SHANGHAI, March 9,
2023 /PRNewswire/ -- Cango Inc. (NYSE: CANG)
("Cango" or the "Company"), a leading automotive transaction
service platform in China, today
announced its unaudited financial results for the fourth quarter
and full year of 2022.
Fourth Quarter 2022 Financial and Operational
Highlights
- Total revenues were RMB487.1
million (US$70.6 million),
compared with RMB1,050.5 million in
the same period of 2021. Car trading transactions revenues were
RMB431.1 million (US$62.5 million), or 88.5% of total revenues in
the fourth quarter of 2022, compared with RMB703.9 million in the same period of 2021.
- The total outstanding balance of financing transactions the
Company facilitated was RMB25,581.3
million (US$3,708.9 million)
as of December 31, 2022. M1+ and M3+
overdue ratios for all financing transactions that remained
outstanding and were facilitated by the Company were 2.61% and
1.38%, respectively, as of December 31,
2022, compared with 2.44% and 1.27%, respectively, as of
September 30, 2022.
Full Year 2022 Financial and Operational Highlights
- Total revenues were RMB1,980.5
million (US$287.1 million),
compared with RMB3,921.7 million in
the full year of 2021. Car trading transactions revenues were
RMB1,596.3 million (US$231.4 million), or 80.6% of total revenues in
the full year of 2022, compared with RMB2,227.2 million in the full year of 2021.
- "Cango Haoche" platform had engaged 10,112 dealers in
China's 31 provinces and 305
cities as of December 31, 2022.
During the full year of 2022, total sales were 16,490 cars,
including 8,794 new energy vehicles (NEVs), resulting in an NEV
penetration rate exceeding 50%.
- Since the "Cango Haoche" APP was launched at the end of the
second quarter of 2022, it had attracted a total of over 660,000
page views and more than 57,000 unique visitors as of the end of
December, 2022.
Mr. Jiayuan Lin, Chief Executive
Officer of Cango, commented, "Despite facing numerous headwinds
throughout the year, Cango successfully carried out a significant
transformation during 2022. Our automotive transaction service
platform covering both new and used car markets has taken shape,
and excellent market feedback and increasing market demand have
already validated its effectiveness.
"Our platform's user base continued to grow with increasing
engagement. As of December 31, 2022,
'Cango Haoche,' our new car trading platform, engaged 10,112
dealers, up 58% year-over-year. For full-year 2022, accumulated
page views and unique visitors on our 'Cango Haoche' APP exceeded
660,000 and 57,000, respectively. In addition, we further extended
our cooperation with OEMs and car suppliers in the fourth quarter,
solidifying our strong position with abundant vehicle sources. On
the used car front, by leveraging our advantages such as abundant
used car sources and one-on-one matching services, we cultivated
dealers' platform usage habits and improved their platform
stickiness. As of the end of 2022, 'Cango U-Car,' our used car
trading platform, had 4,492 registered dealers with increasing
stickiness.
"Although some uncertainty lingers on the near-term horizon, as
we move through 2023, we will continue to accelerate our
digitalization process and further standardize our products and
services across the entire transaction chain. Leveraging Cango's
valuable market know-how and solid customer base accumulated over
the past ten years, we will forge ahead alongside our dealer
partners for the next decade and beyond, propelling their footsteps
toward success," concluded Mr. Lin.
Mr. Yongyi Zhang, Chief Financial
Officer of Cango, stated, "Our fourth quarter performance once
again illustrated the strength and resilience of our strategy and
business model. We are confident that our refined operational
efficiency and healthy balance sheet have positioned us to fully
embrace new opportunities emerging from the automotive industry's
broad recovery. Looking ahead, we will continue to invest wisely to
advance our capabilities and drive long-term value for our
shareholders."
Fourth Quarter 2022 Financial Results
REVENUES
Total revenues in the fourth quarter of 2022 were RMB487.1 million (US$70.6 million) compared with RMB1,050.5 million in the same period of 2021.
Revenues from car trading transactions in the fourth quarter
of 2022 were RMB431.1 million
(US$62.5 million), or 88.5% of
total revenues in the fourth quarter of 2022, compared with
RMB703.9 million in the same period
of 2021.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the fourth quarter of 2022
were RMB698.7 million (US$101.3 million) compared with RMB1,207.6 million in the same period of
2021.
- Cost of revenue in the fourth quarter of 2022 decreased to
RMB481.7 million (US$69.8 million) from RMB880.7 million in the same period of 2021. As a
percentage of total revenues, cost of revenue in the fourth quarter
of 2022 was 98.9% compared with 83.8% in the same period of 2021.
The change was primarily due to a higher contribution from car
trading transactions to total revenues. Car trading transactions
normally present a higher cost-revenue ratio, thus pushing up the
overall ratio.
- Sales and marketing expenses in the fourth quarter of 2022
decreased to RMB19.2 million
(US$2.8 million) from RMB73.8 million in the same period of 2021. As a
percentage of total revenues, sales and marketing expenses in the
fourth quarter of 2022 was 4.0% compared with 7.0% in the same
period of 2021.
- General and administrative expenses in the fourth quarter of
2022 decreased to RMB66.2 million
(US$9.6 million) from RMB86.1 million in the same period of 2021. As a
percentage of total revenues, general and administrative expenses
in the fourth quarter of 2022 was 13.6% compared with 8.2% in the
same period of 2021.
- Research and development expenses in the fourth quarter of 2022
decreased to RMB8.4 million
(US$1.2 million) from RMB23.6 million in the same period of 2021. As a
percentage of total revenues, research and development expenses in
the fourth quarter of 2022 was 1.7% compared with 2.2% in the same
period of 2021.
- Net loss on risk assurance liabilities in the fourth quarter of
2022 was RMB62.8 million
(US$9.1 million) compared with
RMB84.6 million in the same period of
2021.
LOSS FROM OPERATIONS
Loss from operations in the fourth quarter of 2022 was
RMB211.6 million (US$30.7 million), compared with RMB157.0 million in the same period of 2021.
NET LOSS
Net loss in the fourth quarter of 2022 was RMB558.9 million (US$81.0
million). Non-GAAP adjusted net loss in the fourth quarter
of 2022 was RMB539.9 million
(US$78.3 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 fourth quarter of 2022 were both RMB4.13 (US$0.60).
Non-GAAP adjusted basic and diluted net loss per ADS in the fourth
quarter of 2022 were both RMB3.99
(US$0.58). Each ADS represents two
Class A ordinary shares of the Company.
BALANCE SHEET
As of December 31, 2022, the
Company had cash and cash equivalents of RMB378.9 million (US$54.9
million), compared with RMB745.0 million as of September 30, 2022.
As of December 31, 2022, the
Company had short-term investments of RMB1,941.4 million (US$281.5 million), compared with RMB2,698.0 million as of September 30, 2022.
Full Year 2022 Financial Results
REVENUES
Total revenues in the full year of 2022 were RMB1,980.5 million (US$287.1 million) compared with RMB3,921.7 million in the full year of 2021.
Revenues from car trading transactions in the full year of 2022
were RMB1,596.3 million (US$231.4 million), or 80.6% of total revenues in
the full year of 2022, compared with RMB2,227.2 million in the full year of 2021.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the full year of 2022 were
RMB2,927.6 million (US$424.5 million) compared with RMB3,945.0 million in the full year of 2021.
- Cost of revenue in the full year of 2022 decreased to
RMB1,830.1 million (US$265.3 million) from RMB2,958.0 million in the full year of 2021. As a
percentage of total revenues, cost of revenue in the full year of
2022 was 92.4% compared with 75.4% in the full year of 2021. The
change was primarily due to an increase in the amount of car
trading transactions.
- Sales and marketing expenses in the full year of 2022 decreased
to RMB132.8 million (US$19.3 million) from RMB239.3 million in the full year of 2021. As a
percentage of total revenues, sales and marketing expenses in the
full year of 2022 was 6.7% compared with 6.1% in the full year of
2021.
- General and administrative expenses in the full year of 2022
was RMB299.5 million (US$43.4 million) compared with RMB276.2 million in the full year of 2021. As a
percentage of total revenues, general and administrative expenses
in the full year of 2022 was 15.1% compared with 7.0% in the full
year of 2021.
- Research and development expenses in the full year of 2022
decreased to RMB46.0 million
(US$6.7 million) from RMB70.3 million in the full year of 2021. As a
percentage of total revenues, research and development expenses in
the full year of 2022 was 2.3% compared with 1.8% in the full year
of 2021.
- Net loss on risk assurance liabilities in the full year of 2022
was RMB299.9 million (US$43.5 million) compared with RMB197.8 million in the full year of 2021. The
change was mainly due to a sequential increase in default rate over
2022.
LOSS FROM OPERATIONS
Loss from operations in the full year of 2022 was RMB947.1 million (US$137.3
million), compared with RMB23.2
million in the full year of 2021. This increase in loss from operations was mainly due to
loss on risk assurance liabilities and provision for credit losses,
as well as the decrease in total revenues
and gross profit margin.
NET LOSS
Net loss in the full year of 2022 was RMB1,111.2 million (US$161.1 million). Non-GAAP adjusted net loss in
the full year of 2022 was RMB952.7
million (US$138.1 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 ADS in the full year of 2022 were
both RMB8.11 (US$1.18). Non-GAAP adjusted basic and diluted
net loss per ADS in the full year of 2022 were both RMB6.95 (US$1.01).
Each ADS represents two Class A ordinary shares of the Company.
Business Outlook
For the first quarter of 2023, 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
April 22, 2022, the Company had
repurchased 2.4 million ADSs with cash in the aggregate amount of
approximately US$5.2 million up to
December 31, 2022.
Conference Call Information
The Company's management will hold a conference call on
Thursday, March 9, 2023, at
8:00 P.M. Eastern Time or
Friday, March 10, 2023, 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 March 16, 2023, by dialing the following
numbers:
International:
|
+1-412-317-0088
|
United States Toll
Free:
|
+1-877-344-7529
|
Access Code:
|
4879650
|
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 RMB6.8972 to US$1.00, the noon buying rate in effect on
December 30, 2022, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or US$ 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$"), except for
number of shares and per share data)
|
|
|
|
|
|
As of December
31, 2021
|
|
As of December 31,
2022
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
1,434,806,922
|
|
378,917,318
|
54,937,847
|
Restricted cash -
current
|
|
|
|
61,293,114
|
|
152,688,510
|
22,137,753
|
Short-term
investments
|
|
|
|
2,598,935,704
|
|
1,941,432,848
|
281,481,304
|
Accounts receivable,
net
|
|
|
|
223,544,396
|
|
266,836,951
|
38,687,721
|
Finance lease
receivables - current, net
|
|
|
|
1,414,164,625
|
|
799,438,656
|
115,907,710
|
Financing receivables,
net
|
|
|
|
62,296,261
|
|
73,818,025
|
10,702,608
|
Short-term contract
asset
|
|
|
|
829,940,692
|
|
500,389,654
|
72,549,680
|
Prepayments and other
current assets
|
|
|
|
982,948,637
|
|
1,356,822,028
|
196,720,702
|
Total current
assets
|
|
|
|
7,607,930,351
|
|
5,470,343,990
|
793,125,325
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Restricted cash -
non-current
|
|
|
|
1,114,180,729
|
|
750,877,306
|
108,866,976
|
Goodwill
|
|
|
|
148,657,971
|
|
148,657,971
|
21,553,380
|
Property and equipment,
net
|
|
|
|
19,545,933
|
|
14,689,988
|
2,129,848
|
Intangible
assets
|
|
|
|
45,931,544
|
|
48,317,878
|
7,005,434
|
Long-term contract
asset
|
|
|
|
495,456,805
|
|
173,457,178
|
25,148,927
|
Deferred tax
assets
|
|
|
|
474,570,361
|
|
62,497,781
|
9,061,326
|
Finance lease
receivables - non-current, net
|
|
|
|
1,029,262,174
|
|
260,049,967
|
37,703,701
|
Operating lease
right-of-use assets
|
|
|
|
-
|
|
80,726,757
|
11,704,280
|
Other non-current
assets
|
|
|
|
11,568,164
|
|
6,633,517
|
961,770
|
Total non-current
assets
|
|
|
|
3,339,173,681
|
|
1,545,908,343
|
224,135,642
|
TOTAL
ASSETS
|
|
|
|
10,947,104,032
|
|
7,016,252,333
|
1,017,260,967
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term
debts
|
|
|
|
579,776,131
|
|
349,299,134
|
50,643,614
|
Long-term
debts—current
|
|
|
|
938,014,362
|
|
565,143,340
|
81,938,082
|
Accrued expenses and
other current liabilities
|
|
|
|
719,035,377
|
|
890,836,699
|
129,159,184
|
Risk assurance
liabilities
|
|
|
|
699,022,914
|
|
402,303,421
|
58,328,513
|
Income tax
payable
|
|
|
|
481,854,105
|
|
313,406,680
|
45,439,697
|
Short-term lease
liabilities
|
|
|
|
-
|
|
9,913,073
|
1,437,260
|
Total current
liabilities
|
|
|
|
3,417,702,889
|
|
2,530,902,347
|
366,946,350
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Long-term
debts
|
|
|
|
486,371,672
|
|
75,869,353
|
11,000,022
|
Deferred tax
liability
|
|
|
|
51,471,040
|
|
10,724,133
|
1,554,853
|
Long-term operating
lease liabilities
|
|
|
|
-
|
|
76,533,208
|
11,096,272
|
Other non-current
liabilities
|
|
|
|
991,610
|
|
314,287
|
45,567
|
Total non-current
liabilities
|
|
|
|
538,834,322
|
|
163,440,981
|
23,696,714
|
Total
liabilities
|
|
|
|
3,956,537,211
|
|
2,694,343,328
|
390,643,064
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
204,260
|
|
204,260
|
29,615
|
Treasury
shares
|
|
|
|
(485,263,213)
|
|
(559,005,216)
|
(81,048,138)
|
Additional paid-in
capital
|
|
|
|
4,671,769,821
|
|
4,805,240,472
|
696,694,379
|
Accumulated other
comprehensive income
|
|
|
|
(187,517,110)
|
|
66,359,902
|
9,621,281
|
Retained
earnings
|
|
|
|
2,991,373,063
|
|
9,109,587
|
1,320,766
|
Total Cango Inc.'s
equity
|
|
|
|
6,990,566,821
|
|
4,321,909,005
|
626,617,903
|
Total shareholders'
equity
|
|
|
|
6,990,566,821
|
|
4,321,909,005
|
626,617,903
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
10,947,104,032
|
|
7,016,252,333
|
1,017,260,967
|
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
|
|
For the three
months ended
|
|
For the years
ended
|
|
|
|
|
December 31,
2021
|
|
December 31,
2022
|
|
December 31,
2021
|
|
December 31,
2022
|
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
1,050,548,618
|
|
487,118,297
|
70,625,514
|
|
3,921,716,406
|
|
1,980,453,461
|
287,138,761
|
Loan facilitation
income and other related income
|
|
|
|
252,002,800
|
|
11,220,332
|
1,626,795
|
|
1,233,556,212
|
|
146,428,758
|
21,230,174
|
Leasing
income
|
|
|
|
52,680,663
|
|
27,971,392
|
4,055,471
|
|
251,295,105
|
|
155,522,046
|
22,548,577
|
After-market services
income
|
|
|
|
36,733,261
|
|
15,752,500
|
2,283,898
|
|
193,786,856
|
|
71,456,769
|
10,360,258
|
Automobile trading
income
|
|
|
|
703,861,083
|
|
431,145,715
|
62,510,253
|
|
2,227,171,554
|
|
1,596,306,698
|
231,442,716
|
Others
|
|
|
|
5,270,811
|
|
1,028,358
|
149,097
|
|
15,906,679
|
|
10,739,190
|
1,557,036
|
Operating cost and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
|
880,667,760
|
|
481,743,466
|
69,846,237
|
|
2,958,009,872
|
|
1,830,089,773
|
265,338,075
|
Sales and
marketing
|
|
|
|
73,810,746
|
|
19,247,674
|
2,790,650
|
|
239,333,085
|
|
132,779,488
|
19,251,216
|
General and
administrative
|
|
|
|
86,092,093
|
|
66,178,999
|
9,595,053
|
|
276,179,441
|
|
299,545,363
|
43,429,995
|
Research and
development
|
|
|
|
23,621,268
|
|
8,442,599
|
1,224,062
|
|
70,278,081
|
|
45,958,842
|
6,663,406
|
Net loss (gain) on risk
assurance liabilities
|
|
|
|
84,603,086
|
|
62,845,054
|
9,111,676
|
|
197,750,449
|
|
299,863,403
|
43,476,107
|
Provision for credit
losses and other assets
|
|
|
|
58,773,728
|
|
60,245,674
|
8,734,802
|
|
203,415,094
|
|
319,359,716
|
46,302,806
|
Total operation cost
and expense
|
|
|
|
1,207,568,681
|
|
698,703,466
|
101,302,480
|
|
3,944,966,022
|
|
2,927,596,585
|
424,461,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from
operations
|
|
|
|
(157,020,063)
|
|
(211,585,169)
|
(30,676,966)
|
|
(23,249,616)
|
|
(947,143,124)
|
(137,322,844)
|
Interest income,
net
|
|
|
|
7,623,469
|
|
16,611,787
|
2,408,483
|
|
26,373,471
|
|
43,732,652
|
6,340,639
|
Net gain (loss) on
equity securities
|
|
|
|
259,584,974
|
|
3,493,202
|
506,467
|
|
(12,991,522)
|
|
(9,810,585)
|
(1,422,401)
|
Interest
expense
|
|
|
|
(5,347,490)
|
|
(5,116,136)
|
(741,770)
|
|
(14,481,195)
|
|
(16,809,263)
|
(2,437,114)
|
Foreign exchange gain
(loss), net
|
|
|
|
2,138,005
|
|
(1,400,017)
|
(202,983)
|
|
1,351,400
|
|
5,918,231
|
858,063
|
Other income
|
|
|
|
5,269,444
|
|
10,753,821
|
1,559,157
|
|
41,911,589
|
|
52,066,718
|
7,548,965
|
Other
expenses
|
|
|
|
(18,106)
|
|
(677,955)
|
(98,294)
|
|
(6,605,833)
|
|
(2,465,972)
|
(357,532)
|
Net income (loss)
before income taxes
|
|
|
|
112,230,233
|
|
(187,920,467)
|
(27,245,906)
|
|
12,308,294
|
|
(874,511,343)
|
(126,792,224)
|
Income tax
expenses
|
|
|
|
11,896,807
|
|
(371,015,445)
|
(53,792,183)
|
|
(20,852,646)
|
|
(236,696,540)
|
(34,317,772)
|
Net income
(loss)
|
|
|
|
124,127,040
|
|
(558,935,912)
|
(81,038,089)
|
|
(8,544,352)
|
|
(1,111,207,883)
|
(161,109,996)
|
Net income (loss)
attributable to Cango Inc.'s shareholders
|
|
|
|
124,127,040
|
|
(558,935,912)
|
(81,038,089)
|
|
(8,544,352)
|
|
(1,111,207,883)
|
(161,109,996)
|
Earnings (loss) per
ADS attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
0.88
|
|
(4.13)
|
(0.60)
|
|
(0.06)
|
|
(8.11)
|
(1.18)
|
Diluted
|
|
|
|
0.87
|
|
(4.13)
|
(0.60)
|
|
(0.06)
|
|
(8.11)
|
(1.18)
|
Weighted average ADS
used to compute earnings (loss) per ADS
attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
141,358,210
|
|
135,295,444
|
135,295,444
|
|
144,946,453
|
|
137,042,445
|
137,042,445
|
Diluted
|
|
|
|
142,105,618
|
|
135,295,444
|
135,295,444
|
|
144,946,453
|
|
137,042,445
|
137,042,445
|
Other comprehensive
(loss) income, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
|
(34,302,349)
|
|
97,086,262
|
14,076,185
|
|
(72,130,683)
|
|
253,877,012
|
36,808,707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
income (loss)
|
|
|
|
89,824,691
|
|
(461,849,650)
|
(66,961,904)
|
|
(80,675,035)
|
|
(857,330,871)
|
(124,301,289)
|
Total comprehensive
income (loss) attributable to Cango Inc.'s
shareholders
|
|
|
|
89,824,691
|
|
(461,849,650)
|
(66,961,904)
|
|
(80,675,035)
|
|
(857,330,871)
|
(124,301,289)
|
CANGO INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for
number of shares and per share data)
|
|
|
|
For the three
months ended
|
|
For the years
ended
|
|
|
December 31,
2021
|
|
December 31,
2022
|
|
December 31,
2021
|
|
December 31,
2022
|
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
124,127,040
|
|
(558,935,912)
|
(81,038,089)
|
|
(8,544,352)
|
|
(1,111,207,883)
|
(161,109,996)
|
|
|
|
|
|
|
|
|
|
|
|
Add: Share-based
compensation expenses
|
|
23,190,482
|
|
19,076,738
|
2,765,867
|
|
87,634,835
|
|
158,522,520
|
22,983,605
|
Cost of
revenue
|
|
1,959,861
|
|
841,248
|
121,969
|
|
4,927,484
|
|
4,160,056
|
603,150
|
Sales and
marketing
|
|
3,740,843
|
|
3,551,173
|
514,872
|
|
15,311,101
|
|
14,691,410
|
2,130,054
|
General and
administrative
|
|
16,147,170
|
|
13,780,228
|
1,997,944
|
|
63,035,444
|
|
135,888,877
|
19,702,035
|
Research and
development
|
|
1,342,608
|
|
904,089
|
131,081
|
|
4,360,806
|
|
3,782,177
|
548,364
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income (loss)
|
|
147,317,522
|
|
(539,859,174)
|
(78,272,222)
|
|
79,090,483
|
|
(952,685,363)
|
(138,126,391)
|
Net income (loss)
attributable to Cango Inc.'s shareholders
|
|
147,317,522
|
|
(539,859,174)
|
(78,272,222)
|
|
79,090,483
|
|
(952,685,363)
|
(138,126,391)
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income (loss) per ADS-basic
|
|
1.04
|
|
(3.99)
|
(0.58)
|
|
0.55
|
|
(6.95)
|
(1.01)
|
Non-GAAP adjusted
net income (loss) per ADS-diluted
|
|
1.04
|
|
(3.99)
|
(0.58)
|
|
0.54
|
|
(6.95)
|
(1.01)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ADS
outstanding—basic
|
|
141,358,210
|
|
135,295,444
|
135,295,444
|
|
144,946,453
|
|
137,042,445
|
137,042,445
|
Weighted average ADS
outstanding—diluted
|
|
142,105,618
|
|
135,295,444
|
135,295,444
|
|
146,867,997
|
|
137,042,445
|
137,042,445
|
View original
content:https://www.prnewswire.com/news-releases/cango-inc-reports-fourth-quarter-and-full-year-2022-unaudited-financial-results-301767948.html
SOURCE Cango Inc.