GUIYANG,
China, March 8, 2023 /PRNewswire/ -- Full
Truck Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM), a
leading digital freight platform, today announced its unaudited
financial results for the fourth quarter and fiscal year ended
December 31, 2022.
Fourth Quarter and Fiscal Year 2022 Financial
and Operational Highlights
- Total net revenues in the fourth quarter of 2022
were RMB1,922.5 million (US$278.7 million), an increase of 34.5% from
RMB1,429.4 million in the same period
of 2021. Total net revenues in 2022 were RMB6,733.6 million (US$976.3 million), an increase of 44.6% from
RMB4,657.0 million in 2021.
- Net income in the fourth quarter of 2022 was
RMB195.7 million (US$28.4 million), compared with a net loss of
RMB1,321.1 million in the same period
of 2021. Net income in 2022 was RMB411.9 million (US$59.7
million), compared with a net loss of RMB3,654.5 million in 2021.
- Non-GAAP adjusted net
income[1] in the fourth quarter of 2022
was RMB445.8 million (US$64.6 million), an increase of 83.6% from
RMB242.8 million in the same period
of 2021. Non-GAAP adjusted net income in 2022 was
RMB1,395.4 million (US$202.3 million), an increase of 209.8% from
RMB450.5 million in 2021.
- Gross Transaction Value ("GTV")[2] in the
fourth quarter of 2022 reached RMB72.0
billion (US$10.4 billion), an
increase of 3.6% from RMB69.5 billion
in the same period of 2021. Gross Transaction Value ("GTV")
in 2022 reached RMB261.1 billion
(US$37.9 billion), compared with
RMB262.3 billion in 2021.
- Fulfilled orders[3] in the fourth quarter of
2022 reached 32.6 million, compared with 34.8 million in the same
period of 2021. Fulfilled orders in 2022 reached 119.1
million, compared with 128.3 million in 2021.
- Average shipper MAUs[4] in the fourth quarter
of 2022 reached 1.88 million, an increase of 19.7% from 1.57
million in the same period of 2021. Average shipper MAUs in
2022 reached 1.67 million, an increase of 12.6% from 1.48 million
in 2021.
"We are delighted with our fourth quarter operational and
financial performance, which enabled us to finish 2022 on a strong
note. Notwithstanding challenges stemming from recurrent COVID-19
outbreaks and the unpredictable market conditions, we kept our
focus on strengthening our business and harnessing our core
advantages to provide users with more accurate freight matching
services, supported by our user-friendly service experience," said
Mr. Peter Hui Zhang, Founder,
Chairman and Chief Executive Officer of FTA. "Looking ahead, we
will continue to develop our core freight matching services and
expand our user base. With businesses ramping up operations
following the removal of COVID-19 restrictions, we are confident in
the robust performance of China's
logistics sector and the Company's ability to pursue further growth
potential and create greater value for users, shareholders, and
other stakeholders."
Mr. Simon Cai, Chief Financial
Officer of FTA, added, "Amid the challenging external environment,
we delivered revenue and profit growth beyond expectations in the
fourth quarter of 2022. Total net revenues grew by 34.5% to
RMB1,922.5 million, exceeding the
upper boundary of our previous guidance once again. Furthermore,
non-GAAP adjusted net income amounted to RMB445.8 million, greatly above market
expectations. In addition, our transaction commission maintained
its sustainable growth during the fourth quarter, with a
year-over-year increase of 67.4% to RMB447.8
million, despite the pandemic's recurrences. As we progress
through 2023, we will strive to implement an active user
acquisition strategy, elevate our products' level of
differentiation, and further optimize matching efficiency to
encourage more high-quality users to join our platform."
[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; (v) impairment of
long-term investment and (vi) tax effects of non-GAAP adjustments.
See "Reconciliation of GAAP and Non-GAAP Results" at the end of
this press release.
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[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.
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[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.
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[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. 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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Fourth Quarter 2022 Financial
Results
Net Revenues (including value added taxes, "VAT",
of RMB798.6 million and RMB998.5 million for the
three months ended December 31, 2021,
and 2022, respectively). Total net revenues in
the fourth quarter of 2022 were RMB1,922.5
million (US$278.7 million),
representing an increase of 34.5% from RMB1,429.4 million in the same period of 2021,
primarily due to an increase in revenues from freight matching
services.
Freight matching services. Revenues from freight
matching services in the fourth quarter of 2022 were RMB1,614.4 million (US$234.1 million), representing an increase of
31.4% from RMB1,229.0 million in the
same period of 2021. The increase was primarily due to the rapid
growth in transaction commissions as well as an increase in
revenues from our freight brokerage service.
- Freight brokerage service. Revenues from freight
brokerage service in the fourth quarter of 2022 were RMB943.6 million (US$136.8
million), an increase of 24.0% from RMB760.9 million in the same period of 2021,
primarily driven by continued growth in transaction volume as a
result of improved user penetration.
- Freight listing service. Revenues from freight listing
service in the fourth quarter of 2022 were RMB223.1 million (US$32.3
million), an increase of 11.2% from RMB200.5 million in the same period of 2021,
primarily due to an increase in total paying members.
- Transaction commission. Revenues from transaction
commissions amounted to RMB447.8 million (US$64.9 million) in the fourth quarter of
2022, an increase of 67.4% from RMB267.5 million in the same period of 2021,
primarily driven by an expanded take rate.
Value-added services. Revenues from value-added
services in the fourth quarter of 2022 were RMB308.1 million (US$44.7
million), an increase of 53.7% from RMB200.4 million in the same period of 2021,
mainly attributable to an increase in revenues from credit
solutions and other value-added services.
Cost of Revenues (including VAT net of refund
of VAT of RMB490.5 million
and RMB675.4 million for the three months ended
December 31, 2021, and 2022,
respectively). Cost of revenues in the fourth quarter of
2022 was RMB951.8 million
(US$138.0 million), compared with
RMB658.2 million in the same period
of 2021. The increase was primarily due 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 RMB857.4 million,
representing an increase of 54.3% from RMB555.5 million in the same period of 2021,
primarily due to continued increase in transaction activities
involving our freight brokerage service.
Sales and Marketing Expenses. Sales and marketing
expenses in the fourth quarter of 2022 were RMB281.1 million (US$40.8
million), compared with RMB239.4
million in the same period of 2021. The increase was
primarily due to an increase in salary and benefits expenses driven
by higher sales and marketing headcount, as well as an increase in
online advertising and marketing expenses.
General and Administrative Expenses. General
and administrative expenses in the fourth quarter of 2022 were
RMB408.2 million (US$59.2 million), compared with RMB1,636.2 million in the same period of 2021.
The decrease was primarily due to lower share-based compensation
expenses, partially offset by an increase in professional service
fees.
Research and Development Expenses. Research and
development expenses in the fourth quarter of 2022 were
RMB250.2 million (US$36.3 million), compared with RMB233.6 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 fourth quarter of 2022 was RMB5.3
million (US$0.8 million),
compared with RMB1,351.9 million in
the same period of 2021.
Non-GAAP Adjusted Operating
Income[5]. Non-GAAP adjusted operating
income in the fourth quarter of 2022 was RMB248.4 million (US$36.0
million), compared with RMB159.1
million in the same period of 2021.
Net Income/(Loss). Net income in the fourth
quarter of 2022 was RMB195.7 million
(US$28.4 million), compared with a
net loss of RMB1,321.1 million in the
same period of 2021.
Non-GAAP Adjusted Net
Income. Non-GAAP adjusted net income in the fourth quarter
of 2022 was RMB445.8 million
(US$64.6 million), an increase of
83.6% from RMB242.8 million in the
same period of 2021.
Basic and Diluted Net Income/(Loss) per ADS[6]
and Non-GAAP Adjusted Basic and Diluted Net Income per
ADS[7]. Basic and diluted net income per
ADS were RMB0.18 (US$0.03) in the fourth quarter of 2022, compared
with basic and diluted net loss per ADS of RMB1.23 in the same period of 2021. Non-GAAP
adjusted basic and diluted net income per ADS were RMB0.42 (US$0.06)
in the fourth quarter of 2022, compared with non-GAAP adjusted
basic and diluted net income per ADS of RMB0.23 in the same period of 2021.
Balance Sheet and Cash Flow
As of December 31, 2022, the
Company had cash and cash equivalents, restricted cash, and
short-term investments of RMB26.3
billion (US$3.8 billion) in
total, compared with RMB26.0 billion
as of December 31, 2021.
As of December 31, 2022, the total
outstanding balance of on-balance sheet loans, consisting of the
total principal amounts and all accrued and unpaid interests (net
of provisions) of the loans funded through our small loan company
and the trusts established by us, was RMB2,648.4 million (US$384.0 million), compared with RMB1,777.7 million as of December 31, 2021. The total non-performing loan
ratio[8] for these loans was 2.0% as of December 31, 2022, flat compared with that of
December 31, 2021.
In the fourth quarter of 2022, net cash used in operating
activities was RMB31.1 million
(US$4.5 million).
[5] Non-GAAP
adjusted operating income is defined as income/(loss) from
operations excluding (i) share-based compensation expense; (ii)
amortization of intangible assets resulting from business
acquisitions; (iii) compensation cost incurred in relation to
continuing service terms in business acquisitions and (iv)
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.
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[6] ADS
refers to the American depositary shares, each of which represents
20 Class A ordinary shares.
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[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; (v) impairment of
long-term investment and (vi) 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.
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[8] Non-performing loan ratio is
calculated by dividing the outstanding principal and all accrued
and unpaid interests of the on-balance sheet loans that were over
90 calendar days past due (excluding loans that are over 180 days
past due and are therefore charged off) by the total outstanding
principal and all accrued and unpaid interests of the on-balance
sheet loans (excluding loans that are over 180 days past due and
are therefore charged off) as of a specified date.
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Fiscal Year 2022 Financial
Results
Net Revenues (including value added taxes, "VAT",
of RMB2,620.4 million and RMB3,550.9 million for the
years ended December 31, 2021, and
2022, respectively). Total net revenues in 2022
were RMB6,733.6 million (US$976.3 million), representing an increase of
44.6% from RMB4,657.0 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 2022 were RMB5,656.7
million (US$820.1 million),
representing an increase of 43.3% from RMB3,946.9 million in 2021. The increase was
primarily due to the rapid growth in transaction commissions as
well as an increase in revenues from our freight brokerage
service.
- Freight brokerage service. Revenues from freight
brokerage service in 2022 were RMB3,360.3
million (US$487.2 million), an
increase of 34.5% from RMB2,497.8
million in 2021, primarily driven by continued growth in
transaction volume as a result of improved user penetration.
- Freight listing service. Revenues from freight listing
service in 2022 were RMB852.4 million
(US$123.6 million), an increase of
13.2% from RMB753.0 million in 2021,
primarily attributable to an increase in total paying
members.
- Transaction commission. Revenues from transaction
commissions amounted to RMB1444.0 million (US$209.4 million) in 2022, an increase of
107.4% from RMB696.1 million in
2021, primarily driven by continued ramp-up of commissioned GTV
penetration.
Value-added services. Revenues from value-added
services in 2022 were RMB1,077.0
million (US$156.2 million), an
increase of 51.7% from RMB710.1
million in 2021, mainly attributable to an increase in
revenues from credit solutions and other value-added services.
Cost of Revenues (including VAT net of refund
of VAT of RMB1,950.9 million
and RMB2,539.3 million for the years ended December 31, 2021, and 2022,
respectively). Cost of revenues in 2022 was RMB3,514.6 million (US$509.6 million), compared with RMB2,540.0 million in 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 RMB3,167.8 million,
representing an increase of 40.3% from RMB2,257.7 million in 2021, primarily due to an
increase in transaction activities involving our freight brokerage
service.
Sales and Marketing Expenses. Sales and marketing
expenses in 2022 were RMB902.3
million (US$130.8 million),
compared with RMB837.3 million in
2021. The increase was primarily due to an increase in salary and
benefits expenses driven by higher sales and marketing headcount,
partially offset by a decrease in advertising and marketing
expenses due to moderate new user acquisition in 2022.
General and Administrative Expenses. General
and administrative expenses in 2022 were RMB1,417.9 million (US$205.6 million), compared with RMB4,271.2 million in 2021. The decrease was
primarily due to lower share-based compensation expenses, partially
offset by an increase in professional service fees as well as an
increase in salary and benefits expenses driven by higher general
and administrative headcount.
Research and Development Expenses. Research and
development expenses in 2022 were RMB914.2 million (US$132.5
million), compared with RMB729.7
million in 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 2022 was RMB162.0 million
(US$23.5 million), compared with
RMB3,795.9 million in 2021.
Non-GAAP Adjusted Operating Income.
Non-GAAP adjusted operating income in 2022 was RMB835.7 million (US$121.2
million), compared with RMB208.8
million in 2021.
Net Income/(Loss). Net income in 2022 was
RMB411.9 million (US$59.7 million), compared with a net loss of
RMB3,654.5 million in 2021.
Non-GAAP Adjusted Net
Income. Non-GAAP adjusted net income in 2022 was
RMB1,395.4 million (US$202.3 million), an increase of 209.8% from
RMB450.5 million in 2021.
Basic and Diluted Net Income/(Loss) per ADS and Non-GAAP
Adjusted Basic and Diluted Net Income/(Loss) per
ADS. Basic and diluted net income per ADS were
RMB0.38 (US$0.05) in 2022, compared with basic and
diluted net loss per ADS of RMB6.21
in 2021. Non-GAAP adjusted basic and diluted net income per ADS
were RMB1.29 (US$0.19) in 2022, compared with non-GAAP
adjusted basic and diluted net loss per ADS of RMB0.10 in 2021.
Business Outlook
The Company expects its total net revenues to be between
RMB1.56 billion and RMB1.64 billion for the first quarter of 2023,
representing a year-over-year growth rate of approximately 16.9% to
23.0%. These forecasts reflect the Company's current and
preliminary views on the market and operational conditions, which
are subject to change and cannot be predicted with reasonable
accuracy as of the date hereof.
Share Repurchase Program
The Company's Board of Directors has authorized the Company to
adopt a share repurchase program in accordance with applicable laws
and regulations for up to US$500
million of its American depositary shares during a period of
up to 12 months starting from March 13, 2023.
Repurchases under the Company's share repurchase program may be
made from time to time through open market transactions at
prevailing market prices, in privately negotiated transactions, in
block trades and/or through other legally permissible means,
depending on the market conditions and in accordance with the
applicable rules and regulations. The Company's Board of Directors
will review the share repurchase program periodically, and may
authorize adjustments to its terms and size or suspend or
discontinue the program. The timing and conditions of the share
repurchases will be subject to various factors including the
requirements under Rule 10b-18 and
Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The
Company expects to fund the repurchases with its existing cash
balance.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars ("US$") 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 RMB6.8972 to US$1.00, the exchange rate in effect as of
December 30, 2022, as set forth in
the H.10 statistical release of The Board of Governors of the
Federal Reserve System. The Company makes no representation that
any RMB or US$ 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 7:00 A.M. U.S. Eastern Time on
March 8, 2023, or 8:00 P.M. Beijing Time to discuss its financial
results and operating performance for the fourth quarter and fiscal
year 2022.
Dial-in details for the earnings conference call are as
follows:
United States (toll
free):
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+1-888-317-6003
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International:
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+1-412-317-6061
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Mainland China (toll
free):
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400-120-6115
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Hong
Kong, SAR (toll free):
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800-963-976
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Hong Kong,
SAR:
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+852-5808-1995
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United Kingdom (toll
free):
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08082389063
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Singapore (toll
free):
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800-120-5863
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Access Code:
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3764821
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The replay will be accessible through March 15, 2023, by dialing the following
numbers:
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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7071959
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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/(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 income/(loss) from operations excluding (i)
share-based compensation expense; (ii) amortization of intangible
assets resulting from business acquisitions; (iii) compensation
cost incurred in relation to continuing service terms in business
acquisitions and (iv) 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; (v) impairment of long-term investment and
(vi) 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; (v) impairment of long-term investment and
(vi) 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 income/(loss), net income/(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.
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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
|
|
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December
31,
|
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December
31,
|
|
December
31,
|
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
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Current
assets:
|
|
|
|
|
|
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Cash and cash
equivalents
|
|
4,284,291
|
|
5,137,312
|
|
744,840
|
Restricted cash -
current
|
|
65,822
|
|
83,759
|
|
12,144
|
Short-term
investments
|
|
21,634,642
|
|
21,087,089
|
|
3,057,341
|
Accounts receivable,
net
|
|
29,139
|
|
13,015
|
|
1,887
|
Amounts due from
related parties
|
|
7,075
|
|
-
|
|
-
|
Loans receivable,
net
|
|
1,777,667
|
|
2,648,449
|
|
383,989
|
Prepayments,
receivables and other current assets
|
|
1,099,607
|
|
2,034,427
|
|
294,964
|
Total current
assets
|
|
28,898,243
|
|
31,004,051
|
|
4,495,165
|
Restricted cash -
non-current
|
|
13,500
|
|
-
|
|
-
|
Property and equipment,
net
|
|
102,158
|
|
108,824
|
|
15,778
|
Investments in equity
investees
|
|
1,678,351
|
|
1,774,270
|
|
257,245
|
Intangible assets,
net
|
|
557,016
|
|
502,421
|
|
72,844
|
Goodwill
|
|
3,124,828
|
|
3,124,828
|
|
453,057
|
Deferred tax
assets
|
|
20,492
|
|
41,490
|
|
6,015
|
Operating lease
right-of-use assets and land use rights
|
|
-
|
|
132,000
|
|
19,138
|
Other non-current
assets
|
|
3,847
|
|
8,427
|
|
1,222
|
Total non-current
assets
|
|
5,500,192
|
|
5,692,260
|
|
825,299
|
TOTAL
ASSETS
|
|
34,398,435
|
|
36,696,311
|
|
5,320,464
|
LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term
borrowings
|
|
9,000
|
|
-
|
|
-
|
Accounts
payable
|
|
29,381
|
|
27,953
|
|
4,053
|
Amounts due to related
parties
|
|
179,859
|
|
122,152
|
|
17,710
|
Prepaid for freight
listing fees and other service fees
|
|
383,236
|
|
462,080
|
|
66,995
|
Income tax
payable
|
|
31,538
|
|
52,233
|
|
7,573
|
Other tax
payable
|
|
894,592
|
|
721,597
|
|
104,622
|
Operating lease
liabilities - current
|
|
-
|
|
44,590
|
|
6,465
|
Accrued expenses and
other current liabilities
|
|
1,206,179
|
|
1,301,160
|
|
188,649
|
Total current
liabilities
|
|
2,733,785
|
|
2,731,765
|
|
396,067
|
Deferred tax
liabilities
|
|
135,764
|
|
121,611
|
|
17,632
|
Operating lease
liabilities - non-current
|
|
-
|
|
35,931
|
|
5,210
|
Total non-current
liabilities
|
|
135,764
|
|
157,542
|
|
22,842
|
TOTAL
LIABILITIES
|
|
2,869,549
|
|
2,889,307
|
|
418,909
|
MEZZANINE
EQUITY
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
|
-
|
|
149,771
|
|
21,715
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Ordinary
shares
|
|
1,416
|
|
1,377
|
|
200
|
Additional paid-in
capital
|
|
49,245,773
|
|
47,758,178
|
|
6,924,285
|
Accumulated other
comprehensive income
|
|
538,650
|
|
2,511,170
|
|
364,085
|
Subscription
receivables
|
|
(1,310,140)
|
|
-
|
|
-
|
Accumulated
deficit
|
|
(17,020,254)
|
|
(16,613,492)
|
|
(2,408,730)
|
TOTAL FULL TRUCK
ALLIANCE CO. LTD. EQUITY
|
|
31,455,445
|
|
33,657,233
|
|
4,879,840
|
Non-controlling
interests
|
|
73,441
|
|
-
|
|
-
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
31,528,886
|
|
33,657,233
|
|
4,879,840
|
TOTAL LIABILITIES,
MEZZANINE EQUITY AND EQUITY
|
|
34,398,435
|
|
36,696,311
|
|
5,320,464
|
FULL TRUCK ALLIANCE
CO. LTD.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
|
(All amounts in
thousands, except share, ADS, per share and per ADS
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2021
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net Revenues
(including value added taxes,
"VAT", of RMB798.6 million and
RMB998.5 million for the three months
ended December 31, 2021 and 2022,
RMB2,620.4 million and
RMB3,550.9 million for the year ended
December 31, 2021 and 2022,
respectively)
|
|
1,429,377
|
|
1,808,560
|
|
1,922,473
|
|
278,732
|
|
4,657,019
|
|
6,733,644
|
|
976,287
|
Operating
expenses: Cost of revenues
(including VAT net of
refund of VAT of RMB490.5 million
and RMB675.4 million for the three
months ended December 31, 2021
and 2022, RMB1,950.9 million and
RMB2,539.3 million for the year
ended December 31, 2021 and
2022, respectively)(1)
|
|
(658,161)
|
|
(952,953)
|
|
(951,779)
|
|
(137,995)
|
|
(2,539,998)
|
|
(3,514,551)
|
|
(509,562)
|
Sales and marketing expenses(1)
|
|
(239,449)
|
|
(232,911)
|
|
(281,129)
|
|
(40,760)
|
|
(837,301)
|
|
(902,269)
|
|
(130,817)
|
General and administrative expenses(1)
|
|
(1,636,157)
|
|
(206,556)
|
|
(408,181)
|
|
(59,181)
|
|
(4,271,152)
|
|
(1,417,933)
|
|
(205,581)
|
Research and development expenses(1)
|
|
(233,648)
|
|
(226,615)
|
|
(250,207)
|
|
(36,277)
|
|
(729,668)
|
|
(914,151)
|
|
(132,539)
|
Provision for loans receivable
|
|
(24,485)
|
|
(50,312)
|
|
(53,900)
|
|
(7,815)
|
|
(97,658)
|
|
(194,272)
|
|
(28,167)
|
Total operating
expenses
|
|
(2,791,900)
|
|
(1,669,347)
|
|
(1,945,196)
|
|
(282,028)
|
|
(8,475,777)
|
|
(6,943,176)
|
|
(1,006,666)
|
Other operating income
|
|
10,586
|
|
2,471
|
|
17,453
|
|
2,530
|
|
22,815
|
|
47,530
|
|
6,891
|
(Loss) income
from operations
|
|
(1,351,937)
|
|
141,684
|
|
(5,270)
|
|
(766)
|
|
(3,795,943)
|
|
(162,002)
|
|
(23,488)
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
69,118
|
|
118,180
|
|
202,324
|
|
29,334
|
|
234,651
|
|
483,658
|
|
70,124
|
Interest expenses
|
|
(40)
|
|
(14)
|
|
-
|
|
-
|
|
(40)
|
|
(175)
|
|
(25)
|
Foreign exchange (loss) gain
|
|
(3,911)
|
|
2,196
|
|
1,531
|
|
222
|
|
(15,468)
|
|
15,048
|
|
2,182
|
Investment income
|
|
1,337
|
|
3,683
|
|
1,212
|
|
176
|
|
28,317
|
|
5,411
|
|
785
|
Unrealized gains (loss) from fair value changes of trading securities and derivative
assets
|
|
38,960
|
|
(12,217)
|
|
4,986
|
|
723
|
|
23,967
|
|
(63,390)
|
|
(9,191)
|
Other (expenses) income, net
|
|
(8,553)
|
|
217,463
|
|
5,085
|
|
737
|
|
7,067
|
|
230,631
|
|
33,438
|
Impairment loss
|
|
(55,756)
|
|
-
|
|
-
|
|
-
|
|
(111,567)
|
|
-
|
|
-
|
Share of loss in equity method investees
|
|
(6,070)
|
|
(352)
|
|
(73)
|
|
(11)
|
|
(11,321)
|
|
(1,246)
|
|
(181)
|
Total other
income
|
|
35,085
|
|
328,939
|
|
215,065
|
|
31,181
|
|
155,606
|
|
669,937
|
|
97,132
|
Net income (loss)
before income tax
|
|
(1,316,852)
|
|
470,623
|
|
209,795
|
|
30,415
|
|
(3,640,337)
|
|
507,935
|
|
73,644
|
Income tax expense
|
|
(4,208)
|
|
(75,140)
|
|
(14,110)
|
|
(2,046)
|
|
(14,191)
|
|
(96,035)
|
|
(13,924)
|
Net income
(loss)
|
|
(1,321,060)
|
|
395,483
|
|
195,685
|
|
28,369
|
|
(3,654,528)
|
|
411,900
|
|
59,720
|
Less: net income (loss) attributable to non-controlling interests
|
|
23
|
|
-
|
|
-
|
|
-
|
|
(80)
|
|
539
|
|
78
|
Less: measurement adjustment attributable to redeemable non-controlling interest
|
|
-
|
|
1,978
|
|
1,845
|
|
267
|
|
-
|
|
4,599
|
|
667
|
Net income (loss)
attributable to Full Truck Alliance Co. Ltd.
|
|
(1,321,083)
|
|
393,505
|
|
193,840
|
|
28,102
|
|
(3,654,448)
|
|
406,762
|
|
58,975
|
Less: Deemed dividend to preferred share holders
|
|
-
|
|
-
|
|
-
|
|
-
|
|
518,432
|
|
-
|
|
-
|
Net income (loss)
attributable to
ordinary
shareholders
|
|
(1,321,083)
|
|
393,505
|
|
193,840
|
|
28,102
|
|
(4,172,880)
|
|
406,762
|
|
58,975
|
FULL TRUCK ALLIANCE
CO. LTD.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (CONTINUED)
|
(All amounts in
thousands, except share, ADS, per share and per ADS
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2021
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net income (loss)
per ordinary
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
(0.06)
|
|
0.02
|
|
0.01
|
|
0.00
|
|
(0.31)
|
|
0.02
|
|
0.00
|
—Diluted
|
|
(0.06)
|
|
0.02
|
|
0.01
|
|
0.00
|
|
(0.31)
|
|
0.02
|
|
0.00
|
Net income (loss)
per
ADS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
(1.23)
|
|
0.37
|
|
0.18
|
|
0.03
|
|
(6.21)
|
|
0.38
|
|
0.05
|
—Diluted
|
|
(1.23)
|
|
0.37
|
|
0.18
|
|
0.03
|
|
(6.21)
|
|
0.38
|
|
0.05
|
Weighted average
number
of ordinary shares used
in computing net
income (loss)
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
21,559,503,192
|
|
21,225,248,350
|
|
21,246,855,688
|
|
21,246,855,688
|
|
13,445,972,280
|
|
21,517,856,981
|
|
21,517,856,981
|
—Diluted(2)
|
|
21,559,503,192
|
|
21,317,731,840
|
|
21,305,376,233
|
|
21,305,376,233
|
|
13,445,972,280
|
|
21,579,616,389
|
|
21,579,616,389
|
Weighted average
number
of ADS used in
computing net income
(loss) per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
1,077,975,160
|
|
1,061,262,418
|
|
1,062,342,784
|
|
1,062,342,784
|
|
672,298,614
|
|
1,075,892,849
|
|
1,075,892,849
|
—Diluted(2)
|
|
1,077,975,160
|
|
1,065,886,592
|
|
1,065,268,812
|
|
1,065,268,812
|
|
672,298,614
|
|
1,078,980,819
|
|
1,078,980,819
|
* Each ADS represents
20 ordinary shares.
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based
compensation in operating expenses is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2021
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Cost of
revenues
|
|
1,428
|
|
1,759
|
|
1,812
|
|
263
|
|
3,740
|
|
6,406
|
|
929
|
Sales and marketing
expenses
|
|
9,081
|
|
8,098
|
|
12,163
|
|
1,763
|
|
56,975
|
|
39,771
|
|
5,766
|
General and
administrative
expenses
|
|
1,457,027
|
|
57,604
|
|
201,514
|
|
29,217
|
|
3,728,421
|
|
809,194
|
|
117,322
|
Research and
development
expenses
|
|
13,977
|
|
13,804
|
|
19,749
|
|
2,863
|
|
48,777
|
|
63,884
|
|
9,262
|
Total
|
|
1,481,513
|
|
81,265
|
|
235,238
|
|
34,106
|
|
3,837,913
|
|
919,255
|
|
133,279
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Year
ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2021
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
(Loss) income from
operations
|
|
(1,351,937)
|
|
141,684
|
|
(5,270)
|
|
(766)
|
|
(3,795,943)
|
|
(162,002)
|
|
(23,488)
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense
|
|
1,481,513
|
|
81,265
|
|
235,238
|
|
34,106
|
|
3,837,913
|
|
919,255
|
|
133,279
|
Compensation cost resulting
from repurchase of ordinary
shares in excess of fair value
|
|
-
|
|
-
|
|
-
|
|
-
|
|
78,478
|
|
-
|
|
-
|
Amortization of intangible assets resulting from
business acquisitions
|
|
11,746
|
|
14,121
|
|
14,121
|
|
2,047
|
|
45,204
|
|
56,484
|
|
8,189
|
Compensation cost incurred in relation to
acquisitions
|
|
17,734
|
|
5,708
|
|
4,281
|
|
621
|
|
43,153
|
|
21,914
|
|
3,177
|
Non-GAAP
adjusted operating income
|
|
159,056
|
|
242,778
|
|
248,370
|
|
36,008
|
|
208,805
|
|
835,651
|
|
121,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
(1,321,060)
|
|
395,483
|
|
195,685
|
|
28,369
|
|
(3,654,528)
|
|
411,900
|
|
59,720
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense
|
|
1,481,513
|
|
81,265
|
|
235,238
|
|
34,106
|
|
3,837,913
|
|
919,255
|
|
133,279
|
Compensation cost resulting from repurchase of
ordinary shares in excess of fair
value
|
|
-
|
|
-
|
|
-
|
|
-
|
|
78,478
|
|
-
|
|
-
|
Amortization of intangible assets resulting from
business acquisitions
|
|
11,746
|
|
14,121
|
|
14,121
|
|
2,047
|
|
45,204
|
|
56,484
|
|
8,189
|
Compensation cost incurred in relation to
acquisitions
|
|
17,734
|
|
5,708
|
|
4,281
|
|
621
|
|
43,153
|
|
21,914
|
|
3,177
|
Impairment of long-term investment
|
|
55,756
|
|
-
|
|
-
|
|
-
|
|
111,567
|
|
-
|
|
-
|
Tax
effects of non-GAAP adjustments
|
|
(2,936)
|
|
(3,530)
|
|
(3,530)
|
|
(512)
|
|
(11,301)
|
|
(14,120)
|
|
(2,047)
|
Non-GAAP adjusted
net income
|
|
242,753
|
|
493,047
|
|
445,795
|
|
64,631
|
|
450,486
|
|
1,395,433
|
|
202,318
|
FULL TRUCK ALLIANCE CO.
LTD.
|
RECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS (CONTINUED)
|
(All amounts in
thousands, except share, ADS, per share and per ADS
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2021
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net income (loss)
attributable to ordinary shareholders
|
|
(1,321,083)
|
|
393,505
|
|
193,840
|
|
28,102
|
|
(4,172,880)
|
|
406,762
|
|
58,975
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense
|
|
1,481,513
|
|
81,265
|
|
235,238
|
|
34,106
|
|
3,837,913
|
|
919,255
|
|
133,279
|
Compensation cost resulting from repurchase of
ordinary shares in excess of fair
value
|
|
-
|
|
-
|
|
-
|
|
-
|
|
78,478
|
|
-
|
|
-
|
Amortization of intangible assets resulting from
business acquisitions
|
|
11,746
|
|
14,121
|
|
14,121
|
|
2,047
|
|
45,204
|
|
56,484
|
|
8,189
|
Compensation cost incurred in relation to
acquisitions
|
|
17,734
|
|
5,708
|
|
4,281
|
|
621
|
|
43,153
|
|
21,914
|
|
3,177
|
Impairment of long-term investment
|
|
55,756
|
|
-
|
|
-
|
|
-
|
|
111,567
|
|
-
|
|
-
|
Tax
effects of non-GAAP adjustments
|
|
(2,936)
|
|
(3,530)
|
|
(3,530)
|
|
(512)
|
|
(11,301)
|
|
(14,120)
|
|
(2,047)
|
Non-GAAP adjusted
net income (loss) attributable to ordinary
shareholders
|
|
242,730
|
|
491,069
|
|
443,950
|
|
64,364
|
|
(67,866)
|
|
1,390,295
|
|
201,573
|
Non-GAAP adjusted
net income (loss) per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.01
|
|
0.02
|
|
0.02
|
|
-
|
|
(0.01)
|
|
0.06
|
|
0.01
|
—Diluted
|
|
0.01
|
|
0.02
|
|
0.02
|
|
-
|
|
(0.01)
|
|
0.06
|
|
0.01
|
Non-GAAP adjusted
net income (loss) per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
0.23
|
|
0.46
|
|
0.42
|
|
0.06
|
|
(0.10)
|
|
1.29
|
|
0.19
|
—Diluted
|
|
0.23
|
|
0.46
|
|
0.42
|
|
0.06
|
|
(0.10)
|
|
1.29
|
|
0.19
|
View original
content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-fourth-quarter-and-fiscal-year-2022-unaudited-financial-results-301765551.html
SOURCE Full Truck Alliance Co. Ltd.