SHANGHAI, June 9, 2022
/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 2022.
First Quarter 2022 Financial and Operational
Highlights
- Total revenues were RMB787.7
million (US$124.3 million),
compared with RMB1,123.8 million in
the same period of 2021. Car trading transactions revenues were
RMB599.3 million (US$94.5 million), or 76.1% of total revenues in
the first quarter of 2022, a 4.9% increase from RMB571.6 million in the same period of 2021.
- Automotive financing facilitation revenues were RMB105.9 million (US$16.7
million), compared with RMB411.7
million in the same period of 2021. The amount of financing
transactions the Company facilitated in the first quarter of 2022
was RMB2,637.4 million (US$416.0 million). The total outstanding balance
of financing transactions the Company facilitated was RMB42,550.3 million (US$6,712.1 million) as of March 31, 2022.
- M1+ and M3+ overdue ratios for all financing transactions that
remained outstanding and were facilitated by the Company were 1.76%
and 0.80%, respectively, as of March 31,
2022, compared with 1.62% and 0.86%, respectively, as of
December 31, 2021.
- The number of dealers covered by the Company was 44,771 as of
March 31, 2022, compared with 45,930
as of December 31, 2021.
Mr. Jiayuan Lin, Chief Executive
Officer of Cango, commented, "Since the beginning of the year, the
overall market environment has been tougher than we anticipated.
While the automotive industry is still in the shadow of a chip
shortage, it is also facing industrial production and supply chain
disruptions caused by the Covid-19 resurgence across the nation.
Given policy changes and the decline in consumers' credit level and
repayment ability caused by the economic downturn, we have been
proactively making strategic adjustments since last year,
tightening our traditional automotive financing facilitation
business, strengthening risk control measures and enhancing our
collection efforts on overdue assets. At the same time, we remain
focused on developing a tech-enabled car trading services platform
centered around our car trading transactions business and supported
by our insurance and financing businesses as multi-monetization
channels.
"First quarter total revenues were RMB787.7 million, of which more than 76.1% were
generated by our car trading transactions business. We are very
pleased with our progress in transforming Cango into a
comprehensive automotive transaction services platform,
particularly our first quarter improvements to operating efficiency
and capacity. In addition, as the main online traffic entrance, our
B2B WeChat mini program "Cango Haoche" has been resonating well
with a growing number of registered dealers and recorded increased
logistics order demand and transaction volume during the
quarter.
"The current round of the pandemic outbreak has lasted for more
than two months, spanning the first two quarters of 2022. The
corresponding prevention and control measures have had a greater
impact on the Chinese economy in the second quarter, and for the
automotive industry, the production decline has been huge. While
the pandemic is slowly coming under control and production is
gradually resuming, we believe the impact on the demand side will
persist longer-term. As a result, we expect our total revenues to
continue to decline sequentially in the second quarter. Amid this
complex macro environment, we will continue to strengthen our risk
management while further enhancing our platform capabilities to
better serve and engage dealers and consumers."
Mr. Yongyi Zhang, Chief Financial
Officer of Cango, stated, "The economic upheaval, global chip
shortage and resurgence of Covid-19 in China have brought great challenges to
companies across all industries. Together with the deliberate
strategic steps we have taken to adjust our traditional automotive
financing facilitation business, these factors significantly
impacted our top line in the first quarter. Entering the second
quarter, the latest Covid surge has thrown China's car market into disarray with
factories shut down and sales plunging, and we, along with our
dealers, are facing a much more difficult operating environment.
Thus, we are now predicting an even higher year-over-year decline
in total revenues for the second quarter. However, with our solid
balance sheet and disciplined cost controls, we believe we can
effectively cope with the dynamics caused by the pandemic outbreak
and will closely monitor the evolving situation."
First Quarter 2022 Financial Results
REVENUES
Total revenues in the first quarter of 2022 were RMB787.7 million (US$124.3
million) compared with RMB1,123.8
million in the same period of 2021. Revenues from car
trading transactions in the first quarter of 2022 were
RMB599.3 million (US$94.5 million), continuing to serve as an
important revenue contributor. Revenues from automotive financing
facilitation and after-market services facilitation in the first
quarter of 2022 were RMB105.9 million
(US$16.7 million) and RMB25.8 million (US$4.1
million), respectively.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the first quarter of 2022
were RMB976.8 million (US$154.1 million) compared with RMB964.2 million in the same period of 2021.
- Cost of revenue in the first quarter of 2022 decreased to
RMB687.0 million (US$108.4 million) from RMB769.0 million in the same period of 2021. As a
percentage of total revenues, cost of revenue in the first quarter
of 2022 was 87.2% compared with 68.4% in the same period of 2021.
The change was primarily due to an increase in car trading
transactions' share of total revenues. Car trading transactions
normally present a higher cost-revenue ratio, thus pushing up the
overall ratio. For automotive financing facilitation and
after-market services facilitation, cost of revenue as a percentage
of relevant revenues was around 54.2% in the first quarter of
2022.
- Sales and marketing expenses in the first quarter of 2022 were
RMB53.8 million (US$8.5 million) compared with RMB57.8 million in the same period of 2021. As a
percentage of total revenues, sales and marketing expenses in the
first quarter of 2022 was 6.8% compared with 5.1% in the same
period of 2021.
- General and administrative expenses in the first quarter of
2022 were RMB50.9 million
(US$8.0 million) compared with
RMB61.4 million in the same period of
2021. As a percentage of total revenues, general and administrative
expenses in the first quarter of 2022 was 6.5% compared with 5.5%
in the same period of 2021.
- Research and development expenses in the first quarter of 2022
were RMB14.5 million (US$2.3 million) compared with RMB13.6 million in the same period of 2021. As a
percentage of total revenues, research and development expenses in
the first quarter of 2022 was 1.8% compared with 1.2% in the same
period of 2021.
- Net loss on risk assurance liabilities in the first quarter of
2022 was RMB98.9 million
(US$15.6 million) compared with
RMB21.7 million in the same period of
2021. Net loss on risk assurance liabilities was mainly due to a
sequential increase in the default rate since 2021.
(LOSS)/ INCOME FROM OPERATIONS
Loss from operations in the first quarter of 2022 was
RMB189.1 million (US$29.8 million), compared with an income of
RMB159.5 million in the same period
of 2021.
NET LOSS
Net loss in the first quarter of 2022 was RMB136.2 million (US$21.5
million). Non-GAAP adjusted net loss in the first quarter of
2022 was RMB113.3 million
(US$17.9 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 (ADS)
in the first quarter of 2022 were both RMB0.98 (US$0.15).
Non-GAAP adjusted basic and diluted net loss per ADS in the first
quarter of 2022 were both RMB0.81
(US$0.13). Each ADS represents two
Class A ordinary shares of the Company.
BALANCE SHEET
As of March 31, 2022, the Company
had cash and cash equivalents of RMB2,137.0
million (US$337.1 million),
compared with RMB1,434.8 million
as of December 31, 2021.
As of March 31, 2022, the Company
had short-term investments of RMB1,874.1
million (US$295.6 million),
compared with RMB2,598.9 million as
of December 31, 2021.
Business Outlook
For the second quarter of 2022, the Company expects total
revenues to be between RMB250 million
and RMB300 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
August 19, 2021, the Company had
repurchased 7,324,169 ADSs with cash in the aggregate amount of
approximately US$26.3 million up to
May 31, 2022.
Conference Call Information
The Company's management will hold a conference call on
Thursday, June 9, 2022, at
9:00 P.M. Eastern Time or
Friday, June 10, 2022, 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 16, 2022, by dialing the following
numbers:
International:
|
+1-412-317-0088
|
United States Toll
Free:
|
+1-877-344-7529
|
Access Code:
|
2670958
|
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 transaction, auto financing and after-market
services. By working with platform participants, Cango endeavors to
makes car purchase 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 RMB6.3393 to US$1.00, the noon buying rate in effect on
March 31, 2022, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ 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
Emilie Wu
The Piacente Group, Inc.
Tel: +86 21 6039 8363
Email: ir@cangoonline.com
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
2021
|
|
As of March 31,
2022
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
1,434,806,922
|
|
2,136,995,727
|
337,102,792
|
Restricted cash -
current
|
|
|
|
61,293,114
|
|
16,762,559
|
2,644,229
|
Short-term
investments
|
|
|
|
2,598,935,704
|
|
1,874,096,379
|
295,631,439
|
Accounts receivable,
net
|
|
|
|
223,544,396
|
|
207,684,715
|
32,761,459
|
Finance lease
receivables - current, net
|
|
|
|
1,414,164,625
|
|
1,277,406,406
|
201,505,909
|
Financing receivables,
net
|
|
|
|
62,296,261
|
|
63,604,762
|
10,033,405
|
Short-term contract
asset
|
|
|
|
829,940,692
|
|
757,731,542
|
119,529,213
|
Prepaid expenses and
other current assets
|
|
|
|
982,948,637
|
|
607,520,476
|
95,834,000
|
Total current
assets
|
|
|
|
7,607,930,351
|
|
6,941,802,566
|
1,095,042,446
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Restricted cash -
non-current
|
|
|
|
1,114,180,729
|
|
1,054,258,304
|
166,305,161
|
Goodwill
|
|
|
|
148,657,971
|
|
148,657,971
|
23,450,219
|
Property and equipment,
net
|
|
|
|
19,545,933
|
|
18,922,332
|
2,984,925
|
Intangible
assets
|
|
|
|
45,931,544
|
|
45,862,156
|
7,234,577
|
Long-term contract
asset
|
|
|
|
495,456,805
|
|
377,472,013
|
59,544,747
|
Deferred tax
assets
|
|
|
|
474,570,361
|
|
512,183,407
|
80,794,947
|
Finance lease
receivables - non-current, net
|
|
|
|
1,029,262,174
|
|
813,718,806
|
128,360,987
|
Other non-current
assets
|
|
|
|
11,568,164
|
|
10,726,288
|
1,692,030
|
Total non-current
assets
|
|
|
|
3,339,173,681
|
|
2,981,801,277
|
470,367,593
|
TOTAL
ASSETS
|
|
|
|
10,947,104,032
|
|
9,923,603,843
|
1,565,410,039
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
debts
|
|
|
|
579,776,131
|
|
192,925,159
|
30,433,196
|
Long-term
debts—current
|
|
|
|
938,014,362
|
|
941,471,959
|
148,513,552
|
Accrued expenses and
other current liabilities
|
|
|
|
719,035,377
|
|
294,604,555
|
46,472,730
|
Risk assurance
liabilities
|
|
|
|
699,022,914
|
|
697,977,218
|
110,103,200
|
Income tax
payable
|
|
|
|
481,854,105
|
|
488,485,526
|
77,056,698
|
Total current
liabilities
|
|
|
|
3,417,702,889
|
|
2,615,464,417
|
412,579,376
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Long-term
debts
|
|
|
|
486,371,672
|
|
454,389,193
|
71,678,134
|
Deferred tax
liability
|
|
|
|
51,471,040
|
|
10,724,133
|
1,691,690
|
Other non-current
liabilities
|
|
|
|
991,610
|
|
875,365
|
138,085
|
Total non-current
liabilities
|
|
|
|
538,834,322
|
|
465,988,691
|
73,507,909
|
Total
liabilities
|
|
|
|
3,956,537,211
|
|
3,081,453,108
|
486,087,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
204,260
|
|
204,260
|
32,221
|
Treasury
shares
|
|
|
|
(485,263,213)
|
|
(503,654,441)
|
(79,449,536)
|
Additional paid-in
capital
|
|
|
|
4,671,769,821
|
|
4,694,193,668
|
740,490,854
|
Accumulated other
comprehensive income
|
|
|
|
(187,517,110)
|
|
(203,803,965)
|
(32,149,285)
|
Retained
earnings
|
|
|
|
2,991,373,063
|
|
2,855,211,213
|
450,398,500
|
Total Cango
Inc.'s equity
|
|
|
|
6,990,566,821
|
|
6,842,150,735
|
1,079,322,754
|
Non-controlling
interests
|
|
|
|
-
|
|
-
|
-
|
Total shareholders'
equity
|
|
|
|
6,990,566,821
|
|
6,842,150,735
|
1,079,322,754
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
10,947,104,032
|
|
9,923,603,843
|
1,565,410,039
|
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
|
|
|
|
|
|
Three months
ended March 31
|
|
|
|
|
2021
|
|
2022
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
1,123,786,711
|
|
787,693,871
|
124,255,655
|
Loan facilitation
income and other related income
|
|
|
|
411,690,816
|
|
105,898,643
|
16,705,100
|
Leasing
income
|
|
|
|
73,127,676
|
|
50,122,051
|
7,906,559
|
After-market services
income
|
|
|
|
62,529,491
|
|
25,778,706
|
4,066,491
|
Automobile trading
income
|
|
|
|
571,564,881
|
|
599,301,326
|
94,537,461
|
Others
|
|
|
|
4,873,847
|
|
6,593,145
|
1,040,044
|
Operating cost and
expenses:
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
769,047,549
|
|
686,981,142
|
108,368,612
|
Sales and
marketing
|
|
|
|
57,843,559
|
|
53,845,201
|
8,493,872
|
General and
administrative
|
|
|
|
61,390,617
|
|
50,883,876
|
8,026,734
|
Research and
development
|
|
|
|
13,594,247
|
|
14,485,622
|
2,285,051
|
Net loss on risk
assurance liabilities
|
|
|
|
21,738,931
|
|
98,920,883
|
15,604,386
|
Provision for credit
losses
|
|
|
|
40,631,952
|
|
71,655,995
|
11,303,455
|
Total operation cost
and expense
|
|
|
|
964,246,855
|
|
976,772,719
|
154,082,110
|
|
|
|
|
|
|
|
|
(Loss)/income from
operations
|
|
|
|
159,539,856
|
|
(189,078,848)
|
(29,826,455)
|
Interest Income,
net
|
|
|
|
6,559,451
|
|
5,347,168
|
843,495
|
Net loss on equity
securities
|
|
|
|
(435,244,117)
|
|
(19,244,695)
|
(3,035,776)
|
Interest
expense
|
|
|
|
(578,968)
|
|
(4,340,232)
|
(684,655)
|
Foreign exchange
gain/(loss), net
|
|
|
|
203,394
|
|
(389,087)
|
(61,377)
|
Other income,
net
|
|
|
|
3,607,576
|
|
34,489,377
|
5,440,566
|
Other
expenses
|
|
|
|
(6,286,005)
|
|
(131,545)
|
(20,751)
|
Net loss before
income taxes
|
|
|
|
(272,198,813)
|
|
(173,347,862)
|
(27,344,953)
|
Income tax
expenses
|
|
|
|
(1,672,722)
|
|
37,186,012
|
5,865,949
|
Net
loss
|
|
|
|
(273,871,535)
|
|
(136,161,850)
|
(21,479,004)
|
Less: Net income
attributable to non-controlling interests
|
|
|
|
-
|
|
-
|
-
|
|
|
|
|
|
|
|
|
Net loss
attributable to Cango Inc.'s shareholders
|
|
|
|
(273,871,535)
|
|
(136,161,850)
|
(21,479,004)
|
Earnings per ADS
attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
Basic
|
|
|
|
(1.84)
|
|
(0.98)
|
(0.15)
|
Diluted
|
|
|
|
(1.84)
|
|
(0.98)
|
(0.15)
|
Weighted average ADS
used to compute earnings per ADS
attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
Basic
|
|
|
|
149,219,445
|
|
139,230,361
|
139,230,361
|
Diluted
|
|
|
|
149,219,445
|
|
139,230,361
|
139,230,361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income, net of tax
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
|
10,282,265
|
|
(16,286,855)
|
(2,569,188)
|
|
|
|
|
|
|
|
|
Total comprehensive
income
|
|
|
|
(263,589,270)
|
|
(152,448,705)
|
(24,048,192)
|
Total comprehensive
income attributable to Cango Inc.'s
shareholders
|
|
|
|
(263,589,270)
|
|
(152,448,705)
|
(24,048,192)
|
CANGO INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
|
|
|
Three months
ended March 31
|
|
|
|
2021
|
|
2022
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(273,871,535)
|
|
(136,161,850)
|
(21,479,004)
|
|
|
|
|
|
|
|
|
Add: Share-based
compensation expenses
|
|
19,911,165
|
|
22,854,290
|
3,605,176
|
|
Cost of
revenue
|
|
670,674
|
|
895,440
|
141,252
|
|
Sales and
marketing
|
|
3,516,889
|
|
4,519,816
|
712,983
|
|
General and
administrative
|
|
14,691,823
|
|
16,339,012
|
2,577,417
|
|
Research and
development
|
|
1,031,779
|
|
1,100,022
|
173,524
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net loss
|
|
(253,960,370)
|
|
(113,307,560)
|
(17,873,828)
|
|
Less: Net income
attributable to non-controlling interests
|
|
-
|
|
-
|
-
|
|
Net loss
attributable to Cango Inc.'s shareholders
|
|
(253,960,370)
|
|
(113,307,560)
|
(17,873,828)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net loss per ADS-basic
|
|
(1.70)
|
|
(0.81)
|
(0.13)
|
|
Non-GAAP adjusted
net loss per ADS-diluted
|
|
(1.70)
|
|
(0.81)
|
(0.13)
|
|
|
|
|
|
|
|
|
Weighted average ADS
outstanding—basic
|
|
149,219,445
|
|
139,230,361
|
139,230,361
|
|
Weighted average ADS
outstanding—diluted
|
|
149,219,445
|
|
139,230,361
|
139,230,361
|
|
View original
content:https://www.prnewswire.com/news-releases/cango-inc-reports-first-quarter-2022-unaudited-financial-results-301565198.html
SOURCE Cango Inc.