Exhibit 99.2
KINGSOFT CLOUD HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands)
Dec 31, 2022 | Mar 31, 2023 | Mar 31, 2023 | ||||||||||
RMB | RMB | US$ | ||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | 3,419,166 | 3,568,288 | 519,583 | |||||||||
Restricted cash | 114,560 | 97,897 | 14,255 | |||||||||
Accounts receivable, net | 2,402,430 | 2,232,702 | 325,107 | |||||||||
Short-term investments | 1,253,670 | 893,311 | 130,076 | |||||||||
Prepayments and other assets | 1,612,022 | 1,614,758 | 235,126 | |||||||||
Amounts due from related parties | 246,505 | 307,347 | 44,753 | |||||||||
Total current assets | 9,048,353 | 8,714,303 | 1,268,900 | |||||||||
Non-current assets: | ||||||||||||
Property and equipment, net | 2,132,994 | 1,786,097 | 260,076 | |||||||||
Intangible assets, net | 1,008,020 | 962,968 | 140,219 | |||||||||
Prepayments and other assets | 21,263 | 21,046 | 3,065 | |||||||||
Equity investments | 273,580 | 268,338 | 39,073 | |||||||||
Goodwill | 4,605,724 | 4,605,724 | 670,645 | |||||||||
Amounts due from related parties | 5,758 | 6,389 | 930 | |||||||||
Operating lease right-of-use assets | 220,539 | 192,393 | 28,015 | |||||||||
Total non-current assets | 8,267,878 | 7,842,955 | 1,142,023 | |||||||||
Total assets | 17,316,231 | 16,557,258 | 2,410,923 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Current liabilities: | ||||||||||||
Short-term bank loans | 909,500 | 1,087,206 | 158,309 | |||||||||
Accounts payable | 2,301,958 | 2,195,642 | 319,710 | |||||||||
Accrued expenses and other current liabilities | 2,830,826 | 2,671,739 | 389,035 | |||||||||
Income tax payable | 51,892 | 55,117 | 8,026 | |||||||||
Amounts due to related parties | 427,727 | 420,088 | 61,170 | |||||||||
Current operating lease liabilities | 136,723 | 115,769 | 16,857 | |||||||||
Total current liabilities | 6,658,626 | 6,545,561 | 953,107 | |||||||||
Non-current liabilities: | ||||||||||||
Deferred tax liabilities | 167,052 | 155,522 | 22,646 | |||||||||
Amounts due to related parties | 413,464 | 337,583 | 49,156 | |||||||||
Other liabilities | 370,531 | 447,981 | 65,231 | |||||||||
Non-current operating lease liabilities | 123,059 | 114,458 | 16,666 | |||||||||
Total non-current liabilities | 1,074,106 | 1,055,544 | 153,699 | |||||||||
Total liabilities | 7,732,732 | 7,601,105 | 1,106,806 | |||||||||
Shareholders’ equity: | ||||||||||||
Ordinary shares | 25,062 | 25,070 | 3,650 | |||||||||
Treasury stock | (208,385 | ) | (208,385 | ) | (30,343 | ) | ||||||
Additional paid-in capital | 18,648,205 | 18,659,506 | 2,717,034 | |||||||||
Statutory reserves funds | (14,700 | ) | (14,700 | ) | (2,140 | ) | ||||||
Accumulated deficit | (10,102,236 | ) | (10,709,224 | ) | (1,559,384 | ) | ||||||
Accumulated other comprehensive income | 453,074 | 423,241 | 61,629 | |||||||||
Total Kingsoft Cloud Holdings Limited shareholders’ equity | 8,801,020 | 8,175,508 | 1,190,446 | |||||||||
Noncontrolling interests | 782,479 | 780,645 | 113,671 | |||||||||
Total equity | 9,583,499 | 8,956,153 | 1,304,117 | |||||||||
Total liabilities and shareholders’ equity | 17,316,231 | 16,557,258 | 2,410,923 |
KINGSOFT CLOUD HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(All amounts in thousands, except for share and per share data)
Three Months Ended | ||||||||||||||||
Mar 31, 2022 | Dec 31, 2022 | Mar 31, 2023 | Mar 31, 2023 | |||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Revenues: | ||||||||||||||||
Public cloud services | 1,380,807 | 1,344,293 | 1,153,674 | 167,988 | ||||||||||||
Enterprise cloud services | 792,509 | 785,918 | 709,976 | 103,381 | ||||||||||||
Others | 493 | 802 | 750 | 109 | ||||||||||||
Total revenues | 2,173,809 | 2,131,013 | 1,864,400 | 271,478 | ||||||||||||
Cost of revenues | (2,093,851 | ) | (1,969,056 | ) | (1,670,215 | ) | (243,202 | ) | ||||||||
Gross profit | 79,958 | 161,957 | 194,185 | 28,276 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling and marketing expenses | (144,405 | ) | (126,081 | ) | (88,053 | ) | (12,822 | ) | ||||||||
General and administrative expenses | (221,763 | ) | (442,764 | ) | (488,628 | ) | (71,150 | ) | ||||||||
Research and development expenses | (246,633 | ) | (255,488 | ) | (215,370 | ) | (31,360 | ) | ||||||||
Total operating expenses | (612,801 | ) | (824,333 | ) | (792,051 | ) | (115,332 | ) | ||||||||
Operating loss | (532,843 | ) | (662,376 | ) | (597,866 | ) | (87,056 | ) | ||||||||
Interest income | 21,157 | 21,688 | 14,068 | 2,048 | ||||||||||||
Interest expense | (34,066 | ) | (31,694 | ) | (27,927 | ) | (4,066 | ) | ||||||||
Foreign exchange (loss) gain | (18,741 | ) | 132,290 | 93 | 14 | |||||||||||
Other (loss) gain, net | (12,035 | ) | 26,399 | (7,946 | ) | (1,157 | ) | |||||||||
Other income, net | 20,038 | 4,085 | 12,286 | 1,789 | ||||||||||||
Loss before income taxes | (556,490 | ) | (509,608 | ) | (607,292 | ) | (88,428 | ) | ||||||||
Income tax benefit (expense) | 1,670 | (12,049 | ) | (1,529 | ) | (223 | ) | |||||||||
Net loss | (554,820 | ) | (521,657 | ) | (608,821 | ) | (88,651 | ) | ||||||||
Less: net loss attributable to noncontrolling interests | (1,571 | ) | (12,779 | ) | (1,833 | ) | (267 | ) | ||||||||
Net loss attributable to Kingsoft Cloud Holdings Limited | (553,249 | ) | (508,878 | ) | (606,988 | ) | (88,384 | ) | ||||||||
Net loss per share: | ||||||||||||||||
Basic and diluted | (0.15 | ) | (0.14 | ) | (0.17 | ) | (0.02 | ) | ||||||||
Shares used in the net loss per share computation: | ||||||||||||||||
Basic and diluted | 3,648,282,282 | 3,528,680,363 | 3,546,512,621 | 3,546,512,621 | ||||||||||||
Other comprehensive income (loss), net of tax of nil: | ||||||||||||||||
Foreign currency translation adjustments | (9,764 | ) | (136,070 | ) | (29,833 | ) | (4,344 | ) | ||||||||
Comprehensive loss | (564,584 | ) | (657,727 | ) | (638,654 | ) | (92,995 | ) | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 408 | (12,682 | ) | (1,834 | ) | (267 | ) | |||||||||
Comprehensive loss attributable to Kingsoft Cloud Holdings Limited shareholders | (564,992 | ) | (645,045 | ) | (636,820 | ) | (92,728 | ) |
KINGSOFT CLOUD HOLDINGS LIMITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for percentage)
Three Months Ended | ||||||||||||||||
Mar 31, 2022 | Dec 31, 2022 | Mar 31, 2023 | Mar 31, 2023 | |||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Gross profit | 79,958 | 161,957 | 194,185 | 28,276 | ||||||||||||
Adjustments: | ||||||||||||||||
– Share-based compensation expenses | 3,619 | 6,557 | 224 | 33 | ||||||||||||
Adjusted gross profit | 83,577 | 168,514 | 194,409 | 28,309 |
KINGSOFT CLOUD HOLDINGS LIMITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for percentage)
Three Months Ended | ||||||||||||
Mar 31, 2022 | Dec 31, 2022 | Mar 31, 2023 | ||||||||||
Gross margin | 3.7 | % | 7.6 | % | 10.4 | % | ||||||
Adjusted gross margin | 3.8 | % | 7.9 | % | 10.4 | % |
KINGSOFT CLOUD HOLDINGS LIMITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for percentage)
Three Months Ended | ||||||||||||||||
Mar 31, 2022 | Dec 31, 2022 | Mar 31, 2023 | Mar 31, 2023 | |||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Net Loss | (554,820 | ) | (521,657 | ) | (608,821 | ) | (88,651 | ) | ||||||||
Adjustments: | ||||||||||||||||
– Share-based compensation expenses | 93,182 | 101,270 | 11,309 | 1,647 | ||||||||||||
– Foreign exchange loss (gain) | 18,741 | (132,290 | ) | (93 | ) | (14 | ) | |||||||||
– Impairment of long-lived assets | - | - | 185,135 | 26,958 | ||||||||||||
Adjusted net loss | (442,897 | ) | (552,677 | ) | (412,470 | ) | (60,060 | ) | ||||||||
Adjustments: | ||||||||||||||||
– Interest income | (21,157 | ) | (21,688 | ) | (14,068 | ) | (2,048 | ) | ||||||||
– Interest expense | 34,066 | 31,694 | 27,927 | 4,066 | ||||||||||||
– Income tax (benefit) expense | (1,670 | ) | 12,049 | 1,529 | 223 | |||||||||||
– Depreciation and amortization | 287,481 | 285,515 | 266,535 | 38,811 | ||||||||||||
Adjusted EBITDA | (144,177 | ) | (245,107 | ) | (130,547 | ) | (19,008 | ) | ||||||||
– Loss on disposal of property and equipment | - | 28,788 | 20,216 | 2,944 | ||||||||||||
Excluding loss on disposal of property and equipment, normalized Adjusted EBITDA | (144,177 | ) | (216,319 | ) | (110,331 | ) | (16,064 | ) |
KINGSOFT CLOUD HOLDINGS LIMITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for percentage)
Three Months Ended | ||||||||||||
Mar 31, 2022 | Dec 31, 2022 | Mar 31, 2023 | ||||||||||
Net loss margin | -25.5 | % | -24.5 | % | -32.7 | % | ||||||
Adjusted net loss margin | -20.4 | % | -25.9 | % | -22.1 | % | ||||||
Adjusted EBITDA Margin | -6.6 | % | -11.5 | % | -7.0 | % | ||||||
Normalized Adjusted EBITDA | -6.6 | % | -10.2 | % | -5.9 | % |
KINGSOFT CLOUD HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(All amounts in thousands)
Three Months Ended | ||||||||||||||||
Mar 31, 2022 | Dec 31, 2022 | Mar 31, 2023 | Mar 31, 2023 | |||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||
Net cash (used in) generated from operating activities | (626,008 | ) | 370,446 | (271,387 | ) | (39,517 | ) | |||||||||
Net cash (used in) generated from investing activities | (524,766 | ) | 900,951 | 319,670 | 46,548 | |||||||||||
Net cash generated from (used in) financing activities | 97,609 | (806,656 | ) | 103,994 | 15,143 | |||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (21,017 | ) | (137,369 | ) | (19,818 | ) | (2,886 | ) | ||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (1,053,165 | ) | 464,741 | 152,277 | 22,174 | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 4,456,621 | 3,206,354 | 3,533,726 | 514,550 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | 3,382,439 | 3,533,726 | 3,666,185 | 533,838 |