Full Truck Alliance Co. Ltd. Announces First Quarter 2024 Unaudited Financial Results
First Quarter 2024 Financial and Operational H ighlights
-
Total net revenues in the first quarter of 2024 were
RMB2,268.7 million (US$314.2 million ), an increase of 33.3% fromRMB1,702.3 million in the same period of 2023. -
Net income in the first quarter of 2024 was
RMB586.4 million (US$81.2 million ), an increase of 42.5% fromRMB411.4 million in the same period of 2023. -
Non-GAAP adjusted net income[1] in the first quarter of 2024 was
RMB756.4 million (US$104.8 million ), an increase of 46.9% fromRMB514.8 million in the same period of 2023. -
Fulfilled orders[2]in the first quarter of 2024 reached 39.3 million, an increase of 29.6% from 30.3 million in the same period of 2023.
- Average shipper MAUs[3]in the first quarter of 2024 reached 2.14 million, an increase of 22.3% from 1.75 million in the same period of 2023.
Mr.
Mr.
[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; and (iv) tax effects of non-GAAP adjustments. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release. |
[2] Fulfilled orders on our platform in a given period are defined as all shipping orders matched through our platform during such period but exclude (i) shipping orders that are subsequently canceled and (ii) shipping orders for which our users failed to specify any freight prices as there are substantial uncertainties as to whether the shipping orders are fulfilled. |
[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. |
First Quarter 2024 Financial Results
Net Revenues
(including value added taxes, or "VAT," of
Freight matching services. Revenues from freight matching services in the first quarter of 2024 were
-
Freight brokerage service. Revenues from freight brokerage service in the first quarter of 2024 were
RMB965.2 million (US$133.7 million ), an increase of 24.9% fromRMB772.6 million in the same period of 2023, primarily attributable to an increase in transaction volume due to the continued growth in user demand. -
Freight listing service. Revenues from freight listing service in the first quarter of 2024 were
RMB213.5 million (US$29.6 million ), an increase of 6.7% fromRMB200.2 million in the same period of 2023, primarily due to a growing number of total paying members. -
T
ransaction
service[4]
. Revenues from transaction service amounted to
RMB691.0 million (US$95.7 million ) in the first quarter of 2024, an increase of 61.5% fromRMB428.0 million in the same period of 2023, primarily driven by an increase in order volume, penetration rate, and the per-order transaction service fee.
Value-added services. Revenues from value-added services in the first quarter of 2024 were
Cost of Revenues
(including VAT net of government grants of
Sales and Marketing Expenses.
Sales and marketing expenses in the first quarter of 2024 were
General and Administrative Expenses.
General and administrative expenses in the first quarter of 2024 were
Research and Development Expenses.
Research and development expenses in the first quarter of 2024 were
Income from Operations
. Income from operations in the first quarter of 2024 was
Non-GAAP Adjusted Operating Income.[5]
Non-GAAP adjusted operating income in the first quarter of 2024 was
Net Income.
Net income in the first quarter of 2024 was
Non-GAAP Adjusted Net Income
. Non-GAAP adjusted net income in the first quarter of 2024 was
Basic and Diluted Net Income per ADS[6] and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.[7]
Basic and diluted net income per ADS were
Balance Sheet and Cash Flow
As of
As of
In the first quarter of 2024, net cash provided by operating activities was
[4]
Effective |
[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. 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; and (iv) tax effects of non-GAAP adjustments, divided by weighted average number of basic and diluted ADSs, respectively. For more information, refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release. |
[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. |
Business Outlook
The Company expects its total net revenues to be between
Share Repurchase Program
On
Change to Executive Officer
Mr.
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
Dial-in details for the earnings conference call are as follows:
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+1-888-317-6003 |
International: |
+1-412-317-6061 |
Mainland |
400-120-6115 |
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800-963-976 |
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+852-5808-1995 |
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08082389063 |
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800-120-5863 |
Access Code: |
3188524 |
The replay will be accessible through
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+1-877-344-7529 |
International: |
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+1-412-317-0088 |
Replay Access Code: |
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6908591 |
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
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
E-mail: IR@amh-group.com
Tel: +86-10-6508-0677
E-mail: FTA@thepiacentegroup.com
In
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
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(All amounts in thousands, except share, ADS, per share and per ADS data) |
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As of |
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2023 |
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2024 |
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2024 |
|
RMB |
|
RMB |
|
US$ |
ASSETS |
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Current assets: |
|
|
|
|
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Cash and cash equivalents |
6,770,895 |
|
7,045,436 |
|
975,782 |
Restricted cash – current |
115,513 |
|
92,585 |
|
12,823 |
Short-term investments |
11,516,304 |
|
11,388,665 |
|
1,577,312 |
Accounts receivable, net |
23,418 |
|
37,976 |
|
5,260 |
Amounts due from related parties |
— |
|
25,081 |
|
3,474 |
Loans receivable, net |
3,521,072 |
|
3,565,229 |
|
493,779 |
Prepayments and other current assets |
2,049,780 |
|
2,140,930 |
|
296,515 |
Total current assets |
23,996,982 |
|
24,295,902 |
|
3,364,945 |
Restricted cash – non-current |
10,000 |
|
20,000 |
|
2,770 |
Long-term investments[1] |
11,075,739 |
|
10,862,931 |
|
1,504,499 |
Property and equipment, net |
194,576 |
|
211,781 |
|
29,331 |
Intangible assets, net |
449,904 |
|
435,991 |
|
60,384 |
|
3,124,828 |
|
3,124,828 |
|
432,784 |
Deferred tax assets |
149,081 |
|
154,821 |
|
21,442 |
Operating lease right-of-use assets and land use rights |
134,867 |
|
137,869 |
|
19,095 |
Other non-current assets |
211,670 |
|
272,310 |
|
37,714 |
Total non-current assets |
15,350,665 |
|
15,220,531 |
|
2,108,019 |
TOTAL ASSETS |
39,347,647 |
|
39,516,433 |
|
5,472,964 |
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
25,220 |
|
28,173 |
|
3,902 |
Prepaid for freight listing fees and other service fees |
548,917 |
|
504,357 |
|
69,853 |
Income tax payable |
154,916 |
|
207,740 |
|
28,772 |
Other tax payable |
784,617 |
|
753,604 |
|
104,373 |
Operating lease liabilities – current |
37,758 |
|
41,177 |
|
5,703 |
Dividends payable |
— |
|
1,062,670 |
|
147,178 |
Accrued expenses and other current liabilities |
1,723,245 |
|
1,551,858 |
|
214,930 |
Total current liabilities |
3,274,673 |
|
4,149,579 |
|
574,711 |
Deferred tax liabilities |
108,591 |
|
105,335 |
|
14,589 |
Operating lease liabilities – non-current |
46,709 |
|
44,714 |
|
6,193 |
Other non-current liabilities |
22,950 |
|
18,964 |
|
2,626 |
Total non-current liabilities |
178,250 |
|
169,013 |
|
23,408 |
TOTAL LIABILITIES |
3,452,923 |
|
4,318,592 |
|
598,119 |
MEZZANINE EQUITY |
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Redeemable non-controlling interests |
277,420 |
|
302,848 |
|
41,944 |
SHAREHOLDERS' EQUITY |
|
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Ordinary shares |
1,371 |
|
1,345 |
|
186 |
|
(608,117) |
|
— |
|
— |
Additional paid-in capital |
47,713,985 |
|
45,764,768 |
|
6,338,347 |
Accumulated other comprehensive income |
2,897,871 |
|
2,936,062 |
|
406,640 |
Accumulated deficit |
(14,400,604) |
|
(13,819,432) |
|
(1,913,969) |
TOTAL |
35,604,506 |
|
34,882,743 |
|
4,831,204 |
Non-controlling interests |
12,798 |
|
12,250 |
|
1,697 |
TOTAL SHAREHOLDERS' EQUITY |
35,617,304 |
|
34,894,993 |
|
4,832,901 |
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY |
39,347,647 |
|
39,516,433 |
|
5,472,964 |
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1.
The Group's long-term investments consist of |
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(All amounts in thousands, except share, ADS, per share and per ADS data) |
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Three months ended |
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2023 |
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2023 |
|
2024 |
|
2024 |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
Net Revenues (including value added taxes, "VAT", |
|
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|
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of |
|
|
|
|
|
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ended |
1,702,257 |
|
2,407,957 |
|
2,268,713 |
|
314,212 |
Operating expenses: |
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Cost of revenues (including VAT net of government grants, of |
|
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|
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|
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|
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ended |
(849,373) |
|
(1,152,317) |
|
(1,031,888) |
|
(142,915) |
Sales and marketing expenses(1) |
(245,677) |
|
(420,960) |
|
(340,147) |
|
(47,110) |
General and administrative expenses(1) |
(179,507) |
|
(266,016) |
|
(264,467) |
|
(36,628) |
Research and development expenses(1) |
(229,879) |
|
(255,344) |
|
(247,708) |
|
(34,307) |
Provision for loans receivable |
(52,878) |
|
(67,627) |
|
(80,324) |
|
(11,125) |
Total operating expenses |
(1,557,314) |
|
(2,162,264) |
|
(1,964,534) |
|
(272,085) |
Other operating income |
20,821 |
|
5,123 |
|
8,010 |
|
1,109 |
Income from operations |
165,764 |
|
250,816 |
|
312,189 |
|
43,236 |
Other income |
|
|
|
|
|
|
|
Interest income |
246,114 |
|
313,037 |
|
315,363 |
|
43,677 |
Foreign exchange (loss)gain |
(97) |
|
(2,909) |
|
417 |
|
58 |
Investment income |
2,713 |
|
25,832 |
|
18,484 |
|
2,560 |
Unrealized gains (losses) from fair value changes of investments |
|
|
|
|
|
|
|
and derivative assets |
9,961 |
|
6,833 |
|
(7,388) |
|
(1,023) |
Other income, net |
6,663 |
|
2,457 |
|
2,070 |
|
287 |
Share of loss in equity method investees |
(310) |
|
(825) |
|
(48) |
|
(7) |
Total other income |
265,044 |
|
344,425 |
|
328,898 |
|
45,552 |
Net income before income tax |
430,808 |
|
595,241 |
|
641,087 |
|
88,788 |
Income tax expense |
(19,380) |
|
(6,991) |
|
(54,720) |
|
(7,579) |
Net income |
411,428 |
|
588,250 |
|
586,367 |
|
81,209 |
Less: net loss attributable to non-controlling interests |
— |
|
(591) |
|
(549) |
|
(76) |
Less: measurement adjustment attributable to redeemable non-controlling |
|
|
|
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interests |
2,519 |
|
4,752 |
|
5,744 |
|
796 |
Net income attributable to ordinary shareholders |
408,909 |
|
584,089 |
|
581,172 |
|
80,489 |
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED) |
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(All amounts in thousands, except share, ADS, per share and per ADS data) |
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Three months ended |
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2023 |
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2023 |
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2024 |
|
2024 |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
Net income per share |
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|
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—Basic |
0.02 |
|
0.03 |
|
0.03 |
|
0.00 |
—Diluted |
0.02 |
|
0.03 |
|
0.03 |
|
0.00 |
Net income per ADS* |
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—Basic |
0.38 |
|
0.56 |
|
0.56 |
|
0.08 |
—Diluted |
0.38 |
|
0.56 |
|
0.56 |
|
0.08 |
Weighted average number of ordinary shares used |
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in computing net income per share |
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—Basic |
21,293,430,120 |
|
20,949,011,129 |
|
20,864,118,097 |
|
20,864,118,097 |
—Diluted |
21,352,354,948 |
|
21,016,273,541 |
|
20,904,689,303 |
|
20,904,689,303 |
Weighted average number of ADSs used in |
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computing net income per ADS |
|
|
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—Basic |
1,064,671,506 |
|
1,047,450,556 |
|
1,043,205,905 |
|
1,043,205,905 |
—Diluted |
1,067,617,747 |
|
1,050,813,677 |
|
1,045,234,465 |
|
1,045,234,465 |
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* Each ADS represents 20 ordinary shares. |
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(1) Share-based compensation expense in operating expenses are as follows: |
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Three months ended |
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2023 |
|
2023 |
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2024 |
|
2024 |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
Cost of revenues |
1,806 |
|
2,593 |
|
2,744 |
|
380 |
Sales and marketing expenses |
11,197 |
|
16,014 |
|
10,685 |
|
1,480 |
General and administrative expenses |
58,841 |
|
89,255 |
|
119,543 |
|
16,557 |
Research and development expenses |
17,482 |
|
22,813 |
|
22,984 |
|
3,183 |
Total |
89,326 |
|
130,675 |
|
155,956 |
|
21,600 |
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RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS |
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(All amounts in thousands, except share, ADS, per share and per ADS data) |
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Three months ended |
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2023 |
|
2023 |
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2024 |
|
2024 |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
Income from operations |
165,764 |
|
250,816 |
|
312,189 |
|
43,236 |
Add: |
|
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|
|
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Share-based compensation expense |
89,326 |
|
130,675 |
|
155,956 |
|
21,600 |
Amortization of intangible assets resulting from |
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|
|
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|
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business acquisitions |
13,021 |
|
13,021 |
|
13,021 |
|
1,803 |
Compensation cost incurred in relation to acquisitions |
4,281 |
|
4,281 |
|
4,281 |
|
593 |
Non-GAAP adjusted operating income |
272,392 |
|
398,793 |
|
485,447 |
|
67,232 |
|
|
|
|
|
|
|
|
Net income |
411,428 |
|
588,250 |
|
586,367 |
|
81,209 |
Add: |
|
|
|
|
|
|
|
Share-based compensation expense |
89,326 |
|
130,675 |
|
155,956 |
|
21,600 |
Amortization of intangible assets resulting from |
|
|
|
|
|
|
|
business acquisitions |
13,021 |
|
13,021 |
|
13,021 |
|
1,803 |
Compensation cost incurred in relation to acquisitions |
4,281 |
|
4,281 |
|
4,281 |
|
593 |
Tax effects of non-GAAP adjustments |
(3,255) |
|
(3,255) |
|
(3,255) |
|
(451) |
Non-GAAP adjusted net income |
514,801 |
|
732,972 |
|
756,370 |
|
104,754 |
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RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED) |
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(All amounts in thousands, except share, ADS, per share and per ADS data) |
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Three months ended |
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2023 |
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2023 |
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2024 |
|
2024 |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
Net income attributable to ordinary shareholders |
408,909 |
|
584,089 |
|
581,172 |
|
80,489 |
Add: |
|
|
|
|
|
|
|
Share-based compensation expense |
89,326 |
|
130,675 |
|
155,956 |
|
21,600 |
Amortization of intangible assets resulting from |
|
|
|
|
|
|
|
business acquisitions |
13,021 |
|
13,021 |
|
13,021 |
|
1,803 |
Compensation cost incurred in relation to acquisitions |
4,281 |
|
4,281 |
|
4,281 |
|
593 |
Tax effects of non-GAAP adjustments |
(3,255) |
|
(3,255) |
|
(3,255) |
|
(451) |
Non-GAAP adjusted net income attributable to |
|
|
|
|
|
|
|
ordinary shareholders |
512,282 |
|
728,811 |
|
751,175 |
|
104,034 |
|
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|
|
|
|
|
|
Non-GAAP adjusted net income per share |
|
|
|
|
|
|
|
—Basic |
0.02 |
|
0.03 |
|
0.04 |
|
0.00 |
—Diluted |
0.02 |
|
0.03 |
|
0.04 |
|
0.00 |
Non-GAAP adjusted net income per ADS |
|
|
|
|
|
|
|
—Basic |
0.48 |
|
0.70 |
|
0.72 |
|
0.10 |
—Diluted |
0.48 |
|
0.69 |
|
0.72 |
|
0.10 |
View original content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-first-quarter-2024-unaudited-financial-results-302150925.html
SOURCE