Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053058
Chunk: 45

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 45
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 business. We mitigate these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance. The following table reconciles our adjusted EBITDA in the periods presented to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, which is net income or net loss:

| ​                                                        
 ​                                                        | ​ 
 ​ | ​ 
 ​ | Year Ended December 31,               
 2022                                  |   |            |   |   |   |                |   |       |   | ​ | ​ | 2023 |   |            |   |   |   |                |   |       |   | ​ | ​ | 2024 |   |            |   |   |   |     |   |          |   |   |   |                |   |       |   | ​ 
 ​ | ​ 
 ​ | Three Months Ended March 31, 
 2024                         |   |           |   |   |   |                |   |       |   | ​ | ​ | 2025 |   |            |   |   |   |     |   |          |   |   |   |                |   |       |   | ​ 
 ​ |
|:---------------------------------------------------------|:--|:--|:--------------------------------------|:--|-----------:|:--|:--|:--|:---------------|:--|------:|:--|:--|:--|:-----|:--|-----------:|:--|:--|:--|:---------------|:--|------:|:--|:--|:--|:-----|:--|-----------:|:--|:--|:--|:----|:--|---------:|:--|:--|:--|:---------------|:--|------:|:--|:--|:--|:-----------------------------|:--|----------:|:--|:--|:--|:---------------|:--|------:|:--|:--|:--|:-----|:--|-----------:|:--|:--|:--|:----|:--|---------:|:--|:--|:--|:---------------|:--|------:|:--|:--|
| ​                                                        | ​ | ​ | RMB                                   |   |            |