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

PR Newswire

GUIYANG, China, March 5, 2025

GUIYANG, China, March 5, 2025 /PRNewswire/ -- Full Truck Alliance Co. Ltd. ("FTA" or the "Company") $(YMM)$, a leading digital freight platform, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.

Fourth Quarter and Fiscal Year 2024 Financial and Operational Highlights

   -- Total net revenues in the fourth quarter of 2024 were RMB3,174.3 million 
      (US$434.9 million), an increase of 31.8% from RMB2,408.0 million in the 
      same period of 2023. Total net revenues in 2024 were RMB11,238.6 million 
      (US$1,539.7 million), an increase of 33.2% from RMB8,436.2 million in 
      2023. 
 
   -- Net income in the fourth quarter of 2024 was RMB574.6 million (US$78.7 
      million), compared with RMB588.3 million in the same period of 2023. Net 
      income in 2024 was RMB3,123.4 million (US$427.9 million), an increase of 
      40.2% from RMB2,227.1 million in 2023. 
 
   -- Non-GAAP adjusted net income1 in the fourth quarter of 2024 was 
      RMB1,052.0 million (US$144.1 million), an increase of 43.5% from RMB733.0 
      million in the same period of 2023. Non-GAAP adjusted net income in 2024 
      was RMB4,020.4 million (US$550.8 million), an increase of 43.7% from 
      RMB2,797.0 million in 2023. 
 
   -- Fulfilled orders2 in the fourth quarter of 2024 reached 56.9 million, an 
      increase of 24.3% from 45.8 million in the same period of 2023. Fulfilled 
      orders in 2024 reached 197.2 million, an increase of 24.1% from 158.8 
      million in 2023. 
 
   -- Average shipper MAUs3 in the fourth quarter of 2024 reached 2.93 million, 
      an increase of 31.3% from 2.24 million in the same period of 2023. 
      Average shipper MAUs in 2024 reached 2.64 million, an increase of 30.3% 
      from 2.03 million in 2023. 

"In the fourth quarter, we continued to propel the digital and intelligent transformation of the logistics industry. By harnessing our robust network effects and unparalleled transaction efficiency, we sustained strong growth momentum, effectively accelerating our growth flywheel," stated Mr. Peter Hui Zhang, Founder, Chairman and Chief Executive Officer of FTA. "During the quarter, we rapidly expanded our shipper base while enhancing user engagement. In addition, we made significant improvements to our trucker ecosystem and elevated matching efficiency through continuous optimization of our platform's functionalities, including trucker credit ratings, priority access, and our Premium Cargo Bidding mechanism. As we look ahead to 2025, we remain committed to embracing AI-driven innovations that will increase truckers' efficiency and earnings while reducing logistics costs for shippers, ultimately creating enduring value for the entire industry."

Mr. Simon Cai, Chief Financial Officer of FTA, added, "We delivered record financial results in 2024, bolstered by our growing user base, sophisticated commission strategies and continued operational efficiency upgrades. For the full year, total net revenues reached RMB11.2 billion, a 33.2% increase year over year, with transaction service revenue soaring by 66.7%. As our topline continued to grow, net income rose by 40.2% year over year to RMB3.1 billion, and our non-GAAP adjusted net income surged by 43.7% to RMB4.0 billion. These achievements reinforce our confidence in future growth, and our ability to generate long-term value for shareholders. We will continue to harness this momentum to scale our business, improve our monetization capabilities, and increase shareholder value."

 
(1) Non-GAAP adjusted net income is defined as net income excluding (i) 
share-based compensation expense; (ii) amortization of intangible assets 
resulting from business acquisitions; (iii) compensation cost incurred in 
relation to acquisitions; (iv) settlement in principle of U.S. securities 
class action, which is non-recurring; (v) impairment loss of long-term 
investment; and (vi) tax effects of non-GAAP adjustments. See "Use of Non-GAAP 
Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the 
end of this press release. 
(2) Fulfilled orders on our platform in a given period are defined as all 
shipping orders matched through our platform during such period but exclude 
(i) shipping orders that are subsequently canceled and (ii) shipping orders 
for which our users failed to specify any freight prices, as there are 
substantial uncertainties as to whether such shipping orders are fulfilled. 
(3) Average shipper MAUs in a given period are calculated by dividing (i) the 
sum of shipper MAUs for each month of a given period by (ii) the number of 
months in a given period. Shipper MAUs are defined as the number of active 
shippers on our platform in a given month. Active shippers are defined as the 
aggregate number of registered shipper accounts that have posted at least one 
shipping order on our platform during a given period. 
 

Fourth Quarter 2024 Financial Results

Net Revenues (including value added taxes, or "VAT," of RMB1,197.4 million and RMB1,422.1 million for the three months ended December 31, 2023 and 2024, respectively). Total net revenues in the fourth quarter of 2024 were RMB3,174.3 million (US$434.9 million), representing an increase of 31.8% from RMB2,408.0 million in the same period of 2023, primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in the fourth quarter of 2024 were RMB2,704.9 million (US$370.6 million), representing an increase of 34.2% from RMB2,016.1 million in the same period of 2023. The increase was mainly due to the rapid increase in transaction service.(4)

   -- Freight brokerage service. Revenues from freight brokerage service in the 
      fourth quarter of 2024 were RMB1,316.1 million (US$180.3 million), an 
      increase of 17.0% from RMB1,124.7 million in the same period of 2023, 
      primarily attributable to an increase in service fee rate, partially 
      offset by a decrease in transaction volume. 
 
   -- Freight listing service. Revenues from freight listing service in the 
      fourth quarter of 2024 were RMB230.5 million (US$31.6 million), an 
      increase of 7.5% from RMB214.4 million in the same period of 2023, 
      primarily due to the growing number of total paying members. 
 
   -- Transaction service.4 Revenues from transaction service amounted to 
      RMB1,158.3 million (US$158.7 million) in the fourth quarter of 2024, an 
      increase of 71.1% from RMB677.1 million in the same period of 2023, 
      primarily driven by increases in order volume, penetration rate, and 
      per-order transaction service fee. 

Value-added services. Revenues from value-added services in the fourth quarter of 2024 were RMB469.3 million (US$64.3 million), an increase of 19.8% from RMB391.8 million in the same period of 2023. The increase was due to growing demand from truckers and shippers for credit solutions.

Cost of Revenues (including VAT net of government grants of RMB864.7 million and RMB1,070.9 million for the three months ended December 31, 2023 and 2024, respectively). Cost of revenues in the fourth quarter of 2024 was RMB1,391.7 million (US$190.7 million), compared with RMB1,152.3 million in the same period of 2023. The increase was primarily due to increases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB1,278.5 million, representing an increase of 25.9% from RMB1,015.3 million in the same period of 2023, primarily due to an increase in tax costs net of government grants related to the Company's freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in the fourth quarter of 2024 were RMB471.8 million (US$64.6 million), compared with RMB421.0 million in the same period of 2023. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions.

General and Administrative Expenses. General and administrative expenses in the fourth quarter of 2024 were RMB202.3 million (US$27.7 million), compared with RMB266.0 million in the same period of 2023. The decrease was primarily due to lower salary and benefits expenses.

Research and Development Expenses. Research and development expenses in the fourth quarter of 2024 were RMB205.0 million (US$28.1 million), compared with RMB255.3 million in the same period of 2023. The decrease was primarily due to lower salary and benefits expenses.

Income from Operations. Income from operations in the fourth quarter of 2024 was RMB835.4 million (US$114.5 million), an increase of 233.1% from RMB250.8 million in the same period of 2023.

Non-GAAP Adjusted Operating Income.(5) Non-GAAP adjusted operating income in the fourth quarter of 2024 was RMB963.3 million (US$132.0 million), an increase of 141.6% from RMB398.8 million in the same period of 2023.

Impairment loss. Impairment loss in the fourth quarter of 2024 was RMB352.7 million (US$48.3 million), compared with nil in the same period of 2023. The loss was due to credit impairment on investments in certain investee that could not meet the shareholders' redemption requests due to insufficient funds resulting from operational underperformance.

Net Income. Net income in the fourth quarter of 2024 was RMB574.6 million (US$78.7 million), compared with RMB588.3 million in the same period of 2023.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the fourth quarter of 2024 was RMB1,052.0 million (US$144.1 million), an increase of 43.5% from RMB733.0 million in the same period of 2023.

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