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6-K 1 d541266d6k.htm FORM 6-K Form 6-K

 

 

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

August 2023

 

 

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 Second Quarter 2023 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: August 24, 2023

 

3

EX-99.1 2 d541266dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Full Truck Alliance Co. Ltd. Announces Second Quarter 2023 Unaudited Financial Results

GUIYANG, China, Aug. 23, 2023 /PRNewswire/ - Full Truck Alliance Co. Ltd. (“FTA” or the “Company”) (NYSE: YMM), a leading digital freight platform, today announced its unaudited financial results for the second quarter ended June 30, 2023.

Second Quarter 2023 Financial and Operational Highlights

 

 

Total net revenues in the second quarter of 2023 were RMB2,062.0 million (US$284.4 million), an increase of 23.5% from RMB1,670.1 million in the same period of 2022.

 

 

Net income in the second quarter of 2023 was RMB609.0 million (US$84.0 million), compared with RMB12.7 million in the same period of 2022.

 

 

Non-GAAP adjusted net income1 in the second quarter of 2023 was RMB722.7 million (US$99.7 million), an increase of 170.8% from RMB266.9 million in the same period of 2022.

 

 

Fulfilled orders2 in the second quarter of 2023 reached 40.2 million, an increase of 44.5% from 27.8 million in the same period of 2022.

 

 

Average shipper MAUs3 in the second quarter of 2023 reached 2.00 million, an increase of 30.5% from 1.53 million in the same period of 2022.

“Reinforced by our leading market position, our growth was robust in the second quarter of 2023, propelling further gains in market share amid a slow macroeconomic recovery,” said Mr. Peter Hui Zhang, Founder, Chairman and Chief Executive Officer of FTA. “Our business continued to scale as we made considerable headway on user acquisition, with average shipper MAUs reaching a new milestone of two million, which demonstrates our visionary strategy and outstanding execution. Our commitment to creating value for shippers and truckers serves as the foundation of our business, positioning us to continue capturing opportunities in the vast digital freight market to deliver sustainable revenue growth.”

Mr. Simon Cai, Chief Financial Officer of FTA, commented, “We are pleased with the solid growth momentum we achieved in the second quarter, with strong year-over-year growth of 23.5% and 170.8% for revenue and non-GAAP adjusted net income, respectively, outstripping market expectations again. We expect to reap additional benefits as we accelerate our progress to an optimized revenue structure with increasing contribution from transaction commissions, and continue to improve both monetization and operational efficiencies. Moving forward, we will remain disciplined in our efforts to sustain our growth and enhance our profitability while driving further value for our different stakeholders.”

 

Non-GAAP adjusted net income is defined as net income/(loss) excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to continuing service terms in business acquisitions 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.

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.


Second Quarter 2023 Financial Results

Net Revenues (including value added taxes, or “VAT”, of RMB896.6 million and RMB953.0 million for the three months ended June 30, 2022, and 2023, respectively). Total net revenues in the second quarter of 2023 were RMB2,062.0 million (US$284.4 million), representing an increase of 23.5% from RMB1,670.1 million in the same period of 2022, primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in the second quarter of 2023 were RMB1,731.2 million (US$238.7 million), representing an increase of 22.8% from RMB1,409.6 million in the same period of 2022. The increase was primarily due to an increase in revenues from freight brokerage service as well as continued growth in transaction commissions.

 

 

Freight brokerage service. Revenues from freight brokerage service in the second quarter of 2023 were RMB948.9 million (US$130.9 million), an increase of 11.6% from RMB850.2 million in the same period of 2022, primarily attributable to continued growth in transaction volume as a result of expanded user coverage.

 

 

Freight listing service. Revenues from freight listing service in the second quarter of 2023 were RMB227.1 million (US$31.3 million), an increase of 7.3% from RMB211.7 million in the same period of 2022, primarily due to an increase in total paying members.

 

 

Transaction commission. Revenues from transaction commissions amounted to RMB555.2 million (US$76.6 million) in the second quarter of 2023, an increase of 59.6% from RMB347.8 million in the same period of 2022, primarily driven by an increase in order volume as well as an improvement in commission order coverage.

Value-added services. Revenues from value-added services in the second quarter of 2023 were RMB330.8 million (US$45.6 million), an increase of 27.0% from RMB260.4 million in the same period of 2022, mainly attributable to an increase in revenues from credit solutions and other value-added services.

Cost of Revenues (including VAT net of refund of VAT of RMB672.8 million and RMB774.9 million for the three months ended June 30, 2022, and 2023, respectively). Cost of revenues in the second quarter of 2023 was RMB975.3 million (US$134.5 million), compared with RMB925.9 million in the same period of 2022. The increase was primarily due to an increase in VAT, related tax surcharges and other tax costs, and net of tax refunds from government authorities. These tax-related costs net of refunds totaled RMB879.3 million, representing an increase of 4.0% from RMB845.4 million in the same period of 2022, primarily due to the continued increase in transaction activities involving our freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in the second quarter of 2023 were RMB281.8 million (US$38.9 million), compared with RMB196.2 million in the same period of 2022. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions.

General and Administrative Expenses. General and administrative expenses in the second quarter of 2023 were RMB201.7 million (US$27.8 million), compared with RMB344.8 million in the same period of 2022. The decrease was primarily due to lower share-based compensation expenses.

Research and Development Expenses. Research and development expenses in the second quarter of 2023 were RMB223.7 million (US$30.8 million), compared with RMB216.4 million in the same period of 2022. The increase was primarily due to higher salary and benefits expenses.


Income/(Loss) from Operations. Income from operations in the second quarter of 2023 was RMB333.8 million (US$46.0 million), compared with a loss of RMB46.4 million in the same period of 2022.

Non-GAAP Adjusted Operating Income.4 Non-GAAP adjusted operating income in the second quarter of 2023 was RMB450.7 million (US$62.2 million), an increase of 113.4% from RMB211.3 million in the same period of 2022.

Net Income. Net income in the second quarter of 2023 was RMB609.0 million (US$84.0 million), compared with RMB12.7 million in the same period of 2022.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the second quarter of 2023 was RMB722.7 million (US$99.7 million), an increase of 170.8% from RMB266.9 million in the same period of 2022.

Basic and Diluted Net Income per ADS5 and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.6 Basic and diluted net income per ADS were RMB0.57 (US$0.08) in the second quarter of 2023, compared with basic and diluted net income per ADS of RMB0.01 in the same period of 2022. Non-GAAP adjusted basic and diluted net income per ADS were RMB0.68 (US$0.09) in the second quarter of 2023, compared with non-GAAP adjusted basic and diluted net income per ADS of RMB0.25 in the same period of 2022.

Balance Sheet and Cash Flow

As of June 30, 2023, the Company had cash and cash equivalents, restricted cash, short-term investments and long-term investments7 of RMB27.4 billion (US$3.8 billion) in total, compared with RMB26.3 billion as of December 31, 2022.

As of June 30, 2023, the total outstanding balance of the on-balance sheet loans, consisting of the total principal amounts and all accrued and unpaid interests (net of provisions) of the loans funded through our small loan company, was RMB3,141.4 million (US$433.2 million), compared with RMB2,648.4 million as of December 31, 2022. The total non-performing loan ratio8 for these loans was 1.7% as of June 30, 2023, compared with 2.0% as of December 31, 2022.

In the second quarter of 2023, net cash provided by operating activities was RMB707.7 million (US$97.6 million).

 

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

5

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

6

Non-GAAP adjusted basic and diluted net income 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 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.

Short-term and long-term investments mainly include time deposits, wealth management products and exchange traded fund products issued by commercial banks and other financial institutions, with maturities within one year classified as current asset and maturities over one year classified as non-current asset.

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


Business Outlook

The Company expects its total net revenues to be between RMB2.16 billion and RMB2.20 billion for the third quarter of 2023, representing a year-over-year growth rate of approximately 19.2% to 21.6%. 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 Update

On March 3, 2023, the Company’s Board of Directors authorized a share repurchase program, under which the Company may repurchase up to US$500 million of the Company’s ADSs during a period of up to 12 months starting from March 13, 2023. As of August 22, 2023, the Company had repurchased an aggregate of approximately 19.4 million ADSs for approximately US$124.3 million from the open market under the share repurchase program.

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 RMB7.2513 to US$1.00, the exchange rate in effect as of June 30, 2023, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ 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 August 23, 2023, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the second quarter of 2023.

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:    2653624

The replay will be accessible through August 30, 2023, by dialing the following numbers:

 

United States:    +1-877-344-7529
International:    +1-412-317-0088
Replay Access Code:    4560638

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/(loss) 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 continuing service terms in business acquisitions. The Company defines non-GAAP adjusted net income as net income/(loss) excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to continuing service terms in business acquisitions and (iv) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted net income 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 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 continuing service terms in business 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/(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 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 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

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,     June 30,     June 30,  
     2022     2023     2023  
     RMB     RMB     US$  

ASSETS

      

Current assets:

      

Cash and cash equivalents

     5,137,312       7,071,047       975,142  

Restricted cash – current

     83,759       84,327       11,629  

Short-term investments

     21,087,089       17,859,805       2,462,980  

Accounts receivable, net

     13,015       17,810       2,456  

Loans receivable, net

     2,648,449       3,141,406       433,220  

Prepayments and other current assets

     2,034,427       2,079,179       286,732  
  

 

 

   

 

 

   

 

 

 

Total current assets

     31,004,051       30,253,574       4,172,159  

Restricted cash – non-current

     —         10,000       1,379  

Long-term investments

     —         2,384,485       328,836  

Property and equipment, net

     108,824       156,628       21,600  

Investments in equity investees

     1,774,270       1,817,533       250,649  

Intangible assets, net

     502,421       475,235       65,538  

Goodwill

     3,124,828       3,124,828       430,933  

Deferred tax assets

     41,490       42,403       5,848  

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

     132,000       112,505       15,515  

Other non-current assets

     8,427       5,771       796  
  

 

 

   

 

 

   

 

 

 

Total non-current assets

     5,692,260       8,129,388       1,121,094  
  

 

 

   

 

 

   

 

 

 

TOTAL ASSETS

     36,696,311       38,382,962       5,293,253  
  

 

 

   

 

 

   

 

 

 

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

      

Current liabilities:

      

Accounts payable

     27,953       34,593       4,771  

Amount due to related parties

     122,152       126,733       17,477  

Prepaid for freight listing fees and other service fees

     462,080       530,535       73,164  

Income tax payable

     52,233       74,895       10,328  

Other tax payable

     721,597       717,823       98,992  

Operating lease liabilities – current

     44,590       40,865       5,636  

Accrued expenses and other current liabilities

     1,301,160       1,384,926       190,992  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     2,731,765       2,910,370       401,360  

Deferred tax liabilities

     121,611       115,101       15,873  

Operating lease liabilities – non-current

     35,931       20,602       2,841  
  

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     157,542       135,703       18,714  
  

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES

     2,889,307       3,046,073       420,074  
  

 

 

   

 

 

   

 

 

 

MEZZANINE EQUITY

      

Redeemable non-controlling interests

     149,771       267,923       36,948  

SHAREHOLDERS’ EQUITY

      

Ordinary shares

     1,377       1,363       188  

Treasury stock

     —         (189,871     (26,184

Additional paid-in capital

     47,758,178       47,502,397       6,550,880  

Accumulated other comprehensive income

     2,511,170       3,348,109       461,725  

Accumulated deficit

     (16,613,492     (15,599,046     (2,151,207
  

 

 

   

 

 

   

 

 

 

TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY

     33,657,233       35,062,952       4,835,402  

Non-controlling interests

     —         6,014       829  
  

 

 

   

 

 

   

 

 

 

TOTAL SHAREHOLDERS’ EQUITY

     33,657,233       35,068,966       4,836,231  
  

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY

     36,696,311       38,382,962       5,293,253  
  

 

 

   

 

 

   

 

 

 


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     Six months ended  
     June 30,     March 31,     June 30,     June 30,     June 30,     June 30,     June 30,  
     2022     2023     2023     2023     2022     2023     2023  
     RMB     RMB     RMB     US$     RMB     RMB     US$  

Net Revenues (including value added taxes, “VAT”, of RMB896.6 million and RMB953.0 million for the three months ended June 30, 2022 and 2023, respectively)

     1,670,051       1,702,257       2,062,028       284,367       3,002,611       3,764,285       519,118  

Operating expenses:

              

Cost of revenues (including VAT net of refund of VAT of RMB672.8 million and RMB774.9 million for the three months ended June 30, 2022 and 2023, respectively)(1)

     (925,937     (849,373     (975,269     (134,496     (1,609,819     (1,824,642     (251,630

Sales and marketing expenses(1)

     (196,186     (245,677     (281,772     (38,858     (388,229     (527,449     (72,739

General and administrative expenses(1)

     (344,781     (179,507     (201,711     (27,817     (803,196     (381,218     (52,572

Research and development expenses(1)

     (216,373     (229,879     (223,696     (30,849     (437,329     (453,575     (62,551

Provision for loans receivable

     (40,080     (52,878     (51,146     (7,053     (90,060     (104,024     (14,346
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     (1,723,357     (1,557,314     (1,733,594     (239,073     (3,328,633     (3,290,908     (453,838

Other operating income

     6,891       20,821       5,355       738       27,606       26,176       3,610  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income from operations

     (46,415     165,764       333,789       46,032       (298,416     499,553       68,890  

Other income (expense)

              

Interest income

     106,834       246,114       285,461       39,367       163,154       531,575       73,308  

Interest expenses

     (68     —         —         —         (161     —         —    

Foreign exchange gain (loss)

     10,195       (97     272       38       11,321       175       24  

Investment (loss) income

     (13,968     2,713       4,471       617       516       7,184       991  

Unrealized (loss) gain from fair value changes of trading securities and derivative assets

     (39,818     9,961       8,268       1,140       (56,159     18,229       2,514  

Other (expenses) income, net

     (799     6,663       4,259       587       8,083       10,922       1,506  

Share of loss in equity method investees

     (608     (310     (696     (96     (821     (1,006     (139
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other income

     61,768       265,044       302,035       41,653       125,933       567,079       78,204  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) before income tax

     15,353       430,808       635,824       87,685       (172,483     1,066,632       147,094  

Income tax expense

     (2,613     (19,380     (26,832     (3,700     (6,785     (46,212     (6,373
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     12,740       411,428       608,992       83,985       (179,268     1,020,420       140,721  

Less: net income attributable to non-controlling interests

     553       —         14       2       539       14       2  

Less: measurement adjustment attributable to redeemable non-controlling interest

     776       2,519       3,441       475       776       5,960       822  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to ordinary shareholders

     11,411       408,909       605,537       83,508       (180,583     1,014,446       139,897  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


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     Six months ended  
    June 30,     March 31,     June 30,     June 30,     June 30,     June 30,     June 30,  
    2022     2023     2023     2023     2022     2023     2023  
    RMB     RMB     RMB     US$     RMB     RMB     US$  

Net income (loss) per ordinary share

             

—Basic

    0.00       0.02       0.03       0.00       (0.01     0.05       0.01  

—Diluted

    0.00       0.02       0.03       0.00       (0.01     0.05       0.01  

Net income (loss) per ADS*

             

—Basic

    0.01       0.38       0.57       0.08       (0.17     0.96       0.13  

—Diluted

    0.01       0.38       0.57       0.08       (0.17     0.95       0.13  

Weighted average number of ordinary shares used in computing net Income (loss) per share

             

—Basic

    21,651,628,375       21,293,430,120       21,177,034,098       21,177,034,098       21,802,802,087       21,234,910,577       21,234,910,577  

—Diluted(2)

    21,695,922,654       21,352,354,948       21,218,841,485       21,218,841,485       21,802,802,087       21,285,276,797       21,285,276,797  

Weighted average number of ADS used in computing net income (loss) per ADS

             

—Basic

    1,082,581,419       1,064,671,506       1,058,851,705       1,058,851,705       1,090,140,104       1,061,745,529       1,061,745,529  

—Diluted(2)

    1,084,796,133       1,067,617,747       1,060,942,074       1,060,942,074       1,090,140,104       1,064,263,840       1,064,263,840  

 

*

Each ADS represents 20 ordinary shares.

 

(1)

Share-based compensation expense 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,  
     2022      2023      2023      2023      2022      2023      2023  
     RMB      RMB      RMB      US$      RMB      RMB      US$  

Cost of revenues

     1,487        1,806        1,381        190        2,835        3,187        440  

Sales and marketing expenses

     10,350        11,197        13,075        1,803        19,510        24,272        3,347  

General and administrative expenses

     212,344        58,841        68,124        9,395        550,076        126,965        17,509  

Research and development expenses

     15,086        17,482        17,046        2,351        30,331        34,528        4,762  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     239,267        89,326        99,626        13,739        602,752        188,952        26,058  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(2)

Weighted average number of ordinary shares/ADS used in computing diluted net income (loss) 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     Six months ended  
     June 30,     March 31,     June 30,     June 30,     June 30,     June 30,     June 30,  
     2022     2023     2023     2023     2022     2023     2023  
     RMB     RMB     RMB     US$     RMB     RMB     US$  

(Loss) income from operations

     (46,415     165,764       333,789       46,032       (298,416     499,553       68,890  

Add:

              

Share-based compensation expense

     239,267       89,326       99,626       13,739       602,752       188,952       26,058  

Amortization of intangible assets resulting from business acquisitions

     14,121       13,021       13,021       1,796       28,242       26,042       3,591  

Compensation cost incurred in relation to acquisitions

     4,281       4,281       4,281       590       11,925       8,562       1,181  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP adjusted Operating income

     211,254       272,392       450,717       62,157       344,503       723,109       99,720  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     12,740       411,428       608,992       83,985       (179,268     1,020,420       140,721  

Add:

              

Share-based compensation expense

     239,267       89,326       99,626       13,739       602,752       188,952       26,058  

Amortization of intangible assets resulting from business acquisitions

     14,121       13,021       13,021       1,796       28,242       26,042       3,591  

Compensation cost incurred in relation to acquisitions

     4,281       4,281       4,281       590       11,925       8,562       1,181  

Tax effects of non-GAAP adjustments

     (3,530     (3,255     (3,255     (449     (7,060     (6,510     (898
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP adjusted net income

     266,879       514,801       722,665       99,661       456,591       1,237,466       170,653  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


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     Six months ended  
     June 30,     March 31,     June 30,     June 30,     June 30,     June 30,     June 30,  
     2022     2023     2023     2023     2022     2023     2023  
     RMB     RMB     RMB     US$     RMB     RMB     US$  

Net income (loss) attributable to ordinary shareholders

     11,411       408,909       605,537       83,508       (180,583     1,014,446       139,897  

Add:

              

Share-based compensation expense

     239,267       89,326       99,626       13,739       602,752       188,952       26,058  

Amortization of intangible assets resulting from business acquisitions

     14,121       13,021       13,021       1,796       28,242       26,042       3,591  

Compensation cost incurred in relation to acquisitions

     4,281       4,281       4,281       590       11,925       8,562       1,181  

Tax effects of non-GAAP adjustments

     (3,530     (3,255     (3,255     (449     (7,060     (6,510     (898
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP adjusted net income attributable to ordinary shareholders

     265,550       512,282       719,210       99,184       455,276       1,231,492       169,829  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP adjusted net income per ordinary share

              

—Basic

     0.01       0.02       0.03       0.00       0.02       0.06       0.01  

—Diluted

     0.01       0.02       0.03       0.00       0.02       0.06       0.01  

Non-GAAP adjusted net income per ADS

              

—Basic

     0.25       0.48       0.68       0.09       0.42       1.16       0.16  

—Diluted

     0.25       0.48       0.68       0.09       0.42       1.16       0.16