GUIYANG,
China, June 8, 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 first quarter ended March 31, 2022.
First Quarter 2022 Financial and
Operational Highlights
- Total net revenues in the first quarter of 2022 were
RMB1,332.6 million (US$210.2 million), an increase of 53.7% from
RMB867.2 million in the same period
of 2021.
- Net loss in the first quarter of 2022 was RMB192.0 million (US$30.3
million), compared with RMB197.0
million in the same period of 2021.
- Non-GAAP adjusted net income1 in the first
quarter of 2022 was RMB189.7 million
(US$29.9 million), an increase of 68.0% from RMB112.9 million in the same period of
2021.
- Gross Transaction Value ("GTV")2 in the first
quarter of 2022 reached RMB53.6
billion (US$8.5 billion), an
increase of 4.2% from RMB51.5 billion
in the same period of 2021.
- Fulfilled orders3 in the first quarter of
2022 reached 25.2 million, an increase of 13.6% from 22.1 million
in the same period of 2021.
- Average shipper MAUs4 in the first quarter of
2022 reached 1.42 million, an increase of 16.0% from 1.22 million
in the same period of 2021.
Mr. Peter Hui Zhang, Founder,
Chairman and Chief Executive Officer of FTA, stated, "We are
pleased to have kicked off the year with strong financial and
operating results for the first quarter of 2022, despite the
challenging conditions. Our continued progress attests to the solid
foundation of our business and our ability to mitigate the impact
of external events by improving our users' experience and enhancing
our matching technology. Looking forward, we will remain focused on
increasing user frequency by fine-tuning our freight matching and
fulfillment process. Additionally, we will continue to explore new
business models and strengthen our monetization systems to optimize
profitability through leveraging our nationwide logistics network.
While China's road transportation
industry has been affected by the Omicron outbreaks since
March 2022, we expect digitalization
and the low-carbon movement to further transform the industry over
time and facilitate the development of a modern logistics system.
Underpinned by our long-term strategic investment in advanced AI
and big data technologies, I believe that FTA is well poised to
seize the market trend and lead the development and transformation
of the industry."
Mr. Simon Cai, Chief Financial Officer of FTA, added, "Our
first quarter results are underpinned by the continued momentum we
are experiencing in our freight matching services and the
improvements we are seeing in our operating leverage. We grew our
total net revenues to RMB1.3 billion
in the first quarter, 53.7% higher than the prior year period and
beating the high end of our previous guidance, which was projected
at RMB1.09 billion. Along with our
topline growth, we recorded a non-GAAP adjusted net income of
RMB189.7 million in the first
quarter, which was RMB112.9 million a
year ago. As possibilities in the road transportation industry
continue to unfold, we remain focused on delivering shareholder
value through pursuing a disciplined financial strategy and
positioning ourselves for the next wave of growth."
1 Non-GAAP
adjusted net income/(loss) is defined as net loss excluding (i)
share-based compensation expense, (ii) amortization of intangible
assets resulting from business acquisitions, (iii) compensation
cost incurred in relation to continuing service terms in business
acquisitions, (iv) impairment of long-term investment and (v) tax
effects of non-GAAP adjustments. 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 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.
|
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.
|
First Quarter 2022 Financial
Results
Net Revenues (including value added taxes ("VAT")
of RMB470.2 million and RMB700.4 million for the
three months ended March 31, 2021 and
2022, respectively). Total net revenues in the
first quarter of 2022 were RMB1,332.6
million (US$210.2 million),
representing an increase of 53.7% from RMB867.2 million in the same period of 2021,
primarily attributable to an increase in revenues from freight
matching services.
Freight matching services. Revenues from freight matching
services in the first quarter of 2022 were RMB1,118.6 million (US$176.5 million), representing an increase of
60.9% from RMB695.2 million in the
same period of 2021. 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 first quarter of 2022 were RMB662.4 million (US$104.5
million), an increase of 48.4% from RMB446.4 million in the same period of 2021,
primarily driven by significant growth in transaction volume.
- Freight listing service. Revenues from freight listing
service in the first quarter of 2022 were RMB198.0 million (US$31.2
million), an increase of 21.2% from RMB163.3 million in the same period of 2021,
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 RMB258.2
million (US$40.7 million) in
the first quarter of 2022, an increase of 202.0% from RMB85.5 million in the same period of 2021,
primarily driven by a rapid ramp-up of commissioned GTV
penetration.
Value-added services. Revenues from value-added services
in the first quarter of 2022 were RMB214.0
million (US$33.7 million), an
increase of 24.4% from RMB172.0
million in the same period of 2021, mainly attributable to
increased revenues from credit solutions.
Cost of Revenues (including VAT net of refund
of VAT of RMB322.7 million
and RMB503.3 million for the three months ended
March 31, 2021 and 2022,
respectively). Cost of revenues in the first quarter of 2022
was RMB683.9 million (US$107.9 million), compared with RMB412.8 million in the same period of 2021. 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 RMB598.3 million,
representing an increase of 65.8% from RMB361.0 million in the same period of 2021,
primarily due to an increase in transaction activities involving
our freight brokerage service.
Sales and Marketing Expenses. Sales and marketing
expenses in the first quarter of 2022 were RMB192.0 million (US$30.3
million), compared with RMB170.4
million in the same period of 2021. The increase was
primarily due to an increase in salary and benefits expenses driven
by an increase in sales and marketing headcount, partially offset
by a decrease in advertising and marketing expenses as well as a
decrease in share-based compensation expenses.
General and Administrative Expenses. General
and administrative expenses in the first quarter of 2022 were
RMB458.4 million (US$72.3 million), compared with RMB322.0 million in the same period of 2021. The
increase was primarily due to an increase in salary and benefits
expenses driven by higher headcount in general and administrative
personnel, and an increase in share-based compensation
expenses.
Research and Development Expenses. Research and
development expenses in the first quarter of 2022 were
RMB221.0 million (US$34.9 million), compared with RMB138.0 million in the same period of 2021. The
increase was primarily due to an increase in salary and
benefits expenses driven by higher headcount in research and
development personnel.
Loss from Operations. Loss from operations
in the first quarter of 2022 was RMB252.0
million (US$39.8 million),
compared with RMB201.9 million in the
same period of 2021.
Non-GAAP Adjusted Operating
Income5. Non-GAAP adjusted operating
income in the first quarter of 2022 was RMB133.2 million (US$21.0 million), an increase of 20.3% from
RMB110.7 million in the same period
of 2021.
Net Loss. Net loss in the first quarter of
2022 was RMB192.0 million
(US$30.3 million), compared with
RMB197.0 million in the same period
of 2021.
Non-GAAP Adjusted Net Income. Non-GAAP
adjusted net income in the first quarter of 2022 was RMB189.7 million (US$29.9 million), an increase of 68.0% from
RMB112.9 million in the same
period of 2021.
Basic and Diluted Net Loss per ADS6 and
Non-GAAP Adjusted Basic and Diluted Net Income/(Loss) per
ADS7. Basic and diluted net loss per ADS were
RMB0.18 (US$0.03) in the first quarter of 2022, compared
with RMB2.09 in the same period of
2021. Non-GAAP adjusted basic and diluted net income per ADS were
RMB0.17 (US$0.03) in the first quarter of 2022, compared
with non-GAAP adjusted basic and diluted net loss per ADS of
RMB0.70 in the same period of
2021.
Balance Sheet and Cash Flow
As of March 31, 2022, the Company
had cash and cash equivalents, restricted cash, and short-term
investments of RMB25.3 billion
(US$4.0 billion) in total, compared
with RMB26.0 billion as of
December 31, 2021.
In the first quarter of 2022, net cash used in operating
activities was RMB96.3 million
(US$15.2 million).
5 Non-GAAP
adjusted operating income/(loss) is defined as loss from operations
excluding (i) share-based compensation expense, (ii) amortization
of intangible assets resulting from business acquisitions and (iii)
compensation cost incurred in relation to continuing service terms
in business acquisitions. See "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 loss
attributable to ordinary shareholders excluding (i) share-based
compensation expense, (ii) amortization of intangible assets
resulting from business acquisitions, (iii) compensation cost
incurred in relation to continuing service terms in business
acquisitions, (iv) impairment of long-term investment 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 "Reconciliation
of GAAP and Non-GAAP Results" at the end of this press
release.
|
Business Outlook
The Company expects its total net revenues to be between
RMB1.56 billion and RMB1.64 billion for the second quarter of
2022, representing a year-over-year growth rate of approximately
39.4% to 46.3%, despite the impact of the Omicron
outbreaks on transaction volume for the period. These forecasts
reflect the Company's current and preliminary views on the market,
operational conditions, and the uncertainties caused by the current
Omicron outbreaks, including the geographic scope and duration of
the outbreaks, the additional restrictive measures that the
governmental authorities may take, and the further impact on the
business of shippers, truckers and other ecosystem participants,
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 RMB6.3393 to US$1.00, the exchange rate in effect as of
March 31, 2022 as set forth in the
H.10 statistical release of The Board of Governors of the Federal
Reserve System. The Company makes no representation that any RMB or
US$ 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
June 8, 2022 or 8:00 P.M. Beijing Time to discuss its financial
results and operating performance for the first quarter of
2022.
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:
|
8265791
|
The replay will be accessible through June 15, 2022 by dialing the following
numbers:
United States:
|
+1-877-344-7529
|
International:
|
+1-412-317-0088
|
Replay Access
Code:
|
6570381
|
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, non-GAAP adjusted net income,
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 as
loss from operations excluding (i) share-based compensation
expense, (ii) amortization of intangible assets resulting from
business acquisitions and (iii) compensation cost incurred in
relation to continuing service terms in business acquisitions. The
Company defines non-GAAP adjusted net income as net loss
excluding (i) share-based compensation expense, (ii) amortization
of intangible assets resulting from business acquisitions, (iii)
compensation cost incurred in relation to continuing service terms
in business acquisitions, (iv) impairment of long-term investment
and (v) tax effects of non-GAAP adjustments. The Company defines
non-GAAP adjusted net income/(loss) attributable to ordinary
shareholders as net loss attributable to ordinary shareholders
excluding (i) share-based compensation expense, (ii) amortization
of intangible assets resulting from business acquisitions, (iii)
compensation cost incurred in relation to continuing service terms
in business acquisitions, (iv) impairment of long-term investment
and (v) tax effects of non-GAAP adjustments. 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 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,
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, non-GAAP adjusted net income, 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 loss, net 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 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 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,
|
March
31,
|
March
31,
|
|
2021
|
|
2022
|
|
2022
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash equivalents
|
4,284,291
|
|
4,324,046
|
|
682,101
|
Restricted cash – current
|
65,822
|
|
69,906
|
|
11,027
|
Short-term investments
|
21,634,642
|
|
20,910,908
|
|
3,298,615
|
Accounts receivable, net
|
29,139
|
|
23,017
|
|
3,631
|
Amounts due from related parties
|
7,075
|
|
-
|
|
-
|
Loans receivable, net
|
1,777,667
|
|
2,064,269
|
|
325,630
|
Prepayments and other current assets
|
1,099,607
|
|
826,241
|
|
130,336
|
Total current
assets
|
28,898,243
|
|
28,218,387
|
|
4,451,340
|
Restricted cash – non-current
|
13,500
|
|
13,500
|
|
2,130
|
Property and equipment, net
|
102,158
|
|
101,227
|
|
15,968
|
Investments in equity investees
|
1,678,351
|
|
1,680,293
|
|
265,060
|
Intangible assets, net
|
557,016
|
|
542,014
|
|
85,501
|
Goodwill
|
3,124,828
|
|
3,124,828
|
|
492,930
|
Deferred tax assets
|
20,492
|
|
30,196
|
|
4,763
|
Operating lease right-of-use assets
|
-
|
|
120,848
|
|
19,063
|
Other non-current assets
|
3,847
|
|
15,501
|
|
2,445
|
Total
non-current assets
|
5,500,192
|
|
5,628,407
|
|
887,860
|
TOTAL
ASSETS
|
34,398,435
|
|
33,846,794
|
|
5,339,200
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term borrowings
|
9,000
|
|
9,000
|
|
1,420
|
Accounts payable
|
29,381
|
|
32,548
|
|
5,134
|
Amount due to related parties
|
179,859
|
|
127,212
|
|
20,067
|
Prepaid for freight listing fee
|
383,236
|
|
357,646
|
|
56,417
|
Income tax payable
|
31,538
|
|
33,762
|
|
5,326
|
Other tax payable
|
894,592
|
|
501,296
|
|
79,078
|
Operating lease liabilities
|
-
|
|
42,096
|
|
6,640
|
Accrued expenses and other current liabilities
|
1,206,179
|
|
1,067,817
|
|
168,444
|
Total
current liabilities
|
2,733,785
|
|
2,171,377
|
|
342,526
|
Deferred tax liabilities
|
135,764
|
|
132,202
|
|
20,854
|
Operating lease liabilities
|
-
|
|
68,312
|
|
10,776
|
Total
non-current liabilities
|
135,764
|
|
200,514
|
|
31,630
|
TOTAL
LIABILITIES
|
2,869,549
|
|
2,371,891
|
|
374,156
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary
shares
|
1,416
|
|
1,420
|
|
224
|
Additional
paid-in capital
|
49,245,773
|
|
49,485,619
|
|
7,806,165
|
Accumulated other comprehensive income
|
538,650
|
|
436,825
|
|
68,907
|
Subscription receivables
|
(1,310,140)
|
|
(1,310,140)
|
|
(206,670)
|
Accumulated deficit
|
(17,020,254)
|
|
(17,212,248)
|
|
(2,715,165)
|
TOTAL FULL TRUCK
ALLIANCE CO. LTD. EQUITY
|
31,455,445
|
|
31,401,476
|
|
4,953,461
|
Non-controlling
interests
|
73,441
|
|
73,427
|
|
11,583
|
TOTAL SHAREHOLDERS'
EQUITY
|
31,528,886
|
|
31,474,903
|
|
4,965,044
|
TOTAL LIABILITIES
AND EQUITY
|
34,398,435
|
|
33,846,794
|
|
5,339,200
|
|
|
|
|
|
|
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
|
|
|
|
March
31,
|
December
31,
|
March
31,
|
March
31,
|
|
|
|
2021
|
|
2021
|
|
2022
|
|
2022
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
Net Revenues
(including value added taxes, "VAT",
of RMB470.2 million and RMB700.4 million for the three
months
ended March 31, 2021 and 2022,
respectively)
|
867,154
|
|
1,429,377
|
|
1,332,560
|
|
210,205
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of
revenues (including VAT net of refund of VAT of
RMB322.7 million and RMB503.3 million for the
three months
ended March 31, 2021 and 2022,
respectively)(1)
|
(412,800)
|
|
(658,161)
|
|
(683,882)
|
|
(107,880)
|
|
|
Sales and
marketing expenses(1)
|
(170,386)
|
|
(239,449)
|
|
(192,043)
|
|
(30,294)
|
|
|
General
and administrative expenses(1)
|
(321,976)
|
|
(1,636,157)
|
|
(458,415)
|
|
(72,313)
|
|
|
Research
and development expenses(1)
|
(138,047)
|
|
(233,648)
|
|
(220,956)
|
|
(34,855)
|
|
|
Provision
for loans receivable
|
(28,456)
|
|
(24,485)
|
|
(49,980)
|
|
(7,884)
|
|
|
Total operating
expenses
|
(1,071,665)
|
|
(2,791,900)
|
|
(1,605,276)
|
|
(253,226)
|
|
|
Other
operating income
|
2,617
|
|
10,586
|
|
20,715
|
|
3,268
|
|
|
Loss from
operations
|
(201,894)
|
|
(1,351,937)
|
|
(252,001)
|
|
(39,753)
|
|
|
Other income
(expense
|
|
|
|
|
|
|
|
|
|
Interest
income
|
49,422
|
|
69,118
|
|
56,320
|
|
8,884
|
|
|
Interest
expenses
|
-
|
|
(40)
|
|
(93)
|
|
(15)
|
|
|
Foreign
exchange gain (loss)
|
141
|
|
(3,911)
|
|
1,126
|
|
178
|
|
|
Investment
income
|
8,272
|
|
1,337
|
|
14,484
|
|
2,285
|
|
|
Unrealized
(loss) gains from fair value changes of trading securities
and derivative assets
|
(37,136)
|
|
38,960
|
|
(16,341)
|
|
(2,578)
|
|
|
Other
income (expenses), net
|
1,443
|
|
(8,553)
|
|
8,882
|
|
1,401
|
|
|
Impairment
loss
|
-
|
|
(55,756)
|
|
-
|
|
-
|
|
|
Share of
loss in equity method investees
|
(1,572)
|
|
(6,070)
|
|
(213)
|
|
(34)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other
income
|
20,570
|
|
35,085
|
|
64,165
|
|
10,121
|
|
|
Net
loss before income tax
|
(181,324)
|
|
(1,316,852)
|
|
(187,836)
|
|
(29,632)
|
|
|
Income tax expense
|
(15,632)
|
|
(4,208)
|
|
(4,172)
|
|
(658)
|
|
|
Net
loss
|
(196,956)
|
|
(1,321,060)
|
|
(192,008)
|
|
(30,290)
|
|
|
Less: net
(loss) income attributable to non-controlling interests
|
(1)
|
|
23
|
|
(14)
|
|
(2)
|
|
|
Net loss
attributable to Full Truck Alliance Co. Ltd.
|
(196,955)
|
|
(1,321,083)
|
|
(191,994)
|
|
(30,288)
|
|
|
Deemed
dividend
|
(270,214)
|
|
-
|
|
-
|
|
-
|
|
|
Net loss
attributable to ordinary shareholders
|
(467,169)
|
|
(1,321,083)
|
|
(191,994)
|
|
(30,288)
|
|
|
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
|
|
|
|
March
31,
|
December
31,
|
March
31,
|
March
31,
|
|
|
|
2021
|
|
2021
|
|
2022
|
|
2022
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
Net loss per
ordinary share
|
|
|
|
|
|
|
|
|
|
—Basic and
diluted
|
(0.10)
|
|
(0.06)
|
|
(0.01)
|
|
(0.00)
|
|
|
Net loss per
ADS
|
|
|
|
|
|
|
|
|
|
—Basic and
diluted
|
(2.09)
|
|
(1.23)
|
|
(0.18)
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used
in computing net loss per share
|
|
|
|
|
|
|
|
|
|
—Basic and
diluted
|
4,476,994,630
|
|
21,559,503,192
|
|
21,858,931,448
|
|
21,858,931,448
|
|
|
Weighted average
number of ADS used in
computing net loss per ADS
|
|
|
|
|
|
|
|
|
|
—Basic and
diluted
|
223,849,732
|
|
1,077,975,160
|
|
1,092,946,572
|
|
1,092,946,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based
compensation expenses in operating expenses are as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
|
March
31,
|
December
31,
|
March
31,
|
March
31,
|
|
|
|
2021
|
|
2021
|
|
2022
|
|
2022
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
Cost of
revenues
|
181
|
|
1,428
|
|
1,348
|
|
213
|
|
|
Sales and marketing
expenses
|
26,218
|
|
9,081
|
|
9,160
|
|
1,445
|
|
|
General and
administrative expenses
|
260,214
|
|
1,457,027
|
|
337,732
|
|
53,276
|
|
|
Research and
development expenses
|
15,041
|
|
13,977
|
|
15,245
|
|
2,405
|
|
|
Total
|
301,654
|
|
1,481,513
|
|
363,485
|
|
57,339
|
|
|
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
|
|
|
March
31,
|
December
31,
|
March
31,
|
March
31,
|
|
|
2021
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
Loss from
operations
|
(201,894)
|
|
(1,351,937)
|
|
(252,001)
|
|
(39,753)
|
|
Add:
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
301,654
|
|
1,481,513
|
|
363,485
|
|
57,339
|
|
Amortization of
intangible assets resulting from
business acquisitions
|
10,983
|
|
11,746
|
|
14,121
|
|
2,228
|
|
Compensation cost
incurred in relation to acquisitions
|
-
|
|
17,734
|
|
7,644
|
|
1,206
|
|
Non-GAAP adjusted
operating income
|
110,743
|
|
159,056
|
|
133,249
|
|
21,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(196,956)
|
|
(1,321,060)
|
|
(192,008)
|
|
(30,290)
|
|
Add:
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
301,654
|
|
1,481,513
|
|
363,485
|
|
57,339
|
|
Amortization of
intangible assets resulting from
business acquisitions
|
10,983
|
|
11,746
|
|
14,121
|
|
2,228
|
|
Compensation cost
incurred in relation to acquisitions
|
-
|
|
17,734
|
|
7,644
|
|
1,206
|
|
Impairment of long-term
investment
|
-
|
|
55,756
|
|
-
|
|
-
|
|
Tax effects of non-GAAP
adjustments
|
(2,746)
|
|
(2,936)
|
|
(3,530)
|
|
(557)
|
|
Non-GAAP adjusted
net income
|
112,935
|
|
242,753
|
|
189,712
|
|
29,926
|
|
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
|
|
|
March
31,
|
December
31,
|
March
31,
|
March
31,
|
|
|
2021
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to ordinary shareholders
|
(467,169)
|
|
(1,321,083)
|
|
(191,994)
|
|
(30,288)
|
|
Add:
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
301,654
|
|
1,481,513
|
|
363,485
|
|
57,339
|
|
Amortization of
intangible assets resulting from
business acquisitions
|
10,983
|
|
11,746
|
|
14,121
|
|
2,228
|
|
Compensation cost
incurred in relation to acquisitions
|
-
|
|
17,734
|
|
7,644
|
|
1,206
|
|
Impairment of long-term
investment
|
-
|
|
55,756
|
|
-
|
|
-
|
|
Tax effects of non-GAAP
adjustments
|
(2,746)
|
|
(2,936)
|
|
(3,530)
|
|
(557)
|
|
Non-GAAP adjusted
net (loss) income attributable to
ordinary shareholders
|
(157,278)
|
|
242,730
|
|
189,726
|
|
29,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net (loss) income per ordinary share
|
|
|
|
|
|
|
|
|
—Basic and
diluted
|
(0.04)
|
|
0.01
|
|
0.01
|
|
0.00
|
|
Non-GAAP adjusted
net (loss) income per ADS
|
|
|
|
|
|
|
|
|
—Basic and
diluted
|
(0.70)
|
|
0.23
|
|
0.17
|
|
0.03
|
|
Weighted average
number of ordinary shares used in
computing non-GAAP adjusted net (loss) income per
share
|
|
|
|
|
|
|
|
|
—Basic and
diluted
|
4,476,994,630
|
|
21,559,503,192
|
|
21,858,931,448
|
|
21,858,931,448
|
|
Weighted average
number of ADS used in computing non-GAAP
adjusted net (loss) income per ADS
|
|
|
|
|
|
|
|
|
—Basic and
diluted
|
223,849,732
|
|
1,077,975,160
|
|
1,092,946,572
|
|
1,092,946,572
|
|
View original
content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-first-quarter-2022-unaudited-financial-results-301563759.html
SOURCE Full Truck Alliance Co. Ltd.