Full Truck Alliance Co. Ltd. Announces Second Quarter 2022 Unaudited Financial Results

94 Full Truck Alliance Co. Ltd. Announces Second Quarter 2022 Unaudited Financial Results

<br /> Full Truck Alliance Co. Ltd. Announces Second Quarter 2022 Unaudited Financial Results<br />

PR Newswire



GUIYANG, China


,


Aug. 25, 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 second quarter ended

June 30, 2022

.


Second Quarter 2022


Financial


and Operational


H


ighlights


  • Total net revenues

    in the second quarter of 2022 were

    RMB1,670.1 million

    (

    US$249.3 million

    ), an increase of 49.3% from

    RMB1,118.8 million

    in the same period of 2021.

  • Net Income

    in the second quarter of 2022 was

    RMB12.7 million

    (

    US$1.9 million

    ), compared with net loss of

    RMB1,958.2 million

    in the same period of 2021.

  • Non-GAAP adjusted net income

    1

    in the second quarter of 2022 was

    RMB266.9 million

    (

    US$39.8 million

    ), an increase of 168.1% from

    RMB99.5 million

    in the same period of 2021.

  • Gross Transaction Value (“GTV”)

    2

    in the second quarter of 2022 reached

    RMB65.8 billion

    (

    US$9.8 billion

    ), a decrease of 11.1% from

    RMB74.0 billion

    in the same period of 2021.

  • Fulfilled orders

    3

    in the second quarter of 2022 reached 27.8 million, a decrease of 22.7% from 36.0 million in the same period of 2021.

  • Average shipper MAUs

    4

    in the second quarter of 2022 reached 1.53 million, flat compared with the same period of 2021.

“In the second quarter of 2022, we continued to develop our business through concerted efforts to improve user experience and elevate freight matching efficiency during a challenging period for FTA and the entire logistics industry,” said Mr.

Peter Hui Zhang

, Founder, Chairman and Chief Executive Officer of FTA. “With our strategic focus on technology investment and network expansion, we remain committed to making FTA a smart and low-carbon logistics service provider, leading the development and transformation of the industry. As new user registration on our

Yunmanman

and

Huochebang

apps has started to resume since late June, we have witnessed the gradual improvement in user engagement levels, and we expect to record stronger user growth and higher transaction volume in the coming quarters.”

“Despite the COVID-19 resurgence and softer macro environment, we delivered solid financial results in the second quarter, with total net revenues increasing by 49.3% to

RMB1,670.1 million

, once again beating the high end of our revenue guidance,” commented Mr.

Simon Cai

, Chief Financial Officer of FTA. “Notably, due to our increased focus on monetization enhancement and heightened operational efficiency, our non-GAAP adjusted net income further increased by 168.1% year-over-year to

RMB266.9 million

. As we head into the second half of 2022, we are confident that our strong cash position will support us as we pursue user value creation and navigate the complex market dynamics.”



1

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; (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.


Second Quarter 2022


Financial Results



Net Revenues


(including value added taxes, “VAT”, of RMB630.7 million and RMB896.6 million for the three months ended

June 30, 2021

, and 2022, respectively)


.


Total net revenues in the second quarter of 2022 were

RMB1,670.1 million

(

US$249.3 million

), representing an increase of 49.3% from

RMB1,118.8 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 second quarter of 2022 were

RMB1,409.6 million

(

US$210.5 million

), representing an increase of 50.3% from

RMB937.6 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 second quarter of 2022 were

    RMB850.2 million

    (

    US$126.9 million

    ), an increase of 41.4% from

    RMB601.3 million

    in the same period of 2021, primarily driven by significant growth in transaction volume as a result of improved user penetration.

  • Freight listing service

    . Revenues from freight listing service in the second quarter of 2022 were

    RMB211.7 million

    (

    US$31.6 million

    ), an increase of 20.7% from

    RMB175.4 million

    in the same period of 2021, primarily attributable to an increase in total paying members.

  • Transaction commission.

    Revenues from transaction commissions amounted to

    RMB347

    .8 million (

    US$51

    .9 million) in the second quarter of 2022, an increase of 116.2% from

    RMB160

    .9 million in the same period of 2021, primarily driven by the continued ramp-up of commissioned GTV penetration, and partially offset by a decrease in GTV due to COVID-19 outbreaks.


Value-added services.

Revenues from value-added services in the second quarter of 2022 were

RMB260.4 million

(

US$38.9 million

), an increase of 43.7% from

RMB181.2 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

RMB481.1 million

and RMB672.8 million for the three months ended

June 30, 2021

, and 2022, respectively)

.

Cost of revenues in the second quarter of 2022 was

RMB925.9 million

(

US$138.2 million

), compared with

RMB627.0 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

RMB845.4 million

, representing an increase of 47.7% from

RMB572.4 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 second quarter of 2022 were

RMB196.2 million

(

US$29.3 million

), compared with

RMB236.8 million

in the same period of 2021. The decrease was primarily due to a decrease in advertising and marketing expenses during the user registration suspension period, partially offset by an increase in salary and benefits expenses driven by higher sales and marketing headcount.



General and Administrative Expenses.


General and administrative expenses in the second quarter of 2022 were

RMB344.8 million

(

US$51.5 million

), compared with

RMB2,123.0 million

in the same period of 2021. The decrease was primarily due to lower share-based compensation expenses.



Research and Development Expenses.


Research and development expenses in the second quarter of 2022 were

RMB216.4 million

(

US$32.3 million

), compared with

RMB155.1 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.



Loss from Operations



.

Loss from operations in the second quarter of 2022 was

RMB46.4 million

(

US$6.9 million

), compared with

RMB2,040.4 million

in the same period of 2021.



Non-GAAP Adjusted Operating Income

5



.

Non-GAAP adjusted operating income in the second quarter of 2022 was

RMB211.3 million

(

US$31

.5 million), an increase of 949.9% from

RMB20.1 million

in the same period of 2021.



Net Income/(Loss).


Net income in the second quarter of 2022 was

RMB12.7 million

(

US$1.9 million

), compared with net loss of

RMB1,958.2 million

in the same period of 2021.



Non-GAAP Adjusted Net Income



.

Non-GAAP adjusted net income in the second quarter of 2022 was

RMB266

.9 million (

US$39

.8 million), an increase of 168.1% from

RMB99.5 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

RMB0.01


(US$0.00)

in the second quarter of 2022, compared with basic and diluted net loss per ADS of

RMB7.34

in the same period of 2021. Non-GAAP adjusted basic and diluted net income per ADS were

RMB0.25


(US$0.04)

in the second quarter of 2022, compared with non-GAAP adjusted basic and diluted net loss per ADS of

RMB0.49

in the same period of 2021.


Balance Sheet and Cash Flow

As of

June 30, 2022

, the Company had cash and cash equivalents, restricted cash, and short-term investments of

RMB26.1 billion

(

US$3.9 billion

) in total, compared with

RMB26.0 billion

as of

December 31, 2021

.

In the second quarter of 2022, net cash used in operating activities was

RMB286.4 million

(

US$42

.8 million).



5

Non-GAAP adjusted operating income is defined as 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

RMB1.65 billion

and

RMB1.73 billion

for the third quarter of 2022, representing a year-over-year growth rate of approximately 32.9% to 39.2%, despite the expected impact of the COVID-19 outbreaks on 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

RMB6.6981

to

US$1.00

, the exchange rate in effect as of

June 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

8:00 A.M.

U.S. Eastern Time on

August 25, 2022

, or

8:00 P.M.

Beijing Time to discuss its financial results and operating performance for the second 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:


08082389063


Singapore:


800-120-5863


Access Code:


7802406

The replay will be accessible through

September 1, 2022

, by dialing the following numbers:


United States:


+1-877-344-7529


International:


+1-412-317-0088


Replay Access Code:


6746887

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 our freight listing service, freight brokerage service and online transaction service. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas 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/(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

as 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

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 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, 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, non-GAAP adjusted net income, 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 loss, net 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:

[email protected]

The Piacente Group, Inc.


Emilie Wu


Tel: +86-21-6039-8363

E-mail:

[email protected]

In

the United States

:

The Piacente Group, Inc.


Brandi Piacente


Tel: +1-212-481-2050

E-mail:

[email protected]



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,



2021



2022



2022



RMB



RMB



US$



ASSETS


Current assets:


Cash and cash equivalents


4,284,291


4,811,929


718,402


Restricted cash – current


65,822


65,220


9,737


Short-term investments


21,634,642


21,219,243


3,167,950


Accounts receivable, net


29,139


14,727


2,199


Amounts due from related parties


7,075






Loans receivable, net


1,777,667


2,338,404


349,115


Prepayments, receivables and other current assets


1,099,607


1,411,469


210,727



Total current assets



28,898,243



29,860,992



4,458,130


Restricted cash – non-current


13,500


13,500


2,015


Property and equipment, net


102,158


105,786


15,793


Investments in equity investees


1,678,351


1,734,668


258,979


Intangible assets, net


557,016


528,166


78,853


Goodwill


3,124,828


3,124,828


466,525


Deferred tax assets


20,492


41,172


6,147


Operating lease right-of-use assets




162,395


24,245


Other non-current assets


3,847


6,193


925



Total non-current assets



5,500,192



5,716,708



853,482



TOTAL ASSETS



34,398,435



35,577,700



5,311,612



LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS'(DEFICIT)/EQUITY


Current liabilities:


Short-term borrowings


9,000


5,000


746


Accounts payable


29,381


29,807


4,450


Amount due to related parties


179,859


117,711


17,574


Prepaid for freight listing fees and other service fees


383,236


459,523


68,605


Income tax payable


31,538


45,187


6,746


Other tax payable


894,592


652,371


97,396


Operating lease liabilities – current




42,319


6,318


Accrued expenses and other current liabilities


1,206,179


1,151,621


171,933



Total current liabilities



2,733,785



2,503,539



373,768


Deferred tax liabilities


135,764


128,672


19,210


Operating lease liabilities – non-current




59,798


8,928



Total non-current liabilities



135,764



188,470



28,138



TOTAL LIABILITIES



2,869,549



2,692,009



401,906



MEZZANINE EQUITY


Redeemable non-controlling interests




94,448


14,101


Subscription receivables




(16,500)


(2,463)



SHAREHOLDERS’ (DEFICIT)/EQUITY


Ordinary shares

1


1,416


1,386


207


Additional paid-in capital


49,245,773


48,326,274


7,214,923


Accumulated other comprehensive income


538,650


1,680,920


250,955


Subscription receivables


(1,310,140)






Accumulated deficit


(17,020,254)


(17,200,837)


(2,568,017)



TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY



31,455,445



32,807,743



4,898,068


Non-controlling interests


73,441







TOTAL SHAREHOLDERS’ EQUITY



31,528,886



32,807,743



4,898,068



TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY



34,398,435



35,577,700



5,311,612



1

Settlement of Shareholder Loan: In November 2020, the Company extended a loan (the “Shareholder Loan”) in the aggregate principal amount of US$200 million to Mr. Gang Wang, a minority shareholder of the Company. The Shareholder Loan was secured by a share charge over certain shares beneficially owned by Mr. Wang. Pursuant to the share surrender and loan repayment agreement (the “Loan Repayment Agreement”) dated April 14, 2022, the Company settled the Shareholder Loan on May 7, 2022 by accepting the surrender of 560,224,090 Class A ordinary shares beneficially owned by Mr. Wang. Pursuant to the Loan Repayment Agreement, the number of surrendered shares was determined based on the closing price of the Company’s ADSs on the New York Stock Exchange on May 4, 2022, or US$7.14 per ADS, which implied a price of US$0.357 per Class A ordinary share.



FULL TRUCK ALLIANCE CO. LTD.



UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS



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



Three months ended



Six months ended



June 30,



March 31


,



June 30,



June 30,



June 30,



June 30


,



June 30,



2021



2022



2022



2022



2021



2022



2022



RMB



RMB



RMB



US$



RMB



RMB



US$



Net Revenues

(including value added taxes,


“VAT”, of RMB630.7 million and


RMB


896.6


million for the three months


ended June 30, 2021 and 2022,


respectively)



1,118,821



1,332,560



1,670,051



249,332



1,985,975



3,002,611



448,279



Operating expenses:


Cost of revenues (including VAT net of


refund of VAT of RMB481.1 million


and RMB


672.8


million for the three


months ended June 30, 2021 and

2022, respectively)

(1)



(626,952)


(683,882)


(925,937)


(138,239)


(1,039,752)


(1,609,819)


(240,340)


Sales and marketing expenses


(1)


(236,849)


(192,043)


(196,186)


(29,290)


(407,235)


(388,229)


(57,961)


General and administrative expenses


(1)


(2,123,019)


(458,415)


(344,781)


(51,474)


(2,444,995)


(803,196)


(119,914)


Research and development expenses


(1)


(155,081)


(220,956)


(216,373)


(32,304)


(293,128)


(437,329)


(65,292)


Provision for loans receivable


(23,705)


(49,980)


(40,080)


(5,984)


(52,161)


(90,060)


(13,446)



Total operating expenses



(3,165,606)



(1,605,276)



(1,723,357)



(257,291)



(4,237,271)



(3,328,633)



(496,953)


Other operating income


6,399


20,715


6,891


1,029


9,016


27,606


4,121



Loss from operations



(2,040,386)



(252,001)



(46,415)



(6,930)



(2,242,280)



(298,416)



(44,553)



Other income (expense)


Interest income


45,152


56,320


106,834


15,950


94,574


163,154


24,358


Interest expenses




(93)


(68)


(10)




(161)


(24)


Foreign exchange (loss) gain


(11,720)


1,126


10,195


1,522


(11,579)


11,321


1,690


Investment income (loss)


15,822


14,484


(13,968)


(2,085)


24,094


516


77


Unrealized gains (loss) from fair value


changes of trading securities and


derivative assets


29,655


(16,341)


(39,818)


(5,945)


(7,481)


(56,159)


(8,384)


Other (expenses) income, net


(6,859)


8,882


(799)


(119)


(5,416)


8,083


1,207


Share of (loss) gain in equity method investees


(1,685)


(213)


(608)


(91)


(3,257)


(821)


(123)



Total other income



70,365



64,165



61,768



9,222



90,935



125,933



18,801



Net (loss) income before income tax



(1,970,021)



(187,836)



15,353



2,292



(2,151,345)



(172,483)



(25,752)


Income tax  benefits (expense)


11,806


(4,172)


(2,613)


(390)


(3,826)


(6,785)


(1,013)



Net (loss) income



(1,958,215)



(192,008)



12,740



1,902



(2,155,171)



(179,268)



(26,765)


Less: net (loss) income attributable to


non-controlling interests


(227)


(14)


553


83


(228)


539


80


Less: measurement adjustment

attributable to redeemable non-

controlling interest






776


116




776


116



Net (loss) income attributable to Full

Truck Alliance Co. Ltd.



(1,957,988)



(191,994)



11,411



1,703



(2,154,943)



(180,583)



(26,961)


Deemed dividend to preferred share

holders


248,218








518,432







Net (loss) income attributable to



ordinary shareholders



(2,206,206)



(191,994)



11,411



1,703



(2,673,375)



(180,583)



(26,961)



FULL TRUCK ALLIANCE CO. LTD.



UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF 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,



2021



2022



2022



2022



2021



2022



2022



RMB



RMB



RMB



US$



RMB



RMB



US$



Net (loss) income per ordinary share


—Basic


(0.37)


(0.01)


0.00


0.00


(0.51)


(0.01)


(0.00)


—Diluted


(0.37)


(0.01)


0.00


0.00


(0.51)


(0.01)


(0.00)



Net (loss) income per ADS*


—Basic


(7.34)


(0.18)


0.01


0.00


(10.20)


(0.17)


(0.02)


—Diluted


(7.34)


(0.18)


0.01


0.00


(10.20)


(0.17)


(0.02)



Weighted average number

of ordinary shares used

in computing net (loss)

income per share


—Basic


6,010,123,217


21,858,931,448


21,651,628,375


21,651,628,375


5,243,545,489


21,802,802,087


21,802,802,087


—Diluted(2)


6,010,123,217


21,858,931,448


21,695,922,654


21,695,922,654


5,243,545,489


21,802,802,087


21,802,802,087



Weighted average number

of ADS used in

computing net (loss)

income per ADS


—Basic


300,506,161


1,092,946,572


1,082,581,419


1,082,581,419


262,177,274


1,090,140,104


1,090,140,104


—Diluted(2)


300,506,161


1,092,946,572


1,084,796,133


1,084,796,133


262,177,274


1,090,140,104


1,090,140,104


*        Each ADS represents 20 ordinary shares.


(1)     Share-based compensation expenses in operating expenses are as follows:



Three months ended



Six months ended



June 30,



March 31,



June 30,



June 30,



June 30,



June 30,



June 30,



2021



2022



2022



2022



2021



2022



2022



RMB



RMB



RMB



US$



RMB



RMB



US$


Cost of revenues


747


1,348


1,487


222


928


2,835


423


Sales and marketing expenses


12,660


9,160


10,350


1,545


38,878


19,510


2,913


General and administrative expenses


1,952,520


337,732


212,344


31,702


2,212,734


550,076


82,124


Research and development expenses


5,119


15,245


15,086


2,252


20,160


30,331


4,528



Total



1,971,046



363,485



239,267



35,721



2,272,700



602,752



89,988


(2) 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




Six months ended



June 30,



March


31,



June 30


,



June 30,



June 30,



June 30,



June 30,



2021



2022



2022



2022



2021



2022



2022



RMB



RMB



RMB



US$



RMB



RMB



US$



Loss from operations


(2,040,386)


(252,001)


(46,415)


(6,930)


(2,242,280)


(298,416)


(44,553)



Add:


Share-based


compensation


expense


1,971,046


363,485


239,267


35,721


2,272,700


602,752


89,988


Compensation cost


resulting from


repurchase of


ordinary shares in


excess of fair value


78,478








78,478






Amortization of


intangible assets


resulting from


business acquisitions


10,983


14,121


14,121


2,108


21,966


28,242


4,216


Compensation cost


incurred in relation

to




acquisitions




7,644


4,281


639




11,925


1,780



Non-GAAP adjusted



operating income (loss)



20,121



133,249



211,254



31,538



130,864



344,503



51,431



Net (loss) income


(1,958,215)


(192,008)


12,740


1,902


(2,155,171)


(179,268)


(26,765)



Add:


Share-based


compensation


expense


1,971,046


363,485


239,267


35,721


2,272,700


602,752


89,988


Compensation cost


resulting from


repurchase of


ordinary shares in


excess of fair value


78,478








78,478






Amortization of


intangible assets


resulting from


business acquisitions


10,983


14,121


14,121


2,108


21,966


28,242


4,216


Compensation cost


incurred in relation

to




acquisitions




7,644


4,281


639




11,925


1,780


Tax effects of


non-GAAP


adjustments


(2,746)


(3,530)


(3,530)


(527)


(5,492)


(7,060)


(1,054)



Non-GAAP adjusted net



income (loss)



99,546



189,712



266,879



39,843



212,481



456,591



68,165



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,



2021



2022



2022



2022



2021



2022



2022



RMB



RMB



RMB



US$



RMB



RMB



US$



Net (loss) income

attributable to



ordinary shareholders


(2,206,206)


(191,994)


11,411


1,703


(2,673,375)


(180,583)


(26,961)



Add:


Share-based


compensation


expense


1,971,046


363,485


239,267


35,721


2,272,700


602,752


89,988


Compensation cost


resulting from


repurchase of


ordinary shares in


excess of fair value


78,478








78,478






Amortization of


intangible assets


resulting from


business acquisitions


10,983


14,121


14,121


2,108


21,966


28,242


4,216


Compensation cost


incurred in relation

to




acquisitions




7,644


4,281


639




11,925


1,780


Tax effects of


non-GAAP


adjustments


(2,746)


(3,530)


(3,530)


(527)


(5,492)


(7,060)


(1,054)



Non-GAAP adjusted net



i


ncome (loss)

attributable to



ordinary shareholders



(148,445)



189,726



265,550



39,644



(305,723)



455,276



67,969



Non-GAAP adjusted net



income(loss) per

ordinary share


—Basic and diluted


(0.02)


0.01


0.01


0.00


(0.06)


0.02


0.00



Non-GAAP adjusted net



i


ncome(loss) per ADS


—Basic and diluted


(0.49)


0.17


0.25


0.04


(1.17)


0.42


0.06



Weighted average number



of ordinary shares used



in computing



non-GAAP adjusted net

(loss) income per share


—Basic and diluted


6,010,123,217


21,858,931,448


21,568,553,517


21,568,553,517


5,243,545,489


21,712,940,331


21,712,940,331



Weighted average number



of ADS used in



computing non-GAAP



adjusted net (loss)



income per ADS


—Basic and diluted


300,506,161


1,092,946,572


1,078,427,676


1,078,427,676


262,177,274


1,085,647,017


1,085,647,017

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SOURCE Full Truck Alliance Co. Ltd.

rt Full Truck Alliance Co. Ltd. Announces Second Quarter 2022 Unaudited Financial Results

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