KC Kingsoft Cloud

Nicole Shan Investor Relations Manager
Yulin Wang Chief Executive Officer
Haijian He Chief Financial Officer
Elsie Cheng Goldman Sachs
Liping Zhao CICC
Kyna Wong Credit Suisse
Alex Yao JPMorgan
Brian Gong Citigroup
Thompson Wu UBS
Call transcript
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Ladies and gentlemen, thank you for standing by and welcome to the Kingsoft Cloud Third Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that this conference is being recorded today. I would now like to hand the conference over to your speaker today, Ms. Manager Cloud. Relations Investor Shan, of Kingsoft Nicole Thank you. go ahead. Please

Nicole Shan

earlier Hello, and you, XXXX for well available as distributed, joining newswire website Thank our earnings and you IR on was on quarter us everyone, as third thank operator. at is Cloud today. release services. global today Kingsoft

He today review Cloud, and Mr. we call Haijian He. will business Mr. followed CFO, and who Mr. our highlights, CEO, the and On will financials have from Kingsoft Wang operations accompanying Wang; guidance. Mr. discuss Yulin by

We the will questions be available to answer Q&A your during follows. session that

begin, remind the XXXX. presented other all results, U.S. to materially or these a forward-looking of Private otherwise, solutions and applicable call meaning market as proceed SEC. of does beyond management's involve or conference not company actual are known company's risks, achievements required which statements, would under statements as the The risks, uncertainties Exchange of undertake we future the U.S. to are are law. Before within or the the Further other and and Section in that forward-looking in may obligation the update with are the operating as of included and company's I expectations the any filings company's new These except XXXX like any events factors, as events based to Securities result unknown which curreXXXEt control, of you information, differ and Act forward-looking which in upon from that cause regarding the those the statements. many performance information factors and difficult Litigation statements current forward-looking to Securities Act and to this relate of Reform XXE of contains amended uncertainties or

unless Please, renminbi. our are stated, pleasure all Yulin go Finally, CEO, Mr. Wang. conference now that please It's mentioned introduce during in this ahead. note figures my otherwise call to

Yulin Wang

executed across for average. XX.X% We to RMBX.XX our earnings industry business quarter, strategy our joining call. year, of increase the all Thank Language] effectively a third quarter billion We're revenues, the XXXX same outpacing from pleased segments. solid our representing another we report you [Foreign last net quarter in generated as

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insight As multi-cloud cloud verticals digitalization public our select adoption to we sector penetrate financial Language] [Foreign services, we customer rapid as as well the strategy. into across premium ongoing public and the capitalize continue to for continue execute expanded our will First services further of strategy, we into. recently business, healthcare

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our multi-cloud portion enterprise service quarter, a During have By capabilities our first-class technique, already operators. of experience. meaningful used the third leveraging customers new and strong

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sector. Moving to the enterprise cloud

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OSU banks. investor Inc. with native enterprise our In include large company whose our addition, warehouse data -- through partnership state-owned customers China's

the of the We financial expect to technologies strengthen in our sector. foothold in cloud-based services application database

national highly and In care is which For the become market, the across continuously. expanded a framework are standardized with post-pandemic we into move municipal to in sector expansion at digital the provincial health and Commerce sector country. cloud our has replicate agreement the strategic the essential projects multiyear into recently Projects entered order to the to care health accelerate care CEC levels the it for technology in we era. health develop operate into market to this

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Yulin Wang

Language] [Foreign

Nicole Shan

radio capabilities to cutting-edge front, proprietary our we our technologies moving and been technology. strengthening empower solutions. further to have car Lastly, our continue product we technology strengthen To to coding improve our our industry-specific

costs. can For our streaming, bandwidth example, the KSC-XXX we while smooth developed coding customers reducing deliver to ensure video technology that in-house

In specs is terms underlying of reliability when we of meet traffic service, container Through capabilities we new applications provide scalable so when this customer to situations computing Such computing, without flexible customers service special purchasing and launched for that workload the especially allows essential. container infrastructure. events. surges as mission-critical a directly deploy demands, that

successfully several improve to the and broadcast the computing, we live or RTC and communications, edge real-time computing continue functionality customers. hosting our acquired For platform, ASH of

position market Henry capture opportunities you. Looking the prime I Thank a pass over now share, forward, cloud around over go call we consolidate our financials our leading further will computing, our the service the to quarter. expand will strategy and as many strengthen cloud customer our provider. neutral for to

Haijian He

all financial I will following begin everyone. would discuss Hello, you, are earnings now detailed for to quarter. Yulin, highlight numbers release also the third to To in the of I Please like reminded and that, Nicole. with, be RMB. our Thank refer financial here performance results. the points. quoted our our Please

of RMBX.XX guidance our revenue First billion. RMBX.XX was to all, previous billion from

RMBX.XX total billion end to the report arrived this our are of at our of We top that quarter pleased of guidance. revenue

importantly, it cloud the acceleration services which players enterprise the us key of More the XX.X% remains growth. a China. revenue drivers Number of as fastest-growing basis, top in in cloud our one industry of growth one makes year-over-year of on at represents line two,

cloud total three, XX.X% year-over-year It of XX.X% quarter last enterprise quarter with quarter compared Our increase representing sequentially. XXX.X% improvement. an continuous seeing the this XX.X% we same contributes million are year. Number revenue of this the was services revenue in of RMBXXX.X and margin

for to period XX.X% percentage in quarters, our Our consecutive improvement been has and quarters. improved now consecutive this representing nine an from last EBITDA points. be gross X.X profit margin quarter has adjusted positive specific, our same To EBITDA negative negative X.X% the margin of adjusted for five year, adjusted increased

funded of is RMBXXX.X RMBXXX.X QX loss moment. this net million sufficiently at to also our last from business Our quarter million year. Number this four, narrowed is

We reached billion. position of September. our proceeds XX, XXXX, cash billion September our offering is follow-up net RMBX.X in As of RMBX.XX in

our of Our outstanding public XX.X% XX.X% immediately total from shares, after growth up the is IPO.

public the of we going implemented rates, XX, which growth better from with high-quality and market will a are to We MSCI, happy liquidity, based base. November included China lastly, Index, be announcement be shareholder the And are recent on MSCI in after higher close strengthened XXXX.

recently Dow a included also of in are by S&P. We and number indices technology-related

of details will financial Now, through go I results. the

sequential XX.X% usage cloud public increased the year-over-year customer on growth premium continued and the to billion. of cloud fast public year-over-year Thanks grow revenue revenue by to our services, Our RMBX.X from to customers, both basis.

in last used education and vendors. quarter increased diversified several of sub We total cloud from multi-cloud increased who period this XXX.X% year service year. important significantly have already Enterprise our by XX.X% million, the attracted of to in internet successfully in revenue have revenue customers same XX.X% contributing RMBXXX.X third the verticals,

-- this of costs decreased year-over-year last portion by and while revenue. but a year fast revenue, IDC growth recurring increasing XX% billion. cloud by our total percentage -- XX.X% from With RMBX.XX XX RMBX.XX revenue of billion, the our as to of quarter. revenue increased Cost to XX year-over-year XX.X% XX.X% revenue of the overall increased enterprise to service QX mix of improving

RMBXXX.X public estimate improving we basis. of July of greater certain our costs improvement software high-end ongoing Other basis continuous for due our costs review general. with channel equipment equipment to staff and The costs capability operations. in which a longer life cost, costs four of electronic is use RMBXX.X cloud Xst, an at are commonly changed RMBXXX.X is and of software by million years efficiency associated enhancement three life of as industry and purchase, effective maintained life from and and were achieving amortization third-party We our of well million. in Depreciation to useful relatively consist as the cloud our of services. purchase increasing outsourcing and both other catered equipments enterprise were to enterprise Other costs of stable year-over-year costs the of years scale adopted on on XXXX; resources. useful economies We equipment million and

continue with was thanks QX mainly we XX.X% public expand positive quarter scale compared economies and accounting compensations, and share-based costs expect with percentage As Total improving IDC gross revenue administrative million, consecutive million million a RMBXX.X increased RMBXXX.X will a gradually increase expenses year and of in resources, in was quarter we increase operating was the as QX which the leverage. other of expenses compliance in last RMBXXX.X last legal margin, company. and X.X% is up sixth and D&A scale the our gross to due operating total as revenue decrease. to costs to in to a of The year. gross third efficiency adjusted margin this of The year. profit Adjusted

total expenses revenue in percent expenses last selling R&D G&A X.X% adjusted expenses this X.X% quarter. a from Adjusted quarter. a Adjusted X.X% QX year last to decreased a this from quarter. as this compensation, to as year of X.X% from decreased and last of to QX as percentage in percentage share-based decreased QX revenue X.X% year in of marketing Excluding XX% revenue

million is RMBXX.X of negative also Adjusted this QX in with EBITDA compared X.X% negative year. last last adjusted EBITDA XX.X% from improved million year year. to QX negative margin RMBXXX.X of negative Our QX

As of RMBX.X September XX, and XXXX, we billion. of equivalents, short-term investments had cash, cash

RMBXXX million. this was quarter, capital our expenditure During

balance technology research, sufficient will continue and capital into a managing healthy infrastructure expenditures sheet. prudent maintaining have and be We to in liquidity

Moving to the outlook.

the We net billion. fourth currently quarter XXXX of revenue between are for billion and be RMBX.XX expecting RMBX.XX to

and which is are our your are this estimates, on questions. for your to preliminary attention, current subject market Operator, happy concludes However, outlook conditions please thank take change. go This you ahead. reflects to based and remarks all and prepared we now the company's


We Instructions] of Ladies the the and question begin have from will Elsie [Operator we Goldman gentlemen, first from Cheng session now Please Sachs. question-and-answer go a line ahead.

Elsie Cheng

in is questions. management first one the the about I vertical public you, Thank for Language] and [Foreign BI strong [ph] again congratulations cloud the performance have results. And the three services.

ramp-up Q-on-Q into vertical contribution bit results profit. the actually bit XX% just trend operating quarter. in XXXX? we the the are more this into whereas video second strong are more can segment kind is gaming in of can in details, the year one kind into revenue? at little cloud expect for Last the little one fast pickup in looks going expect Will the of actually business. operating this enterprise versus second is COGS a of in cloud. demand like And looking And example, last to We understand in what the of look margin it R&D. the similar when and we see spending And we on forward quarter half For a education of the you And kind the some fourth more about quarter? enterprise we contributing to pickup

more, is of look into more cost related next little Just to Thank development can or enterprise understand you. in it fourth terms Thank allocation trend? year, to we you at a business the our much. bit so how quarter cloud

Yulin Wang

Language] [Foreign

Nicole Shan

use to cloud We we first cloud it and online COVID-XX. healthy future. sector, has controlled people before been even for our has service life and growing on used still normal, the returned The cloud, call in June keep I'll more cloud the cloud revenues and been well as the will China online education. grow example online for the for corporate believe basis. Mr. growing education XXXX a services still since in demand pandemic sequential translate more video people gaming very [Indiscernible] In The Wang. to and has conference

requirements With cloud, seen And in clouds demand grow strong us in And enterprise players of public price have technology major current for all the we due strong the including demand, market. very the is the stable the the healthy. stage. to very multi-cloud

of we due quarter. mentioned we fourth COVID-XX third projects in the earlier, of some to [Indiscernible] delayed delivered the the been had noticed quarter and As projects have and laid to

have have big also large CEC healthcare nationwide seen projects pandemic, that for banks for the mentioned and our partnerships. we there along with demand we one project commercial data in are banks. Hubei several project the the the after And with state And province We data deliver technology. we healthcare scale in the more [Indiscernible] future, will like have sector Chibi in big banks [ph], and the D-Commerce sectors, in contract example, this

Haijian He

the And Thank OP third I'd be margin. regarding happy take question asking the on you. to

four So there are want probably I three or points, to mention.

no change First of there's growth. allocation from regarding cost impact all, of almost definitely And cloud there's no enterprise revenue perspective.

However, we regarding into I understand our to our deploy key you company more a know, on and actually verticals. actually what do very we and strategy extended you primary new we relationship major stay improve the as their And our how can make and we efficient and actually the can resources. premium we technology. dramatically because have customer efficiency the to penetrated focused needs clients R&D also our that want is mention, extend our as know to driver And

I did think you efficient. very strategy seeing generating also our back stay focused And premium as the key and key in recurring the did and third IPO out revenue, verticals probably costs May September. RNA we So a you and remember, point on fall reason are more become the the in customer

year. this half in So of early

to cost, XX% RNA as have R&D the over the function. So [ph] you we of know, personnel-related

cost So there as part were of expenses actually as R&D part reported. of SBC a

after you're we we we cloud total we happy normalized it trend are impact. the revenue, R&D of that mention we expenses. And a revenue And even to of and call revenue. as onetime I'll seeing reason, cloud-related more as leverage a these So level QX, increasing private our percentage but it's into see are QX enterprise our the is do And third public of it client. a mentioned do deploy actually fundamental enterprise to environment a technology normalized

leverage relatively across synergy already segments both technology and do similar a online have. great they to So we similar

think things margins. are few the of the explaining underlying So these improvement on our I op driver

the looking that Elsie. the of we forward model. to going is even these So of same the stayed see happy environment going and mentioned, the the are to the improve likely margin expansion are stable Hopefully and forward, business well. we -- market is nature as drivers Thank fundamental as assuming to you,

Elsie Cheng

Very it. clear. much. you. Thanks Thank Got


you. Thank

have We from our Please next line Kyna question of Credit go is the Wong, Wong ahead. Suisse. Kyna from line open. your

Suisse. open Ms. is Wong, Credit You Kyna question may you. now. from ask line your Thank your

proceed Thank question. may your you. You with

Nicole Shan

Thank Operator, go next back we Kyna. may and we get to one, will you. to


Thank you.

CICC. from go next question line from of Please Liping the We have ahead. our Zhao

Liping Zhao

Thanks evening. you. three for have I for my Language] Good taking [Foreign questions. questions

growth The noticed can We growth business relatively ByteDance. we fastest growth. such three question top this invest wanted we company slow and in their and the Internet affect will that the the the growth And Oshu Thank that And there that our a why momentum about related And the we fields you. revenue started is that from KC noticed noticed next Kingsoft revenue difference? among we end? in is is providers, quarters? We second XQ first And own investment. cloud high one other our is question is invested to service how will Cloud's third what to maintain back for future? ByteDance achieved be noted

Yulin Wang

[Foreign Language]

Nicole Shan

and on premium I'll translate our first We question. customer think on the your direct strategies. first for we codes work consistent focus

select provider more the – a a think their customers deployment about services. premium as provider we as has in capability we would services We multi-cloud to the healthy be question seen talk our and customer accelerated this answer service service technology also is keep neutral have we'll you. are Thank our this cloud leading that for in relationship we this highly about the And same their keep by a to cloud ByteDance. And of question relation And efficient I And knowledge, among like you. like still will in other requirements, us year is customers. close cloud field the strategy provided third peers. same public from vendors. your we us the run to second now the To very second and Henry the with And for future. ByteDance cloud

Haijian He

question. Thank Brenda take the Happy to you, last on [ph].

and history, – growing Cloud, want necessary is industry fast So, important the history of capture provider the including as the organic also the you growth very know, you're but major Amazon we the global us. into the if given cloud and R&D seeing all Google all is to investment opportunity for do

perspective. potential as is I and the what second have regarding And actually and we So this so in partnership, why control including appreciate and that important And actively like is to probably really actually only for external Oshu share we also very tried the all care what technology. partnership name – the high opportunities clients. also XB cloud. cloud point you investment quality And pursue had as us can market opportunity. health the review always They investment, catch partnership we that for to grow is That's company minority disclosed are in vertical space, M&A expanding important but a care these to so services a is big best-in-class for investment one us vertical. a maybe great the the the all and we the in rapidly very and the the particular, minority example the financial with health a we CEC saw from – potential digital commercial

major on saw. is such you deliver we're in for projects. So seeing Snowflake And Similar banks partner data trend more level, investment as warehouse U.S. you company certain as this a to we as working mature probably technology holistic like to also our solution enterprise well. China the name invested in markets know, already with our actually as

remain for that on think is many And that and of do opportunity the going capture opportunity a us revenue the a great to we be would So going spend last capital basis. well. as we cash this in to actively, point even want potential that be in opportunity relationship The look direction expenditures. opportunity recurring I mention, want we our terms opportunity of and very to we at prudent manage how though to also

also Thank capture will revise expenditure part plan the some not of but opportunities. external plan investment to down you, Brenda. we So our up capital the capital we budget and expenditure regarding

Liping Zhao

Thank you.


Thank you.

Suisse. from have line coming next We question go Kyna Please our ahead. the Credit of Wong,

Kyna Wong

on going asking will that Internet one for The business the could it or cloud milestone second about come we the expect? expect much think for is The in industry the a Language] I very this [Foreign cloud, actually -- enterprise about how business question cloud key drive we this long we this a the healthcare is first How growth see public or diversified target -- any is much run position in could the actually in that subset could established the area. competitive the cost? further

Yulin Wang

Language] Thank you, Tina. [Foreign

as non-video For question, is now your education and in video and still customers products. gained momentum we are with using format a our healthy think other first including customers. format education We office very the and growth still they in your main mainstream e-commerce; in the video

enterprise commonly X.X% quarter. we general, the XXXX video largely grow cloud the cloud we and from contribution not the -- used in now still in load the XG for think of traditional from when video latency high-definition format and enterprises. But future. in XX.X% video very a cloud, our this and will of in especially So, in contributes requirements demand cloud Video it comes our decrease, the will future in is to increased think

we get And to the normal the people total for key after keep the has decreased video percentage for question, pandemic; below new plan we the this of to new So, revenues. for is healthcare future. started to and cloud your total and second the as sector the XX%. In one revenues the the our verticals think a quarter, from decreasing revenues, think will of percentage

prospects will have in sectors. healthcare leading D-Commerce make [ph] with believe player our also China Thank in some you. we in these mentioned projects CEC in the Chongqing cooperation projects and be great We we all Technologies. We a and we think


you. Thank

next ahead. our JPMorgan. from of from We the go line Alex question Please Yao have

Alex Yao

first us [Foreign able Language] your of some not My is finished you But XXXX outlook you're revenue in trends, for lead to XXXX key talk for COVID rationalize outlook qualitative have first base will XXXX the public budgets. difficult this for the about probably guys for XXXX first example, I high can regarding to half -- revenue question year, trend? so qualitative to cloud if the the your you For outlook. help XXXX make understand the half grow if the financial business. which

Another you. second the example cloud is, about trends the given you cloud question two cloud the fact in help these And that cloud. and progress you guys what healthcare both enterprise the will about current the you. is talk that of for into extent Can have pricing hyper To of Thank terms business? made the for enterprise markets pricing? growth more industry enterprise year-to-date public market. Thank

Yulin Wang

[Foreign Language] Thank you.

For your first question.

We on next are still the working year. budget for

the some trends, still share But for to XXXX. outlook to on it's like early I'd the too for color. comment So

And we a the health growth expect rate have education we are for multi-cloud only cloud, service to with healthy. the cloud; we after the XXXX, is technology service these gaming cloud enterprise growing In after for services. looking the we have video held we not the environment. the And is think public maintain public financial are We total strong as first-class more lie all opportunities market. also of service we're second all how And ahead. stable sectors, this market public seeing our high-growth experienced they as much sectors, cloud the very your think forward sectors, and public the year. they the there the from habits still care a in larger think sector in is to markets fulfill increasing the cloud and cloud enterprise cloud more our many First, China's are very huge about sectors, higher And is demand enterprise public demand still than this for price revenues talk been increasing. And compared the public market usage kept general. still the question, to dynamic pandemic, Many cloud in a sector. for we target. stable market the comparatively the And are cloud requirements, market

So haven't combination in you, operator. very stable. seen than field competitively this price the we is Thank fierce


you. Thank

We have Gong from from go Please question our next line Citigroup. ahead. the Brian of

Brian Gong

[Foreign question Language] first the is regarding I will translate margin. myself. My

year. our recently So margin this improved has

wondering I'm the improvement for year? And XXXX can management revenue the for second what currency Will for And XXXX, or the could view, grade is pace CVM both be view computing your delivery would storage? breakdown XXXX. for elaborate long-term what's this it that contribute your for also margin look our that my revenue rental Thank like So enterprise to question total significant for at time? you.

Haijian He

question. Brian. you, to address Thank your Happy

all the are I of first So regarding margin, you think definitely right.

our the economic -- margin scale I of think and of nature the reason improvement. unfolded our reflects to of fundamental has gradually benefit that nature the business the is in for

the drivers, operating our to short-term, expand. efficiency margin our the more the you for improvement the how factors in continue there and And about margin continued sure is especially the know you are deployed. EBITDA resources our there IT as push right? able R&D the And, be past as in demonstrating is So So of quarterly it's general the to even the resources fewer we improvement to also really and further. the know margin of efficiency long-term make however, we of EBIT expecting We're will in also right? quarters. margin basically adjusted nine EBITDA achieved are trend And upward margin

also also there premium scale quarter. and out, increase product example, the And the customers effect number a offerings. of expanding be customers continuous every we're to premium will of as the new For the be the value-adding carried we adding are

enterprise even from are And So the more clients of penetration high-quality always part also, as total clients And those also health of important, the coming our and more revenue less make a effective recurring because the be streams we carry the the see cloud value-adding actually trend sensitive. of price and margin. that part will that revenue. are care service of financial

of and improvement, backdrop as major the in ride with general, profit other development the providers the trend of because think cloud confident on well. of we're long-term along the I in China margin to So industry of cloud

question And to out revenue roughly I be XXXX, remaining revenue public let's revenue be do I remaining, let's is of two-third coming related around speaking see say from enterprise So other of And are mix, services. from XXXX, as remaining the speaking revenue, one-third will storage view than and cloud services. of the think computing will XX% And portion we in regarding public we enterprise the your think, of XXXX, XX% And increasing XX%, think cloud. XXXX the will say, say or revenue. I likely will cloud the the to piece the be total the the maybe reach second the from coming be we roughly think or delivery. cloud the by coming less let's revenue the cloud our

as the just also one So also mentioned of video and kind as to product on technology Yulin mention don't I cloud value-adding more cloud-related segment. reported We example, delivery it want the all because of charged well. video, the call part

demonstrating as has revenue delivery to product you, report So extent. revenue the better we're that's also, Thank including the better quality revenue also happy of dropped services and that Brian. quarter, the services that already revenue, the also below approximately the mix this well. recurring of video-related XX% the total and cloud and to value-adding And of streams the

Brian Gong

Thank you.


Thank you.

line the next UBS. Thompson go our from ahead. question of from Wu Please have We

Thompson Wu

[Foreign Language]

Haijian He

Yeah. Henry. Thompson. This is Thank you,

last will I and second think, explain will and question the question CEO regarding our first take and guidance color. the XQ on the I

we projects do you important keep momentum the first of prepared mentioned the regarding we definitely in milestone as all, the projects, for that the major remarks. So, make as so the noticed

other conservative revenue you know, book do we apply So, as four policy, also very means full on projects. hand, also we a at the – revenue recognition of which completion the

mentioned So some to remarks already as booking and our work. certain prepared we of time completion mentioned CEO – be projects. the only on deliver at the in we our did of revenue projects we that, full the make efforts definitely will but And

to thing. noticed efforts feel and we the a the following AKA. will to some all second to the the is on make probably mentioned, quarters. it space. though of as have be come. we be of of of some cloud pretty the that have enterprise clients in that, that's track progress have see cost And to So And thing, come we kind backlog another the cloud disclosed a different enterprise cannot even strong of strong we we disclose have working projects. revenue QX, even of there's variety that we in name been But question names some our the I cloud look demand on projects do track quarter of projects clients. we when you we of the already but compensation in them backlog the at to to keep though SBC most the the not we regarding the in cannot completed enough and do streams actually potential for mention been to or one support on following share-based natural from the And company And actually we And delivered want the

of typically the SBC So to cost for as on of a you prepare IPO. listing, happened of company for a the booking typically quarter the know quarter a all the

why in underlying to the underlying in of reflects costs that's our spike back SBC observe it's the change before on That this middle operations of IPO. expenses we year a QX And ongoing actually our declined So basis. relatively QX. an QX and do actually gradually

the in quarters not following one do adjusted the that to going our will pass I CEO driver on QX Yulin. SBC to and of be we and same at question going for forward And that few for the in quarters. So be the OP think QX Thank actually margin and next come the the will to EBITDA level third you. the improvement cost of is continuous

Yulin Wang

this The we you. projects Thank delayed think in we of most efficiency think projects QX the the due half quarter. are last second the already in been quarters. we deliver guidance, enterprise cloud enterprise first deliver two to they COVID-XX of And question, improving started some to for our our cloud these the have in the have to

upon So those sources. think guidance the our quarter. question We in of book the food complete next revenue of can -- despite to projects on the we large in can is we confident very you, and we on fourth operator. delivery the Thank the expect only completion uncertainties And are that quarter.


now to you. the today. Ladies to like I hand and conference Please back would presenters gentlemen your Thank continue.

Nicole Shan

again operator. once for you Thank you, today. us Thank joining

please to you. a Thank nice any have Have free to speaking questions with look you feel If further forward contact us. We again day. quarter. you next


gentlemen for Ladies concludes participation. the this and your you today. for Thank conference

lines disconnect Thank You may now. you. all your