GUIYANG, China, March 1, 2022 /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 fourth quarter and fiscal year ended December 31, 2021.

Fourth Quarter and Fiscal Year 2021 Financial and Operational Highlights

  • Total net revenues in the fourth quarter of 2021 were RMB1,429.4million (US$224.3 million), an increase of 68.1% from RMB850.4 million in the same period of 2020. Total net revenues in 2021 were RMB4,657.0 million (US$730.8 million), an increase of 80.4% from RMB2,580.8 million in 2020.
  • Net loss in the fourth quarter of 2021 was RMB1,321.1 million (US$207.3 million), compared with RMB2,775.6 million in the same period of 2020. Net loss in 2021 was RMB3,654.5 million (US$573.5 million), compared with RMB3,470.5 million in 2020.
  • Non-GAAP adjusted net income1 in the fourth quarter of 2021 was RMB242.8 million (US$38.1 million), compared with RMB147.9 million in the same period of 2020. Non-GAAP adjusted net income in 2021 was RMB450.5 million (US$70.7 million), compared with RMB281.1 million in 2020.
  • Gross Transaction Value ("GTV")2 in the fourth quarter of 2021 reached RMB69.5 billion (US$10.9 billion), an increase of 22.1% from RMB56.9 billion in the same period of 2020. Gross Transaction Value ("GTV") in 2021 reached RMB262.3 billion (US$41.2 billion), an increase of 50.9% from RMB173.8 billion in 2020.
  • Fulfilled orders3 in the fourth quarter of 2021 reached 34.8 million, an increase of 41.6% from 24.6 million in the same period of 2020. Fulfilled orders in 2021 reached 128.3 million, an increase of 78.8% from 71.7 million in 2020.
  • Average shipper MAUs4 in the fourth quarter of 2021 reached 1.57 million, an increase of 20.6% from 1.31 million in the same period of 2020. Average shipper MAUs in 2021 reached 1.48 million, an increase of 36.8% from 1.09 million in 2020.

"We are pleased to report solid fourth quarter and full year results as our efforts to steer matching efficiency and user engagement to new levels have resulted in sustainable top-line growth," said Mr. Peter Hui Zhang, Founder, Chairman and Chief Executive Officer of FTA. "As we move further into 2022, we will focus on strengthening our monetization system to support our long-term, healthy development as we explore new growth areas, and capitalize on our digital strengths to transform FTA into a green and low-carbon logistics service provider. We are proud to fulfill our social responsibilities by improving efficiency, promoting energy conservation and reducing emissions. We seek to benefit the industry and society at large as we strive to effectively execute our roadmap to deliver value for our users and shareholders alike."

Mr. Simon Cai, Chief Financial Officer of FTA, added "Our robust results in the fourth quarter demonstrate the resilience of our platform. Our total revenues reached RMB1.43 billion, 68.1% higher than the prior year period, exceeding the top end of our revenue guidance by 9.1%. Our profitability continued to improve steadily, thanks to the consistent enhancement of our monetization efforts and the streamlining of our operational efficiencies. Most notably, on a non-GAAP basis, net income expanded further to RMB242.8 million from RMB147.9 million a year ago. We expect our user base to remain sticky on our platform and help us continue to deliver strong results."

1 Non-GAAP adjusted net income/(loss) is defined as net income/(loss) excluding (i) share-based compensation expense, (ii) compensation expense resulting from repurchase of ordinary shares from certain employees in excess of fair value, (iii) amortization of intangible assets resulting from business acquisitions, (iv) compensation cost incurred in relation to continuing service terms in business acquisitions, (v) impairment of long-term investment, (vi) tax effects of non-GAAP adjustments and (vii) net income from discontinued operations, net of tax. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release.

2 GTV or gross transaction value of our platform in a given period is defined as the aggregate freight prices specified by our users for all fulfilled orders on our platform during the period without deducting any commission or service fee charged by us; we make downward adjustments to unreasonably high freight prices specified by users that are apparently due to clerical errors.

3 Fulfilled orders on our platform in a given period is 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.

4 Average shipper MAUs in a given period are calculated by dividing (i) the sum of shipper MAUs for each month of such period, by (ii) the number of months in such period. Shipper MAUs are defined as the number of active shippers on our platform in a given month.

Fourth Quarter 2021 Financial Results 

Net Revenues (including value added taxes ("VAT") of RMB493.8 million and RMB798.6 million for the three months ended December 31, 2020 and 2021, respectively). Total net revenues in the fourth quarter of 2021 were RMB1,429.4 million (US$224.3 million), representing an increase of 68.1% from RMB850.4 million in the same period of 2020, primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in the fourth quarter of 2021 were RMB1,229.0 million (US$192.9 million), representing an increase of 85.7% from RMB661.8 million in the same period of 2020. The increase was primarily due to an increase in revenues from freight brokerage service as well as rapid growth in transaction commissions.

  • Freight brokerage service. Revenues from freight brokerage service in the fourth quarter of 2021 were RMB760.9 million (US$119.4 million), an increase of 61.1% from RMB472.4 million in the same period of 2020, primarily driven by significant growth in transaction volume, partially offset by a decrease in average fee rate to attract more shippers to our service.
  • Freight listing service. Revenues from freight listing service in the fourth quarter of 2021 were RMB200.5 million (US$31.5 million), an increase of 30.0% from RMB154.3 million in the same period of 2020, primarily attributable to an increase in total paying members amid increased shipper demand for our services as our business continued to expand.
  • Transaction commission. Revenues from transaction commissions amounted to RMB267.5 million (US$42.0 million) in the fourth quarter of 2021, an increase of 6.6 times from RMB35.2 million in the same period of 2020, primarily driven by a rapid ramp-up of commissioned GTV penetration.

Value-added services. Revenues from value-added services in the fourth quarter of 2021 were RMB200.4 million (US$31.5 million), compared with RMB188.5 million in the same period of 2020, mainly attributable to increased revenues from credit solutions and other value-added services.

Cost of Revenues (including VAT net of refund of VAT of RMB266.3 million and RMB490.5 million for the three months ended December 31, 2020 and 2021, respectively). Cost of revenues in the fourth quarter of 2021 was RMB658.2 million (US$103.3 million), compared with RMB398.4 million in the same period of 2020. The increase was primarily attributable to an increase in VAT, related tax surcharges and other tax costs, net of tax refunds from government authorities. These tax-related costs net of refunds totaled RMB555.5 million, representing an increase of 67.4% from RMB331.8 million in the same period of 2020, primarily due to an increase in transaction activities involving our freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in the fourth quarter of 2021 were RMB239.4 million (US$37.6 million), compared with RMB161.3 million in the same period of 2020. The increase was primarily due to an increase in salary and benefits expenses driven by an increase in sales and marketing headcount as well as an increase in advertising and marketing expenses related to the promotion of new initiatives, partially offset by a decrease in share-based compensation expenses.

General and Administrative Expenses. General and administrative expenses in the fourth quarter of 2021 were RMB1,636.2 million (US$256.7 million), compared with RMB2,977.7 million in the same period of 2020. The decrease was primarily due to lower share-based compensation expenses.

Research and Development Expenses. Research and development expenses in the fourth quarter of 2021 were RMB233.6 million (US$36.7 million), compared with RMB119.0 million in the same period of 2020. The increase was primarily due to an increase in salary and benefits expenses driven by the higher headcount in research and development personnel.

Loss from Operations. Loss from operations in the fourth quarter of 2021 was RMB1,351.9 million (US$212.1 million), compared with RMB2,805.2 million in the same period of 2020.

Non-GAAP Adjusted Operating Income5. Non-GAAP adjusted operating income in the fourth quarter of 2021 was RMB159.1 million (US$25.0 million), compared with RMB121.0 million in the same period of 2020.

Net Loss. Net loss in the fourth quarter of 2021 was RMB1,321.1 million (US$207.3 million), compared with RMB2,775.6 million in the same period of 2020.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the fourth quarter of 2021 was RMB242.8 million (US$38.1 million), compared with RMB147.9 million in the same period of 2020.

Basic and Diluted Net Loss per ADS6 and Non-GAAP Adjusted Basic and Diluted Net Income per ADS7. Basic and diluted net loss per ADS were RMB1.23 (US$0.19) in the fourth quarter of 2021, compared with RMB16.97 in the same period of 2020. Non-GAAP adjusted basic and diluted net income per ADS were RMB0.23 (US$0.04) in the fourth quarter of 2021, compared with non-GAAP adjusted basic net income per ADS of RMB0.16 and non-GAAP adjusted diluted net income per ADS of RMB0.03 in the same period of 2020.

Balance Sheet and Cash Flow

As of December 31, 2021, the Company had cash and cash equivalents, restricted cash, and short-term investments of RMB26.0 billion (US$4.1 billion) in total, compared with RMB18.9 billion as of December 31, 2020.

In the fourth quarter of 2021, net cash provided from operating activities was RMB433.9 million (US$68.1 million).

5 Non-GAAP adjusted operating income/(loss) is defined as income/(loss) from operations excluding (i) share-based compensation expense, (ii) compensation expense resulting from repurchase of ordinary shares from certain employees in excess of fair value and (iii) amortization of intangible assets resulting from business acquisitions and (iv) compensation cost incurred in relation to continuing service terms in business acquisitions. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release.

6 ADS refers to the American depositary shares, each of which represents 20 Class A ordinary shares.

7 Non-GAAP adjusted basic and diluted income/(loss) per ADS is net income/(loss) attributable to ordinary shareholders excluding (i) share-based compensation expense, (ii) compensation expense resulting from repurchase of ordinary shares from certain employees in excess of fair value, (iii) amortization of intangible assets resulting from business acquisitions, (iv) compensation cost incurred in relation to continuing service terms in business acquisitions, (v) impairment of long-term investment, (vi) tax effects of non-GAAP adjustments and (vii) net income from discontinued operations, net of tax. divided by weighted average number of basic and diluted ADS, respectively. For more information, refer to "Use of Non-GAAP Financial Measures" and "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release.

Fiscal Year 2021 Financial Results                                                                                                                                 

Net Revenues (including value added taxes ("VAT") of RMB1,434.0 million and RMB2,620.4 million for the years ended December 31, 2020 and 2021, respectively). Total net revenues in 2021 were RMB4,657.0 million (US$730.8 million), representing an increase of 80.4% from RMB2,580.8 million in 2020, primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in 2021 were RMB3,946.9 million (US$619.4 million), representing an increase of 102.7% from RMB1,947.0 million in 2020. The increase was primarily due to an increase in revenues from freight brokerage service as well as rapid growth in transaction commissions.

  • Freight brokerage service. Revenues from freight brokerage service in 2021 were RMB2,497.8 million (US$392.0 million), an increase of 83.0% from RMB1,365.2 million in 2020, primarily driven by significant growth in transaction volume, partially offset by a decrease in average fee rate to attract more shippers to our service.
  • Freight listing service. Revenues from freight listing service in 2021 were RMB753.0 million (US$118.2 million), an increase of 39.8% from RMB538.7 million in 2020, primarily attributable to an increase in total paying members amid increased shipper demand for our services as our business continued to expand.
  • Transaction commission. Revenues from transaction commissions amounted to RMB696.1 million (US$109.2 million) in 2021, compared with RMB43.1 million in 2020, primarily driven by a rapid ramp-up of commissioned GTV penetration.

Value-added services. Revenues from value-added services in 2021 were RMB710.1 million (US$111.4 million), compared with RMB633.8 million in 2020, mainly attributable to increased revenues from credit solutions and other value-added services.

Cost of Revenues (including VAT net of refund of VAT of RMB893.9 million and RMB1,950.9 million for the years ended December 31, 2020 and 2021, respectively). Cost of revenues in 2021 was RMB2,540.0 million (US$398.6 million), compared with RMB1,316.0 million in 2020. The increase was primarily attributable to an increase in VAT, related tax surcharges and other tax costs, net of tax refunds from government authorities. These tax-related costs net of refunds totaled RMB2,257.7 million, representing an increase of 105.3% from RMB1,099.7 million in 2020, primarily due to an increase in transaction activities involving our freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in 2021 were RMB837.3 million (US$131.4 million), compared with RMB454.3 million in 2020. The increase was primarily due to an increase in salary and benefits expenses driven by an increase in sales and marketing headcount as well as an increase in advertising and marketing expenses related to the promotion of new initiatives.

General and Administrative Expenses. General and administrative expenses in 2021 were RMB4,271.2 million (US$670.2 million), compared with RMB3,938.6 million in 2020. The increase was primarily due to an increase in share-based compensation expenses. 

Research and Development Expenses. Research and development expenses in 2021 were RMB729.7 million (US$114.5 million), compared with RMB413.4 million in 2020. The increase was primarily due to an increase in salary and benefits expenses driven by the higher headcount in research and development personnel, as well as an increase in investment in technology infrastructure.

Loss from Operations. Loss from operations in 2021 was RMB3,795.9 million (US$595.7 million), compared with RMB3,614.6 million in 2020.

Non-GAAP Adjusted Operating Income. Non-GAAP adjusted operating income in 2021 was RMB208.8 million (US$32.8 million), compared with RMB148.0 million in 2020.

Net Loss. Net loss in 2021 was RMB3,654.5 million (US$573.5 million), compared with RMB3,470.5 million in 2020.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in 2021 was RMB450.5 million (US$70.7 million), compared with RMB281.1 million in 2020.

Basic and Diluted Net Loss per ADS and Non-GAAP Adjusted Basic and Diluted Net Income/(Loss) per ADS. Basic and diluted net loss per ADS were RMB6.21 (US$0.97) in 2021, compared with RMB20.97 in 2020. Non-GAAP adjusted basic and diluted net loss per ADS were RMB0.10 (US$0.02) in 2021, compared with non-GAAP adjusted basic net income per ADS of RMB0.94 and non-GAAP adjusted diluted net income per ADS of RMB0.20 in 2020.

Business Outlook

The Company expects its total net revenues to be between RMB1.04 billion and RMB1.09 billion in the first quarter of 2022, representing a year-over-year growth rate of approximately 19.8% to 25.3%. These forecasts reflect the Company's current and preliminary views on the market, operational conditions and the impact of the pending cybersecurity review, recurring COVID-19 related disruptions, extreme weather conditions and production constraints brought about by electricity rationing measures in parts of China, 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 RMB6.3726 to US$1.00, the exchange rate in effect as of December 30, 2021 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ 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 March 1, 2022 or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and fiscal year 2021.

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 (toll free): 

800-963-976

Hong Kong:

+852-5808-1995

United Kingdom:

08082389063

Singapore:

800-120-5863

Access Code:

8967550

The replay will be accessible through March 8, 2022 by dialing the following numbers:

United States:   


+1-877-344-7529

International:


+1-412-317-0088

Replay Access Code: 


1933830

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 service, freight brokerage service and online transaction service. 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 stations 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/(loss), non-GAAP adjusted net income/(loss), non-GAAP adjusted net income/(loss) attributable to ordinary shareholders, non-GAAP adjusted basic and diluted net income/(loss) per ordinary shareholder and non-GAAP adjusted basic and diluted net income/(loss) 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/(loss) as income/(loss) from operations excluding (i) share-based compensation expense, (ii) compensation expense resulting from repurchase of ordinary shares from certain employees in excess of fair value, (iii) amortization of intangible assets resulting from business acquisitions and (iv) compensation cost incurred in relation to continuing service terms in business acquisitions. The Company defines non-GAAP adjusted net income/(loss) as net income/(loss) excluding (i) share-based compensation expense, (ii) compensation expense resulting from repurchase of ordinary shares from certain employees in excess of fair value, (iii) amortization of intangible assets resulting from business acquisitions, (iv) compensation cost incurred in relation to continuing service terms in business acquisitions, (v) impairment of long-term investment, (vi) tax effects of non-GAAP adjustments and (vii) net income from discontinued operations, net of tax. The Company defines non-GAAP adjusted net income/(loss) attributable to ordinary shareholders as net income/(loss) attributable to ordinary shareholders excluding (i) share-based compensation expense, (ii) compensation expense resulting from repurchase of ordinary shares from certain employees in excess of fair value, (iii) amortization of intangible assets resulting from business acquisitions, (iv) compensation cost incurred in relation to continuing service terms in business acquisitions, (v) impairment of long-term investment, (vi) tax effects of non-GAAP adjustments and (vii) net income from discontinued operations, net of tax. The Company defines non-GAAP adjusted basic and diluted net income/(loss) per share as non-GAAP net income/(loss) 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/(loss) per ADS as non-GAAP net income/(loss) attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADS, 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, compensation expense resulting from repurchase of ordinary shares from certain employees in excess of fair value, amortization of intangible assets resulting from business acquisitions, compensation cost incurred in relation to continuing service terms in business acquisitions, impairment of long-term investment 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/(loss), non-GAAP adjusted net income/(loss), non-GAAP adjusted net income/(loss) attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net income/(loss) 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 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 is 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 pandemic, 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

The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
E-mail: FTA@thepiacentegroup.com

In the United States:

The Piacente Group, Inc.
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,


December 31,


December 31,


2020


2021


2021


RMB


RMB


US$

ASSETS






Current assets:






Cash and cash equivalents

10,060,391


4,284,291


672,299

Restricted cash – current

86,277


65,822


10,329

Short-term investments

8,731,195


21,634,642


3,394,947

Accounts receivable, net

34,729


29,139


4,573

Amounts due from related parties


7,075


1,110

Loans receivable, net

1,313,957


1,777,667


278,955

Prepayments and other current assets

456,802


1,099,607


172,550

Total current assets

20,683,351


28,898,243


4,534,763

Restricted cash – non-current

13,500


13,500


2,118

Property and equipment, net

38,984


102,158


16,031

Investments in equity investees

875,205


1,678,351


263,370

Intangible assets, net

491,279


557,016


87,408

Goodwill

2,865,071


3,124,828


490,354

Deferred tax assets

18,966


20,492


3,216

Other non-current assets

147,000


3,847


604

Total non-current assets

4,450,005


5,500,192


863,101

TOTAL ASSETS

25,133,356


34,398,435


5,397,864

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' (DEFICIT)/EQUITY








Current liabilities:






Short-term borrowings


9,000


1,412

Accounts payable

23,839


29,381


4,611

Amount due to related parties

172,779


179,859


28,224

Payable to investors of the consolidated trusts

31,400



Prepaid for freight listing fee

319,924


383,236


60,138

Income tax payable

25,924


31,538


4,949

Other tax payable

446,839


894,592


140,381

Accrued expenses and other current liabilities

941,642


1,206,179


189,276

Total current liabilities

1,962,347


2,733,785


428,991

Deferred tax liabilities

118,783


135,764


21,304

Total non-current liabilities

118,783


135,764


21,304

TOTAL LIABILITIES

2,081,130


2,869,549


450,295



MEZZANINE EQUITY






Convertible redeemable preferred shares

32,846,087



Subscription receivables

(1,310,140)



SHAREHOLDERS' (DEFICIT)/EQUITY






Ordinary shares

296


1,416


222

Additional paid-in capital

3,809,060


49,245,773


7,727,736

Accumulated other comprehensive income

1,072,307


538,650


84,526

Subscription receivables


(1,310,140)


(205,590)

Accumulated deficit

(13,365,806)


(17,020,254)


(2,670,849)

TOTAL FULL TRUCK ALLIANCE CO. LTD. (DEFICIT)/EQUITY

(8,484,143)


31,455,445


4,936,045

Non-controlling interests

422


73,441


11,524

TOTAL SHAREHOLDERS' (DEFICIT)/EQUITY

(8,483,721)


31,528,886


4,947,569

TOTAL LIABILITIES, MEZZANINE EQUITY AND (DEFICIT)/EQUITY

25,133,356


34,398,435


5,397,864

 

 

 


FULL TRUCK ALLIANCE CO. LTD.


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS

(All amounts in thousands, except share, ADS, per share and per ADS data)



Three months ended


Year ended


December 31,


September 30,


December 31,


December 31,


December 31,


December 31,


December 31,


2020


2021


2021


2021


2020


2021


2021


RMB


RMB


RMB


US$


RMB


RMB


US$

Net Revenues (including value added taxes,














  "VAT", of RMB493.8 million and














  RMB798.6 million for the three months














  ended December 31, 2020 and 2021,
  RMB1,434.0million and RMB2,620.4














  million for the year ended December 31, 














  2020 and 2021, respectively)

850,354


1,241,667


1,429,377


224,300


2,580,820


4,657,019


730,788

Operating expenses:














Cost of revenues (including VAT net of














refund of VAT of RMB266.3 million














and RMB490.5 million for the three














months ended December 31, 2020 














and 2021, RMB893.9 million and
RMB1,950.9 million for the year
ended December 31, 2020 and
2021, respectively)(1)

(398,370)


(842,085)


(658,161)


(103,280)


(1,316,017)


(2,539,998)


(398,581)

Sales and marketing expenses(1)

(161,255)


(190,617)


(239,449)


(37,575)


(454,343)


(837,301)


(131,391)

General and administrative expenses(1)

(2,977,669)


(190,000)


(1,636,157)


(256,749)


(3,938,565)


(4,271,152)


(670,237)

Research and development expenses(1)

(118,977)


(202,892)


(233,648)


(36,664)


(413,369)


(729,668)


(114,501)

Provision for loans receivable

(9,838)


(21,012)


(24,485)


(3,842)


(94,160)


(97,658)


(15,325)

Total operating expenses

(3,666,109)


(1,446,606)


(2,791,900)


(438,110)


(6,216,454)


(8,475,777)


(1,330,035)

Other operating income

10,557


3,213


10,586


1,661


21,031


22,815


3,580

Loss from operations

(2,805,198)


(201,726)


(1,351,937)


(212,149)


(3,614,603)


(3,795,943)


(595,667)

Other income (expense)














Interest income

41,403


70,959


69,118


10,846


209,832


234,651


36,822

Interest expenses

4,407



(40)


(6)


(8,367)


(40)


(6)

Foreign exchange (loss) gain

(12,760)


22


(3,911)


(614)


(21,276)


(15,468)


(2,428)

Investment income

3,321


2,886


1,337


210


3,321


28,317


4,444

Unrealized gains (loss) from fair value














changes of trading securities and














derivative assets

14,733


(7,512)


38,960


6,114


18,140


23,967


3,761

Other (expenses) income, net

(3,993)


21,036


(8,553)


(1,342)


(5,559)


7,067


1,109

Impairment loss


(55,811)


(55,756)


(8,749)


(22,030)


(111,567)


(17,507)

Share of gain (loss) in equity method investees

1,103


(1,994)


(6,070)


(953)


(11,054)


(11,321)


(1,777)

Total other income

48,214


29,586


35,085


5,506


163,007


155,606


24,418

Net loss before income tax

(2,756,984)


(172,140)


(1,316,852)


(206,643)


(3,451,596)


(3,640,337)


(571,249)

Income tax expense 

(18,629)


(6,157)


(4,208)


(660)


(19,336)


(14,191)


(2,227)

Net loss from continuing operations

(2,775,613)


(178,297)


(1,321,060)


(207,303)


(3,470,932)


(3,654,528)


(573,476)

Net income from discontinued














operations, net of tax





452



Net loss

(2,775,613)


(178,297)


(1,321,060)


(207,303)


(3,470,480)


(3,654,528)


(573,476)

Less: net loss attributable to














non-controlling interests

(2)


125


23


4


(8)


(80)


(13)

Net loss attributable to Full Truck Alliance














Co. Ltd.

(2,775,611)


(178,422)


(1,321,083)


(207,307)


(3,470,472)


(3,654,448)


(573,463)

Deemed dividend

(120,086)





(120,086)


(518,432)


(81,353)

Net loss attributable to ordinary














shareholders

(2,895,697)


(178,422)


(1,321,083)


(207,307)


(3,590,558)


(4,172,880)


(654,816)

 

 

 

FULL TRUCK ALLIANCE CO. LTD.


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS (CONTINUED)

(All amounts in thousands, except share, ADS, per share and per ADS data)



Three months ended


Year ended


December 31,


September 30,


December 31,


December 31,


December 31,


December 31,


December 31,


2020


2021


2021


2021


2020


2021


2021


RMB


RMB


RMB


US$


RMB


RMB


US$

Net loss per ordinary share














Continuing operations

(0.85)


(0.01)


(0.06)


(0.01)


(1.05)


(0.31)


(0.05)

Discontinued operations





0.00



—Basic and diluted

(0.85)


(0.01)


(0.06)


(0.01)


(1.05)


(0.31)


(0.05)

Net loss per ADS*














Continuing operations

(16.97)


(0.17)


(1.23)


(0.19)


(20.98)


(6.21)


(0.97)

Discontinued operations





0.00



—Basic and diluted

(16.97)


(0.17)


(1.23)


(0.19)


(20.97)


(6.21)


(0.97)

Weighted average number














of ordinary shares used














in computing net loss














per share














—Basic and diluted

3,412,976,162


21,478,107,014


21,559,503,192


21,559,503,192


3,423,687,654


13,445,972,280


13,445,972,280

Weighted average number














of ADS used in














computing net loss per














ADS














—Basic and diluted

170,648,808


1,073,905,351


1,077,975,160


1,077,975,160


171,184,383


672,298,614


672,298,614















*       Each ADS represents 20 ordinary shares.

























(1)   Share-based compensation expenses in operating expenses are as follows:

























Three months ended


Year ended


December 31,


September 30,


December 31,


December 31,


December 31,


December 31,


December 31,


2020


2021


2021


2021


2020


2021


2021


RMB


RMB


RMB


US$


RMB


RMB


US$

Cost of revenues

218


1,383


1,428


224


7,842


3,740


587

Sales and marketing expenses

39,142


9,016


9,081


1,425


94,640


56,975


8,941

General and administrative expenses

2,752,842


58,660


1,457,027


228,639


3,341,145


3,728,421


585,071

Research and development expenses

7,989


14,641


13,977


2,193


42,680


48,777


7,654

Total

2,800,191


83,700


1,481,513


232,481


3,486,307


3,837,913


602,253


 

 

 

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


Year ended


December 31,


September 30,


December 31,


December 31,


December 31,


December 31,


December 31,


2020


2021


2021


2021


2020


2021


2021


RMB


RMB


RMB


US$


RMB


RMB


US$

Loss from operations

(2,805,198)


(201,726)


(1,351,937)


(212,149)


(3,614,603)


(3,795,943)


(595,667)

Add:














Share-based














compensation














expense

2,800,191


83,700


1,481,513


232,481


3,486,307


3,837,913


602,253

Compensation cost














resulting from














repurchase of














ordinary shares in














excess of fair value

115,068





234,113


78,478


12,315

Amortization of














intangible assets














resulting from














business acquisitions

10,984


11,492


11,746


1,843


42,200


45,204


7,093

Compensation cost 














incurred in relation
to acquisitions


25,419


17,734


2,783



43,153


6,772

Non-GAAP adjusted














 operating income (loss)

121,045


(81,115)


159,056


24,958


148,017


208,805


32,766















Net loss

(2,775,613)


(178,297)


(1,321,060)


(207,303)


(3,470,480)


(3,654,528)


(573,476)

Add:














Share-based














compensation














expense

2,800,191


83,700


1,481,513


232,481


3,486,307


3,837,913


602,253

Compensation cost














resulting from














repurchase of














ordinary shares in














excess of fair value

115,068





234,113


78,478


12,315

Amortization of














intangible assets














resulting from














business acquisitions

10,984


11,492


11,746


1,843


42,200


45,204


7,093

Compensation cost 














incurred in relation
to acquisitions


25,419


17,734


2,783



43,153


6,772

Impairment of 














long-term 














investment


55,811


55,756


8,749



111,567


17,507

Tax effects of














non-GAAP














adjustments

(2,746)


(2,873)


(2,936)


(461)


(10,550)


(11,301)


(1,773)

Less:














Net income from














discontinued














operations, net of tax





452



Non-GAAP adjusted net














 income (loss)

147,884


(4,748)


242,753


38,092


281,138


450,486


70,691

 

 

 

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


Year ended


December 31,


September 30,


December 31,


December 31,


December 31,


December 31,


December 31,


2020


2021


2021


2021


2020


2021


2021


RMB


RMB


RMB


US$


RMB


RMB


US$

Net loss attributable to














  ordinary shareholders

(2,895,697)


(178,422)


(1,321,083)


(207,307)


(3,590,558)


(4,172,880)


(654,816)

Add:














Share-based














compensation














expense

2,800,191


83,700


1,481,513


232,481


3,486,307


3,837,913


602,253

Compensation cost














resulting from














repurchase of














ordinary shares in














excess of fair value

115,068





234,113


78,478


12,315

Amortization of














intangible assets














resulting from














business acquisitions

10,984


11,492


11,746


1,843


42,200


45,204


7,093

Compensation cost 














incurred in relation
to acquisitions


25,419


17,734


2,783



43,153


6,772

Impairment of 














long-term 














investment


55,811


55,756


8,749



111,567


17,507

Tax effects of














non-GAAP














adjustments

(2,746)


(2,873)


(2,936)


(461)


(10,550)


(11,301)


(1,773)

Less:














Net income from














discontinued














operations, net of tax





452



Non-GAAP adjusted net














  income (loss)
  attributable to














  ordinary shareholders

27,800


(4,873)


242,730


38,088


161,060


(67,866)


(10,649)

Non-GAAP adjusted net


  income(loss) per
  ordinary share














—Basic

0.01


(0.00)


0.01


0.00


0.05


(0.01)


(0.00)

—Diluted

0.00


(0.00)


0.01


0.00


0.01


(0.01)


(0.00)

Non-GAAP adjusted net














   income(loss) per ADS














—Basic

0.16


(0.00)


0.23


0.04


0.94


(0.10)


(0.02)

—Diluted

0.03


(0.00)


0.23


0.04


0.20


(0.10)


(0.02)

Weighted average number














   of ordinary shares used














   in computing














   non-GAAP adjusted loss














   per share














—Basic

3,412,976,162


21,478,107,014


21,559,503,192


21,559,503,192


3,423,687,654


13,445,972,280


13,445,972,280

—Diluted(1)

16,885,364,955


21,478,107,014


21,559,503,192


21,559,503,192


15,901,399,922


13,445,972,280


13,445,972,280

Weighted average number














   of ADS used in














   computing non-GAAP














   adjusted net loss per














   ADS














—Basic

170,648,808


1,073,905,351


1,077,975,160


1,077,975,160


171,184,383


672,298,614


672,298,614

—Diluted

844,268,248


1,073,905,351


1,077,975,160


1,077,975,160


795,069,996


672,298,614


672,298,614















Weighted average number of ordinary shares used in computing diluted non-GAAP adjusted loss per share are adjusted by the potentially dilutive effects of unvested restricted shares, convertible redeemable preferred shares and ordinary shares issuable upon the exercise of outstanding share options.

 

 

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SOURCE Full Truck Alliance Co. Ltd.

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