UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT
OF 1934
For the month of November 2023
Commission File Number: 001-38590
CANGO INC.
8F, New Bund Oriental Plaza II
556 West Haiyang Road, Pudong
New Area
Shanghai 200124
People’s Republic of China
(Address of principal executive
offices)
Indicate by check mark whether the registrant files
or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F
x Form 40-F
¨
EXHIBIT INDEX
Exhibit 99.1 — Cango Inc. Reports Third Quarter 2023 Unaudited Financial Results
SIGNATURE
Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
| |
CANGO INC. |
| |
|
| |
By: |
/s/ Yongyi Zhang |
| |
Name: |
Yongyi Zhang |
| |
Title: |
Chief Financial Officer |
Date: November 29, 2023
Exhibit 99.1
Cango Inc. Reports Third Quarter 2023 Unaudited
Financial Results
SHANGHAI, Nov. 27, 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 third quarter of 2023.
Third Quarter 2023 Financial and Operational
Highlights
| · | Total revenues were RMB353.6 million (US$48.5
million), compared with RMB416.4 million in the same period of 2022. Car trading transactions revenues were RMB263.8 million (US$36.2
million), or 74.6% of total revenues, in the third quarter of 2023, compared with RMB347.2 million in the same period of 2022. |
| · | The total outstanding balance of financing transactions
the Company facilitated was RMB13,085.6 million (US$1,793.5 million) as of September 30, 2023. M1+ and M3+ overdue ratios for all
financing transactions that remained outstanding and were facilitated by the Company were 2.42% and 1.24%, respectively, as of September 30,
2023, compared with 2.12% and 1.09%, respectively, as of June 30, 2023. |
| · | There were 27 self-owned vehicle models listed
on our platform, including 18 car brands and 23 car series as of September 30, 2023. During the nine months ended September 30,
2023, the total sales of new cars were 12,138, including 3,151 new energy vehicles (NEVs). |
| · | Total balance of cash and cash equivalents and
short-term investment increased by RMB 454.6 million compared to that as of June 30, 2023. The liquidity improvement was primarily
driven by the positive operating cashflow generated by the decreased working capital of car trading transactions, the collections of financing
receivables, and the loan facilitation service fees. |
Mr. Jiayuan Lin, Chief Executive Officer
of Cango, commented, “Throughout the third quarter, China’s economic downturn continued to weigh on production and demand.
China’s auto market continued to fluctuate, exerting immense pressure on everyone along the automotive value chain, including car
dealers. ”
“Cango
has been committed to working closely with car dealers and developing services to meet their needs since day one. Through our ‘Cango
Haoche’ and ‘Cango U-car’ Apps and mini programs, we have fostered a robust warehouse and logistics network across almost
100 cities nationwide with over 11,000 registered new car dealers, as well as over 7,000 accumulated registered used car dealers as of
September 30, 2023. As our extended footprint brings us deeper insight into industry trends, we have been recalibrating our strategy
accordingly. New car dealers are starting to engage in used car retail, while used car dealers are now attempting to sell new cars as
well. As such, we have decided to merge Cango Haoche’s services into our Cango U-car platform to cater to the rapidly disappearing
boundary between new car and used car sales channels. ”
“The integrated Cango U-car platform will
adopt a dynamic multi-store growth model to fully unleash the platform’s vitality. We believe its innovative, one-stop, end-to-end
services will not only improve Cango’s resource utilization and significantly boost operating efficiency, but also empower our downstream
dealer partners to better serve their end customers.”
“Moving forward, we will continue to harness
the power of big data and digital technologies while actively exploring opportunities for growth, including our potential expansion into
overseas used car markets. By consistently refining business operations and strengthening our core competitive edges, we are confident
we will propel Cango’s sustainable growth,” concluded Mr. Lin.
Mr. Yongyi Zhang, Chief Financial Officer
of Cango, stated, “The fluctuating market environment continued to impact our business this quarter. We implemented additional cost
optimization measures and enhanced operational efficiency. We are confident that our updated service offerings and effective growth model
will boost our competitiveness. Looking ahead, we will continue working with our dealer partners to weather the storm while exploring
additional growth opportunities.”
Accounting Policy Changes
The Company 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$41.4 million) increase in risk assurance liabilities, RMB14.5 million (US$2.0 million)
increase in the allowance for finance lease receivables, RMB13.8 million (US$1.9 million) increase in the allowance for financing receivables
and RMB3.2 million (US$0.4 million) increase in the allowance of other current and non-current assets. After adjusting for deferred taxes,
RMB306.9 million (US$42.1 million) decrease was recorded in beginning retained earnings on January 1, 2023 through a cumulative-effect
adjustment.
Third Quarter 2023 Financial Results
REVENUES
Total revenues in
the third quarter of 2023 were RMB353.6 million (US$48.5 million) compared with RMB416.4 million in the same period of 2022. Revenues
from car trading transactions in the third quarter of 2023 were RMB263.8 million (US$36.2 million), or 74.6% of total revenues in the
third quarter of 2023, compared with RMB347.2 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 third quarter of 2023 was RMB50.0 million (US$6.9 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 third
quarter of 2023 were RMB441.4 million (US$60.5 million) compared with RMB608.8 million in the same period of 2022.
| · | Cost of revenue in the third quarter of 2023
decreased to RMB304.6 million (US$41.8 million) from RMB388.7 million in the same period of 2022. As a percentage of total revenues, cost
of revenue in the third quarter of 2023 was 86.1% compared with 93.3% in the same period of 2022. |
| · | Sales and marketing expenses in the third quarter
of 2023 decreased to RMB9.9 million (US$1.4 million) from RMB17.9 million in the same period of 2022. As a percentage of total revenues,
sales and marketing expenses in the third quarter of 2023 was 2.8% compared with 4.3% in the same period of 2022. |
| · | General and administrative expenses in the third
quarter of 2023 decreased to RMB34.7 million (US$4.8 million) from RMB57.8 million in the same period of 2022. As a percentage of total
revenues, general and administrative expenses in the third quarter of 2023 was 9.8% compared with 13.9% in the same period of 2022. |
| · | Research and development expenses in the third
quarter of 2023 decreased to RMB7.0 million (US$1.0 million) from RMB10.2 million in the same period of 2022. As a percentage of total
revenues, research and development expenses in the third quarter of 2023 was 2.0% compared with 2.4% in the same period of 2022. |
| · | Net loss on contingent risk assurance liabilities
in the third quarter of 2023 was RMB3.5 million (US$0.5 million). |
| · | Net recovery on provision for credit losses in
the third quarter of 2023 was RMB66.9 million (US$9.2 million). The recovery was primarily due to the positive impact from the collections
of financing receivables. |
| · | Impairment loss from goodwill in the third quarter
of 2023 was RMB148.7 million (US$20.4 million). The provision of goodwill impairment is based on the profit forecast associated with historical
trend and the prevailing current conditions of market downturn. |
LOSS FROM OPERATIONS
Loss from operations in the third quarter of 2023
decreased to RMB87.8 million (US$12.0 million) from RMB192.3 million in the same period of 2022.
NET LOSS
Net loss in the third quarter of 2023 was RMB49.1
million (US$6.7 million). Non-GAAP adjusted net loss in the third quarter of 2023 was RMB41.2 million (US$5.7 million). Non-GAAP adjusted
net loss excludes the impact of share-based compensation expenses. For further information, see "Use of Non-GAAP Financial Measure."
NET LOSS PER ADS
Basic and diluted net loss per American Depositary
Share (the “ADS”) in the third quarter of 2023 were both RMB0.45 (US$0.06), respectively. Non-GAAP adjusted basic and diluted
net loss per ADS in the third quarter of 2023 were both RMB0.38 (US$0.05), respectively. Each ADS represents two Class A ordinary
shares of the Company.
BALANCE SHEET
As of September 30,
2023, the Company had cash and cash equivalents of RMB665.6 million (US$91.2 million), compared with RMB589.4 million as of June 30,
2023.
As of September 30, 2023, the Company had
short-term investments of RMB2,434.2 million (US$333.6 million), compared with RMB2,055.7 million as of June 30, 2023.
Business Outlook
For the fourth quarter of 2023, the Company expects
total revenues to be between RMB100 million and RMB150 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 21, 2023, the Company had repurchased 25.4 million ADSs with cash in an aggregate amount of approximately US$32.9 million
up to September 30, 2023.
Conference Call Information
The Company's management will hold a conference
call on Monday, November 27, 2023, at 8:00 P.M. Eastern Time or Tuesday, November 28, 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 December 4,
2023 by dialing the following numbers:
| International: |
+1-412-317-0088 |
| United States Toll Free: |
+1-877-344-7529 |
| Access Code: |
5256781 |
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 RMB7.2960 to US$1.00, the noon buying rate in effect on September 29,
2023, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ 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$"), except for number of shares and per share data）
| | |
As of December 31, 2022 | | |
As of September 30, 2023 | |
| | |
RMB | | |
RMB | | |
US$ | |
| ASSETS: | |
| | | |
| | | |
| | |
| Current assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 378,917,318 | | |
| 665,591,727 | | |
| 91,226,936 | |
| Restricted cash - current | |
| 152,688,510 | | |
| 15,801,703 | | |
| 2,165,804 | |
| Short-term investments | |
| 1,941,432,848 | | |
| 2,434,156,645 | | |
| 333,628,926 | |
| Accounts receivable, net | |
| 266,836,951 | | |
| 123,819,231 | | |
| 16,970,838 | |
| Finance lease receivables - current, net | |
| 799,438,656 | | |
| 282,736,702 | | |
| 38,752,289 | |
| Financing receivables, net | |
| 73,818,025 | | |
| 23,284,584 | | |
| 3,191,418 | |
| Short-term contract asset | |
| 500,389,654 | | |
| 209,365,695 | | |
| 28,695,956 | |
| Prepayments and other current assets | |
| 1,356,822,028 | | |
| 270,276,955 | | |
| 37,044,539 | |
| Total current assets | |
| 5,470,343,990 | | |
| 4,025,033,242 | | |
| 551,676,706 | |
| | |
| | | |
| | | |
| | |
| Non-current assets: | |
| | | |
| | | |
| | |
| Restricted cash - non-current | |
| 750,877,306 | | |
| 593,599,158 | | |
| 81,359,534 | |
| Goodwill | |
| 148,657,971 | | |
| - | | |
| - | |
| Property and equipment, net | |
| 14,689,988 | | |
| 12,118,253 | | |
| 1,660,945 | |
| Intangible assets | |
| 48,317,878 | | |
| 47,857,254 | | |
| 6,559,382 | |
| Long-term contract asset | |
| 173,457,178 | | |
| 48,742,636 | | |
| 6,680,734 | |
| Deferred tax assets | |
| 62,497,781 | | |
| 139,735,945 | | |
| 19,152,405 | |
| Finance lease receivables - non-current, net | |
| 260,049,967 | | |
| 64,427,204 | | |
| 8,830,483 | |
| Operating lease right-of-use assets | |
| 80,726,757 | | |
| 70,770,118 | | |
| 9,699,852 | |
| Other non-current assets | |
| 6,633,517 | | |
| 6,656,956 | | |
| 912,412 | |
| Total non-current assets | |
| 1,545,908,343 | | |
| 983,907,524 | | |
| 134,855,747 | |
| TOTAL ASSETS | |
| 7,016,252,333 | | |
| 5,008,940,766 | | |
| 686,532,453 | |
| | |
| | | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Short-term debts | |
| 349,299,134 | | |
| 69,071,500 | | |
| 9,467,037 | |
| Long-term debts—current | |
| 565,143,340 | | |
| 16,791,391 | | |
| 2,301,452 | |
| Accrued expenses and other current liabilities | |
| 890,836,699 | | |
| 250,241,166 | | |
| 34,298,406 | |
| Deferred guarantee income | |
| - | | |
| 128,329,126 | | |
| 17,588,970 | |
| Contingent risk assurance liabilities | |
| - | | |
| 151,469,025 | | |
| 20,760,557 | |
| Risk assurance liabilities | |
| 402,303,421 | | |
| - | | |
| - | |
| Income tax payable | |
| 313,406,680 | | |
| 347,884,077 | | |
| 47,681,480 | |
| Short-term lease liabilities | |
| 9,913,073 | | |
| 10,283,813 | | |
| 1,409,514 | |
| Total current liabilities | |
| 2,530,902,347 | | |
| 974,070,098 | | |
| 133,507,416 | |
| | |
| | | |
| | | |
| | |
| Non-current liabilities: | |
| | | |
| | | |
| | |
| Long-term debts | |
| 75,869,353 | | |
| 1,465,264 | | |
| 200,831 | |
| Deferred tax liability | |
| 10,724,133 | | |
| 10,724,133 | | |
| 1,469,865 | |
| Long-term operating lease liabilities | |
| 76,533,208 | | |
| 67,047,629 | | |
| 9,189,642 | |
| Other non-current liabilities | |
| 314,287 | | |
| 347,239 | | |
| 47,593 | |
| Total non-current liabilities | |
| 163,440,981 | | |
| 79,584,265 | | |
| 10,907,931 | |
| Total liabilities | |
| 2,694,343,328 | | |
| 1,053,654,363 | | |
| 144,415,347 | |
| | |
| | | |
| | | |
| | |
| Shareholders’ equity | |
| | | |
| | | |
| | |
| Ordinary shares | |
| 204,260 | | |
| 204,260 | | |
| 27,996 | |
| Treasury shares | |
| (559,005,216 | ) | |
| (780,461,039 | ) | |
| (106,971,085 | ) |
| Additional paid-in capital | |
| 4,805,240,472 | | |
| 4,821,193,562 | | |
| 660,799,556 | |
| Accumulated other comprehensive income | |
| 66,359,902 | | |
| 146,196,978 | | |
| 20,037,963 | |
| Retained earnings | |
| 9,109,587 | | |
| (231,847,358 | ) | |
| (31,777,324 | ) |
| Total Cango Inc.’s equity | |
| 4,321,909,005 | | |
| 3,955,286,403 | | |
| 542,117,106 | |
| Total shareholders' equity | |
| 4,321,909,005 | | |
| 3,955,286,403 | | |
| 542,117,106 | |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| 7,016,252,333 | | |
| 5,008,940,766 | | |
| 686,532,453 | |
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi (“RMB”) and US dollar (“US$”), except for number of shares and per share data)
| | |
Three
months ended September 30, | | |
Nine
months ended September 30, | |
| | |
2022 | | |
2023 | | |
2022 | | |
2023 | |
| | |
| RMB
| | |
| RMB
| | |
| US$
| | |
| RMB
| | |
| RMB
| | |
| US$
| |
| Revenues | |
| 416,449,708 | | |
| 353,638,119 | | |
| 48,470,137 | | |
| 1,493,335,164 | | |
| 1,571,681,558 | | |
| 215,416,880 | |
| Loan facilitation income and
other related income | |
| 14,710,212 | | |
| 11,345,343 | | |
| 1,555,009 | | |
| 135,208,426 | | |
| 27,618,224 | | |
| 3,785,393 | |
| Guarantee income | |
| - | | |
| 50,006,711 | | |
| 6,853,990 | | |
| - | | |
| 170,010,917 | | |
| 23,301,935 | |
| Leasing income | |
| 34,710,562 | | |
| 11,298,293 | | |
| 1,548,560 | | |
| 127,550,654 | | |
| 50,157,926 | | |
| 6,874,716 | |
| After-market services income | |
| 19,381,025 | | |
| 14,116,184 | | |
| 1,934,784 | | |
| 55,704,269 | | |
| 41,364,974 | | |
| 5,669,541 | |
| Automobile trading income | |
| 347,247,512 | | |
| 263,821,645 | | |
| 36,159,765 | | |
| 1,165,160,983 | | |
| 1,256,429,781 | | |
| 172,208,029 | |
| Others | |
| 400,397 | | |
| 3,049,943 | | |
| 418,029 | | |
| 9,710,832 | | |
| 26,099,736 | | |
| 3,577,266 | |
| Operating cost and expenses: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cost of revenue | |
| 388,703,295 | | |
| 304,638,147 | | |
| 41,754,132 | | |
| 1,348,346,307 | | |
| 1,400,985,230 | | |
| 192,021,002 | |
| Sales and marketing | |
| 17,888,406 | | |
| 9,854,441 | | |
| 1,350,664 | | |
| 113,531,814 | | |
| 34,546,132 | | |
| 4,734,941 | |
| General and administrative | |
| 57,812,378 | | |
| 34,682,695 | | |
| 4,753,659 | | |
| 233,366,364 | | |
| 111,319,960 | | |
| 15,257,670 | |
| Research and development | |
| 10,172,951 | | |
| 6,990,685 | | |
| 958,153 | | |
| 37,516,243 | | |
| 22,841,206 | | |
| 3,130,648 | |
| Net loss on contingent risk assurance
liabilities | |
| - | | |
| 3,541,506 | | |
| 485,404 | | |
| - | | |
| 3,475,114 | | |
| 476,304 | |
| Net loss on risk assurance liabilities | |
| 84,952,664 | | |
| - | | |
| - | | |
| 237,018,349 | | |
| - | | |
| - | |
| Provision (net recovery on provision)
for credit losses | |
| 49,259,212 | | |
| (66,945,232 | ) | |
| (9,175,607 | ) | |
| 259,114,042 | | |
| (105,260,489 | ) | |
| (14,427,150 | ) |
| Impairment
loss from goodwill | |
| - | | |
| 148,657,971 | | |
| 20,375,270 | | |
| - | | |
| 148,657,971 | | |
| 20,375,270 | |
| Total
operation cost and expense | |
| 608,788,906 | | |
| 441,420,213 | | |
| 60,501,675 | | |
| 2,228,893,119 | | |
| 1,616,565,124 | | |
| 221,568,685 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loss
from operations | |
| (192,339,198 | ) | |
| (87,782,094 | ) | |
| (12,031,538 | ) | |
| (735,557,955 | ) | |
| (44,883,566 | ) | |
| (6,151,805 | ) |
| Interest income, net | |
| 14,619,894 | | |
| 19,481,911 | | |
| 2,670,218 | | |
| 27,120,865 | | |
| 58,981,302 | | |
| 8,084,060 | |
| Net gain (loss) on equity securities | |
| 4,285,558 | | |
| 7,038,386 | | |
| 964,691 | | |
| (13,303,787 | ) | |
| 15,439,734 | | |
| 2,116,192 | |
| Interest expense | |
| (3,107,158 | ) | |
| (153,088 | ) | |
| (20,982 | ) | |
| (11,693,127 | ) | |
| (4,099,783 | ) | |
| (561,922 | ) |
| Foreign exchange gain (loss),
net | |
| 4,066,308 | | |
| (489,215 | ) | |
| (67,052 | ) | |
| 7,318,248 | | |
| 2,346,525 | | |
| 321,618 | |
| Other income | |
| 3,775,871 | | |
| 21,806,106 | | |
| 2,988,775 | | |
| 41,312,897 | | |
| 29,404,718 | | |
| 4,030,252 | |
| Other expenses | |
| (964,807 | ) | |
| (141,358 | ) | |
| (19,375 | ) | |
| (1,788,017 | ) | |
| (368,492 | ) | |
| (50,506 | ) |
| Net
(loss) income before income taxes | |
| (169,663,532 | ) | |
| (40,239,352 | ) | |
| (5,515,263 | ) | |
| (686,590,876 | ) | |
| 56,820,438 | | |
| 7,787,889 | |
| Income tax benefits (expenses) | |
| 39,338,402 | | |
| (8,847,190 | ) | |
| (1,212,608 | ) | |
| 134,318,905 | | |
| 9,084,706 | | |
| 1,245,163 | |
| Net
(loss) income | |
| (130,325,130 | ) | |
| (49,086,542 | ) | |
| (6,727,871 | ) | |
| (552,271,971 | ) | |
| 65,905,144 | | |
| 9,033,052 | |
| Net
(loss) income attributable to Cango Inc.’s shareholders | |
| (130,325,130 | ) | |
| (49,086,542 | ) | |
| (6,727,871 | ) | |
| (552,271,971 | ) | |
| 65,905,144 | | |
| 9,033,052 | |
| (Loss) earnings per ADS
attributable to ordinary shareholders: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| (0.96 | ) | |
| (0.45 | ) | |
| (0.06 | ) | |
| (4.01 | ) | |
| 0.52 | | |
| 0.07 | |
| Diluted | |
| (0.96 | ) | |
| (0.45 | ) | |
| (0.06 | ) | |
| (4.01 | ) | |
| 0.50 | | |
| 0.07 | |
| Weighted average ADS used
to compute (loss) earnings per ADS attributable to ordinary shareholders: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 136,442,760 | | |
| 109,587,726 | | |
| 109,587,726 | | |
| 137,751,682 | | |
| 125,710,975 | | |
| 125,710,975 | |
| Diluted | |
| 136,442,760 | | |
| 109,587,726 | | |
| 109,587,726 | | |
| 137,751,682 | | |
| 131,630,583 | | |
| 131,630,583 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Other
comprehensive income, net of tax | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Foreign
currency translation adjustment | |
| 141,603,735 | | |
| 7,806,144 | | |
| 1,069,921 | | |
| 298,394,485 | | |
| 79,837,076 | | |
| 10,942,582 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total
comprehensive income (loss) | |
| 11,278,605 | | |
| (41,280,398 | ) | |
| (5,657,950 | ) | |
| (253,877,486 | ) | |
| 145,742,220 | | |
| 19,975,634 | |
| Total
comprehensive income (loss) attributable to Cango Inc.’s shareholders | |
| 11,278,605 | | |
| (41,280,398 | ) | |
| (5,657,950 | ) | |
| (253,877,486 | ) | |
| 145,742,220 | | |
| 19,975,634 | |
CANGO INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for number of shares and per share data
| | |
Three
months ended September 30, | | |
Nine
months ended September 30, | |
| | |
2022 | | |
2023 | | |
2022 | | |
2023 | |
| | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
| | |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| Net (loss) income | |
| (130,325,130 | ) | |
| (49,086,542 | ) | |
| (6,727,871 | ) | |
| (552,271,971 | ) | |
| 65,905,144 | | |
| 9,033,052 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Add: Share-based compensation
expenses | |
| 20,373,774 | | |
| 7,857,905 | | |
| 1,077,015 | | |
| 139,445,782 | | |
| 33,897,580 | | |
| 4,646,050 | |
| Cost of revenue | |
| 1,318,415 | | |
| 444,748 | | |
| 60,958 | | |
| 3,318,808 | | |
| 1,920,626 | | |
| 263,244 | |
| Sales and marketing | |
| 4,367,008 | | |
| 1,608,169 | | |
| 220,418 | | |
| 11,140,237 | | |
| 6,747,135 | | |
| 924,772 | |
| General and
administrative | |
| 13,700,843 | | |
| 5,427,332 | | |
| 743,878 | | |
| 122,108,649 | | |
| 23,710,996 | | |
| 3,249,862 | |
| Research and
development | |
| 987,508 | | |
| 377,656 | | |
| 51,761 | | |
| 2,878,088 | | |
| 1,518,823 | | |
| 208,172 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP
adjusted net (loss) income | |
| (109,951,356 | ) | |
| (41,228,637 | ) | |
| (5,650,856 | ) | |
| (412,826,189 | ) | |
| 99,802,724 | | |
| 13,679,102 | |
| Net
(loss) income attributable to Cango Inc.’s shareholders | |
| (109,951,356 | ) | |
| (41,228,637 | ) | |
| (5,650,856 | ) | |
| (412,826,189 | ) | |
| 99,802,724 | | |
| 13,679,102 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP adjusted net (loss)
income per ADS-basic | |
| (0.81 | ) | |
| (0.38 | ) | |
| (0.05 | ) | |
| (3.00 | ) | |
| 0.79 | | |
| 0.11 | |
| Non-GAAP adjusted net (loss)
income per ADS-diluted | |
| (0.81 | ) | |
| (0.38 | ) | |
| (0.05 | ) | |
| (3.00 | ) | |
| 0.76 | | |
| 0.10 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Weighted average ADS outstanding—basic | |
| 136,442,760 | | |
| 109,587,726 | | |
| 109,587,726 | | |
| 137,751,682 | | |
| 125,710,975 | | |
| 125,710,975 | |
| Weighted average ADS outstanding—diluted | |
| 136,442,760 | | |
| 109,587,726 | | |
| 109,587,726 | | |
| 137,751,682 | | |
| 131,630,583 | | |
| 131,630,583 | |
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