
|
Other
liabilities |
1,232,677 |
|
206,611 |
|
30,846 |
|
Non-current
operating lease liabilities |
158,289 |
|
138,433 |
|
20,668 |
|
Total non-current liabilities |
2,069,737 |
|
891,440 |
|
133,088 |
|
Total liabilities |
9,585,617 |
|
8,285,076 |
|
1,236,928 |
|
Shareholders’ equity: |
|
|
|
Ordinary
shares |
24,782 |
|
24,892 |
|
3,716 |
|
Additional
paid-in capital |
18,245,801 |
|
18,458,178 |
|
2,755,733 |
|
Accumulated
deficit |
(7,458,752 |
) |
(8,814,998 |
) |
(1,316,045 |
) |
Accumulated
other comprehensive loss |
(207,882 |
) |
175,099 |
|
26,142 |
|
Total Kingsoft Cloud Holdings Limited shareholders’
equity |
10,603,949 |
|
9,843,171 |
|
1,469,546 |
|
Noncontrolling interests |
888,474 |
|
872,087 |
|
130,199 |
|
Total equity |
11,492,423 |
|
10,715,258 |
|
1,599,745 |
|
Total liabilities and shareholders’ equity |
21,078,040 |
|
19,000,334 |
|
2,836,673 |
|
|
|
|
|
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 |
Six Months Ended |
|
Jun 30,2021 |
March 31,2022 |
Jun 30,2022 |
Jun 30,2022 |
Jun 30,2021 |
Jun 30,2022 |
Jun 30,2022 |
|
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Revenues: |
|
|
|
|
|
|
|
Public cloud services |
1,550,777 |
|
1,380,807 |
|
1,289,144 |
|
192,464 |
|
2,942,610 |
|
2,669,951 |
|
398,613 |
|
Enterprise
cloud services |
622,145 |
|
792,509 |
|
616,574 |
|
92,052 |
|
1,042,177 |
|
1,409,083 |
|
210,371 |
|
Others |
765 |
|
493 |
|
780 |
|
116 |
|
2,432 |
|
1,273 |
|
190 |
|
Total revenues |
2,173,687 |
|
2,173,809 |
|
1,906,498 |
|
284,633 |
|
3,987,219 |
|
4,080,307 |
|
609,174 |
|
Cost of
revenues |
(2,055,205 |
) |
(2,093,851 |
) |
(1,841,294 |
) |
(274,898 |
) |
(3,752,234 |
) |
(3,935,145 |
) |
(587,502 |
) |
Gross profit |
118,482 |
|
79,958 |
|
65,204 |
|
9,735 |
|
234,985 |
|
145,162 |
|
21,672 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Selling and
marketing expenses |
(96,058 |
) |
(144,405 |
) |
(146,210 |
) |
(21,829 |
) |
(208,884 |
) |
(290,615 |
) |
(43,388 |
) |
General and
administrative expenses |
(110,637 |
) |
(221,763 |
) |
(250,073 |
) |
(37,335 |
) |
(201,814 |
) |
(471,836 |
) |
(70,443 |
) |
Research and
development expenses |
(232,252 |
) |
(246,633 |
) |
(220,946 |
) |
(32,986 |
) |
(496,888 |
) |
(467,579 |
) |
(69,808 |
) |
Total operating expenses |
(438,947 |
) |
(612,801 |
) |
(617,229 |
) |
(92,150 |
) |
(907,586 |
) |
(1,230,030 |
) |
(183,639 |
) |
Operating loss |
(320,465 |
) |
(532,843 |
) |
(552,025 |
) |
(82,415 |
) |
(672,601 |
) |
(1,084,868 |
) |
(161,967 |
) |
Interest
income |
18,927 |
|
21,157 |
|
17,490 |
|
2,611 |
|
36,673 |
|
38,647 |
|
5,770 |
|
Interest
expense |
(6,689 |
) |
(34,066 |
) |
(34,207 |
) |
(5,107 |
) |
(10,555 |
) |
(68,273 |
) |
(10,193 |
) |
Foreign
exchange gain (loss) |
71,277 |
|
(18,741 |
) |
(229,237 |
) |
(34,224 |
) |
22,902 |
|
(247,978 |
) |
(37,022 |
) |
Other gain,
net |
15,357 |
|
(12,035 |
) |
(15,931 |
) |
(2,378 |
) |
21,139 |
|
(27,966 |
) |
(4,175 |
) |
Other income
(expense), net |
4,464 |
|
20,038 |
|
(37 |
) |
(6 |
) |
6,390 |
|
20,001 |
|
2,986 |
|
Loss
before income taxes |
(217,129 |
) |
(556,490 |
) |
(813,947 |
) |
(121,519 |
) |
(596,052 |
) |
(1,370,437 |
) |
(204,601 |
) |
Income tax
expense |
(3,469 |
) |
1,670 |
|
3,483 |
|
520 |
|
(6,755 |
) |
5,153 |
|
769 |
|
Net
loss |
(220,598 |
) |
(554,820 |
) |
(810,464 |
) |
(120,999 |
) |
(602,807 |
) |
(1,365,284 |
) |
(203,832 |
) |
Less: net
income (loss) attributable to noncontrolling interests |
(244 |
) |
(1,571 |
) |
(7,467 |
) |
(1,115 |
) |
11 |
|
(9,038 |
) |
(1,349 |
) |
Net
loss attributable to Kingsoft Cloud Holdings Limited |
(220,354 |
) |
(553,249 |
) |
(802,997 |
) |
(119,884 |
) |
(602,818 |
) |
(1,356,246 |
) |
(202,483 |
) |
|
|
|
|
|
|
|
|
Net
loss per share: |
|
|
|
|
|
|
|
Basic and
diluted |
(0.07 |
) |
(0.15 |
) |
(0.22 |
) |
(0.03 |
) |
(0.18 |
) |
(0.37 |
) |
(0.06 |
) |
Shares used in the net loss per share
computation: |
|
|
|
|
|
|
|
Basic and
diluted |
3,351,178,745 |
|
3,648,282,282 |
|
3,654,629,480 |
|
3,654,629,480 |
|
3,347,286,795 |
|
3,651,473,415 |
|
3,651,473,415 |
|
Other comprehensive income (loss), net of tax of
nil: |
|
|
|
|
|
|
|
Foreign
currency translation adjustments |
(132,888 |
) |
(9,764 |
) |
392,389 |
|
58,582 |
|
(62,115 |
) |
382,625 |
|
57,124 |
|
Comprehensive loss |
(353,486 |
) |
(564,584 |
) |
(418,075 |
) |
(62,417 |
) |
(664,922 |
) |
(982,659 |
) |
(146,708 |
) |
Less:
Comprehensive income (loss) attributable to noncontrolling
interests |
(244 |
) |
408 |
|
(9,799 |
) |
(1,463 |
) |
11 |
|
(9,391 |
) |
(1,402 |
) |
Comprehensive loss attributable to Kingsoft Cloud Holdings
Limited shareholders |
(353,242 |
) |
(564,992 |
) |
(408,276 |
) |
(60,954 |
) |
(1,515,047 |
) |
(973,268 |
) |
(145,306 |
) |
|
|
|
|
|
|
|
|
KINGSOFT
CLOUD HOLDINGS LIMITED |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
(All amounts
in thousands, except for percentage) |
|
Three Months Ended |
Six Months Ended |
|
Jun 30,2021 |
March 31,2022 |
Jun 30,2022 |
Jun 30,2022 |
Jun 30,2021 |
Jun 30,2022 |
Jun 30,2022 |
|
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Gross profit |
118,482 |
79,958 |
65,204 |
9,735 |
234,985 |
145,162 |
21,672 |
Adjustments: |
|
|
|
|
|
|
|
–
Share-based compensation expenses |
2,961 |
3,619 |
3,209 |
479 |
8,460 |
6,828 |
1,019 |
Adjusted
gross profit |
121,443 |
83,577 |
68,413 |
10,214 |
243,445 |
151,990 |
22,691 |
|
|
|
|
|
|
|
|
KINGSOFT
CLOUD HOLDINGS LIMITED |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
(All amounts
in thousands, except for percentage) |
|
Three Months Ended |
Six Months Ended |
|
Jun 30,2021 |
March 31,2022 |
Jun 30,2022 |
Jun 30,2021 |
Jun 30,2022 |
Gross margin |
5.5 |
% |
3.7 |
% |
3.4 |
% |
5.9 |
% |
3.6 |
% |
Adjusted gross margin |
5.6 |
% |
3.8 |
% |
3.6 |
% |
6.1 |
% |
3.7 |
% |
KINGSOFT
CLOUD HOLDINGS LIMITED |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
(All amounts
in thousands, except for percentage) |
|
Three Months Ended |
Six Months Ended |
|
Jun 30,2021 |
March 31,2022 |
Jun 30,2022 |
Jun 30,2022 |
Jun 30,2021 |
Jun 30,2022 |
Jun 30,2022 |
|
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Net Loss |
(220,598 |
) |
(554,820 |
) |
(810,464 |
) |
(120,999 |
) |
(602,807 |
) |
(1,365,284 |
) |
(203,832 |
) |
Adjustments: |
|
|
|
|
|
|
|
–
Share-based compensation expenses |
76,092 |
|
93,182 |
|
113,557 |
|
16,954 |
|
199,205 |
|
206,739 |
|
30,865 |
|
– Foreign
exchange loss (gain) |
(71,277 |
) |
18,741 |
|
229,237 |
|
34,224 |
|
(22,902 |
) |
247,978 |
|
37,022 |
|
– Other
gain, net |
(15,357 |
) |
12,035 |
|
15,931 |
|
2,378 |
|
(21,139 |
) |
27,966 |
|
4,175 |
|
– Other
expense (income), net |
(4,464 |
) |
(20,038 |
) |
37 |
|
6 |
|
(6,390 |
) |
(20,001 |
) |
(2,986 |
) |
Adjusted net
loss |
(235,604 |
) |
(450,900 |
) |
(451,702 |
) |
(67,437 |
) |
(454,033 |
) |
(902,602 |
) |
(134,756 |
) |
Adjustments: |
|
|
|
|
|
0 |
|
|
– Interest
income |
(18,927 |
) |
(21,157 |
) |
(17,490 |
) |
(2,611 |
) |
(36,673 |
) |
(38,647 |
) |
(5,770 |
) |
– Interest
expense |
6,689 |
|
34,066 |
|
34,207 |
|
5,107 |
|
10,555 |
|
68,273 |
|
10,193 |
|
– Income tax
expense |
3,469 |
|
(1,670 |
) |
(3,483 |
) |
(520 |
) |
6,755 |
|
(5,153 |
) |
(769 |
) |
–
Depreciation and amortization |
189,123 |
|
287,481 |
|
290,756 |
|
43,409 |
|
369,589 |
|
578,237 |
|
86,329 |
|
Adjusted
EBITDA |
(55,250 |
) |
(152,180 |
) |
(147,712 |
) |
(22,052 |
) |
(103,807 |
) |
(299,892 |
) |
(44,773 |
) |
|
|
|
|
|
|
|
|
KINGSOFT
CLOUD HOLDINGS LIMITED |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
(All amounts
in thousands, except for percentage) |
|
Three Months Ended |
Six Months Ended |
|
Jun 30,2021 |
March 31,2022 |
Jun 30,2022 |
Jun 30,2021 |
Jun 30,2022 |
Net
loss margin |
-10.1 |
% |
-25.5 |
% |
-42.5 |
% |
-15.1 |
% |
-33.5 |
% |
Adjusted net loss margin |
-10.8 |
% |
-20.7 |
% |
-23.7 |
% |
-11.4 |
% |
-22.1 |
% |
Adjusted EBITDA Margin |
-2.5 |
% |
-7.0 |
% |
-7.7 |
% |
-2.6 |
% |
-7.3 |
% |
|
|
|
|
|
|
KINGSOFT
CLOUD HOLDINGS LIMITED |
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS |
(All amounts
in thousands) |
|
Three Months Ended |
|
Jun 30,2021 |
Jun 30,2022 |
Jun 30,2022 |
|
RMB |
RMB |
US$ |
Net cash (used in) generated from operating
activities |
(263,650 |
) |
343,607 |
|
51,299 |
|
Net
cash used in investing activities |
(56,366 |
) |
(732,804 |
) |
(109,405 |
) |
Net
cash generated (used in) from financing activities |
502,448 |
|
(312,405 |
) |
(46,641 |
) |
Effect of
exchange rate changes on cash, cash equivalents and restricted
cash |
(21,261 |
) |
95,933 |
|
14,323 |
|
Net increase
in cash, cash equivalents and restricted cash |
182,432 |
|
(701,602 |
) |
(104,747 |
) |
Cash, cash
equivalents and restricted cash at beginning of period |
2,793,448 |
|
3,382,439 |
|
504,985 |
|
Cash, cash equivalents and restricted cash at end of
period |
2,954,619 |
|
2,776,770 |
|
414,561 |
|
|
|
|
|
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