Chindata Group announced 2022 Q2 financial report: delivering upbeat revenue and adjusted EBITDA results for eight straight quarters

BEIJING, Sept. 6, 2022 /PRNewswire/ — On August 25, 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 results for the second quarter and half year 2022 ended June 30, 2022. Chindata Group firmly grasped the development opportunities of the digital economy and China’s “East Data West Computation” policy, and continued to maintain a strong growth in the second quarter. Total IT capacity of the data center increased to 776MW; revenue in the second quarter of 2022 increased by 51.2% year over year (“YoY”) to RMB 1,038.1 million; net income in the second quarter increased by 206.3% YoY to RMB199.6 million, with a margin of 19.2%. Adjusted EBITDA in the second quarter of 2022 increased by 60.8% YoY to RMB544.3 million, with a margin of 52.4%. The Company has been delivering upbeat revenue and adjusted EBITDA results for eight straight quarters.

For the first half of 2022, Chindata Group achieved total revenue of 1,958.7 million, representing a year-on-year growth of 47.3 %. Adjusted EBITDA increased by 60.7% to RMB1,038.8 million; net income increased by 138.5% to RMB294.1 million.

Under the favorable guidance of the digital economy and the national top-level strategy of “East Data West Computation”, Chindata Group’s business continued to maintain solid growth . As of the end of the second quarter, total capacity increased by 72MW during the second quarter to reach 776MW. Two new under-construction hyperscale projects in northern China with a total capacity of 73MW were added to the asset portfolio, representing an increase of 34.3% compared with 578MW in the same period in 2021.

Chindata Group focuses on the hyperscale data center model and has achieved remarkable results in customer diversification. Total contracted and Indication of Interest (“IOI”) capacity reached 650MW in the second quarter, representing a 31.2% YoY increase. Commitment ratio remained healthy for the Company’s asset portfolio and contracted & IOI ratio for total capacity was 84% by the end of the second quarter of 2022.

Chindata Group is deeply engaged in the rapidly developing Asia-Pacific market with huge potential, and its hyperscale data center projects have performed well in China and Southeast Asia.

Among the eight national computing power hub nodes of “East Data West Computation ” launched by Chinese government in February 2022, Chindata Group has deployed ahead of schedule in four hubs of BeijingTianjinHebei region, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area and Gansu. As of the second quarter, Chindata Group has 30 data centers in total, of which two new under-construction hyperscale projects in northern China were added in this quarter.

As of the second quarter, utilized capacity of 57MW was added, and quarter-end utilized capacity reached 401MW, representing a 59.6% YoY growth. The newly-added capacity mainly came from Chindata Group’s northern China and Malaysia campus to support the rapid business development of leading technology clients in China and abroad. In the second quarter, Chindata’s in-service capacity increased by 13MW to 511MW, representing a 41.8% YoY growth.

Chindata Group is also constantly devoting itself to pursuing growth with quality through constant innovation, research and development. On July 29th, 2022, Chindata and its technical partner, Vertiv Technology, jointly released a waterless cooling technology. Coined “X-Cooling”, the solution enables data centers to achieve zero Water Use Efficiency (“WUE”) cooling, which is setting a new benchmark for the industry. By the end of the second quarter of 2022, the Company has a total of 361 approved and pending patents, far ahead of the industry.

On June 24 this year, Chindata Group officially closed a 500 million USD syndicated loan financing. The facility, joined by 15 lenders, has a 3-year tenor with a 2-year extension option. On July 25th, 2022, Fitch rating reaffirmed the Company’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and foreign-currency senior unsecured rating at ‘BBB-‘, with a stable outlook. 

Mr. Wu Huapeng, CEO of Chindata Group, quoted: “Our business in China and Southeast Asia continued its solid momentum in the second quarter of 2022. Total capacity of the Company reached 776MW, which is a 72MW increase during the quarter and we have been delivering upbeat revenue results for eight straight quarters. We believe our early and ongoing layout in Asia Pacific emerging market and key regions under the “East-Data-West-Computation” in China, along with our hyperscale model that serves digital leaders and enterprise clients, constitutes the solid fundamentals for such momentum.

The Company is also constantly devoting itself to pursuing growth with quality through constant innovation and research and development. As a demonstration of that, our approved and pending patents by end of the second quarter was 361, representing an increase of 51 compared with that in the first quarter of 2022.

Furthermore, the Company has successfully closed the $500 million syndicated loan in late June, and the reaffirmation of our investment grade credit rating by notable rating agency recently has enabled the Company to maintain its diversified financing options. Looking forward to the future, Chindata Group has gained strong momentum in terms of sustained high-speed growth.”