GUIYANG,
China, Aug. 23, 2023 /PRNewswire/ -- Full Truck
Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM), a leading
digital freight platform, today announced its unaudited financial
results for the second quarter ended June
30, 2023.
Second Quarter 2023 Financial and
Operational Highlights
- Total net revenues in the second quarter of 2023 were
RMB2,062.0 million (US$284.4 million), an increase of 23.5% from
RMB1,670.1 million in the same period
of 2022.
- Net income in the second quarter of 2023 was
RMB609.0 million (US$84.0 million), compared with RMB12.7 million in the same period of 2022.
- Non-GAAP adjusted net income[1] in the second
quarter of 2023 was RMB722.7 million
(US$99.7 million), an increase of
170.8% from RMB266.9 million in the
same period of 2022.
- Fulfilled orders[2] in the second quarter of
2023 reached 40.2 million, an increase of 44.5% from 27.8 million
in the same period of 2022.
- Average shipper MAUs[3] in the second quarter
of 2023 reached 2.00 million, an increase of 30.5% from 1.53
million in the same period of 2022.
"Reinforced by our leading market position, our growth was
robust in the second quarter of 2023, propelling further gains in
market share amid a slow macroeconomic recovery," said Mr.
Peter Hui Zhang, Founder, Chairman
and Chief Executive Officer of FTA. "Our business continued to
scale as we made considerable headway on user acquisition, with
average shipper MAUs reaching a new milestone of two million, which
demonstrates our visionary strategy and outstanding execution. Our
commitment to creating value for shippers and truckers serves as
the foundation of our business, positioning us to continue
capturing opportunities in the vast digital freight market to
deliver sustainable revenue growth."
Mr. Simon Cai, Chief Financial
Officer of FTA, commented, "We are pleased with the solid growth
momentum we achieved in the second quarter, with strong
year-over-year growth of 23.5% and 170.8% for revenue and non-GAAP
adjusted net income, respectively, outstripping market expectations
again. We expect to reap additional benefits as we accelerate our
progress to an optimized revenue structure with increasing
contribution from transaction commissions, and continue to improve
both monetization and operational efficiencies. Moving forward, we
will remain disciplined in our efforts to sustain our growth and
enhance our profitability while driving further value for our
different stakeholders."
|
[1] Non-GAAP
adjusted net income is defined as net income/(loss) excluding (i)
share-based compensation expense; (ii) amortization of intangible
assets resulting from business acquisitions; (iii) compensation
cost incurred in relation to continuing service terms in business
acquisitions and (iv) tax effects of non-GAAP adjustments. See "Use
of Non-GAAP Financial Measures" and "Reconciliations of GAAP and
Non-GAAP Results" at the end of this press release.
|
|
[2]
Fulfilled orders on our platform in a given period are defined as
all shipping orders matched through our platform during such period
but exclude (i) shipping orders that are subsequently canceled and
(ii) shipping orders for which our users failed to specify any
freight prices as there are substantial uncertainties as to whether
the shipping orders are fulfilled.
|
|
[3] Average
shipper MAUs in a given period are calculated by dividing (i) the
sum of shipper MAUs for each month of a given period by (ii) the
number of months in a given period. Shipper MAUs are defined as the
number of active shippers on our platform in a given month. Active
shippers are defined as the aggregate number of registered shipper
accounts that have posted at least one shipping order on our
platform during a given period.
|
Second Quarter 2023 Financial Results
Net Revenues (including value added taxes, or
"VAT", of RMB896.6 million and
RMB953.0 million for the three months
ended June 30, 2022, and 2023,
respectively). Total net revenues in the second
quarter of 2023 were RMB2,062.0
million (US$284.4 million),
representing an increase of 23.5% from RMB1,670.1 million in the same period of 2022,
primarily attributable to an increase in revenues from freight
matching services.
Freight matching services. Revenues from freight matching
services in the second quarter of 2023 were RMB1,731.2 million (US$238.7 million), representing an increase of
22.8% from RMB1,409.6 million in the
same period of 2022. The increase was primarily due to an increase
in revenues from freight brokerage service as well as continued
growth in transaction commissions.
- Freight brokerage service. Revenues from freight
brokerage service in the second quarter of 2023 were RMB948.9 million (US$130.9
million), an increase of 11.6% from RMB850.2 million in the same period of 2022,
primarily attributable to continued growth in transaction volume as
a result of expanded user coverage.
- Freight listing service. Revenues from freight listing
service in the second quarter of 2023 were RMB227.1 million (US$31.3
million), an increase of 7.3% from RMB211.7 million in the same period of 2022,
primarily due to an increase in total paying members.
- Transaction commission. Revenues from transaction
commissions amounted to RMB555.2
million (US$76.6 million) in
the second quarter of 2023, an increase of 59.6% from RMB347.8 million in the same period of 2022,
primarily driven by an increase in order volume as well as an
improvement in commission order coverage.
Value-added services. Revenues from value-added services
in the second quarter of 2023 were RMB330.8
million (US$45.6 million), an
increase of 27.0% from RMB260.4
million in the same period of 2022, mainly attributable to
an increase in revenues from credit solutions and other value-added
services.
Cost of Revenues (including VAT net of refund of
VAT of RMB672.8 million and
RMB774.9 million for the three months
ended June 30, 2022, and 2023,
respectively). Cost of revenues in the second quarter of
2023 was RMB975.3 million
(US$134.5 million), compared with
RMB925.9 million in the same period
of 2022. The increase was primarily due to an increase in VAT,
related tax surcharges and other tax costs, and net of tax refunds
from government authorities. These tax-related costs net of refunds
totaled RMB879.3 million,
representing an increase of 4.0% from RMB845.4 million in the same period of 2022,
primarily due to the continued increase in transaction activities
involving our freight brokerage service.
Sales and Marketing Expenses. Sales and marketing
expenses in the second quarter of 2023 were RMB281.8 million (US$38.9
million), compared with RMB196.2
million in the same period of 2022. The increase was
primarily due to an increase in advertising and marketing expenses
for user acquisitions.
General and Administrative Expenses. General
and administrative expenses in the second quarter of 2023 were
RMB201.7 million (US$27.8 million), compared with RMB344.8 million in the same period of 2022. The
decrease was primarily due to lower share-based compensation
expenses.
Research and Development Expenses. Research and
development expenses in the second quarter of 2023 were
RMB223.7 million (US$30.8 million), compared with RMB216.4 million in the same period of 2022. The
increase was primarily due to higher salary and benefits
expenses.
Income/(Loss) from Operations. Income from
operations in the second quarter of 2023 was RMB333.8 million (US$46.0
million), compared with a loss of RMB46.4 million in the same period of 2022.
Non-GAAP Adjusted Operating
Income.[4] Non-GAAP adjusted operating
income in the second quarter of 2023 was RMB450.7 million (US$62.2
million), an increase of 113.4% from RMB211.3 million in the same period of 2022.
Net Income. Net income in the second quarter
of 2023 was RMB609.0 million
(US$84.0 million), compared with
RMB12.7 million in the same period of
2022.
Non-GAAP Adjusted Net Income. Non-GAAP
adjusted net income in the second quarter of 2023 was RMB722.7 million (US$99.7
million), an increase of 170.8% from RMB266.9 million in the same period of 2022.
Basic and Diluted Net Income per ADS[5] and
Non-GAAP Adjusted Basic and Diluted Net Income per
ADS.[6] Basic and diluted
net income per ADS were RMB0.57
(US$0.08) in the second quarter of
2023, compared with basic and diluted net income per ADS of
RMB0.01 in the same period of 2022.
Non-GAAP adjusted basic and diluted net income per ADS were
RMB0.68 (US$0.09) in the second quarter of 2023, compared
with non-GAAP adjusted basic and diluted net income per ADS of
RMB0.25 in the same period of
2022.
Balance Sheet and Cash Flow
As of June 30, 2023, the Company
had cash and cash equivalents, restricted cash, short-term
investments and long-term investments of RMB27.4 billion (US$3.8
billion) in total, compared with RMB26.3 billion as of December 31, 2022.
As of June 30, 2023, the total
outstanding balance of the on-balance sheet loans, consisting of
the total principal amounts and all accrued and unpaid interests
(net of provisions) of the loans funded through our small loan
company, was RMB3,141.4 million
(US$433.2 million), compared with
RMB2,648.4 million as of December 31, 2022. The total non-performing loan
ratio[7] for these loans was 1.7% as of June 30, 2023, compared with 2.0% as of
December 31, 2022.
In the second quarter of 2023, net cash provided by operating
activities was RMB707.7 million
(US$97.6 million).
|
[4] Non-GAAP
adjusted operating income is defined as income/(loss) from
operations excluding (i) share-based compensation expense; (ii)
amortization of intangible assets resulting from business
acquisitions and (iii) compensation cost incurred in relation to
continuing service terms in business acquisitions. See "Use of
Non-GAAP Financial Measures" and "Reconciliations of GAAP and
Non-GAAP Results" at the end of this press release.
|
|
[5] ADS
refers to the American depositary shares, each of which represents
20 Class A ordinary shares.
|
|
[6] Non-GAAP
adjusted basic and diluted net income per ADS is net income/(loss)
attributable to ordinary shareholders excluding (i) share-based
compensation expense; (ii) amortization of intangible assets
resulting from business acquisitions; (iii) compensation cost
incurred in relation to continuing service terms in business
acquisitions and (iv) tax effects of non-GAAP adjustments, divided
by weighted average number of basic and diluted ADSs, respectively.
For more information, refer to "Use of Non-GAAP Financial Measures"
and "Reconciliations of GAAP and Non-GAAP Results" at the end of
this press release.
|
|
[7]
Non-performing loan ratio is calculated by dividing the outstanding
principal and all accrued and unpaid interests of the on-balance
sheet loans that were over 90 calendar days past due (excluding
loans that are over 180 days past due and are therefore charged
off) by the total outstanding principal and all accrued and unpaid
interests of the on-balance sheet loans (excluding loans that are
over 180 days past due and are therefore charged off) as of a
specified date.
|
Business Outlook
The Company expects its total net revenues to be between
RMB2.16 billion and RMB2.20 billion for the third quarter of 2023,
representing a year-over-year growth rate of approximately 19.2% to
21.6%. These forecasts reflect the Company's current and
preliminary views on the market and operational conditions, which
are subject to change and cannot be predicted with reasonable
accuracy as of the date hereof.
Share Repurchase Update
On March 3, 2023, the Company's
Board of Directors authorized a share repurchase program, under
which the Company may repurchase up to US$500 million of the Company's ADSs during a
period of up to 12 months starting from March 13, 2023. As of August 22, 2023, the Company had repurchased an
aggregate of approximately 19.4 million ADSs for approximately
US$124.3 million from the open market
under the share repurchase program.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars ("US$") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to US$ were made at a rate of RMB7.2513 to US$1.00, the exchange rate in effect as of
June 30, 2023, as set forth in the
H.10 statistical release of The Board of Governors of the Federal
Reserve System. The Company makes no representation that any RMB or
US$ amounts could have been, or could be, converted into US$ or
RMB, as the case may be, at any particular rate, or at all.
Conference Call
The Company's management will hold an earnings conference call
at 8:00 A.M. U.S. Eastern Time on
August 23, 2023, or 8:00 P.M. Beijing Time to discuss its financial
results and operating performance for the second quarter of
2023.
Dial-in details for the earnings conference call are as
follows:
|
United States (toll
free):
|
+1-888-317-6003
|
|
International:
|
+1-412-317-6061
|
|
Mainland China (toll
free):
|
400-120-6115
|
|
Hong Kong, SAR (toll
free):
|
800-963-976
|
|
Hong Kong,
SAR:
|
+852-5808-1995
|
|
United Kingdom (toll
free):
|
08082389063
|
|
Singapore (toll
free):
|
800-120-5863
|
|
Access
Code:
|
2653624
|
The replay will be accessible through August 30, 2023, by dialing the following
numbers:
|
United
States:
|
+1-877-344-7529
|
|
International:
|
+1-412-317-0088
|
|
Replay Access
Code:
|
4560638
|
A live and archived webcast of the conference call will also be
available on the Company's investor relations website at
ir.fulltruckalliance.com.
About Full Truck Alliance Co. Ltd.
Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital
freight platform connecting shippers with truckers to facilitate
shipments across distance ranges, cargo weights and types. The
Company provides a range of freight matching services, including
freight listing, freight brokerage and online transaction services.
The Company also provides a range of value-added services that
cater to the various needs of shippers and truckers, such as
financial institutions, highway authorities, and gas station
operators. With a mission to make logistics smarter, the Company is
shaping the future of logistics with technology and aspires to
revolutionize logistics, improve efficiency across the value chain
and reduce its carbon footprint for our planet. For more
information, please visit ir.fulltruckalliance.com.
Use of Non-GAAP Financial Measures
The Company uses non-GAAP adjusted operating income, non-GAAP
adjusted net income, non-GAAP adjusted net income attributable to
ordinary shareholders, non-GAAP adjusted basic and diluted net
income per share and non-GAAP adjusted basic and diluted net income
per ADS, each a non-GAAP financial measure, as supplemental
measures to review and assess its operating performance.
The presentation of non-GAAP financial measures 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 operating income as
income/(loss) from operations excluding (i) share-based
compensation expense; (ii) amortization of intangible assets
resulting from business acquisitions and (iii) compensation cost
incurred in relation to continuing service terms in business
acquisitions. The Company defines non-GAAP adjusted net income as
net income/(loss) excluding (i) share-based compensation expense;
(ii) amortization of intangible assets resulting from business
acquisitions; (iii) compensation cost incurred in relation to
continuing service terms in business acquisitions and (iv) tax
effects of non-GAAP adjustments. The Company defines non-GAAP
adjusted net income attributable to ordinary shareholders as net
income/(loss) attributable to ordinary shareholders excluding (i)
share-based compensation expense; (ii) amortization of intangible
assets resulting from business acquisitions; (iii) compensation
cost incurred in relation to continuing service terms in business
acquisitions and (iv) tax effects of non-GAAP adjustments. The
Company defines non-GAAP adjusted basic and diluted net income per
share as non-GAAP adjusted net income attributable to ordinary
shareholders divided by weighted average number of basic and
diluted ordinary shares, respectively. The Company defines non-GAAP
adjusted basic and diluted net income per ADS as non-GAAP adjusted
net income attributable to ordinary shareholders divided by the
weighted average number of basic and diluted ADSs,
respectively.
The non-GAAP financial measures are not defined under U.S. GAAP
and are not presented in accordance with U.S. GAAP. The non-GAAP
financial measures have limitations as an analytical tool. The
non-GAAP financial measures do not reflect all items of expense
that affect its operations. Share-based compensation expense,
amortization of intangible assets resulting from business
acquisitions, compensation cost incurred in relation to continuing
service terms in business acquisitions and tax effects of non-GAAP
adjustments have been and may continue to be incurred in its
business and are not reflected in the presentation of its non-GAAP
financial measures.
The Company reconciles the non-GAAP financial measures to the
nearest U.S. GAAP performance measures. Non-GAAP adjusted operating
income, non-GAAP adjusted net income, non-GAAP adjusted net income
attributable to ordinary shareholders and non-GAAP adjusted basic
and diluted net income per share should not be considered in
isolation or construed as an alternative to operating
income/(loss), net income/(loss), net income/(loss) attributable to
ordinary shareholders and basic and diluted net income/(loss) per
share or any other measure of performance or as an indicator of its
operating performance. Investors are encouraged to review FTA's
non-GAAP financial measures to the most directly comparable GAAP
measures. FTA's non-GAAP financial measure may not be comparable to
similarly titled measures presented by other companies.
For more information on these non-GAAP financial measures,
please see the table captioned "Reconciliations of GAAP and
Non-GAAP Results" set forth at the end of this release.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements which are made pursuant to the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by
terminology such as "may," "will," "expect," "anticipate," "aim,"
"estimate," "intend," "plan," "believe," "potential," "continue,"
"is/are likely to," and similar statements. Statements that are not
historical facts, including statements about the Company's beliefs,
plans, 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: FTA's goal
and strategies; FTA's expansion plans; FTA's future business
development, financial condition and results of operations;
expected changes in FTA's revenues, costs or expenses; industry
landscape of, and trends in, China's road transportation market;
competition in FTA's industry; FTA's expectations regarding demand
for, and market acceptance of, its services; FTA's expectations
regarding its relationships with shippers, truckers and other
ecosystem participants; FTA's ability to protect its systems and
infrastructures from cyber-attacks; PRC laws, regulations, and
policies relating to the road transportation market, as well as
general regulatory environment in which FTA operates in
China; the results of regulatory
review and the duration and impact of any regulatory action taken
against FTA; the impact of COVID-19 outbreaks, extreme weather
conditions and production constraints brought by electricity
rationing measures; general economic and business condition; and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in the
Company's filings with the SEC. All information provided in this
press release is as of the date of this press release, and the
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please contact:
In China:
Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: IR@amh-group.com
Piacente Financial Communications
Hui Fan
Tel: +86-10-6508-0677
E-mail: FTA@thepiacentegroup.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com
|
FULL TRUCK ALLIANCE CO. LTD.
|
|
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
(All amounts in thousands, except share, ADS, per
share and per ADS data)
|
|
|
|
As of
|
|
|
December 31,
|
|
June 30,
|
|
June 30,
|
|
|
2022
|
|
2023
|
|
2023
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
5,137,312
|
|
7,071,047
|
|
975,142
|
|
Restricted cash –
current
|
|
83,759
|
|
84,327
|
|
11,629
|
|
Short-term
investments
|
|
21,087,089
|
|
17,859,805
|
|
2,462,980
|
|
Accounts receivable,
net
|
|
13,015
|
|
17,810
|
|
2,456
|
|
Loans receivable,
net
|
|
2,648,449
|
|
3,141,406
|
|
433,220
|
|
Prepayments and other
current assets
|
|
2,034,427
|
|
2,079,179
|
|
286,732
|
|
Total current
assets
|
|
31,004,051
|
|
30,253,574
|
|
4,172,159
|
|
Restricted cash –
non-current
|
|
—
|
|
10,000
|
|
1,379
|
|
Long-term
investments
|
|
—
|
|
2,384,485
|
|
328,836
|
|
Property and equipment,
net
|
|
108,824
|
|
156,628
|
|
21,600
|
|
Investments in equity
investees
|
|
1,774,270
|
|
1,817,533
|
|
250,649
|
|
Intangible assets,
net
|
|
502,421
|
|
475,235
|
|
65,538
|
|
Goodwill
|
|
3,124,828
|
|
3,124,828
|
|
430,933
|
|
Deferred tax
assets
|
|
41,490
|
|
42,403
|
|
5,848
|
|
Operating lease
right-of-use assets and land use rights
|
|
132,000
|
|
112,505
|
|
15,515
|
|
Other non-current
assets
|
|
8,427
|
|
5,771
|
|
796
|
|
Total
non-current assets
|
|
5,692,260
|
|
8,129,388
|
|
1,121,094
|
|
TOTAL ASSETS
|
|
36,696,311
|
|
38,382,962
|
|
5,293,253
|
|
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
27,953
|
|
34,593
|
|
4,771
|
|
Amount due to related
parties
|
|
122,152
|
|
126,733
|
|
17,477
|
|
Prepaid for freight
listing fees and other service fees
|
|
462,080
|
|
530,535
|
|
73,164
|
|
Income tax
payable
|
|
52,233
|
|
74,895
|
|
10,328
|
|
Other tax
payable
|
|
721,597
|
|
717,823
|
|
98,992
|
|
Operating lease
liabilities – current
|
|
44,590
|
|
40,865
|
|
5,636
|
|
Accrued expenses and
other current liabilities
|
|
1,301,160
|
|
1,384,926
|
|
190,992
|
|
Total current
liabilities
|
|
2,731,765
|
|
2,910,370
|
|
401,360
|
|
Deferred tax
liabilities
|
|
121,611
|
|
115,101
|
|
15,873
|
|
Operating lease
liabilities – non-current
|
|
35,931
|
|
20,602
|
|
2,841
|
|
Total
non-current liabilities
|
|
157,542
|
|
135,703
|
|
18,714
|
|
TOTAL LIABILITIES
|
|
2,889,307
|
|
3,046,073
|
|
420,074
|
|
MEZZANINE EQUITY
|
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
|
149,771
|
|
267,923
|
|
36,948
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
1,377
|
|
1,363
|
|
188
|
|
Treasury
stock
|
|
—
|
|
(189,871)
|
|
(26,184)
|
|
Additional paid-in
capital
|
|
47,758,178
|
|
47,502,397
|
|
6,550,880
|
|
Accumulated other
comprehensive income
|
|
2,511,170
|
|
3,348,109
|
|
461,725
|
|
Accumulated
deficit
|
|
(16,613,492)
|
|
(15,599,046)
|
|
(2,151,207)
|
|
TOTAL FULL TRUCK ALLIANCE CO. LTD.
EQUITY
|
|
33,657,233
|
|
35,062,952
|
|
4,835,402
|
|
Non-controlling
interests
|
|
—
|
|
6,014
|
|
829
|
|
TOTAL SHAREHOLDERS' EQUITY
|
|
33,657,233
|
|
35,068,966
|
|
4,836,231
|
|
TOTAL LIABILITIES, MEZZANINE EQUITY AND
EQUITY
|
|
36,696,311
|
|
38,382,962
|
|
5,293,253
|
|
FULL TRUCK ALLIANCE CO. LTD.
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(LOSS)
|
|
(All amounts in thousands, except share, ADS, per
share and per ADS data)
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2023
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net Revenues (including value added
taxes,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
"VAT", of RMB896.6
million and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RMB953.0 million for
the three months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ended June 30, 2022 and
2023,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
respectively)
|
|
1,670,051
|
|
1,702,257
|
|
2,062,028
|
|
284,367
|
|
3,002,611
|
|
3,764,285
|
|
519,118
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(including VAT net of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
refund of VAT of
RMB672.8 million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and RMB774.9 million
for the three
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
months ended June 30,
2022 and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023,
respectively)(1)
|
|
(925,937)
|
|
(849,373)
|
|
(975,269)
|
|
(134,496)
|
|
(1,609,819)
|
|
(1,824,642)
|
|
(251,630)
|
|
Sales and marketing
expenses(1)
|
|
(196,186)
|
|
(245,677)
|
|
(281,772)
|
|
(38,858)
|
|
(388,229)
|
|
(527,449)
|
|
(72,739)
|
|
General and
administrative expenses(1)
|
|
(344,781)
|
|
(179,507)
|
|
(201,711)
|
|
(27,817)
|
|
(803,196)
|
|
(381,218)
|
|
(52,572)
|
|
Research and
development expenses(1)
|
|
(216,373)
|
|
(229,879)
|
|
(223,696)
|
|
(30,849)
|
|
(437,329)
|
|
(453,575)
|
|
(62,551)
|
|
Provision for loans
receivable
|
|
(40,080)
|
|
(52,878)
|
|
(51,146)
|
|
(7,053)
|
|
(90,060)
|
|
(104,024)
|
|
(14,346)
|
|
Total operating expenses
|
|
(1,723,357)
|
|
(1,557,314)
|
|
(1,733,594)
|
|
(239,073)
|
|
(3,328,633)
|
|
(3,290,908)
|
|
(453,838)
|
|
Other operating
income
|
|
6,891
|
|
20,821
|
|
5,355
|
|
738
|
|
27,606
|
|
26,176
|
|
3,610
|
|
(Loss) income from operations
|
|
(46,415)
|
|
165,764
|
|
333,789
|
|
46,032
|
|
(298,416)
|
|
499,553
|
|
68,890
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
106,834
|
|
246,114
|
|
285,461
|
|
39,367
|
|
163,154
|
|
531,575
|
|
73,308
|
|
Interest
expenses
|
|
(68)
|
|
—
|
|
—
|
|
—
|
|
(161)
|
|
—
|
|
—
|
|
Foreign exchange gain
(loss)
|
|
10,195
|
|
(97)
|
|
272
|
|
38
|
|
11,321
|
|
175
|
|
24
|
|
Investment (loss)
income
|
|
(13,968)
|
|
2,713
|
|
4,471
|
|
617
|
|
516
|
|
7,184
|
|
991
|
|
Unrealized (loss) gain
from fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
changes of trading
securities and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
derivative
assets
|
|
(39,818)
|
|
9,961
|
|
8,268
|
|
1,140
|
|
(56,159)
|
|
18,229
|
|
2,514
|
|
Other (expenses)
income, net
|
|
(799)
|
|
6,663
|
|
4,259
|
|
587
|
|
8,083
|
|
10,922
|
|
1,506
|
|
Share of loss in equity
method investees
|
|
(608)
|
|
(310)
|
|
(696)
|
|
(96)
|
|
(821)
|
|
(1,006)
|
|
(139)
|
|
Total other income
|
|
61,768
|
|
265,044
|
|
302,035
|
|
41,653
|
|
125,933
|
|
567,079
|
|
78,204
|
|
Net income (loss) before income
tax
|
|
15,353
|
|
430,808
|
|
635,824
|
|
87,685
|
|
(172,483)
|
|
1,066,632
|
|
147,094
|
|
Income tax
expense
|
|
(2,613)
|
|
(19,380)
|
|
(26,832)
|
|
(3,700)
|
|
(6,785)
|
|
(46,212)
|
|
(6,373)
|
|
Net income (loss)
|
|
12,740
|
|
411,428
|
|
608,992
|
|
83,985
|
|
(179,268)
|
|
1,020,420
|
|
140,721
|
|
Less: net income
attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-controlling interests
|
|
553
|
|
—
|
|
14
|
|
2
|
|
539
|
|
14
|
|
2
|
|
Less: measurement
adjustment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to redeemable non-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
controlling interest
|
|
776
|
|
2,519
|
|
3,441
|
|
475
|
|
776
|
|
5,960
|
|
822
|
|
Net income (loss) attributable
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary shareholders
|
|
11,411
|
|
408,909
|
|
605,537
|
|
83,508
|
|
(180,583)
|
|
1,014,446
|
|
139,897
|
|
FULL TRUCK ALLIANCE CO. LTD.
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(LOSS) (CONTINUED)
|
|
(All amounts in thousands, except share, ADS, per
share and per ADS data)
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2023
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net income (loss) per
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.00
|
|
0.02
|
|
0.03
|
|
0.00
|
|
(0.01)
|
|
0.05
|
|
0.01
|
|
—Diluted
|
|
0.00
|
|
0.02
|
|
0.03
|
|
0.00
|
|
(0.01)
|
|
0.05
|
|
0.01
|
|
Net income (loss) per
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.01
|
|
0.38
|
|
0.57
|
|
0.08
|
|
(0.17)
|
|
0.96
|
|
0.13
|
|
—Diluted
|
|
0.01
|
|
0.38
|
|
0.57
|
|
0.08
|
|
(0.17)
|
|
0.95
|
|
0.13
|
|
Weighted average number
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of ordinary shares used
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in computing net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income (loss) per
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
21,651,628,375
|
|
21,293,430,120
|
|
21,177,034,098
|
|
21,177,034,098
|
|
21,802,802,087
|
|
21,234,910,577
|
|
21,234,910,577
|
|
—Diluted(2)
|
|
21,695,922,654
|
|
21,352,354,948
|
|
21,218,841,485
|
|
21,218,841,485
|
|
21,802,802,087
|
|
21,285,276,797
|
|
21,285,276,797
|
|
Weighted average number
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of ADS used in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
computing net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(loss) per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
1,082,581,419
|
|
1,064,671,506
|
|
1,058,851,705
|
|
1,058,851,705
|
|
1,090,140,104
|
|
1,061,745,529
|
|
1,061,745,529
|
|
—Diluted(2)
|
|
1,084,796,133
|
|
1,067,617,747
|
|
1,060,942,074
|
|
1,060,942,074
|
|
1,090,140,104
|
|
1,064,263,840
|
|
1,064,263,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Each ADS represents 20 ordinary shares.
|
|
|
(1)
Share-based compensation expense in operating expenses are as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2023
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Cost of
revenues
|
|
1,487
|
|
1,806
|
|
1,381
|
|
190
|
|
2,835
|
|
3,187
|
|
440
|
|
Sales and
marketing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses
|
|
10,350
|
|
11,197
|
|
13,075
|
|
1,803
|
|
19,510
|
|
24,272
|
|
3,347
|
|
General and
administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses
|
|
212,344
|
|
58,841
|
|
68,124
|
|
9,395
|
|
550,076
|
|
126,965
|
|
17,509
|
|
Research and
development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses
|
|
15,086
|
|
17,482
|
|
17,046
|
|
2,351
|
|
30,331
|
|
34,528
|
|
4,762
|
|
Total
|
|
239,267
|
|
89,326
|
|
99,626
|
|
13,739
|
|
602,752
|
|
188,952
|
|
26,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
Weighted average number of ordinary shares/ADS used in computing
diluted net income (loss) per share/ADS are adjusted by the
potentially dilutive effects of ordinary shares/ADS issuable upon
the exercise of outstanding share options.
|
|
FULL TRUCK ALLIANCE CO. LTD.
|
|
|
RECONCILIATIONS OF GAAP AND NON-GAAP
RESULTS
|
|
(All amounts in thousands, except share, ADS, per
share and per ADS data)
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2023
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
(Loss) income from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations
|
|
(46,415)
|
|
165,764
|
|
333,789
|
|
46,032
|
|
(298,416)
|
|
499,553
|
|
68,890
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense
|
|
239,267
|
|
89,326
|
|
99,626
|
|
13,739
|
|
602,752
|
|
188,952
|
|
26,058
|
|
Amortization
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
resulting
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
business
acquisitions
|
|
14,121
|
|
13,021
|
|
13,021
|
|
1,796
|
|
28,242
|
|
26,042
|
|
3,591
|
|
Compensation
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
incurred in
relation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
acquisitions
|
|
4,281
|
|
4,281
|
|
4,281
|
|
590
|
|
11,925
|
|
8,562
|
|
1,181
|
|
Non-GAAP adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operating income
|
|
211,254
|
|
272,392
|
|
450,717
|
|
62,157
|
|
344,503
|
|
723,109
|
|
99,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
12,740
|
|
411,428
|
|
608,992
|
|
83,985
|
|
(179,268)
|
|
1,020,420
|
|
140,721
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense
|
|
239,267
|
|
89,326
|
|
99,626
|
|
13,739
|
|
602,752
|
|
188,952
|
|
26,058
|
|
Amortization
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
resulting
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
business
acquisitions
|
|
14,121
|
|
13,021
|
|
13,021
|
|
1,796
|
|
28,242
|
|
26,042
|
|
3,591
|
|
Compensation
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
incurred in
relation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
acquisitions
|
|
4,281
|
|
4,281
|
|
4,281
|
|
590
|
|
11,925
|
|
8,562
|
|
1,181
|
|
Tax effects
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
adjustments
|
|
(3,530)
|
|
(3,255)
|
|
(3,255)
|
|
(449)
|
|
(7,060)
|
|
(6,510)
|
|
(898)
|
|
Non-GAAP adjusted net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income
|
|
266,879
|
|
514,801
|
|
722,665
|
|
99,661
|
|
456,591
|
|
1,237,466
|
|
170,653
|
|
FULL TRUCK ALLIANCE CO. LTD.
|
|
|
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(CONTINUED)
|
|
(All amounts in thousands, except share, ADS, per
share and per ADS data)
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2023
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary shareholders
|
|
11,411
|
|
408,909
|
|
605,537
|
|
83,508
|
|
(180,583)
|
|
1,014,446
|
|
139,897
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense
|
|
239,267
|
|
89,326
|
|
99,626
|
|
13,739
|
|
602,752
|
|
188,952
|
|
26,058
|
|
Amortization
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
resulting
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
business
acquisitions
|
|
14,121
|
|
13,021
|
|
13,021
|
|
1,796
|
|
28,242
|
|
26,042
|
|
3,591
|
|
Compensation
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
incurred in
relation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
acquisitions
|
|
4,281
|
|
4,281
|
|
4,281
|
|
590
|
|
11,925
|
|
8,562
|
|
1,181
|
|
Tax effects
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
adjustments
|
|
(3,530)
|
|
(3,255)
|
|
(3,255)
|
|
(449)
|
|
(7,060)
|
|
(6,510)
|
|
(898)
|
|
Non-GAAP adjusted net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary shareholders
|
|
265,550
|
|
512,282
|
|
719,210
|
|
99,184
|
|
455,276
|
|
1,231,492
|
|
169,829
|
|
Non-GAAP adjusted net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income per ordinary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.01
|
|
0.02
|
|
0.03
|
|
0.00
|
|
0.02
|
|
0.06
|
|
0.01
|
|
—Diluted
|
|
0.01
|
|
0.02
|
|
0.03
|
|
0.00
|
|
0.02
|
|
0.06
|
|
0.01
|
|
Non-GAAP adjusted net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.25
|
|
0.48
|
|
0.68
|
|
0.09
|
|
0.42
|
|
1.16
|
|
0.16
|
|
—Diluted
|
|
0.25
|
|
0.48
|
|
0.68
|
|
0.09
|
|
0.42
|
|
1.16
|
|
0.16
|
View original
content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-second-quarter-2023-unaudited-financial-results-301907742.html
SOURCE Full Truck Alliance Co. Ltd.