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1、Kingsoft Cloud Announces Unaudited Second Quarter 2024 Financial Results08/20/2024BEIJING,Aug.20,2024(GLOBE NEWSWIRE)-Kingsoft Cloud Holdings Limited(“Kingsoft Cloud”or the“Company”)(NASDAQ:KC and HKEX:3896),a leading independent cloud service provider in China,today announced its unaudited financia

2、l results for the second quarter ended June 30,2024.Mr.Tao Zou,Chief Executive Officer of Kingsoft Cloud,commented,“We are pleased to record another strong quarter with advances in revenueexpansion,margin improvements and operating cash net inflow.Our high-quality and sustainable development strateg

3、y continued to bear fruits.During the past quarter,embracing AI opportunities,we have recorded AI revenue of RMB326 million,approximately 26%of revenues from publiccloud services,doubling from 13%last quarter.We have also been enhancing our AI capabilities,successfully deploying AI solutions to ente

4、rprisesand organizations to improve our customers data management performances.”Mr.Henry He,Chief Financial Officer of Kingsoft Cloud,added,“We are pleased to achieve growth in both revenue and profits.This quarter our totalrevenues returned to year-over-year growth track,arriving at RMB1,891.8 mill

5、ion,increased by 3.1%year-over-year and 6.5%quarter-over-quarter.This quarter our adjusted gross margin was 17.1%,significantly increased by 5.8 percentage points from 11.3%in the same quarter of 2023.Adjustedgross profit was RMB323.4 million,increased by 56.4%from RMB206.8 million in the same quart

6、er of 2023.Adjusted EBITDA turned to profit lastquarter and steadily increased to RMB60.6 million,significantly improving from negative RMB61.4 million in the same quarter of 2023.This quarter wehave recorded net inflow of operating cash at RMB151.2 million,compared with RMB65.2 million in the same

7、period and negative RMB321.3 millionlast quarter.”Second Quarter 2024 Financial ResultsTotal revenues reached RMB1,891.8 million(US$260.31 million),increased by 3.1%year-over-year and 6.5%quarter-over-quarter from RMB1,835.4million in the same quarter of 2023 and RMB1,775.7 million in the first quar

8、ter of 2024.The increase was mainly due to the expanded revenue from AIrelated customers and partially offset by our proactive scale-down of content delivery network(CDN)services,and more stringent project selection ofenterprise cloud projects.Revenues from public cloud services were RMB1,234.5 mill

9、ion(US$169.9 million),increased by 6.5%from RMB1,159.5 million in the samequarter of 2023 and 4.0%from RMB1,187.4 million last quarter.The increase was mainly due to the growth of AI demands and partially offset bythe proactive scale-down of our CDN services.Revenues from enterprise cloud services w

10、ere RMB657.2 million(US$90.4 million),representing a decrease of 2.7%from RMB675.2 million inthe same quarter of 2023 and an increase of 11.7%from RMB588.2 million last quarter.We keep focus in selected verticals such as publicservices cloud,state-owned assets cloud,healthcare and financial services

11、,enhance our solutions with AI capabilities and take profitability andsustainability of the enterprise cloud projects as our priorities.Other revenues were nil this quarter.Cost of revenues was RMB1,573.4 million(US$216.5 million),representing a decrease of 3.4%from RMB1,628.8 million in the same qu

12、arter of2023.IDC costs decreased significantly by 15.4%year-over-year from RMB860.7 million to RMB728.2 million(US$100.2 million)this quarter.Thedecrease was in line with the scale down of our CDN services and our strict control over procurement costs.Depreciation and amortization costsincreased by

13、31.6%from RMB202.1 million in the same quarter of 2023 to RMB265.9 million(US$36.6 million)this quarter.The increase was mainlydue to the depreciation of newly acquired servers which were allocated to AI business.Solution development and services costs increased by 8.4%year-over-year from RMB452.9 m

14、illion in the same quarter of 2023 to RMB491.1 million(US$67.6 million)this quarter.The increase was mainly due tothe solution personnel expansion of Camelot.Fulfillment costs and other costs were RMB37.6 million(US$5.2 million)and RMB50.6 million(US$6.9million)this quarter._1 This announcement cont

15、ains translations of certain Renminbi(RMB)amounts into U.S.dollars(US$)at a specified rate solely for the convenience ofthe reader.Unless otherwise noted,the translation of RMB into US$has been made at RMB7.2672 to US$1.00,the noon buying rate in effect on June30,2024 as certified for customs purpos

16、es by the Federal Reserve Bank of New York.Gross profit was RMB318.3 million(US$43.8 million),representing a significant increase of 54.1%from RMB206.6 million in the same quarter of2023,demonstrating our improvements in revenue quality.Gross margin was 16.8%,compared with 11.3%in the same period in

17、 2023.Non-GAAPgross profit2 was RMB323.4 million(US$44.5 million),compared with RMB206.8 million in the same period in 2023.Non-GAAP gross margin2 was17.1%,compared with 11.3%in the same period in 2023.The significant improvement of our gross profit and margin was mainly due to our strategicadjustme

18、nt of revenue mix,expansion of AI revenues,optimized enterprise cloud project selection and efficient cost control measures.Total operating expenses were RMB595.9 million(US$82.0 million),increased by 4.6%from RMB569.7 million in the same period in 2023 and 5.0%from RMB567.4 million last quarter.Amo

19、ng which:Selling and marketing expenses were RMB125.7 million(US$17.3 million),decreased by 2.7%from RMB129.3 million in the same period in 2023and increased by 7.7%from RMB116.8 million last quarter,the sequential increase was due to the increase of personnel costs and promotionalexpense,partially

20、offsetting by the reversal of share-based compensation related to forfeiture.General and administrative expenses were RMB266.2 million(US$36.6 million),compared with RMB246.5 million in the same period in 2023 andRMB218.7 million last quarter.The sequential increase was mainly due to the one-time-of

21、f gain of property disposal of last quarter and the year-over-year increase was mainly due to the increase in personnel costs.Research and development expenses were RMB204.0 million(US$28.1 million),increased by 5.2%from RMB193.9 million in the same period in2023 and decreased by 12.1%from RMB232.0

22、million last quarter.The sequential decrease was mainly due to the reversal of share-basedcompensation expense related to forfeiture and the year-over-year increase was mainly due to the increase in personnel costs,partially offsetting bythe reversal of share-based compensation related to forfeiture

23、.Operating loss was RMB277.6 million(US$38.2 million),significantly decreased compared with operating loss of RMB363.1 million in the samequarter of 2023 and slightly increased from RMB274.2 million last quarter.The year-over-year improvement was mainly due to our gross profitexpansion and we have b

24、een taking strict control over expenses,bearing fruit from our high-quality and sustainable development strategy.Thesequential increase was mainly due to the above-mentioned expenses increase and partially offset by the increase of gross profit.Net loss was RMB353.7 million(US$48.7 million),signific

25、antly decreased compared with net loss of RMB498.3 million in the same quarter of 2023and RMB363.6 million last quarter.The improvements of our profitability were in line with our strategies of high quality and sustainable development,as we focus on profitable business and execute strict control ove

26、r costs and expenses._2 Non-GAAP gross profit is defined as gross profit excluding share-based compensation allocated in the cost of revenues and we define Non-GAAPgross margin as Non-GAAP gross profit as a percentage of revenues.See“Use of Non-GAAP Financial Measures”set forth at the end of this pr

27、essrelease.Non-GAAP net loss3 was RMB301.1 million(US$41.4 million),compared with RMB315.0 million in the same quarter of 2023 and RMB217.3 millionlast quarter.Non-GAAP EBITDA4 was RMB60.6 million(US$8.3 million),compared with RMB-61.4 million in the same quarter of 2023 and RMB33.2 million lastquar

28、ter.Non-GAAP EBITDA margin was 3.2%,compared with-3.3%in the same quarter of 2023 and 1.9%last quarter.The increase was mainlydue to the expansion in gross profit and our strict control over costs and expenses.Basic and diluted net loss per share was RMB0.10(US$0.01),compared with RMB0.14 in the sam

29、e quarter of 2023 and RMB0.10 last quarter.Cash and cash equivalents were RMB1,837.8 million(US$252.9 million)as of June 30,2024,compared with RMB1,881.7 million as of March 31,2024.The decrease was mainly due to the investment into the procurement of high performance servers and the payment to dail

30、y operation.Outstanding ordinary shares were 3,596,874,352 as of June 30,2024,equivalent to about 239,791,623 ADSs.Conference Call InformationKingsoft Clouds management will host an earnings conference call on Tuesday,August 20,2024 at 8:15 am,U.S.Eastern Time(8:15 pm,Beijing/Hong Kong Time on the s

31、ame day).Participants can register for the conference call by navigating to https:/ has been completed,participants will receive dial-in numbers,direct event passcode,and a unique access PIN.To join the conference,simply dial the number in the calendar invite you receive after preregistering,enter t

32、he passcode followed by your PIN,and youwill join the conference instantly.Additionally,a live and archived webcast of the conference call will also be available on the Companys investor relations website athttp:/._3 Non-GAAP net loss is defined as net loss excluding share-based compensation,impairm

33、ent of long-lived assets and foreign exchange loss,and wedefine Non-GAAP net loss margin as adjusted net loss as a percentage of revenues.See“Use of Non-GAAP Financial Measures”set forth at the endof this press release.4 Non-GAAP EBITDA is defined as Non-GAAP net loss excluding interest income,inter

34、est expense,income tax expense(benefit)and depreciationand amortization,and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues.See“Use of Non-GAAP FinancialMeasures”set forth at the end of this press release.Use of Non-GAAP Financial MeasuresThe unaudited condensed conso

35、lidated financial information is prepared in conformity with accounting principles generally accepted in the UnitedStates of America(“U.S.GAAP”).In evaluating our business,we consider and use certain non-GAAP measures,Non-GAAP gross profit,Non-GAAPgross margin,Non-GAAP EBITDA,Non-GAAP EBITDA margin,

36、Non-GAAP net loss and Non-GAAP net loss margin,as supplemental measures toreview and assess our operating performance.The presentation of these non-GAAP financial measures is not intended to be considered in isolation oras a substitute for the financial information prepared and presented in accordan

37、ce with U.S.GAAP.We define Non-GAAP gross profit as gross profitexcluding share-based compensation allocated in the cost of revenues,and we define Non-GAAP gross margin as Non-GAAP gross profit as apercentage of revenues.We define Non-GAAP net loss as net loss excluding share-based compensation,fore

38、ign exchange loss and impairment oflong-lived assets,and we define Non-GAAP net loss margin as Non-GAAP net loss as a percentage of revenues.We define Non-GAAP EBITDA asNon-GAAP net loss excluding interest income,interest expense,income tax expense(benefit)and depreciation and amortization,and we de

39、fineNon-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues.We present these non-GAAP financial measures because they areused by our management to evaluate our operating performance and formulate business plans.We also believe that the use of these non-GAAPmeasures facilitates investor

40、s assessment of our operating performance.These non-GAAP financial measures are not defined under U.S.GAAP and are not presented in accordance with U.S.GAAP.These non-GAAPfinancial measures have limitations as analytical tools.One of the key limitations of using these non-GAAP financial measures is

41、that they do notreflect all items of income and expense that affect our operations.Further,these non-GAAP measures may differ from the non-GAAP information usedby other companies,including peer companies,and therefore their comparability may be limited.We compensate for these limitations by reconcil

42、ing these non-GAAP financial measures to the nearest U.S.GAAP performance measure,all of whichshould be considered when evaluating our performance.We encourage you to review our financial information in its entirety and not rely on a singlefinancial measure.Exchange Rate InformationThis press releas

43、e contains translations of certain RMB amounts into U.S.dollars at specified rates solely for the convenience of readers.Unlessotherwise noted,all translations from RMB to U.S.dollars,in this press release,were made at a rate of RMB7.2672 to US$1.00,the noon buying ratein effect on June 30,2024 as c

44、ertified for customs purposes by the Federal Reserve Bank of New York.Safe Harbor StatementThis announcement contains forward-looking statements.These statements are made under the“safe harbor”provisions of the U.S.Private SecuritiesLitigation Reform Act of 1995.These forward-looking statements can

45、be identified by terminology such as“will,”“expects,”“anticipates,”“future,”“intends,”“plans,”“believes,”“estimates”and similar statements.Among other things,the Business Outlook,and quotations from management in thisannouncement,as well as Kingsoft Clouds strategic and operational plans,contain for

46、ward-looking statements.Kingsoft Cloud may also make writtenor oral forward-looking statements in its periodic reports to the U.S.Securities and Exchange Commission(“SEC”),in its annual report toshareholders,in press releases and other written materials and in oral statements made by its officers,di

47、rectors or employees to third parties.Statements that are not historical facts,including but not limited to statements about Kingsoft Clouds beliefs and expectations,are forward-lookingstatements.Forward-looking statements involve inherent risks and uncertainties.A number of factors could cause actu

48、al results to differ materiallyfrom those contained in any forward-looking statement,including but not limited to the following:Kingsoft Clouds goals and strategies;KingsoftClouds future business development,results of operations and financial condition;relevant government policies and regulations r

49、elating to KingsoftClouds business and industry;the expected growth of the cloud service market in China;the expectation regarding the rate at which to gaincustomers,especially Premium Customers;Kingsoft Clouds ability to monetize the customer base;fluctuations in general economic and businesscondit

50、ions in China;and the economy in China and elsewhere generally;Chinas political or social conditions and assumptions underlying or related toany of the foregoing.Further information regarding these and other risks is included in Kingsoft Clouds filings with the SEC.All information provided inthis pr

51、ess release and in the attachments is as of the date of this press release,and Kingsoft Cloud does not undertake any obligation to update anyforward-looking statement,except as required under applicable law.About Kingsoft Cloud Holdings LimitedKingsoft Cloud Holdings Limited(NASDAQ:KC and HKEX:3896)

52、is a leading independent cloud service provider in China.With extensive cloudinfrastructure,cutting-edge cloud-native products based on vigorous cloud technology research and development capabilities,well-architectedindustry-specific solutions and end-to-end fulfillment and deployment,Kingsoft Cloud

53、 offers comprehensive,reliable and trusted cloud service tocustomers in strategically selected verticals.For more information,please visit:http:/.For investor and media inquiries,please contact:Kingsoft Cloud Holdings Limited Nicole ShanTel:+86(10)6292-7777 Ext.6300Email:ksc-KINGSOFT CLOUD HOLDINGS

54、LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands)Dec 31,2023Jun 30,2024Jun 30,2024 RMBRMBUS$ASSETS Current assets:Cash and cash equivalents2,255,287 1,837,757 252,884 Restricted cash234,194 258,647 35,591 Accounts receivable,net1,529,915 1,680,965 231,308 Prepayments a

55、nd other assets1,812,692 2,150,626 295,935 Amounts due from related parties266,036 373,059 51,335 Total current assets6,098,124 6,301,054 867,053 Non-current assets:Property and equipment,net2,186,145 3,882,522 534,253 Intangible assets,net834,478 748,537 103,002 Goodwill4,605,724 4,605,724 633,769

56、Prepayments and other assets870,781 518,929 71,407 Equity investments259,930 247,176 34,013 Amounts due from related parties56,264 12,264 1,688 Operating lease right-of-use assets158,832 144,754 19,919 Total non-current assets8,972,154 10,159,906 1,398,051 Total assets15,070,278 16,460,960 2,265,104

57、 LIABILITIES,NON-CONTROLLING INTERESTS AND SHAREHOLDERS EQUITY Current liabilities:Accounts payable1,805,083 1,980,088 272,469 Accrued expenses and other current liabilities2,838,085 2,938,720 404,381 Short-term bank loans1,110,896 1,385,769 190,688 Income tax payable63,961 59,185 8,144 Amounts due

58、to related parties931,906 1,070,842 147,353 Current operating lease liabilities78,659 47,827 6,581 Total current liabilities6,828,590 7,482,431 1,029,616 Non-current liabilities:Long-term bank loans100,000 197,352 27,157 Amounts due to related parties40,069 1,052,160 144,782 Deferred tax liabilities

59、142,565 108,503 14,931 Other liabilities634,803 848,825 116,802 Non-current operating lease liabilities78,347 69,903 9,619 Total non-current liabilities995,784 2,276,743 313,291 Total liabilities7,824,374 9,759,174 1,342,907 Shareholders equity:Ordinary shares25,443 25,688 3,535 Treasury stock(208,3

60、85)(208,385)(28,675)Additional paid-in capital18,811,028 18,969,913 2,610,347 Statutory reserves funds21,765 21,765 2,995 Accumulated deficit(12,315,041)(13,027,627)(1,792,661)Accumulated other comprehensive income555,342 575,585 79,203 Total Kingsoft Cloud Holdings Limited shareholders equity6,890,

61、152 6,356,939 874,744 Non-controlling interests355,752 344,847 47,453 Total equity7,245,904 6,701,786 922,197 Total liabilities,non-controlling interests and shareholders equity15,070,278 16,460,960 2,265,104 KINGSOFT CLOUD HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE

62、 LOSS(All amounts in thousands,except for share and per share data)Three Months EndedSix Months Ended Jun 30,2023Mar 31,2024Jun 30,2024Jun 30,2024Jun 30,2023Jun 30,2024Jun 30,2024 RMBRMBRMBUS$RMBRMBUS$Revenues:Public cloud services1,159,509 1,187,370 1,234,542 169,879 2,313,183 2,421,912 333,266 Ent

63、erprise cloud services675,176 588,162 657,238 90,439 1,385,152 1,245,400 171,373 Others718 152-1,468 152 21 Total revenues1,835,403 1,775,684 1,891,780 260,318 3,699,803 3,667,464 504,660 Cost of revenues(1,628,797)(1,482,431)(1,573,433)(216,512)(3,299,012)(3,055,864)(420,501)Gross profit206,606 293

64、,253 318,347 43,806 400,791 611,600 84,159 Operating expenses:Selling and marketing expenses(129,253)(116,752)(125,708)(17,298)(217,306)(242,460)(33,364)General and administrative expenses(246,549)(218,695)(266,249)(36,637)(550,042)(484,944)(66,731)Research and development expenses(193,920)(231,963)

65、(203,959)(28,066)(409,290)(435,922)(59,985)Impairment of long-lived assets-(185,135)-Total operating expenses(569,722)(567,410)(595,916)(82,001)(1,361,773)(1,163,326)(160,080)Operating loss(363,116)(274,157)(277,569)(38,195)(960,982)(551,726)(75,921)Interest income25,568 8,370 9,945 1,368 39,636 18,

66、315 2,520 Interest expense(30,307)(51,066)(59,414)(8,176)(58,234)(110,480)(15,203)Foreign exchange loss(151,515)(42,737)(6,999)(963)(151,422)(49,736)(6,843)Other loss,net(11,841)(8,207)(7,829)(1,077)(19,787)(16,036)(2,207)Other income(expense),net37,781(11,190)(4,961)(683)50,067(16,151)(2,222)Loss b

67、efore income taxes(493,430)(378,987)(346,827)(47,726)(1,100,722)(725,814)(99,876)Income tax(expense)benefit(4,842)15,371(6,891)(948)(6,371)8,480 1,167 Net loss(498,272)(363,616)(353,718)(48,674)(1,107,093)(717,334)(98,709)Less:net income(loss)attributable tonon-controlling interests1,073(4,206)(542)

68、(75)(760)(4,748)(653)Net loss attributable to KingsoftCloud Holdings Limited(499,345)(359,410)(353,176)(48,599)(1,106,333)(712,586)(98,056)Net loss per share:Basic and diluted(0.14)(0.10)(0.10)(0.01)(0.31)(0.20)(0.03)Shares used in the net loss pershare computation:Basic and diluted3,554,529,097 3,6

69、14,662,846 3,649,307,331 3,649,307,331 3,547,111,168 3,632,583,338 3,632,583,338 Other comprehensive income(loss),net of tax of nil:Foreign currency translationadjustments238,614 20,704(530)(73)208,781 20,174 2,776 Comprehensive loss(259,658)(342,912)(354,248)(48,747)(898,312)(697,160)(95,933)Less:C

70、omprehensive income(loss)attributable to non-controllinginterests1,059(4,247)(570)(78)(775)(4,817)(663)Comprehensive loss attributable toKingsoft Cloud Holdings Limitedshareholders(260,717)(338,665)(353,678)(48,669)(897,537)(692,343)(95,270)KINGSOFT CLOUD HOLDINGS LIMITEDRECONCILIATION OF GAAP AND N

71、ON-GAAP RESULTS(All amounts in thousands,except for percentage)Three Months EndedSix Months Ended Jun 30,2023Mar 31,2024Jun 30,2024Jun 30,2024Jun 30,2023Jun 30,2024Jun 30,2024 RMBRMBRMBUS$RMBRMBUS$Gross profit206,606293,253318,34743,806400,791611,60084,159 Adjustments:Share-based compensation expens

72、es(allocated in cost ofrevenues)1695,8145,07669839310,8901,499 Adjusted gross profit(Non-GAAP Financial Measure)206,775299,067323,42344,504401,184622,49085,658 KINGSOFT CLOUD HOLDINGS LIMITEDRECONCILIATION OF GAAP AND NON-GAAP RESULTS(All amounts in thousands,except for percentage)Three Months Ended

73、Six Months Ended Jun 30,2023Mar 31,2024Jun 30,2024Jun 30,2023Jun 30,2024Gross margin11.3%16.5%16.8%10.8%16.7%Adjusted gross margin(Non-GAAP Financial Measure)11.3%16.8%17.1%10.8%17.0%KINGSOFT CLOUD HOLDINGS LIMITEDRECONCILIATION OF GAAP AND NON-GAAP RESULTS(All amounts in thousands,except for percen

74、tage)Three Months EndedSix Months Ended Jun 30,2023Mar 31,2024Jun 30,2024Jun 30,2024Jun 30,2023Jun 30,2024Jun 30,2024 RMBRMBRMBUS$RMBRMBUS$Net Loss(498,272)(363,616)(353,718)(48,674)(1,107,093)(717,334)(98,709)Adjustments:Share-based compensation expenses31,797 103,595 45,649 6,282 43,106 149,244 20

75、,537 Foreign exchange loss151,515 42,737 6,999 963 151,422 49,736 6,843 Impairment of long-lived assets-185,135-Adjusted net loss(Non-GAAP Financial Measure)(314,960)(217,284)(301,070)(41,429)(727,430)(518,354)(71,329)Adjustments:Interest income(25,568)(8,370)(9,945)(1,368)(39,636)(18,315)(2,520)Int

76、erest expense30,307 51,066 59,414 8,176 58,234 110,480 15,203 Income tax expense(benefit)4,842(15,371)6,891 948 6,371(8,480)(1,167)Depreciation and amortization243,984 223,146 305,304 42,011 510,519 528,450 72,717 Adjusted EBITDA(Non-GAAP Financial Measure)(61,395)33,187 60,594 8,338(191,942)93,781

77、12,904 Loss(gain)on disposal of property and equipment1,456(23,821)-21,672(23,821)(3,278)Excluding loss or gain on disposal of property andequipment,normalized Adjusted EBITDA(59,939)9,366 60,594 8,338(170,270)69,960 9,626 KINGSOFT CLOUD HOLDINGS LIMITEDRECONCILIATION OF GAAP AND NON-GAAP RESULTS(Al

78、l amounts in thousands,except for percentage)Three Months EndedSix Months Ended Jun 30,2023Mar 31,2024Jun 30,2024Jun 30,2023Jun 30,2024Net loss margin-27.1%-20.5%-18.7%-29.9%-19.6%Adjusted net loss margin(Non-GAAP Financial Measure)-17.2%-12.2%-15.9%-19.7%-14.1%Adjusted EBITDA margin(Non-GAAP Financ

79、ial Measure)-3.3%1.9%3.2%-5.2%2.6%Normalized Adjusted EBITDA margin-3.3%0.5%3.2%-4.6%1.9%KINGSOFT CLOUD HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS(All amounts in thousands)Three Months Ended Jun 30,2023Mar 31,2024Jun 30,2024Jun 30,2024 RMBRMBRMBUS$Net cash generated fro

80、m(used in)operating activities65,230(321,336)151,169 20,802 Net cash generated from(used in)investing activities256,816(1,169,017)(654,829)(90,108)Net cash(used in)generated from financing activities(222,767)1,112,096 523,950 72,098 Effect of exchange rate changes on cash,cash equivalents and restri

81、cted cash57,623(20,464)(14,646)(2,015)Net increase(decrease)in cash,cash equivalents and restricted cash156,902(398,721)5,644 777 Cash,cash equivalents and restricted cash at beginning of period3,666,185 2,489,481 2,090,760 287,698 Cash,cash equivalents and restricted cash at end of period3,823,087 2,090,760 2,096,404 288,475