BEIJING, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Chindata Group Holdings Limited (“Chindata Group” or the “Company”) (Nasdaq: CD), a leading carrier-neutral hyperscale data center solution provider in Asia-Pacific emerging markets, today announced its unaudited financial results for the third quarter ended September 30, 2020.
Third Quarter 2020 Financial and Operating Highlights
- Total revenues increased by 64.5% to RMB467.5 million (US$68.9 million) from RMB284.1 million in the same period of 2019.
- Net loss was RMB173.7 million (US$25.6 million), compared to RMB45.7 million in the same period of 2019.
- Adjusted EBITDA increased by 143.3% to RMB228.0 million (US$33.6 million) from RMB93.7 million in the same period of 2019. Adjusted EBITDA margin expanded to 48.8%, compared to 33.0% in the same period of 2019.
- As of September 30, 2020, total data center IT capacity in service had increased to 248MW from 196MW as of June 30, 2020.
- As of September 30, 2020, total data center IT capacity under construction was 226MW.
Mr. Jing Ju, Chief Executive Officer and the founder of Chindata Group, commented, “In the third quarter of 2020, we maintained our commitment towards helping leading enterprises manage their core assets and focused on providing our clients with key tasks solutions as well as developing our own core capabilities. As such, we were able to not only sustain a high growth trajectory for our hyperscale data center business, but also meet global digital industry leaders’ needs for data center capacity expansion in emerging markets in a speedy manner.”
“During the quarter, we delivered strong financial results as our total revenue grew by 11.8% quarter over quarter to RMB467.5, thus demonstrating our strong execution capability and firm commitment to our ‘Customer First’ business philosophy.” Mr. Dongning Wang, Chief Financial Officer of Chindata Group, commented, “As we continuously enhance our full-stack service capabilities along the industry value chain, we should be able to further improve our company-wide operational efficiency. We also foresee strong demands for our customized hyperscale solutions for the rest of 2020 and beyond.”
Third quarter 2020 Financial Results
TOTAL REVENUES
Total revenues in the third quarter of 2020 increased by 64.5% to RMB467.5 million (US$68.9 million) from RMB284.1 million in the same period of 2019, primarily driven by the robust growth of the Company’s colocation services in the period.
COST OF REVENUES
In line with the Company’s revenue growth, total cost of revenues in the third quarter of 2020 increased by 37.2% to RMB277.2 million (US$40.8 million) from RMB201.9 million in the same period of 2019, mainly driven by the increases in utility costs and depreciation and amortization expenses.
GROSS PROFIT
Gross profit in the third quarter of 2020 increased by 131.6% to RMB190.3 million (US$28.0 million) from RMB82.2 million in the same period of 2019. Gross margin in the third quarter of 2020 expanded to 40.7% from 28.9% in the same period of 2019.
OPERATING EXPENSES
Total operating expenses in the third quarter of 2020 increased by 159.1% to RMB283.6 million (US$41.8 million) from RMB109.4 million in the same period of 2019.
- Selling and marketing expenses in the third quarter of 2020 increased by 107.7% to RMB34.5 million (US$5.1 million) from RMB16.6 million in the same period of 2019, primarily due to more marketing activities and higher personnel costs as the Company continued to expand its business.
- General and administrative expenses in the third quarter of 2020 increased by 186.6% to RMB236.6 million (US$34.8 million) from RMB82.5 million in the same period of 2019. This increase was mainly driven by (i) higher share-based compensation expenses, which increased to RMB121.3 million (US$17.9 million) in the third quarter of 2020 from RMB45.9 million in the same period of 2019; and (ii) a one-off management consulting services fee, incurred in connection of the initial public offering, in the amount of RMB61.0 million.
- Research and development expenses in the third quarter of 2020 increased by 21.3% to RMB12.5 million (US$1.8 million) from RMB10.3 million in the same period of 2019, mostly due to higher personnel costs as the Company continued to invest in its research and development initiatives to further enhance its service offerings.
OPERATING LOSS
Operating loss in the third quarter of 2020 was RMB93.2 million (US$13.7 million), compared to RMB27.3 million in the same period of 2019.
ADJUSTED EBITDA
Adjusted EBITDA in the third quarter of 2020 increased by 143.3% to RMB228.0 million (US$33.6 million) from RMB93.7 million in the same period of 2019. Adjusted EBITDA is defined as net loss excluding depreciation and amortization, interest income and expenses, income tax (benefits) expenses, share-based compensation, expense related to the reorganization, management consulting service fee, change in fair value of financial instruments, foreign exchange (gain) loss and non-cash operating lease cost relating to prepaid land use rights. Adjusted EBITDA margin in the third quarter of 2020 was 48.8%, compared to 33.0% in the same period of 2019.
NET LOSS
Net loss in the third quarter of 2020 was RMB173.7 million (US$25.6 million), compared to RMB45.7 million in the same period of 2019.
NET LOSS PER ADS
Basic and diluted net loss per American Depositary Share (“ADS”) were RMB0.58 (US$0.08). Basic and diluted net loss per share were RMB0.29 (US$0.04). Each ADS represents two of the Company’s Class A ordinary shares.
BALANCE SHEET
As of September 30, 2020, the Company had RMB3.50 billion (US$515.2 million) in cash, cash equivalents and restricted cash, compared to RMB1.12 billion as of December 31, 2019.
RECENT DEVELOPMENT
On October 2, 2020, the Company successfully completed its initial public offering (“IPO”) of 40,000,000 ADSs, each representing two Class A ordinary shares of the Company, at a price of US$13.50 per ADS for a total offering size of US$540 million.
On October 2, 2020, the Company’s underwriters exercised their options to acquire additional 6,000,000 ADSs at the public offering price. On the same day, the Company also closed its private placement of 9,629,630, 5,925,926 and 4,444,444 Class A ordinary shares to Joyful Phoenix Limited, SCEP Master Fund, and Shiying Finance Limited, respectively.
Business Outlook
For full year 2020, the Company expects its total revenues range from RMB1,770 million to RMB1,790 million and adjusted EBITDA to range from RMB830 million to RMB850 million. These forecasts reflect 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 Thursday, November 19, 2020, at 7:30 A.M. Eastern Time (or 8:30 P.M. Beijing Time on the same day) 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: | 4252618 |
| Registration Link: | http://apac.directeventreg.com/registration/event/4252618 |
The replay will be accessible through November 27, 2020, by dialing the following numbers:
| United States Toll Free: | +1-855-452-5696 |
| International: | +61-2-8199-0299 |
| Conference ID: | 4252618 |
A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://investor.chindatagroup.com/.
About Chindata Group
Chindata Group is a leading carrier-neutral hyperscale data center solution provider in Asia-Pacific emerging markets and a first mover in building next-generation hyperscale data centers in China, India and Southeast Asia markets, focusing on the whole life cycle of facility planning, investment, design, construction and operation of ecosystem infrastructure in the IT industry. Chindata Group provides its clients with business solutions in major countries and regions in Asia-Pacific emerging markets, including asset-heavy ecosystem chain services such as industrial bases, data centers, network and IT value-added services.
Chindata Group operates two sub-brands: "Chindata" and "Bridge Data Centres". Chindata operates hyper-density IT cluster infrastructure in the Greater Beijing Area, the Yangtze River Delta Area and the Greater Bay Area, the three key economic areas in China, and has become the engine of the regional digital economies. Bridge Data Centres, with its top international development and operation talents in the industry, owns fast deployable data center clusters in Malaysia and India, and seeks business opportunities in other Asia-Pacific emerging markets.
Exchange Rate Information
Unless otherwise stated, all translations from Renminbi into U.S. dollars were made at RMB6.7896 to US$1.00, the noon buying rate on September 30, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board. The percentages stated in this press release are calculated based on the RMB amounts.
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,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as Chindata Group’s strategic and operational plans, contain forward-looking statements. Chindata Group may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “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 Chindata Group’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: Chindata Group’s goals and strategies; its future business development, financial condition and results of operations; the expected growth and competition of the data center and IT market; its ability to generate sufficient capital or obtain additional capital to meet its future capital needs; its ability to maintain competitive advantages; its ability to keep and strengthen its relationships with major clients and attract new clients; its ability to locate and secure suitable sites for additional data centers on commercially acceptable terms; government policies and regulations relating to Chindata Group’s business or industry; general economic and business conditions in the regions where Chindata Group operates and globally and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Chindata Group’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 Chindata Group undertakes no obligation to update any forward-looking statement, except as required under applicable law.
Use of Non-GAAP Financial Measures
To supplement Chindata Group’s consolidated financial results presented in accordance with U.S. GAAP, Chindata Group uses adjusted EBITDA and adjusted EBITDA margin as non-GAAP financial measure. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.
The Company believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating its operating results as they do not include all items that impact its net loss or income for the period, and are presented to enhance investors’ overall understanding of the Company’s financial performance. A limitation of using the non-GAAP financial measure is that the non-GAAP measure exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. The non-GAAP financial measure presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.
For Enquiries, Please Contact:
Ms. Joy Zhang
Zhuo.zhang@chindatagroup.com
Ms. Xiaolin Zhao
xiaolin.zhao@chindatagroup.com
| CHINDATA GROUP HOLDINGS LIMITED | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | ||||||||
| As of December 31, 2019 | As of September 30, 2020 | |||||||
| RMB | RMB | US$ | ||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 1,038,897 | 3,383,027 | 498,266 | |||||
| Restricted cash | 14,365 | 36,794 | 5,419 | |||||
| Accounts receivable, net | 304,695 | 328,524 | 48,386 | |||||
| Value added taxes recoverable | 80,715 | 150,921 | 22,228 | |||||
| Prepayments and other current assets | 134,459 | 202,607 | 29,841 | |||||
| Total current assets | 1,573,131 | 4,101,873 | 604,140 | |||||
| Non‑current assets | ||||||||
| Property and equipment, net | 4,404,587 | 5,480,468 | 807,186 | |||||
| Operating lease right-of-use assets | 430,288 | 550,540 | 81,086 | |||||
| Finance lease right-of-use assets | 155,347 | 147,843 | 21,775 | |||||
| Goodwill and intangible assets, net | 827,069 | 797,311 | 117,431 | |||||
| Restricted cash | 66,578 | 77,845 | 11,465 | |||||
| Value added taxes recoverable | 247,851 | 311,208 | 45,836 | |||||
| Other non-current assets | 66,332 | 157,041 | 23,130 | |||||
| Total non‑current assets | 6,198,052 | 7,522,256 | 1,107,909 | |||||
| Total assets | 7,771,183 | 11,624,129 | 1,712,049 | |||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Short-term bank loans and current portion of long-term bank loans | 63,347 | 134,183 | 19,763 | |||||
| Accounts payable | 959,372 | 817,650 | 120,427 | |||||
| Current portion of operating lease liabilities | 37,767 | 38,284 | 5,639 | |||||
| Current portion of finance lease liabilities | 5,485 | 4,946 | 728 | |||||
| Accrued expenses and other current liabilities | 200,808 | 1,017,178 | 149,814 | |||||
| Total current liabilities | 1,266,779 | 2,012,241 | 296,371 | |||||
| Non‑current liabilities | ||||||||
| Long-term bank loans | 2,692,154 | 3,924,398 | 578,001 | |||||
| Operating lease liabilities | 217,523 | 209,953 | 30,923 | |||||
| Finance lease liabilities | 61,161 | 60,200 | 8,867 | |||||
| Other non-current liabilities | 296,393 | 428,551 | 63,119 | |||||
| Total non‑current liabilities | 3,267,231 | 4,623,102 | 680,910 | |||||
| Total liabilities | 4,534,010 | 6,635,343 | 977,281 | |||||
| Shareholders’ equity: | ||||||||
| Ordinary shares | 34 | 38 | 6 | |||||
| Additional paid-in capital | 3,512,291 | 5,535,666 | 815,315 | |||||
| Statutory reserves | 13,908 | 13,908 | 2,048 | |||||
| Accumulated other comprehensive income | 40,011 | 1,373 | 202 | |||||
| Accumulated deficit | (329,071 | ) | (562,199 | ) | (82,803 | ) | ||
| Total shareholders’ equity | 3,237,173 | 4,988,786 | 734,768 | |||||
| Total liabilities and shareholders’ equity | 7,771,183 | 11,624,129 | 1,712,049 | |||||
| CHINDATA GROUP HOLDINGS LIMITED | ||||||||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||||||||||||||
| (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | ||||||||||||||||||||
| For the three months ended | For the nine months ended | |||||||||||||||||||
| September 30, 2019 | June 30, 2020 | September 30, 2020 | September 30, 2019 | September 30, 2020 | ||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
| Revenue | 284,136 | 418,128 | 467,484 | 68,853 | 505,625 | 1,278,088 | 188,242 | |||||||||||||
| Cost of revenue | (201,949 | ) | (251,391 | ) | (277,157 | ) | (40,821 | ) | (377,505 | ) | (771,422 | ) | (113,618 | ) | ||||||
| Gross profit | 82,187 | 166,737 | 190,327 | 28,032 | 128,120 | 506,666 | 74,624 | |||||||||||||
| Operating expenses | ||||||||||||||||||||
| Selling and marketing expenses | (16,602 | ) | (21,323 | ) | (34,475 | ) | (5,078 | ) | (33,082 | ) | (71,491 | ) | (10,529 | ) | ||||||
| General and administrative expenses | (82,535 | ) | (99,127 | ) | (236,583 | ) | (34,845 | ) | (170,249 | ) | (420,236 | ) | (61,894 | ) | ||||||
| Research and development expenses | (10,314 | ) | (7,414 | ) | (12,513 | ) | (1,843 | ) | (12,721 | ) | (28,311 | ) | (4,170 | ) | ||||||
| Total operating expenses | (109,451 | ) | (127,864 | ) | (283,571 | ) | (41,766 | ) | (216,052 | ) | (520,038 | ) | (76,593 | ) | ||||||
| Operating (loss) income | (27,264 | ) | 38,873 | (93,244 | ) | (13,734 | ) | (87,932 | ) | (13,372 | ) | (1,969 | ) | |||||||
| Interest income | 1,017 | 2,315 | 6,280 | 925 | 3,890 | 10,299 | 1,517 | |||||||||||||
| Interest expense | (20,613 | ) | (65,975 | ) | (60,915 | ) | (8,972 | ) | (49,936 | ) | (178,543 | ) | (26,297 | ) | ||||||
| Foreign exchange gain (loss) | 449 | 907 | (1,293 | ) | (190 | ) | (2,089 | ) | (512 | ) | (75 | ) | ||||||||
| Changes in fair value of financial instruments | (990 | ) | (8,216 | ) | (9,965 | ) | (1,468 | ) | (3,263 | ) | (8,499 | ) | (1,252 | ) | ||||||
| Others, net | 1,280 | 2,689 | 1,894 | 279 | (2,629 | ) | 2,767 | 408 | ||||||||||||
| Loss before income taxes | (46,121 | ) | (29,407 | ) | (157,243 | ) | (23,160 | ) | (141,959 | ) | (187,860 | ) | (27,668 | ) | ||||||
| Income tax benefit (expense) | 405 | (15,941 | ) | (16,454 | ) | (2,423 | ) | 1,386 | (45,268 | ) | (6,667 | ) | ||||||||
| Net loss | (45,716 | ) | (45,348 | ) | (173,697 | ) | (25,583 | ) | (140,573 | ) | (233,128 | ) | (34,335 | ) | ||||||
| Less: Net income attributable to non‑controlling interests | 694 | - | - | - | 4,742 | - | - | |||||||||||||
| Net loss attributable to Chindata Group Holdings Limited | (46,410 | ) | (45,348 | ) | (173,697 | ) | (25,583 | ) | (145,315 | ) | (233,128 | ) | (34,335 | ) | ||||||
| Net loss per share: | ||||||||||||||||||||
| Basic and diluted | (0.09 | ) | (0.08 | ) | (0.29 | ) | (0.04 | ) | (0.43 | ) | (0.40 | ) | (0.06 | ) | ||||||
| Other comprehensive (loss) income, net of tax of nil: | ||||||||||||||||||||
| Foreign currency translation adjustments | (11,234 | ) | 3,151 | 2,363 | 348 | (11,156 | ) | (38,638 | ) | (5,691 | ) | |||||||||
| Comprehensive loss | (56,950 | ) | (42,197 | ) | (171,334 | ) | (25,235 | ) | (151,729 | ) | (271,766 | ) | (40,026 | ) | ||||||
| Less: Comprehensive income attributable to non‑controlling interests | 694 | - | - | - | 4,742 | - | - | |||||||||||||
| Comprehensive loss attributable to Chindata Group Holdings Limited | (57,644 | ) | (42,197 | ) | (171,334 | ) | (25,235 | ) | (156,471 | ) | (271,766 | ) | (40,026 | ) | ||||||
| CHINDATA GROUP HOLDINGS LIMITED | ||||||||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
| (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | ||||||||||||||||||||
| For the three months ended | For the nine months ended | |||||||||||||||||||
| September 30, 2019 | June 30, 2020 | September 30, 2020 | September 30, 2019 | September 30, 2020 | ||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
| Net loss | (45,716 | ) | (45,348 | ) | (173,697 | ) | (25,583 | ) | (140,573 | ) | (233,128 | ) | (34,335 | ) | ||||||
| Depreciation and amortization | 67,201 | 95,932 | 102,319 | 15,070 | 152,378 | 293,743 | 43,264 | |||||||||||||
| Share-based compensation | 45,862 | 60,991 | 150,416 | 22,154 | 45,862 | 251,740 | 37,077 | |||||||||||||
| Amortization of debt issuance cost | 3,787 | 7,176 | 12,003 | 1,768 | 5,821 | 24,749 | 3,645 | |||||||||||||
| Others | (1,019 | ) | 6,287 | (8,447 | ) | (1,244 | ) | 7,930 | (8,706 | ) | (1,282 | ) | ||||||||
| Changes in operating assets and liabilities | 17,277 | 83,489 | 55,887 | 8,231 | 13,144 | 118,420 | 17,441 | |||||||||||||
| Net cash generated from operating activities | 87,392 | 208,527 | 138,481 | 20,396 | 84,562 | 446,818 | 65,810 | |||||||||||||
| Purchases of property and equipment and intangible assets | (679,616 | ) | (469,114 | ) | (804,889 | ) | (118,547 | ) | (869,213 | ) | (1,606,010 | ) | (236,540 | ) | ||||||
| Purchase of land use rights | (3,141 | ) | (10,825 | ) | (160,879 | ) | (23,695 | ) | (23,711 | ) | (194,358 | ) | (28,626 | ) | ||||||
| Cash paid for business combination, net of cash acquired | - | - | - | - | (1,879,040 | ) | - | - | ||||||||||||
| Net cash used in investing activities | (682,757 | ) | (479,939 | ) | (965,768 | ) | (142,242 | ) | (2,771,964 | ) | (1,800,368 | ) | (265,166 | ) | ||||||
| Net proceeds from financing activities | 879,458 | 916,465 | 2,498,256 | 367,953 | 3,472,944 | 3,789,095 | 558,073 | |||||||||||||
| Net cash generated from financing activities | 879,458 | 916,465 | 2,498,256 | 367,953 | 3,472,944 | 3,789,095 | 558,073 | |||||||||||||
| Exchange rate effect on cash, cash equivalents and restricted cash | (23,453 | ) | 236 | (60,708 | ) | (8,942 | ) | (25,331 | ) | (57,719 | ) | (8,502 | ) | |||||||
| Net increase in cash, cash equivalents and restricted cash | 260,640 | 645,289 | 1,610,261 | 237,165 | 760,211 | 2,377,826 | 350,215 | |||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 644,274 | 1,242,116 | 1,887,405 | 277,985 | 144,703 | 1,119,840 | 164,935 | |||||||||||||
| Cash, cash equivalents and restricted cash at end of period | 904,914 | 1,887,405 | 3,497,666 | 515,150 | 904,914 | 3,497,666 | 515,150 | |||||||||||||
| CHINDATA GROUP HOLDINGS LIMITED | |||||||||||||||||||||
| UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS | |||||||||||||||||||||
| (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for percentage data) | |||||||||||||||||||||
| For the three months ended | For the nine months ended | ||||||||||||||||||||
| September 30, 2019 | June 30, 2020 | September 30, 2020 | September 30, 2019 | September 30, 2020 | |||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||
| Net loss | (45,716 | ) | (45,348 | ) | (173,697 | ) | (25,583 | ) | (140,573 | ) | (233,128 | ) | (34,335 | ) | |||||||
| Add: Depreciation & Amortization(1) | 68,141 | 96,953 | 103,342 | 15,221 | 153,833 | 296,812 | 43,716 | ||||||||||||||
| Add: Interest income & expense | 19,596 | 63,660 | 54,635 | 8,047 | 46,046 | 168,244 | 24,780 | ||||||||||||||
| Add: Income tax (benefit) expenses | (405 | ) | 15,941 | 16,454 | 2,423 | (1,386 | ) | 45,268 | 6,667 | ||||||||||||
| Add: Share-based compensation | 45,862 | 60,991 | 150,416 | 22,154 | 45,862 | 251,740 | 37,077 | ||||||||||||||
| Add: Expenses related to the Reorganization(2) | 2,169 | - | - | - | 36,312 | - | - | ||||||||||||||
| Add: Management consulting services fee | 3,149 | 3,934 | 64,862 | 9,553 | 12,208 | 72,757 | 10,715 | ||||||||||||||
| Add: Changes in fair value of financial instruments | 990 | 8,216 | 9,965 | 1,468 | 3,263 | 8,499 | 1,252 | ||||||||||||||
| Add: Foreign exchange (gain) loss | (449 | ) | (907 | ) | 1,293 | 190 | 2,089 | 512 | 75 | ||||||||||||
| Add: Non-cash operating lease cost relating to prepaid land use rights | 389 | 745 | 721 | 106 | 634 | 2,081 | 306 | ||||||||||||||
| Adjusted EBITDA | 93,726 | 204,185 | 227,991 | 33,579 | 158,288 | 612,785 | 90,253 | ||||||||||||||
| Adjusted EBITDA margin | 33.0 | % | 48.8 | % | 48.8 | % | 48.8 | % | 31.3 | % | 47.9 | % | 47.9 | % | |||||||
| Note: | |||||||||||||||||||||
| (1) Before the deduction of government grants. | |||||||||||||||||||||
| (2) Expenses related to the Reorganization are non-recurring expenses related to the transactions in the Reorganization. | |||||||||||||||||||||