• 21Vianet Group, Inc. Reports Unaudited First Quarter 2021 Financial Results

    المصدر: Nasdaq GlobeNewswire / 25 مايو 2021 17:00:00   America/New_York

    BEIJING, May 25, 2021 (GLOBE NEWSWIRE) -- 21Vianet Group, Inc. (Nasdaq: VNET) ("21Vianet" or the "Company"), a leading carrier- and cloud-neutral Internet data center services provider in China, today announced its unaudited financial results for the first quarter ended March 31, 2021. The Company will hold a conference call at 8:00 P.M. on Tuesday, May 25, 2021, U.S. Eastern Time to discuss the financial results. Dial-in details are provided at the end of this release.

    First Quarter 2021 Financial Highlights

    • Net revenues increased by 27.1% to RMB1.39 billion (US$211.7 million) from RMB1.09 billion in the same period of 2020.
    • Adjusted cash gross profit (non-GAAP) increased by 45.1% to RMB605.3 million (US$92.4 million) from RMB417.1 million in the same period of 2020. Adjusted cash gross margin (non-GAAP) was 43.6%, compared to 38.2% in the same period of 2020.
    • Adjusted EBITDA (non-GAAP) increased by 60.0% to RMB415.1 million (US$63.4 million) from RMB259.4 million in the same period of 2020. Adjusted EBITDA margin (non-GAAP) was 29.9%, compared to 23.8% in the same period of 2020.

    First Quarter 2021 Operational Highlights

    • Total cabinets under management net increased by 2,373 to 55,926, as of March 31, 2021, compared to 53,553 as of December 31, 2020, and to 39,646 as of March 31, 2020.
    • Retail IDC MRR1 per cabinet increased to RMB9,144, compared to RMB8,747 in the same period of 2020 and to RMB9,131 in the fourth quarter of 2020.
    • Compound utilization rate was 61.7%, compared to 60.4% in the fourth quarter of 2020.
      • Utilization rate for mature IDCs, which consisted of IDC deliveries prior to and during 2019, was 73.9%, compared to a utilization rate for mature IDCs of 77.8% in the fourth quarter of 2020, which only consisted of IDC deliveries prior to 2019.
      • Utilization rate for ramp-up and newly-built IDCs, which consisted of IDC deliveries in 2020 and 2021, was 30.6%, compared to a utilization rate for ramp-up and newly-built IDCs of 31.7% in the fourth quarter of 2020, which consisted of deliveries in 2019 and 2020.

    _____________
    1Retail IDC MRR: Refers to Monthly Recurring Revenues for the retail IDC business.

    Mr. Samuel Shen, Chief Executive Officer and Executive Chairman of Retail IDC, stated, “We achieved solid financial and operating results in the quarter as a result of our dual-core growth engine and methodical strategy execution. Our newly-signed MOU in Hebei marked another successful conversion of a long-term retail customer to a new wholesale customer, demonstrating our value proposition in support of our customers’ growth in their life cycles. Moreover, we are constantly revamping our retail IDC branding and solutions, garnering more enterprise customers, and providing full-stack solutions from colocation to hybrid cloud. From a macro perspective, we initiated our first ESG report in April 2021 and are actively working towards the government’s carbon neutral target. As an industry leader, we are confident in our growth potential and will continue to expand our pipeline, refine our operating efficiency, and advance our ESG initiatives to fuel our long-term sustainable development.“

    Mr. Tim Chen, Chief Financial Officer of the Company, commented, “During the first quarter of 2021, we once again delivered solid results, with our revenues inside our guidance range, adjusted EBITDA reaching the high-end of our guidance, and EBITDA margin reaching a new high. Our strong growth was derived from our unique mix of wholesale and retail IDC solutions as well as our cloud revenue expansion. Looking ahead, we plan to prudently leverage our healthy balance sheet and to further diversify our financing channels to achieve our long-term growth.”

    First Quarter 2021 Financial Results

    NET REVENUES: Net revenues in the first quarter of 2021 increased by 27.1% to RMB1.39 billion (US$211.7 million) from RMB1.09 billion in the first quarter of 2020, representing an increase of 2.9% from RMB1.35 billion in the fourth quarter of 2020. This increase was mainly due to the increased revenue from both wholesale and retail IDCs, as well as the growth of cloud revenue.

    GROSS PROFIT: Gross profit in the first quarter of 2021 was RMB323.3 million (US$49.3 million), representing an increase of 38.1% from RMB234.1 million in the same period of 2020 and an increase of 9.8% from RMB294.4 million in the fourth quarter of 2020. Gross margin in the first quarter of 2021 was 23.3%, compared to 21.5% in the same period of 2020 and 21.8% in the fourth quarter of 2020. The year-over-year increase in gross margin was primarily attributable to the Company’s efforts in improving its operating efficiency.

    ADJUSTED CASH GROSS PROFIT, which excludes depreciation, amortization, and share-based compensation expenses, was RMB605.3 million (US$92.4 million) in the first quarter of 2021, compared to RMB417.1 million in the same period of 2020 and RMB581.9 million in the fourth quarter of 2020. Adjusted cash gross margin in the first quarter of 2021 was 43.6%, compared to 38.2% in the same period of 2020 and 43.2% in the fourth quarter of 2020.
            
    OPERATING EXPENSES: Total operating expenses in the first quarter of 2021 were RMB243.2 million (US$37.1 million), compared to RMB197.4 million in the same period of 2020 and RMB369.2 million in the fourth quarter of 2020. As a percentage of net revenues, total operating expenses in the first quarter of 2021 were 17.5%, compared to 18.1% in the same period of 2020 and 27.4% in the fourth quarter of 2020.

    Sales and marketing expenses in the first quarter of 2021 were RMB74.0 million (US$11.3 million), representing an increase of 51.9% from RMB48.7 million in the same period of 2020 and a decrease of 16.8% from RMB88.9 million in the fourth quarter of 2020. The year-over-year increase in sales and marketing expenses was primarily attributable to the Company’s continuous efforts in business expansion.

    Research and development expenses in the first quarter of 2021 were RMB33.6 million (US$5.1 million), compared to RMB21.0 million in the same period of 2020 and RMB42.2 million in the fourth quarter of 2020. The year-over-year increase was primarily due to the Company’s ongoing efforts to explore technology upgrades.

    General and administrative expenses in the first quarter of 2021 were RMB135.2 million (US$20.6 million), compared to RMB125.2 million in the same period of 2020 and RMB162.9 million in the fourth quarter of 2020.

    ADJUSTED OPERATING EXPENSES, which exclude share-based compensation expenses and impairment of long-lived assets, were RMB212.5 million (US$32.4 million) in the first quarter of 2021, compared to RMB177.8 million in the same period of 2020 and RMB215.5 million in the fourth quarter of 2020. As a percentage of net revenues, adjusted operating expenses in the first quarter of 2021 were 15.3%, compared to 16.3% in the same period of 2020 and 16.0% in the fourth quarter of 2020.

    ADJUSTED EBITDA: Adjusted EBITDA in the first quarter of 2021 was RMB415.1 million (US$63.4 million), representing an increase of 60.0% from RMB259.4 million in the same period of 2020 and an increase of 6.5% from RMB389.8 million in the fourth quarter of 2020. Adjusted EBITDA in the first quarter of 2021 excluded share-based compensation expenses of RMB34.9 million (US$5.3 million). Adjusted EBITDA margin in the first quarter of 2021 was 29.9%, compared to 23.8% in the same period of 2020 and 28.9% in the fourth quarter of 2020.

    NET PROFIT/LOSS: Net loss attributable to ordinary shareholders in the first quarter of 2021 was RMB84.7 million (US$12.9 million), compared to RMB138.8 million in the same period of 2020 and RMB1.02 billion in the fourth quarter of 2020.

    PROFIT/LOSS PER SHARE: Basic and diluted loss per share were both RMB0.1 (US$0.02) in the first quarter of 2021, which represents the equivalent of RMB0.6 (US$0.12) per American depositary share ("ADS"). Each ADS represents six Class A ordinary shares. Diluted profit/loss per share is calculated using net profit/loss attributable to ordinary shareholders divided by the weighted average number of diluted shares outstanding.

    As of March 31, 2021, the aggregate amount of the Company's cash and cash equivalents, restricted cash, and short-term investments was RMB7.33 billion (US$1.12 billion).

    Net cash generated from operating activities in the first quarter of 2021 was RMB274.5 million (US$41.9 million), compared to RMB58.7 million in the same period of 2020 and RMB283.8 million in the fourth quarter of 2020.

    Recent Developments

    On April 28, 2021, the Company announced the appointment of Mr. Tim Chen to the position of Chief Financial Officer, effective from May 1st 2021. Mr. Chen was previously the Chief Strategy Officer of the Company. In his new role, Mr. Chen has succeeded Ms. Sharon Xiao Liu, who stepped down as Chief Financial Officer and currently serves as an adviser to the Company until June 2021.

    On March 24, 2021, the Company announced that it had entered into a share purchase agreement (the “Purchase Agreement”) with Tuspark Innovation Venture Limited (“Tuspark”), pursuant to which 21Vianet agreed to purchase 48,634,493 Class B ordinary shares of the Company from Tuspark for an aggregate purchase price of approximately US$260 million. On April 13, 2021, the Company announced that it had completed the Purchase Agreement in full. Immediately following the closing, all of the remaining Class B ordinary shares held by Tuspark in the Company have been converted into Class A ordinary shares of the Company on a one-for-one basis.

    On January 22, 2021, the Company announced the pricing of US$525 million in convertible senior notes due 2026, plus an additional US$75 million principal amount of the convertible senior notes subscribed by the initial purchaser pursuant to the exercise of their over-allotment option (the “Notes Offering”). The total proceeds of the Notes Offering were approximately US$600 million.  

    Financial Outlook

    For the second quarter of 2021, the Company expects net revenues to be in the range of RMB1,470 million to RMB1,490 million. Adjusted EBITDA is expected to be in the range of RMB405 million to RMB425 million.

    For the full year of 2021, the Company expects net revenues to be in the range of RMB6,100 million to RMB6,300 million. Adjusted EBITDA is expected to be in the range of RMB1,680 million to RMB1,780 million. The midpoints of the Company’s updated estimates imply an increase of 28.4% and 30.7% year over year in net revenues and adjusted EBITDA, respectively.

    The forecast reflects the Company’s current and preliminary views on the market and its operational conditions, which do not factor in any of the potential future impacts caused by the ongoing COVID-19 pandemic, and are subject to change.

    Conference Call

    The Company will hold a conference call at 8:00 P.M. on Tuesday, May 25, 2021, U.S. Eastern Time, or 8:00 A.M. on Wednesday, May 26, 2021, Beijing Time, to discuss the financial results.

    In advance of the conference call, all participants must use the following link to complete the online registration process to receive a unique registrant ID and a set of participant dial-in numbers to join the conference call.

    Conference ID: 5984206
    Registration Link: http://apac.directeventreg.com/registration/event/5984206
       
    The replay will be accessible through June 2, 2021, by dialing the following numbers:
       
    United States Toll Free: +1-855-452-5696
    International:  +61-2-8199-0299
    Conference ID: 5984206

    A live and archived webcast of the conference call will be available through the Company's investor relations website at http://ir.21vianet.com.

    Non-GAAP Disclosure

    In evaluating its business, 21Vianet considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the 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, 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 RMB 6.5518 to US$1.00, the noon buying rate in effect on March 31, 2021, 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 21Vianet

    21Vianet Group, Inc. is a leading carrier- and cloud-neutral Internet data center services provider in China. 21Vianet 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 21Vianet's data centers and connect to China's Internet backbone. 21Vianet operates in more than 20 cities throughout China, servicing a diversified and loyal base of over 6,000 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 21Vianet's strategic and operational plans contain forward-looking statements. 21Vianet 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 21Vianet'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: 21Vianet's goals and strategies; 21Vianet's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, 21Vianet's services; 21Vianet's expectations regarding keeping and strengthening its relationships with customers; 21Vianet'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 21Vianet provides solutions and services. Further information regarding these and other risks is included in 21Vianet's reports filed with, or furnished to, the 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 21Vianet undertakes no duty to update such information, except as required under applicable law.

    Investor Relations Contacts:

    21Vianet Group, Inc.
    Rene Jiang
    +86 10 8456 2121
    IR@21Vianet.com

    Julia Jiang
    +86 10 8456 2121
    IR@21Vianet.com

    ICR, Inc.
    Xinran Rao
    +1 (646) 405-4922
    IR@21Vianet.com

     
    21VIANET GROUP, INC.
    CONSOLIDATED BALANCE SHEETS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
           
     As of As of    
    December 31, 2020 March 31, 2021   
     RMB RMB US$ 
     (Audited) (Unaudited) (Unaudited) 
    Assets      
    Current assets:      
    Cash and cash equivalents2,710,349 6,882,733 1,050,510 
    Restricted cash270,450 155,657 23,758 
    Accounts and notes receivable, net847,233 1,050,272 160,303 
    Short-term investments285,872 156,479 23,883 
    Prepaid expenses and other current assets1,866,184 2,109,484 321,970 
    Amounts due from related parties75,519 78,435 11,972 
    Total current assets6,055,607 10,433,060 1,592,396 
           
    Non-current assets:      
    Property and equipment, net8,106,425 8,193,354 1,250,550 
    Intangible assets, net658,195 657,526 100,358 
    Land use rights, net255,373 253,491 38,690 
    Operating lease right-of-use assets, net1,325,526 1,258,187 192,037 
    Goodwill994,993 994,993 151,866 
    Restricted cash135,638 139,314 21,263 
    Deferred tax assets185,481 182,051 27,786 
    Long-term investments135,517 139,212 21,248 
    Amounts due from related parties20,562 18,411 2,810 
    Other non-current assets1,500,438 1,498,692 228,745 
    Total non-current assets13,318,148 13,335,231 2,035,353 
    Total assets19,373,755 23,768,291 3,627,749 
           
    Liabilities and Shareholders' Equity      
    Current liabilities:      
    Short-term bank borrowings34,000 - - 
    Accounts and notes payable289,387 398,219 60,780 
    Accrued expenses and other payables1,631,563 1,342,611 204,922 
    Advances from customers1,041,594 1,160,639 177,148 
    Deferred revenue63,245 59,083 9,018 
    Income taxes payable29,028 36,878 5,629 
    Amounts due to related parties51,007 48,294 7,371 
    Current portion of long-term borrowings180,328 203,562 31,070 
    Current portion of finance lease liabilities403,843 412,052 62,891 
    Current portion of deferred government grant2,074 2,074 317 
    Current portion of bonds payable1,943,619 1,962,131 299,480 
    Current portion of operating lease liabilities452,272 414,857 63,320 
    Total current liabilities6,121,960 6,040,400 921,946 
           
    Non-current liabilities:      
    Long-term borrowings886,996 1,554,758 237,302 
    Convertible promissory notes3,014,057 5,350,162 816,594 
    Non-current portion of finance lease liabilities688,128 662,623 101,136 
    Unrecognized tax benefits68,696 68,967 10,526 
    Deferred tax liabilities299,093 302,867 46,227 
    Non-current portion of deferred government grant4,100 3,648 557 
    Amounts due to related parties747,746 749,824 114,445 
    Non-current portion of operating lease liabilities645,499 626,062 95,556 
    Total non-current liabilities6,354,315 9,318,911 1,422,343 
           
    Shareholders' equity      
    Treasury stock(349,523)(349,523)(53,348)
    Ordinary shares56 62 9 
    Additional paid-in capital13,083,119 15,695,092 2,395,539 
    Accumulated other comprehensive loss(55,535)(31,205)(4,763)
    Statutory reserves74,462 73,386 11,201 
    Accumulated deficit(7,235,113)(7,318,696)(1,117,051)
    Series A perpetual convertible preferred shares1,047,468 - - 
    Total 21Vianet Group, Inc. shareholders’ equity6,564,934 8,069,116 1,231,587 
    Noncontrolling interest332,546 339,864 51,873 
    Total shareholders' equity6,897,480 8,408,980 1,283,460 
    Total liabilities and shareholders' equity19,373,755 23,768,291 3,627,749 
           



    21VIANET 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
     March 31, 2020December 31, 2020March 31, 2021
     RMBRMBRMBUS$
     (Unaudited)(Unaudited)(Unaudited)(Unaudited)
    Net revenues1,090,797 1,348,367 1,386,923 211,686 
    Cost of revenues(856,686)(1,053,942)(1,063,611)(162,339)
    Gross profit234,111 294,425 323,312 49,347 
             
    Operating expenses    
    Other operating income- 7,619 - - 
    Sales and marketing(48,710)(88,890)(73,976)(11,291)
    Research and development(20,984)(42,164)(33,565)(5,123)
    General and administrative(125,202)(162,869)(135,246)(20,643)
    Allowance for doubtful debt(2,521)(1,321)(393)(60)
    Impairment of long-lived assets- (81,619)- - 
    Total operating expenses(197,417)(369,244)(243,180)(37,117)
             
    Operating profit (loss)36,694 (74,819)80,132 12,230 
    Interest income9,382 4,176 5,709 871 
    Interest expense(102,258)(79,243)(84,479)(12,894)
    Impairment of long-term investment- (13,030)- - 
    Other income859 4,736 2,172 332 
    Other expense(21,833)(7,926)(3,422)(522)
    Changes in the fair value of convertible promissory notes- (957,105)(8,641)(1,319)
    Foreign exchange (loss) gain(41,747)155,496 (33,846)(5,166)
    Loss before income tax expenses and gain (loss) from equity method investments(118,903)(967,715)(42,375)(6,468)
    Income tax expenses(22,486)(41,210)(37,299)(5,693)
    Gain (loss) from equity method investments3,867 15,194 (1,305)(199)
    Net loss(137,522)(993,731)(80,979)(12,360)
    Net profit attributable to noncontrolling interest(1,241)(21,647)(3,680)(562)
    Net loss attributable to the Company’s ordinary shareholders(138,763)(1,015,378)(84,659)(12,922)
             
    Loss per share    
    Basic(0.18)(1.28)(0.10)(0.02)
    Diluted(0.18)(1.28)(0.10)(0.02)
    Shares used in loss per share computation    
    Basic*669,545,073 802,963,713 860,540,297 860,540,297 
    Diluted*669,545,073 802,963,713 860,540,297 860,540,297 
         
    Loss per ADS (6 ordinary shares equal to 1 ADS)    
    Basic(1.08)(7.68)(0.60)(0.12)
    Diluted(1.08)(7.68)(0.60)(0.12)
         
    * Shares used in loss per share/ADS computation were computed under weighted average method. 



     
    21VIANET GROUP, INC.
    RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
         
     Three months ended
     March 31, 2020December 31, 2020March 31, 2021
     RMBRMBRMBUS$
    Gross profit234,111 294,425 323,312 49,347 
    Plus: depreciation and amortization182,556 277,543 277,851 42,408 
    Plus: share-based compensation expenses460 9,882 4,126 630 
    Adjusted cash gross profit417,127 581,850 605,289 92,385 
    Adjusted cash gross margin38.2%43.2%43.6%43.6%
         
    Operating expenses(197,417)(369,244)(243,180)(37,117)
    Plus: share-based compensation expenses19,628 72,152 30,729 4,690 
    Plus: impairment of long-lived assets- 81,619 - - 
    Adjusted operating expenses(177,789)(215,473)(212,451)(32,427)
             
    Operating profit (loss)36,694 (74,819)80,132 12,230 
    Plus: depreciation and amortization202,607 300,917 300,105 45,805 
    Plus: share-based compensation expenses20,088 82,034 34,855 5,320 
    Plus: impairment of long-lived assets- 81,619 - - 
    Adjusted EBITDA259,389 389,751 415,092 63,355 
    Adjusted EBITDA margin23.8%28.9%29.9%29.9%
         



    21VIANET GROUP, INC.
    CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
    (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
         
     Three months ended
     March 31, 2020December 31, 2020March 31, 2021
     RMBRMBRMBUS$
     (Unaudited)(Unaudited)(Unaudited)(Unaudited)
    CASH FLOWS FROM OPERATING ACTIVITIES    
    Net loss(137,522)(993,731)(80,979)(12,360)
    Adjustments to reconcile net loss to net cash generated from operating activities:  
    Depreciation and amortization202,607 300,917 300,105 45,805 
    Stock-based compensation expenses20,088 82,034 34,855 5,320 
    Others42,108 968,802 186,399 28,450 
    Changes in operating assets and liabilities    
    Accounts and notes receivable(202,262)35,348 (203,432)(31,050)
    Prepaid expenses and other current assets(8,239)(420,382)(195,171)(29,789)
    Accounts and notes payable71,295 (43,339)108,832 16,611 
    Accrued expenses and other payables97,263 (56,107)123,047 18,781 
    Deferred revenue15,433 11,252 (4,162)(635)
    Advances from customers89,629 413,613 119,045 18,170 
    Others(131,746)(14,576)(114,086)(17,413)
    Net cash generated from operating activities58,654 283,831 274,453 41,890 
             
    CASH FLOWS FROM INVESTING ACTIVITIES    
    Purchases of property and equipment(436,034)(772,513)(675,486)(103,099)
    Purchases of intangible assets(529)(4,932)(7,522)(1,148)
    Proceeds from (payments for) investments207,690 (1,522,143)61,432 9,376 
    Payments for (proceeds from) other investing activities(18,351)(12,426)761 116 
    Net cash used in investing activities(247,224)(2,312,014)(620,815)(94,755)
             
    CASH FLOWS FROM FINANCING ACTIVITIES    
    Proceeds from bank borrowings222,869 160,996 718,636 109,685 
    Repayments of bank borrowings(30,000)(21,500)(34,000)(5,189)
    Payments for finance lease(77,336)(87,749)(110,480)(16,863)
    Proceed from issuance of 2026 Convertible senior notes - 3,797,090 579,549 
    Proceed from issuance of Convertible notes899,808 - - - 
    Payment for shares repurchase- (130,472)- - 
    Proceeds from (payments for) other financing activities61,008 (86,209)(29,387)(4,485)
    Net cash generated from (used in) financing activities1,076,349 (164,934)4,341,859 662,697 
             
    Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 13,800 (144,757)65,770 10,038 
    Net increase (decrease) in cash, cash equivalents and restricted cash901,580 (2,337,874)4,061,267 619,870 
    Cash, cash equivalents and restricted cash at beginning of period2,357,177 5,454,311 3,116,437 475,661 
    Cash, cash equivalents and restricted cash at end of period3,258,757 3,116,437 7,177,704 1,095,531 
             

     


شارك على،