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 income([1] )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 orders([2]) 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 MAUs([3]) 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 service([4]) 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 ADS([6]) 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 ratio([8]) 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, September 30, September 30,
2023 2024 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 investments[1] 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, 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 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
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, 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 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, 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$
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, 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$
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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SOURCE Full Truck Alliance Co. Ltd.
