SHANGHAI, June 8, 2023
/PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"),
a leading automotive transaction service platform in China, today announced its unaudited financial
results for the first quarter of 2023.
First Quarter 2023 Financial and Operational
Highlights
- Total revenues were RMB542.6
million (US$79.0 million),
compared with RMB787.7 million in the
same period of 2022. Car trading transactions revenues were
RMB429.8 million (US$62.6 million), or 79.2% of total revenues, in
the first quarter of 2023, compared with RMB599.3 million in the same period of 2022.
- The total outstanding balance of financing transactions the
Company facilitated was RMB20,716.5
million (US$3,016.6 million)
as of March 31, 2023. M1+ and M3+
overdue ratios for all financing transactions that remained
outstanding and were facilitated by the Company were 2.33% and
1.29%, respectively, as of March 31,
2023, compared with 2.61% and 1.38%, respectively, as of
December 31, 2022.
- "Cango Haoche" had engaged 10,469 dealers in China's 31 provinces and 305 cities as of
March 31, 2023. As of the end of
March 2023, total sales were 3,867
cars, including 1,713 new energy vehicles (the "NEVs"), resulting
in an NEV penetration rate exceeding 44%. Since the "Cango Haoche"
APP was launched at the end of the second quarter of 2022, it had
attracted a total of over 877,000 page views and more than 78,000
unique visitors as of the end of March
2023.
- "Cango U-Car" APP was launched in January 2023, following the successful debut of
the "Cango U-Car" mini program. As of March
31, 2023, "Cango U-Car" APP and mini program had attracted a
total of over 513,000 page views and more than 26,000 unique
visitors.
Mr. Jiayuan Lin, Chief Executive
Officer of Cango, commented, "China's automotive industry remained sluggish
in the beginning of 2023 as it continued to be severely impacted by
the challenging macro environment and depressing industry
landscape. In the first quarter of 2023, our total revenues were
recorded at RMB542.6 million, down
31% year-over-year, but up 11% quarter-over-quarter. During the
quarter, our traditionally low season, we sold a total of 3,867 new
cars through 'Cango Haoche,' marking a solid performance compared
with the fourth quarter of 2022. Moreover, our car trading
transactions business contributed 79% of the total revenues in the
first quarter, further solidifying its position as our largest
revenue contributor. In April 2023,
we launched our AI customer service on 'Cango Haoche,' further
reaffirming our ability to stay at the forefront of industry
innovation as we refined our service process with the power of
digitalization and technology.
"We continued to expand and upgrade our services for used car
trading transactions with comprehensive offerings available through
our 'Cango U-Car' mini program and APP. Additionally, during the
quarter, we upgraded our auction services and launched the market's
first offering to enable dealers to list their used cars for B2B
auction. Supported by our dedicated in-house technician teams, we
are actively deepening our service capabilities and core
competencies along the used car value chain.
"Empowered by big data and technological innovation, throughout
2023, Cango will continue to strengthen its position in the digital
and technology-led evolution within China's auto industry and explore additional
long-term growth opportunities with our dealer partners," concluded
Mr. Lin.
Mr. Yongyi Zhang, Chief Financial
Officer of Cango, stated, "We had another steady quarter despite
the volatile external environment. We continued to refine our
operations and deepen our penetration along the value chain, while
further solidifying our competitive strengths. Meanwhile, backed by
improvement of asset quality and our solid balance sheet, we are
confident in our ability to weather a complex industry environment,
while driving sustainable growth over the long term."
Accounting Policy Changes
The Company has adopted the Financial Instruments – Credit
Losses (ASC 326): Measurement of Credit Losses on Financial
Instruments on January 1, 2023, using
the modified retrospective transition method. This standard
requires the measurement of all expected credit losses for
financial assets measured at amortized cost and off-balance sheet
credit exposures not accounted for as insurance at the reporting
date based on historical experience, current conditions, and
reasonable and supportable forecasts.
Upon adoption of the standard on January
1, 2023, the Company recorded RMB302.4 million (US$44.0
million) increase in risk assurance liabilities,
RMB14.5 million (US$2.1 million) increase in the allowance for
finance lease receivables, RMB13.8
million (US$2.0 million)
increase in the allowance for financing receivables and
RMB3.2 million (US$0.5 million) increase in the allowance of
other current and non-current assets. After adjusting for deferred
taxes, RMB306.9 million (US$44.7 million) decrease was recorded in
beginning retained earnings on January 1,
2023 through a cumulative-effect adjustment.
First Quarter 2023 Financial Results
REVENUES
Total revenues in the first quarter of 2023 were RMB542.6 million (US$79.0
million) compared with RMB787.7
million in the same period of 2022. Revenues from car
trading transactions in the first quarter of 2023 were RMB429.8 million (US$62.6
million), or 79.2% of total revenues in the first quarter of
2023, compared with RMB599.3 million
in the same period of 2022. The guarantee income, which represented
the fee income earned on the non-contingent aspect of a guarantee,
in the first quarter of 2023 was RMB64.1
million (US$9.3 million) which
was presented separately from contingent aspect of a guarantee
pursuant to the adoption of ASC 326 since January 1, 2023.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the first quarter of 2023
were RMB490.8 million (US$71.5 million) compared with RMB976.8 million in the same period of 2022.
- Cost of revenue in the first quarter of 2023 decreased to
RMB480.5 million (US$70.0 million) from RMB687.0 million in the same period of 2022. As a
percentage of total revenues, cost of revenue in the first quarter
of 2023 was 88.6% compared with 87.2% in the same period of
2022.
- Sales and marketing expenses in the first quarter of 2023
decreased to RMB12.5 million
(US$1.8 million) from RMB53.8 million in the same period of 2022. As a
percentage of total revenues, sales and marketing expenses in the
first quarter of 2023 was 2.3% compared with 6.8% in the same
period of 2022.
- General and administrative expenses in the first quarter of
2023 decreased to RMB39.8 million
(US$5.8 million) from RMB50.9 million in the same period of 2022. As a
percentage of total revenues, general and administrative expenses
in the first quarter of 2023 was 7.3% compared with 6.5% in the
same period of 2022.
- Research and development expenses in the first quarter of 2023
decreased to RMB8.1 million
(US$1.2 million) from RMB14.5 million in the same period of 2022. As a
percentage of total revenues, research and development expenses in
the first quarter of 2023 was 1.5% compared with 1.8% in the same
period of 2022.
- Net gain on contingent risk assurance liabilities in the first
quarter of 2023 was RMB1.6 million
(US$0.2 million). The gain was
recognized due to the release of obligations from the contingent
aspect of the risk assurance liabilities.
- Net recovery on provision for credit losses in the first
quarter of 2023 was RMB48.6 million
(US$7.1 million). The recovery was
primarily due to the positive impact from the collections of
financing receivables.
INCOME FROM OPERATIONS
Income from operations in the first quarter of 2023 was
RMB51.8 million (US$7.5 million), compared with a loss of
RMB189.1 million in the same period
of 2022.
NET INCOME
Net income in the first quarter of 2023 was RMB78.8 million (US$11.5
million). Non-GAAP adjusted net income in the first quarter
of 2023 was RMB92.8 million
(US$13.5 million). Non-GAAP adjusted
net income excludes the impact of share-based compensation
expenses. For further information, see "Use of Non-GAAP Financial
Measure."
NET INCOME PER ADS
Basic and diluted net income per American Depositary Share (the
"ADS") in the first quarter of 2023 were RMB0.58 (US$0.09)
and RMB0.56 (US$0.08), respectively. Non-GAAP adjusted basic
and diluted net income per ADS in the first quarter of 2023 were
RMB0.69 (US$0.10) and RMB0.66 (US$0.10),
respectively. Each ADS represents two Class A ordinary shares of
the Company.
BALANCE SHEET
As of March 31, 2023, the Company
had cash and cash equivalents of RMB696.6
million (US$101.4 million),
compared with RMB378.9 million as of
December 31, 2022.
As of March 31, 2023, the Company
had short-term investments of RMB2,017.7
million (US$293.8 million),
compared with RMB1,941.4 million as
of December 31, 2022.
Business Outlook
For the second quarter of 2023, the Company expects total
revenues to be between RMB600 million
and RMB650 million. This forecast
reflects the Company's current and preliminary views on the market
and operational conditions, which are subject to change.
Share Repurchase Program
- Pursuant to the share repurchase program announced on
April 22, 2022, the Company had
repurchased 2,846,285 ADSs with cash in the aggregate amount of
approximately US$5.7 million up to
April 25, 2023, the day on which the
program expired.
- Pursuant to the share repurchase program announced on
April 21, 2023 (the "New Share
Repurchase Program"), the Company had repurchased 289,868 ADSs with
cash in the aggregate amount of approximately US$337,288.2 up to May 31,
2023.
On June 1, 2023, under the New Share
Repurchase Program, the Company entered into an ADS purchase
agreement with an institutional investor pursuant to which the
Company will repurchase an aggregate of 24,300,562 ADSs for
an aggregate purchase price of approximately US$31.6 million. The Company expects to settle
the repurchases with such shareholder by the end of June 2023.
The above share repurchases were conducted pursuant to
resolutions of the Company's board of directors, which authorized
that the Company's proposed repurchases may be made from time to
time on the open market at prevailing market prices, in privately
negotiated transactions, in block trades and/or through other
legally permissible means, in accordance with applicable rules and
regulations. The repurchases will be funded from the Company's
existing cash balance.
Conference Call Information
The Company's management will hold a conference call on
Thursday, June 8, 2023, at
9:00 P.M. Eastern Time or
Friday, June 9, 2023, at 9:00 A.M. Beijing Time to discuss the financial
results. Listeners may access the call by dialing the following
numbers:
International:
|
+1-412-902-4272
|
United States Toll
Free:
|
+1-888-346-8982
|
Mainland China Toll
Free:
|
4001-201-203
|
Hong Kong, China Toll
Free:
|
800-905-945
|
Conference
ID:
|
Cango Inc.
|
The replay will be accessible through June 15, 2023 by dialing the following
numbers:
International:
|
+1-412-317-0088
|
United States Toll
Free:
|
+1-877-344-7529
|
Access Code:
|
7451156
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.cangoonline.com/.
About Cango Inc.
Cango Inc. (NYSE: CANG) is a leading automotive transaction
service platform in China,
connecting car buyers, dealers, financial institutions, and other
industry participants. Founded in 2010 by a group of pioneers in
China's automotive finance
industry, the Company is headquartered in Shanghai and has a nationwide network.
Leveraging its competitive advantages in technological innovation
and big data, Cango has established an automotive supply chain
ecosystem, and developed a matrix of products centering on customer
needs for auto transactions, auto financing and after-market
services. By working with platform participants, Cango endeavors to
make car purchases simple and enjoyable, and make itself customers'
car purchase service platform of choice. For more information,
please visit: www.cangoonline.com.
Definition of Overdue Ratios
The Company defines "M1+ overdue ratio" as (i) exposure at risk
relating to financing transactions for which any installment
payment is 30 to 179 calendar days past due as of a specified date,
divided by (ii) exposure at risk relating to all financing
transactions which remain outstanding as of such date, excluding
amounts of outstanding principal that are 180 calendar days or more
past due.
The Company defines "M3+ overdue ratio" as (i) exposure at risk
relating to financing transactions for which any installment
payment is 90 to 179 calendar days past due as of a specified date,
divided by (ii) exposure at risk relating to all financing
transactions which remain outstanding as of such date, excluding
amounts of outstanding principal that are 180 calendar days or more
past due.
Use of Non-GAAP Financial Measure
In evaluating the business, the Company considers and uses
Non-GAAP adjusted net income (loss), a Non-GAAP measure, as a
supplemental measure to review and assess its operating
performance. The presentation of the Non-GAAP financial measure 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. The Company defines Non-GAAP adjusted net income (loss)
as net income (loss) excluding share-based compensation expenses.
The Company presents the Non-GAAP financial measure because it is
used by the management to evaluate the operating performance and
formulate business plans. Non-GAAP adjusted net income (loss)
enables the management to assess the Company's operating results
without considering the impact of share-based compensation
expenses, which are non-cash charges. The Company also believes
that the use of the Non-GAAP measure facilitates investors'
assessment of its operating performance.
Non-GAAP adjusted net income (loss) is not defined under U.S.
GAAP and is not presented in accordance with U.S. GAAP. This
Non-GAAP financial measure has limitations as analytical tools. One
of the key limitations of using Non-GAAP adjusted net income (loss)
is that it does not reflect all items of expense that affect the
Company's operations. Share-based compensation expenses have been
and may continue to be incurred in the business and are not
reflected in the presentation of Non-GAAP adjusted net income
(loss). Further, the Non-GAAP measure may differ from the Non-GAAP
information used by other companies, including peer companies, and
therefore their comparability may be limited.
The Company compensates for these limitations by reconciling the
Non-GAAP financial measure to the nearest U.S. GAAP performance
measure, all of which should be considered when evaluating the
Company's performance. The Company encourages you to review its
financial information in its entirety and not rely on a single
financial measure.
Reconciliations of Cango's Non-GAAP financial measure to the
most comparable U.S. GAAP measure are included at the end of this
press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars ("US$") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to US$ were made at the rate of RMB6.8676 to US$1.00, the noon buying rate in effect on
March 31, 2023, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ amounts referred could be
converted into US$ or RMB, as the case may be, at any particular
rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States 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" section and quotations from
management in this announcement, contain forward-looking
statements. Cango may also make written or oral forward-looking
statements in its periodic reports to the 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
third parties. Statements that are not historical facts, including
statements about Cango's 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: Cango's goal and strategies; Cango's expansion plans;
Cango's future business development, financial condition and
results of operations; Cango's expectations regarding demand for,
and market acceptance of, its solutions and services; Cango's
expectations regarding keeping and strengthening its relationships
with dealers, financial institutions, car buyers and other platform
participants; general economic and business conditions; and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in Cango's
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 Cango does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
Investor Relations Contact
Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com
Twitter: https://twitter.com/Cango_Group
Helen Wu
Piacente Financial Communications
Tel: +86 10 6508 0677
Email: ir@cangoonline.com
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
As of December
31,
2022
|
|
As of March 31,
2023
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
378,917,318
|
|
696,560,010
|
101,426,992
|
Restricted cash -
current
|
|
152,688,510
|
|
38,858,968
|
5,658,304
|
Short-term
investments
|
|
1,941,432,848
|
|
2,017,669,166
|
293,795,382
|
Accounts receivable,
net
|
|
266,836,951
|
|
425,232,419
|
61,918,635
|
Finance lease
receivables - current, net
|
|
799,438,656
|
|
616,655,818
|
89,792,041
|
Financing receivables,
net
|
|
73,818,025
|
|
42,746,175
|
6,224,325
|
Short-term contract
asset
|
|
500,389,654
|
|
290,099,848
|
42,241,809
|
Prepayments and other
current assets
|
|
1,356,822,028
|
|
1,235,817,488
|
179,948,962
|
Total current
assets
|
|
5,470,343,990
|
|
5,363,639,892
|
781,006,450
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted cash -
non-current
|
|
750,877,306
|
|
698,247,760
|
101,672,747
|
Goodwill
|
|
148,657,971
|
|
148,657,971
|
21,646,277
|
Property and equipment,
net
|
|
14,689,988
|
|
13,921,668
|
2,027,152
|
Intangible
assets
|
|
48,317,878
|
|
48,120,262
|
7,006,853
|
Long-term contract
asset
|
|
173,457,178
|
|
90,288,285
|
13,146,992
|
Deferred tax
assets
|
|
62,497,781
|
|
119,195,556
|
17,356,217
|
Finance lease
receivables - non-current, net
|
|
260,049,967
|
|
176,102,010
|
25,642,438
|
Operating lease
right-of-use assets
|
|
80,726,757
|
|
77,976,298
|
11,354,228
|
Other non-current
assets
|
|
6,633,517
|
|
6,899,741
|
1,004,680
|
Total non-current
assets
|
|
1,545,908,343
|
|
1,379,409,551
|
200,857,584
|
TOTAL
ASSETS
|
|
7,016,252,333
|
|
6,743,049,443
|
981,864,034
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
debts
|
|
349,299,134
|
|
334,329,950
|
48,682,211
|
Long-term
debts—current
|
|
565,143,340
|
|
399,263,638
|
58,137,288
|
Accrued expenses and
other current liabilities
|
|
890,836,699
|
|
906,809,557
|
132,041,695
|
Deferred guarantee
income
|
|
-
|
|
234,202,821
|
34,102,572
|
Contingent risk
assurance liabilities
|
|
-
|
|
283,828,104
|
41,328,572
|
Risk assurance
liabilities
|
|
402,303,421
|
|
-
|
-
|
Income tax
payable
|
|
313,406,680
|
|
337,024,292
|
49,074,537
|
Short-term lease
liabilities
|
|
9,913,073
|
|
10,371,809
|
1,510,252
|
Total current
liabilities
|
|
2,530,902,347
|
|
2,505,830,171
|
364,877,127
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
debts
|
|
75,869,353
|
|
51,653,003
|
7,521,260
|
Deferred tax
liability
|
|
10,724,133
|
|
10,724,133
|
1,561,555
|
Long-term operating
lease liabilities
|
|
76,533,208
|
|
73,658,964
|
10,725,576
|
Other non-current
liabilities
|
|
314,287
|
|
305,422
|
44,473
|
Total non-current
liabilities
|
|
163,440,981
|
|
136,341,522
|
19,852,864
|
Total
liabilities
|
|
2,694,343,328
|
|
2,642,171,693
|
384,729,991
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Ordinary
shares
|
|
204,260
|
|
204,260
|
29,743
|
Treasury
shares
|
|
(559,005,216)
|
|
(554,726,789)
|
(80,774,476)
|
Additional paid-in
capital
|
|
4,805,240,472
|
|
4,814,048,381
|
700,979,728
|
Accumulated other
comprehensive income
|
|
66,359,902
|
|
60,339,323
|
8,786,086
|
Retained
earnings
|
|
9,109,587
|
|
(218,987,425)
|
(31,887,038)
|
Total Cango Inc.'s
equity
|
|
4,321,909,005
|
|
4,100,877,750
|
597,134,043
|
Total shareholders'
equity
|
|
4,321,909,005
|
|
4,100,877,750
|
597,134,043
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
7,016,252,333
|
|
6,743,049,443
|
981,864,034
|
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
Three months ended
March 31
|
|
|
2022
|
|
2023
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
Revenues
|
|
787,693,871
|
|
542,613,363
|
79,010,624
|
Loan facilitation
income and other related income
|
|
105,898,643
|
|
2,315,400
|
337,148
|
Guarantee
income
|
|
-
|
|
64,128,746
|
9,337,869
|
Leasing
income
|
|
50,122,051
|
|
22,213,681
|
3,234,562
|
After-market services
income
|
|
25,778,706
|
|
16,719,476
|
2,434,544
|
Automobile trading
income
|
|
599,301,326
|
|
429,849,643
|
62,590,955
|
Others
|
|
6,593,145
|
|
7,386,417
|
1,075,546
|
Operating cost and
expenses:
|
|
|
|
|
|
Cost of
revenue
|
|
686,981,142
|
|
480,517,980
|
69,968,836
|
Sales and
marketing
|
|
53,845,201
|
|
12,538,562
|
1,825,756
|
General and
administrative
|
|
50,883,876
|
|
39,802,530
|
5,795,697
|
Research and
development
|
|
14,485,622
|
|
8,102,363
|
1,179,795
|
Net gain on contingent
risk assurance liabilities
|
|
-
|
|
(1,622,556)
|
(236,262)
|
Net loss on risk
assurance liabilities
|
|
98,920,883
|
|
-
|
-
|
Provision (net recovery
on provision) for credit losses
|
|
71,655,995
|
|
(48,554,100)
|
(7,070,024)
|
Total operation cost
and expense
|
|
976,772,719
|
|
490,784,779
|
71,463,798
|
|
|
|
|
|
|
(Loss) income from
operations
|
|
(189,078,848)
|
|
51,828,584
|
7,546,826
|
Interest income,
net
|
|
5,347,168
|
|
18,780,880
|
2,734,708
|
Net (loss) gain on
equity securities
|
|
(19,244,695)
|
|
3,732,355
|
543,473
|
Interest
expense
|
|
(4,340,232)
|
|
(2,294,085)
|
(334,045)
|
Foreign exchange loss,
net
|
|
(389,087)
|
|
(984,307)
|
(143,326)
|
Other income
|
|
34,489,377
|
|
4,459,897
|
649,411
|
Other
expenses
|
|
(131,545)
|
|
(130,885)
|
(19,058)
|
Net (loss) income
before income taxes
|
|
(173,347,862)
|
|
75,392,439
|
10,977,989
|
Income tax
expenses
|
|
37,186,012
|
|
3,372,638
|
491,094
|
Net (loss)
income
|
|
(136,161,850)
|
|
78,765,077
|
11,469,083
|
Net (loss) income
attributable to Cango Inc.'s shareholders
|
|
(136,161,850)
|
|
78,765,077
|
11,469,083
|
(Loss) earnings per
ADS attributable to ordinary shareholders
|
|
|
|
|
|
Basic
|
|
(0.98)
|
|
0.58
|
0.09
|
Diluted
|
|
(0.98)
|
|
0.56
|
0.08
|
Weighted average ADS
used to compute earnings per ADS
attributable to ordinary shareholders
|
|
|
|
|
|
Basic
|
|
139,230,361
|
|
134,769,131
|
134,769,131
|
Diluted
|
|
139,230,361
|
|
140,231,084
|
140,231,084
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss), net of tax
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
(16,286,855)
|
|
(6,020,579)
|
(876,664)
|
|
|
|
|
|
|
Total comprehensive
(loss) income
|
|
(152,448,705)
|
|
72,744,498
|
10,592,419
|
Total comprehensive
(loss) income attributable to Cango
Inc.'s shareholders
|
|
(152,448,705)
|
|
72,744,498
|
10,592,419
|
CANGO INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
Three months
ended March 31
|
|
|
2022
|
|
2023
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
Net (loss)
income
|
|
(136,161,850)
|
|
78,765,077
|
11,469,083
|
|
|
|
|
|
|
Add: Share-based
compensation expenses
|
|
22,854,290
|
|
14,059,098
|
2,047,163
|
Cost of
revenue
|
|
895,440
|
|
747,416
|
108,832
|
Sales and
marketing
|
|
4,519,816
|
|
2,793,396
|
406,750
|
General and
administrative
|
|
16,339,012
|
|
9,907,268
|
1,442,610
|
Research and
development
|
|
1,100,022
|
|
611,018
|
88,971
|
|
|
|
|
|
|
Non-GAAP adjusted
net (loss) income
|
|
(113,307,560)
|
|
92,824,175
|
13,516,246
|
Net (loss) income
attributable to Cango Inc.'s shareholders
|
|
(113,307,560)
|
|
92,824,175
|
13,516,246
|
|
|
|
|
|
|
Non-GAAP adjusted
net (loss) income per ADS-basic
|
|
(0.81)
|
|
0.69
|
0.10
|
Non-GAAP adjusted
net (loss) income per ADS-diluted
|
|
(0.81)
|
|
0.66
|
0.10
|
|
|
|
|
|
|
Weighted average ADS
outstanding—basic
|
|
139,230,361
|
|
134,769,131
|
134,769,131
|
Weighted average ADS
outstanding—diluted
|
|
139,230,361
|
|
140,231,084
|
140,231,084
|
View original
content:https://www.prnewswire.com/news-releases/cango-inc-reports-first-quarter-2023-unaudited-financial-results-301846182.html
SOURCE Cango Inc.