Full Truck Alliance Co. Ltd. Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results
GUIYANG, China, March 7, 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 fourth quarter and fiscal year ended December 31, 2023.
Fourth Quarter and Fiscal Year 2023 Financial and Operational Highlights
-- Total net revenues in the fourth quarter of 2023 were RMB2,408.0 million
(US$339.2 million), an increase of 25.3% from RMB1,922.5 million in the
same period of 2022. Total net revenues in 2023 were RMB8,436.2 million
(US$1,188.2 million), an increase of 25.3% from RMB6,733.6 million in
2022.
-- Net income in the fourth quarter of 2023 was RMB588.3 million (US$82.9
million), an increase of 200.6% from RMB195.7 million in the same period
of 2022. Net income in 2023 was RMB2,227.1 million (US$313.7 million),
an increase of 440.7% from RMB411.9 million in 2022.
-- Non-GAAP adjusted net income([1] )in the fourth quarter of 2023 was
RMB733.0 million (US$103.2 million), an increase of 64.4% from RMB445.8
million in the same period of 2022. Non-GAAP adjusted net income in 2023
was RMB2,797.0 million (US$394.0 million), an increase of 100.4% from
RMB1,395.4 million in 2022.
-- Fulfilled orders([2]) in the fourth quarter of 2023 reached 45.8
million, an increase of 40.4% from 32.6 million in the same period of
2022. Fulfilled orders in 2023 reached 158.8 million, an increase of
33.4% from 119.1 million in 2022.
-- Average shipper MAUs([3]) in the fourth quarter of 2023 reached 2.24
million, an increase of 18.7% from 1.88 million in the same period of
2022. Average shipper MAUs in 2023 reached 2.03 million, an increase of
21.3% from 1.67 million in 2022.
Mr. Peter Hui Zhang, Founder, Chairman and Chief Executive Officer of FTA, commented, "In 2023, we continued to confront external challenges while ushering in opportunities. Amid a modest economic recovery, the continued growth of our network effect and our platform's unmatched value proposition accelerated user penetration and drove a strong full-year performance. We achieved four consecutive quarters of growth in fulfilled orders and average shipper MAUs, underscoring the vitality of China's freight market, the trend of freight digitalization, and the vast potential of the small and medium-sized direct shipper market. For 2024, we will leverage our keen market insight to capitalize on opportunities and remain committed to long-term development, which we believe will pave the way for our sustainable growth."
Mr. Simon Cai, Chief Financial Officer of FTA, added, "We ended 2023 with strong fourth quarter revenue and profit growth in a disruptive external environment. Fueled by a rapidly growing user base and order volume, we continued to provide more efficient and intelligent freight solutions to our shipper and trucker users. Our total net revenue exceeded the high end of our guidance, surging by 25.3% year over year to RMB2.41 billion, while our non-GAAP adjusted net income of RMB733.0 million was once again well ahead of market expectations. Notably, we achieved 44.0% year-over-year growth in transaction commission, driven by increased order volume on our platform. Moving through 2024, we will take a more active stance toward user acquisition to broaden our high-quality user base. Concurrently, we will further enrich our products and services to address users' evolving needs and improve our freight matching efficiency. We are confident that we will create long-term sustainable value for our stakeholders as we continue to foster a healthy platform ecosystem."
[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 continuing service terms in business 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 the 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.
Fourth Quarter 2023 Financial Results
Net Revenues (including value added taxes, or "VAT," of RMB998.5 million and RMB1,197.4 million for the three months ended December 31, 2022, and 2023, respectively). Total net revenues in the fourth quarter of 2023 were RMB2,408.0 million (US$339.2 million), representing an increase of 25.3% from RMB1,922.5 million in the same period of 2022, primarily attributable to an increase in revenues from freight matching services.
Freight matching services. Revenues from freight matching services in the fourth quarter of 2023 were RMB2,015.8 million (US$283.9 million), representing an increase of 24.9% from RMB1,614.4 million in the same period of 2022. The increase was mainly due to the steady growth in revenues from freight brokerage service, as well as continued expansion in transaction commissions.
-- Freight brokerage service. Revenues from freight brokerage service in
the fourth quarter of 2023 were RMB1,124.7 million (US$158.4 million),
an increase of 19.2% from RMB943.6 million in the same period of 2022,
primarily attributable to an increase in transaction volume due to
robust user demand.
-- Freight listing service. Revenues from freight listing service in the
fourth quarter of 2023 were RMB246.2 million (US$34.7 million), an
increase of 10.4% from RMB223.1 million in the same period of 2022,
primarily due to a growing number of total paying members.
-- Transaction commission. Revenues from transaction commissions amounted
to RMB644.8 million (US$90.8 million) in the fourth quarter of 2023, an
increase of 44.0% from RMB447.8 million in the same period of 2022,
primarily driven by strong order volume growth as well as higher
per-order transaction commission.
Value-added services. Revenues from value-added services in the fourth quarter of 2023 were RMB392.2 million (US$55.2 million), an increase of 27.3% from RMB308.1 million in the same period of 2022, mainly attributable to an increase in revenues from credit solutions and other value-added services.
Cost of Revenues (including VAT net of refund of VAT of RMB675.4 million and RMB864.7 million for the three months ended December 31, 2022, and 2023, respectively). Cost of revenues in the fourth quarter of 2023 was RMB1,152.3 million (US$162.3 million), compared with RMB951.8 million in the same period of 2022. The increase was primarily due to increases in VAT, related tax surcharges and other tax costs, and net of tax refunds from government authorities. These tax-related costs net of refunds totaled RMB1,015.3 million, representing an increase of 18.4% from RMB857.4 million in the same period of 2022, primarily due to the continued growth in transaction activities involving our freight brokerage service.
Sales and Marketing Expenses. Sales and marketing expenses in the fourth quarter of 2023 were RMB421.0 million (US$59.3 million), compared with RMB281.1 million in the same period of 2022. 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 fourth quarter of 2023 were RMB266.0 million (US$37.5 million), compared with RMB408.2 million in the same period of 2022. The decrease was primarily due to lower share-based compensation expenses and professional service fees.
Research and Development Expenses. Research and development expenses in the fourth quarter of 2023 were RMB255.3 million (US$36.0 million), compared with RMB250.2 million in the same period of 2022. The increase was primarily due to higher share-based compensation expenses and increased investment in technology infrastructure, partially offset by a decrease in salary and benefits expenses.
Income/(Loss) from Operations. Income from operations in the fourth quarter of 2023 was RMB250.8 million (US$35.3 million), compared with loss from operations of RMB5.3 million in the same period of 2022.
Non-GAAP Adjusted Operating Income.([4]) Non-GAAP adjusted operating income in the fourth quarter of 2023 was RMB398.8 million (US$56.2 million), an increase of 60.6% from RMB248.4 million in the same period of 2022.
Net Income. Net income in the fourth quarter of 2023 was RMB588.3 million (US$82.9 million), an increase of 200.6% from RMB195.7 million in the same period of 2022.
Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the fourth quarter of 2023 was RMB733.0 million (US$103.2 million), an increase of 64.4% from RMB445.8 million in the same period of 2022.
Basic and Diluted Net Income per ADS([5]) and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.([6]) Basic and diluted net income per ADS were RMB0.56 (US$0.08) in the fourth quarter of 2023, compared with RMB0.18 in the same period of 2022. Non-GAAP adjusted basic net income per ADS was RMB0.70 (US$0.10) in the fourth quarter of 2023, compared with RMB0.42 in the same period of 2022. Non-GAAP adjusted diluted net income per ADS was RMB0.69 (US$0.10) in the fourth quarter of 2023, compared with RMB0.42 in the same period of 2022.
Balance Sheet and Cash Flow
As of December 31, 2023, the Company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products of RMB27.6 billion (US$3.9 billion) in total, compared with RMB26.3 billion as of December 31, 2022.
As of December 31, 2023, the total outstanding balance of on-balance sheet loans, consisting of the total principal amounts and all accrued and unpaid interests (net of provisions) of the loans funded through our small loan company, was RMB3,521.1 million (US$495.9 million), compared with RMB2,648.4 million as of December 31, 2022. The total non-performing loan ratio([7]) for these loans was 2.0% as of December 31, 2023, which remained flat with that of December 31, 2022.
In the fourth quarter of 2023, net cash provided by operating activities was RMB758.1 million (US$106.8 million).
[4] Non-GAAP adjusted operating income is defined as income/(loss) from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to continuing service terms in business acquisitions 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.
[5] ADS refers to American depositary shares, each of which represents 20 Class A ordinary shares.
[6] 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 continuing service terms in business 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.
[7] 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) as of a specified date.
Fiscal Year 2023 Financial Results
Net Revenues (including value added taxes, or "VAT," of RMB3,550.9 million and RMB4,172.7 million for the years ended December 31, 2022, and 2023, respectively). Total net revenues in 2023 were RMB8,436.2 million (US$1,188.2 million), representing an increase of 25.3% from RMB6,733.6 million in 2022, primarily attributable to an increase in revenues from freight matching services.
Freight matching services. Revenues from freight matching services in 2023 were RMB7,048.8 million (US$992.8 million), representing an increase of 24.6% from RMB5,656.7 million in 2022. The increase was primarily due to the rapid growth in transaction commissions as well as the growing revenues from our freight brokerage service.
-- Freight brokerage service. Revenues from freight brokerage service in
2023 were RMB3,916.4 million (US$551.6 million), an increase of 16.5%
from RMB3,360.3 million in 2022, primarily driven by an increase in
transaction volume as a result of improved user penetration.
-- Freight listing service. Revenues from freight listing service in 2023
were RMB929.4 million (US$130.9 million), an increase of 9.0% from
RMB852.4 million in 2022, primarily attributable to a growing number of
total paying members.
-- Transaction commission. Revenues from transaction commissions amounted
to RMB2,203.1million (US$310.3 million) in 2023, an increase of 52.6%
from RMB1,444.0 million in 2022, primarily driven by an increased order
volume as well as higher per-order transaction commission.
Value-added services. Revenues from value-added services in 2023 were RMB1,387.3 million (US$195.4 million), an increase of 28.8% from RMB1,077.0 million in 2022, mainly attributable to an increase in revenues from credit solutions and other value-added services.
Cost of Revenues (including VAT net of refund of VAT of RMB2,539.3 million and RMB3,121.0 million for the years ended December 31, 2022, and 2023, respectively). Cost of revenues in 2023 was RMB4,119.0 million (US$580.2 million), compared with RMB3,514.6 million in 2022. The increase was primarily attributable to an increase in VAT, related tax surcharges and other tax costs, and net of tax refunds from government authorities. These tax-related costs net of refunds totaled RMB3,693.5 million, representing an increase of 16.6% from RMB3,167.8 million in 2022, primarily due to an increase in transaction activities involving our freight brokerage service.
Sales and Marketing Expenses. Sales and marketing expenses in 2023 were RMB1,239.2 million (US$174.5 million), compared with RMB902.3 million in 2022. The increase was primarily due to increased expenses in advertising and marketing activities for user acquisitions.
General and Administrative Expenses. General and administrative expenses in 2023 were RMB937.7 million (US$132.1 million), compared with RMB1,417.9 million in 2022. The decrease was primarily due to lower share-based compensation expenses and a decrease in professional service fees, partially offset by settlement in principle of certain U.S. securities class action, which was disclosed in the Form 6-K filed on September 18, 2023.
Research and Development Expenses. Research and development expenses in 2023 were RMB946.6 million (US$133.3 million), compared with RMB914.2 million in 2022. The increase was primarily due to higher share-based compensation expenses and increased investment in technology infrastructure.
Income/(Loss) from Operations. Income from operations in 2023 was RMB997.4 million (US$140.5 million), compared with loss from operations of RMB162.0 million in 2022.
Non-GAAP Adjusted Operating Income. Non-GAAP adjusted operating income in 2023 was RMB1,580.4 million (US$222.6 million), an increase of 89.1% from RMB835.7 million in 2022.
Net Income. Net income in 2023 was RMB2,227.1 million (US$313.7 million), an increase of 440.7% from RMB411.9 million in 2022.
Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in 2023 was RMB2,797.0 million (US$394.0 million), an increase of 100.4% from RMB1,395.4 million in 2022.
Basic and Diluted Net Income per ADS and Non-GAAP Adjusted Basic and Diluted Net Income per ADS. Basic net income per ADS was RMB2.10 (US$0.30) in 2023, compared with RMB0.38 in 2022. Diluted net income per ADS was RMB2.09 (US$0.29) in 2023, compared with RMB0.38 in 2022. Non-GAAP adjusted basic net income per ADS was RMB2.64 (US$0.37) in 2023, compared with RMB1.29 in 2022. Non-GAAP adjusted diluted net income per ADS was RMB2.63 (US$0.37) in 2023, compared with RMB1.29 in 2022.
Business Outlook
The Company expects its total net revenues to be between RMB2.11 billion and RMB2.16 billion for the first quarter of 2024, representing a year-over-year growth rate of approximately 23.9% to 27.1%. 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 Update
On March 3, 2023, the Company's Board of Directors authorized a share repurchase program, under which the Company may repurchase up to US$500 million of the Company's ADSs during a period of up to 12 months starting from March 13, 2023. As of March 6, 2024, the Company had repurchased an aggregate of approximately 30.7 million ADSs for approximately US$200.0 million from the open market under the share repurchase program.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") 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 RMB7.0999 to US$1.00, the exchange rate in effect as of December 29, 2023, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.
Conference Call
The Company's management will hold an earnings conference call at 7:00 A.M. U.S. Eastern Time on March 7, 2024, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and fiscal year 2023.
Dial-in details for the earnings conference call are as follows:
United States (toll free): +1-888-317-6003
International: +1-412-317-6061
Mainland China (toll free): 400-120-6115
Hong Kong, SAR (toll free): 800-963-976
Hong Kong, SAR: +852-5808-1995
United Kingdom (toll free): 08082389063
Singapore (toll free): 800-120-5863
Access Code: 9049178
The replay will be accessible through March 14, 2024, by dialing the following numbers:
United States: +1-877-344-7529
International: +1-412-317-0088
Replay Access Code: 5149135
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 continuing service terms in business 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 continuing service terms in business 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 continuing service terms in business 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 continuing service terms in business 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/(loss), 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 COVID-19 outbreaks, 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, December 31, December 31,
2022 2023 2023
RMB RMB US$
ASSETS
Current assets:
Cash and cash equivalents 5,137,312 6,770,895 953,661
Restricted cash - current 83,759 115,513 16,270
Short-term investments 21,087,089 11,516,304 1,622,037
Accounts receivable, net 13,015 23,418 3,298
Loans receivable, net 2,648,449 3,521,072 495,933
Prepayments and other current assets 2,034,427 2,049,780 288,705
Total current assets 31,004,051 23,996,982 3,379,904
Restricted cash - non-current - 10,000 1,408
Long-term investments(1) 1,774,270 11,075,739 1,559,985
Property and equipment, net 108,824 194,576 27,405
Intangible assets, net 502,421 449,904 63,368
Goodwill 3,124,828 3,124,828 440,123
Deferred tax assets 41,490 149,081 20,998
Operating lease right-of-use assets and land use rights 132,000 134,867 18,996
Other non-current assets 8,427 211,670 29,813
Total non-current assets 5,692,260 15,350,665 2,162,096
TOTAL ASSETS 36,696,311 39,347,647 5,542,000
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable 27,953 25,220 3,552
Amount due to related parties 122,152
Prepaid for freight listing fees and other service fees 462,080 548,917 77,313
Income tax payable 52,233 154,916 21,819
Other tax payable 721,597 784,617 110,511
Operating lease liabilities - current 44,590 37,758 5,318
Accrued expenses and other current liabilities 1,301,160 1,723,245 242,714
Total current liabilities 2,731,765 3,274,673 461,227
Deferred tax liabilities 121,611 108,591 15,295
Operating lease liabilities - non-current 35,931 46,709 6,579
Other non-current liabilities - 22,950 3,232
Total non-current liabilities 157,542 178,250 25,106
TOTAL LIABILITIES 2,889,307 3,452,923 486,333
MEZZANINE EQUITY
Redeemable non-controlling interests 149,771 277,420 39,074
SHAREHOLDERS' EQUITY
Ordinary shares 1,377 1,371 193
Treasury stock - (608,117) (85,651)
Additional paid-in capital 47,758,178 47,713,985 6,720,374
Accumulated other comprehensive income 2,511,170 2,897,871 408,157
Accumulated deficit (16,613,492) (14,400,604) (2,028,283)
TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY 33,657,233 35,604,506 5,014,790
Non-controlling interests - 12,798 1,803
TOTAL SHAREHOLDERS' EQUITY 33,657,233 35,617,304 5,016,593
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY 36,696,311 39,347,647 5,542,000
1. The Group's long-term investments consist of RMB8,540 million long-term time deposits, RMB678 million wealth management products with maturities
over one year, RMB831 million investments in debt securities, RMB318 million equity method investments, and RMB708 million equity investments without
readily determinable fair value as of December 31, 2023.
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
Year ended
December 31, September 30, December 31, December 31, December 31, December 31, December 31,
2022 2023 2023 2023 2022 2023 2023
RMB RMB RMB US$ RMB RMB US$
Net revenues (including value added taxes,
"VAT", of RMB998.5 million and
RMB1,197.4 million for the three months
ended December 31, 2022 and 2023,
RMB3,550.9 million and
RMB4,172.7 million for the year ended
December 31, 2022 and 2023,
respectively) 1,922,473 2,263,917 2,407,957 339,154 6,733,644 8,436,159 1,188,210
Operating expenses:
Cost of revenues (including VAT net of
refund of VAT of RMB675.4 million
and RMB864.7 million for the three
months ended December 31, 2022
and 2023, RMB2,539.3 million and
RMB3,121.0 million for the year
ended December 31, 2022 and
2023, respectively)(1) (951,779) (1,142,057) (1,152,317) (162,300) (3,514,551) (4,119,016) (580,151)
Sales and marketing expenses(1) (281,129) (290,782) (420,960) (59,291) (902,269) (1,239,191) (174,536)
General and administrative expenses(1) (408,181) (290,443) (266,016) (37,468) (1,417,933) (937,677) (132,069)
Research and development expenses(1) (250,207) (237,716) (255,344) (35,964) (914,151) (946,635) (133,331)
Provision for loans receivable (53,900) (62,948) (67,627) (9,525) (194,272) (234,599) (33,043)
Total operating expenses (1,945,196) (2,023,946) (2,162,264) (304,548) (6,943,176) (7,477,118) (1,053,130)
Other operating income 17,453 7,089 5,123 722 47,530 38,388 5,407
(Loss) income from operations (5,270) 247,060 250,816 35,328 (162,002) 997,429 140,487
Other income (expense)
Interest income 202,324 297,249 313,037 44,090 483,658 1,141,861 160,828
Interest expenses - (175)
Foreign exchange gain (loss) 1,531 585 (2,909) (410) 15,048 (2,149) (303)
Investment income 1,212 22,605 25,832 3,638 5,411 55,621 7,834
Unrealized gain (loss) from fair value
changes of trading securities and
derivative assets 4,986 (12,124) 6,833 962 (63,390) 12,938 1,822
Other income, net 5,085 116,885 2,457 346 230,631 130,264 18,347
Share of loss in equity method investees (73) (236) (825) (116) (1,246) (2,067) (291)
Total other income 215,065 424,964 344,425 48,510 669,937 1,336,468 188,237
Net income before income tax 209,795 672,024 595,241 83,838 507,935 2,333,897 328,724
Income tax expense (14,110) (53,601) (6,991) (985) (96,035) (106,804) (15,043)
Net income 195,685 618,423 588,250 82,853 411,900 2,227,093 313,681
Less: net (loss) income attributable to
non-controlling interests - (675) (591) (83) 539 (1,252) (176)
Less: measurement adjustment
attributable to redeemable non-
controlling interest 1,845 4,745 4,752 669 4,599 15,457 2,177
Net income attributable to
ordinary shareholders 193,840 614,353 584,089 82,267 406,762 2,212,888 311,680
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
Year ended
December 31, September 30, December 31, December 31, December 31, December 31, December 31,
2022 2023 2023 2023 2022 2023 2023
RMB RMB RMB US$ RMB RMB US$
Net income per ordinary
share
-Basic 0.01 0.03 0.03 0.00 0.02 0.10 0.01
-Diluted 0.01 0.03 0.03 0.00 0.02 0.10 0.01
Net income per ADS*
-Basic 0.18 0.58 0.56 0.08 0.38 2.10 0.30
-Diluted 0.18 0.58 0.56 0.08 0.38 2.09 0.29
Weighted average number
of ordinary shares used
in computing net
income per share
-Basic 21,246,855,688 21,025,267,682 20,949,011,129 20,949,011,129 21,517,856,981 21,111,924,886 21,111,924,886
-Diluted(2) 21,305,376,233 21,059,252,652 21,016,273,541 21,016,273,541 21,579,616,389 21,162,351,461 21,162,351,461
Weighted average number
of ADS used in
computing net
income per ADS
-Basic 1,062,342,784 1,051,263,384 1,047,450,556 1,047,450,556 1,075,892,849 1,055,596,244 1,055,596,244
-Diluted(2) 1,065,268,812 1,052,962,633 1,050,813,677 1,050,813,677 1,078,980,819 1,058,117,573 1,058,117,573
* Each ADS represents 20 ordinary shares.
(1) Share-based compensation expense in operating expenses are as follows:
Three months ended
Year ended
December 31, September 30, December 31, December 31, December 31, December 31, December 31,
2022 2023 2023 2023 2022 2023 2023
RMB RMB RMB US$ RMB RMB US$
Cost of revenues 1,812 2,796 2,593 365 6,406 8,576 1,208
Sales and marketing
expenses 12,163 15,217 16,014 2,256 39,771 55,503 7,817
General and administrative
expenses 201,514 81,249 89,255 12,571 809,194 297,469 41,898
Research and development
expenses 19,749 22,938 22,813 3,213 63,884 80,279 11,307
Total 235,238 122,200 130,675 18,405 919,255 441,827 62,230
(2) Weighted average number of ordinary shares/ADS used in computing diluted net income per share/ADS are adjusted by
the potentially dilutive effects of ordinary shares/ADS issuable upon the exercise of outstanding share options.
FULL TRUCK ALLIANCE CO. LTD.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
Year ended
December 31, September 30, December 31, December 31, December 31, December 31, December 31,
2022 2023 2023 2023 2022 2023 2023
RMB RMB RMB US$ RMB RMB US$
(Loss) income from
operations (5,270) 247,060 250,816 35,328 (162,002) 997,429 140,487
Add:
Share-based
compensation
expense 235,238 122,200 130,675 18,405 919,255 441,827 62,230
Amortization of
intangible assets
resulting from
business acquisitions 14,121 13,021 13,021 1,834 56,484 52,084 7,336
Compensation cost
incurred in relation
to acquisitions 4,281 4,281 4,281 603 21,914 17,124 2,412
Settlement in principle
of U.S. securities
class action - 71,900 71,900 10,127
Non-GAAP adjusted
operating income 248,370 458,462 398,793 56,170 835,651 1,580,364 222,592
Net income 195,685 618,423 588,250 82,853 411,900 2,227,093 313,681
Add:
Share-based
compensation
expense 235,238 122,200 130,675 18,405 919,255 441,827 62,230
Amortization of
intangible assets
resulting from
business acquisitions 14,121 13,021 13,021 1,834 56,484 52,084 7,336
Compensation cost
incurred in relation
to acquisitions 4,281 4,281 4,281 603 21,914 17,124 2,412
Settlement in principle
of U.S. securities
class action - 71,900 71,900 10,127
Tax effects of
non-GAAP
adjustments (3,530) (3,255) (3,255) (459) (14,120) (13,021) (1,834)
Non-GAAP adjusted net
income 445,795 826,570 732,972 103,236 1,395,433 2,797,007 393,952
FULL TRUCK ALLIANCE CO. LTD.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED)
(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
Year ended
December 31, September 30, December 31, December 31, December 31, December 31, December 31,
2022 2023 2023 2023 2022 2023 2023
RMB RMB RMB US$ RMB RMB US$
Net income attributable
to ordinary
shareholders 193,840 614,353 584,089 82,267 406,762 2,212,888 311,680
Add:
Share-based
compensation
expense 235,238 122,200 130,675 18,405 919,255 441,827 62,230
Amortization of
intangible assets
resulting from
business acquisitions 14,121 13,021 13,021 1,834 56,484 52,084 7,336
Compensation cost
incurred in relation
to acquisitions 4,281 4,281 4,281 603 21,914 17,124 2,412
Settlement in principle
of U.S. securities
class action - 71,900 71,900 10,127
Tax effects of
non-GAAP
adjustments (3,530) (3,255) (3,255) (459) (14,120) (13,021) (1,834)
Non-GAAP adjusted net
income attributable to
ordinary shareholders 443,950 822,500 728,811 102,650 1,390,295 2,782,802 391,951
Non-GAAP adjusted net
income per ordinary
share
-Basic 0.02 0.04 0.03 0.00 0.06 0.13 0.02
-Diluted 0.02 0.04 0.03 0.00 0.06 0.13 0.02
Non-GAAP adjusted net
income per ADS
-Basic 0.42 0.78 0.70 0.10 1.29 2.64 0.37
-Diluted 0.42 0.78 0.69 0.10 1.29 2.63 0.37
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SOURCE Full Truck Alliance Co. Ltd.
