VNET Group, Inc. · NASDAQ:VNET
VNET — Q1 2023 Earnings Presentation
28 slides from VNET's earnings presentation, May 2023
Slide 1: VNET Group, Inc. Investor Presentation
单击此处编辑母版标题样式 VNET Group, Inc. Investor Presentation May 2023
Slide 2: Disclaimer
单击此处编辑母版标题样式 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”,
Slide 3: 1Q 2023 Highlights
单击此处编辑母版标题样式 1Q 2023 Highlights Financials (in RMB) Liquidity (in RMB) Revenue: 1,806 million (+9.7% YoY) Unused Credit Line: 3,003 million (+210 million in 1Q) Adjusted EBITDA: 556 million (+9.9 % YoY) Cash Position(1): 3,243 million Retail & Wholesale Updates Capacity RMB 9,486 87,310 R total cabi
Slide 4: Largest Wholesale Customer Order Win
单击此处编辑母版标题样式 Largest Wholesale Customer Order Win Capacity Contracted Signing Time of IDC Code Customer Sector / Under MoU (MW) Contract / MoU E-JS Campus 02 115 1Q23 Internet Source: Company data. 4
Slide 5: Contents
CONTENTS 1. Company Overview 2. Business Overview 3. Financials Overview 4. Appendix
Slide 6: Pioneer and Leader in China's Fast Growing IDC Market
A单击此处编辑母版标题样式 Pioneer and Leader in China’s Fast Growing IDC Market Pioneer and Leader ✓ A leading carrier- and cloud-neutral data center services provider in China with 27 years of experience ✓ ~10%(1) market share of China’s carrier-neutral data center services market ✓ 220 approved and pending pa
Slide 7: Dual-Core Growth Strategy
单击此处编辑母版标题样式 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
Slide 8: ESG Initiatives – Commitment to Sustainability
单击此处编辑母版标题样式 ESG Initiatives – Commitment to Sustainability Commitment to achieve both targets of carbon neutrality and 100% renewable energy usage by 2030 Received A rating by MSCI, representing the highest ranking to-date in China’s Internet Services & Infrastructure industry Scored 57 by the S&P
Slide 9: Contents
CONTENTS 1. Company Overview 2. Business Overview 3. Financials Overview 4. Appendix
Slide 10: Differentiated Business Model with Comprehensive Offerings
单击此处编辑母版标题样式 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 & Networ
Slide 11: Resource Pipeline to Support IDC Growth
单击此处编辑母版标题样式 Resource Pipeline to Support IDC Growth Region IDC Code Tenure Status 2023 Cabinet Delivery Plan BJ17 Leased Under Construction 750 Greater Beijing Area BJ18 Owned Under Construction 2,300 E-JS Campus 02 A Owned Under Construction 1,000 Yangtze River Delta E-JS Campus 02 B Owned Under C
Slide 12: Wholesale Capacity In-Service
单击此处编辑母版标题样式 Wholesale Capacity In-Service Capacity Contracted / Region IDC Code Under MoU (MW) BJ06 2 BJ12 9 Greater Beijing Area BJ15 7 N-HB02 47 N-HB03 11 E-JS Campus 01 42 E-JS01 5 E-JS02 64 Yangtze River Delta E-JS03 15 SH04 2 SH05 7 SH06 11 N-OR02 29 Other Region N-OR04 14 N-OR05 15 Total 281
Slide 13: Wholesale Capacity Under Construction
单击此处编辑母版标题样式 Wholesale Capacity Under Construction Capacity Contracted / Region IDC Code Under MoU (MW) Yangtze River Delta E-JS Campus 02 115 W-OR03 2 Other Region N-OR06 33 Total 150 Source: Company data as of March 31, 2023. Note: IT capacity numbers measured by megawatt are rounded. 13
Slide 14: Strategically Located Network of Premium Data Centers
单击此处编辑母版标题样式 Strategically Located Network of Premium Data Centers Total Capacity (1) Utilized Capacity & Overall Utilization Rate (2) 82,660 87,322 87,310 54.5% 55.1% 55.1% 55.0% 56.5% 78,964 80,831 4,741 4,679 4,540 5,058 5,090 48,016 49,316 43,032 44,500 45,527 74,424 75,773 77,570 82,581 82,631
Slide 15: Large and Diversified Customer Base with Strong Loyalty
单击此处编辑母版标题样式 Large and Diversified Customer Base with Strong Loyalty ◼ >7,000 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 ◼ Low a
Slide 16: Contents
CONTENTS 1. Company Overview 2. Business Overview 3. Financials Overview 4. Appendix
Slide 17: 1Q23 Financial highlights
单击此处编辑母版标题样式 1Q23 Financial highlights RMB’MM 1Q22 4Q22 1Q23 YoY QoQ Net revenues 1,645.5 1,880.7 1,805.8 9.7% -4.0% Gross profit 355.5 328.4 352.4 -0.9% 7.3% Adjusted cash gross profit(1) 684.8 740.1 754.3 10.1% 1.9% Adjusted cash gross margin 41.6% 39.4% 41.8% 0.2 pps 2.4 pps Adjusted EBITDA(2) 50
Slide 18: Healthy Margins Through Efficiency Enhancement
单击此处编辑母版标题样式 Healthy Margins Through Efficiency Enhancement Adjusted Cash Gross Profit & Margin (1) Adjusted EBITDA & Margin (2) (RMB MM) (RMB MM) 41.6% 41.4% 39.0% 39.4% 41.8% 30.8% 28.2% 25.1% 22.6% 30.8% 754 556 740 506 714 708 487 685 455 424 1Q22 2Q22 3Q22 4Q22 1Q23 1Q22 2Q22 3Q22 4Q22 1Q23 Adj
Slide 19: Well Laddered Debt Profile and Strong Liquidity Position
单击此处编辑母版标题样式 Well Laddered Debt Profile and Strong Liquidity Position Debt Breakdown by Maturity Cash Position (1) (RMB MM) (RMB MM) Credit line availability: 6,758 RMB 3,003MM unused 3,402 3,243 286 2,989 2,721 5,841 364 1,708 1,836 3,243 1,252 3,116 2,989 880 2,357 27 1,836 1,708 440 1,224 917 440
Slide 20: Healthy Capital Structure
单击此处编辑母版标题样式 Healthy Capital Structure Total Debt & Net Debt / LQA Adjusted EBITDA1 Debt Structure as of March 31, 2023 5.8x 2027 Convertible Bonds 16.4% 4.7x Borrowing 3.9x 3.7x 39.7% 4.2x 3.4x 2.9x Adjusted for changes 2.1x in the fair value of convertible notes 2026 Convertible Bonds 2020 2021 20
Slide 21: Guidance
单击此处编辑母版标题样式 Guidance RMB MM 2022 Actual 2023 Guidance Implied YoY Revenues 7,065 7,600 - 7,900 7.6% - 11.8% Adjusted EBITDA 1,873 2,025 - 2,125 8.1% - 13.5% 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
单击此处编辑母版标题样式 Key P&L Items Three months ended March 31, 2022 December 31, 2022 March 31, 2023 Amount in thousands RMB RMB RMB US$ (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net revenues 1,645,486 1,880,673 1,805,782 262,942 Cost of revenues (1,289,965) (1,552,298) (1,453,402) (211,632) Gross pr
Slide 24: GAAP to Non-GAAP Reconciliations
单击此处编辑母版标题样式 GAAP to Non-GAAP Reconciliations Three months ended Amount in thousands March 31, 2022 December 31, 2022 March 31, 2023 RMB RMB RMB US$ Gross profit 355,521 328,375 352,380 51,310 Plus: depreciation and amortization* 327,393 409,825 401,877 58,518 Plus: share-based compensation expenses
Slide 25: Key Balance Sheet Items
单击此处编辑母版标题样式 Key Balance Sheet Items As of As of December 31, 2022 March 31, 2023 Amount in thousands RMB RMB US$ (Audited) (Unaudited) (Unaudited) Cash, cash equivalents and Restricted cash 2,989,494 3,242,842 472,194 Accounts and notes receivable, net 1,763,693 2,020,435 294,198 Property and equip
Slide 26: Key Cash Flow Items
单击此处编辑母版标题样式 Key Cash Flow Items Three months ended March 31, 2022 December 31, 2022 March 31, 2023 Amount in thousands RMB RMB RMB US$ (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net cash generated from operating activities 482,599 407,488 455,011 66,255 Net cash used in investing activities (1
Slide 27: Definitions
单击此处编辑母版标题样式 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 Utilized Capacity Capacity in service that is committed t
Slide 28: Thanks!
http://ir.vnet.com THANKS! Email: ir@vnet.com IR Contact: Xinyuan Liu