21Vianet Group, Inc. Reports Unaudited Second Quarter 2021 Financial Results

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BEIJING, Aug. 25, 2021 (GLOBE NEWSWIRE) — 21Vianet Group, Inc. (Nasdaq: VNET) (“21Vianet” or the “Company”), a leading carrier- and cloud-neutral Internet data center services provider in China, today announced its unaudited financial results for the second quarter ended June 30, 2021. The Company will hold a conference call at 8:00 P.M. on Tuesday, August 24, 2021, U.S. Eastern Time to discuss the financial results. Dial-in details are provided at the end of this release.

Second Quarter 2021 Financial Highlights

  • Net revenues in the second quarter of 2021 increased by 30.8% to RMB1.50 billion (US$231.9 million) from RMB1.14 billion in the same period of 2020.
  • Adjusted cash gross profit (non-GAAP) in the second quarter of 2021 increased by 36.9% to RMB640.2 million (US$99.2 million) from RMB467.6 million in the same period of 2020. Adjusted cash gross margin (non-GAAP) in the second quarter of 2021 was 42.8%, compared to 40.9% in the same period of 2020.
  • Adjusted EBITDA (non-GAAP) in the second quarter of 2021 increased by 38.7% to RMB425.1 million (US$65.8 million) from RMB306.4 million in the same period of 2020. Adjusted EBITDA margin (non-GAAP) in the second quarter of 2021 was 28.4%, compared to 26.8% in the same period of 2020.

Second Quarter 2021 Operational Highlights

  • Total cabinets under management net increased by 6,950 to 62,876, as of June 30, 2021, compared to 55,926 as of March 31, 2021, and 44,050 as of June 30, 2020.
  • Retail IDC MRR1 per cabinet was RMB9,015, compared to RMB8,953 in the same period of 2020 and RMB9,144 in the first quarter of 2021.
  • Compound utilization rate was 59.9%, compared to 61.7% in the first quarter of 2021.
    • Utilization rate for mature IDCs, which consisted of IDC deliveries prior to and during 2019, was 76.3%, compared to a utilization rate for mature IDCs of 73.9% in the first quarter of 2021.
    • Utilization rate for ramp-up and newly-built IDCs, which consisted of IDC deliveries in 2020 and 2021, was 29.2%, compared to a utilization rate for ramp-up and newly-built IDCs of 30.6% in the first quarter of 2021.

_______________________
1
Retail IDC MRR: Refers to Monthly Recurring Revenues for the retail IDC business.

Mr. Samuel Shen, Chief Executive Officer and Executive Chairman of Retail IDC, stated, “We are delighted to report another strong quarter. Our dual-core growth engine, diversified customer base, and strong IDC market demand continued to fuel organic growth in our cabinet deliveries for the first half of 2021. Based on our leading market position and dual-core growth engine of retail and wholesale IDC solutions, we are confident that we will acquire more customers from various sectors, further diversify our revenue streams, sustain our growth, and generate lasting shareholder value going forward.”

Mr. Tim Chen, Chief Financial Officer of the Company, commented, “In the second quarter, our net revenues and adjusted EBITDA rose by 30.8% and 38.7% year over year respectively, both exceeding the high end of our previously announced guidance range. Leveraging our strong balance sheet and dual-core growth strategy, we are well-positioned to further capitalize on robust IDC market demand and endorsements from a number of diversified customers to strengthen our leading position in the IDC market and accelerate growth in the quarters ahead.”

Second Quarter 2021 Financial Results

NET REVENUES: Net revenues in the second quarter of 2021 increased by 30.8% to RMB1.50 billion (US$231.9 million) from RMB1.14 billion in the second quarter of 2020, representing an increase of 7.9% from RMB1.39 billion in the first quarter of 2021. This increase was mainly due to the increased revenue from both wholesale and retail IDC customers, as well as the growth of revenue from cloud business.

GROSS PROFIT: Gross profit in the second quarter of 2021 was RMB359.5 million (US$55.7 million), representing an increase of 32.0% from RMB272.3 million in the same period of 2020 and an increase of 11.2% from RMB323.3 million in the first quarter of 2021. Gross margin in the second quarter of 2021 was 24.0%, compared to 23.8% in the same period of 2020 and 23.3% in the first quarter of 2021. The increase in gross margin was primarily attributable to the Company’s continued efforts in improving operational efficiency.

ADJUSTED CASH GROSS PROFIT, which excludes depreciation, amortization, and share-based compensation expenses, was RMB640.2 million (US$99.2 million) in the second quarter of 2021, compared to RMB467.6 million in the same period of 2020 and RMB605.3 million in the first quarter of 2021. Adjusted cash gross margin in the second quarter of 2021 was 42.8%, compared to 40.9% in the same period of 2020 and 43.6% in the first quarter of 2021.

OPERATING EXPENSES: Total operating expenses in the second quarter of 2021 were RMB262.5 million (US$40.7 million), compared to RMB193.5 million in the same period of 2020 and RMB243.2 million in the first quarter of 2021. As a percentage of net revenues, total operating expenses in the second quarter of 2021 were 17.5%, compared to 16.9% in the same period of 2020 and 17.5% in the first quarter of 2021.

Sales and marketing expenses in the second quarter of 2021 were RMB59.6 million (US$9.2 million), compared to RMB51.7 million in the same period of 2020 and RMB74.0 million in the first quarter of 2021.

Research and development expenses in the second quarter of 2021 were RMB38.3 million (US$5.9 million), compared to RMB23.7 million in the same period of 2020 and RMB33.6 million in the first quarter of 2021.

General and administrative expenses in the second quarter of 2021 were RMB154.2 million (US$23.9 million), compared to RMB119.5 million in the same period of 2020 and RMB135.2 million in the first quarter of 2021.

ADJUSTED OPERATING EXPENSES, which exclude share-based compensation expenses and impairment of loan receivable to potential investee, were RMB235.6 million (US$36.5 million) in the second quarter of 2021, compared to RMB182.5 million in the same period of 2020 and RMB212.5 million in the first quarter of 2021. As a percentage of net revenues, adjusted operating expenses in the second quarter of 2021 were 15.7%, compared to 15.9% in the same period of 2020 and 15.3% in the first quarter of 2021.

ADJUSTED EBITDA: Adjusted EBITDA in the second quarter of 2021 was RMB425.1 million (US$65.8 million), representing an increase of 38.7% from RMB306.4 million in the same period of 2020 and an increase of 2.4% from RMB415.1 million in the first quarter of 2021. Adjusted EBITDA in the second quarter of 2021 excluded share-based compensation expenses of RMB27.5 million (US$4.3 million). Adjusted EBITDA margin in the second quarter of 2021 was 28.4%, compared to 26.8% in the same period of 2020 and 29.9% in the first quarter of 2021.

NET PROFIT/LOSS: Net profit attributable to ordinary shareholders in the second quarter of 2021 was RMB455.9 million (US$70.6 million), compared to a net loss of RMB2.12 billion in the same period of 2020 and a net loss of RMB84.7 million in the first quarter of 2021. Net profit attributable to ordinary shareholders in the second quarter of 2021 mainly included changes in the fair value of convertible promissory notes of RMB424.1 million (US$65.7 million) due to the drop in the Company’s stock price.

PROFIT PER SHARE: Basic and diluted profit per share were RMB0.52 (US$0.08) and RMB0.04 (US$0.01) in the second quarter of 2021, respectively, which represent the equivalent of RMB3.12 (US$0.48) and RMB0.24 (US$0.06) per American depositary share (“ADS”), respectively. Each ADS represents six Class A ordinary shares. Diluted profit per share is calculated using net profit attributable to ordinary shareholders divided by the weighted average number of diluted shares outstanding.

As of June 30, 2021, the aggregate amount of the Company’s cash and cash equivalents, restricted cash, and short-term investments was RMB5.03 billion (US$779.7 million).

Net cash generated from operating activities in the second quarter of 2021 was RMB314.8 million (US$48.8 million), compared to RMB161.8 million in the same period of 2020 and RMB274.5 million in the first quarter of 2021.

Financial Outlook

For the third quarter of 2021, the Company expects net revenues to be in the range of RMB1.53 billion to RMB1.55 billion. Adjusted EBITDA is expected to be in the range of RMB420 million to RMB440 million.

For the full year of 2021, the Company expects net revenues to be in the range of RMB6.10 billion to RMB6.30 billion. Adjusted EBITDA is expected to be in the range of RMB1.68 billion to RMB1.78 billion. The midpoints of the Company’s updated estimates imply an increase of 28.4% and 30.7% year over year in net revenues and adjusted EBITDA, respectively.

The forecast reflects the Company’s current and preliminary views on the market and its operational conditions, which do not factor in any of the potential future impacts caused by the ongoing COVID-19 pandemic, and are subject to change.

Conference Call

The Company will hold a conference call at 8:00 P.M. on Tuesday, August 24, 2021, U.S. Eastern Time, or 8:00 A.M. on Wednesday, August 25, 2021 Beijing Time, to discuss the financial results.

In advance of the conference call, all participants must use the following link to complete the online registration process to receive a unique registrant ID and a set of participant dial-in numbers to join the conference call.

Conference ID: 5585337
Registration Link: http://apac.directeventreg.com/registration/event/5585337
   
The replay will be accessible through September 1, 2021, by dialing the following numbers:
   
United States Toll Free: +1-855-452-5696
International:  +61-2-8199-0299
Conference ID: 5585337

A live and archived webcast of the conference call will be available through the Company’s investor relations website at http://ir.21vianet.com.

Non-GAAP Disclosure

In evaluating its business, 21Vianet considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the Securities and Exchange Commission as a supplemental measure to review and assess its operating performance: adjusted cash gross profit, adjusted cash gross margin, adjusted operating expenses, adjusted EBITDA and adjusted EBITDA margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release.

The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the Company’s current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company’s calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.4566 to US$1.00, the noon buying rate in effect on June 30, 2021, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Statement Regarding Unaudited Condensed Financial Information

The unaudited financial information set forth above is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited condensed financial information.

About 21Vianet

21Vianet Group, Inc. is a leading carrier- and cloud-neutral Internet data center services provider in China. 21Vianet provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security and speed of its customers’ Internet infrastructure. Customers may locate their servers and equipment in 21Vianet’s data centers and connect to China’s Internet backbone. 21Vianet operates in more than 20 cities throughout China, servicing a diversified and loyal base of over 6,000 hosting and related enterprise customers that span numerous industries ranging from Internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “target,” “believes,” “estimates” and similar statements. Among other things, quotations from management in this announcement as well as 21Vianet’s strategic and operational plans contain forward-looking statements. 21Vianet may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about 21Vianet’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: 21Vianet’s goals and strategies; 21Vianet’s expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, 21Vianet’s services; 21Vianet’s expectations regarding keeping and strengthening its relationships with customers; 21Vianet’s plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where 21Vianet provides solutions and services. Further information regarding these and other risks is included in 21Vianet’s reports filed with, or furnished to, the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and 21Vianet undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contacts:

21Vianet Group, Inc.
Xinyuan Liu
+86 10 8456 2121
IR@21Vianet.com

Julia Jiang
+86 10 8456 2121
IR@21Vianet.com

ICR, LLC
Robin Yang
+1 (646) 405-4922
IR@21Vianet.com

 
21VIANET GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
  As of     As of
  December 31, 2020     June 30, 2021
  RMB     RMB     US$  
  (Audited)     (Unaudited)     (Unaudited)  
Current assets:                
Cash and cash equivalents 2,710,349     4,603,653     713,015  
Restricted cash 270,450     286,303     44,343  
Accounts and notes receivable, net 847,233     1,243,053     192,524  
Short-term investments 285,872     12,920     2,001  
Prepaid expenses and other current assets 1,866,184     1,819,808     281,853  
Amounts due from related parties 75,519     73,595     11,398  
Total current assets 6,055,607     8,039,332     1,245,134  
                 
Non-current assets:                
Property and equipment, net 8,106,425     8,473,036     1,312,306  
Intangible assets, net 658,195     641,252     99,317  
Land use rights, net 255,373     305,276     47,281  
Operating lease right-of-use assets, net 1,325,526     1,279,138     198,113  
Goodwill 994,993     994,993     154,105  
Restricted cash 135,638     131,534     20,372  
Deferred tax assets 185,481     183,407     28,406  
Long-term investments 135,517     115,515     17,891  
Amounts due from related parties 20,562          
Other non-current assets 1,500,438     1,720,502     266,472  
Total non-current assets 13,318,148     13,844,653     2,144,263  
Total assets 19,373,755     21,883,985     3,389,397  
                 
Liabilities and Shareholders’ Equity                
Current liabilities:                
Short-term bank borrowings 34,000          
Accounts and notes payable 289,387     432,257     66,948  
Accrued expenses and other payables 1,631,563     1,443,884     223,629  
Advances from customers 1,041,594     980,088     151,796  
Deferred revenue 63,245     63,311     9,806  
Income taxes payable 29,028     35,992     5,574  
Amounts due to related parties 51,007     2,595     402  
Current portion of long-term borrowings 180,328     233,448     36,156  
Current portion of finance lease liabilities 403,843     389,000     60,248  
Current portion of deferred government grant 2,074     2,074     321  
Current portion of bonds payable 1,943,619     1,932,905     299,369  
Current portion of operating lease liabilities 452,272     372,007     57,617  
Total current liabilities 6,121,960     5,887,561     911,866  
                 
Non-current liabilities:                
Long-term borrowings 886,996     1,593,557     246,811  
Convertible promissory notes 3,014,057     4,732,739     733,008  
Non-current portion of finance lease liabilities 688,128     1,071,404     165,939  
Unrecognized tax benefits 68,696     71,835     11,126  
Deferred tax liabilities 299,093     293,632     45,478  
Non-current portion of deferred government grant 4,100     3,196     495  
Amounts due to related parties 747,746          
Non-current portion of operating lease liabilities 645,499     946,898     146,656  
Total non-current liabilities 6,354,315     8,713,261     1,349,513  
                 
Shareholders’ equity                
Treasury stock (349,523 )   (349,523 )   (54,134 )
Ordinary shares 56     59     9  
Additional paid-in capital 13,083,119     14,995,378     2,322,488  
Accumulated other comprehensive loss (55,535 )   (63,254 )   (9,797
Statutory reserves 74,462     74,462     11,533  
Accumulated deficit (7,235,113 )   (7,721,978 )   (1,195,982 )
Series A perpetual convertible preferred shares 1,047,468          
Total 21Vianet Group, Inc. shareholders’ equity 6,564,934     6,935,144     1,074,117  
Noncontrolling interest 332,546     348,019     53,901  
Total shareholders’ equity 6,897,480     7,283,163     1,128,018  
Total liabilities and shareholders’ equity 19,373,755     21,883,985     3,389,397  
                 
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21VIANET GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)
                 
  Three months ended
    Six months ended
 
  June 30, 2020     March 31, 2021     June 30, 2021        June 30, 2020     June 30, 2021     
  RMB     RMB     RMB     US$     RMB     RMB     US$  
  (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Net revenues 1,144,061     1,386,923     1,496,978     231,852     2,234,858     2,883,901     446,659  
Cost of revenues (871,729 )   (1,063,611 )   (1,137,463 )   (176,171 )   (1,728,415 )   (2,201,074 )   (340,903 )
Gross profit 272,332     323,312     359,515     55,681     506,443     682,827     105,756  
                                         
Operating expenses                                        
Sales and marketing (51,652 )   (73,976 )   (59,589 )   (9,229 )   (100,362 )   (133,565 )   (20,687 )
Research and development (23,665 )   (33,565 )   (38,296 )   (5,931 )   (44,649 )   (71,861 )   (11,130 )
General and administrative (119,494 )   (135,246 )   (154,243 )   (23,889 )   (244,696 )   (289,489 )   (44,836 )
Reversal (allowance) for doubtful debt 1,338     (393 )   (7,527 )   (1,166 )   (1,183 )   (7,920 )   (1,227 )
Impairment of loan receivable to potential investee         (2,816 )   (436 )       (2,816 )   (436 )
Total operating expenses (193,473 )   (243,180 )   (262,471 )   (40,651 )   (390,890 )   (505,651 )   (78,316 )
                                         
Operating profit 78,859     80,132     97,044     15,030     115,553     177,176     27,440  
Interest income 11,713     5,709     8,103     1,255     21,095     13,812     2,139  
Interest expense (102,742 )   (84,479 )   (87,095 )   (13,489 )   (205,000 )   (171,574 )   (26,573 )
Other income 8,197     2,172     5,263     815     9,056     7,435     1,152  
Other expense (2,158 )   (3,422 )   (11,872 )   (1,839 )   (23,991 )   (15,294 )   (2,369 )
Changes in the fair value of convertible promissory notes (1,612,054 )   (8,641 )   424,107     65,686     (1,612,054 )   415,466     64,347  
Foreign exchange gain (loss) 275     (33,846 )   78,026     12,085     (41,472 )   44,180     6,843  
(Loss) gain before income tax and loss from equity method investments (1,617,910 )   (42,375 )   513,576     79,543     (1,736,813 )   471,201     72,979  
Income tax expenses (20,410 )   (37,299 )   (29,499 )   (4,569 )   (42,896 )   (66,798 )   (10,346 )
Loss from equity method investments (10,457 )   (1,305 )   (23,605 )   (3,656 )   (6,590 )   (24,910 )   (3,858 )
Net (loss) profit (1,648,777 )   (80,979 )   460,472     71,318     (1,786,299 )   379,493     58,775  
Net gain attributable to noncontrolling interest (3,573 )   (3,680 )   (4,620 )   (716 )   (4,814 )   (8,300 )   (1,286 )
Net (loss) profit attributable to 21Vianet Group, Inc (1,652,350 )   (84,659 )   455,852     70,602     (1,791,113 )   371,193     57,489  
Deemed distribution to Series A perpetual convertible preferred shareholders (470,643 )               (470,643 )        
Net (loss) profit attributable to the Company’s ordinary shareholders (2,122,993 )   (84,659 )   455,852     70,602     (2,261,756 )   371,193     57,489  
                                         
(Loss) profit per share                                        
Basic (3.21 )   (0.10 )   0.52     0.08     (3.42 )   0.42     0.07  
Diluted (3.21 )   (0.10 )   0.04     0.01     (3.42 )   (0.05 )   (0.01 )
Shares used in (loss) profit per share computation                                        
Basic* 660,949,226     860,540,297     869,645,966     869,645,966     660,543,890     863,960,057     863,960,057  
Diluted* 660,949,226     860,540,297     905,446,557     905,446,557     660,543,890     905,136,178     905,136,178  
                                         
(Loss) profit per ADS (6 ordinary shares equal to 1 ADS)                                        
Basic (19.26 )   (0.60 )   3.12     0.48     (20.52 )   2.52     0.42  
Diluted (19.26 )   (0.60 )   0.24     0.06     (20.52 )   (0.30 )   (0.06 )
                 
* Shares used in (loss) profit per share/ADS computation were computed under weighted average method.          
                 
21VIANET GROUP, INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
                 
  Three months ended
    Six months ended
 
  June 30, 2020     March 31, 2021     June 30, 2021           June 30, 2020     June 30, 2021        
  RMB     RMB     RMB     US$     RMB     RMB     US$  
Gross profit 272,332     323,312     359,515     55,681     506,443     682,827     105,756  
Plus: depreciation and amortization 194,651     277,851     277,288     42,946     377,207     555,139     85,980  
Plus: share-based compensation expenses 569     4,126     3,444     533     1,029     7,570     1,172  
Adjusted cash gross profit 467,552     605,289     640,247     99,160     884,679     1,245,536     192,908  
Adjusted cash gross margin 40.9 %   43.6 %   42.8 %   42.8 %   39.6 %   43.2 %   43.2 %
                 
Operating expenses (193,473 )   (243,180 )   (262,471 )   (40,651 )   (390,890 )   (505,651 )   (78,316 )
Plus: share-based compensation expenses 11,005     30,729     24,063     3,727     30,633     54,792     8,486  
Plus: impairment of loan receivable to potential investee         2,816     436         2,816     436  
Adjusted operating expenses (182,468 )   (212,451 )   (235,592 )   (36,488 )   (360,257 )   (448,043 )   (69,394 )
                                         
Operating profit 78,859     80,132     97,044     15,030     115,553     177,176     27,440  
Plus: depreciation and amortization 215,981     300,105     297,738     46,114     418,588     597,843     92,594  
Plus: share-based compensation expenses 11,574     34,855     27,507     4,260     31,662     62,362     9,659  
Plus: impairment of loan receivable to potential investee         2,816     436         2,816     436  
Adjusted EBITDA 306,414     415,092     425,105     65,840     565,803     840,197     130,129  
Adjusted EBITDA margin 26.8 %   29.9 %   28.4 %   28.4 %   25.3 %   29.1 %   29.1 %
                 
21VIANET GROUP, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
         
  Three months ended
 
  June 30, 2020     March 31, 2021     June 30, 2021        
  RMB     RMB     RMB     US$  
  (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
CASH FLOWS FROM OPERATING ACTIVITIES                      
Net (loss) profit (1,648,777 )   (80,979 )   460,472     71,318  
Adjustments to reconcile net (loss) profit to net cash generated from operating activities:                      
    Depreciation and amortization 215,981     300,105     297,738     46,114  
    Stock-based compensation expenses 11,574     34,855     27,507     4,260  
    Others 1,776,114     186,399     (344,711 )   (53,389 )
Changes in operating assets and liabilities        
    Accounts and notes receivable (79,036 )   (203,432 )   (198,696 )   (30,774 )
    Prepaid expenses and other current assets (126,703 )   (195,171 )   324,091     50,195  
    Accounts and notes payable (37,021 )   108,832     34,035     5,271  
    Accrued expenses and other payables 41,951     123,047     (1,761 )   (273 )
    Deferred revenue (18,731 )   (4,162 )   4,228     655  
    Advances from customers 29,340     119,045     (180,551 )   (27,964 )
    Others (2,905 )   (114,086 )   (107,546 )   (16,657 )
Net cash generated from operating activities 161,787     274,453     314,806     48,756  
                       
CASH FLOWS FROM INVESTING ACTIVITIES                      
Purchases of property and equipment (478,231 )   (675,486 )   (430,071 )   (66,610 )
Purchases of intangible assets (15,707 )   (7,522 )   (17,672 )   (2,737 )
Proceeds from investments 68,989     61,432     139,711     21,638  
Proceeds from (payments for) other investing activities 9,484     761     (214,308 )   (33,192 )
Net cash used in investing activities (415,465 )   (620,815 )   (522,340 )   (80,901 )
                       
CASH FLOWS FROM FINANCING ACTIVITIES                      
Proceeds from bank borrowings 219,978     718,636     33,623     5,208  
Repayments of bank borrowings (16,000 )   (34,000 )   (30,300 )   (4,693 )
Payments for finance lease (73,165 )   (110,480 )   (241,709 )   (37,436 )
Proceed from issuance of convertible promissory notes 509,577     3,797,090          
Proceed from Series A perpetual convertible preferred shares 1,058,325              
Payment for shares repurchase         (1,701,807 )   (263,576 )
Proceeds from (payments for) other financing activities 107,796     (29,387 )   52,418     8,120  
Net cash generated from (used in) financing activities 1,806,511     4,341,859     (1,887,775 )   (292,377 )
         
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 10,778     65,770     (60,905 )   (9,433 )
Net increase (decrease) in cash, cash equivalents and restricted cash 1,563,610     4,061,267     (2,156,214 )   (333,955 )
Cash, cash equivalents and restricted cash at beginning of period 3,258,757     3,116,437     7,177,704     1,111,685  
Cash, cash equivalents and restricted cash at end of period 4,822,367     7,177,704     5,021,490     777,730  
                       

21Vianet Group, Inc. Reports Unaudited Second Quarter 2021 Financial Results Source

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