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Chindata Group(CD) - 2023 Q1 - Quarterly Report
CDChindata Group(CD)2023-03-15 10:30
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Revenue Growth - Total revenue for Q4 2022 increased by 77.8% YoY to RMB1,390.3 million (US201.6million),drivenbyrobustgrowthincolocationservices[13]−Fiscalyear2022revenuereachedRMB4,551.7million(US201.6 million), driven by robust growth in colocation services[13] - Fiscal year 2022 revenue reached RMB4,551.7 million (US659.9 million), representing a 59.6% YoY growth and exceeding guidance by 2.7%[2] - The company set its 2023 total revenue guidance at RMB5,880 million – RMB6,080 million, a 29.2-33.6% increase over 2022[25] Profitability Metrics - Adjusted EBITDA for Q4 2022 grew by 78.4% YoY to RMB720.9 million, with an adjusted EBITDA margin of 51.9%[5] - Gross profit for Q4 2022 increased by 64.4% YoY to RMB569.7 million, with a gross margin of 41.0%[16] - Operating income in Q4 2022 increased by 39.7% to RMB309.4 million (US44.9million)withanoperatingincomemarginof22.344.9 million) with an operating income margin of 22.3%[18] - Net income in Q4 2022 increased by 1.6% to RMB116.5 million (US16.9 million) with a net income margin of 8.4%[19] - Adjusted net income in Q4 2022 increased by 65.2% to RMB236.2 million (US34.2million)withanadjustednetincomemarginof17.034.2 million) with an adjusted net income margin of 17.0%[23] Capacity and Utilization - Total capacity increased by 50MW to 871MW by the end of Q4 2022, reflecting a 29.4% YoY growth[3] - Utilized capacity rose by 71MW to 525MW, representing a 72.5% YoY increase, with an overall utilization ratio of 86%[10] - The company received a total of 211MW client commitments in 2022, resulting in a year-end total client commitment of 800MW, a 35.9% YoY increase[6] - Commitment ratio for total capacity was 92% by the end of Q4 2022, indicating strong demand and client confidence[7] Expenses - Total operating expenses in Q4 2022 increased by 108.3% to RMB260.4 million (US37.7 million) from RMB125.0 million in Q4 2021[17] - For the fiscal year 2022, total operating expenses increased by 34.3% to RMB704.4 million (US102.1million)fromRMB524.5millionin2021[17]CashandAssets−AsofDecember31,2022,thecompanyhadcash,cashequivalents,andrestrictedcashofRMB4,064million(US102.1 million) from RMB524.5 million in 2021[17] Cash and Assets - As of December 31, 2022, the company had cash, cash equivalents, and restricted cash of RMB4,064 million (US589.3 million)[24] - Total assets as of December 31, 2022, were RMB 23,100,231 thousand (US3,349,219thousand),upfromRMB18,681,951thousandin2021[38]−CashandcashequivalentsattheendoftheperiodwereRMB4,987,934thousand(US 3,349,219 thousand), up from RMB 18,681,951 thousand in 2021[38] - Cash and cash equivalents at the end of the period were RMB 4,987,934 thousand (US 589,258 thousand), down from RMB 5,241,002 thousand at the beginning of the period[40] Comprehensive Income - The company reported a comprehensive income of RMB 609,090 thousand (US88,309thousand)fortheyearendedDecember31,2022[39]ResearchandDevelopment−ResearchanddevelopmentexpensesfortheyearendedDecember31,2022,wereRMB83,496thousand(US 88,309 thousand) for the year ended December 31, 2022[39] Research and Development - Research and development expenses for the year ended December 31, 2022, were RMB 83,496 thousand (US 12,106 thousand), compared to RMB 75,344 thousand in 2021, indicating continued investment in innovation[39] Debt and Financing - A 300millionseniornotesofferingwascompletedonFebruary23,2023,tosupportprojectdevelopment,withacouponrateof10.5300 million senior notes offering was completed on February 23, 2023, to support project development, with a coupon rate of 10.5%[3] Other Financial Metrics - Basic and diluted earnings per ADS in Q4 2022 were RMB0.32 (US0.04) and for the fiscal year 2022 were RMB1.78 (US$0.26)[21] - The adjusted EBITDA guidance for 2023 is set at RMB3,000 million – RMB3,110 million, a 26.4-31.0% increase over 2022[25]