GUIYANG,
China, Aug. 25, 2022 /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, 2022.
Second Quarter 2022 Financial and
Operational Highlights
- Total net revenues in the second quarter of 2022
were RMB1,670.1 million (US$249.3 million), an increase of 49.3% from
RMB1,118.8 million in the same period
of 2021.
- Net Income in the second quarter of 2022 was
RMB12.7 million (US$1.9 million), compared with net loss of
RMB1,958.2 million in the same period
of 2021.
- Non-GAAP adjusted net income1 in the second
quarter of 2022 was RMB266.9 million
(US$39.8 million), an increase of
168.1% from RMB99.5 million in the
same period of 2021.
- Gross Transaction Value ("GTV")2 in the
second quarter of 2022 reached RMB65.8
billion (US$9.8 billion), a
decrease of 11.1% from RMB74.0
billion in the same period of 2021.
- Fulfilled orders3 in the second quarter of
2022 reached 27.8 million, a decrease of 22.7% from 36.0 million in
the same period of 2021.
- Average shipper MAUs4 in the second quarter
of 2022 reached 1.53 million, flat compared with the same period of
2021.
"In the second quarter of 2022, we continued to develop our
business through concerted efforts to improve user experience and
elevate freight matching efficiency during a challenging period for
FTA and the entire logistics industry," said Mr. Peter Hui Zhang, Founder, Chairman and Chief
Executive Officer of FTA. "With our strategic focus on technology
investment and network expansion, we remain committed to making FTA
a smart and low-carbon logistics service provider, leading the
development and transformation of the industry. As new user
registration on our Yunmanman and Huochebang apps has
started to resume since late June, we have witnessed the gradual
improvement in user engagement levels, and we expect to record
stronger user growth and higher transaction volume in the coming
quarters."
"Despite the COVID-19 resurgence and softer macro environment,
we delivered solid financial results in the second quarter, with
total net revenues increasing by 49.3% to RMB1,670.1 million, once again beating the high
end of our revenue guidance," commented Mr. Simon Cai, Chief Financial Officer of FTA.
"Notably, due to our increased focus on monetization enhancement
and heightened operational efficiency, our non-GAAP adjusted net
income further increased by 168.1% year-over-year to RMB266.9 million. As we head into the second half
of 2022, we are confident that our strong cash position will
support us as we pursue user value creation and navigate the
complex market dynamics."
1 Non-GAAP
adjusted net income is defined as net income/(loss) 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) compensation cost resulting from repurchase of
ordinary shares in excess of fair value and (v) tax effects of
non-GAAP adjustments. See "Reconciliation of GAAP and Non-GAAP
Results" at the end of this press release.
|
2 GTV
or gross transaction value of our platform in a given period is
defined as the aggregate freight prices specified by our users for
all fulfilled orders on our platform during the period without
deducting any commission or service fee charged by us. We make
downward adjustments to unreasonably high freight prices specified
by users that are apparently due to clerical errors.
|
3 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.
|
4 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.
|
Second Quarter 2022 Financial
Results
Net Revenues (including value added taxes, "VAT",
of RMB630.7 million and RMB896.6 million for the
three months ended June 30, 2021, and
2022, respectively). Total net revenues in the
second quarter of 2022 were RMB1,670.1
million (US$249.3 million),
representing an increase of 49.3% from RMB1,118.8 million in the same period of 2021,
primarily attributable to an increase in revenues from freight
matching services.
Freight matching services. Revenues from freight matching
services in the second quarter of 2022 were RMB1,409.6 million (US$210.5 million), representing an increase of
50.3% from RMB937.6 million in the
same period of 2021. The increase was primarily due to an increase
in revenues from our freight brokerage service as well as rapid
growth in transaction commissions.
- Freight brokerage service. Revenues from freight
brokerage service in the second quarter of 2022 were RMB850.2 million (US$126.9
million), an increase of 41.4% from RMB601.3 million in the same period of 2021,
primarily driven by significant growth in transaction volume as a
result of improved user penetration.
- Freight listing service. Revenues from freight listing
service in the second quarter of 2022 were RMB211.7 million (US$31.6
million), an increase of 20.7% from RMB175.4 million in the same period of 2021,
primarily attributable to an increase in total paying
members.
- Transaction commission. Revenues from transaction
commissions amounted to RMB347.8 million (US$51.9 million) in the second quarter of
2022, an increase of 116.2% from RMB160.9 million in the same period of 2021,
primarily driven by the continued ramp-up of commissioned GTV
penetration, and partially offset by a decrease in GTV due to
COVID-19 outbreaks.
Value-added services. Revenues from value-added services
in the second quarter of 2022 were RMB260.4
million (US$38.9 million), an
increase of 43.7% from RMB181.2
million in the same period of 2021, mainly attributable to
increased revenues from credit solutions.
Cost of Revenues (including VAT net of refund
of VAT of RMB481.1 million
and RMB672.8 million for the three months ended
June 30, 2021, and 2022,
respectively). Cost of revenues in the second quarter of
2022 was RMB925.9 million
(US$138.2 million), compared with
RMB627.0 million in the same period
of 2021. 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 RMB845.4 million,
representing an increase of 47.7% from RMB572.4 million in the same period of 2021,
primarily due to an increase in transaction activities involving
our freight brokerage service.
Sales and Marketing Expenses. Sales and marketing
expenses in the second quarter of 2022 were RMB196.2 million (US$29.3
million), compared with RMB236.8
million in the same period of 2021. The decrease was
primarily due to a decrease in advertising and marketing expenses
during the user registration suspension period, partially offset by
an increase in salary and benefits expenses driven by higher sales
and marketing headcount.
General and Administrative Expenses. General
and administrative expenses in the second quarter of 2022 were
RMB344.8 million (US$51.5 million), compared with RMB2,123.0 million in the same period of 2021.
The decrease was primarily due to lower share-based compensation
expenses.
Research and Development Expenses. Research and
development expenses in the second quarter of 2022 were
RMB216.4 million (US$32.3 million), compared with RMB155.1 million in the same period of 2021. The
increase was primarily due to an increase in salary and
benefits expenses driven by higher research and development
headcount.
Loss from Operations. Loss from operations
in the second quarter of 2022 was RMB46.4
million (US$6.9 million),
compared with RMB2,040.4 million in
the same period of 2021.
Non-GAAP Adjusted Operating
Income5. Non-GAAP adjusted operating
income in the second quarter of 2022 was RMB211.3 million (US$31.5 million), an increase of 949.9% from
RMB20.1 million in the same period of
2021.
Net Income/(Loss). Net income in the second
quarter of 2022 was RMB12.7 million
(US$1.9 million), compared with net
loss of RMB1,958.2 million in the
same period of 2021.
Non-GAAP Adjusted Net Income. Non-GAAP
adjusted net income in the second quarter of 2022 was RMB266.9 million (US$39.8 million), an increase of 168.1% from
RMB99.5 million in the same period of
2021.
Basic and Diluted Net Income/(Loss) per ADS6
and Non-GAAP Adjusted Basic and Diluted Net Income/(Loss) per
ADS7. Basic and diluted net income per ADS were
RMB0.01 (US$0.00) in the second quarter of 2022, compared
with basic and diluted net loss per ADS of RMB7.34 in the same period of 2021. Non-GAAP
adjusted basic and diluted net income per ADS were RMB0.25 (US$0.04)
in the second quarter of 2022, compared with non-GAAP adjusted
basic and diluted net loss per ADS of RMB0.49 in the same period of 2021.
Balance Sheet and Cash Flow
As of June 30, 2022, the Company
had cash and cash equivalents, restricted cash, and short-term
investments of RMB26.1 billion
(US$3.9 billion) in total, compared
with RMB26.0 billion as of
December 31, 2021.
In the second quarter of 2022, net cash used in operating
activities was RMB286.4 million
(US$42.8 million).
5 Non-GAAP
adjusted operating income is defined as 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) compensation cost resulting from
repurchase of ordinary shares in excess of fair value. See
"Reconciliation of GAAP and Non-GAAP Results" at the end of this
press release.
|
6 ADS refers
to the American depositary shares, each of which represents 20
Class A ordinary shares.
|
7 Non-GAAP
adjusted basic and diluted income/(loss) per ADS is net
income/(loss) 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) compensation cost resulting from repurchase of
ordinary shares in excess of fair value 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 "Reconciliation of GAAP and
Non-GAAP Results" at the end of this press release.
|
Business Outlook
The Company expects its total net revenues to be between
RMB1.65 billion and RMB1.73 billion for the third quarter of 2022,
representing a year-over-year growth rate of approximately 32.9% to
39.2%, despite the expected impact of the COVID-19 outbreaks on
transaction volume for the period. These forecasts reflect the
Company's current and preliminary views on the market and
operational conditions. The COVID-19 outbreaks are associated with
substantial uncertainties, including the geographic scope and
duration of the outbreaks, the additional restrictive measures that
the governmental authorities may take, and the further impact on
the business of shippers, truckers and other ecosystem
participants, all of 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 RMB6.6981 to US$1.00, the exchange rate in effect as of
June 30, 2022, as set forth in the
H.10 statistical release of The Board of Governors of the Federal
Reserve System. The Company makes no representation that any RMB or
US$ 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 25, 2022, or 8:00 P.M. Beijing Time to discuss its financial
results and operating performance for the second quarter of
2022.
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 (toll
free):
|
800-963-976
|
Hong Kong:
|
+852-5808-1995
|
United
Kingdom:
|
08082389063
|
Singapore:
|
800-120-5863
|
Access Code:
|
7802406
|
The replay will be accessible through September 1, 2022, by dialing the following
numbers:
United States:
|
+1-877-344-7529
|
International:
|
+1-412-317-0088
|
Replay Access
Code:
|
6746887
|
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
our freight listing service, freight brokerage service and online
transaction service. 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/(loss) attributable to ordinary
shareholders, non-GAAP adjusted basic and diluted net income/(loss)
per ordinary shareholder and non-GAAP adjusted basic and diluted
net income/(loss) 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
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)
compensation cost resulting from repurchase of ordinary shares in
excess of fair value. The Company defines non-GAAP adjusted net
income as net income/(loss) 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) compensation cost resulting from repurchase of
ordinary shares in excess of fair value and (v) tax effects of
non-GAAP adjustments. The Company defines non-GAAP adjusted net
income/(loss) attributable to ordinary shareholders as net
income/(loss) 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) compensation cost resulting from repurchase of
ordinary shares in excess of fair value and (v) tax effects of
non-GAAP adjustments. The Company defines non-GAAP adjusted
basic and diluted net income/(loss) per share as non-GAAP net
income/(loss) 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/(loss) per ADS as non-GAAP net income/(loss)
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,
compensation cost resulting from repurchase of ordinary shares in
excess of fair value 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/(loss) attributable to ordinary shareholders and
non-GAAP adjusted basic and diluted net income/(loss) per
share should not be considered in isolation or construed as an
alternative to operating loss, net loss, net
income/(loss) attributable to ordinary shareholders and basic
and diluted net income/(loss) 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 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
The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
E-mail: FTA@thepiacentegroup.com
In the United States:
The Piacente Group, Inc.
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,
|
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
4,284,291
|
|
4,811,929
|
|
718,402
|
Restricted cash – current
|
|
65,822
|
|
65,220
|
|
9,737
|
Short-term investments
|
|
21,634,642
|
|
21,219,243
|
|
3,167,950
|
Accounts receivable, net
|
|
29,139
|
|
14,727
|
|
2,199
|
Amounts due from related
parties
|
|
7,075
|
|
—
|
|
—
|
Loans receivable, net
|
|
1,777,667
|
|
2,338,404
|
|
349,115
|
Prepayments, receivables and other
current assets
|
|
1,099,607
|
|
1,411,469
|
|
210,727
|
Total current assets
|
|
28,898,243
|
|
29,860,992
|
|
4,458,130
|
Restricted cash –
non-current
|
|
13,500
|
|
13,500
|
|
2,015
|
Property and equipment, net
|
|
102,158
|
|
105,786
|
|
15,793
|
Investments in equity
investees
|
|
1,678,351
|
|
1,734,668
|
|
258,979
|
Intangible assets, net
|
|
557,016
|
|
528,166
|
|
78,853
|
Goodwill
|
|
3,124,828
|
|
3,124,828
|
|
466,525
|
Deferred tax assets
|
|
20,492
|
|
41,172
|
|
6,147
|
Operating lease right-of-use
assets
|
|
—
|
|
162,395
|
|
24,245
|
Other non-current assets
|
|
3,847
|
|
6,193
|
|
925
|
Total non-current assets
|
|
5,500,192
|
|
5,716,708
|
|
853,482
|
TOTAL
ASSETS
|
|
34,398,435
|
|
35,577,700
|
|
5,311,612
|
LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS'(DEFICIT)/EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Short-term borrowings
|
|
9,000
|
|
5,000
|
|
746
|
Accounts payable
|
|
29,381
|
|
29,807
|
|
4,450
|
Amount due to related parties
|
|
179,859
|
|
117,711
|
|
17,574
|
Prepaid for freight listing fees and
other service fees
|
|
383,236
|
|
459,523
|
|
68,605
|
Income tax payable
|
|
31,538
|
|
45,187
|
|
6,746
|
Other tax payable
|
|
894,592
|
|
652,371
|
|
97,396
|
Operating lease liabilities –
current
|
|
—
|
|
42,319
|
|
6,318
|
Accrued expenses and other current
liabilities
|
|
1,206,179
|
|
1,151,621
|
|
171,933
|
Total current liabilities
|
|
2,733,785
|
|
2,503,539
|
|
373,768
|
Deferred tax liabilities
|
|
135,764
|
|
128,672
|
|
19,210
|
Operating lease liabilities –
non-current
|
|
—
|
|
59,798
|
|
8,928
|
Total non-current liabilities
|
|
135,764
|
|
188,470
|
|
28,138
|
TOTAL
LIABILITIES
|
|
2,869,549
|
|
2,692,009
|
|
401,906
|
MEZZANINE
EQUITY
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
|
—
|
|
94,448
|
|
14,101
|
Subscription
receivables
|
|
—
|
|
(16,500)
|
|
(2,463)
|
SHAREHOLDERS'
(DEFICIT)/EQUITY
|
|
|
|
|
|
|
Ordinary
shares1
|
|
1,416
|
|
1,386
|
|
207
|
Additional paid-in
capital
|
|
49,245,773
|
|
48,326,274
|
|
7,214,923
|
Accumulated other
comprehensive income
|
|
538,650
|
|
1,680,920
|
|
250,955
|
Subscription
receivables
|
|
(1,310,140)
|
|
—
|
|
—
|
Accumulated
deficit
|
|
(17,020,254)
|
|
(17,200,837)
|
|
(2,568,017)
|
TOTAL FULL TRUCK
ALLIANCE CO. LTD. EQUITY
|
|
31,455,445
|
|
32,807,743
|
|
4,898,068
|
Non-controlling
interests
|
|
73,441
|
|
—
|
|
—
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
31,528,886
|
|
32,807,743
|
|
4,898,068
|
TOTAL LIABILITIES,
MEZZANINE EQUITY AND EQUITY
|
|
34,398,435
|
|
35,577,700
|
|
5,311,612
|
1 Settlement
of Shareholder Loan: In November 2020, the Company extended a loan
(the "Shareholder Loan") in the aggregate principal amount of
US$200 million to Mr. Gang Wang, a minority shareholder of the
Company. The Shareholder Loan was secured by a share charge over
certain shares beneficially owned by Mr. Wang. Pursuant to the
share surrender and loan repayment agreement (the "Loan Repayment
Agreement") dated April 14, 2022, the Company settled the
Shareholder Loan on May 7, 2022 by accepting the surrender of
560,224,090 Class A ordinary shares beneficially owned by Mr. Wang.
Pursuant to the Loan Repayment Agreement, the number of surrendered
shares was determined based on the closing price of the Company's
ADSs on the New York Stock Exchange on May 4, 2022, or US$7.14 per
ADS, which implied a price of US$0.357 per Class A ordinary
share.
|
FULL TRUCK ALLIANCE
CO. LTD.
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF LOSS
|
(All amounts in
thousands, except share, ADS, per share and per ADS
data)
|
|
|
Three months
ended
|
|
|
Six months
ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
June
30,
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2021
|
|
2022
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
2022
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
US$
|
|
|
RMB
|
|
|
RMB
|
|
US$
|
Net Revenues
(including value added taxes,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
"VAT", of RMB630.7
million and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RMB896.6 million for
the three months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ended June 30, 2021
and 2022,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
respectively)
|
1,118,821
|
|
1,332,560
|
|
1,670,051
|
|
249,332
|
|
1,985,975
|
|
3,002,611
|
|
448,279
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(including VAT net of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
refund of VAT of
RMB481.1 million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
RMB672.8 million for the three
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
months
ended June 30, 2021 and
2022, respectively)(1)
|
(626,952)
|
|
(683,882)
|
|
(925,937)
|
|
(138,239)
|
|
(1,039,752)
|
|
(1,609,819)
|
|
(240,340)
|
Sales and marketing
expenses(1)
|
(236,849)
|
|
(192,043)
|
|
(196,186)
|
|
(29,290)
|
|
(407,235)
|
|
(388,229)
|
|
(57,961)
|
General and
administrative expenses(1)
|
(2,123,019)
|
|
(458,415)
|
|
(344,781)
|
|
(51,474)
|
|
(2,444,995)
|
|
(803,196)
|
|
(119,914)
|
Research and
development expenses(1)
|
(155,081)
|
|
(220,956)
|
|
(216,373)
|
|
(32,304)
|
|
(293,128)
|
|
(437,329)
|
|
(65,292)
|
Provision for loans
receivable
|
(23,705)
|
|
(49,980)
|
|
(40,080)
|
|
(5,984)
|
|
(52,161)
|
|
(90,060)
|
|
(13,446)
|
Total operating
expenses
|
(3,165,606)
|
|
(1,605,276)
|
|
(1,723,357)
|
|
(257,291)
|
|
(4,237,271)
|
|
(3,328,633)
|
|
(496,953)
|
Other operating
income
|
6,399
|
|
20,715
|
|
6,891
|
|
1,029
|
|
9,016
|
|
27,606
|
|
4,121
|
Loss from
operations
|
(2,040,386)
|
|
(252,001)
|
|
(46,415)
|
|
(6,930)
|
|
(2,242,280)
|
|
(298,416)
|
|
(44,553)
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
45,152
|
|
56,320
|
|
106,834
|
|
15,950
|
|
94,574
|
|
163,154
|
|
24,358
|
Interest
expenses
|
—
|
|
(93)
|
|
(68)
|
|
(10)
|
|
—
|
|
(161)
|
|
(24)
|
Foreign exchange
(loss) gain
|
(11,720)
|
|
1,126
|
|
10,195
|
|
1,522
|
|
(11,579)
|
|
11,321
|
|
1,690
|
Investment income
(loss)
|
15,822
|
|
14,484
|
|
(13,968)
|
|
(2,085)
|
|
24,094
|
|
516
|
|
77
|
Unrealized gains
(loss) from fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
changes of trading
securities and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
derivative
assets
|
29,655
|
|
(16,341)
|
|
(39,818)
|
|
(5,945)
|
|
(7,481)
|
|
(56,159)
|
|
(8,384)
|
Other (expenses)
income, net
|
(6,859)
|
|
8,882
|
|
(799)
|
|
(119)
|
|
(5,416)
|
|
8,083
|
|
1,207
|
Share of (loss) gain
in equity method investees
|
(1,685)
|
|
(213)
|
|
(608)
|
|
(91)
|
|
(3,257)
|
|
(821)
|
|
(123)
|
Total other
income
|
70,365
|
|
64,165
|
|
61,768
|
|
9,222
|
|
90,935
|
|
125,933
|
|
18,801
|
Net (loss) income
before income tax
|
(1,970,021)
|
|
(187,836)
|
|
15,353
|
|
2,292
|
|
(2,151,345)
|
|
(172,483)
|
|
(25,752)
|
Income tax
benefits (expense)
|
11,806
|
|
(4,172)
|
|
(2,613)
|
|
(390)
|
|
(3,826)
|
|
(6,785)
|
|
(1,013)
|
Net (loss)
income
|
(1,958,215)
|
|
(192,008)
|
|
12,740
|
|
1,902
|
|
|
(2,155,171)
|
|
(179,268)
|
|
(26,765)
|
Less: net (loss)
income attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-controlling
interests
|
(227)
|
|
(14)
|
|
553
|
|
83
|
|
(228)
|
|
539
|
|
80
|
Less: measurement
adjustment
attributable to redeemable non-
controlling interest
|
—
|
|
—
|
|
776
|
|
116
|
|
—
|
|
776
|
|
116
|
Net (loss) income
attributable to Full
Truck Alliance Co. Ltd.
|
(1,957,988)
|
|
(191,994)
|
|
11,411
|
|
1,703
|
|
(2,154,943)
|
|
(180,583)
|
|
(26,961)
|
Deemed dividend to
preferred share
holders
|
248,218
|
|
—
|
|
—
|
|
—
|
|
518,432
|
|
—
|
|
—
|
Net (loss) income
attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary
shareholders
|
(2,206,206)
|
|
(191,994)
|
|
11,411
|
|
1,703
|
|
(2,673,375)
|
|
(180,583)
|
|
(26,961)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FULL TRUCK ALLIANCE
CO. LTD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF LOSS (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,
|
|
2021
|
|
2022
|
|
2022
|
|
|
2022
|
|
2021
|
|
2022
|
|
2022
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net (loss) income
per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
(0.37)
|
|
(0.01)
|
|
0.00
|
|
|
0.00
|
|
(0.51)
|
|
(0.01)
|
|
(0.00)
|
—Diluted
|
(0.37)
|
|
(0.01)
|
|
0.00
|
|
|
0.00
|
|
(0.51)
|
|
(0.01)
|
|
(0.00)
|
Net (loss) income
per ADS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
(7.34)
|
|
(0.18)
|
|
0.01
|
|
|
0.00
|
|
(10.20)
|
|
(0.17)
|
|
(0.02)
|
—Diluted
|
(7.34)
|
|
(0.18)
|
|
0.01
|
|
|
0.00
|
|
(10.20)
|
|
(0.17)
|
|
(0.02)
|
Weighted average
number
of ordinary shares used
in computing net (loss)
income per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
6,010,123,217
|
|
21,858,931,448
|
|
21,651,628,375
|
|
|
21,651,628,375
|
|
5,243,545,489
|
|
21,802,802,087
|
|
21,802,802,087
|
—Diluted(2)
|
6,010,123,217
|
|
21,858,931,448
|
|
21,695,922,654
|
|
|
21,695,922,654
|
|
5,243,545,489
|
|
21,802,802,087
|
|
21,802,802,087
|
Weighted average
number
of ADS used in
computing net (loss)
income per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
300,506,161
|
|
1,092,946,572
|
|
1,082,581,419
|
|
|
1,082,581,419
|
|
262,177,274
|
|
1,090,140,104
|
|
1,090,140,104
|
—Diluted(2)
|
300,506,161
|
|
1,092,946,572
|
|
1,084,796,133
|
|
|
1,084,796,133
|
|
262,177,274
|
|
1,090,140,104
|
|
1,090,140,104
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Each ADS represents 20 ordinary shares.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Share-based compensation expenses 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,
|
|
2021
|
|
2022
|
|
2022
|
|
|
2022
|
|
2021
|
|
2022
|
|
2022
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Cost of
revenues
|
747
|
|
1,348
|
|
1,487
|
|
|
222
|
|
928
|
|
2,835
|
|
423
|
Sales and marketing
expenses
|
12,660
|
|
9,160
|
|
10,350
|
|
|
1,545
|
|
38,878
|
|
19,510
|
|
2,913
|
General and
administrative expenses
|
1,952,520
|
|
337,732
|
|
212,344
|
|
|
31,702
|
|
2,212,734
|
|
550,076
|
|
82,124
|
Research and
development expenses
|
5,119
|
|
15,245
|
|
15,086
|
|
|
2,252
|
|
20,160
|
|
30,331
|
|
4,528
|
Total
|
1,971,046
|
|
363,485
|
|
239,267
|
|
|
35,721
|
|
2,272,700
|
|
602,752
|
|
89,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Weighted average
number of ordinary shares/ADS used in computing diluted net (loss)
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
|
|
|
Six months
ended
|
|
June
30,
|
|
March 31,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2021
|
|
2022
|
|
2022
|
|
2022
|
|
|
2021
|
|
2022
|
|
2022
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
Loss from
operations
|
(2,040,386)
|
|
(252,001)
|
|
(46,415)
|
|
(6,930)
|
|
(2,242,280)
|
|
(298,416)
|
|
(44,553)
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense
|
1,971,046
|
|
363,485
|
|
239,267
|
|
35,721
|
|
2,272,700
|
|
602,752
|
|
89,988
|
Compensation
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
resulting
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
repurchase
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary shares
in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
excess of fair
value
|
78,478
|
|
—
|
|
—
|
|
—
|
|
78,478
|
|
—
|
|
—
|
Amortization
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
resulting
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
business
acquisitions
|
10,983
|
|
14,121
|
|
14,121
|
|
2,108
|
|
21,966
|
|
28,242
|
|
4,216
|
Compensation
cost
incurred in
relation
to acquisitions
|
—
|
|
7,644
|
|
4,281
|
|
639
|
|
—
|
|
11,925
|
|
1,780
|
Non-GAAP
adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operating income
(loss)
|
20,121
|
|
133,249
|
|
211,254
|
|
31,538
|
|
130,864
|
|
344,503
|
|
51,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
(1,958,215)
|
|
(192,008)
|
|
12,740
|
|
1,902
|
|
(2,155,171)
|
|
(179,268)
|
|
(26,765)
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense
|
1,971,046
|
|
363,485
|
|
239,267
|
|
35,721
|
|
2,272,700
|
|
602,752
|
|
89,988
|
Compensation
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
resulting
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
repurchase
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary shares
in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
excess of fair
value
|
78,478
|
|
—
|
|
—
|
|
—
|
|
78,478
|
|
—
|
|
—
|
Amortization
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
resulting
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
business
acquisitions
|
10,983
|
|
14,121
|
|
14,121
|
|
2,108
|
|
21,966
|
|
28,242
|
|
4,216
|
Compensation
cost
incurred in
relation
to acquisitions
|
—
|
|
7,644
|
|
4,281
|
|
639
|
|
—
|
|
11,925
|
|
1,780
|
Tax effects
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
adjustments
|
(2,746)
|
|
(3,530)
|
|
(3,530)
|
|
(527)
|
|
(5,492)
|
|
(7,060)
|
|
(1,054)
|
Non-GAAP adjusted
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income
(loss)
|
99,546
|
|
189,712
|
|
266,879
|
|
39,843
|
|
212,481
|
|
456,591
|
|
68,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2021
|
|
2022
|
|
2022
|
|
2022
|
|
|
2021
|
|
2022
|
|
2022
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
Net (loss)
income
attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary
shareholders
|
(2,206,206)
|
|
(191,994)
|
|
11,411
|
|
1,703
|
|
(2,673,375)
|
|
(180,583)
|
|
(26,961)
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expense
|
1,971,046
|
|
363,485
|
|
239,267
|
|
35,721
|
|
2,272,700
|
|
602,752
|
|
89,988
|
|
Compensation
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
resulting
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
repurchase
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary shares
in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
excess of fair
value
|
78,478
|
|
—
|
|
—
|
|
—
|
|
78,478
|
|
—
|
|
—
|
|
Amortization
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
intangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
resulting
from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
business
acquisitions
|
10,983
|
|
14,121
|
|
14,121
|
|
2,108
|
|
21,966
|
|
28,242
|
|
4,216
|
|
Compensation
cost
incurred in
relation
to acquisitions
|
—
|
|
7,644
|
|
4,281
|
|
639
|
|
—
|
|
11,925
|
|
1,780
|
|
Tax effects
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
adjustments
|
(2,746)
|
|
(3,530)
|
|
(3,530)
|
|
(527)
|
|
(5,492)
|
|
(7,060)
|
|
(1,054)
|
|
Non-GAAP adjusted
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income
(loss)
attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary
shareholders
|
(148,445)
|
|
189,726
|
|
265,550
|
|
39,644
|
|
(305,723)
|
|
455,276
|
|
67,969
|
|
Non-GAAP adjusted
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income(loss)
per
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic and
diluted
|
(0.02)
|
|
0.01
|
|
0.01
|
|
0.00
|
|
(0.06)
|
|
0.02
|
|
0.00
|
|
Non-GAAP adjusted
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income(loss)
per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic and
diluted
|
(0.49)
|
|
0.17
|
|
0.25
|
|
0.04
|
|
(1.17)
|
|
0.42
|
|
0.06
|
|
Weighted average
number
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of ordinary shares
used
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in
computing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP adjusted
net
(loss) income per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic and
diluted
|
6,010,123,217
|
|
21,858,931,448
|
|
21,568,553,517
|
|
21,568,553,517
|
|
5,243,545,489
|
|
21,712,940,331
|
|
21,712,940,331
|
|
Weighted average
number
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of ADS used
in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
computing
non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
adjusted net
(loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic and
diluted
|
300,506,161
|
|
1,092,946,572
|
|
1,078,427,676
|
|
1,078,427,676
|
|
262,177,274
|
|
1,085,647,017
|
|
1,085,647,017
|
|
View original
content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-second-quarter-2022-unaudited-financial-results-301612309.html
SOURCE Full Truck Alliance Co. Ltd.