On March 28th, Century Internet, a leading technology innovation digital new infrastructure company and a US listed IDC company, released its unaudited financial performance for the fourth quarter and full year of 2023. Data shows that Century Internet's financial and operational data maintained steady growth in 2023, with a net revenue of 1.9 billion yuan in the fourth quarter of 2023, and a year-on-year increase of 4.9% to 7.41 billion yuan in net revenue for the year.
Dong Jie, CEO of Century Internet Group, said, "Looking back at 2023, against the backdrop of steady economic recovery, we have firmly implemented the dual engine strategy of 'mass customization+new retail', and completed the year with a steady pace. We delivered 8321 self built cabinets on time and with high quality, achieving the set goal for 2023. The overall cabinet shelving rate for the whole year has increased from 55% at the end of 2022 to 59%. At the same time, driven by artificial intelligence applications, the demand for thousands of industries has grown rapidly. We have effectively utilized various advanced technologies and IDC resources to develop reliable solutions to meet the growing needs of customers. As we enter 2024, we will continue to utilize our core capabilities and seize the huge opportunities brought by the development of artificial intelligence." "Promote digital transformation in various vertical fields."
In the fourth quarter of 2023, Century Internet's net revenue increased from 1.88 billion yuan in the same period of 2022 to 1.90 billion yuan (267.4 million US dollars), and adjusted EBITDA (non GAAP) increased by 3.8% from 424.3 million yuan in the same period of 2022 to 440.2 million yuan (62 million US dollars). The adjusted EBITDA rate (non GAAP) is 23.2%, compared to 22.6% in the same period of 2022.
In 2023, Century Huatong's net revenue increased by 4.9% from 7.07 billion yuan in 2022, reaching 7.41 billion yuan (1.04 billion US dollars). Adjusted EBITDA (non GAAP) increased by 8.9% from RMB 1.87 billion for the full year of 2022, reaching RMB 2.04 billion (USD 287.2 million). The adjusted EBITDA rate (non GAAP) is 27.5%, compared to 26.5% for the entire year of 2022.
As of December 31, 2023, the total number of cabinets under Century Internet was 93597, while the total number of cabinets as of September 30, 2023 and December 31, 2022 were 88922 and 87322, respectively. Among them, the number of cabinets put on shelves by the company increased by 2827 in the fourth quarter of 2023, reaching 55235 as of December 31, 2023, and 52408 and 48016 as of September 30, 2023 and December 31, 2022, respectively. In addition, as of December 31, 2023, the overall shelving rate of cabinets was 59.0%, while as of September 30, 2023 and December 31, 2022, it was 58.9% and 55.0%, respectively.
"By focusing on high-quality revenue at a strategic level, we have achieved strong results in 2023. At the same time, we have made significant progress in refinancing, successfully completing a strategic investment of $299 million from Shangao Holdings in December 2023, and completing a $600 million convertible bond repurchase in February 2024. Looking ahead, we will continue to create long-term sustainable value for all stakeholders."