Gds Holdings Ltd. · HKEX:9698
Gds — Q2 2024 Earnings Presentation
57 slides from Gds's earnings presentation, Aug 21, 2024
Slide 1: 2Q24 Earnings Call
2Q24 Earnings Call 21 August 2024 NASDAQ: GDS HKEX: 9698 © GDS 2016 0
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward -looking statements can be identified by terminology such
Slide 3: Business Strategy & Performance Highlights
Business Strategy & Performance Highlights William Huang, Chairman & CEO © GDS 2016
Slide 4: 2Q24 Consolidated Highlights
2Q24 CONSOLIDATED HIGHLIGHTS (1) Customer Commitments • New custome r co mmitme nts (gross) of +9 3,321 sqm (+2 24 MW) • Total area co mmitted incre ased by 18 .7 % y/y to 7 56,992 sqm Customer Move-In • Addition al area utili zed (net) of +25,79 9 sqm • Total area utili zed o f 46 2,673 sqm, 20 .9
Slide 5: Strategic Priorities
Strategic Priorities ◼ Increase value of our equity investment International ◼ Time-to-market advantage ◼ Fast ramp-up ◼ Anticipate demand ◼ First-mover ◼ Secure resource supply ◼ Share price recovery China ◼ Steady EBITDA growth ◼ Cashflow breakeven ◼ New business selection ◼ Higher utilization ◼ C
Slide 6: China – Gross Additional Area Utilized (Organic Tier 1 Only)
China – Gross Additional Area Utilized (Organic Tier 1 Only) (1) By Quarter (Sqm) By Year (Sqm) 20,065 60,284 17,032 53,008 48,739 12,365 12,839 12,478 37,097 33,860 2Q23 3Q23 4Q23 1Q24 2Q24 FY2 0 FY2 1 FY2 2 FY2 3 1H2 4 Notes : 1. Exc ludes B-O-T and acqui si ti ons. © GDS 2016 5
Slide 7: China – Net Additional Area Utilized
China – Net Additional Area Utilized By Quarter (Sqm) By Year (Sqm) 2 Q 23 3 Q 23 4 Q 23 1 Q 24 2 Q 24 FY 2 0 FY 2 1 FY 2 2 FY 2 3 1 H2 4 O r ga n ic Ti e r 1 ( G r oss ) 1 2, 36 5 1 2, 83 9 1 2, 47 8 1 7, 03 2 20,065 O r ga n ic Ti e r 1 ( G r oss ) 5 3, 00 8 6 0, 28 4 3 3, 86 0 4 8, 73 9 37,097 Ch
Slide 8: China – Total Area Utilized
China – Total Area Utilized By Quarter (Sqm) By Year (Sqm) (1) 405 ,3 02 419 ,9 76 403 ,6 09 419 ,9 76 393 ,2 25 405 ,3 02 380 ,9 79 369 ,5 13 318 ,5 52 234 ,7 31 2Q23 3Q23 4Q23 1Q24 2Q24 FY2 0 FY2 1 FY2 2 FY2 3 1H2 4 Notes : 1. Net of the early tra nsfer of three B-O-T data c enters w ith 12,155 sq
Slide 9: China – Capacity Expansion
China – Capacity Expansion Increase In Capacity In Service Addition al Cap acity Brough t Into Service Addition al Cap acity To Be Deli vered 153,107 104,002 77,435 2H24 45,299 32,433 40,131 33,709 27,682 1H24 45,002 FY2 0 FY2 1 FY2 2 FY2 3 FY2 4 FY2 5 FY2 6 & Beyo nd © GDS 2016 8
Slide 10: China – Gross Additional Area Committed (Organic Tier 1 Only)
China – Gross Additional Area Committed (Organic Tier 1 Only) (1) By Quarter (Sqm) By Year (Sqm) 21,499 99,197 91,277 11,714 10,306 52,175 9,474 9,678 48,802 19,152 2Q23 3Q23 4Q23 1Q24 2Q24 FY2 0 FY2 1 FY2 2 FY2 3 1H2 4 Notes : 1. Exc ludes B-O-T and acqui si ti ons. © GDS 2016 9
Slide 11: China – Net Additional Area Committed
China – Net Additional Area Committed By Quarter (Sqm) By Year (Sqm) 2 Q 23 3 Q 23 4 Q 23 1 Q 24 2 Q 24 FY 2 0 FY 2 1 FY 2 2 FY 2 3 1 H2 4 O r ga n ic Ti e r 1 ( G r oss ) 1 0, 30 6 2 1, 49 9 11 ,7 14 9 ,4 74 9,678 O r ga n ic Ti e r 1 ( G r oss ) 9 9, 19 7 9 1, 27 7 5 2, 17 5 4 8, 80 2 19,152 Ch u
Slide 12: China – Selected Orders In 2Q24
China – Selected Orders In 2Q24 LF18 – 3,990 sqm / 12.0 MW SH12 – 1,621 sqm / 5.5 MW ◼ New deployment by major strategic customer ◼ AI demand for capacity inventory © GDS 2016 11
Slide 13: International – New Orders In 2Q24
International – New Orders In 2Q24 Total IT Power Committed (MW) (1) IT Power Utilized Ramp-Up (MW) (1) 388 257 358 (2) 182 121 111 111 101 2Q23 3Q23 4Q23 1Q24 2Q24 Utili zed N ow Utili zed Wi th in 24 Total IT Power Utilized Months Within 2 4 Mon th s Notes : 1. Ex clud ing 3 rd party data centers
Slide 14: International – Largest Hyperscale Orders
International – Largest Hyperscale Orders KTP Site 1 – 90.3 MW NTP6 & NTP7 – 115.1 MW © GDS 2016 13
Slide 15: International – Secured Capacity
International – Secured Capacity (1) Japan Hel d for Future Develop men t : 36 MW Tota l: 36 MW Hong Kong In Se rvice / Un der C onstruction: 34 MW Hel d for Future Develop men t: 33 MW Tota l: 67 MW Singapore / Malaysia / Indonesia In Se rvice / Un der C onstruction: 385 MW Hel d for Future Develop
Slide 16: Financial & Operating Review
Financial & Operating Review Dan Newman, CFO © GDS 2016
Slide 17: 2Q24 Consolidated P&L
2Q24 Consolidated P&L Quarterly Financial Review Rm b‘0 0 0 (Un le ss In dic at e d) 2Q 23 (Excl. O ne-Tim e)(5 ) 1Q 24 2Q 24 Y/Y Q/Q S er vi ce Re ve nu e 2,401,303 2,627,367 2,826,369 17.7% 7.6% E qu i pm en t Sa le s 0 0 0 - - Tota l Net R ev e nue 2,401,303 2,627,367 2,826,369 17.7% 7.6% Co st o
Slide 18: Segment Reporting
Segment Reporting “GDSH” GDS Holdings Limited Series A Investors DigitalLand Holdings EDC Holding Limited (HoldCo for China) Limited “GDSI” (HoldCo for International) © GDS 2016 17
Slide 19: 2Q24 Segment Financial Analysis – GDSH
2Q24 Segment Financial Analysis – GDSH (1) 2Q23 Rmb‘000 (Unless Indicated) 1Q24 2Q24 Y/Y Q/Q (Excl. One-Time) (2) Tota l N et Re venue 2,368 ,965 2,426 ,138 2,579 ,594 8.9% 6.3% Adjusted EBITDA 1,182 ,055 1,140 ,716 1,233 ,166 4.3% 8.1% Adjusted EBITDA Mar gin 49.9% 47.0% 47.8% (2.1 ppts) 0.8 pp ts
Slide 20: 2Q24 Segment Financial Analysis – GDSI
2Q24 Segment Financial Analysis – GDSI Rmb‘000 (Unless Indicated) 2Q23 1Q24 2Q24 Y/Y Q/Q Tota l N et Re venue 32,33 8 206 ,0 04 255 ,5 33 690 .2 % 24.0% Adjusted EBITDA (39,427) 46,80 8 84,53 1 (314.4%) 80.6% Adjusted EBITDA Mar gin (121.9%) 22.7% 33.1% 155 .0 ppts 10.4 p pts © GDS 2016 19
Slide 21: Revenue By Quarter
Revenue By Quarter GDSH (Rmb Mn) GDSI (Rmb Mn) 2,579.6 (1) 2,470.1 2,456.7 2,426.1 255.5 2,369.0 206.0 111.4 49.3 32.3 2Q23 3Q23 4Q23 1Q24 2Q24 2Q23 3Q23 4Q23 1Q24 2Q24 Notes : 1. Ex cl uding one-time termi nati on fee of R mb 70.7 mn. © GDS 2016 20
Slide 22: Capacity Ramp-up & MSR
Capacity Ramp-up & MSR GDSH – Net Additional Area Utilized (Sqm) GDSI – Total IT Power Utilized (MW) (3) 16,366 101.2 12,246 12,077 72.8 5,380 19.7 21.1 (1,692) 1.3 2Q23 3Q23 4Q23 1Q24 2Q24 2Q23 3Q23 4Q23 1Q24 2Q24 MSR (Rmb / Sqm / Month) ◼ MSR (USD / kW / Month) for 2Q24: ~$135 2,087 (1) 2,127 2,05
Slide 23: Adjusted EBITDA By Quarter
Adjusted EBITDA By Quarter GDSH (Rmb Mn) GDSI (Rmb Mn) (1) 49.9% 47.1% 46.4% 47.0% 47.8% (121.9%) (73.9%) 3.6% 22.7% 33.1% 84.5 (1) 1,233.2 1,182.1 1,163.1 1,139.2 1,140.7 46.8 (39.4) (36.5) 4.0 4Q23 1Q24 2Q24 2Q23 3Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Notes : 1. Exc ludi ng one-time termi nati on fee of R
Slide 24: Capex Paid By Year
Capex Paid By Year GDSH (Rmb Mn) (1) GDSI (Rmb Mn) 12,695.2 Guida nce: Rmb 4.0 bn 9,234.2 9,294.1 2,827.9 1,980.8 1,847.9 Guida nce: 3,497.7 Rmb 2.5 bn 996.3 1,817.2 143.8 FY2 0 FY2 1 FY2 2 FY2 3 1H2 4 FY2 0 FY2 1 FY2 2 FY2 3 1H2 4 Notes : 1. Exc ludes GD SH’s i nves tment i n GDSI. © GDS 2016 23
Slide 25: Cash Flow
Cash Flow GDSH GDSI Rm b M n 2 Q 23 3 Q 23 4 Q 23 1 Q 24 2 Q 24 Rm b M n 2 Q 23 3 Q 23 4 Q 23 1 Q 24 2 Q 24 O pe ra ti ng CF 8 29 .3 5 78 .7 1 ,0 47 .6 ( 96 .3 ) 5 99 .4 O pe ra ti ng CF ( 94 .7 ) ( 68 .2 ) ( 98 .3 ) ( 28 .7 ) ( 10 6 .9 ) Inv e s tin g CF ( 64 1 .4 ) ( 80 4 .5 ) ( 78 5 .0 ) ( 70 1 .
Slide 26: Financing Obligation & Liquidity – GDSH
Financing Obligation & Liquidity – GDSH Net Debt & Leverage (Rmb Mn Unless Indicated) 2Q23 3Q23 4Q23 1Q24 2Q24 Total Loan 25,629.1 25,862.8 25,670.4 26,961.2 26,885.9 Convertible Bond 8,597.1 8,546.3 8,434.8 8,453.4 8,495.4 Finance Lease 8,834.1 8,530.3 8,442.0 8,536.1 8,433.6 Total Gro ss Debt 43,0
Slide 27: Loan Maturity Schedule – GDSH
Loan Maturity Schedule – GDSH At 2Q24 (Rmb Mn) (1) (2) Proje ct Loa n Working C apital Con vertible Bond 7,352 6,910 6,599 4,047 4 ,4 19 4 ,1 34 3,269 1 ,4 75 3,017 2,983 7 ,3 52 1,346 3 ,0 17 3 ,2 69 2 ,9 83 1 30 2 ,5 71 2 ,4 91 2 ,4 65 1 ,2 16 202 4 202 5 202 6 202 7 202 8 202 9 203 0 203 1 & Beyo
Slide 28: Financing Obligation & Liquidity – GDSI
Financing Obligation & Liquidity – GDSI Net Debt & Leverage (Rmb Mn Unless Indicated) 2Q23 3Q23 4Q23 1Q24 2Q24 Total Loan 2,952.8 3,272.1 3,869.8 4,149.8 4,851.2 Total Gro ss Debt 2,952.8 3,272.1 3,869.8 4,149.8 4,851.2 (-) Cash 297.8 336.3 408.7 403.4 1,511.9 (+) Shareholder Loan (Due To GDSH) 697.
Slide 29: Loan Maturity Schedule – GDSI
Loan Maturity Schedule – GDSI At 2Q24 (Rmb Mn) Project Loan 2,170 1,786 803 158 45 202 4 202 5 202 6 202 7 202 8 & Beyo nd Notes : 1. Exc hange rate o f 7.1268:1 (R MB:USD), 0.9 127:1 (R MB:H KD), 1.5095:1 (RM B:MYR ) and 5.279:1 (RMB:SGD). © GDS 2016 28
Slide 30: Business Outlook
Business Outlook Confirming FY24 Guidance Unchanged Rmb Mn FY23 Actual FY24 Guidance Implied Y/Y Total Revenue 9,956.5 11,340 – 11,760 +13.9% – +18.1% Adjusted EBITDA 4,624.1 4,950 – 5,150 +7.0% – +11.4% Capex(1) 6,325.6 6,500 +2.8% Notes : 1. Refers to net c as h us ed in inv esting ac ti vi ti es,
Slide 31: Questions & Answers
Questions & Answers www.gds-services.com ir@gds-services.com © GDS 2016
Slide 32: Appendix
Appendix © GDS 2016
Slide 33: Our Data Center Portfolio – Beijing & Shanghai Markets
Our Data Center Portfolio – Beijing & Shanghai Markets Self-Developed Data Centers In Service & Under Construction In Tier 1 Markets (2Q24) Beijing – Tianjin – Hebei: 45 DCs (1) Yangtze River Delta: 28 DCs (1) BJ5 /1 0/11/1 2/15/16/20 /2 1/22/23 CS1/2/3 SH1/2/3/4/6/7/8/9/ BJ4 /6 10/11/12/14 /1 5/19
Slide 34: Our Data Center Portfolio – Greater Bay Area & Chengdu / Chongqing
Our Data Center Portfolio – Greater Bay Area & Chengdu / Chongqing Self-Developed Data Centers In Service & Under Construction In Tier 1 Markets (2Q24) Greater Bay Area: 16 DCs (1) Chengdu – Chongqing: 3 DCs (1) SZ5 SZ8 GZ1/2/3/6 SZ4 HZ1 GZ4 SZ6 /9 /10 SZ11 SZ1 /2 /3 CD1 /2 CQ1 © GDS 2016 33
Slide 35: Our Data Center Portfolio – International
Our Data Center Portfolio – International Self-Developed Data Centers In Service & Under Construction in Hong Kong & South East Asia (2Q24) Hong Kong – 2 DCs South East Asia – 12 DCs KTP1/2/4/5 NTP1/2/3/4/5/6/7 HK1 /2 NDP1 © GDS 2016 34
Slide 36: Key Operating KPIs
Key Operating KPIs GDS Holdings Consolidated As At 2Q23 3Q23 4Q23 1Q24 2Q24 Area In Service (Sqm) 531,216 554,210 572,555 583,229 630,963 Area Under Construction (Sqm) 196,702 189,585 182,746 172,537 226,272 Total Capacity (Sqm) 727,919 743,795 755,301 755,766 857,235 Area Committed (Sqm) 490,603 50
Slide 37: Key Operating KPIs – China
Key Operating KPIs – China As At 2Q23 3Q23 4Q23 1Q24 2Q24 Area In Service (Sqm) 528,105 540,606 548,352 549,352 580,165 Area Under Construction (Sqm) 146,741 150,116 151,602 141,576 117,861 Total Capacity (Sqm) 674,846 690,722 699,953 690,928 698,026 Area Committed (Sqm) 487,492 495,914 507,108 505,
Slide 38: Key Operating KPIs – International
Key Operating KPIs – International As At 2Q23 3Q23 4Q23 1Q24 2Q24 Area In Service (Sqm) 3,112 13,605 24,203 33,877 50,798 Area Under Construction (Sqm) 49,962 39,469 31,144 30,961 108,411 Total Capacity (Sqm) 53,073 53,073 55,347 64,838 159,209 Area Committed (Sqm) 3,112 13,605 24,203 33,877 48,350
Slide 39: Data Center Summary By Market – China
Data Center Summary By Market – China At 30/06/24 (Sqm, Unless Indicated) (1) A rea H el d for Pre - A rea U n d er A rea Pre - To ta l A rea C o m mi tm en t # o f Se lf- A rea In Ser vic e To ta l C ap ac ity F u tu re A rea C o m m itted A rea U tili zed C o m mi tm en t U tili zati o n R ate C o
Slide 40: Data Center Summary By Market – International
Data Center Summary By Market – International At 30/06/24 (Sqm, Unless Indicated) Pr e- Ar ea In Ar ea Un der Ar ea Ar ea Pr e- Total A r ea Co mm itm ent Ut ilizatio n Total Cap acity Ar ea Ut ilized Co mm itm ent # of Self- Ser vice Co nstr uct io n Co mm itted Co mm itted Co mm itted Rat e Rat e
Slide 41: Data Center Summary By Market – International (IT Power)
Data Center Summary By Market – International At 30/06/24 (IT Power In MW) (1) Und er Cons t ruc t ion He ld For F utu re De ve lop me nt (1 ) Tota l Se c ure d Com m it t ed By Ut ili zed By Ma rk e t In Se rv ic e Ca pa c ity Cus t om e rs Cus t om e rs Ca pa c ity RFS Ca pa c ity RFS Ho n g Ko n
Slide 42: Data Center Capacity By Tenure – China
Data Center Capacity By Tenure – China At 30/06/24 (Sqm, Unless Ind icate d) Are a In Service Are a Under Construction Tota l C apacity Lea se 305 ,9 49 39,59 4 345 ,5 43 Own 212 ,3 90 74,82 7 287 ,2 16 B-O-T 55,72 2 3,440 59,16 2 3 rd Party 6,105 - 6,105 Tota l 580 ,1 65 11 7,861 698 ,0 26 % Lea se
Slide 43: Data Center Capacity By Tenure – International
Data Center Capacity By Tenure – International At 30/06/24 (Sqm, Unless Ind icate d) Are a In Service Are a Under Construction Tota l C apacity Lea se - - - Own 49,76 4 108 ,4 11 158 ,1 75 3 rd Party 1,034 - 1,034 Tota l 50,79 8 108 ,4 11 159 ,2 09 % Lea se - - - % Own 98.0% 100 .0 % 99.4% % 3 rd Pa
Slide 44: Top Customers
Top 5 Customers China At 2Q24 (1) International At 2Q24 (1) % of C hina Total Are a % of C hina Total Net % of International % of International # # Committe d Rev enue Tota l Area Committed Tota l N et Re venue 1 34.3% 28.9% 1 73.5% 89.1% 2 15.0% 14.0% 2 16.0% 4.6% 3 8.4% 5.8% 3 5.1% 2.6% 4 6.2% 4.6
Slide 45: Forthcoming Contract Renewals
Forthcoming Contract Renewals China At 30/60/24 International At 30/06/24 % of Total Ar ea % of Total Ar ea Period Sqm Period Sqm Committe d Committe d 2H2 4 74,27 3 12.1% 2H2 4 - - FY2 5 86,27 3 14.0% FY2 5 - - FY2 6 65,25 6 10.6% FY2 6 1,034 0.7% FY2 7 105 ,5 62 17.2% FY2 7 - - FY2 8 67,15 4 10.9%
Slide 46: Principal Shareholders
Principal Shareholders At 30/06/24 Pro Form a Ordinary Sha res (1) Equiva le nt A DS Equiva le nt A DS % of Total ADS Change (3) Willi am Hu ang (2) 54,38 3,848 6,797 ,981 6,797 ,981 3.6% Directors & Office rs (4) 6,057 ,356 757 ,1 69 757 ,1 69 0.4% STT 477 ,2 88,484 59,66 1,060 59,66 1,060 31.6% Pi
Slide 47: Financing Obligations & Liquidity
Financing Obligations & Liquidity GDS Holdings Consolidated (Rmb Mn Unless Indicated) 2Q23 3Q23 4Q23 1Q24 2Q24 Total Loan 28,58 1.9 29,13 4.9 29,54 0.2 31,111.0 31,73 7.1 Con vertible Bond 8,597 .1 8,546 .3 8,434 .8 8,453 .4 8,495 .4 Finan ce Le ase 8,834 .1 8,530 .3 8,442 .0 8,536 .1 8,433 .6 Gross
Slide 48: Historical Financial Results – Statements of Operations
Historical Financial Results Condensed Consolidated Statements Of Operations Am ou nts in tho usan ds Th ree Mo nth s En ded Jun 3 0, 2023 Sep 30, 2 023 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 RM B RM B RM B RM B RM B USD (1 ) Net R evenu e Serv ic e re venue 2,472,020 2,518,978 2,556,490 2,627,367 2
Slide 49: Historical Financial Results – Balance Sheets
Historical Financial Results Condensed Consolidated Balance Sheets A m ount in tho us a nds . A s of J un 3 0, 2 0 2 3 S ep 3 0 , 2 0 2 3 Dec 31, 2023 M ar 3 1 , 2 0 2 4 J un 3 0 , 2 0 2 4 R MB R MB R MB R MB R MB U SD ( 1 ) C a sh 8 ,1 8 4 ,7 8 9 7 ,5 2 4 ,8 9 4 7 ,7 1 0 ,7 11 7,6 4 1 ,4 3 9 9 ,9 0
Slide 50: Historical Financial Results – Statements of Cash Flows
Historical Financial Results Condensed Consolidated Statements Of Cash Flows Am ou nts in tho usan ds Th ree Mo nth s En ded Jun 30, 202 3 Sep 30, 2 023 Dec 31, 2 023 Mar 31, 2 024 Jun 30, 2 024 RM B RM B RM B RM B RM B USD (1 ) Net cas h prov ided by (us ed in) operating ac ti vi ti es 734,601 510,
Slide 51: Reconciliation From Gross Profit To Adjusted Gross Profit
Reconciliation From Gross Profit To Adjusted Gross Profit Adjusted Gross Profit Am ou nts in tho usan ds Th ree Mo nth s En ded Jun 30, 202 3 Sep 30, 2 023 Dec 31, 2 023 Mar 31, 2 024 Jun 30, 2 024 RM B RM B RM B RM B RM B USD (1 ) G ross profit 550,997 447,449 432,317 573,674 637,825 87,767 Depr ec
Slide 52: Reconciliation From Net Loss To Adjusted EBITDA
Reconciliation From Net Loss To Adjusted EBITDA Adjusted EBITDA Am ou nts in tho usan ds Th ree Mo nth s En ded Jun 30, 202 3 Sep 30, 2 023 Dec 31, 2 023 Mar 31, 2 024 Jun 30, 2 024 RM B RM B RM B RM B RM B USD (1 ) Net loss (225,306) (420,831) (3,164,644) (344,931) (231,768) (31,892) Net interes t
Slide 53: Selected Segment Information
Selected Segment Information A m ount s in thou s an ds Thr e e M ont hs En de d J un 3 0 , 20 2 3 S ep 3 0 , 2 0 2 3 Dec 31, 2023 M ar 3 1 , 20 2 4 J un 3 0 , 2 0 2 4 Elim inati Elim inati Elim inat Elim inat Elim inat GDSH GDSI Tota l GDSH GDSI Tota l GDSH GDSI Tota l GDSH GDSI Tota l GDSH GDSI To
Slide 54: Selected Segment Information – Cont’d
Selected Segment Information – Cont’d A m ount s in thou s an ds Thr e e M ont hs En de d J un 3 0 , 20 2 3 S ep 3 0 , 2 0 2 3 Dec 31, 2023 M ar 3 1 , 20 2 4 J un 3 0 , 2 0 2 4 GDSH GDSI Elim ination Tota l GDSH GDSI Elim ination Tota l GDSH GDSI Elim ination Tota l GDSH GDSI Elim ination Tota l GDS
Slide 55: Selected Segment Information – Cont’d
Selected Segment Information – Cont’d Am ou nt in tho usan ds. As o f Jun 30, 202 3 Sep 30, 2 023 Dec 31, 2 023 Mar 31, 2 024 Jun 30, 2 024 RM B RM B RM B RM B RM B USD (1 ) Pr operty and equipment, net GDSH 43,262,339 42,988,571 40,098,416 39,839,824 40,087,960 5,516,287 GDSI 5,479,158 6,411,287 7,
Slide 56: Definition Of KPIs
Definition Of KPIs A re a In S e rvi ce E nt ir e ne t flo o r ar e a of da ta ce n te rs (o r p ha se s o f da ta ce n te rs) w hi ch a re r e ad y f or se r vi ce E nt ir e ne t flo o r ar e a of da ta ce n te rs (o r p ha se s o f da ta ce n te rs) w hi ch a re a cti ve ly un d er c on str u cti
Slide 57: Analyst Coverage
Analyst Coverage Br oke r An aly st Co ntact BofA Dal ey Li daley.li 2@ bofa.c om CICC Shuyu n Che s huyun.che @c ic c.com .c n Ci ti Louis Ts ang loui s.c p.ts ang@c iti.c om Ci ti c Secu rities J unyun Chen c henjuny un@c itic s.c om Cow en Mic hael Eli as mi chael .el ias @c owen.c om Dai wa J oh