SHANGHAI, Nov. 22, 2021 /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
2021.
Third Quarter 2021 Financial and Operational
Highlights
- Total revenues were RMB800.6
million (US$124.3 million), an
84.1% increase from RMB434.9 million
in the same period of 2020, outperforming the high end of the
Company's guidance by 6.8%. The increase was mainly driven by the
increased amounts of both financing transactions the Company
facilitated and car trading transactions in the third quarter of
2021.
- Car trading transactions revenues were RMB429.2 million (US$66.6
million), or 53.6% of total revenues in the third quarter of
2021.
- Automotive financing facilitation revenues were RMB266.5 million (US$41.4
million), a 15.8% increase from RMB230.2 million in the same period of 2020.
- The amount of financing transactions the Company facilitated in
the third quarter of 2021 was RMB6,210.7
million (US$963.9 million).
The total outstanding balance of financing transactions the Company
facilitated was RMB47,955.2 million
(US$7,442.5 million) as of
September 30, 2021.
- M1+ and M3+ overdue ratios for all financing transactions that
remained outstanding and were facilitated by the Company were 1.58%
and 0.76%, respectively, as of September 30,
2021, compared to 1.35% and 0.69%, respectively, as of
June 30, 2021.
- The number of dealers covered by the Company was 47,718 as of
September 30, 2021, compared to
47,740 as of June 30, 2021.
Mr. Jiayuan Lin, Chief Executive
Officer of Cango, commented, "As expected, the industry headwinds
created by the global chip shortage continued to impact our
business in the third quarter. Since the end of the second quarter,
we have been proactively responding to industry changes, and
delivered third quarter total revenues of RMB800.6 million, above our guidance.
Market disruptions had a particularly significant impact on our
automotive financing facilitation business, leading to a decrease
in the number of financing transactions the Company facilitated
compared to the previous quarter. To address these challenges, we
optimized our sales team's organizational structure and focused on
stimulating each salesperson's
output while advancing our expansion into the high-end segment of
this market and exploring used car financing facilitation. We are
also excited about our achievements in our car trading transactions
business which is now serving as an important growth driver. 'Cango
Haoche,' our B2B service platform providing one-stop transaction,
logistics, finance, insurance and other auto-related services, has
been widely recognized by dealers, garnering over 1.5 million total
views since its launch in the second quarter. Moreover, our
after-market services facilitation business made solid progress as
we continued to establish cooperation with new energy vehicle
manufacturers including Li Auto and HiPhi."
"Looking ahead, we expect the chip shortage-related upheaval in
the auto market to linger for some time. Given the pervasiveness of
the disruption, we remain cautious with respect to industry
recovery. Nevertheless, we will continue to strengthen our platform
and synergies between businesses in response to market changes, as
well as capitalize on the promising opportunities we see in the new
energy vehicle sector," Mr. Lin concluded.
Mr. Yongyi Zhang, Chief Financial
Officer of Cango, stated, "Despite the ongoing uncertainty due to
the global chip shortage, our third quarter performance
demonstrates our business model's flexibility and resilience. Total
revenues were RMB800.6 million,
coming in above our guidance. We are in a healthy operational and
financial position and we remain confident in our ability to
navigate the industry turmoil. Looking ahead, we will continue to
carefully manage our cost structure while improving operating
efficiency and profitability, creating value for our shareholders
in the long run."
Third Quarter 2021 Financial Results
REVENUES
Total revenues in the third quarter of 2021 increased by 84.1%
to RMB800.6 million (US$124.3 million) from RMB434.9 million in the same period of 2020.
Revenues from car trading transactions in the third quarter of
2021 were RMB429.2 million
(US$66.6 million), continuing to
serve as an important revenue contributor. Revenues from automotive
financing facilitation and after-market services facilitation in
the third quarter of 2021 were RMB266.5
million (US$41.4 million) and
RMB42.7 million (US$6.6 million), respectively.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the third quarter of 2021
were RMB839.6 million (US$130.3 million) compared to RMB300.4 million in the same period of 2020. This
was mainly due to the related costs incurred by car trading
transactions business. Primarily as a result of the increase in
revenues from car trading transactions, sales and marketing
expenses, general and administrative expenses and research and
development expenses each decreased as a percentage of total
revenues in the third quarter of 2021, compared to the same period
of 2020.
- Cost of revenue in the third quarter of 2021 increased to
RMB610.5 million (US$94.7 million) from RMB180.9 million in the same period of 2020. As a
percentage of total revenues, cost of revenue in the third quarter
of 2021 was 76.3% compared to 41.6% in the same period of 2020, and
the change was primarily due to an increase in the amount of car
trading transactions. For automotive financing facilitation and
after-market services facilitation, cost of revenue as a percentage
of relevant revenues was around 50.1% in the third quarter of
2021.
- Sales and marketing expenses in the third quarter of 2021 were
RMB46.8 million (US$7.3 million) compared to RMB41.9 million in the same period of 2020. As a
percentage of total revenues, sales and marketing expenses in the
third quarter of 2021 was 5.8% compared to 9.6% in the same period
of 2020.
- General and administrative expenses in the third quarter of
2021 were RMB64.0 million
(US$9.9 million) compared to
RMB52.2 million in the same period of
2020. As a percentage of total revenues, general and administrative
expenses in the third quarter of 2021 was 8.0% compared to 12.0% in
the same period of 2020.
- Research and development expenses in the third quarter of 2021
were RMB17.4 million (US$2.7 million) compared to RMB14.2 million in the same period of 2020. As a
percentage of total revenues, research and development expenses in
the third quarter of 2021 was 2.2% compared to 3.3% in the same
period of 2020.
- Net loss on risk assurance liabilities in the third quarter of
2021 was RMB55.5 million
(US$8.6 million) compared to a net
gain of RMB12.9 million in the same
period of 2020.
LOSS FROM OPERATIONS
Loss from operations in the third quarter of 2021 was
RMB39.0 million (US$6.1 million), compared to an income of
RMB134.5 million in the same period
of 2020.
FAIR VALUE CHANGE OF EQUITY INVESTMENT
Fair value change of equity investment in the third quarter of
2021 was a loss of RMB447.5 million
(US$69.5 million) compared to a gain
of RMB1,827.7 million in the same
period of 2020. The loss in the third quarter of 2021 is mainly due
to the investment in Li Auto. As of September 30, 2021, Cango held 8,000,000 American
Depositary Shares of Li Auto. Each American Depositary Share of Li
Auto represents two Class A ordinary shares of Li Auto.
NET LOSS
Primarily due to the fair value change of the Company's
investment in Li Auto, net loss in the third quarter of 2021 was
RMB416.5 million (US$64.6 million). Non-GAAP adjusted net loss in
the third quarter of 2021 was RMB392.5
million (US$60.9 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 third quarter of 2021 were RMB2.88 (US$0.45)
and RMB2.88 (US$0.45). Non-GAAP adjusted basic and diluted
net loss per ADS in the third quarter of 2021 were RMB2.72 (US$0.42)
and RMB2.72 (US$0.42). Each ADS represents two Class A
ordinary shares of the Company.
BALANCE SHEET
As of September 30, 2021, the
Company had cash and cash equivalents of RMB906.4 million (US$140.7 million), compared to RMB1,498.9 million as of June 30, 2021.
As of September 30, 2021, the
Company had short-term investments of RMB3,588.2 million (US$556.9 million), compared to RMB3,127.2 million as of June 30, 2021.
Business Outlook
For the fourth quarter of 2021, the Company expects total
revenues to be between RMB950 million
and RMB1,000 million. This forecast
reflects the Company's current and preliminary views on the market
and operational conditions, which are subject to change.
The Company's investment in Li Auto and the change in fair value
of investment due to the price volatility of the stock may have a
significant impact on the Company's fourth quarter of 2021
financial results.
Conference Call Information
The Company's management will hold a conference call on
Monday, November 22, 2021, at
8:00 P.M. Eastern Time or
Tuesday, November 23, 2021, 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 November 29, 2021, by dialing the following
numbers:
International:
|
+1-412-317-0088
|
United States Toll
Free:
|
+1-877-344-7529
|
Access
Code:
|
10162135
|
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 dealers, financial institutions, car buyers, 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 engages car buyers through a
nationwide dealer network. The Company's services primarily consist
of automotive financing facilitation, car trading transactions, and
after-market services facilitation. By utilizing its competitive
advantages in technology, data insights, and cloud-based
infrastructure, Cango is able to connect its platform participants
while bringing them a premium user experience. Cango's platform
model puts it in a unique position to add value for its platform
participants and business partners as the automotive and mobility
markets in China continue to grow
and evolve. 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, 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 as net income
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 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 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 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. 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 RMB6.4434 to US$1.00, the noon buying rate in effect on
September 30, 2021, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ 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$"), except for
number of shares and per share data)
|
|
|
|
|
|
As of
December 31, 2020
|
|
As of September
30, 2021
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
1,426,899,576
|
|
906,425,650
|
140,675,055
|
Restricted cash -
current
|
|
|
|
9,693,008
|
|
102,552,307
|
15,915,868
|
Short-term
investments
|
|
|
|
4,342,356,612
|
|
3,588,187,133
|
556,877,911
|
Accounts receivable,
net
|
|
|
|
141,594,170
|
|
186,847,242
|
28,998,237
|
Finance lease
receivables - current, net
|
|
|
|
2,035,397,525
|
|
1,528,881,416
|
237,278,675
|
Short-term consumer
financing receivables, net
|
|
|
|
23,168
|
|
-
|
-
|
Financing
receivables, net
|
|
|
|
20,105,893
|
|
50,124,675
|
7,779,228
|
Short-term contract
asset
|
|
|
|
364,618,635
|
|
799,673,531
|
124,107,386
|
Prepayments and other
current assets
|
|
|
|
558,360,959
|
|
690,993,737
|
107,240,546
|
Total current
assets
|
|
|
|
8,899,049,546
|
|
7,853,685,691
|
1,218,872,906
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Restricted cash -
non-current
|
|
|
|
878,299,140
|
|
733,538,679
|
113,843,418
|
Goodwill
|
|
|
|
145,063,857
|
|
148,657,971
|
23,071,355
|
Property and
equipment, net
|
|
|
|
10,311,971
|
|
19,914,252
|
3,090,643
|
Intangible
assets
|
|
|
|
44,887,871
|
|
45,702,955
|
7,092,987
|
Long-term contract
asset
|
|
|
|
281,374,110
|
|
489,252,809
|
75,930,845
|
Deferred tax
assets
|
|
|
|
170,951,082
|
|
424,256,893
|
65,843,637
|
Finance lease
receivables - non-current, net
|
|
|
|
1,454,499,864
|
|
1,040,027,023
|
161,409,663
|
Other non-current
assets
|
|
|
|
261,495,158
|
|
483,107,022
|
74,977,034
|
Total non-current
assets
|
|
|
|
3,246,883,053
|
|
3,384,457,604
|
525,259,582
|
TOTAL
ASSETS
|
|
|
|
12,145,932,599
|
|
11,238,143,295
|
1,744,132,488
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
debts
|
|
|
|
355,816,940
|
|
991,933,733
|
153,945,701
|
Long-term
debts—current
|
|
|
|
1,228,783,730
|
|
1,006,900,131
|
156,268,450
|
Accrued expenses and
other current liabilities
|
|
|
|
324,734,202
|
|
471,273,484
|
73,140,496
|
Risk assurance
liabilities
|
|
|
|
460,829,299
|
|
678,662,222
|
105,326,725
|
Income tax
payable
|
|
|
|
87,132,455
|
|
371,913,283
|
57,720,036
|
Total current
liabilities
|
|
|
|
2,457,296,626
|
|
3,520,682,853
|
546,401,408
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Long-term
debts
|
|
|
|
977,791,191
|
|
638,447,901
|
99,085,561
|
Deferred tax
liability
|
|
|
|
330,765,029
|
|
125,506,827
|
19,478,354
|
Other non-current
liabilities
|
|
|
|
4,870,616
|
|
1,598,485
|
248,081
|
Total non-current
liabilities
|
|
|
|
1,313,426,836
|
|
765,553,213
|
118,811,996
|
Total
liabilities
|
|
|
|
3,770,723,462
|
|
4,286,236,066
|
665,213,404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
204,260
|
|
204,260
|
31,701
|
Treasury
shares
|
|
|
|
(56,419,225)
|
|
(411,075,103)
|
(63,797,856)
|
Additional paid-in
capital
|
|
|
|
4,591,455,557
|
|
4,648,746,810
|
721,474,192
|
Accumulated other
comprehensive income
|
|
|
|
(115,386,427)
|
|
(153,214,761)
|
(23,778,558)
|
Retained
earnings
|
|
|
|
3,955,354,972
|
|
2,867,246,023
|
444,989,605
|
Total Cango
Inc.'s equity
|
|
|
|
8,375,209,137
|
|
6,951,907,229
|
1,078,919,084
|
Total
shareholders' equity
|
|
|
|
8,375,209,137
|
|
6,951,907,229
|
1,078,919,084
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
12,145,932,599
|
|
11,238,143,295
|
1,744,132,488
|
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
|
|
Three months
ended September 30,
|
|
Nine months
ended September 30,
|
|
|
|
|
September 30,
2020
|
|
September 30,
2021
|
|
September 30,
2020
|
|
September 30,
2021
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
434,949,892
|
|
800,634,866
|
124,256,583
|
|
955,002,617
|
|
2,871,167,788
|
445,598,254
|
Loan facilitation
income and other related income
|
|
|
|
230,156,995
|
|
266,515,911
|
41,362,621
|
|
493,781,301
|
|
981,553,412
|
152,334,701
|
Leasing
income
|
|
|
|
63,404,140
|
|
60,778,371
|
9,432,655
|
|
206,961,678
|
|
198,614,442
|
30,824,478
|
After-market services
income
|
|
|
|
68,901,306
|
|
42,658,080
|
6,620,430
|
|
170,430,167
|
|
157,053,595
|
24,374,336
|
Automobile trading
income
|
|
|
|
70,361,821
|
|
429,200,614
|
66,610,891
|
|
77,963,237
|
|
1,523,310,471
|
236,414,078
|
Others
|
|
|
|
2,125,630
|
|
1,481,890
|
229,986
|
|
5,866,234
|
|
10,635,868
|
1,650,661
|
Operating cost and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
180,871,289
|
|
610,508,451
|
94,749,426
|
|
374,286,048
|
|
2,077,342,112
|
322,398,441
|
Sales and
marketing
|
|
|
|
41,852,916
|
|
46,793,061
|
7,262,169
|
|
130,065,097
|
|
165,522,339
|
25,688,664
|
General and
administrative
|
|
|
|
52,154,925
|
|
64,038,373
|
9,938,600
|
|
175,606,783
|
|
190,087,348
|
29,501,094
|
Research and
development
|
|
|
|
14,151,770
|
|
17,423,683
|
2,704,113
|
|
39,610,068
|
|
46,656,813
|
7,241,024
|
Net (gain) loss on
risk assurance liabilities
|
|
|
|
(12,885,280)
|
|
55,504,598
|
8,614,179
|
|
21,072,204
|
|
113,147,363
|
17,560,195
|
Provision for credit
losses
|
|
|
|
24,287,059
|
|
45,373,233
|
7,041,815
|
|
94,501,601
|
|
144,641,366
|
22,447,988
|
Total operation
cost and expense
|
|
|
|
300,432,679
|
|
839,641,399
|
130,310,302
|
|
835,141,801
|
|
2,737,397,341
|
424,837,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from
operations
|
|
|
|
134,517,213
|
|
(39,006,533)
|
(6,053,719)
|
|
119,860,816
|
|
133,770,447
|
20,760,848
|
Interest and
investment income
|
|
|
|
9,875,421
|
|
14,853,381
|
2,305,209
|
|
60,683,716
|
|
37,222,389
|
5,776,824
|
Fair value change of
equity investment
|
|
|
|
1,827,718,488
|
|
(447,536,895)
|
(69,456,637)
|
|
1,827,718,488
|
|
(291,048,883)
|
(45,170,078)
|
Interest
expense
|
|
|
|
(513,622)
|
|
(8,320,463)
|
(1,291,316)
|
|
(2,250,545)
|
|
(9,133,705)
|
(1,417,529)
|
Foreign exchange gain
(loss), net
|
|
|
|
(1,761,929)
|
|
(51,473)
|
(7,988)
|
|
(5,201,874)
|
|
(786,605)
|
(122,079)
|
Other
income
|
|
|
|
8,014,913
|
|
25,465,800
|
3,952,230
|
|
33,805,616
|
|
36,642,145
|
5,686,772
|
Other
expenses
|
|
|
|
(16,381)
|
|
(107,905)
|
(16,747)
|
|
(597,876)
|
|
(6,587,727)
|
(1,022,399)
|
Net income before
income taxes
|
|
|
|
1,977,834,103
|
|
(454,704,088)
|
(70,568,968)
|
|
2,034,018,341
|
|
(99,921,939)
|
(15,507,641)
|
Income tax
expenses
|
|
|
|
(208,451,556)
|
|
38,166,368
|
5,923,327
|
|
(229,091,015)
|
|
(32,749,453)
|
(5,082,635)
|
Net
income
|
|
|
|
1,769,382,547
|
|
(416,537,720)
|
(64,645,641)
|
|
1,804,927,326
|
|
(132,671,392)
|
(20,590,276)
|
Less: Net income
attributable to non-controlling interests
|
|
|
|
256,018
|
|
-
|
-
|
|
3,902,214
|
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Cango Inc.'s
shareholders
|
|
|
|
1,769,126,529
|
|
(416,537,720)
|
(64,645,641)
|
|
1,801,025,112
|
|
(132,671,392)
|
(20,590,276)
|
Earnings per ADS
attributable to ordinary
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
11.82
|
|
(2.88)
|
(0.45)
|
|
11.97
|
|
(0.91)
|
(0.14)
|
Diluted
|
|
|
|
11.78
|
|
(2.88)
|
(0.45)
|
|
11.89
|
|
(0.91)
|
(0.14)
|
Weighted average
ADS used to compute earnings
per ADS attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
149,706,190
|
|
144,470,649
|
144,470,649
|
|
150,425,738
|
|
146,155,678
|
146,155,678
|
Diluted
|
|
|
|
150,185,842
|
|
144,470,649
|
144,470,649
|
|
151,520,229
|
|
146,155,678
|
146,155,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive (loss) income, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
|
(105,299,287)
|
|
(5,969,745)
|
(926,490)
|
|
(82,069,737)
|
|
(37,828,334)
|
(5,870,865)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income
|
|
|
|
1,664,083,260
|
|
(422,507,465)
|
(65,572,131)
|
|
1,722,857,589
|
|
(170,499,726)
|
(26,461,141)
|
Total
comprehensive income attributable to Cango
Inc.'s shareholders
|
|
|
|
1,663,827,242
|
|
(422,507,465)
|
(65,572,131)
|
|
1,718,955,375
|
|
(170,499,726)
|
(26,461,141)
|
CANGO INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
Three months
ended September 30,
|
|
Nine months
ended September 30,
|
|
|
September 30,
2020
|
|
September 30,
2021
|
|
September 30,
2020
|
|
September 30,
2021
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
1,769,382,547
|
|
(416,537,720)
|
(64,645,641)
|
|
1,804,927,326
|
|
(132,671,392)
|
(20,590,276)
|
|
|
|
|
|
|
|
|
|
|
|
Add: Share-based
compensation expenses
|
|
13,853,582
|
|
24,011,050
|
3,726,457
|
|
59,268,760
|
|
64,444,353
|
10,001,607
|
Cost of
revenue
|
|
567,997
|
|
1,512,966
|
234,809
|
|
2,430,021
|
|
2,967,623
|
460,568
|
Sales and
marketing
|
|
2,950,813
|
|
4,049,203
|
628,426
|
|
12,624,245
|
|
11,570,258
|
1,795,676
|
General and
administrative
|
|
9,614,385
|
|
17,209,292
|
2,670,841
|
|
41,132,513
|
|
46,888,274
|
7,276,946
|
Research
and development
|
|
720,387
|
|
1,239,589
|
192,381
|
|
3,081,981
|
|
3,018,198
|
468,417
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income
|
|
1,783,236,129
|
|
(392,526,670)
|
(60,919,184)
|
|
1,864,196,086
|
|
(68,227,039)
|
(10,588,669)
|
Less: Net income
attributable to non-controlling interests
|
|
256,018
|
|
-
|
-
|
|
3,902,214
|
|
-
|
-
|
Net income
attributable to Cango Inc.'s shareholders
|
|
1,782,980,111
|
|
(392,526,670)
|
(60,919,184)
|
|
1,860,293,872
|
|
(68,227,039)
|
(10,588,669)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income per ADS-basic
|
|
11.91
|
|
(2.72)
|
(0.42)
|
|
12.37
|
|
(0.47)
|
(0.07)
|
Non-GAAP adjusted
net income per ADS-diluted
|
|
11.87
|
|
(2.72)
|
(0.42)
|
|
12.28
|
|
(0.47)
|
(0.07)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ADS outstanding—basic
|
|
149,706,190
|
|
144,470,649
|
144,470,649
|
|
150,425,738
|
|
146,155,678
|
146,155,678
|
Weighted average
ADS outstanding—diluted
|
|
150,185,842
|
|
144,470,649
|
144,470,649
|
|
151,520,229
|
|
146,155,678
|
146,155,678
|
View original
content:https://www.prnewswire.com/news-releases/cango-inc-reports-third-quarter-2021-unaudited-financial-results-301429901.html
SOURCE Cango Inc.