SHANGHAI, Aug. 19, 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 second quarter of 2021.
Second Quarter 2021 Financial and Operational
Highlights
- Total revenues were RMB946.7
million (US$146.6 million), a
245.5% increase from RMB274.1 million
in the same period of 2020, meeting the Company's previous guidance
range. The increase was mainly driven by the increased amounts of
both financing transactions the Company facilitated and car trading
transactions in the second quarter of 2021.
- Car trading transactions revenues were RMB522.5 million (US$80.9
million), or 55.2% of total revenues in the second quarter
of 2021.
- Automotive financing facilitation revenues were RMB303.3 million (US$47.0
million), a 111.2% increase from RMB143.6 million in the same period of 2020.
- After-market services facilitation revenues were RMB51.9 million (US$8.0
million), compared to RMB52.5
million in the same period of 2020.
- The amount of financing transactions the Company facilitated in
the second quarter of 2021 was RMB7,789.7
million (US$1,206.5 million).
The total outstanding balance of financing transactions the Company
facilitated was RMB48,637.8 million
(US$7,533.0 million) as of
June 30, 2021.
- M1+ and M3+ overdue ratios for all financing transactions that
remained outstanding and were facilitated by the Company were 1.35%
and 0.69 %, respectively, as of June 30,
2021, compared to 1.23% and 0.54%, respectively, as of
March 31, 2021.
- The number of dealers covered by the Company was 47,740 as of
June 30, 2021, compared to 47,017 as
of March 31, 2021.
Mr. Jiayuan Lin, Chief Executive
Officer of Cango, commented, "We entered the second quarter with a
focus on navigating major challenges primarily associated with the
global chip shortage. We are pleased with our second quarter
performance, and thanks to solid progress in our car trading
transactions business, we delivered a 245.5% year-over-year growth
in total revenues, meeting our previous guidance range. The ongoing
chip supply shortage, which has slowed down production and
consumption in the entire auto industry, impacted our business to a
certain extent and we expect the impact to linger in the second
half of 2021. However, we remain dedicated to advancing key
elements of our strategy and believe our solid business
fundamentals give us considerable flexibility to navigate uncertain
and stressful times. In late May, we launched our B2B service
platform 'Cango Haoche' integrating car information with
transactions, logistics, finance and insurance to directly address
pain points for car dealers in the lower-tier markets. In addition,
we introduced an updated service account of 'Cango Cheshenghuo' on
WeChat also in the second quarter, offering consumers a one-stop
service covering purchases, usage and maintenance of cars. With
'Cango Haoche' and 'Cango Cheshenghuo,' we have empowered B-end car
dealers and served C-end car owners, further enhancing the bond
between dealers, users and us."
"Looking ahead, we expect the impact of the supply chain-related
challenges in the auto market to remain unresolved in the near
term. However, we will closely monitor the situation and adapt
accordingly, while staying true to our original goals and upholding
our commitment to facilitating easy and enjoyable car purchase
experiences for our consumers," Mr. Lin concluded.
Mr. Yongyi Zhang, Chief Financial
Officer of Cango, stated, "Our second quarter financial performance
was in line with our expectations. Total revenues came in at
RMB946.7 million, more than tripling
from a year ago. We also recorded a net income of RMB557.7 million in the second quarter. While
uncertainty stemming from global chip supply chain disruptions are
ongoing, we remain committed to improving our operating efficiency
while continually investing in the business to deliver more value
to our dealers, partners and users. We fully believe that this will
enable us to continue creating value for our shareholders well into
the future."
Second Quarter 2021 Financial Results
REVENUES
Total revenues in the second quarter of 2021 increased by 245.5%
to RMB946.7 million (US$146.6 million) from RMB274.1 million in the same period of 2020.
Revenues from car trading transactions in the second quarter
of 2021 were RMB522.5 million
(US$80.9 million), continuing to
serve as an important revenue contributor. Revenues from automotive
financing facilitation and after-market services facilitation in
the second quarter of 2021 were RMB303.3
million (US$47.0 million) and
RMB51.9 million (US$8.0 million), respectively.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the second quarter of 2021
were RMB933.5 million (US$144.6 million) compared to RMB207.4 million in the same period of 2020. This
was mainly due to the related costs incurred by car trading
transactions business. Primarily as a result of the increase in
revenues from car trading transactions, sales and marketing
expenses, general and administrative expenses and research and
development expenses each decreased as a percentage of total
revenues in the second quarter of 2021, compared to the same period
of 2020.
- Cost of revenue in the second quarter of 2021 increased to
RMB697.8 million (US$108.1 million) from RMB102.8 million in the same period of 2020. As a
percentage of total revenues, cost of revenue in the second quarter
of 2021 was 73.7% compared to 37.5% 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 41.6% in the second quarter of
2021.
- Sales and marketing expenses in the second quarter of 2021 were
RMB60.9 million (US$9.4 million) compared to RMB42.4 million in the same period of 2020. As a
percentage of total revenues, sales and marketing expenses in the
second quarter of 2021 was 6.4% compared to 15.5% in the same
period of 2020.
- General and administrative expenses in the second quarter of
2021 were RMB64.7 million
(US$10.0 million) compared to
RMB66.0 million in the same period of
2020. As a percentage of total revenues, general and administrative
expenses in the second quarter of 2021 was 6.8% compared to 24.1%
in the same period of 2020.
- Research and development expenses in the second quarter of 2021
were RMB15.6 million (US$2.4 million) compared to RMB12.9 million in the same period of 2020. As a
percentage of total revenues, research and development expenses in
the second quarter of 2021 was 1.7% compared to 4.7% in the same
period of 2020.
- Net loss on risk assurance liabilities in the second quarter of
2021 was RMB35.9 million
(US$5.6 million) compared to a net
gain of RMB42.9 million in the same
period of 2020.
INCOME FROM OPERATIONS
Income from operations in the second quarter of 2021 was
RMB13.2 million (US$2.1 million), compared to RMB66.7 million in the same period of 2020.
FAIR VALUE CHANGE OF EQUITY INVESTMENT
Fair value change of equity investment in the second quarter of
2021 was a gain of RMB603.4 million
(US$93.5 million) compared to nil in
the same period of 2020. The gain in the second quarter of 2021 is
mainly due to the investment in Li Auto. As of June 30, 2021, Cango held 8,000,000 American
Depositary Shares of Li Auto. Each American Depositary Share of Li
Auto represents two Class A ordinary shares of Li Auto.
NET INCOME
Primarily due to the fair value change of the Company's
investment in Li Auto, net income in the second quarter of 2021 was
RMB557.7 million (US$86.4 million). Non-GAAP adjusted net income in
the second quarter of 2021 was RMB578.3
million (US$89.6 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 (ADS)
in the second quarter of 2021 were RMB3.85 (US$0.60)
and RMB3.75 (US$0.58). Non-GAAP adjusted basic and diluted
net income per ADS in the second quarter of 2021 were RMB3.99 (US$0.62)
and RMB3.89 (US$0.60). Each ADS represents two Class A
ordinary shares of the Company.
BALANCE SHEET
As of June 30, 2021, the Company
had cash and cash equivalents of RMB1,498.9
million (US$232.2 million),
compared to RMB1,631.0 million as of
March 31, 2021.
As of June 30, 2021, the Company
had short-term investments of RMB3,127.2
million (US$484.3 million),
compared to RMB2,627.6 million as of
March 31, 2021.
Business Outlook
For the third quarter of 2021, 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.
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 third quarter of 2021 financial
results.
Share Repurchase Program
Pursuant to the share repurchase program announced on
March 2, 2021, we had repurchased
5,397,207 American depositary shares ("ADSs") with cash in the
aggregate amount of approximately US$48.4
million up to July 31,
2021.
Conference Call Information
The Company's management will hold a conference call on
Thursday, August 19, 2021, at
9:00 P.M. Eastern Time or
Friday, August 20, 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 August 26, 2021, by dialing the following
numbers:
International:
|
+1-412-317-0088
|
United States Toll
Free:
|
+1-877-344-7529
|
Access
Code:
|
10159690
|
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 RMB6.4566 to US$1.00, the noon buying rate in effect on
June 30, 2021, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ 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$"), except for
number of shares and per share data)
|
|
|
|
|
As of
December 31,
2020
|
|
As of June 30,
2021
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
1,426,899,576
|
|
1,498,947,545
|
232,157,412
|
Restricted cash -
current
|
|
|
|
9,693,008
|
|
34,767,022
|
5,384,726
|
Short-term
investments
|
|
|
|
4,342,356,612
|
|
3,127,171,118
|
484,337,131
|
Accounts receivable,
net
|
|
|
|
141,594,170
|
|
157,050,941
|
24,324,093
|
Finance lease
receivables - current, net
|
|
|
|
2,035,397,525
|
|
1,717,714,853
|
266,040,153
|
Short-term consumer
financing receivables, net
|
|
|
|
23,168
|
|
-
|
-
|
Financing
receivables, net
|
|
|
|
20,105,893
|
|
43,575,286
|
6,748,952
|
Short-term contract
asset
|
|
|
|
364,618,635
|
|
714,635,512
|
110,682,946
|
Prepayments and other
current assets
|
|
|
|
558,360,959
|
|
887,766,346
|
137,497,498
|
Total current
assets
|
|
|
|
8,899,049,546
|
|
8,181,628,623
|
1,267,172,911
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Restricted cash -
non-current
|
|
|
|
878,299,140
|
|
845,590,108
|
130,965,231
|
Goodwill
|
|
|
|
145,063,857
|
|
145,063,857
|
22,467,530
|
Property and
equipment, net
|
|
|
|
10,311,971
|
|
21,032,036
|
3,257,448
|
Intangible
assets
|
|
|
|
44,887,871
|
|
44,683,992
|
6,920,669
|
Long-term contract
asset
|
|
|
|
281,374,110
|
|
474,407,237
|
73,476,325
|
Deferred tax
assets
|
|
|
|
170,951,082
|
|
374,774,207
|
58,045,133
|
Finance lease
receivables - non-current, net
|
|
|
|
1,454,499,864
|
|
1,186,837,807
|
183,817,769
|
Other non-current
assets
|
|
|
|
261,495,158
|
|
427,327,797
|
66,184,648
|
Total non-current
assets
|
|
|
|
3,246,883,053
|
|
3,519,717,041
|
545,134,753
|
TOTAL
ASSETS
|
|
|
|
12,145,932,599
|
|
11,701,345,664
|
1,812,307,664
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
debts
|
|
|
|
355,816,940
|
|
779,104,385
|
120,667,903
|
Long-term
debts—current
|
|
|
|
1,228,783,730
|
|
1,122,603,494
|
173,869,141
|
Accrued expenses and
other current liabilities
|
|
|
|
324,734,202
|
|
352,398,112
|
54,579,517
|
Risk assurance
liabilities
|
|
|
|
460,829,299
|
|
642,664,973
|
99,536,129
|
Income tax
payable
|
|
|
|
87,132,455
|
|
388,784,530
|
60,215,056
|
Total current
liabilities
|
|
|
|
2,457,296,626
|
|
3,285,555,494
|
508,867,746
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Long-term
debts
|
|
|
|
977,791,191
|
|
836,810,348
|
129,605,419
|
Deferred tax
liability
|
|
|
|
330,765,029
|
|
171,705,298
|
26,593,764
|
Other non-current
liabilities
|
|
|
|
4,870,616
|
|
2,479,512
|
384,028
|
Total non-current
liabilities
|
|
|
|
1,313,426,836
|
|
1,010,995,158
|
156,583,211
|
Total
liabilities
|
|
|
|
3,770,723,462
|
|
4,296,550,652
|
665,450,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
204,260
|
|
204,260
|
31,636
|
Treasury
shares
|
|
|
|
(56,419,225)
|
|
(356,910,505)
|
(55,278,398)
|
Additional paid-in
capital
|
|
|
|
4,591,455,557
|
|
4,624,962,530
|
716,315,480
|
Accumulated other
comprehensive income
|
|
|
|
(115,386,427)
|
|
(147,245,016)
|
(22,805,349)
|
Retained
earnings
|
|
|
|
3,955,354,972
|
|
3,283,783,743
|
508,593,338
|
Total Cango
Inc.'s equity
|
|
|
|
8,375,209,137
|
|
7,404,795,012
|
1,146,856,707
|
Total
shareholders' equity
|
|
|
|
8,375,209,137
|
|
7,404,795,012
|
1,146,856,707
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
12,145,932,599
|
|
11,701,345,664
|
1,812,307,664
|
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
|
Three months
ended June 30,
|
|
Six months
ended June 30,
|
|
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
274,054,751
|
|
946,746,211
|
146,632,316
|
|
520,052,725
|
|
2,070,532,922
|
320,684,714
|
Loan facilitation
income and other related income
|
|
|
|
143,604,125
|
|
303,346,685
|
46,982,419
|
|
263,332,523
|
|
715,037,501
|
110,745,207
|
Leasing
income
|
|
|
|
69,275,783
|
|
64,708,395
|
10,022,054
|
|
143,557,538
|
|
137,836,071
|
21,348,089
|
After-market services
income
|
|
|
|
52,472,658
|
|
51,866,024
|
8,033,024
|
|
101,528,861
|
|
114,395,515
|
17,717,609
|
Automobile trading
income
|
|
|
|
6,228,508
|
|
522,544,976
|
80,931,911
|
|
7,601,416
|
|
1,094,109,857
|
169,456,038
|
Others
|
|
|
|
2,473,677
|
|
4,280,131
|
662,908
|
|
4,032,387
|
|
9,153,978
|
1,417,771
|
Operating cost and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
102,817,046
|
|
697,786,112
|
108,073,307
|
|
193,414,759
|
|
1,466,833,661
|
227,183,605
|
Sales and
marketing
|
|
|
|
42,437,952
|
|
60,885,719
|
9,429,997
|
|
88,212,181
|
|
118,729,278
|
18,388,824
|
General and
administrative
|
|
|
|
66,040,192
|
|
64,658,358
|
10,014,304
|
|
123,451,858
|
|
126,048,975
|
19,522,500
|
Research and
development
|
|
|
|
12,901,613
|
|
15,638,883
|
2,422,155
|
|
25,458,298
|
|
29,233,130
|
4,527,635
|
Net (gain) loss on
risk assurance liabilities
|
|
|
|
(42,928,191)
|
|
35,903,834
|
5,560,796
|
|
33,957,484
|
|
57,642,765
|
8,927,727
|
Provision for credit
losses
|
|
|
|
26,119,771
|
|
58,636,181
|
9,081,588
|
|
70,214,542
|
|
99,268,133
|
15,374,676
|
Total operation
cost and expense
|
|
|
|
207,388,383
|
|
933,509,087
|
144,582,147
|
|
534,709,122
|
|
1,897,755,942
|
293,924,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from
operations
|
|
|
|
66,666,368
|
|
13,237,124
|
2,050,169
|
|
(14,656,397)
|
|
172,776,980
|
26,759,747
|
Interest and
investment income
|
|
|
|
21,675,128
|
|
4,128,041
|
639,352
|
|
50,808,295
|
|
22,369,008
|
3,464,518
|
Fair value change of
equity investment
|
|
|
|
-
|
|
603,413,645
|
93,456,873
|
|
-
|
|
156,488,012
|
24,236,907
|
Interest
expense
|
|
|
|
(369,637)
|
|
(234,274)
|
(36,284)
|
|
(1,736,923)
|
|
(813,242)
|
(125,955)
|
Foreign exchange gain
(loss), net
|
|
|
|
621,774
|
|
(938,526)
|
(145,359)
|
|
(3,439,945)
|
|
(735,132)
|
(113,857)
|
Other
income
|
|
|
|
7,317,072
|
|
7,568,769
|
1,172,253
|
|
25,790,703
|
|
11,176,345
|
1,730,995
|
Other
expenses
|
|
|
|
(527,390)
|
|
(193,817)
|
(30,018)
|
|
(581,495)
|
|
(6,479,822)
|
(1,003,597)
|
Net income before
income taxes
|
|
|
|
95,383,315
|
|
626,980,962
|
97,106,986
|
|
56,184,238
|
|
354,782,149
|
54,948,758
|
Income tax
expenses
|
|
|
|
(25,152,250)
|
|
(69,243,099)
|
(10,724,390)
|
|
(20,639,459)
|
|
(70,915,821)
|
(10,983,462)
|
Net
income
|
|
|
|
70,231,065
|
|
557,737,863
|
86,382,596
|
|
35,544,779
|
|
283,866,328
|
43,965,296
|
Less: Net income
attributable to non-controlling interests
|
|
|
|
-
|
|
-
|
-
|
|
3,646,196
|
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Cango Inc.'s shareholders
|
|
|
|
70,231,065
|
|
557,737,863
|
86,382,596
|
|
31,898,583
|
|
283,866,328
|
43,965,296
|
Earnings per ADS
attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
0.47
|
|
3.85
|
0.60
|
|
0.21
|
|
1.93
|
0.30
|
Diluted
|
|
|
|
0.47
|
|
3.75
|
0.58
|
|
0.21
|
|
1.89
|
0.29
|
Weighted average
ADS used to compute earnings per ADS attributable to ordinary
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
150,605,540
|
|
144,829,122
|
144,829,122
|
|
150,789,465
|
|
147,012,155
|
147,012,155
|
Diluted
|
|
|
|
150,819,440
|
|
148,579,948
|
148,579,948
|
|
151,899,153
|
|
150,005,282
|
150,005,282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive (loss) income, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
|
(5,444,800)
|
|
(42,140,854)
|
(6,526,787)
|
|
23,229,550
|
|
(31,858,589)
|
(4,934,267)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income
|
|
|
|
64,786,265
|
|
515,597,009
|
79,855,809
|
|
58,774,329
|
|
252,007,739
|
39,031,029
|
Total
comprehensive income attributable to Cango Inc.'s
shareholders
|
|
|
|
64,786,265
|
|
515,597,009
|
79,855,809
|
|
55,128,133
|
|
252,007,739
|
39,031,029
|
CANGO INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
Three months
ended June 30,
|
|
Six months
ended June 30,
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
70,231,065
|
|
557,737,863
|
86,382,596
|
|
35,544,779
|
|
283,866,328
|
43,965,296
|
|
|
|
|
|
|
|
|
|
|
|
Add: Share-based
compensation expenses
|
|
22,096,880
|
|
20,522,138
|
3,178,474
|
|
45,415,178
|
|
40,433,303
|
6,262,321
|
Cost of
revenue
|
|
905,973
|
|
783,983
|
121,424
|
|
1,862,024
|
|
1,454,657
|
225,298
|
Sales and
marketing
|
|
4,706,635
|
|
4,004,166
|
620,166
|
|
9,673,432
|
|
7,521,055
|
1,164,863
|
General and
administrative
|
|
15,335,232
|
|
14,987,159
|
2,321,215
|
|
31,518,128
|
|
29,678,982
|
4,596,689
|
Research
and development
|
|
1,149,040
|
|
746,830
|
115,669
|
|
2,361,594
|
|
1,778,609
|
275,471
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income
|
|
92,327,945
|
|
578,260,001
|
89,561,070
|
|
80,959,957
|
|
324,299,631
|
50,227,617
|
Less: Net income
attributable to non-controlling interests
|
|
-
|
|
-
|
-
|
|
3,646,196
|
|
-
|
-
|
Net income
attributable to Cango Inc.'s shareholders
|
|
92,327,945
|
|
578,260,001
|
89,561,070
|
|
77,313,761
|
|
324,299,631
|
50,227,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income per ADS-basic
|
|
0.61
|
|
3.99
|
0.62
|
|
0.51
|
|
2.21
|
0.34
|
Non-GAAP adjusted
net income per ADS-diluted
|
|
0.61
|
|
3.89
|
0.60
|
|
0.51
|
|
2.16
|
0.33
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ADS outstanding—basic
|
|
150,605,540
|
|
144,829,122
|
144,829,122
|
|
150,789,465
|
|
147,012,155
|
147,012,155
|
Weighted average
ADS outstanding—diluted
|
|
150,819,440
|
|
148,579,948
|
148,579,948
|
|
151,899,153
|
|
150,005,282
|
150,005,282
|
View original
content:https://www.prnewswire.com/news-releases/cango-inc-reports-second-quarter-2021-unaudited-financial-results-301358959.html
SOURCE Cango Inc.