GUIYANG, China, May 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 first quarter ended March
31, 2024.
First Quarter 2024 Financial and
Operational Highlights
- Total net revenues in the first quarter of 2024 were
RMB2,268.7 million (US$314.2 million), an increase of 33.3% from
RMB1,702.3 million in the same period
of 2023.
- Net income in the first quarter of 2024 was RMB586.4 million (US$81.2
million), an increase of 42.5% from RMB411.4 million in the same period of 2023.
- Non-GAAP adjusted net income[1] in the first
quarter of 2024 was RMB756.4 million
(US$104.8 million), an increase of
46.9% from RMB514.8 million in the
same period of 2023.
- Fulfilled orders[2] in the first quarter of
2024 reached 39.3 million, an increase of 29.6% from 30.3 million
in the same period of 2023.
- Average shipper MAUs[3] in the first quarter
of 2024 reached 2.14 million, an increase of 22.3% from 1.75
million in the same period of 2023.
Mr. Peter Hui Zhang, Founder,
Chairman and Chief Executive Officer of FTA, commented, "As we
stepped into 2024, we continued to ride the wave amid accelerated
online freight matching penetration, strengthening our digital
transformation and technological innovation efforts to yield
substantial results across our businesses. Leveraging effective
user acquisition and management strategies, we further optimized
our platform's order structure and matching efficiency, resulting
in increased stickiness of both shippers and truckers and a
record-high contribution from direct shippers by order volume. This
year, we remain committed to improving operational efficiency,
boosting user experience, promoting our brands, and enabling
enterprises to run their logistics operations in a more efficient
and cost effective manner."
Mr. Simon Cai, Chief Financial
Officer of FTA, added, "We are pleased to have delivered another
impressive quarter with total net revenue of RMB2,268.7 million, up 33.3% year over year, net
income of RMB586.4 million, up 42.5%
year over year, and non-GAAP adjusted net income of RMB756.4 million, up 46.9% year over year, all
exceeding expectations. In March, the Board of Directors announced
the extension of the share repurchase program and the first-time
declaration of a cash dividend, demonstrating management's
confidence in the Company's profitability and long-term prospects,
as well as our increased focus on shareholder returns. Looking
ahead, we believe our robust business and healthy cash position
will drive further value creation and sustainable returns for our
stakeholders."
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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.
|
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[2]
Fulfilled orders on our platform in a given period are defined as
all shipping orders matched through our platform during such period
but exclude (i) shipping orders that are subsequently canceled and
(ii) shipping orders for which our users failed to specify any
freight prices as there are substantial uncertainties as to whether
the shipping orders are fulfilled.
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[3]
Average shipper MAUs in a given period are calculated by dividing
(i) the sum of shipper MAUs for each month of a given period by
(ii) the number of months in a given period. Shipper MAUs are
defined as the number of active shippers on our platform in a given
month. Active shippers are defined as the aggregate number of
registered shipper accounts that have posted at least one shipping
order on our platform during a given period.
|
First Quarter 2024 Financial Results
Net Revenues (including value added taxes, or
"VAT," of RMB884.4 million and
RMB1,039.3 million for the three
months ended March 31, 2023, and
2024, respectively). Total net revenues in the first quarter of
2024 were RMB2,268.7 million
(US$314.2 million), representing an
increase of 33.3% from RMB1,702.3
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 first quarter of 2024 were RMB1,869.7 million (US$258.9 million), representing an increase
of 33.5% from RMB1,400.7 million in
the same period of 2023. The increase was mainly due to the
continued growth in revenues from freight brokerage service and a
steady increase in transaction service4.
- Freight brokerage service. Revenues from freight
brokerage service in the first quarter of 2024 were RMB965.2 million (US$133.7
million), an increase of 24.9% from RMB772.6 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 first quarter of 2024 were RMB213.5 million (US$29.6
million), an increase of 6.7% from RMB200.2 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 RMB691.0 million (US$95.7
million) in the first quarter of 2024, an increase of 61.5%
from RMB428.0 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 first quarter of 2024 were RMB399.0
million (US$55.3 million), an
increase of 32.3% from RMB301.5
million in the same period of 2023. The increase was due to
a growing demand from truckers and shippers for credit solutions
and other value-added services.
Cost of Revenues (including VAT net of
government grants of RMB611.5 million
and RMB795.2 million for the three months ended
March 31, 2023, and 2024,
respectively). Cost of revenues in the first quarter of 2024
was RMB1,031.9 million (US$142.9 million), compared with RMB849.4 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 RMB908.0 million,
representing an increase of 18.5% from RMB766.4 million in the same period of 2023,
primarily due to the expansion of transaction activities involving
our freight brokerage service.
Sales and Marketing Expenses. Sales and marketing
expenses in the first quarter of 2024 were RMB340.1 million (US$47.1
million), compared with RMB245.7
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 first quarter of 2024 were
RMB264.5 million (US$36.6 million), compared with RMB179.5 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 first quarter of 2024 were RMB247.7 million (US$34.3
million), compared with RMB229.9
million in the same period of 2023. The increase was
primarily due to higher share-based compensation expenses, as well
as an increase in salary and benefits expenses.
Income from Operations. Income from
operations in the first quarter of 2024 was RMB312.2 million (US$43.2
million), an increase of 88.3% from RMB165.8 million in the same period of 2023.
Non-GAAP Adjusted Operating Income.[5] Non-GAAP adjusted
operating income in the first quarter of 2024 was RMB485.4 million (US$67.2 million), an increase of 78.2% from
RMB272.4 million in the same period
of 2023.
Net Income. Net income in the first quarter of
2024 was RMB586.4 million
(US$81.2 million), an increase
of 42.5% from RMB411.4 million in the
same period of 2023.
Non-GAAP Adjusted Net Income. Non-GAAP
adjusted net income in the first quarter of 2024 was RMB756.4 million (US$104.8
million), an increase of 46.9% from RMB514.8 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 RMB0.56
(US$0.08) in the first quarter of
2024, compared with RMB0.38 in the
same period of 2023. Non-GAAP adjusted basic and diluted net income
per ADS was RMB0.72 (US$0.10) in the first quarter of 2024, compared
with RMB0.48 in the same period of
2023.
Balance Sheet and Cash Flow
As of March 31, 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 RMB27.5
billion (US$3.8 billion) in
total, compared with RMB27.6 billion
as of December 31, 2023.
As of March 31, 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 RMB3,565.2 million (US$493.8 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 March 31, 2024, compared with 2.0% as of
December 31, 2023.
In the first quarter of 2024, net cash provided by operating
activities was RMB195.3 million
(US$27.0 million).
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[4]
Effective January 1, 2024, to better reflect our business
development, 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 RMB23.8 million
and RMB3.2 million, which were previously included in "Freight
listing service" and "Value-added services," respectively, as
"Transaction service".
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[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.
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[6]
ADS refers to American depositary shares, each of which represents
20 Class A ordinary shares.
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[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.
|
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[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
RMB2.65 billion and RMB2.72 billion for the second quarter of 2024,
representing a year-over-year growth rate of approximately 28.3% to
31.7%. These forecasts reflect the Company's current and
preliminary views on the market and operational conditions, which
are subject to change and cannot be predicted with reasonable
accuracy as of the date hereof.
Share Repurchase Program
On March 13, 2024, the Company's
Board of Directors resolved to extend the term of the share
repurchase program originally launched in March 2023 such that the Company may repurchase
up to approximately US$300 million of
its ADSs through March 12, 2025.
Change to Executive Officer
Mr. Zhenghong Wang ceased to be
our Chief Customer Officer effective on May
20, 2024. The position of Chief Customer Officer has been
eliminated due to optimization of our organizational structure.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars ("US$") 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 RMB7.2203 to US$1.00, the exchange rate in effect as of
March 29, 2024, as set forth in the
H.10 statistical release of The Board of Governors of the Federal
Reserve System. The Company makes no representation that any RMB or
US$ 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
May 21, 2024, or 8:00 P.M. Beijing Time to discuss its financial
results and operating performance for the first quarter of
2024.
Dial-in details for the earnings conference call are as
follows:
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United States (toll
free):
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+1-888-317-6003
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International:
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+1-412-317-6061
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Mainland China (toll
free):
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400-120-6115
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Hong Kong, SAR (toll
free):
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800-963-976
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Hong Kong,
SAR:
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+852-5808-1995
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United Kingdom (toll
free):
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08082389063
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Singapore (toll
free):
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800-120-5863
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Access Code:
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3188524
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The replay will be accessible through May
28, 2024, by dialing the following numbers:
|
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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6908591
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A live and archived webcast of the conference call will also be
available on the Company's investor relations website at
ir.fulltruckalliance.com.
About Full Truck Alliance Co. Ltd.
Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital
freight platform connecting shippers with truckers to facilitate
shipments across distance ranges, cargo weights and types. The
Company provides a range of freight matching services, including
freight listing, freight brokerage and online transaction services.
The Company also provides a range of value-added services that
cater to the various needs of shippers and truckers, such as
financial institutions, highway authorities, and gas station
operators. With a mission to make logistics smarter, the Company is
shaping the future of logistics with technology and aspires to
revolutionize logistics, improve efficiency across the value chain
and reduce its carbon footprint for our planet. For more
information, please visit ir.fulltruckalliance.com.
Use of Non-GAAP Financial Measures
The Company uses non-GAAP adjusted operating income, non-GAAP
adjusted net income, non-GAAP adjusted net income attributable to
ordinary shareholders, non-GAAP adjusted basic and diluted net
income per share and non-GAAP adjusted basic and diluted net income
per ADS, each a non-GAAP financial measure, as supplemental
measures to review and assess its operating performance.
The presentation of non-GAAP financial measures is not intended
to be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with U.S. GAAP.
The Company defines non-GAAP adjusted operating income as income
from operations excluding (i) share-based compensation expense;
(ii) amortization of intangible assets resulting from business
acquisitions; (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
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FULL TRUCK ALLIANCE
CO. LTD.
|
|
|
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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,
|
|
2023
|
|
2024
|
|
2024
|
|
RMB
|
|
RMB
|
|
US$
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
6,770,895
|
|
7,045,436
|
|
975,782
|
|
Restricted cash –
current
|
115,513
|
|
92,585
|
|
12,823
|
|
Short-term
investments
|
11,516,304
|
|
11,388,665
|
|
1,577,312
|
|
Accounts receivable,
net
|
23,418
|
|
37,976
|
|
5,260
|
|
Amounts due from
related parties
|
—
|
|
25,081
|
|
3,474
|
|
Loans receivable,
net
|
3,521,072
|
|
3,565,229
|
|
493,779
|
|
Prepayments and other
current assets
|
2,049,780
|
|
2,140,930
|
|
296,515
|
|
Total current
assets
|
23,996,982
|
|
24,295,902
|
|
3,364,945
|
|
Restricted cash –
non-current
|
10,000
|
|
20,000
|
|
2,770
|
|
Long-term
investments[1]
|
11,075,739
|
|
10,862,931
|
|
1,504,499
|
|
Property and equipment,
net
|
194,576
|
|
211,781
|
|
29,331
|
|
Intangible assets,
net
|
449,904
|
|
435,991
|
|
60,384
|
|
Goodwill
|
3,124,828
|
|
3,124,828
|
|
432,784
|
|
Deferred tax
assets
|
149,081
|
|
154,821
|
|
21,442
|
|
Operating lease
right-of-use assets and land use rights
|
134,867
|
|
137,869
|
|
19,095
|
|
Other non-current
assets
|
211,670
|
|
272,310
|
|
37,714
|
|
Total non-current
assets
|
15,350,665
|
|
15,220,531
|
|
2,108,019
|
|
TOTAL
ASSETS
|
39,347,647
|
|
39,516,433
|
|
5,472,964
|
|
LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
25,220
|
|
28,173
|
|
3,902
|
|
Prepaid for freight
listing fees and other service fees
|
548,917
|
|
504,357
|
|
69,853
|
|
Income tax
payable
|
154,916
|
|
207,740
|
|
28,772
|
|
Other tax
payable
|
784,617
|
|
753,604
|
|
104,373
|
|
Operating lease
liabilities – current
|
37,758
|
|
41,177
|
|
5,703
|
|
Dividends
payable
|
—
|
|
1,062,670
|
|
147,178
|
|
Accrued expenses and
other current liabilities
|
1,723,245
|
|
1,551,858
|
|
214,930
|
|
Total current
liabilities
|
3,274,673
|
|
4,149,579
|
|
574,711
|
|
Deferred tax
liabilities
|
108,591
|
|
105,335
|
|
14,589
|
|
Operating lease
liabilities – non-current
|
46,709
|
|
44,714
|
|
6,193
|
|
Other non-current
liabilities
|
22,950
|
|
18,964
|
|
2,626
|
|
Total non-current
liabilities
|
178,250
|
|
169,013
|
|
23,408
|
|
TOTAL
LIABILITIES
|
3,452,923
|
|
4,318,592
|
|
598,119
|
|
MEZZANINE
EQUITY
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
277,420
|
|
302,848
|
|
41,944
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Ordinary
shares
|
1,371
|
|
1,345
|
|
186
|
|
Treasury stock, at
cost
|
(608,117)
|
|
—
|
|
—
|
|
Additional paid-in
capital
|
47,713,985
|
|
45,764,768
|
|
6,338,347
|
|
Accumulated other
comprehensive income
|
2,897,871
|
|
2,936,062
|
|
406,640
|
|
Accumulated
deficit
|
(14,400,604)
|
|
(13,819,432)
|
|
(1,913,969)
|
|
TOTAL FULL TRUCK
ALLIANCE CO. LTD. EQUITY
|
35,604,506
|
|
34,882,743
|
|
4,831,204
|
|
Non-controlling
interests
|
12,798
|
|
12,250
|
|
1,697
|
|
TOTAL SHAREHOLDERS'
EQUITY
|
35,617,304
|
|
34,894,993
|
|
4,832,901
|
|
TOTAL LIABILITIES,
MEZZANINE EQUITY AND EQUITY
|
39,347,647
|
|
39,516,433
|
|
5,472,964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.
The Group's long-term investments consist
of RMB8,327 million long-term time deposits, RMB676 million wealth
management products with maturities
over one year, RMB832 million investments in debt securities,
RMB318 million equity method investments, and RMB710 million equity
investments without
readily determinable fair value as of March 31, 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
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
March
31,
|
|
2023
|
|
2023
|
|
2024
|
|
2024
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net Revenues
(including value added taxes, "VAT",
|
|
|
|
|
|
|
|
|
of RMB884.4 million and
RMB1,039.3 million for the three months
|
|
|
|
|
|
|
|
|
ended March 31, 2023
and 2024, respectively)
|
1,702,257
|
|
2,407,957
|
|
2,268,713
|
|
314,212
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Cost of revenues
(including VAT net of government grants, of
|
|
|
|
|
|
|
|
|
RMB611.5 million and
RMB795.2 million for the three months
|
|
|
|
|
|
|
|
|
ended March 31, 2023
and 2024, respectively)(1)
|
(849,373)
|
|
(1,152,317)
|
|
(1,031,888)
|
|
(142,915)
|
|
Sales and marketing
expenses(1)
|
(245,677)
|
|
(420,960)
|
|
(340,147)
|
|
(47,110)
|
|
General and
administrative expenses(1)
|
(179,507)
|
|
(266,016)
|
|
(264,467)
|
|
(36,628)
|
|
Research and
development expenses(1)
|
(229,879)
|
|
(255,344)
|
|
(247,708)
|
|
(34,307)
|
|
Provision for loans
receivable
|
(52,878)
|
|
(67,627)
|
|
(80,324)
|
|
(11,125)
|
|
Total operating
expenses
|
(1,557,314)
|
|
(2,162,264)
|
|
(1,964,534)
|
|
(272,085)
|
|
Other operating
income
|
20,821
|
|
5,123
|
|
8,010
|
|
1,109
|
|
Income from
operations
|
165,764
|
|
250,816
|
|
312,189
|
|
43,236
|
|
Other
income
|
|
|
|
|
|
|
|
|
Interest
income
|
246,114
|
|
313,037
|
|
315,363
|
|
43,677
|
|
Foreign exchange
(loss)gain
|
(97)
|
|
(2,909)
|
|
417
|
|
58
|
|
Investment
income
|
2,713
|
|
25,832
|
|
18,484
|
|
2,560
|
|
Unrealized gains
(losses) from fair value changes of investments
|
|
|
|
|
|
|
|
|
and derivative
assets
|
9,961
|
|
6,833
|
|
(7,388)
|
|
(1,023)
|
|
Other income,
net
|
6,663
|
|
2,457
|
|
2,070
|
|
287
|
|
Share of loss in equity
method investees
|
(310)
|
|
(825)
|
|
(48)
|
|
(7)
|
|
Total other
income
|
265,044
|
|
344,425
|
|
328,898
|
|
45,552
|
|
Net income before
income tax
|
430,808
|
|
595,241
|
|
641,087
|
|
88,788
|
|
Income tax
expense
|
(19,380)
|
|
(6,991)
|
|
(54,720)
|
|
(7,579)
|
|
Net
income
|
411,428
|
|
588,250
|
|
586,367
|
|
81,209
|
|
Less: net loss
attributable to non-controlling interests
|
—
|
|
(591)
|
|
(549)
|
|
(76)
|
|
Less: measurement
adjustment attributable to redeemable non-controlling
|
|
|
|
|
|
|
|
|
interests
|
2,519
|
|
4,752
|
|
5,744
|
|
796
|
|
Net income
attributable to ordinary shareholders
|
408,909
|
|
584,089
|
|
581,172
|
|
80,489
|
|
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
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
March
31,
|
|
2023
|
|
2023
|
|
2024
|
|
2024
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net income per
share
|
|
|
|
|
|
|
|
|
—Basic
|
0.02
|
|
0.03
|
|
0.03
|
|
0.00
|
|
—Diluted
|
0.02
|
|
0.03
|
|
0.03
|
|
0.00
|
|
Net income per
ADS*
|
|
|
|
|
|
|
|
|
—Basic
|
0.38
|
|
0.56
|
|
0.56
|
|
0.08
|
|
—Diluted
|
0.38
|
|
0.56
|
|
0.56
|
|
0.08
|
|
Weighted average
number of ordinary shares used
|
|
|
|
|
|
|
|
|
in computing net
income per share
|
|
|
|
|
|
|
|
|
—Basic
|
21,293,430,120
|
|
20,949,011,129
|
|
20,864,118,097
|
|
20,864,118,097
|
|
—Diluted
|
21,352,354,948
|
|
21,016,273,541
|
|
20,904,689,303
|
|
20,904,689,303
|
|
Weighted average
number of ADSs used in
|
|
|
|
|
|
|
|
|
computing net income
per ADS
|
|
|
|
|
|
|
|
|
—Basic
|
1,064,671,506
|
|
1,047,450,556
|
|
1,043,205,905
|
|
1,043,205,905
|
|
—Diluted
|
1,067,617,747
|
|
1,050,813,677
|
|
1,045,234,465
|
|
1,045,234,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Each ADS represents 20 ordinary shares.
|
|
|
|
|
|
|
|
|
|
(1)
Share-based compensation expense in operating expenses are as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
March
31,
|
|
2023
|
|
2023
|
|
2024
|
|
2024
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
Cost of
revenues
|
1,806
|
|
2,593
|
|
2,744
|
|
380
|
|
Sales and marketing
expenses
|
11,197
|
|
16,014
|
|
10,685
|
|
1,480
|
|
General and
administrative expenses
|
58,841
|
|
89,255
|
|
119,543
|
|
16,557
|
|
Research and
development expenses
|
17,482
|
|
22,813
|
|
22,984
|
|
3,183
|
|
Total
|
89,326
|
|
130,675
|
|
155,956
|
|
21,600
|
|
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,
|
|
2023
|
|
2023
|
|
2024
|
|
2024
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
Income from
operations
|
165,764
|
|
250,816
|
|
312,189
|
|
43,236
|
|
Add:
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
89,326
|
|
130,675
|
|
155,956
|
|
21,600
|
|
Amortization of
intangible assets resulting from
|
|
|
|
|
|
|
|
|
business
acquisitions
|
13,021
|
|
13,021
|
|
13,021
|
|
1,803
|
|
Compensation cost
incurred in relation to acquisitions
|
4,281
|
|
4,281
|
|
4,281
|
|
593
|
|
Non-GAAP adjusted
operating income
|
272,392
|
|
398,793
|
|
485,447
|
|
67,232
|
|
|
|
|
|
|
|
|
|
Net
income
|
411,428
|
|
588,250
|
|
586,367
|
|
81,209
|
|
Add:
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
89,326
|
|
130,675
|
|
155,956
|
|
21,600
|
|
Amortization of
intangible assets resulting from
|
|
|
|
|
|
|
|
|
business
acquisitions
|
13,021
|
|
13,021
|
|
13,021
|
|
1,803
|
|
Compensation cost
incurred in relation to acquisitions
|
4,281
|
|
4,281
|
|
4,281
|
|
593
|
|
Tax effects of non-GAAP
adjustments
|
(3,255)
|
|
(3,255)
|
|
(3,255)
|
|
(451)
|
|
Non-GAAP adjusted
net income
|
514,801
|
|
732,972
|
|
756,370
|
|
104,754
|
|
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,
|
|
2023
|
|
2023
|
|
2024
|
|
2024
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary shareholders
|
408,909
|
|
584,089
|
|
581,172
|
|
80,489
|
|
Add:
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
89,326
|
|
130,675
|
|
155,956
|
|
21,600
|
|
Amortization of
intangible assets resulting from
|
|
|
|
|
|
|
|
|
business
acquisitions
|
13,021
|
|
13,021
|
|
13,021
|
|
1,803
|
|
Compensation cost
incurred in relation to acquisitions
|
4,281
|
|
4,281
|
|
4,281
|
|
593
|
|
Tax effects of non-GAAP
adjustments
|
(3,255)
|
|
(3,255)
|
|
(3,255)
|
|
(451)
|
|
Non-GAAP adjusted
net income attributable to
|
|
|
|
|
|
|
|
|
ordinary
shareholders
|
512,282
|
|
728,811
|
|
751,175
|
|
104,034
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net income per share
|
|
|
|
|
|
|
|
|
—Basic
|
0.02
|
|
0.03
|
|
0.04
|
|
0.00
|
|
—Diluted
|
0.02
|
|
0.03
|
|
0.04
|
|
0.00
|
|
Non-GAAP adjusted
net income per ADS
|
|
|
|
|
|
|
|
|
—Basic
|
0.48
|
|
0.70
|
|
0.72
|
|
0.10
|
|
—Diluted
|
0.48
|
|
0.69
|
|
0.72
|
|
0.10
|
View original
content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-first-quarter-2024-unaudited-financial-results-302150925.html
SOURCE Full Truck Alliance Co. Ltd.