GlobeNewswire Inc | Mar 24, 2021 05:02PM EDT

March 24, 2021

Fourth quarter and Full Year Financial and Operating Highlights

-- Customer diversification further expanded. The Company received over 45 IT MW of newly contracted and indication of interest (IOI) orders from top global cloud companies in the fourth quarter of 2020.

-- Regional expansion in progress. The Company received over 40 IT MW of IOI orders and 26.35 IT MW of newly contracted orders for its Southeast Asia facilities from anchor tenants in the fourth quarter of 2020, further validating its next-generation hyperscale model. -- Financial performance excelled. The Company achieved strong growth momentum and industry-leading profitability in this quarter. Total revenues and adjusted EBITDA for 2020 exceeded the Companys previous guidance range. Full-year revenues increased by 114.7% year-on-year to RMB1.8 billion (USD275.7 million). Full-year adjusted EBITDA increased by 186.4% year over year to RMB852.2 million (USD130.6 million). Adjusted net income in the fourth quarter was positive for the sixth consecutive quarter.

BEIJING, March 24, 2021 (GLOBE NEWSWIRE) -- Chindata Group Holdings Limited (Chindata Group or the Company) (Nasdaq: CD), a leading carrier-neutral hyperscale data center solution provider in Asia-Pacific emerging markets, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2020. To supplement the Companys consolidated financial results presented in accordance with U.S. GAAP, Chindata Group uses adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income margin as non-GAAP financial measures, which are described further below.

Management Quote

Mr. Jing Ju, Chief Executive Officer of Chindata Group, commented, With great pleasure, Chindata remains devoted to the development of hyperscale computing infrastructure, where energy and digits converge. We continued to uphold our values of sustainability and inclusiveness, propelling the prosperity of the digital ecosystem throughout the Asia-Pacific emerging markets region. These values and goals were the origin of where Chindata started its journey, as well as our ultimate mission that we are working towards achieving.

Along with our rapid business growth in 2020, we have also improved our percentage of renewable energy usage to approximately 51%, which is a 14% increase compared to 37% in 2019. This improvement has made Chindata the digital technology company with the best green performance in China. We are also honored to be the pioneer of the industry with our carbon neutral roadmap.

Extending our three core corporate capabilities, we established three subgroups, namely Chindustry, Chinpower, and Chinidea, in the fourth quarter of 2020. We expect this move to further strengthen Chindatas cost and technical advantages, while allowing us to better serve digital leaders and provide the industry with next-generation computing infrastructure solutions with greater diversification and better cost-efficiency.

In 2021, we will remain focused on capability building to lead the industry toward the universal objective on carbon neutrality and to promote the high-quality development of green digital community.

Mr. Dongning Wang, Chief Financial Officer of Chindata Group, commented, Our outstanding financial performance in 2020 further demonstrates the effectiveness and competitiveness of our business model. During the year, while our business achieved rapid growth, our profitability was also among the top performances of the industry. Meanwhile, our full year total revenues and adjusted EBITDA exceeded our previous guidance range. Our full year total revenues increased by 114.7% year over year to RMB1.8 billion and our adjusted EBITDA increased by 186.4% year over year to RMB852.2 million. We also recorded our sixth consecutive quarter of positive adjusted net income in the fourth quarter. We plan to further diversify our financing channels throughout 2021. At the same time, we will leverage the industrys growth and our capital resources to maintain our accelerated development and strong profitability.

Business Highlights

Asset OverviewThe Company delivered two new data centers in the fourth quarter of 2020, which grew the Companys total in-service capacity by 43 IT MW quarter over quarter to 291 IT MW, with 92% of such capacity being contracted or having received IOI orders. By the end of the fourth quarter of 2020, the Company had a total of 198 IT MW capacity under construction, with 81% of such capacity being contracted or having received IOI orders.

Sales MomentumThe Company continued to achieve positive results in various regions. In China, the Company improved its customer diversification and secured an IOI order of 13 IT MW from a new customer. Meanwhile, the Company also secured IOI orders for an additional 6 IT MW from an existing anchor customer.

In Southeast Asia, the Company secured IOI orders for more than 40MW of capacity from an anchor tenant. Existing customers in the region also provided the Company with positive feedback, and expanded their cooperation with the Company to include contracts for an additional 16.35 IT MW at the Companys Malaysian projects and an additional 10 IT MW at the Companys Indian project.

Establishment of Three Business SubgroupsIn the fourth quarter of 2020, the Company established three subgroups: Chindustry, Chinpower, and Chinidea.

ChindustryChindustry maintains an in-house team with comprehensive design, construction, and project management capabilities. The team is transforming its unique full-stack greenfield development capabilities for next-generation hyperscale datacenters into future-oriented digital infrastructure service capability so as to better serve digital leaders and other customers, and is striving to become a leading development and construction partner for digital infrastructure.

Chinpower Chinpower is committed to bringing China's data center industry into the era of zero carbon. By utilizing its power solutions, Chinpower will accelerate the Internet energy revolution and help China to advance towards its 2060 carbon neutrality goal.

Chinpower has signed a total capacity of 1,300MW of wind and solar power development agreements in Chinas Hebei and Shanxi provinces, where there is an abundance of renewable energy resource. Chinpower has also launched a 150MW photovoltaic power generation project, which is expected to be the first self-generation-self-consumption photovoltaic power project in China.

Chinpower is also dedicated to the construction and development of highly reliable and scalable power solution. As of December 31, 2020, the total installed capacity of self-built substations of the Company in operation was 252MW, the total installed capacity of substations for temporary use was 31.5MW, and the total installed capacity of substations under construction was 441MW.

ChinideaThe construction of the Chinidea high-end equipment manufacturing campus was launched in the fourth quarter of 2020. It is expected to be Chinas first intelligent equipment manufacturing plant in the data center industry. Going forward, Chinidea is dedicated to pursuing improved independence for critical technologies in the computing infrastructure, to promote the white-labeling of key digital infrastructure equipment, and to constantly deliver products with greater efficiency, higher quality and better cost-efficiency.

ESGAs a pioneer in green and sustainable development, the Company achieved several positive milestones in clean energy usage during the fourth quarter and full year of 2020, including becoming:

-- China's first data center company with announced power usage exceeding 1 billion kWh; -- China's first data center company with more than 50% clean energy in its procured power capacity; -- China's first Internet technology company to formulate a detailed roadmap for carbon neutrality.

Fourth Quarter 2020 Financial Results Summary

TOTAL REVENUES

Total revenues in the fourth quarter of 2020 increased by 59.2% to RMB553.0 million (US$84.7 million) from RMB347.4 million in the same period of 2019, primarily driven by the robust growth of the Companys colocation services.

COST OF REVENUE

In line with the Companys revenue growth, total cost of revenues in the fourth quarter of 2020 increased by 40.5% to RMB326.9 million (US$50.1 million) from RMB232.7 million in the same period of 2019, mainly driven by increases in utility costs, depreciation and amortization expenses and share-based compensation costs.

GROSS PROFIT

Gross profit in the fourth quarter of 2020 increased by 97.2% to RMB226.1 million (US$34.7 million) from RMB114.7 million in the same period of 2019. Gross margin in the fourth quarter of 2020 expanded to 40.9% from 33.0% in the same period of 2019.

OPERATING EXPENSES

Total operating expenses in the fourth quarter of 2020 increased by 81.8% to RMB161.4 million (US$24.7 million) from RMB88.8 million in the same period of 2019.

-- Selling and marketing expenses in the fourth quarter of 2020 increased by 91.5% to RMB27.6 million (US$4.2 million) from RMB14.4 million in the same period of 2019, primarily due to more marketing activities and share-based compensation expenses as the Company continued to expand its business. -- General and administrative expenses in the fourth quarter of 2020 increased by 93.3% to RMB121.0 million (US$18.5 million) from RMB62.6 million in the same period of 2019, primarily due to higher share-based compensation expenses. -- Research and development expenses in the fourth quarter of 2020 increased by 9.1% to RMB12.9 million (US$2.0 million) from RMB11.8 million in the same period of 2019, primarily due to higher personnel costs as the Company continued to invest in its research and development initiatives to further enhance its service offerings.

OPERATING INCOME

As a result of the foregoing, operating income in the fourth quarter of 2020 increased by 150.0% to RMB64.7 million (US$9.9 million), from RMB25.9 million in the same period of 2019.

NET LOSS

Net loss in the fourth quarter of 2020 was RMB27.1 million (US$4.2 million), compared to RMB29.1 million in the same period of 2019.

NET LOSS PER ADS

Basic and diluted net loss per American Depositary Share ("ADS") in the fourth quarter of 2020 were RMB0.08 (US$0.02). Basic and diluted net loss per share were RMB0.04 (US$0.01). Each ADS represents two of the Company's Class A ordinary shares.

ADJUSTED EBITDA

Adjusted EBITDA in the fourth quarter of 2020 increased by 72.0% to RMB239.4 million (US$36.7 million) from RMB139.2 million in the same period of 2019. Adjusted EBITDA is defined as net loss excluding depreciation and amortization, interest income and expenses, income tax (benefits) expenses, share-based compensation, expense related to the reorganization, management consulting services fee, change in fair value of financial instruments, foreign exchange (gain) loss and non-cash operating lease cost relating to prepaid land use rights.

Adjusted EBITDA margin in the fourth quarter of 2020 was 43.3%, compared with 40.1% in the same period of 2019 and 48.8% in the third quarter of 2020.

ADJUSTED NET INCOME

Adjusted net income was RMB58.0 million (US$8.9 million) in the fourth quarter of 2020, compared with RMB1.4 million in the same period 2019, representing a year-over-year increase of 4191.6%. Adjusted net income is defined as net income excluding share-based compensation, expense related to the Reorganization, management consulting services fee, and depreciation and amortization of fixed assets and intangible assets resulting from business combination, as adjusted for the tax effects on Non-GAAP adjustments.

BALANCE SHEET

As of December 31, 2020, the Company had cash and cash equivalents and restricted cash of RMB6.9 billion (US$1.1 billion), compared to cash and cash equivalents and restricted cash of RMB1.1 billion as of December 31, 2019 and RMB3.5 billion as of September 30, 2020.

Full Year 2020 Financial Results Summary

TOTAL REVENUES

Total revenues in fiscal year 2020 increased by 114.7% to RMB1,831.1 million (US$280.6 million) from RMB853.0 million in fiscal year 2019, primarily driven by the robust growth of the Companys colocation services in the period.

COST OF REVENUE

In line with the Companys revenue growth, total cost of revenues in fiscal year 2020 increased by 80.0% to RMB1,098.3 million (US$168.3 million) from RMB610.2 million in fiscal year 2019, mainly driven by the increases in utility costs, depreciation and amortization expenses and share-based compensation costs.

GROSS PROFIT

Gross profit in fiscal year 2020 increased by 201.8% to RMB732.8 million (US$112.3 million) from RMB242.8 million in fiscal year 2019. Gross margin in fiscal year 2020 expanded to 40.0% from 28.5% in fiscal year 2019.

OPERATING EXPENSES

Total operating expenses in fiscal year 2020 increased by 131.1% to RMB704.6 million (US$108.0 million) from RMB304.8 million in fiscal year 2019.

-- Selling and marketing expenses in fiscal year 2020 increased by 108.6% to RMB99.1 million (US$15.2 million) from RMB47.5 million in fiscal year 2019, primarily due to more marketing activities and share-based compensation expenses as the Company continued to expand its business. -- General and administrative expenses in fiscal year 2020 increased by 142.4% to RMB564.3 million (US$86.5 million) from RMB232.8 million in fiscal year 2019. This increase was mainly driven by higher share-based compensation expenses during the year and one-off management consulting services fee incurred in the third quarter. -- Research and development expenses in fiscal year 2020 increased by 68.0% to RMB41.2 million (US$6.3 million) from RMB24.5 million in fiscal year 2019, mostly due to higher personnel costs as the Company continued to invest in its research and development initiatives to further enhance its service offerings.

OPERATING INCOME

Operating income in fiscal year 2020 was RMB28.2 million (US$4.3 million), compared with operating loss of RMB62.1 million in fiscal year 2019.

NET LOSS

Net loss in fiscal year 2020 was RMB283.3 million (US$43.4 million), compared with RMB169.7 million in fiscal year 2019.

NET LOSS PER ADS

Basic and diluted net loss per ADS in fiscal year 2020 were RMB0.92 (US$0.14). Basic and diluted net loss per share were RMB0.46 (US$0.07). Each ADS represents two of the Company's Class A ordinary shares.

ADJUSTED EBITDA

Adjusted EBITDA in fiscal year 2020 increased by 186.4% to RMB852.2 million (US$130.6 million), from RMB297.5 million in fiscal year 2019. Adjusted EBITDA margin in fiscal year 2020 was 46.5%, compared with 34.9% in fiscal year 2019.

ADJUSTED NET INCOME

Adjusted net income was RMB174.9 million (US$26.8 million) in fiscal year 2020, compared with adjusted net loss of RMB25.5 million in the fiscal year 2019.

2021 Business Outlook

TOTAL REVENUES

-- RMB 2,700 million RMB 2,780 million, representing a 47.5-51.8% increase from the same period of 2020.

ADJUSTED EBITDA

-- RMB 1,280 million RMB 1,330 million, representing a 50.2-56.1% increasefrom the same period of 2020.

These forecasts reflect the Companys current and preliminary views on the market and operational conditions, which are subject to change.

Conference Call Information

The Company will hold a conference call on Thursday, March 25, 2021, at 8:30 A.M. Eastern Time (or 8:30 P.M. Beijing Time on the same day) 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: 8773029 Registration Link: http://apac.directeventreg.com/registration/event/8773029

The replay will be accessible through April 2, 2021, by dialing the following numbers:

United States Toll Free: +1-855-452-5696International: +61-2-8199-0299Mainland China: 4006-322162Hong Kong: 800-963117Conference ID: 8773029

A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://investor.chindatagroup.com/.

Investor Presentation and Supplemental Financial Information

The Company has made available on its website a presentation designed to accompany the discussion of Chindata Group's results and future outlook, along with certain supplemental financial information and other data. Interested parties may access this information through the Chindata Group Investor Relations website at https://investor.chindatagroup.com/.

About Chindata Group

Chindata Group is a leading carrier-neutral hyperscale data center solution provider in Asia-Pacific emerging markets and a first mover in building next-generation hyperscale data centers in China, India and Southeast Asia markets, focusing on the whole life cycle of facility planning, investment, design, construction and operation of ecosystem infrastructure in the IT industry. Chindata Group provides its clients with business solutions in major countries and regions in Asia-Pacific emerging markets, including asset-heavy ecosystem chain services such as industrial bases, data centers, network and IT value-added services.

Chindata Group operates two sub-brands: "Chindata" and "Bridge Data Centres". Chindata operates hyper-density IT cluster infrastructure in the Greater Beijing Area, the Yangtze River Delta Area and the Greater Bay Area, the three key economic areas in China, and has become the engine of the regional digital economies. Bridge Data Centres, with its top international development and operation talents in the industry, owns fast deployable data center clusters in Malaysia and India, and seeks business opportunities in other Asia-Pacific emerging markets.

Use of Non-GAAP Financial Measures

To supplement Chindata Groups consolidated financial results presented in accordance with U.S. GAAP, Chindata Group uses adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income margin as non-GAAP financial measure. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

The Company believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating its operating results as they do not include all items that impact its net loss or income for the period, and are presented to enhance investors overall understanding of the Companys financial performance. A limitation of using the non-GAAP financial measure is that the non-GAAP measure exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Companys results of operations. The non-GAAP financial measure presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Companys data.

Exchange Rate Information

Unless otherwise stated, all translations from Renminbi into U.S. dollars were made at RMB6.5250 to US$1.00, the noon buying rate on December 31, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board. The percentages stated in this press release are calculated based on the RMB amounts.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as will, expects, anticipates, aims, future, intends, plans, believes, estimates, confident, potential, continue or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as Chindata Groups strategic and operational plans, contain forward-looking statements. Chindata Group may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the SEC), in its annual report 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 but not limited to statements about Chindata Groups 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: Chindata Groups goals and strategies; its future business development, financial condition and results of operations; the expected growth and competition of the data center and IT market; its ability to generate sufficient capital or obtain additional capital to meet its future capital needs; its ability to maintain competitive advantages; its ability to keep and strengthen its relationships with major clients and attract new clients; its ability to locate and secure suitable sites for additional data centers on commercially acceptable terms; government policies and regulations relating to Chindata Groups business or industry; general economic and business conditions in the regions where Chindata Group operates and globally and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Chindata Groups filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Chindata Group undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For Enquiries, Please Contact:

Ms. Joy ZhangZhuo.zhang@chindatagroup.com

Ms. Xiaolin Zhaoxiaolin.zhao@chindatagroup.com

Chindata IR Teamir@chindatagroup.com

CHINDATAGROUPHOLDINGSLIMITED

UNAUDITEDCONDENSEDCONSOLIDATEDBALANCESHEETS

(AmountinthousandsofRenminbi(RMB)andUSdollars(US$))

As of December As of December 31, 2020 31, 2019 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 1,038,897 6,705,612 1,027,680 Restricted cash 14,365 102,598 15,724 Accounts receivable, net 304,695 422,224 64,709 Value added taxes recoverable 80,715 182,982 28,043 Prepayments and other current 134,459 176,560 27,057 assetsTotal current assets 1,573,131 7,589,976 1,163,213 Non-current assets Property and equipment, net 4,404,587 6,423,830 984,495 Operating lease right-of-use 430,288 635,683 97,423 assetsFinance lease right-of-use 155,347 144,615 22,163 assetsGoodwill and intangible 827,069 793,182 121,560 assets, netRestricted cash 66,578 103,253 15,824 Value added taxes recoverable 247,851 357,125 54,732 Other non-current assets 66,332 211,934 32,480 Total non-current assets 6,198,052 8,669,622 1,328,677 Total assets 7,771,183 16,259,598 2,491,890 LIABILITIES AND SHAREHOLDERS? EQUITYCurrent liabilities Short-term bank loans andcurrent portion of long-term 63,347 296,913 45,504 bank loansAccounts payable 959,372 1,186,030 181,767 Current portion of operating 37,767 40,131 6,150 lease liabilitiesCurrent portion of finance 5,485 4,906 752 lease liabilitiesAccrued expenses and other 200,808 304,960 46,737 current liabilitiesTotal current liabilities 1,266,779 1,832,940 280,910 Non-current liabilities Long-term bank loans 2,692,154 3,892,120 596,493 Operating lease liabilities 217,523 204,305 31,311 Finance lease liabilities 61,161 59,986 9,193 Other non-current liabilities 296,393 530,779 81,345 Total non-current liabilities 3,267,231 4,687,190 718,342 Total liabilities 4,534,010 6,520,130 999,252 Shareholders? equity: Ordinary shares 34 46 7 Additional paid-in capital 3,512,291 10,510,516 1,610,807 Statutory reserves 13,908 82,792 12,688 Accumulated other 40,011 (172,586 ) (26,450 )comprehensive income (loss)Accumulated deficit (329,071 ) (681,300 ) (104,414 )Total shareholders? equity 3,237,173 9,739,468 1,492,638 Total liabilities and 7,771,183 16,259,598 2,491,890 shareholders? equity

CHINDATAGROUPHOLDINGSLIMITED

UNAUDITEDCONDENSEDCONSOLIDATEDSTATEMENTSOFCOMPREHENSIVE INCOME (LOSS)

(AmountinthousandsofRenminbi(RMB)andUSdollars(US$))

For the three months ended For the year ended December31, September30, December 31, December31, December31, December 31, 2019 2020 2020 2019 2019 (Pro 2020 forma^(1)) RMB RMB RMB US$ RMB RMB RMB US$ Revenue 347,385 467,484 552,989 84,749 853,010 1,098,383 1,831,077 280,625 Cost of revenue (232,716 ) (277,157 ) (326,874 ) (50,096 ) (610,221 ) (749,034 ) (1,098,296 ) (168,321 )Gross profit 114,669 190,327 226,115 34,653 242,789 349,349 732,781 112,304 Operating expenses Selling and marketing (14,414 ) (34,475 ) (27,601 ) (4,230 ) (47,496 ) (62,816 ) (99,092 ) (15,187 )expensesGeneral and (62,588 ) (259,679 ) (120,954 ) (18,537 ) (232,837 ) (238,828 ) (564,286 ) (86,481 )administrative expensesResearch and development (11,789 ) (12,513 ) (12,864 ) (1,971 ) (24,510 ) (32,817 ) (41,175 ) (6,310 )expensesTotal operating expenses (88,791 ) (306,667 ) (161,419 ) (24,738 ) (304,843 ) (334,461 ) (704,553 ) (107,978 )Operating income (loss) 25,878 (116,340 ) 64,696 9,915 (62,054 ) 14,888 28,228 4,326 Interest income 3,271 6,280 17,317 2,654 7,161 8,491 27,616 4,232 Interest expense (52,354 ) (60,915 ) (59,841 ) (9,171 ) (102,290 ) (124,111 ) (238,384 ) (36,534 )Foreign exchange loss (349 ) (1,293 ) (3,036 ) (465 ) (2,438 ) (2,438 ) (3,548 ) (544 )Changes in fair value of (7,926 ) (9,965 ) (4,218 ) (646 ) (11,189 ) (11,189 ) (12,717 ) (1,949 )financial instrumentsOthers, net 1,996 1,894 (19,968 ) (3,060 ) (633 ) (283 ) (17,201 ) (2,636 )Loss before income taxes (29,484 ) (180,339 ) (5,050 ) (773 ) (171,443 ) (114,642 ) (216,006 ) (33,105 )Income tax benefit 356 (16,454 ) (22,071 ) (3,383 ) 1,742 (18,287 ) (67,339 ) (10,320 )(expense)Net loss (29,128 ) (196,793 ) (27,121 ) (4,156 ) (169,701 ) (132,929 ) (283,345 ) (43,425 )Less: Net incomeattributable ? ? ? ? 4,742 8,816 ? ? tonon-controllinginterestsNet loss attributable toChindata Group Holdings (29,128 ) (196,793 ) (27,121 ) (4,156 ) (174,443 ) (141,745 ) (283,345 ) (43,425 )LimitedNet loss per share: Basic and diluted (0.05 ) (0.33 ) (0.04 ) (0.01 ) (0.44 ) (0.46 ) (0.07 )Other comprehensiveincome (loss),net of tax of nil:Foreign currencytranslation 33,123 2,363 (173,959 ) (26,660 ) 21,967 (212,597 ) (32,582 )adjustmentsComprehensive income 3,995 (194,430 ) (201,080 ) (30,816 ) (147,734 ) (495,942 ) (76,007 )(loss)Less: Comprehensiveincomeattributable to ? ? ? ? 4,742 ? ? non-controllinginterestsComprehensive income(loss)attributable to 3,995 (194,430 ) (201,080 ) (30,816 ) (152,476 ) (495,942 ) (76,007 )Chindata Group HoldingsLimited

Note: Pro forma is defined as the presentation basis to reflect the combined(1) results of operations of the Group and China business as if the combination had occurred as of January 1, 2019.

CHINDATAGROUPHOLDINGSLIMITED

UNAUDITEDCONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWS

(AmountinthousandsofRenminbi(RMB)andUSdollars(US$))

For the three months ended For the year ended December31, September30, December31, December31, December31, 2019 2020 2020 2019 2020 RMB RMB RMB US$ RMB RMB US$ Net loss (29,128 ) (196,793 ) (27,121 ) (4,156 ) (169,701 ) (283,345 ) (43,425 )Depreciation and 88,797 102,319 116,951 17,924 241,175 410,694 62,942 amortizationShare-based 17,884 173,512 75,010 11,496 63,746 349,846 53,616 compensationAmortization ofdebt issuance 5,066 12,003 8,706 1,334 10,887 33,455 5,127 costOthers 14,452 (8,447 ) 32,926 5,046 22,382 24,220 3,712 Changes inoperating assets (141,466 ) 55,887 11,620 1,781 (128,322 ) 130,040 19,930 and liabilitiesNet cash (usedin) generated (44,395 ) 138,481 218,092 33,425 40,167 664,910 101,902 from operatingactivitiesPurchases ofproperty andequipment and (742,040 ) (804,889 ) (818,637 ) (125,462 ) (1,611,253 ) (2,424,647 ) (371,593 )intangibleassetsPurchase of land (6,635 ) (160,879 ) (93,272 ) (14,295 ) (30,346 ) (287,630 ) (44,081 )use rightsCash paid forequityinvestment and ? ? (56,992 ) (8,734 ) (1,879,040 ) (56,992 ) (8,734 )businesscombination,netof cash acquiredNet cash used ininvesting (748,675 ) (965,768 ) (968,901 ) (148,491 ) (3,520,639 ) (2,769,269 ) (424,408 )activitiesNet proceedsfrom financing 983,384 2,498,256 4,399,707 674,285 4,456,328 8,188,802 1,254,989 activitiesNet cashgenerated from 983,384 2,498,256 4,399,707 674,285 4,456,328 8,188,802 1,254,989 financingactivitiesExchange rateeffect on cash,cash equivalents 24,612 (60,708 ) (235,101 ) (36,032 ) (719 ) (292,820 ) (44,878 )and restrictedcashNet increase incash, cash 214,926 1,610,261 3,413,797 523,187 975,137 5,791,623 887,605 equivalents andrestricted cashCash, cashequivalents andrestricted cash 904,914 1,887,405 3,497,666 536,041 144,703 1,119,840 171,623 atbeginning ofperiod/yearCash, cashequivalents andrestricted cash 1,119,840 3,497,666 6,911,463 1,059,228 1,119,840 6,911,463 1,059,228 at end ofperiod/year

CHINDATAGROUPHOLDINGSLIMITED

UNAUDITEDRECONCILIATIONSOFGAAPANDNON-GAAPRESULTS

(AmountinthousandsofRenminbi(RMB)andUSdollars(US$)exceptforpercentagedata)

For the three months ended For the year ended December31, September30, December 31, December31, December31, December31, 2019 2020 2020 2019 2019 (Pro 2020 forma) RMB RMB RMB US$ RMB RMB RMB US$ Net loss (29,128 ) (196,793 ) (27,121 ) (4,156 ) (169,701 ) (132,929 ) (283,345 ) (43,425 )Add: Depreciation and 89,820 103,342 118,880 18,219 243,653 284,656 415,692 63,708 amortization^(1)Add: Net interest 49,083 54,635 42,524 6,517 95,129 115,620 210,768 32,302 expenseAdd: Income tax (356 ) 16,454 22,071 3,383 (1,742 ) 18,287 67,339 10,320 (benefit) expensesAdd: Share-based 17,884 173,512 75,010 11,496 63,746 63,746 349,846 53,616 compensationAdd: Expenses relatedto the Reorganization ? ? ? ? 36,312 24,019 ? ? ^(2)Add: Managementconsulting services 3,020 64,862 ? ? 15,228 15,228 72,757 11,150 feeAdd: Changes in fairvalue of 7,926 9,965 4,218 646 11,189 11,189 12,717 1,949 financialinstrumentsAdd: Foreign exchange 349 1,293 3,036 465 2,438 2,438 3,548 544 lossAdd: Non-cashoperating leasecostrelating to 615 721 779 119 1,249 1,740 2,860 438 prepaid land userightsAdjusted EBITDA 139,213 227,991 239,397 36,689 297,501 403,994 852,182 130,602 Adjusted EBITDA 40.1 % 48.8 % 43.3 % 43.3 % 34.9 % 36.8 % 46.5 % 46.5 %margin

Note: (1) Before the deduction of government grants.(2) Expenses related to the Reorganization are non-recurring expenses related to the transactions in the Reorganization.

For the three months ended For the year ended December31, September30, December 31, December31, December31, December 31, 2019 2020 2020 2019 2019 (Pro 2020 forma) RMB RMB RMB US$ RMB RMB RMB US$ Net loss (29,128 ) (196,793 ) (27,121 ) (4,156 ) (169,701 ) (132,929 ) (283,345 ) (43,425 )Add:Depreciation andamortizationoffixed assets and 12,450 12,336 12,322 1,888 38,311 49,647 49,424 7,575 intangibleassetsresultingfrom businesscombinationAdd: Share-based 17,884 173,512 75,010 11,496 63,746 63,746 349,846 53,616 compensationAdd: Expensesrelated to the ? ? ? ? 36,312 24,019 ? ? ReorganizationAdd: Managementconsulting 3,020 64,862 ? ? 15,228 15,228 72,757 11,150 services feeAdd: Tax effectson non-GAAP (2,875 ) (5,681 ) (2,231 ) (342 ) (9,384 ) (7,684 ) (13,832 ) (2,120 )adjustments^(1)Adjusted Net 1,351 48,236 57,980 8,886 (25,488 ) 12,027 174,850 26,796 Income (loss)Adjusted NetIncome (loss) 0.4 % 10.3 % 10.5 % 10.5 % (3.0 %) 1.1 % 9.5 % 9.5 %margin

Note: Tax effects on non-GAAP adjustments primarily comprised of tax effects(1) relating to depreciation and amortization of fixed assets and intangible assets resulting from business combination, expenses related to the reorganization, and management consulting services fee.