Company: GDHLF
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001410578-25-000935
Chunk: 286

Company: GDS Holdings Ltd
Filing Date: 2025-04-28
Form: 20-F
Item: Item 5
Chunk 286
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 operations of RMB770.9 million (US$105.6 million), adjusted primarily for (i) depreciation and amortization of RMB3,243.0 million (US$444.3 million), primarily relating to our data center property and equipment, (ii) share-based compensation expenses of RMB296.5 million (US$40.6 million), (iii) amortization of debt issuance and commitment cost and debt discount of RMB110.7 million (US$15.2 million) and (iv) operating lease cost relating to prepaid land use rights of RMB110.1 million (US$15.1 million), partially offset by (v) deferred tax benefits of RMB181.6 million (US$24.9 million), (vi) net gain on disposal of property and equipment of RMB31.7 million (US$4.3 million) and (vii) changes in working capital. Changes in working capital primarily consisted of (i) an increase in accounts receivable of RMB665.9 million (US$91.2 million) and (ii) an increase in VAT recoverable of RMB115.8 million (US$15.9 million) mainly as a result of capital expenditures, partially offset by (iii) a decrease in other current assets of RMB109.8 million (US$15.0 million), (iv) an increase in accrued expenses and other payables of RMB104.0 million (US$14.2 million), and (v) a decrease in other non-current assets of RMB70.8 million (US$9.7 million).

Cash provided by operating activities from continuing operations was RMB2,359.3 million in 2023, primarily due to net loss of continuing operations of RMB3,926.0 million, adjusted primarily for (i) depreciation and amortization of RMB3,368.5 million, primarily relating to our data center property and equipment, (ii) impairment losses of long-lived assets of RMB3,013.4 million, (iii) share-based compensation expenses of RMB336.6 million, (iv) amortization of debt issuance and commitment cost and debt discount of RMB140.6 million and (v) operating lease cost relating to prepaid land use rights of RMB107.0 million, partially offset by (vi) deferred tax benefits of RMB295.9 million and (vii) changes in working capital. Changes in working capital