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YMM Full Truck Alliance Co Ltd

9.99
0.04 (0.40%)
27 Nov 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
Full Truck Alliance Co Ltd NYSE:YMM NYSE Depository Receipt
  Price Change % Change Price High Price Low Price Open Price Traded Last Trade
  0.04 0.40% 9.99 10.065 9.78 10.01 11,939,394 23:46:23

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

20/11/2024 9:01pm

Edgar (US Regulatory)


 

 

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

November 2024

 

 

Commission File Number: 001-40507

 

 

Full Truck Alliance Co. Ltd.

 

 

 

6 Keji Road

Huaxi District, Guiyang

Guizhou 550025

People’s Republic of China

+86-851-8384-2056

 

Wanbo Science and Technology Park, 20

Fengxin Road

Yuhuatai District, Nanjing

Jiangsu 210012

People’s Republic of China

+86-25-6692-0156

(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 ☐

 

 

 


TABLE OF CONTENTS

 

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

 

2


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: November 20, 2024

 

3

Exhibit 99.1

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

GUIYANG, China, Nov. 20, 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 third quarter ended September 30, 2024.

Third Quarter 2024 Financial and Operational Highlights

 

   

Total net revenues in the third quarter of 2024 were RMB3,031.4 million (US$432.0 million), an increase of 33.9% from RMB2,263.9 million in the same period of 2023.

 

   

Net income in the third quarter of 2024 was RMB1,121.9 million (US$159.9 million), an increase of 81.4% from RMB618.4 million in the same period of 2023.

 

   

Non-GAAP adjusted net income1 in the third quarter of 2024 was RMB1,241.2 million (US$176.9 million), an increase of 50.2% from RMB826.6 million in the same period of 2023.

 

   

Fulfilled orders2 in the third quarter of 2024 reached 51.9 million, an increase of 22.1% from 42.5 million in the same period of 2023.

 

   

Average shipper MAUs3 in the third quarter of 2024 reached 2.84 million, an increase of 33.6% from 2.13 million in the same period of 2023.

Mr. Peter Hui Zhang, Founder, Chairman and Chief Executive Officer of FTA, commented, “We are pleased to report robust growth in our user base, matching efficiency, freight orders, revenue and profit in the third quarter. This performance was underpinned by our commitment to driving digital and intelligent logistics transformation, which enables shippers to improve cost efficiency, while enabling truckers to secure more orders, maximize vehicle productivity and increase their earnings. In addition, we successfully revitalized the Yunmanman brand during the quarter and enhanced the dual membership program for truckers and shippers, further boosting user engagement and loyalty. As we look ahead to the fourth quarter, we will continue to strengthen our digital and intelligent product innovations to deliver even greater value to our users and society.”

Mr. Simon Cai, Chief Financial Officer of FTA, added, “Buoyed by strong growth in various segments of our platform, we achieved total net revenues of RMB3.0 billion, reflecting a 33.9% year-over-year increase. Our revenue from transaction service once again recorded the highest growth rate among all our business segments at 68.6% year over year, propelled by a sustainable increase in order volume and the continued optimization of our commission strategy. Our revenue growth was complemented by improved profitability, with net income and non-GAAP adjusted net income reaching RMB1.1 billion and RMB1.2 billion, up 81.4% and 50.2% year over year, respectively. Looking ahead, we will continue to prioritize operational efficiency and monetization as we steadily grow our business.”

 

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; (iv) settlement in principle of U.S. securities class action, which is non-recurring; and (v) 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.


Third Quarter 2024 Financial Results

Net Revenues (including value added taxes, or “VAT,” of RMB1,137.9 million and RMB1,380.7 million for the three months ended September 30, 2023 and 2024, respectively). Total net revenues in the third quarter of 2024 were RMB3,031.4 million (US$432.0 million), representing an increase of 33.9% from RMB2,263.9 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 third quarter of 2024 were RMB2,551.8 million (US$363.6 million), representing an increase of 34.0% from RMB1,904.5 million in the same period of 2023. The increase was mainly due to the rapid increase in transaction service4 and the continued growth in freight brokerage service.

 

   

Freight brokerage service. Revenues from freight brokerage service in the third quarter of 2024 were RMB1,280.9 million (US$182.5 million), an increase of 19.7% from RMB1,070.2 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 third quarter of 2024 were RMB223.4 million (US$31.8 million), an increase of 4.9% from RMB212.9 million in the same period of 2023, primarily due to the growing number of total paying members.

 

   

Transaction service.4 Revenues from transaction service amounted to RMB1,047.5 million (US$149.3 million) in the third quarter of 2024, an increase of 68.6% from RMB621.4 million in the same period of 2023, primarily driven by increases in order volume, penetration rate, and per-order transaction service fee.

Value-added services. Revenues from value-added services in the third quarter of 2024 were RMB479.6 million (US$68.3 million), an increase of 33.4% from RMB359.4 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 RMB870.0 million and RMB1,034.4 million for the three months ended September 30, 2023 and 2024, respectively). Cost of revenues in the third quarter of 2024 was RMB1,364.9 million (US$194.5 million), compared with RMB1,142.1 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 RMB1,221.6 million, representing an increase of 18.3% from RMB1,032.5 million in the same period of 2023, primarily due to an increase in transaction activities involving the Company’s freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in the third quarter of 2024 were RMB412.5 million (US$58.8 million), compared with RMB290.8 million in the same period of 2023. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions.

General and Administrative Expenses. General and administrative expenses in the third quarter of 2024 were RMB227.9 million (US$32.5 million), compared with RMB290.4 million in the same period of 2023. The decrease was primarily because the Company recorded settlement in principle of certain U.S. securities class action in the same period last year, which was disclosed in the Form 6-K furnished to the U.S. Securities and Exchange Commission on September 18, 2023.


Research and Development Expenses. Research and development expenses in the third quarter of 2024 were RMB195.1 million (US$27.8 million), compared with RMB237.7 million in the same period of 2023. The decrease was primarily due to lower salary and benefits expenses.

Income from Operations. Income from operations in the third quarter of 2024 was RMB762.0 million (US$108.6 million), an increase of 208.4% from RMB247.1 million in the same period of 2023.

Non-GAAP Adjusted Operating Income.5 Non-GAAP adjusted operating income in the third quarter of 2024 was RMB884.5 million (US$126.0 million), an increase of 92.9% from RMB458.5 million in the same period of 2023.

Net Income. Net income in the third quarter of 2024 was RMB1,121.9 million (US$159.9 million), an increase of 81.4% from RMB618.4 million in the same period of 2023.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the third quarter of 2024 was RMB1,241.2 million (US$176.9 million), an increase of 50.2% from RMB826.6 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 RMB1.06 (US$0.15) in the third quarter of 2024, compared with RMB0.58 in the same period of 2023. Non-GAAP adjusted basic net income per ADS was RMB1.18 (US$0.17) in the third quarter of 2024, compared with RMB0.78 in the same period of 2023. Non-GAAP adjusted diluted net income per ADS was RMB1.17 (US$0.17) in the third quarter of 2024, compared with RMB0.78 in the same period of 2023.

Balance Sheet and Cash Flow

As of September 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 RMB27.3 billion (US$3.9 billion) in total, compared with RMB27.6 billion as of December 31, 2023.

As of September 30, 2024, the total outstanding balance of on-balance sheet loans, consisting of the total principal amounts and all accrued interests of the loans funded through our small loan company, reduced by an allowance for estimated losses, was RMB4,326.4 million (US$616.5 million), compared with RMB3,521.1 million as of December 31, 2023. The total non-performing loan ratio8 for these loans was 1.8% as of September 30, 2024, compared with 2.0% as of December 31, 2023.

In the third quarter of 2024, net cash provided by operating activities was RMB1,051.1 million (US$149.8 million).

 

4

Effective January 1, 2024, we have renamed our “Transaction commission” revenue stream as “Transaction service,” which consists of all monetization from truckers related to our freight matching service, including the revenue generated from our intra-city business, which was previously classified under “Freight listing service” and “Value-added services.” The comparative periods have been restated to conform to this presentation by reclassifying RMB19.2 million and RMB0.1 million, which were previously included in “Freight listing service” and “Value-added services,” respectively, as “Transaction service”.

5

Non-GAAP adjusted operating income is defined as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) settlement in principle of U.S. securities class action, which is non-recurring. 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; (iv) settlement in principle of U.S. securities class action, which is non-recurring; 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 “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 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 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 RMB2.94 billion and RMB3.00 billion for the fourth quarter of 2024, representing a year-over-year growth rate of approximately 22.3% to 24.8%. 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 RMB7.0176 to US$1.00, the exchange rate in effect as of September 30, 2024, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ 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 7:00 A.M. U.S. Eastern Time on November 20, 2024, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the third 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/10193772/fdc4c9f64c

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 November 27, 2024, by dialing the following numbers:

 

United States:    +1-877-344-7529
International:    +1-412-317-0088
Replay Access Code:    7190368

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 and (iv) settlement in principle of U.S. securities class action. 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; (iv) settlement in principle of U.S. securities class action, which is non-recurring; and (v) 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; (iv) settlement in principle of U.S. securities class action, which is non-recurring; and (v) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted basic and diluted net income per share as non-GAAP adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares, respectively. The Company defines non-GAAP adjusted basic and diluted net income per ADS as non-GAAP adjusted net income attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADSs, respectively.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations. Share-based compensation expense, amortization of intangible assets resulting from business acquisitions, compensation cost incurred in relation to acquisitions and tax effects of non-GAAP adjustments have been and may continue to be incurred in its business and are not reflected in the presentation of its non-GAAP financial measures.

The Company reconciles the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net income per share should not be considered in isolation or construed as an alternative to operating income, net income, net income attributable to ordinary shareholders and basic and diluted net income per share or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review FTA’s non-GAAP financial measures to the most directly comparable GAAP measures. FTA’s non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.


For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: FTA’s goal and strategies; FTA’s expansion plans; FTA’s future business development, financial condition and results of operations; expected changes in FTA’s revenues, costs or expenses; industry landscape of, and trends in, China’s road transportation market; competition in FTA’s industry; FTA’s expectations regarding demand for, and market acceptance of, its services; FTA’s expectations regarding its relationships with shippers, truckers and other ecosystem participants; FTA’s ability to protect its systems and infrastructures from cyber-attacks; PRC laws, regulations, and policies relating to the road transportation market, as well as general regulatory environment in which FTA operates in China; the results of regulatory review and the duration and impact of any regulatory action taken against FTA; the impact of health epidemics, extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Full Truck Alliance Co. Ltd.

Mao Mao

E-mail: IR@amh-group.com

Piacente Financial Communications

Hui Fan

Tel: +86-10-6508-0677

E-mail: FTA@thepiacentegroup.com

In the United States:

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

E-mail: FTA@thepiacentegroup.com


FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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

 

     As of  
     December 31,
2023
    September 30,
2024
    September 30,
2024
 
     RMB     RMB     US$  

ASSETS

      

Current assets:

      

Cash and cash equivalents

     6,770,895       4,592,305       654,398  

Restricted cash – current

     115,513       100,562       14,330  

Short-term investments

     11,516,304       15,855,809       2,259,435  

Accounts receivable, net

     23,418       27,038       3,853  

Loans receivable, net

     3,521,072       4,326,360       616,501  

Prepayments and other current assets

     2,049,780       2,894,832       412,510  
  

 

 

   

 

 

   

 

 

 

Total current assets

     23,996,982       27,796,906       3,961,027  

Restricted cash – non-current

     10,000       20,000       2,850  

Long-term investments1

     11,075,739       8,661,163       1,234,206  

Property and equipment, net

     194,576       267,449       38,111  

Intangible assets, net

     449,904       407,359       58,048  

Goodwill

     3,124,828       3,124,828       445,284  

Deferred tax assets

     149,081       78,576       11,197  

Operating lease right-of-use assets and land use rights

     134,867       125,476       17,880  

Other non-current assets

     211,670       130,862       18,648  
  

 

 

   

 

 

   

 

 

 

Total non-current assets

     15,350,665       12,815,713       1,826,224  
  

 

 

   

 

 

   

 

 

 

TOTAL ASSETS

     39,347,647       40,612,619       5,787,251  
  

 

 

   

 

 

   

 

 

 

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

      

Current liabilities:

      

Accounts payable

     25,220       28,422       4,050  

Prepaid for freight listing fees and other service fees

     548,917       618,418       88,124  

Income tax payable

     154,916       245,855       35,034  

Other tax payable

     784,617       1,020,169       145,373  

Operating lease liabilities – current

     37,758       42,215       6,016  

Dividends payable

     —        16,525       2,355  

Accrued expenses and other current liabilities

     1,723,245       1,666,619       237,489  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     3,274,673       3,638,223       518,441  

Deferred tax liabilities

     108,591       98,825       14,082  

Operating lease liabilities – non-current

     46,709       32,623       4,649  

Other non-current liabilities

     22,950       15,344       2,187  
  

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     178,250       146,792       20,918  
  

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES

     3,452,923       3,785,015       539,359  
  

 

 

   

 

 

   

 

 

 

MEZZANINE EQUITY

      

Redeemable non-controlling interests

     277,420       425,723       60,665  

SHAREHOLDERS’ EQUITY

      

Ordinary shares

     1,371       1,343       191  

Treasury stock, at cost

     (608,117     (68,495     (9,760

Additional paid-in capital

     47,713,985       45,780,737       6,523,703  

Accumulated other comprehensive income

     2,897,871       2,601,815       370,756  

Accumulated deficit

     (14,400,604     (11,929,515     (1,699,942
  

 

 

   

 

 

   

 

 

 

TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY

     35,604,506       36,385,885       5,184,948  

Non-controlling interests

     12,798       15,996       2,279  
  

 

 

   

 

 

   

 

 

 

TOTAL SHAREHOLDERS’ EQUITY

     35,617,304       36,401,881       5,187,227  
  

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY

     39,347,647       40,612,619       5,787,251  
  

 

 

   

 

 

   

 

 

 

 

1. 

The Group’s long-term investments consist of RMB6,086 million long-term time deposits, RMB638 million wealth management products with maturities over one year, RMB915 million investments in debt securities, RMB320 million equity method investments, and RMB702 million equity investments without readily determinable fair value as of September 30, 2024.


FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

 

     Three months ended     Nine months ended  
     September 30,
2023
    June 30,
2024
    September 30,
2024
    September 30,
2024
    September 30,
2023
    September 30,
2024
    September 30,
2024
 
     RMB     RMB     RMB     US$     RMB     RMB     US$  

Net revenues (including value added taxes,

              

“VAT”, of RMB1,137.9 million and RMB1,380.7 million for the three months ended September 30, 2023 and 2024, respectively)

     2,263,917       2,764,283       3,031,388       431,969       6,028,202       8,064,384       1,149,166  

Operating expenses:

              

Cost of revenues (including VAT net of government grants, of RMB870.0 million and RMB1,034.4 million for the three months ended September 30, 2023 and 2024, respectively)(1)

     (1,142,057     (1,312,072     (1,364,884     (194,494     (2,966,699     (3,708,844     (528,506

Sales and marketing expenses(1)

     (290,782     (372,288     (412,499     (58,781     (818,231     (1,124,934     (160,302

General and administrative expenses(1)

     (290,443     (219,157     (227,874     (32,472     (671,661     (711,498     (101,388

Research and development expenses(1)

     (237,716     (232,140     (195,142     (27,808     (691,291     (674,990     (96,185

Provision for loans receivable

     (62,948     (71,057     (71,242     (10,152     (166,972     (222,623     (31,724
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     (2,023,946     (2,206,714     (2,271,641     (323,707     (5,314,854     (6,442,889     (918,105

Other operating income

     7,089       7,798       2,242       319       33,265       18,050       2,572  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     247,060       565,367       761,989       108,581       746,613       1,639,545       233,633  

Other income (expense)

              

Interest income

     297,249       305,337       303,268       43,215       828,824       923,968       131,664  

Foreign exchange gain (loss)

     585       6,306       (3,444     (491     760       3,279       467  

Investment income

     22,605       18,697       7,250       1,033       29,789       44,431       6,331  

Unrealized (losses) gains from fair value changes of investments

     (12,124     (4,522     10,618       1,513       6,105       (1,292     (184

Other income, net

     116,885       1,395       126,246       17,990       127,807       129,711       18,484  

Share of loss in equity method investees

     (236     (882     (351     (50     (1,242     (1,281     (183
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other income

     424,964       326,331       443,587       63,210       992,043       1,098,816       156,579  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income before income tax

     672,024       891,698       1,205,576       171,791       1,738,656       2,738,361       390,212  

Income tax expense

     (53,601     (51,190     (83,640     (11,919     (99,813     (189,550     (27,011
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     618,423       840,508       1,121,936       159,872       1,638,843       2,548,811       363,201  

Less: net loss attributable to non-controlling interests

     (675     (568     (1,254     (179     (661     (2,371     (338

Less: measurement adjustment attributable to redeemable non-controlling interests

     4,745       17,942       16,104       2,295       10,705       39,790       5,670  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to ordinary shareholders

     614,353       823,134       1,107,086       157,756       1,628,799       2,511,392       357,869  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


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      Nine months ended  
     September 30,
2023
     June 30,
2024
     September 30,
2024
     September 30,
2024
     September 30,
2023
     September 30,
2024
     September 30,
2024
 
     RMB      RMB      RMB      US$      RMB      RMB      US$  

Net income per ordinary share

                    

—Basic

     0.03        0.04        0.05        0.01        0.08        0.12        0.02  

—Diluted

     0.03        0.04        0.05        0.01        0.08        0.12        0.02  

Net income per ADS*

                    

—Basic

     0.58        0.79        1.06        0.15        1.54        2.41        0.34  

—Diluted

     0.58        0.79        1.06        0.15        1.54        2.40        0.34  

Weighted average number of ordinary shares used in computing net income per share

                    

—Basic

     21,025,267,682        20,805,892,860        20,818,441,720        20,818,441,720        21,166,923,739        20,829,402,911        20,829,402,911  

—Diluted

     21,059,252,652        20,905,548,181        20,885,299,925        20,885,299,925        21,211,661,056        20,898,475,982        20,898,475,982  

Weighted average number of ADS used in computing net income per ADS

                    

—Basic

     1,051,263,384        1,040,294,643        1,040,922,086        1,040,922,086        1,058,346,187        1,041,470,146        1,041,470,146  

—Diluted

     1,052,962,633        1,045,277,409        1,044,264,996        1,044,264,996        1,060,583,053        1,044,923,799        1,044,923,799  

 

*

Each ADS represents 20 ordinary shares.

(1)

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

 

     Three months ended      Nine months ended  
     September 30,
2023
     June 30,
2024
     September 30,
2024
     September 30,
2024
     September 30,
2023
     September 30,
2024
     September 30,
2024
 
     RMB      RMB      RMB      US$      RMB      RMB      US$  

Cost of revenues

     2,796        2,734        2,643        377        5,983        8,121        1,157  

Sales and marketing expenses

     15,217        12,875        12,799        1,824        39,489        36,359        5,181  

General and administrative expenses

     81,249        79,197        73,892        10,530        208,214        272,632        38,850  

Research and development expenses

     22,938        21,495        20,172        2,874        57,466        64,651        9,213  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     122,200        116,301        109,506        15,605        311,152        381,763        54,401  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 


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     Nine months ended  
     September 30,
2023
    June 30,
2024
    September 30,
2024
    September 30,
2024
    September 30,
2023
    September 30,
2024
    September 30,
2024
 
     RMB     RMB     RMB     US$     RMB     RMB     US$  

Income from operations

     247,060       565,367       761,989       108,581       746,613       1,639,545       233,633  

Add:

              

Share-based compensation expense

     122,200       116,301       109,506       15,605       311,152       381,763       54,401  

Amortization of intangible assets resulting from business acquisitions

     13,021       13,021       13,021       1,855       39,063       39,063       5,566  

Compensation cost incurred in relation to acquisitions

     4,281       4,281       —        —        12,843       8,562       1,220  

Settlement in principle of U.S. securities class action

     71,900       —        —        —        71,900       —        —   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP adjusted operating income

     458,462       698,970       884,516       126,041       1,181,571       2,068,933       294,820  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     618,423       840,508       1,121,936       159,872       1,638,843       2,548,811       363,201  

Add:

              

Share-based compensation expense

     122,200       116,301       109,506       15,605       311,152       381,763       54,401  

Amortization of intangible assets resulting from business acquisitions

     13,021       13,021       13,021       1,855       39,063       39,063       5,566  

Compensation cost incurred in relation to acquisitions

     4,281       4,281       —        —        12,843       8,562       1,220  

Settlement in principle of U.S. securities class action

     71,900       —        —        —        71,900       —        —   

Tax effects of non-GAAP adjustments

     (3,255     (3,255     (3,255     (464     (9,765     (9,765     (1,392
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP adjusted net income

     826,570       970,856       1,241,208       176,868       2,064,036       2,968,434       422,996  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


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     Nine months ended  
     September 30,     June 30,     September 30,     September 30,     September 30,     September 30,     September 30,  
     2023     2024     2024     2024     2023     2024     2024  
     RMB     RMB     RMB     US$     RMB     RMB     US$  

Net income attributable to ordinary shareholders

     614,353       823,134       1,107,086       157,756       1,628,799       2,511,392       357,869  

Add:

              

Share-based compensation expense

     122,200       116,301       109,506       15,605       311,152       381,763       54,401  

Amortization of intangible assets resulting from business acquisitions

     13,021       13,021       13,021       1,855       39,063       39,063       5,566  

Compensation cost incurred in relation to acquisitions

     4,281       4,281       —        —        12,843       8,562       1,220  

Settlement in principle of U.S. securities class action

     71,900       —        —        —        71,900       —        —   

Tax effects of non-GAAP adjustments

     (3,255     (3,255     (3,255     (464     (9,765     (9,765     (1,392
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP adjusted net income attributable to ordinary shareholders

     822,500       953,482       1,226,358       174,752       2,053,992       2,931,015       417,664  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP adjusted net income per ordinary share

              

—Basic

     0.04       0.05       0.06       0.01       0.10       0.14       0.02  

—Diluted

     0.04       0.05       0.06       0.01       0.10       0.14       0.02  

Non-GAAP adjusted net income per ADS

              

—Basic

     0.78       0.92       1.18       0.17       1.94       2.81       0.40  

—Diluted

     0.78       0.91       1.17       0.17       1.94       2.80       0.40  

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