GlobeNewswire Inc | Nov 18, 2020 06:37AM EST

November 18, 2020

BEIJING, China, Nov. 18, 2020 (GLOBE NEWSWIRE) -- Kingsoft Cloud Holdings Limited (Kingsoft Cloud or the Company) (NASDAQ: KC), a leading independent cloud service provider in China, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Thirdquarter2020 FinancialHighlights

-- Totalrevenues were RMB1,728.8 million (US$1254.6 million) in the third quarter of 2020, representing an increase of 72.6% year-over-year.

-- Gross profit was RMB112.9 million (US$16.6 million) or 6.5% gross margin in the third quarter of 2020, compared with RMB18.7 million or 1.9% gross margin in the third quarter of 2019.

-- Non-GAAP gross profit2, was RMB114.8 million (US$16.9 million) or 6.6% Non-GAAP gross margin in the third quarter of 2020, compared with RMB20.6 million or 2.1% Non-GAAP gross margin in the third quarter of 2019.

-- Netloss was RMB105.3 million (US$15.5 million) or -6.1% net loss margin in the third quarter of 2020, compared with net loss of RMB350.6 million or net loss margin of -35.0% in the third quarter of 2019. The profitability and margin have been improving on both year-over- year and sequential basis.

-- Non-GAAP EBITDA3, was RMB-26.3 million (US$-3.9 million) or -1.5% Non-GAAP EBITDA margin in the third quarter of 2020, compared with RMB-102.0 million or -10.2% Non-GAAP EBITDA margin in the third quarter of 2019.

Mr. Yulin Wang, Chief Executive Officer of Kingsoft Cloud, commented, We delivered another solid quarter of operational and financial results for the third quarter of 2020. Our total revenues increase by 72.6% year-over-year to RMB1,728.8 million. While we experienced strong demand from many existing clients, we also saw the resumption of a number of enterprise cloud projects that had been delayed due to COVID-19. In light of the ongoing digital transformation trends and the increasingly rapid roll out of enterprise cloud projects across the country, we will continue to invest in technology and expand our reach into select industries so that we can take advantage of the numerous growth opportunities around cloud computing that lie ahead._____________

This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of^1 the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB6.7896 to US$1.00, the noon buying rate in effect on September 30, 2020 as certified for customs purposes by the Federal Reserve Bank of New York. Non-GAAP gross profit is defined as gross profit excluding share-based^ compensation allocated in the cost of revenues, and we define Non-GAAP2 gross margin as Non-GAAP gross profit as a percentage of revenues. See ?Reconciliation of GAAP and Non-GAAP results? set forth at the end of this press release. Non-GAAP EBITDA is defined as Non-GAAP net loss excluding interest income, interest expense, income tax expense and depreciation and amortization, and Non-GAAP net loss is defined as net loss excluding^3 share-based compensation, foreign exchange (gain) loss, changes in fair value of financial instruments and other (income) expense, net. Non-GAAP EBITDA margin is defined as Non-GAAP EBITDA as a percentage of revenues. See ?Reconciliation of GAAP and Non-GAAP results? set forth at the end of this press release.

Mr. Henry He, Chief Financial Officer of Kingsoft Cloud added that We are pleased to observe accelerated year-over-year revenue growth and improving bottom line performance. Our total revenues during the quarter came in at the mid-to-top end of the previous guidance, at RMB 1,728.8 million. It represents accelerated year-over-year growth of 72.6%, which makes us one of the fastest growing major players in the industry. Enterprise cloud services revenues reached RMB409.1 million, representing an increase of 257.3% year-over-year and 66.2% sequentially. It contributed 23.7% of total revenues this quarter, compared with 11.4% in the same period last year. Our adjusted EBITDA margin increased to -1.5% this quarter from -10.2% in the same period last year, representing an improvement of 8.7 percentage points. It has now steadily improved for nine consecutive quarters.

Thirdquarter2020 FinancialResults

TotalRevenues reached RMB1,728.8 million (US$254.6 million), representing an increase of 72.6% from RMB1,001.8 million in the same period of 2019. The increases were primarily due to the growth in both public cloud services and enterprise cloud services for our premium customers.

-- Revenues from public cloud services were RMB1,309.7 million (US$192.9 million), representing an increase of 48.1% from RMB884.5 million in the same period of 2019.

-- Revenues from enterprise cloud services were RMB409.1 million (US$60.2 million), representing an increase of 257.3% from RMB114.5 million in the same period of 2019.

-- Other revenues were RMB10.0 million (US$1.5 million).

Cost ofrevenues was RMB1,615.9 million (US$238.0 million), representing an increase of 64.4% from RMB983.0 million in the same period of 2019, primarily attributable to the rapid growth of our business. IDC costs increased by 51.2% to RMB1,060.1 million (US$156.1 million) from 701.3 million in the same period of 2019. The increase in IDC costs was in line with the Companys expanding business and was partially offset by improved efficiency and utilization of bandwidth. IDC costs as a percentage of total revenues decreased from 70.0% during the same period of last year to 61.3% in the third quarter of 2020. Depreciation and amortization costs remained stable at RMB156.5 million (US$23.0 million), compared with RMB153.6 million in the same period of 2019. We review the useful lives of equipment on an ongoing basis, and effective July 1, 2020 we changed our estimate of the useful life for our certain electronic equipment from three to four years. The longer useful life is due to increasing purchase of high-endequipment, continuous improvements in our software and enhancements in our capability of operation.

Grossprofit was RMB112.9 million (US$16.6 million), compared to RMB18.7 million in the same period in 2019. Grossmargin was 6.5%, representing an increase of 4.6 percentage points from 1.9% in the same period in 2019.

Non-GAAPgrossprofit was RMB114.8 million (US$16.9 million), compared to RMB20.6 million in the same period in 2019. Non-GAAPgross margin was 6.6%, representing an increase of 4.5 percentage points from 2.1% in the same period in 2019. The increase was primarily due to our continued leverage on economies of scale and the costs savings.

Sellingand marketingexpenses were RMB96.8 million (US$14.3 million), representing an increase of 10.9% from RMB87.3 million in the same period in 2019, mainly due to the increase in share-based compensation expenses, as well as the salaries and welfare of selling and marketing personnel.

Generaland administrativeexpenses were RMB91.3 million (US$13.5 million), an increase of 64.5% from RMB55.5 million in the same period in 2019, mainly due to the increase in expenses for legal, accounting and other administrative and compliance affairs, as well as the share-based compensation expenses.

Researchand developmentexpenses were RMB167.6 million (US$24.7 million), an increase of 7.5% from RMB155.9 million in the same period in 2019, primarily due to the increase in share-based compensation expenses.

Operatingloss was RMB242.8 million (US$35.8 million), compared with RMB279.9 million in the same quarter of 2019.

Netloss was RMB105.3 million (US$15.5 million), compared with RMB350.6 million in the same quarter of 2019.

Non-GAAPnet loss was RMB169.1 million (US$24.9 million), compared with RMB241.9 million in the same quarter of 2019. The Non-GAAP net loss margin increased to -9.8% from -24.2% in the same quarter of 2019. The profitability and margin have been improving on both year-over-year and sequential basis.

Non-GAAP EBITDA was RMB-26.3 million (US$-3.9 million), compared with RMB-102.0 million in the same quarter of 2019. Non-GAAP EBITDA margin was -1.5%, compared to -10.2% in the same quarter of 2019. The steady increase of Non-GAAP EBITDA margin was due to the revenue growth and operating leverage.

Basic and dilutednetlosspershare was RMB0.03 (US$0.00), compared with RMB0.39 in the same quarter of 2019.

Cashandcashequivalentsandshort-terminvestments were RMB6,796.9 million (US$1,001.1 million) as of September 30, 2020, compared to RMB2,248.7 million as of December 31, 2019. The increase was primarily driven by the net proceeds received from IPO in May and follow up offering in September, as well as the improving profitability.

Outstandingordinaryshares were 3,270,266,493 as of September 30, 2020, equivalent to about 218,017,766 ADSs.

BusinessOutlook

For the fourth quarter of 2020, the Company expects total revenues to be between RMB1.88 billion and RMB1.95 billion. This forecast reflects the Companys current and preliminary views on the market and operational conditions, which are subject to change.

ConferenceCallInformation

The Company will hold a conference call on Wednesday, November 18, 2020 at 7:00 am, U.S. Eastern Time (8:00 pm, Beijing/Hong Kong Time on the same day) to discuss the financial results.

Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/5847057. Once preregistration has been completed, participants will receive dial-in numbers, direct event passcode, and a unique registrant ID.

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the passcode followed by your registrant ID, and you will join the conference instantly.

A telephone replay of the call will be available after the conclusion of the conference call through 10:00 a.m. U.S. Eastern Time, November 26, 2020. The dial-in details for the replay are as follows:

International: +61-2-8199-0299U.S. Toll Free: +1-855-452-5696Mainland China Toll Free: 800-870-0206Hong Kong Toll Free: 800-963-117Conference ID: 5847057

A live and archived webcast of the conference call will also be available at the Companys investor relations website at http://ir.ksyun.com/.

UseofNon-GAAPFinancialMeasures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). In evaluating our business, we consider and use certain non-GAAP measures, Non-GAAP gross (loss) profit, Non-GAAP gross margin, Non-GAAP EBITDA and Non-GAAP EDITDA margin, as supplemental measures to review and assess our operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define Non-GAAP gross (loss) profit as gross (loss) profit excluding share- based compensation allocated in the cost of revenues, and we define Non-GAAP gross margin as Non-GAAP gross (loss) profit as a percentage of revenues. We define Non-GAAP net loss as net loss excluding share-based compensation, foreign exchange (gain) loss, changes in fair value of financial instruments and other (income) expense, net. We define Non-GAAP EBITDA as Non-GAAP net loss excluding interest income, interest expense, income tax expense and depreciation and amortization, and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We also believe that the use of these non-GAAP measures facilitates investors 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 that they do not reflect all items of income and expense that affect our operations. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

We compensate for these limitations by reconciling these non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

ExchangeRateInformation

This press release contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from RMB to U.S. dollars, in this press release, were made at a rate of RMB6.7896 to US$1.00, the noon buying rate in effect on September 30, 2020 as certified for customs purposes by the Federal Reserve Bank of New York.

SafeHarborStatement

This announcement contains forward-looking statements. These statements are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can 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 this announcement, as well as Kingsoft Clouds strategic and operational plans, contain forward-looking statements. Kingsoft Cloud may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (SEC), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to fourth parties. Statements that are not historical facts, including but not limited to statements about Kingsoft Clouds beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Kingsoft Clouds goals and strategies; Kingsoft Clouds future business development, results of operations and financial condition; relevant government policies and regulations relating to Kingsoft Clouds business and industry; the expected growth of the cloud service market in China; the expectation regarding the rate at which to gain customers, especially Premium Customers; Kingsoft Clouds ability to monetize the customer base; fluctuations in general economic and business conditions in China; the impact of the COVID-19 to Kingsoft Clouds business operations and the economy in China and elsewhere generally; Chinas political or social conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Kingsoft Clouds filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kingsoft Cloud does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

AboutKingsoftCloudHoldingsLimited

Kingsoft Cloud Holdings Limited (NASDAQ: KC) is a leading independent cloud service provider in China. Kingsoft Cloud has built a comprehensive and reliable cloud platform consisting of extensive cloud infrastructure, cutting-edge cloud products and well-architected industry-specific solutions across public cloud, enterprise cloud and AIoT cloud services.

For more information, please visit: http://ir.ksyun.com.

Forinvestorand media inquiries,pleasecontact:

Kingsoft Cloud Holdings LimitedNicole ShanTel: +86 (10) 6292-7777 Ext. 6300Email: ksc-ir@kingsoft.com

ChristensenMs. Linda BergkampPhone: +1-480-614-3004E-mail: lbergkamp@christensenir.com

KINGSOFT CLOUD HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands)

Dec 31, Sep 30, Sep 30, 2019 2020 2020 RMB RMB US$ASSETS Current assets: Cash and cash equivalents 2,023,263 3,866,503 569,474 Accounts receivable, net 1,347,481 2,027,606 298,634 Short-term investments 225,425 2,930,435 431,606 Prepayments and other assets 421,938 553,324 81,496 Amounts due from related parties 131,632 127,070 18,715 Total current assets 4,149,739 9,504,938 1,399,925 Non-current assets: Property and equipment, net 1,720,974 1,935,358 285,047 Intangible assets, net 7,428 19,696 2,901 Prepayments and other assets 36,468 59,495 8,763 Equity investments 114,876 117,081 17,244 Amounts due from related parties 2,336 5,758 848 Operating lease right-of-use assets - 276,452 40,717 Total non-current assets 1,882,082 2,413,840 355,520 Total assets 6,031,821 11,918,778 1,755,445 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS? DEFICITCurrent liabilities Accounts payable 1,254,589 1,992,053 293,398 Accrued expenses and other current 949,213 717,739 105,712 liabilitiesShort-term bank loans - 278,488 41,017 Long-term bank loan, current portion 100,000 124,351 18,315 Income tax payable 11,930 20,156 2,969 Amounts due to related parties 104,259 120,154 17,697 Current operating lease liabilities - 66,287 9,763 Total current liabilities 2,419,991 3,319,228 488,871 Non-current liabilities Long-term bank loan 74,351 - - Deferred taxliabilities 206 74 11 Other liabilities - 41,799 6,156 Non-current operating lease liabilities - 209,189 30,810 Total non-current liabilities 74,557 251,062 36,977 Total liabilities 2,494,548 3,570,290 525,848 Mezzanine equity: Series B convertible preferred shares 337,268 - - Series C redeemable convertible preferred 1,043,147 - - sharesSeries D redeemable convertible preferred 5,965,273 - - sharesSeries D+ redeemable convertible 388,844 - - preferred sharesTotal mezzanine equity 7,734,532 - - Shareholders? (deficit) equity: Series A convertible preferred shares 123,186 - - Ordinary shares 5,558 22,343 3,291 Additional paid-in capital 91,746 13,826,068 2,036,357 Accumulated deficit (4,902,097 ) (5,759,144 ) (848,230 )Accumulated other comprehensive income 484,348 259,214 38,178 Total Kingsoft Cloud Holdings Limited (4,197,259 ) 8,348,481 1,229,596 shareholders? (deficit) equityNoncontrolling interests - 7 1 Total (deficit) equity (4,197,259 ) 8,348,488 1,229,597 Total liabilities, mezzanine equity and 6,031,821 11,918,778 1,755,445 shareholders? (deficit) equity

KINGSOFT CLOUD HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (All amounts in thousands, except for share and per share data)

Three Months Ended Nine Months Ended Sep 30, Mar 31, Jun 30, Sep 30, Sep 30, Sep 30, Sep 30, Sep 30, 2019 2020 2020 2020 2020 2019 2020 2020 RMB RMB RMB RMB US$ RMB RMB US$ Revenues: Public cloud 884,518 1,208,514 1,287,139 1,309,693 192,897 2,513,701 3,805,346 560,467 servicesEnterprise 114,450 181,587 246,081 409,101 60,254 265,881 836,769 123,243 cloud servicesOthers 2,822 862 1,535 10,049 1,480 3,131 12,446 1,833 Total revenues 1,001,790 1,390,963 1,534,755 1,728,843 254,631 2,782,713 4,654,561 685,543 Cost of (983,046 ) (1,320,192 ) (1,454,011 ) (1,615,945 ) (238,003 ) (2,829,327 ) (4,390,148 ) (646,599 ) revenuesGross profit 18,744 70,771 80,744 112,898 16,628 (46,614 ) 264,413 38,944 (loss)Operating expenses:Selling andmarketing (87,309 ) (87,968 ) (109,775 ) (96,802 ) (14,257 ) (219,140 ) (294,545 ) (43,382 ) expensesGeneral andadministrative (55,491 ) (75,977 ) (170,421 ) (91,338 ) (13,453 ) (151,403 ) (337,736 ) (49,743 ) expensesResearch anddevelopment (155,853 ) (195,650 ) (230,828 ) (167,590 ) (24,683 ) (423,685 ) (594,068 ) (87,497 ) expensesTotaloperating (298,653 ) (359,595 ) (511,024 ) (355,730 ) (52,393 ) (794,228 ) (1,226,349 ) (180,622 ) expensesOperating loss (279,909 ) (288,824 ) (430,280 ) (242,832 ) (35,765 ) (840,842 ) (961,936 ) (141,678 ) Interest 17,291 10,095 20,937 24,414 3,596 66,976 55,446 8,166 incomeInterest - (1,884 ) (1,791 ) (3,940 ) (580 ) (4,925 ) (7,615 ) (1,122 ) expenseForeignexchange (81,882 ) (40,144 ) (2,883 ) 117,714 17,337 (95,714 ) 74,687 11,000 (loss) gainChanges infair value of - 198 - 2,825 416 - 3,023 445 financialinstrumentsOther(expense) (3,781 ) (5,259 ) (4,342 ) 515 76 9,807 (9,086 ) (1,338 ) income, netLoss before (348,281 ) (325,818 ) (418,359 ) (101,304 ) (14,920 ) (864,698 ) (845,481 ) (124,527 ) income taxesIncome tax (2,311 ) (5,829 ) (1,697 ) (4,033 ) (594 ) (6,993 ) (11,559 ) (1,702 ) expenseNet loss (350,592 ) (331,647 ) (420,056 ) (105,337 ) (15,514 ) (871,691 ) (857,040 ) (126,229 ) Less: net(loss) incomeattributable - (306 ) 117 196 29 - 7 1 tononcontrollinginterestsNet lossattributableto Kingsoft (350,592 ) (331,341 ) (420,173 ) (105,533 ) (15,543 ) (871,691 ) (857,047 ) (126,230 ) Cloud HoldingsLimitedAccretion toredemptionvalue ofredeemable - (19,768 ) - - - - (19,768 ) (2,912 ) convertiblepreferredsharesNet lossattributable (350,592 ) (351,109 ) (420,173 ) (105,533 ) (15,543 ) (871,691 ) (876,815 ) (129,142 ) to ordinaryshareholders Net loss per share:Basic and (0.39 ) (0.39 ) (0.19 ) (0.03 ) (0.00 ) (0.98 ) (0.42 ) (0.06 ) dilutedShares used inthe net loss per sharecomputation:Basic and 894,711,200 898,305,836 2,218,943,950 3,153,524,558 3,153,524,558 886,714,057 2,098,997,211 2,098,997,211 dilutedOthercomprehensiveincome (loss), net of taxofnil:Foreigncurrency 126,033 51,349 683 (277,166 ) (40,822 ) 140,665 (225,134 ) (33,159 ) translationadjustmentsComprehensive (224,559 ) (280,298 ) (419,373 ) (382,503 ) (56,336 ) (731,026 ) (1,082,174 ) (159,388 ) lossLess:Comprehensive(loss) incomeattributable - (306 ) 117 196 29 - 7 1 tononcontrollinginterestsComprehensivelossattributableto Kingsoft (224,559 ) (279,992 ) (419,490 ) (382,699 ) (56,365 ) (731,026 ) (1,082,181 ) (159,389 ) Cloud HoldingsLimitedshareholdersAccretion toredemptionvalue ofredeemable - (19,768 ) - - - - (19,768 ) (2,912 ) convertiblepreferredsharesComprehensivelossattributable (224,559 ) (299,760 ) (419,490 ) (382,699 ) (56,365 ) (731,026 ) (1,101,949 ) (162,301 ) to ordinaryshareholders

KINGSOFT CLOUD HOLDINGS LIMITEDRECONCILIATION OF GAAP AND NON-GAAP RESULTS(All amounts in thousands, except for percentage)

Three Months Ended Sep Mar Jun Sep 30, Sep 30, 31, 30, 2020 30, 2019 2020 2020 2020 RMB RMB RMB RMB US$ Gross profit 18,744 70,771 80,744 112,898 16,628 Adjustments: ? Share-based compensation 1,817 3,426 3,009 1,858 274 expensesAdjusted gross profit 20,561 74,197 83,753 114,756 16,902

Three Months Ended Sep 30, Mar 31, Jun 30, Sep 30, 2019 2020 2020 2020Gross margin 1.9% 5.1% 5.3% 6.5%Adjusted gross margin 2.1% 5.3% 5.5% 6.6%

Three Months Ended Sep 30, Mar 31, Jun 30, Sep 30, Sep 30, 2019 2020 2020 2020 2020 RMB RMB RMB RMB US$ Net Loss (350,592 ) (331,647 ) (420,056 ) (105,337 ) (15,514 ) Adjustments: ? Share-based 22,981 43,084 175,148 57,339 8,445 compensation expenses? Foreign exchange loss 81,882 40,144 2,883 (117,714 ) (17,337 ) (gain)? Changes in fair valueof financial - (198 ) - (2,825 ) (416 ) instruments? Other expense 3,781 5,259 4,342 (515 ) (76 ) (income), netAdjusted net loss (241,948 ) (243,358 ) (237,683 ) (169,052 ) (24,898 ) Adjustments: ? Interest income (17,291 ) (10,095 ) (20,937 ) (24,414 ) (3,596 ) ? Interest expense - 1,884 1,791 3,940 580 ? Income tax expense 2,311 5,829 1,697 4,033 594 ? Depreciation and 154,919 206,362 219,227 159,199 23,447 amortizationAdjusted EBITDA (102,009 ) (39,378 ) (35,905 ) (26,294 ) (3,873 )

Three Months Ended Sep 30, Mar 31, Jun 30, Sep 30, 2019 2020 2020 2020Net loss margin -35.0% -23.8% -27.4% -6.1%Adjusted net loss margin -24.2% -17.5% -15.5% -9.8%Adjusted EBITDA Margin -10.2% -2.8% -2.3% -1.5%

KINGSOFT CLOUD HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (All amounts in thousands)

Three Months Ended Sep 30, Sep 30, Sep 30, 2019 2020 2020 RMB RMB US$ Net cash used in operating activities (127,444 ) (103,510 ) (15,245 ) Net cash generated from (used in) 148,980 (1,037,103 ) (152,749 ) investing activitiesNet cash generated from financing 437 1,770,098 260,707 activitiesEffect of exchange rate changes on (26,325 ) (73,469 ) (10,821 ) cash and cash equivalentsNet increase in cash and cash 21,973 629,485 92,713 equivalentsCash and cash equivalents at 1,745,868 3,310,487 487,582 beginning of periodCash and cash equivalents at end of 1,741,516 3,866,503 569,474 period