Full Truck Alliance .(YMM) - 2024 Q1 - Quarterly Report

Financial Performance - Total net revenues for Q4 2023 were RMB2,408.0 million (US$339.2 million), a 25.3% increase from RMB1,922.5 million in Q4 2022[4] - Net income for Q4 2023 was RMB588.3 million (US$82.9 million), up 200.6% from RMB195.7 million in Q4 2022[4] - Non-GAAP adjusted net income for Q4 2023 reached RMB733.0 million (US$103.2 million), a 64.4% increase from RMB445.8 million in Q4 2022[4] - Total net revenues for the fiscal year 2023 were RMB8,436.2 million (US$1,188.2 million), a 25.3% increase from RMB6,733.6 million in 2022[20] - Net income in 2023 was RMB2,227.1 million (US$313.7 million), an increase of 440.7% from RMB411.9 million in 2022[29] - Net income attributable to ordinary shareholders for the year ended December 31, 2023, was RMB 2,213 million, up 44.3% from RMB 1,406 million in 2022[49] Revenue Breakdown - Revenues from freight matching services in 2023 were RMB7,048.8 million (US$992.8 million), a 24.6% increase from RMB5,656.7 million in 2022[21] - 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[22] - 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[24] - Revenues from transaction commissions amounted to RMB2,203.1 million (US$310.3 million) in 2023, an increase of 52.6% from RMB1,444.0 million in 2022[24] Operational Metrics - Fulfilled orders in Q4 2023 totaled 45.8 million, a 40.4% increase from 32.6 million in Q4 2022[4] - Average shipper MAUs in Q4 2023 were 2.24 million, an 18.7% increase from 1.88 million in Q4 2022[4] Expenses - Research and development expenses in 2023 were RMB946.6 million (US$133.3 million), compared with RMB914.2 million in 2022[27] - Sales and marketing expenses in 2023 were RMB1,239.2 million (US$174.5 million), compared with RMB902.3 million in 2022[25] - General and administrative expenses in 2023 were RMB937.7 million (US$132.1 million), a decrease from RMB1,417.9 million in 2022[26] - The total cost of revenues for the year ended December 31, 2023, was RMB 8,576,000,000, up from RMB 6,406,000,000 in 2022, reflecting an increase of approximately 34%[50] Cash and Assets - Cash and cash equivalents as of December 31, 2023, totaled RMB27.6 billion (US$3.9 billion), up from RMB26.3 billion as of December 31, 2022[17] - Total assets increased from RMB 36,696 million as of December 31, 2022, to RMB 39,348 million as of December 31, 2023, representing a growth of 7.1%[45] - Cash and cash equivalents rose from RMB 5,137 million in 2022 to RMB 6,771 million in 2023, marking a 31.9% increase[45] - Long-term investments surged from RMB 1,774 million in 2022 to RMB 11,076 million in 2023, indicating a significant increase of 524.5%[45] - The company’s total shareholders' equity rose from RMB 33,657 million in 2022 to RMB 35,617 million in 2023, an increase of 5.8%[45] Future Outlook - The Company expects total net revenues for Q1 2024 to be between RMB2.11 billion and RMB2.16 billion, representing a year-over-year growth rate of approximately 23.9% to 27.1%[31] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[48] Share Repurchase and Compensation - As of March 6, 2024, the Company had repurchased approximately 30.7 million ADSs for approximately US$200.0 million under the share repurchase program[32] - The total share-based compensation expense for the year ended December 31, 2023, was RMB 441,827,000, down from RMB 919,255,000 in 2022, indicating a reduction of approximately 52%[52] Adjusted Metrics - 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[28] - Non-GAAP adjusted operating income for the year ended December 31, 2023, reached RMB 1,580,364,000, a substantial increase from RMB 835,651,000 in 2022, reflecting an increase of about 89%[52] - The company achieved a non-GAAP adjusted net income of RMB 732,972,000 for the three months ended December 31, 2023, compared to RMB 445,795,000 for the same period in 2022, marking an increase of approximately 64%[52] Loss from Operations - The company reported a loss from operations of RMB 250,816,000 for the three months ended December 31, 2023, a significant improvement from a loss of RMB 5,270,000 in the same period of the previous year[52]