SHANGHAI, May 27, 2020 /PRNewswire/ -- Cango, Inc. (NYSE:
CANG) ("Cango" or the "Company"), a leading automotive transaction
service platform in China, today
announced its unaudited financial results for the first quarter of
2020.
First Quarter 2020 Financial and Operational
Highlights
- Total revenues were RMB246.0
million (US$34.7 million)
compared with RMB351.7 million in the
same period of 2019, mainly due to the worldwide outbreak of the
COVID-19 pandemic, which has severely disrupted the domestic
automotive industry.
- After-market services facilitation revenues increased to
RMB49.1 million (US$6.9 million), or 19.9% of total revenues in
the first quarter of 2020, continuing to serve as an important
driver for the Company's revenue growth.
- The amount of financing transactions the Company facilitated in
the first quarter of 2020 was RMB4,431.6
million (US$625.9 million).
The total outstanding balance of financing transactions the Company
facilitated was RMB38,635.7 million
(US$5,456.4 million) as of
March 31, 2020.
- M1+ and M3+ overdue ratios for all financing transactions that
remained outstanding and were facilitated by the Company were 2.00%
and 0.56%, respectively, as of March 31,
2020, as compared to 0.85% and 0.40%, respectively, as of
December 31, 2019.
- The number of dealers covered by the Company was 45,688 as of
March 31, 2020, compared to 49,238 as
of December 31, 2019. The decrease
was a result of Cango's efforts to optimize the efficiency of its
dealership network by removing certain dealers that failed to meet
the Company's standards for operating risks and/or transaction
referral capabilities.
Mr. Jiayuan Lin, Chief Executive
Officer of Cango, commented, "In line with our previous
expectations, China's auto
industry was severely disrupted by the COVID-19 pandemic in the
first quarter of 2020. As a result of these headwinds during the
period, our total revenues decreased and we experienced an uptick
in delinquency rates, and dealers across the country encountered a
series of business challenges while they slowly began to resume
their operations. To overcome these challenges, we proactively
implemented a number of countermeasures to keep our overall asset
quality at a manageable level and provide dealers with the
assistance they need to the greatest extent possible. Moreover, we
also remain committed to bolstering our core auto loan facilitation
and after-market services businesses, while enhancing our key
strategic partnerships to secure our long-term growth prospects.
Importantly, as we continue to accelerate the development of our
after-market services, this segment is expected to become a key
growth driver for our overall business.
"Looking ahead, we plan on regaining the growth momentum of our
business by augmenting our existing business lines, executing
online sales and marketing initiatives, and refining our operating
efficiency. We believe that 2020 will be a year of change and
consolidation for the auto industry, bringing opportunities as well
as challenges. We have witnessed a slower recovery in lower tier
cities and expect these markets to gradually restore the growth
level seen before the pandemic in the second half of this year.
Nonetheless, we believe the strengths of our business model, which
covers the entire auto transaction chain, will enable us to weather
the current challenging environment. By leveraging our competitive
advantages, empowering other industry participants, and helping
cultivate the development of the entire auto industry value chain,
we will continue to strengthen the foundation for our lasting
growth and the generation of long-term shareholder value."
Mr. Yongyi Zhang, Chief Financial
Officer of Cango, stated, "Severely impacted by the COVID-19
outbreak, we generated RMB246.0
million in total revenue in the first quarter of 2020,
decreasing 30.0% from same period of last year, though
outperforming the high end of our previous guidance by 17.1%. In
the meantime, we saw a significant increase in net loss on risk
assurance liabilities mainly due to an uptick in delinquent loan
balance and default rate, as well as increased loss given default
ratio, which were in turn due to the impacts of the pandemic.
Despite the disruptions, we remain focused on improving our
operating efficiency with gross margin maintained at a healthy
level in the first quarter. For the remainder of 2020, we will
continue to focus on optimizing our operating efficiency by
utilizing our platform's network effects to further augment our
negotiating leverage and maintain our commitment to implementing
effective cost control measures. Additionally, we will not slow
down in our efforts to enhance our R&D capabilities, develop
new business initiatives, and drive technical innovation forward.
We are confident that the allocation of resources towards these
areas will help to further bolster our long-term outlook, enabling
us to navigate through the current market uncertainty."
First Quarter 2020 Financial Results
REVENUES
Total revenues in the first quarter of 2020 were RMB246.0 million (US$34.7
million) compared to RMB351.7
million in the same period of 2019. Revenues from
after-market services facilitation in the first quarter of 2020
increased by 23.3% to RMB49.1 million
(US$6.9 million) from RMB39.8 million in the same period of 2019, and
the increase was primarily due to the Company's efforts to
cross-sell insurance facilitation services.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the first quarter of 2020
were RMB327.3 million (US$46.2 million) compared to RMB282.3 million in the same period of 2019. The
increase in operating cost and expenses was due to the significant
increase in net loss on risk assurance liabilities mainly caused by
the COVID-19 pandemic.
- Cost of revenue in the first quarter of 2020 decreased by 30.7%
to RMB90.6 million (US$12.8 million) from RMB130.8 million in the same period of 2019,
which was primarily due to a decrease in the amount of financing
transactions the Company facilitated. As a percentage of total
revenues, cost of revenue in the first quarter of 2020 was 36.8%
compared to 37.2% in the same period of 2019.
- Sales and marketing expenses in the first quarter of 2020 were
RMB45.8 million (US$6.5 million) compared to RMB45.5 million in the same period of 2019. As a
percentage of total revenues, sales and marketing expenses in the
first quarter of 2020 increased to 18.6% from 13.0% in the same
period of 2019.
- General and administrative expenses in the first quarter of
2020 decreased by 11.4% to RMB57.4
million (US$8.1 million) from
RMB64.8 million in the same period of
2019. As a percentage of total revenues, general and administrative
expenses in the first quarter of 2020 increased to 23.3% from 18.4%
in the same period of 2019.
- Research and development expenses in the first quarter of 2020
decreased by 5.9% to RMB12.6 million
(US$1.8 million) from RMB13.3 million in the same period of 2019. As a
percentage of total revenues, research and development expenses in
the first quarter of 2020 increased to 5.1% from 3.8% in the same
period of 2019.
- Net loss on risk assurance liabilities in the first quarter of
2020 increased to RMB76.9 million
(US$10.9 million) from RMB17.9 million in the same period of 2019. The
increased net loss on risk assurance liabilities was mainly due to
an uptick in delinquent loan balance and default rate. In addition,
the pandemic also made it more difficult for in-person visits with
delinquent car buyers and vehicle repossession, which resulted in
an increase in loss given default ratio. This was in line with the
industry trends and our previously stated expectations.
LOSS FROM OPERATIONS
Due to the outbreak of the COVID-19 pandemic, loss from operations in the first
quarter of 2020 was RMB81.3 million
(US$11.5 million), compared to an
income from operations of RMB69.3
million in the same period of 2019.
NET LOSS
Net loss in the first quarter of 2020 was RMB34.7 million (US$4.9
million). Non-GAAP adjusted net loss in the first quarter of
2020 was RMB11.4 million
(US$1.6 million). Non-GAAP adjusted
net loss excludes the impact of share-based compensation expenses.
For further information, see "Use of Non-GAAP Financial
Measure."
NET LOSS PER ADS
Basic and diluted net loss per American Depositary Share (ADS)
in the first quarter of 2020 were both RMB0.25 (US$0.04).
Non-GAAP adjusted basic and diluted net loss per ADS in the first
quarter of 2020 were both RMB0.10
(US$0.01). Each ADS represents two of
the Company's Class A ordinary shares.
BALANCE SHEET
As of March 31, 2020, the Company
had cash and cash equivalents of RMB2,741.0
million (US$387.1 million),
compared to RMB2,002.3 million as of
December 31, 2019. The increase was
mainly due to the issuance of Asset-Backed Securities by the
Company's subsidiary Shanghai Chejia Financial Leasing Co. Ltd. in
the first quarter.
Business Outlook
For the second quarter of 2020, the Company expects total
revenues to be between RMB230 million
and RMB250 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
Wednesday, May 27, 2020, at
9:00 P.M. Eastern Time or
Thursday, May 28, 2020, at
9:00 A.M. Beijing Time to discuss the
financial results. Listeners may access the call by dialing the
following numbers:
International:
|
+1-412-902-4272
|
United States Toll
Free:
|
+1-888-346-8982
|
Mainland China Toll
Free:
|
4001-201-203
|
Hong Kong, China Toll
Free:
|
800-905-945
|
Conference
ID:
|
Cango Inc.
|
The replay will be accessible through June 3, 2020, by dialing the following
numbers:
International:
|
+1-412-317-0088
|
United States Toll
Free:
|
+1-877-344-7529
|
Access
Code:
|
10144582
|
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 RMB7.0808 to US$1.00, the noon buying rate in effect on
March 31, 2020, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ 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$"), except for
number of shares and per share data)
|
|
|
|
|
|
As of
December 31,
2019
|
|
As of March
31,
2020
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
2,002,314,688
|
|
2,741,016,763
|
387,105,520
|
Restricted cash -
current
|
|
|
|
970,993,759
|
|
689,979,486
|
97,443,719
|
Short-term
investments
|
|
|
|
597,265,740
|
|
741,536,500
|
104,724,960
|
Accounts receivable,
net
|
|
|
|
148,562,946
|
|
105,498,269
|
14,899,202
|
Finance lease
receivables - current, net
|
|
|
|
1,661,082,122
|
|
1,669,447,248
|
235,770,993
|
Short-term consumer
financing receivables, net
|
|
|
|
13,298,562
|
|
2,556,643
|
361,067
|
Financing
receivables, net
|
|
|
|
9,103,522
|
|
13,954,168
|
1,970,705
|
Short-term contract
asset
|
|
|
|
20,688,424
|
|
30,273,966
|
4,275,501
|
Prepaid expenses and
other current assets
|
|
|
|
117,445,282
|
|
76,006,299
|
10,734,140
|
Total current
assets
|
|
|
|
5,540,755,045
|
|
6,070,269,342
|
857,285,807
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Restricted cash -
non-current
|
|
|
|
873,674,276
|
|
909,037,840
|
128,380,669
|
Long-term
investments
|
|
|
|
547,888,818
|
|
554,005,818
|
78,240,569
|
Goodwill
|
|
|
|
145,063,857
|
|
145,063,857
|
20,486,930
|
Property and
equipment, net
|
|
|
|
14,736,767
|
|
13,157,111
|
1,858,139
|
Intangible
assets
|
|
|
|
44,758,242
|
|
44,665,455
|
6,307,967
|
Long-term contract
asset
|
|
|
|
11,655,356
|
|
16,648,034
|
2,351,152
|
Deferred tax
assets
|
|
|
|
100,667,946
|
|
131,802,992
|
18,614,139
|
Finance lease
receivables - non-current, net
|
|
|
|
1,448,958,373
|
|
1,252,290,041
|
176,857,141
|
Other non-current
assets
|
|
|
|
8,415,694
|
|
2,881,676
|
406,970
|
Total non-current
assets
|
|
|
|
3,195,819,329
|
|
3,069,552,824
|
433,503,676
|
TOTAL
ASSETS
|
|
|
|
8,736,574,374
|
|
9,139,822,166
|
1,290,789,483
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
debts
|
|
|
|
1,439,749,760
|
|
1,192,890,560
|
168,468,331
|
Long-term
debts—current
|
|
|
|
863,418,789
|
|
1,348,450,770
|
190,437,630
|
Accrued expenses and
other current liabilities
|
|
|
|
278,690,234
|
|
174,314,809
|
24,617,955
|
Risk assurance
liabilities
|
|
|
|
259,952,473
|
|
366,876,396
|
51,812,845
|
Income tax
payable
|
|
|
|
67,308,814
|
|
59,165,631
|
8,355,783
|
Total current
liabilities
|
|
|
|
2,909,120,070
|
|
3,141,698,166
|
443,692,544
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Long-term
debts
|
|
|
|
301,667,717
|
|
485,251,073
|
68,530,544
|
Deferred tax
liability
|
|
|
|
12,329,929
|
|
14,392,127
|
2,032,557
|
Other non-current
liabilities
|
|
|
|
21,796,367
|
|
13,658,147
|
1,928,899
|
Total non-current
liabilities
|
|
|
|
335,794,013
|
|
513,301,347
|
72,492,000
|
Total
liabilities
|
|
|
|
3,244,914,083
|
|
3,654,999,513
|
516,184,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
204,260
|
|
204,260
|
28,847
|
Treasury
shares
|
|
|
|
(20,638,881)
|
|
(20,638,881)
|
(2,914,767)
|
Additional paid-in
capital
|
|
|
|
4,526,344,454
|
|
4,542,764,285
|
641,560,881
|
Accumulated other
comprehensive income
|
|
|
|
119,430,738
|
|
148,105,088
|
20,916,434
|
Retained
earnings
|
|
|
|
852,508,968
|
|
814,176,486
|
114,983,686
|
Total Cango
Inc.'s equity
|
|
|
|
5,477,849,539
|
|
5,484,611,238
|
774,575,081
|
Non-controlling
interests
|
|
|
|
13,810,752
|
|
211,415
|
29,858
|
Total
shareholders' equity
|
|
|
|
5,491,660,291
|
|
5,484,822,653
|
774,604,939
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
8,736,574,374
|
|
9,139,822,166
|
1,290,789,483
|
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
|
|
Three months
ended March 31,
|
|
|
|
|
2019
|
|
2020
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
351,658,505
|
|
245,997,974
|
34,741,551
|
Loan facilitation
income and other related income
|
|
|
|
236,311,465
|
|
120,020,181
|
16,950,088
|
Leasing
income
|
|
|
|
72,390,263
|
|
74,281,755
|
10,490,588
|
After-market services
income
|
|
|
|
39,796,107
|
|
49,056,203
|
6,928,059
|
Others
|
|
|
|
3,160,670
|
|
2,639,835
|
372,816
|
Operating cost and
expenses:
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
130,806,450
|
|
90,597,713
|
12,794,841
|
Sales and
marketing
|
|
|
|
45,547,380
|
|
45,774,229
|
6,464,556
|
General and
administrative
|
|
|
|
64,763,620
|
|
57,411,666
|
8,108,076
|
Research and
development
|
|
|
|
13,347,804
|
|
12,556,685
|
1,773,343
|
Net loss on risk
assurance liabilities
|
|
|
|
17,851,133
|
|
76,885,675
|
10,858,332
|
Provision for credit
losses
|
|
|
|
10,023,282
|
|
44,094,771
|
6,227,371
|
Total operation
cost and expense
|
|
|
|
282,339,669
|
|
327,320,739
|
46,226,519
|
|
|
|
|
|
|
|
|
Income (Loss) from
operations
|
|
|
|
69,318,836
|
|
(81,322,765)
|
(11,484,968)
|
Interest and
investment income, net
|
|
|
|
18,884,548
|
|
29,133,167
|
4,114,389
|
Income from equity
method investments
|
|
|
|
16,107
|
|
-
|
-
|
Interest
expense
|
|
|
|
(5,294,245)
|
|
(1,367,286)
|
(193,098)
|
Foreign exchange
loss, net
|
|
|
|
(1,286,492)
|
|
(4,061,719)
|
(573,624)
|
Other income,
net
|
|
|
|
20,736,938
|
|
18,473,631
|
2,608,975
|
Other
expenses
|
|
|
|
(1,015,943)
|
|
(54,105)
|
(7,641)
|
Net income (loss)
before income taxes
|
|
|
|
101,359,749
|
|
(39,199,077)
|
(5,535,967)
|
Income tax
expenses
|
|
|
|
(26,988,619)
|
|
4,512,791
|
637,328
|
Net income
(loss)
|
|
|
|
74,371,130
|
|
(34,686,286)
|
(4,898,639)
|
Less: Net (loss)
income attributable to non-controlling interests
|
|
|
|
(1,847,370)
|
|
3,646,196
|
514,941
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Cango Inc.'s shareholders
|
|
|
|
76,218,500
|
|
(38,332,482)
|
(5,413,580)
|
Earnings per ADS
attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
Basic
|
|
|
|
0.50
|
|
(0.25)
|
(0.04)
|
Diluted
|
|
|
|
0.50
|
|
(0.25)
|
(0.04)
|
Weighted average
ADS used to compute earnings per ADS
attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
Basic
|
|
|
|
151,404,946
|
|
150,973,390
|
150,973,390
|
Diluted
|
|
|
|
151,404,946
|
|
151,761,801
|
151,761,801
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive (loss) income, net of tax
|
|
|
|
|
|
|
|
Unrealized losses on
available-for-sale securities
|
|
|
|
(38,207)
|
|
-
|
-
|
Foreign currency
translation adjustment
|
|
|
|
(41,969,052)
|
|
28,674,350
|
4,049,592
|
|
|
|
|
|
|
|
|
Total
comprehensive income (loss)
|
|
|
|
32,363,871
|
|
(6,011,936)
|
(849,047)
|
Total
comprehensive income (loss) attributable to Cango
Inc.'s shareholders
|
|
|
|
34,211,241
|
|
(9,658,132)
|
(1,363,988)
|
CANGO INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data
|
|
|
|
Three months
ended March 31,
|
|
|
2019
|
|
2020
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
Net income
(loss)
|
|
74,371,130
|
|
(34,686,286)
|
(4,898,639)
|
Add: Share-based
compensation expenses
|
|
15,277,462
|
|
23,318,298
|
3,293,173
|
Cost of
revenue
|
|
626,376
|
|
956,051
|
135,020
|
Sales and
marketing
|
|
3,254,099
|
|
4,966,797
|
701,446
|
General and
administrative
|
|
10,602,557
|
|
16,182,896
|
2,285,462
|
Research
and development
|
|
794,430
|
|
1,212,554
|
171,245
|
Non-GAAP adjusted
net income (loss)
|
|
89,648,592
|
|
(11,367,988)
|
(1,605,466)
|
Less: Net (loss)
income attributable to non-controlling interests
|
|
(1,847,370)
|
|
3,646,196
|
514,941
|
Net income (loss)
attributable to Cango Inc.'s shareholders
|
|
91,495,962
|
|
(15,014,184)
|
(2,120,407)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income per ADS-basic
|
|
0.60
|
|
(0.10)
|
(0.01)
|
Non-GAAP adjusted
net income per ADS-diluted
|
|
0.60
|
|
(0.10)
|
(0.01)
|
|
|
|
|
|
|
Weighted average
ADS outstanding—basic
|
|
151,404,946
|
|
150,973,390
|
150,973,390
|
Weighted average
ADS outstanding—diluted
|
|
151,404,946
|
|
151,761,801
|
151,761,801
|
View original
content:http://www.prnewswire.com/news-releases/cango-inc-reports-first-quarter-2020-unaudited-financial-results-301065874.html
SOURCE Cango Inc.