Resident stunned as trail cameras capture images of elusive creature prowling backyard: 'Like hitting the lottery'
Ring camera doorbells, home security cameras, and cellular or Wi-Fi trail cameras are doing what humans struggle with — spotting bobcats. "It's like hitting the lottery," said David Crockett, Animal Control Officer in Lynnfield, Massachusetts, according to Itemlive.
It was a trail camera that captured an image of the elusive wildcat in a Lynnfield resident Steve Fantone's backyard, an extremely rare find despite the bobcat's extensive range, which spans the southern provinces of Canada, through all 48 contiguous states, and into Mexico.
"It was similar in size to a small or medium-sized dog," Fantone said. "Bobcats have always been here because it's a habitat that has things for them to eat, like mice and birds and I have some video showing one stalking a rabbit.
This is what makes trail cameras so important in several ways, well beyond just spotting evasive bobcats. They offer a noninvasive method for scientists to study animals, their behavior, patterns, long-term data collection, and habitat use.
We've long known that human presence affects animal behavior, as a study published in the Journal of Zoological and Botanical Gardens shows.
From a conservationist perspective, trail cameras are powerful tools of discovery, contributing to population monitoring, demographics, abundance, density, human encroachment, diseases, invasive species, anti-poaching, and general evidence collection.
The information gathered from a single trail camera is enormously helpful in these efforts. Now, imagine several of them strategically spread out across a geographic area.
These smart measures, coupled with ever-advancing technologies, help preserve these animals, ensuring their longevity, health, and rehabilitation when necessary.
Animals exist on countless interconnected food chains, from primary producers to primary and secondary consumers, and so on. Remove one species from the equation, and it potentially mimics the game of Jenga, with everything crashing down in chaos.
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Pollinators, plants, herbivores, carnivores, omnivores, etc., each impacting the next in positive or negative ways. A trail camera can record this information without meddling with the cycles.
The bobcat is a primary example of this. Human intervention, if only to observe from a quiet, camouflaged viewpoint, creates a disturbance that elusive, solitary animals can detect. It's difficult to spot a bobcat in person for a reason.
"Real wildlife is happening all around us. We've pushed them out of their environment," Crockett continued. Wildlife persists, and ultimately, conservation efforts will continue to strive for healthier and more diverse ecosystems.
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During the second quarter of 2025, the Company also raised net cash proceeds of approximately US$534.9 million through the issuance of new convertible senior notes and US$141.6 million through the issuance of new equity (US$676.5 million in aggregate).Sales Total area committed and pre-committed at the end of the second quarter of 2025 was 663,959 sqm, compared with 614,094 sqm at the end of the second quarter of 2024 and 649,561 sqm at the end of the first quarter of 2025, an increase of 8.1% Y-o-Y and 2.2% quarter-over-quarter ('Q-o-Q'), respectively. In the second quarter of 2025, gross additional total area committed was 22,741 sqm. Net additional total area committed was 14,398 sqm. The difference is mainly due to a churn of 8,343 sqm of area committed. Data Center Resources Area in service at the end of the second quarter of 2025 was 618,060 sqm, compared with 580,165 sqm at the end of the second quarter of 2024 and 610,685 sqm at the end of the first quarter of 2025, an increase of 6.5% Y-o-Y and 1.2% Q-o-Q. Area under construction at the end of the second quarter of 2025 was 132,235 sqm, compared with 117,861 sqm at the end of the second quarter of 2024 and 132,208 sqm at the end of the first quarter of 2025, an increase of 12.2% Y-o-Y and remaining flat Q-o-Q, respectively. Commitment rate for area in service was 91.5% at the end of the second quarter of 2025, compared with 92.3% at the end of the second quarter of 2024 and 90.9% at the end of the first quarter of 2025. Pre-commitment rate for area under construction was 74.7% at the end of the second quarter of 2025, compared with 66.9% at the end of the second quarter of 2024 and 71.6% at the end of the first quarter of 2025. Move-In Area utilized at the end of the second quarter of 2025 was 479,186 sqm, compared with 419,976 sqm at the end of the second quarter of 2024 and 462,423 sqm at the end of the first quarter of 2025, an increase of 14.1% Y-o-Y and 3.6% Q-o-Q. In the second quarter of 2025, gross additional area utilized was 22,448 sqm. Net additional area utilized was 16,763 sqm. The difference is mainly due to churn of 5,685 sqm of area utilized. Utilization rate for area in service was 77.5% at the end of the second quarter of 2025, compared with 72.4% at the end of the second quarter of 2024 and 75.7% at the end of the first quarter of of C-REIT IPO and Listing on the Shanghai Stock Exchange The Company recently announced the launch, pricing and completion of the initial public offering ('IPO') of its China REIT (C-REIT). The C-REIT acquired from GDS a 100% equity interest in a project company which holds stabilized data center assets. The acquisition was funded by an IPO on the Shanghai Stock Exchange. The units issued by the C-REIT in the IPO were 20% subscribed by GDS, 50% by cornerstone institutional investors in a pre-placement subject to lock-up commitments of between one to three years, and the remaining 30% through an institutional bookbuilding process and retail public offering which were heavily over-subscribed. The C-REIT issued 800,000,000 units in the IPO at an offering price of RMB3.00 per unit. The total gross proceeds received by the C-REIT was RMB2,400 million. The implied EV / EBITDA at the offering price was 16.9 times, based on projected EBITDA for 2026 of RMB141.8 million as stated in the offering memorandum. The implied dividend yield per unit at the offering price was 5.2 per cent, based on projected cash flow available for distribution for 2026 of RMB124.8 million as stated in the offering memorandum. 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The Company revises its guidance of total capex (investment cashflow) for the year of 2025 down from approximately RMB4,300 million to approximately RMB2,700 million. This comprises approximately RMB4,800 million of organic capex (which remains unchanged), less the net cash proceeds received to date of approximately RMB500 million from the ABS transaction (which was included in the original guidance), and less the net cash proceeds after reinvestment of approximately RMB1,600 million from the C-REIT transaction (which was not included in the original guidance). This forecast reflects the Company's preliminary view on the current business situation and market conditions, which are subject to will hold a conference call at 8:00 a.m. U.S. Eastern Time on August 20, 2025 (8:00 p.m. Beijing Time on August 20, 2025) to discuss financial results and answer questions from investors and analysts. Participants should complete online registration using the link provided below at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call. Participant Online Registration: A live and archived webcast of the conference call will be available on the Company's investor relations website at management and board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP and Adjusted GP margin, which are non-GAAP financial measures, to evaluate our operating performance, establish budgets and develop operational goals for managing our business. We believe that the exclusion of the income and expenses eliminated in calculating Adjusted EBITDA and Adjusted GP can provide useful and supplemental measures of our core operating performance. In particular, we believe that the use of Adjusted EBITDA as a supplemental performance measure captures the trend in our operating performance by excluding from our operating results the impact of our capital structure (primarily interest expense), asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and impairment losses of long-lived assets), other non-cash expenses (primarily share-based compensation expenses), and other income and expenses which we believe are not reflective of our operating performance (primarily gain or loss on deconsolidation of subsidiaries and share of results of equity method investees), whereas the use of adjusted gross profit as a supplemental performance measure captures the trend in gross profit performance of our data centers in service by excluding from our gross profit the impact of asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs) and other non-cash expenses (primarily share-based compensation expenses) included in cost of revenue. In addition, we exclude the income (loss) from discontinued operation from our Adjusted EBITDA and Adjusted EBITDA margin to measure our financial performance from continuing operations, which will be consistent with our future financial performance disclosure. We note that depreciation and amortization is a fixed cost which commences as soon as each data center enters service. However, it usually takes several years for new data centers to reach high levels of utilization and profitability. The Company incurs significant depreciation and amortization costs for its early stage data center assets. Accordingly, gross profit, which is a measure of profitability after taking into account depreciation and amortization, does not accurately reflect the Company's 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 gross profit, net income (loss), cash flows provided by (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 GP, and Adjusted GP margin are not substitutes for gross profit, net income (loss), cash flows provided by (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 income (loss) from discontinued operations, net interest expenses, incomes tax benefits (expenses), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, gain from purchase price adjustment, impairment losses of long-lived assets, gain on deconsolidation of subsidiaries and share of results of equity method investees, 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. We do not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, share-based compensation, share of results of equity method investees and net income (loss); the impact of such data and related adjustments can be significant. As a result, we are not able to provide a reconciliation of forward-looking U.S. GAAP to forward-looking non-GAAP financial measures without unreasonable effort. Such forward-looking non-GAAP financial measures include the forecast for Adjusted EBITDA in the section captioned 'Business Outlook' set forth in this press release. 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 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 RMB7.1636 to US$1.00, the noon buying rate in effect on June 30, 2025 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 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 GDS Holdings Limited GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading developer and operator of high-performance data centers in China. The Company's facilities are strategically located in and around primary economic hubs where demand for high-performance data center services is concentrated. The Company's data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. GDS is carrier and cloud-neutral, which enables its customers to access the major telecommunications networks, as well as the largest PRC and global public clouds, which are hosted in many of its facilities. The Company offers co-location and a suite of value-added services, including managed hybrid cloud services through direct private connection to leading public clouds, managed network services, and, where required, the resale of public cloud services. The Company has a 24-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company's customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. The Company also holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited which develops and operates data centers in International markets. 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 '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. GDS Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the 'SEC') on Forms 20-F and 6-K, in its current, interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited (the 'Hong Kong Stock Exchange'), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause GDS Holdings' actual results or financial performance to differ materially from those contained in any forward-looking statement, including but not limited to the following: GDS Holdings' goals and strategies; GDS Holdings' future business development, financial condition and results of operations; the expected growth of the market for high-performance data centers, data center solutions and related services in China and regions in which GDS Holdings' major equity investees operate, such as South East Asia; GDS Holdings' expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services; GDS Holdings' expectations regarding building, strengthening and maintaining its relationships with new and existing customers; the results of operations, growth prospects, financial condition, regulatory environment, competitive landscape and other uncertainties associated with the business and operations of GDS Holdings' major equity investee DayOne; the continued adoption of cloud computing and cloud service providers in China and other major markets that may impact the results of our equity investees, such as South East Asia; risks and uncertainties associated with increased investments in GDS Holdings' business and new data center initiatives; risks and uncertainties associated with strategic acquisitions and investments; GDS Holdings' ability to maintain or grow its revenue or business; fluctuations in GDS Holdings' operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings' business operations and those of its major equity investees; competition in GDS Holdings' industry in China and in markets that affect the business operations of its major equity investees, such as South East Asia; GDS Holdings' ability to monetize its existing data center assets through transactions such as public REITs, ABS Scheme, data center funds, joint ventures, sale and lease-back arrangements and private asset sales; security breaches; power outages; and fluctuations in general economic and business conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in GDS Holdings' filings with the SEC, including its annual report on Form 20-F, and with the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions that GDS Holdings believes to be reasonable as of such date, and GDS Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: GDS Holdings LimitedLaura ChenPhone: +86 (21) 2029-2203Email: ir@ Piacente Financial CommunicationsRoss WarnerPhone: +86 (10) 6508-0677Email: GDS@ Brandi PiacentePhone: +1 (212) 481-2050Email: GDS@ GDS Holdings Limited GDS HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) As of December 31, 2024 As of June 30, 2025 RMB RMB US$ Assets Current assets Cash 7,867,659 13,123,751 1,832,005 Accounts receivable, net of allowance for credit losses 3,021,956 2,939,817 410,383 Value-added-tax ('VAT') recoverable 240,506 245,932 34,331 Prepaid expenses and other current assets 482,950 571,703 79,807 Held for sale assets, current 0 1,057,213 147,581 Total current assets 11,613,071 17,938,416 2,504,107 Non-current assets Long-term investments in equity investees 7,544,555 7,992,290 1,115,681 Property and equipment, net 40,204,133 39,483,401 5,511,670 Prepaid land use rights, net 21,774 16,357 2,283 Operating lease right-of-use assets 5,193,408 5,026,725 701,704 Goodwill and intangible assets, net 6,367,493 5,640,294 787,355 Other non-current assets 2,704,194 3,101,572 432,963 Total non-current assets 62,035,557 61,260,639 8,551,656 Total assets 73,648,628 79,199,055 11,055,763 Liabilities, Mezzanine Equity and Equity Current liabilities Short-term borrowings and current portion of long-term borrowings 4,341,649 3,819,780 533,221 Convertible bonds payable, current 575 0 0 Accounts payable 2,593,305 2,691,358 375,699 Accrued expenses and other payables 1,389,072 1,481,129 206,758 Operating lease liabilities, current 117,345 114,565 15,993 Finance lease and other financing obligations, current 636,152 673,303 93,989 Held for sale liabilities, current 0 202,918 28,326 Total current liabilities 9,078,098 8,983,053 1,253,986 Non-current liabilities Long-term borrowings, excluding current portion 21,905,985 22,321,232 3,115,924 Convertible bonds payable, non-current 8,576,583 12,344,675 1,723,250 Operating lease liabilities, non-current 1,279,726 1,250,300 174,535 Finance lease and other financing obligations, non-current 7,601,651 7,276,321 1,015,735 Other long-term liabilities 1,537,952 1,432,400 199,955 Total non-current liabilities 40,901,897 44,624,928 6,229,399 Total liabilities 49,979,995 53,607,981 7,483,385 Mezzanine equity Redeemable preferred shares 1,080,656 1,076,027 150,208 Total mezzanine equity 1,080,656 1,076,027 150,208 GDS Holdings Limited shareholders' equity Ordinary shares 527 562 78 Additional paid-in capital 29,596,268 30,701,491 4,285,763 Accumulated other comprehensive loss (1,094,377) (947,243) (132,228) Accumulated deficit (6,044,372) (5,353,651) (747,341) Total GDS Holdings Limited shareholders' equity 22,458,046 24,401,159 3,406,272 Non-controlling interests 129,931 113,888 15,898 Total equity 22,587,977 24,515,047 3,422,170 Total liabilities, mezzanine equity and equity 73,648,628 79,199,055 11,055,763 GDS HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")except for number of shares and per share data) Three months ended Six months ended June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 RMB RMB RMB US$ RMB RMB US$ Net revenue Service revenue 2,579,594 2,722,908 2,898,398 404,601 5,011,828 5,621,306 784,704 Equipment sales 0 250 1,890 264 0 2,140 299 Total net revenue 2,579,594 2,723,158 2,900,288 404,865 5,011,828 5,623,446 785,003 Cost of revenue (2,013,868) (2,078,333) (2,211,362) (308,694) (3,924,899) (4,289,695) (598,818) Gross profit 565,726 644,825 688,926 96,171 1,086,929 1,333,751 186,185 Operating expenses Selling and marketing expenses (23,237) (32,764) (33,977) (4,743) (53,513) (66,741) (9,317) General and administrative expenses (204,959) (238,936) (231,536) (32,321) (447,437) (470,472) (65,675) Research and development expenses (10,889) (7,889) (8,826) (1,232) (20,869) (16,715) (2,333) Income from continuing operations 326,641 365,236 414,587 57,875 565,110 779,823 108,860 Other income (expenses): Net interest expenses (450,271) (441,477) (404,989) (56,534) (912,779) (846,466) (118,162) Foreign currency exchange gain, net 3,404 1,018 1,376 192 10,239 2,394 334 Others, net 7,245 9,685 9,245 1,291 14,329 18,930 2,643 Gain on deconsolidation of subsidiaries 0 1,057,045 0 0 0 1,057,045 147,558 (Loss) income from continuing operations before income taxes and share of results of equity method investees (112,981) 991,507 20,219 2,824 (323,101) 1,011,726 141,233 Income tax expenses (59,864) (199,701) (64,858) (9,054) (122,256) (264,559) (36,931) Share of results of equity method investees 0 (27,732) (25,945) (3,622) 0 (53,677) (7,493) Net (loss) income from continuing operations (172,845) 764,074 (70,584) (9,852) (445,357) 693,490 96,809 Discontinued operations Loss from operations of discontinued operations, net of income taxes (58,923) 0 0 0 (131,342) 0 0 Gain on deconsolidation of subsidiaries 0 0 0 0 0 0 0 Loss from discontinued operations (58,923) 0 0 0 (131,342) 0 0 Net (loss) income (231,768) 764,074 (70,584) (9,852) (576,699) 693,490 96,809 Net (loss) income from continuing operations (172,845) 764,074 (70,584) (9,852) (445,357) 693,490 96,809 Net income from continuing operations attributable to non-controlling interests (2,008) (1,053) (1,716) (240) (3,186) (2,769) (387) Net (loss) income from continuing operations attributable to GDS Holdings Limited shareholders (174,853) 763,021 (72,300) (10,092) (448,543) 690,721 96,422 Loss from discontinued operations (58,923) 0 0 0 (131,342) 0 0 Net income from discontinued operations attributable to non-controlling interests (1,430) 0 0 0 (1,148) 0 0 Net loss from discontinued operations attributable to redeemable non-controlling interests 9,465 0 0 0 9,465 0 0 Net loss from discontinued operations attributable to GDS Holdings Limited shareholders (50,888) 0 0 0 (123,025) 0 0 Net (loss) income attributable to GDS Holdings Limited shareholders (225,741) 763,021 (72,300) (10,092) (571,568) 690,721 96,422 Cumulative dividend on redeemable preferred shares (13,477) (13,455) (13,621) (1,901) (26,935) (27,076) (3,780) Net (loss) income available to GDS Holdings Limited ordinary shareholders (239,218) 749,566 (85,921) (11,993) (598,503) 663,645 92,642 (Loss) income per ordinary share Basic (0.16) 0.49 (0.06) (0.01) (0.41) 0.44 0.06 Diluted (0.16) 0.43 (0.06) (0.01) (0.41) 0.41 0.06 Weighted average number of ordinary share outstanding Basic 1,470,013,200 1,484,257,047 1,500,872,881 1,500,872,881 1,469,997,608 1,492,610,864 1,492,610,864 Diluted 1,470,013,200 1,797,675,770 1,500,872,881 1,500,872,881 1,469,997,608 1,665,829,316 1,665,829,316GDS HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) Three months ended Six months ended June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 RMB RMB RMB US$ RMB RMB US$ Net (loss) income (231,768) 764,074 (70,584) (9,852) (576,699) 693,490 96,809 Foreign currency translation adjustments, net of nil tax (16,334) 16,434 30,947 4,320 (72,359) 47,381 6,614 Other comprehensive (loss) income from share of results of equity method investees 0 (3,394) 103,682 14,473 0 100,288 14,000 Comprehensive (loss) income (248,102) 777,114 64,045 8,941 (649,058) 841,159 117,423 Comprehensive income attributable to non-controlling interests (2,323) (1,161) (2,143) (299) (2,420) (3,304) (461) Comprehensive loss attributable to redeemable non-controlling interests 5,548 0 0 0 5,548 0 0 Comprehensive (loss) income attributable to GDS Holdings Limited shareholders (244,877) 775,953 61,902 8,642 (645,930) 837,855 116,962 GDS HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) Three months ended Six months ended June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 RMB RMB RMB US$ RMB RMB US$ Net (loss) income (231,768) 764,074 (70,584) (9,852) (576,699) 693,490 96,809 Net loss from discontinued operations 58,923 0 0 0 131,342 0 0 Depreciation and amortization 790,901 856,519 856,615 119,579 1,573,573 1,713,134 239,144 Amortization of debt issuance cost and debt discount 23,983 31,804 22,169 3,094 58,967 53,973 7,534 Share-based compensation expense 75,682 61,977 61,202 8,543 152,328 123,179 17,194 Share of results of equity method investees 0 27,732 25,945 3,622 0 53,677 7,493 Gain on deconsolidation of subsidiaries 0 (1,057,045) 0 0 0 (1,057,045) (147,558) Others (34,365) 8,172 (9,980) (1,393) (22,428) (1,808) (252) Changes in operating assets and liabilities (83,913) 86,839 (20,244) (2,827) (817,159) 66,595 9,297 Net cash provided by operating activities from continuing operations 599,443 780,072 865,123 120,766 499,924 1,645,195 229,661 Net cash used in operating activities from discontinued operations (106,926) 0 0 0 (132,379) 0 0 Net cash provided by operating activities 492,517 780,072 865,123 120,766 367,545 1,645,195 229,661 Purchase of property and equipment and land use rights (852,847) (1,009,328) (1,264,798) (176,559) (1,795,879) (2,274,126) (317,456) Receipts (payments) related to acquisitions and investments 1,507,298 (360,085) 900,272 125,673 1,098,023 540,187 75,407 Net cash provided by (used in) investing activities from continuing operations 654,451 (1,369,413) (364,526) (50,886) (697,856) (1,733,939) (242,049) Net cash used in investing activities from discontinued operations (1,146,380) 0 0 0 (1,798,455) 0 0 Net cash used in investing activities (491,929) (1,369,413) (364,526) (50,886) (2,496,311) (1,733,939) (242,049) Net cash (used in) provided by financing activities from continuing operations (119,209) 275,032 5,144,746 718,179 1,179,067 5,419,778 756,572 Net cash provided by financing activities from discontinued operations 2,374,514 0 0 0 3,107,482 0 0 Net cash provided by financing activities 2,255,305 275,032 5,144,746 718,179 4,286,549 5,419,778 756,572 Effect of exchange rate changes on cash and restricted cash 30,883 (242) (15,673) (2,188) 20,974 (15,915) (2,222) Net increase (decrease) of cash and restricted cash 2,286,776 (314,551) 5,629,670 785,871 2,178,757 5,315,119 741,962 Cash and restricted cash at beginning of period 7,809,913 8,093,530 7,778,979 1,085,904 7,917,932 8,093,530 1,129,813 Reclassification as assets of disposal group classified as held for sale 0 0 (87,260) (12,181) 0 (87,260) (12,181) Cash and restricted cash at end of period 10,096,689 7,778,979 13,321,389 1,859,594 10,096,689 13,321,389 1,859,594 Less: Cash and restricted cash of discontinued operations at end of period (1,584,813) 0 0 0 (1,584,813) 0 0 Cash and restricted cash of continuing operations at end of period 8,511,876 7,778,979 13,321,389 1,859,594 8,511,876 13,321,389 1,859,594 GDS HOLDINGS LIMITEDRECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")except for percentage data) Three months ended Six months ended June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 RMB % of net revenue RMB % of net revenue RMB US$ % of net revenue RMB % of net revenue RMB US$ % of net revenue Gross profit 565,726 21.9 644,825 23.7 688,926 96,171 23.8 1,086,929 21.7 1,333,751 186,185 23.7 Depreciation and amortization 718,446 27.9 790,737 29.0 793,632 110,787 27.3 1,428,945 28.5 1,584,369 221,169 28.1 Operating lease cost relating to prepaid land use rights 10,706 0.3 12,016 0.4 11,399 1,591 0.4 21,340 0.4 23,415 3,269 0.4 Accretion expenses for asset retirement costs 1,690 0.1 1,828 0.1 1,817 254 0.1 3,388 0.1 3,645 509 0.1 Share-based compensation expenses 27,755 1.1 6,016 0.2 13,728 1,916 0.4 53,851 1.1 19,744 2,756 0.4 Adjusted GP 1,324,323 51.3 1,455,422 53.4 1,509,502 210,719 52.0 2,594,453 51.8 2,964,924 413,888 52.7 GDS HOLDINGS LIMITEDRECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")except for percentage data) Three months ended Six months ended June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 RMB % of net revenue RMB % of net revenue RMB US$ % of net revenue RMB % of net revenue RMB US$ % of net revenue Net (loss) income (231,768) (9.0) 764,074 28.1 (70,584) (9,852) (2.4) (576,699) (11.5) 693,490 96,809 12.3 Loss from discontinued operations 58,923 2.3 0 0.0 0 0 0.0 131,342 2.6 0 0 0.0 Net (loss) income from continuing operations (172,845) (6.7) 764,074 28.1 (70,584) (9,852) (2.4) (445,357) (8.9) 693,490 96,809 12.3 Net interest expenses 450,271 17.5 441,477 16.2 404,989 56,534 14.0 912,779 18.2 846,466 118,162 15.1 Income tax expenses 59,864 2.3 199,701 7.3 64,858 9,054 2.2 122,256 2.4 264,559 36,931 4.7 Share of results of equity method investees 0 0.0 27,732 1.0 25,945 3,622 0.9 0 0.0 53,677 7,493 1.0 Gain on deconsolidation of subsidiaries 0 0.0 (1,057,045) (38.8) 0 0 0.0 0 0.0 (1,057,045) (147,558) (18.9) Depreciation and amortization 790,901 30.6 856,519 31.4 856,615 119,579 29.5 1,573,573 31.5 1,713,134 239,144 30.4 Operating lease cost relating to prepaid land use rights 27,603 1.1 27,584 1.0 26,951 3,762 0.9 54,915 1.1 54,535 7,613 1.0 Accretion expenses for asset retirement costs 1,690 0.1 1,828 0.1 1,817 254 0.1 3,388 0.1 3,645 509 0.1 Share-based compensation expenses 75,682 2.9 61,977 2.3 61,202 8,543 2.1 152,328 3.0 123,179 17,194 2.2 Adjusted EBITDA 1,233,166 47.8 1,323,847 48.6 1,371,793 191,496 47.3 2,373,882 47.4 2,695,640 376,297 47.9 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data