Chindata Group(CD) - 2023 Q2 - Quarterly Report

Financial Performance - Revenue for Q1 2023 was RMB1,443.5 million, representing a 56.8% year-over-year growth[2] - Net income for Q1 2023 was RMB253.0 million, reflecting a 167.5% year-over-year increase[2] - Adjusted EBITDA for Q1 2023 increased by 64.6% year-over-year to RMB813.8 million, with an adjusted EBITDA margin of 56.4%[2] - Operating income in Q1 2023 increased by 81.3% to RMB456.1 million (US $66.4 million) with an operating income margin of 31.6%[16] - Net income in Q1 2023 rose by 167.5% to RMB253.0 million (US$ 36.8 million), resulting in a net income margin of 17.5%[17] - Adjusted net income in Q1 2023 grew by 77.9% to RMB315.8 million (US $46.0 million), achieving an adjusted net income margin of 21.9%[20][21] - Revenue for the three months ended March 31, 2023, was RMB 1,443,547, representing a 3.7% increase from RMB 1,390,254 for the previous quarter[39] - Net income for the same period was RMB 252,972, a significant increase of 116.7% compared to RMB 116,462 in the previous quarter[39] - Adjusted EBITDA for the three months ended March 31, 2023, was RMB 813,800, reflecting a margin of 56.4%[44] - Operating income increased to RMB 456,110 for the three months ended March 31, 2023, up from RMB 309,376 in the previous quarter, marking a 47.5% increase[39] - The net income margin improved to 17.5% for the three months ended March 31, 2023, compared to 8.4% in the previous quarter[44] Capacity and Utilization - Total capacity reached 898MW by the end of Q1 2023, a 27.6% year-over-year increase[3] - Utilized capacity grew by 12MW to 537MW, representing a 56.1% year-over-year growth, with an overall utilization ratio of 84%[7] - Total contracted and "Indication of Interest" (IOI) capacity increased by 16MW to 816MW, a 31.8% year-over-year growth[3] Guidance and Outlook - The company reiterated its 2023 revenue guidance of RMB5,880 million to RMB6,080 million and raised its adjusted EBITDA guidance to RMB3,100 million to RMB3,220 million[2] - The company updated its full-year 2023 revenue guidance to RMB5,880 million – RMB6,080 million, reflecting a 29.2-33.6% increase over 2022[24] - Adjusted EBITDA guidance for 2023 was revised to RMB3,100 million – RMB3,220 million, indicating a 31.0-35.6% increase over 2022[24] Expenses and Cash Flow - Total operating expenses in Q1 2023 decreased by 1.4% to RMB167.1 million (US$ 24.3 million) from RMB169.5 million in Q1 2022[15] - Research and development expenses in Q1 2023 were RMB24.9 million (US $3.6 million), a 29.5% increase from RMB19.2 million in Q1 2022[15] - Selling and marketing expenses in Q1 2023 decreased by 4.3% to RMB21.4 million (US$ 3.1 million) from RMB22.4 million in Q1 2022[15] - Cash generated from operating activities reached RMB 693,276 for the three months ended March 31, 2023, compared to RMB 389,401 in the previous quarter, an increase of 78.1%[41] - The company reported a net cash increase of RMB 1,705,045 for the three months ended March 31, 2023, compared to a net decrease of RMB 923,708 in the previous quarter[41] - As of March 31, 2023, the company had cash, cash equivalents, and restricted cash of RMB5,769.3 million (US$809.3 million), up from RMB4,064.2 million as of December 31, 2022[22] Awards and Recognition - The Lingqiu campus received the Data Center Design and Construction Award, highlighting the company's commitment to environmentally friendly practices[8] Financial Health - The company maintained a pre-tax ROIC of 18.7% by the end of Q1 2023, reflecting strong financial health[5] - Basic earnings per share for the three months ended March 31, 2023, was 0.35, up from 0.16 in the previous quarter[39] - The company experienced a foreign exchange gain of RMB 2,045 for the three months ended March 31, 2023, compared to a loss of RMB 4,174 in the previous quarter[39]