GUIYANG,
China, Nov. 20, 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 third quarter ended September 30, 2023.
Third Quarter 2023 Financial and
Operational Highlights
- Total net revenues in the third quarter of 2023 were
RMB2,263.9 million (US$310.3 million), an increase of 25.2% from
RMB1,808.6 million in the same period
of 2022.
- Net income in the third quarter of 2023 was RMB618.4 million (US$84.8
million), an increase of 56.4% from RMB395.5 million in the same period of 2022.
- Non-GAAP adjusted net income[1] in the third
quarter of 2023 was RMB826.6 million
(US$113.3 million), an increase of
67.6% from RMB493.0 million in the
same period of 2022.
- Fulfilled orders[2] in the third quarter of
2023 reached 42.5 million, an increase of 27.0% from 33.5 million
in the same period of 2022.
- Average shipper MAUs[3] in the third quarter
of 2023 reached 2.13 million, an increase of 15.0% from 1.85
million in the same period of 2022.
Mr. Peter Hui Zhang, Founder,
Chairman and Chief Executive Officer of FTA, commented, "Amid the
evolving market demand in the logistics industry in the third
quarter, we delivered another record-setting quarter with many
operational and financial improvements, propelled by further
improvements in our product functions and services. Both user scale
and number of fulfilled orders achieved significant growth year
over year, reflecting the resiliency of domestic economy, the
strong network effect of FTA's nationwide road logistics network
and the unparalleled competitive moat created by our unique
business model. In addition, our average shipper MAUs reached a new
record of 2.13 million during the quarter, validating the
considerable growth potential in the small and medium-sized direct
shipper market. Going forward, we will continue to uphold our
user-centered value proposition while empowering enterprises with
greater logistics competitiveness."
Mr. Simon Cai, Chief Financial
Officer of FTA, added, "As our businesses expanded in the third
quarter, our monetization capabilities also strengthened, evidenced
by sustained growth momentum in both our top line and bottom line.
Our total revenue and non-GAAP adjusted net income grew 25.2% and
67.6% year over year, respectively, beating market expectations.
Alongside a continuous increase in revenue scale during the
quarter, we continued to refine our revenue mix and elevate
monetization efficiency, aiming to create more value for our
shareholders."
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[1] Non-GAAP
adjusted net income is defined as net income 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; (iv) settlement in principle of U.S. securities class
action, which is non-recurring; and (v) 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.
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[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.
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[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.
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Third Quarter 2023 Financial Results
Net Revenues (including value added taxes, or
"VAT," of RMB955.5 million and
RMB1,137.9 million for the three
months ended September 30, 2022, and
2023, respectively). Total net revenues in the third quarter of
2023 were RMB2,263.9 million
(US$310.3 million), representing an
increase of 25.2% from RMB1,808.6
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 third quarter of 2023 were RMB1,904.4 million (US$261.0 million), representing an increase of
25.8% from RMB1,514.0 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 third quarter of 2023 were RMB1,070.2 million (US$146.7 million), an increase of 18.4% from
RMB904.1 million in the same period
of 2022, primarily attributable to the continued growth in
transaction volume as a result of strong user demand.
- Freight listing service. Revenues from freight listing
service in the third quarter of 2023 were RMB232.1 million (US$31.8
million), an increase of 5.6% from RMB219.7 million in the same period of 2022,
primarily due to an increased number of total paying members.
- Transaction commission. Revenues from transaction
commissions amounted to RMB602.1
million (US$82.5 million) in
the third quarter of 2023, an increase of 54.3% from RMB390.2 million in the same period of 2022,
primarily driven by an increased order volume as well as higher
per-order transaction commission.
Value-added services. Revenues from value-added services
in the third quarter of 2023 were RMB359.5
million (US$49.3 million), an
increase of 22.1% from RMB294.5
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 RMB687.8 million and
RMB870.0 million for the three months
ended September 30, 2022, and 2023,
respectively). Cost of revenues in the third quarter of 2023
was RMB1,142.1 million (US$156.5 million), compared with RMB953.0 million in the same period of 2022. The
increase was primarily due to increases 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 RMB1,032.5 million,
representing an increase of 19.1% from RMB866.7 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 third quarter of 2023 were RMB290.8 million (US$39.9
million), compared with RMB232.9
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 third quarter of 2023 were
RMB290.4 million (US$39.8 million), compared with RMB206.6 million in the same period of 2022. The
increase was primarily due to higher share-based compensation
expenses and settlement in principle of certain U.S. securities
class action, which was disclosed in the Form 6-K filed on
September 18, 2023.
Research and Development Expenses. Research and
development expenses in the third quarter of 2023 were RMB237.7 million (US$32.6
million), compared with RMB226.6
million in the same period of 2022. The increase was
primarily due to higher share-based compensation expenses.
Income from Operations. Income from
operations in the third quarter of 2023 was RMB247.1 million (US$33.9
million), an increase of 74.4% from RMB141.7 million in the same period of
2022.
Non-GAAP Adjusted Operating
Income.[4] Non-GAAP adjusted operating
income in the third quarter of 2023 was RMB458.5 million (US$62.8
million), an increase of 88.8% from RMB242.8 million in the same period of
2022.
Net Income. Net income in the third quarter
of 2023 was RMB618.4 million
(US$84.8 million), an increase of
56.4% from RMB395.5 million in the
same period of 2022.
Non-GAAP Adjusted Net Income. Non-GAAP
adjusted net income in the third quarter of 2023 was RMB826.6 million (US$113.3
million), an increase of 67.6% from RMB493.0 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 RMB0.58 (US$0.08) in the third quarter of 2023, compared
with basic and diluted net income per ADS of RMB0.37 in the same period of 2022. Non-GAAP
adjusted basic and diluted net income per ADS were RMB0.78 (US$0.11)
in the third quarter of 2023, compared with non-GAAP adjusted basic
and diluted net income per ADS of RMB0.46 in the same period of 2022.
Balance Sheet and Cash Flow
As of September 30, 2023, the
Company had cash and cash equivalents, restricted cash, short-term
investments, long-term time deposits and wealth management products
of RMB27.4 billion (US$3.8 billion) in total, compared with
RMB26.3 billion as of December 31, 2022.
As of September 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 RMB3,375.7 million
(US$462.7 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 September 30, 2023, compared with 2.0% as of
December 31, 2022.
In the third quarter of 2023, net cash provided by operating
activities was RMB717.1 million
(US$98.3 million).
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[4] Non-GAAP
adjusted operating income is defined as income from operations
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) settlement in principle of U.S.
securities class action, which is non-recurring. See "Use of
Non-GAAP Financial Measures" and "Reconciliations of GAAP and
Non-GAAP Results" at the end of this press release.
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[5] ADS
refers to American depositary shares, each of which represents 20
Class A ordinary shares.
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[6] Non-GAAP
adjusted basic and diluted net income per ADS is net income
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; (iv) settlement in principle of U.S. securities class
action, which is non-recurring; and (v) 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.
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[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.
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Business Outlook
The Company expects its total net revenues to be between
RMB2.27 billion and RMB2.32 billion for the fourth quarter of 2023,
representing a year-over-year growth rate of approximately 18.2% to
20.6%. 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 November 17, 2023, the Company had repurchased an
aggregate of approximately 22.8 million ADSs for approximately
US$147.3 million from the open market
under the share repurchase program.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars ("US$") 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 RMB7.2960 to US$1.00, the exchange rate in effect as of
September 29, 2023, as set forth in
the H.10 statistical release of The Board of Governors of the
Federal Reserve System. The Company makes no representation that
any RMB or US$ 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 7:00 A.M. U.S. Eastern Time on
November 20, 2023, or 8:00 P.M. Beijing Time to discuss its financial
results and operating performance for the third quarter of
2023.
Dial-in details for the earnings conference call are as
follows:
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United States (toll
free):
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+1-888-317-6003
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International:
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+1-412-317-6061
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Mainland China (toll
free):
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400-120-6115
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Hong Kong, SAR (toll
free):
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800-963-976
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Hong Kong,
SAR:
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+852-5808-1995
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United Kingdom (toll
free):
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08082389063
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Singapore (toll
free):
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800-120-5863
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Access
Code:
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4935510
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The replay will be accessible through November 27, 2023, by dialing the following
numbers:
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United
States:
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+1-877-344-7529
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International:
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+1-412-317-0088
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Replay Access
Code:
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8104529
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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
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 and (iv)
settlement in principle of U.S. securities class action. The
Company defines non-GAAP adjusted net income as net income
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; (iv) settlement in principle of U.S.
securities class action, which is non-recurring; and (v) tax
effects of non-GAAP adjustments. The Company defines non-GAAP
adjusted net income attributable to ordinary shareholders as net
income 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; (iv) settlement in principle of U.S. securities class
action, which is non-recurring; and (v) 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
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FULL TRUCK ALLIANCE
CO. LTD.
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UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
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(All amounts in
thousands, except share, ADS, per share and per ADS
data)
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As of
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December
31,
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September
30,
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September
30,
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2022
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2023
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2023
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RMB
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|
RMB
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US$
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ASSETS
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Current
assets:
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Cash and cash
equivalents
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5,137,312
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6,735,661
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923,199
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|
|
|
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|
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Restricted cash –
current
|
83,759
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|
103,379
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|
14,169
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|
|
|
|
|
|
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Short-term
investments
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21,087,089
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13,107,008
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1,796,465
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|
|
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|
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Accounts receivable,
net
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13,015
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|
21,292
|
|
2,918
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|
|
|
|
|
|
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Loans receivable,
net
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2,648,449
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|
3,375,680
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|
462,675
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|
|
|
|
|
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Prepayments and other
current assets
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2,034,427
|
|
2,422,968
|
|
332,095
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|
|
|
|
|
|
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Total current
assets
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31,004,051
|
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25,765,988
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|
3,531,521
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|
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Restricted cash –
non-current
|
—
|
|
10,000
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|
1,371
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|
|
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|
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Long-term
investments(1)
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1,774,270
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9,243,220
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1,266,889
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Property and equipment,
net
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108,824
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171,771
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23,543
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|
|
|
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Intangible assets,
net
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502,421
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460,686
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|
63,142
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Goodwill
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3,124,828
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3,124,828
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428,293
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Deferred tax
assets
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41,490
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41,680
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|
5,713
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Operating lease
right-of-use assets and land use rights
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132,000
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|
108,079
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|
14,813
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Other non-current
assets
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8,427
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27,578
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|
3,780
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Total non-current
assets
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5,692,260
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13,187,842
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1,807,544
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TOTAL
ASSETS
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36,696,311
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38,953,830
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5,339,065
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LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
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Current
liabilities:
|
|
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|
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Accounts
payable
|
27,953
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|
30,850
|
|
4,228
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|
|
|
|
|
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Amount due to related
parties
|
122,152
|
|
—
|
|
—
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|
|
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Prepaid for freight
listing fees and other service fees – current
|
462,080
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|
559,306
|
|
76,659
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|
|
|
|
|
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|
|
Income tax
payable
|
52,233
|
|
75,910
|
|
10,404
|
|
|
|
|
|
|
|
|
|
Other tax
payable
|
721,597
|
|
781,810
|
|
107,156
|
|
|
|
|
|
|
|
|
|
Operating lease
liabilities – current
|
44,590
|
|
40,320
|
|
5,526
|
|
|
|
|
|
|
|
|
|
Accrued expenses and
other current liabilities
|
1,301,160
|
|
1,650,101
|
|
226,165
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
2,731,765
|
|
3,138,297
|
|
430,138
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
121,611
|
|
111,846
|
|
15,330
|
|
|
|
|
|
|
|
|
|
Operating lease
liabilities – non-current
|
35,931
|
|
17,127
|
|
2,347
|
|
|
|
|
|
|
|
|
|
Prepaid for freight
listing fees and other service fees – non-current
|
—
|
|
24,415
|
|
3,346
|
|
|
|
|
|
|
|
|
|
Total non-current
liabilities
|
157,542
|
|
153,388
|
|
21,023
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
2,889,307
|
|
3,291,685
|
|
451,161
|
|
|
|
|
|
|
|
|
|
MEZZANINE
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
149,771
|
|
272,668
|
|
37,372
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
shares
|
1,377
|
|
1,368
|
|
188
|
|
|
|
|
|
|
|
|
|
Treasury
stock
|
—
|
|
(442,641)
|
|
(60,669)
|
|
|
|
|
|
|
|
|
|
Additional paid-in
capital
|
47,758,178
|
|
47,599,279
|
|
6,524,024
|
|
|
|
|
|
|
|
|
|
Accumulated other
comprehensive income
|
2,511,170
|
|
3,202,775
|
|
438,977
|
|
|
|
|
|
|
|
|
|
Accumulated
deficit
|
(16,613,492)
|
|
(14,984,693)
|
|
(2,053,823)
|
|
|
|
|
|
|
|
|
|
TOTAL FULL TRUCK
ALLIANCE CO. LTD. EQUITY
|
33,657,233
|
|
35,376,088
|
|
4,848,697
|
|
|
|
|
|
|
|
|
|
Non-controlling
interests
|
—
|
|
13,389
|
|
1,835
|
|
|
|
|
|
|
|
|
|
TOTAL SHAREHOLDERS'
EQUITY
|
33,657,233
|
|
35,389,477
|
|
4,850,532
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES,
MEZZANINE EQUITY AND EQUITY
|
36,696,311
|
|
38,953,830
|
|
5,339,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. The Company's long-term investments consist of investments in
equity investees, available-for-sale debt investments, long-term
time
deposits and wealth management products with maturities over one
year.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FULL TRUCK ALLIANCE
CO. LTD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
|
(All amounts in
thousands, except share, ADS, per share and per ADS
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2023
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net Revenues
(including value added taxes,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
"VAT", of RMB955.5
million and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RMB1,137.9 million for
the three months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ended September 30,
2022 and 2023,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
respectively)
|
1,808,560
|
|
2,062,028
|
|
2,263,917
|
|
310,296
|
|
4,811,171
|
|
6,028,202
|
|
826,234
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(including VAT net of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
refund of VAT of
RMB687.8 million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and RMB870.0 million
for the three
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
months ended September
30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and 2023,
respectively)(1)
|
(952,953)
|
|
(975,269)
|
|
(1,142,057)
|
|
(156,532)
|
|
(2,562,772)
|
|
(2,966,699)
|
|
(406,620)
|
|
Sales and marketing
expenses(1)
|
(232,911)
|
|
(281,772)
|
|
(290,782)
|
|
(39,855)
|
|
(621,140)
|
|
(818,231)
|
|
(112,148)
|
|
General and
administrative expenses(1)
|
(206,556)
|
|
(201,711)
|
|
(290,443)
|
|
(39,809)
|
|
(1,009,752)
|
|
(671,661)
|
|
(92,059)
|
|
Research and
development expenses(1)
|
(226,615)
|
|
(223,696)
|
|
(237,716)
|
|
(32,582)
|
|
(663,944)
|
|
(691,291)
|
|
(94,749)
|
|
Provision for loans
receivable
|
(50,312)
|
|
(51,146)
|
|
(62,948)
|
|
(8,628)
|
|
(140,372)
|
|
(166,972)
|
|
(22,885)
|
|
Total operating
expenses
|
(1,669,347)
|
|
(1,733,594)
|
|
(2,023,946)
|
|
(277,406)
|
|
(4,997,980)
|
|
(5,314,854)
|
|
(728,461)
|
|
Other operating
income
|
2,471
|
|
5,355
|
|
7,089
|
|
972
|
|
30,077
|
|
33,265
|
|
4,559
|
|
Income (loss) from
operations
|
141,684
|
|
333,789
|
|
247,060
|
|
33,862
|
|
(156,732)
|
|
746,613
|
|
102,332
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
118,180
|
|
285,461
|
|
297,249
|
|
40,741
|
|
281,334
|
|
828,824
|
|
113,600
|
|
Interest
expenses
|
(14)
|
|
—
|
|
—
|
|
—
|
|
(175)
|
|
—
|
|
—
|
|
Foreign exchange
gain
|
2,196
|
|
272
|
|
585
|
|
80
|
|
13,517
|
|
760
|
|
104
|
|
Investment
income
|
3,683
|
|
4,471
|
|
22,605
|
|
3,098
|
|
4,199
|
|
29,789
|
|
4,083
|
|
Unrealized (loss) gain
from fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
changes of trading
securities and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
derivative
assets
|
(12,217)
|
|
8,268
|
|
(12,124)
|
|
(1,662)
|
|
(68,376)
|
|
6,105
|
|
837
|
|
Other (expenses)
income, net
|
217,463
|
|
4,259
|
|
116,885
|
|
16,020
|
|
225,546
|
|
127,807
|
|
17,517
|
|
Share of loss in equity
method investees
|
(352)
|
|
(696)
|
|
(236)
|
|
(32)
|
|
(1,173)
|
|
(1,242)
|
|
(170)
|
|
Total other
income
|
328,939
|
|
302,035
|
|
424,964
|
|
58,245
|
|
454,872
|
|
992,043
|
|
135,971
|
|
Net income before
income tax
|
470,623
|
|
635,824
|
|
672,024
|
|
92,107
|
|
298,140
|
|
1,738,656
|
|
238,303
|
|
Income tax
expense
|
(75,140)
|
|
(26,832)
|
|
(53,601)
|
|
(7,347)
|
|
(81,925)
|
|
(99,813)
|
|
(13,681)
|
|
Net
income
|
395,483
|
|
608,992
|
|
618,423
|
|
84,760
|
|
216,215
|
|
1,638,843
|
|
224,622
|
|
Less: net income (loss)
attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-controlling interests
|
—
|
|
14
|
|
(675)
|
|
(93)
|
|
539
|
|
(661)
|
|
(91)
|
|
Less: measurement
adjustment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to redeemable non-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
controlling interest
|
1,978
|
|
3,441
|
|
4,745
|
|
650
|
|
2,754
|
|
10,705
|
|
1,467
|
|
Net income
attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary
shareholders
|
393,505
|
|
605,537
|
|
614,353
|
|
84,203
|
|
212,922
|
|
1,628,799
|
|
223,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FULL TRUCK ALLIANCE
CO. LTD.
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)
|
|
(All amounts in
thousands, except share, ADS, per share and per ADS
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2023
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net income per
ordinary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
0.02
|
|
0.03
|
|
0.03
|
|
0.00
|
|
0.01
|
|
0.08
|
|
0.01
|
|
—Diluted
|
0.02
|
|
0.03
|
|
0.03
|
|
0.00
|
|
0.01
|
|
0.08
|
|
0.01
|
|
Net income per
ADS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
0.37
|
|
0.57
|
|
0.58
|
|
0.08
|
|
0.20
|
|
1.54
|
|
0.21
|
|
—Diluted
|
0.37
|
|
0.57
|
|
0.58
|
|
0.08
|
|
0.20
|
|
1.54
|
|
0.21
|
|
Weighted average
number
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of ordinary shares
used
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in computing
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
21,225,248,350
|
|
21,177,034,098
|
|
21,025,267,682
|
|
21,025,267,682
|
|
21,608,943,928
|
|
21,166,923,739
|
|
21,166,923,739
|
|
—Diluted(2)
|
21,317,731,840
|
|
21,218,841,485
|
|
21,059,252,652
|
|
21,059,252,652
|
|
21,671,971,342
|
|
21,211,661,056
|
|
21,211,661,056
|
|
Weighted average
number
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of ADS used
in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
computing net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
1,061,262,418
|
|
1,058,851,705
|
|
1,051,263,384
|
|
1,051,263,384
|
|
1,080,447,196
|
|
1,058,346,187
|
|
1,058,346,187
|
|
—Diluted(2)
|
1,065,886,592
|
|
1,060,942,074
|
|
1,052,962,633
|
|
1,052,962,633
|
|
1,083,598,567
|
|
1,060,583,053
|
|
1,060,583,053
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Each ADS represents 20 ordinary shares.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based
compensation expense in operating expenses are as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2023
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
1,759
|
|
1,381
|
|
2,796
|
|
383
|
|
4,594
|
|
5,983
|
|
820
|
|
Sales and
marketing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses
|
8,098
|
|
13,075
|
|
15,217
|
|
2,086
|
|
27,608
|
|
39,489
|
|
5,412
|
|
General and
administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses
|
57,604
|
|
68,124
|
|
81,249
|
|
11,136
|
|
607,680
|
|
208,214
|
|
28,538
|
|
Research and
development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses
|
13,804
|
|
17,046
|
|
22,938
|
|
3,144
|
|
44,135
|
|
57,466
|
|
7,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
81,265
|
|
99,626
|
|
122,200
|
|
16,749
|
|
684,017
|
|
311,152
|
|
42,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Weighted average
number of ordinary shares/ADS used in computing diluted net income
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
|
|
Nine months
ended
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2023
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Income (loss)
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations
|
141,684
|
|
333,789
|
|
247,060
|
|
33,862
|
|
(156,732)
|
|
746,613
|
|
102,332
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense
|
81,265
|
|
99,626
|
|
122,200
|
|
16,749
|
|
684,017
|
|
311,152
|
|
42,646
|
|
Amortization
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
resulting
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
business
acquisitions
|
14,121
|
|
13,021
|
|
13,021
|
|
1,785
|
|
42,363
|
|
39,063
|
|
5,354
|
|
Compensation
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
incurred in
relation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
acquisitions
|
5,708
|
|
4,281
|
|
4,281
|
|
587
|
|
17,633
|
|
12,843
|
|
1,760
|
|
Settlement in
principle
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of U.S.
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
class action
|
—
|
|
—
|
|
71,900
|
|
9,855
|
|
—
|
|
71,900
|
|
9,855
|
|
Non-GAAP
adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operating
income
|
242,778
|
|
450,717
|
|
458,462
|
|
62,838
|
|
587,281
|
|
1,181,571
|
|
161,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
395,483
|
|
608,992
|
|
618,423
|
|
84,760
|
|
216,215
|
|
1,638,843
|
|
224,622
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense
|
81,265
|
|
99,626
|
|
122,200
|
|
16,749
|
|
684,017
|
|
311,152
|
|
42,646
|
|
Amortization
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
resulting
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
business
acquisitions
|
14,121
|
|
13,021
|
|
13,021
|
|
1,785
|
|
42,363
|
|
39,063
|
|
5,354
|
|
Compensation
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
incurred in
relation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
acquisitions
|
5,708
|
|
4,281
|
|
4,281
|
|
587
|
|
17,633
|
|
12,843
|
|
1,760
|
|
Settlement in
principle
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of U.S.
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
class action
|
—
|
|
—
|
|
71,900
|
|
9,855
|
|
—
|
|
71,900
|
|
9,855
|
|
Tax effects
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
adjustments
|
(3,530)
|
|
(3,255)
|
|
(3,255)
|
|
(446)
|
|
(10,590)
|
|
(9,765)
|
|
(1,339)
|
|
Non-GAAP adjusted
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income
|
493,047
|
|
722,665
|
|
826,570
|
|
113,290
|
|
949,638
|
|
2,064,036
|
|
282,898
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Nine months
ended
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2023
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net income
attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary
shareholders
|
393,505
|
|
605,537
|
|
614,353
|
|
84,203
|
|
212,922
|
|
1,628,799
|
|
223,246
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense
|
81,265
|
|
99,626
|
|
122,200
|
|
16,749
|
|
684,017
|
|
311,152
|
|
42,646
|
|
Amortization
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
resulting
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
business
acquisitions
|
14,121
|
|
13,021
|
|
13,021
|
|
1,785
|
|
42,363
|
|
39,063
|
|
5,354
|
|
Compensation
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
incurred in relation
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
acquisitions
|
5,708
|
|
4,281
|
|
4,281
|
|
587
|
|
17,633
|
|
12,843
|
|
1,760
|
|
Settlement in
principle
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of U.S.
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
class action
|
—
|
|
—
|
|
71,900
|
|
9,855
|
|
—
|
|
71,900
|
|
9,855
|
|
Tax effects
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
adjustments
|
(3,530)
|
|
(3,255)
|
|
(3,255)
|
|
(446)
|
|
(10,590)
|
|
(9,765)
|
|
(1,339)
|
|
Non-GAAP adjusted
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income attributable
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary
shareholders
|
491,069
|
|
719,210
|
|
822,500
|
|
112,733
|
|
946,345
|
|
2,053,992
|
|
281,522
|
|
Non-GAAP adjusted
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income per
ordinary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
0.02
|
|
0.03
|
|
0.04
|
|
0.01
|
|
0.04
|
|
0.10
|
|
0.01
|
|
—Diluted
|
0.02
|
|
0.03
|
|
0.04
|
|
0.01
|
|
0.04
|
|
0.10
|
|
0.01
|
|
Non-GAAP adjusted
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
0.46
|
|
0.68
|
|
0.78
|
|
0.11
|
|
0.88
|
|
1.94
|
|
0.27
|
|
—Diluted
|
0.46
|
|
0.68
|
|
0.78
|
|
0.11
|
|
0.87
|
|
1.94
|
|
0.27
|
View original
content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-third-quarter-2023-unaudited-financial-results-301993235.html
SOURCE Full Truck Alliance Co. Ltd.