Cango Inc. Reports Fourth Quarter and Full Year 2018 Unaudited Financial Results
SHANGHAI, March 27, 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 fourth quarter and the full year of 2018.
Fourth Quarter 2018 Financial and Operational Highlights
-- Total revenues in the fourth quarter of 2018 were RMB321.1million
(US$46.7 million), representing an increase of 12.6% from the third
quarter of 2018, outperforming the high end of the management guidance
by 8.8%.
-- The number of dealers covered by the Company stood at 46,565 as of
December 31, 2018, representing an increase of 5% from the end of third
quarter of 2018.
-- M1+ and M3+ overdue ratios for all financing transactions which the
Company facilitated and remained outstanding were 0.74% and 0.37%,
respectively as of December 31, 2018, as compared to 0.83% and 0.36%,
respectively as of September 30, 2018.
-- After-market services facilitation revenues in the fourth quarter of
2018 increased to RMB43 million (US$6.3 million) from RMB39 million in
the third quarter of 2018, continuing to contribute stable revenues.
Full Year 2018 Financial and Operational Highlights
-- Total revenues in the full year of 2018 were RMB1,091.4 million
(US$158.7 million), representing a year-over-year increase of 3.7%.
-- The number of dealers covered by the Company increased to 46,565 as of
December 31, 2018, representing a year-over-year increase of 34.4%.
-- M1+ and M3+ overdue ratios for all financing transactions which the
Company facilitated and remained outstanding were 0.74% and 0.37%,
respectively as of December 31, 2018, as compared to 0.86% and 0.34%
respectively as of December 31, 2017.
-- After-market services facilitation revenues in the full year of 2018
were RMB101 million (US$14.6 million), representing a year-over-year
increase of 283% and becoming a sustainable source of revenue for the
Company.
Recent Developments
The strategic cooperation with Industrial and Commercial Bank of China ("ICBC") and Didi Chuxing ("Didi") has continued to make substantial progress. Following the completion of system integration with ICBC in the third quarter, the Company has begun negotiating with a number of major domestic OEMs on the joint launch of customized OEM-subsidized products nationwide once we reach commercial agreements.
As to the cooperation with Didi, the Company facilitated over 100 auto transactions for licensed Didi drivers across 7 cities within the last two months of 2018, and provided them with comprehensive solutions including finance and insurance. In addition, Didi has provided to its users and drivers with car purchase intensions the access to Cango services via its mobile app, thus providing the Company with new car sales facilitation business development opportunities.
The Company has successfully completed the acquisition of a licensed insurance brokerage firm. With the acquisition, the Company substantially augments its bundled solutions for insurance facilitation, and gains significant momentum to expand its offerings from accident insurance, anti-theft assurance to higher value-added products such as car insurance and health insurance, thus culturing our after-market services business into an important engine to drive our future growth.
"We concluded an eventful 2018 with a solid performance in the fourth quarter," commented Mr. Jiayuan Lin, Chief Executive Officer of Cango. "Our total revenues continued its sequential growth, reaching RMB321.1 million in the fourth quarter of 2018, which further demonstrated the resilience of our business model despite a challenging macroeconomic environment in China. Such growth was driven by our effort to consistently optimize the quality and efficiency of our automotive financing facilitation service offerings, as well as maintain a satisfying attach rate of our after-market services by successfully executing our cross-selling strategies."
Mr. Lin continued, "Going forward, we will remain committed to strengthening our core competencies by expanding and penetrating our nationwide dealership network while improving its efficiency, accelerating the development of our after-market services business to unlock the full monetization potential, and deepening collaborations with our partners to further diversify our revenue streams. Looking into 2019, we are confident that our leadership in the Chinese automotive transaction service industry will facilitate sustainable long-term growth."
Mr. Yongyi Zhang, Chief Financial Officer of Cango, stated, "The initiatives that we have implemented to rejuvenate our growth have continued to yield results during the fourth quarter. Our total revenues increased by 12.6% to RMB 321.1 million in the fourth quarter of 2018 from RMB285.2 million in previous quarter, exceeding the high end of our previous guidance range. Revenues from after-market services facilitation, in particular, continued to increase to RMB43 million in the fourth quarter from RMB39 million in the previous quarter. To accelerate the growth of our after-market services facilitation business, we have completed the acquisition of a licensed insurance brokerage firm. This acquisition will enable us to expand our after-market service offerings and propel our growth in the coming quarters."
Fourth Quarter 2018 Financial Results
REVENUES
Total revenues in the fourth quarter of 2018 were RMB321.1million (US$46.7 million), representing an increase of 12.6% from RMB285.2 million in the third quarter of 2018, and a 3.2% increase from RMB311.3 million in the corresponding period of 2017. The increase was primarily driven by the Company's strategies to rejuvenate its growth and the increased contribution of after-market services business.
Revenues from after-market services facilitation in the fourth quarter of 2018 were RMB43 million (US$6.3 million) compared to RMB6.4 million in the same period of last year.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the fourth quarter of 2018 were RMB285.6million (US$41.5million), compared to RMB272.3 million in the corresponding period of 2017. The increase in operating cost and expenses was primarily attributable to the increases in cost of revenue, as well as research and development expenses.
-- Cost of revenue in the fourth quarter of 2018 increased by 7.1% to
RMB158.8 million (US$23.1million) from RMB 148.2 million in the
corresponding period of 2017. Cost of revenue as a percentage of total
revenues in the fourth quarter of 2018 increased to 49.4% from 47.6% in
the corresponding period of 2017. The increase was due to a higher
average amount of commissions paid to dealers in each financing
transaction.
-- Sales and marketing expenses in the fourth quarter of 2018 decreased by
17.8% to RMB47.0 million (US$6.8million) or 14.6% of total revenues from
RMB57.1 million or 18.3% of total revenues in the corresponding period
of 2017. The higher sales and marketing expenses in the fourth quarter
of 2017 was primarily due to higher amounts of year-end bonus to our
sales staff as they met performance targets in 2017.
-- General and administrative expenses were RMB52.3 million (US$7.6million)
or 16.3% of total revenue in the fourth quarter of 2018, compared to
RMB57.8 million or 18.6% of revenues in the corresponding period of
2017.
-- Research and development expenses in the fourth quarter of 2018
increased to RMB19.9 million (US$2.9 million) from RMB10.2 million in
the corresponding period of 2017. Research and development expenses as a
percentage of total revenues in the fourth quarter of 2018 increased to
6.2% from 3.3% in the corresponding period of 2017, mostly due to the
expansion of the Company's research and development team, as well as
increases in salaries and benefits expenses.
NET INCOME
Net income was RMB 52.0 million (US$7.6 million) in the fourth quarter of 2018, compared to RMB29.8 million in the corresponding period of 2017, representing a year-over-year increase of 74.4%. Non-GAAP adjusted net income was RMB66.0million (US$9.6 million), compared to RMB29.8 million in the corresponding period of 2017. 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
Net income per ADS was RMB0.37 (US$0.05) in the fourth quarter of 2018, and RMB0.37 (US$0.05) on a diluted basis. Non-GAAP adjusted net income per ADS was RMB0.46 (US$0.07) in the fourth quarter of 2018, and RMB0.46(US$0.07) on a diluted basis. Each ADS represents two of the Company's Class A ordinary shares.
BALANCE SHEET
As of December 31, 2018, the Company had cash and cash equivalents of RMB2,912.9 million (US$423.7million), compared to RMB3,642.8 million as of September 30, 2018.
Full Year 2018 Financial Results
REVENUES
Total revenues increased by 3.7% to RMB1,091.4 million (US$158.7 million) in the full year of 2018 from RMB1,052.2 million in 2017. The increase was primarily driven by the Company's strategies to rejuvenate its growth and the increased contribution of after-market services business. Revenues from after-market services facilitation in the full year of 2018 were RMB101 million (US$14.6 million) compared to RMB26 million in 2017.
OPERATING COST AND EXPENSES
Total operating cost and expenses in the full year of 2018 were RMB 814.7 million (US$118.5 million), compared to RMB582.2 million in 2017. The increase in operating cost and expenses was primarily attributable to the increases in cost of revenue, sales and marketing expenses, general and administrative expenses as well as research and development expenses.
-- Cost of revenue in the full year of 2018 increased by 12.5% to RMB434.4
million (US$63.2 million) from RMB386.1 million in 2017. Cost of revenue
as a percentage of total revenues in the full year of 2018 increased to
39.8% from 36.7% in 2017. The increase was due to a higher average
amount of commissions paid to dealers in each financing transaction.
-- Sales and marketing expenses in the full year of 2018 increased to
RMB167.2 million (US$24.3 million) from RMB114.1 million in 2017. Sales
and marketing expenses as a percentage of total revenues in the full
year of 2018 increased to 15.3% from 10.8% in 2017. The increase was due
to the expansion of the Company's sales personnel to 2,469 as of
December 31, 2018 from 1,691 as of December 31, 2017.
-- General and administrative expenses were RMB 151.1 million (US$22.0
million) or 13.8% of total revenue in the full year of 2018, compared to
RMB101.3 million or 9.6% of revenues in 2017. The increase was primarily
due to increased administrative staff headcount and compensation, as
well as the share-based compensation expenses.
-- Research and development expenses in the full year of 2018 increased to
RMB 46.7million (US$6.8 million) from RMB19.4 million in 2017. Research
and development expenses as a percentage of total revenues in the full
year of 2018 increased to 4.3% from 1.8% in 2017, mostly due to the
expansion of the Company's research and development team, as well as
increases in salaries and benefits expenses.
NET INCOME
Net income was RMB306.9 million (US$44.6 million) in the full year of 2018, compared to RMB349.1 million in 2017. Non-GAAP adjusted net income was RMB340.3 million (US$49.5 million), compared to RMB349.1 million in 2017. 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
Net income per ADS was RMB2.17 (US$0.32) in the full year of 2018, and RMB2.16 (US$0.31) on a diluted basis. Non-GAAP adjusted net income per ADS was RMB2.41 (US$ 0.35) in the full year of 2018, and RMB2.39 (US$ 0.35) on a diluted basis. Each ADS represents two of the Company's Class A ordinary shares.
Business Outlook
For the first quarter of 2019, the Company expects total revenues to be between RMB310 million and RMB330 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
Cango's management will hold a conference call on Wednesday, March 27, 2019 at 9:00 P.M. Eastern Time or Thursday, March 28, 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
China Toll Free: 4001-201-203
Hong Kong Toll Free: 800-905-945
Conference ID:
Cango Inc.
The replay will be accessible through March 27, 2019 by dialing the following numbers:
International:
+1-412-317-0088
United States Toll Free:
+1-877-344-7529
Access Code: 10129353
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
We define "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.
We define "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 is 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 RMB 6.8755 to US$1.00, the noon buying rate in effect on December 31, 2018 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ 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
Jenny Tang
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$"), except for number of shares and per share data)
As of December 31, As of December 31,
2017 2018
RMB
RMB
US$
ASSETS:
Current assets:
Cash and cash equivalents 803,270,815 2,912,901,189 423,663,906
Restricted Cash 10,060,360 298,900,155 43,473,224
Short-term investments 62,380,000 265,869,717 38,669,147
Accounts receivable, net 85,595,207 86,513,830 12,582,915
Financing receivable, net 832,052 5,420,617 788,396
Short-term finance leasing receivable,
net - 1,123,703,618 163,435,913
Short-term amounts due from related
parties 1,253,833 -
Prepaid expenses and other current
assets 144,858,222 61,272,518 8,911,718
Total current assets 1,108,250,489 4,754,581,644 691,525,219
Non-current assets:
Restricted Cash 319,352,347 668,627,618 97,247,854
Long-term investments 191,002,602 292,099,059 42,484,046
Equity method investments 165,659,951 1,448,416 210,663
Goodwill - 145,063,857 21,098,663
Property and equipment, net 9,751,738 18,286,218 2,659,620
Intangible assets 1,701,770 1,693,407 246,296
Deferred tax assets 67,774,187 100,194,993 14,572,757
Long-term amounts due from related
parties 122,383,094 -
Long-term finance leasing receivable,
net - 1,282,457,409 186,525,694
Other non-current assets 10,991,399 36,687,583 5,335,988
Total non-current assets 888,617,088 2,546,558,560 370,381,581
TOTAL ASSETS 1,996,867,577 7,301,140,204 1,061,906,800
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings - 681,702,116 99,149,461
Long-term debts-current - 445,491,935 64,794,115
Accrued expenses and other current
liabilities 328,522,735 211,458,501 30,755,363
Short-term amounts due to related
parties 5,525,000 -
Risk assurance liabilities 129,935,457 173,210,363 25,192,402
Income tax payable 62,320,855 53,517,717 7,783,829
Total current liabilities 526,304,047 1,565,380,632 227,675,170
Non-current liabilities:
Long-term borrowings 175,000,000 472,793,340 68,764,939
Other non-current liabilities 35,555,908 7,599,404 1,105,290
Total non-current liabilities 210,555,908 480,392,744 69,870,229
Total liabilities 736,859,955 2,045,773,376 297,545,399
Mezzanine equity
Convertible Preferred Shares
Series A-1 1,501,153,698 -
Series A-3 307,816,408 -
Series B 2,132,875,970 -
Series C -
Total mezzanine equity 3,941,846,076 -
Shareholders' equity
Ordinary shares 83,145 204,260 29,708
Series A-2 Convertible Preferred
Shares 1,450 -
Additional paid-in capital 4,100,000 4,444,078,463 646,364,404
Accumulated other comprehensive income/
(loss) (398,698) 109,452,996 15,919,278
Accumulated (deficit) retained earnings (2,711,414,472) 698,036,438 101,525,188
Total Cango Inc.'s (deficit) equity (2,707,628,575) 5,251,772,157 763,838,578
Non-controlling interests 25,790,121 3,594,671 522,823
Total shareholders' (deficit) equity (2,681,838,454) 5,255,366,828 764,361,401
TOTAL LIABILITIES, MEZZANINE EQUITY AND
SHAREHOLDERS' EQUITY 1,996,867,577 7,301,140,204 1,061,906,800
CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for number of shares and per share data)
Three months ended December 31, For the years ended December 31,
---
2017 2018 2017 2018
RMB
RMB
US$
RMB
RMB
US$
---
Revenues 311,327,408 321,136,126 46,707,312 1,052,203,719 1,091,414,277 158,739,623
Operating cost and expenses:
Cost of revenue 148,222,787 158,774,653 23,092,816 386,053,922 434,351,148 63,173,754
Sales and marketing 57,086,818 46,952,207 6,828,915 114,145,319 167,244,419 24,324,692
General and administrative 57,827,099 52,277,614 7,603,464 101,276,675 151,075,936 21,973,084
Research and development 10,236,313 19,942,024 2,900,447 19,418,576 46,709,014 6,793,544
Net loss (gain) on risk assurance liabilities (1,226,135) (6,034,709) (877,712) (38,866,874) (21,273,866) (3,094,155)
Provision for financing receivables 156,124 13,659,192 1,986,647 156,124 36,588,074 5,321,515
Total operation cost and expense 272,303,006 285,570,981 41,534,577 582,183,742 814,694,725 118,492,434
Income from operations 39,024,402 35,565,145 5,172,735 470,019,977 276,719,552 40,247,189
Interest income 6,387,217 20,096,730 2,922,948 16,164,309 61,465,449 8,939,779
income from equity method investments 700,369 285,318 41,498 4,855,508 42,684,659 6,208,226
Interest expense (2,980,347) (4,751,027) (691,008) (12,993,624) (19,010,616) (2,764,979)
Foreign exchange loss, net (1,058,472) 764,203 111,149 (25,403,473) 1,447,099 210,472
Other income 215,132 1,358,496 197,585 16,196,581 34,330,156 4,993,113
Other expenses (96,268) (1,100,741) (160,096) (378,846) (1,629,410) (236,988)
Net income before income taxes 42,192,033 52,218,124 7,594,811 468,460,432 396,006,889 57,596,812
Income tax expenses (12,372,341) (200,115) (29,106) (119,403,000) (89,082,554) (12,956,520)
Net income 29,819,692 52,018,009 7,565,705 349,057,432 306,924,335 44,640,292
Less: Net income attributable to the noncontrolling interest shareholders (5,058,215) (3,314,668) (482,098) 8,047,621 4,232,270 615,557
Net income attributable to Cango Inc.'s shareholders 34,877,907 55,332,677 8,047,803 341,009,811 302,692,065 44,024,735
Less?Accretion of Series C Preferred Shares -
Net income attributable to Cango Inc.'s ordinary shareholders 34,877,907 55,332,677 8,047,803 341,009,811 302,692,065 44,024,735
Net income per ADS(Note 1):
Basic 0.28 0.37 0.05 2.70 2.17 0.32
Diluted 0.28 0.37 0.05 2.70 2.16 0.31
ADSs used in net income per ADS computation (Note 1):
Basic 63,574,601 151,404,946 151,404,946 63,574,601 139,578,372 139,578,372
Diluted 126,415,858 151,404,946 151,404,946 126,415,858 140,436,903 140,436,903
Other comprehensive income, net of tax
Unrealized losses on available-for-sale securities (398,698) 654,828 95,241 (2,463,956) 822,343 119,605
Reclassification of losses to net income - 2,065,258
Foreign currency translation adjustment - 1,752,329 254,866 109,029,352 15,857,662
---
Total comprehensive income 29,420,994 54,425,166 7,915,812 348,658,734 416,776,030 60,617,559
Total comprehensive income attributable to Cango Inc.'s shareholders 34,479,209 57,739,834 8,397,910 340,611,113 412,543,760 60,002,002
Note1: Each ADS represents two ordinary shares.
CANGO INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for number of shares and per share data
Three months ended December 31, For the years ended December 31,
2017 2018 2017 2018
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
RMB
RMB
US$
RMB
RMB
US$
Net income 29,819,692 52,018,009 7,565,706 349,057,432 306,924,335 44,640,293
Add: Share-based compensation expenses 13,971,836 2,032,119 33,410,913 4,859,416
Cost of revenue 572,846 83,317 1,369,848 199,236
Sales and marketing 2,976,001 432,841 7,116,524 1,035,055
General and administrative 9,696,453 1,410,291 23,187,170 3,372,434
Research and development 726,537 105,670 1,737,371 252,690
Less: Purchase of subsidiary
income from equity method investments
Non-GAAP adjusted net income 29,819,692 65,989,845 9,597,825 349,057,432 340,335,248 49,499,709
Less: Net income attributable to the noncontrolling interest shareholders (5,058,215) (3,314,668) (482,098) 8,047,621 4,232,270 615,558
Non-GAAP adjusted net income attributable to Cango Inc.'s shareholders 34,877,907 69,304,513 10,079,923 341,009,811 336,102,978 48,884,151
Accretion of Series C Preferred Shares
Non-GAAP adjusted net income attributable to Cango Inc.'s ordinary shareholders 34,877,907 69,304,513 10,079,923 341,009,811 336,102,978 48,884,151
Non-GAAP adjusted net income per ADS-basic (Note 1) 0.28 0.46 0.07 2.70 2.41 0.35
Non-GAAP adjusted net income per ADS-diluted (Note 1) 0.28 0.46 0.07 2.70 2.39 0.35
Weighted average ADS outstanding-basic 63,574,601 151,404,946 151,404,946 63,574,601 139,578,372 139,578,372
Weighted average ADS outstanding-diluted 126,415,858 151,404,946 151,404,946 126,415,858 140,436,903 140,436,903
Note1: Each ADS represents two ordinary shares.
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SOURCE Cango Inc.
