Cango Inc. Q4 FY2020 Earnings Call

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Cango Inc. Q4 and Full Year 2020 Earnings Summary

  • Quarterly Revenue: RMB 1.097 billion, up significantly vs. RMB 320.8 million in Q4 2019; exceeded high end of previous guidance by ~46%.
  • Annual Revenue (FY 2020): RMB 2.1 billion, representing a 42.5% increase year-over-year.
  • Q4 Net Income: RMB 1.57 billion, mainly due to a RMB 1.5 billion investment gain in Auto.
  • Operating Income (Q4): RMB 198 million, up from RMB 117.7 million in Q4 2019.
  • Adjusted Non-GAAP Net Income (Q4): RMB 1.588 billion; Diluted adjusted EPS: RMB 10.53 per ADS.
  • Automotive Financing Facilitation Revenue (Q4): RMB 398.1 million, up 51.8% YoY.
  • Car Trading Transactions Revenue (Q4): RMB 547 million (50% of total revenue), establishing this segment as a key growth driver.
  • Aftermarket Services Facilitation Revenue (Q4): RMB 70.76 million.
  • Loan Facilitation Volume: RMB 10.82 billion in Q4 2020, a 13% increase YoY.
  • Total Outstanding Loan Balance as of Dec 31, 2020: RMB 43.5 billion.
  • M1+ Overdue Ratio: dropped to 0.98% from 1.11% in Q3 2020; M3+ Overdue Ratio: decreased to 0.42% from 0.53%.

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Operator: Good morning, and good evening, everyone. Welcome to the Cango, Inc.'s Fourth Quarter and Full Year 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. 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. Michael Zhang, Chief Financial Officer of the company. Following management's prepared remarks, we will conduct the Q&A session. Before we begin, I refer you to the Safe Harbor statement in the company's earnings release, which also applies to the conference today, as management will make forward-looking statements. With this said, I'm now turning the call over to Mr. Jiayuan Lin, CEO of Cango. Please, go ahead, sir. Jiayuan Lin: Thank you. [Foreign Language] Good morning and good evening, everyone, and welcome to Cango's fourth quarter and full year 2020 earnings call. In 2020, the unexpected pandemic at the beginning of the year brought the industry towards stand still. But China's economy picked up speed in the second half of the year, and the auto market recovered steadily. [Technical Difficulty] pressure on the auto industry, it also accelerated its pace of transformation with the unleashed pent-up demand from lower-tier markets and continuous progress across our business lines, we are pleased to report that Cango's overall business rebounded significantly during the second half of this year -- of the year, I mean, 2020. As a result, total

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