GDS Holdings Limited (NASDAQ:GDS) Q3 2019 Earnings Conference Call - Final Transcript
Nov 14, 2019 • 08:00 am ET
Hello, ladies and gentlemen. Thank you for standing by for the GDS Holdings Limited Third Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question-and-answer session. Today's conference call is being recorded.
I will now turn the call over to your host, Ms. Laura Chen, Head of Investor Relations for the Company. Please go ahead, Laura.
Thank you. Hello, everyone. Welcome to the 3Q19 earnings conference call of GDS Holdings Limited. The Company's results were issued via newswire services earlier today and are posted online. A summary presentation, which we will refer to during this conference call, can be viewed and downloaded from our IR website at investors.gds-services.com.
Leading today's call is Mr. William Huang, GDS Founder, Chairman and CEO, who will provide an overview of our business strategy and performance. Mr. Dan Newman, GDS CFO will then review the financial and operating results.
Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the Company's results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in the Company's prospectus, as filed with the US SEC. The Company does not assume any obligation to update any forward-looking statements, except as required under applicable law.
Please also note that GDS earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. GDS press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures.
I will now turn over the call to GDS Founder, Chairman and CEO, Mr. William Huang. Please go ahead, William.
William Wei Huang
Thank you. Hello, everyone. This is William. Thank you for joining us on today's call. A couple of weeks ago, we passed the three years anniversary of our IPO. Life as a listed company has been exciting, sometimes its too exciting, but it has made us considerably stronger. Today, we are reporting revenue and adjusted EBITDA, which is a three times and a six times what we reported for 3Q '16. Our total area committed is almost double what we forecasted at IPO. It's being an outstanding three year in terms of growth. However, we firmly believe some of the best is yet to come.
As I go through our results, I will highlight our strategic progress in key areas. During the third quarter, we signed up customers for over 21,000 square meter of net additional area committed or over 57 megawatts of IT power, which should generate over $90 million of annual recurring revenue, when fully delivered. We had three [Phonetic] orders for over 10 megawatt from existing customers, a sign that's order size getting bigger. We also won a 9-megawatt order from a new Internet customer, a market