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, 2020.
Third quarter 2020
Financial
Highlights
- Total
revenues
were RMB1,728.8 million (US$1254.6 million) in the third quarter of
2020, representing an increase of 72.6% year-over-year.
- Gross profit was RMB112.9 million (US$16.6
million) or 6.5% gross margin in the third quarter of 2020,
compared with RMB18.7 million or 1.9% gross margin in the third
quarter of 2019.
- Non-GAAP gross
profit2, was RMB114.8
million (US$16.9 million) or 6.6% Non-GAAP gross margin in the
third quarter of 2020, compared with RMB20.6 million or 2.1%
Non-GAAP gross margin in the third quarter of 2019.
- Net loss was RMB105.3 million
(US$15.5 million) or -6.1% net loss margin in the third quarter of
2020, compared with net loss of RMB350.6 million or net loss margin
of -35.0% in the third quarter of 2019. The profitability and
margin have been improving on both year-over- year and sequential
basis.
- Non-GAAP EBITDA3, was RMB-26.3 million
(US$-3.9 million) or -1.5% Non-GAAP EBITDA margin in the third
quarter of 2020, compared with RMB-102.0 million or -10.2% Non-GAAP
EBITDA margin in the third quarter of 2019.
Mr. Yulin Wang, Chief Executive Officer of Kingsoft Cloud,
commented, “We delivered another solid quarter of operational and
financial results for the third quarter of 2020. Our total revenues
increase by 72.6% year-over-year to RMB1,728.8 million. While we
experienced strong demand from many existing clients, we also saw
the resumption of a number of enterprise cloud projects that had
been delayed due to COVID-19. In light of the ongoing digital
transformation trends and the increasingly rapid roll out of
enterprise cloud projects across the country, we will continue to
invest in technology and expand our reach into select industries so
that we can take advantage of the numerous growth opportunities
around cloud computing that lie ahead.”_____________
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 RMB6.7896 to US$1.00, the noon
buying rate in effect on September 30, 2020 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 “Reconciliation of GAAP and Non-GAAP
results” set forth at the end of this press release. |
3 |
|
Non-GAAP EBITDA is defined as Non-GAAP net loss excluding
interest income, interest expense, income tax expense and
depreciation and amortization, and Non-GAAP net loss is defined as
net loss excluding share-based compensation, foreign exchange
(gain) loss, changes in fair value of financial instruments and
other (income) expense, net. Non-GAAP EBITDA margin is defined as
Non-GAAP EBITDA as a percentage of revenues. See “Reconciliation of
GAAP and Non-GAAP results” set forth at the end of this press
release. |
Mr. Henry He, Chief Financial Officer of Kingsoft Cloud added
that “We are pleased to observe accelerated year-over-year revenue
growth and improving bottom line performance. Our total revenues
during the quarter came in at the mid-to-top end of the previous
guidance, at RMB 1,728.8 million. It represents accelerated
year-over-year growth of 72.6%, which makes us one of the fastest
growing major players in the industry. Enterprise cloud services
revenues reached RMB409.1 million, representing an increase of
257.3% year-over-year and 66.2% sequentially. It contributed 23.7%
of total revenues this quarter, compared with 11.4% in the same
period last year. Our adjusted EBITDA margin increased to -1.5%
this quarter from -10.2% in the same period last year, representing
an improvement of 8.7 percentage points. It has now steadily
improved for nine consecutive quarters.”
Third quarter 2020
Financial
Results
Total Revenues reached
RMB1,728.8 million (US$254.6 million), representing an increase of
72.6% from RMB1,001.8 million in the same period of 2019. The
increases were primarily due to the growth in both public cloud
services and enterprise cloud services for our premium
customers.
- Revenues from public cloud services were RMB1,309.7 million
(US$192.9 million), representing an increase of 48.1% from RMB884.5
million in the same period of 2019.
- Revenues from enterprise cloud services were RMB409.1 million
(US$60.2 million), representing an increase of 257.3% from RMB114.5
million in the same period of 2019.
- Other revenues were RMB10.0 million (US$1.5 million).
Cost of revenues was
RMB1,615.9 million (US$238.0 million), representing an increase of
64.4% from RMB983.0 million in the same period of 2019, primarily
attributable to the rapid growth of our business. IDC costs
increased by 51.2% to RMB1,060.1 million (US$156.1 million) from
701.3 million in the same period of 2019. The increase in IDC costs
was in line with the Company’s expanding business and was partially
offset by improved efficiency and utilization of bandwidth. IDC
costs as a percentage of total revenues decreased from 70.0% during
the same period of last year to 61.3% in the third quarter of 2020.
Depreciation and amortization costs remained stable at RMB156.5
million (US$23.0 million), compared with RMB153.6 million in the
same period of 2019. We review the useful lives of equipment on an
ongoing basis, and effective July 1, 2020 we changed our estimate
of the useful life for our certain electronic equipment from three
to four years. The longer useful life is due to increasing purchase
of high-end equipment, continuous improvements in our software
and enhancements in our capability of operation.
Gross
profit was
RMB112.9 million (US$16.6 million), compared to RMB18.7 million in
the same period in 2019.
Gross
margin was 6.5%, representing an increase of 4.6
percentage points from 1.9% in the same period in 2019.
Non-GAAP gross
profit was RMB114.8 million (US$16.9 million),
compared to RMB20.6 million in the same period in 2019.
Non-GAAP gross margin was 6.6%,
representing an increase of 4.5 percentage points from 2.1% in the
same period in 2019. The increase was primarily due to our
continued leverage on economies of scale and the costs savings.
Selling
and
marketing
expenses
were RMB96.8 million (US$14.3 million), representing an increase of
10.9% from RMB87.3 million in the same period in 2019, mainly due
to the increase in share-based compensation expenses, as well as
the salaries and welfare of selling and marketing personnel.
General
and
administrative
expenses
were RMB91.3 million (US$13.5 million), an increase of 64.5% from
RMB55.5 million in the same period in 2019, mainly due to the
increase in expenses for legal, accounting and other administrative
and compliance affairs, as well as the share-based compensation
expenses.
Research and development
expenses were RMB167.6 million (US$24.7 million),
an increase of 7.5% from RMB155.9 million in the same period in
2019, primarily due to the increase in share-based compensation
expenses.
Operating loss was RMB242.8
million (US$35.8 million), compared with RMB279.9 million in the
same quarter of 2019.
Net
loss was
RMB105.3 million (US$15.5 million), compared with RMB350.6 million
in the same quarter of 2019.
Non-GAAP
net loss was
RMB169.1 million (US$24.9 million), compared with RMB241.9 million
in the same quarter of 2019. The Non-GAAP net loss margin increased
to -9.8% from -24.2% in the same quarter of 2019. The profitability
and margin have been improving on both year-over-year and
sequential basis.
Non-GAAP EBITDA was RMB-26.3
million (US$-3.9 million), compared with RMB-102.0 million in the
same quarter of 2019.
Non-GAAP EBITDA
margin was -1.5%, compared to -10.2% in the same quarter
of 2019. The steady increase of Non-GAAP EBITDA margin was due to
the revenue growth and operating leverage.
Basic
and diluted
net
loss
per
share was RMB0.03 (US$0.00), compared with RMB0.39
in the same quarter of 2019.
Cash and cash
equivalents and
short-term
investments were
RMB6,796.9 million (US$1,001.1 million) as of September 30, 2020,
compared to RMB2,248.7 million as of December 31, 2019. The
increase was primarily driven by the net proceeds received from IPO
in May and follow up offering in September, as well as the
improving profitability.
Outstanding
ordinary
shares were 3,270,266,493 as of September 30,
2020, equivalent to about 218,017,766 ADSs.
Business
Outlook
For the fourth quarter of 2020, the Company expects total
revenues to be between RMB1.88 billion and RMB1.95 billion. 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 Wednesday, November
18, 2020 at 7:00 am, U.S. Eastern Time (8:00 pm, Beijing/Hong Kong
Time on the same day) to discuss the financial results.
Participants can register for the conference call by navigating
to http://apac.directeventreg.com/registration/event/5847057. Once
preregistration has been completed, participants will receive
dial-in numbers, direct event passcode, and a unique registrant
ID.
To join the conference, simply dial the number in the calendar
invite you receive after preregistering, enter the passcode
followed by your registrant ID, and you will join the conference
instantly.
A telephone replay of the call will be available after the
conclusion of the conference call through 10:00 a.m. U.S. Eastern
Time, November 26, 2020. The dial-in details for the replay are as
follows:
International: +61-2-8199-0299U.S. Toll Free:
+1-855-452-5696Mainland China Toll Free: 800-870-0206Hong Kong Toll
Free: 800-963-117Conference ID: 5847057
A live and archived webcast of the conference call will also be
available at 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 (loss) profit, Non-GAAP gross margin,
Non-GAAP EBITDA and Non-GAAP EDITDA 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 (loss) profit as gross (loss) profit
excluding share- based compensation allocated in the cost of
revenues, and we define Non-GAAP gross margin as Non-GAAP gross
(loss) profit as a percentage of revenues. We define Non-GAAP net
loss as net loss excluding share-based compensation, foreign
exchange (gain) loss, changes in fair value of financial
instruments and other (income) expense, net. 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-GAAPfinancial 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 RMB6.7896 to
US$1.00, the noon buying rate in effect on September 30, 2020 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 fourth 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. Kingsoft Cloud has
built a comprehensive and reliable cloud platform consisting of
extensive cloud infrastructure, cutting-edge cloud products and
well-architected industry-specific solutions across public cloud,
enterprise cloud and AIoT cloud services.
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
ChristensenMs. Linda BergkampPhone: +1-480-614-3004E-mail:
lbergkamp@christensenir.com
KINGSOFT CLOUD HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS (All amounts in thousands) |
|
Dec 31, 2019 |
Sep 30, 2020 |
Sep 30, 2020 |
|
RMB |
RMB |
US$ |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
2,023,263 |
|
3,866,503 |
|
569,474 |
|
Accounts receivable, net |
1,347,481 |
|
2,027,606 |
|
298,634 |
|
Short-term investments |
225,425 |
|
2,930,435 |
|
431,606 |
|
Prepayments and other assets |
421,938 |
|
553,324 |
|
81,496 |
|
Amounts due from related parties |
131,632 |
|
127,070 |
|
18,715 |
|
Total current assets |
4,149,739 |
|
9,504,938 |
|
1,399,925 |
|
Non-current assets: |
|
|
|
Property and equipment, net |
1,720,974 |
|
1,935,358 |
|
285,047 |
|
Intangible assets, net |
7,428 |
|
19,696 |
|
2,901 |
|
Prepayments and other assets |
36,468 |
|
59,495 |
|
8,763 |
|
Equity investments |
114,876 |
|
117,081 |
|
17,244 |
|
Amounts due from related parties |
2,336 |
|
5,758 |
|
848 |
|
Operating lease right-of-use assets |
- |
|
276,452 |
|
40,717 |
|
Total non-current assets |
1,882,082 |
|
2,413,840 |
|
355,520 |
|
Total assets |
6,031,821 |
|
11,918,778 |
|
1,755,445 |
|
|
|
|
|
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’
DEFICIT |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
1,254,589 |
|
1,992,053 |
|
293,398 |
|
Accrued expenses and other current liabilities |
949,213 |
|
717,739 |
|
105,712 |
|
Short-term bank loans |
- |
|
278,488 |
|
41,017 |
|
Long-term bank loan, current portion |
100,000 |
|
124,351 |
|
18,315 |
|
Income tax payable |
11,930 |
|
20,156 |
|
2,969 |
|
Amounts due to related parties |
104,259 |
|
120,154 |
|
17,697 |
|
Current operating lease liabilities |
- |
|
66,287 |
|
9,763 |
|
Total current liabilities |
2,419,991 |
|
3,319,228 |
|
488,871 |
|
|
|
|
|
Non-current liabilities |
|
|
|
Long-term bank loan |
74,351 |
|
- |
|
- |
|
Deferred tax liabilities |
206 |
|
74 |
|
11 |
|
Other liabilities |
- |
|
41,799 |
|
6,156 |
|
Non-current operating lease liabilities |
- |
|
209,189 |
|
30,810 |
|
Total non-current liabilities |
74,557 |
|
251,062 |
|
36,977 |
|
Total liabilities |
2,494,548 |
|
3,570,290 |
|
525,848 |
|
Mezzanine equity: |
|
|
|
Series B convertible preferred shares |
337,268 |
|
- |
|
- |
|
Series C redeemable convertible preferred shares |
1,043,147 |
|
- |
|
- |
|
Series D redeemable convertible preferred shares |
5,965,273 |
|
- |
|
- |
|
Series D+ redeemable convertible preferred shares |
388,844 |
|
- |
|
- |
|
Total mezzanine equity |
7,734,532 |
|
- |
|
- |
|
Shareholders’ (deficit) equity: |
|
|
|
Series A convertible preferred shares |
123,186 |
|
- |
|
- |
|
Ordinary shares |
5,558 |
|
22,343 |
|
3,291 |
|
Additional paid-in capital |
91,746 |
|
13,826,068 |
|
2,036,357 |
|
Accumulated deficit |
(4,902,097 |
) |
(5,759,144 |
) |
(848,230 |
) |
Accumulated other comprehensive income |
484,348 |
|
259,214 |
|
38,178 |
|
Total Kingsoft Cloud Holdings Limited shareholders’
(deficit) equity |
(4,197,259 |
) |
8,348,481 |
|
1,229,596 |
|
Noncontrolling interests |
- |
|
7 |
|
1 |
|
Total (deficit) equity |
(4,197,259 |
) |
8,348,488 |
|
1,229,597 |
|
Total liabilities, mezzanine equity and shareholders’
(deficit) equity |
6,031,821 |
|
11,918,778 |
|
1,755,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2019 |
Mar 31, 2020 |
Jun 30, 2020 |
Sep 30, 2020 |
Sep 30, 2020 |
Sep 30, 2019 |
Sep 30, 2020 |
Sep 30, 2020 |
|
|
RMB |
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|
Revenues: |
|
|
|
|
|
|
|
|
|
Public cloud services |
884,518 |
|
1,208,514 |
|
1,287,139 |
|
1,309,693 |
|
192,897 |
|
2,513,701 |
|
3,805,346 |
|
560,467 |
|
|
Enterprise cloud services |
114,450 |
|
181,587 |
|
246,081 |
|
409,101 |
|
60,254 |
|
265,881 |
|
836,769 |
|
123,243 |
|
|
Others |
2,822 |
|
862 |
|
1,535 |
|
10,049 |
|
1,480 |
|
3,131 |
|
12,446 |
|
1,833 |
|
|
Total revenues |
1,001,790 |
|
1,390,963 |
|
1,534,755 |
|
1,728,843 |
|
254,631 |
|
2,782,713 |
|
4,654,561 |
|
685,543 |
|
|
Cost of revenues |
(983,046 |
) |
(1,320,192 |
) |
(1,454,011 |
) |
(1,615,945 |
) |
(238,003 |
) |
(2,829,327 |
) |
(4,390,148 |
) |
(646,599 |
) |
|
Gross profit (loss) |
18,744 |
|
70,771 |
|
80,744 |
|
112,898 |
|
16,628 |
|
(46,614 |
) |
264,413 |
|
38,944 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
(87,309 |
) |
(87,968 |
) |
(109,775 |
) |
(96,802 |
) |
(14,257 |
) |
(219,140 |
) |
(294,545 |
) |
(43,382 |
) |
|
General and administrative expenses |
(55,491 |
) |
(75,977 |
) |
(170,421 |
) |
(91,338 |
) |
(13,453 |
) |
(151,403 |
) |
(337,736 |
) |
(49,743 |
) |
|
Research and development expenses |
(155,853 |
) |
(195,650 |
) |
(230,828 |
) |
(167,590 |
) |
(24,683 |
) |
(423,685 |
) |
(594,068 |
) |
(87,497 |
) |
|
Total operating expenses |
(298,653 |
) |
(359,595 |
) |
(511,024 |
) |
(355,730 |
) |
(52,393 |
) |
(794,228 |
) |
(1,226,349 |
) |
(180,622 |
) |
|
Operating loss |
(279,909 |
) |
(288,824 |
) |
(430,280 |
) |
(242,832 |
) |
(35,765 |
) |
(840,842 |
) |
(961,936 |
) |
(141,678 |
) |
|
Interest income |
17,291 |
|
10,095 |
|
20,937 |
|
24,414 |
|
3,596 |
|
66,976 |
|
55,446 |
|
8,166 |
|
|
Interest expense |
- |
|
(1,884 |
) |
(1,791 |
) |
(3,940 |
) |
(580 |
) |
(4,925 |
) |
(7,615 |
) |
(1,122 |
) |
|
Foreign exchange (loss) gain |
(81,882 |
) |
(40,144 |
) |
(2,883 |
) |
117,714 |
|
17,337 |
|
(95,714 |
) |
74,687 |
|
11,000 |
|
|
Changes in fair value of financial instruments |
- |
|
198 |
|
- |
|
2,825 |
|
416 |
|
- |
|
3,023 |
|
445 |
|
|
Other (expense) income, net |
(3,781 |
) |
(5,259 |
) |
(4,342 |
) |
515 |
|
76 |
|
9,807 |
|
(9,086 |
) |
(1,338 |
) |
|
Loss before income taxes |
(348,281 |
) |
(325,818 |
) |
(418,359 |
) |
(101,304 |
) |
(14,920 |
) |
(864,698 |
) |
(845,481 |
) |
(124,527 |
) |
|
Income tax expense |
(2,311 |
) |
(5,829 |
) |
(1,697 |
) |
(4,033 |
) |
(594 |
) |
(6,993 |
) |
(11,559 |
) |
(1,702 |
) |
|
Net loss |
(350,592 |
) |
(331,647 |
) |
(420,056 |
) |
(105,337 |
) |
(15,514 |
) |
(871,691 |
) |
(857,040 |
) |
(126,229 |
) |
|
Less: net (loss) income attributable to noncontrolling
interests |
- |
|
(306 |
) |
117 |
|
196 |
|
29 |
|
- |
|
7 |
|
1 |
|
|
Net loss attributable to Kingsoft Cloud Holdings
Limited |
(350,592 |
) |
(331,341 |
) |
(420,173 |
) |
(105,533 |
) |
(15,543 |
) |
(871,691 |
) |
(857,047 |
) |
(126,230 |
) |
|
Accretion to redemption value of redeemable convertible preferred
shares |
- |
|
(19,768 |
) |
- |
|
- |
|
- |
|
- |
|
(19,768 |
) |
(2,912 |
) |
|
Net loss attributable to ordinary
shareholders |
(350,592 |
) |
(351,109 |
) |
(420,173 |
) |
(105,533 |
) |
(15,543 |
) |
(871,691 |
) |
(876,815 |
) |
(129,142 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
|
|
|
|
|
Basic and diluted |
(0.39 |
) |
(0.39 |
) |
(0.19 |
) |
(0.03 |
) |
(0.00 |
) |
(0.98 |
) |
(0.42 |
) |
(0.06 |
) |
|
Shares used in the net loss per share
computation: |
|
|
|
|
|
|
|
|
|
Basic and diluted |
894,711,200 |
|
898,305,836 |
|
2,218,943,950 |
|
3,153,524,558 |
|
3,153,524,558 |
|
886,714,057 |
|
2,098,997,211 |
|
2,098,997,211 |
|
|
Other comprehensive income (loss), net of tax
of nil: |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
126,033 |
|
51,349 |
|
683 |
|
(277,166 |
) |
(40,822 |
) |
140,665 |
|
(225,134 |
) |
(33,159 |
) |
|
Comprehensive loss |
(224,559 |
) |
(280,298 |
) |
(419,373 |
) |
(382,503 |
) |
(56,336 |
) |
(731,026 |
) |
(1,082,174 |
) |
(159,388 |
) |
|
Less: Comprehensive (loss) income attributable to noncontrolling
interests |
- |
|
(306 |
) |
117 |
|
196 |
|
29 |
|
- |
|
7 |
|
1 |
|
|
Comprehensive loss attributable to Kingsoft Cloud Holdings
Limited shareholders |
(224,559 |
) |
(279,992 |
) |
(419,490 |
) |
(382,699 |
) |
(56,365 |
) |
(731,026 |
) |
(1,082,181 |
) |
(159,389 |
) |
|
Accretion to redemption value of redeemable convertible preferred
shares |
- |
|
(19,768 |
) |
- |
|
- |
|
- |
|
- |
|
(19,768 |
) |
(2,912 |
) |
|
Comprehensive loss attributable to ordinary
shareholders |
(224,559 |
) |
(299,760 |
) |
(419,490 |
) |
(382,699 |
) |
(56,365 |
) |
(731,026 |
) |
(1,101,949 |
) |
(162,301 |
) |
|
|
|
|
|
|
|
|
|
|
|
KINGSOFT CLOUD HOLDINGS LIMITED RECONCILIATION OF GAAP AND NON-GAAP
RESULTS (All amounts in thousands, except for percentage) |
|
Three Months Ended |
|
Sep 30, 2019 |
|
Mar 31, 2020 |
|
Jun 30, 2020 |
|
Sep 30, 2020 |
|
Sep 30, 2020 |
|
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
Gross profit |
18,744 |
|
70,771 |
|
80,744 |
|
112,898 |
|
16,628 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
– Share-based compensation expenses |
1,817 |
|
3,426 |
|
3,009 |
|
1,858 |
|
274 |
|
Adjusted gross profit |
20,561 |
|
74,197 |
|
83,753 |
|
114,756 |
|
16,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Sep 30, 2019 |
Mar 31, 2020 |
Jun 30, 2020 |
Sep 30, 2020 |
Gross margin |
1.9% |
5.1% |
5.3% |
6.5% |
Adjusted gross margin |
2.1% |
5.3% |
5.5% |
6.6% |
|
Three Months Ended |
|
|
Sep 30, 2019 |
Mar 31, 2020 |
Jun 30, 2020 |
Sep 30, 2020 |
Sep 30, 2020 |
|
|
RMB |
RMB |
RMB |
RMB |
US$ |
|
Net Loss |
(350,592 |
) |
(331,647 |
) |
(420,056 |
) |
(105,337 |
) |
(15,514 |
) |
|
Adjustments: |
|
|
|
|
|
|
– Share-based compensation expenses |
22,981 |
|
43,084 |
|
175,148 |
|
57,339 |
|
8,445 |
|
|
– Foreign exchange loss (gain) |
81,882 |
|
40,144 |
|
2,883 |
|
(117,714 |
) |
(17,337 |
) |
|
– Changes in fair value of financial instruments |
- |
|
(198 |
) |
- |
|
(2,825 |
) |
(416 |
) |
|
– Other expense (income), net |
3,781 |
|
5,259 |
|
4,342 |
|
(515 |
) |
(76 |
) |
|
Adjusted net loss |
(241,948 |
) |
(243,358 |
) |
(237,683 |
) |
(169,052 |
) |
(24,898 |
) |
|
Adjustments: |
|
|
|
|
|
|
– Interest income |
(17,291 |
) |
(10,095 |
) |
(20,937 |
) |
(24,414 |
) |
(3,596 |
) |
|
– Interest expense |
- |
|
1,884 |
|
1,791 |
|
3,940 |
|
580 |
|
|
– Income tax expense |
2,311 |
|
5,829 |
|
1,697 |
|
4,033 |
|
594 |
|
|
– Depreciation and amortization |
154,919 |
|
206,362 |
|
219,227 |
|
159,199 |
|
23,447 |
|
|
Adjusted EBITDA |
(102,009 |
) |
(39,378 |
) |
(35,905 |
) |
(26,294 |
) |
(3,873 |
) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Sep 30, 2019 |
Mar 31, 2020 |
Jun 30, 2020 |
Sep 30, 2020 |
Net loss margin |
-35.0% |
-23.8% |
-27.4% |
-6.1% |
Adjusted net loss margin |
-24.2% |
-17.5% |
-15.5% |
-9.8% |
Adjusted EBITDA Margin |
-10.2% |
-2.8% |
-2.3% |
-1.5% |
|
|
|
|
|
KINGSOFT CLOUD HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS (All amounts in thousands) |
|
|
Three Months Ended |
|
|
Sep 30, 2019 |
Sep 30, 2020 |
Sep 30, 2020 |
|
|
RMB |
RMB |
US$ |
|
Net cash used in operating activities |
(127,444 |
) |
(103,510 |
) |
(15,245 |
) |
|
Net cash generated from (used in) investing
activities |
148,980 |
|
(1,037,103 |
) |
(152,749 |
) |
|
Net cash generated from financing activities |
437 |
|
1,770,098 |
|
260,707 |
|
|
Effect of exchange rate changes on cash and cash equivalents |
(26,325 |
) |
(73,469 |
) |
(10,821 |
) |
|
Net increase in cash and cash equivalents |
21,973 |
|
629,485 |
|
92,713 |
|
|
Cash and cash equivalents at beginning of period |
1,745,868 |
|
3,310,487 |
|
487,582 |
|
|
Cash and cash equivalents at end of period |
1,741,516 |
|
3,866,503 |
|
569,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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