Cango Inc. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarterly Revenue: RMB 1.05 billion in Q4 2021, up from RMB 899 million year-over-year, exceeding company guidance.
  • Annual Revenue: RMB 3.92 billion for full-year 2021, representing a 91.1% increase year-over-year.
  • Net Income: Q4 net income was RMB 124.1 million, compared to a net gain of RMB 198.4 million in Q4 2020. Full-year net loss was RMB 8.5 million, compared to profit in previous year, primarily due to risk assurance and credit loss provisions.
  • Adjusted Non-GAAP Net Income: RMB 147.3 million for Q4 2021; RMB 79.1 million for full-year 2021.
  • Earnings Per Share: Q4 diluted net income per ADS was RMB 0.87; adjusted EPS was RMB 1.04.

Business Segment Performance

  • Car Trading Transactions: RMB 703.9 million in Q4 (28.7% YoY growth), accounting for nearly 67% of total revenues. Full-year segment revenue nearly quadrupled YoY. Car sales totaled 23,166 for 2021 (including 5,742 NEVs).
  • Automotive Financing Facilitation: RMB 252 million in Q4. The business shrank in scale as Cango transitioned focus to higher quality over volume due to rising credit risks. RMB 5.733 billion in facilitated loans in Q4, down 7.7% QoQ.

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Operator: Good morning, and good evening, everyone, and welcome to Cango, Inc.’s Fourth Quarter and Full Year 2021 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 Investor Relations 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 a Q&A session. Before we begin, I refer you to the safe harbor statement in the company’s earnings release, which also implies to the conference today as management will make forward-looking statements. With that being said, I’m now turning the call over to Mr. Jiayuan Lin, CEO of Cango. Please go ahead, sir. Jiayuan Lin: [Foreign language] [Interpreted] Hi, everyone. Welcome to Cango’s Q4 and full year 2021 earnings call. During 2021, the lingering COVID-19 pandemic and volatile global, political and economic environment posed many challenges to individuals, businesses, and society at large. The automotive industry was put to multiple tests with chip and power shortages and ongoing supply chain disruptions as COVID-19 has become part of the new normal. Despite all the pressure, we proactively coped with the changes and implemented changes within our organization. We took the initiative to transform our business by deepening the platform strategy, and we’re delighted to see encouraging progress over the past year. We a

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