GDS Holdings Limited Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • GDS delivered solid results despite widespread COVID lockdowns in China.
  • Revenue grew 32% year‑on‑year and adjusted EBITDA grew 29% year‑on‑year.
  • Secured 18,000 sqm of new customer commitments and added 112,000 sqm of utilized area.
  • Utilization increased to 67% (vs. 64% in Q4 2021).
  • Raised USD 620 million via convertible bonds and completed USD 530 million in project financing.

Operating Conditions & COVID Impact

  • 58 of 82 operating data centers experienced lockdowns; over 30 remained locked down during the call.
  • 880 personnel isolated on‑site to maintain uninterrupted operations; no service disruptions occurred.
  • Move‑ins slowed significantly, especially in Shanghai, Beijing, and surrounding regions.
  • Lockdowns were the primary driver of slower move‑in, surpassing prior concerns such as customer supply chain issues.

Sales & Market Trends

  • Strong backlog of 243,000 sqm (73% of total area utilized), giving high visibility into future growth.
  • Company expects to meet its full‑year target of 90,000 sqm in net new sales.
  • Customer mix continues to diversify, with financial institutions and enterprise customers contributing 45% of new bookings (vs. approx. 40% in Q4 2021).

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Operator: Hello, ladies and gentlemen. Thank you for standing by for GDS Holdings Limited's First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After managements prepared remarks, there will be a question-and-answer session. Today's conference call is being recorded. I'd now like to turn the call over to your host, Ms. Laura Chen, Head of Investor Relations for the company. Please go ahead, Laura. Laura Chen: Thank you. Hello, everyone. Welcome to the First Quarter 2022 Earnings Conference Call of GDS Holdings Limited. The company's results were issued via Newswire Services earlier today and are posted online. A summary presentation, which we will refer to during this conference call can be viewed and downloaded from our IR website at investorsgdsservices.com. Leading today's call is Mr. William Huang, GDS Founder, Chairman and CEO, who will provide an overview of our business strategy and performance; Mr. Dan Newman, GDS CFO, will then review the financial and operating results; Ms. Jamie Khoo, our COO, is also available to answer questions. Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding these

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