BEIJING, Sept. 1, 2023 /PRNewswire/ -- Chindata Group Holdings Limited ("Chindata Group" or the "Company") (Nasdaq: CD), a leading carrier-neutral hyperscale data center solution provider in Asia-Pacific emerging markets, announced its unaudited financial report for the second quarter of 2023 on August 31, 2023.
The report showed a revenue of RMB 1,553.8 million, representing 49.7% year over year ("YoY") growth, with adjusted EBITDA at RMB 816.1 million, marking a YoY growth of 49.9%. Adjusted EBITDA profit margin came in at 52.5% and net income was RMB 219.2 million, representing a YoY increase of 9.8%. Pre-tax return on invested capital (ROIC) also increased to 19.3%. Overall, for the first half of 2023, Chindata's cumulative revenue was RMB 2,997.3 million, showing a massive year-on-year jump of 53.0%. Adjusted EBITDA was RMB 1,629.9 million, indicating a year-on-year leap of 56.9%, while net income was RMB 472.2 million, proving an impressive year-on-year increase of 60.5%.
Dual-Focused Strategy Spanning Domestic and International Markets
Chindata's business structure focuses equally on growth at home in China and internationally but has seen a rapid acceleration in the development of its business in Malaysia and India, among other countries. This development is in line with the new generation of computing power infrastructure and positions the Company perfectly to meet the potential needs of the digital economy in China and Asia-Pacific emerging markets.
As of June 30, 2023, Chindata had a total of 35 data centers in service or under construction around the world, with a total IT capacity of 945MW. Among them, in-service capacity reached 730MW and showed a quarter-on-quarter increase of 91MW, with utilized capacity reaching 585MW and realizing a quarter-on-quarter increase of 48MW.
Chindata's international in-service capacity reached 117MW, which was 5.85 times that of the same period last year with capacity increasing six-fold year-on-year to 84MW. Ultra-high-speed growth is mainly due to the fact that in the past year, four of Chindata's hyperscale data centers in Malaysia and India have been put into service with overall international utilized capacity rate rapidly increasing to 72%. These figures are clear evidence that the Company has entered a new growth period both internationally and domestically.
Chindata meets the growing customized needs of customers by creating hyperscale, rapid-delivery, and conveniently expandable computing infrastructure solutions, gaining more customer trust and broadening its competitive advantage. Commitment ratio remained strong and healthy for the Company's asset portfolio. Contracted and IOI capacity reached 850MW, accounting for 90% of total capacity by the end of the second quarter of 2023 and 16 data centers reached over 90% utilized availability, virtually guaranteeing high-certainty growth ahead of time.
Unveil Pioneering Full-Stack Solutions for Data Centers to Embrace More Opportunities in AIGC Era
By the end of the second quarter of 2023, Chindata completed iterative upgrades off a cold plate liquid cooling system for the large-scale deployment of 20kw-30kw-and-above high-density cabinets, that lowered annual power usage effectiveness (PUE) to 1.15. In this quarter, Chindata's cumulative deployment scale, of 20kw-and-above high-density cabinets, reached approximately 40MW, laying a solid foundation for the support of the development and implementation of large-scale artificial intelligence models for valued customers. Additionally, in August this year, Chindata released a pioneering full-stack solution for hyperscale data centers in the AIGC era, solving power supply and cooling challenges for high computing power GPU or CPU servers.
Meanwhile, Chindata is fully committed to zero carbon goals, and integrates green concepts into the entire lifecycle of data center site selection, planning, design, construction, and operations, and continues to achieve carbon reduction goals with its annual operating PUE, a standard efficiency metric for power consumption in data centers, reaching 1.21, significantly better than the industry average.
Mr. Huapeng Wu, Chief Executive Officer of Chindata Group, commented, "In the second quarter of 2023, Chindata continued to maintain a vigorous growth momentum. We deeply participated in the digital economic development of China and the Asia-Pacific emerging markets, building two major growth engines at home and abroad, and in-service and utilized capacity in the overseas market reached more than 5 times that of the same period last year. At the same time, we accumulated technology innovation bit by bit, supported sustainable growth with technology, and promoted high-quality upgrading of business. By the end of the second quarter of 2023, the number of patents obtained and applied for by the group reached 493, which is 1.37 times that of the same period last year. We have successfully developed a systematic and full-stack AI Generated Content ("AIGC") data center solution, seizing the new opportunities brought about by the new round of technological revolution in the industry."
About Chindata Group
Chindata Group is a leading carrier-neutral hyperscale data center solution provider in Asia-Pacific emerging markets and a first mover in building next-generation hyperscale data centers in China, India and Southeast Asia markets, focusing on the whole life cycle of facility planning, investment, design, construction and operation of ecosystem infrastructure in the IT industry. Chindata Group provides its clients with business solutions in major countries and regions in Asia-Pacific emerging markets, including asset-heavy ecosystem chain services such as industrial bases, data centers, networks and IT value-added services.
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