GLONGHUI, May 22丨GDS.US (GDS.US) announced results for the first quarter of 2024. In the first quarter of 2024, net revenue increased 9.1% year over year to RMB 2,627 billion; adjusted EBITDA (non-GAAP) increased 4.7% year on year to RMB 1.18 billion, and the adjusted EBITDA ratio was 45.0%.

As of March 31, 2024, the total area signed and pre-signed was 668,012 square meters, an increase of 5.4% over the previous year; the operating area was 583,229 square meters, an increase of 12.5% over the previous year, and the contract rate for the operating area was 92.5%. As of March 31, 2024, the area under construction was 172,537 square meters, and the pre-contract rate for the area under construction was 74.4%. As of March 31, 2024, the billing area was 436,875 square meters, an increase of 16.0% over the previous year, and the billing rate for the operating area was 74.9%.

“The company continued to implement the company's business strategy in the first quarter,” said Huang Wei, Chairman and CEO of GDS. In China, the company moved in more quickly to deliver backlog orders and selectively acquire new orders. Internationally, the company has won new strategic orders and further strengthened the company's development channels.”

Chief Financial Officer Dan Newman said, “In the first quarter, our revenue increased 9.1% year over year, while adjusted EBITDA increased 4.7% year over year. “We increased GDSI's private equity financing from the previously announced $587 million to $672 million to meet the accelerated growth in customer demand, which is further proof of our ability to independently fund international expansion.”

Furthermore, the company confirmed that the total revenue for 2024 as previously provided was RMB 11.340 billion to RMB 11.760 billion, adjusted EBITDA of RMB 4.950 billion to RMB 5.150 billion, and capital expenditure remained unchanged at approximately RMB 6.50 billion.