UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

August 25, 2020

 

 

Commission File Number: 001-38590

 

 

CANGO INC.

 

 

10A, Building 3, Youyou Century Plaza

428 South Yanggao Road

Pudong New Area, Shanghai 200127

People’s Republic of China

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ☒             Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ☐            No  ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

 

 

 

TABLE OF CONTENTS

Exhibit 99.1 — Press release: Cango Inc. Reports Second Quarter 2020 Unaudited Financial Results

 

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: August 25, 2020

 

3

Exhibit 99.1

Cango Inc. Reports Second Quarter 2020 Unaudited Financial Results

SHANGHAI, August 24, 2020 /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 2020.

Second Quarter 2020 Financial and Operational Highlights

 

•

Total revenues were RMB274.1 million (US$38.8 million) compared with RMB336.3 million in the same period of 2019, mainly due to the impact of the COVID-19 pandemic, which has severely disrupted the domestic automotive industry.

 

•

After-market services facilitation revenues increased to RMB52.5 million (US$7.4 million), or 19.1% of total revenues in the second quarter of 2020, continuing to serve as an important driver for the Company’s revenue growth.

 

•

The amount of financing transactions the Company facilitated in the second quarter of 2020 was RMB4,946.0 million (US$700.1 million). The total outstanding balance of financing transactions the Company facilitated was RMB37,497.3 million (US$5,307.4 million) as of June 30, 2020.

 

•

M1+ and M3+ overdue ratios for all financing transactions that remained outstanding and were facilitated by the Company were 1.59% and 0.84%, respectively, as of June 30, 2020, as compared to 2.00% and 0.56%, respectively, as of March 31, 2020.

 

•

The number of dealers covered by the Company was 44,521 as of June 30, 2020, compared to 45,688 as of March 31, 2020. The decrease was a result of Cango’s efforts to optimize the efficiency of its dealership network by removing certain dealers that failed to meet the Company’s standards for operating risks and/or transaction referral capabilities.

Mr. Jiayuan Lin, Chief Executive Officer of Cango, commented, “While the overall auto industry has shown signs of gradual recovery, the difficult conditions triggered by the COVID-19 pandemic persisted through the end of the second quarter, and therefore the speed of that recovery, especially in lower-tier cities where the majority of our business operates, was slower than our previous expectations. In addition, low- and mid-range car models, as well as cars produced by domestic car manufacturers, were impacted more than high-end car models and those cars manufactured through joint ventures with foreign firms. Despite these headwinds, our after-market services facilitation business achieved an outstanding performance, mainly attributable to the prompt development of our insurance facilitation services. In particular, the car insurance contracts we facilitated in the second quarter grew significantly compared with the previous quarter. Also of note, the quality of our assets has improved considerably in the second quarter, as reflected by the improvement in our M1+ overdue ratio of 1.59% as of June 30, 2020 compared with 2.00% as of March 31, 2020. On the other hand, some of last quarter’s M1+ delinquencies have become M3+ delinquencies, but within a very reasonable range. We remain committed to applying a rigorous and comprehensive risk management policy and are confident in our ability to maintain the quality of our assets going forward.

 

1

“Looking ahead, we are well-positioned to keep momentum going by further expanding the auto loan facilitation business into the higher-end segment of the market. We have established a dedicated team to target this large market segment which has untapped potential. Additionally, we will continue to grow our insurance facilitation services by exploring more prime insurance transaction channels and expanding our insurance product offerings. We believe that 2020 is a very unique and pivotal year for the auto industry due to COVID-19, and a great time to push our strategic initiatives and find new directions for long-term growth. With more support from government and improved consumers’ confidence, we feel optimistic about the auto finance industry in the second half of this year. Fortified by our competitive advantages and unique market position, we may continue to create more value for our clients, partners and shareholders, while contributing to the development of the entire industry,” Mr. Lin concluded.

Mr. Yongyi Zhang, Chief Financial Officer of Cango, stated, “Amidst the COVID-19 pandemic, we generated RMB274.1 million in total revenues in the second quarter of 2020, outperforming the high end of our previous guidance by approximately 10%. In addition, we continue to see our cost optimization measures working, with gross margin maintained at a healthy level in the second quarter. We also regained positive operating income, mainly attributable to our effective cost control initiatives and improved asset quality as a result of effective post-loan management. As a result, our bottom line increased to RMB70.2 million compared with a net loss of RMB34.7 million in the previous quarter. While uncertainty remains given the challenging operating environment, we are pleased with the strength of our business fundamentals and remain encouraged by the long-term prospects for our business.

Second Quarter 2020 Financial Results

REVENUES

Total revenues in the second quarter of 2020 were RMB274.1 million (US$38.8 million) compared to RMB336.3 million in the same period of 2019. Revenues from after-market services facilitation in the second quarter of 2020 increased by 46.3% to RMB52.5 million (US$7.4 million) from RMB35.9 million in the same period of 2019, and the increase was primarily due to the Company’s efforts to cross-sell insurance facilitation services.

OPERATING COST AND EXPENSES

Total operating cost and expenses in the second quarter of 2020 were RMB207.4 million (US$29.4 million) compared to RMB252.0 million in the same period of 2019. This was in line with the decrease in the Company’s sales volume.

 

•

Cost of revenue in the second quarter of 2020 decreased by 18.3% to RMB102.8 million (US$14.6 million) from RMB125.8 million in the same period of 2019, which was primarily due to a decrease in the amount of financing transactions the Company facilitated. As a percentage of total revenues, cost of revenue in the second quarter of 2020 was 37.5% compared to 37.4% in the same period of 2019.

 

2

•

Sales and marketing expenses in the second quarter of 2020 were RMB42.4 million (US$6.0 million) compared to RMB44.5 million in the same period of 2019. As a percentage of total revenues, sales and marketing expenses in the second quarter of 2020 increased to 15.5% from 13.2% in the same period of 2019.

 

•

General and administrative expenses in the second quarter of 2020 were RMB66.0 million (US$9.3 million) compared to RMB53.4 million in the same period of 2019. As a percentage of total revenues, general and administrative expenses in the second quarter of 2020 increased to 24.1% from 15.9% in the same period of 2019.

 

•

Research and development expenses in the second quarter of 2020 were RMB12.9 million (US$1.8 million) compared to RMB12.2 million in the same period of 2019. As a percentage of total revenues, research and development expenses in the second quarter of 2020 increased to 4.7% from 3.6% in the same period of 2019. The increase was a result of the Company’s efforts to maintain a stable level of investment in research and development projects.

 

•

Net gain on risk assurance liabilities in the second quarter of 2020 was RMB42.9 million (US$6.1 million) compared with a net loss of RMB76.9 million in the first quarter of 2020. Net gain on risk assurance liabilities was mainly due to a decrease in the delinquent loan balance and default rate.

INCOME FROM OPERATIONS

Income from operations in the second quarter of 2020 was RMB66.7 million (US$9.4 million), compared with RMB84.3 million in the same period of 2019.

NET INCOME

Net income in the second quarter of 2020 was RMB70.2 million (US$9.9 million). Non-GAAP adjusted net income in the second quarter of 2020 was RMB92.3 million (US$13.1 million). 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

Basic and diluted net income per American Depositary Share (ADS) in the second quarter of 2020 were both RMB0.47 (US$0.07). Non-GAAP adjusted basic and diluted net income per ADS in the second quarter of 2020 were both RMB0.61 (US$0.09). Each ADS represents two of the Company’s Class A ordinary shares.

BALANCE SHEET

As of June 30, 2020, the Company had cash and cash equivalents of RMB2,010.3 million (US$284.5 million), compared to RMB2,741.0 million as of March 31, 2020. The decrease was mainly due to the dividend paid in May and the repayment of debts.

 

3

Business Outlook

For the third quarter of 2020, the Company expects total revenues to be between RMB300 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.

The Company’s investee, Li Auto Inc. (“Li Auto”), was listed on the Nasdaq Global Select Market on July 30, 2020. Cango currently holds 39,194,413 Class A ordinary shares of Li Auto. The listing is expected to enhance the liquidity of the Company’s investment in Li Auto, and the change in fair value of investment may have a significant impact on the Company’s third quarter financial results.

Conference Call Information

The Company’s management will hold a conference call on Monday, August 24, 2020, at 9:00 P.M. Eastern Time or Tuesday, August 25, 2020, 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 August 31, 2020, by dialing the following numbers:

 

International:		+1-412-317-0088
United States Toll Free:		+1-877-344-7529
Access Code:		10147234

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.

 

4

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, 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 are 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 RMB7.0651 to US$1.00, the noon buying rate in effect on June 30, 2020, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

 

5

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

Caesar Cao

Cango Inc.

Tel: +86 21 3183 5088 ext.5521

Email: ir@cangoonline.com

Emilie Wu

The Piacente Group, Inc.

Tel: +86 21 6039 8363

Email: ir@cangoonline.com

 

6

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, 2019				As of June 30, 2020
		RMB				RMB				US$
ASSETS:
Current assets:
Cash and cash equivalents			2,002,314,688				2,010,317,864				284,542,025
Restricted cash - current			970,993,759				484,332,950				68,552,880
Short-term investments			597,265,740				835,048,818				118,193,489
Accounts receivable, net			148,562,946				64,779,967				9,169,009
Finance lease receivables - current, net			1,661,082,122				1,617,485,890				228,940,268
Short-term consumer financing receivables, net			13,298,562				84,466				11,955
Financing receivables, net			9,103,522				18,957,245				2,683,224
Short-term contract asset			20,688,424				51,042,617				7,224,614
Prepaid expenses and other current assets			117,445,282				80,897,222				11,450,259
Total current assets			5,540,755,045				5,162,947,039				730,767,723
Non-current assets:
Restricted cash - non-current			873,674,276				926,414,353				131,125,441
Long-term investments			547,888,818				551,511,101				78,061,330
Goodwill			145,063,857				145,063,857				20,532,456
Property and equipment, net			14,736,767				12,993,643				1,839,131
Intangible assets			44,758,242				44,568,406				6,308,248
Long-term contract asset			11,655,356				31,940,001				4,520,814
Deferred tax assets			100,667,946				135,796,122				19,220,694
Finance lease receivables - non-current, net			1,448,958,373				985,507,019				139,489,465
Other non-current assets			8,415,694				5,423,466				767,642
Total non-current assets			3,195,819,329				2,839,217,968				401,865,221
TOTAL ASSETS			8,736,574,374				8,002,165,007				1,132,632,944
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debts			1,439,749,760				807,645,729				114,314,833
Long-term debts - current			863,418,789				1,076,453,717				152,362,135
Accrued expenses and other current liabilities			278,690,234				164,458,100				23,277,535
Risk assurance liabilities			259,952,473				323,552,720				45,795,915
Income tax payable			67,308,814				34,701,923				4,911,738
Total current liabilities			2,909,120,070				2,406,812,189				340,662,156
Non-current liabilities:
Long-term debts			301,667,717				301,706,773				42,703,822
Deferred tax liability			12,329,929				21,120,936				2,989,474
Other non-current liabilities			21,796,367				10,818,782				1,531,299
Total non-current liabilities			335,794,013				333,646,491				47,224,595
Total liabilities			3,244,914,083				2,740,458,680				387,886,751
Shareholders’ equity
Ordinary shares			204,260				204,260				28,911
Treasury shares			(20,638,881	)			(63,535,448	)			(8,992,859	)
Additional paid-in capital			4,526,344,454				4,564,430,104				646,053,149
Accumulated other comprehensive income			119,430,738				142,660,288				20,192,253
Retained earnings			852,508,968				617,735,708				87,434,815
Total Cango Inc.’s equity			5,477,849,539				5,261,494,912				744,716,269
Non-controlling interests			13,810,752				211,415				29,924
Total shareholders’ equity			5,491,660,291				5,261,706,327				744,746,193
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			8,736,574,374				8,002,165,007				1,132,632,944

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 June 30,												Six months ended June 30,
		2019				2020								2019				2020
		RMB				RMB				US$				RMB				RMB				US$
Revenues			336,303,754				274,054,751				38,789,932				687,962,259				520,052,725				73,608,686
Loan facilitation income and other related income			222,630,419				143,604,125				20,325,845				458,941,883				263,624,306				37,313,599
Leasing income			71,250,688				69,275,783				9,805,351				143,640,951				143,557,538				20,319,251
After-market services income			35,866,122				52,472,658				7,427,023				75,662,229				101,528,861				14,370,478
Others			6,556,525				8,702,185				1,231,713				9,717,196				11,342,020				1,605,358
Operating cost and expenses:
Cost of revenue			125,824,004				102,817,046				14,552,808				256,630,454				193,414,759				27,376,082
Sales and marketing			44,503,534				42,437,952				6,006,702				90,050,914				88,212,181				12,485,624
General and administrative			53,418,413				66,040,192				9,347,382				118,182,033				123,451,858				17,473,476
Research and development			12,246,050				12,901,613				1,826,105				25,593,854				25,458,298				3,603,388
Net loss on risk assurance liabilities			2,379,706				(42,928,191	)			(6,076,091	)			20,230,839				33,957,484				4,806,370
Provision for credit losses			13,672,656				26,119,771				3,697,014				23,695,938				70,214,542				9,938,223
Total operation cost and expense			252,044,363				207,388,383				29,353,920				534,384,032				534,709,122				75,683,163
Income (Loss) from operations			84,259,391				66,666,368				9,436,012				153,578,227				(14,656,397	)			(2,074,477	)
Interest and investment income, net			22,704,386				21,675,128				3,067,915				41,588,934				50,808,295				7,191,447
Income from equity method investments			(942,312	)			—				—				(926,205	)			—				—
Interest expense			(4,712,329	)			(369,637	)			(52,319	)			(10,006,574	)			(1,736,923	)			(245,845	)
Foreign exchange loss, net			1,409,293				621,774				88,006				122,801				(3,439,945	)			(486,893	)
Other income, net			856,340				7,317,072				1,035,664				21,593,278				25,790,703				3,650,437
Other expenses			(168,717	)			(527,390	)			(74,647	)			(1,184,660	)			(581,495	)			(82,305	)
Net income before income taxes			103,406,052				95,383,315				13,500,631				204,765,801				56,184,238				7,952,364
Income tax expenses			(8,819,437	)			(25,152,250	)			(3,560,070	)			(35,808,056	)			(20,639,459	)			(2,921,326	)
Net income			94,586,615				70,231,065				9,940,561				168,957,745				35,544,779				5,031,038
Less: Net income attributable to non-controlling interests			3,047,624				—				—				1,200,254				3,646,196				516,086
Net income attributable to Cango Inc.’s shareholders			91,538,991				70,231,065				9,940,561				167,757,491				31,898,583				4,514,952
Earnings per ADS attributable to ordinary shareholders:
Basic			0.60				0.47				0.07				1.11				0.21				0.03
Diluted			0.60				0.47				0.07				1.11				0.21				0.03
Weighted average ADS used to compute earnings per ADS attributable to ordinary shareholders:
Basic			151,404,946				150,605,540				150,605,540				151,404,946				150,789,465				150,789,465
Diluted			151,404,946				150,819,440				150,819,440				151,404,946				151,899,153				151,899,153
Other comprehensive (loss) income, net of tax
Unrealized losses on available-for-sale securities			(108,594	)			—				—				(146,801	)			—				—
Reclassification of losses to net income			(276,843	)			—				—				(276,843	)			—				—
Foreign currency translation adjustment			31,329,909				(5,444,800	)			(770,661	)			(10,639,143	)			23,229,550				3,287,929
Total comprehensive income (loss)			125,531,087				64,786,265				9,169,900				157,894,958				58,774,329				8,318,967
Total comprehensive income (loss) attributable to Cango Inc.’s shareholders			122,483,463				64,786,265				9,169,900				156,694,704				55,128,133				7,802,881

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 June 30,												Six months ended June 30,
		2019				2020								2019				2020
		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
		RMB				RMB				US$				RMB				RMB				US$
Net income			94,586,615				70,231,065				9,940,561				168,957,745				35,544,779				5,031,038
Add: Share-based compensation expenses			22,273,101				22,096,880				3,127,610				37,550,563				45,415,178				6,428,101
Cost of revenue			913,198				905,973				128,232				1,539,574				1,862,024				263,552
Sales and marketing			4,744,170				4,706,635				666,181				7,998,269				9,673,432				1,369,185
General and administrative			15,457,530				15,335,232				2,170,561				26,060,087				31,518,128				4,461,101
Research and development			1,158,203				1,149,040				162,636				1,952,633				2,361,594				334,262
Non-GAAP adjusted net income			116,859,716				92,327,945				13,068,171				206,508,308				80,959,957				11,459,139
Less: Net income attributable to non-controlling interests			3,047,624				—				—				1,200,254				3,646,196				516,086
Net income attributable to Cango Inc.’s shareholders			113,812,092				92,327,945				13,068,171				205,308,054				77,313,761				10,943,053
Non-GAAP adjusted net income per ADS-basic			0.75				0.61				0.09				1.36				0.51				0.07
Non-GAAP adjusted net income per ADS-diluted			0.75				0.61				0.09				1.36				0.51				0.07
Weighted average ADS outstanding—basic			151,404,946				150,605,540				150,605,540				151,404,946				150,789,465				150,789,465
Weighted average ADS outstanding—diluted			151,404,946				150,819,440				150,819,440				151,404,946				151,899,153				151,899,153