SHANGHAI, Aug. 24, 2020
/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 2020.
Second Quarter 2020 Financial and Operational
Highlights
- Total revenues were RMB274.1
million (US$38.8 million)
compared with RMB336.3 million in the
same period of 2019, mainly due to the impact of the COVID-19
pandemic, which has severely disrupted the domestic automotive
industry.
- After-market services facilitation revenues increased to
RMB52.5 million (US$7.4 million), or 19.1% of total revenues in
the second quarter of 2020, continuing to serve as an important
driver for the Company's revenue growth.
- The amount of financing transactions the Company facilitated in
the second quarter of 2020 was RMB4,946.0
million (US$700.1 million).
The total outstanding balance of financing transactions the Company
facilitated was RMB37,497.3 million
(US$5,307.4 million) as of
June 30, 2020.
- M1+ and M3+ overdue ratios for all financing transactions that
remained outstanding and were facilitated by the Company were 1.59%
and 0.84%, respectively, as of June 30,
2020, as compared to 2.00% and 0.56%, respectively, as of
March 31, 2020.
- The number of dealers covered by the Company was 44,521 as of
June 30, 2020, compared to 45,688 as
of March 31, 2020. The decrease was a
result of Cango's efforts to optimize the efficiency of its
dealership network by removing certain dealers that failed to meet
the Company's standards for operating risks and/or transaction
referral capabilities.
Mr. Jiayuan Lin, Chief Executive
Officer of Cango, commented, "While the overall auto industry has
shown signs of gradual recovery, the difficult conditions triggered
by the COVID-19 pandemic persisted through the end of the second
quarter, and therefore the speed of that recovery, especially in
lower-tier cities where the majority of our business operates, was
slower than our previous expectations. In addition, low- and
mid-range car models, as well as cars produced by domestic car
manufacturers, were impacted more than high-end car models and
those cars manufactured through joint ventures with foreign firms.
Despite these headwinds, our after-market services facilitation
business achieved an outstanding performance, mainly attributable
to the prompt development of our insurance facilitation services.
In particular, the car insurance contracts we facilitated in the
second quarter grew significantly compared with the previous
quarter. Also of note, the quality of our assets has improved
considerably in the second quarter, as reflected by the improvement
in our M1+ overdue ratio of 1.59% as of June
30, 2020 compared with 2.00% as of March 31, 2020. On the other hand, some of last
quarter's M1+ delinquencies have become M3+ delinquencies, but
within a very reasonable range. We remain committed to applying a
rigorous and comprehensive risk management policy and are confident
in our ability to maintain the quality of our assets going
forward.
"Looking ahead, we are well-positioned to keep momentum going by
further expanding the auto loan facilitation business into the
higher-end segment of the market. We have established a dedicated
team to target this large market segment which has untapped
potential. Additionally, we will continue to grow our insurance
facilitation services by exploring more prime insurance transaction
channels and expanding our insurance product offerings. We believe
that 2020 is a very unique and pivotal year for the auto industry
due to COVID-19, and a great time to push our strategic initiatives
and find new directions for long-term growth. With more support
from government and improved consumers' confidence, we feel
optimistic about the auto finance industry in the second half of
this year. Fortified by our competitive advantages and unique
market position, we may continue to create more value for our
clients, partners and shareholders, while contributing to the
development of the entire industry," Mr. Lin concluded.
Mr. Yongyi Zhang, Chief Financial
Officer of Cango, stated, "Amidst the COVID-19 pandemic, we
generated RMB274.1 million in total
revenues in the second quarter of 2020, outperforming the high end
of our previous guidance by approximately 10%. In addition, we
continue to see our cost optimization measures working, with gross
margin maintained at a healthy level in the second quarter. We also
regained positive operating income, mainly attributable to our
effective cost control initiatives and improved asset quality as a
result of effective post-loan management. As a result, our bottom
line increased to RMB70.2 million
compared with a net loss of RMB34.7
million in the previous quarter. While uncertainty remains
given the challenging operating environment, we are pleased with
the strength of our business fundamentals and remain encouraged by
the long-term prospects for our business.
Second Quarter 2020 Financial Results
REVENUES
Total revenues in the second quarter of 2020 were RMB274.1 million (US$38.8
million) compared to RMB336.3
million in the same period of 2019. Revenues from
after-market services facilitation in the second quarter of 2020
increased by 46.3% to RMB52.5 million
(US$7.4 million) from RMB35.9 million in the same period of 2019, and
the increase was primarily due to the Company's efforts to
cross-sell insurance facilitation services.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the second quarter of 2020
were RMB207.4 million (US$29.4 million) compared to RMB252.0 million in the same period of 2019. This
was in line with the decrease in the Company's sales volume.
- Cost of revenue in the second quarter of 2020 decreased by
18.3% to RMB102.8 million
(US$14.6 million) from RMB125.8 million in the same period of 2019,
which was primarily due to a decrease in the amount of financing
transactions the Company facilitated. As a percentage of total
revenues, cost of revenue in the second quarter of 2020 was 37.5%
compared to 37.4% in the same period of 2019.
- Sales and marketing expenses in the second quarter of 2020 were
RMB42.4 million (US$6.0 million) compared to RMB44.5 million in the same period of 2019. As a
percentage of total revenues, sales and marketing expenses in the
second quarter of 2020 increased to 15.5% from 13.2% in the same
period of 2019.
- General and administrative expenses in the second quarter of
2020 were RMB66.0 million
(US$9.3 million) compared to
RMB53.4 million in the same period of
2019. As a percentage of total revenues, general and administrative
expenses in the second quarter of 2020 increased to 24.1% from
15.9% in the same period of 2019.
- Research and development expenses in the second quarter of 2020
were RMB12.9 million (US$1.8 million) compared to RMB12.2 million in the same period of 2019. As a
percentage of total revenues, research and development expenses in
the second quarter of 2020 increased to 4.7% from 3.6% in the same
period of 2019. The increase was a result of the Company's efforts
to maintain a stable level of investment in research and
development projects.
- Net gain on risk assurance liabilities in the second quarter of
2020 was RMB42.9 million
(US$6.1 million) compared with a net
loss of RMB76.9 million in the first
quarter of 2020. Net gain on risk assurance liabilities was mainly
due to a decrease in the delinquent loan balance and default
rate.
INCOME FROM OPERATIONS
Income from operations in the second quarter of 2020 was
RMB66.7 million (US$9.4 million), compared with RMB84.3 million in the same period of 2019.
NET INCOME
Net income in the second quarter of 2020 was RMB70.2 million (US$9.9
million). Non-GAAP adjusted net income in the second quarter
of 2020 was RMB92.3 million
(US$13.1 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
Basic and diluted net income per American Depositary Share (ADS)
in the second quarter of 2020 were both RMB0.47 (US$0.07).
Non-GAAP adjusted basic and diluted net income per ADS in the
second quarter of 2020 were both RMB0.61 (US$0.09).
Each ADS represents two of the Company's Class A ordinary
shares.
BALANCE SHEET
As of June 30, 2020, the Company
had cash and cash equivalents of RMB2,010.3
million (US$284.5 million),
compared to RMB2,741.0 million as of
March 31, 2020. The decrease was
mainly due to the dividend paid in May and the repayment of
debts.
Business Outlook
For the third quarter of 2020, the Company expects total
revenues to be between RMB300 million
and RMB330 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 investee, Li Auto Inc. ("Li Auto"), was listed on
the Nasdaq Global Select Market on July 30,
2020. Cango currently holds 39,194,413 Class A ordinary
shares of Li Auto. The listing is expected to enhance the liquidity
of the Company's investment in Li Auto, and the change in fair
value of investment may have a significant impact on the Company's
third quarter financial results.
Conference Call Information
The Company's management will hold a conference call on
Monday, August 24, 2020, at
9:00 P.M. Eastern Time or
Tuesday, August 25, 2020, 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 August 31, 2020, by dialing the following
numbers:
International:
|
+1-412-317-0088
|
United States Toll
Free:
|
+1-877-344-7529
|
Access
Code:
|
10147234
|
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, automotive transaction
facilitation, 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 RMB7.0651 to US$1.00, the noon buying rate in effect on
June 30, 2020, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ 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
Caesar Cao
Cango Inc.
Tel: +86 21 3183 5088 ext.5521
Email: ir@cangoonline.com
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$"), except for
number of shares and per share data)
|
|
|
|
|
|
As of
December 31,
2019
|
|
As of June 30,
2020
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
2,002,314,688
|
|
2,010,317,864
|
284,542,025
|
Restricted cash -
current
|
|
|
|
970,993,759
|
|
484,332,950
|
68,552,880
|
Short-term
investments
|
|
|
|
597,265,740
|
|
835,048,818
|
118,193,489
|
Accounts receivable,
net
|
|
|
|
148,562,946
|
|
64,779,967
|
9,169,009
|
Finance lease
receivables - current, net
|
|
|
|
1,661,082,122
|
|
1,617,485,890
|
228,940,268
|
Short-term consumer
financing receivables, net
|
|
|
|
13,298,562
|
|
84,466
|
11,955
|
Financing
receivables, net
|
|
|
|
9,103,522
|
|
18,957,245
|
2,683,224
|
Short-term contract
asset
|
|
|
|
20,688,424
|
|
51,042,617
|
7,224,614
|
Prepaid expenses and
other current assets
|
|
|
|
117,445,282
|
|
80,897,222
|
11,450,259
|
Total current
assets
|
|
|
|
5,540,755,045
|
|
5,162,947,039
|
730,767,723
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Restricted cash -
non-current
|
|
|
|
873,674,276
|
|
926,414,353
|
131,125,441
|
Long-term
investments
|
|
|
|
547,888,818
|
|
551,511,101
|
78,061,330
|
Goodwill
|
|
|
|
145,063,857
|
|
145,063,857
|
20,532,456
|
Property and
equipment, net
|
|
|
|
14,736,767
|
|
12,993,643
|
1,839,131
|
Intangible
assets
|
|
|
|
44,758,242
|
|
44,568,406
|
6,308,248
|
Long-term contract
asset
|
|
|
|
11,655,356
|
|
31,940,001
|
4,520,814
|
Deferred tax
assets
|
|
|
|
100,667,946
|
|
135,796,122
|
19,220,694
|
Finance lease
receivables - non-current, net
|
|
|
|
1,448,958,373
|
|
985,507,019
|
139,489,465
|
Other non-current
assets
|
|
|
|
8,415,694
|
|
5,423,466
|
767,642
|
Total non-current
assets
|
|
|
|
3,195,819,329
|
|
2,839,217,968
|
401,865,221
|
TOTAL
ASSETS
|
|
|
|
8,736,574,374
|
|
8,002,165,007
|
1,132,632,944
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
debts
|
|
|
|
1,439,749,760
|
|
807,645,729
|
114,314,833
|
Long-term
debts—current
|
|
|
|
863,418,789
|
|
1,076,453,717
|
152,362,135
|
Accrued expenses and
other current liabilities
|
|
|
|
278,690,234
|
|
164,458,100
|
23,277,535
|
Risk assurance
liabilities
|
|
|
|
259,952,473
|
|
323,552,720
|
45,795,915
|
Income tax
payable
|
|
|
|
67,308,814
|
|
34,701,923
|
4,911,738
|
Total current
liabilities
|
|
|
|
2,909,120,070
|
|
2,406,812,189
|
340,662,156
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Long-term
debts
|
|
|
|
301,667,717
|
|
301,706,773
|
42,703,822
|
Deferred tax
liability
|
|
|
|
12,329,929
|
|
21,120,936
|
2,989,474
|
Other non-current
liabilities
|
|
|
|
21,796,367
|
|
10,818,782
|
1,531,299
|
Total non-current
liabilities
|
|
|
|
335,794,013
|
|
333,646,491
|
47,224,595
|
Total
liabilities
|
|
|
|
3,244,914,083
|
|
2,740,458,680
|
387,886,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
204,260
|
|
204,260
|
28,911
|
Treasury
shares
|
|
|
|
(20,638,881)
|
|
(63,535,448)
|
(8,992,859)
|
Additional paid-in
capital
|
|
|
|
4,526,344,454
|
|
4,564,430,104
|
646,053,149
|
Accumulated other
comprehensive income
|
|
|
|
119,430,738
|
|
142,660,288
|
20,192,253
|
Retained
earnings
|
|
|
|
852,508,968
|
|
617,735,708
|
87,434,815
|
Total Cango
Inc.'s equity
|
|
|
|
5,477,849,539
|
|
5,261,494,912
|
744,716,269
|
Non-controlling
interests
|
|
|
|
13,810,752
|
|
211,415
|
29,924
|
Total
shareholders' equity
|
|
|
|
5,491,660,291
|
|
5,261,706,327
|
744,746,193
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
8,736,574,374
|
|
8,002,165,007
|
1,132,632,944
|
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
|
|
Three months
ended June 30,
|
|
Six months
ended June 30,
|
|
|
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
336,303,754
|
|
274,054,751
|
38,789,932
|
|
687,962,259
|
|
520,052,725
|
73,608,686
|
Loan facilitation
income and other related income
|
|
|
|
222,630,419
|
|
143,604,125
|
20,325,845
|
|
458,941,883
|
|
263,624,306
|
37,313,599
|
Leasing
income
|
|
|
|
71,250,688
|
|
69,275,783
|
9,805,351
|
|
143,640,951
|
|
143,557,538
|
20,319,251
|
After-market services
income
|
|
|
|
35,866,122
|
|
52,472,658
|
7,427,023
|
|
75,662,229
|
|
101,528,861
|
14,370,478
|
Others
|
|
|
|
6,556,525
|
|
8,702,185
|
1,231,713
|
|
9,717,196
|
|
11,342,020
|
1,605,358
|
Operating cost and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
125,824,004
|
|
102,817,046
|
14,552,808
|
|
256,630,454
|
|
193,414,759
|
27,376,082
|
Sales and
marketing
|
|
|
|
44,503,534
|
|
42,437,952
|
6,006,702
|
|
90,050,914
|
|
88,212,181
|
12,485,624
|
General and
administrative
|
|
|
|
53,418,413
|
|
66,040,192
|
9,347,382
|
|
118,182,033
|
|
123,451,858
|
17,473,476
|
Research and
development
|
|
|
|
12,246,050
|
|
12,901,613
|
1,826,105
|
|
25,593,854
|
|
25,458,298
|
3,603,388
|
Net loss on risk
assurance liabilities
|
|
|
|
2,379,706
|
|
(42,928,191)
|
(6,076,091)
|
|
20,230,839
|
|
33,957,484
|
4,806,370
|
Provision for credit
losses
|
|
|
|
13,672,656
|
|
26,119,771
|
3,697,014
|
|
23,695,938
|
|
70,214,542
|
9,938,223
|
Total operation
cost and expense
|
|
|
|
252,044,363
|
|
207,388,383
|
29,353,920
|
|
534,384,032
|
|
534,709,122
|
75,683,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from
operations
|
|
|
|
84,259,391
|
|
66,666,368
|
9,436,012
|
|
153,578,227
|
|
(14,656,397)
|
(2,074,477)
|
Interest and
investment income, net
|
|
|
|
22,704,386
|
|
21,675,128
|
3,067,915
|
|
41,588,934
|
|
50,808,295
|
7,191,447
|
Income from equity
method investments
|
|
|
|
(942,312)
|
|
-
|
-
|
|
(926,205)
|
|
-
|
-
|
Interest
expense
|
|
|
|
(4,712,329)
|
|
(369,637)
|
(52,319)
|
|
(10,006,574)
|
|
(1,736,923)
|
(245,845)
|
Foreign exchange
loss, net
|
|
|
|
1,409,293
|
|
621,774
|
88,006
|
|
122,801
|
|
(3,439,945)
|
(486,893)
|
Other income,
net
|
|
|
|
856,340
|
|
7,317,072
|
1,035,664
|
|
21,593,278
|
|
25,790,703
|
3,650,437
|
Other
expenses
|
|
|
|
(168,717)
|
|
(527,390)
|
(74,647)
|
|
(1,184,660)
|
|
(581,495)
|
(82,305)
|
Net income before
income taxes
|
|
|
|
103,406,052
|
|
95,383,315
|
13,500,631
|
|
204,765,801
|
|
56,184,238
|
7,952,364
|
Income tax
expenses
|
|
|
|
(8,819,437)
|
|
(25,152,250)
|
(3,560,070)
|
|
(35,808,056)
|
|
(20,639,459)
|
(2,921,326)
|
Net
income
|
|
|
|
94,586,615
|
|
70,231,065
|
9,940,561
|
|
168,957,745
|
|
35,544,779
|
5,031,038
|
Less: Net income
attributable to non-controlling interests
|
|
|
|
3,047,624
|
|
-
|
-
|
|
1,200,254
|
|
3,646,196
|
516,086
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Cango Inc.'s
shareholders
|
|
|
|
91,538,991
|
|
70,231,065
|
9,940,561
|
|
167,757,491
|
|
31,898,583
|
4,514,952
|
Earnings per ADS
attributable to ordinary
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
0.60
|
|
0.47
|
0.07
|
|
1.11
|
|
0.21
|
0.03
|
Diluted
|
|
|
|
0.60
|
|
0.47
|
0.07
|
|
1.11
|
|
0.21
|
0.03
|
Weighted average
ADS used to compute earnings
per ADS attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
151,404,946
|
|
150,605,540
|
150,605,540
|
|
151,404,946
|
|
150,789,465
|
150,789,465
|
Diluted
|
|
|
|
151,404,946
|
|
150,819,440
|
150,819,440
|
|
151,404,946
|
|
151,899,153
|
151,899,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive (loss) income, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on
available-for-sale securities
|
|
|
|
(108,594)
|
|
-
|
-
|
|
(146,801)
|
|
-
|
-
|
Reclassification of
losses to net income
|
|
|
|
(276,843)
|
|
-
|
-
|
|
(276,843)
|
|
-
|
-
|
Foreign currency
translation adjustment
|
|
|
|
31,329,909
|
|
(5,444,800)
|
(770,661)
|
|
(10,639,143)
|
|
23,229,550
|
3,287,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income (loss)
|
|
|
|
125,531,087
|
|
64,786,265
|
9,169,900
|
|
157,894,958
|
|
58,774,329
|
8,318,967
|
Total
comprehensive income (loss) attributable to
Cango Inc.'s shareholders
|
|
|
|
122,483,463
|
|
64,786,265
|
9,169,900
|
|
156,694,704
|
|
55,128,133
|
7,802,881
|
CANGO INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data
|
|
|
|
Three months
ended June 30,
|
|
Six months
ended June 30,
|
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
94,586,615
|
|
70,231,065
|
9,940,561
|
|
168,957,745
|
|
35,544,779
|
5,031,038
|
|
|
|
|
|
|
|
|
|
|
|
Add: Share-based
compensation expenses
|
|
22,273,101
|
|
22,096,880
|
3,127,610
|
|
37,550,563
|
|
45,415,178
|
6,428,101
|
Cost of
revenue
|
|
913,198
|
|
905,973
|
128,232
|
|
1,539,574
|
|
1,862,024
|
263,552
|
Sales and
marketing
|
|
4,744,170
|
|
4,706,635
|
666,181
|
|
7,998,269
|
|
9,673,432
|
1,369,185
|
General and
administrative
|
|
15,457,530
|
|
15,335,232
|
2,170,561
|
|
26,060,087
|
|
31,518,128
|
4,461,101
|
Research
and development
|
|
1,158,203
|
|
1,149,040
|
162,636
|
|
1,952,633
|
|
2,361,594
|
334,262
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income
|
|
116,859,716
|
|
92,327,945
|
13,068,171
|
|
206,508,308
|
|
80,959,957
|
11,459,139
|
Less: Net income
attributable to non-controlling interests
|
|
3,047,624
|
|
-
|
-
|
|
1,200,254
|
|
3,646,196
|
516,086
|
Net income
attributable to Cango Inc.'s shareholders
|
|
113,812,092
|
|
92,327,945
|
13,068,171
|
|
205,308,054
|
|
77,313,761
|
10,943,053
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income per ADS-basic
|
|
0.75
|
|
0.61
|
0.09
|
|
1.36
|
|
0.51
|
0.07
|
Non-GAAP adjusted
net income per ADS-diluted
|
|
0.75
|
|
0.61
|
0.09
|
|
1.36
|
|
0.51
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ADS outstanding—basic
|
|
151,404,946
|
|
150,605,540
|
150,605,540
|
|
151,404,946
|
|
150,789,465
|
150,789,465
|
Weighted average
ADS outstanding—diluted
|
|
151,404,946
|
|
150,819,440
|
150,819,440
|
|
151,404,946
|
|
151,899,153
|
151,899,153
|
View original
content:http://www.prnewswire.com/news-releases/cango-inc-reports-second-quarter-2020-unaudited-financial-results-301117315.html
SOURCE Cango Inc.