Company: GDHLF
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001410578-25-000935
Chunk: 287

Company: GDS Holdings Ltd
Filing Date: 2025-04-28
Form: 20-F
Item: Item 5
Chunk 287
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 primarily consisted of (i) an increase in VAT recoverable of RMB388.3 million mainly as a result of capital expenditures, partially offset by (ii) an increase in accounts payable of RMB106.5 million and (iii) a decrease in other current assets of RMB39.5 million.

Cash provided by operating activities from continuing operations was RMB2,862.2 million in 2022, primarily due to a net loss of continuing operations of RMB1,104.6 million, adjusted primarily for (i) depreciation and amortization of RMB3,120.3 million, primarily relating to our data center property and equipment, (ii) share-based compensation expenses of RMB290.8 million, (iii) amortization of debt issuance and commitment cost and debt discount of RMB151.8 million, (iv) operating lease cost relating to prepaid land use rights of RMB100.9 million and (v) changes in working capital, partially offset by (vi) gain from purchase price adjustment of RMB205.0 million and (vii) deferred tax benefits of RMB99.2 million. Changes in working capital primarily consisted of (i) a decrease in VAT recoverable of RMB1,182.5 million mainly as a result of VAT refund, (ii) an increase in accounts payable of RMB186.7 million and (iii) an increase in deferred revenue of RMB49.0 million, partially offset by (iv) an increase in accounts receivable of RMB695.8 million, (v) an increase in other non-current assets of RMB103.7 million and (vi) a decrease in accrued expenses and other payables of RMB93.7 million.

Cash used in operating activities from discontinued operations was RMB52.4 million, RMB294.0 million and RMB281.3 million (US$38.5 million) in 2022, 2023 and 2024, respectively.

Investing Activities

Net cash used in investing activities from continuing operations was RMB1,840.4 million (US$252.1 million) in 2024, which was primarily due to (i) the payments for purchase of property and equipment and land use rights of RMB3,169.3 million (US$434.2 million) for the development of our data centers and (ii) payments for acquisitions and investments of RMB82.8 million (US$11.3 million), partially