0001104659-23-050820 | 20-F | XBRL Viewer | Kingsoft Cloud Holdings LTD

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Cover Page	12 Months Ended
Cover Page	Dec. 31, 2022 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-39278
Entity Registrant Name	Kingsoft Cloud Holdings Limited
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Building D, Xiaomi Science and Technology Park, No. 33 Xierqi Middle Road
Entity Address, Address Line Two	Haidian District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100085
Entity Address, Country	CN
Entity Common Stock, Shares Outstanding	3,805,284,801
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001795589
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Ernst & Young Hua Ming LLP
Auditor Firm ID	1408
Auditor Location	Beijing, the People’s Republic of China
Business Contact
Document and Entity Information
Contact Personnel Name	Haijian He
City Area Code	86
Extension	10
Local Phone Number	6292 7777
Entity Address, Address Line One	Building D, Xiaomi Science and Technology Park, No. 33 Xierqi Middle Road
Entity Address, Address Line Two	Haidian District
Entity Address, City or Town	Beijing
Entity Address, Postal Zip Code	100085
Entity Address, Country	CN
American Depositary Shares
Document and Entity Information
Title of 12(b) Security	American depositary shares, each ADS represents 15 ordinary shares, par valueUS$0.001 per share
Trading Symbol	KC
Security Exchange Name	NASDAQ
Ordinary Shares
Document and Entity Information
Title of 12(b) Security	Ordinary shares, par value US$0.001 per share*
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true

CONSOLIDATED BALANCE SHEETS ¥ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 3,419,166	$ 495,732,000	¥ 4,217,528
Restricted cash	114,560	16,610,000	239,093
Accounts receivable, net of allowance for credit losses of RMB32,265 and RMB47,962 (US$6,954) as of December 31, 2021 and 2022, respectively	2,402,430	348,320,000	3,570,975
Short-term investments	1,253,670	181,765,000	2,491,056
Prepayments and other assets	1,612,022	233,721,000	1,687,021
Amounts due from related parties	246,505	35,740,000	207,143
Total current assets	9,048,353	1,311,888,000	12,412,816
Non-current assets:
Property and equipment, net	2,132,994	309,255,000	2,364,103
Intangible assets, net	1,008,020	146,149,000	1,169,767
Goodwill	4,605,724	667,767,000	4,625,115
Prepayments and other assets	21,263	3,083,000	29,066
Equity investments	273,580	39,665,000	207,166
Amounts due from related parties	5,758	835,000	5,758
Deferred tax assets			7,798
Operating lease right-of-use assets	220,539	31,975,000	256,451
Total non-current assets	8,267,878	1,198,729,000	8,665,224
Total assets	17,316,231	2,510,617,000	21,078,040
Current liabilities:
Accounts payable (including accounts payable of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB2,733,487 and RMB2,113,674 (US$306,454) as of December 31, 2021 and 2022, respectively)	2,301,958	333,753,000	2,938,632
Accrued expenses and other liabilities (including accrued expenses and other liabilities of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB1,208,868 and RMB644,858 (US$93,496) as of December 31, 2021 and 2022, respectively)	2,830,826	410,428,000	2,223,840
Short-term bank loans (including short-term bank loans of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB1,348,166 and RMB885,500 (US$128,385) as of December 31, 2021 and 2022, respectively)	909,500	131,865,000	1,348,166
Income tax payable (including income tax payable of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB1,026 and RMB nil (US$ nil) as of December 31, 2021 and 2022, respectively)	51,892	7,524,000	60,217
Amounts due to related parties (including amounts due to related parties of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB797,731 and RMB388,308 (US$56,299) as of December 31, 2021 and 2022, respectively)	427,727	62,015,000	836,435
Current operating lease liabilities (including current operating lease liabilities of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB70,672 and RMB87,142 (US$12,634) as of December 31, 2021 and 2022, respectively)	136,723	19,823,000	108,590
Total current liabilities	6,658,626	965,408,000	7,515,880
Non-current liabilities:
Amounts due to related parties (including amounts due to related parties of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB472,882 and RMB413,464 (US$59,947) as of December 31, 2021 and 2022, respectively)	413,464	59,947,000	472,882
Deferred tax liabilities (including deferred tax liabilities of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB nil and RMB nil (US$ nil) as of December 31, 2021 and 2022, respectively)	167,052	24,220,000	205,889
Other liabilities (including other liabilities of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB6,975 and RMB 284,971 (US$41,316) as of December 31, 2021 and 2022, respectively)	370,531	53,722,000	1,232,677
Non-current operating lease liabilities (including non-current operating lease liabilities of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiary of RMB121,057 and RMB90,138 (US$13,069) as of December 31, 2021 and 2022, respectively)	123,059	17,842,000	158,289
Total non-current liabilities	1,074,106	155,731,000	2,069,737
Total liabilities	7,732,732	1,121,139,000	9,585,617
Commitments and contingencies
Shareholders' equity:
Ordinary shares (par value of US$0.001 per share; 4,000,000,000 and 40,000,000,000 shares authorized, 3,805,284,810 and 3,805,284,801 shares issued, 3,646,381,840 and 3,687,612,015 shares outstanding as of December 31, 2021 and 2022, respectively)	25,062	3,634,000	24,782
Treasury shares	(208,385)	(30,213,000)
Additional paid-in capital	18,648,205	2,703,736,000	18,245,801
Statutory reserves funds	(14,700)	(2,131,000)	(7,723)
Accumulated deficit	(10,102,236)	(1,464,687,000)	(7,451,029)
Accumulated other comprehensive (loss) income	453,074	65,690,000	(207,882)
Total Kingsoft Cloud Holdings Limited shareholders' equity	8,801,020	1,276,029,000	10,603,949
Non-controlling interests	782,479	113,449,000	888,474
Total equity	9,583,499	1,389,478,000	11,492,423
Total liabilities, non-controlling interests and shareholders' equity	¥ 17,316,231	$ 2,510,617,000	¥ 21,078,040

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) shares
Accounts receivable, net of allowance for credit losses	¥ 47,962	$ 6,954	¥ 32,265
Accounts payable	2,301,958	333,753	2,938,632
Accrued expenses and other current liabilities	2,830,826	410,428	2,223,840
Short-term bank loans	909,500	131,865	1,348,166
Income tax payable	51,892	7,524	60,217
Amounts due to related parties	427,727	62,015	836,435
Current operating lease liabilities	136,723	19,823	108,590
Amounts due to related parties	413,464	59,947	472,882
Deferred tax liabilities	167,052	24,220	205,889
Other liabilities	370,531	53,722	1,232,677
Non-current operating lease liabilities	¥ 123,059	$ 17,842	¥ 158,289
Ordinary shares par value (per share) \| $ / shares		$ 0.001
Ordinary shares authorized	40,000,000,000	40,000,000,000	40,000,000,000
Ordinary shares issued	3,805,284,801	3,805,284,801	3,805,284,810
Ordinary shares outstanding	3,508,413,941	3,508,413,941	3,646,381,840
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member]
Accounts payable	¥ 2,113,674	$ 306,455	¥ 2,733,487
Accrued expenses and other current liabilities	644,858	93,496	1,208,868
Short-term bank loans	885,500	128,385	1,348,166
Income tax payable	0	0	1,026
Amounts due to related parties	388,308	56,299	797,731
Current operating lease liabilities	87,142	12,634	70,672
Amounts due to related parties	413,464	59,947	472,882
Deferred tax liabilities	0	0	0
Other liabilities	284,971	41,316	6,975
Non-current operating lease liabilities	¥ 90,138	$ 13,069	¥ 121,057

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares
Revenues:
Total revenues	¥ 8,180,107	$ 1,186,004	¥ 9,060,784	¥ 6,577,307
Cost of revenues (including related party amounts of RMB988, RMB980 and nil for the years ended December 31, 2020, 2021 and 2022, respectively)	(7,750,569)	(1,123,727)	(8,709,496)	(6,220,324)
Gross profit	429,538	62,277	351,288	356,983
Operating expenses:
Selling and marketing expenses	(560,059)	(81,201)	(518,167)	(409,211)
General and administrative expenses	(1,149,677)	(166,687)	(601,702)	(379,892)
Research and development expenses	(971,216)	(140,813)	(1,043,811)	(775,130)
Total operating expenses	(2,680,952)	(388,701)	(2,163,680)	(1,564,233)
Operating loss	(2,251,414)	(326,424)	(1,812,392)	(1,207,250)
Interest income	80,743	11,707	71,942	77,118
Interest expense	(137,812)	(19,981)	(52,040)	(9,453)
Foreign exchange gain (loss)	(334,629)	(48,517)	37,822	188,800
Other gain (loss), net	(43,810)	(6,352)	83,606	14,301
Other (expense) income, net	23,007	3,336	95,047	(10,810)
Loss before income taxes	(2,663,915)	(386,231)	(1,576,015)	(947,294)
Income tax expense	(24,473)	(3,548)	(15,741)	(14,904)
Net loss	(2,688,388)	(389,779)	(1,591,756)	(962,198)
Less: net income (loss) attributable to non-controlling interests	(30,204)	(4,379)	(3,044)	61
Net loss attributable to Kingsoft Cloud Holdings Limited	(2,658,184)	(385,400)	(1,588,712)	(962,259)
Accretion to redemption value of redeemable convertible preferred shares \| ¥				(19,768)
Net loss attributable to ordinary shareholders - basic	¥ (2,658,184)	$ (385,400)	¥ (1,588,712)	¥ (982,027)
Net loss per share:
Basic \| (per share)	¥ (0.73)	$ (0.11)	¥ (0.46)	¥ (0.41)
Diluted \| (per share)	¥ (0.73)	$ (0.11)	¥ (0.46)	¥ (0.41)
Shares used in the net loss per share computation:
Basic \| shares	3,623,838,985	3,623,838,985	3,441,729,444	2,400,874,197
Diluted \| shares	3,623,838,985	3,623,838,985	3,441,729,444	2,400,874,197
Other comprehensive (loss) income, net of tax of nil:
Foreign currency translation adjustments	¥ 660,697	$ 95,792	¥ (139,575)	¥ (552,788)
Comprehensive loss	(2,027,691)	(293,987)	(1,731,331)	(1,514,986)
Less: Comprehensive income (loss) attributable to non-controlling interests	(30,463)	(4,417)	(3,177)	61
Comprehensive loss attributable to Kingsoft Cloud Holdings Limited shareholders	(1,997,228)	(289,570)	(1,728,154)	(1,515,047)
Accretion to redemption value of redeemable convertible preferred shares \| ¥				(19,768)
Comprehensive loss attributable to ordinary shareholders	(1,997,228)	(289,570)	(1,728,154)	(1,534,815)
Public cloud services
Revenues:
Total revenues	5,360,282	777,168	6,159,085	5,166,851
Enterprise cloud services
Revenues:
Total revenues	2,816,976	408,423	2,897,817	1,372,689
Others
Revenues:
Total revenues	¥ 2,849	$ 413	¥ 3,882	¥ 37,767

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Revenue from related party	¥ 1,128,665	$ 163,642	¥ 929,524	¥ 777,369
Cost of revenue from related party	0		980	988
Other comprehensive income (loss), net of tax	0		0	0
Public cloud services
Revenue from related party	1,043,183	151,248	905,755	777,287
Enterprise cloud services
Revenue from related party	85,482	12,394	23,695	0
Others
Revenue from related party	¥ 0	$ 0	¥ 74	¥ 82

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
¥ in Thousands

Ordinary Shares

IPO

CNY (¥)

Ordinary Shares

Follow on offering

CNY (¥)

Ordinary Shares

Redeemable Convertible Preferred Stock

CNY (¥)

Ordinary Shares

CNY (¥)

Ordinary Shares

USD ($)

Treasury shares

CNY (¥)

Treasury shares

USD ($)

Additional Paid-in Capital

IPO

CNY (¥)

Additional Paid-in Capital

Follow on offering

CNY (¥)

Additional Paid-in Capital

Redeemable Convertible Preferred Stock

CNY (¥)

Additional Paid-in Capital

CNY (¥)

Additional Paid-in Capital

USD ($)

Accumulated Other Comprehensive Income

CNY (¥)

Accumulated Other Comprehensive Income

USD ($)

Accumulated deficit

Adjustment

CNY (¥)

Accumulated deficit

CNY (¥)

Accumulated deficit

USD ($)

Statutory Reserve Funds

CNY (¥)

Statutory Reserve Funds

USD ($)