SHANGHAI, March 27, 2019 /PRNewswire/ -- Cango, Inc. (NYSE:
CANG) ("Cango" or the "Company"), a leading automotive transaction
service platform in China, today
announced its unaudited financial results for the fourth quarter
and the full year of 2018.
Fourth Quarter 2018 Financial and Operational
Highlights
- Total revenues in the fourth quarter of 2018 were RMB321.1million (US$46.7
million), representing an increase of 12.6% from the third
quarter of 2018, outperforming the high end of the management
guidance by 8.8%.
- The number of dealers covered by the Company stood at 46,565 as
of December 31, 2018, representing an
increase of 5% from the end of third quarter of 2018.
- M1+ and M3+ overdue ratios for all financing transactions which
the Company facilitated and remained outstanding were 0.74% and
0.37%, respectively as of December 31,
2018, as compared to 0.83% and 0.36%, respectively as of
September 30, 2018.
- After-market services facilitation revenues in the fourth
quarter of 2018 increased to RMB43
million (US$6.3 million) from
RMB39 million in the third quarter of
2018, continuing to contribute stable revenues.
Full Year 2018 Financial and Operational Highlights
- Total revenues in the full year of 2018 were RMB1,091.4 million (US$158.7 million), representing a year-over-year
increase of 3.7%.
- The number of dealers covered by the Company increased to
46,565 as of December 31, 2018,
representing a year-over-year increase of 34.4%.
- M1+ and M3+ overdue ratios for all financing transactions which
the Company facilitated and remained outstanding were 0.74% and
0.37%, respectively as of December 31,
2018, as compared to 0.86% and 0.34% respectively as of
December 31, 2017.
- After-market services facilitation revenues in the full year of
2018 were RMB101 million
(US$14.6 million), representing a
year-over-year increase of 283% and becoming a sustainable source
of revenue for the Company.
Recent Developments
The strategic cooperation with Industrial and Commercial Bank of
China ("ICBC") and Didi Chuxing
("Didi") has continued to make substantial progress. Following the
completion of system integration with ICBC in the third quarter,
the Company has begun negotiating with a number of major domestic
OEMs on the joint launch of customized OEM-subsidized products
nationwide once we reach commercial agreements.
As to the cooperation with Didi, the Company facilitated over
100 auto transactions for licensed Didi drivers across 7 cities
within the last two months of 2018, and provided them with
comprehensive solutions including finance and insurance. In
addition, Didi has provided to its users and drivers with car
purchase intensions the access to Cango services via its mobile
app, thus providing the Company with new car sales facilitation
business development opportunities.
The Company has successfully completed the acquisition of a
licensed insurance brokerage firm. With the acquisition, the
Company substantially augments its bundled solutions for insurance
facilitation, and gains significant momentum to expand its
offerings from accident insurance, anti-theft assurance to higher
value-added products such as car insurance and health insurance,
thus culturing our after-market services business into an important
engine to drive our future growth.
"We concluded an eventful 2018 with a solid performance in the
fourth quarter," commented Mr. Jiayuan
Lin, Chief Executive Officer of Cango. "Our total revenues
continued its sequential growth, reaching RMB321.1 million in the fourth quarter of 2018,
which further demonstrated the resilience of our business model
despite a challenging macroeconomic environment in China. Such growth was driven by our effort to
consistently optimize the quality and efficiency of our automotive
financing facilitation service offerings, as well as maintain a
satisfying attach rate of our after-market services by successfully
executing our cross-selling strategies."
Mr. Lin continued, "Going forward, we will remain committed to
strengthening our core competencies by expanding and penetrating
our nationwide dealership network while improving its efficiency,
accelerating the development of our after-market services business
to unlock the full monetization potential, and deepening
collaborations with our partners to further diversify our revenue
streams. Looking into 2019, we are confident that our leadership in
the Chinese automotive transaction service industry will facilitate
sustainable long-term growth."
Mr. Yongyi Zhang, Chief Financial
Officer of Cango, stated, "The initiatives that we have implemented
to rejuvenate our growth have continued to yield results during the
fourth quarter. Our total revenues increased by 12.6% to
RMB 321.1 million in the fourth
quarter of 2018 from RMB285.2 million
in previous quarter, exceeding the high end of our previous
guidance range. Revenues from after-market services facilitation,
in particular, continued to increase to RMB43 million in the fourth quarter from
RMB39 million in the previous
quarter. To accelerate the growth of our after-market services
facilitation business, we have completed the acquisition of a
licensed insurance brokerage firm. This acquisition will enable us
to expand our after-market service offerings and propel our growth
in the coming quarters."
Fourth Quarter 2018 Financial Results
REVENUES
Total revenues in the fourth quarter of 2018 were RMB321.1million (US$46.7
million), representing an increase of 12.6% from
RMB285.2 million in the third quarter
of 2018, and a 3.2% increase from RMB311.3
million in the corresponding period of 2017. The increase
was primarily driven by the Company's strategies to rejuvenate its
growth and the increased contribution of after-market services
business.
Revenues from after-market services facilitation in the fourth
quarter of 2018 were RMB43 million
(US$6.3 million) compared to
RMB6.4 million in the same period of
last year.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the fourth quarter of 2018
were RMB285.6million (US$41.5million), compared to RMB272.3 million in the corresponding period of
2017. The increase in operating cost and expenses was primarily
attributable to the increases in cost of revenue, as well as
research and development expenses.
- Cost of revenue in the fourth quarter of 2018 increased by 7.1%
to RMB158.8 million (US$23.1million) from RMB
148.2 million in the corresponding period of 2017. Cost of
revenue as a percentage of total revenues in the fourth quarter of
2018 increased to 49.4% from 47.6% in the corresponding period of
2017. The increase was due to a higher average amount of
commissions paid to dealers in each financing transaction.
- Sales and marketing expenses in the fourth quarter of 2018
decreased by 17.8% to RMB47.0 million
(US$6.8million) or 14.6% of total
revenues from RMB57.1 million or
18.3% of total revenues in the corresponding period of 2017. The
higher sales and marketing expenses in the fourth quarter of 2017
was primarily due to higher amounts of year-end bonus to our sales
staff as they met performance targets in 2017.
- General and administrative expenses were RMB52.3 million (US$7.6million) or 16.3% of total revenue in the
fourth quarter of 2018, compared to RMB57.8
million or 18.6% of revenues in the corresponding period of
2017.
- Research and development expenses in the fourth quarter of 2018
increased to RMB19.9 million
(US$2.9 million) from RMB10.2 million in the corresponding period of
2017. Research and development expenses as a percentage of total
revenues in the fourth quarter of 2018 increased to 6.2% from 3.3%
in the corresponding period of 2017, mostly due to the expansion of
the Company's research and development team, as well as increases
in salaries and benefits expenses.
NET INCOME
Net income was RMB 52.0 million
(US$7.6 million) in the fourth
quarter of 2018, compared to RMB29.8
million in the corresponding period of 2017, representing a
year-over-year increase of 74.4%. Non-GAAP adjusted net income was
RMB66.0million (US$9.6 million), compared to RMB29.8 million in the corresponding period of
2017. 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
Net income per ADS was RMB0.37
(US$0.05) in the fourth quarter of
2018, and RMB0.37 (US$0.05) on a diluted basis. Non-GAAP adjusted
net income per ADS was RMB0.46
(US$0.07) in the fourth quarter of
2018, and RMB0.46(US$0.07) on a diluted basis. Each ADS represents
two of the Company's Class A ordinary shares.
BALANCE SHEET
As of December 31, 2018, the
Company had cash and cash equivalents of RMB2,912.9 million (US$423.7million), compared to RMB3,642.8 million as of September 30, 2018.
Full Year 2018 Financial Results
REVENUES
Total revenues increased by 3.7% to RMB1,091.4 million (US$158.7 million) in the full year of 2018 from
RMB1,052.2 million in 2017. The
increase was primarily driven by the Company's strategies to
rejuvenate its growth and the increased contribution of
after-market services business. Revenues from after-market services
facilitation in the full year of 2018 were RMB101 million (US$14.6
million) compared to RMB26
million in 2017.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the full year of 2018 were
RMB 814.7 million (US$118.5 million), compared to RMB582.2 million in 2017. The increase in
operating cost and expenses was primarily attributable to the
increases in cost of revenue, sales and marketing expenses, general
and administrative expenses as well as research and development
expenses.
- Cost of revenue in the full year of 2018 increased by 12.5% to
RMB434.4 million (US$63.2 million) from RMB386.1 million in 2017. Cost of revenue as a
percentage of total revenues in the full year of 2018 increased to
39.8% from 36.7% in 2017. The increase was due to a higher average
amount of commissions paid to dealers in each financing
transaction.
- Sales and marketing expenses in the full year of 2018 increased
to RMB167.2 million (US$24.3 million) from RMB114.1 million in 2017. Sales and marketing
expenses as a percentage of total revenues in the full year of 2018
increased to 15.3% from 10.8% in 2017. The increase was due to the
expansion of the Company's sales personnel to 2,469 as of
December 31, 2018 from 1,691 as of
December 31, 2017.
- General and administrative expenses were RMB 151.1 million (US$22.0
million) or 13.8% of total revenue in the full year of 2018,
compared to RMB101.3 million or 9.6%
of revenues in 2017. The increase was primarily due to increased
administrative staff headcount and compensation, as well as the
share-based compensation expenses.
- Research and development expenses in the full year of 2018
increased to RMB 46.7million
(US$6.8 million) from RMB19.4 million in 2017. Research and development
expenses as a percentage of total revenues in the full year of 2018
increased to 4.3% from 1.8% in 2017, mostly due to the expansion of
the Company's research and development team, as well as increases
in salaries and benefits expenses.
NET INCOME
Net income was RMB306.9 million
(US$44.6 million) in the full year of
2018, compared to RMB349.1 million in
2017. Non-GAAP adjusted net income was RMB340.3 million (US$49.5
million), compared to RMB349.1
million in 2017. 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
Net income per ADS was RMB2.17
(US$0.32) in the full year of 2018,
and RMB2.16 (US$0.31) on a diluted basis. Non-GAAP adjusted
net income per ADS was RMB2.41
(US$ 0.35) in the full year of 2018,
and RMB2.39 (US$ 0.35) on a diluted basis. Each ADS
represents two of the Company's Class A ordinary shares.
Business Outlook
For the first quarter of 2019, the Company expects total
revenues to be between RMB310 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.
Conference Call Information
Cango's management will hold a conference call on Wednesday, March 27, 2019 at 9:00 P.M. Eastern Time or Thursday, March 28, 2019 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
|
China Toll
Free:
|
4001-201-203
|
Hong Kong Toll
Free:
|
800-905-945
|
Conference
ID:
|
Cango Inc.
|
|
The replay will be accessible through March 27, 2019 by dialing the following
numbers:
|
International:
|
+1-412-317-0088
|
United States Toll
Free:
|
+1-877-344-7529
|
Access
Code:
|
10129353
|
|
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
We define "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.
We define "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 is 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 RMB 6.8755 to US$1.00, the noon buying rate in effect on
December 31, 2018 in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ 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
Jenny Tang
Cango Inc.
Tel: +86 21 3183 5088 ext.5521
Email: ir@cangoonline.com
Jack Wang
ICR Inc.
Tel: +1 (646) 405-5056
Email: ir@cangoonline.com
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
As of
December 31,
2017
|
|
As of December
31,
2018
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
803,270,815
|
|
2,912,901,189
|
423,663,906
|
Restricted
Cash
|
10,060,360
|
|
298,900,155
|
43,473,224
|
Short-term
investments
|
62,380,000
|
|
265,869,717
|
38,669,147
|
Accounts receivable,
net
|
85,595,207
|
|
86,513,830
|
12,582,915
|
Financing receivable,
net
|
832,052
|
|
5,420,617
|
788,396
|
Short-term finance
leasing receivable, net
|
-
|
|
1,123,703,618
|
163,435,913
|
Short-term amounts
due from related parties
|
1,253,833
|
|
-
|
-
|
Prepaid expenses and
other current assets
|
144,858,222
|
|
61,272,518
|
8,911,718
|
Total current
assets
|
1,108,250,489
|
|
4,754,581,644
|
691,525,219
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
Restricted
Cash
|
319,352,347
|
|
668,627,618
|
97,247,854
|
Long-term
investments
|
191,002,602
|
|
292,099,059
|
42,484,046
|
Equity method
investments
|
165,659,951
|
|
1,448,416
|
210,663
|
Goodwill
|
-
|
|
145,063,857
|
21,098,663
|
Property and
equipment, net
|
9,751,738
|
|
18,286,218
|
2,659,620
|
Intangible
assets
|
1,701,770
|
|
1,693,407
|
246,296
|
Deferred tax
assets
|
67,774,187
|
|
100,194,993
|
14,572,757
|
Long-term amounts due
from related parties
|
122,383,094
|
|
-
|
-
|
Long-term finance
leasing receivable, net
|
-
|
|
1,282,457,409
|
186,525,694
|
Other non-current
assets
|
10,991,399
|
|
36,687,583
|
5,335,988
|
Total non-current
assets
|
888,617,088
|
|
2,546,558,560
|
370,381,581
|
TOTAL
ASSETS
|
1,996,867,577
|
|
7,301,140,204
|
1,061,906,800
|
|
|
|
|
|
LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short-term
borrowings
|
-
|
|
681,702,116
|
99,149,461
|
Long-term
debts—current
|
-
|
|
445,491,935
|
64,794,115
|
Accrued expenses and
other current liabilities
|
328,522,735
|
|
211,458,501
|
30,755,363
|
Short-term amounts
due to related parties
|
5,525,000
|
|
-
|
-
|
Risk assurance
liabilities
|
129,935,457
|
|
173,210,363
|
25,192,402
|
Income tax
payable
|
62,320,855
|
|
53,517,717
|
7,783,829
|
Total current
liabilities
|
526,304,047
|
|
1,565,380,632
|
227,675,170
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
Long-term
borrowings
|
175,000,000
|
|
472,793,340
|
68,764,939
|
Other non-current
liabilities
|
35,555,908
|
|
7,599,404
|
1,105,290
|
Total non-current
liabilities
|
210,555,908
|
|
480,392,744
|
69,870,229
|
Total
liabilities
|
736,859,955
|
|
2,045,773,376
|
297,545,399
|
|
|
|
|
|
|
|
|
|
|
Mezzanine
equity
|
|
|
|
|
Convertible
Preferred Shares
|
|
|
|
|
Series A-1
|
1,501,153,698
|
|
-
|
-
|
Series A-3
|
307,816,408
|
|
-
|
-
|
Series B
|
2,132,875,970
|
|
-
|
-
|
Series C
|
-
|
|
-
|
-
|
Total mezzanine
equity
|
3,941,846,076
|
|
-
|
-
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
Ordinary
shares
|
83,145
|
|
204,260
|
29,708
|
Series A-2
Convertible Preferred Shares
|
1,450
|
|
-
|
-
|
Additional paid-in
capital
|
4,100,000
|
|
4,444,078,463
|
646,364,404
|
Accumulated other
comprehensive income/(loss)
|
(398,698)
|
|
109,452,996
|
15,919,278
|
Accumulated (deficit)
retained earnings
|
(2,711,414,472)
|
|
698,036,438
|
101,525,188
|
Total Cango Inc.'s
(deficit) equity
|
(2,707,628,575)
|
|
5,251,772,157
|
763,838,578
|
Non-controlling
interests
|
25,790,121
|
|
3,594,671
|
522,823
|
Total
shareholders' (deficit) equity
|
(2,681,838,454)
|
|
5,255,366,828
|
764,361,401
|
TOTAL LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
|
1,996,867,577
|
|
7,301,140,204
|
1,061,906,800
|
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
Three months
ended December 31,
|
|
For the years
ended December 31,
|
|
2017
|
|
2018
|
|
2017
|
2018
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
Revenues
|
311,327,408
|
|
321,136,126
|
46,707,312
|
|
1,052,203,719
|
1,091,414,277
|
158,739,623
|
Operating cost and
expenses:
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
148,222,787
|
|
158,774,653
|
23,092,816
|
|
386,053,922
|
434,351,148
|
63,173,754
|
Sales and
marketing
|
57,086,818
|
|
46,952,207
|
6,828,915
|
|
114,145,319
|
167,244,419
|
24,324,692
|
General and
administrative
|
57,827,099
|
|
52,277,614
|
7,603,464
|
|
101,276,675
|
151,075,936
|
21,973,084
|
Research and
development
|
10,236,313
|
|
19,942,024
|
2,900,447
|
|
19,418,576
|
46,709,014
|
6,793,544
|
Net loss (gain) on
risk assurance liabilities
|
(1,226,135)
|
|
(6,034,709)
|
(877,712)
|
|
(38,866,874)
|
(21,273,866)
|
(3,094,155)
|
Provision for
financing receivables
|
156,124
|
|
13,659,192
|
1,986,647
|
|
156,124
|
36,588,074
|
5,321,515
|
Total operation
cost and expense
|
272,303,006
|
|
285,570,981
|
41,534,577
|
|
582,183,742
|
814,694,725
|
118,492,434
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
39,024,402
|
|
35,565,145
|
5,172,735
|
|
470,019,977
|
276,719,552
|
40,247,189
|
Interest
income
|
6,387,217
|
|
20,096,730
|
2,922,948
|
|
16,164,309
|
61,465,449
|
8,939,779
|
income from equity
method investments
|
700,369
|
|
285,318
|
41,498
|
|
4,855,508
|
42,684,659
|
6,208,226
|
Interest
expense
|
(2,980,347)
|
|
(4,751,027)
|
(691,008)
|
|
(12,993,624)
|
(19,010,616)
|
(2,764,979)
|
Foreign exchange
loss, net
|
(1,058,472)
|
|
764,203
|
111,149
|
|
(25,403,473)
|
1,447,099
|
210,472
|
Other
income
|
215,132
|
|
1,358,496
|
197,585
|
|
16,196,581
|
34,330,156
|
4,993,113
|
Other
expenses
|
(96,268)
|
|
(1,100,741)
|
(160,096)
|
|
(378,846)
|
(1,629,410)
|
(236,988)
|
Net income before
income taxes
|
42,192,033
|
|
52,218,124
|
7,594,811
|
|
468,460,432
|
396,006,889
|
57,596,812
|
Income tax
expenses
|
(12,372,341)
|
|
(200,115)
|
(29,106)
|
|
(119,403,000)
|
(89,082,554)
|
(12,956,520)
|
Net
income
|
29,819,692
|
|
52,018,009
|
7,565,705
|
|
349,057,432
|
306,924,335
|
44,640,292
|
Less: Net income
attributable to the noncontrolling interest shareholders
|
(5,058,215)
|
|
(3,314,668)
|
(482,098)
|
|
8,047,621
|
4,232,270
|
615,557
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Cango Inc.'s shareholders
|
34,877,907
|
|
55,332,677
|
8,047,803
|
|
341,009,811
|
302,692,065
|
44,024,735
|
Less:Accretion of
Series C Preferred Shares
|
-
|
|
-
|
-
|
|
-
|
-
|
-
|
Net income
attributable to Cango Inc.'s ordinary shareholders
|
34,877,907
|
|
55,332,677
|
8,047,803
|
|
341,009,811
|
302,692,065
|
44,024,735
|
Net income per
ADS(Note 1):
|
|
|
|
|
|
|
|
|
Basic
|
0.28
|
|
0.37
|
0.05
|
|
2.70
|
2.17
|
0.32
|
Diluted
|
0.28
|
|
0.37
|
0.05
|
|
2.70
|
2.16
|
0.31
|
ADSs used in net
income per ADS computation (Note 1):
|
|
|
|
|
|
|
|
|
Basic
|
63,574,601
|
|
151,404,946
|
151,404,946
|
|
63,574,601
|
139,578,372
|
139,578,372
|
Diluted
|
126,415,858
|
|
151,404,946
|
151,404,946
|
|
126,415,858
|
140,436,903
|
140,436,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income, net of tax
|
|
|
|
|
|
|
|
|
Unrealized losses on
available-for-sale securities
|
(398,698)
|
|
654,828
|
95,241
|
|
(2,463,956)
|
822,343
|
119,605
|
Reclassification of
losses to net income
|
-
|
|
-
|
-
|
|
2,065,258
|
-
|
-
|
Foreign currency
translation adjustment
|
-
|
|
1,752,329
|
254,866
|
|
-
|
109,029,352
|
15,857,662
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income
|
29,420,994
|
|
54,425,166
|
7,915,812
|
|
348,658,734
|
416,776,030
|
60,617,559
|
Total
comprehensive income attributable to Cango Inc.'s
shareholders
|
34,479,209
|
|
57,739,834
|
8,397,910
|
|
340,611,113
|
412,543,760
|
60,002,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note1: Each ADS
represents two ordinary shares.
|
CANGO INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data
|
|
|
Three months
ended December 31,
|
|
For the
years ended December 31,
|
|
|
2017
|
|
2018
|
|
2017
|
2018
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
29,819,692
|
|
52,018,009
|
7,565,706
|
|
349,057,432
|
306,924,335
|
44,640,293
|
Add: Share-based
compensation expenses
|
|
-
|
|
13,971,836
|
2,032,119
|
|
-
|
33,410,913
|
4,859,416
|
Cost of
revenue
|
|
-
|
|
572,846
|
83,317
|
|
-
|
1,369,848
|
199,236
|
Sales and
marketing
|
|
-
|
|
2,976,001
|
432,841
|
|
-
|
7,116,524
|
1,035,055
|
General and
administrative
|
|
-
|
|
9,696,453
|
1,410,291
|
|
-
|
23,187,170
|
3,372,434
|
Research
and development
|
|
-
|
|
726,537
|
105,670
|
|
-
|
1,737,371
|
252,690
|
|
|
|
|
|
|
|
|
|
|
Less: Purchase of
subsidiary
|
|
|
|
-
|
-
|
|
|
-
|
-
|
income from equity
method investments
|
|
|
|
-
|
-
|
|
|
-
|
-
|
Non-GAAP adjusted
net income
|
|
29,819,692
|
|
65,989,845
|
9,597,825
|
|
349,057,432
|
340,335,248
|
49,499,709
|
Less: Net income
attributable to the noncontrolling interest
shareholders
|
|
(5,058,215)
|
|
(3,314,668)
|
(482,098)
|
|
8,047,621
|
4,232,270
|
615,558
|
Non-GAAP adjusted
net income attributable to Cango Inc.'s shareholders
|
|
34,877,907
|
|
69,304,513
|
10,079,923
|
|
341,009,811
|
336,102,978
|
48,884,151
|
Accretion of
Series C Preferred Shares
|
|
|
|
-
|
-
|
|
|
-
|
-
|
Non-GAAP adjusted
net income attributable to Cango Inc.'s ordinary
shareholders
|
|
34,877,907
|
|
69,304,513
|
10,079,923
|
|
341,009,811
|
336,102,978
|
48,884,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income per ADS-basic (Note 1)
|
|
0.28
|
|
0.46
|
0.07
|
|
2.70
|
2.41
|
0.35
|
Non-GAAP adjusted
net income per ADS-diluted (Note 1)
|
|
0.28
|
|
0.46
|
0.07
|
|
2.70
|
2.39
|
0.35
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ADS outstanding—basic
|
|
63,574,601
|
|
151,404,946
|
151,404,946
|
|
63,574,601
|
139,578,372
|
139,578,372
|
Weighted average
ADS outstanding—diluted
|
|
126,415,858
|
|
151,404,946
|
151,404,946
|
|
126,415,858
|
140,436,903
|
140,436,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note1: Each ADS
represents two ordinary shares.
|
View original
content:http://www.prnewswire.com/news-releases/cango-inc-reports-fourth-quarter-and-full-year-2018-unaudited-financial-results-300819566.html
SOURCE Cango Inc.