SHANGHAI, Aug. 23,
2023 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango"
or the "Company"), a leading automotive transaction service
platform in China, today announced
its unaudited financial results for the second quarter of 2023.
Second Quarter 2023 Financial and Operational
Highlights
- Total revenues were RMB675.4
million (US$93.1 million), a
133.6% increase from RMB289.2 million
in the same period of 2022. Car trading transactions revenues were
RMB562.8 million (US$77.6 million) in the second quarter of 2023,
representing 83.3% of total revenues in the same period, a 157.4%
increase from RMB218.6 million in the
same period of 2022.
- The total outstanding balance of financing transactions the
Company facilitated was RMB16,628.1
million (US$2,293.1 million)
as of June 30, 2023. M1+ and M3+
overdue ratios for all financing transactions that remained
outstanding and were facilitated by the Company were 2.12% and
1.09%, respectively, as of June 30,
2023, compared with 2.33% and 1.29%, respectively, as of
March 31, 2023.
- "Cango Haoche" had engaged 11,066 dealers in China's 31 provinces and 305 cities as of
June 30, 2023. During the second
quarter, total sales were 5,893 cars. Since the "Cango Haoche" APP
was launched at the end of the second quarter of 2022, it had
attracted a total of over one million page views and more than
98,000 unique visitors as of the end of June
2023.
- "Cango U-Car" had engaged 6,900 dealers in China's 30 provinces and 225 cities as of
June 30, 2023. During the second
quarter, total sales were 651 cars. As of June 30, 2023, the "Cango U-Car" APP and mini
program had attracted a total of over 611,000 page views and more
than 31,000 unique visitors.
Mr. Jiayuan Lin, Chief Executive
Officer of Cango, commented, "Despite the release of various
consumption stimulus policies targeting the automotive market in
the first half of the year, consumer confidence and consumption
willingness remained weak. Amid challenging market conditions
overall, we leveraged our deep insights into the industry's pain
points to continuously refine our product offerings. "
"In the second quarter, we updated functions and products on
'Cango Haoche,' adding the car loan program, cross-regional
delivery service, as well as auto insurance and non-auto insurance
products. These offerings empowered our dealers with enhanced
service capabilities and broadened profit streams, resulting in a
year-over-year increase of 34.3% in the total number of dealers
engaged on 'Cango Haoche.' Meanwhile, we assembled a dedicated team
of professional technicians and broadened service coverage across
the used car transaction value chain with our onsite service team
of over 100 experts beginning to engage in basic vehicle inspection
and other relevant services."
"Digital technology capabilities are key to improving service
capabilities across the platform. Beyond revamping our transaction
business across the platform, we have also been actively working
towards group-wide digital transformation. Our 'Car Dealer
Operational Index Query' was launched and listed on the Shanghai
Data Exchange in May 2023, which is
believed to be the first data index available in the market and
could be served as a tool for assessing the financial stability of
car dealers in lower-tier markets."
"Moving into the second half of the year, we will prudently
manage inventory to address the potential risk of market and
vehicle price fluctuation while continuing to invest in transaction
infrastructure and enhancing our platforms' overall capabilities,"
concluded Mr. Lin.
Mr. Yongyi Zhang, Chief Financial
Officer of Cango, stated, "Our resilient second quarter results
demonstrated the effectiveness of our business model amid a dynamic
operating environment. We made encouraging progress with our
diversified and enhanced service offerings across our business in
the second quarter, propelling our dealers' growth and helping them
achieve their goals. We believe that our dedication to technology
innovation and operating efficiency has set Cango firmly on a path
toward sustainable and healthy growth."
Accounting Policy Changes
The Company has adopted the Financial Instruments – Credit
Losses (ASC 326): Measurement of Credit Losses on Financial
Instruments on January 1, 2023, using
the modified retrospective transition method. This standard
requires the measurement of all expected credit losses for
financial assets measured at amortized cost and off-balance sheet
credit exposures not accounted for as insurance at the reporting
date based on historical experience, current conditions, and
reasonable and supportable forecasts.
Upon adoption of the standard on January
1, 2023, the Company recorded RMB302.4 million (US$41.7
million) increase in risk assurance liabilities,
RMB14.5 million (US$2.0 million) increase in the allowance for
finance lease receivables, RMB13.8
million (US$1.9 million)
increase in the allowance for financing receivables and
RMB3.2 million (US$0.4 million) increase in the allowance of
other current and non-current assets. After adjusting for deferred
taxes, RMB306.9 million (US$42.3 million) decrease was recorded in
beginning retained earnings on January 1,
2023 through a cumulative-effect adjustment.
Second Quarter 2023 Financial Results
REVENUES
Total revenues in the second quarter of 2023 increased by 133.6%
to RMB675.4 million
(US$93.1 million) from
RMB289.2 million in the same period
of 2022. Revenues from car trading transactions in the second
quarter of 2023 were RMB562.8 million
(US$77.6 million), representing
83.3% of total revenues in the second quarter of 2023 and a
157.4% increase from RMB218.6 million
in the same period of 2022. The guarantee income, which represented
the fee income earned on the non-contingent aspect of a guarantee,
was RMB55.9 million (US$7.7 million) in the second quarter of 2023,
which was presented separately from the contingent aspect of a
guarantee pursuant to the adoption of ASC 326 since January 1, 2023.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the second quarter of 2023
were RMB684.4 million (US$94.4 million) compared with RMB643.3 million in the same period of 2022.
- Cost of revenue in the second quarter of 2023 was RMB615.8 million (US$84.9
million) compared with RMB272.7
million in the same period of 2022. As a percentage of total
revenues, cost of revenue in the second quarter of 2023 was 91.2%,
compared with 94.3% in the same period of 2022.
- Sales and marketing expenses in the second quarter of 2023
decreased to RMB12.2 million
(US$1.7 million) from RMB41.8 million in the same period of 2022. As a
percentage of total revenues, sales and marketing expenses in the
second quarter of 2023 was 1.8%, compared with 14.5% in the same
period of 2022.
- General and administrative expenses in the second quarter of
2023 decreased to RMB36.8 million
(US$5.1 million) from RMB124.7 million in the same period of 2022. As a
percentage of total revenues, general and administrative expenses
in the second quarter of 2023 was 5.5%, compared with 43.1% in the
same period of 2022.
- Research and development expenses in the second quarter of 2023
decreased to RMB7.7 million
(US$1.1 million) from RMB12.9 million in the same period of 2022. As a
percentage of total revenues, research and development expenses in
the second quarter of 2023 was 1.1%, compared with 4.4% in the same
period of 2022.
- Net loss on contingent risk assurance liabilities in the second
quarter of 2023 was RMB1.6 million
(US$0.2 million).
- Provision for credit losses in the second quarter of 2023
decreased to RMB10.2 million
(US$1.4 million) from RMB138.2 million in the same period of 2022.
Provision for credit losses included the special provisions of
RMB57.3 million on the Company's
prepayments and other receivables due from two car trading
suppliers based on the assessments of their probabilities of
delinquency.
LOSS FROM OPERATIONS
Loss from operations in the second quarter of 2023 was
RMB8.9 million (US$1.2 million), compared with RMB354.1 million in the same period of 2022.
NET INCOME
Net income in the second quarter of 2023 was RMB36.2 million (US$5.0
million). Non-GAAP adjusted net income in the second quarter
of 2023 was RMB48.2 million
(US$6.6 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
Basic and diluted net income per American Depositary Share (the
"ADS") in the second quarter of 2023 were RMB0.27 (US$0.04)
and RMB0.26 (US$0.04), respectively. Non-GAAP adjusted basic
and diluted net income per ADS in the second quarter of 2023 were
RMB0.36 (US$0.05) and RMB0.35 (US$0.05),
respectively. Each ADS represents two Class A ordinary shares of
the Company.
BALANCE SHEET
As of June 30, 2023, the Company
had cash and cash equivalents of RMB589.4
million (US$81.3 million),
compared with RMB696.6 million as of
March 31, 2023.
As of June 30, 2023, the Company
had short-term investments of RMB2,055.7
million (US$283.5 million),
compared with RMB2,017.7 million as
of March 31, 2023.
Business Outlook
For the third quarter of 2023, the Company expects total
revenues to be between RMB300 million
and RMB350 million. This forecast
reflects the Company's current and preliminary views on the market
and operational conditions, which are subject to change.
Share Repurchase Program
- Pursuant to the share repurchase program announced on
April 22, 2022, the Company had
repurchased 2,846,285 ADSs with cash in the aggregate amount of
approximately US$5.7 million up to
April 25, 2023, the day on which the
program expired.
- Pursuant to the share repurchase program announced on
April 21, 2023 (the "New Share
Repurchase Program"), the Company had repurchased 24,845,983 ADSs
with cash in the aggregate amount of approximately US$32.2 million up to June
30, 2023. The ADS purchase agreement entered into between an
institutional investor and the Company on June 1, 2023 was settled on June 26, 2023, pursuant to which the Company
repurchased an aggregate of 24,300,562 ADSs for an aggregate
purchase price of approximately US$31.6
million.
The above share repurchases were conducted pursuant to
resolutions of the Company's board of directors, which authorized
that the Company's proposed repurchases may be made from time to
time on the open market at prevailing market prices, in privately
negotiated transactions, in block trades, and/or through other
legally permissible means, in accordance with applicable rules and
regulations. The repurchases will be funded from the Company's
existing cash balance.
Conference Call Information
The Company's management will hold a conference call on
Wednesday, August 23, 2023, at
9:00 P.M. Eastern Time or
Thursday, August 24, 2023, at
9:00 A.M. Beijing Time to discuss the
financial results. Listeners may access the call by dialing the
following numbers:
International:
United States Toll Free:
Mainland China Toll Free:
Hong Kong, China Toll Free:
Conference
ID:
|
+1-412-902-4272
+1-888-346-8982
4001-201-203
800-905-945
Cango Inc.
|
The replay will be accessible through August 30, 2023 by dialing the following
numbers:
International:
United States Toll Free:
Access Code:
|
+1-412-317-0088
+1-877-344-7529
5299487
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.cangoonline.com/.
About Cango Inc.
Cango Inc. (NYSE: CANG) is a leading automotive transaction
service platform in China,
connecting car buyers, dealers, financial institutions, and other
industry participants. Founded in 2010 by a group of pioneers in
China's automotive finance
industry, the Company is headquartered in Shanghai and has a nationwide network.
Leveraging its competitive advantages in technological innovation
and big data, Cango has established an automotive supply chain
ecosystem, and developed a matrix of products centering on customer
needs for auto transactions, auto financing and after-market
services. By working with platform participants, Cango endeavors to
make car purchases simple and enjoyable, and make itself customers'
car purchase service platform of choice. For more information,
please visit: www.cangoonline.com.
Definition of Overdue Ratios
The Company defines "M1+ overdue ratio" as (i) exposure at risk
relating to financing transactions for which any installment
payment is 30 to 179 calendar days past due as of a specified date,
divided by (ii) exposure at risk relating to all financing
transactions which remain outstanding as of such date, excluding
amounts of outstanding principal that are 180 calendar days or more
past due.
The Company defines "M3+ overdue ratio" as (i) exposure at risk
relating to financing transactions for which any installment
payment is 90 to 179 calendar days past due as of a specified date,
divided by (ii) exposure at risk relating to all financing
transactions which remain outstanding as of such date, excluding
amounts of outstanding principal that are 180 calendar days or more
past due.
Use of Non-GAAP Financial Measure
In evaluating the business, the Company considers and uses
Non-GAAP adjusted net income (loss), a Non-GAAP measure, as a
supplemental measure to review and assess its operating
performance. The presentation of the Non-GAAP financial measure is
not intended to be considered in isolation or as a substitute for
the financial information prepared and presented in accordance with
U.S. GAAP. The Company defines Non-GAAP adjusted net income (loss)
as net income (loss) excluding share-based compensation expenses.
The Company presents the Non-GAAP financial measure because it is
used by the management to evaluate the operating performance and
formulate business plans. Non-GAAP adjusted net income (loss)
enables the management to assess the Company's operating results
without considering the impact of share-based compensation
expenses, which are non-cash charges. The Company also believes
that the use of the Non-GAAP measure facilitates investors'
assessment of its operating performance.
Non-GAAP adjusted net income (loss) is not defined under U.S.
GAAP and is not presented in accordance with U.S. GAAP. This
Non-GAAP financial measure has limitations as analytical tools. One
of the key limitations of using Non-GAAP adjusted net income (loss)
is that it does not reflect all items of expense that affect the
Company's operations. Share-based compensation expenses have been
and may continue to be incurred in the business and are not
reflected in the presentation of Non-GAAP adjusted net income
(loss). Further, the Non-GAAP measure may differ from the Non-GAAP
information used by other companies, including peer companies, and
therefore their comparability may be limited.
The Company compensates for these limitations by reconciling the
Non-GAAP financial measure to the nearest U.S. GAAP performance
measure, all of which should be considered when evaluating the
Company's performance. The Company encourages you to review its
financial information in its entirety and not rely on a single
financial measure.
Reconciliations of Cango's Non-GAAP financial measure to the
most comparable U.S. GAAP measure are included at the end of this
press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars ("US$") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to US$ were made at the rate of RMB7.2513 to US$1.00, the noon buying rate in effect on
June 30, 2023, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ amounts referred could be
converted into US$ or RMB, as the case may be, at any particular
rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Among
other things, the "Business Outlook" section and quotations from
management in this announcement, contain forward-looking
statements. Cango may also make written or oral forward-looking
statements in its periodic reports to the SEC, in its annual report
to shareholders, in press releases and other written materials and
in oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about Cango's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Cango's goal and strategies; Cango's expansion plans;
Cango's future business development, financial condition and
results of operations; Cango's expectations regarding demand for,
and market acceptance of, its solutions and services; Cango's
expectations regarding keeping and strengthening its relationships
with dealers, financial institutions, car buyers and other platform
participants; general economic and business conditions; and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in Cango's
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and Cango does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
Investor Relations Contact
Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com
Twitter: https://twitter.com/Cango_Group
Helen Wu
Piacente Financial Communications
Tel: +86 10 6508 0677
Email: ir@cangoonline.com
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
|
As of December 31,
2022
|
|
As of June 30, 2023
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
378,917,318
|
|
589,447,322
|
81,288,503
|
Restricted cash -
current
|
|
|
|
152,688,510
|
|
26,675,304
|
3,678,693
|
Short-term
investments
|
|
|
|
1,941,432,848
|
|
2,055,688,107
|
283,492,354
|
Accounts receivable,
net
|
|
|
|
266,836,951
|
|
314,776,512
|
43,409,666
|
Finance lease
receivables - current, net
|
|
|
|
799,438,656
|
|
448,592,918
|
61,863,792
|
Financing receivables,
net
|
|
|
|
73,818,025
|
|
28,769,129
|
3,967,444
|
Short-term contract
asset
|
|
|
|
500,389,654
|
|
242,352,163
|
33,421,892
|
Prepayments and other
current assets
|
|
|
|
1,356,822,028
|
|
707,701,413
|
97,596,488
|
Total current assets
|
|
|
|
5,470,343,990
|
|
4,414,002,868
|
608,718,832
|
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
|
|
Restricted cash -
non-current
|
|
|
|
750,877,306
|
|
612,227,612
|
84,430,049
|
Goodwill
|
|
|
|
148,657,971
|
|
148,657,971
|
20,500,872
|
Property and equipment,
net
|
|
|
|
14,689,988
|
|
12,980,199
|
1,790,051
|
Intangible
assets
|
|
|
|
48,317,878
|
|
48,012,470
|
6,621,222
|
Long-term contract
asset
|
|
|
|
173,457,178
|
|
67,598,628
|
9,322,277
|
Deferred tax
assets
|
|
|
|
62,497,781
|
|
137,212,359
|
18,922,450
|
Finance lease
receivables - non-current, net
|
|
|
|
260,049,967
|
|
110,848,658
|
15,286,729
|
Operating lease
right-of-use assets
|
|
|
|
80,726,757
|
|
74,203,806
|
10,233,173
|
Other non-current
assets
|
|
|
|
6,633,517
|
|
6,886,069
|
949,632
|
Total non-current assets
|
|
|
|
1,545,908,343
|
|
1,218,627,772
|
168,056,455
|
TOTAL ASSETS
|
|
|
|
7,016,252,333
|
|
5,632,630,640
|
776,775,287
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Short-term
debts
|
|
|
|
349,299,134
|
|
230,729,960
|
31,819,117
|
Long-term
debts—current
|
|
|
|
565,143,340
|
|
117,346,048
|
16,182,760
|
Accrued expenses and
other current liabilities
|
|
|
|
890,836,699
|
|
471,055,350
|
64,961,500
|
Deferred guarantee
income
|
|
|
|
-
|
|
178,334,757
|
24,593,488
|
Contingent risk
assurance liabilities
|
|
|
|
-
|
|
208,316,116
|
28,728,106
|
Risk assurance
liabilities
|
|
|
|
402,303,421
|
|
-
|
-
|
Income tax
payable
|
|
|
|
313,406,680
|
|
339,584,975
|
46,830,910
|
Short-term lease
liabilities
|
|
|
|
9,913,073
|
|
10,690,027
|
1,474,222
|
Total current liabilities
|
|
|
|
2,530,902,347
|
|
1,556,057,233
|
214,590,103
|
|
|
|
|
|
|
|
|
Non-current liabilities:
|
|
|
|
|
|
|
|
Long-term
debts
|
|
|
|
75,869,353
|
|
2,774,809
|
382,664
|
Deferred tax
liability
|
|
|
|
10,724,133
|
|
10,724,133
|
1,478,926
|
Long-term operating
lease liabilities
|
|
|
|
76,533,208
|
|
69,622,114
|
9,601,329
|
Other non-current
liabilities
|
|
|
|
314,287
|
|
278,451
|
38,400
|
Total non-current liabilities
|
|
|
|
163,440,981
|
|
83,399,507
|
11,501,319
|
Total liabilities
|
|
|
|
2,694,343,328
|
|
1,639,456,740
|
226,091,422
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
204,260
|
|
204,260
|
28,169
|
Treasury
shares
|
|
|
|
(559,005,216)
|
|
(781,365,647)
|
(107,755,250)
|
Additional paid-in
capital
|
|
|
|
4,805,240,472
|
|
4,818,705,269
|
664,529,846
|
Accumulated other
comprehensive income
|
|
|
|
66,359,902
|
|
138,390,834
|
19,084,969
|
Retained
earnings
|
|
|
|
9,109,587
|
|
(182,760,816)
|
(25,203,869)
|
Total Cango Inc.'s equity
|
|
|
|
4,321,909,005
|
|
3,993,173,900
|
550,683,865
|
Total shareholders' equity
|
|
|
|
4,321,909,005
|
|
3,993,173,900
|
550,683,865
|
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
7,016,252,333
|
|
5,632,630,640
|
776,775,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
|
Three months ended June
30
|
|
Six months ended June
30
|
|
|
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
289,191,585
|
|
675,430,076
|
93,146,067
|
|
1,076,885,456
|
|
1,218,043,439
|
167,975,872
|
Loan facilitation
income and other related income
|
|
|
|
14,599,571
|
|
13,957,481
|
1,924,825
|
|
120,498,214
|
|
16,272,881
|
2,244,133
|
Guarantee
income
|
|
|
|
-
|
|
55,875,460
|
7,705,578
|
|
-
|
|
120,004,206
|
16,549,337
|
Leasing
income
|
|
|
|
42,718,041
|
|
16,645,952
|
2,295,582
|
|
92,840,092
|
|
38,859,633
|
5,358,988
|
After-market services
income
|
|
|
|
10,544,538
|
|
10,529,314
|
1,452,059
|
|
36,323,244
|
|
27,248,790
|
3,757,780
|
Automobile trading
income
|
|
|
|
218,612,145
|
|
562,758,493
|
77,607,945
|
|
817,913,471
|
|
992,608,136
|
136,886,922
|
Others
|
|
|
|
2,717,290
|
|
15,663,376
|
2,160,078
|
|
9,310,435
|
|
23,049,793
|
3,178,712
|
Operating cost and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
272,661,870
|
|
615,829,103
|
84,926,717
|
|
959,643,012
|
|
1,096,347,083
|
151,193,177
|
Sales and
marketing
|
|
|
|
41,798,207
|
|
12,153,129
|
1,675,993
|
|
95,643,408
|
|
24,691,691
|
3,405,140
|
General and
administrative
|
|
|
|
124,670,110
|
|
36,834,735
|
5,079,742
|
|
175,553,986
|
|
76,637,265
|
10,568,762
|
Research and
development
|
|
|
|
12,857,670
|
|
7,748,158
|
1,068,520
|
|
27,343,292
|
|
15,850,521
|
2,185,887
|
Net loss (gain) on
contingent risk assurance liabilities
|
|
|
|
-
|
|
1,556,164
|
214,605
|
|
-
|
|
(66,392)
|
(9,156)
|
Net loss on risk
assurance liabilities
|
|
|
|
53,144,802
|
|
-
|
-
|
|
152,065,685
|
|
-
|
-
|
Provision (net recovery
on provision) for credit losses
|
|
|
|
138,198,835
|
|
10,238,843
|
1,412,001
|
|
209,854,830
|
|
(38,315,257)
|
-5,283,916
|
Total operation cost and
expense
|
|
|
|
643,331,494
|
|
684,360,132
|
94,377,578
|
|
1,620,104,213
|
|
1,175,144,911
|
162,059,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from operations
|
|
|
|
(354,139,909)
|
|
(8,930,056)
|
(1,231,511)
|
|
(543,218,757)
|
|
42,898,528
|
5,915,978
|
Interest income,
net
|
|
|
|
7,153,803
|
|
20,718,511
|
2,857,213
|
|
12,500,971
|
|
39,499,391
|
5,447,215
|
Net gain (loss) on
equity securities
|
|
|
|
1,655,350
|
|
4,668,993
|
643,884
|
|
(17,589,345)
|
|
8,401,348
|
1,158,599
|
Interest
expense
|
|
|
|
(4,245,737)
|
|
(1,652,610)
|
(227,905)
|
|
(8,585,969)
|
|
(3,946,695)
|
(544,274)
|
Foreign exchange gain,
net
|
|
|
|
3,641,027
|
|
3,820,047
|
526,809
|
|
3,251,940
|
|
2,835,740
|
391,066
|
Other income
|
|
|
|
3,047,649
|
|
3,138,715
|
432,849
|
|
37,537,026
|
|
7,598,612
|
1,047,897
|
Other
expenses
|
|
|
|
(691,665)
|
|
(96,249)
|
(13,273)
|
|
(823,210)
|
|
(227,134)
|
(31,323)
|
Net (loss) income before income
taxes
|
|
|
|
(343,579,482)
|
|
21,667,351
|
2,988,066
|
|
(516,927,344)
|
|
97,059,790
|
13,385,158
|
Income tax
benefits
|
|
|
|
57,794,491
|
|
14,559,258
|
2,007,813
|
|
94,980,503
|
|
17,931,896
|
2,472,922
|
Net (loss) income
|
|
|
|
(285,784,991)
|
|
36,226,609
|
4,995,879
|
|
(421,946,841)
|
|
114,991,686
|
15,858,080
|
Net (loss) income attributable to Cango Inc.'s
shareholders
|
|
|
|
(285,784,991)
|
|
36,226,609
|
4,995,879
|
|
(421,946,841)
|
|
114,991,686
|
15,858,080
|
Earnings (loss) per ADS attributable to ordinary
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
(2.08)
|
|
0.27
|
0.04
|
|
(3.05)
|
|
0.86
|
0.12
|
Diluted
|
|
|
|
(2.08)
|
|
0.26
|
0.04
|
|
(3.05)
|
|
0.82
|
0.11
|
Weighted average ADS
used to compute earnings (loss) per ADS
attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
137,612,565
|
|
133,052,781
|
133,052,781
|
|
138,416,992
|
|
133,906,218
|
133,906,218
|
Diluted
|
|
|
|
137,612,565
|
|
138,366,712
|
138,366,712
|
|
138,416,992
|
|
139,610,743
|
139,610,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income, net of
tax
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
|
173,077,605
|
|
78,051,511
|
10,763,796
|
|
156,790,750
|
|
72,030,932
|
9,933,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive (loss)
income
|
|
|
|
(112,707,386)
|
|
114,278,120
|
15,759,675
|
|
(265,156,091)
|
|
187,022,618
|
25,791,600
|
Total comprehensive
(loss) income attributable to Cango Inc.'s
shareholders
|
|
|
|
(112,707,386)
|
|
114,278,120
|
15,759,675
|
|
(265,156,091)
|
|
187,022,618
|
25,791,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CANGO INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
Three months ended June
30
|
|
Six months ended June
30
|
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
(285,784,991)
|
|
36,226,609
|
4,995,879
|
|
(421,946,841)
|
|
114,991,686
|
15,858,080
|
|
|
|
|
|
|
|
|
|
|
|
Add: Share-based compensation
expenses
|
|
96,217,718
|
|
11,980,577
|
1,652,197
|
|
119,072,008
|
|
26,039,675
|
3,591,035
|
Cost of revenue
|
|
1,104,953
|
|
728,462
|
100,460
|
|
2,000,393
|
|
1,475,878
|
203,533
|
Sales and marketing
|
|
2,253,413
|
|
2,345,570
|
323,469
|
|
6,773,229
|
|
5,138,966
|
708,696
|
General and
administrative
|
|
92,068,794
|
|
8,376,396
|
1,155,158
|
|
108,407,806
|
|
18,283,664
|
2,521,433
|
Research and development
|
|
790,558
|
|
530,149
|
73,110
|
|
1,890,580
|
|
1,141,167
|
157,373
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted net (loss)
income
|
|
(189,567,273)
|
|
48,207,186
|
6,648,076
|
|
(302,874,833)
|
|
141,031,361
|
19,449,115
|
Net (loss) income attributable to Cango Inc.'s
shareholders
|
|
(189,567,273)
|
|
48,207,186
|
6,648,076
|
|
(302,874,833)
|
|
141,031,361
|
19,449,115
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted net (loss) income per
ADS-basic
|
|
(1.38)
|
|
0.36
|
0.05
|
|
(2.19)
|
|
1.05
|
0.15
|
Non-GAAP adjusted net (loss) income per
ADS-diluted
|
|
(1.38)
|
|
0.35
|
0.05
|
|
(2.19)
|
|
1.01
|
0.14
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ADS
outstanding—basic
|
|
137,612,565
|
|
133,052,781
|
133,052,781
|
|
138,416,992
|
|
133,906,218
|
133,906,218
|
Weighted average ADS
outstanding—diluted
|
|
137,612,565
|
|
138,366,712
|
138,366,712
|
|
138,416,992
|
|
139,610,743
|
139,610,743
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/cango-inc-reports-second-quarter-2023-unaudited-financial-results-301908082.html
SOURCE Cango Inc.