Connect with us

Technology

Full Truck Alliance Co. Ltd. Announces Second Quarter 2024 Unaudited Financial Results

Published

on

GUIYANG, China, Aug. 21, 2024 /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, 2024.

Second Quarter 2024 Financial and Operational Highlights

Total net revenues in the second quarter of 2024 were RMB2,764.3 million (US$380.4 million), an increase of 34.1% from RMB2,062.0 million in the same period of 2023.

Net income in the second quarter of 2024 was RMB840.5 million (US$115.7 million), an increase of 38.0% from RMB609.0 million in the same period of 2023.

Non-GAAP adjusted net income[1] in the second quarter of 2024 was RMB970.9 million (US$133.6 million), an increase of 34.3% from RMB722.7 million in the same period of 2023.

Fulfilled orders[2]in the second quarter of 2024 reached 49.1 million, an increase of 22.0% from 40.2 million in the same period of 2023.

Average shipper MAUs[3] in the second quarter of 2024 reached 2.65 million, an increase of 32.8% from 2.00 million in the same period of 2023.

Mr. Peter Hui Zhang, Founder, Chairman and Chief Executive Officer of FTA, commented, “We are pleased to see our team’s unwavering commitment to user centricity in the first half of 2024 despite pressure from macroeconomic challenges and extreme weather conditions. In the second quarter, we made steady progress across the board and delivered a strong operational and financial performance. Focusing on the core of our product and business from the user’s perspective has empowered consistent execution excellence. As a result, our shipper-user scale reached an all-time high. Meanwhile, we enhanced the infrastructure serving our truck-cargo matching system, driving continuous order structure improvement and a steady increase in fulfillment rate. As we move into the second half of the year, we are confident of achieving progress in various businesses and maintaining growth in both scale and profits.”

Mr. Simon Cai, Chief Financial Officer of FTA, added, “We delivered another set of robust financial results in the second quarter with growth in both top line and bottom line. Total net revenues increased by 34.1% year over year to RMB2,764.3 million, while net income and non-GAAP adjusted net income soared by 38.0% and 34.3% to reach RMB840.5 million and RMB970.9 million, respectively. More importantly, as we enhance the value of our platform’s ecosystem, our transaction service is rapidly realizing its monetization potential, with revenues under this model growing more than 60% year over year this quarter. Looking ahead, we see significant potential for user scale and monetization growth. We seek to continue seizing those opportunities by improving service quality and creating greater user 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; 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 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.

Second Quarter 2024 Financial Results

Net Revenues (including value added taxes, or “VAT,” of RMB953.0 million and RMB1,255.6 million for the three months ended June 30, 2023 and 2024, respectively). Total net revenues in the second quarter of 2024 were RMB2,764.3 million (US$380.4 million), representing an increase of 34.1% from RMB2,062.0 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 second quarter of 2024 were RMB2,328.7 million (US$320.4 million), representing an increase of 34.4% from RMB1,732.2 million in the same period of 2023. The increase was mainly due to a significant increase in transaction service[4] and the continued growth in freight brokerage service.

Freight brokerage service. Revenues from freight brokerage service in the second quarter of 2024 were RMB1,164.8 million (US$160.3 million), an increase of 22.7% from RMB948.9 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 second quarter of 2024 were RMB212.1 million (US$29.2 million), an increase of 5.6% from RMB200.8 million in the same period of 2023, primarily due to a growing number of total paying members.

Transaction service.[4] Revenues from transaction service amounted to RMB951.9 million (US$131.0 million) in the second quarter of 2024, an increase of 63.4% from RMB582.5 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 second quarter of 2024 were RMB435.6 million (US$59.9 million), an increase of 32.0% from RMB329.9 million in the same period of 2023. The increase was due to the growing demand from truckers and shippers for credit solutions and other value-added services.

Cost of Revenues (including VAT net of government grants of RMB774.9 million and RMB992.8 million for the three months ended June 30, 2023 and 2024, respectively). Cost of revenues in the second quarter of 2024 was RMB1,312.1 million (US$180.5 million), compared with RMB975.3 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 RMB1,176.3 million, representing an increase of 33.8% from RMB879.3 million in the same period of 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 the second quarter of 2024 were RMB372.3 million (US$51.2 million), compared with RMB281.8 million in the same period of 2023. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions, as well as higher salary and benefits expenses.

General and Administrative Expenses. General and administrative expenses in the second quarter of 2024 were RMB219.2 million (US$30.2 million), compared with RMB201.7 million in the same period of 2023. The increase was primarily due to higher share-based compensation expenses.

Research and Development Expenses. Research and development expenses in the second quarter of 2024 were RMB232.1 million (US$31.9 million), compared with RMB223.7 million in the same period of 2023. The increase was primarily due to higher share-based compensation expenses and increased investment in technology infrastructure.

Income from Operations. Income from operations in the second quarter of 2024 was RMB565.4 million (US$77.8 million), an increase of 69.4% from RMB333.8 million in the same period of 2023.

Non-GAAP Adjusted Operating Income.[5] Non-GAAP adjusted operating income in the second quarter of 2024 was RMB699.0 million (US$96.2 million), an increase of 55.1% from RMB450.7 million in the same period of 2023.

Net Income. Net income in the second quarter of 2024 was RMB840.5 million (US$115.7 million), an increase of 38.0% from RMB609.0 million in the same period of 2023.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the second quarter of 2024 was RMB970.9 million (US$133.6 million), an increase of 34.3% from RMB722.7 million in the same period of 2023.

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 RMB0.79 (US$0.11) in the second quarter of 2024, compared with RMB0.57 in the same period of 2023. Non-GAAP adjusted basic net income per ADS was RMB0.92 (US$0.13) in the second quarter of 2024, compared with RMB0.68 in the same period of 2023. Non-GAAP adjusted diluted net income per ADS was RMB0.91 (US$0.13) in the second quarter of 2024, compared with RMB0.68 in the same period of 2023.

Balance Sheet and Cash Flow

As of June 30, 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 RMB26.8 billion (US$3.7 billion) in total, compared with RMB27.6 billion as of December 31, 2023.

As of June 30, 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 RMB3,997.1 million (US$550.0 million), compared with RMB3,521.1 million as of December 31, 2023. The total non-performing loan ratio[8] for these loans was 2.1% as of June 30, 2024, compared with 2.0% as of December 31, 2023.

In the second quarter of 2024, net cash provided by operating activities was RMB573.7 million (US$78.9 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 RMB26.4 million and RMB1.0 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. 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 RMB2.76 billion and RMB2.82 billion for the third quarter of 2024, representing a year-over-year growth rate of approximately 21.9% to 24.6%. These forecasts reflect the Company’s current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof. 

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 RMB7.2672 to US$1.00, the exchange rate in effect as of June 28, 2024, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ 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 8:00 A.M. U.S. Eastern Time on August 21, 2024, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the second quarter of 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/10191169/fd24d80cfd 

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 August 28, 2024, by dialing the following numbers:

United States:                    

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

6781695

A live and archived webcast of the conference call will also be available on the Company’s investor relations website at ir.fulltruckalliance.com.

About Full Truck Alliance Co. Ltd.

Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and online transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to make logistics smarter, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.

Use of Non-GAAP Financial Measures 

The Company uses non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders, non-GAAP adjusted basic and diluted net income per share and non-GAAP adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, as supplemental measures to review and assess its operating performance.

The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted operating income as income 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. 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; and (iv) 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; and (iv) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted basic and diluted net income per share as non-GAAP adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares, respectively. The Company defines non-GAAP adjusted basic and diluted net income per ADS as non-GAAP adjusted net income attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADSs, respectively.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations. Share-based compensation expense, amortization of intangible assets resulting from business acquisitions, compensation cost incurred in relation to acquisitions and tax effects of non-GAAP adjustments have been and may continue to be incurred in its business and are not reflected in the presentation of its non-GAAP financial measures.

The Company reconciles the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net income per share should not be considered in isolation or construed as an alternative to operating income, 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 Mao
E-mail: IR@amh-group.com

Piacente Financial Communications
Hui Fan
Tel: +86-10-6508-0677
E-mail: FTA@thepiacentegroup.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com

 

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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

As of

December 31,

June 30,

June 30,

2023

2024

2024

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

6,770,895

5,135,376

706,651

Restricted cash – current

115,513

100,763

13,865

Short-term investments

11,516,304

11,552,755

1,589,712

Accounts receivable, net

23,418

27,378

3,767

Loans receivable, net

3,521,072

3,997,137

550,024

Prepayments and other current assets

2,049,780

2,376,943

327,079

Total current assets

23,996,982

23,190,352

3,191,098

Restricted cash – non-current

10,000

20,000

2,752

Long-term investments[1]

11,075,739

12,007,362

1,652,268

Property and equipment, net

194,576

236,282

32,513

Intangible assets, net

449,904

421,875

58,052

Goodwill

3,124,828

3,124,828

429,991

Deferred tax assets

149,081

185,000

25,457

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

134,867

134,986

18,575

Other non-current assets

211,670

277,633

38,204

Total non-current assets

15,350,665

16,407,966

2,257,812

TOTAL ASSETS

39,347,647

39,598,318

5,448,910

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

25,220

32,656

4,494

Prepaid for freight listing fees and other service fees

548,917

600,993

82,699

Income tax payable

154,916

276,578

38,058

Other tax payable

784,617

878,786

120,925

Operating lease liabilities – current

37,758

42,846

5,896

Dividends payable

16,806

2,313

Accrued expenses and other current liabilities

1,723,245

1,493,252

205,478

Total current liabilities

3,274,673

3,341,917

459,863

Deferred tax liabilities

108,591

102,080

14,047

Operating lease liabilities – non-current

46,709

40,394

5,558

Other non-current liabilities

22,950

17,229

2,371

Total non-current liabilities

178,250

159,703

21,976

TOTAL LIABILITIES

3,452,923

3,501,620

481,839

MEZZANINE EQUITY

Redeemable non-controlling interests

277,420

389,099

53,542

SHAREHOLDERS’ EQUITY

Ordinary shares

1,371

1,341

185

Treasury stock, at cost

(608,117)

Additional paid-in capital

47,713,985

45,699,371

6,288,443

Accumulated other comprehensive income

2,897,871

3,031,806

417,190

Accumulated deficit

(14,400,604)

(13,036,601)

(1,793,896)

TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY

35,604,506

35,695,917

4,911,922

Non-controlling interests

12,798

11,682

1,607

TOTAL SHAREHOLDERS’ EQUITY

35,617,304

35,707,599

4,913,529

TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY

39,347,647

39,598,318

5,448,910

1. The Group’s long-term investments consist of RMB9,318 million long-term time deposits, RMB678 million wealth management products with maturities
over one year, RMB979 million investments in debt securities, RMB320 million equity method investments, and RMB712 million equity investments without
readily determinable fair value as of June 30, 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

Six months ended

June 30,

March 31,

June 30,

June 30,

June 30,

June 30,

June 30,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Net revenues (including value added taxes,

“VAT”, of RMB953.0 million and

RMB1,255.6 million for the three months

ended June 30, 2023 and 2024,

respectively)

2,062,028

2,268,713

2,764,283

380,379

3,764,285

5,032,996

692,562

Operating expenses:

Cost of revenues (including VAT net of

government grants, of RMB774.9 

million and RMB992.8 million for the

three months ended June 30, 2023

and 2024, respectively)(1)

(975,269)

(1,031,888)

(1,312,072)

(180,547)

(1,824,642)

(2,343,960)

(322,540)

Sales and marketing expenses(1)

(281,772)

(340,147)

(372,288)

(51,229)

(527,449)

(712,435)

(98,034)

General and administrative expenses(1)

(201,711)

(264,467)

(219,157)

(30,157)

(381,218)

(483,624)

(66,549)

Research and development expenses(1)

(223,696)

(247,708)

(232,140)

(31,944)

(453,575)

(479,848)

(66,029)

Provision for loans receivable

(51,146)

(80,324)

(71,057)

(9,778)

(104,024)

(151,381)

(20,831)

Total operating expenses

(1,733,594)

(1,964,534)

(2,206,714)

(303,655)

(3,290,908)

(4,171,248)

(573,983)

Other operating income

5,355

8,010

7,798

1,073

26,176

15,808

2,175

Income from operations

333,789

312,189

565,367

77,797

499,553

877,556

120,754

Other income (expense)

Interest income

285,461

315,363

305,337

42,016

531,575

620,700

85,411

Foreign exchange gain

272

417

6,306

868

175

6,723

925

Investment income

4,471

18,484

18,697

2,573

7,184

37,181

5,116

Unrealized gains (losses) from fair 

value changes of investments and

derivative assets

8,268

(7,388)

(4,522)

(622)

18,229

(11,910)

(1,639)

Other income, net

4,259

2,070

1,395

192

10,922

3,465

477

Share of loss in equity method investees

(696)

(48)

(882)

(121)

(1,006)

(930)

(128)

Total other income

302,035

328,898

326,331

44,906

567,079

655,229

90,162

Net income before income tax

635,824

641,087

891,698

122,703

1,066,632

1,532,785

210,916

  Income tax expense

(26,832)

(54,720)

(51,190)

(7,044)

(46,212)

(105,910)

(14,574)

Net income

608,992

586,367

840,508

115,659

1,020,420

1,426,875

196,342

Less: net income (loss) attributable to

non-controlling interests

14

(549)

(568)

(78)

14

(1,117)

(154)

Less: measurement adjustment

attributable to redeemable non-

controlling interests

3,441

5,744

17,942

2,469

5,960

23,686

3,259

Net income attributable to

ordinary shareholders

605,537

581,172

823,134

113,268

1,014,446

1,404,306

193,237

 

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

Six months ended

June 30,

March 31,

June 30,

June 30,

June 30,

June 30,

June 30,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Net income per ordinary

share

—Basic 

0.03

0.03

0.04

0.01

0.05

0.07

0.01

—Diluted

0.03

0.03

0.04

0.01

0.05

0.07

0.01

Net income per ADS*

       —Basic                                      

0.57

0.56

0.79

0.11

0.96

1.35

0.19

—Diluted

0.57

0.56

0.79

0.11

0.95

1.34

0.18

Weighted average number

of ordinary shares used

in computing net 

income per share

—Basic

21,177,034,098

20,864,118,097

20,805,892,860

20,805,892,860

21,234,910,577

20,834,974,344

20,834,974,344

—Diluted

21,218,841,485

20,904,689,303

20,905,548,181

20,905,548,181

21,285,276,797

20,905,238,796

20,905,238,796

Weighted average number

of ADS used in

computing net 

income per ADS

—Basic

1,058,851,705

1,043,205,905

1,040,294,643

1,040,294,643

1,061,745,529

1,041,748,717

1,041,748,717

—Diluted

1,060,942,074

1,045,234,465

1,045,277,409

1,045,277,409

1,064,263,840

1,045,261,940

1,045,261,940

*    Each ADS represents 20 ordinary shares.

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

Three months ended

Six months ended

June 30,

March 31,

June 30,

June 30,

June 30,

June 30,

June 30,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Cost of revenues

1,381

2,744

2,734

376

3,187

5,478

754

Sales and marketing

expenses

13,075

10,685

12,875

1,772

24,272

23,560

3,242

General and administrative

expenses

68,124

119,543

79,197

10,898

126,965

198,740

27,348

Research and development

expenses

17,046

22,984

21,495

2,958

34,528

44,479

6,121

Total

99,626

155,956

116,301

16,004

188,952

272,257

37,465

 

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,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Income from operations

333,789

312,189

565,367

77,797

499,553

877,556

120,754

Add:

Share-based

compensation

expense

99,626

155,956

116,301

16,004

188,952

272,257

37,465

Amortization of

intangible assets

resulting from

business acquisitions

13,021

13,021

13,021

1,792

26,042

26,042

3,583

Compensation cost 

incurred in relation

to acquisitions

4,281

4,281

4,281

589

8,562

8,562

1,178

Non-GAAP adjusted

operating income

450,717

485,447

698,970

96,182

723,109

1,184,417

162,980

Net income

608,992

586,367

840,508

115,659

1,020,420

1,426,875

196,342

Add:

Share-based

compensation

expense

99,626

155,956

116,301

16,004

188,952

272,257

37,465

Amortization of

intangible assets

resulting from

business acquisitions

13,021

13,021

13,021

1,792

26,042

26,042

3,583

Compensation cost 

incurred in relation

to acquisitions

4,281

4,281

4,281

589

8,562

8,562

1,178

Tax effects of

non-GAAP

adjustments

(3,255)

(3,255)

(3,255)

(448)

(6,510)

(6,510)

(896)

Non-GAAP adjusted net

income

722,665

756,370

970,856

133,596

1,237,466

1,727,226

237,672

 

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,

2023

2024

2024

2024

2023

2024

2024

RMB

RMB

RMB

US$

RMB

RMB

US$

Net income attributable

to ordinary

shareholders

605,537

581,172

823,134

113,268

1,014,446

1,404,306

193,237

Add:

Share-based

compensation

expense

99,626

155,956

116,301

16,004

188,952

272,257

37,465

Amortization of

intangible assets

resulting from

business acquisitions

13,021

13,021

13,021

1,792

26,042

26,042

3,583

Compensation cost 

incurred in relation

to acquisitions

4,281

4,281

4,281

589

8,562

8,562

1,178

Tax effects of

non-GAAP

adjustments

(3,255)

(3,255)

(3,255)

(448)

(6,510)

(6,510)

(896)

Non-GAAP adjusted net

income attributable to

ordinary shareholders

719,210

751,175

953,482

131,205

1,231,492

1,704,657

234,567

Non-GAAP adjusted net

income per ordinary

share

—Basic

0.03

0.04

0.05

0.01

0.06

0.08

0.01

—Diluted

0.03

0.04

0.05

0.01

0.06

0.08

0.01

Non-GAAP adjusted net

income per ADS

—Basic

0.68

0.72

0.92

0.13

1.16

1.64

0.23

—Diluted

0.68

0.72

0.91

0.13

1.16

1.63

0.22

 

View original content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-second-quarter-2024-unaudited-financial-results-302227213.html

SOURCE Full Truck Alliance Co. Ltd.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

BTQ Technologies’ QSSN Selected as Core Security Infrastructure for South Korea’s First Bank-Led KRW Stablecoin Proof-of-Concept

Published

on

By

BTQ provides strategic advisory support and QSSN as core PQC security infrastructure for the iM Bank initiative on the Kaia mainnet, advancing post-quantum migration across global financial infrastructure

BTQ has been selected as the core post-quantum cryptography security technology provider for South Korea’s first bank-led KRW stablecoin proof-of-concept, delivering its Quantum Secure Stablecoin Settlement Network (“QSSN”) for the initiative.
 BTQ is providing strategic advisory support and helping coordinate implementation across the partnership with iM Bank and Finger, supporting the integration of post-quantum protections into regulated digital money infrastructure.
 Built on the Kaia mainnet, the proof-of-concept is connected to the blockchain ecosystems originally developed by Kakao and LINE, linking the initiative to two of the largest messaging and digital platform ecosystems in Korea and Japan.

VANCOUVER, BC, May 6, 2026 /PRNewswire/ – BTQ Technologies Corp. (“BTQ” or the “Company”) (Nasdaq: BTQ) (CBOE CA: BTQ), a global quantum technology company focused on securing mission-critical networks, today announced that it it has been selected as the core PQC security technology provider through its Quantum Secure Stablecoin Settlement Network (“QSSN”) in a proof-of-concept with its Korean strategic partner, Finger Inc. (“Finger”), and iM Bank, a leading Korean commercial bank, for South Korea’s first bank-led Korean won stablecoin infrastructure incorporating post-quantum cryptography (“PQC”).

The proof-of-concept represents more than a technical pilot. It marks an important step in bringing next-generation quantum security into banking infrastructure within Korea’s regulated financial system. In addition to providing QSSN as the core PQC security framework, BTQ is contributing consulting and strategic coordination across the three-way partnership, helping align the project’s security architecture, implementation approach, and long-term post-quantum migration objectives.

“Post-quantum migration requires more than a cryptographic upgrade. It requires coordination across infrastructure, implementation, and institutional stakeholders,” said Olivier Roussy Newton, Chief Executive Officer of BTQ Technologies. “In this initiative, BTQ is providing both strategic advisory support and QSSN as the post-quantum security architecture, while helping lead coordination across the three-way partnership. We believe this proof-of-concept demonstrates how financial institutions can begin integrating quantum-resilient protections into digital money systems in a practical and operationally viable way.”

South Korea’s First Bank-Led PQC Stablecoin Infrastructure Initiative

BTQ is working alongside iM Bank and Finger on a three-way initiative to validate the issuance and distribution infrastructure for a Korean won stablecoin. In addition to supplying QSSN as the PQC security layer, BTQ is providing consulting support and helping to guide coordination across the partnership as the parties evaluate how to integrate post-quantum protections into bank-led digital asset infrastructure.

The proof-of-concept will validate several key components, including real-time reconciliation between bank reserves and blockchain-issued supply, a global-standard smart contract architecture, connectivity to global infrastructure for overseas distribution, and the integration of a PQC-based dual-signature security structure. By applying BTQ’s PQC signature architecture alongside the existing ECDSA cryptographic framework, the system is designed to preserve operational continuity for financial institutions while proactively addressing future quantum computing threats.

Built on Kaia Mainnet

A notable feature of the proof-of-concept is that it will be implemented on the Kaia mainnet, one of Korea’s leading Layer 1 blockchain networks. Kaia was created through the merger of Klaytn, the blockchain originally developed by Kakao, and Finschia, the blockchain associated with LINE. Kakao and LINE sit at the center of two of the largest messaging and digital platform ecosystems in Korea and Japan, respectively, making Kaia a significant piece of regional digital infrastructure.

Klaytn previously participated in the Bank of Korea’s CBDC pilot ecosystem, and the Bank of Korea has continued to advance CBDC testing through initiatives such as Project Hangang.

By combining BTQ’s PQC technology with blockchain infrastructure tied to the Kakao and LINE ecosystems, the proof-of-concept is intended to establish a model that aligns institutional-grade security, blockchain scalability, and evolving regulatory requirements for digital money infrastructure.

QSSN as the Security Layer

The PQC security foundation for the initiative is BTQ’s Quantum Secure Stablecoin Settlement Network, or QSSN, a quantum-secure network architecture designed for stablecoin, tokenized deposit, payment, and digital asset infrastructure. QSSN is designed to protect critical issuer functions, including stablecoin issuance, burning, transfer authority, upgrade control, and administrative permissions, by integrating PQC-based signatures while maintaining existing user experience and operational workflows.

BTQ has previously announced that QSSN was highlighted in the U.S. Post-Quantum Financial Infrastructure Framework (“PQFIF”) as a model architecture for post-quantum digital money infrastructure. The Company has also positioned QSSN as a standards-oriented initiative advanced through QuINSA and aligned with emerging post-quantum financial infrastructure requirements.

Addressing the Harvest-Now, Decrypt-Later Risk

The timing of the proof-of-concept reflects the growing urgency surrounding the “Harvest-Now, Decrypt-Later” risk, in which attackers may collect encrypted financial data today and decrypt it later once sufficiently advanced quantum capabilities emerge. Global institutions are already accelerating post-quantum migration. The U.S. National Institute of Standards and Technology (“NIST”) has finalized its first set of post-quantum cryptography standards, including ML-DSA, ML-KEM, and SLH-DSA, while major technology companies and financial institutions continue to define their own post-quantum transition timelines.

BTQ’s QSSN addresses this challenge through a dual-signature design that allows existing ECDSA-based infrastructure to operate in parallel with NIST-aligned PQC signatures such as ML-DSA. This approach enables banks and payment infrastructure providers to begin a phased transition toward quantum-safe security without disrupting existing systems.

Expanding BTQ’s Korean Ecosystem

BTQ continues to expand its Korean ecosystem across digital assets, payments, banking infrastructure, and hardware-based security. In October 2025, BTQ announced that Finger had joined Danal as an early participant in BTQ’s QSSN pilot program, with the initiative expected to progress from proof-of-concept toward commercialization under QuINSA-aligned guidelines and broader industry frameworks such as PQFIF.

The commencement of the iM Bank proof-of-concept represents an important commercial signal for BTQ, indicating that demand for post-quantum migration among Korean financial institutions is beginning to move from policy discussion toward infrastructure-level implementation. As Korea advances both quantum technology policy and stablecoin-related regulatory discussions, BTQ believes QSSN is well positioned at the intersection of regulated finance, digital asset infrastructure, and post-quantum security.

About iM Bank
iM Bank is a South Korean commercial bank and a subsidiary of DGB Financial Group. Headquartered in Daegu, iM Bank presents itself as a financial companion for customers and traces its roots to Daegu Bank, which was established in 1967 as Korea’s first regional bank. For more information, please visit https://www.imbank.co.kr/

About Finger Inc. Group
Finger supplies and develops financial IT solutions to provide optimized money management strategies for employees and corporate customers. Providing “Smartphone Financial Services”, “Corporate Cash Management Services” for businesses, “Private Wealth Management Services” for private consumers.

Since the year 2000, Finger has accumulated a number of awards and patents regarding its businesses. Based on its Mobile Enterprise Application Platform(MEAP) Orchestra and its funds management system using screen-scrapping technologies, Finger was the first company in Korea to deliver a smartphone banking banking-service. For more information, please visit http://www.finger.co.kr/

About BTQ
BTQ Technologies Corp. (Nasdaq: BTQ | Cboe CA: BTQ) is a quantum technology company focused on accelerating the transition from classical networks to the quantum internet. Backed by a broad patent portfolio and deep technical expertise, BTQ is advancing a full-stack, neutral-atom quantum computing platform spanning hardware, middleware, and post-quantum security solutions for finance, telecommunications, logistics, life sciences, and defense.

Connect with BTQ: Website | LinkedIn | X/Twitter

ON BEHALF OF THE BOARD OF DIRECTORS
Olivier Roussy Newton
CEO, Chairman
Neither Cboe Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

Certain statements herein contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the business plans of the Company, including with respect to its research partnerships, and anticipated markets in which the Company may be listing its common shares. Forward-looking statements or information often can be identified by the use of words such as “anticipate”, “intend”, “expect”, “plan” or “may” and the variations of these words are intended to identify forward-looking statements and information.

The Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the development of post-quantum algorithms and quantum vulnerabilities, and the quantum computing industry generally. The foregoing list of assumptions is not exhaustive.

Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information are based on assumptions and involve known and unknown risks which may cause actual results to be materially different from any future results, expressed or implied, by such forward-looking statements or information. These factors include risks relating to: the availability of financing for the Company; business and economic conditions in the post-quantum and encryption computing industries generally; the speculative nature of the Company’s research and development programs; the supply and demand for labour and technological post-quantum and encryption technology; unanticipated events related to regulatory and licensing matters and environmental matters; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting blockchains); risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions, the ability to obtain financing as required, and causing potential delays to research and development activities; and other risk factors as detailed from time to time. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

View original content to download multimedia:https://www.prnewswire.com/news-releases/btq-technologies-qssn-selected-as-core-security-infrastructure-for-south-koreas-first-bank-led-krw-stablecoin-proof-of-concept-302763840.html

SOURCE BTQ Technologies Corp.

Continue Reading

Technology

Zimmer Biomet to Present at the BofA Securities 2026 Health Care Conference

Published

on

By

WARSAW, Ind., May 6, 2026 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced that members of the Zimmer Biomet management team will participate in the Bank of America Securities Health Care Conference on Wednesday, May 13, 2026, with a fireside chat at 8:40 a.m. PT (11:40 a.m. ET).

A live audio webcast can be accessed via Zimmer Biomet’s Investor Relations website at https://investor.zimmerbiomet.com. It will be available for replay following the fireside chat.

About Zimmer Biomet 
Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence.

With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation. 

For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow on LinkedIn at www.linkedin.com/company/zimmerbiomet or X at www.x.com/zimmerbiomet.

Contacts:

 

Media

Investors

Troy Kirkpatrick

David DeMartino

614-284-1926

646-531-6115

troy.kirkpatrick@zimmerbiomet.com

david.demartino@zimmerbiomet.com

Kirsten Fallon

Zach Weiner

781-779-5561

908-591-6955

kirsten.fallon@zimmerbiomet.com

zach.weiner@zimmerbiomet.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/zimmer-biomet-to-present-at-the-bofa-securities-2026-health-care-conference-302763299.html

SOURCE Zimmer Biomet Holdings, Inc.

Continue Reading

Technology

NextLadder Ventures Announces Co-Founder Leadership Team, Investment Focus Areas For Over $1 Billion Initiative Empowering Americans with Personalized, Tech-Enabled Support Tools

Published

on

By

New senior hires from Google and The Collaborative Fund to lead product strategy and venture investing

Fund unveils first investment focus areas to catalyze new ‘Navigation Technology’ market, equipping Americans with cutting-edge tools to achieve economic security, opportunity and empowerment

ST. LOUIS, May 6, 2026 /PRNewswire/ — NextLadder Ventures, a new fund backed by more than $1 billion in capital, today announced its priority investment areas for building a new market for “Navigation Technology” (NavTech) — tools that provide Americans with personalized solutions to navigate life’s challenges and achieve greater economic mobility — and announced its co-founding team, including two new senior hires.

The fund’s active focus areas are based on extensive research identifying the key experiences and high-stakes decision points that have an outsized impact on American families’ economic mobility. Launched investment areas include financial health, career navigation, and benefits and social services access, with further exploration underway around housing, legal aid, justice and re-entry, and mental and physical health. 

The organization is also today welcoming two senior leaders: Lauren Loktev is joining NextLadder as Managing Director of Investments and Brigitte Hoyer Gosselink as Managing Director of Product. Loktev was most recently a partner at the Collaborative Fund, where she backed several breakout companies in early child development, education, and sustainability. Gosselink comes to NextLadder from Google, where she led the company’s AI and social impact portfolio. They join a growing team which has deep expertise at the intersection of economic mobility, technology, public policy, and philanthropy.

NextLadder’s Focus Areas for Investment

Today, the fund is kicking off a plan to deploy $1 billion over the next seven years to accelerate the design, development, and deployment of accessible NavTech tools that aim to help families more successfully navigate the major life experiences that determine whether they get ahead or fall behind. As NextLadder’s inaugural frontier AI lab partner, Anthropic is supporting the build-out of the organization’s AI-native capabilities and is offering technical assistance to NextLadder’s portfolio organizations. 

As an increasing proportion of Americans across income levels find themselves overextended and overwhelmed, NavTech tools are designed to help individuals and families understand their options, connect to information and resources, and take action to recover from a setback or take advantage of an opportunity and reclaim their economic futures.

“Life is getting harder, and too many Americans are stuck facing some of the most complex and consequential moments of their lives without much support,” said Ryan Rippel, CEO of NextLadder Ventures. “Every day, millions in this country face fork-in-the-road decisions that have major implications on whether they climb up the economic ladder or fall farther behind. AI has understandably intensified many Americans’ anxieties about their jobs and their security in the economy. But these technologies are now also making it possible to deliver highly personalized, affordable tools to meet the needs of tens of millions of Americans in a way that has never been practically achievable or financially viable before. With NavTech tools, built for the reality of families’ everyday experiences, we can empower Americans to overcome setbacks, navigate life’s toughest financial decisions, and build more secure futures.”

NavTech tools, built with the needs of individuals, families, and trusted community partners at the center of their design, have the potential to ease burdens most acutely faced by 90 million Americans who live in households that have difficulty in paying for usual home expenses, and turbocharge the capacity of the 1.6 million community workers in non-profit or local, state, and federal government roles who serve them. This growing category of digital technologies includes tools that help families access opportunities such as personalized financial advice and legal aid, get connected with available resources and programs, and manage unexpected hurdles like losing a job or facing an eviction – while freeing social workers and service providers to spend more time on people and less time on red tape and paperwork.

The fund’s active investment areas include:

Financial Health: Developing highly personalized, AI-powered financial health tools that can provide tailored, sustained counsel to help users build savings and protect and recover from financial shocks;
Career Navigation: Building tools to support career navigation, manage and support career transitions, and help workers, case managers, and employers identify pathways to living wage work — all designed to help people successfully find the right jobs for them.
Benefits & Social Services Access: Helping eligible Americans seamlessly identify and enroll in all the benefits and social services available to them, particularly those that support career navigation and transitions, help them navigate critical life moments, and achieve stability toward economic opportunity.

NextLadder is exploring additional focus areas, including housing, legal aid, justice and re-entry, caregiving, and mental and physical health. More on the organization’s vision of these focus areas is available HERE.

In addition to backing direct NavTech solutions, NextLadder is investing in the developers, partners, and standards required to build a durable, self-sustaining market. Across all focus areas, the fund is prioritizing efforts to ensure NavTech tools are reliable, protect users’ privacy, and are trusted by the families who depend on them.

NextLadder’s Co-Founder Leadership Team

NextLadder’s five co-founders will be CEO Ryan Rippel, Chief Strategy and Operations Officer Rhett Dornbach-Bender, Chief of Staff Callie Schwartz, and the two new senior hires: Managing Director of Investments Lauren Loktev and Managing Director of Product Brigitte Hoyer Gosselink, rounding out the fund’s expertise in investing, technology, and impact.

“We’re thrilled to welcome Lauren and Brigitte to the NextLadder team,” said Rippel. “Brigitte has spent her career proving that when applied purposefully, AI and technology can deliver meaningful benefits for communities, and she’ll set the bar for what NavTech tools can deliver for American families today and in the years to come. And with her deep experience backing mission-driven founders, Lauren is the perfect leader to build our venture practice from the ground up and accelerate the growth of the NavTech field. With this team in place, we’re positioned to make NavTech tools easier to build, fund, and access so they reach the people who need them most.”

Loktev brings 15 years of venture capital experience investing at the intersection of for-profit and for-good. Most recently at Collaborative Fund, she backed several companies to significant scale and launched Collab+Sesame, a first-of-its-kind thematic seed fund in partnership with Sesame Workshop focused on early childhood education. At NextLadder, she will build and lead the fund’s venture practice, sourcing and scaling investments in the founders building the next generation of NavTech tools.

“We have a once in a generation opportunity to help steer AI solutions toward those who need them most,” said Loktev. “Many amazing, accomplished founders see this too, and they are on a mission to build scalable, transformative businesses in the critical verticals that help people navigate life-changing moments. I couldn’t be more excited to join NextLadder and to support the most inspiring leaders building this market from the ground up. Thanks to our unique, long-term mandate, we can be creative and flexible in investing across stage and check size to partner with the entrepreneurs and leaders we believe will change the world.”

Prior to her role at NextLadder, Gosselink spent over a decade at Google in several roles including Director of AI and Social Impact, directing more than $500 million in funding for organizations applying AI to address challenges including crisis response, education, and economic opportunity. At NextLadder, she will lead AI and product strategy across the fund’s portfolio, backing solutions and setting market-wide standards for how NavTech tools are designed, evaluated, and improved over time.

“If we collectively harness the AI transformation strategically and purposefully, we can transform the way Americans are empowered to access greater economic mobility,” said Gosselink. “We believe that people-centered products, combined with shifts in the market and the services available to families, can fundamentally reshape how millions of Americans navigate critical moments and achieve prosperity on their own terms.”

To request interviews from the NextLadder Ventures leadership team, contact media@nextladder.com.

About NextLadder Ventures

NextLadder Ventures is a time-bound venture with one goal: empower millions of Americans to reach their potential by 2040. Backed by over $1 billion in capital, the organization invests in breakthrough technologies that remove barriers to economic success and put people in control of their futures. NextLadder Ventures is trailblazing a new market for tech-enabled Navigation Technology tools that help people access the resources they need to navigate pivotal moments — offering flexible, risk-tolerant capital to entrepreneurs building these transformative tools today, while creating a pipeline of tech, talent, and capital for the long run.

View original content:https://www.prnewswire.com/news-releases/nextladder-ventures-announces-co-founder-leadership-team-investment-focus-areas-for-over-1-billion-initiative-empowering-americans-with-personalized-tech-enabled-support-tools-302764095.html

SOURCE NextLadder Ventures

Continue Reading

Trending