Technology

Full Truck Alliance Co. Ltd. Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results

Published

2 years ago

March 7, 2024

GUIYANG, China, March 7, 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 fourth quarter and fiscal year ended December 31, 2023.

Fourth Quarter and Fiscal Year 2023 Financial and Operational Highlights

Total net revenues in the fourth quarter of 2023 were RMB2,408.0 million (US$339.2 million), an increase of 25.3% from RMB1,922.5 million in the same period of 2022. Total net revenues in 2023 were RMB8,436.2 million (US$1,188.2 million), an increase of 25.3% from RMB6,733.6 million in 2022.

Net income in the fourth quarter of 2023 was RMB588.3 million (US$82.9 million), an increase of 200.6% from RMB195.7 million in the same period of 2022. Net income in 2023 was RMB2,227.1 million (US$313.7 million), an increase of 440.7% from RMB411.9 million in 2022.

Non-GAAP adjusted net income[1] in the fourth quarter of 2023 was RMB733.0 million (US$103.2 million), an increase of 64.4% from RMB445.8 million in the same period of 2022. Non-GAAP adjusted net income in 2023 was RMB2,797.0 million (US$394.0 million), an increase of 100.4% from RMB1,395.4 million in 2022.

Fulfilled orders[2] in the fourth quarter of 2023 reached 45.8 million, an increase of 40.4% from 32.6 million in the same period of 2022. Fulfilled orders in 2023 reached 158.8 million, an increase of 33.4% from 119.1 million in 2022.

Average shipper MAUs[3] in the fourth quarter of 2023 reached 2.24 million, an increase of 18.7% from 1.88 million in the same period of 2022. Average shipper MAUs in 2023 reached 2.03 million, an increase of 21.3% from 1.67 million in 2022.

Mr. Peter Hui Zhang, Founder, Chairman and Chief Executive Officer of FTA, commented, “In 2023, we continued to confront external challenges while ushering in opportunities. Amid a modest economic recovery, the continued growth of our network effect and our platform’s unmatched value proposition accelerated user penetration and drove a strong full-year performance. We achieved four consecutive quarters of growth in fulfilled orders and average shipper MAUs, underscoring the vitality of China’s freight market, the trend of freight digitalization, and the vast potential of the small and medium-sized direct shipper market. For 2024, we will leverage our keen market insight to capitalize on opportunities and remain committed to long-term development, which we believe will pave the way for our sustainable growth.”

Mr. Simon Cai, Chief Financial Officer of FTA, added, “We ended 2023 with strong fourth quarter revenue and profit growth in a disruptive external environment. Fueled by a rapidly growing user base and order volume, we continued to provide more efficient and intelligent freight solutions to our shipper and trucker users. Our total net revenue exceeded the high end of our guidance, surging by 25.3% year over year to RMB2.41 billion, while our non-GAAP adjusted net income of RMB733.0 million was once again well ahead of market expectations. Notably, we achieved 44.0% year-over-year growth in transaction commission, driven by increased order volume on our platform. Moving through 2024, we will take a more active stance toward user acquisition to broaden our high-quality user base. Concurrently, we will further enrich our products and services to address users’ evolving needs and improve our freight matching efficiency. We are confident that we will create long-term sustainable value for our stakeholders as we continue to foster a healthy platform ecosystem.”

[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 continuing service terms in business acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; and (v) 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.

Fourth Quarter 2023 Financial Results

Net Revenues (including value added taxes, or “VAT,” of RMB998.5 million and RMB1,197.4 million for the three months ended December 31, 2022, and 2023, respectively). Total net revenues in the fourth quarter of 2023 were RMB2,408.0 million (US$339.2 million), representing an increase of 25.3% from RMB1,922.5 million in the same period of 2022, primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in the fourth quarter of 2023 were RMB2,015.8 million (US$283.9 million), representing an increase of 24.9% from RMB1,614.4 million in the same period of 2022. The increase was mainly due to the steady growth in revenues from freight brokerage service, as well as continued expansion in transaction commissions.

Freight brokerage service. Revenues from freight brokerage service in the fourth quarter of 2023 were RMB1,124.7 million (US$158.4 million), an increase of 19.2% from RMB943.6 million in the same period of 2022, primarily attributable to an increase in transaction volume due to robust user demand.

Freight listing service. Revenues from freight listing service in the fourth quarter of 2023 were RMB246.2 million (US$34.7 million), an increase of 10.4% from RMB223.1 million in the same period of 2022, primarily due to a growing number of total paying members.

Transaction commission. Revenues from transaction commissions amounted to RMB644.8 million (US$90.8 million) in the fourth quarter of 2023, an increase of 44.0% from RMB447.8 million in the same period of 2022, primarily driven by strong order volume growth as well as higher per-order transaction commission.

Value-added services. Revenues from value-added services in the fourth quarter of 2023 were RMB392.2 million (US$55.2 million), an increase of 27.3% from RMB308.1 million in the same period of 2022, mainly attributable to an increase in revenues from credit solutions and other value-added services.

Cost of Revenues (including VAT net of refund of VAT of RMB675.4 million and RMB864.7 million for the three months ended December 31, 2022, and 2023, respectively). Cost of revenues in the fourth quarter of 2023 was RMB1,152.3 million (US$162.3 million), compared with RMB951.8 million in the same period of 2022. The increase was primarily due to increases in VAT, related tax surcharges and other tax costs, and net of tax refunds from government authorities. These tax-related costs net of refunds totaled RMB1,015.3 million, representing an increase of 18.4% from RMB857.4 million in the same period of 2022, primarily due to the continued growth in transaction activities involving our freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in the fourth quarter of 2023 were RMB421.0 million (US$59.3 million), compared with RMB281.1 million in the same period of 2022. 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 2023 were RMB266.0 million (US$37.5 million), compared with RMB408.2 million in the same period of 2022. The decrease was primarily due to lower share-based compensation expenses and professional service fees.

Research and Development Expenses. Research and development expenses in the fourth quarter of 2023 were RMB255.3 million (US$36.0 million), compared with RMB250.2 million in the same period of 2022. The increase was primarily due to higher share-based compensation expenses and increased investment in technology infrastructure, partially offset by a decrease in salary and benefits expenses.

Income/(Loss) from Operations. Income from operations in the fourth quarter of 2023 was RMB250.8 million (US$35.3 million), compared with loss from operations of RMB5.3 million in the same period of 2022.

Non-GAAP Adjusted Operating Income.[4] Non-GAAP adjusted operating income in the fourth quarter of 2023 was RMB398.8 million (US$56.2 million), an increase of 60.6% from RMB248.4 million in the same period of 2022.

Net Income. Net income in the fourth quarter of 2023 was RMB588.3 million (US$82.9 million), an increase of 200.6% from RMB195.7 million in the same period of 2022.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the fourth quarter of 2023 was RMB733.0 million (US$103.2 million), an increase of 64.4% from RMB445.8 million in the same period of 2022.

Basic and Diluted Net Income per ADS[5] and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.[6] Basic and diluted net income per ADS were RMB0.56 (US$0.08) in the fourth quarter of 2023, compared with RMB0.18 in the same period of 2022. Non-GAAP adjusted basic net income per ADS was RMB0.70 (US$0.10) in the fourth quarter of 2023, compared with RMB0.42 in the same period of 2022. Non-GAAP adjusted diluted net income per ADS was RMB0.69 (US$0.10) in the fourth quarter of 2023, compared with RMB0.42 in the same period of 2022.

Balance Sheet and Cash Flow

As of December 31, 2023, the Company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products of RMB27.6 billion (US$3.9 billion) in total, compared with RMB26.3 billion as of December 31, 2022.

As of December 31, 2023, the total outstanding balance of on-balance sheet loans, consisting of the total principal amounts and all accrued and unpaid interests (net of provisions) of the loans funded through our small loan company, was RMB3,521.1 million (US$495.9 million), compared with RMB2,648.4 million as of December 31, 2022. The total non-performing loan ratio[7] for these loans was 2.0% as of December 31, 2023, which remained flat with that of December 31, 2022.

In the fourth quarter of 2023, net cash provided by operating activities was RMB758.1 million (US$106.8 million).

[4] Non-GAAP adjusted operating income is defined as income/(loss) from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to continuing service terms in business acquisitions and (iv) 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.

[5] ADS refers to American depositary shares, each of which represents 20 Class A ordinary shares.

[6] 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 continuing service terms in business acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; and (v) tax effects of non-GAAP adjustments, divided by weighted average number of basic and diluted ADSs, respectively. For more information, refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

[7] 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) as of a specified date.

Fiscal Year 2023 Financial Results

Net Revenues (including value added taxes, or “VAT,” of RMB3,550.9 million and RMB4,172.7 million for the years ended December 31, 2022, and 2023, respectively). Total net revenues in 2023 were RMB8,436.2 million (US$1,188.2 million), representing an increase of 25.3% from RMB6,733.6 million in 2022, primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in 2023 were RMB7,048.8 million (US$992.8 million), representing an increase of 24.6% from RMB5,656.7 million in 2022. The increase was primarily due to the rapid growth in transaction commissions as well as the growing revenues from our freight brokerage service.

Freight brokerage service. Revenues from freight brokerage service in 2023 were RMB3,916.4 million (US$551.6 million), an increase of 16.5% from RMB3,360.3 million in 2022, primarily driven by an increase in transaction volume as a result of improved user penetration.

Freight listing service. Revenues from freight listing service in 2023 were RMB929.4 million (US$130.9 million), an increase of 9.0% from RMB852.4 million in 2022, primarily attributable to a growing number of total paying members.

Transaction commission. Revenues from transaction commissions amounted to RMB2,203.1million (US$310.3 million) in 2023, an increase of 52.6% from RMB1,444.0 million in 2022, primarily driven by an increased order volume as well as higher per-order transaction commission.

Value-added services. Revenues from value-added services in 2023 were RMB1,387.3 million (US$195.4 million), an increase of 28.8% from RMB1,077.0 million in 2022, mainly attributable to an increase in revenues from credit solutions and other value-added services.

Cost of Revenues (including VAT net of refund of VAT of RMB2,539.3 million and RMB3,121.0 million for the years ended December 31, 2022, and 2023, respectively). Cost of revenues in 2023 was RMB4,119.0 million (US$580.2 million), compared with RMB3,514.6 million in 2022. The increase was primarily attributable to an increase in VAT, related tax surcharges and other tax costs, and net of tax refunds from government authorities. These tax-related costs net of refunds totaled RMB3,693.5 million, representing an increase of 16.6% from RMB3,167.8 million in 2022, primarily due to an increase in transaction activities involving our freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in 2023 were RMB1,239.2 million (US$174.5 million), compared with RMB902.3 million in 2022. The increase was primarily due to increased expenses in advertising and marketing activities for user acquisitions.

General and Administrative Expenses. General and administrative expenses in 2023 were RMB937.7 million (US$132.1 million), compared with RMB1,417.9 million in 2022. The decrease was primarily due to lower share-based compensation expenses and a decrease in professional service fees, partially offset by settlement in principle of certain U.S. securities class action, which was disclosed in the Form 6-K filed on September 18, 2023.

Research and Development Expenses. Research and development expenses in 2023 were RMB946.6 million (US$133.3 million), compared with RMB914.2 million in 2022. The increase was primarily due to higher share-based compensation expenses and increased investment in technology infrastructure.

Income/(Loss) from Operations. Income from operations in 2023 was RMB997.4 million (US$140.5 million), compared with loss from operations of RMB162.0 million in 2022.

Non-GAAP Adjusted Operating Income. Non-GAAP adjusted operating income in 2023 was RMB1,580.4 million (US$222.6 million), an increase of 89.1% from RMB835.7 million in 2022.

Net Income. Net income in 2023 was RMB2,227.1 million (US$313.7 million), an increase of 440.7% from RMB411.9 million in 2022.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in 2023 was RMB2,797.0 million (US$394.0 million), an increase of 100.4% from RMB1,395.4 million in 2022.

Basic and Diluted Net Income per ADS and Non-GAAP Adjusted Basic and Diluted Net Income per ADS. Basic net income per ADS was RMB2.10 (US$0.30) in 2023, compared with RMB0.38 in 2022. Diluted net income per ADS was RMB2.09 (US$0.29) in 2023, compared with RMB0.38 in 2022. Non-GAAP adjusted basic net income per ADS was RMB2.64 (US$0.37) in 2023, compared with RMB1.29 in 2022. Non-GAAP adjusted diluted net income per ADS was RMB2.63 (US$0.37) in 2023, compared with RMB1.29 in 2022.

Business Outlook

The Company expects its total net revenues to be between RMB2.11 billion and RMB2.16 billion for the first quarter of 2024, representing a year-over-year growth rate of approximately 23.9% to 27.1%. 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.

Share Repurchase Update

On March 3, 2023, the Company’s Board of Directors authorized a share repurchase program, under which the Company may repurchase up to US$500 million of the Company’s ADSs during a period of up to 12 months starting from March 13, 2023. As of March 6, 2024, the Company had repurchased an aggregate of approximately 30.7 million ADSs for approximately US$200.0 million from the open market under the share repurchase program.

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 RMB7.0999 to US$1.00, the exchange rate in effect as of December 29, 2023, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ 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 7, 2024, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and fiscal year 2023.

Dial-in details for the earnings conference call are as follows:

United States (toll free):

+1-888-317-6003

International:

+1-412-317-6061

Mainland China (toll free):

400-120-6115

Hong Kong, SAR (toll free):

800-963-976

Hong Kong, SAR:

+852-5808-1995

United Kingdom (toll free):

08082389063

Singapore (toll free):

800-120-5863

Access Code:

9049178

The replay will be accessible through March 14, 2024, by dialing the following numbers:

United States:

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

5149135

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 continuing service terms in business acquisitions and (iv) settlement in principle of U.S. securities class action. 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 continuing service terms in business acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; and (v) 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 continuing service terms in business acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; and (v) 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 continuing service terms in business 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/(loss), 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 COVID-19 outbreaks, extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: 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,

2022

2023

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

5,137,312

6,770,895

953,661

Restricted cash – current

83,759

115,513

16,270

Short-term investments

21,087,089

11,516,304

1,622,037

Accounts receivable, net

13,015

23,418

3,298

Loans receivable, net

2,648,449

3,521,072

495,933

Prepayments and other current assets

2,034,427

2,049,780

288,705

Total current assets

31,004,051

23,996,982

3,379,904

Restricted cash – non-current

—

10,000

1,408

Long-term investments1

1,774,270

11,075,739

1,559,985

Property and equipment, net

108,824

194,576

27,405

Intangible assets, net

502,421

449,904

63,368

Goodwill

3,124,828

440,123

Deferred tax assets

41,490

149,081

20,998

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

132,000

134,867

18,996

Other non-current assets

8,427

211,670

29,813

Total non-current assets

5,692,260

15,350,665

2,162,096

TOTAL ASSETS

36,696,311

39,347,647

5,542,000

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

27,953

25,220

3,552

Amount due to related parties

122,152

—

Prepaid for freight listing fees and other service fees

462,080

548,917

77,313

Income tax payable

52,233

154,916

21,819

Other tax payable

721,597

784,617

110,511

Operating lease liabilities – current

44,590

37,758

5,318

Accrued expenses and other current liabilities

1,301,160

1,723,245

242,714

Total current liabilities

2,731,765

3,274,673

461,227

Deferred tax liabilities

121,611

108,591

15,295

Operating lease liabilities – non-current

35,931

46,709

6,579

Other non-current liabilities

—

22,950

3,232

Total non-current liabilities

157,542

178,250

25,106

TOTAL LIABILITIES

2,889,307

3,452,923

486,333

MEZZANINE EQUITY

Redeemable non-controlling interests

149,771

277,420

39,074

SHAREHOLDERS’ EQUITY

Ordinary shares

1,377

1,371

193

Treasury stock

—

(608,117)

(85,651)

Additional paid-in capital

47,758,178

47,713,985

6,720,374

Accumulated other comprehensive income

2,511,170

2,897,871

408,157

Accumulated deficit

(16,613,492)

(14,400,604)

(2,028,283)

TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY

33,657,233

35,604,506

5,014,790

Non-controlling interests

—

12,798

1,803

TOTAL SHAREHOLDERS’ EQUITY

33,657,233

35,617,304

5,016,593

TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY

36,696,311

39,347,647

5,542,000

1. The Group’s long-term investments consist of RMB8,540 million long-term time deposits, RMB678 million wealth management products with maturities
over one year, RMB831 million investments in debt securities, RMB318 million equity method investments, and RMB708 million equity investments without
readily determinable fair value as of December 31, 2023.

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,

2022

2023

2022

2023

RMB

US$

RMB

US$

Net revenues (including value added taxes,

“VAT”, of RMB998.5 million and

RMB1,197.4 million for the three months

ended December 31, 2022 and 2023,

RMB3,550.9 million and

RMB4,172.7 million for the year ended

December 31, 2022 and 2023,

respectively)

1,922,473

2,263,917

2,407,957

339,154

6,733,644

8,436,159

1,188,210

Operating expenses:

Cost of revenues (including VAT net of

refund of VAT of RMB675.4 million

and RMB864.7 million for the three

months ended December 31, 2022

and 2023, RMB2,539.3 million and

RMB3,121.0 million for the year

ended December 31, 2022 and

2023, respectively)(1)

(951,779)

(1,142,057)

(1,152,317)

(162,300)

(3,514,551)

(4,119,016)

(580,151)

Sales and marketing expenses(1)

(281,129)

(290,782)

(420,960)

(59,291)

(902,269)

(1,239,191)

(174,536)

General and administrative expenses(1)

(408,181)

(290,443)

(266,016)

(37,468)

(1,417,933)

(937,677)

(132,069)

Research and development expenses(1)

(250,207)

(237,716)

(255,344)

(35,964)

(914,151)

(946,635)

(133,331)

Provision for loans receivable

(53,900)

(62,948)

(67,627)

(9,525)

(194,272)

(234,599)

(33,043)

Total operating expenses

(1,945,196)

(2,023,946)

(2,162,264)

(304,548)

(6,943,176)

(7,477,118)

(1,053,130)

Other operating income

17,453

7,089

5,123

722

47,530

38,388

5,407

(Loss) income from operations

(5,270)

247,060

250,816

35,328

(162,002)

997,429

140,487

Other income (expense)

Interest income

202,324

297,249

313,037

44,090

483,658

1,141,861

160,828

Interest expenses

—

(175)

—

Foreign exchange gain (loss)

1,531

585

(2,909)

(410)

15,048

(2,149)

(303)

Investment income

1,212

22,605

25,832

3,638

5,411

55,621

7,834

Unrealized gain (loss) from fair value

changes of trading securities and

derivative assets

4,986

(12,124)

6,833

962

(63,390)

12,938

1,822

Other income, net

5,085

116,885

2,457

346

230,631

130,264

18,347

Share of loss in equity method investees

(73)

(236)

(825)

(116)

(1,246)

(2,067)

(291)

Total other income

215,065

424,964

344,425

48,510

669,937

1,336,468

188,237

Net income before income tax

209,795

672,024

595,241

83,838

507,935

2,333,897

328,724

Income tax expense

(14,110)

(53,601)

(6,991)

(985)

(96,035)

(106,804)

(15,043)

Net income

195,685

618,423

588,250

82,853

411,900

2,227,093

313,681

Less: net (loss) income attributable to

non-controlling interests

—

(675)

(591)

(83)

539

(1,252)

(176)

Less: measurement adjustment

attributable to redeemable non-

controlling interest

1,845

4,745

4,752

669

4,599

15,457

2,177

Net income attributable to

ordinary shareholders

193,840

614,353

584,089

82,267

406,762

2,212,888

311,680

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,

2022

2023

2022

2023

RMB

US$

RMB

US$

Net income per ordinary

—Basic

0.01

0.03

0.00

0.02

0.10

0.01

—Diluted

0.01

0.03

0.00

0.02

0.10

0.01

Net income per ADS*

—Basic

0.18

0.58

0.56

0.08

0.38

2.10

0.30

—Diluted

0.18

0.58

0.56

0.08

0.38

2.09

0.29

Weighted average number

of ordinary shares used

in computing net

income per share

—Basic

21,246,855,688

21,025,267,682

20,949,011,129

21,517,856,981

21,111,924,886

—Diluted(2)

21,305,376,233

21,059,252,652

21,016,273,541

21,579,616,389

21,162,351,461

Weighted average number

of ADS used in

computing net

income per ADS

—Basic

1,062,342,784

1,051,263,384

1,047,450,556

1,075,892,849

1,055,596,244

—Diluted(2)

1,065,268,812

1,052,962,633

1,050,813,677

1,078,980,819

1,058,117,573

* 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,

2022

2023

2022

2023

RMB

US$

RMB

US$

Cost of revenues

1,812

2,796

2,593

365

6,406

8,576

1,208

Sales and marketing

expenses

12,163

15,217

16,014

2,256

39,771

55,503

7,817

General and administrative

expenses

201,514

81,249

89,255

12,571

809,194

297,469

41,898

Research and development

expenses

19,749

22,938

22,813

3,213

63,884

80,279

11,307

Total

235,238

122,200

130,675

18,405

919,255

441,827

62,230

(2) Weighted average number of ordinary shares/ADS used in computing diluted net income per share/ADS are adjusted by
the potentially dilutive effects of ordinary shares/ADS issuable upon the exercise of outstanding share options.

FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

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

Three months ended

Year ended

December 31,

September 30,

December 31,

2022

2023

2022

2023

RMB

US$

RMB

US$

(Loss) income from

operations

(5,270)

247,060

250,816

35,328

(162,002)

997,429

140,487

Add:

Share-based

compensation

expense

235,238

122,200

130,675

18,405

919,255

441,827

62,230

Amortization of

intangible assets

resulting from

business acquisitions

14,121

13,021

1,834

56,484

52,084

7,336

Compensation cost

incurred in relation

to acquisitions

4,281

603

21,914

17,124

2,412

Settlement in principle

of U.S. securities

class action

—

71,900

—

71,900

10,127

Non-GAAP adjusted

operating income

248,370

458,462

398,793

56,170

835,651

1,580,364

222,592

Net income

195,685

618,423

588,250

82,853

411,900

2,227,093

313,681

Add:

Share-based

compensation

expense

235,238

122,200

130,675

18,405

919,255

441,827

62,230

Amortization of

intangible assets

resulting from

business acquisitions

14,121

13,021

1,834

56,484

52,084

7,336

Compensation cost

incurred in relation

to acquisitions

4,281

603

21,914

17,124

2,412

Settlement in principle

of U.S. securities

class action

—

71,900

—

71,900

10,127

Tax effects of

non-GAAP

adjustments

(3,530)

(3,255)

(459)

(14,120)

(13,021)

(1,834)

Non-GAAP adjusted net

income

445,795

826,570

732,972

103,236

1,395,433

2,797,007

393,952

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,

2022

2023

2022

2023

RMB

US$

RMB

US$

Net income attributable

to ordinary

shareholders

193,840

614,353

584,089

82,267

406,762

2,212,888

311,680

Add:

Share-based

compensation

expense

235,238

122,200

130,675

18,405

919,255

441,827

62,230

Amortization of

intangible assets

resulting from

business acquisitions

14,121

13,021

1,834

56,484

52,084

7,336

Compensation cost

incurred in relation

to acquisitions

4,281

603

21,914

17,124

2,412

Settlement in principle

of U.S. securities

class action

—

71,900

—

71,900

10,127

Tax effects of

non-GAAP

adjustments

(3,530)

(3,255)

(459)

(14,120)

(13,021)

(1,834)

Non-GAAP adjusted net

income attributable to

ordinary shareholders

443,950

822,500

728,811

102,650

1,390,295

2,782,802

391,951

Non-GAAP adjusted net

income per ordinary

—Basic

0.02

0.04

0.03

0.00

0.06

0.13

0.02

—Diluted

0.02

0.04

0.03

0.00

0.06

0.13

0.02

Non-GAAP adjusted net

income per ADS

—Basic

0.42

0.78

0.70

0.10

1.29

2.64

0.37

—Diluted

0.42

0.78

0.69

0.10

1.29

2.63

0.37

View original content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-fourth-quarter-and-fiscal-year-2023-unaudited-financial-results-302082633.html

SOURCE Full Truck Alliance Co. Ltd.

Technology

Electrosoft Celebrates 25 Years of Federal Cybersecurity Innovation and Impact

Published

11 minutes ago

April 21, 2026

Founding CEO Dr. Sarbari Gupta reflects on firm’s evolution and sets the course for its next chapter

RESTON, Va., April 21, 2026 /PRNewswire/ — Electrosoft Services, LLC, a leading provider of federal cybersecurity and digital transformation services, today announced its 25th anniversary, marking a quarter century of innovation and partnership in support of government missions. Founded in 2001 and led by its founding CEO, Dr. Sarbari Gupta, the company has grown from a small, focused team into a trusted partner on some of the federal government’s most consequential cybersecurity and digital engineering programs.

“I founded Electrosoft because I believed federal agencies deserved a cybersecurity partner that would grow with them through every shift in technology and every evolution in the threat environment. Twenty-five years in, that belief has only gotten stronger,” said Dr. Gupta. “What fills me with the most pride isn’t the milestone itself, but the trust we’ve built and the team that earned it.”

Electrosoft’s journey began with its first prime contract at NIST in 2001. Years later, company experts became named authors of NIST special publications on digital identity. That foundation has expanded into support for federal civilian and defense agencies such as DLA, USTRANSCOM, GSA, Treasury and HHS, as well as multiple-award vehicles including GSA OASIS+, DLA JETS 2.0, NIST CAPSS, Treasury PROTECTS and CISA DTSS.

Over the years, the company has been consistently recognized as a top workplace, fast-growing company and technology thought leader.

Recent milestones include several significant contract and contract vehicle wins from HHS, Treasury and CISA and a 2025 strategic investment from DigitalNet.ai that supports expanded capabilities in artificial intelligence while preserving the independent leadership and customer continuity that have defined the firm.

As Electrosoft enters its next chapter, the company’s integrated delivery model unifies cybersecurity, digital engineering and AI to meet the evolving demands of federal missions.

For more information, read Electrosoft’s 25th Anniversary newsletter.

About Electrosoft Services

Electrosoft is a cybersecurity, digital engineering and intelligent automation firm delivering secure, scalable solutions for federal agencies. With 25 years of experience, the award-winning company combines deep mission expertise with modern engineering practices to help agencies operate securely, modernize with confidence and accelerate operational performance. Electrosoft is headquartered in Reston, Virginia. www.electrosoft-inc.com

Press Contact
Jeanne Zepp
jzepp@electrosoft-inc.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/electrosoft-celebrates-25-years-of-federal-cybersecurity-innovation-and-impact-302748192.html

SOURCE Electrosoft Services, LLC

Technology

Almost 80% of Gen Z and Millennials Use ‘Survival Spending’

Published

11 minutes ago

April 21, 2026

New Survey from Beyond Finance and Operation HOPE reveals young Americans are focusing on immediate priorities and real-world decisions over long-term financial ideals

45% would use tax refunds for bills or debt, 77% rely on short-term financial strategies like Buy Now Pay Later for essentials, 39% are turning to AI to guide money decisions, and 73% want to know someone’s exact financial situation before the third date

CHICAGO and ATLANTA, April 21, 2026 /PRNewswire/ — Almost 80% of Gen Z and Millennials use ‘survival spending’ to get by in today’s economy with nearly half of Gen Z and Millennials indicating they would use a tax refund to cover bills or pay down debt, 77% relying on short-term financial strategies like Buy Now, Pay Later for essentials, and 39% turning to AI to guide money decisions. As part of its annual Financial Practice Week, Beyond Finance partnered with leading financial literacy nonprofit Operation HOPE to examine how young Americans are actually managing money, finding a clear break from traditional financial practice as they cope with the current economic landscape.

The research challenges the idea that younger generations are abandoning financial responsibility. Instead, it shows a generation actively adapting, making decisions that prioritize immediate needs, flexibility, and informed tradeoffs. While 7 in 10 say wealth-building feels out of reach, their actions tell a more defining story: Financial strategy today is less about getting ahead and more about staying in control. From how they allocate income to how they seek advice — including 73% who want full financial transparency before the third date — Gen Z and Millennials are building financial practices grounded in adaptability, prioritization, and real-world decision-making.

These additional findings follow recent Financial Literacy Month news on the rise of ‘survival spending,’ and give us a closer look at how Gen Z and Millennials are actually managing money, making tradeoffs, and navigating financial decisions day to day.

A Shift Toward Immediate Financial Priorities

Tax refunds used for survival, not splurging: 45% would put the money toward bills or debt, and less than 4% would spend it on travel or leisure.

‘Survival spending’ has become a financial strategy: Nearly 77% report using tactics like Buy Now, Pay Later for essentials, reflecting a shift toward short-term financial management.

Side hustles are now part of the baseline financial plan: 71% say additional income is necessary just to keep up.

Experiences over savings: 59% say spending on meaningful experiences today feels more practical than saving for long-term goals that seem increasingly out of reach, with 65% feeling uncertain whether traditional retirement planning will deliver real security.

Redefining Financial Practices

Peer-to-Peer learning on the rise: Financial practice is becoming more social. Gen Z is now more likely to consult social media experts (24%) than they are their parents (21%) to refine their money strategies.

Financial silence is waning: The practice of “financial silence” is disappearing, with 73% of respondents wanting to know someone’s exact financial situation before the third date.

The Rise of Real-Time Financial Decision-Making

AI is becoming a financial co-pilot: 39% are already using AI to budget or inform financial decisions, often running “what if” scenarios before taking action.

Hybrid decision-making is emerging as the norm: Many are combining AI insights with human advice, creating more personalized, responsive approaches to money management.

Digital tools are reshaping engagement: 16% use apps that gamify saving and spending, reinforcing financial habits through continuous interaction.

“Gen Z and Millennials aren’t failing at money. The system they inherited has changed, and they’re responding in real time,” said Dr. Erika Rasure, chief financial wellness advisor at Beyond Finance. “What we’re seeing is a generation shifting from long-term financial ideals to daily financial practices, such as using windfalls to stabilize, leaning on tools like AI to make decisions, and prioritizing what’s immediately within their control. That adaptability isn’t a weakness — it’s a new form of financial resilience.”

Despite these challenges, younger generations remain highly engaged, adapting their behaviors and redefining what financial success looks like in today’s environment.

“Every generation must answer the economic test of its time, and this generation is no different. Gen Z and Millennials are not walking away from success. They are searching for a model that speaks to their lived reality, their struggle, and their hope. The old rules alone cannot carry them where they need to go. We must give them something deeper than theory. We must restore their sense of unlimited possibility, backed with vision, tools, and a pathway. At Operation HOPE, we believe financial literacy is the new civil rights issue of our time. And our calling is to help this generation move from uncertainty to confidence, from surviving to thriving, and from financial stress to lasting wealth—so they can build not just a living, but a future,” said John Hope Bryant, founder, chairman, and CEO of Operation HOPE.

Redefining Hope for a New Financial Reality

Held during the last week of Financial Literacy Month, Beyond Finance’s Financial Practice Week is an initiative designed to help people reconnect with their financial power by building personalized, emotionally grounded practices. To examine your money mindset further, explore a money management guide from Beyond Finance and then take Operation HOPE’s quizzes, AI video training, and micro-courses.

This survey was commissioned by Beyond Finance in collaboration with Operation HOPE, and conducted by QuestionPro, a third-party research company, from March 16 – 18, 2026, with a collective sample of 2,000 Millennial (born 1981 to 1996) and Gen Z adults (born 1997-2008) Americans. An executive summary of the findings can be found here. Full research findings are available upon request.

About Beyond Finance

Beyond Finance, LLC, is the nation’s largest debt consolidation company. In its commitment to providing clients with a personalized approach to move beyond debt, Beyond Finance provides simple and transparent solutions that help consumers lower their eligible monthly payments, reduce the impact of interest, and reach a debt-free life sooner. Beyond Finance holds an A+ rating with the Better Business Bureau and has been awarded with multiple recognitions for its commitment to clients: Organization of the Year – The Business Intelligence Group’s Excellence in Customer Service Award, Gold Stevie Award for Outstanding Customer Service Department, Banking Tech Award – Financial Wellness Champion, Best In Biz Gold Award for top Customer Service Team, and 3 ConsumerAffairs’ “Buyer’s Choice Awards.” Beyond Finance has offices in Chicago, Atlanta, and Houston. For more information, visit BeyondFinance.com.

About Operation HOPE, Inc.

Since 1992, Operation HOPE has been moving America from civil rights to “silver rights” with the mission of making free enterprise and capitalism work for the underserved—disrupting poverty for millions of low and moderate-income youth and adults across the nation. Through its community uplift model, HOPE Inside, which received the 2016 Innovator of the Year recognition by American Banker magazine, Operation HOPE has served more than 4 million individuals and directed more than $4.2 billion in economic activity into disenfranchised communities—turning check-cashing customers into banking customers, renters into homeowners, small business dreamers into small business owners, minimum wage workers into living wage consumers, and uncertain disaster victims into financially empowered disaster survivors. For more information visit OperationHOPE.org. Follow the HOPE conversation on Twitter, Facebook, Instagram, or LinkedIn.

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SOURCE Beyond Finance

Technology

Sidekick Health Expands Its Intelligent Care Platform with MSK, Advancing Its Solutions for Rising Risk and Multi-Condition Care Complexity

Published

11 minutes ago

April 21, 2026

The new program joins 24+ conditions plus medication support in one platform, giving health plans and employers a single solution for their most complex and costliest populations

NEW YORK, April 21, 2026 /PRNewswire/ — Sidekick Health, a digital health innovation company, today announced the launch of its musculoskeletal (MSK) health program and pain management support. These new, clinician-backed resources are available alongside 24+ conditions spanning cardiometabolic, oncology, behavioral health, women’s health, inflammation and immunology, discharge management, and medication support — all within a single platform.

More than half of Americans live with two or more chronic conditions, and MSK is one of the most common, affecting more than one in three adults and accounting for nearly 10% of national medical spending — insufficient MSK intervention can lead to overutilization, surgery, and opioid dependence. Importantly, MSK conditions don’t happen in a silo. With the launch of this program, Sidekick is positioned to support MSK and pain alongside cardiovascular disease, diabetes, mental health and menopause, delivering a multi-condition approach that’s designed to address rising risk, utilization, and ultimately the total cost of care.

“MSK has been one of the most consistent asks from health plan partners and their members. This launch aims to close that gap and positions us to better address the needs of our payer partners and their members — from multi-condition management to medication support to physical rehabilitation — in one solution.” said Travis Parkinson, President, Healthcare & Life Sciences, Sidekick Health.

The program approaches MSK support and rehabilitation from multiple angles, both physical and mental. It aims to transform how individuals manage MSK pain by shifting focus to functional restoration, while the pain management support layer combines cognitive behavioral therapy (CBT), mindfulness, and pain neuroscience education, designed to help members reduce medication reliance and build lasting self-management skills.

It was built from the ground up in collaboration with doctors of physical therapy (DPTs), clinical experts, and practicing clinicians, and incorporates key elements targeting rising risk, utilization, and quality metrics for health plans, multi-condition complexity for employers, and cost of care across all stakeholders:

Fall-risk mitigation with targeted exercises supporting joint and muscle health and strength that scale to meet member abilityPelvic floor support aimed to address lower back and hip pain and improve bladder controlPain management support available alongside MSK and other conditions, vital as patients work toward ending the cycle of disability, easing emotional distress, and improving quality of life

The program was developed in collaboration with MOBĒ, a whole-person condition management company, whose health plan and employer clients will have access to the program at launch through MOBE Missions, powered by Sidekick’s platform.

“What makes MSK particularly complex to support is how it interacts with other conditions and treatments. Approximately 75% of MOBĒ participants have an MSK condition, live with four or more chronic conditions, and utilize three or four more chronic medications from multiple prescribers, making integrated, cross-condition support a necessary feature for safe and sustained improvement,” said Leslie Helou PharmD, Senior Vice President of Health Outcomes Strategy at MOBĒ.

Most health plans are managing rising risk and complexity — in their growing proportion of multi-chronic health profiles and care management workflows. Sidekick’s platform simplifies this complexity and delivers real-time risk signals to deliver against organizational, clinical, and financial priorities.

“We’ve built a companion that can follow a person through their entire health journey — not just the condition they were most recently diagnosed with. Adding MSK isn’t a feature update. It’s just one more step as we deliver the intelligent care infrastructure health plans have been asking for.” said Tryggvi Thorgeirsson, co-founder and CEO, Sidekick Health.

About Sidekick Health

Sidekick Health is an intelligent care company. Its AI-powered solutions span cardiometabolic, musculoskeletal, oncology, behavioral health, women’s health, hospital discharge management, and inflammation and immunology conditions, and deliver lifestyle, medication, and care management support. Sidekick works with health insurers, employers, and pharmaceutical companies, and develops regulated prescription digital therapeutics designed to improve patient outcomes, enhance clinical efficiency, and reduce the cost of care.

Media Contact
Manda Bertrand
Press@sidekickhealth.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/sidekick-health-expands-its-intelligent-care-platform-with-msk-advancing-its-solutions-for-rising-risk-and-multi-condition-care-complexity-302748222.html

SOURCE Sidekick Health