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21Vianet Group, Inc. Reports Unaudited Second Quarter 2021 Financial Results

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BEIJING, Aug. 25, 2021 (GLOBE NEWSWIRE) -- 21Vianet Group, Inc. (Nasdaq: VNET) ("21Vianet" or the "Company"), a leading carrier- and cloud-neutral Internet data center services provider in China, today announced its unaudited financial results for the second quarter ended June 30, 2021. The Company will hold a conference call at 8:00 P.M. on Tuesday, August 24, 2021, U.S. Eastern Time to discuss the financial results. Dial-in details are provided at the end of this release.

Second Quarter 2021 Financial Highlights

  • Net revenues in the second quarter of 2021 increased by 30.8% to RMB1.50 billion (US$231.9 million) from RMB1.14 billion in the same period of 2020.

  • Adjusted cash gross profit (non-GAAP) in the second quarter of 2021 increased by 36.9% to RMB640.2 million (US$99.2 million) from RMB467.6 million in the same period of 2020. Adjusted cash gross margin (non-GAAP) in the second quarter of 2021 was 42.8%, compared to 40.9% in the same period of 2020.

  • Adjusted EBITDA (non-GAAP) in the second quarter of 2021 increased by 38.7% to RMB425.1 million (US$65.8 million) from RMB306.4 million in the same period of 2020. Adjusted EBITDA margin (non-GAAP) in the second quarter of 2021 was 28.4%, compared to 26.8% in the same period of 2020.

Second Quarter 2021 Operational Highlights

  • Total cabinets under management net increased by 6,950 to 62,876, as of June 30, 2021, compared to 55,926 as of March 31, 2021, and 44,050 as of June 30, 2020.

  • Retail IDC MRR1 per cabinet was RMB9,015, compared to RMB8,953 in the same period of 2020 and RMB9,144 in the first quarter of 2021.

  • Compound utilization rate was 59.9%, compared to 61.7% in the first quarter of 2021.

    • Utilization rate for mature IDCs, which consisted of IDC deliveries prior to and during 2019, was 76.3%, compared to a utilization rate for mature IDCs of 73.9% in the first quarter of 2021.

    • Utilization rate for ramp-up and newly-built IDCs, which consisted of IDC deliveries in 2020 and 2021, was 29.2%, compared to a utilization rate for ramp-up and newly-built IDCs of 30.6% in the first quarter of 2021.

_______________________
1
Retail IDC MRR: Refers to Monthly Recurring Revenues for the retail IDC business.

Mr. Samuel Shen, Chief Executive Officer and Executive Chairman of Retail IDC, stated, “We are delighted to report another strong quarter. Our dual-core growth engine, diversified customer base, and strong IDC market demand continued to fuel organic growth in our cabinet deliveries for the first half of 2021. Based on our leading market position and dual-core growth engine of retail and wholesale IDC solutions, we are confident that we will acquire more customers from various sectors, further diversify our revenue streams, sustain our growth, and generate lasting shareholder value going forward.”

Mr. Tim Chen, Chief Financial Officer of the Company, commented, “In the second quarter, our net revenues and adjusted EBITDA rose by 30.8% and 38.7% year over year respectively, both exceeding the high end of our previously announced guidance range. Leveraging our strong balance sheet and dual-core growth strategy, we are well-positioned to further capitalize on robust IDC market demand and endorsements from a number of diversified customers to strengthen our leading position in the IDC market and accelerate growth in the quarters ahead.”

Second Quarter 2021 Financial Results

NET REVENUES: Net revenues in the second quarter of 2021 increased by 30.8% to RMB1.50 billion (US$231.9 million) from RMB1.14 billion in the second quarter of 2020, representing an increase of 7.9% from RMB1.39 billion in the first quarter of 2021. This increase was mainly due to the increased revenue from both wholesale and retail IDC customers, as well as the growth of revenue from cloud business.

GROSS PROFIT: Gross profit in the second quarter of 2021 was RMB359.5 million (US$55.7 million), representing an increase of 32.0% from RMB272.3 million in the same period of 2020 and an increase of 11.2% from RMB323.3 million in the first quarter of 2021. Gross margin in the second quarter of 2021 was 24.0%, compared to 23.8% in the same period of 2020 and 23.3% in the first quarter of 2021. The increase in gross margin was primarily attributable to the Company’s continued efforts in improving operational efficiency.

ADJUSTED CASH GROSS PROFIT, which excludes depreciation, amortization, and share-based compensation expenses, was RMB640.2 million (US$99.2 million) in the second quarter of 2021, compared to RMB467.6 million in the same period of 2020 and RMB605.3 million in the first quarter of 2021. Adjusted cash gross margin in the second quarter of 2021 was 42.8%, compared to 40.9% in the same period of 2020 and 43.6% in the first quarter of 2021.

OPERATING EXPENSES: Total operating expenses in the second quarter of 2021 were RMB262.5 million (US$40.7 million), compared to RMB193.5 million in the same period of 2020 and RMB243.2 million in the first quarter of 2021. As a percentage of net revenues, total operating expenses in the second quarter of 2021 were 17.5%, compared to 16.9% in the same period of 2020 and 17.5% in the first quarter of 2021.

Sales and marketing expenses in the second quarter of 2021 were RMB59.6 million (US$9.2 million), compared to RMB51.7 million in the same period of 2020 and RMB74.0 million in the first quarter of 2021.

Research and development expenses in the second quarter of 2021 were RMB38.3 million (US$5.9 million), compared to RMB23.7 million in the same period of 2020 and RMB33.6 million in the first quarter of 2021.

General and administrative expenses in the second quarter of 2021 were RMB154.2 million (US$23.9 million), compared to RMB119.5 million in the same period of 2020 and RMB135.2 million in the first quarter of 2021.

ADJUSTED OPERATING EXPENSES, which exclude share-based compensation expenses and impairment of loan receivable to potential investee, were RMB235.6 million (US$36.5 million) in the second quarter of 2021, compared to RMB182.5 million in the same period of 2020 and RMB212.5 million in the first quarter of 2021. As a percentage of net revenues, adjusted operating expenses in the second quarter of 2021 were 15.7%, compared to 15.9% in the same period of 2020 and 15.3% in the first quarter of 2021.

ADJUSTED EBITDA: Adjusted EBITDA in the second quarter of 2021 was RMB425.1 million (US$65.8 million), representing an increase of 38.7% from RMB306.4 million in the same period of 2020 and an increase of 2.4% from RMB415.1 million in the first quarter of 2021. Adjusted EBITDA in the second quarter of 2021 excluded share-based compensation expenses of RMB27.5 million (US$4.3 million). Adjusted EBITDA margin in the second quarter of 2021 was 28.4%, compared to 26.8% in the same period of 2020 and 29.9% in the first quarter of 2021.

NET PROFIT/LOSS: Net profit attributable to ordinary shareholders in the second quarter of 2021 was RMB455.9 million (US$70.6 million), compared to a net loss of RMB2.12 billion in the same period of 2020 and a net loss of RMB84.7 million in the first quarter of 2021. Net profit attributable to ordinary shareholders in the second quarter of 2021 mainly included changes in the fair value of convertible promissory notes of RMB424.1 million (US$65.7 million) due to the drop in the Company’s stock price.

PROFIT PER SHARE: Basic and diluted profit per share were RMB0.52 (US$0.08) and RMB0.04 (US$0.01) in the second quarter of 2021, respectively, which represent the equivalent of RMB3.12 (US$0.48) and RMB0.24 (US$0.06) per American depositary share ("ADS"), respectively. Each ADS represents six Class A ordinary shares. Diluted profit per share is calculated using net profit attributable to ordinary shareholders divided by the weighted average number of diluted shares outstanding.

As of June 30, 2021, the aggregate amount of the Company's cash and cash equivalents, restricted cash, and short-term investments was RMB5.03 billion (US$779.7 million).

Net cash generated from operating activities in the second quarter of 2021 was RMB314.8 million (US$48.8 million), compared to RMB161.8 million in the same period of 2020 and RMB274.5 million in the first quarter of 2021.

Financial Outlook

For the third quarter of 2021, the Company expects net revenues to be in the range of RMB1.53 billion to RMB1.55 billion. Adjusted EBITDA is expected to be in the range of RMB420 million to RMB440 million.

For the full year of 2021, the Company expects net revenues to be in the range of RMB6.10 billion to RMB6.30 billion. Adjusted EBITDA is expected to be in the range of RMB1.68 billion to RMB1.78 billion. The midpoints of the Company’s updated estimates imply an increase of 28.4% and 30.7% year over year in net revenues and adjusted EBITDA, respectively.

The forecast reflects the Company’s current and preliminary views on the market and its operational conditions, which do not factor in any of the potential future impacts caused by the ongoing COVID-19 pandemic, and are subject to change.

Conference Call

The Company will hold a conference call at 8:00 P.M. on Tuesday, August 24, 2021, U.S. Eastern Time, or 8:00 A.M. on Wednesday, August 25, 2021 Beijing Time, 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:

5585337

Registration Link:

http://apac.directeventreg.com/registration/event/5585337

The replay will be accessible through September 1, 2021, by dialing the following numbers:

United States Toll Free:

+1-855-452-5696

International:

+61-2-8199-0299

Conference ID:

5585337

A live and archived webcast of the conference call will be available through the Company's investor relations website at http://ir.21vianet.com.

Non-GAAP Disclosure

In evaluating its business, 21Vianet considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the Securities and Exchange Commission as a supplemental measure to review and assess its operating performance: adjusted cash gross profit, adjusted cash gross margin, adjusted operating expenses, adjusted EBITDA and adjusted EBITDA margin. 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. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP results" set forth at the end of this press release.

The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the Company's current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company's calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.4566 to US$1.00, the noon buying rate in effect on June 30, 2021, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Statement Regarding Unaudited Condensed Financial Information

The unaudited financial information set forth above is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited condensed financial information.

About 21Vianet

21Vianet Group, Inc. is a leading carrier- and cloud-neutral Internet data center services provider in China. 21Vianet provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security and speed of its customers' Internet infrastructure. Customers may locate their servers and equipment in 21Vianet's data centers and connect to China's Internet backbone. 21Vianet operates in more than 20 cities throughout China, servicing a diversified and loyal base of over 6,000 hosting and related enterprise customers that span numerous industries ranging from Internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," “target,” "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement as well as 21Vianet's strategic and operational plans contain forward-looking statements. 21Vianet may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports 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 statements about 21Vianet'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: 21Vianet's goals and strategies; 21Vianet's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, 21Vianet's services; 21Vianet's expectations regarding keeping and strengthening its relationships with customers; 21Vianet's plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where 21Vianet provides solutions and services. Further information regarding these and other risks is included in 21Vianet's reports filed with, or furnished to, the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and 21Vianet undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contacts:

21Vianet Group, Inc.
Xinyuan Liu
+86 10 8456 2121
IR@21Vianet.com

Julia Jiang
+86 10 8456 2121
IR@21Vianet.com

ICR, LLC
Robin Yang
+1 (646) 405-4922
IR@21Vianet.com


21VIANET GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

As of

As of

December 31, 2020

June 30, 2021

RMB

RMB

US$

(Audited)

(Unaudited)

(Unaudited)

Current assets:

Cash and cash equivalents

2,710,349

4,603,653

713,015

Restricted cash

270,450

286,303

44,343

Accounts and notes receivable, net

847,233

1,243,053

192,524

Short-term investments

285,872

12,920

2,001

Prepaid expenses and other current assets

1,866,184

1,819,808

281,853

Amounts due from related parties

75,519

73,595

11,398

Total current assets

6,055,607

8,039,332

1,245,134

Non-current assets:

Property and equipment, net

8,106,425

8,473,036

1,312,306

Intangible assets, net

658,195

641,252

99,317

Land use rights, net

255,373

305,276

47,281

Operating lease right-of-use assets, net

1,325,526

1,279,138

198,113

Goodwill

994,993

994,993

154,105

Restricted cash

135,638

131,534

20,372

Deferred tax assets

185,481

183,407

28,406

Long-term investments

135,517

115,515

17,891

Amounts due from related parties

20,562

-

-

Other non-current assets

1,500,438

1,720,502

266,472

Total non-current assets

13,318,148

13,844,653

2,144,263

Total assets

19,373,755

21,883,985

3,389,397

Liabilities and Shareholders' Equity

Current liabilities:

Short-term bank borrowings

34,000

-

-

Accounts and notes payable

289,387

432,257

66,948

Accrued expenses and other payables

1,631,563

1,443,884

223,629

Advances from customers

1,041,594

980,088

151,796

Deferred revenue

63,245

63,311

9,806

Income taxes payable

29,028

35,992

5,574

Amounts due to related parties

51,007

2,595

402

Current portion of long-term borrowings

180,328

233,448

36,156

Current portion of finance lease liabilities

403,843

389,000

60,248

Current portion of deferred government grant

2,074

2,074

321

Current portion of bonds payable

1,943,619

1,932,905

299,369

Current portion of operating lease liabilities

452,272

372,007

57,617

Total current liabilities

6,121,960

5,887,561

911,866

Non-current liabilities:

Long-term borrowings

886,996

1,593,557

246,811

Convertible promissory notes

3,014,057

4,732,739

733,008

Non-current portion of finance lease liabilities

688,128

1,071,404

165,939

Unrecognized tax benefits

68,696

71,835

11,126

Deferred tax liabilities

299,093

293,632

45,478

Non-current portion of deferred government grant

4,100

3,196

495

Amounts due to related parties

747,746

-

-

Non-current portion of operating lease liabilities

645,499

946,898

146,656

Total non-current liabilities

6,354,315

8,713,261

1,349,513

Shareholders' equity

Treasury stock

(349,523

)

(349,523

)

(54,134

)

Ordinary shares

56

59

9

Additional paid-in capital

13,083,119

14,995,378

2,322,488

Accumulated other comprehensive loss

(55,535

)

(63,254

)

(9,797

)

Statutory reserves

74,462

74,462

11,533

Accumulated deficit

(7,235,113

)

(7,721,978

)

(1,195,982

)

Series A perpetual convertible preferred shares

1,047,468

-

-

Total 21Vianet Group, Inc. shareholders’ equity

6,564,934

6,935,144

1,074,117

Noncontrolling interest

332,546

348,019

53,901

Total shareholders' equity

6,897,480

7,283,163

1,128,018

Total liabilities and shareholders' equity

19,373,755

21,883,985

3,389,397


21VIANET GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)

Three months ended

Six months ended

June 30, 2020

March 31, 2021

June 30, 2021

June 30, 2020

June 30, 2021

RMB

RMB

RMB

US$

RMB

RMB

US$

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Net revenues

1,144,061

1,386,923

1,496,978

231,852

2,234,858

2,883,901

446,659

Cost of revenues

(871,729

)

(1,063,611

)

(1,137,463

)

(176,171

)

(1,728,415

)

(2,201,074

)

(340,903

)

Gross profit

272,332

323,312

359,515

55,681

506,443

682,827

105,756

Operating expenses

Sales and marketing

(51,652

)

(73,976

)

(59,589

)

(9,229

)

(100,362

)

(133,565

)

(20,687

)

Research and development

(23,665

)

(33,565

)

(38,296

)

(5,931

)

(44,649

)

(71,861

)

(11,130

)

General and administrative

(119,494

)

(135,246

)

(154,243

)

(23,889

)

(244,696

)

(289,489

)

(44,836

)

Reversal (allowance) for doubtful debt

1,338

(393

)

(7,527

)

(1,166

)

(1,183

)

(7,920

)

(1,227

)

Impairment of loan receivable to potential investee

-

-

(2,816

)

(436

)

-

(2,816

)

(436

)

Total operating expenses

(193,473

)

(243,180

)

(262,471

)

(40,651

)

(390,890

)

(505,651

)

(78,316

)

Operating profit

78,859

80,132

97,044

15,030

115,553

177,176

27,440

Interest income

11,713

5,709

8,103

1,255

21,095

13,812

2,139

Interest expense

(102,742

)

(84,479

)

(87,095

)

(13,489

)

(205,000

)

(171,574

)

(26,573

)

Other income

8,197

2,172

5,263

815

9,056

7,435

1,152

Other expense

(2,158

)

(3,422

)

(11,872

)

(1,839

)

(23,991

)

(15,294

)

(2,369

)

Changes in the fair value of convertible promissory notes

(1,612,054

)

(8,641

)

424,107

65,686

(1,612,054

)

415,466

64,347

Foreign exchange gain (loss)

275

(33,846

)

78,026

12,085

(41,472

)

44,180

6,843

(Loss) gain before income tax and loss from equity method investments

(1,617,910

)

(42,375

)

513,576

79,543

(1,736,813

)

471,201

72,979

Income tax expenses

(20,410

)

(37,299

)

(29,499

)

(4,569

)

(42,896

)

(66,798

)

(10,346

)

Loss from equity method investments

(10,457

)

(1,305

)

(23,605

)

(3,656

)

(6,590

)

(24,910

)

(3,858

)

Net (loss) profit

(1,648,777

)

(80,979

)

460,472

71,318

(1,786,299

)

379,493

58,775

Net gain attributable to noncontrolling interest

(3,573

)

(3,680

)

(4,620

)

(716

)

(4,814

)

(8,300

)

(1,286

)

Net (loss) profit attributable to 21Vianet Group, Inc

(1,652,350

)

(84,659

)

455,852

70,602

(1,791,113

)

371,193

57,489

Deemed distribution to Series A perpetual convertible preferred shareholders

(470,643

)

-

-

-

(470,643

)

-

-

Net (loss) profit attributable to the Company’s ordinary shareholders

(2,122,993

)

(84,659

)

455,852

70,602

(2,261,756

)

371,193

57,489

(Loss) profit per share

Basic

(3.21

)

(0.10

)

0.52

0.08

(3.42

)

0.42

0.07

Diluted

(3.21

)

(0.10

)

0.04

0.01

(3.42

)

(0.05

)

(0.01

)

Shares used in (loss) profit per share computation

Basic*

660,949,226

860,540,297

869,645,966

869,645,966

660,543,890

863,960,057

863,960,057

Diluted*

660,949,226

860,540,297

905,446,557

905,446,557

660,543,890

905,136,178

905,136,178

(Loss) profit per ADS (6 ordinary shares equal to 1 ADS)

Basic

(19.26

)

(0.60

)

3.12

0.48

(20.52

)

2.52

0.42

Diluted

(19.26

)

(0.60

)

0.24

0.06

(20.52

)

(0.30

)

(0.06

)

* Shares used in (loss) profit per share/ADS computation were computed under weighted average method.


21VIANET GROUP, INC.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

Three months ended

Six months ended

June 30, 2020

March 31, 2021

June 30, 2021

June 30, 2020

June 30, 2021

RMB

RMB

RMB

US$

RMB

RMB

US$

Gross profit

272,332

323,312

359,515

55,681

506,443

682,827

105,756

Plus: depreciation and amortization

194,651

277,851

277,288

42,946

377,207

555,139

85,980

Plus: share-based compensation expenses

569

4,126

3,444

533

1,029

7,570

1,172

Adjusted cash gross profit

467,552

605,289

640,247

99,160

884,679

1,245,536

192,908

Adjusted cash gross margin

40.9

%

43.6

%

42.8

%

42.8

%

39.6

%

43.2

%

43.2

%

Operating expenses

(193,473

)

(243,180

)

(262,471

)

(40,651

)

(390,890

)

(505,651

)

(78,316

)

Plus: share-based compensation expenses

11,005

30,729

24,063

3,727

30,633

54,792

8,486

Plus: impairment of loan receivable to potential investee

-

-

2,816

436

-

2,816

436

Adjusted operating expenses

(182,468

)

(212,451

)

(235,592

)

(36,488

)

(360,257

)

(448,043

)

(69,394

)

Operating profit

78,859

80,132

97,044

15,030

115,553

177,176

27,440

Plus: depreciation and amortization

215,981

300,105

297,738

46,114

418,588

597,843

92,594

Plus: share-based compensation expenses

11,574

34,855

27,507

4,260

31,662

62,362

9,659

Plus: impairment of loan receivable to potential investee

-

-

2,816

436

-

2,816

436

Adjusted EBITDA

306,414

415,092

425,105

65,840

565,803

840,197

130,129

Adjusted EBITDA margin

26.8

%

29.9

%

28.4

%

28.4

%

25.3

%

29.1

%

29.1

%


21VIANET GROUP, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

Three months ended

June 30, 2020

March 31, 2021

June 30, 2021

RMB

RMB

RMB

US$

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

Net (loss) profit

(1,648,777

)

(80,979

)

460,472

71,318

Adjustments to reconcile net (loss) profit to net cash generated from operating activities:

Depreciation and amortization

215,981

300,105

297,738

46,114

Stock-based compensation expenses

11,574

34,855

27,507

4,260

Others

1,776,114

186,399

(344,711

)

(53,389

)

Changes in operating assets and liabilities

Accounts and notes receivable

(79,036

)

(203,432

)

(198,696

)

(30,774

)

Prepaid expenses and other current assets

(126,703

)

(195,171

)

324,091

50,195

Accounts and notes payable

(37,021

)

108,832

34,035

5,271

Accrued expenses and other payables

41,951

123,047

(1,761

)

(273

)

Deferred revenue

(18,731

)

(4,162

)

4,228

655

Advances from customers

29,340

119,045

(180,551

)

(27,964

)

Others

(2,905

)

(114,086

)

(107,546

)

(16,657

)

Net cash generated from operating activities

161,787

274,453

314,806

48,756

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of property and equipment

(478,231

)

(675,486

)

(430,071

)

(66,610

)

Purchases of intangible assets

(15,707

)

(7,522

)

(17,672

)

(2,737

)

Proceeds from investments

68,989

61,432

139,711

21,638

Proceeds from (payments for) other investing activities

9,484

761

(214,308

)

(33,192

)

Net cash used in investing activities

(415,465

)

(620,815

)

(522,340

)

(80,901

)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from bank borrowings

219,978

718,636

33,623

5,208

Repayments of bank borrowings

(16,000

)

(34,000

)

(30,300

)

(4,693

)

Payments for finance lease

(73,165

)

(110,480

)

(241,709

)

(37,436

)

Proceed from issuance of convertible promissory notes

509,577

3,797,090

-

-

Proceed from Series A perpetual convertible preferred shares

1,058,325

-

-

-

Payment for shares repurchase

-

-

(1,701,807

)

(263,576

)

Proceeds from (payments for) other financing activities

107,796

(29,387

)

52,418

8,120

Net cash generated from (used in) financing activities

1,806,511

4,341,859

(1,887,775

)

(292,377

)

Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash

10,778

65,770

(60,905

)

(9,433

)

Net increase (decrease) in cash, cash equivalents and restricted cash

1,563,610

4,061,267

(2,156,214

)

(333,955

)

Cash, cash equivalents and restricted cash at beginning of period

3,258,757

3,116,437

7,177,704

1,111,685

Cash, cash equivalents and restricted cash at end of period

4,822,367

7,177,704

5,021,490

777,730