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21Vianet Group, Inc. Reports Fourth Quarter and Full Year 2012 Financial Results



21Vianet Group, Inc. Reports Fourth Quarter and Full Year 2012 Financial
Results

              4Q12 Net Revenues Up 31.3% YOY to RMB417.8 Million

             4Q12 Adjusted EBITDA Up 20.2% YOY to RMB78.3 Million

 Live Conference Call to be Held at 8:00 AM U.S. Eastern Time, March 6, 2013

BEIJING, March 5, 2013 (GLOBE NEWSWIRE) -- 21Vianet Group, Inc. (Nasdaq:VNET)
("21Vianet" or the "Company"), the largest carrier-neutral Internet data
center services provider in China, today announced its unaudited financial
results for the fourth quarter and full year 2012. The Company will hold a
conference call at 8:00 a.m. Eastern Time on March 6, 2013. Dial-in details
are provided at the end of the release.

Fourth Quarter 2012 Financial Highlights

  * Net revenues increased by 31.3% to RMB417.8 million (US$67.1 million) from
    RMB318.3 million in the comparative period in 2011.
  * Adjusted EBITDA^1 increased by 20.2% to RMB78.3 million (US$12.6 million)
    from RMB65.1 million in the comparative period in 2011.

Full Year 2012 Financial Highlights

  * Net revenues increased by 49.3% to RMB1.5 billion (US$244.6 million) from
    RMB1.0 billion in 2011.
  * Adjusted EBITDA increased by 40.7% to RMB294.2 million (US$47.2 million)
    from RMB209.0 million in 2011.

Mr. Josh Chen, Founder, Chairman and Chief Executive Officer of the Company,
stated, "We are extremely pleased with our achievements for 2012 which proved
to be a pivotal year for 21Vianet. We significantly expanded the scale of our
business, delivering growth of almost 50% in revenues. Moreover, we focused on
making significant upgrades to our network backbone, to support our growth in
data transmissions for 2013. These improvements have greatly increased the
efficiency and speed of our network and further strengthen the foundation for
our future growth."

"Looking forward, we are excited about the growth opportunities for 2013. Our
recently announced partnership with Microsoft to launch Microsoft Azure and
Office 365 services in China coupled with the construction of what will be one
of the largest data centers in China, have provided us strong foundation for
growth going forward. We believe that these efforts have better positioned us
to take advantage of the growth trends taking place in China for internet and
cloud infrastructure services, further strengthening our position as a leading
internet infrastructure provider in Greater China."

Mr. Shang-Wen Hsiao, President and Chief Financial Officer of the Company,
commented, "Our 2012 results continued to underscore the stability and
scalability of our business model. Moreover, with our accelerated efforts in
data center expansion and our cloud platform rollout, we are confident in our
ability to realize increased leverage and further margin expansion for years
ahead."

Fourth Quarter 2012 Financial Results

REVENUES: Net revenues for the fourth quarter of 2012 increased by 31.3% to
RMB417.8 million (US$67.1 million) from RMB318.3 million in the comparative
period in 2011.

Net revenues from hosting and related services increased by 44.6% to RMB253.4
million (US$40.7 million) in the fourth quarter of 2012 from RMB175.2 million
in the comparative period in 2011, primarily due to an increase in the total
number of cabinets under management in both the Company's self-built and
partnered data centers. Net revenues from managed network services increased
by 14.9% to RMB164.4 million (US$26.4 million) in the fourth quarter of 2012
from RMB143.0 million in the comparative period in 2011, primarily driven by
an increase in network capacity demand for data transmission services.

GROSS PROFIT: For the fourth quarter of 2012, gross profit increased by 29.2%
to RMB113.7 million (US$18.3 million) from RMB88.1 million in the comparative
period in 2011. Gross margin for the fourth quarter of 2012 remained stable at
27.2% compared with the comparative period in 2011.

Adjusted gross profit, which excludes share-based compensation expenses and
amortization of intangible assets derived from acquisitions, increased by
28.5% to RMB123.3 million (US$19.8 million) from RMB96.0 million in the
comparative period in 2011. Adjusted gross margin was 29.5% in the fourth
quarter of 2012, compared with 30.2% in the comparative period in 2011.

OPERATING EXPENSES: Total operating expenses were RMB58.2 million (US$9.3
million), compared to RMB79.9 million in the comparative period in 2011.

Sales and marketing expenses increased to RMB31.6 million (US$5.1 million)
from RMB25.5 million in the comparative period in 2011, primarily due to the
expansion of the Company's sales and service support team.

General and administrative expenses increased to RMB49.4 million (US$7.9
million) from RMB24.4 million in the comparative period in 2011, primarily due
to an increase in headcount, office rentals and other expansion related
expenses.

Research and development expenses increased to RMB17.3 million (US$2.8
million) from RMB10.0 million in the comparative period in 2011, which
reflected the Company's efforts to further strengthen its research and
development capabilities and expand its cloud computing service offerings.

Change in the fair value of contingent purchase consideration payable was a
gain of RMB40.1 million (US$6.4 million) in the fourth quarter of 2012,
compared with a loss in the change in fair value of contingent purchase
consideration payable of RMB20.0 million in the prior year period. This
non-cash gain was primarily due to a decrease in the market value of the
Company's shares, which resulted in a decrease in the fair value of
share-based contingent purchase considerations payable as of December 31, 2012
associated with the Company's acquisitions of the Managed Network Entities,
Gehua and Fastweb.

Adjusted operating expenses, which exclude share-based compensation expenses
and the changes in the fair value of contingent purchase consideration
payable, increased to RMB77.5 million (US$12.4 million) from RMB50.0 million
in the comparative period in 2011. As a percentage of net revenue, adjusted
operating expenses were 18.5%, compared  to 15.7% in the comparative period in
2011. 

ADJUSTED EBITDA: Adjusted EBITDA for the fourth quarter of 2012 increased to
RMB78.3 million (US$12.6 million) from RMB65.1 million in the comparative
period in 2011. Adjusted EBITDA margin for the quarter was 18.7%, compared
with 19.2% in the previous quarter and 20.5% in the comparative period in
2011. Adjusted EBITDA in the fourth quarter of 2012 excludes share-based
compensation expenses of RMB22.4 million (US$3.6 million) and changes in the
fair value of contingent purchase consideration payable of RMB40.1 million
(US$6.4 million).

NET PROFIT/LOSS: Net profit for the fourth quarter of 2012 increased to
RMB43.1 million (US$6.9 million), compared to RMB11.5  million in the
comparative period in 2011.

Adjusted net profit for the fourth quarter of 2012 was RMB39.5  million
(US$6.3 million), compared with RMB46.3 million in the comparative period in
2011. Adjusted net profit in the fourth quarter of 2012 excludes share-based
compensation expenses of RMB22.4 million (US$3.6 million), amortization of
intangible assets derived from acquisitions of RMB8.1 million (US$1.3
million), and changes in the fair value of contingent purchase consideration
payable and related deferred tax impact of RMB34.1 million (US$5.5 million) in
the aggregate. Adjusted net margin was 9.5%, compared to 14.6% in the
comparative period in 2011. The decrease in adjusted net profit was primarily
due to an increase in operating expenses, an increase in expenses associated
with the Microsoft partnership, and a reduction in foreign exchange gain.

EARNING/LOSS PER SHARE: Diluted earnings per ordinary share for the fourth
quarter of 2012 was RMB0.12, which represents the equivalent of RMB0.72
(US$0.12) per American Depositary Share ("ADS"). Each ADS represents six
ordinary shares. Adjusted diluted earnings per share for the fourth quarter of
2012 was RMB0.11, which represents the equivalent of RMB0.66 (US$0.11) per
ADS. Adjusted earnings per share is calculated using adjusted net profit as
discussed above to divide the weighted average shares number.

As of December 31, 2012, the Company had a total of 347.0 million ordinary
shares outstanding, or the equivalent of 57.8 million ADSs.

BALANCE SHEET: As of December 31, 2012, the Company's cash and cash
equivalents and short-term investment were RMB655.0 million (US$105.1
million), compared to RMB1.3 billion as of December 31, 2011. 

Fourth Quarter 2012 Operational Highlights

  * Monthly Recurring Revenues ("MRR") per cabinet increased to RMB10,467 in
    the fourth quarter of 2012 from RMB10,027 in the third quarter of 2012.
  * Total cabinets under management increased to 11,917 as of December 31,
    2012, from 11,648 as of September 30, 2012, with 7,404 cabinets in the
    Company's self-built data centers and 4,513 cabinets in its partnered data
    centers as of December 31, 2012.
  * Utilization rate was 66.3% in the fourth quarter 2012, compared to 67.7%
    in the third quarter of 2012.
  * Churn rate remained stable at 0.84% in the fourth quarter of 2012,
    compared to 0.87% in the third quarter of 2012. Top 20 customers' churn
    rate remained 0%.
  * The largest customer represented 4.4% of total net revenues in the fourth
    quarter of 2012.

Full Year 2012 Financial Performance

For the full year of 2012, net revenue increased by 49.3% to RMB1.5 billion
(US$244.6 million) from RMB1.0 billion in the prior year. Adjusted EBITDA for
the full year increased by 40.7% to RMB294.2 million (US$47.2 million) from
RMB209.0 million in the prior year. Adjusted EBITDA margin was 19.3%, compared
to 20.5% in the prior year. Adjusted EBITDA for the full year excludes
share-based compensation expense of RMB67.6 million (US$10.9 million) and
changes in the fair value of contingent purchase consideration payable of
RMB17.4 million (US$2.8 million). Adjusted net profit for the full year was
RMB167.3 million (US$26.8 million), compared to RMB170.0 million in the prior
year. Adjusted net profit in the full year excludes share-based compensation
expense of RMB67.6 million (US$10.9 million), amortization of intangible
assets derived from acquisitions of RMB27.2 million (US$4.4 million), and
changes in the fair value of contingent purchase consideration payable and
related deferred tax assets of RMB14.8 million (US$2.4 million).

Recent Developments

In February 2013, 21Vianet commenced construction of a new data center in the
Daxing District of Beijing. The new data center, which will be built in two
phases contingent on market demand, will be one of the largest data centers in
China as measured by cabinet capacity. It will occupy a gross area of
approximately 42,000 square meters (approximately 452,000 square feet) once
fully completed. The first phase of this data center, which is expected to be
fully operational by the end of 2013, will be capable of hosting more than
3,000 cabinets. At full capacity, the data center will host a total of over
5,000 cabinets. The data center will be wholly owned and operated by 21Vianet.

Financial Outlook

For the first quarter of 2013, the Company expects net revenues to be in the
range of RMB430 million to RMB435 million. Adjusted EBITDA is expected to be
in the range of RMB80 million to RMB83 million. These forecasts reflect the
Company's current and preliminary view, which is subject to change.

Conference Call

The Company will hold a conference call on Wednesday, March 6, 2013 at 8:00 am
Eastern Time, or 9:00 pm Beijing Time to discuss the financial results.
Listeners may access the call by dialing the following numbers:

United States:            +1-646-254-3515
International Toll Free:  +1-855-500-8701
China Domestic:           400-1200654
Hong Kong:                +852-3051-2745
Conference ID:            # 98281809

The replay will be accessible through March 13, 2013 by dialing the following
numbers:

United States Toll Free:  +1- 855-452-5696 
International:            +61-2-8199-0299 
Conference ID:            # 98281809

A webcast of the conference call will be available through the Company's
investor relations website at http://ir.21vianet.com.

Non-GAAP Disclosure

In evaluating its business, 21Vianet considers and uses the following non-GAAP
measures defined as non-GAAP financial measures by the SEC as supplemental
measure to review and assess its operating performance: adjusted gross profit,
adjusted gross margin, adjusted operating expenses, adjusted net profit,
adjusted net margin, adjusted EBITDA, adjusted EBITDA margin, adjusted basic
earnings per share, adjusted diluted earnings per share, adjusted basic
earnings per ADS and adjusted diluted earnings per ADS. 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. For more information on these non-GAAP
financial measures, please see the table captioned "Reconciliations of GAAP
and non-GAAP results" set forth at the end of this press release.

The non-GAAP financial measures are provided as additional information to help
investors compare business trends among different reporting periods on a
consistent basis and to enhance investors' overall understanding of the
Company's current financial performance and prospects for the future. These
non-GAAP financial measures should be considered in addition to results
prepared in accordance with U.S. GAAP, but should not be considered a
substitute for, or superior to, U.S. GAAP results. In addition, the Company's
calculation of the non-GAAP financial measures may be different from the
calculation used by other companies, and therefore comparability may be
limited.

Exchange Rate

This press release contains translations of certain Renminbi amounts into U.S.
dollars at specified rates solely for the convenience of readers. Unless
otherwise noted, all translations from Renminbi to U.S. dollars, in this press
release, were made at a rate of RMB6.2301 to US$1.00, the noon buying rate in
effect on December 31, 2012 in the City of New York for cable transfers in
Renminbi per U.S. dollar as certified for customs purposes by the Federal
Reserve Bank of New York.

Statement Regarding Unaudited Condensed Financial Information

The unaudited financial information set forth above is preliminary and subject
to potential adjustments. Adjustments to the consolidated financial statements
may be identified when audit work has been performed for the Company's
year-end audit, which could result in significant differences from this
preliminary unaudited condensed financial information.

About 21Vianet

21Vianet Group, Inc. is the largest carrier-neutral Internet data center
services provider in China. 21Vianet provides hosting and related services,
managed network services and cloud computing infrastructure services to
improve the reliability, security and speed of its customers' Internet
connections. Customers may locate their servers and networking equipment in
21Vianet's data centers and connect to China's Internet backbone through
21Vianet's extensive fiber optic network. In addition, 21Vianet's proprietary
smart routing technology, BroadEx, enables customers' data to be delivered
across the Internet in a faster and more reliable manner. 21Vianet operates in
33 cities throughout China, servicing a diversified and loyal base of more
than 1,970 customers that span many industries ranging from Internet companies
to government entities and blue-chip enterprises to small-to mid-sized
enterprises.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking
statements are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These statements can be identified
by terminology such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Among other things,
the outlook for the first quarter and full year of 2013 and quotations from
management in this announcement, as well as 21Vianet's strategic and
operational plans, contain forward-looking statements. 21Vianet may also make
written or oral forward-looking statements in its reports filed with, or
furnished to, the U.S. Securities and Exchange Commission, in its annual
reports 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 statements about
21Vianet'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: 21Vianet's goals and strategies; 21Vianet's expansion plans; the
expected growth of the data center services market; expectations regarding
demand for, and market acceptance of, 21Vianet's services; 21Vianet's
expectations regarding keeping and strengthening its relationships with
customers; 21Vianet's plans to invest in research and development to enhance
its solution and service offerings; and general economic and business
conditions in the regions where 21Vianet provides solutions and
services. Further information regarding these and other risks is included in
21Vianet's reports filed with, or furnished to the Securities and Exchange
Commission. 21Vianet does not undertake any obligation to update any
forward-looking statement, except as required under applicable law. All
information provided in this press release and in the attachments is as of the
date of this press release, and 21Vianet undertakes no duty to update such
information, except as required under applicable law.

^1Adjusted EBITDA is a non-GAAP financial measure, which is defined as EBITDA
excluding share-based compensation expenses and changes in the fair value of
contingent purchase consideration payable.

21VIANET GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Amount in thousands of Renminbi ("RMB") and US dollars ("US$"))
                                                                  
                                        
                                       As of        As of 
                                       December 31,                           
                                       2011         December 31, 2012
                                       RMB          RMB          US$
                                       (Audited)    (Unaudited)  (Unaudited)
Assets                                                            
Current assets:                                                   
Cash and cash equivalents               410,389      432,254      69,382
Restricted cash                         4,578        191,766      30,781
Accounts receivable, net                147,624      293,369      47,089
Short term investments                  894,540      222,701      35,746
Prepaid expenses and other current      47,575       95,756       15,370
assets
Deferred tax assets                     4,872        8,585        1,378
Amount due from related parties         41,643       18,726       3,006
Total current assets                    1,551,221    1,263,157    202,752
Non-current assets:                                               
Property and equipment, net             453,883      822,707      132,054
Intangible assets, net                  159,439      303,909      48,781
Deferred tax assets                     12,773       11,231       1,803
Goodwill                                217,436      296,688      47,622
Investment                              8,200        57,599       9,245
Restricted cash                         --           221,628      35,574
Total non-current assets                851,731      1,713,762    275,079
Total assets                            2,402,952    2,976,919    477,831
Liabilities and Shareholders'                                     
(Deficit) Equity
Current liabilities:                                              
Short term bank borrowings              100,000      344,840      55,350
Accounts payable                        82,131       109,571      17,587
Notes payable                           4,578        --           --
Accrued expenses and other payables     124,326      167,498      26,890
Advances from customers                 23,238       22,976       3,688
Income tax payable                      5,634        23,506       3,773
Amounts due to related parties          96,618       105,037      16,860
Current portion of capital lease        26,012       36,719       5,894
obligations
Total current liabilities               462,537      810,147      130,042
Non-current liabilities:                                          
Long term bank borrowings               --           63,000       10,112
Amounts due to related parties          124,493      86,316       13,855
Non-current portion of capital lease    73,896       52,352       8,403
obligations
Unrecognized tax benefits               26,801       12,340       1,981
Deferred tax liabilities                39,682       44,666       7,169
Deferred government grant               5,819        18,793       3,016
Total non-current liabilities           270,691      277,467      44,536
Commitments and contingencies                                     
Mezzanine equity                        --           --           -- 
Shareholders' equity                                              
Treasury stock                          (168,018)    (20,702)     (3,323)
Ordinary shares                         23           23           4
Additional paid-in capital              3,277,658    3,294,855    528,861
Accumulated other comprehensive income  (54,779)     (57,367)     (9,208)
loss
Statutory reserves                      15,837       25,871       4,153
Accumulated deficit                     (1,418,167)  (1,371,877)  (220,204)
Total 21Vianet Group, Inc.              1,652,554    1,870,803    300,283
shareholders' equity
Non-controlling interest                17,170       18,502       2,970
Total shareholders' equity              1,669,724    1,889,305    303,253
Total liabilities, mezzanine equity     2,402,952    2,976,919    477,831
and shareholders' equity

 
21VIANET GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for number of shares and per share
data)
                                                                                               
                Three months ended                                  Year ended
                December 31, September    December 31, 2012         December 31, December 31, 2012
                2011         30, 2012                               2011
                RMB          RMB          RMB          US$          RMB          RMB          US$
                (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)
Net revenues                                                                                   
Hosting and
related          175,247      218,861      253,442      40,680       614,612      866,882      139,144
services
Managed network  143,030      177,198      164,376      26,384       406,317      657,276      105,500
services
Total net        318,277      396,059      417,818      67,064       1,020,929    1,524,158    244,644
revenues
Cost of          (230,222)    (285,662)    (304,080)    (48,808)     (744,371)    (1,098,477)  (176,318)
revenues
Gross profit     88,055       110,397      113,738      18,256       276,558      425,681      68,326
Operating                                                                                      
expenses
Sales and        (25,458)     (28,885)     (31,576)     (5,068)      (80,885)     (109,871)    (17,636)
marketing
General and      (24,418)     (42,622)     (49,387)     (7,927)      (82,926)     (153,512)    (24,640)
administrative
Research and     (10,020)     (18,758)     (17,324)     (2,781)      (34,657)     (63,929)     (10,261)
development
Changes in the
fair value of
contingent       (19,979)     (12,043)     40,062       6,430        (63,185)     (17,430)     (2,798)
purchase
consideration
payable
Total operating  (79,875)     (102,308)    (58,225)     (9,346)      (261,653)    (344,742)    (55,335)
expenses
Operating        8,180        8,089        55,513       8,910        14,905       80,939       12,991
profit 
Interest income  4,348        4,216        5,859        940          14,939       16,301       2,616
Interest         (705)        (1,592)      (5,985)      (961)        (4,398)      (11,376)     (1,826)
expense
Gain(loss) from
equity method    --           29           (1,130)      (181)        --           (1,101)      (177)
investment
Other income     602          11,209       --           --           1,943        11,616       1,864
Other expense    (244)        (107)        (1,667)      (268)        (520)        (2,167)      (348)
Foreign
exchange gain    6,734        (1,213)      5,332        856          32,747       (397)        (64)
(loss)
Profit before    18,915       20,631       57,922       9,296        59,616       93,815       15,056
income taxes
Income
tax (expense)    (7,372)      (8,417)      (14,788)     (2,374)      (13,677)     (36,159)     (5,804)
benefit
Net profit       11,543       12,214       43,134       6,922        45,939       57,656       9,252
Net income
attributable to  (8,586)      (363)        (397)        (64)         (27,495)     (1,332)      (214)
non-controlling
interest
Net profit
attributable to
the Company's    2,957        11,851       42,737       6,858        18,444       56,324       9,038
ordinary
shareholders
                                                                                               
Earnings per                                                                                   
share
Basic            0.01         0.03         0.12         0.02         0.07         0.16         0.03
Diluted          0.01         0.03         0.12         0.02         0.06         0.16         0.03
Shares used in
earnings per                                                                                   
share
computation
Basic*           322,761,801  340,885,136  342,124,551  342,124,551  259,595,677  342,326,855  342,326,855
Diluted*         332,991,032  352,729,739  364,047,902  364,047,902  316,807,661  356,510,914  356,510,914
                                                                                               
Earnings per
ADS (6 ordinary                                                                                
shares equal to
1 ADS)
EPS - Basic     0.06         0.18         0.72         0.12         0.42         0.96         0.15
EPS - Diluted   0.06         0.18         0.72         0.12         0.36         0.96         0.15
                                                                                               
* Shares used earnings per share/ADS computation were computed under weighted average method.

 
21VIANET GROUP, INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS 
(Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for number of shares and per share
data)
                                                                                               
                Three months ended                                   Year ended
                December 31, September    December 31, 2012         December 31, December 31, 2012
                2011         30, 2012                               2011
                RMB          RMB          RMB          US$          RMB          RMB          US$
Gross profit     88,055       110,397      113,738      18,256       276,558      425,681      68,326
Plus:
share-based      578          1,513        1,530        246          2,157        4,517        725
compensation
expense
Plus:
amortization of
intangible       7,344        6,788        8,050        1,292        28,388       27,183       4,363
assets derived
from
acquisitions
Adjusted gross   95,977       118,698      123,318      19,794       307,103      457,381      73,414
profit
Adjusted gross  30.2%        30.0%        29.5%        29.5%        30.1%        30.0%        30.0%
margin
Operating        (79,875)     (102,308)    (58,225)     (9,346)      (261,653)    (344,742)    (55,335)
expenses
Plus:
share-based      9,875        21,462       20,836       3,344        39,802       63,115       10,131
compensation
expense
Plus: changes
in the fair
value of
contingent       19,979       12,043       (40,062)     (6,430)      63,185       17,430       2,798
purchase
consideration
payable
Adjusted
operating        (50,021)     (68,803)     (77,451)     (12,432)     (158,666)    (264,197)    (42,406)
expenses
Net profits      11,543       12,214       43,134       6,922        45,939       57,656       9,252
Plus:
share-based      10,453       22,975       22,366       3,590        41,959       67,632       10,856
compensation
expense
Plus:
amortization of
intangible       7,344        6,788        8,050        1,292        28,388       27,183       4,363
assets derived
from
acquisitions
Plus: changes
in the fair
value of
contingent
purchase         16,982       10,237       (34,053)     (5,466)      53,707       14,816       2,378
consideration
payable and
related
deferred tax
impact
Adjusted net     46,322       52,214       39,497       6,338        169,993      167,287      26,849
profit
Adjusted net    14.6%        13.2%        9.5%         9.5%         16.7%        11.0%        11.0%
margin
Operating        8,180        8,089        55,513       8,910        14,905       80,939       12,991
profit
Plus:            18,772       23,724       29,569       4,747        58,873       92,787       14,893
depreciation
Plus:            7,732        9,176        10,885       1,747        30,104       35,377       5,678
amortization
Plus:
share-based      10,453       22,975       22,366       3,590        41,959       67,632       10,856
compensation
expense
Plus: changes
in the fair
value of
contingent       19,979       12,043       (40,062)     (6,430)      63,185       17,430       2,798
purchase
consideration
payable
Adjusted EBITDA  65,116       76,007       78,271       12,564       209,026      294,165      47,216
Adjusted EBITDA 20.5%        19.2%        18.7%        18.7%        20.5%        19.3%        19.3%
margin
                                                                                               
                                                                                               
Adjusted net     46,322       52,214       39,497       6,338        169,993      167,287      26,849
profit
Less: Net
income
attributable to  (8,586)      (363)        (397)        (64)         (27,495)     (1,332)      (214)
non-controlling
interest
Adjusted net
profit
attributable to  37,736       51,851       39,100       6,274        142,498      165,955      26,635
the Company's
ordinary
shareholders
                                                                                               
Adjusted
earnings per                                                                                   
share
Basic            0.12         0.15         0.11         0.02         0.55         0.48         0.08
Diluted          0.12         0.15         0.11         0.02         0.47         0.47         0.07
Shares used in
adjusted
earnings per                                                                                   
share
computation:
Basic*           322,761,801  340,885,136  342,124,551  342,124,551  259,558,631  342,326,855  342,326,855
Diluted*         322,761,801  352,729,739  364,047,902  364,047,902  302,796,593  356,510,914  356,510,914
                                                                                               
Earnings per
ADS (6 ordinary                                                                                
shares equal to
1 ADS)
EPS - Basic      0.72         0.90         0.66        0.11          3.30         2.88        0.46
EPS - Diluted    0.72         0.90         0.66        0.11          2.82         2.82        0.45
                                                                                               
* Shares used in adjusted earnings/ADS per share computation were computed under weighted average method.

CONTACT: ICR, Inc.
         Jeremy Peruski
         +1 (646) 405-4922
         IR@21Vianet.com
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