UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2024

 

Commission file number: 001-39278

 

 

 

Kingsoft Cloud Holdings Limited

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

Building D, Xiaomi Science and Technology Park, No. 33 Xierqi Middle Road,

Haidian District

Beijing, 100085, the People’s Republic of China

(Address of Principal Executive Offices)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F  x                      Form 40-F  ¨

 

 

 

 

 

 

EXHIBIT INDEX

 

Exhibit No.   Description
   
99.1   Earnings  Release

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Kingsoft Cloud Holdings Limited
     
Date: August 20, 2024 By: /s/ Haijian He
    Name: Haijian He
    Title: Chief Financial Officer and Director

 

 

 

 

Exhibit 99.1

 

Kingsoft Cloud Announces Unaudited Second Quarter 2024 Financial Results

 

BEIJING, August 20, 2024 — Kingsoft Cloud Holdings Limited (“Kingsoft Cloud” or the “Company”) (NASDAQ: KC and HKEX: 3896), a leading independent cloud service provider in China, today announced its unaudited financial results for the second quarter ended June 30, 2024.

 

Mr. Tao Zou, Chief Executive Officer of Kingsoft Cloud, commented, “We are pleased to record another strong quarter with advances in revenue expansion, margin improvements and operating cash net inflow. Our high-quality and sustainable development strategy continued to bear fruits. During the past quarter, embracing AI opportunities, we have recorded AI revenue of RMB326 million, approximately 26% of revenues from public cloud services, doubling from 13% last quarter. We have also been enhancing our AI capabilities, successfully deploying AI solutions to enterprises and organizations to improve our customers’ data management performances.”

 

Mr. Henry He, Chief Financial Officer of Kingsoft Cloud, added, “We are pleased to achieve growth in both revenue and profits. This quarter our total revenues returned to year-over-year growth track, arriving at RMB1,891.8 million, increased by 3.1% year-over-year and 6.5% quarter-over-quarter. This quarter our adjusted gross margin was 17.1%, significantly increased by 5.8 percentage points from 11.3% in the same quarter of 2023. Adjusted gross profit was RMB323.4 million, increased by 56.4% from RMB206.8 million in the same quarter of 2023. Adjusted EBITDA turned to profit last quarter and steadily increased to RMB60.6 million, significantly improving from negative RMB61.4 million in the same quarter of 2023. This quarter we have recorded net inflow of operating cash at RMB151.2 million, compared with RMB65.2 million in the same period and negative RMB321.3 million last quarter.”

 

Second Quarter 2024 Financial Results

 

Total revenues reached RMB1,891.8 million (US$260.31 million), increased by 3.1% year-over-year and 6.5% quarter-over-quarter from RMB1,835.4 million in the same quarter of 2023 and RMB1,775.7 million in the first quarter of 2024. The increase was mainly due to the expanded revenue from AI related customers and partially offset by our proactive scale-down of content delivery network (CDN) services, and more stringent project selection of enterprise cloud projects.

 

    Revenues from public cloud services were RMB1,234.5 million (US$169.9 million), increased by 6.5% from RMB1,159.5 million in the same quarter of 2023 and 4.0% from RMB1,187.4 million last quarter. The increase was mainly due to the growth of AI demands and partially offset by the proactive scale-down of our CDN services.

 

    Revenues from enterprise cloud services were RMB657.2 million (US$90.4 million), representing a decrease of 2.7% from RMB675.2 million in the same quarter of 2023 and an increase of 11.7% from RMB588.2 million last quarter. We keep focus in selected verticals such as public services cloud, state-owned assets cloud, healthcare and financial services, enhance our solutions with AI capabilities and take profitability and sustainability of the enterprise cloud projects as our priorities.

 

 

1 This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.2672 to US$1.00, the noon buying rate in effect on June 30, 2024 as certified for customs purposes by the Federal Reserve Bank of New York.

 

 

 

 

    Other revenues were nil this quarter.

 

Cost of revenues was RMB1,573.4 million (US$216.5 million), representing a decrease of 3.4% from RMB1,628.8 million in the same quarter of 2023. IDC costs decreased significantly by 15.4% year-over-year from RMB860.7 million to RMB728.2 million (US$100.2 million) this quarter. The decrease was in line with the scale down of our CDN services and our strict control over procurement costs. Depreciation and amortization costs increased by 31.6% from RMB202.1 million in the same quarter of 2023 to RMB265.9 million (US$36.6 million) this quarter. The increase was mainly due to the depreciation of newly acquired servers which were allocated to AI business. Solution development and services costs increased by 8.4% year-over-year from RMB452.9 million in the same quarter of 2023 to RMB491.1 million (US$67.6 million) this quarter. The increase was mainly due to the solution personnel expansion of Camelot. Fulfillment costs and other costs were RMB37.6 million (US$5.2 million) and RMB50.6 million (US$6.9 million) this quarter.

 

Gross profit was RMB318.3 million (US$43.8 million), representing a significant increase of 54.1% from RMB206.6 million in the same quarter of 2023, demonstrating our improvements in revenue quality. Gross margin was 16.8%, compared with 11.3% in the same period in 2023. Non-GAAP gross profit2 was RMB323.4 million (US$44.5 million), compared with RMB206.8 million in the same period in 2023. Non-GAAP gross margin2 was 17.1%, compared with 11.3% in the same period in 2023. The significant improvement of our gross profit and margin was mainly due to our strategic adjustment of revenue mix, expansion of AI revenues, optimized enterprise cloud project selection and efficient cost control measures.

 

Total operating expenses were RMB595.9 million (US$82.0 million), increased by 4.6% from RMB569.7 million in the same period in 2023 and 5.0% from RMB567.4 million last quarter. Among which:

 

Selling and marketing expenses were RMB125.7 million (US$17.3 million), decreased by 2.7% from RMB129.3 million in the same period in 2023 and increased by 7.7% from RMB116.8 million last quarter, the sequential increase was due to the increase of personnel costs and promotional expense, partially offsetting by the reversal of share-based compensation related to forfeiture.

 

General and administrative expenses were RMB266.2 million (US$36.6 million), compared with RMB246.5 million in the same period in 2023 and RMB218.7 million last quarter. The sequential increase was mainly due to the one-time-off gain of property disposal of last quarter and the year-over-year increase was mainly due to the increase in personnel costs.

 

Research and development expenses were RMB204.0 million (US$28.1 million), increased by 5.2% from RMB193.9 million in the same period in 2023 and decreased by 12.1% from RMB232.0 million last quarter. The sequential decrease was mainly due to the reversal of share-based compensation expense related to forfeiture and the year-over-year increase was mainly due to the increase in personnel costs, partially offsetting by the reversal of share-based compensation related to forfeiture.

 

Operating loss was RMB277.6 million (US$38.2 million), significantly decreased compared with operating loss of RMB363.1 million in the same quarter of 2023 and slightly increased from RMB274.2 million last quarter. The year-over-year improvement was mainly due to our gross profit expansion and we have been taking strict control over expenses, bearing fruit from our high-quality and sustainable development strategy. The sequential increase was mainly due to the above-mentioned expenses increase and partially offset by the increase of gross profit.

 

Net loss was RMB353.7 million (US$48.7 million), significantly decreased compared with net loss of RMB498.3 million in the same quarter of 2023 and RMB363.6 million last quarter. The improvements of our profitability were in line with our strategies of high quality and sustainable development, as we focus on profitable business and execute strict control over costs and expenses.

 

 

2 Non-GAAP gross profit is defined as gross profit excluding share-based compensation allocated in the cost of revenues and we define Non-GAAP gross margin as Non-GAAP gross profit as a percentage of revenues. See “Use of Non-GAAP Financial Measures” set forth at the end of this press release.

 

 

 

 

Non-GAAP net loss3 was RMB301.1 million (US$41.4 million), compared with RMB315.0 million in the same quarter of 2023 and RMB217.3 million last quarter.

 

Non-GAAP EBITDA4 was RMB60.6 million (US$8.3 million), compared with RMB-61.4 million in the same quarter of 2023 and RMB33.2 million last quarter. Non-GAAP EBITDA margin was 3.2%, compared with -3.3% in the same quarter of 2023 and 1.9% last quarter. The increase was mainly due to the expansion in gross profit and our strict control over costs and expenses.

 

Basic and diluted net loss per share was RMB0.10 (US$0.01), compared with RMB0.14 in the same quarter of 2023 and RMB0.10 last quarter.

 

Cash and cash equivalents were RMB1,837.8 million (US$252.9 million) as of June 30, 2024, compared with RMB1,881.7 million as of March 31, 2024. The decrease was mainly due to the investment into the procurement of high performance servers and the payment to daily operation.

 

Outstanding ordinary shares were 3,596,874,352 as of June 30, 2024, equivalent to about 239,791,623 ADSs.

 

Conference Call Information

 

Kingsoft Cloud’s management will host an earnings conference call on Tuesday, August 20, 2024 at 8:15 am, U.S. Eastern Time (8:15 pm, Beijing/Hong Kong Time on the same day).

 

Participants can register for the conference call by navigating to https://register.vevent.com/register/BI2ed9e3a7930e4c958cfbd29da2a97c19. Once preregistration has been completed, participants will receive dial-in numbers, direct event passcode, and a unique access PIN.

 

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the passcode followed by your PIN, and you will join the conference instantly.

 

Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.ksyun.com.

 

Use of Non-GAAP Financial Measures

 

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In evaluating our business, we consider and use certain non-GAAP measures, Non-GAAP gross profit, Non-GAAP gross margin, Non-GAAP EBITDA, Non-GAAP EBITDA margin, Non-GAAP net loss and Non-GAAP net loss margin, as supplemental measures to review and assess our operating performance. 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. We define Non-GAAP gross profit as gross profit excluding share-based compensation allocated in the cost of revenues, and we define Non-GAAP gross margin as Non-GAAP gross profit as a percentage of revenues. We define Non-GAAP net loss as net loss excluding share-based compensation, foreign exchange loss and impairment of long-lived assets, and we define Non-GAAP net loss margin as Non-GAAP net loss as a percentage of revenues. We define Non-GAAP EBITDA as Non-GAAP net loss excluding interest income, interest expense, income tax expense (benefit) and depreciation and amortization, and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We also believe that the use of these non-GAAP measures facilitates investors’ assessment of our operating performance.

 

 

3 Non-GAAP net loss is defined as net loss excluding share-based compensation, impairment of long-lived assets and foreign exchange loss, and we define Non-GAAP net loss margin as adjusted net loss as a percentage of revenues. See “Use of Non-GAAP Financial Measures” set forth at the end of this press release.

 

4 Non-GAAP EBITDA is defined as Non-GAAP net loss excluding interest income, interest expense, income tax expense (benefit) and depreciation and amortization, and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues. See “Use of Non-GAAP Financial Measures” set forth at the end of this press release.

 

 

 

 

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

 

We compensate for these limitations by reconciling these non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

 

Exchange Rate Information

 

This press release contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from RMB to U.S. dollars, in this press release, were made at a rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 30, 2024 as certified for customs purposes by the Federal Reserve Bank of New York.

 

Safe Harbor Statement

 

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the Business Outlook, and quotations from management in this announcement, as well as Kingsoft Cloud’s strategic and operational plans, contain forward-looking statements. Kingsoft Cloud may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report 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 but not limited to statements about Kingsoft Cloud’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: Kingsoft Cloud’s goals and strategies; Kingsoft Cloud’s future business development, results of operations and financial condition; relevant government policies and regulations relating to Kingsoft Cloud’s business and industry; the expected growth of the cloud service market in China; the expectation regarding the rate at which to gain customers, especially Premium Customers; Kingsoft Cloud’s ability to monetize the customer base; fluctuations in general economic and business conditions in China; and the economy in China and elsewhere generally; China’s political or social conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Kingsoft Cloud’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kingsoft Cloud does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

About Kingsoft Cloud Holdings Limited

 

Kingsoft Cloud Holdings Limited (NASDAQ: KC and HKEX:3896) is a leading independent cloud service provider in China. With extensive cloud infrastructure, cutting-edge cloud-native products based on vigorous cloud technology research and development capabilities, well-architected industry-specific solutions and end-to-end fulfillment and deployment, Kingsoft Cloud offers comprehensive, reliable and trusted cloud service to customers in strategically selected verticals.

 

 

 

 

For more information, please visit: http://ir.ksyun.com.

 

For investor and media inquiries, please contact:

 

Kingsoft Cloud Holdings Limited

Nicole Shan

Tel: +86 (10) 6292-7777 Ext. 6300

Email: ksc-ir@kingsoft.com

 

 

 

 

KINGSOFT CLOUD HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands)

 

   Dec 31,
2023
   Jun 30,
2024
   Jun 30,
2024
 
   RMB   RMB   US$ 
ASSETS               
Current assets:               
Cash and cash equivalents   2,255,287    1,837,757    252,884 
Restricted cash   234,194    258,647    35,591 
Accounts receivable, net   1,529,915    1,680,965    231,308 
Prepayments and other assets   1,812,692    2,150,626    295,935 
Amounts due from related parties   266,036    373,059    51,335 
Total current assets   6,098,124    6,301,054    867,053 
Non-current assets:               
Property and equipment, net   2,186,145    3,882,522    534,253 
Intangible assets, net   834,478    748,537    103,002 
Goodwill   4,605,724    4,605,724    633,769 
Prepayments and other assets   870,781    518,929    71,407 
Equity investments   259,930    247,176    34,013 
Amounts due from related parties   56,264    12,264    1,688 
Operating lease right-of-use assets   158,832    144,754    19,919 
Total non-current assets   8,972,154    10,159,906    1,398,051 
Total assets   15,070,278    16,460,960    2,265,104 
                
LIABILITIES, NON-CONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY               
Current liabilities:               
Accounts payable   1,805,083    1,980,088    272,469 
Accrued expenses and other current liabilities   2,838,085    2,938,720    404,381 
Short-term bank loans   1,110,896    1,385,769    190,688 
Income tax payable   63,961    59,185    8,144 
Amounts due to related parties   931,906    1,070,842    147,353 
Current operating lease liabilities   78,659    47,827    6,581 
Total current liabilities   6,828,590    7,482,431    1,029,616 
Non-current liabilities:               
Long-term bank loans   100,000    197,352    27,157 
Amounts due to related parties   40,069    1,052,160    144,782 
Deferred tax liabilities   142,565    108,503    14,931 
Other liabilities   634,803    848,825    116,802 
Non-current operating lease liabilities   78,347    69,903    9,619 
Total non-current liabilities   995,784    2,276,743    313,291 
Total liabilities   7,824,374    9,759,174    1,342,907 
Shareholders’ equity:               
Ordinary shares   25,443    25,688    3,535 
Treasury stock   (208,385)   (208,385)   (28,675)
Additional paid-in capital   18,811,028    18,969,913    2,610,347 
Statutory reserves funds   21,765    21,765    2,995 
Accumulated deficit   (12,315,041)   (13,027,627)   (1,792,661)
Accumulated other comprehensive income   555,342    575,585    79,203 
Total Kingsoft Cloud Holdings Limited shareholders’ equity   6,890,152    6,356,939    874,744 
Non-controlling interests   355,752    344,847    47,453 
Total equity   7,245,904    6,701,786    922,197 
Total liabilities, non-controlling interests and shareholders’ equity   15,070,278    16,460,960    2,265,104 

 

 

 

KINGSOFT CLOUD HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(All amounts in thousands, except for share and per share data)

 

   Three Months Ended   Six Months Ended 
   Jun 30,
2023
   Mar 31,
2024
   Jun 30,
2024
   Jun 30,
2024
   Jun 30,
2023
   Jun 30,
2024
   Jun 30,
2024
 
   RMB   RMB   RMB   US$   RMB   RMB   US$ 
Revenues:                                   
Public cloud services   1,159,509    1,187,370    1,234,542    169,879    2,313,183    2,421,912    333,266 
Enterprise cloud services   675,176    588,162    657,238    90,439    1,385,152    1,245,400    171,373 
Others   718    152    -    -    1,468    152    21 
Total revenues   1,835,403    1,775,684    1,891,780    260,318    3,699,803    3,667,464    504,660 
Cost of revenues   (1,628,797)   (1,482,431)   (1,573,433)   (216,512)   (3,299,012)   (3,055,864)   (420,501)
Gross profit   206,606    293,253    318,347    43,806    400,791    611,600    84,159 
Operating expenses:                                   
Selling and marketing expenses   (129,253)   (116,752)   (125,708)   (17,298)   (217,306)   (242,460)   (33,364)
General and administrative expenses   (246,549)   (218,695)   (266,249)   (36,637)   (550,042)   (484,944)   (66,731)
Research and development expenses   (193,920)   (231,963)   (203,959)   (28,066)   (409,290)   (435,922)   (59,985)
Impairment of long-lived assets   -    -    -    -    (185,135)   -    - 
Total operating expenses   (569,722)   (567,410)   (595,916)   (82,001)   (1,361,773)   (1,163,326)   (160,080)
Operating loss   (363,116)   (274,157)   (277,569)   (38,195)   (960,982)   (551,726)   (75,921)
Interest income   25,568    8,370    9,945    1,368    39,636    18,315    2,520 
Interest expense   (30,307)   (51,066)   (59,414)   (8,176)   (58,234)   (110,480)   (15,203)
Foreign exchange loss   (151,515)   (42,737)   (6,999)   (963)   (151,422)   (49,736)   (6,843)
Other loss, net   (11,841)   (8,207)   (7,829)   (1,077)   (19,787)   (16,036)   (2,207)
Other income (expense), net   37,781    (11,190)   (4,961)   (683)   50,067    (16,151)   (2,222)
Loss before income taxes   (493,430)   (378,987)   (346,827)   (47,726)   (1,100,722)   (725,814)   (99,876)
Income tax (expense) benefit   (4,842)   15,371    (6,891)   (948)   (6,371)   8,480    1,167 
Net loss   (498,272)   (363,616)   (353,718)   (48,674)   (1,107,093)   (717,334)   (98,709)
Less: net income (loss) attributable to non-controlling interests   1,073    (4,206)   (542)   (75)   (760)   (4,748)   (653)
Net loss attributable to Kingsoft Cloud Holdings Limited   (499,345)   (359,410)   (353,176)   (48,599)   (1,106,333)   (712,586)   (98,056)
                                    
Net loss per share:                                   
Basic and diluted   (0.14)   (0.10)   (0.10)   (0.01)   (0.31)   (0.20)   (0.03)
Shares used in the net loss per share computation:                                   
Basic and diluted   3,554,529,097    3,614,662,846    3,649,307,331    3,649,307,331    3,547,111,168    3,632,583,338    3,632,583,338 
Other comprehensive income (loss), net of tax of nil:                                   
Foreign currency translation adjustments   238,614    20,704    (530)   (73)   208,781    20,174    2,776 
Comprehensive loss   (259,658)   (342,912)   (354,248)   (48,747)   (898,312)   (697,160)   (95,933)
Less: Comprehensive income (loss) attributable to non-controlling interests   1,059    (4,247)   (570)   (78)   (775)   (4,817)   (663)
Comprehensive loss attributable to Kingsoft Cloud Holdings Limited shareholders   (260,717)   (338,665)   (353,678)   (48,669)   (897,537)   (692,343)   (95,270)

 

 

 

KINGSOFT CLOUD HOLDINGS LIMITED

RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for percentage)

 

   Three Months Ended   Six Months Ended 
   Jun 30,
2023
   Mar 31,
2024
   Jun 30,
2024
   Jun 30,
2024
   Jun 30,
2023
   Jun 30,
2024
   Jun 30,
2024
 
   RMB   RMB   RMB   US$   RMB   RMB   US$ 
Gross profit   206,606    293,253    318,347    43,806    400,791    611,600    84,159 
Adjustments:                                   
– Share-based compensation expenses (allocated in cost of revenues)   169    5,814    5,076    698    393    10,890    1,499 
Adjusted gross profit (Non-GAAP Financial Measure)   206,775    299,067    323,423    44,504    401,184    622,490    85,658 

 

 

 

KINGSOFT CLOUD HOLDINGS LIMITED

RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for percentage)

 

   Three Months Ended   Six Months Ended 
   Jun 30,
2023
   Mar 31,
2024
   Jun 30,
2024
   Jun 30,
2023
   Jun 30,
2024
 
Gross margin   11.3%   16.5%   16.8%   10.8%   16.7%
Adjusted gross margin (Non-GAAP Financial Measure)   11.3%   16.8%   17.1%   10.8%   17.0%

 

 

 

KINGSOFT CLOUD HOLDINGS LIMITED

RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for percentage)

 

   Three Months Ended   Six Months Ended 
   Jun 30,
2023
   Mar 31,
2024
   Jun 30,
2024
   Jun 30,
2024
   Jun 30,
2023
   Jun 30,
2024
   Jun 30,
2024
 
   RMB   RMB   RMB   US$   RMB   RMB   US$ 
Net Loss   (498,272)   (363,616)   (353,718)   (48,674)   (1,107,093)   (717,334)   (98,709)
Adjustments:                                   
– Share-based compensation expenses   31,797    103,595    45,649    6,282    43,106    149,244    20,537 
– Foreign exchange loss   151,515    42,737    6,999    963    151,422    49,736    6,843 
– Impairment of long-lived assets   -    -    -    -    185,135    -    - 
Adjusted net loss (Non-GAAP Financial Measure)   (314,960)   (217,284)   (301,070)   (41,429)   (727,430)   (518,354)   (71,329)
Adjustments:                                   
– Interest income   (25,568)   (8,370)   (9,945)   (1,368)   (39,636)   (18,315)   (2,520)
– Interest expense   30,307    51,066    59,414    8,176    58,234    110,480    15,203 
– Income tax expense (benefit)   4,842    (15,371)   6,891    948    6,371    (8,480)   (1,167)
– Depreciation and amortization   243,984    223,146    305,304    42,011    510,519    528,450    72,717 
Adjusted EBITDA (Non-GAAP Financial Measure)   (61,395)   33,187    60,594    8,338    (191,942)   93,781    12,904 
– Loss (gain) on disposal of property and equipment   1,456    (23,821)   -    -    21,672    (23,821)   (3,278)
Excluding loss or gain on disposal of property and equipment, normalized Adjusted EBITDA   (59,939)   9,366    60,594    8,338    (170,270)   69,960    9,626 

 

 

 

KINGSOFT CLOUD HOLDINGS LIMITED

RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for percentage)

 

   Three Months Ended   Six Months Ended 
   Jun 30,
2023
   Mar 31,
2024
   Jun 30,
2024
   Jun 30,
2023
   Jun 30,
2024
 
Net loss margin   -27.1%   -20.5%   -18.7%   -29.9%   -19.6%
Adjusted net loss margin (Non-GAAP Financial Measure)   -17.2%   -12.2%   -15.9%   -19.7%   -14.1%
Adjusted EBITDA margin (Non-GAAP Financial Measure)   -3.3%   1.9%   3.2%   -5.2%   2.6%
Normalized Adjusted EBITDA margin   -3.3%   0.5%   3.2%   -4.6%   1.9%

 

 

 

KINGSOFT CLOUD HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(All amounts in thousands)

 

   Three Months Ended 
   Jun 30,
2023
   Mar 31,
2024
   Jun 30,
2024
   Jun 30,
2024
 
   RMB   RMB   RMB   US$ 
Net cash generated from (used in) operating activities   65,230    (321,336)   151,169    20,802 
Net cash generated from (used in) investing activities   256,816    (1,169,017)   (654,829)   (90,108)
Net cash (used in) generated from financing activities   (222,767)   1,112,096    523,950    72,098 
Effect of exchange rate changes on cash, cash equivalents and restricted cash   57,623    (20,464)   (14,646)   (2,015)
Net increase (decrease) in cash, cash equivalents and restricted cash   156,902    (398,721)   5,644    777 
Cash, cash equivalents and restricted cash at beginning of period   3,666,185    2,489,481    2,090,760    287,698 
Cash, cash equivalents and restricted cash at end of period   3,823,087    2,090,760    2,096,404    288,475 

 

 


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