GUIYANG, China, Aug. 10, 2021 /PRNewswire/ -- Full Truck
Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM), a leading
digital freight platform, today announced its unaudited financial
results for the second quarter ended June 30, 2021.
Second Quarter 2021 Financial and
Operational Highlights
- Total net revenues in the second quarter of 2021 were
RMB1,118.8 million (US$173.3 million), an increase of 100.9% from
RMB556.9 million in the same period
of 2020.
- Net loss in the second quarter of 2021 was RMB1,958.2 million (US$303.3 million), compared with RMB297.3 million in the same period of
2020.
- Non-GAAP adjusted net income1 in the second
quarter of 2021 was RMB99.5 million
(US$15.4 million), compared with
non-GAAP adjusted net loss of
RMB39.1 million in the same period of
2020.
- Gross Transaction Value ("GTV")2 in the
second quarter of 2021 reached RMB74.0
billion (US$11.5 billion), an
increase of 57.8% from RMB46.9
billion in the same period of 2020.
- Fulfilled orders3 in the second quarter of
2021 reached 36.0 million, an increase of 87.9% from 19.2 million
in the same period of 2020.
- Average shipper MAUs4 in the second quarter
of 2021 reached 1.53 million, an increase of 40.3% from 1.09
million in the same period of 2020.
Recent Development
- The Company successfully completed its initial public offering
and listing of 82,500,000 ADSs on the New York Stock Exchange in
June 2021, or the initial public
offering. Concurrently, each of Ontario Teachers' Pension Plan
Board and an entity affiliated with Mubadala Investment Company
PJSC, an Abu Dhabi-based sovereign
investor, completed purchase of US$100.0
million of Class A ordinary shares from the Company at a
price per share equal to the IPO price adjusted for the
ADS-to-Class A ordinary share ratio in a private placement, or the
concurrent private placement. The Company raised net proceeds of
approximately US$1.71 billion from
the initial public offering and the concurrent private
placement.
Mr. Peter Hui Zhang,
Founder, Chairman and Chief Executive Officer of FTA, stated,
"We are pleased with our progress in terms of business expansion
and scale in the second quarter, especially as we mark our first
quarter as a public company. While the ongoing cybersecurity review
of our main apps and new COVID-19 variant outbreaks in China have brought uncertainties in the third
quarter, we are confident in the continued growth of China's economy and believe the robustness of
our platform and expansive network will enable us to maintain our
leading position and achieve long-term business growth. As we move
forward, we will speed up the execution of our strategic
initiatives to create a comprehensive logistics network that caters
to a wide range of evolving demands from our ecosystem
participants. In line with our commitment to safeguard
national security and public interest, we will spare no effort to
fulfill our corporate and social responsibilities and actively
promote the implementation of relevant regulatory policies."
"We are pleased with our second quarter financial and operating
results. Total net revenues doubled year-over-year following robust
performances across our core businesses. We also swung to a
non-GAAP adjusted net income during the quarter following a
year-ago non-GAAP adjusted net loss. While we face certain
headwinds in the third quarter, we have confidence in the
resilience of our business model and our ability to adeptly execute
our operational plan," said Mr. Simon
Cai, Chief Financial Officer of FTA. "Going forward, we will
continue investing in infrastructure development, technology
innovation and the expansion of our servicing logistics network, as
diversified product offerings and network coverage remain key
components to our success."
1 Non-GAAP
adjusted net income/(loss) is defined as net loss excluding (i)
share-based compensation expense, (ii) compensation expense
resulting from repurchase of ordinary shares from certain employees
in excess of fair value, (iii) amortization of intangible assets
resulting from business acquisitions, (iv) tax effects of non-GAAP
adjustments and (v) net income from discontinued operations, net of
tax. See "Reconciliation of GAAP and Non-GAAP Results" at the end
of this press release.
|
2 GTV
or gross transaction value of our platform in a given period is
defined as the aggregate freight prices specified by our users for
all fulfilled orders on our platform during the period without
deducting any commission or service fee charged by us; we make
downward adjustments to unreasonably high freight prices specified
by users that are apparently due to clerical errors.
|
3
Fulfilled orders on our platform in a given period is defined as
all shipping orders matched through our platform during such period
but exclude (i) shipping orders that are subsequently cancelled,
and (ii) shipping orders for which our users failed to specify any
freight prices as there are substantial uncertainties as to whether
the shipping orders are fulfilled.
|
4 Average shipper MAUs in a given
period are calculated by dividing (i) the sum of shipper MAUs for
each month of such period, by (ii) the number of months in such
period. Shipper MAUs is defined as the number of active shippers in
a given month.
|
Second Quarter 2021 Financial Results
Net Revenues (including value added taxes, "VAT",
of RMB332.3 million and RMB630.7 million for the
three months ended June 30, 2020 and
2021, respectively). Total net revenues in the
second quarter of 2021 were RMB1,118.8
million (US$173.3 million),
representing an increase of 100.9% from RMB556.9 million in the same period of 2020,
primarily attributable to an increase in revenues from freight
matching services.
Freight matching services. Revenues from freight
matching services in the second quarter of 2021 were RMB937.6 million (US$145.2
million), representing an increase of 109.8% from
RMB446.9 million in the same period
of 2020. The increase was primarily due to an increase in revenues
from freight brokerage service and freight listing service as well
as growth in transaction commissions.
- Freight brokerage service. Revenues from freight
brokerage service in the second quarter of 2021 were RMB601.3 million (US$93.1
million), increased by 88.6% from RMB318.9 million in the same period of 2020,
primarily due to a significant increase in transaction activities,
amid a substantial recovery in road transportation in China from the COVID-19 pandemic, but
partially offset by a decrease in our average fee rate to attract
more shippers to use our service.
- Freight listing service. Revenues from freight listing
service in the second quarter of 2021 were RMB175.4 million (US$27.2
million), increased by 37.0% from RMB128.0 million in the same period of 2020,
primarily due to an increase in total paying members amid increased
shipper demand for our services as our business continued to
expand.
- Transaction commission. We started monetizing online
transaction service by collecting commissions from truckers on
certain shipping orders in August
2020. Transaction commission amounted to RMB160.9 million (US$24.9
million) in the second quarter of 2021.
Value-added services. Revenues from value-added
services in the second quarter of 2021 were RMB181.2 million (US$28.1
million), representing an increase of 64.8% from
RMB110.0 million in the same period
of 2020, mainly attributable to higher revenues from credit
solutions and other value-added services.
Cost of Revenues (including VAT net of refund
of VAT of RMB279.9 million
and RMB481.1 million for the three months ended
June 30, 2020 and 2021,
respectively). Cost of revenues in the second quarter
of 2021 was RMB627.0 million
(US$97.1 million), compared with
RMB378.2 million in the same period
of 2020. The increase was primarily attributable to an increase in
VAT, related tax surcharges and other tax costs, net of tax refunds
from government authorities, which was RMB572.4 million, representing an increase of
73.7% from RMB329.5 million in the
same period of 2020, primarily due to an increase in transaction
activities involving our freight brokerage service. As a percentage
of total net revenues, cost of revenues for the second quarter of
2021 decreased to 56.0% from 67.9% in the same period of 2020.
Sales and Marketing Expenses. Sales
and marketing expenses in the second quarter of 2021 were
RMB236.8 million (US$36.7 million), compared with RMB71.5 million in the same period of 2020. The
increase was primarily due to higher advertising and marketing
expenses to promote new initiatives, an increase in salary and
benefits expenses driven by an increase in sales and marketing
headcount, as well as increased share-based compensation
expenses.
General and Administrative
Expenses. General and administrative
expenses in the second quarter of 2021 were RMB2,123.0 million (US$328.8 million), compared with RMB347.1 million in the same period of 2020. The
increase was primarily due to an increase in share-based
compensation expenses.
Research and Development Expenses. Research and
development expenses in the second quarter of
2021 were RMB155.1
million (US$24.0 million),
compared with RMB87.9 million in the
same period of 2020. The increase was primarily due to an increase
in salary and benefits expenses driven by higher headcount in
research and development personnel and increased share-based
compensation expenses.
Loss from Operations. Loss from operations
in the second quarter of 2021 was RMB2,040.4
million (US$316.0 million),
compared to RMB345.0 million in the
same period of 2020.
Non-GAAP Adjusted Operating
Income/(Loss)5. Non-GAAP adjusted
operating income in the second quarter of 2021 was RMB20.1 million (US$3.1
million), compared with non-GAAP adjusted operating loss of
RMB84.1 million in the same period of
2020.
Net Loss. Net loss in the second
quarter of 2021 was RMB1,958.2
million (US$303.3 million),
compared with RMB297.3 million in the
same period of 2020.
Non-GAAP Adjusted Net Income/(Loss).
Non-GAAP adjusted net income in the second quarter of 2021 was
RMB99.5 million (US$15.4 million), compared with non-GAAP adjusted
net loss of RMB39.1 million in the
same period of 2020.
Basic and Diluted Net Loss per ADS6 and
Non-GAAP Adjusted Basic and Diluted Net Loss per
ADS7. Basic and diluted net loss per ADS were
RMB7.34 (US$1.14) in the second quarter of 2021, compared
with RMB1.72 in the same period of
2020. Non-GAAP adjusted basic and diluted net loss per ADS were
RMB0.49 (US$0.08) in the second quarter of 2021, compared
with RMB0.23 in the same period of
2020.
Balance Sheet and Cash Flow
As of June 30, 2021, the Company
had cash and cash equivalents, restricted cash, and short-term
investments of RMB26.9 billion
(US$4.2 billion) in total, compared
with RMB18.9 billion as of
December 31, 2020.
For the second quarter of 2021, net cash used in operating
activities was RMB48.8 million
(US$7.6 million).
Business Outlook
As previously announced by the Company, the Cybersecurity Review
Office ("CRO") of the Cyberspace Administration of China has initiated a cybersecurity review of
FTA's Yunmanman apps and Huochebang apps. FTA will
fully cooperate with the CRO to facilitate its review process.
During the cybersecurity review, the Yunmanman and
Huochebang apps are required to suspend new user
registration.
The Company expects its total net revenues to be between
RMB1.04 billion and RMB1.15 billion in the third quarter of 2021,
representing a year-over-year growth rate of approximately 42.0% to
56.2%. These forecasts reflect the Company's current and
preliminary views on the market, operational conditions and the
impact of the on-going cybersecurity review and COVID-19 outbreaks
in China, which are subject to
change and cannot be predicted with reasonable accuracy as of the
date hereof.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars ("US$") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to US$ were made at a rate of RMB6.4566 to US$1.00, the exchange rate in effect as of
June 30, 2021 as set forth in the
H.10 statistical release of The Board of Governors of the Federal
Reserve System. The Company makes no representation that any RMB or
US$ amounts could have been, or could be, converted into US$ or
RMB, as the case may be, at any particular rate, or at all.
5 Non-GAAP
adjusted operating income/(loss) is defined as loss from operations
excluding (i) share-based compensation expense, (ii)
compensation expense resulting from repurchase of ordinary shares
from certain employees in excess of fair value and (iii)
amortization of intangible assets resulting from business
acquisitions. See "Reconciliation of GAAP and Non-GAAP Results" at
the end of this press release.
|
6 ADS
refers to the American depositary shares, each of which represents
20 Class A ordinary shares.
|
7 Non-GAAP
adjusted basic and diluted net loss per ADS is net loss
attributable to ordinary shareholders excluding
(i) share-based compensation expense, (ii) compensation
expense resulting from repurchase of ordinary shares from certain
employees in excess of fair value, (iii) amortization of
intangible assets resulting from business acquisitions,
(vi) tax effects of non-GAAP adjustments and (v) net
income from discontinued operations, net of tax. divided by
weighted average number of basic and diluted ADS, 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.
|
Conference Call
The Company's management will hold an earnings conference call
at 8:00 A.M. U.S. Eastern Time on
August 10, 2021 or 8:00 P.M. Beijing Time to discuss its financial
results and operating performance for the second quarter of
2021.
Dial-in details for the earnings conference call are as
follows:
United States (toll
free):
|
+1-888-317-6003
|
International:
|
+1-412-317-6061
|
Mainland China (toll
free):
|
400-120-6115
|
Hong Kong (toll
free):
|
800-963-976
|
Hong Kong:
|
+852-5808-1995
|
United
Kingdom:
Singapore:
Access
Code:
|
08082389063
800-120-5863
6279813
|
The replay will be accessible through August 7, 2021 by dialing the following
numbers:
United
States:
|
+1-877-344-7529
|
International:
|
+1-412-317-0088
|
Replay Access
Code:
|
10159255
|
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 service, freight brokerage service and online
transaction service. The Company also provides a range of
value-added services that cater to the various needs of shippers
and truckers, such as financial institutions, highway authorities,
and gas stations operators. With a mission to make logistics
better, the Company is shaping the future of logistics with
technology and aspires to revolutionize logistics, improve
efficiency across the value chain and reduce 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/(loss), non-GAAP adjusted net income/(loss),
non-GAAP adjusted net loss attributable to ordinary
shareholders, non-GAAP adjusted basic and diluted net loss per
ordinary shareholder and non-GAAP adjusted basic and diluted net
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/(loss) as loss from operations excluding
(i) share-based compensation expense, (ii) compensation
expense resulting from repurchase of ordinary shares from certain
employees in excess of fair value and (iii) amortization of
intangible assets resulting from business acquisitions. The Company
defines non-GAAP adjusted net income/(loss) as net loss
excluding (i) share-based compensation expense, (ii)
compensation expense resulting from repurchase of ordinary shares
from certain employees in excess of fair value,
(iii) amortization of intangible assets resulting from
business acquisitions, (vi) tax effects
of non-GAAP adjustments and (v) net income from
discontinued operations, net of tax. The Company defines
non-GAAP adjusted net loss attributable to ordinary
shareholders as net loss attributable to ordinary shareholders
excluding (i) share-based compensation expense, (ii)
compensation expense resulting from repurchase of ordinary shares
from certain employees in excess of fair value,
(iii) amortization of intangible assets resulting from
business acquisitions, (vi) tax effects
of non-GAAP adjustments and (v) net income from
discontinued operations, net of tax. The Company defines
non-GAAP adjusted basic and diluted net loss per share as
non-GAAP net 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 loss per ADS as non-GAAP net loss attributable to
ordinary shareholders divided by the weighted average number of
basic and diluted ADS, 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, compensation expense resulting
from repurchase of ordinary shares from certain employees in excess
of fair value and amortization of intangible assets resulting from
business acquisitions 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/(loss), non-GAAP adjusted net income/(loss), non-GAAP
adjusted net loss attributable to ordinary shareholders and
non-GAAP adjusted basic and diluted net loss per share should not
be considered in isolation or construed as an alternative to
operating income/(loss), net income/(loss), net loss attributable
to ordinary shareholders and basic and diluted net 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 is 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 pandemic; general economic and
business condition; and assumptions underlying or related to any of
the foregoing. Further information regarding these and other risks
is included in the Company's filings with the SEC. All information
provided in this press release is as of the date of this press
release, and the Company does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
For investor and media inquiries, please contact:
In China:
Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: IR@amh-group.com
The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
E-mail: FTA@thepiacentegroup.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com
FULL TRUCK
ALLIANCE CO. LTD.
|
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in
thousands, except share, ADS, per share and per ADS
data)
|
|
|
|
As
of
|
|
|
December
31,
|
June 30,
|
June
30,
|
|
|
2020
|
2021
|
2021
|
|
|
RMB
|
RMB
|
US$
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
10,060,391
|
10,140,920
|
1,570,629
|
Restricted cash –
current
|
|
86,277
|
73,047
|
11,314
|
Short-term
investments
|
|
8,731,195
|
16,670,733
|
2,581,968
|
Accounts receivable,
net
|
|
34,729
|
59,928
|
9,282
|
Amounts due from
related parties
|
|
-
|
103,769
|
16,072
|
Loans receivable,
net
|
|
1,313,957
|
1,491,968
|
231,076
|
Prepayments and other
current assets
|
|
456,802
|
919,247
|
142,373
|
Total current
assets
|
|
20,683,351
|
29,459,612
|
4,562,714
|
Restricted cash –
non-current
|
|
13,500
|
13,500
|
2,091
|
Property and
equipment, net
|
|
38,984
|
37,857
|
5,863
|
Investments in equity
investees
|
|
875,205
|
1,014,073
|
157,060
|
Intangible assets,
net
|
|
491,279
|
467,453
|
72,399
|
Goodwill
|
|
2,865,071
|
2,865,071
|
443,743
|
Deferred tax
assets
|
|
18,966
|
29,420
|
4,557
|
Other non-current
assets
|
|
147,000
|
598,822
|
92,746
|
Total non-current
assets
|
|
4,450,005
|
5,026,196
|
778,459
|
TOTAL
ASSETS
|
|
25,133,356
|
34,485,808
|
5,341,173
|
|
|
|
|
|
LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS'
(DEFICIT)/EQUITY
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
23,839
|
24,180
|
3,745
|
Amounts due to related
parties
|
|
172,779
|
256,678
|
39,754
|
Payable to investors
of the consolidated trusts
|
|
31,400
|
-
|
-
|
Prepaid for freight
listing fees and other service fees
|
|
319,924
|
402,381
|
62,321
|
Income tax
payable
|
|
25,924
|
34,318
|
5,315
|
Other tax
payable
|
|
446,839
|
387,138
|
59,960
|
Accrued expenses and
other current liabilities
|
|
941,642
|
839,905
|
130,087
|
Total current
liabilities
|
|
1,962,347
|
1,944,600
|
301,182
|
Deferred tax
liabilities
|
|
118,783
|
113,292
|
17,547
|
Total non-current
liabilities
|
|
118,783
|
113,292
|
17,547
|
TOTAL
LIABILITIES
|
|
2,081,130
|
2,057,892
|
318,729
|
MEZZANINE
EQUITY
|
|
|
|
|
Convertible redeemable
preferred shares
|
|
32,846,087
|
-
|
-
|
Subscription
receivables
|
|
(1,310,140)
|
-
|
-
|
SHAREHOLDERS'
(DEFICIT)/EQUITY
|
|
|
|
|
Ordinary
shares
|
|
296
|
1,394
|
216
|
Additional paid-in
capital
|
|
3,809,060
|
48,306,998
|
7,481,801
|
Accumulated other
comprehensive income
|
|
1,072,307
|
876,719
|
135,786
|
Subscription
receivables
|
|
-
|
(1,310,140)
|
(202,915)
|
Accumulated
deficit
|
|
(13,365,806)
|
(15,520,749)
|
(2,403,858)
|
TOTAL
SHAREHOLDERS' (DEFICIT)/EQUITY
|
|
(8,484,143)
|
32,354,222
|
5,011,030
|
Non-controlling
interests
|
|
422
|
73,694
|
11,414
|
TOTAL FULL TRUCK
ALLIANCE CO. LTD. (DEFICIT)/EQUITY
|
|
(8,483,721)
|
32,427,916
|
5,022,444
|
TOTAL LIABILITIES,
MEZZANINE EQUITY AND
(DEFICIT)/EQUITY
|
25,133,356
|
34,485,808
|
5,341,173
|
|
|
|
|
|
FULL TRUCK
ALLIANCE CO. LTD.
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(All amounts in
thousands, except share, ADS, per share and per ADS
data)
|
|
|
Three months
ended
|
Six months
ended
|
|
June
30,
|
March
31,
|
June
30,
|
June
30,
|
June
30,
|
June
30,
|
June
30,
|
|
2020
|
2021
|
2021
|
2021
|
2020
|
2021
|
2021
|
|
RMB
|
RMB
|
RMB
|
US$
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
Net Revenues
(including value added taxes, "VAT", of
RMB332.3
million and RMB630.7 million for the three
months
ended June 30, 2020 and 2021, respectively)
|
556,945
|
867,154
|
1,118,821
|
173,283
|
995,514
|
1,985,975
|
307,588
|
Operating
expenses:
|
|
|
|
|
|
|
|
Cost of revenues
(including VAT net of refund of VAT of RMB279.9 million and RMB481.1 million for
the three months ended
June 30, 2020 and 2021,
respectively)(1)
|
(378,241)
|
(412,800)
|
(626,952)
|
(97,102)
|
(567,938)
|
(1,039,752)
|
(161,037)
|
Sales and marketing
expenses(1)
|
(71,482)
|
(170,386)
|
(236,849)
|
(36,683)
|
(153,747)
|
(407,235)
|
(63,073)
|
General and
administrative expenses(1)
|
(347,077)
|
(321,976)
|
(2,123,019)
|
(328,814)
|
(518,266)
|
(2,444,995)
|
(378,682)
|
Research and
development expenses(1)
|
(87,851)
|
(138,047)
|
(155,081)
|
(24,019)
|
(178,626)
|
(293,128)
|
(45,400)
|
Provision for loans
receivable
|
(19,208)
|
(28,456)
|
(23,705)
|
(3,671)
|
(50,480)
|
(52,161)
|
(8,079)
|
Total operating
expenses
|
(903,859)
|
(1,071,665)
|
(3,165,606)
|
(490,289)
|
(1,469,057)
|
(4,237,271)
|
(656,271)
|
Other operating
income
|
1,952
|
2,617
|
6,399
|
991
|
5,753
|
9,016
|
1,396
|
Loss from
operations
|
(344,962)
|
(201,894)
|
(2,040,386)
|
(316,015)
|
(467,790)
|
(2,242,280)
|
(347,287)
|
Other
income (expense)
|
|
|
|
|
|
|
|
Interest
income
|
59,654
|
49,422
|
45,152
|
6,993
|
116,742
|
94,574
|
14,648
|
Interest
expenses
|
(955)
|
-
|
-
|
-
|
(8,327)
|
-
|
-
|
Foreign exchange gain
(loss)
|
708
|
141
|
(11,720)
|
(1,815)
|
2,464
|
(11,579)
|
(1,793)
|
Investment
income
|
-
|
8,272
|
15,822
|
2,451
|
-
|
24,094
|
3,732
|
Unrealized gains
(loss) from fair value changes of
trading securities and derivative assets
|
607
|
(37,136)
|
29,655
|
4,593
|
607
|
(7,481)
|
(1,159)
|
Other (expenses)
income, net
|
(11,374)
|
1,443
|
(6,859)
|
(1,062)
|
280
|
(5,416)
|
(839)
|
Share of loss in
equity method investees
|
(2,690)
|
(1,572)
|
(1,685)
|
(261)
|
(7,597)
|
(3,257)
|
(504)
|
Total other
income
|
45,950
|
20,570
|
70,365
|
10,899
|
104,169
|
90,935
|
14,085
|
Net loss before
income tax
|
(299,012)
|
(181,324)
|
(1,970,021)
|
(305,116)
|
(363,621)
|
(2,151,345)
|
(333,202)
|
Income tax benefits
(expense)
|
1,625
|
(15,632)
|
11,806
|
1,829
|
2,609
|
(3,826)
|
(593)
|
Net loss from
continuing operations.
|
(297,387)
|
(196,956)
|
(1,958,215)
|
(303,287)
|
(361,012)
|
(2,155,171)
|
(333,795)
|
Net income from
discontinued operations, net of
tax
|
111
|
-
|
-
|
-
|
452
|
-
|
-
|
Net
loss
|
(297,276)
|
(196,956)
|
(1,958,215)
|
(303,287)
|
(360,560)
|
(2,155,171)
|
(333,795)
|
Less: net loss
attributable to non-controlling
interests
|
(2)
|
(1)
|
(227)
|
(35)
|
(4)
|
(228)
|
(35)
|
Net loss
attributable to Full Truck Alliance Co. Ltd.
|
(297,274)
|
(196,955)
|
(1,957,988)
|
(303,252)
|
(360,556)
|
(2,154,943)
|
(333,760)
|
Deemed
dividend
|
-
|
270,214
|
248,218
|
38,444
|
-
|
518,432
|
80,295
|
Net loss
attributable to ordinary shareholders
|
(297,274)
|
(467,169)
|
(2,206,206)
|
(341,696)
|
(360,556)
|
(2,673,375)
|
(414,055)
|
FULL TRUCK
ALLIANCE CO. LTD.
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF
LOSS (COTINUED)
(All amounts in
thousands, except share, ADS, per share and per ADS
data)
|
|
|
Three months
ended
|
Six months
ended
|
|
June
30,
|
March
31,
|
June
30,
|
June
30,
|
June
30,
|
June
30,
|
June
30,
|
|
2020
|
2021
|
2021
|
2021
|
2020
|
2021
|
2021
|
|
RMB
|
RMB
|
RMB
|
US$
|
RMB
|
RMB
|
US$
|
Net loss per
ordinary share
|
|
|
|
|
|
|
|
Continuing
operations
|
(0.09)
|
(0.10)
|
(0.37)
|
(0.06)
|
(0.11)
|
(0.51)
|
(0.08)
|
Discontinued
operations
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
—Basic and
diluted
|
(0.09)
|
(0.10)
|
(0.37)
|
(0.06)
|
(0.11)
|
(0.51)
|
(0.08)
|
|
|
|
|
|
|
|
|
Net loss per
ADS*
|
|
|
|
|
|
|
|
Continuing
operations
|
(1.72)
|
(2.09)
|
(7.34)
|
(1.14)
|
(2.10)
|
(10.20)
|
(1.58)
|
Discontinued
operations
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
—Basic and
diluted
|
(1.72)
|
(2.09)
|
(7.34)
|
(1.14)
|
(2.10)
|
(10.20)
|
(1.58)
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in computing net loss per
share
|
|
|
|
|
|
|
|
—Basic and
diluted
|
3,461,083,085
|
4,476,994,630
|
6,010,123,217
|
6,010,123,217
|
3,432,751,684
|
5,243,545,489
|
5,243,545,489
|
|
|
|
|
|
|
|
|
Weighted average
number of ADS used in computing net loss per ADS
|
|
|
|
|
|
|
|
—Basic and
diluted
|
173,054,154
|
223,849,732
|
300,506,161
|
300,506,161
|
171,637,584
|
262,177,274
|
262,177,274
|
|
|
|
|
|
|
|
|
* Each ADS represents
20 ordinary shares.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based
compensation expenses in operating expenses are as
follows:
|
|
|
|
|
Three months
ended
|
Six months
ended
|
|
June
30,
|
March
31,
|
June
30,
|
June
30,
|
June
30,
|
June
30,
|
June
30,
|
|
2020
|
2021
|
2021
|
2021
|
2020
|
2021
|
2021
|
|
RMB
|
RMB
|
RMB
|
US$
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
-
|
181
|
747
|
116
|
-
|
928
|
144
|
Sales and marketing
expenses
|
-
|
26,218
|
12,660
|
1,961
|
-
|
38,878
|
6,021
|
General and
administrative expenses
|
244,015
|
260,214
|
1,952,520
|
302,407
|
326,501
|
2,212,734
|
342,709
|
Research and
development expenses
|
-
|
15,041
|
5,119
|
793
|
-
|
20,160
|
3,122
|
Total
|
244,015
|
301,654
|
1,971,046
|
305,277
|
326,501
|
2,272,700
|
351,996
|
|
|
|
|
|
|
|
|
FULL TRUCK
ALLIANCE CO. LTD.
|
|
RECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS
(All amounts in
thousands, except share, ADS, per share and per ADS
data)
|
|
|
Three months
ended
|
Six months
ended
|
|
June
30,
|
March
31,
|
June
30,
|
June
30,
|
June
30,
|
June
30,
|
June
30,
|
|
2020
|
2021
|
2021
|
2021
|
2020
|
2021
|
2021
|
|
RMB
|
RMB
|
RMB
|
US$
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(344,962)
|
(201,894)
|
(2,040,386)
|
(316,015)
|
(467,790)
|
(2,242,280)
|
(347,287)
|
Add:
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
244,015
|
301,654
|
1,971,046
|
305,277
|
326,501
|
2,272,700
|
351,996
|
Compensation cost
resulting from repurchase of
ordinary shares in excess of fair value
|
6,487
|
-
|
78,478
|
12,155
|
6,487
|
78,478
|
12,155
|
Amortization of
intangible assets resulting from
business acquisitions
|
10,333
|
10,983
|
10,983
|
1,701
|
20,666
|
21,966
|
3,402
|
Non-GAAP
adjusted operating (loss) income
|
(84,127)
|
110,743
|
20,121
|
3,118
|
(114,136)
|
130,864
|
20,266
|
|
|
|
|
|
|
|
|
Net
loss
|
(297,276)
|
(196,956)
|
(1,958,215)
|
(303,287)
|
(360,560)
|
(2,155,171)
|
(333,795)
|
Add:
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
244,015
|
301,654
|
1,971,046
|
305,277
|
326,501
|
2,272,700
|
351,996
|
Compensation cost
resulting from repurchase of
ordinary shares in excess of fair value
|
6,487
|
-
|
78,478
|
12,155
|
6,487
|
78,478
|
12,155
|
Amortization of
intangible assets resulting from
business acquisitions
|
10,333
|
10,983
|
10,983
|
1,701
|
20,666
|
21,966
|
3,402
|
Tax effects of
non-GAAP adjustments
|
(2,583)
|
(2,746)
|
(2,746)
|
(425)
|
(5,166)
|
(5,492)
|
(851)
|
Less:
|
|
|
|
|
|
|
|
Net income from
discontinued operations, net of tax
|
111
|
-
|
-
|
-
|
452
|
-
|
-
|
Non-GAAP
adjusted net (loss) income
|
(39,135)
|
112,935
|
99,546
|
15,421
|
(12,524)
|
212,481
|
32,907
|
|
|
|
|
|
|
|
|
FULL TRUCK
ALLIANCE CO. LTD.
|
|
RECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS (COTINUED)
(All amounts in
thousands, except share, ADS, per share and per ADS
data)
|
|
|
Three months
ended
|
Six months
ended
|
|
June
30,
|
March
31,
|
June
30,
|
June
30,
|
June
30,
|
June
30,
|
June
30,
|
|
2020
|
2021
|
2021
|
2021
|
2020
|
2021
|
2021
|
|
RMB
|
RMB
|
RMB
|
US$
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
Net loss
attributable to ordinary shareholders
|
(297,274)
|
(467,169)
|
(2,206,206)
|
(341,696)
|
(360,556)
|
(2,673,375)
|
(414,055)
|
Add:
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
244,015
|
301,654
|
1,971,046
|
305,277
|
326,501
|
2,272,700
|
351,996
|
Compensation cost
resulting from repurchase of ordinary shares in excess of fair
value
|
6,487
|
-
|
78,478
|
12,155
|
6,487
|
78,478
|
12,155
|
Amortization of
intangible assets resulting from business acquisitions
|
10,333
|
10,983
|
10,983
|
1,701
|
20,666
|
21,966
|
3,402
|
Tax effects of
non-GAAP adjustments
|
(2,583)
|
(2,746)
|
(2,746)
|
(425)
|
(5,166)
|
(5,492)
|
(851)
|
Less:
|
|
|
|
|
|
|
|
Net income from
discontinued operations, net of tax
|
111
|
-
|
-
|
-
|
452
|
-
|
-
|
Non-GAAP
adjusted net loss attributable to ordinary
shareholders
|
(39,133)
|
(157,278)
|
(148,445)
|
(22,988)
|
(12,520)
|
(305,723)
|
(47,353)
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net loss per ordinary share
|
|
|
|
|
|
|
|
—Basic and
diluted
|
(0.01)
|
(0.04)
|
(0.02)
|
(0.00)
|
(0.00)
|
(0.06)
|
(0.01)
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
net loss per ADS
|
|
|
|
|
|
|
|
—Basic and
diluted
|
(0.23)
|
(0.70)
|
(0.49)
|
(0.08)
|
(0.07)
|
(1.17)
|
(0.18)
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in computing non-GAAP adjusted loss
per share
|
|
|
|
|
|
|
|
—Basic and
diluted
|
3,461,083,085
|
4,476,994,630
|
6,010,123,217
|
6,010,123,217
|
3,432,751,684
|
5,243,545,489
|
5,243,545,489
|
|
|
|
|
|
|
|
|
Weighted average
number of ADS used in computing non-GAAP adjusted net
loss per ADS
|
|
|
|
|
|
|
|
—Basic and
diluted
|
173,054,154
|
223,849,732
|
300,506,161
|
300,506,161
|
171,637,584
|
262,177,274
|
262,177,274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-second-quarter-2021-unaudited-financial-results-301351812.html
SOURCE Full Truck Alliance Co. Ltd.