SHANGHAI, Aug. 29,
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 second quarter of
2022.
Second Quarter 2022 Financial and Operational
Highlights
- Total revenues were RMB289.2
million (US$43.2 million),
compared with RMB946.7 million in the
same period of 2021. Car trading transactions revenues were
RMB218.6 million (US$32.6 million), or 75.6% of total revenues in
the second quarter of 2022, compared with RMB522.5 million in the same period of 2021.
- The total outstanding balance of financing transactions the
Company facilitated was RMB36,594.4
million (US$5,463.4 million)
as of June 30, 2022. M1+ and M3+
overdue ratios for all financing transactions that remained
outstanding and were facilitated by the Company were 2.21% and
1.07%, respectively, as of June 30,
2022, compared with 1.76% and 0.80%, respectively, as of
March 31, 2022.
- "Cango Haoche" platform had engaged 8,237 dealers in
China's 31 provinces and 305
cities as of June 30, 2022. There
were 22 self-owned vehicle models listed on the platform including
nine car brands and 12 car series. During the second quarter, total
sales were 2,291 cars, including 1,329 new energy vehicles
(NEVs).
- Car dealer activity and transaction conversion rate on "Cango
Haoche" platform both improved significantly in the second quarter
of 2022 compared with the previous quarter. Users' daily activity
rate on the platform rose by nearly 50% and the quarterly dealer
activity rate increased by nearly 70%, both on a
quarter-over-quarter basis.
Mr. Jiayuan Lin, Chief Executive
Officer (CEO) of Cango, commented, "The macro conditions and
COVID-19 outbreaks during the second quarter continued to impact
our performance and outlook in the short-term. Total revenues came
in at RMB289.2 million for the second
quarter, of which revenues from our car trading transactions
business accounted for over three-fourths of total revenues.
Longer-term and benefitting from the nation's policy stimulus, we
foresee a steady upward trend for the automotive market with huge
potential in the NEV and used car segments. Galvanized by this
opportunity, our efforts are focused on expanding our tech-enabled
car trading platform, where we are placing equal emphasis on new
and used car trading, and monetizing through multiple channels
including financing and insurance services.
"With the successful debut of our 'Cango Haoche' App in June, we
are committed to providing safe, secure, sustained and stable
end-to-end professional car transaction-related services for all
participants in the automobile industry chain. We are not only
solving the pain points of small- and medium-sized dealers in terms
of vehicle sources and capital needs, but also helping OEMs to
penetrate lower-tier markets and grow their sales. We also
significantly improved car dealer activity and transaction
conversion rate on our platform in the second quarter. Furthermore,
we explored the used car matching business during the quarter and
have made good progress. As of June 30,
2022, just two months after the launch of our used car
business, the number of registered used car dealers exceeded 1,500
with increasing engagement, outpacing our expectations.
"While there remain market uncertainties stemming from supply
chain issues, unexpected COVID recurrences, and a highly complex
external environment, we will continue to invest strategically,
tailoring our resource allocation with an eye toward the future
development of the NEV and used car segments while leveraging our
platform model's advantages to strengthen our business
fundamentals," concluded Mr. Lin.
Mr. Yongyi Zhang, Chief Financial
Officer (CFO) of Cango, stated, "Macro headwinds and a wave of
COVID resurgence across China
posed ongoing challenges to the domestic auto industry, as
expected. Months of pandemic-related disruptions significantly
impeded our business, resulting in a slump in total revenues for
the second quarter. Amid this harsh environment, we remained
focused on our long-term strategy, advancing our car trading
transaction platform and continuing to implement cost control
initiatives. Despite the COVID-induced decline, we remain confident
in our platform model's potential and are positioned to capturing
the opportunities that emerge as the automotive market recovers.
Meanwhile, we will continue to create value for participants across
our platform with continuous improvements in operating efficiency
and cost structure."
Second Quarter 2022 Financial Results
REVENUES
Total revenues in the second quarter of 2022 were RMB289.2 million (US$43.2
million) compared with RMB946.7
million in the same period of 2021. Revenues from car
trading transactions in the second quarter of 2022 were
RMB218.6 million (US$32.6 million), continuing to serve as an
important revenue contributor.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the second quarter of 2022
were RMB643.3 million (US$96.0 million) compared with RMB933.5 million in the same period of 2021.
- Cost of revenue in the second quarter of 2022 decreased to
RMB272.7 million (US$40.7 million) from RMB697.8 million in the same period of 2021. As a
percentage of total revenues, cost of revenue in the second quarter
of 2022 was 94.3% compared with 73.7% 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.
- Sales and marketing expenses in the second quarter of 2022
decreased to RMB41.8 million
(US$6.2 million) from RMB60.9 million in the same period of 2021. As a
percentage of total revenues, sales and marketing expenses in the
second quarter of 2022 was 14.5% compared with 6.4% in the same
period of 2021.
- General and administrative expenses in the second quarter of
2022 were RMB124.7 million
(US$18.6 million) compared with
RMB64.7 million in the same period of
2021. As a percentage of total revenues, general and administrative
expenses in the second quarter of 2022 was 43.1% compared with 6.8%
in the same period of 2021. This change was mainly due to the
expenses arising from the 12,000,000 Class A ordinary shares
options granted to the Company's Chairman
Mr. Xiaojun Zhang and CEO Mr.
Jiayuan Lin in the second quarter.
These share options are granted in consideration of Mr. Zhang and
Mr. Lin's roles in guiding Cango's profitable investment in Li Auto
Inc., a provider of new energy passenger vehicles in China.
- Research and development expenses in the second quarter of 2022
were RMB12.9 million (US$1.9 million) compared with RMB15.6 million in the same period of 2021. As a
percentage of total revenues, research and development expenses in
the second quarter of 2022 was 4.4% compared with 1.7% in the same
period of 2021.
- Net loss on risk assurance liabilities in the second quarter of
2022 was RMB53.1 million
(US$7.9 million) compared with
RMB35.9 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.
INCOME (LOSS) FROM OPERATIONS
Loss from operations in the second quarter of 2022 was
RMB354.1 million (US$52.9 million), compared with an income of
RMB13.2 million in the same period of
2021.
NET LOSS
Net loss in the second quarter of 2022 was RMB285.8 million (US$42.7
million). Non-GAAP adjusted net loss in the second quarter
of 2022 was RMB189.6 million
(US$28.3 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 second quarter of 2022 were both RMB2.08 (US$0.31).
Non-GAAP adjusted basic and diluted net loss per ADS in the second
quarter of 2022 were both RMB1.38
(US$0.21). Each ADS represents two
Class A ordinary shares of the Company.
BALANCE SHEET
As of June 30, 2022, the Company
had cash and cash equivalents of RMB1,280.7
million (US$191.2 million),
compared with RMB2,137.0 million
as of March 31, 2022.
As of June 30, 2022, the Company
had short-term investments of RMB2,116.2
million (US$315.9 million),
compared with RMB1,874.1 million as
of March 31, 2022.
Business Outlook
For the third quarter of 2022, the Company expects total
revenues to be between RMB350 million
and RMB400 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 7,984,500 ADSs with cash in the aggregate amount of
approximately US$28.4 million up to
June 30, 2022.
Conference Call Information
The Company's management will hold a conference call on
Monday, August 29, 2022, at
9:00 P.M. Eastern Time or
Tuesday, August 30, 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 September 5, 2022, by dialing the following
numbers:
International:
|
+1-412-317-0088
|
United States Toll
Free:
|
+1-877-344-7529
|
Access
Code:
|
5247601
|
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 RMB6.6981 to US$1.00, the noon buying rate in effect on
June 30, 2022, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ 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$"), except for
number of shares and per share data)
|
|
|
|
|
|
As of December
31, 2021
|
|
As of June 30,
2022
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
1,434,806,922
|
|
1,280,691,159
|
191,202,156
|
Restricted cash -
current
|
|
|
|
61,293,114
|
|
13,180,416
|
1,967,784
|
Short-term
investments
|
|
|
|
2,598,935,704
|
|
2,116,239,567
|
315,946,248
|
Accounts receivable,
net
|
|
|
|
223,544,396
|
|
236,616,905
|
35,325,974
|
Finance lease
receivables - current, net
|
|
|
|
1,414,164,625
|
|
1,125,086,470
|
167,970,987
|
Financing receivables,
net
|
|
|
|
62,296,261
|
|
67,805,244
|
10,123,056
|
Short-term contract
asset
|
|
|
|
829,940,692
|
|
654,377,460
|
97,695,982
|
Prepayments and other
current assets
|
|
|
|
982,948,637
|
|
657,589,050
|
98,175,460
|
Total current
assets
|
|
|
|
7,607,930,351
|
|
6,151,586,271
|
918,407,647
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Restricted cash -
non-current
|
|
|
|
1,114,180,729
|
|
921,103,121
|
137,517,075
|
Goodwill
|
|
|
|
148,657,971
|
|
148,657,971
|
22,194,051
|
Property and equipment,
net
|
|
|
|
19,545,933
|
|
17,360,611
|
2,591,871
|
Intangible
assets
|
|
|
|
45,931,544
|
|
45,659,520
|
6,816,787
|
Long-term contract
asset
|
|
|
|
495,456,805
|
|
280,781,629
|
41,919,593
|
Deferred tax
assets
|
|
|
|
474,570,361
|
|
579,388,656
|
86,500,449
|
Finance lease
receivables - non-current, net
|
|
|
|
1,029,262,174
|
|
584,494,426
|
87,262,720
|
Other non-current
assets
|
|
|
|
11,568,164
|
|
11,839,302
|
1,767,561
|
Total non-current
assets
|
|
|
|
3,339,173,681
|
|
2,589,285,236
|
386,570,107
|
TOTAL
ASSETS
|
|
|
|
10,947,104,032
|
|
8,740,871,507
|
1,304,977,754
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
debts
|
|
|
|
579,776,131
|
|
252,168,334
|
37,647,741
|
Long-term
debts—current
|
|
|
|
938,014,362
|
|
858,543,903
|
128,177,230
|
Accrued expenses and
other current liabilities
|
|
|
|
719,035,377
|
|
365,787,374
|
54,610,615
|
Risk assurance
liabilities
|
|
|
|
699,022,914
|
|
612,252,485
|
91,406,889
|
Income tax
payable
|
|
|
|
481,854,105
|
|
322,909,760
|
48,209,158
|
Total current
liabilities
|
|
|
|
3,417,702,889
|
|
2,411,661,856
|
360,051,633
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Long-term
debts
|
|
|
|
486,371,672
|
|
273,594,919
|
40,846,646
|
Deferred tax
liability
|
|
|
|
51,471,040
|
|
10,724,133
|
1,601,071
|
Other non-current
liabilities
|
|
|
|
991,610
|
|
177,972,200
|
26,570,550
|
Total non-current
liabilities
|
|
|
|
538,834,322
|
|
462,291,252
|
69,018,267
|
Total
liabilities
|
|
|
|
3,956,537,211
|
|
2,873,953,108
|
429,069,900
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
204,260
|
|
204,260
|
30,495
|
Treasury
shares
|
|
|
|
(485,263,213)
|
|
(546,224,976)
|
(81,549,242)
|
Additional paid-in
capital
|
|
|
|
4,671,769,821
|
|
4,787,583,542
|
714,767,403
|
Accumulated other
comprehensive income
|
|
|
|
(187,517,110)
|
|
(30,726,360)
|
(4,587,325)
|
Retained
earnings
|
|
|
|
2,991,373,063
|
|
1,656,081,933
|
247,246,523
|
Total Cango Inc.'s
equity
|
|
|
|
6,990,566,821
|
|
5,866,918,399
|
875,907,854
|
Total shareholders'
equity
|
|
|
|
6,990,566,821
|
|
5,866,918,399
|
875,907,854
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
10,947,104,032
|
|
8,740,871,507
|
1,304,977,754
|
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
|
|
Three months
ended June 30,
|
|
Six months
ended June 30,
|
|
|
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
946,746,211
|
|
289,191,585
|
43,175,167
|
|
2,070,532,922
|
|
1,076,885,456
|
160,774,765
|
Loan facilitation
income and other related income
|
|
|
|
303,346,685
|
|
14,599,571
|
2,179,659
|
|
715,037,501
|
|
120,498,214
|
17,989,910
|
Leasing
income
|
|
|
|
64,708,395
|
|
42,718,041
|
6,377,636
|
|
137,836,071
|
|
92,840,092
|
13,860,661
|
After-market services
income
|
|
|
|
51,866,024
|
|
10,544,538
|
1,574,258
|
|
114,395,515
|
|
36,323,244
|
5,422,918
|
Automobile trading
income
|
|
|
|
522,544,976
|
|
218,612,145
|
32,637,934
|
|
1,094,109,857
|
|
817,913,471
|
122,111,266
|
Others
|
|
|
|
4,280,131
|
|
2,717,290
|
405,680
|
|
9,153,978
|
|
9,310,435
|
1,390,010
|
Operating cost and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
697,786,112
|
|
272,661,870
|
40,707,345
|
|
1,466,833,661
|
|
959,643,012
|
143,270,929
|
Sales and
marketing
|
|
|
|
60,885,719
|
|
41,798,207
|
6,240,308
|
|
118,729,278
|
|
95,643,408
|
14,279,185
|
General and
administrative
|
|
|
|
64,658,358
|
|
124,670,110
|
18,612,757
|
|
126,048,975
|
|
175,553,986
|
26,209,520
|
Research and
development
|
|
|
|
15,638,883
|
|
12,857,670
|
1,919,600
|
|
29,233,130
|
|
27,343,292
|
4,082,246
|
Net loss on risk
assurance liabilities
|
|
|
|
35,903,834
|
|
53,144,802
|
7,934,310
|
|
57,642,765
|
|
152,065,685
|
22,702,809
|
Provision for credit
losses
|
|
|
|
58,636,181
|
|
138,198,835
|
20,632,543
|
|
99,268,133
|
|
209,854,830
|
31,330,501
|
Total operation cost
and expense
|
|
|
|
933,509,087
|
|
643,331,494
|
96,046,863
|
|
1,897,755,942
|
|
1,620,104,213
|
241,875,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from
operations
|
|
|
|
13,237,124
|
|
(354,139,909)
|
(52,871,696)
|
|
172,776,980
|
|
(543,218,757)
|
(81,100,425)
|
Interest income,
net
|
|
|
|
6,288,829
|
|
7,153,803
|
1,068,035
|
|
12,848,280
|
|
12,500,971
|
1,866,346
|
Net gain (loss) on
equity securities
|
|
|
|
601,252,857
|
|
1,655,350
|
247,137
|
|
166,008,740
|
|
(17,589,345)
|
(2,626,020)
|
Interest
expense
|
|
|
|
(234,274)
|
|
(4,245,737)
|
(633,872)
|
|
(813,242)
|
|
(8,585,969)
|
(1,281,851)
|
Foreign exchange gain
(loss), net
|
|
|
|
(938,526)
|
|
3,641,027
|
543,591
|
|
(735,132)
|
|
3,251,940
|
485,502
|
Other income
|
|
|
|
7,568,769
|
|
3,047,649
|
455,002
|
|
11,176,345
|
|
37,537,026
|
5,604,130
|
Other
expenses
|
|
|
|
(193,817)
|
|
(691,665)
|
(103,263)
|
|
(6,479,822)
|
|
(823,210)
|
(122,902)
|
Net income (loss)
before income taxes
|
|
|
|
626,980,962
|
|
(343,579,482)
|
(51,295,066)
|
|
354,782,149
|
|
(516,927,344)
|
(77,175,220)
|
Income tax
expenses
|
|
|
|
(69,243,099)
|
|
57,794,491
|
8,628,490
|
|
(70,915,821)
|
|
94,980,503
|
14,180,216
|
Net income
(loss)
|
|
|
|
557,737,863
|
|
(285,784,991)
|
(42,666,576)
|
|
283,866,328
|
|
(421,946,841)
|
(62,995,004)
|
Net income (loss)
attributable to Cango Inc.'s shareholders
|
|
|
|
557,737,863
|
|
(285,784,991)
|
(42,666,576)
|
|
283,866,328
|
|
(421,946,841)
|
(62,995,004)
|
Earnings (loss) per
ADS attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
3.85
|
|
(2.08)
|
(0.31)
|
|
1.93
|
|
(3.05)
|
(0.46)
|
Diluted
|
|
|
|
3.75
|
|
(2.08)
|
(0.31)
|
|
1.89
|
|
(3.05)
|
(0.46)
|
Weighted average ADS
used to compute earnings (loss) per ADS
attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
144,829,122
|
|
137,612,565
|
137,612,565
|
|
147,012,155
|
|
138,416,992
|
138,416,992
|
Diluted
|
|
|
|
148,579,948
|
|
137,612,565
|
137,612,565
|
|
150,005,282
|
|
138,416,992
|
138,416,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
(loss) income, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
|
(42,140,854)
|
|
173,077,605
|
25,839,806
|
|
(31,858,589)
|
|
156,790,750
|
23,408,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
income (loss)
|
|
|
|
515,597,009
|
|
(112,707,386)
|
(16,826,770)
|
|
252,007,739
|
|
(265,156,091)
|
(39,586,761)
|
Total comprehensive
income (loss) attributable to Cango Inc.'s
shareholders
|
|
|
|
515,597,009
|
|
(112,707,386)
|
(16,826,770)
|
|
252,007,739
|
|
(265,156,091)
|
(39,586,761)
|
|
CANGO INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
|
|
Three months
ended June 30,
|
|
Six months
ended June 30,
|
|
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
557,737,863
|
|
(285,784,991)
|
(42,666,576)
|
|
283,866,328
|
|
(421,946,841)
|
(62,995,005)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Share-based
compensation expenses
|
|
20,522,138
|
|
96,217,718
|
14,364,927
|
|
40,433,303
|
|
119,072,008
|
17,776,983
|
|
Cost of
revenue
|
|
783,983
|
|
1,104,953
|
164,965
|
|
1,454,657
|
|
2,000,393
|
298,651
|
|
Sales and
marketing
|
|
4,004,166
|
|
2,253,413
|
336,426
|
|
7,521,055
|
|
6,773,229
|
1,011,216
|
|
General and
administrative
|
|
14,987,159
|
|
92,068,794
|
13,745,509
|
|
29,678,982
|
|
108,407,806
|
16,184,860
|
|
Research and
development
|
|
746,830
|
|
790,558
|
118,027
|
|
1,778,609
|
|
1,890,580
|
282,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income (loss)
|
|
578,260,001
|
|
(189,567,273)
|
(28,301,649)
|
|
324,299,631
|
|
(302,874,833)
|
(45,218,022)
|
|
Net income (loss)
attributable to Cango Inc.'s shareholders
|
|
578,260,001
|
|
(189,567,273)
|
(28,301,649)
|
|
324,299,631
|
|
(302,874,833)
|
(45,218,022)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income (loss) per ADS-basic
|
|
3.99
|
|
(1.38)
|
(0.21)
|
|
2.21
|
|
(2.19)
|
(0.33)
|
|
Non-GAAP adjusted
net income (loss) per ADS-diluted
|
|
3.89
|
|
(1.38)
|
(0.21)
|
|
2.16
|
|
(2.19)
|
(0.33)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ADS
outstanding—basic
|
|
144,829,122
|
|
137,612,565
|
137,612,565
|
|
147,012,155
|
|
138,416,992
|
138,416,992
|
|
Weighted average ADS
outstanding—diluted
|
|
148,579,948
|
|
137,612,565
|
137,612,565
|
|
150,005,282
|
|
138,416,992
|
138,416,992
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/cango-inc-reports-second-quarter-2022-unaudited-financial-results-301613761.html
SOURCE Cango Inc.