SHANGHAI, May 31, 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 first quarter of
2021.
First Quarter 2021 Financial and Operational
Highlights
- Total revenues were RMB1,123.8
million (US$171.5 million), a
356.8% increase from RMB246.0 million
in the same period of 2020, outperforming the high end of the
Company's guidance by 7.0%. The increase was mainly driven by the
increased amounts of both financing transactions the Company
facilitated and car trading transactions in the first quarter of
2021.
- Car trading transactions revenues were RMB571.6 million (US$87.2
million), or 50.9% of total revenues in the first quarter of
2021.
- Automotive financing facilitation revenues were RMB411.7 million (US$62.8
million), a 243.0% increase from RMB120.0 million in the same period of 2020.
- After-market services facilitation revenues were RMB62.5 million (US$9.5
million), a 27.5% increase from RMB49.1 million in the same period of 2020.
- The amount of financing transactions the Company facilitated in
the first quarter of 2021 was RMB10,394.9
million (US$1,586.6 million).
The total outstanding balance of financing transactions the Company
facilitated was RMB47,533.6 million
(US$ 7,255.1 million) as of
March 31, 2021.
- M1+ and M3+ overdue ratios for all financing transactions that
remained outstanding and were facilitated by the Company were 1.23%
and 0.54%, respectively, as of March 31,
2021, compared to 0.98% and 0.42%, respectively, as of
December 31, 2020.
- The number of dealers covered by the Company was 47,017 as of
March 31, 2021, compared to 48,487 as
of December 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, "We are pleased with our gradual but
steady progress in recent months as China's economy and auto consumption rebound
from the impact of the Covid-19 pandemic. Our total revenues
increased 356.8% year-over-year to RMB1,123.8 million, exceeding the top end of our
guidance range, as our efforts to deepen our roots across our three
main business lines - car trading transactions, after-market
services facilitation and automotive financing facilitation - paid
off. We are excited to have formed a partnership with Zhengzhou
Nissan in April to develop a new retail model for automotive
transaction in China's lower-tier
markets, and believe this field has immense potential."
"While we are optimistic about China's auto industry in the long run, we
remain mindful of the challenges facing the market at the moment
amid ongoing supply chain uncertainty. We expect that chip shortage
in the automotive industry may persist for a long time, which could
impact our overall business. Concurrently, domestic financial
supply and regulatory environment are also undergoing profound
changes. We will closely watch and actively respond to the
situation, proactively stepping up efforts to cope with any form of
uncertainty and keep pace with the changing industry trends through
continuous product innovations," Mr. Lin concluded.
Mr. Yongyi Zhang, Chief Financial
Officer of Cango, stated, "We are pleased with our solid start to
the year, with first quarter total revenues surging 356.8%
year-over-year to reach a new record high of RMB1.1 billion. Moreover, we also managed to
deliver operating income of RMB159.5
million even as our bottom line was impacted by the
investment loss in Li Auto. Our robust balance sheet positions us
well to navigate ongoing uncertainty in the industry and to support
the development of our new business initiatives. As the definitive
and leading automotive transaction services platform in China, our commitment to delivering long-term
sustainable growth while also improving operational efficiencies
remains paramount. "
First Quarter 2021 Financial Results
REVENUES
Total revenues in the first quarter of 2021 increased by 356.8%
to RMB1,123.8 million (US$171.5 million) from RMB246.0 million in the same period of 2020.
Revenues from car trading transactions in the first quarter of
2021 were RMB571.6 million
(US$87.2 million), continuing to
serve as an important revenue contributor. Revenues from automotive
financing facilitation and after-market services facilitation in
the first quarter of 2021 were RMB411.7
million (US$62.8 million) and
RMB62.5 million (US$9.5 million), respectively.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the first quarter of 2021
were RMB964.2 million (US$147.2 million) compared to RMB327.3 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 first quarter of 2021, compared to the same period
of 2020.
- Cost of revenue in the first quarter of 2021 increased to
RMB769.0 million (US$117.4 million) from RMB90.6 million in the same period of 2020. As a
percentage of total revenues, cost of revenue in the first quarter
of 2021 was 68.4% compared to 36.8% 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 35.6% in the first quarter of
2021.
- Sales and marketing expenses in the first quarter of 2021 were
RMB57.8 million (US$8.8 million) compared to RMB45.8 million in the same period of 2020. As a
percentage of total revenues, sales and marketing expenses in the
first quarter of 2021 was 5.1% compared to 18.6% in the same period
of 2020.
- General and administrative expenses in the first quarter of
2021 were RMB61.4 million
(US$9.4 million) compared to
RMB57.4 million in the same period of
2020. As a percentage of total revenues, general and administrative
expenses in the first quarter of 2021 was 5.5% compared to 23.3% in
the same period of 2020.
- Research and development expenses in the first quarter of 2021
were RMB13.6 million (US$2.1 million) compared to RMB12.6 million in the same period of 2020. As a
percentage of total revenues, research and development expenses in
the first quarter of 2021 was 1.2% compared to 5.1% in the same
period of 2020.
- Net loss on risk assurance liabilities in the first quarter of
2021 was RMB21.7 million
(US$3.3 million) compared to a net
loss of RMB76.9 million in the same
period of 2020. Net loss on risk assurance liabilities in the first
quarter of 2021 was mainly due to an uptick in delinquent loan
balance and default rate since the beginning of 2021.
(LOSS) / INCOME FROM OPERATIONS
Income from operations in the first quarter of 2021 was
RMB159.5 million (US$24.4 million), compared to a loss from
operations of RMB81.3 million in the
same period of 2020.
FAIR VALUE CHANGE OF EQUITY
INVESTMENT
Fair value change of equity investment in the first quarter of
2021 was a loss of RMB446.9 million
(US$68.2 million) compared to nil in
the same period of 2020. The Company's investee, Li Auto Inc. ("Li
Auto"), has been listed on the Nasdaq Global Select Market since
July 30, 2020. As of March 31, 2021, Cango held 10,000,000 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 first quarter of 2021 was
RMB273.9 million (US$41.8 million). Non-GAAP adjusted net loss in
the first quarter of 2021 was RMB254.0
million (US$38.8 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 first quarter of 2021 were RMB1.84 (US$0.28)
each. Non-GAAP adjusted basic and diluted net loss per ADS in the
first quarter of 2021 were RMB1.70
(US$0.26) each. Each ADS represents
two Class A ordinary shares of the Company.
BALANCE SHEET
As of March 31, 2021, the Company
had cash and cash equivalents of RMB1,631.0
million (US$248.9 million),
compared to RMB1,426.9 million as of
December 31, 2020.
As of March 31, 2021, the Company
had short-term investments of RMB2,627.6
million (US$401.0 million),
compared to RMB4,342.4 million as of
December 31, 2020. The decrease was
mainly due to the partial disposal and the change in fair value of
the Company's investment in Li Auto.
Business Outlook
For the second quarter of 2021, the Company expects total
revenues to be between RMB900
million and RMB950 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 second quarter of 2021
financial results.
Conference Call Information
The Company's management will hold a conference call on
Monday, May 31, 2021, at 9:00 P.M. Eastern Time or Tuesday, June 1, 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 June 7, 2021, by dialing the following
numbers:
International:
|
+1-412-317-0088
|
United States Toll
Free:
|
+1-877-344-7529
|
Access
Code:
|
10156923
|
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 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 loss as net 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 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 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 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 loss. Further, the non-GAAP measure may
differ from the non-GAAP information used by other companies,
including peer companies, and therefore their comparability may be
limited.
The Company compensates for these limitations by reconciling the
non-GAAP financial measure to the nearest U.S. GAAP performance
measure, all of which should be considered when evaluating the
Company's performance. The Company encourages you to review its
financial information in its entirety and not rely on a single
financial measure.
Reconciliations of Cango's non-GAAP financial measure to the
most comparable U.S. GAAP measure are included at the end of this
press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars ("US$") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to US$ were made at the rate of RMB6.5518 to US$1.00, the noon buying rate in effect on
March 31, 2021, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ 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
Caesar Cao
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
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$"), except for
number of shares and per share data)
|
|
|
|
As of
December 31,
2020
|
|
As of March
31,
2021
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
1,426,899,576
|
|
1,631,029,223
|
248,943,683
|
Restricted cash -
current
|
|
9,693,008
|
|
63,161,543
|
9,640,334
|
Short-term
investments
|
|
4,342,356,612
|
|
2,627,553,305
|
401,042,966
|
Accounts receivable,
net
|
|
141,594,170
|
|
246,346,954
|
37,599,889
|
Finance lease
receivables - current, net
|
|
2,035,397,525
|
|
1,865,846,758
|
284,783,839
|
Short-term consumer
financing receivables, net
|
|
23,168
|
|
23,168
|
3,536
|
Financing
receivables, net
|
|
20,105,893
|
|
34,831,500
|
5,316,325
|
Short-term contract
asset
|
|
364,618,635
|
|
607,851,324
|
92,776,233
|
Prepaid expenses and
other current assets
|
|
558,360,959
|
|
592,696,764
|
90,463,195
|
Total current
assets
|
|
8,899,049,546
|
|
7,669,340,539
|
1,170,570,000
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted cash -
non-current
|
|
878,299,140
|
|
1,000,612,381
|
152,723,279
|
Goodwill
|
|
145,063,857
|
|
145,063,857
|
22,141,069
|
Property and
equipment, net
|
|
10,311,971
|
|
20,343,702
|
3,105,055
|
Intangible
assets
|
|
44,887,871
|
|
44,780,960
|
6,834,909
|
Long-term contract
asset
|
|
281,374,110
|
|
428,202,215
|
65,356,423
|
Deferred tax
assets
|
|
170,951,082
|
|
325,025,150
|
49,608,527
|
Finance lease
receivables - non-current, net
|
|
1,454,499,864
|
|
1,254,900,144
|
191,535,173
|
Other non-current
assets
|
|
261,495,158
|
|
360,684,094
|
55,051,145
|
Total non-current
assets
|
|
3,246,883,053
|
|
3,579,612,503
|
546,355,580
|
TOTAL
ASSETS
|
|
12,145,932,599
|
|
11,248,953,042
|
1,716,925,580
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
debts
|
|
355,816,940
|
|
560,500,177
|
85,549,036
|
Long-term
debts—current
|
|
1,228,783,730
|
|
1,000,803,759
|
152,752,489
|
Accrued expenses and
other current liabilities
|
|
324,734,202
|
|
360,360,342
|
55,001,727
|
Risk assurance
liabilities
|
|
460,829,299
|
|
591,389,327
|
90,263,642
|
Income tax
payable
|
|
87,132,455
|
|
389,586,197
|
59,462,468
|
Dividend
Payables
|
|
-
|
|
442,232,223
|
67,497,821
|
Total current
liabilities
|
|
2,457,296,626
|
|
3,344,872,025
|
510,527,183
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
debts
|
|
977,791,191
|
|
818,687,238
|
124,956,079
|
Deferred tax
liability
|
|
330,765,029
|
|
149,181,134
|
22,769,488
|
Other non-current
liabilities
|
|
4,870,616
|
|
3,548,531
|
541,612
|
Total non-current
liabilities
|
|
1,313,426,836
|
|
971,416,903
|
148,267,179
|
Total
liabilities
|
|
3,770,723,462
|
|
4,316,288,928
|
658,794,362
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Ordinary
shares
|
|
204,260
|
|
204,260
|
31,176
|
Treasury
shares
|
|
(56,419,225)
|
|
(294,237,184)
|
(44,909,366)
|
Additional paid-in
capital
|
|
4,591,455,557
|
|
4,605,755,320
|
702,975,567
|
Accumulated other
comprehensive income
|
|
(115,386,427)
|
|
(105,104,162)
|
(16,042,028)
|
Retained
earnings
|
|
3,955,354,972
|
|
2,726,045,880
|
416,075,869
|
Total Cango
Inc.'s equity
|
|
8,375,209,137
|
|
6,932,664,114
|
1,058,131,218
|
Non-controlling
interests
|
|
-
|
|
-
|
-
|
Total
shareholders' equity
|
|
8,375,209,137
|
|
6,932,664,114
|
1,058,131,218
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
12,145,932,599
|
|
11,248,953,042
|
1,716,925,580
|
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
Three months
ended March 31,
|
|
|
2020
|
|
2021
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
Revenues
|
|
245,997,974
|
|
1,123,786,711
|
171,523,354
|
Loan facilitation
income and other related income
|
|
120,020,181
|
|
411,690,816
|
62,836,292
|
Leasing
income
|
|
74,281,755
|
|
73,127,676
|
11,161,463
|
After-market services
income
|
|
49,056,203
|
|
62,529,491
|
9,543,864
|
Automobile trading
income
|
|
1,372,908
|
|
571,564,881
|
87,237,840
|
Others
|
|
1,266,927
|
|
4,873,847
|
743,895
|
Operating cost and
expenses:
|
|
|
|
|
|
Cost of
revenue
|
|
90,597,713
|
|
769,047,549
|
117,379,583
|
Sales and
marketing
|
|
45,774,229
|
|
57,843,559
|
8,828,652
|
General and
administrative
|
|
57,411,666
|
|
61,390,617
|
9,370,038
|
Research and
development
|
|
12,556,685
|
|
13,594,247
|
2,074,887
|
Net loss on risk
assurance liabilities
|
|
76,885,675
|
|
21,738,931
|
3,318,009
|
Provision for credit
losses
|
|
44,094,771
|
|
40,631,952
|
6,201,647
|
Total operation
cost and expense
|
|
327,320,739
|
|
964,246,855
|
147,172,816
|
|
|
|
|
|
|
(Loss)/income from
operations
|
|
(81,322,765)
|
|
159,539,856
|
24,350,538
|
Interest and
investment Income, net
|
|
29,133,167
|
|
18,240,967
|
2,784,115
|
Fair value change of
long-term investment
|
|
-
|
|
(446,925,633)
|
(68,214,175)
|
Interest
expense
|
|
(1,367,286)
|
|
(578,968)
|
(88,368)
|
Foreign exchange
(loss)/gain, net
|
|
(4,061,719)
|
|
203,394
|
31,044
|
Other income,
net
|
|
18,473,631
|
|
3,607,576
|
550,624
|
Other
expenses
|
|
(54,105)
|
|
(6,286,005)
|
(959,432)
|
Net loss before
income taxes
|
|
(39,199,077)
|
|
(272,198,813)
|
(41,545,654)
|
Income tax
expenses
|
|
4,512,791
|
|
(1,672,722)
|
(255,307)
|
Net
loss
|
|
(34,686,286)
|
|
(273,871,535)
|
(41,800,961)
|
Less: Net income
attributable to non-controlling interests
|
|
3,646,196
|
|
-
|
-
|
|
|
|
|
|
|
Net loss
attributable to Cango Inc.'s shareholders
|
|
(38,332,482)
|
|
(273,871,535)
|
(41,800,961)
|
Earnings per ADS
attributable to ordinary shareholders:
|
|
|
|
|
|
Basic
|
|
(0.25)
|
|
(1.84)
|
(0.28)
|
Diluted
|
|
(0.25)
|
|
(1.84)
|
(0.28)
|
Weighted average
ADS used to compute earnings per ADS
attributable to ordinary shareholders:
|
|
|
|
|
|
Basic
|
|
150,973,390
|
|
149,219,445
|
149,219,445
|
Diluted
|
|
150,973,390
|
|
149,219,445
|
149,219,445
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income, net of tax
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
28,674,350
|
|
10,282,265
|
1,569,380
|
|
|
|
|
|
|
Total
comprehensive income
|
|
(6,011,936)
|
|
(263,589,270)
|
(40,231,581)
|
Total
comprehensive income attributable to Cango Inc.'s
shareholders
|
|
(9,658,132)
|
|
(263,589,270)
|
(40,231,581)
|
CANGO INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data
|
|
|
|
Three months
ended March 31,
|
|
|
|
2020
|
|
2021
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(34,686,286)
|
|
(273,871,535)
|
(41,800,961)
|
|
|
|
|
|
|
|
|
Add: Share-based
compensation expenses
|
|
23,318,298
|
|
19,911,165
|
3,039,037
|
|
Cost of
revenue
|
|
956,051
|
|
670,674
|
102,365
|
|
Sales and
marketing
|
|
4,966,797
|
|
3,516,889
|
536,782
|
|
General and
administrative
|
|
16,182,896
|
|
14,691,823
|
2,242,410
|
|
Research
and development
|
|
1,212,554
|
|
1,031,779
|
157,480
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net loss
|
|
(11,367,988)
|
|
(253,960,370)
|
(38,761,924)
|
|
Less: Net income
attributable to non-controlling interests
|
|
3,646,196
|
|
-
|
-
|
|
Net loss
attributable to Cango Inc.'s shareholders
|
|
(15,014,184)
|
|
(253,960,370)
|
(38,761,924)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net loss per ADS-basic
|
|
(0.10)
|
|
(1.70)
|
(0.26)
|
|
Non-GAAP adjusted
net loss per ADS-diluted
|
|
(0.10)
|
|
(1.70)
|
(0.26)
|
|
|
|
|
|
|
|
|
Weighted average
ADS outstanding—basic
|
|
150,973,390
|
|
149,219,445
|
149,219,445
|
|
Weighted average
ADS outstanding—diluted
|
|
150,973,390
|
|
149,219,445
|
149,219,445
|
|
View original
content:http://www.prnewswire.com/news-releases/cango-inc-reports-first-quarter-2021-unaudited-financial-results-301302341.html
SOURCE Cango Inc.