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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