SHANGHAI, Nov. 29,
2022 /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
2022.
Third Quarter 2022 Financial and Operational
Highlights
- Total revenues were RMB416.4
million (US$58.5 million),
compared with RMB800.6 million in the
same period of 2021. Car trading transactions revenues were
RMB347.2 million (US$48.8 million), or 83.4% of total revenues in
the third quarter of 2022, compared with RMB429.2 million in the same period of 2021.
- The total outstanding balance of financing transactions the
Company facilitated was RMB30,784.0
million (US$4,327.5 million)
as of September 30, 2022. M1+ and M3+
overdue ratios for all financing transactions that remained
outstanding and were facilitated by the Company were 2.44% and
1.27%, respectively, as of September 30,
2022, compared with 2.21% and 1.07%, respectively, as of
June 30, 2022.
- "Cango Haoche" platform had engaged 9,350 dealers in
China's 31 provinces and 305
cities as of September 30, 2022.
During the first nine months of 2022, total sales were 12,639 cars,
including 7,677 new energy vehicles (NEVs), resulting in an NEV
penetration rate exceeding 60%.
- Since the "Cango Haoche" APP was launched at the end of the
second quarter of this year, it had attracted a total of over
300,000 page views and more than 27,000 unique visitors as of the
end of September.
Mr. Jiayuan Lin, Chief Executive
Officer of Cango, commented, "Within a complex external operating
environment, COVID-19 resurgences continued to affect China's automotive industry. Despite these
challenges, we delivered a solid performance in the third quarter
with total revenues reaching RMB416.4
million, of which revenues from car trading transactions
accounted for over 83.4%. The pandemic's ongoing impact together
with favorable policies released in the last two quarters is
reshaping the landscape of the domestic automotive industry. In
light of evolving market trends and positive regulatory changes, we
remained focused on our car trading transactions business and
continued to elevate our one-stop platform service
capabilities.
"In the third quarter, we made significant strides in upgrading
our car transaction-related services for dealers and other
automotive industry chain participants. Notably, we enhanced our
'Cango Haoche' APP with refined online product offerings and
integrated after-market and financing services. The combination of
tailored products and expanded vehicle inventory further improved
our service capabilities as well as dealers' experience on our
platform, reinforcing their stickiness. Furthermore, building on
the success of 'Cango Haoche,' we officially launched our 'Cango
U-Car' WeChat mini program, leveraging our long-time strengths to
provide dealers with more convenient used car transaction services.
As of September 30, 2022, 'Cango
U-Car' had more than 3,000 registered dealers with increasing
engagement.
"Looking ahead, given ongoing COVID-19 recurrences and the
complex global macroeconomic environment, we will maintain our
strategy focused on developing our new and used car businesses in
parallel, creating value for OEMs and dealers and making car
purchases simple and enjoyable," concluded Mr. Lin.
Mr. Yongyi Zhang, Chief Financial
Officer of Cango, stated, "Our third quarter performance showcases
the resilience and strength of our car trading transactions
business, even in a challenging environment. In addition to the
advancements we made in our platform, we implemented additional
cost optimization measures and continued our share repurchase
programs, underscoring our confidence in Cango's sustainable
future. Going forward, we will continue to exercise strict cost
discipline and invest selectively as we strive to upgrade our
platform and operations to capture growth opportunities in both the
new and used car markets."
Third Quarter 2022 Financial Results
REVENUES
Total revenues in the third quarter of 2022 were RMB416.4 million (US$58.5
million) compared with RMB800.6
million in the same period of 2021. Revenues from car
trading transactions in the third quarter of 2022 were
RMB347.2 million (US$48.8 million), or 83.4% of total revenues in
the third quarter of 2022, compared with RMB429.2 million in the same period of 2021.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the third quarter of 2022
were RMB608.8 million (US$85.6 million) compared with RMB839.6 million in the same period of 2021.
- Cost of revenue in the third quarter of 2022 decreased to
RMB388.7 million (US$54.6 million) from RMB610.5 million in the same period of 2021. As a
percentage of total revenues, cost of revenue in the third quarter
of 2022 was 93.3% compared with 76.3% in the same period of 2021.
The change was primarily due to an increase in car trading
transactions' share of total revenues. Car trading transactions
normally present a higher cost-revenue ratio, thus pushing up the
overall ratio.
- Sales and marketing expenses in the third quarter of 2022
decreased to RMB17.9 million
(US$2.5 million) from RMB46.8 million in the same period of 2021. As a
percentage of total revenues, sales and marketing expenses in the
third quarter of 2022 was 4.3% compared with 5.8% in the same
period of 2021.
- General and administrative expenses in the third quarter of
2022 decreased to RMB57.8 million
(US$8.1 million) from RMB64.0 million in the same period of 2021. As a
percentage of total revenues, general and administrative expenses
in the third quarter of 2022 was 13.9% compared with 8.0% in the
same period of 2021.
- Research and development expenses in the third quarter of 2022
decreased to RMB10.2 million
(US$1.4 million) from RMB17.4 million in the same period of 2021. As a
percentage of total revenues, research and development expenses in
the third quarter of 2022 was 2.4% compared with 2.2% in the same
period of 2021.
- Net loss on risk assurance liabilities in the third quarter of
2022 was RMB85.0 million
(US$11.9 million) compared with
RMB55.5 million in the same period of
2021. Net loss on risk assurance liabilities was mainly due to a
sequential increase in the default rate since 2021.
LOSS FROM OPERATIONS
Loss from operations in the third quarter of 2022 was
RMB192.3 million (US$27.0 million), compared with RMB39.0 million in the same period of 2021.
NET LOSS
Net loss in the third quarter of 2022 was RMB130.3 million (US$18.3
million). Non-GAAP adjusted net loss in the third quarter of
2022 was RMB110.0 million
(US$15.5 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 third quarter of 2022 were both RMB0.96 (US$0.13).
Non-GAAP adjusted basic and diluted net loss per ADS in the third
quarter of 2022 were both RMB0.81
(US$0.11). Each ADS represents two
Class A ordinary shares of the Company.
BALANCE SHEET
As of September 30, 2022, the
Company had cash and cash equivalents of RMB745.0 million (US$104.7
million), compared with RMB1,280.7 million as of June 30, 2022.
As of September 30, 2022, the
Company had short-term investments of RMB2,698.0 million (US$379.3 million), compared with RMB2,116.2 million as of June 30, 2022.
Business Outlook
For the fourth quarter of 2022, the Company expects total
revenues to be between RMB450 million
and RMB500 million. This forecast
reflects the Company's current and preliminary views on the market
and operational conditions, which are subject to change.
Share Repurchase Program
- Pursuant to the share repurchase program announced on
August 19, 2021, the Company had
repurchased 8,153,114 ADSs with cash in the aggregate amount of
approximately US$28.8 million up to
August 25, 2022, the day on which the
program expired.
- Pursuant to the share repurchase program announced on
April 22, 2022, the Company had
repurchased 287,530 ADSs with cash in the aggregate amount of
approximately US$635,758 up to
September 30, 2022.
Conference Call Information
The Company's management will hold a conference call on
Tuesday, November 29, 2022, at
8:00 P.M. Eastern Time or
Wednesday, November 30, 2022, 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 December 6, 2022, by dialing the following
numbers:
International:
|
+1-412-317-0088
|
United States Toll
Free:
|
+1-877-344-7529
|
Access
Code:
|
9238628
|
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 car buyers, dealers, financial institutions, 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 has a nationwide network.
Leveraging its competitive advantages in technological innovation
and big data, Cango has established an automotive supply chain
ecosystem, and developed a matrix of products centering on customer
needs for auto transactions, auto financing and after-market
services. By working with platform participants, Cango endeavors to
make car purchases simple and enjoyable, and make itself customers'
car purchase service platform of choice. 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 (loss), 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 (loss)
as net income (loss) 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 (loss)
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 (loss) 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 (loss)
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
(loss). 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 RMB7.1135 to US$1.00, the noon buying rate in effect on
September 30, 2022, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ amounts referred could be
converted into US$ or RMB, as the case may be, at any particular
rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Among
other things, the "Business Outlook" section and quotations from
management in this announcement, contain forward-looking
statements. Cango may also make written or oral forward-looking
statements in its periodic reports to the SEC, in its annual report
to shareholders, in press releases and other written materials and
in oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about Cango's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Cango's goal and strategies; Cango's expansion plans;
Cango's future business development, financial condition and
results of operations; Cango's expectations regarding demand for,
and market acceptance of, its solutions and services; Cango's
expectations regarding keeping and strengthening its relationships
with dealers, financial institutions, car buyers and other platform
participants; general economic and business conditions; and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in Cango's
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and Cango does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
Investor Relations Contact
Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com
Twitter: https://twitter.com/Cango_Group
Emilie Wu
The Piacente Group, Inc.
Tel: +86 21 6039 8363
Email: ir@cangoonline.com
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
|
|
As of December
31, 2021
|
|
As of September 30,
2022
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
1,434,806,922
|
|
744,956,280
|
104,724,296
|
Restricted cash -
current
|
|
|
|
61,293,114
|
|
52,870,726
|
7,432,449
|
Short-term
investments
|
|
|
|
2,598,935,704
|
|
2,698,017,297
|
379,281,268
|
Accounts receivable,
net
|
|
|
|
223,544,396
|
|
130,712,532
|
18,375,277
|
Finance lease
receivables - current, net
|
|
|
|
1,414,164,625
|
|
978,680,772
|
137,580,765
|
Financing receivables,
net
|
|
|
|
62,296,261
|
|
93,389,953
|
13,128,552
|
Short-term contract
asset
|
|
|
|
829,940,692
|
|
546,425,221
|
76,815,242
|
Prepayments and other
current assets
|
|
|
|
982,948,637
|
|
860,436,374
|
120,958,231
|
Total current
assets
|
|
|
|
7,607,930,351
|
|
6,105,489,155
|
858,296,080
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Restricted cash -
non-current
|
|
|
|
1,114,180,729
|
|
803,007,376
|
112,884,990
|
Goodwill
|
|
|
|
148,657,971
|
|
148,657,971
|
20,898,007
|
Property and equipment,
net
|
|
|
|
19,545,933
|
|
16,020,074
|
2,252,066
|
Intangible
assets
|
|
|
|
45,931,544
|
|
46,970,305
|
6,602,981
|
Long-term contract
asset
|
|
|
|
495,456,805
|
|
247,229,955
|
34,755,037
|
Deferred tax
assets
|
|
|
|
474,570,361
|
|
624,243,828
|
87,754,808
|
Finance lease
receivables - non-current, net
|
|
|
|
1,029,262,174
|
|
385,740,717
|
54,226,572
|
Other non-current
assets
|
|
|
|
11,568,164
|
|
10,893,127
|
1,531,332
|
Total non-current
assets
|
|
|
|
3,339,173,681
|
|
2,282,763,353
|
320,905,793
|
TOTAL
ASSETS
|
|
|
|
10,947,104,032
|
|
8,388,252,508
|
1,179,201,873
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
debts
|
|
|
|
579,776,131
|
|
208,988,733
|
29,379,171
|
Long-term
debts—current
|
|
|
|
938,014,362
|
|
730,188,493
|
102,648,273
|
Accrued expenses and
other current liabilities
|
|
|
|
719,035,377
|
|
428,536,775
|
60,242,750
|
Risk assurance
liabilities
|
|
|
|
699,022,914
|
|
484,174,938
|
68,064,235
|
Income tax
payable
|
|
|
|
481,854,105
|
|
328,492,069
|
46,178,684
|
Total current
liabilities
|
|
|
|
3,417,702,889
|
|
2,180,381,008
|
306,513,113
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Long-term
debts
|
|
|
|
486,371,672
|
|
125,623,636
|
17,659,891
|
Deferred tax
liability
|
|
|
|
51,471,040
|
|
10,724,133
|
1,507,575
|
Other non-current
liabilities
|
|
|
|
991,610
|
|
177,848,512
|
25,001,548
|
Total non-current
liabilities
|
|
|
|
538,834,322
|
|
314,196,281
|
44,169,014
|
Total
liabilities
|
|
|
|
3,956,537,211
|
|
2,494,577,289
|
350,682,127
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
204,260
|
|
204,260
|
28,714
|
Treasury
shares
|
|
|
|
(485,263,213)
|
|
(546,266,092)
|
(76,792,872)
|
Additional paid-in
capital
|
|
|
|
4,671,769,821
|
|
4,803,102,873
|
675,209,513
|
Accumulated other
comprehensive income
|
|
|
|
(187,517,110)
|
|
110,877,375
|
15,586,895
|
Retained
earnings
|
|
|
|
2,991,373,063
|
|
1,525,756,803
|
214,487,496
|
Total Cango Inc.'s
equity
|
|
|
|
6,990,566,821
|
|
5,893,675,219
|
828,519,746
|
Total shareholders'
equity
|
|
|
|
6,990,566,821
|
|
5,893,675,219
|
828,519,746
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
10,947,104,032
|
|
8,388,252,508
|
1,179,201,873
|
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
|
|
Three months
ended September 30,
|
|
Nine months
ended September 30,
|
|
|
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
800,634,866
|
|
416,449,708
|
58,543,573
|
|
2,871,167,788
|
|
1,493,335,164
|
209,929,734
|
Loan facilitation
income and other related income
|
|
|
|
266,515,911
|
|
14,710,212
|
2,067,929
|
|
981,553,412
|
|
135,208,426
|
19,007,300
|
Leasing
income
|
|
|
|
60,778,371
|
|
34,710,562
|
4,879,534
|
|
198,614,442
|
|
127,550,654
|
17,930,787
|
After-market services
income
|
|
|
|
42,658,080
|
|
19,381,025
|
2,724,541
|
|
157,053,595
|
|
55,704,269
|
7,830,782
|
Automobile trading
income
|
|
|
|
429,200,614
|
|
347,247,512
|
48,815,282
|
|
1,523,310,471
|
|
1,165,160,983
|
163,795,738
|
Others
|
|
|
|
1,481,890
|
|
400,397
|
56,287
|
|
10,635,868
|
|
9,710,832
|
1,365,127
|
Operating cost and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
610,508,451
|
|
388,703,295
|
54,643,044
|
|
2,077,342,112
|
|
1,348,346,307
|
189,547,523
|
Sales and
marketing
|
|
|
|
46,793,061
|
|
17,888,406
|
2,514,712
|
|
165,522,339
|
|
113,531,814
|
15,960,050
|
General and
administrative
|
|
|
|
64,038,373
|
|
57,812,378
|
8,127,135
|
|
190,087,348
|
|
233,366,364
|
32,806,124
|
Research and
development
|
|
|
|
17,423,683
|
|
10,172,951
|
1,430,091
|
|
46,656,813
|
|
37,516,243
|
5,273,950
|
Net loss on risk
assurance liabilities
|
|
|
|
55,504,598
|
|
84,952,664
|
11,942,456
|
|
113,147,363
|
|
237,018,349
|
33,319,512
|
Provision for credit
losses
|
|
|
|
45,373,233
|
|
49,259,212
|
6,924,750
|
|
144,641,366
|
|
259,114,042
|
36,425,675
|
Total operation cost
and expense
|
|
|
|
839,641,399
|
|
608,788,906
|
85,582,188
|
|
2,737,397,341
|
|
2,228,893,119
|
313,332,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from
operations
|
|
|
|
(39,006,533)
|
|
(192,339,198)
|
(27,038,615)
|
|
133,770,447
|
|
(735,557,955)
|
(103,403,100)
|
Interest income,
net
|
|
|
|
14,853,381
|
|
14,619,894
|
2,055,232
|
|
37,222,389
|
|
27,120,865
|
3,812,591
|
Net gain (loss) on
equity securities
|
|
|
|
(447,536,895)
|
|
4,285,558
|
602,454
|
|
(291,048,883)
|
|
(13,303,787)
|
(1,870,217)
|
Interest
expense
|
|
|
|
(8,320,463)
|
|
(3,107,158)
|
(436,797)
|
|
(9,133,705)
|
|
(11,693,127)
|
(1,643,794)
|
Foreign exchange gain
(loss), net
|
|
|
|
(51,473)
|
|
4,066,308
|
571,633
|
|
(786,605)
|
|
7,318,248
|
1,028,783
|
Other income
|
|
|
|
25,465,800
|
|
3,775,871
|
530,804
|
|
36,642,145
|
|
41,312,897
|
5,807,675
|
Other
expenses
|
|
|
|
(107,905)
|
|
(964,807)
|
(135,630)
|
|
(6,587,727)
|
|
(1,788,017)
|
(251,355)
|
Net income (loss)
before income taxes
|
|
|
|
(454,704,088)
|
|
(169,663,532)
|
(23,850,919)
|
|
(99,921,939)
|
|
(686,590,876)
|
(96,519,417)
|
Income tax
expenses
|
|
|
|
38,166,368
|
|
39,338,402
|
5,530,105
|
|
(32,749,453)
|
|
134,318,905
|
18,882,253
|
Net income
(loss)
|
|
|
|
(416,537,720)
|
|
(130,325,130)
|
(18,320,814)
|
|
(132,671,392)
|
|
(552,271,971)
|
(77,637,164)
|
Net income (loss)
attributable to Cango Inc.'s shareholders
|
|
|
|
(416,537,720)
|
|
(130,325,130)
|
(18,320,814)
|
|
(132,671,392)
|
|
(552,271,971)
|
(77,637,164)
|
Earnings (loss) per
ADS attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
(2.88)
|
|
(0.96)
|
(0.13)
|
|
(0.91)
|
|
(4.01)
|
(0.56)
|
Diluted
|
|
|
|
(2.88)
|
|
(0.96)
|
(0.13)
|
|
(0.91)
|
|
(4.01)
|
(0.56)
|
Weighted average ADS
used to compute earnings (loss) per ADS attributable
to ordinary shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
144,470,649
|
|
136,442,760
|
136,442,760
|
|
146,155,678
|
|
137,751,682
|
137,751,682
|
Diluted
|
|
|
|
144,470,649
|
|
136,442,760
|
136,442,760
|
|
146,155,678
|
|
137,751,682
|
137,751,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
(loss) income, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
|
(5,969,745)
|
|
141,603,735
|
19,906,338
|
|
(37,828,334)
|
|
298,394,485
|
41,947,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
income (loss)
|
|
|
|
(422,507,465)
|
|
11,278,605
|
1,585,524
|
|
(170,499,726)
|
|
(253,877,486)
|
(35,689,531)
|
Total comprehensive
income (loss) attributable to Cango Inc.'s
shareholders
|
|
|
|
(422,507,465)
|
|
11,278,605
|
1,585,524
|
|
(170,499,726)
|
|
(253,877,486)
|
(35,689,531)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CANGO INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
Three months
ended September 30,
|
|
Nine months
ended September 30,
|
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
(416,537,720)
|
|
(130,325,130)
|
(18,320,814)
|
|
(132,671,392)
|
|
(552,271,971)
|
(77,637,164)
|
|
|
|
|
|
|
|
|
|
|
|
Add: Share-based
compensation expenses
|
|
24,011,050
|
|
20,373,774
|
2,864,100
|
|
64,444,353
|
|
139,445,782
|
19,602,978
|
Cost of
revenue
|
|
1,512,966
|
|
1,318,415
|
185,340
|
|
2,967,623
|
|
3,318,808
|
466,551
|
Sales and
marketing
|
|
4,049,203
|
|
4,367,008
|
613,904
|
|
11,570,258
|
|
11,140,237
|
1,566,070
|
General and
administrative
|
|
17,209,292
|
|
13,700,843
|
1,926,034
|
|
46,888,274
|
|
122,108,649
|
17,165,762
|
Research and
development
|
|
1,239,589
|
|
987,508
|
138,822
|
|
3,018,198
|
|
2,878,088
|
404,595
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income (loss)
|
|
(392,526,670)
|
|
(109,951,356)
|
(15,456,714)
|
|
(68,227,039)
|
|
(412,826,189)
|
(58,034,186)
|
Net income (loss)
attributable to Cango Inc.'s shareholders
|
|
(392,526,670)
|
|
(109,951,356)
|
(15,456,714)
|
|
(68,227,039)
|
|
(412,826,189)
|
(58,034,186)
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income (loss) per ADS-basic
|
|
(2.72)
|
|
(0.81)
|
(0.11)
|
|
(0.47)
|
|
(3.00)
|
(0.42)
|
Non-GAAP adjusted
net income (loss) per ADS-diluted
|
|
(2.72)
|
|
(0.81)
|
(0.11)
|
|
(0.47)
|
|
(3.00)
|
(0.42)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ADS
outstanding—basic
|
|
144,470,649
|
|
136,442,760
|
136,442,760
|
|
146,155,678
|
|
137,751,682
|
137,751,682
|
Weighted average ADS
outstanding—diluted
|
|
144,470,649
|
|
136,442,760
|
136,442,760
|
|
146,155,678
|
|
137,751,682
|
137,751,682
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/cango-inc-reports-third-quarter-2022-unaudited-financial-results-301688865.html
SOURCE Cango Inc.