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 income([1] )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 orders([2])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 MAUs([3]) 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.
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 service([4]) 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.
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 ADS([6]) 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 ratio([8]) 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).
[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".
[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.
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: +1-877-344-7529
International: +1-412-317-0088
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.
About Full Truck Alliance Co. Ltd.
Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and online transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to make logistics smarter, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.
Use of Non-GAAP Financial Measures
The Company uses non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders, non-GAAP adjusted basic and diluted net income per share and non-GAAP adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, as supplemental measures to review and assess its operating performance.
The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted operating income as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions. The Company defines non-GAAP adjusted net income as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted net income attributable to ordinary shareholders as net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted basic and diluted net income per share as non-GAAP adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares, respectively. The Company defines non-GAAP adjusted basic and diluted net income per ADS as non-GAAP adjusted net income attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADSs, respectively.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations. Share-based compensation expense, amortization of intangible assets resulting from business acquisitions, compensation cost incurred in relation to acquisitions and tax effects of non-GAAP adjustments have been and may continue to be incurred in its business and are not reflected in the presentation of its non-GAAP financial measures.
The Company reconciles the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net income per share should not be considered in isolation or construed as an alternative to operating income, net income, net income attributable to ordinary shareholders and basic and diluted net income per share or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review FTA's non-GAAP financial measures to the most directly comparable GAAP measures. FTA's non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.
For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this release.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: FTA's goal and strategies; FTA's expansion plans; FTA's future business development, financial condition and results of operations; expected changes in FTA's revenues, costs or expenses; industry landscape of, and trends in, China's road transportation market; competition in FTA's industry; FTA's expectations regarding demand for, and market acceptance of, its services; FTA's expectations regarding its relationships with shippers, truckers and other ecosystem participants; FTA's ability to protect its systems and infrastructures from cyber-attacks; PRC laws, regulations, and policies relating to the road transportation market, as well as general regulatory environment in which FTA operates in China; the results of regulatory review and the duration and impact of any regulatory action taken against FTA; the impact of health epidemics, extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: IR@amh-group.com
Piacente Financial Communications
Hui Fan
Tel: +86-10-6508-0677
E-mail: FTA@thepiacentegroup.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com
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 investments[1] 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.
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
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
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
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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SOURCE Full Truck Alliance Co. Ltd.
