Cango Inc. Reports Second Quarter 2021 Unaudited Financial Results


    SHANGHAI, Aug. 20, 2021 /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 2021.

    Second Quarter 2021 Financial and Operational Highlights

    • Total revenues were RMB946.7 million (US$146.6 million), a 245.5% increase from RMB274.1 million in the same period of 2020, meeting the Company's previous guidance range. The increase was mainly driven by the increased amounts of both financing transactions the Company facilitated and car trading transactions in the second quarter of 2021.
    • Car trading transactions revenues were RMB522.5 million (US$80.9 million), or 55.2% of total revenues in the second quarter of 2021.
    • Automotive financing facilitation revenues were RMB303.3 million (US$47.0 million), a 111.2% increase from RMB143.6 million in the same period of 2020.
    • After-market services facilitation revenues were RMB51.9 million (US$8.0 million), compared to RMB52.5 million in the same period of 2020.
    • The amount of financing transactions the Company facilitated in the second quarter of 2021 was RMB7,789.7 million (US$1,206.5 million). The total outstanding balance of financing transactions the Company facilitated was RMB48,637.8 million (US$7,533.0 million) as of June 30, 2021.
    • M1+ and M3+ overdue ratios for all financing transactions that remained outstanding and were facilitated by the Company were 1.35% and 0.69 %, respectively, as of June 30, 2021, compared to 1.23% and 0.54%, respectively, as of March 31, 2021.
    • The number of dealers covered by the Company was 47,740 as of June 30, 2021, compared to 47,017 as of March 31, 2021.

    Mr. Jiayuan Lin, Chief Executive Officer of Cango, commented, "We entered the second quarter with a focus on navigating major challenges primarily associated with the global chip shortage. We are pleased with our second quarter performance, and thanks to solid progress in our car trading transactions business, we delivered a 245.5% year-over-year growth in total revenues, meeting our previous guidance range. The ongoing chip supply shortage, which has slowed down production and consumption in the entire auto industry, impacted our business to a certain extent and we expect the impact to linger in the second half of 2021. However, we remain dedicated to advancing key elements of our strategy and believe our solid business fundamentals give us considerable flexibility to navigate uncertain and stressful times. In late May, we launched our B2B service platform 'Cango Haoche' integrating car information with transactions, logistics, finance and insurance to directly address pain points for car dealers in the lower-tier markets. In addition, we introduced an updated service account of 'Cango Cheshenghuo' on WeChat also in the second quarter, offering consumers a one-stop service covering purchases, usage and maintenance of cars. With 'Cango Haoche' and 'Cango Cheshenghuo,' we have empowered B-end car dealers and served C-end car owners, further enhancing the bond between dealers, users and us."

    "Looking ahead, we expect the impact of the supply chain-related challenges in the auto market to remain unresolved in the near term. However, we will closely monitor the situation and adapt accordingly, while staying true to our original goals and upholding our commitment to facilitating easy and enjoyable car purchase experiences for our consumers," Mr. Lin concluded.

    Mr. Yongyi Zhang, Chief Financial Officer of Cango, stated, "Our second quarter financial performance was in line with our expectations. Total revenues came in at RMB946.7 million, more than tripling from a year ago. We also recorded a net income of RMB557.7 million in the second quarter. While uncertainty stemming from global chip supply chain disruptions are ongoing, we remain committed to improving our operating efficiency while continually investing in the business to deliver more value to our dealers, partners and users. We fully believe that this will enable us to continue creating value for our shareholders well into the future."

    Second Quarter 2021 Financial Results

    REVENUES

    Total revenues in the second quarter of 2021 increased by 245.5% to RMB946.7 million (US$146.6 million) from RMB274.1 million in the same period of 2020. Revenues from car trading transactions in the second quarter of 2021 were RMB522.5 million (US$80.9 million), continuing to serve as an important revenue contributor. Revenues from automotive financing facilitation and after-market services facilitation in the second quarter of 2021 were RMB303.3 million (US$47.0 million) and RMB51.9 million (US$8.0 million), respectively.

    OPERATING COST AND EXPENSES

    Total operating cost and expenses in the second quarter of 2021 were RMB933.5 million (US$144.6 million) compared to RMB207.4 million in the same period of 2020. This was mainly due to the related costs incurred by car trading transactions business. Primarily as a result of the increase in revenues from car trading transactions, sales and marketing expenses, general and administrative expenses and research and development expenses each decreased as a percentage of total revenues in the second quarter of 2021, compared to the same period of 2020.

    • Cost of revenue in the second quarter of 2021 increased to RMB697.8 million (US$108.1 million) from RMB102.8 million in the same period of 2020. As a percentage of total revenues, cost of revenue in the second quarter of 2021 was 73.7% compared to 37.5% in the same period of 2020, and the change was primarily due to an increase in the amount of car trading transactions. For automotive financing facilitation and after-market services facilitation, cost of revenue as a percentage of relevant revenues was around 41.6% in the second quarter of 2021.
    • Sales and marketing expenses in the second quarter of 2021 were RMB60.9 million (US$9.4 million) compared to RMB42.4 million in the same period of 2020. As a percentage of total revenues, sales and marketing expenses in the second quarter of 2021 was 6.4% compared to 15.5% in the same period of 2020.
    • General and administrative expenses in the second quarter of 2021 were RMB64.7 million (US$10.0 million) compared to RMB66.0 million in the same period of 2020. As a percentage of total revenues, general and administrative expenses in the second quarter of 2021 was 6.8% compared to 24.1% in the same period of 2020.
    • Research and development expenses in the second quarter of 2021 were RMB15.6 million (US$2.4 million) compared to RMB12.9 million in the same period of 2020. As a percentage of total revenues, research and development expenses in the second quarter of 2021 was 1.7% compared to 4.7% in the same period of 2020.
    • Net loss on risk assurance liabilities in the second quarter of 2021 was RMB35.9 million (US$5.6 million) compared to a net gain of RMB42.9 million in the same period of 2020.

    INCOME FROM OPERATIONS

    Income from operations in the second quarter of 2021 was RMB13.2 million (US$2.1 million), compared to RMB66.7 million in the same period of 2020.

    FAIR VALUE CHANGE OF EQUITY INVESTMENT

    Fair value change of equity investment in the second quarter of 2021 was a gain of RMB603.4 million (US$93.5 million) compared to nil in the same period of 2020. The gain in the second quarter of 2021 is mainly due to the investment in Li Auto. As of June 30, 2021, Cango held 8,000,000 American Depositary Shares of Li Auto. Each American Depositary Share of Li Auto represents two Class A ordinary shares of Li Auto.

    NET INCOME

    Primarily due to the fair value change of the Company's investment in Li Auto, net income in the second quarter of 2021 was RMB557.7 million (US$86.4 million). Non-GAAP adjusted net income in the second quarter of 2021 was RMB578.3 million (US$89.6 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 2021 were RMB3.85 (US$0.60) and RMB3.75 (US$0.58). Non-GAAP adjusted basic and diluted net income per ADS in the second quarter of 2021 were RMB3.99 (US$0.62) and RMB3.89 (US$0.60). Each ADS represents two Class A ordinary shares of the Company.

    BALANCE SHEET

    As of June 30, 2021, the Company had cash and cash equivalents of RMB1,498.9 million (US$232.2 million), compared to RMB1,631.0 million as of March 31, 2021.

    As of June 30, 2021, the Company had short-term investments of RMB3,127.2 million (US$484.3 million), compared to RMB2,627.6 million as of March 31, 2021.

    Business Outlook

    For the third quarter of 2021, the Company expects total revenues to be between RMB700 million and RMB750 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 investment in Li Auto and the change in fair value of investment due to the price volatility of the stock may have a significant impact on the Company's third quarter of 2021 financial results.

    Share Repurchase Program

    Pursuant to the share repurchase program announced on March 2, 2021, we had repurchased 5,397,207 American depositary shares ("ADSs") with cash in the aggregate amount of approximately US$48.4 million up to July 31, 2021.

    Conference Call Information

    The Company's management will hold a conference call on Thursday, August 19, 2021, at 9:00 P.M. Eastern Time or Friday, August 20, 2021, 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 26, 2021, by dialing the following numbers:

    International:                         

    +1-412-317-0088

    United States Toll Free:

    +1-877-344-7529

    Access Code:

    10159690

    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, car trading transactions, 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

    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 RMB6.4566 to US$1.00, the noon buying rate in effect on June 30, 2021, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ 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

    Yihe Liu
    Cango Inc.
    Tel: +86 21 3183 5088 ext.5581
    Email: ir@cangoonline.com 
    Twitter: https://twitter.com/Cango_Group

    Emilie Wu
    The Piacente Group, Inc.
    Tel: +86 21 6039 8363
    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,
    2020 


    As of June 30,
    2021





     RMB 


     RMB 

     US$ 









    ASSETS:








    Current assets:








    Cash and cash equivalents




    1,426,899,576


    1,498,947,545

    232,157,412

    Restricted cash - current




    9,693,008


    34,767,022

    5,384,726

    Short-term investments




    4,342,356,612


    3,127,171,118

    484,337,131

    Accounts receivable, net




    141,594,170


    157,050,941

    24,324,093

    Finance lease receivables - current, net




    2,035,397,525


    1,717,714,853

    266,040,153

    Short-term consumer financing receivables, net




    23,168


    -

    -

    Financing receivables, net




    20,105,893


    43,575,286

    6,748,952

    Short-term contract asset




    364,618,635


    714,635,512

    110,682,946

    Prepayments and other current assets 




    558,360,959


    887,766,346

    137,497,498

    Total current assets




    8,899,049,546


    8,181,628,623

    1,267,172,911









    Non-current assets:








    Restricted cash - non-current




    878,299,140


    845,590,108

    130,965,231

    Goodwill




    145,063,857


    145,063,857

    22,467,530

    Property and equipment, net




    10,311,971


    21,032,036

    3,257,448

    Intangible assets




    44,887,871


    44,683,992

    6,920,669

    Long-term contract asset




    281,374,110


    474,407,237

    73,476,325

    Deferred tax assets




    170,951,082


    374,774,207

    58,045,133

    Finance lease receivables - non-current, net




    1,454,499,864


    1,186,837,807

    183,817,769

    Other non-current assets




    261,495,158


    427,327,797

    66,184,648

    Total non-current assets




    3,246,883,053


    3,519,717,041

    545,134,753

    TOTAL ASSETS




    12,145,932,599


    11,701,345,664

    1,812,307,664









    LIABILITIES AND SHAREHOLDERS' EQUITY








    Current liabilities:








    Short-term debts




    355,816,940


    779,104,385

    120,667,903

    Long-term debts—current




    1,228,783,730


    1,122,603,494

    173,869,141

    Accrued expenses and other current liabilities




    324,734,202


    352,398,112

    54,579,517

    Risk assurance liabilities 




    460,829,299


    642,664,973

    99,536,129

    Income tax payable




    87,132,455


    388,784,530

    60,215,056

    Total current liabilities




    2,457,296,626


    3,285,555,494

    508,867,746









    Non-current liabilities:








    Long-term debts




    977,791,191


    836,810,348

    129,605,419

    Deferred tax liability




    330,765,029


    171,705,298

    26,593,764

    Other non-current liabilities




    4,870,616


    2,479,512

    384,028

    Total non-current liabilities




    1,313,426,836


    1,010,995,158

    156,583,211

    Total liabilities




    3,770,723,462


    4,296,550,652

    665,450,957

















    Shareholders' equity








    Ordinary shares




    204,260


    204,260

    31,636

    Treasury shares




    (56,419,225)


    (356,910,505)

    (55,278,398)

    Additional paid-in capital




    4,591,455,557


    4,624,962,530

    716,315,480

    Accumulated other comprehensive income




    (115,386,427)


    (147,245,016)

    (22,805,349)

    Retained earnings




    3,955,354,972


    3,283,783,743

    508,593,338

    Total Cango Inc.'s  equity




    8,375,209,137


    7,404,795,012

    1,146,856,707

    Total shareholders' equity




    8,375,209,137


    7,404,795,012

    1,146,856,707

    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY




    12,145,932,599


    11,701,345,664

    1,812,307,664

     

     

    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, 





    2020


    2021


    2020


    2021





     RMB 


     RMB 

     US$ 


     RMB 


     RMB 

     US$ 














    Revenues




    274,054,751


    946,746,211

    146,632,316


    520,052,725


    2,070,532,922

    320,684,714

    Loan facilitation income and other related income 




    143,604,125


    303,346,685

    46,982,419


    263,332,523


    715,037,501

    110,745,207

    Leasing income




    69,275,783


    64,708,395

    10,022,054


    143,557,538


    137,836,071

    21,348,089

    After-market services income 




    52,472,658


    51,866,024

    8,033,024


    101,528,861


    114,395,515

    17,717,609

    Automobile trading income




    6,228,508


    522,544,976

    80,931,911


    7,601,416


    1,094,109,857

    169,456,038

    Others




    2,473,677


    4,280,131

    662,908


    4,032,387


    9,153,978

    1,417,771

    Operating cost and expenses:













    Cost of revenue




    102,817,046


    697,786,112

    108,073,307


    193,414,759


    1,466,833,661

    227,183,605

    Sales and marketing




    42,437,952


    60,885,719

    9,429,997


    88,212,181


    118,729,278

    18,388,824

    General and administrative




    66,040,192


    64,658,358

    10,014,304


    123,451,858


    126,048,975

    19,522,500

    Research and development




    12,901,613


    15,638,883

    2,422,155


    25,458,298


    29,233,130

    4,527,635

    Net (gain) loss on risk assurance liabilities




    (42,928,191)


    35,903,834

    5,560,796


    33,957,484


    57,642,765

    8,927,727

    Provision for credit losses




    26,119,771


    58,636,181

    9,081,588


    70,214,542


    99,268,133

    15,374,676

    Total operation cost and expense




    207,388,383


    933,509,087

    144,582,147


    534,709,122


    1,897,755,942

    293,924,967














    Income (Loss) from operations




    66,666,368


    13,237,124

    2,050,169


    (14,656,397)


    172,776,980

    26,759,747

    Interest and investment income




    21,675,128


    4,128,041

    639,352


    50,808,295


    22,369,008

    3,464,518

    Fair value change of equity investment




    -


    603,413,645

    93,456,873


    -


    156,488,012

    24,236,907

    Interest expense




    (369,637)


    (234,274)

    (36,284)


    (1,736,923)


    (813,242)

    (125,955)

    Foreign exchange gain (loss), net




    621,774


    (938,526)

    (145,359)


    (3,439,945)


    (735,132)

    (113,857)

    Other income




    7,317,072


    7,568,769

    1,172,253


    25,790,703


    11,176,345

    1,730,995

    Other expenses




    (527,390)


    (193,817)

    (30,018)


    (581,495)


    (6,479,822)

    (1,003,597)

    Net income before income taxes




    95,383,315


    626,980,962

    97,106,986


    56,184,238


    354,782,149

    54,948,758

    Income tax expenses 




    (25,152,250)


    (69,243,099)

    (10,724,390)


    (20,639,459)


    (70,915,821)

    (10,983,462)

    Net income 




    70,231,065


    557,737,863

    86,382,596


    35,544,779


    283,866,328

    43,965,296

    Less: Net income attributable to non-controlling interests




    -


    -

    -


    3,646,196


    -

    -














    Net income attributable to Cango Inc.'s shareholders




    70,231,065


    557,737,863

    86,382,596


    31,898,583


    283,866,328

    43,965,296

    Earnings per ADS attributable to ordinary shareholders:













    Basic




    0.47


    3.85

    0.60


    0.21


    1.93

    0.30

    Diluted




    0.47


    3.75

    0.58


    0.21


    1.89

    0.29

    Weighted average ADS used to compute earnings per ADS attributable to ordinary shareholders: 













    Basic




    150,605,540


    144,829,122

    144,829,122


    150,789,465


    147,012,155

    147,012,155

    Diluted




    150,819,440


    148,579,948

    148,579,948


    151,899,153


    150,005,282

    150,005,282





















































    Other comprehensive (loss) income, net of tax













    Foreign currency translation adjustment




    (5,444,800)


    (42,140,854)

    (6,526,787)


    23,229,550


    (31,858,589)

    (4,934,267)














    Total comprehensive income




    64,786,265


    515,597,009

    79,855,809


    58,774,329


    252,007,739

    39,031,029

    Total comprehensive income attributable to Cango Inc.'s shareholders




    64,786,265


    515,597,009

    79,855,809


    55,128,133


    252,007,739

    39,031,029

     

     

    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, 



    2020


    2021


    2020


    2021



     (Unaudited) 


     (Unaudited) 

     (Unaudited) 


     (Unaudited) 


     (Unaudited) 

     (Unaudited) 



     RMB 


     RMB 

     US$ 


     RMB 


     RMB 

     US$ 












    Net income 


    70,231,065


    557,737,863

    86,382,596


    35,544,779


    283,866,328

    43,965,296












    Add: Share-based compensation expenses


    22,096,880


    20,522,138

    3,178,474


    45,415,178


    40,433,303

    6,262,321

      Cost of revenue


    905,973


    783,983

    121,424


    1,862,024


    1,454,657

    225,298

      Sales and marketing


    4,706,635


    4,004,166

    620,166


    9,673,432


    7,521,055

    1,164,863

      General and administrative


    15,335,232


    14,987,159

    2,321,215


    31,518,128


    29,678,982

    4,596,689

      Research and development


    1,149,040


    746,830

    115,669


    2,361,594


    1,778,609

    275,471












    Non-GAAP adjusted net income 


    92,327,945


    578,260,001

    89,561,070


    80,959,957


    324,299,631

    50,227,617

    Less: Net income attributable to non-controlling interests


    -


    -

    -


    3,646,196


    -

    -

    Net income attributable to Cango Inc.'s shareholders


    92,327,945


    578,260,001

    89,561,070


    77,313,761


    324,299,631

    50,227,617























    Non-GAAP adjusted net income per ADS-basic


    0.61


    3.99

    0.62


    0.51


    2.21

    0.34

    Non-GAAP adjusted net income per ADS-diluted


    0.61


    3.89

    0.60


    0.51


    2.16

    0.33












    Weighted average ADS outstanding—basic


    150,605,540


    144,829,122

    144,829,122


    150,789,465


    147,012,155

    147,012,155

    Weighted average ADS outstanding—diluted


    150,819,440


    148,579,948

    148,579,948


    151,899,153


    150,005,282

    150,005,282

     

     

     

    China Expert network
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