SHANGHAI, March 10, 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 fourth quarter and full year of 2021.
Fourth Quarter 2021 Financial and Operational
Highlights
- Total revenues were RMB1,050.5
million (US$164.9 million),
compared with RMB1,097.4 million in
the same period of 2020, outperforming the high end of the
Company's guidance by 5.1%.
- Car trading transactions revenues were RMB703.9 million (US$110.5
million), or 67.0% of total revenues in the fourth quarter
of 2021, a 28.7% increase from RMB546.8
million in the same period of 2020.
- Automotive financing facilitation revenues were RMB252.0 million (US$39.5
million), compared with RMB398.1
million in the same period of 2020.
- The amount of financing transactions the Company facilitated in
the fourth quarter of 2021 was RMB5,732.8
million (US$899.6 million).
The total outstanding balance of financing transactions the Company
facilitated was RMB46,702.1 million
(US$7,328.6 million) as of
December 31, 2021.
- M1+ and M3+ overdue ratios for all financing transactions that
remained outstanding and were facilitated by the Company were 1.62%
and 0.86%, respectively, as of December 31,
2021, compared with 1.58% and 0.76%, respectively, as of
September 30, 2021.
- The number of dealers covered by the Company was 45,930 as of
December 31, 2021, compared with
47,718 as of September 30, 2021.
Full Year 2021 Financial and Operational Highlights
- Total revenues were RMB3,921.7
million (US$615.4 million), a
91.1% increase from RMB2,052.4
million in the full year of 2020.
- Car trading transactions revenues were RMB2,227.2 million (US$349.5 million), or 56.8% of total revenues in
the full year of 2021, a 256.5% increase from RMB624.8 million in the full year of 2020.
- Automotive financing facilitation revenues were RMB1,233.6 million (US$193.6 million), a 38.3% increase from
RMB891.8 million in the full year of
2020.
- After-market services facilitation revenues were RMB193.8 million (US$30.4
million), compared with RMB241.2
million in the full year of 2020.
- The amount of financing transactions the Company facilitated in
the full year of 2021 was RMB30,128.1
million (US$4,727.8
million).
- M1+ and M3+ overdue ratios for all financing transactions that
remained outstanding and were facilitated by the Company were 1.62%
and 0.86%, respectively, as of December 31,
2021, compared with 0.98% and 0.42%, respectively, as of
December 31, 2020.
- The number of dealers covered by the Company was 45,930 as of
December 31, 2021, compared with
48,487 as of December 31, 2020.
Mr. Jiayuan Lin, Chief Executive
Officer of Cango, commented, "While market volatility persisted as
Covid-19 and global chip-shortages lingered, we've seen our
business built steadily over the past year, with accelerated
efforts in transforming Cango into a comprehensive automotive
transaction service platform. Fourth quarter total revenues were
RMB1.1 billion, exceeding the high
end of our previous guidance range. Our car trading transactions
business continued to gain momentum in the fourth quarter with
revenues up 28.7% year-over-year while contributing to the
Company's total revenues by 67.0%. It is also playing a decisive
role in upgrading our business to the platform model with an
integrated ecosystem covering the entire auto transaction value
chain.
"While the challenging backdrop continued to impact our
automotive financing facilitation business, we remained focused on
optimizing our organizational structure and leveraging technology
to improve operating efficiency. Our B2B platform, 'Cango Haoche,'
which provides one-stop transaction, logistics, finance, insurance
and other auto-related services, gained further traction in the
fourth quarter, garnering over two million total views since its
launch last May. Our after-market services facilitation business
also made progress as we completed the integration of Cango's
insurance service portal with the Li Auto App. Furthermore, we
persist in making every effort to enhance dealer loyalty by
empowering them to address their business pain points, while
continuously improving the competitiveness of each of our core
business segments.
"Looking ahead, we remain cautious regarding the near-term
outlook owing to factors including renewed Covid-19 outbreaks,
global chip-shortages and other challenges to the macro
environment. However, we will continue to focus on strengthening
our integrated automotive transaction service platform, and
exploring opportunities in the promising new energy vehicle market,
while remaining steadfast in our mission to make selling and buying
of cars simple and enjoyable."
Mr. Yongyi
Zhang, Chief Financial Officer of Cango, stated,
"During the fourth quarter, macroeconomic headwinds persisted with
global chip shortages directly impacting China's automotive industry. Facing external
pressures, we continued to made steady progress in the fourth
quarter with top line beating our previous guidance. Moving
forward, we will continue to focus attention on enhancing our
efficient cost controls and improving operating efficiency, thus to
further enhance the profitability of our business."
Fourth Quarter 2021 Financial Results
REVENUES
Total revenues in the fourth quarter of 2021 were RMB1,050.5 million (US$164.9 million) compared with RMB1,097.4 million in the same period of 2020.
Revenues from car trading transactions in the fourth quarter
of 2021 were RMB703.9 million
(US$110.5 million), continuing to
serve as an important revenue contributor. Revenues from automotive
financing facilitation and after-market services facilitation in
the fourth quarter of 2021 were RMB252.0
million (US$39.5
million) and RMB36.7
million (US$5.8 million),
respectively.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the fourth quarter of 2021
were RMB1,207.6 million (US$189.5 million) compared with RMB899.0 million in the same period of 2020. This
was mainly due to the related costs incurred by car trading
transactions business.
- Cost of revenue in the fourth quarter of 2021 increased to
RMB880.7 million (US$138.2 million) from RMB723.8 million in the same period of 2020. As a
percentage of total revenues, cost of revenue in the fourth quarter
of 2021 was 83.8% compared with 66.0% in the same period of 2020.
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 54.1% in the fourth quarter of
2021.
- Sales and marketing expenses in the fourth quarter of 2021 were
RMB73.8 million (US$11.6 million) compared with RMB65.8 million in the same period of 2020. As a
percentage of total revenues, sales and marketing expenses in the
fourth quarter of 2021 was 7.0% compared with 6.0% in the same
period of 2020.
- General and administrative expenses in the fourth quarter of
2021 were RMB86.1 million
(US$13.5 million) compared with
RMB90.1 million in the same period of
2020. As a percentage of total revenues, general and administrative
expenses in the fourth quarter of 2021 remained flat at 8.2%
compared with the same period of 2020.
- Research and development expenses in the fourth quarter of 2021
were RMB23.6 million (US$3.7 million) compared with RMB23.0 million in the same period of 2020. As a
percentage of total revenues, research and development expenses in
the fourth quarter of 2021 was 2.2% compared with 2.1% in the same
period of 2020.
- Net loss on risk assurance liabilities in the fourth quarter of
2021 was RMB84.6 million
(US$13.3 million) compared to a net
gain of RMB18.8 million in the same
period of 2020. Net loss on risk assurance liabilities was mainly
due to a sequential increase in default rate over 2021.
LOSS FROM OPERATIONS
Loss from operations in the fourth quarter of 2021 was
RMB157.0 million (US$24.6 million), compared to an income of
RMB198.4 million in the same period
of 2020. This decrease was mainly due to loss on risk assurance
liabilities and provision for credit losses, as well as the
decrease in gross profit margins of automotive financing
facilitation and after-market services facilitation businesses.
FAIR VALUE CHANGE OF EQUITY INVESTMENT
Fair value change of equity investment in the fourth quarter of
2021 was a gain of RMB254.1 million
(US$39.9 million) compared to a gain
of RMB1,487.8 million in the same
period of 2020. The gain in the fourth quarter of 2021 was mainly
due to the investment in Li Auto. Cango has sold out all of its
equity interest in Li Auto.
NET INCOME AND NON-GAAP ADJUSTED NET INCOME
Primarily due to the fair value change of the Company's
investment in Li Auto, net income in the fourth quarter of 2021 was
RMB124.1 million (US$19.5 million). Non-GAAP adjusted net income in
the fourth quarter of 2021 was RMB147.3
million (US$23.1 million).
Non-GAAP adjusted net income excludes the impact of share-based
compensation expenses. For further information, see "Use of
Non-GAAP Financial Measure."
NET INCOME PER ADS AND NON-GAAP ADJUSTED NET INCOME PER
ADS
Basic and diluted net income per American Depositary Share (ADS)
in the fourth quarter of 2021 were RMB0.88 (US$0.14)
and RMB0.87 (US$0.14), respectively. Non-GAAP adjusted basic
and diluted net income per ADS in the fourth quarter of 2021 were
RMB1.04 (US$0.16) and RMB1.04 (US$0.16),
respectively. Each ADS represents two Class A ordinary shares of
the Company.
BALANCE SHEET
As of December 31, 2021, the
Company had cash and cash equivalents of RMB1,434.8 million (US$225.2 million), compared with RMB906.4 million as of September 30, 2021.
As of December 31, 2021, the
Company had short-term investments of RMB2,598.9 million (US$407.8 million), compared with RMB3,588.2 million as of September 30, 2021.
Full Year 2021 Financial Results
REVENUES
Total revenues in the full year of 2021 increased by 91.1% to
RMB3,921.7 million (US$615.4 million) from RMB2,052.4 million in the full year of 2020.
Revenues from car trading transactions in the full year of
2021 were RMB2,227.2 million
(US$349.5 million). Revenues from
automotive financing facilitation and after-market services
facilitation in the full year of 2021 were RMB1,233.6 million (US$193.6 million) and RMB193.8 million (US$30.4
million), respectively.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the full year of 2021 were
RMB3,945.0 million (US$619.1 million) compared with RMB1,734.1 million in the full year 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 full year of 2021, compared with the full year of
2020.
- Cost of revenue in the full year of 2021 increased to
RMB2,958.0 million (US$464.2 million) from RMB1,098.1 million in the full year of 2020. As a
percentage of total revenues, cost of revenue in the full year of
2021 was 75.4% compared with 53.5% in the full year of 2020. 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 44.0% in the full year of
2021.
- Sales and marketing expenses in the full year of 2021 were
RMB239.3 million (US$37.6 million) compared with RMB195.9 million in the full year of 2020. As a
percentage of total revenues, sales and marketing expenses in the
full year of 2021 was 6.1% compared with 9.5% in the full year of
2020.
- General and administrative expenses in the full year of 2021
were RMB276.2 million (US$43.3 million) compared with RMB265.7 million in the full year of 2020. As a
percentage of total revenues, general and administrative expenses
in the full year of 2021 was 7.0% compared with 12.9% in the full
year of 2020.
- Research and development expenses in the full year of 2021 were
RMB70.3 million (US$11.0 million) compared with RMB62.6 million in the full year of 2020. As a
percentage of total revenues, research and development expenses in
the full year of 2021 was 1.8% compared with 3.0% in the full year
of 2020.
- Net loss on risk assurance liabilities in the full year of 2021
was RMB197.8 million (US$31.0 million) compared to a net loss of
RMB2.3 million in the same period of
2020. The change was mainly due to a sequential increase in default
rate over 2021.
LOSS FROM OPERATIONS
Loss from operations in the full year of 2021 was RMB23.2 million (US$3.6
million), compared to an income of RMB318.3 million in the full year of 2020. This
decrease was mainly due to loss on risk assurance liabilities and
provision for credit losses, as well as the decrease in gross
profit margins of automotive financing facilitation and
after-market services facilitation businesses.
FAIR VALUE CHANGE OF EQUITY INVESTMENT
Fair value change of equity investment in the full year of 2021
was a loss of RMB37.0 million
(US$5.8 million) compared with a gain
of RMB3,315.5 million in the full
year of 2020. The loss in the year of 2021 was mainly due to the
investment in Li Auto.
NET LOSS
Net loss in the full year of 2021 was RMB8.5 million (US$1.3
million), compared with a net income of RMB3,373.4 million in the full year of 2020.
NON-GAAP ADJUSTED NET INCOME
Non-GAAP adjusted net income in the full year of 2021 was
RMB79.1 million (US$12.4 million), compared with RMB3,452.2 million in the full year of 2020.
Non-GAAP adjusted net income 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 ADS in the full year of 2021 were
RMB0.06 (US$0.01) and RMB0.06 (US$0.01),
respectively.
NON-GAAP ADJUSTED NET INCOME PER ADS
Non-GAAP adjusted basic and diluted net income per ADS in the
full year of 2021 were RMB0.55
(US$0.09) and RMB0.54 (US$0.08),
respectively. Each ADS represents two Class A ordinary shares of
the Company.
Business Outlook
For the first quarter of 2022, the Company expects total
revenues to be between RMB700 million
and RMB750 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 5,103,721 ADSs with cash in the aggregate amount of
approximately US$20.1 million up to
December 31, 2021.
Conference Call Information
The Company's management will hold a conference call on
Thursday, March 10, 2022, at
8:00 P.M. Eastern Time or
Friday, March 11, 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 March 17, 2022, by dialing the following
numbers:
International:
|
+1-412-317-0088
|
United States Toll
Free:
|
+1-877-344-7529
|
Access
Code:
|
9317290
|
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 RMB6.3726 to US$1.00, the noon buying rate in effect on
December 30, 2021, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ 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$"), except for
number of shares and per share data)
|
|
|
|
|
|
As of
December 31,
2020
|
|
As of December
31,
2021
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
1,426,899,576
|
|
1,434,806,922
|
225,152,516
|
Restricted cash -
current
|
|
|
|
9,693,008
|
|
61,293,114
|
9,618,227
|
Short-term
investments
|
|
|
|
4,342,356,612
|
|
2,598,935,704
|
407,829,725
|
Accounts receivable,
net
|
|
|
|
141,594,170
|
|
223,544,396
|
35,078,994
|
Finance lease
receivables - current, net
|
|
|
|
2,035,397,525
|
|
1,414,164,625
|
221,913,289
|
Short-term consumer
financing receivables, net
|
|
|
|
23,168
|
|
-
|
-
|
Financing
receivables, net
|
|
|
|
20,105,893
|
|
62,296,261
|
9,775,643
|
Short-term contract
asset
|
|
|
|
364,618,635
|
|
829,940,692
|
130,235,805
|
Prepayments and other
current assets
|
|
|
|
558,360,959
|
|
982,948,637
|
154,246,091
|
Total current
assets
|
|
|
|
8,899,049,546
|
|
7,607,930,351
|
1,193,850,290
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Restricted cash -
non-current
|
|
|
|
878,299,140
|
|
1,114,180,729
|
174,839,270
|
Goodwill
|
|
|
|
145,063,857
|
|
148,657,971
|
23,327,680
|
Property and
equipment, net
|
|
|
|
10,311,971
|
|
19,545,933
|
3,067,183
|
Intangible
assets
|
|
|
|
44,887,871
|
|
45,931,544
|
7,207,662
|
Long-term contract
asset
|
|
|
|
281,374,110
|
|
495,456,805
|
77,747,984
|
Deferred tax
assets
|
|
|
|
170,951,082
|
|
474,570,361
|
74,470,446
|
Finance lease
receivables - non-current, net
|
|
|
|
1,454,499,864
|
|
1,029,262,174
|
161,513,695
|
Other non-current
assets
|
|
|
|
261,495,158
|
|
11,568,164
|
1,815,297
|
Total non-current
assets
|
|
|
|
3,246,883,053
|
|
3,339,173,681
|
523,989,217
|
TOTAL
ASSETS
|
|
|
|
12,145,932,599
|
|
10,947,104,032
|
1,717,839,507
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
debts
|
|
|
|
355,816,940
|
|
579,776,131
|
90,979,527
|
Long-term
debts—current
|
|
|
|
1,228,783,730
|
|
938,014,362
|
147,194,922
|
Accrued expenses and
other current liabilities
|
|
|
|
324,734,202
|
|
719,035,380
|
112,832,343
|
Risk assurance
liabilities
|
|
|
|
460,829,299
|
|
699,022,914
|
109,691,949
|
Income tax
payable
|
|
|
|
87,132,455
|
|
481,854,102
|
75,613,423
|
Total current
liabilities
|
|
|
|
2,457,296,626
|
|
3,417,702,889
|
536,312,164
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Long-term
debts
|
|
|
|
977,791,191
|
|
486,371,672
|
76,322,329
|
Deferred tax
liability
|
|
|
|
330,765,029
|
|
51,471,040
|
8,076,929
|
Other non-current
liabilities
|
|
|
|
4,870,616
|
|
991,610
|
155,605
|
Total non-current
liabilities
|
|
|
|
1,313,426,836
|
|
538,834,322
|
84,554,863
|
Total
liabilities
|
|
|
|
3,770,723,462
|
|
3,956,537,211
|
620,867,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
204,260
|
|
204,260
|
32,053
|
Treasury
shares
|
|
|
|
(56,419,225)
|
|
(485,263,213)
|
(76,148,387)
|
Additional paid-in
capital
|
|
|
|
4,591,455,557
|
|
4,671,769,821
|
733,102,630
|
Accumulated other
comprehensive income
|
|
|
|
(115,386,427)
|
|
(187,517,110)
|
(29,425,526)
|
Retained
earnings
|
|
|
|
3,955,354,972
|
|
2,991,373,063
|
469,411,710
|
Total Cango
Inc.'s equity
|
|
|
|
8,375,209,137
|
|
6,990,566,821
|
1,096,972,480
|
Non-controlling
interests
|
|
|
|
-
|
|
-
|
-
|
Total
shareholders' equity
|
|
|
|
8,375,209,137
|
|
6,990,566,821
|
1,096,972,480
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
12,145,932,599
|
|
10,947,104,032
|
1,717,839,507
|
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
|
|
For the
three months ended
|
|
For the
years ended
|
|
|
|
|
December 31,
2020
|
|
December 31,
2021
|
|
December 31,
2020
|
|
December 31,
2021
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
1,097,429,135
|
|
1,050,548,618
|
164,854,003
|
|
2,052,431,752
|
|
3,921,716,406
|
615,402,882
|
Loan facilitation
income and other related income
|
|
|
|
398,055,300
|
|
252,002,800
|
39,544,738
|
|
891,836,601
|
|
1,233,556,212
|
193,571,888
|
Leasing
income
|
|
|
|
79,117,567
|
|
52,680,663
|
8,266,746
|
|
286,079,245
|
|
251,295,105
|
39,433,686
|
After-market services
income
|
|
|
|
70,763,076
|
|
36,733,261
|
5,764,250
|
|
241,193,243
|
|
193,786,856
|
30,409,386
|
Automobile trading
income
|
|
|
|
546,810,484
|
|
703,861,083
|
110,451,163
|
|
624,773,721
|
|
2,227,171,554
|
349,491,817
|
Others
|
|
|
|
2,682,708
|
|
5,270,811
|
827,106
|
|
8,548,942
|
|
15,906,679
|
2,496,105
|
Operating cost and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
723,834,701
|
|
880,667,760
|
138,195,989
|
|
1,098,120,749
|
|
2,958,009,872
|
464,176,297
|
Sales and
marketing
|
|
|
|
65,828,565
|
|
73,810,746
|
11,582,517
|
|
195,893,662
|
|
239,333,085
|
37,556,584
|
General and
administrative
|
|
|
|
90,084,628
|
|
86,092,093
|
13,509,728
|
|
265,691,411
|
|
276,179,441
|
43,338,581
|
Research and
development
|
|
|
|
22,986,127
|
|
23,621,268
|
3,706,692
|
|
62,596,195
|
|
70,278,081
|
11,028,164
|
Net loss on risk
assurance liabilities
|
|
|
|
(18,804,024)
|
|
84,603,086
|
13,276,070
|
|
2,268,180
|
|
197,750,449
|
31,031,361
|
Provision for credit
losses
|
|
|
|
15,063,030
|
|
58,773,728
|
9,222,880
|
|
109,564,631
|
|
203,415,094
|
31,920,267
|
Total operation
cost and expense
|
|
|
|
898,993,027
|
|
1,207,568,681
|
189,493,876
|
|
1,734,134,828
|
|
3,944,966,022
|
619,051,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
|
198,436,108
|
|
(157,020,063)
|
(24,639,873)
|
|
318,296,924
|
|
(23,249,616)
|
(3,648,372)
|
Interest and
investment Income, net
|
|
|
|
12,123,098
|
|
13,148,411
|
2,063,273
|
|
72,806,814
|
|
50,370,800
|
7,904,278
|
Fair value change of
equity investment
|
|
|
|
1,487,757,246
|
|
254,060,032
|
39,867,563
|
|
3,315,475,734
|
|
(36,988,851)
|
(5,804,358)
|
Interest
expense
|
|
|
|
(508,084)
|
|
(5,347,490)
|
(839,138)
|
|
(2,758,629)
|
|
(14,481,195)
|
(2,272,415)
|
Foreign exchange (loss) gain,
net
|
|
|
|
(3,646,480)
|
|
2,138,005
|
335,500
|
|
(8,848,354)
|
|
1,351,400
|
212,064
|
Other income,
net
|
|
|
|
15,333,721
|
|
5,269,444
|
826,891
|
|
49,139,337
|
|
41,911,589
|
6,576,843
|
Other
expenses
|
|
|
|
(240,239)
|
|
(18,106)
|
(2,841)
|
|
(838,115)
|
|
(6,605,833)
|
(1,036,599)
|
Net income before
income taxes
|
|
|
|
1,709,255,370
|
|
112,230,233
|
17,611,375
|
|
3,743,273,711
|
|
12,308,294
|
1,931,441
|
Income tax
expenses
|
|
|
|
(140,762,635)
|
|
11,896,807
|
1,866,869
|
|
(369,853,650)
|
|
(20,852,646)
|
(3,272,235)
|
Net income
(loss)
|
|
|
|
1,568,492,735
|
|
124,127,040
|
19,478,244
|
|
3,373,420,061
|
|
(8,544,352)
|
(1,340,794)
|
Less: Net income
attributable to non-controlling interests
|
|
|
|
-
|
|
-
|
-
|
|
3,902,214
|
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Cango Inc.'s shareholders
|
|
|
|
1,568,492,735
|
|
124,127,040
|
19,478,244
|
|
3,369,517,847
|
|
(8,544,352)
|
(1,340,794)
|
Earnings per ADS
attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
10.48
|
|
0.88
|
0.14
|
|
22.43
|
|
(0.06)
|
(0.01)
|
Diluted
|
|
|
|
10.40
|
|
0.87
|
0.14
|
|
22.17
|
|
(0.06)
|
(0.01)
|
Weighted average
ADS used to compute earnings per ADS
attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
149,696,285
|
|
141,358,210
|
141,358,210
|
|
150,242,378
|
|
144,946,453
|
144,946,453
|
Diluted
|
|
|
|
150,822,105
|
|
142,105,618
|
142,105,618
|
|
151,955,546
|
|
144,946,453
|
144,946,453
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive (loss) income, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
|
(152,747,428)
|
|
(34,302,349)
|
(5,382,787)
|
|
(234,817,165)
|
|
(72,130,683)
|
(11,318,878)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income (loss)
|
|
|
|
1,415,745,307
|
|
89,824,691
|
14,095,457
|
|
3,138,602,896
|
|
(80,675,035)
|
(12,659,672)
|
Total
comprehensive income (loss) attributable to Cango Inc.'s
shareholders
|
|
|
|
1,415,745,307
|
|
89,824,691
|
14,095,457
|
|
3,134,700,682
|
|
(80,675,035)
|
(12,659,672)
|
CANGO INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
For the
three months ended
|
|
For the
years ended
|
|
|
Decemer 31,
2020
|
|
Decemer 31,
2021
|
|
Decemer 31,
2020
|
|
Decemer 31,
2021
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
1,568,492,735
|
|
124,127,040
|
19,478,244
|
|
3,373,420,061
|
|
(8,544,352)
|
(1,340,794)
|
|
|
|
|
|
|
|
|
|
|
|
Add: Share-based
compensation expenses
|
|
19,486,068
|
|
23,190,482
|
3,639,093
|
|
78,754,828
|
|
87,634,835
|
13,751,818
|
Cost of
revenue
|
|
645,296
|
|
1,959,861
|
307,545
|
|
3,075,317
|
|
4,927,484
|
773,230
|
Sales and
marketing
|
|
3,379,241
|
|
3,740,843
|
587,020
|
|
16,003,486
|
|
15,311,101
|
2,402,646
|
General and
administrative
|
|
14,458,117
|
|
16,147,170
|
2,533,844
|
|
55,590,630
|
|
63,035,444
|
9,891,636
|
Research
and development
|
|
1,003,414
|
|
1,342,608
|
210,684
|
|
4,085,395
|
|
4,360,806
|
684,306
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income
|
|
1,587,978,803
|
|
147,317,522
|
23,117,337
|
|
3,452,174,889
|
|
79,090,483
|
12,411,024
|
Less: Net income
attributable to non-controlling interests
|
|
-
|
|
-
|
-
|
|
3,902,214
|
|
-
|
-
|
Net income
attributable to Cango Inc.'s shareholders
|
|
1,587,978,803
|
|
147,317,522
|
23,117,337
|
|
3,448,272,675
|
|
79,090,483
|
12,411,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income per ADS-basic
|
|
10.61
|
|
1.04
|
0.16
|
|
22.95
|
|
0.55
|
0.09
|
Non-GAAP adjusted
net income per ADS-diluted
|
|
10.53
|
|
1.04
|
0.16
|
|
22.69
|
|
0.54
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ADS outstanding—basic
|
|
149,696,285
|
|
141,358,210
|
141,358,210
|
|
150,242,378
|
|
144,946,453
|
144,946,453
|
Weighted average
ADS outstanding—diluted
|
|
150,822,105
|
|
142,105,618
|
142,105,618
|
|
151,955,546
|
|
146,867,997
|
146,867,997
|
View original
content:https://www.prnewswire.com/news-releases/cango-inc-reports-fourth-quarter-and-full-year-2021-unaudited-financial-results-301500134.html
SOURCE Cango Inc.