Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

August 2024

 

 

Commission File Number: 001-40507

 

 

Full Truck Alliance Co. Ltd.

 

 

 

6 Keji Road Huaxi District, Guiyang Guizhou 550025 People’s Republic of China [phone]		Wanbo Science and Technology Park, 20 Fengxin Road Yuhuatai District, Nanjing Jiangsu 210012 People’s Republic of China [phone]

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒   Form  40-F ☐

 

 

 

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TABLE OF CONTENTS

 

Exhibit 99.1		Press release: Full Truck Alliance Co. Ltd. Announces Second Quarter 2024 Unaudited Financial Results

 

2

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Full Truck Alliance Co. Ltd.
By:		/s/ Peter Hui Zhang
Name:		Peter Hui Zhang
Title:		Chairman and Chief Executive Officer

Date: August 22, 2024

 

3

Exhibit 99.1

Full Truck Alliance Co. Ltd. Announces Second Quarter 2024 Unaudited Financial Results

GUIYANG, China, Aug. 21, 2024 /PRNewswire/— Full Truck Alliance Co. Ltd. (“FTA” or the “Company”) (NYSE: YMM), a leading digital freight platform, today announced its unaudited financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Financial and Operational Highlights

 

•

Total net revenues in the second quarter of 2024 were RMB2,764.3 million (US$380.4 million), an increase of 34.1% from RMB2,062.0 million in the same period of 2023.

 

•

Net income in the second quarter of 2024 was RMB840.5 million (US$115.7 million), an increase of 38.0% from RMB609.0 million in the same period of 2023.

 

•

Non-GAAP adjusted net income1 in the second quarter of 2024 was RMB970.9 million (US$133.6 million), an increase of 34.3% from RMB722.7 million in the same period of 2023.

 

•

Fulfilled orders2 in the second quarter of 2024 reached 49.1 million, an increase of 22.0% from 40.2 million in the same period of 2023.

 

•

Average shipper MAUs3 in the second quarter of 2024 reached 2.65 million, an increase of 32.8% from 2.00 million in the same period of 2023.

Mr. Peter Hui Zhang, Founder, Chairman and Chief Executive Officer of FTA, commented, “We are pleased to see our team’s unwavering commitment to user centricity in the first half of 2024 despite pressure from macroeconomic challenges and extreme weather conditions. In the second quarter, we made steady progress across the board and delivered a strong operational and financial performance. Focusing on the core of our product and business from the user’s perspective has empowered consistent execution excellence. As a result, our shipper-user scale reached an all-time high. Meanwhile, we enhanced the infrastructure serving our truck-cargo matching system, driving continuous order structure improvement and a steady increase in fulfillment rate. As we move into the second half of the year, we are confident of achieving progress in various businesses and maintaining growth in both scale and profits.”

Mr. Simon Cai, Chief Financial Officer of FTA, added, “We delivered another set of robust financial results in the second quarter with growth in both top line and bottom line. Total net revenues increased by 34.1% year over year to RMB2,764.3 million, while net income and non-GAAP adjusted net income soared by 38.0% and 34.3% to reach RMB840.5 million and RMB970.9 million, respectively. More importantly, as we enhance the value of our platform’s ecosystem, our transaction service is rapidly realizing its monetization potential, with revenues under this model growing more than 60% year over year this quarter. Looking ahead, we see significant potential for user scale and monetization growth. We seek to continue seizing those opportunities by improving service quality and creating greater user value.”

 

1

Non-GAAP adjusted net income is defined as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

2

Fulfilled orders on our platform in a given period are defined as all shipping orders matched through our platform during such period but exclude (i) shipping orders that are subsequently canceled and (ii) shipping orders for which our users failed to specify any freight prices, as there are substantial uncertainties as to whether such shipping orders are fulfilled.

3

Average shipper MAUs in a given period are calculated by dividing (i) the sum of shipper MAUs for each month of a given period by (ii) the number of months in a given period. Shipper MAUs are defined as the number of active shippers on our platform in a given month. Active shippers are defined as the aggregate number of registered shipper accounts that have posted at least one shipping order on our platform during a given period.

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Second Quarter 2024 Financial Results

Net Revenues (including value added taxes, or “VAT,” of RMB953.0 million and RMB1,255.6 million for the three months ended June 30, 2023 and 2024, respectively). Total net revenues in the second quarter of 2024 were RMB2,764.3 million (US$380.4 million), representing an increase of 34.1% from RMB2,062.0 million in the same period of 2023, primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in the second quarter of 2024 were RMB2,328.7 million (US$320.4 million), representing an increase of 34.4% from RMB1,732.2 million in the same period of 2023. The increase was mainly due to a significant increase in transaction service⁴ and the continued growth in freight brokerage service.

 

•

Freight brokerage service. Revenues from freight brokerage service in the second quarter of 2024 were RMB1,164.8 million (US$160.3 million), an increase of 22.7% from RMB948.9 million in the same period of 2023, primarily attributable to an increase in transaction volume due to the continued growth in user demand.

 

•

Freight listing service. Revenues from freight listing service in the second quarter of 2024 were RMB212.1 million (US$29.2 million), an increase of 5.6% from RMB200.8 million in the same period of 2023, primarily due to a growing number of total paying members.

 

•

Transaction service.4 Revenues from transaction service amounted to RMB951.9 million (US$131.0 million) in the second quarter of 2024, an increase of 63.4% from RMB582.5 million in the same period of 2023, primarily driven by an increase in order volume, penetration rate, and the per-order transaction service fee.

Value-added services. Revenues from value-added services in the second quarter of 2024 were RMB435.6 million (US$59.9 million), an increase of 32.0% from RMB329.9 million in the same period of 2023. The increase was due to the growing demand from truckers and shippers for credit solutions and other value-added services.

Cost of Revenues (including VAT net of government grants of RMB774.9 million and RMB992.8 million for the three months ended June 30, 2023 and 2024, respectively). Cost of revenues in the second quarter of 2024 was RMB1,312.1 million (US$180.5 million), compared with RMB975.3 million in the same period of 2023. The increase was primarily due to increases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB1,176.3 million, representing an increase of 33.8% from RMB879.3 million in the same period of 2023, primarily due to an increase in transaction activities involving the Company’s freight brokerage service.

 

4

Effective January 1, 2024, we have renamed our “Transaction commission” revenue stream as “Transaction service,” which consists of all monetization from truckers related to our freight matching service, including the revenue generated from our intra-city business, which was previously classified under “Freight listing service” and “Value-added services.” The comparative periods have been restated to conform to this presentation by reclassifying RMB26.4 million and RMB1.0 million, which were previously included in “Freight listing service” and “Value-added services,” respectively, as “Transaction service”.

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Sales and Marketing Expenses. Sales and marketing expenses in the second quarter of 2024 were RMB372.3 million (US$51.2 million), compared with RMB281.8 million in the same period of 2023. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions, as well as higher salary and benefits expenses.

General and Administrative Expenses. General and administrative expenses in the second quarter of 2024 were RMB219.2 million (US$30.2 million), compared with RMB201.7 million in the same period of 2023. The increase was primarily due to higher share-based compensation expenses.

Research and Development Expenses. Research and development expenses in the second quarter of 2024 were RMB232.1 million (US$31.9 million), compared with RMB223.7 million in the same period of 2023. The increase was primarily due to higher share-based compensation expenses and increased investment in technology infrastructure.

Income from Operations. Income from operations in the second quarter of 2024 was RMB565.4 million (US$77.8 million), an increase of 69.4% from RMB333.8 million in the same period of 2023.

Non-GAAP Adjusted Operating Income.⁵ Non-GAAP adjusted operating income in the second quarter of 2024 was RMB699.0 million (US$96.2 million), an increase of 55.1% from RMB450.7 million in the same period of 2023.

Net Income. Net income in the second quarter of 2024 was RMB840.5 million (US$115.7 million), an increase of 38.0% from RMB609.0 million in the same period of 2023.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the second quarter of 2024 was RMB970.9 million (US$133.6 million), an increase of 34.3% from RMB722.7 million in the same period of 2023.

Basic and Diluted Net Income per ADS⁶ and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.⁷ Basic and diluted net income per ADS were RMB0.79 (US$0.11) in the second quarter of 2024, compared with RMB0.57 in the same period of 2023. Non-GAAP adjusted basic net income per ADS was RMB0.92 (US$0.13) in the second quarter of 2024, compared with RMB0.68 in the same period of 2023. Non-GAAP adjusted diluted net income per ADS was RMB0.91 (US$0.13) in the second quarter of 2024, compared with RMB0.68 in the same period of 2023.

Balance Sheet and Cash Flow

As of June 30, 2024, the Company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products with maturities over one year of RMB26.8 billion (US$3.7 billion) in total, compared with RMB27.6 billion as of December 31, 2023.

As of June 30, 2024, the total outstanding balance of on-balance sheet loans, consisting of the total principal amounts and all accrued and unpaid interests of the loans funded through our small loan company, reduced by an allowance for estimated losses, was RMB3,997.1 million (US$550.0 million), compared with RMB3,521.1 million as of December 31, 2023. The total non-performing loan ratio⁸ for these loans was 2.1% as of June 30, 2024, compared with 2.0% as of December 31, 2023.

In the second quarter of 2024, net cash provided by operating activities was RMB573.7 million (US$78.9 million).

 

5

Non-GAAP adjusted operating income is defined as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) compensation cost incurred in relation to acquisitions. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

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

7

Non-GAAP adjusted basic and diluted net income per ADS is net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments, divided by weighted average number of basic and diluted ADSs, respectively. For more information, refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

8

Non-performing loan ratio is calculated by dividing the outstanding principal and all accrued and unpaid interests of the on-balance sheet loans that were over 90 calendar days past due (excluding loans that are over 180 days past due and are therefore charged off) by the total outstanding principal and all accrued and unpaid interests of the on-balance sheet loans (excluding loans that are over 180 days past due and are therefore charged off) reduced by an allowance for estimated losses as of a specified date.

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Business Outlook

The Company expects its total net revenues to be between RMB2.76 billion and RMB2.82 billion for the third quarter of 2024, representing a year-over-year growth rate of approximately 21.9% to 24.6%. These forecasts reflect the Company’s current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at a rate of RMB7.2672 to US$1.00, the exchange rate in effect as of June 28, 2024, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

Conference Call

The Company’s management will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on August 21, 2024, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the second quarter of 2024.

For participants who wish to join the conference using dial-in numbers, please complete online registration using the link provided below prior to the scheduled call start time.

Participant Online Registration:

https://dpregister.com/sreg/10191169/fd24d80cfd

Upon registration, each participant will receive details for the conference call, including dial-in numbers, passcode and a unique access PIN. To join the conference, please dial the provided number, enter the passcode followed by your PIN, and you will join the conference.

The replay will be accessible through August 28, 2024, by dialing the following numbers:

 

United States:		[phone]
International:		[phone]
Replay Access Code:		6781695

A live and archived webcast of the conference call will also be available on the Company’s investor relations website at ir.fulltruckalliance.com.

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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.

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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: [e-mail]

Piacente Financial Communications

Hui Fan

Tel: [phone]

E-mail: [e-mail]

In the United States:

Piacente Financial Communications

Brandi Piacente

Tel: [phone]

E-mail: [e-mail]

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FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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

 

		As of
		December 31,				June 30,				June 30,
		2023				2024				2024
		RMB				RMB				US$
ASSETS
Current assets:
Cash and cash equivalents			6,770,895				5,135,376				706,651
Restricted cash – current			115,513				100,763				13,865
Short-term investments			11,516,304				11,552,755				1,589,712
Accounts receivable, net			23,418				27,378				3,767
Loans receivable, net			3,521,072				3,997,137				550,024
Prepayments and other current assets			2,049,780				2,376,943				327,079
Total current assets			23,996,982				23,190,352				3,191,098
Restricted cash – non-current			10,000				20,000				2,752
Long-term investments1			11,075,739				12,007,362				1,652,268
Property and equipment, net			194,576				236,282				32,513
Intangible assets, net			449,904				421,875				58,052
Goodwill			3,124,828				3,124,828				429,991
Deferred tax assets			149,081				185,000				25,457
Operating lease right-of-use assets and land use rights			134,867				134,986				18,575
Other non-current assets			211,670				277,633				38,204
Total non-current assets			15,350,665				16,407,966				2,257,812
TOTAL ASSETS			39,347,647				39,598,318				5,448,910
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable			25,220				32,656				4,494
Prepaid for freight listing fees and other service fees			548,917				600,993				82,699
Income tax payable			154,916				276,578				38,058
Other tax payable			784,617				878,786				120,925
Operating lease liabilities – current			37,758				42,846				5,896
Dividends payable			—				16,806				2,313
Accrued expenses and other current liabilities			1,723,245				1,493,252				205,478
Total current liabilities			3,274,673				3,341,917				459,863
Deferred tax liabilities			108,591				102,080				14,047
Operating lease liabilities – non-current			46,709				40,394				5,558
Other non-current liabilities			22,950				17,229				2,371
Total non-current liabilities			178,250				159,703				21,976
TOTAL LIABILITIES			3,452,923				3,501,620				481,839
MEZZANINE EQUITY
Redeemable non-controlling interests			277,420				389,099				53,542
SHAREHOLDERS’ EQUITY
Ordinary shares			1,371				1,341				185
Treasury stock, at cost			(608,117	)			—				—
Additional paid-in capital			47,713,985				45,699,371				6,288,443
Accumulated other comprehensive income			2,897,871				3,031,806				417,190
Accumulated deficit			(14,400,604	)			(13,036,601	)			(1,793,896	)
TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY			35,604,506				35,695,917				4,911,922
Non-controlling interests			12,798				11,682				1,607
TOTAL SHAREHOLDERS’ EQUITY			35,617,304				35,707,599				4,913,529
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY			39,347,647				39,598,318				5,448,910

 

1

The Group’s long-term investments consist of RMB9,318 million long-term time deposits, RMB678 million wealth management products with maturities over one year, RMB979 million investments in debt securities, RMB320 million equity method investments, and RMB712 million equity investments without readily determinable fair value as of June 30, 2024.

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FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

 

		Three months ended																Six months ended
		June 30,				March 31,				June 30,				June 30,				June 30,				June 30,				June 30,
		2023				2024				2024				2024				2023				2024				2024
		RMB				RMB				RMB				US$				RMB				RMB				US$
Net revenues (including value added taxes, “VAT”, of RMB953.0 million and RMB1,255.6 million for the three months ended June 30, 2023 and 2024, respectively)			2,062,028				2,268,713				2,764,283				380,379				3,764,285				5,032,996				692,562
Operating expenses:
Cost of revenues (including VAT net of government grants, of RMB774.9 million and RMB992.8 million for the three months ended June 30, 2023 and 2024, respectively)(1)			(975,269	)			(1,031,888	)			(1,312,072	)			(180,547	)			(1,824,642	)			(2,343,960	)			(322,540	)
Sales and marketing expenses(1)			(281,772	)			(340,147	)			(372,288	)			(51,229	)			(527,449	)			(712,435	)			(98,034	)
General and administrative expenses(1)			(201,711	)			(264,467	)			(219,157	)			(30,157	)			(381,218	)			(483,624	)			(66,549	)
Research and development expenses(1)			(223,696	)			(247,708	)			(232,140	)			(31,944	)			(453,575	)			(479,848	)			(66,029	)
Provision for loans receivable			(51,146	)			(80,324	)			(71,057	)			(9,778	)			(104,024	)			(151,381	)			(20,831	)
Total operating expenses			(1,733,594	)			(1,964,534	)			(2,206,714	)			(303,655	)			(3,290,908	)			(4,171,248	)			(573,983	)
Other operating income			5,355				8,010				7,798				1,073				26,176				15,808				2,175
Income from operations			333,789				312,189				565,367				77,797				499,553				877,556				120,754
Other income (expense)
Interest income			285,461				315,363				305,337				42,016				531,575				620,700				85,411
Foreign exchange gain			272				417				6,306				868				175				6,723				925
Investment income			4,471				18,484				18,697				2,573				7,184				37,181				5,116
Unrealized gains (losses) from fair value changes of investments and derivative assets			8,268				(7,388	)			(4,522	)			(622	)			18,229				(11,910	)			(1,639	)
Other income, net			4,259				2,070				1,395				192				10,922				3,465				477
Share of loss in equity method investees			(696	)			(48	)			(882	)			(121	)			(1,006	)			(930	)			(128	)
Total other income			302,035				328,898				326,331				44,906				567,079				655,229				90,162
Net income before income tax			635,824				641,087				891,698				122,703				1,066,632				1,532,785				210,916
Income tax expense			(26,832	)			(54,720	)			(51,190	)			(7,044	)			(46,212	)			(105,910	)			(14,574	)
Net income			608,992				586,367				840,508				115,659				1,020,420				1,426,875				196,342
Less: net income (loss) attributable to non-controlling interests			14				(549	)			(568	)			(78	)			14				(1,117	)			(154	)
Less: measurement adjustment attributable to redeemable non-controlling interests			3,441				5,744				17,942				2,469				5,960				23,686				3,259
Net income attributable to ordinary shareholders			605,537				581,172				823,134				113,268				1,014,446				1,404,306				193,237

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FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)

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

 

		Three months ended																Six months ended
		June 30,				March 31,				June 30,				June 30,				June 30,				June 30,				June 30,
		2023				2024				2024				2024				2023				2024				2024
		RMB				RMB				RMB				US$				RMB				RMB				US$
Net income per ordinary share
—Basic			0.03				0.03				0.04				0.01				0.05				0.07				0.01
—Diluted			0.03				0.03				0.04				0.01				0.05				0.07				0.01
Net income per ADS*
—Basic			0.57				0.56				0.79				0.11				0.96				1.35				0.19
—Diluted			0.57				0.56				0.79				0.11				0.95				1.34				0.18
Weighted average number of ordinary shares used in computing net income per share
—Basic			21,177,034,098				20,864,118,097				20,805,892,860				20,805,892,860				21,234,910,577				20,834,974,344				20,834,974,344
—Diluted			21,218,841,485				20,904,689,303				20,905,548,181				20,905,548,181				21,285,276,797				20,905,238,796				20,905,238,796
Weighted average number of ADS used in computing net income per ADS
—Basic			1,058,851,705				1,043,205,905				1,040,294,643				1,040,294,643				1,061,745,529				1,041,748,717				1,041,748,717
—Diluted			1,060,942,074				1,045,234,465				1,045,277,409				1,045,277,409				1,064,263,840				1,045,261,940				1,045,261,940

 

*	Each ADS represents 20 ordinary shares.

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

 

		Three months ended																Six months ended
		June 30,				March 31,				June 30,				June 30,				June 30,				June 30,				June 30,
		2023				2024				2024				2024				2023				2024				2024
		RMB				RMB				RMB				US$				RMB				RMB				US$
Cost of revenues			1,381				2,744				2,734				376				3,187				5,478				754
Sales and marketing expenses			13,075				10,685				12,875				1,772				24,272				23,560				3,242
General and administrative expenses			68,124				119,543				79,197				10,898				126,965				198,740				27,348
Research and development expenses			17,046				22,984				21,495				2,958				34,528				44,479				6,121
Total			99,626				155,956				116,301				16,004				188,952				272,257				37,465

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FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

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

 

		Three months ended																Six months ended
		June 30,				March 31,				June 30,				June 30,				June 30,				June 30,				June 30,
		2023				2024				2024				2024				2023				2024				2024
		RMB				RMB				RMB				US$				RMB				RMB				US$
Income from operations			333,789				312,189				565,367				77,797				499,553				877,556				120,754
Add:
Share-based compensation expense			99,626				155,956				116,301				16,004				188,952				272,257				37,465
Amortization of intangible assets resulting from business acquisitions			13,021				13,021				13,021				1,792				26,042				26,042				3,583
Compensation cost incurred in relation to acquisitions			4,281				4,281				4,281				589				8,562				8,562				1,178
Non-GAAP adjusted operating income			450,717				485,447				698,970				96,182				723,109				1,184,417				162,980
Net income			608,992				586,367				840,508				115,659				1,020,420				1,426,875				196,342
Add:
Share-based compensation expense			99,626				155,956				116,301				16,004				188,952				272,257				37,465
Amortization of intangible assets resulting from business acquisitions			13,021				13,021				13,021				1,792				26,042				26,042				3,583
Compensation cost incurred in relation to acquisitions			4,281				4,281				4,281				589				8,562				8,562				1,178
Tax effects of non-GAAP adjustments			(3,255	)			(3,255	)			(3,255	)			(448	)			(6,510	)			(6,510	)			(896	)
Non-GAAP adjusted net income			722,665				756,370				970,856				133,596				1,237,466				1,727,226				237,672

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FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED)

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

 

		Three months ended																Six months ended
		June 30,				March 31,				June 30,				June 30,				June 30,				June 30,				June 30,
		2023				2024				2024				2024				2023				2024				2024
		RMB				RMB				RMB				US$				RMB				RMB				US$
Net income attributable to ordinary shareholders			605,537				581,172				823,134				113,268				1,014,446				1,404,306				193,237
Add:
Share-based compensation expense			99,626				155,956				116,301				16,004				188,952				272,257				37,465
Amortization of intangible assets resulting from business acquisitions			13,021				13,021				13,021				1,792				26,042				26,042				3,583
Compensation cost incurred in relation to acquisitions			4,281				4,281				4,281				589				8,562				8,562				1,178
Tax effects of non-GAAP adjustments			(3,255	)			(3,255	)			(3,255	)			(448	)			(6,510	)			(6,510	)			(896	)
Non-GAAP adjusted net income attributable to ordinary shareholders			719,210				751,175				953,482				131,205				1,231,492				1,704,657				234,567
Non-GAAP adjusted net income per ordinary share
—Basic			0.03				0.04				0.05				0.01				0.06				0.08				0.01
—Diluted			0.03				0.04				0.05				0.01				0.06				0.08				0.01
Non-GAAP adjusted net income per ADS
—Basic			0.68				0.72				0.92				0.13				1.16				1.64				0.23
—Diluted			0.68				0.72				0.91				0.13				1.16				1.63				0.22

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