VNET Reports Unaudited Third Quarter 2021 Financial


BEIJING, Nov. 18, 2021 (GLOBE NEWSWIRE) — VNET Group, Inc. (Nasdaq: VNET) (“VNET” or the “Company”), a leading carrier- and cloud-neutral Internet data center services provider in China, today announced its unaudited financial results for the third quarter ended September 30, 2021. The Company will hold a conference call at 8 P.M. on November 18, 2021, U.S. Eastern Time to discuss the financial results. Dial-in details are provided at the end of this release.

Third Quarter 2021 Financial Highlights

  • Net revenues in the third quarter of 2021 increased by 25.3% to RMB1.56 billion (US$242.2 million) from RMB1.25 billion in the same period of 2020.
  • Adjusted cash gross profit (non-GAAP) in the third quarter of 2021 increased by 28.2% to RMB674.5 million (US$104.7 million) from RMB526.2 million in the same period of 2020. Adjusted cash gross margin (non-GAAP) in the third quarter of 2021 was 43.2%, compared to 42.2% in the same period of 2020.
  • Adjusted EBITDA (non-GAAP) in the third quarter of 2021 increased by 22.2% to RMB450.4 million (US$69.9 million) from RMB368.5 million in the same period of 2020. Adjusted EBITDA margin (non-GAAP) in the third quarter of 2021 was 28.9%, compared to 29.6% in the same period of 2020.

Third Quarter 2021 Operational Highlights

  • Total cabinets under management net increased by 2,388 to 65,264, as of September 30, 2021, compared to 62,876 as of June 30, 2021, and 51,476 as of September 30, 2020.
  • Retail IDC MRR1 per cabinet was RMB9,296, compared to RMB9,074 in the same period of 2020 and RMB9,015 in the second quarter of 2021.
  • Compound utilization rate was 59.8%, compared to 59.9% in the second quarter of 2021.
    • Utilization rate for mature IDCs, which consisted of IDC deliveries prior to and during 2019, was 75.5%, compared to 76.3% in the second quarter of 2021.
    • Utilization rate for ramp-up and newly-built IDCs, which consisted of IDC deliveries in 2020 and 2021, was 34.7%, compared to 29.2% in the second quarter of 2021.

Mr. Samuel Shen, Chief Executive Officer and Executive Chairman of Retail IDC, stated, “We achieved robust financial and operating results in the quarter thanks to our methodical execution of our dual-core growth engine strategy. Leveraging our combined strengths in retail and wholesale IDC services, we successfully capitalized on growing demand for IT infrastructure across all our business segments to achieve a healthy pace in ramping up our wholesale capacity, grow and diversify our retail client base, and generate growing interest in our cloud business. By maintaining a pinpoint focus on the execution of our dual-core strategy, we are confident in our growth potential as we augment our leadership position in the carrier- and cloud-neutral Internet data center services sector in China.”

Mr. Tim Chen, Chief Financial Officer of the Company, commented, “We delivered a milestone financial performance this quarter with strong top- and bottom-line growth. Despite regulatory uncertainties, both our net revenues and adjusted EBITDA during the third quarter exceeded the high end of our guidance range, increasing by 25.3% and 22.2% year over year respectively. Our strong growth was derived from our unique mix of wholesale and retail IDC solutions, and increasing demand driven by the ongoing digital transformation. As we continue to execute our growth strategies, prudently leverage our healthy balance sheet, and broaden our sector coverage, we will continue to deliver long-term value for our investors going forward.”

Third Quarter 2021 Financial Results

NET REVENUES: Net revenues in the third quarter of 2021 increased by 25.3% to RMB1.56 billion (US$242.2 million) from RMB1.25 billion in the third quarter of 2020, representing an increase of 4.2% from RMB1.50 billion in the second quarter of 2021. The year-over-year increase was mainly due to the increased demand from both wholesale and retail IDC customers, as well as the growth of revenue from cloud business.

GROSS PROFIT: Gross profit in the third quarter of 2021 was RMB375.2 million (US$58.2 million), representing an increase of 36.4% from RMB275.1 million in the same period of 2020 and an increase of 4.4% from RMB359.5 million in the second quarter of 2021. Gross margin in the third quarter of 2021 was 24.0%, compared to 22.1% in the same period of 2020 and 24.0% in the second quarter of 2021. The year-over-year increase in gross margin was primarily attributable to the Company’s optimized operating efficiency.

ADJUSTED CASH GROSS PROFIT, which excludes depreciation, amortization, and share-based compensation expenses, was RMB674.5 million (US$104.7 million) in the third quarter of 2021, compared to RMB526.2 million in the same period of 2020 and RMB640.2 million in the second quarter of 2021. Adjusted cash gross margin in the third quarter of 2021 was 43.2%, compared to 42.2% in the same period of 2020 and 42.8% in the second quarter of 2021.

OPERATING EXPENSES: Total operating expenses in the third quarter of 2021 were RMB261.3 million (US$40.6 million), compared to RMB199.3 million in the same period of 2020 and RMB262.5 million in the second quarter of 2021. As a percentage of net revenues, total operating expenses in the third quarter of 2021 were 16.7%, compared to 16.0% in the same period of 2020 and 17.5% in the second quarter of 2021.

Sales and marketing expenses in the third quarter of 2021 were RMB36.4 million (US$5.6 million), compared to RMB45.8 million in the same period of 2020 and RMB59.6 million in the second quarter of 2021.

Research and development expenses in the third quarter of 2021 were RMB53.6 million (US$8.3 million), compared to RMB26.1 million in the same period of 2020 and RMB38.3 million in the second quarter of 2021.

General and administrative expenses in the third quarter of 2021 were RMB161.9 million (US$25.1 million), compared to RMB127.5 million in the same period of 2020 and RMB154.2 million in the second quarter of 2021.

ADJUSTED OPERATING EXPENSES, which exclude share-based compensation expenses, compensation for postcombination employment in an acquisition and impairment of loan receivable to potential investee, were RMB244.0 million (US$37.9 million) in the third quarter of 2021, compared to RMB180.5 million in the same period of 2020 and RMB235.6 million in the second quarter of 2021. As a percentage of net revenues, adjusted operating expenses in the third quarter of 2021 were 15.6%, compared to 14.5% in the same period of 2020 and 15.7% in the second quarter of 2021.

ADJUSTED EBITDA: Adjusted EBITDA in the third quarter of 2021 was RMB450.4 million (US$69.9 million), representing an increase of 22.2% from RMB368.5 million in the same period of 2020 and an increase of 6.0% from RMB425.1 million in the second quarter of 2021. Adjusted EBITDA in the third quarter of 2021 excluded share-based compensation expenses of RMB4.6 million (US$0.7 million). Adjusted EBITDA margin in the third quarter of 2021 was 28.9%, compared to 29.6% in the same period of 2020 and 28.4% in the second quarter of 2021.

NET PROFIT: Net profit attributable to ordinary shareholders in the third quarter of 2021 was RMB156.2 million (US$24.2 million), compared to RMB97.1 million in the same period of 2020 and RMB455.9 million in the second quarter of 2021. Net profit attributable to ordinary shareholders in the third quarter of 2021 included changes in the fair value of convertible promissory notes of RMB185.8 million (US$28.8 million) due to the decrease in the Company’s stock price.

PROFIT/LOSS PER SHARE: Basic profit per share and diluted loss per share were RMB0.18 (US$0.03) and RMB0.03 (US$0.5 cent) in the third quarter of 2021, respectively, which represented the equivalent of RMB1.08 (US$0.18) and RMB0.18 (US$0.03) per American depositary share (“ADS”), respectively. Each ADS represents six Class A ordinary shares.

As of September 30, 2021, the aggregate amount of the Company’s cash and cash equivalents, restricted cash, and short-term investments was RMB3.94 billion (US$612.2 million).

Net cash generated from operating activities, in the third quarter of 2021 was RMB134.7 million (US$20.9 million), compared to RMB210.0 million in the same period of 2020 and RMB314.8 million in the second quarter of 2021.

Financial Outlook

For the fourth quarter of 2021, the Company expects net revenues to be in the range of RMB1.75 billion to RMB1.77 billion. Adjusted EBITDA is expected to be in the range of RMB450 million to RMB470 million.

For the full year of 2021, the Company expects net revenues to be in the range of RMB6.19 billion to RMB6.21 billion. Adjusted EBITDA is expected to be in the range of RMB1.74 billion to RMB1.76 billion. The midpoints of the Company’s updated estimates imply an increase of 28.5% and 32.2% 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 P.M. on November 18, 2021, U.S. Eastern Time, or 9 A.M. on November 19, 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: 6186131
Registration Link: http://apac.directeventreg.com/registration/event/6186131
   
The replay will be accessible through November 26, 2021, by dialing the following numbers:
   
United States Toll Free: +1-855-452-5696
International:  +61-2-8199-0299
Conference ID: 6186131

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

Non-GAAP Disclosure

In evaluating its business, VNET considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. 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 RMB6.4434 to US$1.00, the noon buying rate in effect on September 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 VNET

VNET Group, Inc. is a leading carrier- and cloud-neutral Internet data center services provider in China. VNET 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 VNET’s data centers and connect to China’s internet backbone. VNET operates in more than 30 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 VNET’s strategic and operational plans contain forward-looking statements. VNET 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 VNET’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: VNET’s goals and strategies; VNET’s expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET’s services; VNET’s expectations regarding keeping and strengthening its relationships with customers; VNET’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 VNET provides solutions and services. Further information regarding these and other risks is included in VNET’s reports filed with, or furnished to, the U.S. 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 VNET undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contacts:

Xinyuan Liu
Tel: +86 10 8456 2121
Email: ir@vnet.com

Julia Jiang
Tel: +86 10 8456 2121
Email: ir@vnet.com

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

   
VNET GROUP, INC.  
CONSOLIDATED BALANCE SHEETS  
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))  
  As of As of  
December 31, 2020 September 30, 2021  
  RMB RMB US$  
  (Audited) (Unaudited) (Unaudited)  
Assets          
Current assets:        
Cash and cash equivalents 2,710,349   3,479,069   539,943    
Restricted cash 270,450   324,804   50,409    
Accounts and notes receivable, net 847,233   1,525,177   236,704    
Short-term investments 285,872   12,971   2,013    
Prepaid expenses and other current assets 1,866,184   2,031,667   315,307    
Amounts due from related parties 75,519   73,966   11,479    
Total current assets 6,055,607   7,447,654   1,155,855    
         
Non-current assets:        
Property and equipment, net 8,106,425   9,008,245   1,398,058    
Intangible assets, net 658,195   913,834   141,825    
Land use rights, net 255,373   339,262   52,653    
Operating lease right-of-use assets, net 1,325,526   1,904,744   295,612    
Goodwill 994,993   1,322,167   205,197    
Restricted cash 135,638   127,615   19,806    
Deferred tax assets, net 185,481   173,089   26,863    
Long-term investments, net 135,517   99,972   15,515    
Amounts due from related parties 20,562        
Other non-current assets 1,500,438   2,313,937   359,117    
Total non-current assets 13,318,148   16,202,865   2,514,646    
Total assets 19,373,755   23,650,519   3,670,501    
         
Liabilities and Shareholders’ Equity        
Current liabilities:        
Short-term bank borrowings 34,000        
Accounts and notes payable 289,387   490,055   76,055    
Accrued expenses and other payables 1,631,563   2,001,310   310,598    
Advances from customers 1,041,594   988,402   153,398    
Deferred revenue 63,245   68,494   10,630    
Income taxes payable 29,028   46,649   7,240    
Amounts due to related parties 51,007   1,775   275    
Current portion of long-term borrowings 180,328   371,091   57,592    
Current portion of finance lease liabilities 403,843   382,024   59,289    
Current portion of deferred government grant 2,074   2,074   322    
Current portion of bonds payable 1,943,619   1,945,087   301,873    
Current portion of operating lease liabilities 452,272   497,947   77,280    
Total current liabilities 6,121,960   6,794,908   1,054,552    
         
Non-current liabilities:        
Long-term borrowings 886,996   1,917,020   297,517    
Convertible promissory notes 3,014,057   4,569,313   709,146    
Non-current portion of finance lease liabilities 688,128   1,055,535   163,816    
Unrecognized tax benefits 68,696   81,256   12,611    
Deferred tax liabilities 299,093   352,113   54,647    
Non-current portion of deferred government grant 4,100   2,426   377    
Amounts due to related parties 747,746        
Non-current portion of operating lease liabilities 645,499   1,447,213   224,604    
Total non-current liabilities 6,354,315   9,424,876   1,462,718    
         
Shareholders’ equity        
Treasury stock (349,523 ) (349,523 ) (54,245 )  
Ordinary shares 56   59   9    
Additional paid-in capital 13,083,119   14,976,505   2,324,317    
Accumulated other comprehensive loss (55,535 ) (61,063 ) (9,477 )  
Statutory reserves 74,462   74,462   11,556    
Accumulated deficit (7,235,113 ) (7,565,741 ) (1,174,185 )  
Series A perpetual convertible preferred shares 1,047,468        
Total VNET Group, Inc. shareholders’ equity 6,564,934   7,074,699   1,097,975    
Noncontrolling interest 332,546   356,036   55,256    
Total shareholders’ equity 6,897,480   7,430,735   1,153,231    
Total liabilities and shareholders’ equity 19,373,755   23,650,519   3,670,501    
         
VNET 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   Nine months ended  
  September 30,2020 June 30, 2021 September 30, 2021   September 30,2020 September 30, 2021  
  RMB RMB RMB US$   RMB RMB US$  
  (Unaudited) (Unaudited) (Unaudited) (Unaudited)   (Unaudited) (Unaudited) (Unaudited)  
Net revenues 1,245,794   1,496,978   1,560,460   242,180     3,480,652   4,444,361   689,754    
Cost of revenues (970,651 ) (1,137,463 ) (1,185,225 ) (183,944 )   (2,699,066 ) (3,386,299 ) (525,545 )  
Gross profit 275,143   359,515   375,235   58,236     781,586   1,058,062   164,209    
                   
Operating expenses                  
Sales and marketing (45,760 ) (59,589 ) (36,361 ) (5,643 )   (146,122 ) (169,926 ) (26,372 )  
Research and development (26,078 ) (38,296 ) (53,591 ) (8,317 )   (70,727 ) (125,452 ) (19,470 )  
General and administrative (127,546 ) (154,243 ) (161,930 ) (25,131 )   (372,242 ) (451,419 ) (70,059 )  
Reversal (allowance) for doubtful debt 111   (7,527 ) (9,451 ) (1,467 )   (1,072 ) (17,371 ) (2,696 )  
Impairment of loan receivable to potential investee   (2,816 )         (2,816 ) (437 )  
Total operating expenses (199,273 ) (262,471 ) (261,333 ) (40,558 )   (590,163 ) (766,984 ) (119,034 )  
                   
Operating profit 75,870   97,044   113,902   17,678     191,423   291,078   45,175    
Interest income 6,440   8,103   9,148   1,420     27,535   22,960   3,563    
Interest expense (96,366 ) (87,095 ) (88,013 ) (13,659 )   (301,366 ) (259,587 ) (40,287 )  
Impairment of long-term investment     (3,495 ) (542 )     (3,495 ) (542 )  
Other income 2,747   5,263   4,351   675     11,803   11,786   1,829    
Other expense (4,995 ) (11,872 ) (3,908 ) (607 )   (28,986 ) (19,202 ) (2,980 )  
Changes in the fair value of convertible promissory notes 24,939   424,107   185,840   28,842     (1,587,115 ) 601,306   93,321    
Foreign exchange gain (loss) 114,101   78,026   (16,588 ) (2,574 )   72,629   27,592   4,282    
Gain (loss) before income tax and gain (loss) from equity method investments 122,736   513,576   201,237   31,233     (1,614,077 ) 672,438   104,361    
Income tax expenses (25,230 ) (29,499 ) (29,060 ) (4,510 )   (68,126 ) (95,858 ) (14,877 )  
Gain (loss) from equity method investments 2,265   (23,605 ) (12,027 ) (1,867 )   (4,325 ) (36,937 ) (5,733 )  
Net profit (loss) 99,771   460,472   160,150   24,856     (1,686,528 ) 539,643   83,751    
Net gain attributable to noncontrolling interest (2,627 ) (4,620 ) (3,967 ) (616 )   (7,441 ) (12,267 ) (1,904 )  
Net profit (loss) attributable to VNET Group, Inc. 97,144   455,852   156,183   24,240     (1,693,969 ) 527,376   81,847    
Deemed distribution to Series A perpetual convertible preferred shareholders           (470,643 )      
Net profit (loss) attributable to the Company’s ordinary shareholders 97,144   455,852   156,183   24,240     (2,164,612 ) 527,376   81,847    
                   
Profit (loss) per share                  
Basic 0.11   0.52   0.18   0.03     (3.17 ) 0.60   0.09    
Diluted 0.08   0.04   (0.03 ) (0.00 )   (3.17 ) (0.08 ) (0.01 )  
Shares used in profit (loss) per share computation                  
Basic* 716,409,506   869,645,966   863,643,659   863,643,659     686,292,393   863,755,692   863,755,692    
Diluted* 805,640,008   905,446,557   897,643,660   897,643,660     686,292,393   902,513,487   902,513,487    
                   
Profit (loss) per ADS (6 ordinary shares equal to 1 ADS)                  
Basic 0.66   3.12   1.08   0.18     (19.02 ) 3.60   0.54    
Diluted 0.48   0.24   (0.18 ) (0.03 )   (19.02 ) (0.48 ) (0.06 )  
                   
* Shares used in profit (loss) per share/ADS computation were computed under weighted average method.       
VNET GROUP, INC.  
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS  
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))  
                   
  Three months ended   Nine months ended  
  September 30,2020 June 30, 2021 September 30, 2021   September 30,2020 September 30, 2021  
  RMB RMB RMB US$   RMB RMB US$  
Gross profit 275,143   359,515   375,235   58,236     781,586   1,058,062   164,209    
Plus: depreciation and amortization 246,747   277,288   297,046   46,101     623,954   852,185   132,257    
Plus: share-based compensation expenses 4,340   3,444   2,211   343     5,369   9,781   1,518    
Adjusted cash gross profit 526,230   640,247   674,492   104,680     1,410,909   1,920,028   297,984    
Adjusted cash gross margin 42.2 % 42.8 % 43.2 % 43.2 %   40.5 % 43.2 % 43.2 %  
                   
Operating expenses (199,273 ) (262,471 ) (261,333 ) (40,558 )   (590,163 ) (766,984 ) (119,034 )  
Plus: share-based compensation expenses 18,768   24,063   2,397   372     49,401   57,189   8,876    
Plus: compensation for postcombination employment in an acquisition     14,959   2,322       14,959   2,322    
Plus: impairment of loan receivable to potential investee   2,816           2,816   437    
Adjusted operating expenses (180,505 ) (235,592 ) (243,977 ) (37,864 )   (540,762 ) (692,020 ) (107,399 )  
                   
Operating profit 75,870   97,044   113,902   17,678     191,423   291,078   45,175    
Plus: depreciation and amortization 269,478   297,738   316,951   49,190     688,066   914,794   141,974    
Plus: share-based compensation expenses 23,108   27,507   4,608   715     54,770   66,970   10,394    
Plus: compensation for postcombination employment in an acquisition     14,959   2,322       14,959   2,322    
Plus: impairment of loan receivable to potential investee   2,816           2,816   437    
Adjusted EBITDA 368,456   425,105   450,420   69,905     934,259   1,290,617   200,302    
Adjusted EBITDA margin 29.6 % 28.4 % 28.9 % 28.9 %   26.8 % 29.0 % 29.0 %  
                   
VNET GROUP, INC.  
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS  
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))  
           
  Three months ended  
  September 30,2020 June 30, 2021 September 30, 2021  
  RMB RMB RMB US$  
  (Unaudited) (Unaudited) (Unaudited) (Unaudited)  
CASH FLOWS FROM OPERATING ACTIVITIES          
Net profit 99,771   460,472   160,150   24,856    
Adjustments to reconcile net profit to net cash generated from operating activities:      
    Depreciation and amortization 269,478   297,738   316,951   49,190    
    Stock-based compensation expenses 23,108   27,507   4,608   715    
    Others (60,721 ) (344,711 ) (41,287 ) (6,408 )  
Changes in operating assets and liabilities          
    Accounts and notes receivable 74,342   (198,696 ) (245,169 ) (38,050 )  
    Prepaid expenses and other current assets 438,214   324,091   (148,754 ) (23,086 )  
    Accounts and notes payable (4,676 ) 34,035   51,462   7,987    
    Accrued expenses and other payables 8,016   (1,761 ) 113,093   17,552    
    Deferred revenue (2,334 ) 4,228   5,183   804    
    Advances from customers (559,680 ) (180,551 ) 8,314   1,290    
    Others (75,547 ) (107,546 ) (89,879 ) (13,949 )  
Net cash generated from operating activities 209,971   314,806   134,672   20,901    
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Purchases of property and equipment (786,554 ) (430,071 ) (650,599 ) (100,971 )  
Purchases of intangible assets (8,923 ) (17,672 ) (8,466 ) (1,314 )  
(Payments for) proceeds from investments (106,368 ) 139,711   (391,522 ) (60,763 )  
Payments for other investing activities (12,626 ) (214,308 ) (442,027 ) (68,602 )  
Net cash used in investing activities (914,471 ) (522,340 ) (1,492,614 ) (231,650 )  
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds from issuance of ordinary shares 2,680,706          
Proceeds from bank borrowings 24,776   33,623   385,364   59,808    
Repayments of bank borrowings (200,000 ) (30,300 ) (7,469 ) (1,159 )  
Payments for finance lease (137,982 ) (241,709 ) (129,699 ) (20,129 )  
Repurchase of 2020 Notes (915,543 )        
Payment for shares repurchase   (1,701,807 )      
(Payments for) proceeds from other financing activities (6,628 ) 52,418   8,204   1,273    
Net cash generated from (used in) financing activities 1,445,329   (1,887,775 ) 256,400   39,793    
           
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (108,885 ) (60,905 ) 11,540   1,791    
Net increase (decrease) in cash, cash equivalents and restricted cash 631,944   (2,156,214 ) (1,090,002 ) (169,165 )  
Cash, cash equivalents and restricted cash at beginning of period 4,822,367   7,177,704   5,021,490   779,323    
Cash, cash equivalents and restricted cash at end of period 5,454,311   5,021,490   3,931,488   610,158    
           

21Vianet Group Inc



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