Full Truck Alliance Co. Ltd. Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results

, /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 fourth quarter and fiscal year ended December 31, 2024. 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$434.9 million), an increase of 31.8% from RMB2,408.0 million in the same period of 2023. Total net revenues in 2024 were RMB11,238.6 million (US$1,539.7 million), an increase of 33.2% from RMB8,436.2 million in 2023. Net income in the fourth quarter of 2024 was RMB574.6 million (US$78.7 million), compared with RMB588.3 million in the same period of 2023. Net income in 2024 was RMB3,123.4 million (US$427.9 million), an increase of 40.2% from RMB2,227.1 million in 2023. Non-GAAP adjusted net income1 in the fourth quarter of 2024 was RMB1,052.0 million (US$144.1 million), an increase of 43.5% from RMB733.0 million in the same period of 2023. Non-GAAP adjusted net income in 2024 was RMB4,020.4 million (US$550.8 million), an increase of 43.7% from RMB2,797.0 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 of 24.1% 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 of 30.3% 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 RMB11.2 billion, a 33.2% increase year over year, with transaction service revenue soaring by 66.7%. As our topline continued to grow, net income rose by 40.2% year over year to RMB3.1 billion, and our non-GAAP adjusted net income surged by 43.7% to RMB4.0 billion. These achievements reinforce our confidence in future growth, and our ability to generate long-term value for shareholders. We will continue to harness this momentum to scale our business, improve our monetization capabilities, and increase shareholder value." 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 U.S. securities class action, which is non-recurring; (v) impairment loss of long-term investment; and (vi) 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 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 RMB3,174.3 million (US$434.9 million), representing an increase of 31.8% from RMB2,408.0 million in the same period of 2023, primarily attributable to an increase in revenues from freight matching services. Freight matching services. Revenues from freight matching services in the fourth quarter of 2024 were RMB2,704.9 million (US$370.6 million), representing an increase of 34.2% from RMB2,016.1 million in the same period of 2023. The increase was mainly due to the rapid increase in transaction service.4 Freight brokerage service. Revenues from freight brokerage service in the fourth quarter of 2024 were RMB1,316.1 million (US$180.3 million), an increase of 17.0% from RMB1,124.7 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$31.6 million), an increase of 7.5% from RMB214.4 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$158.7 million) in the fourth quarter of 2024, an increase of 71.1% from RMB677.1 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 RMB469.3 million (US$64.3 million), an increase of 19.8% from RMB391.8 million in the same period of 2023. The increase was due to growing demand from truckers and shippers for credit solutions. Cost of Revenues (including VAT net of government grants of RMB864.7 million and RMB1,070.9 million for the three months ended December 31, 2023 and 2024, respectively). Cost of revenues in the fourth quarter of 2024 was RMB1,391.7 million (US$190.7 million), compared with RMB1,152.3 million in the same period of 2023. The increase was primarily due to increases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB1,278.5 million, representing an increase of 25.9% from RMB1,015.3 million in the same period of 2023, primarily due to an increase in tax costs net of government grants related to the Company's freight brokerage service. Sales and Marketing Expenses. Sales and marketing expenses in the fourth quarter of 2024 were RMB471.8 million (US$64.6 million), compared with RMB421.0 million in the same period of 2023. 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 fourth quarter of 2024 were RMB202.3 million (US$27.7 million), compared with RMB266.0 million in the same period of 2023. The decrease was primarily due to lower salary and benefits expenses. Research and Development Expenses. Research and development expenses in the fourth quarter of 2024 were RMB205.0 million (US$28.1 million), compared with RMB255.3 million in the same period of 2023. The decrease was primarily due to lower salary and benefits expenses. Income from Operations. Income from operations in the fourth quarter of 2024 was RMB835.4 million (US$114.5 million), an increase of 233.1% from RMB250.8 million in the same period of 2023. Non-GAAP Adjusted Operating Income.5 Non-GAAP adjusted operating income in the fourth quarter of 2024 was RMB963.3 million (US$132.0 million), an increase of 141.6% from RMB398.8 million in the same period of 2023. Impairment loss. Impairment loss in the fourth quarter of 2024 was RMB352.7 million (US$48.3 million), compared with nil in the same period of 2023. The loss was due to credit impairment on investments in certain investee that could not meet the shareholders' redemption requests due to insufficient funds resulting from operational underperformance. Net Income. Net income in the fourth quarter of 2024 was RMB574.6 million (US$78.7 million), compared with RMB588.3 million in the same period of 2023. Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the fourth quarter of 2024 was RMB1,052.0 million (US$144.1 million), an increase of 43.5% from RMB733.0 million in the same period of 2023. 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 RMB0.54 (US$0.07) in the fourth quarter of 2024, compared with RMB0.56 in the same period of 2023. Diluted net income per ADS was RMB0.53 (US$0.07) in the fourth quarter of 2024, compared with RMB0.56 in the same period of 2023. Non-GAAP adjusted basic net income per ADS was RMB1.00 (US$0.14) in the fourth quarter of 2024, compared with RMB0.70 in the same period of 2023. Non-GAAP adjusted diluted net income per ADS was RMB0.99 (US$0.14) in the fourth quarter of 2024, compared with RMB0.69 in the same period of 2023. 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 RMB29.2 billion (US$4.0 billion) in total, compared with RMB27.6 billion as of December 31, 2023. 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 RMB4,199.6 million (US$575.3 million), compared with RMB3,521.1 million as of December 31, 2023. The total non-performing loan ratio8 for these loans was 2.2% as of December 31, 2024, compared with 2.0% as of December 31, 2023. In the fourth quarter of 2024, net cash provided by operating activities was RMB1,150.0 million (US$157.6 million). 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 RMB31.8 million and RMB0.4 million, which were previously included in "Freight listing service" and "Value-added services," respectively, as "Transaction service." 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 U.S. securities class action, which is non-recurring. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release. 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 U.S. securities class action, which is non-recurring; (v) impairment loss of long-term investment; and (vi) 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. 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 RMB4,172.7 million and RMB5,097.7 million for the years ended December 31, 2023 and 2024, respectively). Total net revenues in 2024 were RMB11,238.6 million (US$1,539.7 million), representing an increase of 33.2% from RMB8,436.2 million in 2023, primarily attributable to an increase in revenues from freight matching services. Freight matching services. Revenues from freight matching services in 2024 were RMB9,455.1 million (US$1,295.3 million), representing an increase of 34.0% from RMB7,053.5 million in 2023. The increase was mainly due to the rapid growth of transaction service. Freight brokerage service. Revenues from freight brokerage service in 2024 were RMB4,727.0 million (US$647.6 million), an increase of 20.7% from RMB3,916.4 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$120.5 million), an increase of 6.2% from RMB828.2 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$527.3 million) in 2024, an increase of 66.7% from RMB2,309.0 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 RMB1,783.5 million (US$244.3 million), an increase of 29.0% from RMB1,382.6 million in 2023. The increase was due to an increase in revenues from credit solutions and other value-added services. Cost of Revenues (including VAT net of government grants of RMB3,121.0 million and RMB3,893.4 million for the years ended December 31, 2023 and 2024, respectively). Cost of revenues in 2024 was RMB5,100.6 million (US$698.8 million), compared with RMB4,119.0 million in 2023. The increase was primarily due to increases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB4,584.4 million, representing an increase of 24.1% from RMB3,693.5 million in 2023, primarily due to an increase in transaction activities involving the Company's freight brokerage service. Sales and Marketing Expenses. Sales and marketing expenses in 2024 were RMB1,596.8 million (US$218.8 million), compared with RMB1,239.2 million in 2023. 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 2024 were RMB913.8 million (US$125.2 million), compared with RMB937.7 million in 2023. The decrease was primarily attributable to the Company's settlement in principle of certain U.S. securities class action claims in 2023, partially offset by higher share-based compensation expenses. Research and Development Expenses. Research and development expenses in 2024 were RMB880.0 million (US$120.6 million), compared with RMB946.6 million in 2023. The decrease was primarily due to lower salary and benefits expenses. Income from Operations. Income from operations in 2024 was RMB2,475.0 million (US$339.1 million), an increase of 148.1% from RMB997.4 million in 2023. Non-GAAP Adjusted Operating Income. Non-GAAP adjusted operating income in 2024 was RMB3,032.3 million (US$415.4 million), an increase of 91.9% from RMB1,580.4 million in 2023. Net Income. Net income in 2024 was RMB3,123.4 million (US$427.9 million), an increase of 40.2% from RMB2,227.1 million in 2023. Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in 2024 was RMB4,020.4 million (US$550.8 million), an increase of 43.7% from RMB2,797.0 million in 2023. Basic and Diluted Net Income per ADS and Non-GAAP Adjusted Basic and Diluted Net Income per ADS. Basic net income per ADS was RMB2.95 (US$0.40) in 2024, compared with RMB2.10 in 2023. Diluted net income per ADS was RMB2.94 (US$0.40) in 2024, compared with RMB2.09 in 2023. Non-GAAP adjusted basic net income per ADS was RMB3.81 (US$0.52) in 2024, compared with RMB2.64 in 2023. Non-GAAP adjusted diluted net income per ADS was RMB3.80 (US$0.52) in 2024, compared with RMB2.63 in 2023. Business Outlook The Company expects its total net revenues to be between RMB2.63 billion and RMB2.68 billion for the first quarter of 2025, representing a year-over-year growth rate of approximately 15.9% to 18.1%. 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. 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 US$200 million. The determination to make dividend distributions and the exact amount of such distributions in any particular semi-annual period will be made at the discretion of the Board based upon the Company's operations and earnings, cash flow, financial condition, and other relevant factors, and subject to adjustment and determination by the Board. The Board has also approved a semi-annual cash dividend of US$0.0048 per ordinary share, or US$0.0960 per American depositary share (the "ADS"), payable on or around April 18, 2025, to holders of record of the Company's ordinary shares at the close of business on April 7, 2025. The aggregate amount of the dividend is expected to be approximately US$100 million. Cash dividends are expected to be paid to holders of the Company's ADSs through the depositary, Deutsche Bank Trust Company Americas, on or around April 18, 2025, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder. 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 US$300 million of its ADSs and/or ordinary shares through March 12, 2025. As of March 4, 2025, the Company had repurchased an aggregate of approximately 4.9 million ADSs for approximately US$40.3 million from the open market under the share repurchase program. 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 US$200 million of its ADSs and/or ordinary shares through March 12, 2026. Repurchases under the Company's share repurchase program may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with the applicable rules and regulations. The Board will review the share repurchase program periodically, and may authorize adjustments to its terms and size or suspend or discontinue the program. The timing and conditions of the share repurchases will be subject to various factors including the requirements under Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The Company expects to fund the repurchases with its existing cash balance. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") 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 RMB7.2993 to US$1.00, the exchange rate in effect as of December 31, 2024, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all. Conference Call The Company's management will hold an earnings conference call at 7:00 A.M. U.S. Eastern Time on March 5, 2025, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and fiscal year 2024. 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: United States: +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 U.S. GAAP. The Company defines non-GAAP adjusted operating income as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions and (iv) settlement in principle of U.S. securities class action, which is non-recurring. The Company defines non-GAAP adjusted net income 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 U.S. securities class action, which is non-recurring; (v) impairment loss of long-term investment; and (vi) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted net income attributable to ordinary shareholders as 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 U.S. securities class action, which is non-recurring; (v) impairment loss of long-term investment; and (vi) 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. 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, net income, net income attributable to ordinary shareholders and basic and diluted net income 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 health epidemics, 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 MaoE-mail: [email protected] Piacente Financial CommunicationsHui FanTel: +86-10-6508-0677E-mail: [email protected] In the United States: Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050E-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, 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 RMB6,809 million long-term time deposits, RMB1,390 million wealth management products with maturities over one year, RMB641 million investments in debt securities, RMB318 million equity method investments, and RMB718 million equity investments without readily determinable fair value as of December 31, 2024. 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 RMB1,197.4 million and RMB1,422.1 million for the three months ended December 31, 2023 and 2024, RMB4,172.7 million and RMB5,097.7 million for the year ended 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 RMB864.7 million and RMB1,070.9 million for the three months ended December 31, 2023 and 2024, RMB3,121.0 million and RMB3,893.4 million 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 U.S. securities 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 U.S. securities 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 U.S. securities 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 SOURCE Full Truck Alliance Co. 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Full Truck Alliance Co. Ltd. Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results

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