SHANGHAI, Sept. 3, 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 second quarter of
2019.
Second Quarter 2019 Financial and Operational
Highlights
- Total revenues in the second quarter of 2019 were RMB336.3 million (US$49.0
million), representing a year-over-year increase of 42.3%
and outperforming the high end of the Company's guidance by
6.8%.
- After-market services facilitation revenues in the second
quarter of 2019 were RMB35.9 million
(US$5.2 million), continuing to serve
as an important driver for the Company's revenue growth.
- Income from operations in the second quarter of 2019 increased
by 17.3% to RMB84.3 million
(US$12.3 million) from RMB71.8 million in the corresponding period of
2018.
- Net income in the second quarter of 2019 increased by 46.4% to
RMB94.6 million (US$13.8 million) from RMB64.6 million in the corresponding period of
2018. Non-GAAP net income in the second quarter of 2019 increased
by 66.7% to RMB116.9 million
(US$17.0 million) from RMB70.1 million in the corresponding period of
2018.
- The amount of financing transactions the Company facilitated in
the second quarter of 2019 totaled RMB6,154.8 million (US$896.6 million). The total outstanding balance
of financing transactions the Company facilitated was RMB36,394.0 million (US$5,301.4 million) as of June 30, 2019.
- M1+ and M3+ overdue ratios for all financing transactions that
remained outstanding and were facilitated by the Company were 0.72%
and 0.30%, respectively, as of June 30,
2019, as compared to 0.77% and 0.37%, respectively, as of
March 31, 2019.
- The number of dealers covered by the Company was 48,367 as of
June 30, 2019, as compared to 47,879
as of March 31, 2019.
Mr. Jiayuan Lin, Chief Executive
Officer of Cango, commented, "Despite the continuing macroeconomic
and industry-wide challenges, we maintained our solid growth
trajectory with strong financial and operating performances in the
second quarter of 2019. During the quarter, our core auto loan
facilitation business continued to be a vital growth driver, and we
further expanded and refined our after-market services. In
addition, we achieved significant breakthroughs in our cooperation
with the Industrial and Commercial Bank of China ("ICBC") in relation to our automotive
financing solutions. As a result, our total revenues increased by
42.3% year-over-year to RMB336.3
million in the second quarter of 2019. Going forward, we
will continue to augment our leadership in China's market for automotive financing
services by bolstering our core competencies in auto loan
facilitation services, expanding our dealership network, developing
differentiated products and services, and harnessing our
well-developed capabilities in big data and internet
technologies."
Mr. Yongyi Zhang, Chief Financial
Officer of Cango, stated, "After a strong start in the first
quarter of 2019, we continued to deliver healthy performances in
the second quarter. Our total revenues increased by 42.3%
year-over-year to RMB336.3 million in
the second quarter. Our after-market services facilitation business
continued to serve as an important growth engine, contributing
RMB35.9 million or 10.7% of our total
revenues in the second quarter. Our income from operations and net
income increased by 17.3% and 46.4% in the second quarter,
respectively. Looking ahead, we will continue to invest in
expanding our dealership network, optimizing our service quality
and efficiency, and advancing our technology through innovation. As
we continue to deepen our collaborations with more financial
institutions and original equipment manufacturers, we are confident
that we will sustain our growth despite the persisting industry
challenges."
Second Quarter 2019 Financial Results
REVENUES
Total revenues in the second quarter of 2019 were RMB336.3 million (US$49.0
million), representing a 42.3% increase from RMB236.3 million in the corresponding period of
2018. This increase was primarily driven by the Company's
strategies to rejuvenate growth, increased revenue contribution
from its after-market services business, and a significant increase
in loan facilitation volume from the Company's business partnership
with ICBC.
Revenues from after-market services facilitation in the second
quarter of 2019 were RMB35.9 million
(US$5.2 million), compared to
RMB12.3 million in the same period of
last year.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the second quarter of 2019
were RMB252.0 million (US$36.7 million), compared to RMB164.4 million in the corresponding period of
2018.
- Cost of revenue in the second quarter of 2019 increased by
55.0% to RMB125.8 million
(US$18.3 million) from RMB81.2 million in the corresponding period of
2018. The increase was primarily driven by the Company's business
expansion and was in line with the increase in total revenues in
the second quarter of 2019. Cost of revenue as a percentage
of total revenues in the second quarter of 2019 increased to 37.4%
from 34.4% in the corresponding period of 2018. This was primarily
due to increases in the amount of incentives paid to employees
per individual financing transaction.
- Sales and marketing expenses in the second quarter of 2019
increased by 20.3% to RMB44.5 million
(US$6.5 million) from RMB37.0 million in the corresponding period of
2018. The increase was due to increases in travel expenses as
a result of the Company's business expansion and higher share-based
compensation expenses. Sales and marketing expenses as a percentage
of total revenues in the second quarter of 2019 decreased to 13.2%
from 15.7% in the corresponding period of 2018.
- General and administrative expenses were RMB53.4 million (US$7.8
million), or 15.9% of total revenues, in the second quarter
of 2019, compared to RMB31.4 million,
or 13.3% of total revenue, in the corresponding period of 2018. The
increase was mainly due to higher share-based compensation expenses
in the second quarter of 2019.
- Research and development expenses in the second quarter of 2019
increased by 29.2% to RMB12.3 million
(US$1.8 million) from RMB9.5 million in the corresponding period of
2018. The increase was a result of increased investments in the
Company's research and development projects as it expanded its
business. Research and development expenses as a percentage of
total revenues in the second quarter of 2019 decreased to 3.6% from
4.0% in the corresponding period of 2018.
INCOME FROM OPERATIONS
Income from operations was RMB84.3
million (US$12.3million) in
the second quarter of 2019, representing a year-over-year increase
of 17.3% from RMB71.8 million in the
corresponding period of 2018.
NET INCOME
Net income was RMB94.6 million
(US$13.8 million) in the second
quarter of 2019, representing a year-over-year increase of 46.4%
from RMB64.6 million in the
corresponding period of 2018. Non-GAAP adjusted net income
increased by 66.7% to RMB116.9
million (US$17.0 million) from
RMB70.1 million in the corresponding
period of 2018. 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 2019 were both RMB0.60 (US$0.09).
Non-GAAP adjusted basic and diluted net income per ADS in the
second quarter of 2019 were both RMB0.75 (US$0.11).
Each ADS represents two of the Company's Class A ordinary
shares.
BALANCE SHEET
As of June 30, 2019, the Company
had cash and cash equivalents of RMB1,609.6
million (US$234.5 million),
compared to RMB2,178.0 million as of
March 31, 2019. The change was due to
the fact that the Company invested certain amount of cash in term
deposit over three months for better cash-on-cash return.
Business Outlook
For the third quarter of 2019, the Company expects total
revenues to be between RMB300 million
and RMB325 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
The Company's management will hold a conference call on
Tuesday, September 3, 2019, at
9:00 P.M. Eastern Time or
Wednesday, September 4, 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
|
Mainland China Toll
Free:
|
4001-201-203
|
Hong Kong Toll
Free:
|
800-905-945
|
Conference
ID:
|
Cango Inc.
|
The replay will be accessible through September 10, 2019, by dialing the following
numbers:
International:
|
+1-412-317-0088
|
United States Toll
Free:
|
+1-877-344-7529
|
Access
Code:
|
10134672
|
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 RMB6.8650 to US$1.00, the noon buying rate in effect on
June 28, 2019, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ 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
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$"), except for
number of shares and per share data)
|
|
|
|
|
|
As of
December 31,
2018
|
|
As of June 30,
2019
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
2,912,901,189
|
|
1,609,621,867
|
234,467,861
|
Restricted
Cash
|
|
|
|
298,900,155
|
|
586,789,155
|
85,475,478
|
Short-term
investments
|
|
|
|
265,869,717
|
|
546,167,864
|
79,558,320
|
Accounts receivable,
net
|
|
|
|
86,513,830
|
|
135,437,250
|
19,728,660
|
Financing receivable,
net
|
|
|
|
5,420,617
|
|
7,626,277
|
1,110,892
|
Short-term loan
principal and financing service fee
receivables, net
|
|
|
|
-
|
|
5,759,707
|
838,996
|
Short-term finance
leasing receivable, net
|
|
|
|
1,123,703,618
|
|
1,499,097,355
|
218,368,151
|
Prepaid expenses and
other current assets
|
|
|
|
61,272,518
|
|
78,004,663
|
11,362,660
|
Total current
assets
|
|
|
|
4,754,581,644
|
|
4,468,504,138
|
650,911,018
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Restricted
Cash
|
|
|
|
668,627,618
|
|
805,081,110
|
117,273,286
|
Long-term
investments
|
|
|
|
292,099,059
|
|
441,534,200
|
64,316,708
|
Equity method
investments
|
|
|
|
1,448,416
|
|
-
|
-
|
Goodwill
|
|
|
|
145,063,857
|
|
145,063,857
|
21,130,933
|
Property and
equipment, net
|
|
|
|
18,286,218
|
|
16,720,263
|
2,435,581
|
Intangible
assets
|
|
|
|
1,693,407
|
|
33,776,532
|
4,920,107
|
Deferred tax
assets
|
|
|
|
100,194,993
|
|
81,593,698
|
11,885,462
|
Long-term finance
leasing receivable, net
|
|
|
|
1,282,457,409
|
|
1,577,577,084
|
229,800,012
|
Other non-current
assets
|
|
|
|
36,687,583
|
|
9,493,492
|
1,382,883
|
Total non-current
assets
|
|
|
|
2,546,558,560
|
|
3,110,840,236
|
453,144,972
|
TOTAL
ASSETS
|
|
|
|
7,301,140,204
|
|
7,579,344,374
|
1,104,055,990
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
|
|
660,000,000
|
|
1,110,000,000
|
161,689,731
|
Long-term
debts—current
|
|
|
|
467,194,051
|
|
542,456,711
|
79,017,729
|
Accrued expenses and
other current liabilities
|
|
|
|
211,458,501
|
|
215,035,436
|
31,323,443
|
Risk assurance
liabilities
|
|
|
|
173,210,363
|
|
196,388,309
|
28,607,183
|
Income tax
payable
|
|
|
|
53,517,717
|
|
7,418,417
|
1,080,614
|
Total current
liabilities
|
|
|
|
1,565,380,632
|
|
2,071,298,873
|
301,718,700
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Long-term
borrowings
|
|
|
|
472,793,340
|
|
314,346,370
|
45,789,712
|
Other non-current
liabilities
|
|
|
|
7,599,404
|
|
-
|
-
|
Total non-current
liabilities
|
|
|
|
480,392,744
|
|
314,346,370
|
45,789,712
|
Total
liabilities
|
|
|
|
2,045,773,376
|
|
2,385,645,243
|
347,508,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
204,260
|
|
204,260
|
29,754
|
Additional paid-in
capital
|
|
|
|
4,444,078,463
|
|
4,481,629,026
|
652,822,873
|
Accumulated other
comprehensive income
|
|
|
|
109,452,996
|
|
98,390,209
|
14,332,150
|
Accumulated retained
earnings
|
|
|
|
698,036,438
|
|
611,766,717
|
89,113,869
|
Total Cango Inc.'s
equity
|
|
|
|
5,251,772,157
|
|
5,191,990,212
|
756,298,646
|
Non-controlling
interests
|
|
|
|
3,594,671
|
|
1,708,919
|
248,932
|
Total
shareholders' equity
|
|
|
|
5,255,366,828
|
|
5,193,699,131
|
756,547,578
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
7,301,140,204
|
|
7,579,344,374
|
1,104,055,990
|
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
|
|
Three months
ended June 30,
|
|
Six months
ended June 30,
|
|
|
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
236,287,811
|
|
336,303,754
|
48,988,165
|
|
485,107,011
|
|
687,962,259
|
100,213,002
|
Operating cost and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
81,181,330
|
|
125,824,004
|
18,328,333
|
|
162,037,069
|
|
256,630,454
|
37,382,440
|
Sales and
marketing
|
|
|
|
36,979,636
|
|
44,503,534
|
6,482,671
|
|
71,798,024
|
|
90,050,914
|
13,117,395
|
General and
administrative
|
|
|
|
31,350,545
|
|
53,418,413
|
7,781,269
|
|
58,094,590
|
|
118,182,033
|
17,215,154
|
Research and
development
|
|
|
|
9,481,415
|
|
12,246,050
|
1,783,838
|
|
15,933,541
|
|
25,593,854
|
3,728,165
|
Net loss on risk
assurance liabilities
|
|
|
|
(4,951,451)
|
|
2,379,706
|
346,643
|
|
(1,183,503)
|
|
20,230,839
|
2,946,954
|
Provision for
financing receivables
|
|
|
|
10,402,370
|
|
13,672,656
|
1,991,647
|
|
13,464,113
|
|
23,695,938
|
3,451,703
|
Total operating
cost and expenses
|
|
|
|
164,443,845
|
|
252,044,363
|
36,714,401
|
|
320,143,834
|
|
534,384,032
|
77,841,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
|
71,843,966
|
|
84,259,391
|
12,273,764
|
|
164,963,177
|
|
153,578,227
|
22,371,191
|
Interest
income
|
|
|
|
18,246,042
|
|
22,704,386
|
3,307,267
|
|
26,323,438
|
|
41,588,934
|
6,058,111
|
(Loss) income from
equity method investments
|
|
|
|
937,549
|
|
(942,312)
|
(137,263)
|
|
(1,396,142)
|
|
(926,205)
|
(134,917)
|
Interest
expense
|
|
|
|
(4,712,329)
|
|
(4,712,329)
|
(686,428)
|
|
(9,502,055)
|
|
(10,006,574)
|
(1,457,622)
|
Foreign exchange
loss, net
|
|
|
|
10,045,905
|
|
1,409,293
|
205,287
|
|
7,422,516
|
|
122,801
|
17,888
|
Other
income
|
|
|
|
(975,669)
|
|
856,340
|
124,740
|
|
21,046,154
|
|
21,593,278
|
3,145,416
|
Other
expenses
|
|
|
|
(7,091,835)
|
|
(168,717)
|
(24,576)
|
|
(7,197,923)
|
|
(1,184,660)
|
(172,565)
|
Net income before
income taxes
|
|
|
|
88,293,629
|
|
103,406,052
|
15,062,791
|
|
201,659,165
|
|
204,765,801
|
29,827,502
|
Income tax
expenses
|
|
|
|
(23,677,171)
|
|
(8,819,437)
|
(1,284,696)
|
|
(53,016,212)
|
|
(35,808,056)
|
(5,216,031)
|
Net
income
|
|
|
|
64,616,458
|
|
94,586,615
|
13,778,095
|
|
148,642,953
|
|
168,957,745
|
24,611,471
|
Less: Net
incomeattributable to the noncontrolling
interest shareholders
|
|
|
|
164,843
|
|
3,047,624
|
443,936
|
|
4,099,150
|
|
1,200,254
|
174,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Cango Inc.'s
shareholders
|
|
|
|
64,451,615
|
|
91,538,991
|
13,334,159
|
|
144,543,803
|
|
167,757,491
|
24,436,634
|
Accretion of
Series C Preferred Shares
|
|
|
|
6,991,289
|
|
-
|
-
|
|
6,991,289
|
|
-
|
-
|
Net income
attributable to Cango Inc.'s ordinary
shareholders
|
|
|
|
57,460,326
|
|
91,538,991
|
13,334,159
|
|
137,552,514
|
|
167,757,491
|
24,436,634
|
Net income per ADS
(Note 1):
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
0.44
|
|
0.60
|
0.09
|
|
1.07
|
|
1.11
|
0.16
|
Diluted
|
|
|
|
0.44
|
|
0.60
|
0.09
|
|
1.05
|
|
1.11
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADSs used in net
income per ADS computation
(Note 1):
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
130,053,500
|
|
151,404,946
|
151,404,946
|
|
128,244,728
|
|
151,404,946
|
151,404,946
|
Diluted
|
|
|
|
131,667,341
|
|
151,404,946
|
151,404,946
|
|
130,443,925
|
|
151,404,946
|
151,404,946
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on
available-for-sale securities
|
|
|
|
78,147
|
|
(108,594)
|
(15,818)
|
|
156,131
|
|
(146,801)
|
(21,384)
|
Reclassification of
losses to net income
|
|
|
|
-
|
|
(276,843)
|
(40,327)
|
|
-
|
|
(276,843)
|
(40,327)
|
Foreign currency
translation adjustment
|
|
|
|
43,890,855
|
|
31,329,909
|
4,563,716
|
|
43,890,855
|
|
(10,639,143)
|
(1,549,766)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income
|
|
|
|
108,585,460
|
|
125,531,087
|
18,285,666
|
|
192,689,939
|
|
157,894,958
|
22,999,994
|
Total
comprehensive income attributable to Cango
Inc.'s shareholders
|
|
|
|
108,420,617
|
|
122,483,463
|
17,841,730
|
|
188,590,789
|
|
156,694,704
|
22,825,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: Each ADS
represents two ordinary shares.
|
|
|
|
|
|
|
|
|
|
|
|
|
CANGO INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data
|
|
|
|
Three months
ended June 30,
|
|
Six months
ended June 30,
|
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
64,616,458
|
|
94,586,615
|
13,778,094
|
|
148,642,953
|
|
168,957,745
|
24,611,471
|
Add: Share-based
compensation expenses
|
|
5,467,240
|
|
22,273,101
|
3,244,443
|
|
5,467,240
|
|
37,550,563
|
5,469,856
|
Cost of
revenue
|
|
224,157
|
|
913,198
|
133,022
|
|
224,157
|
|
1,539,574
|
224,264
|
Sales and
marketing
|
|
1,164,522
|
|
4,744,170
|
691,066
|
|
1,164,522
|
|
7,998,269
|
1,165,079
|
General and
administrative
|
|
3,794,264
|
|
15,457,530
|
2,251,643
|
|
3,794,264
|
|
26,060,087
|
3,796,080
|
Research
and development
|
|
284,297
|
|
1,158,203
|
168,711
|
|
284,297
|
|
1,952,633
|
284,433
|
Non-GAAP adjusted
net income
|
|
70,083,698
|
|
116,859,716
|
17,022,537
|
|
154,110,193
|
|
206,508,308
|
30,081,327
|
Less: Net income
attributable to the noncontrolling interest
shareholders
|
|
164,843
|
|
3,047,624
|
443,936
|
|
4,099,150
|
|
1,200,254
|
174,837
|
Non-GAAP adjusted
net income attributable to
Cango Inc.'s shareholders
|
|
69,918,855
|
|
113,812,092
|
16,578,601
|
|
150,011,043
|
|
205,308,054
|
29,906,490
|
Accretion of
Series C Preferred Shares
|
|
6,991,289
|
|
-
|
-
|
|
6,991,289
|
|
-
|
-
|
Non-GAAP adjusted
net income attributable to
Cango Inc.'s ordinary shareholders
|
|
62,927,566
|
|
113,812,092
|
16,578,601
|
|
143,019,754
|
|
205,308,054
|
29,906,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income per ADS-basic (Note 1)
|
|
0.48
|
|
0.75
|
0.11
|
|
1.12
|
|
1.36
|
0.20
|
Non-GAAP adjusted
net income per ADS-diluted (Note 1)
|
|
0.48
|
|
0.75
|
0.11
|
|
1.10
|
|
1.36
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ADS outstanding—basic
|
|
130,053,500
|
|
151,404,946
|
151,404,946
|
|
128,244,728
|
|
151,404,946
|
151,404,946
|
Weighted average
ADS outstanding—diluted
|
|
131,667,341
|
|
151,404,946
|
151,404,946
|
|
130,443,925
|
|
151,404,946
|
151,404,946
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: Each ADS
represents two ordinary shares.
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/cango-inc-reports-second-quarter-2019-unaudited-financial-results-300910147.html
SOURCE Cango Inc.