SHANGHAI, Nov. 4, 2024 /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 2024.Third Quarter 2024 Financial and Operational Highlights Total revenues were RMB27.0 million (US$3.8 million), compared with RMB353.6 million in the same period of 2023. Income from operations was RMB35.2 million (US$5.0 million) for the three months ended September 30, 2024, compare ...

SHANGHAI, Oct. 31, 2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced that it plans to release its third quarter 2024 financial results after the market closes on Monday, November 4, 2024. The earnings release will be available on the Company's investor relations website at http://ir.cangoonline.com/.Cango's management will hold a conference call on Monday, November 4, 2024 at 8:00 P.M. Eastern Time or Tuesday, ...

Cango Inc. (NYSE:CANG) Q2 2024 Earnings Conference Call August 30, 2024 9:00 PM ET Company Participants Jiayuan Lin - CEO Yongyi Zhang - CFO Conference Call Participants Operator Good morning, and good evening, everyone. Welcome to Cango Inc.'s Second Quarter 2024 Earnings Conference Call. [Operator Instructions] This call is also being broadcast live on the company's IR website. Joining us today are Mr. Jiayuan Lin, Chief Executive Officer; and Mr. Yongyi Zhang, Chief Financial Officer of the company. Foll ...

SHANGHAI, Aug. 29, 2024 /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 second quarter of 2024.Second Quarter 2024 Financial and Operational HighlightsTotal revenues were RMB45.1 million (US$6.2 million), compared with RMB675.4 million in the same period of 2023. Income from operations was RMB47.0 million (US$6.5 million) for the three months ended June 30, 2024, compared w ...

SHANGHAI, Aug. 23, 2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced that it plans to release its second quarter 2024 financial results after the market closes on Thursday, August 29, 2024. The earnings release will be available on the Company's investor relations website at http://ir.cangoonline.com/.Cango's management will hold a conference call on Thursday, August 29, 2024 at 9:00 P.M. Eastern Time or Frida ...

[Q1 2024 Financial and Operational Highlights](index=1&type=section&id=First%20Quarter%202024%20Financial%20and%20Operational%20Highlights) Cango reported lower Q1 2024 revenues but higher operating and net income, improved liquidity, and slightly increased delinquency ratios Q1 2024 Key Financial Metrics (vs. Q1 2023) | Metric | Q1 2024 (RMB) | Q1 2023 (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Revenues | 64.4 million | 542.6 million | -88.1% | | Income from Operations | 74.2 million | 51.8 million | +43.1% | | Net Income | 90.0 million | 78.8 million | +14.3% | Financing Transaction Overdue Ratios | Metric | As of Mar 31, 2024 (%) | As of Dec 31, 2023 (%) | | :--- | :--- | :--- | | M1+ Overdue Ratio | 2.87% | 2.66% | | M3+ Overdue Ratio | 1.51% | 1.37% | - The total outstanding balance of financing transactions facilitated by the company was **RMB 7.6 billion (US$1.1 billion)** as of March 31, 2024[2](index=2&type=chunk) - Liquidity improved significantly, with cash, cash equivalents, short-term investments, and restricted cash increasing by **RMB 152.6 million** compared to the end of 2023. This was primarily due to positive operating cash flow from reduced working capital in car trading and collections[3](index=3&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management emphasized strategic shifts in new and used car businesses, leading to improved profitability and sustained positive operating cash flow - CEO Jiayuan Lin stated the company proactively reduced its self-operated new car business, streamlined purchasing, and optimized inventory to mitigate risks from declining new car prices[4](index=4&type=chunk) - The company completed the integration of 'Cango U-car' to enhance vehicle supply and dealer services, and launched a cross-border information platform for used car transactions in March[4](index=4&type=chunk)[5](index=5&type=chunk) - CFO Yongyi Zhang confirmed that strategic efforts to scale back new car inventory and improve efficiency resulted in a profit for **Q1 2024** and a third consecutive quarter of positive operating cash flow[6](index=6&type=chunk) [Detailed Financial Results](index=2&type=section&id=First%20Quarter%202024%20Financial%20Results) Q1 2024 results show sharp revenue decline from reduced auto trading, but profitability improved significantly due to cost cuts and credit loss recoveries [Revenues](index=2&type=section&id=REVENUES) Q1 2024 Revenue Breakdown (vs. Q1 2023) | Revenue Source | Q1 2024 (RMB) | Q1 2023 (RMB) | | :--- | :--- | :--- | | Total Revenues | 64.4 million | 542.6 million | | Automobile trading income | 3.4 million | 429.8 million | | Guarantee income | 30.3 million | 64.1 million | | After-market services income | 11.6 million | 16.7 million | | Loan facilitation income | 13.8 million | 2.3 million | [Operating Cost and Expenses](index=2&type=section&id=OPERATING%20COST%20AND%20EXPENSES) Q1 2024 Operating Expenses (vs. Q1 2023) | Expense Item | Q1 2024 (RMB) | Q1 2023 (RMB) | | :--- | :--- | :--- | | Cost of Revenue | 29.1 million | 480.5 million | | Sales and Marketing | 3.5 million | 12.5 million | | General and Administrative | 37.9 million | 39.8 million | | Research and Development | 1.1 million | 8.1 million | - The company recorded a net gain on contingent risk assurance liabilities of **RMB 15.0 million**, compared to a gain of **RMB 1.6 million** in Q1 2023[9](index=9&type=chunk) - A net recovery on provision for credit losses of **RMB 66.3 million** was recognized, primarily due to collections of financing receivables[9](index=9&type=chunk) [Profitability](index=3&type=section&id=INCOME%20FROM%20OPERATIONS) Q1 2024 Profitability Metrics (vs. Q1 2023) | Metric | Q1 2024 (RMB) | Q1 2023 (RMB) | | :--- | :--- | :--- | | Income from Operations | 74.2 million | 51.8 million | | Net Income | 90.0 million | 78.8 million | | Non-GAAP Adjusted Net Income | 95.7 million | 92.8 million | [Earnings Per ADS](index=3&type=section&id=NET%20INCOME%20PER%20ADS) Q1 2024 Earnings Per ADS | Metric | Basic (RMB) | Diluted (RMB) | | :--- | :--- | :--- | | Net Income per ADS | 0.85 | 0.80 | | Non-GAAP Adjusted Net Income per ADS | 0.91 | 0.85 | [Balance Sheet](index=3&type=section&id=BALANCE%20SHEET) Key Balance Sheet Items (as of Mar 31, 2024) | Item | Mar 31, 2024 (RMB) | Dec 31, 2023 (RMB) | | :--- | :--- | :--- | | Cash and cash equivalents | 1.2 billion | 1.0 billion | | Short-term investments | 2.3 billion | 635.1 million | [Corporate Developments and Outlook](index=3&type=section&id=Corporate%20Developments%20and%20Outlook) Cango projects Q2 2024 revenues between RMB 35 million and RMB 45 million, and has repurchased approximately US$579,000 in ADSs under its new program - For the second quarter of 2024, the Company expects total revenues to be between **RMB 35 million** and **RMB 45 million**[13](index=13&type=chunk) - Under the share repurchase program announced on April 23, 2024, the company repurchased **360,858 ADSs** for approximately **US$578,975.4** up to May 31, 2024[14](index=14&type=chunk) [Consolidated Financial Statements (Unaudited)](index=7&type=section&id=Consolidated%20Financial%20Statements) Unaudited Q1 2024 statements detail Cango's financial position and performance, highlighting asset and liability levels, and net income despite revenue shifts [Consolidated Balance Sheet](index=7&type=section&id=UNAUDITED%20INTERIM%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEET) Balance Sheet Summary (as of March 31, 2024) | Category | Amount (RMB) | | :--- | :--- | | **Total Current Assets** | **3.91 billion** | | Cash and cash equivalents | 1.16 billion | | Short-term investments | 2.32 billion | | **Total Assets** | **4.58 billion** | | **Total Current Liabilities** | **670.2 million** | | **Total Liabilities** | **723.7 million** | | **Total Shareholders' Equity** | **3.86 billion** | [Statements of Comprehensive Income](index=9&type=section&id=UNAUDITED%20INTERIM%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME) Income Statement Summary (for Three Months Ended March 31, 2024) | Line Item | Amount (RMB) | | :--- | :--- | | Total Revenues | 64.4 million | | Total operation cost and expense | (9.7) million | | Income from operations | 74.2 million | | Net income before income taxes | 102.1 million | | **Net income** | **90.0 million** | [Appendix](index=4&type=section&id=Appendix) This section provides supplementary information, including definitions for overdue ratios, Non-GAAP financial measures, and reconciliation of adjusted net income [Use of Non-GAAP Financial Measures & Reconciliation](index=4&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measure) - The company uses Non-GAAP adjusted net income, which excludes share-based compensation expenses, to evaluate operating performance[19](index=19&type=chunk) Reconciliation of GAAP to Non-GAAP Net Income (Q1 2024) | Line Item | Amount (RMB) | | :--- | :--- | | Net income (GAAP) | 90.0 million | | Add: Share-based compensation expenses | 5.7 million | | **Non-GAAP adjusted net income** | **95.7 million** | [Definition of Overdue Ratios](index=4&type=section&id=Definition%20of%20Overdue%20Ratios) - M1+ overdue ratio is defined as the exposure at risk for payments **30-179 days past due**, divided by the total outstanding exposure at risk (excluding amounts **180+ days past due**)[18](index=18&type=chunk) - M3+ overdue ratio is defined as the exposure at risk for payments **90-179 days past due**, divided by the total outstanding exposure at risk (excluding amounts **180+ days past due**)[18](index=18&type=chunk)

Cango Inc. (NYSE:CANG) Q1 2024 Earnings Conference Call June 12, 2024 9:00 AM ET Company Participants Jiayuan Lin - CEO Yongyi Zhang - CFO Conference Call Participants Pingyue Wu - Citic Securities Operator Good morning, and good evening, everyone. Welcome to Cango Inc.'s First Quarter 2024 Earnings Conference Call. [Operator Instructions] This call is also being broadcast live on the company's IR website. Joining us today are Mr. Jiayuan Lin, Chief Executive Officer; and Mr. Yongyi Zhang, Chief Financial O ...

SHANGHAI, June 12, 2024 /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 2024.First Quarter 2024 Financial and Operational HighlightsTotal revenues were RMB64.4 million (US$8.9 million), compared with RMB542.6 million in the same period of 2023. Income from operations was RMB74.2 million (US$10.3 million) for the three months ended March 31, 2024, an increas ...

SHANGHAI, June 7, 2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced that it plans to release its first quarter 2024 financial results after the market closes on Wednesday, June 12, 2024. The earnings release will be available on the Company's investor relations website at http://ir.cangoonline.com/.Cango's management will hold a conference call on Wednesday, June 12, 2024 at 9:00 P.M. Eastern Time or Thursday, ...

SHANGHAI, April 26, 2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission (the "SEC") on April 26, 2024, U.S. Eastern Time. The annual report can be accessed on the Company's investor relations website at ir.cangoonline.com or the SEC's website at www.sec.gov. The Company will also p ...