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."
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[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.
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[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.
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[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.
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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).
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[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".
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[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.
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[6] ADS
refers to American depositary shares, each of which represents 20
Class A ordinary shares.
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[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.
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[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.
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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:
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United
States:
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+1-877-344-7529
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International:
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+1-412-317-0088
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Replay Access
Code:
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7190368
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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
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FULL TRUCK ALLIANCE
CO. LTD.
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UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
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(All amounts in
thousands, except share, ADS, per share and per ADS
data)
|
|
|
|
|
|
|
|
|
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As of
|
|
|
|
December
31,
|
|
September
30,
|
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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
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LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
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Current
liabilities:
|
|
|
|
|
|
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Accounts
payable
|
25,220
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|
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
|
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TOTAL
LIABILITIES
|
3,452,923
|
|
3,785,015
|
|
539,359
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MEZZANINE
EQUITY
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
277,420
|
|
425,723
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|
60,665
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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
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|
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)
|
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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
|
View original
content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-third-quarter-2024-unaudited-financial-results-302311040.html
SOURCE Full Truck Alliance Co. Ltd.
