UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

May 2024

 

 

Commission File Number: 001-40507

 

 

Full Truck Alliance Co. Ltd.

 

 

 

6 Keji Road

Huaxi District, Guiyang

Guizhou 550025

People’s Republic of China

+86-851-8384-2056

 

Wanbo Science and Technology Park, 20

Fengxin Road

Yuhuatai District, Nanjing

Jiangsu 210012

People’s Republic of China

+86-25-6692-0156

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒   Form  40-F ☐

 

 

 


TABLE OF CONTENTS

 

Exhibit 99.1    Press release: Full Truck Alliance Co. Ltd. Announces First Quarter 2024 Unaudited Financial Results

 

2


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Full Truck Alliance Co. Ltd.
By:  

/s/ Peter Hui Zhang

Name:    Peter Hui Zhang
Title:   Chairman and Chief Executive Officer

Date: May 22, 2024

 

3

Exhibit 99.1

Full Truck Alliance Co. Ltd. Announces First Quarter 2024 Unaudited Financial Results

GUIYANG, China, May 21, 2024 /PRNewswire/ — Full Truck Alliance Co. Ltd. (“FTA” or the “Company”) (NYSE: YMM), a leading digital freight platform, today announced its unaudited financial results for the first quarter ended March 31, 2024.

First Quarter 2024 Financial and Operational Highlights

 

 

Total net revenues in the first quarter of 2024 were RMB2,268.7 million (US$314.2 million), an increase of 33.3% from RMB1,702.3 million in the same period of 2023.

 

 

Net income in the first quarter of 2024 was RMB586.4 million (US$81.2 million), an increase of 42.5% from RMB411.4 million in the same period of 2023.

 

 

Non-GAAP adjusted net income1 in the first quarter of 2024 was RMB756.4 million (US$104.8 million), an increase of 46.9% from RMB514.8 million in the same period of 2023.

 

 

Fulfilled orders2 in the first quarter of 2024 reached 39.3 million, an increase of 29.6% from 30.3 million in the same period of 2023.

 

 

Average shipper MAUs3 in the first quarter of 2024 reached 2.14 million, an increase of 22.3% from 1.75 million in the same period of 2023.

Mr. Peter Hui Zhang, Founder, Chairman and Chief Executive Officer of FTA, commented, “As we stepped into 2024, we continued to ride the wave amid accelerated online freight matching penetration, strengthening our digital transformation and technological innovation efforts to yield substantial results across our businesses. Leveraging effective user acquisition and management strategies, we further optimized our platform’s order structure and matching efficiency, resulting in increased stickiness of both shippers and truckers and a record-high contribution from direct shippers by order volume. This year, we remain committed to improving operational efficiency, boosting user experience, promoting our brands, and enabling enterprises to run their logistics operations in a more efficient and cost effective manner.”

Mr. Simon Cai, Chief Financial Officer of FTA, added, “We are pleased to have delivered another impressive quarter with total net revenue of RMB2,268.7 million, up 33.3% year over year, net income of RMB586.4 million, up 42.5% year over year, and non-GAAP adjusted net income of RMB756.4 million, up 46.9% year over year, all exceeding expectations. In March, the Board of Directors announced the extension of the share repurchase program and the first-time declaration of a cash dividend, demonstrating management’s confidence in the Company’s profitability and long-term prospects, as well as our increased focus on shareholder returns. Looking ahead, we believe our robust business and healthy cash position will drive further value creation and sustainable returns for our stakeholders.”

 

1

Non-GAAP adjusted net income is defined as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

2

Fulfilled orders on our platform in a given period are defined as all shipping orders matched through our platform during such period but exclude (i) shipping orders that are subsequently canceled and (ii) shipping orders for which our users failed to specify any freight prices as there are substantial uncertainties as to whether the shipping orders are fulfilled.


3

Average shipper MAUs in a given period are calculated by dividing (i) the sum of shipper MAUs for each month of a given period by (ii) the number of months in a given period. Shipper MAUs are defined as the number of active shippers on our platform in a given month. Active shippers are defined as the aggregate number of registered shipper accounts that have posted at least one shipping order on our platform during a given period.

First Quarter 2024 Financial Results

Net Revenues (including value added taxes, or “VAT,” of RMB884.4 million and RMB1,039.3 million for the three months ended March 31, 2023, and 2024, respectively). Total net revenues in the first quarter of 2024 were RMB2,268.7 million (US$314.2 million), representing an increase of 33.3% from RMB1,702.3 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 first quarter of 2024 were RMB1,869.7 million (US$258.9 million), representing an increase of 33.5% from RMB1,400.7 million in the same period of 2023. The increase was mainly due to the continued growth in revenues from freight brokerage service and a steady increase in transaction service4.

 

 

Freight brokerage service. Revenues from freight brokerage service in the first quarter of 2024 were RMB965.2 million (US$133.7 million), an increase of 24.9% from RMB772.6 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 first quarter of 2024 were RMB213.5 million (US$29.6 million), an increase of 6.7% from RMB200.2 million in the same period of 2023, primarily due to a growing number of total paying members.

 

 

Transaction service4. Revenues from transaction service amounted to RMB691.0 million (US$95.7 million) in the first quarter of 2024, an increase of 61.5% from RMB428.0 million in the same period of 2023, primarily driven by an increase in order volume, penetration rate, and the per-order transaction service fee.

Value-added services. Revenues from value-added services in the first quarter of 2024 were RMB399.0 million (US$55.3 million), an increase of 32.3% from RMB301.5 million in the same period of 2023. The increase was due to a growing demand from truckers and shippers for credit solutions and other value-added services.

Cost of Revenues (including VAT net of government grants of RMB611.5 million and RMB795.2 million for the three months ended March 31, 2023, and 2024, respectively). Cost of revenues in the first quarter of 2024 was RMB1,031.9 million (US$142.9 million), compared with RMB849.4 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 RMB908.0 million, representing an increase of 18.5% from RMB766.4 million in the same period of 2023, primarily due to the expansion of transaction activities involving our freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in the first quarter of 2024 were RMB340.1 million (US$47.1 million), compared with RMB245.7 million in the same period of 2023. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions, as well as higher salary and benefits expenses.

General and Administrative Expenses. General and administrative expenses in the first quarter of 2024 were RMB264.5 million (US$36.6 million), compared with RMB179.5 million in the same period of 2023. The increase was primarily due to higher share-based compensation expenses.


Research and Development Expenses. Research and development expenses in the first quarter of 2024 were RMB247.7 million (US$34.3 million), compared with RMB229.9 million in the same period of 2023. The increase was primarily due to higher share-based compensation expenses, as well as an increase in salary and benefits expenses.

Income from Operations. Income from operations in the first quarter of 2024 was RMB312.2 million (US$43.2 million), an increase of 88.3% from RMB165.8 million in the same period of 2023.

Non-GAAP Adjusted Operating Income.5 Non-GAAP adjusted operating income in the first quarter of 2024 was RMB485.4 million (US$67.2 million), an increase of 78.2% from RMB272.4 million in the same period of 2023.

Net Income. Net income in the first quarter of 2024 was RMB586.4 million (US$81.2 million), an increase of 42.5% from RMB411.4 million in the same period of 2023.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the first quarter of 2024 was RMB756.4 million (US$104.8 million), an increase of 46.9% from RMB514.8 million in the same period of 2023.

Basic and Diluted Net Income per ADS6 and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.7 Basic and diluted net income per ADS were RMB0.56 (US$0.08) in the first quarter of 2024, compared with RMB0.38 in the same period of 2023. Non-GAAP adjusted basic and diluted net income per ADS was RMB0.72 (US$0.10) in the first quarter of 2024, compared with RMB0.48 in the same period of 2023.

Balance Sheet and Cash Flow

As of March 31, 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 RMB27.5 billion (US$3.8 billion) in total, compared with RMB27.6 billion as of December 31, 2023.

As of March 31, 2024, the total outstanding balance of on-balance sheet loans, consisting of the total principal amounts and all accrued and unpaid interests of the loans funded through our small loan company, reduced by an allowance for estimated losses, was RMB3,565.2 million (US$493.8 million), compared with RMB3,521.1 million as of December 31, 2023. The total non-performing loan ratio8 for these loans was 2.1% as of March 31, 2024, compared with 2.0% as of December 31, 2023.

In the first quarter of 2024, net cash provided by operating activities was RMB195.3 million (US$27.0 million).

 

4

Effective January 1, 2024, to better reflect our business development, 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 RMB23.8 million and RMB3.2 million, which were previously included in “Freight listing service” and “Value-added services,” respectively, as “Transaction service”.

5

Non-GAAP adjusted operating income is defined as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) compensation cost incurred in relation to acquisitions. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

6

ADS refers to American depositary shares, each of which represents 20 Class A ordinary shares.


7

Non-GAAP adjusted basic and diluted net income per ADS is net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments, divided by weighted average number of basic and diluted ADSs, respectively. For more information, refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

8

Non-performing loan ratio is calculated by dividing the outstanding principal and all accrued and unpaid interests of the on-balance sheet loans that were over 90 calendar days past due (excluding loans that are over 180 days past due and are therefore charged off) by the total outstanding principal and all accrued and unpaid interests of the on-balance sheet loans (excluding loans that are over 180 days past due and are therefore charged off) reduced by an allowance for estimated losses as of a specified date.

Business Outlook

The Company expects its total net revenues to be between RMB2.65 billion and RMB2.72 billion for the second quarter of 2024, representing a year-over-year growth rate of approximately 28.3% to 31.7%. 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

On March 13, 2024, the Company’s Board of Directors resolved to extend the term of the share repurchase program originally launched in March 2023 such that the Company may repurchase up to approximately US$300 million of its ADSs through March 12, 2025.

Change to Executive Officer

Mr. Zhenghong Wang ceased to be our Chief Customer Officer effective on May 20, 2024. The position of Chief Customer Officer has been eliminated due to optimization of our organizational structure.

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 RMB7.2203 to US$1.00, the exchange rate in effect as of March 29, 2024, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

Conference Call

The Company’s management will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on May 21, 2024, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the first quarter of 2024.

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, SAR (toll free):    800-963-976
Hong Kong, SAR:    +852-5808-1995
United Kingdom (toll free):    08082389063
Singapore (toll free):    800-120-5863
Access Code:    3188524


The replay will be accessible through May 28, 2024, by dialing the following numbers:

 

United States:    +1-877-344-7529
International:    +1-412-317-0088
Replay Access Code:    6908591

A live and archived webcast of the conference call will also be available on the Company’s investor relations website at ir.fulltruckalliance.com.

About Full Truck Alliance Co. Ltd.

Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and online transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to make logistics smarter, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders, non-GAAP adjusted basic and diluted net income per share and non-GAAP adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, as supplemental measures to review and assess its operating performance.

The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted operating income as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions. The Company defines non-GAAP adjusted net income as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted net income attributable to ordinary shareholders as net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted basic and diluted net income per share as non-GAAP adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares, respectively. The Company defines non-GAAP adjusted basic and diluted net income per ADS as non-GAAP adjusted net income attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADSs, respectively.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations. Share-based compensation expense, amortization of intangible assets resulting from business acquisitions, compensation cost incurred in relation to acquisitions and tax effects of non-GAAP adjustments have been and may continue to be incurred in its business and are not reflected in the presentation of its non-GAAP financial measures.


The Company reconciles the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net income per share should not be considered in isolation or construed as an alternative to operating income, net income, net income attributable to ordinary shareholders and basic and diluted net income per share or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review FTA’s non-GAAP financial measures to the most directly comparable GAAP measures. FTA’s non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.

For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: FTA’s goal and strategies; FTA’s expansion plans; FTA’s future business development, financial condition and results of operations; expected changes in FTA’s revenues, costs or expenses; industry landscape of, and trends in, China’s road transportation market; competition in FTA’s industry; FTA’s expectations regarding demand for, and market acceptance of, its services; FTA’s expectations regarding its relationships with shippers, truckers and other ecosystem participants; FTA’s ability to protect its systems and infrastructures from cyber-attacks; PRC laws, regulations, and policies relating to the road transportation market, as well as general regulatory environment in which FTA operates in China; the results of regulatory review and the duration and impact of any regulatory action taken against FTA; the impact of health epidemics, extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Full Truck Alliance Co. Ltd.

Mao Mao

E-mail: IR@amh-group.com


Piacente Financial Communications

Hui Fan

Tel: +86-10-6508-0677

E-mail: FTA@thepiacentegroup.com

In the United States:

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

E-mail: FTA@thepiacentegroup.com


FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share, ADS, per share and per ADS data)

 

     As of  
     December 31,     March 31,     March 31,  
     2023     2024     2024  
     RMB     RMB     US$  

ASSETS

      

Current assets:

      

Cash and cash equivalents

     6,770,895       7,045,436       975,782  

Restricted cash – current

     115,513       92,585       12,823  

Short-term investments

     11,516,304       11,388,665       1,577,312  

Accounts receivable, net

     23,418       37,976       5,260  

Amounts due from related parties

     —        25,081       3,474  

Loans receivable, net

     3,521,072       3,565,229       493,779  

Prepayments and other current assets

     2,049,780       2,140,930       296,515  
  

 

 

   

 

 

   

 

 

 

Total current assets

     23,996,982       24,295,902       3,364,945  

Restricted cash – non-current

     10,000       20,000       2,770  

Long-term investments1

     11,075,739       10,862,931       1,504,499  

Property and equipment, net

     194,576       211,781       29,331  

Intangible assets, net

     449,904       435,991       60,384  

Goodwill

     3,124,828       3,124,828       432,784  

Deferred tax assets

     149,081       154,821       21,442  

Operating lease right-of-use assets and land use rights

     134,867       137,869       19,095  

Other non-current assets

     211,670       272,310       37,714  
  

 

 

   

 

 

   

 

 

 

Total non-current assets

     15,350,665       15,220,531       2,108,019  
  

 

 

   

 

 

   

 

 

 

TOTAL ASSETS

     39,347,647       39,516,433       5,472,964  
  

 

 

   

 

 

   

 

 

 

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

      

Current liabilities:

      

Accounts payable

     25,220       28,173       3,902  

Prepaid for freight listing fees and other service fees

     548,917       504,357       69,853  

Income tax payable

     154,916       207,740       28,772  

Other tax payable

     784,617       753,604       104,373  

Operating lease liabilities – current

     37,758       41,177       5,703  

Dividends payable

     —        1,062,670       147,178  

Accrued expenses and other current liabilities

     1,723,245       1,551,858       214,930  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     3,274,673       4,149,579       574,711  

Deferred tax liabilities

     108,591       105,335       14,589  

Operating lease liabilities – non-current

     46,709       44,714       6,193  

Other non-current liabilities

     22,950       18,964       2,626  
  

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     178,250       169,013       23,408  
  

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES

     3,452,923       4,318,592       598,119  
  

 

 

   

 

 

   

 

 

 

MEZZANINE EQUITY

      

Redeemable non-controlling interests

     277,420       302,848       41,944  

SHAREHOLDERS’ EQUITY

      

Ordinary shares

     1,371       1,345       186  

Treasury stock, at cost

     (608,117     —         —   

Additional paid-in capital

     47,713,985       45,764,768       6,338,347  

Accumulated other comprehensive income

     2,897,871       2,936,062       406,640  

Accumulated deficit

     (14,400,604     (13,819,432     (1,913,969
  

 

 

   

 

 

   

 

 

 

TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY

     35,604,506       34,882,743       4,831,204  

Non-controlling interests

     12,798       12,250       1,697  
  

 

 

   

 

 

   

 

 

 

TOTAL SHAREHOLDERS’ EQUITY

     35,617,304       34,894,993       4,832,901  
  

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY

     39,347,647       39,516,433       5,472,964  
  

 

 

   

 

 

   

 

 

 

 

1. 

The Group’s long-term investments consist of RMB8,327 million long-term time deposits, RMB676 million wealth management products with maturities over one year, RMB832 million investments in debt securities, RMB318 million equity method investments, and RMB710 million equity investments without readily determinable fair value as of March 31, 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  
     March 31,     December 31,     March 31,     March 31,  
     2023     2023     2024     2024  
     RMB     RMB     RMB     US$  

Net Revenues (including value added taxes, “VAT”, of RMB884.4 million and RMB1,039.3 million for the three months ended March 31, 2023 and 2024, respectively)

     1,702,257       2,407,957       2,268,713       314,212  

Operating expenses:

        

Cost of revenues (including VAT net of government grants, of RMB611.5 million and RMB795.2 million for the three months ended March 31, 2023 and 2024, respectively)(1)

     (849,373     (1,152,317     (1,031,888     (142,915

Sales and marketing expenses(1)

     (245,677     (420,960     (340,147     (47,110

General and administrative expenses(1)

     (179,507     (266,016     (264,467     (36,628

Research and development expenses(1)

     (229,879     (255,344     (247,708     (34,307

Provision for loans receivable

     (52,878     (67,627     (80,324     (11,125
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     (1,557,314     (2,162,264     (1,964,534     (272,085

Other operating income

     20,821       5,123       8,010       1,109  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     165,764       250,816       312,189       43,236  

Other income

        

Interest income

     246,114       313,037       315,363       43,677  

Foreign exchange (loss)gain

     (97     (2,909     417       58  

Investment income

     2,713       25,832       18,484       2,560  

Unrealized gains (losses) from fair value changes of investments and derivative assets

     9,961       6,833       (7,388     (1,023

Other income, net

     6,663       2,457       2,070       287  

Share of loss in equity method investees

     (310     (825     (48     (7
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other income

     265,044       344,425       328,898       45,552  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income before income tax

     430,808       595,241       641,087       88,788  

Income tax expense

     (19,380     (6,991     (54,720     (7,579
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     411,428       588,250       586,367       81,209  

Less: net loss attributable to non-controlling interests

     —        (591     (549     (76

Less: measurement adjustment attributable to redeemable non-controlling interests

     2,519       4,752       5,744       796  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to ordinary shareholders

     408,909       584,089       581,172       80,489  
  

 

 

   

 

 

   

 

 

   

 

 

 


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  
     March 31,      December 31,      March 31,      March 31,  
     2023      2023      2024      2024  
     RMB      RMB      RMB      US$  

Net income per share

           

— Basic

     0.02        0.03        0.03        0.00  

— Diluted

     0.02        0.03        0.03        0.00  

Net income per ADS*

           

— Basic

     0.38        0.56        0.56        0.08  

— Diluted

     0.38        0.56        0.56        0.08  

Weighted average number of ordinary shares used in computing net income per share

           

— Basic

     21,293,430,120        20,949,011,129        20,864,118,097        20,864,118,097  

— Diluted

     21,352,354,948        21,016,273,541        20,904,689,303        20,904,689,303  

Weighted average number of ADSs used in computing net income per ADS

           

— Basic

     1,064,671,506        1,047,450,556        1,043,205,905        1,043,205,905  

— Diluted

     1,067,617,747        1,050,813,677        1,045,234,465        1,045,234,465  

 

*

Each ADS represents 20 ordinary shares.

 

(1)

Share-based compensation expense in operating expenses are as follows:

 

     Three months ended  
     March 31,      December 31,      March 31,      March 31,  
     2023      2023      2024      2024  
     RMB      RMB      RMB      US$  

Cost of revenues

     1,806        2,593        2,744        380  

Sales and marketing expenses

     11,197        16,014        10,685        1,480  

General and administrative expenses

     58,841        89,255        119,543        16,557  

Research and development expenses

     17,482        22,813        22,984        3,183  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

     89,326        130,675        155,956        21,600  
  

 

 

    

 

 

    

 

 

    

 

 

 


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  
     March 31,     December 31,     March 31,     March 31,  
     2023     2023     2024     2024  
     RMB     RMB     RMB     US$  

Income from operations

     165,764       250,816       312,189       43,236  

Add:

        

Share-based compensation expense

     89,326       130,675       155,956       21,600  

Amortization of intangible assets resulting from business acquisitions

     13,021       13,021       13,021       1,803  

Compensation cost incurred in relation to acquisitions

     4,281       4,281       4,281       593  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP adjusted operating income

     272,392       398,793       485,447       67,232  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     411,428       588,250       586,367       81,209  

Add:

        

Share-based compensation expense

     89,326       130,675       155,956       21,600  

Amortization of intangible assets resulting from business acquisitions

     13,021       13,021       13,021       1,803  

Compensation cost incurred in relation to acquisitions

     4,281       4,281       4,281       593  

Tax effects of non-GAAP adjustments

     (3,255     (3,255     (3,255     (451
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP adjusted net income

     514,801       732,972       756,370       104,754  
  

 

 

   

 

 

   

 

 

   

 

 

 


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  
     March 31,     December 31,     March 31,     March 31,  
     2023     2023     2024     2024  
     RMB     RMB     RMB     US$  

Net income attributable to ordinary shareholders Add:

     408,909       584,089       581,172       80,489  

Share-based compensation expense

     89,326       130,675       155,956       21,600  

Amortization of intangible assets resulting from business acquisitions

     13,021       13,021       13,021       1,803  

Compensation cost incurred in relation to acquisitions

     4,281       4,281       4,281       593  

Tax effects of non-GAAP adjustments

     (3,255     (3,255     (3,255     (451
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP adjusted net income attributable to ordinary shareholders

     512,282       728,811       751,175       104,034  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP adjusted net income per share

        

—Basic

     0.02       0.03       0.04       0.00  

—Diluted

     0.02       0.03       0.04       0.00  

Non-GAAP adjusted net income per ADS

        

—Basic

     0.48       0.70       0.72       0.10  

—Diluted

     0.48       0.69       0.72       0.10  

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