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 March 2025

 

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: March 19, 2025 By: /s/ Haijian He
    Name: Haijian He
    Title: Chief Financial Officer and Director

 

 

 

 

Exhibit 99.1

 

Kingsoft Cloud Announces Unaudited Fourth Quarter and Fiscal Year 2024 Financial Results

 

BEIJING, Mar 19, 2025 — Kingsoft Cloud Holdings Limited (“Kingsoft Cloud” or the “Company”) (NASDAQ: KC and HKEX: 3896), a leading cloud service provider in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.

 

Fourth Quarter Financial Highlights

 

Total Revenues reached RMB2,232.1 million (US$305.81 million), increased by 29.6% year-over-year from RMB1,722.5 million in the same quarter of 2023. Our business has experienced accelerated and high-quality growth and our revenue structure is well-balanced.
Gross profit was RMB426.0 million (US$58.4 million), representing a significant increase of 68.3% from RMB253.1 million in the same quarter of 2023. Our profitability has been fundamentally improved.
Non-GAAP EBITDA2 was RMB359.7 million (US$49.3 million), compared with RMB-27.7 million in the same quarter of 2023. Non-GAAP EBITDA margin was 16.1%, compared with -1.6% in the same quarter of 2023.
Operating loss was RMB43.5 million (US$6.0 million), compared with operating loss of RMB342.7 million in the same quarter of 2023.
Non-GAAP Operating profit (loss) turned profit for the first time, achieving RMB24.4 million (US$3.3 million), compared with RMB-187.6 million in the same quarter of 2023. Non-GAAP Operating profit (loss) margin was 1.1%, compare with -10.9% in the same quarter of 2023.

 

Mr. Tao Zou, Chief Executive Officer of Kingsoft Cloud, commented, “We are very pleased to close Fiscal Year 2024 with historically strong financial performance. This quarter, we recorded positive non-GAAP operating profit (loss) for the first time, demonstrating our unwavering execution of the ‘High-quality, Sustainable Development Strategy’. Driven by the growing popularity of AI applications, we firmly believe that AI will continue to penetrate into various verticals, improving the efficiency of daily life. This quarter the gross billing of AI business increased by triple-digit year-over-year to RMB474 million. Both our public cloud and enterprise cloud businesses are harnessing the vast potential of AI cloud computing. Meanwhile, we have seen strong growth in demand from our ecosystem. Revenue from Xiaomi and Kingsoft Group increased by 76% year-over-year. We are well on track to build cutting-edge cloud infrastructure and technology to support our ecosystem and expand into the broader AI industry.”

 

Mr. Henry He, Chief Financial Officer of Kingsoft Cloud, added, “We are very pleased to highlight several significant achievements. First, we achieved profitability in non-GAAP operating profit for the first time since our inception in 2012, demonstrating our strong execution of our high-quality and sustainable development strategy in the past two years. Second, our revenue has been growing for three consecutive quarters year-over-year, and this quarter we achieved a high-speed growth rate of 30% in total revenue, reaching RMB2,232.1 million. Third, gross billing of our Al cloud business increased by around 500% year-over-year to RMB474 million, accounting for as high as 34% of our public cloud revenue. This marks a three-digit year-on-year growth for six consecutive quarters. Fourth, last December, our shareholders approved revenue from connected-party of Xiaomi and Kingsoft Group for next three years of RMB11.3 billion, around 10 times over the revenue of 2023, providing solid support for Company’s revenue and profit growth. We believe we are well on track to meet the ecosystem’s fast-growing demands and build a solid cloud infrastructure to support its AI development. Notably, in this quarter, we are thrilled to report that revenue from Xiaomi and Kingsoft Group increased by 76% year-over-year, validating the effectiveness of our ecosystem strategy.”

 

Fourth Quarter 2024 Financial Results

 

Total Revenues reached RMB2,232.1 million (US$305.8 million), increased by 29.6% year-over-year from RMB1,722.5 million in the same quarter of 2023 and increased by 18.4% quarter-over-quarter from RMB1,885.6 million in the third quarter of 2024. The year-over-year increase was mainly due to the expanded revenue from Xiaomi and Kingsoft Ecosystem and AI related customers, incremental demands and more projects delivered from enterprise cloud approaching year-end.

 

  ·  Revenues from public cloud services were RMB1,409.8 million (US$193.1 million), increased by 34.0% from RMB1,052.0 million in the same quarter of 2023 and increased by 19.9% from RMB1,175.5 million last quarter. The year-over-year increase was mainly due to the growth of AI demands.
     

 

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 RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024 as certified for customs purposes by the Federal Reserve Bank of New York.

 

2 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.

 

 

 

 

  ·  Revenues from enterprise cloud services were RMB822.3 million (US$112.7 million), representing an increase of 22.7% from RMB670.3 million in the same quarter of 2023 and an increase of 15.8% from RMB710.0 million last quarter. We keep focusing in selected verticals such as public services cloud, state-owned assets cloud, healthcare, financial services and private enterprise services, enhance our solutions with AI capabilities and take profitability and sustainability of the enterprise cloud projects as our priorities.

 

  ·  Other revenues were nil this quarter.

 

Cost of revenues was RMB1,806.2 million (US$247.4 million), representing an increase of 22.9% from RMB1,469.3 million in the same quarter of 2023, which was in-line with our revenue expansion. IDC costs decreased by 2.6% year-over-year from RMB740.4 million to RMB721.5 million (US$98.8 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 from RMB146.9 million in the same quarter of 2023 to RMB343.1 million (US$47.0 million) this quarter. The increase was mainly due to the depreciation of newly acquired servers which were related to AI business. Solution development and services costs increased by 10.8% year-over-year from RMB502.9 million in the same quarter of 2023 to RMB557.0 million (US$76.3 million) this quarter. The increase was mainly due to the solution personnel expansion of Camelot. Fulfillment costs and other costs were RMB102.4 million (US$14.0 million) and RMB82.2 million (US$11.3 million) this quarter.

 

Gross profit was RMB426.0 million (US$58.4 million), representing a significant increase of 68.3% from RMB253.1 million in the same quarter of 2023, demonstrating our improvements in revenue quality and structure, as well as strict cost control. Gross margin was 19.1%, compared with 14.7% in the same period in 2023. Non-GAAP gross profit3 was RMB427.7 million (US$58.6 million), compared with RMB262.5 million in the same period in 2023. Non-GAAP gross margin3 was 19.2%, compared with 15.2% 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 RMB469.5 million (US$64.3 million), decreased by 21.2% from RMB595.9 million in the same quarter last year and decreased by 67.6% from RBM1,447.1 million last quarter. Among which:

 

Selling and marketing expenses were RMB115.8 million (US$15.9 million), decreased by 8.4% from RMB126.5 million in the same period in 2023 and decreased by 4.4% from RMB121.1 million last quarter, the decrease was due to the decrease of share-based compensation.

 

General and administrative expenses were RMB179.5 million (US$24.6 million), decreased by 39.0% from RMB294.2 million in the same period in 2023 and slightly increased by 5.4% from RMB170.4 million last quarter. The year-over-year decrease was mainly due to the decrease of credit loss expense.

 

Research and development expenses were RMB174.2 million (US$23.9 million), decreased by 0.6% from RMB175.2 million in the same period in 2023 and 26.2% from RMB235.9 million last quarter. The decrease was mainly due to the decrease of share-based compensation.

 

Operating loss was RMB43.5 million (US$6.0 million), compared with operating loss of RMB342.7 million in the same quarter of 2023 and RMB1,143.8 million last quarter. The improvement was mainly due to the increase of gross profit and our strict expenses control. Non-GAAP operating profit (loss)4 was RMB24.4 million (US$3.3 million), compared with operating loss of RMB187.6 million in the same quarter last year and RMB140.2 million last quarter. Our non-GAAP operating profit (loss) turned breakeven for the first time and verified our high quality and sustainable development strategy.

 

Net loss was RMB200.6 million (US$27.5 million), compared with net loss of RMB286.8 million in the same quarter of 2023 and RMB1,061.1 million last quarter. Non-GAAP net loss5 was RMB70.3 million (US$9.6 million), narrowed down compared with RMB250.4 million in the same quarter of 2023 and RMB236.7 million last quarter. The improvement was mainly due to the revenue quality increase, revenue mix adjustment, strict costs control and expenses control.

 

 

3 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.

 

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

 

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

 

 

 

 

Non-GAAP EBITDA6 was RMB359.7 million (US$49.3 million), compared with RMB-27.7 million in the same quarter of 2023 and RMB185.4 million last quarter. Non-GAAP EBITDA margin was 16.1%, compared with -1.6% in the same quarter of 2023 and 9.8% 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 RMB0.05 (US$0.01), compared with RMB0.08 in the same quarter of 2023 and RMB0.29 last quarter.

 

Cash and cash equivalents were RMB2,648.8 million (US$362.9 million) as of December 31, 2024, compared with RMB1,617.9 million as of September 30, 2024. The increase was mainly due to the increased cash receipts from operating activities and the increase in bank loan drawdowns.

 

Fiscal Year 2024 Financial Results

 

Total Revenues reached RMB7,785.2 million (US$1,066.6 million), representing an increase of 10.5% from RMB7,047.5 million in 2023. The increase was due to the strong demands from AI business and enterprise cloud projects increase, while partially offset by our proactive scale-down of CDN services within public cloud services.

 

·Revenues from public cloud services were RMB5,007.3 million (US$686.0 million), representing an increase of 14.3% from RMB4,381.7 million in 2023.

 

·Revenues from enterprise cloud services were RMB2,777.8 million (US$380.6 million), representing an increase of 4.3% from RMB2,664.0 million in 2023.

 

·Other revenues were RMB0.1 million (US$0.02 million).

 

 

6 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.

 

 

 

 

Cost of revenues was RMB6,444.3 million (US$882.9 million), representing a slight increase of 4.0% from RMB6,197.3 million in 2023. Among which: IDC costs decreased by 9.9% to RMB2,892.1 million (US$396.2 million) from RMB3,211.2 million in 2023. The decrease was in line with our cost control measures adjustment of CDN services. Depreciation and amortization costs were RMB1,090.1 million (US$149.3 million), compared with RMB774.0 million in 2023, mainly due to the depreciation of new acquired servers related to AI business. Fulfillment costs were RMB235.7 million (US$32.3 million), representing an increase of 2.7% from RMB229.5 million in 2023. The increase was in line with enterprise cloud projects increase. Solution development and services costs were RMB1,993.1 million (US$273.1 million) in 2024, compared with RMB1,804.8 million in 2023. The increase was mainly due to the revenue expansion of Camelot business.

 

Gross profit increased by 57.7% to RMB1,340.9 million (US$183.7 million) in 2024, from RMB850.2 million in 2023. Gross margin increased to 17.2%, from 12.1% in 2023. Non-GAAP gross profit increased to RMB1,357.8 million (US$186.0 million) in 2024, from RMB859.9 million in 2023. Non-GAAP gross margin increased to 17.4% in 2024 from 12.2% in 2023. Such increases were primarily because of the optimization of revenue mix and our effective cost controls.

 

Selling and marketing expenses were RMB479.4 million (US$65.7 million), compared with RMB460.2 million in 2023. The increase was mainly due to the increase of share-based compensation.

 

General and administrative expenses were RMB834.9 million (US$114.4 million), compared with RMB1,060.0 million in 2023. The decrease was mainly due to the decrease of credit loss expense.

 

Research and development expenses were RMB846.0 million (US$115.9 million), compared with RMB784.8 million in 2023. The increase was mainly due to the rise in personnel-related expenses.

 

Impairment of long-lived assets was RMB919.7 million (US$126.0 million), mainly attributable to impairment of long-lived assets dedicated to assets of low-margin services.

 

Operating loss was RMB1,739.0 million (US$238.2 million), compared with RMB2,108.6 million in 2023. Non-GAAP operating loss was RMB431.3 million (US$59.1 million), significantly narrowed compared with RMB1,092.8 million in 2023. Non-GAAP operating loss margin was 5.5%, significantly improved from 15.5% in 2023.

 

Net loss was RMB1,979.0 million (US$271.1 million), significantly narrowed from net loss of RMB2,183.6 million in 2023.

 

Non-GAAP net loss was RMB825.3 million (US$113.1 million), compared with Non-GAAP net loss of RMB1,291.1 million in 2023.

 

Non-GAAP EBITDA was RMB638.9 million (US$87.5 million), compared with RMB-265.1 million in 2023. Non-GAAP EBITDA margin was 8.2%, compared with -3.8% in 2023.

 

Basic and diluted net loss per share was RMB0.54 (US$0.07), compared with RMB0.61 in 2023.

 

Outstanding ordinary shares were 3,687,690,772 as of December 31, 2024, equivalent to about 245,846,051 ADSs.

 

Conference Call Information

 

Kingsoft Cloud’s management will host an earnings conference call on Wednesday, March 19, 2025 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-conf.media-server.com/register/BIc315136cafe94825b98dca6b37795790. 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 operating loss, Non-GAAP operating loss 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 operating loss as operating loss excluding share-based compensation, impairment of long-lived assets and amortization of intangible assets, and we define Non-GAAP operating loss margin as Non-GAAP operating loss as a percentage of revenues. We define Non-GAAP net loss as net loss excluding share-based compensation, foreign exchange (gain) 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.

 

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 RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 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 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
   Dec 31,
2024
   Dec 31,
2024
 
   RMB   RMB   US$ 
ASSETS               
Current assets:               
Cash and cash equivalents   2,255,287    2,648,764    362,879 
Restricted cash   234,194    81,337    11,143 
Accounts receivable, net   1,529,915    1,468,663    201,206 
Short-term investments       90,422    12,388 
Prepayments and other assets   1,812,692    2,233,074    305,930 
Amounts due from related parties   266,036    318,526    43,638 
Total current assets   6,098,124    6,840,786    937,184 
Non-current assets:               
Property and equipment, net   2,186,145    4,630,052    634,315 
Intangible assets, net   834,478    694,880    95,198 
Goodwill   4,605,724    4,605,724    630,982 
Prepayments and other assets   870,781    449,983    61,647 
Equity investments   259,930    234,182    32,083 
Amounts due from related parties   56,264         
Operating lease right-of-use assets   158,832    137,047    18,775 
Total non-current assets   8,972,154    10,751,868    1,473,000 
Total assets   15,070,278    17,592,654    2,410,184 
                
LIABILITIES, NON-CONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY               
Current liabilities:               
Accounts payable   1,805,083    1,877,004    257,149 
Accrued expenses and other current liabilities   2,838,085    3,341,990    457,851 
Short-term borrowings   1,110,896    2,225,765    304,928 
Income tax payable   63,961    69,219    9,483 
Amounts due to related parties   931,906    1,584,199    217,034 
Current operating lease liabilities   78,659    61,258    8,392 
Total current liabilities   6,828,590    9,159,435    1,254,837 
Non-current liabilities:               
Long-term borrowings   100,000    1,660,584    227,499 
Amounts due to related parties   40,069    309,612    42,417 
Deferred tax liabilities   142,565    101,677    13,930 
Other liabilities   634,803    790,271    108,267 
Non-current operating lease liabilities   78,347    65,755    9,008 
Total non-current liabilities   995,784    2,927,899    401,121 
Total liabilities   7,824,374    12,087,334    1,655,958 
Shareholders’ equity:               
Ordinary shares   25,443    25,689    3,519 
Treasury stock   (208,385)   (105,478)   (14,450)
Additional paid-in capital   18,811,028    18,940,885    2,594,891 
Statutory reserves funds   21,765    32,001    4,384 
Accumulated deficit   (12,315,041)   (14,291,957)   (1,957,990)
Accumulated other comprehensive income   555,342    566,900    77,665 
Total Kingsoft Cloud Holdings Limited shareholders’ equity   6,890,152    5,168,040    708,019 
Non-controlling interests   355,752    337,280    46,207 
Total equity   7,245,904    5,505,320    754,226 
Total liabilities, non-controlling interests and shareholders’ equity   15,070,278    17,592,654    2,410,184 

 

 

 

 

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   Twelve Months Ended 
   Dec 31,
2023
   Mar 31,
2024
  Jun 30,
2024
   Sep 30,
2024
   Dec 31,
2024
   Dec 31,
2024
   Dec 31,
2023
   Dec 31,
2024
   Dec 31,
2024
 
   RMB   RMB  RMB   RMB   RMB   US$   RMB   RMB   US$ 
Revenues:                                   
Public cloud services   1,051,966   1,187,370  1,234,542   1,175,535   1,409,804   193,142   4,381,741   5,007,251   685,991 
Enterprise cloud services   670,331   588,162  657,238   710,039   822,338   112,660   2,663,993   2,777,777   380,554 
Others   153   152  -   -   -   -   1,727   152   21 
Total revenues   1,722,450   1,775,684  1,891,780   1,885,574   2,232,142   305,802   7,047,461   7,785,180   1,066,566 
Cost of revenues   (1,469,312)  (1,482,431) (1,573,433)  (1,582,220)  (1,806,170)  (247,444)  (6,197,292)  (6,444,254)  (882,859)
Gross profit   253,138   293,253  318,347   303,354   425,972   58,358   850,169   1,340,926   183,707 
Operating expenses:                                    
Selling and marketing expenses   (126,477)  (116,752) (125,708)  (121,117)  (115,792)  (15,863)  (460,221)  (479,369)  (65,673)
General and administrative expenses   (294,240)  (218,695) (266,249)  (170,374)  (179,536)  (24,596)  (1,060,022)  (834,854)  (114,375)
Research and development expenses   (175,155)  (231,963) (203,959)  (235,912)  (174,155)  (23,859)  (784,807)  (845,989)  (115,900)
Impairment of long-lived assets   -   -  -   (919,724)  -   -   (653,670)  (919,724)  (126,002)
Total operating expenses   (595,872)  (567,410) (595,916)  (1,447,127)  (469,483)  (64,318)  (2,958,720)  (3,079,936)  (421,950)
Operating loss   (342,734)  (274,157) (277,569)  (1,143,773)  (43,511)  (5,960)  (2,108,551)  (1,739,010)  (238,243)
Interest income   12,442   8,370  9,945   4,517   4,176   572   78,410   27,008   3,700 
Interest expense   (46,992)  (51,066) (59,414)  (57,404)  (61,821)  (8,469)  (146,026)  (229,705)  (31,469)
Foreign exchange gain (loss)   74,011   (42,737) (6,999)  135,777   (105,572)  (14,463)  (57,211)  (19,531)  (2,676)
Other (loss) gain, net   (16,741)  (8,207) (7,829)  6,046   (2,956)  (405)  (32,673)  (12,946)  (1,774)
Other income (expense), net   33,776   (11,190) (4,961)  4,433   5,336   731   100,363   (6,382)  (874)
Loss before income taxes   (286,238)  (378,987) (346,827)  (1,050,404)  (204,348)  (27,994)  (2,165,688)  (1,980,566)  (271,336)
Income tax (expense) benefit   (598)  15,371  (6,891)  (10,662)  3,706   508   (17,959)  1,524   209 
Net loss   (286,836)  (363,616) (353,718)  (1,061,066)  (200,642)  (27,486)  (2,183,647)  (1,979,042)  (271,127)
Less: net loss attributable to non-controlling interests   (2,688)  (4,206) (542)  (3,931)  (3,683)  (505)  (7,307)  (12,362)  (1,694)
Net loss attributable to Kingsoft Cloud Holdings Limited   (284,148)  (359,410) (353,176)  (1,057,135)  (196,959)  (26,981)  (2,176,340)  (1,966,680)  (269,433)
                                     
Net loss per share:                                    
Basic and diluted   (0.08)  (0.10) (0.10)  (0.29)  (0.05)  (0.01)  (0.61)  (0.54)  (0.07)
Shares used in the net loss per share computation:                                    
Basic and diluted   3,570,915,939   3,614,662,846  3,649,307,331   3,655,882,906   3,710,632,202   3,710,632,202   3,558,354,940   3,658,088,876   3,658,088,876 
Other comprehensive (loss) income, net of tax of nil:                                    
Foreign currency translation adjustments   (67,636)  20,704  (530)  (112,296)  103,658   14,201   102,241   11,536   1,580 
Comprehensive loss   (354,472)  (342,912) (354,248)  (1,173,362)  (96,984)  (13,285)  (2,081,406)  (1,967,506)  (269,547)
Less: Comprehensive loss attributable to non-controlling interests   (2,662)  (4,247) (570)  (3,900)  (3,667)  (502)  (7,334)  (12,384)  (1,697)
Comprehensive loss attributable to Kingsoft Cloud Holdings Limited shareholders   (351,810)  (338,665) (353,678)  (1,169,462)  (93,317)  (12,783)  (2,074,072)  (1,955,122)  (267,850)

 

 

 

 

KINGSOFT CLOUD HOLDINGS LIMITED

RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for percentage)

 

   Three Months Ended   Twelve Months Ended 
   Dec 31,
2023
   Mar 31,
2024
   Jun 30,
2024
   Sep 30,
2024
   Dec 31,
2024
   Dec 31,
2024
   Dec 31,
2023
   Dec 31,
2024
   Dec 31,
2024
 
   RMB   RMB   RMB   RMB   RMB   US$   RMB   RMB   US$ 
Gross profit   253,138   293,253   318,347   303,354   425,972   58,358   850,169   1,340,926   183,707 
Adjustments:                                     
– Share-based compensation expenses (allocated in cost of revenues)   9,330   5,814   5,076   4,252   1,726   236   9,757   16,868   2,311 
Adjusted gross profit (Non-GAAP Financial Measure)   262,468   299,067   323,423   307,606   427,698   58,594   859,926   1,357,794   186,018 

 

 

 

 

KINGSOFT CLOUD HOLDINGS LIMITED

RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for percentage)

 

   Three Months Ended   Twelve Months Ended 
   Dec 31,
2023
   Mar 31,
2024
   Jun 30,
2024
   Sep 30,
2024
   Dec 31,
2024
   Dec 31,
2023
   Dec 31,
2024
 
Gross margin   14.7%  16.5%  16.8%  16.1%  19.1%  12.1%  17.2%
Adjusted gross margin (Non-GAAP Financial Measure)   15.2%  16.8%  17.1%  16.3%  19.2%  12.2%  17.4%

 

 

 

 

KINGSOFT CLOUD HOLDINGS LIMITED

RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for percentage)

 

   Three Months Ended   Twelve Months Ended 
   Dec 31,
2023
   Mar 31,
2024
   Jun 30,
2024
   Sep 30,
2024
   Dec 31,
2024
   Dec 31,
2024
   Dec 31,
2023
   Dec 31,
2024
   Dec 31,
2024
 
   RMB   RMB   RMB   RMB   RMB   US$   RMB   RMB   US$ 
Net Loss   (286,836)  (363,616)  (353,718)  (1,061,066)  (200,642)  (27,486)  (2,183,647)  (1,979,042)  (271,127)
Adjustments:                                     
– Share-based compensation expenses   110,437   103,595   45,649   40,423   24,774   3,394   181,645   214,441   29,378 
– Foreign exchange (gain) loss   (74,011)  42,737   6,999   (135,777)  105,572   14,463   57,211   19,531   2,676 
– Impairment of long-lived assets   -   -   -   919,724   -   -   653,670   919,724   126,002 
Adjusted net loss (Non-GAAP Financial Measure)   (250,410)  (217,284)  (301,070)  (236,696)  (70,296)  (9,629)  (1,291,121)  (825,346)  (113,071)
Adjustments:                                     
– Interest income   (12,442)  (8,370)  (9,945)  (4,517)  (4,176)  (572)  (78,410)  (27,008)  (3,700)
– Interest expense   46,992   51,066   59,414   57,404   61,821   8,469   146,026   229,705   31,469 
– Income tax expense (benefit)   598   (15,371)  6,891   10,662   (3,706)  (508)  17,959   (1,524)  (209)
– Depreciation and amortization   187,542   223,146   305,304   358,540   376,100   51,525   940,482   1,263,090   173,043 
Adjusted EBITDA (Non-GAAP Financial Measure)   (27,720)  33,187   60,594   185,393   359,743   49,285   (265,064)  638,917   87,532 
– (Gain) loss on disposal of property and equipment   -   (23,821)  -   (10,667)  (10,137)  (1,389)  22,996   (44,625)  (6,114)
Excluding loss or gain on disposal of property and equipment, normalized Adjusted EBITDA   (27,720)  9,366   60,594   174,726   349,606   47,896   (242,068)  594,292   81,418 

 

 

 

 

KINGSOFT CLOUD HOLDINGS LIMITED

RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for percentage)

 

   Three Months Ended   Twelve Months Ended 
   Dec 31,
2023
   Mar 31,
2024
   Jun 30,
2024
   Sep 30,
2024
   Dec 31,
2024
   Dec 31,
2024
   Dec 31,
2023
   Dec 31,
2024
   Dec 31,
2024
 
   RMB   RMB   RMB   RMB   RMB   US$   RMB   RMB   US$ 
Operating loss   (342,734)  (274,157)  (277,569)  (1,143,773)  (43,511)  (5,960)  (2,108,551)  (1,739,010)  (238,243)
Adjustments:                                     
– Share-based compensation expenses   110,437   103,595   45,649   40,423   24,774   3,394   181,645   214,441   29,378 
– Impairment of long-lived assets   -   -   -   919,724   -   -   653,670   919,724   126,002 
– Amortization of intangible assets   44,656   43,517   43,415   43,460   43,104   5,905   180,459   173,496   23,769 
Adjusted operating (loss) profit (Non-GAAP Financial Measure)   (187,641)  (127,045)  (188,505)  (140,166)  24,367   3,339   (1,092,777)  (431,349)  (59,094)
– (Gain) loss on disposal of property and equipment   -   (23,821)  -   (10,667)  (10,137)  (1,389)  22,996   (44,625)  (6,114)
Excluding loss or gain on disposal of property and equipment, normalized Adjusted operating (loss) profit   (187,641)  (150,866)  (188,505)  (150,833)  14,230   1,950   (1,069,781)  (475,974)  (65,208)

 

 

 

 

KINGSOFT CLOUD HOLDINGS LIMITED

RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for percentage)

 

   Three Months Ended   Twelve Months Ended 
   Dec 31,
2023
   Mar 31,
2024
   Jun 30,
2024
   Sep 30,
2024
   Dec 31,
2024
   Dec 31,
2023
   Dec 31,
2024
 
Net loss margin   -16.7%  -20.5%  -18.7%  -56.3%  -9.0%  -31.0%  -25.4%
Adjusted net loss margin (Non-GAAP Financial Measure)   -14.5%  -12.2%  -15.9%  -12.6%  -3.1%  -18.3%  -10.6%
Adjusted EBITDA margin (Non-GAAP Financial Measure)   -1.6%  1.9%  3.2%  9.8%  16.1%  -3.8%  8.2%
Normalized Adjusted EBITDA margin   -1.6%  0.5%  3.2%  9.3%  15.7%  -3.4%  7.6%
Adjusted operating (loss) profit margin (Non-GAAP Financial Measure)   -10.9%  -7.2%  -10.0%  -7.4%  1.1%  -15.5%  -5.5%
Normalized Adjusted operating (loss) profit margin   -10.9%  -8.5%  -10.0%  -8.0%  0.6%  -15.2%  -6.1%

 

 

 

 

KINGSOFT CLOUD HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(All amounts in thousands)      

 

   Three Months Ended   Twelve Months Ended 
   Dec 31,
2023
   Dec 31,
2024
   Dec 31,
2024
   Dec 31,
2023
   Dec 31,
2024
   Dec 31,
2024
 
   RMB   RMB   US$   RMB   RMB   US$ 
Net cash generated from (used in) operating activities   16,787   570,222   78,120   (169,070)  628,419   86,093 
Net cash used in investing activities   (1,414,761)  (1,337,978)  (183,302)  (673,186)  (3,620,445)  (495,999)
Net cash generated from (used in) financing activities   1,154,815   1,802,762   246,977   (227,852)  3,255,418   445,990 
Effect of exchange rate changes on cash, cash equivalents and restricted cash   1,013   (15,294)  (2,095)  25,863   (22,772)  (3,119)
Net (decrease) increase in cash, cash equivalents and restricted cash   (242,146)  1,019,712   139,700   (1,044,245)  240,620   32,965 
Cash, cash equivalents and restricted cash at beginning of period   2,731,627   1,710,389   234,322   3,533,726   2,489,481   341,057 
Cash, cash equivalents and restricted cash at end of period   2,489,481   2,730,101   374,022   2,489,481   2,730,101   374,022 

 

 

 


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