VNET Group, Inc. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • Total cabinets increased to 82,660, up from approximately 65,300 one year ago.
  • Cabinets utilized grew to approximately 45,530, up from approximately 38,300 one year ago.
  • Overall utilization rate remained stable at 55.1%, flat compared to Q2 2022.
  • Retail MRR increased to RMB 9,287, compared with RMB 9,186 in Q2 2022.

Financial Performance

  • Net revenue: RMB 1.814 billion, up 16.3% year-over-year.
  • Gross profit: RMB 316.6 million, down 15.6% from Q3 2021.
  • Gross margin: 17.5%, down from 24% in Q3 2021.
  • Adjusted cash gross profit: RMB 707.7 million, up 4.9% year-over-year.
  • Adjusted cash gross margin: 39.0%, down from 43.2% in Q3 2021.
  • Adjusted operating expenses: RMB 275.1 million, up from RMB 244.0 million in Q3 2021.
  • Adjusted EBITDA: RMB 455.3 million, up 1.1% year-over-year.
  • Adjusted EBITDA margin: 25.1%, down from 28.9% in Q3 2021.
  • Net loss attributable to shareholders: RMB 425.2 million, compared to net profit of RMB 156.2 million in Q3 2021.
  • Operating cash flow: RMB 607.4 million, up significantly from RMB 134.7 million a year ago.
  • CapEx: RMB 580.5 million.

Full-Year 2022 Outlook

  • Net revenue: RMB 7.25 billion–7.55 billion (unchanged).

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Operator: Hello, ladies and gentlemen. Thank you for standing by for the Third Quarter 2022 Earnings Conference Call for VNET Group, Inc. At this time, all participants are in a listen-only mode. After the management's prepared remarks, there will be a question-and-answer session. Participants from our management include Mr. Jeff Dong, Chief Executive Officer; Mr. Tim Chen, Chief Financial Officer; and Xinyuan Liu, Investor Relations Director of the Company. Please note that today's conference call is being recorded. I’ll now turn the call over to the first speaker today, Ms. Xinyuan Liu. Please, go ahead. Xinyuan Liu: Thank you, operator. Hello, everyone, and welcome to our third quarter 2022 earnings conference call. Our earnings release was distributed earlier today. And you can find a copy on our IR website as well as our Newswire services. Please note that the discussion today will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. For detailed discussions of these risks and uncertainties, please refer to our latest annual report and other documents filed with the SEC. VNET does not undertake any obligation to update any forward-looking statements, except as required under applicable laws. Please also note that VNET's earnings press release an

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