SHANGHAI, Nov. 14, 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 third quarter of
2019.
Third Quarter 2019 Financial and Operational
Highlights
- Total revenues in the third quarter of 2019 were RMB351.3 million (US$49.1
million), representing a year-over-year increase of 23.2%
and outperforming the high end of the Company's guidance by
8.1%.
- After-market services facilitation revenues in the third
quarter of 2019 were RMB40.7 million
(US$5.7 million), continuing to serve
as an important driver for the Company's revenue growth.
- Income from operations in the third quarter of 2019 increased
by 17.8% to RMB89.7 million
(US$12.6 million) from RMB76.2 million in the corresponding period of
2018.
- Net income in the third quarter of 2019 increased by 14.9% to
RMB122.1 million (US$17.1million) from RMB106.3 million in the corresponding period of
2018. Non-GAAP net income in the third quarter of 2019 increased by
21.5% to RMB146.0 million
(US$20.4 million) from RMB120.2 million in the corresponding period of
2018.
- The amount of financing transactions the Company facilitated in
the third quarter of 2019 totaled RMB5,769.4
million (US$807.2 million).
The total outstanding balance of financing transactions the Company
facilitated was RMB36,500.5 million
(US$5,106.6 million) as of
September 30, 2019.
- M1+ and M3+ overdue ratios for all financing transactions that
remained outstanding and were facilitated by the Company were 0.85%
and 0.33%, respectively, as of September 30,
2019, as compared to 0.72% and 0.30%, respectively, as of
June 30, 2019.
- The number of dealers covered by the Company continued to grow
sequentially, reaching 49,396 as of September 30, 2019, compared to 48,367 as of
June 30, 2019.
Mr. Jiayuan Lin, Chief Executive
Officer of Cango, commented, "In the face of adverse market
conditions and industry-wide challenges, we remained focused on
executing our growth strategies in the third quarter. Accordingly,
we further expanded our dealership coverage, optimized our service
offerings, and leveraged our industry partnerships to deliver a
robust financial performance. In particular, we continued to hone
our core competencies in the auto financing market through our auto
loan facilitation services. Our burgeoning dealership network and
highly efficient direct coverage model also enabled us to enhance
the operating capacities of our partnered dealers, further
improving both our service quality and efficiency in turn.
Additionally, we focused on accelerating the development of our
after-market services, which have become an integral component of
our long-term growth strategy. Going forward, we expect the
near-term headwinds and macroeconomic slowdown to persist
throughout the first half of 2020. Nonetheless, we are confident in
the strength of the foundation we have built through our leadership
in the auto financing market as well as strategic partnerships with
some of China's largest financial
institutions and original equipment manufacturers (OEMs)."
Mr. Yongyi Zhang, Chief Financial
Officer of Cango, stated, "In the face of difficult macroeconomic
conditions and the contraction of China's auto market, we maintained our strong
growth momentum to deliver solid financial results in the third
quarter of 2019. Our total revenues increased by 23.2% year over
year to RMB351.3 million in the third
quarter. Our after-market services facilitation business continued
to serve as an important growth engine, contributing RMB40.7 million or 11.6% of our total revenues in
the third quarter. More importantly, we also expanded our
profitability as a result of the increased economies of scale as
well as the successful implementation of our cost control
initiatives. Our income from operations and net income increased,
by 17.8% and 14.9% to RMB89.7 million
and RMB122.1 million, respectively,
in the third quarter of 2019. Going forward, we plan to continue
investing in the expansion of our geographic footprint, refinement
of our service offerings, and development of cutting-edge
technology. We will forge ahead and strengthen our ties with
additional financial institutions and OEMs, further propelling our
growth trajectory in spite of the challenging macroeconomic
situation."
Third Quarter 2019 Financial Results
REVENUES
Total revenues in the third quarter of 2019 were RMB351.3 million (US$49.1
million), representing a 23.2% increase from RMB285.2 million in the corresponding period of
2018. Revenues from after-market services facilitation in the third
quarter of 2019 were RMB40.7 million
(US$5.7 million), compared to
RMB39.0 million in the same period of
last year.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the third quarter of 2019
were RMB261.6 million (US$36.6 million), compared to RMB209.0 million in the corresponding period of
2018.
- Cost of revenue in the third quarter of 2019 increased by 10.5%
to RMB125.4 million (US$17.5 million) from RMB113.5 million in the corresponding period of
2018. As a percentage of total revenues, cost of revenue decreased
to 35.7% in the third quarter of 2019 from 39.8% in the
corresponding period of 2018. As a result, the Company's gross
profit margin expanded to 64.3% in the third quarter of 2019 from
60.2% in the corresponding period of 2018, further demonstrating
the increased economies of scale as well as the effectiveness of
the Company's cost control initiatives.
- Sales and marketing expenses in the third quarter of 2019
decreased by 1.9% to RMB47.6 million
(US$6.7 million) from RMB48.5 million in the corresponding period of
2018. As a percentage of total revenues, sales and marketing
expenses decreased to 13.5% in the third quarter of 2019 from 17.0%
in the corresponding period of 2018. The decrease was a result of
the Company's efforts to maintain stable sales and marketing
expenses while growing its revenues concurrently.
- General and administrative expenses were RMB52.3 million (US$7.3
million), or 14.9% of total revenues, in the third quarter
of 2019, compared to RMB40.7 million,
or 14.3% of total revenues, in the corresponding period of 2018.
The increase was mainly due to higher share-based compensation
expenses in the third quarter of 2019.
- Research and development expenses in the third quarter of 2019
increased to RMB13.2 million
(US$1.8 million) from RMB10.8 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 grew its total
revenues. As a percentage of total revenues, research and
development expenses remained stable at 3.8% in the third quarter
of 2019 compared to the corresponding period of 2018.
INCOME FROM OPERATIONS
Income from operations was RMB89.7
million (US$12.6 million) in
the third quarter of 2019, representing a year-over-year increase
of 17.8% from RMB76.2 million in the
corresponding period of 2018.
NET INCOME
Net income was RMB122.1 million
(US$17.1 million) in the third
quarter of 2019, representing a year-over-year increase of 14.9%
from RMB106.3 million in the
corresponding period of 2018. Non-GAAP adjusted net income
increased by 21.5% to RMB146.0
million (US$20.4 million) from
RMB120.2 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 third quarter of 2019 were both RMB0.78 (US$0.11).
Non-GAAP adjusted basic and diluted net income per ADS in the third
quarter of 2019 were both RMB0.94
(US$0.13). Each ADS represents two of
the Company's Class A ordinary shares.
BALANCE SHEET
As of September 30, 2019, the
Company had cash and cash equivalents of RMB1,851.2 million (US$259.0 million), compared to RMB1,609.6 million as of June 30, 2019.
Business Outlook
For the fourth quarter of 2019, the Company expects total
revenues to be between RMB380 million
and RMB400 million. This forecast
reflects the Company's current and preliminary views on the market
and operational conditions, which are subject to change.
Notice of Annual General Meeting
The Company will hold its annual general meeting of shareholders
(the "AGM") at 18F, Building 2, Youyou Century Plaza, 428 Yang Gao
Nan Lu, Shanghai, China, on
December 23, 2019 at 10:00
A.M. Beijing Time. No proposal will be submitted to
shareholders for approval at the AGM. Instead, the AGM will serve
as an open forum for shareholders and holders of the Company's ADSs
to discuss the Company's affairs with management. The chairman of
the AGM will conduct and lead the AGM and may accept questions from
shareholders at his sole and absolute discretion.
The board of directors of the Company has fixed the close of
business on November 25, 2019 (Eastern
Standard Time) as the record date (the "Record Date") for
determining the shareholders entitled to receive notice of and
attend the AGM or any adjournment or postponement thereof.
Holders of record of the ordinary shares, par
value US$0.0001 per share, of the Company (the "Ordinary
Shares"), at the close of business on the Record Date are entitled
to attend the AGM and any adjournment or postponement thereof in
person.
The notice of the annual general meeting is available on the
Company's website at ir.cangoonline.com. The Company filed its
annual report on Form 20-F for the fiscal year ended December
31, 2018, with the U.S. Securities and Exchange
Commission (the "SEC") April 25,
2019, U.S. Eastern Time. The annual report can be accessed
on the Company's investor relations website
at ir.cangoonline.com or the SEC's website
at www.sec.gov. The Company will also provide a hard copy of
its annual report containing its audited consolidated financial
statements, free of charge, to its shareholders and American
Depositary Share holders upon request.
Conference Call Information
The Company's management will hold a conference call on
Thursday, November 14, 2019, at
8:00 P.M. Eastern Time or
Friday, November 15, 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, China Toll
Free:
|
800-905-945
|
Conference
ID:
|
Cango Inc.
|
The replay will be accessible through November 21, 2019, by dialing the following
numbers:
International:
|
+1-412-317-0088
|
United States Toll
Free:
|
+1-877-344-7529
|
Access
Code:
|
10136898
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.cangoonline.com/.
About Cango, Inc.
Cango Inc. (NYSE: CANG) is a leading automotive transaction
service platform in China
connecting dealers, financial institutions, car buyers, and other
industry participants. Founded in 2010 by a group of pioneers in
China's automotive finance
industry, the Company is headquartered in Shanghai and engages car buyers through a
nationwide dealer network. The Company's services primarily consist
of automotive financing facilitation, automotive transaction
facilitation, and after-market services facilitation. By utilizing
its competitive advantages in technology, data insights, and
cloud-based infrastructure, Cango is able to connect its platform
participants while bringing them a premium user experience. Cango's
platform model puts it in a unique position to add value for its
platform participants and business partners as the automotive and
mobility markets in China continue
to grow and evolve. For more information, please visit:
www.cangoonline.com.
Definition of Overdue Ratios
The Company defines "M1+ overdue ratio" as (i) exposure at risk
relating to financing transactions for which any installment
payment is 30 to 179 calendar days past due as of a specified date,
divided by (ii) exposure at risk relating to all financing
transactions which remain outstanding as of such date, excluding
amounts of outstanding principal that are 180 calendar days or more
past due.
The Company defines "M3+ overdue ratio" as (i) exposure at risk
relating to financing transactions for which any installment
payment is 90 to 179 calendar days past due as of a specified date,
divided by (ii) exposure at risk relating to all financing
transactions which remain outstanding as of such date, excluding
amounts of outstanding principal that are 180 calendar days or more
past due.
Use of Non-GAAP Financial Measure
In evaluating the business, the Company considers and uses
Non-GAAP adjusted net income, a non-GAAP measure, as a supplemental
measure to review and assess its operating performance. The
presentation of the non-GAAP financial measure is not intended to
be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with U.S. GAAP.
The Company defines Non-GAAP adjusted net income as net income
excluding share-based compensation expenses. The Company presents
the non-GAAP financial measure because it is used by the management
to evaluate the operating performance and formulate business plans.
Non-GAAP adjusted net income enables the management to assess the
Company's operating results without considering the impact of
share-based compensation expenses, which are non-cash charges. The
Company also believes that the use of the non-GAAP measure
facilitates investors' assessment of its operating performance.
Non-GAAP adjusted net income is not defined under U.S. GAAP and
is not presented in accordance with U.S. GAAP. This non-GAAP
financial measure has limitations as analytical tools. One of the
key limitations of using Non-GAAP adjusted net income is that it
does not reflect all items of expense that affect the Company's
operations. Share-based compensation expenses have been and may
continue to be incurred in the business and are not reflected in
the presentation of Non-GAAP adjusted net income. Further, the
non-GAAP measure may differ from the non-GAAP information used by
other companies, including peer companies, and therefore their
comparability may be limited.
The Company compensates for these limitations by reconciling the
non-GAAP financial measure to the nearest U.S. GAAP performance
measure, all of which should be considered when evaluating the
Company's performance. The Company encourages you to review its
financial information in its entirety and not rely on a single
financial measure.
Reconciliations of Cango's non-GAAP financial measure to the
most comparable U.S. GAAP measure are included at the end of this
press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars ("US$") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to US$ were made at the rate of RMB7.1477 to US$1.00, the noon buying rate in effect on
September 30, 2019, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ 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$"), except for
number of shares and per share data)
|
|
|
|
|
|
As of
December 31,
2018
|
|
As of September
30,
2019
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
2,912,901,189
|
|
1,851,224,670
|
258,995,855
|
Restricted
Cash
|
|
|
|
298,900,155
|
|
610,535,955
|
85,417,121
|
Short-term
investments
|
|
|
|
265,869,717
|
|
461,521,579
|
64,569,243
|
Accounts receivable,
net
|
|
|
|
86,513,830
|
|
173,891,886
|
24,328,369
|
Financing receivable,
net
|
|
|
|
5,420,617
|
|
7,747,866
|
1,083,966
|
Short-term loan
principal, net
|
|
|
|
-
|
|
17,335,171
|
2,425,280
|
Short-term finance
leasing receivable, net
|
|
|
|
1,123,703,618
|
|
1,457,631,421
|
203,930,134
|
Prepaid expenses and
other current assets
|
|
|
|
61,272,518
|
|
95,901,127
|
13,417,061
|
Total current
assets
|
|
|
|
4,754,581,644
|
|
4,675,789,675
|
654,167,029
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Restricted
Cash
|
|
|
|
668,627,618
|
|
812,822,983
|
113,718,117
|
Long-term
investments
|
|
|
|
292,099,059
|
|
573,024,376
|
80,169,058
|
Equity method
investments
|
|
|
|
1,448,416
|
|
-
|
-
|
Goodwill
|
|
|
|
145,063,857
|
|
145,063,857
|
20,295,180
|
Property and
equipment, net
|
|
|
|
18,286,218
|
|
15,607,057
|
2,183,508
|
Intangible
assets
|
|
|
|
1,693,407
|
|
34,163,538
|
4,779,655
|
Deferred tax
assets
|
|
|
|
100,194,993
|
|
86,202,225
|
12,060,135
|
Long-term finance
leasing receivable, net
|
|
|
|
1,282,457,409
|
|
1,517,138,233
|
212,255,443
|
Other non-current
assets
|
|
|
|
36,687,583
|
|
9,128,673
|
1,277,148
|
Total non-current
assets
|
|
|
|
2,546,558,560
|
|
3,193,150,942
|
446,738,244
|
TOTAL
ASSETS
|
|
|
|
7,301,140,204
|
|
7,868,940,617
|
1,100,905,273
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
|
|
660,000,000
|
|
1,110,000,000
|
155,294,710
|
Long-term
debts-current
|
|
|
|
467,194,051
|
|
736,392,574
|
103,025,109
|
Accrued expenses and
other current liabilities
|
|
|
|
211,458,501
|
|
177,268,347
|
24,800,754
|
Risk assurance
liabilities
|
|
|
|
173,210,363
|
|
202,952,134
|
28,394,048
|
Income tax
payable
|
|
|
|
53,517,717
|
|
39,803,161
|
5,568,667
|
Total current
liabilities
|
|
|
|
1,565,380,632
|
|
2,266,416,216
|
317,083,288
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Long-term
borrowings
|
|
|
|
472,793,340
|
|
230,173,405
|
32,202,443
|
Other non-current
liabilities
|
|
|
|
7,599,404
|
|
-
|
-
|
Total non-current
liabilities
|
|
|
|
480,392,744
|
|
230,173,405
|
32,202,443
|
Total
liabilities
|
|
|
|
2,045,773,376
|
|
2,496,589,621
|
349,285,731
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
204,260
|
|
204,260
|
28,577
|
Treasury
shares
|
|
|
|
-
|
|
(20,638,881)
|
(2,887,486)
|
Additional paid-in
capital
|
|
|
|
4,444,078,463
|
|
4,505,539,185
|
630,348,110
|
Accumulated other
comprehensive income
|
|
|
|
109,452,996
|
|
152,281,596
|
21,304,979
|
Accumulated retained
earnings
|
|
|
|
698,036,438
|
|
729,406,743
|
102,047,756
|
Total Cango Inc.'s
equity
|
|
|
|
5,251,772,157
|
|
5,366,792,903
|
750,841,936
|
Non-controlling
interests
|
|
|
|
3,594,671
|
|
5,558,093
|
777,606
|
Total
shareholders' equity
|
|
|
|
5,255,366,828
|
|
5,372,350,996
|
751,619,542
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
7,301,140,204
|
|
7,868,940,617
|
1,100,905,273
|
|
|
|
|
-
|
|
-
|
-
|
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
|
|
Three months
ended September 30,
|
|
Nine months
ended September 30,
|
|
|
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
285,171,140
|
|
351,290,100
|
49,147,292
|
|
770,278,151
|
|
1,039,252,359
|
145,396,751
|
Operating cost and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
113,539,426
|
|
125,416,378
|
17,546,396
|
|
275,576,495
|
|
382,046,832
|
53,450,317
|
Sales and
marketing
|
|
|
|
48,494,188
|
|
47,576,811
|
6,656,241
|
|
120,292,212
|
|
137,627,725
|
19,254,827
|
General and
administrative
|
|
|
|
40,703,732
|
|
52,318,827
|
7,319,673
|
|
98,798,322
|
|
170,500,860
|
23,853,947
|
Research and
development
|
|
|
|
10,833,449
|
|
13,181,083
|
1,844,101
|
|
26,766,990
|
|
38,774,937
|
5,424,813
|
Net (gain) loss on
risk assurance liabilities
|
|
|
|
(14,055,654)
|
|
7,489,058
|
1,047,758
|
|
(15,239,157)
|
|
27,719,897
|
3,878,156
|
Provision for
financing receivables
|
|
|
|
9,464,769
|
|
15,577,884
|
2,179,426
|
|
22,928,882
|
|
39,273,822
|
5,494,610
|
Total operating
cost and expenses
|
|
|
|
208,979,910
|
|
261,560,041
|
36,593,595
|
|
529,123,744
|
|
795,944,073
|
111,356,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
|
76,191,230
|
|
89,730,059
|
12,553,697
|
|
241,154,407
|
|
243,308,286
|
34,040,081
|
Interest and
investment Income, net
|
|
|
|
15,045,281
|
|
41,110,413
|
5,751,558
|
|
41,368,719
|
|
82,699,347
|
11,570,064
|
Income (Loss) from
equity method investments
|
|
|
|
43,795,483
|
|
-
|
-
|
|
42,399,341
|
|
(926,205)
|
(129,581)
|
Interest
expense
|
|
|
|
(4,757,534)
|
|
(3,288,553)
|
(460,085)
|
|
(14,259,589)
|
|
(13,295,127)
|
(1,860,057)
|
Foreign exchange
(loss) gain, net
|
|
|
|
(6,739,620)
|
|
1,964,457
|
274,838
|
|
682,896
|
|
2,087,258
|
292,018
|
Other
income
|
|
|
|
11,925,506
|
|
17,304,702
|
2,421,017
|
|
32,971,660
|
|
38,897,980
|
5,442,028
|
Other
expenses
|
|
|
|
6,669,254
|
|
(300,706)
|
(42,070)
|
|
(528,669)
|
|
(1,485,366)
|
(207,810)
|
Net income before
income taxes
|
|
|
|
142,129,600
|
|
146,520,372
|
20,498,955
|
|
343,788,765
|
|
351,286,173
|
49,146,743
|
Income tax
expenses
|
|
|
|
(35,866,227)
|
|
(24,388,408)
|
(3,412,064)
|
|
(88,882,439)
|
|
(60,196,464)
|
(8,421,795)
|
Net
income
|
|
|
|
106,263,373
|
|
122,131,964
|
17,086,891
|
|
254,906,326
|
|
291,089,709
|
40,724,948
|
Less: Net
incomeattributable to the noncontrolling
interest shareholders
|
|
|
|
3,447,788
|
|
4,491,935
|
628,445
|
|
7,546,938
|
|
5,692,189
|
796,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Cango Inc.'s shareholders
|
|
|
|
102,815,585
|
|
117,640,029
|
16,458,446
|
|
247,359,388
|
|
285,397,520
|
39,928,581
|
Accretion of
Series C Preferred Shares
|
|
|
|
(6,991,289)
|
|
-
|
-
|
|
-
|
|
-
|
-
|
Net income
attributable to Cango Inc.'s ordinary
shareholders
|
|
|
|
109,806,874
|
|
117,640,029
|
16,458,446
|
|
247,359,388
|
|
285,397,520
|
39,928,581
|
Net income per
ADS(Note 1):
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
0.73
|
|
0.78
|
0.11
|
|
1.82
|
|
1.89
|
0.26
|
Diluted
|
|
|
|
0.73
|
|
0.78
|
0.11
|
|
1.80
|
|
1.89
|
0.26
|
ADSs used in net
income per ADS computation
(Note 1):
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
150,049,511
|
|
151,057,825
|
151,057,825
|
|
135,592,860
|
|
151,287,968
|
151,287,968
|
Diluted
|
|
|
|
150,049,511
|
|
151,057,825
|
151,057,825
|
|
137,062,696
|
|
151,287,968
|
151,287,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain
(loss) on available-for-sale securities
|
|
|
|
11,384
|
|
-
|
-
|
|
167,515
|
|
(146,801)
|
(20,538)
|
Reclassification of
losses to net income
|
|
|
|
-
|
|
-
|
-
|
|
-
|
|
(276,843)
|
(38,732)
|
Foreign currency
translation adjustment
|
|
|
|
63,386,168
|
|
53,891,387
|
7,539,682
|
|
107,277,023
|
|
43,252,244
|
6,051,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income
|
|
|
|
169,660,925
|
|
176,023,351
|
24,626,573
|
|
362,350,864
|
|
333,918,309
|
46,716,889
|
Total
comprehensive income attributable to Cango
Inc.'s shareholders
|
|
|
|
166,213,137
|
|
171,531,416
|
23,998,128
|
|
354,803,926
|
|
328,226,120
|
45,920,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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$"), except for
number of shares and per share data
|
|
|
|
Three months
ended September 30,
|
|
Nine months
ended September 30,
|
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
106,263,373
|
|
122,131,964
|
17,086,890
|
|
254,906,326
|
|
291,089,709
|
40,724,948
|
Add: Share-based
compensation expenses
|
|
13,971,837
|
|
23,910,159
|
3,345,154
|
|
19,439,077
|
|
61,460,722
|
8,598,671
|
Cost of
revenue
|
|
572,846
|
|
980,317
|
137,151
|
|
797,003
|
|
2,519,891
|
352,546
|
Sales and
marketing
|
|
2,976,001
|
|
5,092,863
|
712,518
|
|
4,140,523
|
|
13,091,132
|
1,831,517
|
General and
administrative
|
|
9,696,453
|
|
16,593,648
|
2,321,537
|
|
13,490,717
|
|
42,653,735
|
5,967,477
|
Research
and development
|
|
726,537
|
|
1,243,330
|
173,948
|
|
1,010,834
|
|
3,195,963
|
447,132
|
Non-GAAP adjusted
net income
|
|
120,235,210
|
|
146,042,123
|
20,432,044
|
|
274,345,403
|
|
352,550,431
|
49,323,619
|
Less: Net income
attributable to the noncontrolling interest
shareholders
|
|
3,447,788
|
|
4,491,935
|
628,445
|
|
7,546,938
|
|
5,692,189
|
796,367
|
Net income
attributable to Cango Inc.'s shareholders
|
|
116,787,422
|
|
141,550,188
|
19,803,599
|
|
266,798,465
|
|
346,858,242
|
48,527,252
|
Accretion of
Series C Preferred Shares
|
|
(6,991,289)
|
|
-
|
-
|
|
-
|
|
-
|
-
|
Net income
attributable to Cango Inc.'s ordinary shareholders
|
|
123,778,711
|
|
141,550,188
|
19,803,599
|
|
266,798,465
|
|
346,858,242
|
48,527,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income per ADS-basic (Note 1)
|
|
0.82
|
|
0.94
|
0.13
|
|
1.97
|
|
2.29
|
0.32
|
Non-GAAP adjusted
net income per ADS-diluted (Note 1)
|
|
0.82
|
|
0.94
|
0.13
|
|
1.95
|
|
2.29
|
0.32
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ADS outstanding-basic
|
|
150,049,511
|
|
151,057,825
|
151,057,825
|
|
135,592,860
|
|
151,287,968
|
151,287,968
|
Weighted average
ADS outstanding-diluted
|
|
150,049,511
|
|
151,057,825
|
151,057,825
|
|
137,062,696
|
|
151,287,968
|
151,287,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: Each ADS
represents two ordinary shares.
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/cango-inc-reports-third-quarter-2019-unaudited-financial-results-and-issues-notice-of-annual-general-meeting-300958247.html
SOURCE Cango Inc.