VNET - Earnings call transcript Q2 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Hello, ladies and gentlemen. Thank you for standing by for the Second Quarter 2022 Earnings Conference Call for VNET Group, Inc. At this time, all participants are in listen-only mode. After the speakers' presentations -- after the management's prepared remarks, there will be a question-and-answer session. Participants from our management include Mr. Officer Chairman Executive Mr. Retail Chief Shen, and of Executive IDC; Samuel Chen, Ms. and Financial Tim Officer; Chief Xinyuan Relations Liu, Investor Director of company. the that note today's call is Please being conference recorded. Ms. to turn first call now over I’ll speaker the today, the Xinyuan Liu. Please, go ahead.

Xinyuan Liu

Thank you, to quarter earnings XXXX and call. our second conference Hello, operator. everyone, welcome

under find the forward-looking well Our Newswire as was can services. today. safe discussion our contain on the Please And earlier release copy of made Act IR Private that today provisions on statements will Litigation earnings Securities you of note the distributed a harbor website as XXXX. US Reform

Forward-looking materially uncertainties that from statements may differ expectations. risks current to results are subject our to cause and actual

press unaudited unaudited earnings includes other undertake and as contains release to VNET measures. call these VNET’s reconciliation and discussions For press conference measures, also documents please any detailed with that GAAP unaudited and the risks unaudited uncertainties, measures financial does as applicable update under the of financial VNET's the note except obligation SEC. well a statements, to GAAP any forward-looking earnings non-GAAP our to this not refer of non-GAAP release Please of disclosure laws. filed required measures. the latest as report annual

is recorded. As a reminder, this conference being

In on over call to addition, will our call I a available now webcast turn the our of also IR ir.vnet.com. be this conference Samuel. will website at CEO,

Samuel Shen

everyone. good earnings right. you All conference Good evening, joining Thank our Xinyuan. and morning, quarter call. Thank for second XXXX you,

remains healthy our solutions on services results driving and the customers. high-quality During and quarter, our delivering to focus second

our capabilities. clearly our macro across our strong momentum execution amidst growth challenges, solid and reflects of the effectiveness strategy segments, growth Our business

ago. utilization approximately the quarter. rate XX,XXX XX.X% under increased end the second one ago. the At up, sequentially ramp customers maintained management compared quarter, overall of cabinets year by same approximately reaching to the with Accordingly, with increased a of by total the On XX,XXX end cabinets time, by by XX,XXX one front, second year X,XXX utilized by approximately to quarter, XX,XXX the compared end sequential approximately the the the second of operations

MRR showing cabinet period increase healthy last same reached per Our year. retail a from RMBX,XXX, the

financial front, XX.X% growth year-over-year we and and delivered XX.X% revenue the a a year-over-year, adjusted respectively. robust financial performance, in with On of EBITDA

With a swath held a the quality the and rapid demand good this of we, will Committee benefit empowerment call People's exciting to economy are Within as for our we services. IDT driver This session from of for opportunities. the National economic in providers growth Chinese was new this in carry Technological measures. strength China's a to higher broad highlighted significantly to leading consultative ability digital and momentum development economy, to position across growth. capture We of as digital vital environment, IDC and growth government the are industries. Consultative stronger potential Conference this the confident amplify service efforts supportive believe may of immense Political for local growth our a boost

resurgences. business we of moving these restrictions mobility lockdowns in June, the recovery Shanghai, with at on steadily. update, impact Next, areas momentum and in look let's recovering take starting seen Hebei Beijing from related projects resumed and and Encouragingly, gradual a the the COVID COVIS-XX of closer province, rates new construction the easing with in immediately have

key of the progress during review quarter. in segments our business Next, a

segment. capacity will XX social This customer, a our for new the Our this with leading of an proposition demonstrates once solid platform wholesale our megawatts network second extended approximately for of in progress business again further building value business its total generate region China, in the China. existing quarter. order northern infrastructure We contract and in made

megawatts cloud for carbon the with customer, In sustainable Yangtze reduce XX addition, In data service to its of solutions infrastructure in center cooling, China providers we region. emissions. liquid PUE signed offer cooling will help the that the more recently approach Delta this a build will in contract from leading River aside approximately a also network we air new conventional and

Moving Thanks our on diversified customer to base. our business. retail to

driven services, existing expertise to growing service, very vertical are our a to online customer local both such and new variety we pleased suite wide We of power of with from our by rising see expansion demand amid macro In technologies results, various acquisition, ag achieved quarter, business manufacturing gaming. leveraged digital as the automobile, and needs retail challenges. steadily a second customer cater and to impressive industries, services, financial

Looking value for ahead, service more streams. more our generate plan creating advanced to harvest capabilities our our engineering portfolios, revenue reach we and diverse customers to

the productivity and MES, the of our sustained in our we in and delivery high-quality demand seating manufacturing expertise we manufacturer year, we Through quarter, flexibility, order industry unprecedented and of services. with IDC second provide China. headwinds, On This to growth continue have industry-specific automation exploring business of progress capture automotive insight real-time to our into ready future. for COVID-XX release the highlighted in macro and that visibility, operations cloud a very us execution technologies allow will resurgence Despite to by forward cloud we're tap customers' our front, the opportunities extended the solutions workflow more forge opportunities digitalization, the been and greater flexibility business will the efficiency In actively resealing area. the from rising implemented and in are Blue ability the and business pleased all look successfully production industry-specific the to process lockdowns the in we half shipment. to into accumulating system has deploying our excellent system, to the our help AKA this made we first across diversify maximize manufacturing a MES leading during improve customer, the that manage new Cloud manufacturing entire lines, meantime,

of some short-term bring may However, in us. COVID-XX challenges and the outbreaks economic to near outlook term, the threat uncertain

long-term related COVID the disruptions. While challenges account slowdown secure, short-term the trend demand current environment taking impact is the from the into of and

for the We full XX,XXX revising year cabinets. the are to delivery from to X,XXX our full plan adjusting of XXXX previously to XX,XXX our and cabinets provided range year of outlook XX,XXX

we on core Going base customer leveraging building growth scalable our growth our dual remain our verticals. strategy, to focused forward, offerings service and drive across

evolving As opportunities Thank value for over everyone. creating With Tim. you, see fundamental expanding change, to and the frontrunner CFO, business for economy, nation's call the Tim now sustainable the will our digital rapidly stakeholders from digitalization and our turn outlook. Hi, in we quarter long-term. industry link the to the and China's our in discuss Chen, I that, financial performance the will our the

Tim Chen

much, very good you evening, everyone. and morning, Thank Samuel. Good

may the in included for of note we discussion of second The financials, please present measures expenses these also in our financials stated, of present we XXXX that release. today. otherwise detailed operations. we Before which tables today non-GAAP found the start be are are note our core non-GAAP press renminbi In not all in reconciliation expenses, will non-cash our that unless details our certain part results earnings the terms. exclude of Please the and quarter

and performance driven For again, a robust wholesale retail rising by businesses. both quarter, our the second delivered financial from demand we

a foundation of continue build service to our position variety across offerings gives long-term leverage Our we a firm and drive as us solid our base customer wider and a growth, scalable financial industries. to sustainable

XX.X%, excludes increase in of same million XXXX. loan impairment margin in composition operating the amortization, Adjusted gross second XX.X% for compensation year, carrier revenue in quarter XXXX. me same XXXX. second period be acquisition of XX.X% by depreciation, in RMBXXX.X Gross of let same the growth Unless mainly roughly the investee, you period expenses, the second to compared last XX.X% the of quarter the gross of increased retail XXXX. quarter, quarter due quarter was our In of walk to an XXXX, quarter will and RMBXXX.X a XXXX. an well of demand, to the second net cloud share-based Adjusted period Next, business. second through IDC same the results. increased solutions otherwise are margin Gross all period the our and XXXX rates profit compared of period financial potential quarter and second the same XX.X% was the in XXXX, RMBXXX.X on cloud-neutral million our receivables specified, were of compared our XXXX, for the of to as was RMBX.XX flat, I in XX% from the of XXXX, period continued customer cash with the as and highly basis. profit, to was to compared IDC in postcombination Adjusted from second in cash million employment billion which wholesale reviewing from of year-over-year scalable in both of growth million the RMBXXX.X customers, same

in XX.X%, the the quarter Adjusted XXXX of from same were in second quarter second As the representing Adjusted a period of Adjusted an compared of of second expenses excluded percentage of period the XX.X% compensation XXXX. quarter to share-based of EBITDA second quarter net revenues, in increase was operating XX.X% expenses the in XXXX same XX.X%, million. XX.X% XXXX. of XXXX. of XXXX the period of RMBXXX.X margin the million, EBITDA EBITDA XXXX to of in same was in compared adjusted RMBXX.X

per six a quarter profit shareholders ordinary of share RMBX.XX XXXX XXXX. in or and a both -- of net per ADS million net ordinary Class second to shares. and was A Our RMBXXX.X Basic RMBXXX.X RMBX.XX same were represents loss in attributable compared ordinary loss profit million, diluted period Each of to the both ADS. the

balance Turning sheet. our to

and was Meanwhile, second in As amount compared RMBXXX.X the period same in from of cash RMBXXX.X million cash of activities RMBX.XX was aggregate XXXX of cash, the XXXX. operating the generated to million equivalents cash June net billion. the XX, quarter company's of XXXX, restricted

of XXXX And the million. outlook. RMBXXX.X quarter on was Our CapEx financial in our second to now

uncertainties impact disruptions data second from schedules, As the we and in quarter on Samuel well. center XXXX faced macroeconomic and COVID-related mentioned, construction moving ongoing customer of as the

be range to our current in range million. million XXXX. and million million challenges. digitalization RMBX,XXX rapidly to net COVID of in We society. Based short the impacts term of alongside nature, are opportunities on RMBX,XXX a RMBX,XXX to believe the result, we The RMBX,XXX we in in always As advancing outlook adjusted wider is the go for estimates, our EBITDA and expect our adjusted to revenues be

a will today. ready growth diversification increasing in we ahead, opportunities Session for Question-and-Answer presented and by take Operator, advancing the our our our remarks of are now prepared China. to questions. on strategy, we enormous remain economy capitalizing Looking concludes spectrum core broadening dual the to digital services, This thriving customer committed

Operator

you. Thank

session. proceed. Zhang from now Ethan of the First will begin Please Instructions] [Operator question-and-answer Nomura. We you. line the from comes question Thank

Ethan Zhang

ask management for me the you letting question. Thank first

I two So have questions.

situation of China, half especially areas, electricity regarding and current how the question first the surrounding utility the year given the the supplies EBITDA And you trend. on So wave and in of this one see is, do cost the the CapEx is second our the heat impact in trend the second of margin? in

But billion XXXX. we that half, remember, portion CapEx I the a during guided our So only year the full completed limited first for of CapEx around RMBX we target. since

for So the we how maintain on wonder, Thank previous for our year? and this year we just this half would you. if I of in the spending or target CapEx spending second guidance our focus CapEx

Tim Chen

Ethan. Thank much, you very

the take me first Let two questions.

tariffs. some switch-X electricity a example, not impact expect terms and an be we of of major electricity, to of as in the in increase areas do the First,

shortfalls shortages, the of centers diesel acquire early of areas electricity this in dissimilar switch and where some would we that over would data year, to actually to by the electricity in to need preparation or However, in diesel of impacted last are parts potential terms not supply. for year

for anything I half, in the think for in that the show will up especially areas. affected figures the second

we being As spend to are and RMB and to roughly of range some the of in capacity guidance, that's CapEx any there the pushed the the into to despite changes X expect billion CapEx whether still XXXX.

longer know, you lead these a time. have constructions As do

a questions. be expect it just being spent your so still RMBX I for will with to that infrastructure, so slow the and money the bit, down power there buildings we around answers but little forth. still billion. It will be the full a year be would hope regards And that

Ethan Zhang

Thank you.

Operator

Thank the you questions. for

question next with Please Lee Edison from of your Our Jefferies. comes question. proceed

Edison Lee

EBITDA second cost much want guidance power presentation. are assuming Thank Hi, also, see and the I kind in what half? What two you to know, Tim. to the you your of timing and very the Thanks. for Samuel what the I increases of in launch And that contribution? new new terms projects? wholesale for service is Morning want

Tim Chen

one. first the let Hi talk me Edison, about

So of small the of increases side. half coming in the terms in second terms from we've assumed power

areas, of bit further some in took increases, increase. do on, some go the but increases a power We in regions. I other little later X the but know, really not place would the expect first the not already areas We other the can the but you half. a As of Tier large very say into details

I think second a I'd year about say the the previously, market nothing little had to bit but half, margin given was in moves a impact would very be X% needle full we the the that this that material. it

wins. Let to to Thanks. bit me about wholesale Samuel, little pass a the talk two

Samuel Shen

Sure. you, Edison, for thank you, Tim. And questions. Thank also the

then then contract. And an basically, another working sign we're it wins, And social because, bit quite a wholesale of the and we customers pleased, the the quarter. the with which to providers. a in And very design Regarding spend is one, new win. customers, is actually platform, signed that a expecting with announced country in today, for public And existing but we're contract service finally secure time QX. the a cloud second

that's encouraging us. So pretty for

Edison Lee

Samuel the about these of you Sorry timing contracts coming And… talk service? into can

Samuel Shen

Oh, yes.

platform the providers, from the And service then be to be that this this contract the will public starting social second As be signed and quarter. serviced would wins, cloud QX. this QX, I And quarter, in for expect year. ramp-up we said,

Tim Chen

Okay.

So these… Edison, both of

Edison Lee

Yeah.

Tim Chen

be the small negligible say, would in …I XXXX. ramp-ups or XXXX, contribution but should within

Edison Lee

So is ramp-up also period projects? these for two years the two

Tim Chen

know, seen Again, least sign commitment just contractually, from actually customers you our at should a we've actually the be talked They can extremely They quite we've up, about. what quickly. will ramp but that customers quick. as

at would these the say, most for I assuming should the projects. So moment, that XXXX ramp-up probably be of within

Edison Lee

Okay. Thank you, Tim.

Tim Chen

welcome. Most Yeah.

Operator

with the Our from Instructions] for [ph] next proceed Daiwa from questions. your Markets. you Thank Please Capital Alex question. the question comes Wang of [Operator line

Unidentified Analyst

management. Thanks

we XX,XXX regarding our question our that So capacity we addition in forecast roughly my plan pipeline, that first currently the capacity But is understand cut XXXX-XXXX addition. near-term. understood I I for

So more And guidance? I to projects say any the run years we on the exciting thing up, change second do June. how color want ramp-up starting so have you two acceleration have spend? in the about from on is utilization Do

utilization the capacity of So utilization more this the rate we wholesale macro could more color period add current situation, to for in have current Thanks. sense existing on about and want for given and current the rate? what's typical service, normalized projects kind I rate,

Tim Chen

you, Alex. Thank

in terms of me pipeline. the Let first take question the

You're correct.

down I in of deliveries think to had from we a range We previously, XX,XXX. [ph] XXXX. X,XXX revise XX.X in XX,XXX cabinet range a down, terms of to did to the

the included our that to But of guidance XX.X [ph] range the you be -- see earlier in You'll uploaded IR is details the so that from the PPT, discussed that we've that on. website. down

and XXXX. pushed we've of that to again some construction projects to the related that see related expect taken You'll demand slowdowns place these, take in out, we being customer back. then some There's to others

in match up and pace waiting customer, we then requirements our of decided then for the the delivery everything to than delivering rather customer have well. with as ramped also And terms cabinets of so the

question, to Samuel, for you. second that I'll can he the For maybe and pass address

Samuel Shen

Yes.

their ramp-up given of up be hit terms from for or and the basically in years to the higher. But wholesale or rates. what is most utilization higher XX% our from to experiences In year, the customers, they customers contract, business we're talking customers, to have the ramp XX% by a within of will basically normally even reality, our even growth two the happened to the hit committed

even period that a digital from retail given year can high MOU to higher have then including And that time, expectation trend a providers, also we're cloud social separately, ramp today, a service of the the up so forecast. for from customer public XX% a the And we current point within talked we and or as about view, transformation two of seeing momentum the platform well.

part uncertain. solid -- So little though ahead But I time. bit pretty in with the of the even would say, the a macro conditions, quarter business is given

Unidentified Analyst

you. Thank

Operator

line comes from Wang next UBS. Sara the Our question Please from of proceed.

Sara Wang

thanks a team for to question. ask and Sam Hi, opportunity the

two I questions. have So

second I the I is, or noticed so what's increase you. split adjusted the magnitude stable -- any the the what's last versus tariff cost quarter? margin EBITDA covenants? Thank just actually delivery the save I in First can means is mean, our of asked on increase? relatively that power and another delivery increase power magnitude And there's if the of of we between area, wholesale still question target tariff the what's retail offset target. stayed what other actually to so

Samuel Shen

question, repeat the Hi, the of part you Sara. again? Can please, first

Sara Wang

Hi.

our between and is The of orders target? split retail first wholesale question the delivery what's

Samuel Shen

Okay. Thank you.

first handle a similar split the between now, retail, still around of that me looking right say we're the that Let wholesale XX-XX. question. and split I'd at

and So we've scale in XX-XX, talked past retail and the about, wholesale retail. the XX-XX being again, then

So we being half up wholesale still be that two-thirds being to in that than related. expect related, same to wholesale the maybe range more

In in terms increases, we go Again, we of earlier by them anywhere cities. the year, X the XX% again, XX% the the the the saw in X majority Tier were Tier the that up of increase from vast of power cities. saw to part

focused in to the incurred there quarter, the in costs year we implement impact on some have much. we the sure help weren't the of In then income, making quarter first margins of we And reasons some and X, quarter did the so tax again, But have rebates that's factored quite as controls. kind full in other cost and And to were impacted there. we second then the some been behind margins. why

do limits be in to general. our helps continue there to offset going how the that fourth much third in that do Hope and we'll costs in can Sara. to increases we So, to are but operating quarter,

Sara Wang

Thank you. Got it.

Operator

of question the of with questions. JPMorgan. Hung next for line Albert comes your the Thank from Please question. The proceed you

Albert Hung

Hi, the a XXXX and margin my half multiyear question be guidance, Thank in first if EBITDA taking the is, Tim. could EBITDA I like you second which a Samuel at My is low. for XX%, question. new look adjusted

now, it the point the revenue or on how in by now structural weakness. margin next long the half, your demand And second in wholesale does for margin that expect drive IDC? also first you one-off spending question not. will mainly still is leading IDC driven the in decline year to implied, half. that Going Does quite did from indicator in looks the how half right will next in weak view, the And our drag average further downside is Historically, and spending IDC, second be of slowdown second pro-based see the recovery the year? Thank we'll you.

Samuel Shen

Albert. you, Thank Okay.

the contacts. me Let and additional part the take help then Tim in chime can first with question, of to maybe

then as think I -- from one-time because depository bank. we very out, so have And the year, and quarter Tim subsidies the quarter much second first annual by of then the on the removing the reimbursement is par. did margin pointed tax thing and the the pretty

can However, half. would got I of in second expense the with to margin first EBITDA is about half aside second that to some cost due see and COVID the half be a fact the guidance, going lockdown ratio. XX% say nutshell, outbreak, the as the to in roughly our a the you revised the from delayed

type. the well engineering expecting of the ahead retail We focusing mainly as of some for on and are revenue cost, customer the then pipeline. as support increased of acquisition Basically, the also some revenue in new invest

our margin that in half. second EBITDA basically And impacts the so

mechanical data or I So asking and electrical in power are up, month tariffs data and upgrade, our it but a about a of not if center still both maintenance is the add P&L. material lot parts, center, really the think although the we analysts even

the in -- and in the on will the do in we're Tim, second We -- we expecting lot second doubt impact expecting basically then half, half. strongly seasonality the take second that's EBITDA you impact continue ratio it's XXXX. on. going And costs to because want have to a the question? of So that the Are basically improvement more so

Tim Chen

started drag of In demands or matching the asking I address into XXXX, of by leading of end indicators. for, of we the of long customer say XXXX. terms that XXXX and had in some of that that half see our the of in wanted being to of shifting capacity about will kind -- think first would is will deliveries how terms already I this the you're some they Samuel that the year of sort this pushed things with initially the alongside into through last

intend it still there So data these is shifted been customers has centers, that backwards. to visibility that require but

that it's in In just more of a would the retail say, ramp-up we've billable ramp-ups, we've lockdowns and which seen, less we of They that sheer a it sort of less certainly slower ramp-up. contributor pace pace scale a similar customer the of We in area of a the in sort larger terms wholesale were second the given would not I lockdowns the that hope half. wholesale slower is the of during I that kind to terms say, customer, seen there cabinets say see versus let's these of not of side. are say steps of times But place. on

during so customers pace actually next more rest resume year a can ramp-up of and into the And this year of then normal

Albert Hung

you. Thank

Samuel Shen

Questions?

Operator

proceed of comes Suisse. Clive question the Cheung with Please next from Credit question. from your Our line

Clive Cheung

my management, taking I question. for Thank questions. you, Hi. have two

demand. The wholesale regarding first is one

existing different So have new guidance? or to is for for ramp-up, number our existing previous you different [Technical had required expectations, guidance customers the of say, versus question. is terms move-ins for one seen in our How that, we the Difficulty] say, previous orders. have That's months

should pick the MSR previously, small upwards term. you. slightly question you them I retail questions. there any is we line trends expect broadly be for should in here, Thank in decline I second up was or still Two a is is running, longer two quarters to The MSR. the in there mentioned quarter-on-quarter. we wondering, see or

Samuel Shen

customers, specifically I customers on basically, so then almost we Clive. the we rates, two lockdowns providers you, say, -- they so of we're requires and social public I when Thank especially customers or impact to not would aside type their talking on move-in we're type impact to and forth. and from business who wholesale data. their from storage talk to I to the store so Their from basis; the and continue proactively think of platforms video them, And COVID-XX say, would a I, grow. difference and plan huge demand and any cloud a forecast and view, for about of the a selection. Tim so service the talked the point wholesale we and weekly not more a do is so site one-time partnership when and participate it And bid, on it like win then, lifetime deal; just is forth. seeing

So, seen rate a again, trend from the from our partnership, moving similar perspective. we've

I, So more to up the when seen Tim ramp what actually two contractual faster than that. from XX%. aside talked years actual the We and commit that's reason say, way we results about, to

do So, one? to with you retail we MOU seeing exactly recurring about. want that the about monthly the two the again, revenue same we Tim, trend talked address as today, the talked for hopefully, we're

Tim Chen

Yes, sure.

of trend recurring figure is revenue, is total We the longer In around you in your correct do quarter-to-quarter, thing Clive, that expect main will these of your to term divided upwards. this the because you're I there whether some which by a remain and see terms statement, is X,XXX. revenue And part monthly that's not or retail-related fluctuation, cabinets. levels absolutely think, we the expect second will

that then services The again, retail the mentioned of And be the value-added the a services to provide, on. some by overall going yes. definitely to contribution larger of the to us allow investments on investments the that's earlier the the services driven and answer side think Samuel MRR. then customers expand to suite is that of will I

quarter-to-quarter-to-quarter, expected to longer-term, again, the that think I X,XXX around roughly but helps. fluctuating hope level. I So up, trend

Clive Cheung

much, Thank very you Thank Samuel you and Tim.

Operator

you for Thank the questions.

with comes of CICC. question Hongjie from Please line proceed the Li your question. of next Your

Hongjie Li

management. my two Hi, I have questions. questions. taking for Thanks

my question wholesale First in and retail utility demand, XXXX? cueing our the like in Thanks. second We're one trend cost. us some the delivery about on plan is future and in recent material detail of is years for shortage. more margin? current regarding and impact And the there's the Is regions CapEx any based could share you the par there on pipeline about a think China, you the and traditional supply utility impact costs

Tim Chen

Yes.

the take me two Let questions.

capacity we In plans I the for XXXX. XXXX capacity of had planned would into year-on-year, that I I on would XXXX, terms and we of, guess, being that say CapEx delivery would shifted fact based the for some the expect less say that as in a terms construction COVID things impact in to and of clearly, XXXX see as hopefully, also the megawatts as ramp in will delays again we as of be XXXX ease, some compared COVID larger year up XXXX. --

And earlier still also, on we year. X expect RMB so be to that this we talked CapEx around about billion spend CapEx

form part future what in likely build additional be will we terms clearly than for it year of into year, in next year, expected Next will higher MOU wins. we the in then latter the but see as well. part Those as the that, then with then also spend terms this especially -- continue to of wins out capacity, of the tender of

half fuel seeing Again, in making terms these there are and terms these that mostly where are in material around are in the the when short-term single cost to there already if a the persist second on around that then purchases if is year. what or -- centers our supply of we're But of basis, views we've time what largely they to not they larger think diesel hope data we largely the in spread throughout these I data last Again, so power uncertainty I center the see. continue provided of covered grid, that to related China, the terms was figure. at that were it start costs from balance power. The shortages the moment, similar were question, China, continued and to and to the expect we of of will helps. market a sure for our power operating become second

Hongjie Li

of End you. Q&A Thank

Operator

joining. concludes Ladies and management the gentlemen, you for today. for Thank conference for that you our Thank answers.

VNET (VNET) 31 Aug 222022 Q2 Earnings call transcript