GUIYANG, China, Aug. 21, 2024 /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, 2024.
Second Quarter 2024 Financial and
Operational Highlights
- Total net revenues in the second quarter of 2024 were
RMB2,764.3 million (US$380.4 million), an increase of 34.1% from
RMB2,062.0 million in the same period
of 2023.
- Net income in the second quarter of 2024 was
RMB840.5 million (US$115.7 million), an increase of 38.0% from
RMB609.0 million in the same period
of 2023.
- Non-GAAP adjusted net income[1] in the second
quarter of 2024 was RMB970.9 million
(US$133.6 million), an increase of
34.3% from RMB722.7 million in the
same period of 2023.
- Fulfilled orders[2]in the second quarter of
2024 reached 49.1 million, an increase of 22.0% from 40.2 million
in the same period of 2023.
- Average shipper MAUs[3] in the second quarter
of 2024 reached 2.65 million, an increase of 32.8% from 2.00
million in the same period of 2023.
Mr. Peter Hui Zhang, Founder,
Chairman and Chief Executive Officer of FTA, commented, "We are
pleased to see our team's unwavering commitment to user centricity
in the first half of 2024 despite pressure from macroeconomic
challenges and extreme weather conditions. In the second quarter,
we made steady progress across the board and delivered a strong
operational and financial performance. Focusing on the core of our
product and business from the user's perspective has empowered
consistent execution excellence. As a result, our shipper-user
scale reached an all-time high. Meanwhile, we enhanced the
infrastructure serving our truck-cargo matching system, driving
continuous order structure improvement and a steady increase in
fulfillment rate. As we move into the second half of the year, we
are confident of achieving progress in various businesses and
maintaining growth in both scale and profits."
Mr. Simon Cai, Chief Financial
Officer of FTA, added, "We delivered another set of robust
financial results in the second quarter with growth in both top
line and bottom line. Total net revenues increased by 34.1% year
over year to RMB2,764.3 million,
while net income and non-GAAP adjusted net income soared by 38.0%
and 34.3% to reach RMB840.5 million
and RMB970.9 million, respectively.
More importantly, as we enhance the value of our platform's
ecosystem, our transaction service is rapidly realizing its
monetization potential, with revenues under this model growing more
than 60% year over year this quarter. Looking ahead, we see
significant potential for user scale and monetization growth. We
seek to continue seizing those opportunities by improving service
quality and creating greater user value."
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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 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 such 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.
|
Second Quarter 2024 Financial Results
Net Revenues (including value added taxes, or
"VAT," of RMB953.0 million and
RMB1,255.6 million for the three
months ended June 30, 2023 and 2024,
respectively). Total net revenues in the second quarter of 2024
were RMB2,764.3 million (US$380.4 million), representing an increase of
34.1% from RMB2,062.0 million in the
same period of 2023, primarily attributable to an increase in
revenues from freight matching services.
Freight matching services. Revenues from freight matching
services in the second quarter of 2024 were RMB2,328.7 million (US$320.4 million), representing an increase of
34.4% from RMB1,732.2 million in the
same period of 2023. The increase was mainly due to a significant
increase in transaction service[4] and the continued
growth in freight brokerage service.
- Freight brokerage service. Revenues from freight
brokerage service in the second quarter of 2024 were RMB1,164.8 million (US$160.3 million), an increase of 22.7% from
RMB948.9 million in the same period
of 2023, primarily attributable to an increase in transaction
volume due to the continued growth in user demand.
- Freight listing service. Revenues from freight listing
service in the second quarter of 2024 were RMB212.1 million (US$29.2
million), an increase of 5.6% from RMB200.8 million in the same period of 2023,
primarily due to a growing number of total paying members.
- Transaction service.[4]
Revenues from transaction service amounted to
RMB951.9 million (US$131.0 million) in the second quarter of
2024, an increase of 63.4% from RMB582.5 million in the same period of 2023,
primarily driven by an increase in order volume, penetration rate,
and the per-order transaction service fee.
Value-added services. Revenues from value-added services
in the second quarter of 2024 were RMB435.6
million (US$59.9 million), an
increase of 32.0% from RMB329.9
million in the same period of 2023. The increase was due to
the growing demand from truckers and shippers for credit solutions
and other value-added services.
Cost of Revenues (including VAT net of
government grants of RMB774.9 million
and RMB992.8 million for the three months ended
June 30, 2023 and 2024,
respectively). Cost of revenues in the second quarter of
2024 was RMB1,312.1 million
(US$180.5 million), compared with
RMB975.3 million in the same period
of 2023. The increase was primarily due to increases in VAT,
related tax surcharges and other tax costs, net of grants from
government authorities. These tax-related costs net of government
grants totaled RMB1,176.3 million,
representing an increase of 33.8% from RMB879.3 million in the same period of 2023,
primarily due to an increase in transaction activities involving
the Company's freight brokerage service.
Sales and Marketing Expenses. Sales and marketing
expenses in the second quarter of 2024 were RMB372.3 million (US$51.2
million), compared with RMB281.8
million in the same period of 2023. The increase was
primarily due to an increase in advertising and marketing expenses
for user acquisitions, as well as higher salary and benefits
expenses.
General and Administrative Expenses. General and
administrative expenses in the second quarter of 2024 were
RMB219.2 million (US$30.2 million), compared with RMB201.7 million in the same period of 2023. The
increase was primarily due to higher share-based compensation
expenses.
Research and Development Expenses. Research and
development expenses in the second quarter of 2024 were
RMB232.1 million (US$31.9 million), compared with RMB223.7 million in the same period of 2023. The
increase was primarily due to higher share-based compensation
expenses and increased investment in technology infrastructure.
Income from Operations. Income from
operations in the second quarter of 2024 was RMB565.4 million (US$77.8
million), an increase of 69.4% from RMB333.8 million in the same period of 2023.
Non-GAAP Adjusted Operating Income.[5]
Non-GAAP adjusted operating income in the second quarter of 2024
was RMB699.0 million (US$96.2 million), an increase of 55.1% from
RMB450.7 million in the same period
of 2023.
Net Income. Net income in the second quarter of
2024 was RMB840.5 million
(US$115.7 million), an increase
of 38.0% from RMB609.0 million in the
same period of 2023.
Non-GAAP Adjusted Net Income. Non-GAAP
adjusted net income in the second quarter of 2024 was RMB970.9 million (US$133.6
million), an increase of 34.3% from RMB722.7 million in the same period of 2023.
Basic and Diluted Net Income per ADS[6] and
Non-GAAP Adjusted Basic and Diluted Net Income per
ADS.[7] Basic and diluted net income per ADS
were RMB0.79 (US$0.11) in the second quarter of 2024, compared
with RMB0.57 in the same period of
2023. Non-GAAP adjusted basic net income per ADS was RMB0.92 (US$0.13)
in the second quarter of 2024, compared with RMB0.68 in the same period of 2023. Non-GAAP
adjusted diluted net income per ADS was RMB0.91 (US$0.13)
in the second quarter of 2024, compared with RMB0.68 in the same period of 2023.
Balance Sheet and Cash Flow
As of June 30, 2024, the Company
had cash and cash equivalents, restricted cash, short-term
investments, long-term time deposits and wealth management products
with maturities over one year of RMB26.8
billion (US$3.7 billion) in
total, compared with RMB27.6 billion
as of December 31, 2023.
As of June 30, 2024, the total
outstanding balance of on-balance sheet loans, consisting of the
total principal amounts and all accrued and unpaid interests of the
loans funded through our small loan company, reduced by an
allowance for estimated losses, was RMB3,997.1 million (US$550.0 million), compared with RMB3,521.1 million as of December 31, 2023. The total non-performing loan
ratio[8] for these loans was 2.1% as of June 30, 2024, compared with 2.0% as of
December 31, 2023.
In the second quarter of 2024, net cash provided by operating
activities was RMB573.7 million
(US$78.9 million).
|
[4]
Effective January 1, 2024, we have renamed our "Transaction
commission" revenue stream as "Transaction service," which consists
of all monetization from truckers related to our freight matching
service, including the revenue generated from our intra-city
business, which was previously classified under "Freight listing
service" and "Value-added services." The comparative periods have
been restated to conform to this presentation by reclassifying
RMB26.4 million and RMB1.0 million, which were previously included
in "Freight listing service" and "Value-added services,"
respectively, as "Transaction service".
|
|
[5] 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; and
(iii) compensation cost incurred in relation to acquisitions. See
"Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP
and Non-GAAP Results" at the end of this press release.
|
|
[6] ADS
refers to American depositary shares, each of which represents 20
Class A ordinary shares.
|
|
[7] 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 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.
|
|
[8]
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) reduced by an
allowance for estimated losses as of a specified date.
|
Business Outlook
The Company expects its total net revenues to be between
RMB2.76 billion and RMB2.82 billion for the third quarter of 2024,
representing a year-over-year growth rate of approximately 21.9% to
24.6%. 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.
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 RMB7.2672 to US$1.00, the exchange rate in effect as of
June 28, 2024, as set forth in the
H.10 statistical release of The Board of Governors of the Federal
Reserve System. The Company makes no representation that any RMB or
US$ 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 21, 2024, or 8:00 P.M. Beijing Time to discuss its financial
results and operating performance for the second quarter of
2024.
For participants who wish to join the conference using dial-in
numbers, please complete online registration using the link
provided below prior to the scheduled call start time.
Participant Online Registration:
https://dpregister.com/sreg/10191169/fd24d80cfd
Upon registration, each participant will receive details for the
conference call, including dial-in numbers, passcode and a unique
access PIN. To join the conference, please dial the provided
number, enter the passcode followed by your PIN, and you will join
the conference.
The replay will be accessible through August 28, 2024, 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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6781695
|
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; (iii) compensation cost incurred in relation to
acquisitions. 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
acquisitions; and (iv) 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
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
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, net
income, net income attributable to ordinary shareholders and basic
and diluted net income 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 health epidemics, 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,
|
|
2023
|
|
2024
|
|
2024
|
|
RMB
|
|
RMB
|
|
US$
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
6,770,895
|
|
5,135,376
|
|
706,651
|
|
Restricted cash –
current
|
115,513
|
|
100,763
|
|
13,865
|
|
Short-term
investments
|
11,516,304
|
|
11,552,755
|
|
1,589,712
|
|
Accounts receivable,
net
|
23,418
|
|
27,378
|
|
3,767
|
|
Loans receivable,
net
|
3,521,072
|
|
3,997,137
|
|
550,024
|
|
Prepayments and other
current assets
|
2,049,780
|
|
2,376,943
|
|
327,079
|
|
Total current
assets
|
23,996,982
|
|
23,190,352
|
|
3,191,098
|
|
Restricted cash –
non-current
|
10,000
|
|
20,000
|
|
2,752
|
|
Long-term
investments[1]
|
11,075,739
|
|
12,007,362
|
|
1,652,268
|
|
Property and equipment,
net
|
194,576
|
|
236,282
|
|
32,513
|
|
Intangible assets,
net
|
449,904
|
|
421,875
|
|
58,052
|
|
Goodwill
|
3,124,828
|
|
3,124,828
|
|
429,991
|
|
Deferred tax
assets
|
149,081
|
|
185,000
|
|
25,457
|
|
Operating lease
right-of-use assets and land use rights
|
134,867
|
|
134,986
|
|
18,575
|
|
Other non-current
assets
|
211,670
|
|
277,633
|
|
38,204
|
|
Total non-current
assets
|
15,350,665
|
|
16,407,966
|
|
2,257,812
|
|
TOTAL
ASSETS
|
39,347,647
|
|
39,598,318
|
|
5,448,910
|
|
LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
25,220
|
|
32,656
|
|
4,494
|
|
Prepaid for freight
listing fees and other service fees
|
548,917
|
|
600,993
|
|
82,699
|
|
Income tax
payable
|
154,916
|
|
276,578
|
|
38,058
|
|
Other tax
payable
|
784,617
|
|
878,786
|
|
120,925
|
|
Operating lease
liabilities – current
|
37,758
|
|
42,846
|
|
5,896
|
|
Dividends
payable
|
—
|
|
16,806
|
|
2,313
|
|
Accrued expenses and
other current liabilities
|
1,723,245
|
|
1,493,252
|
|
205,478
|
|
Total current
liabilities
|
3,274,673
|
|
3,341,917
|
|
459,863
|
|
Deferred tax
liabilities
|
108,591
|
|
102,080
|
|
14,047
|
|
Operating lease
liabilities – non-current
|
46,709
|
|
40,394
|
|
5,558
|
|
Other non-current
liabilities
|
22,950
|
|
17,229
|
|
2,371
|
|
Total non-current
liabilities
|
178,250
|
|
159,703
|
|
21,976
|
|
TOTAL
LIABILITIES
|
3,452,923
|
|
3,501,620
|
|
481,839
|
|
MEZZANINE
EQUITY
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
277,420
|
|
389,099
|
|
53,542
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Ordinary
shares
|
1,371
|
|
1,341
|
|
185
|
|
Treasury stock, at
cost
|
(608,117)
|
|
—
|
|
—
|
|
Additional paid-in
capital
|
47,713,985
|
|
45,699,371
|
|
6,288,443
|
|
Accumulated other
comprehensive income
|
2,897,871
|
|
3,031,806
|
|
417,190
|
|
Accumulated
deficit
|
(14,400,604)
|
|
(13,036,601)
|
|
(1,793,896)
|
|
TOTAL FULL TRUCK
ALLIANCE CO. LTD. EQUITY
|
35,604,506
|
|
35,695,917
|
|
4,911,922
|
|
Non-controlling
interests
|
12,798
|
|
11,682
|
|
1,607
|
|
TOTAL SHAREHOLDERS'
EQUITY
|
35,617,304
|
|
35,707,599
|
|
4,913,529
|
|
TOTAL LIABILITIES,
MEZZANINE EQUITY AND EQUITY
|
39,347,647
|
|
39,598,318
|
|
5,448,910
|
|
|
|
1. The
Group's long-term investments consist of RMB9,318 million long-term
time deposits, RMB678 million wealth management products with
maturities
over one year, RMB979 million investments in debt securities,
RMB320 million equity method investments, and RMB712 million equity
investments without
readily determinable fair value as of June 30, 2024.
|
|
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
|
|
Six months
ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2023
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net revenues
(including value added taxes,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
"VAT", of RMB953.0
million and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RMB1,255.6 million for
the three months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ended June 30, 2023 and
2024,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
respectively)
|
2,062,028
|
|
2,268,713
|
|
2,764,283
|
|
380,379
|
|
3,764,285
|
|
5,032,996
|
|
692,562
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(including VAT net of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
government grants, of
RMB774.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
million and RMB992.8
million for the
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended June
30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and 2024,
respectively)(1)
|
(975,269)
|
|
(1,031,888)
|
|
(1,312,072)
|
|
(180,547)
|
|
(1,824,642)
|
|
(2,343,960)
|
|
(322,540)
|
|
Sales and marketing
expenses(1)
|
(281,772)
|
|
(340,147)
|
|
(372,288)
|
|
(51,229)
|
|
(527,449)
|
|
(712,435)
|
|
(98,034)
|
|
General and
administrative expenses(1)
|
(201,711)
|
|
(264,467)
|
|
(219,157)
|
|
(30,157)
|
|
(381,218)
|
|
(483,624)
|
|
(66,549)
|
|
Research and
development expenses(1)
|
(223,696)
|
|
(247,708)
|
|
(232,140)
|
|
(31,944)
|
|
(453,575)
|
|
(479,848)
|
|
(66,029)
|
|
Provision for loans
receivable
|
(51,146)
|
|
(80,324)
|
|
(71,057)
|
|
(9,778)
|
|
(104,024)
|
|
(151,381)
|
|
(20,831)
|
|
Total operating
expenses
|
(1,733,594)
|
|
(1,964,534)
|
|
(2,206,714)
|
|
(303,655)
|
|
(3,290,908)
|
|
(4,171,248)
|
|
(573,983)
|
|
Other operating
income
|
5,355
|
|
8,010
|
|
7,798
|
|
1,073
|
|
26,176
|
|
15,808
|
|
2,175
|
|
Income from
operations
|
333,789
|
|
312,189
|
|
565,367
|
|
77,797
|
|
499,553
|
|
877,556
|
|
120,754
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
285,461
|
|
315,363
|
|
305,337
|
|
42,016
|
|
531,575
|
|
620,700
|
|
85,411
|
|
Foreign exchange
gain
|
272
|
|
417
|
|
6,306
|
|
868
|
|
175
|
|
6,723
|
|
925
|
|
Investment
income
|
4,471
|
|
18,484
|
|
18,697
|
|
2,573
|
|
7,184
|
|
37,181
|
|
5,116
|
|
Unrealized gains
(losses) from fair
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
value changes of
investments and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
derivative
assets
|
8,268
|
|
(7,388)
|
|
(4,522)
|
|
(622)
|
|
18,229
|
|
(11,910)
|
|
(1,639)
|
|
Other income,
net
|
4,259
|
|
2,070
|
|
1,395
|
|
192
|
|
10,922
|
|
3,465
|
|
477
|
|
Share of loss in equity
method investees
|
(696)
|
|
(48)
|
|
(882)
|
|
(121)
|
|
(1,006)
|
|
(930)
|
|
(128)
|
|
Total other
income
|
302,035
|
|
328,898
|
|
326,331
|
|
44,906
|
|
567,079
|
|
655,229
|
|
90,162
|
|
Net income before
income tax
|
635,824
|
|
641,087
|
|
891,698
|
|
122,703
|
|
1,066,632
|
|
1,532,785
|
|
210,916
|
|
Income tax
expense
|
(26,832)
|
|
(54,720)
|
|
(51,190)
|
|
(7,044)
|
|
(46,212)
|
|
(105,910)
|
|
(14,574)
|
|
Net
income
|
608,992
|
|
586,367
|
|
840,508
|
|
115,659
|
|
1,020,420
|
|
1,426,875
|
|
196,342
|
|
Less: net income (loss)
attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-controlling
interests
|
14
|
|
(549)
|
|
(568)
|
|
(78)
|
|
14
|
|
(1,117)
|
|
(154)
|
|
Less: measurement
adjustment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to
redeemable non-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
controlling
interests
|
3,441
|
|
5,744
|
|
17,942
|
|
2,469
|
|
5,960
|
|
23,686
|
|
3,259
|
|
Net income
attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary
shareholders
|
605,537
|
|
581,172
|
|
823,134
|
|
113,268
|
|
1,014,446
|
|
1,404,306
|
|
193,237
|
|
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
|
|
Six months
ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2023
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net income per
ordinary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
0.03
|
|
0.03
|
|
0.04
|
|
0.01
|
|
0.05
|
|
0.07
|
|
0.01
|
|
—Diluted
|
0.03
|
|
0.03
|
|
0.04
|
|
0.01
|
|
0.05
|
|
0.07
|
|
0.01
|
|
Net income per
ADS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
0.57
|
|
0.56
|
|
0.79
|
|
0.11
|
|
0.96
|
|
1.35
|
|
0.19
|
|
—Diluted
|
0.57
|
|
0.56
|
|
0.79
|
|
0.11
|
|
0.95
|
|
1.34
|
|
0.18
|
|
Weighted average
number
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of ordinary shares
used
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in computing
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
21,177,034,098
|
|
20,864,118,097
|
|
20,805,892,860
|
|
20,805,892,860
|
|
21,234,910,577
|
|
20,834,974,344
|
|
20,834,974,344
|
|
—Diluted
|
21,218,841,485
|
|
20,904,689,303
|
|
20,905,548,181
|
|
20,905,548,181
|
|
21,285,276,797
|
|
20,905,238,796
|
|
20,905,238,796
|
|
Weighted average
number
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of ADS used
in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
computing
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
1,058,851,705
|
|
1,043,205,905
|
|
1,040,294,643
|
|
1,040,294,643
|
|
1,061,745,529
|
|
1,041,748,717
|
|
1,041,748,717
|
|
—Diluted
|
1,060,942,074
|
|
1,045,234,465
|
|
1,045,277,409
|
|
1,045,277,409
|
|
1,064,263,840
|
|
1,045,261,940
|
|
1,045,261,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
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,
|
|
2023
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Cost of
revenues
|
1,381
|
|
2,744
|
|
2,734
|
|
376
|
|
3,187
|
|
5,478
|
|
754
|
|
Sales and
marketing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses
|
13,075
|
|
10,685
|
|
12,875
|
|
1,772
|
|
24,272
|
|
23,560
|
|
3,242
|
|
General and
administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses
|
68,124
|
|
119,543
|
|
79,197
|
|
10,898
|
|
126,965
|
|
198,740
|
|
27,348
|
|
Research and
development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses
|
17,046
|
|
22,984
|
|
21,495
|
|
2,958
|
|
34,528
|
|
44,479
|
|
6,121
|
|
Total
|
99,626
|
|
155,956
|
|
116,301
|
|
16,004
|
|
188,952
|
|
272,257
|
|
37,465
|
|
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,
|
|
2023
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Income from
operations
|
333,789
|
|
312,189
|
|
565,367
|
|
77,797
|
|
499,553
|
|
877,556
|
|
120,754
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense
|
99,626
|
|
155,956
|
|
116,301
|
|
16,004
|
|
188,952
|
|
272,257
|
|
37,465
|
|
Amortization
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
resulting
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
business
acquisitions
|
13,021
|
|
13,021
|
|
13,021
|
|
1,792
|
|
26,042
|
|
26,042
|
|
3,583
|
|
Compensation
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
incurred in
relation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
acquisitions
|
4,281
|
|
4,281
|
|
4,281
|
|
589
|
|
8,562
|
|
8,562
|
|
1,178
|
|
Non-GAAP
adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operating
income
|
450,717
|
|
485,447
|
|
698,970
|
|
96,182
|
|
723,109
|
|
1,184,417
|
|
162,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
608,992
|
|
586,367
|
|
840,508
|
|
115,659
|
|
1,020,420
|
|
1,426,875
|
|
196,342
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense
|
99,626
|
|
155,956
|
|
116,301
|
|
16,004
|
|
188,952
|
|
272,257
|
|
37,465
|
|
Amortization
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
resulting
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
business
acquisitions
|
13,021
|
|
13,021
|
|
13,021
|
|
1,792
|
|
26,042
|
|
26,042
|
|
3,583
|
|
Compensation
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
incurred in
relation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
acquisitions
|
4,281
|
|
4,281
|
|
4,281
|
|
589
|
|
8,562
|
|
8,562
|
|
1,178
|
|
Tax effects
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
adjustments
|
(3,255)
|
|
(3,255)
|
|
(3,255)
|
|
(448)
|
|
(6,510)
|
|
(6,510)
|
|
(896)
|
|
Non-GAAP adjusted
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income
|
722,665
|
|
756,370
|
|
970,856
|
|
133,596
|
|
1,237,466
|
|
1,727,226
|
|
237,672
|
|
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,
|
|
2023
|
|
2024
|
|
2024
|
|
2024
|
|
2023
|
|
2024
|
|
2024
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net income
attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
ordinary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders
|
605,537
|
|
581,172
|
|
823,134
|
|
113,268
|
|
1,014,446
|
|
1,404,306
|
|
193,237
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense
|
99,626
|
|
155,956
|
|
116,301
|
|
16,004
|
|
188,952
|
|
272,257
|
|
37,465
|
|
Amortization
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
resulting
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
business
acquisitions
|
13,021
|
|
13,021
|
|
13,021
|
|
1,792
|
|
26,042
|
|
26,042
|
|
3,583
|
|
Compensation
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
incurred in
relation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
acquisitions
|
4,281
|
|
4,281
|
|
4,281
|
|
589
|
|
8,562
|
|
8,562
|
|
1,178
|
|
Tax effects
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
adjustments
|
(3,255)
|
|
(3,255)
|
|
(3,255)
|
|
(448)
|
|
(6,510)
|
|
(6,510)
|
|
(896)
|
|
Non-GAAP adjusted
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income attributable
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary
shareholders
|
719,210
|
|
751,175
|
|
953,482
|
|
131,205
|
|
1,231,492
|
|
1,704,657
|
|
234,567
|
|
Non-GAAP adjusted
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income per
ordinary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
0.03
|
|
0.04
|
|
0.05
|
|
0.01
|
|
0.06
|
|
0.08
|
|
0.01
|
|
—Diluted
|
0.03
|
|
0.04
|
|
0.05
|
|
0.01
|
|
0.06
|
|
0.08
|
|
0.01
|
|
Non-GAAP adjusted
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
0.68
|
|
0.72
|
|
0.92
|
|
0.13
|
|
1.16
|
|
1.64
|
|
0.23
|
|
—Diluted
|
0.68
|
|
0.72
|
|
0.91
|
|
0.13
|
|
1.16
|
|
1.63
|
|
0.22
|
View original
content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-second-quarter-2024-unaudited-financial-results-302227213.html
SOURCE Full Truck Alliance Co. Ltd.