The following is a summary of the GDS Holdings Limited (GDS) Q2 2024 Earnings Call Transcript:

Financial Performance:

• GDS Holdings reported a significant revenue growth of 18% and adjusted EBITDA growth of 15% for Q2 2024.

• In China, GDSH saw an 8.9% increase in revenue and a 4.3% increase in adjusted EBITDA year-on-year.

• The International segment (GDSI) experienced a 24% revenue increase and an impressive 80% adjusted EBITDA growth quarter-on-quarter.

Business Progress:

• GDS Holdings is emphasizing stabilization in their China business and expanding internationally with significant success.

• In China, a strategic approach focused on minimizing incremental CapEx and higher gross move-in rates is underway, with 45,000 square meters brought into service as of mid-2024.

• Internationally, strong demand led to 206 megawatts of new orders in Johor and a significant agreement in Batam, positioning GDS as a leader in one of the largest data center markets globally.

Opportunities:

• GDS Holdings is leveraging its strategy of selective business acceptance and focus on larger internet customers to grow its China business.

• Internationally, the expansion in regions like Johor and Batam with significant new customer contracts, mainly driven by AI demand from the US, represents a major growth opportunity.

Risks:

• In the China segment, the increase in power tariffs impacted the EBITDA margin, highlighting a sensitivity to operational costs that could affect profitability.

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