Full Truck Alliance Co. Ltd. Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results
Rhea-AI Summary
Full Truck Alliance (NYSE: YMM) reported strong financial results for Q4 and FY 2024. The company's total net revenues reached RMB3,174.3 million in Q4 2024, up 31.8% YoY, while FY 2024 revenues grew 33.2% to RMB11,238.6 million.
Q4 2024 net income was RMB574.6 million, slightly down from RMB588.3 million in Q4 2023. However, FY 2024 net income increased 40.2% to RMB3,123.4 million. The company saw significant operational growth with fulfilled orders reaching 56.9 million in Q4 (up 24.3% YoY) and average shipper MAUs increasing to 2.93 million (up 31.3% YoY).
The Board approved a semi-annual dividend policy starting 2025, with expected total cash dividends of approximately US$200 million for the year. The company also extended its share repurchase program for up to US$300 million.
Positive
- Net revenues increased 31.8% YoY in Q4 2024
- FY 2024 net income grew 40.2% to RMB3.1 billion
- Transaction service revenue surged 66.7% in 2024
- New semi-annual dividend policy announced with US$200M planned for 2025
- User base expanded with 31.3% growth in shipper MAUs
- Strong cash position of RMB29.2 billion
Negative
- Q4 2024 net income declined YoY to RMB574.6M from RMB588.3M
- Non-performing loan ratio increased to 2.2% from 2.0% YoY
- RMB352.7M impairment loss recorded in Q4 2024
- Freight listing service showed modest 7.5% growth in Q4
News Market Reaction – YMM
In the trading session that priced this news, YMM gained 13.62%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Fourth Quarter and Fiscal Year 2024 Financial and Operational Highlights
- Total net revenues in the fourth quarter of 2024 were
RMB3,174.3 million (US ), an increase of$434.9 million 31.8% fromRMB2,408.0 million in the same period of 2023. Total net revenues in 2024 wereRMB11,238.6 million (US ), an increase of$1,539.7 million 33.2% fromRMB8,436.2 million in 2023. - Net income in the fourth quarter of 2024 was
RMB574.6 million (US ), compared with$78.7 million RMB588.3 million in the same period of 2023. Net income in 2024 wasRMB3,123.4 million (US ), an increase of$427.9 million 40.2% fromRMB2,227.1 million in 2023. - Non-GAAP adjusted net income1 in the fourth quarter of 2024 was
RMB1,052.0 million (US ), an increase of$144.1 million 43.5% fromRMB733.0 million in the same period of 2023. Non-GAAP adjusted net income in 2024 wasRMB4,020.4 million (US ), an increase of$550.8 million 43.7% fromRMB2,797.0 million in 2023. - Fulfilled orders2 in the fourth quarter of 2024 reached 56.9 million, an increase of
24.3% from 45.8 million in the same period of 2023. Fulfilled orders in 2024 reached 197.2 million, an increase of24.1% from 158.8 million in 2023. - Average shipper MAUs3 in the fourth quarter of 2024 reached 2.93 million, an increase of
31.3% from 2.24 million in the same period of 2023. Average shipper MAUs in 2024 reached 2.64 million, an increase of30.3% from 2.03 million in 2023.
"In the fourth quarter, we continued to propel the digital and intelligent transformation of the logistics industry. By harnessing our robust network effects and unparalleled transaction efficiency, we sustained strong growth momentum, effectively accelerating our growth flywheel," stated Mr. Peter Hui Zhang, Founder, Chairman and Chief Executive Officer of FTA. "During the quarter, we rapidly expanded our shipper base while enhancing user engagement. In addition, we made significant improvements to our trucker ecosystem and elevated matching efficiency through continuous optimization of our platform's functionalities, including trucker credit ratings, priority access, and our Premium Cargo Bidding mechanism. As we look ahead to 2025, we remain committed to embracing AI-driven innovations that will increase truckers' efficiency and earnings while reducing logistics costs for shippers, ultimately creating enduring value for the entire industry."
Mr. Simon Cai, Chief Financial Officer of FTA, added, "We delivered record financial results in 2024, bolstered by our growing user base, sophisticated commission strategies and continued operational efficiency upgrades. For the full year, total net revenues reached
1 Non-GAAP adjusted net income is defined as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) settlement in principle of |
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 such shipping orders are fulfilled. |
3 Average shipper MAUs in a given period are calculated by dividing (i) the sum of shipper MAUs for each month of a given period by (ii) the number of months in a given period. Shipper MAUs are defined as the number of active shippers on our platform in a given month. Active shippers are defined as the aggregate number of registered shipper accounts that have posted at least one shipping order on our platform during a given period. |
Fourth Quarter 2024 Financial Results
Net Revenues (including value added taxes, or "VAT," of RMB1,197.4 million and RMB1,422.1 million for the three months ended December 31, 2023 and 2024, respectively). Total net revenues in the fourth quarter of 2024 were
Freight matching services. Revenues from freight matching services in the fourth quarter of 2024 were
- Freight brokerage service. Revenues from freight brokerage service in the fourth quarter of 2024 were
RMB1,316 .1 million (US .3 million), an increase of$180 17.0% fromRMB1,124.7 million in the same period of 2023, primarily attributable to an increase in service fee rate, partially offset by a decrease in transaction volume. - Freight listing service. Revenues from freight listing service in the fourth quarter of 2024 were
RMB230 .5 million (US .6 million), an increase of$31 7.5% fromRMB214.4 million in the same period of 2023, primarily due to the growing number of total paying members. - Transaction service.4 Revenues from transaction service amounted to
RMB1,158 .3 million (US .7 million) in the fourth quarter of 2024, an increase of$158 71.1% fromRMB677 .1 million in the same period of 2023, primarily driven by increases in order volume, penetration rate, and per-order transaction service fee.
Value-added services. Revenues from value-added services in the fourth quarter of 2024 were
Cost of Revenues (including VAT net of government grants of
Sales and Marketing Expenses. Sales and marketing expenses in the fourth quarter of 2024 were
General and Administrative Expenses. General and administrative expenses in the fourth quarter of 2024 were
Research and Development Expenses. Research and development expenses in the fourth quarter of 2024 were
Income from Operations. Income from operations in the fourth quarter of 2024 was
Non-GAAP Adjusted Operating Income.5 Non-GAAP adjusted operating income in the fourth quarter of 2024 was
Impairment loss. Impairment loss in the fourth quarter of 2024 was
Net Income. Net income in the fourth quarter of 2024 was
Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the fourth quarter of 2024 was
Basic and Diluted Net Income per ADS6 and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.7 Basic net income per ADS was
Balance Sheet and Cash Flow
As of December 31, 2024, the Company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products with maturities over one year of
As of December 31, 2024, the total outstanding balance of on-balance sheet loans, consisting of the total principal amounts and all accrued and unpaid interests of the loans funded through our small loan company, reduced by an allowance for estimated losses, was
In the fourth quarter of 2024, net cash provided by operating activities was
4 Effective January 1, 2024, we have renamed our "Transaction commission" revenue stream as "Transaction service," which consists of all monetization from truckers related to our freight matching service, including the revenue generated from our intra-city business, which was previously classified under "Freight listing service" and "Value-added services." The comparative periods have been restated to conform to this presentation by reclassifying |
5 Non-GAAP adjusted operating income is defined as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) compensation cost incurred in relation to acquisitions and (iv) settlement in principle of |
6 ADS refers to American depositary shares, each of which represents 20 Class A ordinary shares. |
7 Non-GAAP adjusted basic and diluted net income per ADS is net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; (iv) settlement in principle of |
8 Non-performing loan ratio is calculated by dividing the outstanding principal and all accrued and unpaid interests of the on-balance sheet loans that were over 90 calendar days past due (excluding loans that are over 180 days past due and are therefore charged off) by the total outstanding principal and all accrued and unpaid interests of the on-balance sheet loans (excluding loans that are over 180 days past due and are therefore charged off) reduced by an allowance for estimated losses as of a specified date. |
Fiscal Year 2024 Financial Results
Net Revenues (including value added taxes, or "VAT," of
Freight matching services. Revenues from freight matching services in 2024 were
- Freight brokerage service. Revenues from freight brokerage service in 2024 were
RMB4,727 .0 million (US .6 million), an increase of$647 20.7% fromRMB3,916.4 million in 2023, primarily attributable to an increase in transaction volume due to improved user penetration. - Freight listing service. Revenues from freight listing service in 2024 were
RMB879 .5 million (US ), an increase of$120.5 million 6.2% fromRMB828.2 million in 2023, primarily due to the growing number of total paying members. - Transaction service. Revenues from transaction service amounted to
RMB3,848.7 million (US ) in 2024, an increase of$527.3 million 66.7% fromRMB2,309.0 million in 2023, primarily driven by increases in order volume and per-order transaction service fee.
Value-added services. Revenues from value-added services in 2024 were
Cost of Revenues (including VAT net of government grants of
Sales and Marketing Expenses. Sales and marketing expenses in 2024 were
General and Administrative Expenses. General and administrative expenses in 2024 were
Research and Development Expenses. Research and development expenses in 2024 were
Income from Operations. Income from operations in 2024 was
Non-GAAP Adjusted Operating Income. Non-GAAP adjusted operating income in 2024 was
Net Income. Net income in 2024 was
Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in 2024 was
Basic and Diluted Net Income per ADS and Non-GAAP Adjusted Basic and Diluted Net Income per ADS. Basic net income per ADS was
Business Outlook
The Company expects its total net revenues to be between
Adoption of Semi-Annual Dividend Policy and Declaration of Cash Dividend
Upon review of the Company's results of operations, business development plan, capital requirements, and cash position, the Company's board of directors (the "Board") has approved a semi-annual cash dividend policy, pursuant to which the Board intends to declare and distribute a cash dividend semi-annually starting from 2025. The total cash dividend for 2025 is expected to be approximately
The Board has also approved a semi-annual cash dividend of
Extension of Share Repurchase Program
The Board resolved to extend the original share repurchase program in March 2024 such that the Company may repurchase up to approximately
In March 2025, the Board approved a further extension of the term of the share repurchase program such that the Company may repurchase up to
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
Conference Call
The Company's management will hold an earnings conference call at 7:00 A.M.
For participants who wish to join the conference using dial-in numbers, please complete online registration using the link provided below prior to the scheduled call start time.
Participant Online Registration:
https://dpregister.com/sreg/10196861/fe7dca9355
Upon registration, each participant will receive details for the conference call, including dial-in numbers, passcode and a unique access PIN. To join the conference, please dial the provided number, enter the passcode followed by your PIN, and you will join the conference.
The replay will be accessible through March 12, 2025, by dialing the following numbers:
+1-877-344-7529 | |
International: | +1-412-317-0088 |
Replay Access Code: | 4460802 |
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 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
The non-GAAP financial measures are not defined under
The Company reconciles the non-GAAP financial measures to the nearest
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
For investor and media inquiries, please contact:
In
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
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, | December 31, | December 31, | |||
2023 | 2024 | 2024 | |||
RMB | RMB | US$ | |||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 6,770,895 | 5,810,347 | 796,014 | ||
Restricted cash – current | 115,513 | 100,533 | 13,773 | ||
Short-term investments | 11,516,304 | 15,002,903 | 2,055,389 | ||
Accounts receivable, net | 23,418 | 19,643 | 2,691 | ||
Loans receivable, net | 3,521,072 | 4,199,645 | 575,349 | ||
Prepayments and other current assets | 2,049,780 | 2,122,902 | 290,836 | ||
Total current assets | 23,996,982 | 27,255,973 | 3,734,052 | ||
Restricted cash – non-current | 10,000 | 40,000 | 5,480 | ||
Long-term investments1 | 11,075,739 | 9,876,118 | 1,353,023 | ||
Property and equipment, net | 194,576 | 289,611 | 39,677 | ||
Intangible assets, net | 449,904 | 393,477 | 53,906 | ||
Goodwill | 3,124,828 | 3,124,828 | 428,100 | ||
Deferred tax assets | 149,081 | 92,882 | 12,725 | ||
Operating lease right-of-use assets and land use rights | 134,867 | 115,654 | 15,845 | ||
Other non-current assets | 211,670 | 98,532 | 13,499 | ||
Total non-current assets | 15,350,665 | 14,031,102 | 1,922,255 | ||
TOTAL ASSETS | 39,347,647 | 41,287,075 | 5,656,307 | ||
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY | |||||
Current liabilities: | |||||
Accounts payable | 25,220 | 31,227 | 4,278 | ||
Prepaid for freight listing fees and other service fees | 548,917 | 571,185 | 78,252 | ||
Income tax payable | 154,916 | 336,220 | 46,062 | ||
Other tax payable | 784,617 | 898,396 | 123,080 | ||
Operating lease liabilities – current | 37,758 | 41,204 | 5,645 | ||
Accrued expenses and other current liabilities | 1,723,245 | 1,141,758 | 156,421 | ||
Total current liabilities | 3,274,673 | 3,019,990 | 413,738 | ||
Deferred tax liabilities | 108,591 | 95,570 | 13,093 | ||
Operating lease liabilities – non-current | 46,709 | 23,928 | 3,278 | ||
Other non-current liabilities | 22,950 | 12,414 | 1,701 | ||
Total non-current liabilities | 178,250 | 131,912 | 18,072 | ||
TOTAL LIABILITIES | 3,452,923 | 3,151,902 | 431,810 | ||
MEZZANINE EQUITY | |||||
Redeemable non-controlling interests | 277,420 | 443,070 | 60,700 | ||
SHAREHOLDERS' EQUITY | |||||
Ordinary shares | 1,371 | 1,343 | 184 | ||
Treasury stock, at cost | (608,117) | — | — | ||
Additional paid-in capital | 47,713,985 | 45,823,723 | 6,277,824 | ||
Accumulated other comprehensive income | 2,897,871 | 3,223,944 | 441,679 | ||
Accumulated deficit | (14,400,604) | (11,372,284) | (1,557,997) | ||
TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY | 35,604,506 | 37,676,726 | 5,161,690 | ||
Non-controlling interests | 12,798 | 15,377 | 2,107 | ||
TOTAL SHAREHOLDERS' EQUITY | 35,617,304 | 37,692,103 | 5,163,797 | ||
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | 39,347,647 | 41,287,075 | 5,656,307 | ||
1. The Group's long-term investments consist of | |||||
FULL TRUCK ALLIANCE CO. LTD. | |||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||
(All amounts in thousands, except share, ADS, per share and per ADS data) | |||||||||||||
Three months ended | Year ended | ||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||
2023 | 2024 | 2024 | 2024 | 2023 | 2024 | 2024 | |||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Net revenues: | |||||||||||||
Freight matching services | 2,016,140 | 2,551,834 | 2,704,940 | 370,575 | 7,053,525 | 9,455,134 | 1,295,348 | ||||||
Freight brokerage | 1,124,687 | 1,280,917 | 1,316,140 | 180,310 | 3,916,409 | 4,726,989 | 647,595 | ||||||
Freight listing | 214,350 | 223,419 | 230,489 | 31,577 | 828,152 | 879,489 | 120,489 | ||||||
Transaction service | 677,103 | 1,047,498 | 1,158,311 | 158,688 | 2,308,964 | 3,848,656 | 527,264 | ||||||
Value-added services | 391,817 | 479,554 | 469,314 | 64,296 | 1,382,634 | 1,783,504 | 244,339 | ||||||
Total net revenues (including value-added | |||||||||||||
taxes or "VAT" of | |||||||||||||
and | |||||||||||||
months ended December 31, 2023 | |||||||||||||
and 2024, | |||||||||||||
December 31, 2023 and 2024, | |||||||||||||
respectively) | 2,407,957 | 3,031,388 | 3,174,254 | 434,871 | 8,436,159 | 11,238,638 | 1,539,687 | ||||||
Operating expenses: | |||||||||||||
Cost of revenues (including VAT net of | |||||||||||||
government grants, of | |||||||||||||
million and | |||||||||||||
the three months ended December | |||||||||||||
31, 2023 and 2024, | |||||||||||||
million and | |||||||||||||
for the year ended December | |||||||||||||
31, 2023 and 2024, respectively)(1) | (1,152,317) | (1,364,884) | (1,391,714) | (190,664) | (4,119,016) | (5,100,558) | (698,774) | ||||||
Sales and marketing expenses(1) | (420,960) | (412,499) | (471,829) | (64,640) | (1,239,191) | (1,596,763) | (218,756) | ||||||
General and administrative expenses(1) | (266,016) | (227,874) | (202,265) | (27,710) | (937,677) | (913,763) | (125,185) | ||||||
Research and development expenses(1) | (255,344) | (195,142) | (205,026) | (28,088) | (946,635) | (880,016) | (120,562) | ||||||
Provision for loans receivable | (67,627) | (71,242) | (73,905) | (10,125) | (234,599) | (296,528) | (40,624) | ||||||
Total operating expenses | (2,162,264) | (2,271,641) | (2,344,739) | (321,227) | (7,477,118) | (8,787,628) | (1,203,901) | ||||||
Other operating income | 5,123 | 2,242 | 5,920 | 811 | 38,388 | 23,970 | 3,284 | ||||||
Income from operations | 250,816 | 761,989 | 835,435 | 114,455 | 997,429 | 2,474,980 | 339,070 | ||||||
Other income (expense) | |||||||||||||
Interest income | 313,037 | 303,268 | 149,466 | 20,477 | 1,141,861 | 1,073,434 | 147,060 | ||||||
Foreign exchange (loss) gain | (2,909) | (3,444) | 4,725 | 647 | (2,149) | 8,004 | 1,097 | ||||||
Investment income | 25,832 | 7,250 | 10,354 | 1,418 | 55,621 | 54,785 | 7,506 | ||||||
Unrealized gains (losses) from fair | |||||||||||||
value changes of investments | 6,833 | 10,618 | (19,612) | (2,687) | 12,938 | (20,904) | (2,864) | ||||||
Other income (expenses), net | 2,457 | 126,246 | (1,559) | (214) | 130,264 | 128,152 | 17,557 | ||||||
Impairment loss | — | — | (352,742) | (48,325) | — | (352,742) | (48,325) | ||||||
Share of loss in equity method investees | (825) | (351) | (1,580) | (216) | (2,067) | (2,861) | (392) | ||||||
Total other income (expense) | 344,425 | 443,587 | (210,948) | (28,900) | 1,336,468 | 887,868 | 121,639 | ||||||
Net income before income tax | 595,241 | 1,205,576 | 624,487 | 85,555 | 2,333,897 | 3,362,848 | 460,709 | ||||||
Income tax expense | (6,991) | (83,640) | (49,861) | (6,831) | (106,804) | (239,411) | (32,799) | ||||||
Net income | 588,250 | 1,121,936 | 574,626 | 78,724 | 2,227,093 | 3,123,437 | 427,910 | ||||||
Less: net loss attributable to | |||||||||||||
non-controlling interests | (591) | (1,254) | (1,177) | (161) | (1,252) | (3,548) | (486) | ||||||
Less: measurement adjustment | |||||||||||||
attributable to redeemable non- | |||||||||||||
controlling interests | 4,752 | 16,104 | 17,346 | 2,376 | 15,457 | 57,136 | 7,828 | ||||||
Net income attributable to | |||||||||||||
ordinary shareholders | 584,089 | 1,107,086 | 558,457 | 76,509 | 2,212,888 | 3,069,849 | 420,568 | ||||||
FULL TRUCK ALLIANCE CO. LTD. | |||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED) | |||||||||||||
(All amounts in thousands, except share, ADS, per share and per ADS data) | |||||||||||||
Three months ended | Year ended | ||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||
2023 | 2024 | 2024 | 2024 | 2023 | 2024 | 2024 | |||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Net income per ordinary | |||||||||||||
share | |||||||||||||
—Basic | 0.03 | 0.05 | 0.03 | 0.00 | 0.10 | 0.15 | 0.02 | ||||||
—Diluted | 0.03 | 0.05 | 0.03 | 0.00 | 0.10 | 0.15 | 0.02 | ||||||
Net income per ADS* | |||||||||||||
—Basic | 0.56 | 1.06 | 0.54 | 0.07 | 2.10 | 2.95 | 0.40 | ||||||
—Diluted | 0.56 | 1.06 | 0.53 | 0.07 | 2.09 | 2.94 | 0.40 | ||||||
Weighted average number | |||||||||||||
of ordinary shares used | |||||||||||||
in computing net | |||||||||||||
income per share | |||||||||||||
—Basic | 20,949,011,129 | 20,818,441,720 | 20,803,347,603 | 20,803,347,603 | 21,111,924,886 | 20,822,835,545 | 20,822,835,545 | ||||||
—Diluted | 21,016,273,541 | 20,885,299,925 | 20,913,595,702 | 20,913,595,702 | 21,162,351,461 | 20,902,222,036 | 20,902,222,036 | ||||||
Weighted average number | |||||||||||||
of ADS used in | |||||||||||||
computing net | |||||||||||||
income per ADS | |||||||||||||
—Basic | 1,047,450,556 | 1,040,922,086 | 1,040,167,380 | 1,040,167,380 | 1,055,596,244 | 1,041,141,777 | 1,041,141,777 | ||||||
—Diluted | 1,050,813,677 | 1,044,264,996 | 1,045,679,785 | 1,045,679,785 | 1,058,117,573 | 1,045,111,102 | 1,045,111,102 | ||||||
* Each ADS represents 20 ordinary shares. | |||||||||||||
(1) Share-based compensation expense in operating expenses are as follows: | |||||||||||||
Three months ended | Year ended | ||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||
2023 | 2024 | 2024 | 2024 | 2023 | 2024 | 2024 | |||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Cost of revenues | 2,593 | 2,643 | 2,997 | 411 | 8,576 | 11,118 | 1,523 | ||||||
Sales and marketing | |||||||||||||
expenses | 16,014 | 12,799 | 13,750 | 1,884 | 55,503 | 50,109 | 6,865 | ||||||
General and administrative | |||||||||||||
expenses | 89,255 | 73,892 | 75,768 | 10,380 | 297,469 | 348,400 | 47,731 | ||||||
Research and development | |||||||||||||
expenses | 22,813 | 20,172 | 22,361 | 3,063 | 80,279 | 87,012 | 11,921 | ||||||
Total | 130,675 | 109,506 | 114,876 | 15,738 | 441,827 | 496,639 | 68,040 | ||||||
FULL TRUCK ALLIANCE CO. LTD. | |||||||||||||
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS | |||||||||||||
(All amounts in thousands, except share, ADS, per share and per ADS data) | |||||||||||||
Three months ended | Year ended | ||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||
2023 | 2024 | 2024 | 2024 | 2023 | 2024 | 2024 | |||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Income from operations | 250,816 | 761,989 | 835,435 | 114,455 | 997,429 | 2,474,980 | 339,070 | ||||||
Add: | |||||||||||||
Share-based | |||||||||||||
compensation | |||||||||||||
expense | 130,675 | 109,506 | 114,876 | 15,738 | 441,827 | 496,639 | 68,040 | ||||||
Amortization of | |||||||||||||
intangible assets | |||||||||||||
resulting from | |||||||||||||
business acquisitions | 13,021 | 13,021 | 13,021 | 1,784 | 52,084 | 52,084 | 7,135 | ||||||
Compensation cost | |||||||||||||
incurred in relation | |||||||||||||
to acquisitions | 4,281 | — | — | — | 17,124 | 8,562 | 1,173 | ||||||
Settlement in principle | |||||||||||||
of | |||||||||||||
class action | — | — | — | — | 71,900 | — | — | ||||||
Non-GAAP adjusted | |||||||||||||
operating income | 398,793 | 884,516 | 963,332 | 131,977 | 1,580,364 | 3,032,265 | 415,418 | ||||||
Net income | 588,250 | 1,121,936 | 574,626 | 78,724 | 2,227,093 | 3,123,437 | 427,910 | ||||||
Add: | |||||||||||||
Share-based | |||||||||||||
compensation | |||||||||||||
expense | 130,675 | 109,506 | 114,876 | 15,738 | 441,827 | 496,639 | 68,040 | ||||||
Amortization of | |||||||||||||
intangible assets | |||||||||||||
resulting from | |||||||||||||
business acquisitions | 13,021 | 13,021 | 13,021 | 1,784 | 52,084 | 52,084 | 7,135 | ||||||
Compensation cost | |||||||||||||
incurred in relation | |||||||||||||
to acquisitions | 4,281 | — | — | — | 17,124 | 8,562 | 1,173 | ||||||
Settlement in principle | |||||||||||||
of | |||||||||||||
class action | — | — | — | — | 71,900 | — | — | ||||||
Impairment loss of | |||||||||||||
long-term | |||||||||||||
investment | — | — | 352,742 | 48,325 | — | 352,742 | 48,325 | ||||||
Tax effects of | |||||||||||||
non-GAAP | |||||||||||||
adjustments | (3,255) | (3,255) | (3,255) | (446) | (13,021) | (13,020) | (1,784) | ||||||
Non-GAAP adjusted net | |||||||||||||
income | 732,972 | 1,241,208 | 1,052,010 | 144,125 | 2,797,007 | 4,020,444 | 550,799 | ||||||
FULL TRUCK ALLIANCE CO. LTD. | |||||||||||||
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED) | |||||||||||||
(All amounts in thousands, except share, ADS, per share and per ADS data) | |||||||||||||
Three months ended | Year ended | ||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||
2023 | 2024 | 2024 | 2024 | 2023 | 2024 | 2024 | |||||||
RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Net income attributable | |||||||||||||
to ordinary | |||||||||||||
shareholders | 584,089 | 1,107,086 | 558,457 | 76,509 | 2,212,888 | 3,069,849 | 420,568 | ||||||
Add: | |||||||||||||
Share-based | |||||||||||||
compensation | |||||||||||||
expense | 130,675 | 109,506 | 114,876 | 15,738 | 441,827 | 496,639 | 68,040 | ||||||
Amortization of | |||||||||||||
intangible assets | |||||||||||||
resulting from | |||||||||||||
business acquisitions | 13,021 | 13,021 | 13,021 | 1,784 | 52,084 | 52,084 | 7,135 | ||||||
Compensation cost | |||||||||||||
incurred in relation | |||||||||||||
to acquisitions | 4,281 | — | — | — | 17,124 | 8,562 | 1,173 | ||||||
Settlement in principle | |||||||||||||
of | |||||||||||||
class action | — | — | — | — | 71,900 | — | — | ||||||
Impairment loss of | |||||||||||||
long-term | |||||||||||||
investment | — | — | 352,742 | 48,325 | — | 352,742 | 48,325 | ||||||
Tax effects of | |||||||||||||
non-GAAP | |||||||||||||
adjustments | (3,255) | (3,255) | (3,255) | (446) | (13,021) | (13,020) | (1,784) | ||||||
Non-GAAP adjusted net | |||||||||||||
income attributable to | |||||||||||||
ordinary shareholders | 728,811 | 1,226,358 | 1,035,841 | 141,910 | 2,782,802 | 3,966,856 | 543,457 | ||||||
Non-GAAP adjusted net | |||||||||||||
income per ordinary | |||||||||||||
share | |||||||||||||
—Basic | 0.03 | 0.06 | 0.05 | 0.01 | 0.13 | 0.19 | 0.03 | ||||||
—Diluted | 0.03 | 0.06 | 0.05 | 0.01 | 0.13 | 0.19 | 0.03 | ||||||
Non-GAAP adjusted net | |||||||||||||
income per ADS | |||||||||||||
—Basic | 0.70 | 1.18 | 1.00 | 0.14 | 2.64 | 3.81 | 0.52 | ||||||
—Diluted | 0.69 | 1.17 | 0.99 | 0.14 | 2.63 | 3.80 | 0.52 | ||||||
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SOURCE Full Truck Alliance Co. Ltd.