VNET Group, Inc. · NASDAQ:VNET
VNET — Q2 2022 Earnings Presentation
28 slides from VNET's earnings presentation, August 2022
Slide 1: VNET Group, Inc. Investor Presentation August 2022
单击此处编辑母版标题样式 VNET Group, Inc. Investor Presentation August 2022
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: 2Q 2022 Highlights
单击此处编辑母版标题样式 2Q 2022 Highlights Financials (in RMB) Unused Credit Line Revenue: 1,725 million (+15.2% YoY) RMB 1,246 million (+338 million in 2Q) Adjusted EBITDA: 487 million (+14.5 % YoY) Retail & Wholesale Updates Capacity RMB 9,186 80,831 R total capacity Retail IDC MRR(1) per cabinet 44,500 R ut
Slide 4: Largest Customer Order Wins
单击此处编辑母版标题样式 Largest Customer Order Wins Capacity Contracted Signing Time of Region IDC Code Project Type Customer Sector / Under MoU (MW) (1) Contract / MoU Other Region N-OR05 14 2Q22 Wholesale Internet Artificial Greater Beijing Area BJ10 1 2Q22 Retail Intelligence Financial Greater Beijing Area
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 ü A leading carrier-neutral and cloud-neutral data center services provider in China with 26 years of experience ü ~11%(1) market share of China’s carrier-neutral data center services market ü 195 approved and pen
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 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 Compac
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 Cabinet Delivery Plan BJ13 (Extension) Leased Under Construction 500 Greater Beijing Area N-HB03 Leased Under Construction 1,300 E-JS03 Leased Under Construction 1,850 Yangtze River Delta SH04 (Extension) Owned In-Ser
Slide 12: Wholesale Projects In-Service
单击此处编辑母版标题样式 Wholesale Projects In-Service Capacity Contracted / Region IDC Code Under MoU (MW) BJ06 2 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 224 Source: Company data as of June 30, 2022
Slide 13: Wholesale Projects Under Construction
单击此处编辑母版标题样式 Wholesale Projects Under Construction Capacity Contracted / Region IDC Code Under MoU (MW) Greater Beijing Area N-HB03 11 Yangtze River Delta E-JS01 1 W-OR03 2 Other Region N-OR04 14 N-OR05 14 Total 42 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) 78,540 78,964 80,831 58.2% 58.7% 53.1% 54.5% 55.1% 62,876 65,264 4,397 4,540 5,058 43,032 44,500 41,703 3,811 36,625 38,325 3,971 74,143 74,424 75,773 58,905 61,453
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 n >6,500 enterprise customers, of which >1,400 customers have enjoyed our colocation, connectivity, bare metal, hybrid cloud and maintenance services, etc. n Around 90% of net revenues have been recurring revenues since IPO n Low a
Slide 16: Contents
CONTENTS 1. Company Overview 2. Business Overview 3. Financials Overview 4. Appendix
Slide 17: 2Q22 Financial Highlights
单击此处编辑母版标题样式 2Q22 Financial Highlights RMB’MM 2Q21 1Q22 2Q22 YoY QoQ Net revenues 1,497 1,645 1,725 15.2% 4.8% Gross profit 360 356 358 -0.5% 0.6% Adjusted cash gross profit(1) 640 685 714 11.5% 4.2% Adjusted cash gross margin 42.8% 41.6% 41.4% -1.4 pps -0.2 pps Adjusted EBITDA(2) 425 506 487 14.5%
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) 42.8% 43.2% 40.9% 41.6% 41.4% 28.4% 28.9% 26.5% 30.8% 28.2% 506 487 714 685 714 463 640 674 450 425 2Q21 3Q21 4Q21 1Q22 2Q22 2Q21 3Q21 4Q21 1Q22 2Q22 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: 5,272 RMB 1,246 mm unused 3,402 3,616 2,996 2,721 286 4,483 364 1,708 1,678 3,616 3,116 950 2,357 1,708 255 1,318 950 789 255 2022 2024 end 2
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 June 30, 2022 4.8x 2027 Convertible Bonds Borrowing 17.9% 34.8% 3.9x 3.7x 3.1x 2.9x 3.0x Adjusted for changes 2.1x in the fair value of 1.4x convertible notes 2019 2020 2021 2Q22 2026 Convertible
Slide 21: Guidance
单击此处编辑母版标题样式 Guidance 2022 Original 2022 Revised RMB MM 2021 Actual Implied YoY Implied YoY Guidance Guidance Revenues 6,190 7,450 - 7,750 20.4% - 25.2% 7,250 - 7,550 17.1% - 22.0% Adjusted EBITDA 1,754 1,975 - 2,125 12.6% - 21.2% 1,800 - 1,950 2.6% - 11.2% 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
单击此处编辑母版标题样式 Key P&L Items Amount in thousands Three months ended June 30, 2021 March 31, 2022 June 30, 2022 RMB RMB RMB US$ Net revenues 1,496,978 1,645,486 1,724,863 257,515 Cost of revenues (1,137,463) (1,289,965) (1,367,086) (204,101) Gross profit 359,515 355,521 357,777 53,414 Sales and marketi
Slide 24: GAAP to Non-GAAP Reconciliations
单击此处编辑母版标题样式 GAAP to Non-GAAP Reconciliations Amount in thousands Three months ended June 30, 2021 March 31, 2022 June 30, 2022 RMB RMB RMB US$ Gross profit 359,515 355,521 357,777 53,414 Plus: depreciation and amortization 277,288 327,393 362,003 54,046 Plus: share-based compensation expenses 3,444
Slide 25: Key Balance Sheet Items
单击此处编辑母版标题样式 Key Balance Sheet Items Amount in thousands， As of December 31, 2021 June 30, 2022 RMB RMB US$ Cash, cash equivalents and Restricted cash 1,708,473 3,616,255 539,893 Accounts and notes receivable, net 1,405,997 1,745,156 260,545 Property and equipment, net 10,092,419 10,485,412 1,565,43
Slide 26: Key Cash Flow Items
单击此处编辑母版标题样式 Key Cash Flow Items Amount in thousands Three months ended June 30, 2021 March 31, 2022 June 30, 2022 RMB RMB RMB US$ Net cash generated from operating activities 314,806 482,599 942,711 140,742 Net cash used in investing activities (522,340) (1,032,758) (578,629) (86,387) Net cash gene
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: [email protected] IR Contact: Xinyuan Liu