GDS Reports Fourth Quarter and Full Year 2017 Results
Fourth Quarter 2017 Financial Highlights
- Net revenue increased by 62.2% year-over-year (“Y-o-Y”) to
RMB505.5 million (US$77.7 million ) in the fourth quarter of 2017 (4Q2016:RMB311.7 million ). - Service revenue increased by 64.7% Y-o-Y to
RMB493.7 million (US$75.9 million ) in the fourth quarter of 2017 (4Q2016:RMB299.7 million ). - Net loss was
RMB116.5 million (US$17.9 million ) in the fourth quarter of 2017, compared with a net loss ofRMB69.6 million in the fourth quarter of 2016. - Adjusted EBITDA (non-GAAP) increased by 68.4% Y-o-Y to
RMB154.9 million (US$23.8 million ) in the fourth quarter of 2017 (4Q2016:RMB92.0 million ). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release. - Adjusted EBITDA margin (non-GAAP) increased to 30.6% in the fourth quarter of 2017 (4Q2016: 29.5%).
Full Year 2017 Financial Highlights
- Net revenue increased by 53.1% to
RMB1,616.2 million (US$248.4 million ) in 2017 (2016:RMB1,056.0 million ). - Service revenue increased by 58.7% to
RMB1,591.9 million (US$244.7 million ) in 2017 (2016:RMB1,003.0 million ). - Net loss was
RMB326.9 million (US$50.2 million ) in 2017, compared with a net loss ofRMB276.4 million in 2016. - Adjusted EBITDA (non-GAAP) increased by 89.4% to
RMB512.3 million (US$78.7 million ) in 2017 (2016:RMB270.5 million ). - Adjusted EBITDA margin (non-GAAP) increased to 31.7% in 2017 (2016: 25.6%).
Operating Highlights
- Total area committed increased by 68.0% Y-o-Y to 102,528 sqm as of
December 31, 2017 (December 31, 2016 : 61,043 sqm). - Area utilized (or revenue-generating space) increased by 66.4% Y-o-Y to 61,713 sqm as of
December 31, 2017 (December 31, 2016 : 37,082 sqm). - Area in service increased by 66.0% Y-o-Y to 101,258 sqm as of
December 31, 2017 (December 31, 2016 : 60,982 sqm). - Commitment rate for area in service was 91.8% as of
December 31, 2017 (December 31, 2016 : 89.0%) and utilization rate was 60.9% as ofDecember 31, 2017 (December 31, 2016 : 60.8%). - Area under construction was 24,505 sqm as of
December 31, 2017 (December 31, 2016 : 25,055 sqm). - Pre-commitment rate for area under construction was 39.0% as of
December 31, 2017 (December 31, 2016 : 27.1%).
“2017 was a year of great achievement for GDS. We made tremendous progress across our business, delivering all that we said and more,” said Mr.
“We are proud to report our impressive financial results for 2017,” said Mr.
Fourth Quarter 2017 Financial Results
Net revenue in the fourth quarter of 2017 was
Cost of revenue in the fourth quarter of 2017 was
Gross profit was
Adjusted Net Operating Income (“Adjusted NOI”) (non-GAAP) is defined as gross profit excluding depreciation and amortization, accretion expenses for asset retirement costs and share-based compensation expenses allocated to cost of revenue. Adjusted NOI was
Adjusted NOI margin (non-GAAP) was 44.9% in the fourth quarter of 2017, compared with 45.2% in the fourth quarter of 2016, and 47.6% in the third quarter of 2017. The decrease was mainly due to fixed costs of new data centers coming into service which are at an early stage of ramping-up.
Selling and marketing expenses, excluding share-based compensation expenses of
General and administrative expenses, excluding share-based compensation expenses of
Research and development costs were
Net interest expenses for the fourth quarter of 2017 were
Foreign currency exchange loss for the fourth quarter of 2017 was
Net loss in the fourth quarter of 2017 was
Adjusted EBITDA (non-GAAP) is defined as net loss excluding net interest expenses, income tax benefits, depreciation and amortization, accretion expenses for asset retirement costs and share-based compensation expenses. Adjusted EBITDA was
Adjusted EBITDA margin (non-GAAP) was 30.6% in the fourth quarter of 2017, compared with 29.5% in the fourth quarter of 2016 and 31.5% in the third quarter of 2017. The decrease over the previous quarter was mainly due to fixed costs of new data centers coming into service which offset the operating leverage realized as existing data centers ramped up and on corporate overhead costs.
Basic and diluted loss per ordinary share in the fourth quarter of 2017 was
Basic and diluted loss per American Depositary Share (“ADS”) in the fourth quarter of 2017 was
Full Year 2017 Financial Results
Net revenue in 2017 was
Cost of revenue in 2017 was
Gross profit was
Sales and marketing expenses, excluding share-based compensation expenses of
Net interest expenses in 2017 were
Adjusted EBITDA was
Net loss in 2017 was
Basic and diluted loss per ordinary share in 2017 was
Sales
Total area committed by customers at the end of the fourth quarter of 2017 was 102,528 sqm, compared with 61,043 sqm at the end of the fourth quarter of 2016 and 82,850 sqm at the end of the third quarter of 2017, an increase of 68.0% Y-o-Y and 23.8% Q-o-Q. In the fourth quarter of 2017, net additional area committed was 19,678 sqm, including contributions from the GZ2 acquisition and from a significant pre-commitment by one of our largest customers for a new build-to-suit data center. The sales increase was driven by rapid cloud adoption and data growth in
Data Center Resources
Area in service at the end of the fourth quarter of 2017 was 101,258 sqm, compared with 60,982 sqm at the end of the fourth quarter of 2016 and 77,832 sqm at the end of the third quarter of 2017, an increase of 66.0% Y-o-Y and 30.1% Q-o-Q. During the fourth quarter of 2017, the Company completed the construction of the BJ3, SZ4 Phase 1 and SH4 data centers, and closed the acquisition of the GZ2 data center.
Area under construction at the end of the fourth quarter of 2017 was 24,505 sqm, compared with 25,055 sqm at the end of the fourth quarter of 2016 and 37,478 sqm at the end of the third quarter of 2017. In the fourth quarter of 2017, the Company started construction of the
Commitment rate of area in service was 91.8% at the end of the fourth quarter of 2017, compared with 89.0% at the end of the fourth quarter of 2016 and 89.8% at the end of third quarter 2017. Pre-commitment rate of area under construction was 39.0% at the end of the fourth quarter of 2017, compared with 27.1% at the end of the fourth quarter of 2016 and 34.6% at the end of the third quarter of 2017.
Area utilized at the end of the fourth quarter of 2017 was 61,713 sqm, compared with 37,082 sqm at the end of the fourth quarter of 2016 and 50,579 sqm at the end of the third quarter of 2017, an increase of 66.4% Y-o-Y and 22.0% Q-o-Q.
Utilization rate of area in service was 60.9% at the end of the fourth quarter of 2017, compared with 60.8% at the end of the fourth quarter of 2016 and 65.0% at the end of the third quarter of 2017. The lower utilization rate over the previous quarter was mainly due to three new self-developed data centers totaling 17,331 sqm which came into service.
Liquidity
As of
Recent Developments
Follow-on Equity Offering
On
In
Business Outlook
For the full year of 2018, the Company expects its total revenues to be between
Conference Call
Management will hold a conference call at
United States: | 1-845-675-0437 |
International: | +65-6713-5090 |
Hong Kong: | +852-3018-6771 |
China: | 400-620-8038 |
Conference ID: | 7569504 |
A telephone replay will be available approximately two hours after the call until
United States: | 1-646-254-3697 |
International: Hong Kong: China: |
+61-2-8199-0299 +852-3051-2780 400-632-2162 |
Replay Access Code: | 7569504 |
A live and archived webcast of the conference call will be available on the Company's investor relation website at investors.gds-services.com.
Non-GAAP Disclosure
Our management and board of directors use adjusted NOI, adjust NOI margin, adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP financial measures, to evaluate our operating performance, establish budgets and develop operational goals for managing our business. In particular, we believe that the exclusion of the expenses eliminated in calculating adjusted NOI and adjusted EBITDA can provide a useful measure of our core operating performance.
We also present these non-GAAP measures because we believe these non-GAAP measures are frequently used by securities analysts, investors and other interested parties as measures of the financial performance of companies in our industry.
These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for net income (loss), cash flows used in operating activities or other consolidated statements of operations and cash flow data prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures instead of their nearest GAAP equivalent. First, adjusted EBITDA, adjusted EBITDA margin, adjusted NOI, and adjusted NOI margin are not substitutes for gross profit, net income (loss), cash flows used in operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. Second, other companies may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP financial measures as tools for comparison. Finally, these non-GAAP financial measures do not reflect the impact of net interest expenses, incomes tax benefits, depreciation and amortization, accretion expenses for asset retirement costs, and share-based compensation expenses, each of which have been and may continue to be incurred in our business.
We mitigate these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance.
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.
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
Statement Regarding Preliminary Unaudited Financial Information
The unaudited financial information set out in this earnings release 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 financial information.
About
Safe Harbor
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 “aim,” “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “guidance,” “intend,” “is/are likely to,” “may,” “ongoing,” “plan,” “potential,” “target,” “will,” and similar statements. Among other things, statements that are not historical facts, including statements about GDS Holdings’ beliefs and expectations regarding the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement, as well as GDS Holdings’ strategic and operational plans, are or contain forward-looking statements.
For investor and media inquiries, please contact:
Phone: +86 (21) 2033-0295
Email: ir@gds-services.com
Phone: +86 (10) 5730-6200
Email: GDS@tpg-ir.com
Phone: +1 (212) 481-2050 ext. 401
Email: GDS@tpg-ir.com
GDS HOLDINGS LIMITED | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) | ||||||
As of December 31, 2016 |
As of December 31, 2017 |
|||||
RMB | RMB | US$ | ||||
Assets | ||||||
Current assets | ||||||
Cash | 1,811,319 | 1,873,446 | 287,943 | |||
Accounts receivable, net of allowance for doubtful accounts | 198,851 | 364,654 | 56,046 | |||
Value-added-tax (“VAT”) recoverable | 72,958 | 112,067 | 17,224 | |||
Prepaid expenses and other current assets | 127,185 | 103,861 | 15,963 | |||
Total current assets | 2,210,313 | 2,454,028 | 377,176 | |||
Property and equipment, net | 4,322,891 | 8,165,601 | 1,255,030 | |||
Goodwill and intangible assets, net | 1,433,656 | 1,919,221 | 294,979 | |||
Other non-current assets | 237,006 | 605,717 | 93,098 | |||
Total assets | 8,203,866 | 13,144,567 | 2,020,283 | |||
Liabilities and Shareholders’ Equity | ||||||
Current liabilities | ||||||
Short-term borrowings and current portion of long-term borrowings | 628,478 | 790,484 | 121,495 | |||
Accounts payable | 513,543 | 1,110,411 | 170,667 | |||
Accrued expenses and other payables | 248,607 | 424,233 | 65,203 | |||
Capital lease and other financing obligations, current | 88,593 | 97,943 | 15,054 | |||
Total current liabilities | 1,479,221 | 2,423,071 | 372,419 | |||
Long-term borrowings, excluding current portion | 1,509,676 | 3,459,765 | 531,756 | |||
Convertible bonds payable | 1,040,550 | 0 | 0 | |||
Capital lease and other financing obligations, non-current | 1,022,959 | 2,303,044 | 353,971 | |||
Other long-term liabilities | 164,986 | 483,175 | 74,263 | |||
Total liabilities | 5,217,392 | 8,669,055 | 1,332,409 | |||
Shareholders' equity | ||||||
Ordinary shares | 260 | 320 | 49 | |||
Additional paid-in capital | 4,036,959 | 5,861,445 | 900,888 | |||
Accumulated other comprehensive loss | (192,080 | ) | (200,688 | ) | (30,845 | ) |
Accumulated deficit | (858,665 | ) | (1,185,565 | ) | (182,218 | ) |
Total shareholders’ equity | 2,986,474 | 4,475,512 | 687,874 | |||
Commitments and contingencies | ||||||
Total liabilities and shareholders' equity | 8,203,866 | 13,144,567 | 2,020,283 | |||
GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for number of shares and per share data) |
|||||||||||||||
Three months ended | Year ended | ||||||||||||||
December 31, 2016 |
September 30, 2017 |
December 31, 2017 | December 31, 2016 |
December 31, 2017 | |||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
Net revenue | |||||||||||||||
Service revenue | 299,731 | 423,042 | 493,663 | 75,875 | 1,003,015 | 1,591,860 | 244,664 | ||||||||
Equipment sales | 11,938 | 1,391 | 11,813 | 1,816 | 52,945 | 24,306 | 3,736 | ||||||||
Total net revenue | 311,669 | 424,433 | 505,476 | 77,691 | 1,055,960 | 1,616,166 | 248,400 | ||||||||
Cost of revenue | (235,738 | ) | (321,709 | ) | (387,287 | ) | (59,525 | ) | (790,286 | ) | (1,207,694 | ) | (185,619 | ) | |
Gross profit | 75,931 | 102,724 | 118,189 | 18,166 | 265,674 | 408,472 | 62,781 | ||||||||
Operating expenses | |||||||||||||||
Selling and marketing expenses | (19,906 | ) | (22,854 | ) | (22,500 | ) | (3,458 | ) | (71,578 | ) | (90,118 | ) | (13,851 | ) | |
General and administrative expenses | (52,595 | ) | (63,972 | ) | (68,391 | ) | (10,512 | ) | (227,370 | ) | (228,864 | ) | (35,176 | ) | |
Research and development expenses | (2,179 | ) | (2,059 | ) | (2,541 | ) | (391 | ) | (9,100 | ) | (7,261 | ) | (1,116 | ) | |
Income (loss) from operations | 1,251 | 13,839 | 24,757 | 3,805 | (42,374 | ) | 82,229 | 12,638 | |||||||
Other income (expenses): | |||||||||||||||
Net interest expenses | (83,468 | ) | (105,733 | ) | (136,307 | ) | (20,950 | ) | (263,164 | ) | (406,403 | ) | (62,463 | ) | |
Foreign currency exchange gain (loss), net | 11,564 | (1,638 | ) | (6,826 | ) | (1,049 | ) | 18,310 | (12,299 | ) | (1,890 | ) | |||
Others, net | 789 | 866 | 795 | 122 | 2,501 | 3,497 | 537 | ||||||||
Loss before income taxes | (69,864 | ) | (92,666 | ) | (117,581 | ) | (18,072 | ) | (284,727 | ) | (332,976 | ) | (51,178 | ) | |
Income tax benefits | 225 | 2,337 | 1,038 | 160 | 8,315 | 6,076 | 934 | ||||||||
Net loss | (69,639 | ) | (90,329 | ) | (116,543 | ) | (17,912 | ) | (276,412 | ) | (326,900 | ) | (50,244 | ) | |
Change in redemption value of redeemable preferred shares | 292,980 | 0 | 0 | 0 | 205,670 | 0 | 0 | ||||||||
(Cumulative) Dividend on preferred shares | (327,072 | ) | 0 | 0 | 0 | (332,660 | ) | 0 | 0 | ||||||
Net loss attributable to ordinary shareholders | (103,731 | ) | (90,329 | ) | (116,543 | ) | (17,912 | ) | (403,402 | ) | (326,900 | ) | (50,244 | ) | |
Loss per ordinary share | |||||||||||||||
Basic and diluted | (0.19 | ) | (0.12 | ) | (0.14 | ) | (0.02 | ) | (1.35 | ) | (0.42 | ) | (0.06 | ) | |
Weighted average number of ordinary share outstanding | |||||||||||||||
Basic and diluted | 540,305,476 | 761,737,609 | 855,104,727 | 855,104,727 | 299,093,937 | 784,566,371 | 784,566,371 | ||||||||
GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) |
||||||||||||||||||||||||||||||||||||||||||
Three months ended | Year ended | |||||||||||||||||||||||||||||||||||||||||
December 31, 2016 |
September 30, 2017 |
December 31, 2017 | December 31, 2016 |
December 31, 2017 | ||||||||||||||||||||||||||||||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||||||||||||||||||||||||
Net loss | (69,639 | ) | (90,329 | ) | (116,543 | ) | (17,912 | ) | (276,412 | ) | (326,900 | ) | (50,244 | ) | ||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of nil tax | (65,397 | ) | 4,414 | (10,325 | ) | (1,587 | ) | (130,131 | ) | (8,608 | ) | (1,323 | ) | |||||||||||||||||||||||||||||
Comprehensive loss | (135,036 | ) | (85,915 | ) | (126,868 | ) | (19,499 | ) | (406,543 | ) | (335,508 | ) | (51,567 | ) | ||||||||||||||||||||||||||||
GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) |
|||||||||||||||
Three months ended | Year ended | ||||||||||||||
December 31, 2016 |
September 30, 2017 |
December 31, 2017 | December 31, 2016 |
December 31, 2017 | |||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
Net loss | (69,639 | ) | (90,329 | ) | (116,543 | ) | (17,912 | ) | (276,412 | ) | (326,900 | ) | (50,244 | ) | |
Depreciation and amortization | 71,269 | 104,722 | 117,392 | 18,042 | 227,355 | 378,130 | 58,117 | ||||||||
Amortization of debt issuance cost and debt discount | 5,495 | 8,436 | 30,675 | 4,715 | 5,917 | 48,100 | 7,393 | ||||||||
Share-based compensation expense | 6,978 | 15,594 | 18,449 | 2,836 | 64,165 | 59,843 | 9,197 | ||||||||
Others | (1,411 | ) | (5,478 | ) | (184 | ) | (28 | ) | (12,842 | ) | (11,622 | ) | (1,786 | ) | |
Changes in operating assets and liabilities | (40,350 | ) | (87,977 | ) | (63,345 | ) | (9,736 | ) | (158,411 | ) | (322,163 | ) | (49,514 | ) | |
Net cash used in operating activities | (27,658 | ) | (55,032 | ) | (13,556 | ) | (2,083 | ) | (150,228 | ) | (174,612 | ) | (26,837 | ) | |
Purchase of property and equipment | (283,272 | ) | (433,352 | ) | (584,694 | ) | (89,866 | ) | (987,701 | ) | (1,760,165 | ) | (270,532 | ) | |
Payments related to acquisitions | 0 | (10,338 | ) | (221,676 | ) | (34,071 | ) | (159,363 | ) | (275,613 | ) | (42,361 | ) | ||
Net cash used in investing activities | (283,272 | ) | (443,690 | ) | (806,370 | ) | (123,937 | ) | (1,147,064 | ) | (2,035,778 | ) | (312,893 | ) | |
Net proceeds from financing activities | 1,281,292 | 226,258 | 1,541,659 | 236,949 | 2,128,614 | 2,346,767 | 360,692 | ||||||||
Net cash provided by financing activities | 1,281,292 | 226,258 | 1,541,659 | 236,949 | 2,128,614 | 2,346,767 | 360,692 | ||||||||
Effect of exchange rate changes on cash | 42,225 | (19,470 | ) | (22,366 | ) | (3,439 | ) | 55,499 | (74,250 | ) | (11,414 | ) | |||
Net increase / (decrease) of cash | 1,012,587 | (291,934 | ) | 699,367 | 107,490 | 886,821 | 62,127 | 9,548 | |||||||
Cash at beginning of period | 798,732 | 1,466,013 | 1,174,079 | 180,453 | 924,498 | 1,811,319 | 278,395 | ||||||||
Cash at end of period | 1,811,319 | 1,174,079 | 1,873,446 | 287,943 | 1,811,319 | 1,873,446 | 287,943 | ||||||||
GDS HOLDINGS LIMITED UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for percentage data) |
|||||||||||||||
Three months ended | Year ended | ||||||||||||||
December 31, 2016 |
September 30, 2017 |
December 31, 2017 | December 31, 2016 |
December 31, 2017 | |||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
Gross profit | 75,931 | 102,724 | 118,189 | 18,166 | 265,674 | 408,472 | 62,781 | ||||||||
Depreciation and amortization | 64,002 | 95,372 | 106,095 | 16,307 | 206,724 | 345,364 | 53,081 | ||||||||
Accretion expenses for asset retirement costs | 153 | 269 | 324 | 50 | 588 | 949 | 146 | ||||||||
Share-based compensation expenses | 945 | 3,527 | 2,576 | 396 | 2,114 | 9,941 | 1,528 | ||||||||
Adjusted NOI | 141,031 | 201,892 | 227,184 | 34,919 | 475,100 | 764,726 | 117,536 | ||||||||
Adjusted NOI margin | 45.2% | 47.6% | 44.9% | 44.9% | 45.0% | 47.3% | 47.3% | ||||||||
Three months ended | Year ended | ||||||||||||||
December 31, 2016 |
September 30, 2017 |
December 31, 2017 | December 31, 2016 |
December 31, 2017 | |||||||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
Net loss | (69,639 | ) | (90,329 | ) | (116,543 | ) | (17,912 | ) | (276,412 | ) | (326,900 | ) | (50,244 | ) | |
Net interest expenses | 83,468 | 105,733 | 136,307 | 20,950 | 263,164 | 406,403 | 62,463 | ||||||||
Income tax benefits | (225 | ) | (2,337 | ) | (1,038 | ) | (160 | ) | (8,315 | ) | (6,076 | ) | (934 | ) | |
Depreciation and amortization | 71,269 | 104,722 | 117,392 | 18,042 | 227,355 | 378,130 | 58,117 | ||||||||
Accretion expenses for asset retirement costs | 153 | 269 | 324 | 50 | 588 | 949 | 146 | ||||||||
Share-based compensation expenses | 6,978 | 15,594 | 18,449 | 2,836 | 64,165 | 59,843 | 9,197 | ||||||||
Adjusted EBITDA | 92,004 | 133,652 | 154,891 | 23,806 | 270,545 | 512,349 | 78,745 | ||||||||
Adjusted EBITDA margin | 29.5% | 31.5% | 30.6% | 30.6% | 25.6% | 31.7% | 31.7% |