GUIYANG,
China, Nov. 23, 2022 /PRNewswire/ -- Full Truck
Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM), a leading
digital freight platform, today announced its unaudited financial
results for the third quarter ended September 30, 2022.
Third Quarter 2022 Financial and
Operational Highlights
- Total net revenues in the third quarter of 2022 were
RMB1,808.6 million (US$254.2 million), an increase of 45.7% from
RMB1,241.7 million in the same period
of 2021.
- Net income in the third quarter of 2022 was RMB395.5 million (US$55.6
million), compared with net loss of RMB178.3 million in the same period of 2021.
- Non-GAAP adjusted net income[1] in the third
quarter of 2022 was RMB493.0 million
(US$69.3 million), compared with
non-GAAP adjusted net loss of RMB4.7
million in the same period of 2021.
- Gross Transaction Value ("GTV")[2] in the
third quarter of 2022 reached RMB69.6
billion (US$9.8 billion), an
increase of 3.5% from RMB67.3 billion
in the same period of 2021.
- Fulfilled orders[3] in the third quarter of
2022 reached 33.5 million, a decrease of 5.4% from 35.3 million in
the same period of 2021.
- Average shipper MAUs[4] in the third quarter
of 2022 reached 1.85 million, an increase of 15.2% from 1.61
million in the same period of 2021.
"In the context of weak seasonal demand and strong macro
headwinds, we delivered solid third quarter results through our
powerful digital freight platform and operational excellence,
underscoring the sustainability of our business model," said Mr.
Peter Hui Zhang, Founder, Chairman
and Chief Executive Officer of FTA. "Along with the resumption of
new user registration on our Yunmanman and
Huochebang apps in June 2022,
we continued to upgrade product functionalities and improve freight
matching efficiency, enabling us to steer our growing user base
with an increasing contribution from high-quality users. We have
also continuously enhanced our operations to ensure full compliance
with regulatory requirements. We are not aware of any ongoing
government investigation or subject to any administrative penalties
to date that would materially affect our business, financial
position or results of operations. We will synchronize the
expansion across our existing and incremental business to drive the
sustainable growth of our overall business scale and create more
value for society while China's
logistic industry is shifting to digitalization."
Mr. Simon Cai, Chief Financial
Officer of FTA, added, "Confronting the volatile macro and extreme
weather conditions in the third quarter, we are pleased that we
have continued to grow our business and focus on our path to
profitability. Our third quarter total net revenue came in above
the upper boundary of our previous guidance, climbing by 45.7%
year-over-year to RMB1.8 billion.
Meanwhile, our ongoing efforts to optimize cost structure and
maximize operational efficiency yielded positive results, with
non-GAAP adjusted net income reaching RMB493.0 million, compared with a non-GAAP
adjusted net loss of RMB4.7 million a
year ago. Going forward, we remain committed to investing in our
platform infrastructure, optimizing user composition and expanding
our logistics network to further achieve our full monetization
potential on a sustainable basis."
[1] Non-GAAP
adjusted net income/(loss) is defined as net income/(loss)
excluding (i) share-based compensation expense; (ii) amortization
of intangible assets resulting from business acquisitions; (iii)
compensation cost incurred in relation to continuing service terms
in business acquisitions; (iv) compensation cost resulting from
repurchase of ordinary shares in excess of fair value and (v) tax
effects of non-GAAP adjustments. See "Reconciliation of GAAP and
Non-GAAP Results" at the end of this press release.
|
[2] GTV
or gross transaction value of our platform in a given period is
defined as the aggregate freight prices specified by our users for
all fulfilled orders on our platform during the period without
deducting any commission or service fee charged by us. We make
downward adjustments to unreasonably high freight prices specified
by users that are apparently due to clerical errors.
|
[3]
Fulfilled orders on our platform in a given period are defined as
all shipping orders matched through our platform during such period
but exclude (i) shipping orders that are subsequently canceled and
(ii) shipping orders for which our users failed to specify any
freight prices as there are substantial uncertainties as to whether
the shipping orders are fulfilled.
|
[4] Average shipper MAUs in a given
period are calculated by dividing (i) the sum of shipper MAUs for
each month of a given period by (ii) the number of months in a
given period. Shipper MAUs are defined as the number of active
shippers on our platform in a given month.
|
Third Quarter 2022 Financial
Results
Net Revenues (including value added taxes, "VAT",
of RMB720.8 million and RMB955.5 million for the
three months ended September 30,
2021, and 2022, respectively). Total net
revenues in the third quarter of 2022 were RMB1,808.6 million (US$254.2 million), representing an increase of
45.7% from RMB1,241.7 million in the
same period of 2021, primarily attributable to an increase in
revenues from freight matching services.
Freight matching services. Revenues from freight
matching services in the third quarter of 2022 were RMB1,514.0 million (US$212.8 million), representing an increase of
39.5% from RMB1,085.2 million in the
same period of 2021. The increase was primarily due to an increase
in revenues from our freight brokerage service as well as rapid
growth in transaction commissions.
- Freight brokerage service. Revenues from freight
brokerage service in the third quarter of 2022 were RMB904.1 million (US$127.1
million), an increase of 31.2% from RMB689.2 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 third quarter of 2022 were RMB219.7 million (US$30.9
million), an increase of 2.8% from RMB213.7 million in the same period of 2021,
primarily attributable to an increase in total paying members.
- Transaction commission. Revenues from transaction
commissions amounted to RMB390.2
million (US$54.9 million) in
the third quarter of 2022, an increase of 114.1% from RMB182.2 million in the same period of 2021,
primarily driven by the continued ramp-up of commissioned GTV
penetration.
Value-added services. Revenues from value-added
services in the third quarter of 2022 were RMB294.5 million (US$41.4
million), an increase of 88.2% from RMB156.5 million in the same period of 2021,
mainly attributable to increased revenues from credit
solutions.
Cost of Revenues (including VAT net of refund
of VAT of RMB656.7 million
and RMB687.8 million for the three months ended
September 30, 2021, and 2022,
respectively). Cost of revenues in the third quarter of 2022
was RMB953.0 million (US$134.0 million), compared with RMB842.1 million in the same period of 2021. The
increase was primarily attributable to an increase in VAT, related
tax surcharges and other tax costs, and net of tax refunds from
government authorities. These tax-related costs net of refunds
totaled RMB866.7 million,
representing an increase of 12.7% from RMB768.9 million in the same period of 2021,
primarily due to an increase in transaction activities involving
our freight brokerage service.
Sales and Marketing Expenses. Sales and marketing
expenses in the third quarter of 2022 were RMB232.9 million (US$32.7
million), compared with RMB190.6
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.
General and Administrative Expenses. General
and administrative expenses in the third quarter of 2022 were
RMB206.6 million (US$29.0 million), compared with RMB190.0 million in the same period of 2021. The
increase was primarily due to 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 the third quarter of 2022 were
RMB226.6 million (US$31.9 million), compared with RMB202.9 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.
Income/(Loss) from Operations. Income from
operations in the third quarter of 2022 was RMB141.7 million (US$19.9
million), compared with a loss from operations of
RMB201.7 million in the same period
of 2021.
Non-GAAP Adjusted Operating
Income/(Loss)[5]. Non-GAAP adjusted
operating income in the third quarter of 2022 was RMB242.8 million (US$34.1
million), compared with non-GAAP adjusted operating loss of
RMB81.1 million in the same period of
2021.
Net Income/(Loss). Net income in the third
quarter of 2022 was RMB395.5 million
(US$55.6 million), compared with net
loss of RMB178.3 million in the same
period of 2021.
Non-GAAP Adjusted Net Income/(Loss).
Non-GAAP adjusted net income in the third quarter of 2022 was
RMB493.0 million (US$69.3 million), compared with non-GAAP adjusted
net loss of RMB4.7 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/(Loss) per
ADS[7]. Basic and diluted net income per
ADS were RMB0.37 (US$0.05) in the third quarter of 2022, compared
with basic and diluted net loss per ADS of RMB0.17 in the same period of 2021. Non-GAAP
adjusted basic and diluted net income per ADS were RMB0.46 (US$0.07)
in the third quarter of 2022, compared with non-GAAP adjusted basic
and diluted net loss per ADS of RMB0.00 in the same period of 2021.
Balance Sheet and Cash Flow
As of September 30, 2022, the
Company had cash and cash equivalents, restricted cash, and
short-term investments of RMB26.8
billion (US$3.8 billion) in
total, compared with RMB26.0 billion
as of December 31, 2021.
In the third quarter of 2022, net cash generated by
operating activities was RMB398.3
million (US$56.0 million).
[5] Non-GAAP
adjusted operating income/(loss) 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.
|
[6] ADS
refers to the American depositary shares, each of which represents
20 Class A ordinary shares.
|
[7] Non-GAAP
adjusted basic and diluted income/(loss) per ADS is net
income/(loss) attributable to ordinary shareholders excluding (i)
share-based compensation expense; (ii) amortization of intangible
assets resulting from business acquisitions; (iii) compensation
cost incurred in relation to continuing service terms in business
acquisitions; (iv) compensation cost resulting from repurchase of
ordinary shares in excess of fair value and (v) tax effects of
non-GAAP adjustments, divided by weighted average number of basic
and diluted ADSs, respectively. For more information, refer to "Use
of Non-GAAP Financial Measures" and "Reconciliation of GAAP and
Non-GAAP Results" at the end of this press release.
|
Business Outlook
The Company expects its total net revenues to be between
RMB1.79 billion and RMB1.88 billion for the fourth quarter of 2022,
representing a year-over-year growth rate of approximately 25.2% to
31.5%, despite the expected impact of the COVID-19 outbreaks on the
transaction volume for the period. These forecasts reflect the
Company's current and preliminary views on the market and
operational conditions. The COVID-19 outbreaks are associated with
substantial uncertainties, including the geographic scope and
duration of the outbreaks, the additional restrictive measures that
the governmental authorities may take, and the further impact on
the business of shippers, truckers and other ecosystem
participants, all of which are subject to change and cannot be
predicted with reasonable accuracy as of the date hereof.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars ("US$") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to US$ were made at a rate of RMB7.1135 to US$1.00, the exchange rate in effect as of
September 30, 2022, as set forth in
the H.10 statistical release of The Board of Governors of the
Federal Reserve System. The Company makes no representation that
any RMB or US$ 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 November 23, 2022, or 8:00 P.M. Beijing Time
to discuss its financial results and operating performance for the
third quarter of 2022.
Dial-in details for the earnings conference call are as
follows:
United States (toll
free):
|
+1-888-317-6003
|
International:
|
+1-412-317-6061
|
Mainland China (toll
free):
|
400-120-6115
|
Hong Kong (toll
free):
|
800-963-976
|
Hong Kong:
|
+852-5808-1995
|
United Kingdom (toll
free):
|
08082389063
|
Singapore (toll
free):
|
800-120-5863
|
Access Code:
|
2755152
|
The replay will be accessible through November 30, 2022, by dialing the following
numbers:
United States:
|
+1-877-344-7529
|
International:
|
+1-412-317-0088
|
Replay Access
Code:
|
1983261
|
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/(loss), non-GAAP adjusted net income/(loss),
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/(loss) 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/(loss) as net
income/(loss) excluding (i) share-based compensation expense; (ii)
amortization of intangible assets resulting from business
acquisitions; (iii) compensation cost incurred in relation to
continuing service terms in business acquisitions; (iv)
compensation cost resulting from repurchase of ordinary shares in
excess of fair value and (v) tax effects of non-GAAP adjustments.
The Company defines non-GAAP adjusted net income/(loss)
attributable to ordinary shareholders as net income/(loss)
attributable to ordinary shareholders excluding (i) share-based
compensation expense; (ii) amortization of intangible assets
resulting from business acquisitions; (iii) compensation cost
incurred in relation to continuing service terms in business
acquisitions; (iv) compensation cost resulting from repurchase of
ordinary shares in excess of fair value and (v) tax effects of
non-GAAP adjustments. The Company defines non-GAAP adjusted
basic and diluted net income/(loss) per share as non-GAAP
net income/(loss) attributable to ordinary shareholders divided by
weighted average number of basic and diluted ordinary shares,
respectively. The Company defines non-GAAP adjusted basic
and diluted net income/(loss) per ADS as non-GAAP net
income/(loss) attributable to ordinary shareholders divided by the
weighted average number of basic and diluted ADSs,
respectively.
The non-GAAP financial measures are not defined under
U.S. GAAP and are not presented in accordance with U.S. GAAP.
The non-GAAP financial measures have limitations as analytical
tools. 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/(loss), non-GAAP adjusted net income/(loss), 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.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(All amounts in
thousands, except share, ADS, per share and per ADS
data)
|
|
|
|
|
|
|
|
|
|
As
of
|
|
|
December
31
|
|
September
30
|
|
September
30
|
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
4,284,291
|
|
4,955,413
|
|
696,621
|
Restricted cash - current
|
|
65,822
|
|
72,829
|
|
10,238
|
Short-term investments
|
|
21,634,642
|
|
21,744,544
|
|
3,056,800
|
Accounts receivable, net
|
|
29,139
|
|
16,602
|
|
2,334
|
Amounts due from related parties
|
|
7,075
|
|
-
|
|
-
|
Loans receivable, net
|
|
1,777,667
|
|
2,714,426
|
|
381,588
|
Prepayments, receivables and
other current assets
|
|
1,099,607
|
|
1,451,047
|
|
203,985
|
Total current
assets
|
|
28,898,243
|
|
30,954,861
|
|
4,351,566
|
Restricted cash - non-current
|
|
13,500
|
|
13,500
|
|
1,898
|
Property and equipment, net
|
|
102,158
|
|
111,455
|
|
15,668
|
Investments in equity investees
|
|
1,678,351
|
|
1,795,705
|
|
252,436
|
Intangible assets, net
|
|
557,016
|
|
517,224
|
|
72,710
|
Goodwill
|
|
3,124,828
|
|
3,124,828
|
|
439,281
|
Deferred tax assets
|
|
20,492
|
|
56,381
|
|
7,926
|
Operating lease right-of-use assets
|
|
-
|
|
152,231
|
|
21,400
|
Other non-current assets
|
|
3,847
|
|
6,230
|
|
876
|
Total
non-current assets
|
|
5,500,192
|
|
5,777,554
|
|
812,195
|
TOTAL
ASSETS
|
|
34,398,435
|
|
36,732,415
|
|
5,163,761
|
LIABILITIES, MEZZANINE
EQUITY AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term borrowings
|
|
9,000
|
|
-
|
|
-
|
Accounts payable
|
|
29,381
|
|
24,182
|
|
3,399
|
Amounts due to related parties
|
|
179,859
|
|
124,523
|
|
17,505
|
Prepaid for freight listing fee and other service
fees
|
|
383,236
|
|
477,448
|
|
67,119
|
Income tax payable
|
|
31,538
|
|
58,729
|
|
8,256
|
Other tax payable
|
|
894,592
|
|
623,539
|
|
87,656
|
Operating lease liabilities - current
|
|
-
|
|
48,228
|
|
6,780
|
Accrued expenses and other current liabilities
|
|
1,206,179
|
|
1,350,834
|
|
189,896
|
Total current
liabilities
|
|
2,733,785
|
|
2,707,483
|
|
380,611
|
Deferred tax liabilities
|
|
135,764
|
|
125,142
|
|
17,592
|
Operating lease liabilities - non-current
|
|
-
|
|
51,621
|
|
7,257
|
Total
non-current liabilities
|
|
135,764
|
|
176,763
|
|
24,849
|
TOTAL
LIABILITIES
|
|
2,869,549
|
|
2,884,246
|
|
405,460
|
MEZZANINE
EQUITY
|
|
|
|
|
|
|
Redeemable non-controlling interests
|
|
-
|
|
147,926
|
|
20,795
|
Subscription
receivables
|
|
-
|
|
(16,500)
|
|
(2,320)
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Ordinary
shares
|
|
1,416
|
|
1,370
|
|
193
|
Additional
paid-in capital
|
|
49,245,773
|
|
47,584,981
|
|
6,689,391
|
Accumulated
other comprehensive income
|
|
538,650
|
|
2,937,724
|
|
412,979
|
Subscription
receivables
|
|
(1,310,140)
|
|
-
|
|
-
|
Accumulated
deficit
|
|
(17,020,254)
|
|
(16,807,332)
|
|
(2,362,737)
|
TOTAL FULL TRUCK
ALLIANCE CO. LTD. EQUITY
|
|
31,455,445
|
|
33,716,743
|
|
4,739,826
|
Non-controlling
interests
|
|
73,441
|
|
-
|
|
-
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
31,528,886
|
|
33,716,743
|
|
4,739,826
|
TOTAL LIABILITIES,
MEZZANINE EQUITY AND EQUITY
|
|
34,398,435
|
|
36,732,415
|
|
5,163,761
|
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
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2021
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net Revenues
(including value added taxes,
"VAT", of RMB720.8 million and
RMB955.5 million for the three months
ended September 30, 2021 and 2022,
respectively)
|
|
1,241,667
|
|
1,670,051
|
|
1,808,560
|
|
254,244
|
|
3,227,642
|
|
4,811,171
|
|
676,343
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(including VAT net of
refund of VAT of RMB656.7 million
and RMB687.8 million for the three
months ended September 30, 2021
and 2022,
respectively)(1)
|
|
(842,085)
|
|
(925,937)
|
|
(952,953)
|
|
(133,964)
|
|
(1,881,837)
|
|
(2,562,772)
|
|
(360,269)
|
Sales and
marketing expenses(1)
|
|
(190,617)
|
|
(196,186)
|
|
(232,911)
|
|
(32,742)
|
|
(597,852)
|
|
(621,140)
|
|
(87,318)
|
General and
administrative expenses(1)
|
|
(190,000)
|
|
(344,781)
|
|
(206,556)
|
|
(29,037)
|
|
(2,634,995)
|
|
(1,009,752)
|
|
(141,949)
|
Research and
development expenses(1)
|
|
(202,892)
|
|
(216,373)
|
|
(226,615)
|
|
(31,857)
|
|
(496,020)
|
|
(663,944)
|
|
(93,336)
|
Provision for
loans receivable
|
|
(21,012)
|
|
(40,080)
|
|
(50,312)
|
|
(7,073)
|
|
(73,173)
|
|
(140,372)
|
|
(19,733)
|
Total operating
expenses
|
|
(1,446,606)
|
|
(1,723,357)
|
|
(1,669,347)
|
|
(234,673)
|
|
(5,683,877)
|
|
(4,997,980)
|
|
(702,605)
|
Other operating
income
|
|
3,213
|
|
6,891
|
|
2,471
|
|
347
|
|
12,229
|
|
30,077
|
|
4,228
|
Income (loss) from
operations
|
|
(201,726)
|
|
(46,415)
|
|
141,684
|
|
19,918
|
|
(2,444,006)
|
|
(156,732)
|
|
(22,034)
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
70,959
|
|
106,834
|
|
118,180
|
|
16,613
|
|
165,533
|
|
281,334
|
|
39,549
|
Interest
expenses
|
|
-
|
|
(68)
|
|
(14)
|
|
(2)
|
|
-
|
|
(175)
|
|
(25)
|
Foreign exchange
gain (loss)
|
|
22
|
|
10,195
|
|
2,196
|
|
309
|
|
(11,557)
|
|
13,517
|
|
1,900
|
Investment
income (loss)
|
|
2,886
|
|
(13,968)
|
|
3,683
|
|
518
|
|
26,980
|
|
4,199
|
|
590
|
Unrealized loss from fair
value
changes of trading securities and
derivative assets
|
|
(7,512)
|
|
(39,818)
|
|
(12,217)
|
|
(1,717)
|
|
(14,993)
|
|
(68,376)
|
|
(9,612)
|
Other (expenses)
income, net(2)
|
|
21,036
|
|
(799)
|
|
217,463
|
|
30,570
|
|
15,620
|
|
225,546
|
|
31,707
|
Share of loss in
equity method investees
|
|
(1,994)
|
|
(608)
|
|
(352)
|
|
(49)
|
|
(5,251)
|
|
(1,173)
|
|
(165)
|
Total other
income
|
|
29,586
|
|
61,768
|
|
328,939
|
|
46,242
|
|
120,521
|
|
454,872
|
|
63,944
|
Net income (loss)
before income tax
|
|
(172,140)
|
|
15,353
|
|
470,623
|
|
66,160
|
|
(2,323,485)
|
|
298,140
|
|
41,910
|
Income tax
expense(2)
|
|
(6,157)
|
|
(2,613)
|
|
(75,140)
|
|
(10,563)
|
|
(9,983)
|
|
(81,925)
|
|
(11,517)
|
Net income
(loss)
|
|
(178,297)
|
|
12,740
|
|
395,483
|
|
55,597
|
|
(2,333,468)
|
|
216,215
|
|
30,393
|
Less: net income
(loss) attributable to
non-controlling interests
|
|
125
|
|
553
|
|
-
|
|
-
|
|
(103)
|
|
539
|
|
76
|
Less:
measurement adjustment
attributable to redeemable non-
controlling interest
|
|
-
|
|
776
|
|
1,978
|
|
278
|
|
-
|
|
2,754
|
|
387
|
Net income (loss)
attributable to Full Truck
Alliance Co. Ltd.
|
|
(178,422)
|
|
11,411
|
|
393,505
|
|
55,319
|
|
(2,333,365)
|
|
212,922
|
|
29,930
|
Deemed dividend
to preferred share
holders
|
|
-
|
|
-
|
|
-
|
|
-
|
|
518,432
|
|
-
|
|
-
|
Net income (loss)
attributable to
ordinary shareholders
|
|
(178,422)
|
|
11,411
|
|
393,505
|
|
55,319
|
|
(2,851,797)
|
|
212,922
|
|
29,930
|
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
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2021
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net income (loss)
per
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
(0.01)
|
|
0.00
|
|
0.02
|
|
0.00
|
|
(0.27)
|
|
0.01
|
|
0.00
|
—Diluted
|
|
(0.01)
|
|
0.00
|
|
0.02
|
|
0.00
|
|
(0.27)
|
|
0.01
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per
ADS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
(0.17)
|
|
0.01
|
|
0.37
|
|
0.05
|
|
(5.31)
|
|
0.20
|
|
0.03
|
—Diluted
|
|
(0.17)
|
|
0.01
|
|
0.37
|
|
0.05
|
|
(5.31)
|
|
0.20
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number
of ordinary shares used
in computing net
income (loss) per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
21,478,107,014
|
|
21,651,628,375
|
|
21,225,248,350
|
|
21,225,248,350
|
|
10,734,647,181
|
|
21,608,943,928
|
|
21,608,943,928
|
—Diluted(3)
|
|
21,478,107,014
|
|
21,695,922,654
|
|
21,317,731,840
|
|
21,317,731,840
|
|
10,734,647,181
|
|
21,671,971,342
|
|
21,671,971,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number
of ADS used in
computing net
income (loss) per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
1,073,905,351
|
|
1,082,581,419
|
|
1,061,262,418
|
|
1,061,262,418
|
|
536,732,359
|
|
1,080,447,196
|
|
1,080,447,196
|
—Diluted(3)
|
|
1,073,905,351
|
|
1,084,796,133
|
|
1,065,886,592
|
|
1,065,886,592
|
|
536,732,359
|
|
1,083,598,567
|
|
1,083,598,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Each ADS represents
20 ordinary shares.
|
|
|
|
|
|
|
|
|
(1)
Share-based compensation in operating expenses is as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2021
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Cost of
revenues
|
|
1,383
|
|
1,487
|
|
1,759
|
|
247
|
|
2,312
|
|
4,594
|
|
646
|
Sales and marketing
expenses
|
|
9,016
|
|
10,350
|
|
8,098
|
|
1,138
|
|
47,894
|
|
27,608
|
|
3,881
|
General and
administrative expenses
|
|
58,660
|
|
212,344
|
|
57,604
|
|
8,098
|
|
2,271,394
|
|
607,680
|
|
85,426
|
Research and
development expenses
|
|
14,641
|
|
15,086
|
|
13,804
|
|
1,941
|
|
34,800
|
|
44,135
|
|
6,204
|
Total
|
|
83,700
|
|
239,267
|
|
81,265
|
|
11,424
|
|
2,356,400
|
|
684,017
|
|
96,157
|
|
(2) Other income (expenses), net in
the third quarter of 2022 mainly consists of ADR fee
income of RMB217.9 million. The tax withheld
amounting to RMB67.6 million was recognized as income tax
expense.
|
(3) 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
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2021
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Income (loss)
from
operations
|
|
(201,726)
|
|
(46,415)
|
|
141,684
|
|
19,918
|
|
(2,444,006)
|
|
(156,732)
|
|
(22,034)
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
|
83,700
|
|
239,267
|
|
81,265
|
|
11,424
|
|
2,356,400
|
|
684,017
|
|
96,157
|
Compensation cost
resulting from
repurchase of
ordinary shares in
excess of fair value
|
|
-
|
|
-
|
|
-
|
|
-
|
|
78,478
|
|
-
|
|
-
|
Amortization of
intangible assets
resulting from
assets and
business acquisitions
|
|
11,492
|
|
14,121
|
|
14,121
|
|
1,985
|
|
33,458
|
|
42,363
|
|
5,955
|
Compensation cost
incurred in relation
to acquisitions
|
|
25,419
|
|
4,281
|
|
5,708
|
|
802
|
|
25,419
|
|
17,633
|
|
2,479
|
Non-GAAP
adjusted
operating income (loss)
|
|
(81,115)
|
|
211,254
|
|
242,778
|
|
34,129
|
|
49,749
|
|
587,281
|
|
82,557
|
Net income
(loss)
|
|
(178,297)
|
|
12,740
|
|
395,483
|
|
55,597
|
|
(2,333,468)
|
|
216,215
|
|
30,393
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
expense
|
|
83,700
|
|
239,267
|
|
81,265
|
|
11,424
|
|
2,356,400
|
|
684,017
|
|
96,157
|
Compensation cost
resulting from
repurchase of
ordinary shares in
excess of fair value
|
|
-
|
|
-
|
|
-
|
|
-
|
|
78,478
|
|
-
|
|
-
|
Amortization of
intangible assets
resulting from
assets and
business acquisitions
|
|
11,492
|
|
14,121
|
|
14,121
|
|
1,985
|
|
33,458
|
|
42,363
|
|
5,955
|
Compensation cost
incurred in relation
to acquisitions
|
|
25,419
|
|
4,281
|
|
5,708
|
|
802
|
|
25,419
|
|
17,633
|
|
2,479
|
Tax
effects of
non-GAAP
adjustments
|
|
(2,873)
|
|
(3,530)
|
|
(3,530)
|
|
(496)
|
|
(8,365)
|
|
(10,590)
|
|
(1,489)
|
Non-GAAP adjusted
net
income (loss)
|
|
(4,748)
|
|
266,879
|
|
493,047
|
|
69,312
|
|
207,733
|
|
949,638
|
|
133,495
|
FULL TRUCK ALLIANCE
CO. LTD.
|
RECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS (CONTINUED)
|
(All amounts in
thousands, except share, ADS, per share and per ADS
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2021
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net income
(loss)
attributable to
ordinary shareholders
|
|
(178,422)
|
|
11,411
|
|
393,505
|
|
55,319
|
|
(2,851,797)
|
|
212,922
|
|
29,930
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense
|
|
83,700
|
|
239,267
|
|
81,265
|
|
11,424
|
|
2,356,400
|
|
684,017
|
|
96,157
|
Compensation cost
resulting from
repurchase of
ordinary shares in
excess of fair value
|
|
-
|
|
-
|
|
-
|
|
-
|
|
78,478
|
|
-
|
|
-
|
Amortization of
intangible assets
resulting from assets and
business acquisitions
|
|
11,492
|
|
14,121
|
|
14,121
|
|
1,985
|
|
33,458
|
|
42,363
|
|
5,955
|
Compensation cost
incurred in relation
to acquisitions
|
|
25,419
|
|
4,281
|
|
5,708
|
|
802
|
|
25,419
|
|
17,633
|
|
2,479
|
Tax
effects of
non-GAAP
adjustments
|
|
(2,873)
|
|
(3,530)
|
|
(3,530)
|
|
(496)
|
|
(8,365)
|
|
(10,590)
|
|
(1,489)
|
Non-GAAP adjusted
net
income(loss)
attributable to
ordinary shareholders
|
|
(4,873)
|
|
265,550
|
|
491,069
|
|
69,034
|
|
(310,596)
|
|
946,345
|
|
133,032
|
Non-GAAP adjusted
net
income (loss) per
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
(0.00)
|
|
0.01
|
|
0.02
|
|
0.00
|
|
(0.03)
|
|
0.04
|
|
0.01
|
—Diluted
|
|
(0.00)
|
|
0.01
|
|
0.02
|
|
0.00
|
|
(0.03)
|
|
0.04
|
|
0.01
|
Non-GAAP adjusted
net
income (loss) per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
(0.00)
|
|
0.25
|
|
0.46
|
|
0.07
|
|
(0.58)
|
|
0.88
|
|
0.12
|
—Diluted
|
|
(0.00)
|
|
0.25
|
|
0.46
|
|
0.07
|
|
(0.58)
|
|
0.87
|
|
0.12
|
View original
content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-third-quarter-2022-unaudited-financial-results-301685953.html
SOURCE Full Truck Alliance Co. Ltd.