Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 44

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 44
---
 are not substitutes for gross profit, net income (loss), cash flows (used in) provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. Second, other companies may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP financial measures as tools for comparison. Finally, these non-GAAP financial measures do not reflect the impact of net interest expenses, income tax benefits (expenses), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, gain from purchase price adjustment, impairment losses of long-lived assets, gain on deconsolidation of subsidiaries and share of results of equity method investees, each of which has been and may continue to be incurred in our 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 |   |            |   |   |   |     |   |          |   |   |   |                 |   |       |   | ​ 
 ​ |
|:-------------------------------------------------------|:--|:--|:-------------------------------------|:--|-----------:|:--|:--|:--|:----------------|:--|------:|:--|:--|:--|:-----|:--|-----------:|:--|:--