Company: GDHLF
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001410578-25-000935
Chunk: 269

Company: GDS Holdings Ltd
Filing Date: 2025-04-28
Form: 20-F
Item: Item 5
Chunk 269
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623          32.0  

Key Financial Metrics

We monitor the following key financial metrics to help us evaluate growth trends, establish budgets, measure the effectiveness of our business strategies and assess operational efficiencies:

                                          Year Ended December 31,                        
                                                             2022        2023      2024  
 ─────────────────────────────────────────────────────────────────────────────────────────
  Other Consolidated Financial Data:                                                     
  Gross margin (1)                                           21.1        19.9      21.5  
  Operating margin (2)                                        7.7      (22.6)      11.1  
  Net margin (3)                                           (13.7)      (43.8)      32.0  

(1)Gross profit as a percentage of net revenue.

(2)Income (loss) from continuing operations as a percentage of net revenue.

(3)Net (loss) income as a percentage of net revenue.

Table of Contents

Non-GAAP Measures

In evaluating our business, we consider and use the following non-GAAP measures as supplemental measures to review and assess our operating performance:

                                                                                     Year Ended December 31,                                             
                                                                                                        2022           2023           2024               
                                                                                                         RMB            RMB            RMB          US$  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                             (in thousands, except for numbers of shares and per share data)                                             
  Non-GAAP Consolidated Financial Data:                                                                                                                  
  Adjusted EBITDA (1)                                                                              4,333,724      4,733,004      4,876,436      668,070  
  Adjusted EBITDA margin (2)                                                                            46.8           48.4           47.2         47.2  
  Adjusted gross profit (3)                                                                        4,788,629      5,087,630      5,314,174      728,038  
  Adjusted gross profit margin (4)                                                                      51.7           52.0           51.5         51.5  

  (1)      Adjusted EBITDA is defined as net income or net loss (computed in accordance with GAAP) excluding income (loss) from discontinued operations, net interest expenses, income tax expenses (benefit...  

  (2)      Adjusted EBITDA margin