VNET Group, Inc. · NASDAQ:VNET
VNET — Investor Presentation (March 2022)
28 slides from VNET's investor presentation, March 2022
Slide 1: VNET Group, Inc. Investor Presentation
单击此处编辑母版标题样式 VNET Group, Inc. Investor Presentation March 2022
Slide 2: Disclaimer
Disclaimer This presentation includes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words “expect”, “anticipate”, “continue”,
Slide 3: 4Q 2021 Highlights
4Q 2021 Highlights 4Q 2021 (in RMB) FY2021 (in RMB) Recent Financing Activities Revenue Revenue US$ 250 million 1,745 million (+29.4% YoY) 6,190 million (+28.2% YoY) Convertible notes investment from Blackstone Adjusted EBITDA Adjusted EBITDA RMB 1,218 million 463 million (+18.8% YoY) 1,754 million
Slide 4: New Largest Customer Orders
New Largest Customer Orders Capacity Contracted Signing Time of Region IDC Code Project Type / Under MoU (MW) Contract / MoU BJ11 4 4Q21 Retail N-HB02 7 4Q21 Wholesale Greater Beijing Area BJ06 2 1Q22 Wholesale N-HB03 11 1Q22 Wholesale Yangtze River Delta E-JS01 1 1Q22 Wholesale Chengdu-Chongqing W-
Slide 5: Contents
CONTENTS 1. Company Overview 2. Business Overview 3. Financials Overview 4. Appendix
Slide 6: A Pioneer and Leader in China's Fast Growing IDC Market
A Pioneer and Leader in China’s Fast Growing IDC Market Pioneer and Leader A leading carrier-neutral and cloud-neutral data center services provider in China with 26 years of experience ~11%(1) market share of China’s carrier-neutral data center services market 196 approved and pending patents
Slide 7: Dual-Core Growth Strategy
Dual-Core Growth Strategy Retail Wholesale Retail Colocation Full-stack Services Hyperscale IDC Interconnection Services Focusing on high-growth verticals which require colocation space, connectivity, Targeting hyperscalers which require huge amount of space and power to bare-metal, and other value-
Slide 8: ESG Initiatives – Commitment to Sustainability
ESG Initiatives – Commitment to Sustainability Commitment to achieve both targets of carbon neutrality and 100% renewable energy usage by 2030 The average PUE of our stabilized data centers* was 1.37 in 2021, notably lower than the industry average Became a signatory of UN Global Compact (UNGC) in N
Slide 9: Contents
CONTENTS 1. Company Overview 2. Business Overview 3. Financials Overview 4. Appendix
Slide 10: Differentiated Business Model with Comprehensive Offerings
Differentiated Business Model with Comprehensive Offerings Managed Hosting Services Cloud Services VPN Services1 (IDC) • Co-location • Multi-protocol Label Switching (MPLS) & Software-defined Wide Area Network • Inter-connectivity (SD-WAN) • Hybrid IT Services • Internet Access & Network Services •
Slide 11: Resource Pipeline to Support IDC Growth
Resource Pipeline to Support IDC Growth Region IDC Code Tenure Status Cabinet Delivery (2021) Cabinet Delivery Plan (2022) BJ03/04 Leased In Service 400 - BJ11 Leased In Service 400 - BJ13 Leased In Service 1,200 - BJ14 Leased In Service 1,100 - BJ16 Leased In Service 600 - Great Beijing Area BJ18 L
Slide 12: Wholesale Projects In-Service
Wholesale Projects In-Service Capacity Contracted / Region IDC Code Under MoU (MW) BJ12 9 Greater Beijing Area BJ15 7 N-HB02 47 E-JS Campus 01 42 E-JS01 4 E-JS02 64 Yangtze River Delta SH04 2 SH05 7 SH06 11 Other Region N-OR02 29 Total 222 Source: Company data as of Dec 31, 2021. Note: IT capacity n
Slide 13: Wholesale Projects Under Construction
Wholesale Projects Under Construction Capacity Contracted / Region IDC Code Under MoU (MW) BJ06 2 Greater Beijing Area N-HB03 11 Yangtze River Delta E-JS01 1 Chengdu-Chongqing W-OR03 2 Economic Circle Other Region N-OR04 14 Total 30 Note: IT capacity numbers measured by megawatt are rounded. 13
Slide 14: Strategically Located Network of Premium Data Centers
Strategically Located Network of Premium Data Centers Total Capacity (1) Retail IDC MRR per Cabinet (2) 78,540 (RMB) 62,876 65,264 4,397 53,553 55,926 3,811 9,296 9,301 3,971 9,131 9,144 3,677 3,716 9,015 74,143 58,905 61,453 49,876 52,210 4Q20 1Q21 2Q21 3Q21 4Q21 4Q20 1Q21 2Q21 3Q21 4Q21 Self-built
Slide 15: Large and Diversified Customer Base with Strong Loyalty
Large and Diversified Customer Base with Strong Loyalty >6,500 enterprise customers, of which >1,400 customers have enjoyed our colocation, connectivity, bare metal, hybrid cloud and maintenance services, etc. Around 90% of net revenues have been recurring revenues since IPO Maintain low conce
Slide 16: Contents
CONTENTS 1. Company Overview 2. Business Overview 3. Financials Overview 4. Appendix
Slide 17: 4Q 2021 & FY2021 Financial Highlights
4Q 2021 & FY2021 Financial Highlights RMB’MM 4Q20 3Q21 4Q21 YoY QoQ FY20 FY21 YoY Net revenues 1,348 1,560 1,745 29.4% 11.9% 4,829 6,190 28.2% Gross profit 294 375 380 29.1% 1.3% 1,076 1,438 33.6% Adjusted cash gross profit(1) 582 674 714 22.7% 5.8% 1,993 2,634 32.2% Adjusted cash gross margin 43.2%
Slide 18: Margin Improvements Through Efficiency Enhancement
Margin Improvements Through Efficiency Enhancement Adjusted Cash Gross Profit & Margin (1) Adjusted EBITDA & Margin (2) (RMB mm) (RMB mm) 43.2% 43.6% 42.8% 43.2% 40.9% 28.9% 29.9% 28.4% 28.9% 26.5% 714 463 640 674 450 605 415 425 582 390 4Q20 1Q21 2Q21 3Q21 4Q21 4Q20 1Q21 2Q21 3Q21 4Q21 Adjusted Cas
Slide 19: Well Laddered Debt Profile and Strong Liquidity Position
Well Laddered Debt Profile and Strong Liquidity Position Debt Breakdown by Maturity Cash and Cash Equivalents and Short-term Investments (RMB MM) 4,907 (RMB MM) 2,996 2,604 286 Credit line availability: 245 2,172 RMB1,218 mm unused 2021 Notes have been fully redeemed 364 1,708 4,259 2,710 2,359 1,80
Slide 20: Healthy Capital Structure
Healthy Capital Structure Total Debt & Net Debt / LQA Adjusted EBITDA1 Debt Structure as of Dec 31, 2021 3.9x 3.7x 3.1x Borrowing 38.3% 2.2x 2.9x Convertible Bonds 2.1x 55.3% 1.4x Adjusted for changes -0.1x in the fair value of convertible notes 2018 2019 2020 2021 Convertible Notes Total Debt / LQA
Slide 21: Guidance
Guidance RMB MM 2021 Actual 2022 Guidance Implied YoY Revenues 6,190 7,450 - 7,750 20.4% - 25.2% Adjusted EBITDA 1,754 1,975 - 2,125 12.6% - 21.2% Source: Company data. 21
Slide 22: Contents
CONTENTS 1. Company Overview 2. Business Overview 3. Financials Overview 4. Appendix
Slide 23: Key P&L Items
Key P&L Items Amount in thousands Three months ended Twelve months ended December 31, 2020 September 30, 2021 December 31, 2021 December 31, 2020 December 31, 2021 RMB RMB RMB US$ RMB RMB US$ Net revenues 1,348,367 1,560,460 1,745,440 273,898 4,829,019 6,189,801 971,315 Cost of revenues (1,053,942)
Slide 24: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Amount in thousands Three months ended Twelve months ended December 31, 2020 September 30, 2021 December 31, 2021 December 31, 2020 December 31, 2021 RMB RMB RMB US$ RMB RMB US$ Gross profit 294,425 375,235 379,968 59,626 1,076,011 1,438,030 225,658 Plus: depreciatio
Slide 25: Key Balance Sheet Items
Key Balance Sheet Items Amount in thousands， As of December 31, 2020 December 31, 2021 RMB RMB US$ Cash, cash equivalents, Restricted cash and Short-term investments 3,402,309 1,708,473 268,097 Accounts and notes receivable, net 847,233 1,405,997 220,632 Property and equipment, net 8,106,425 10,092,
Slide 26: Key Cash Flow Items
Key Cash Flow Items Amount in thousands Three months ended December 31, 2020 September 30, 2021 December 31, 2021 RMB RMB RMB US$ Net cash generated from operating activities 283,831 134,672 663,991 104,197 Net cash used in investing activities (1,492,614) (1,136,844) (178,395) (2,312,014) Net cash
Slide 27: Definitions
Definitions Term Definition Capacity in service Data centers which are ready for service Capacity under construction Data centers which are actively under construction and have not yet reached the stage of being ready for service MW Megawatt PUE Power usage effectiveness, a ratio of the total power
Slide 28: Thanks!
http://ir.vnet.com THANKS! Email: ir@vnet.com IR Contact: Xinyuan Liu