← Full Truck Alliance Co. Ltd.
| Annual Trend | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Net Income From Continuing Operations | — | — | — | $411.9m | $2.2b | $3.1b | $4.5b | |
| Net Income (Loss) Attributable to Parent | ($1.5b) | ($3.5b) | ($3.7b) | $411.9m | $2.2b | $3.1b | $4.5b | |
| Net Income (Loss) Available to Common Stockholders, Basic | ($1.5b) | ($3.6b) | ($654.8m) | $59.0m | $311.7m | $420.6m | $630.4m | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | — | ($3.5b) | ($573.5m) | $59.7m | $313.7m | $427.9m | $637.6m | |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | — | ($3.5b) | ($573.5m) | $59.7m | — | — | — | |
| Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | — | $452k | $0 | $0 | — | — | — | |
| Net Income (Loss) Attributable to Noncontrolling Interest | — | ($8k) | ($13k) | $78k | ($176k) | ($486k) | ($3.9m) | |
| Depreciation, Depletion and Amortization | $70.7m | $63.7m | $10.6m | $12.8m | $10.5m | $10.7m | $14.3m | |
| Amortization of Intangible Assets | — | $47.0m | $50.0m | $61.8m | $58.3m | $58.6m | $79.5m | |
| Depreciation | $70.7m | $16.6m | $17.5m | $25.8m | $15.4m | $18.4m | $19.5m | |
| Amortization Cash Flow | — | — | — | $62.5m | $59.3m | $59.6m | $80.6m | |
| Amortization Of Intangibles | — | — | — | $62.5m | $59.3m | $59.6m | $80.6m | |
| Depreciation Amortization Depletion | — | — | — | $88.3m | $74.7m | $77.9m | $100.0m | |
| Deferred Income Tax Expense (Benefit) | — | ($12.5m) | ($12.8m) | ($35.2m) | ($120.6m) | $43.2m | ($174.7m) | |
| Deferred tax assets | ($14.0m) | ($2.0m) | ($1.4m) | ($21.0m) | ($107.6m) | $56.2m | ($156.7m) | |
| Deferred tax liabilities | ($10.3m) | ($10.6m) | ($11.3m) | ($14.2m) | ($13.0m) | ($13.0m) | ($18.0m) | |
| Share-based Payment Arrangement, Noncash Expense | — | $3.3b | $569.4m | $133.3m | $62.2m | $68.0m | $40.3m | |
| Share-based Payment Arrangement, Expense | — | $3.5b | $3.8b | $919.3m | $441.8m | $496.6m | $281.6m | |
| Equity Method Investment, Other than Temporary Impairment | — | — | — | $0 | — | — | — | |
| Share-based compensation | $455.6m | $3.3b | $3.6b | $919.3m | $441.8m | $496.6m | $281.6m | |
| Impairment loss of long-term investments | — | — | — | $0 | $0 | $352.7m | $0 | |
| Asset Impairment Charge | — | — | — | $0 | $0 | $352.7m | $0 | |
| Equity Method Investment, Realized Gain (Loss) on Disposal | — | — | — | — | — | ($2.9m) | $14.8m | |
| Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $2.1m | ($1.4m) | ($44k) | $70k | ($113k) | ($5k) | ($79k) | |
| Income (Loss) from Equity Method Investments | — | ($11.1m) | ($1.8m) | ($181k) | ($291k) | ($392k) | ($2.1m) | |
| Income Tax Expense (Benefit) | — | $19.3m | $2.2m | $13.9m | $15.0m | $32.8m | $132.9m | |
| Interest Expense Nonoperating | — | — | — | — | — | $0 | — | |
| Other Nonoperating Income (Expense) | — | ($5.6m) | $1.1m | $33.4m | $18.3m | $17.6m | $15.6m | |
| Share of loss in equity method investees | $1.7m | $11.1m | $11.3m | $1.2m | $2.1m | $2.9m | $14.8m | |
| Operating lease liabilities | — | $0 | $0 | ($8.8m) | ($12.7m) | ($39.0m) | ($45.4m) | |
| Earnings (Loss)es From Equity Investments | — | — | — | $1.2m | $2.1m | $2.9m | $14.8m | |
| Changes in operating assets and liabilities: | ||||||||
| Additional Financial Items | ||||||||
| Increase (Decrease) in Accounts Receivable | — | $16.4m | ($3.0m) | ($2.0m) | $1.4m | ($522k) | $7.6m | |
| Accounts Receivable, Credit Loss Expense (Reversal) | — | $7.5m | ($5.2m) | $2.1m | ($360k) | ($36k) | ($335k) | |
| Proceeds from Stock Options Exercised | — | $87k | $3k | $1k | $0 | $0 | $0 | |
| Foreign Currency Transaction Gain (Loss), before Tax | — | ($21.3m) | ($2.4m) | $2.2m | ($303k) | $1.1m | ($2.5m) | |
| General and Administrative Expense | — | $3.9b | $670.2m | $205.6m | $132.1m | $125.2m | $101.5m | |
| Goodwill | — | $2.9b | $490.4m | $453.1m | $440.1m | $428.1m | $575.6m | |
| Nonoperating Income (Expense) | — | $163.0m | $24.4m | $97.1m | $188.2m | $121.6m | $177.6m | |
| Proceeds from Issuance of Redeemable Preferred Stock | — | — | — | $10.3m | $15.8m | $2.7m | $18.7m | |
| Provision for Loan, Lease, and Other Losses | — | — | — | — | $33.0m | $40.6m | $63.7m | |
| Financing Receivable, Credit Loss, Expense (Reversal) | — | $94.2m | $97.7m | $194.3m | $234.6m | $296.5m | $432.8m | |
| Revenue from Contract with Customer, Including Assessed Tax | — | $2.6b | $730.8m | $976.3m | $1.2b | $1.5b | $1.8b | |
| Reversal for credit losses | — | — | — | — | ($767k) | ($507k) | ($2.3m) | |
| Provision for credit solutions | — | — | $97.7m | $194.3m | $234.6m | $296.5m | $445.4m | |
| Net (gain) loss from disposal and deemed disposal of investments | — | — | — | $879k | ($3.9m) | $2.2m | ($4.7m) | |
| Unrealized (gains) losses from fair value changes of investments | — | — | — | — | ($12.9m) | $20.9m | ($116.2m) | |
| Noncash lease expense | — | $0 | $0 | $12.2m | $12.8m | $37.9m | $39.1m | |
| Foreign exchange loss (gain) and others | — | — | — | ($15.0m) | $2.1m | ($18.9m) | ($339k) | |
| Accounts receivable | ($6.4m) | ($16.4m) | $18.8m | $14.1m | ($10.0m) | $3.8m | ($53.0m) | |
| Loans receivable | ($876.7m) | $80.0m | ($561.4m) | ($1.1b) | ($1.1b) | ($975.1m) | ($1.1b) | |
| Prepayments and other current assets | $413.7m | ($27.8m) | ($656.0m) | ($943.2m) | $163.2m | ($252.8m) | $1.2b | |
| Accounts payable | ($18.5m) | $5.9m | $5.3m | ($1.4m) | ($2.7m) | $6.0m | $2.8m | |
| Prepaid for freight listing fees and other service fees | ($3.4m) | $58.1m | $41.9m | $78.8m | $86.8m | $22.3m | $64.6m | |
| Income tax payable | $4.0m | $15.5m | $5.6m | $20.7m | $102.7m | $181.3m | $85.5m | |
| Other tax payable | ($209.4m) | $6.4m | $191.6m | $82.8m | $63.0m | $113.8m | ($420.8m) | |
| Amounts due to related parties | $28.7m | $22.2m | ($31.2m) | ($6.3m) | ($6.1m) | $0 | $0 | |
| Accrued expenses and other current liabilities | ($147.5m) | $233.5m | $385.7m | $158.2m | $295.6m | ($605.2m) | $5.6m | |
| Other non-current liabilities | — | — | $0 | $0 | $22.9m | ($10.5m) | ($86k) | |
| Other non-current assets | — | $0 | $0 | ($2.0m) | ($183.8m) | $90.6m | ($218.0m) | |
| Purchases of convertible note issued by related parties (note 4) | — | — | — | $0 | $0 | ($142.1m) | ($117.1m) | |
| Payments for investment in equity investees | ($214.7m) | ($34.5m) | ($887.3m) | ($6.5m) | ($63.0m) | ($3.0m) | ($56.0m) | |
| Acquisition of subsidiaries, net of cash acquired | $0 | ($17.7m) | ($242.0m) | ($76.6m) | $0 | $0 | $150.5m | |
| Acquisition of non-controlling interests | — | — | — | — | $0 | $0 | ($127.8m) | |
| Loans to a related party | — | — | — | $0 | $0 | ($35.5m) | $0 | |
| Repayments of loans from a related party | — | — | — | $0 | $0 | $35.5m | $0 | |
| Purchases of property and equipment, land use rights and intangible assets | ($10.4m) | ($53.1m) | ($43.2m) | $7.5m | $28.2m | $18.7m | $52.9m | |
| Proceeds from exercise of share options | $0 | $87k | $20k | $8k | $1k | $1k | $2k | |
| Cash settlement of unvested options | — | — | — | — | $0 | $0 | ($13.4m) | |
| Cash paid for repurchase of ordinary shares | — | — | — | ($884.4m) | ($1.2b) | ($489.4m) | ($288.6m) | |
| Cash prepaid for repurchase of ordinary shares | — | — | $0 | $0 | ($179.8m) | $0 | ($35.2m) | |
| Proceeds prepaid by investors of certain subsidiaries | — | — | $0 | $0 | $90.0m | $100.0m | $59.0m | |
| Capital contribution from redeemable non-controlling interests | — | $0 | $0 | $71.2m | $111.8m | $19.7m | $130.5m | |
| Capital contribution from non-controlling interests | $0 | $0 | $73.5m | $0 | $6.0m | $0 | $0 | |
| Vesting of restricted shares of certain subsidiary (note 20) | — | — | — | — | $8.1m | ($6.1m) | ($3.1m) | |
| Beginning Cash Position | — | — | — | $4.4b | $5.2b | $6.9b | $6.0b | |
| Cash Flow From Continuing Financing Activities | — | — | — | ($1.3b) | ($1.2b) | ($1.5b) | ($1.7b) | |
| Cash Flow From Continuing Investing Activities | — | — | — | $2.1b | $553.7m | ($2.4b) | ($2.7b) | |
| Change In Account Payable | — | — | — | ($1.4m) | ($2.7m) | $6.0m | $2.8m | |
| Change In Accrued Expense | — | — | — | $158.2m | $295.6m | ($605.2m) | $5.6m | |
| Change In Income Tax Payable | — | — | — | $103.5m | $165.7m | $295.1m | ($335.4m) | |
| Change In Other Current Assets | — | — | — | ($2.0m) | ($183.8m) | $90.6m | ($218.0m) | |
| Change In Other Current Liabilities | — | — | — | $70.0m | $97.1m | ($27.3m) | $19.2m | |
| Change In Other Working Capital | — | — | — | ($35.2m) | ($120.6m) | $43.2m | ($174.7m) | |
| Change In Payable | — | — | — | $95.9m | $156.9m | $301.1m | ($332.6m) | |
| Change In Payables And Accrued Expense | — | — | — | $254.1m | $452.5m | ($304.1m) | ($327.0m) | |
| Change In Prepaid Assets | — | — | — | ($943.2m) | $163.2m | ($252.8m) | $1.2b | |
| Change In Receivables | — | — | — | ($1.0b) | ($1.1b) | ($971.3m) | ($1.1b) | |
| Change In Tax Payable | — | — | — | $103.5m | $165.7m | $295.1m | ($335.4m) | |
| Change In Working Capital | — | — | — | ($1.7b) | ($708.9m) | ($1.4b) | ($590.0m) | |
| Changes In Account Receivables | — | — | — | $14.1m | ($10.0m) | $3.8m | ($53.0m) | |
| Changes In Cash | — | — | — | $785.5m | $1.7b | ($969.3m) | $253.6m | |
| End Cash Position | — | — | — | $5.2b | $6.9b | $6.0b | $6.2b | |
| Financing Cash Flow | — | — | — | ($1.3b) | ($1.2b) | ($1.5b) | ($1.7b) | |
| Free Cash Flow | — | — | — | ($101.2m) | $2.2b | $2.9b | $4.5b | |
| Gain Loss On Investment Securities | — | — | — | $4.9m | ($3.9m) | $2.2m | ($4.7m) | |
| Gain Loss On Sale Of Business | — | — | $124k | $879k | ($3.9m) | — | — | |
| Gain Loss On Sale Of PPE | — | — | — | ($483k) | $803k | $36k | $552k | |
| Investing Cash Flow | — | — | — | $2.1b | $553.7m | ($2.4b) | ($2.7b) | |
| Issuance Of Capital Stock | — | — | $11.4b | $0 | $0 | — | — | |
| Net Business Purchase And Sale | — | — | — | ($75.1m) | $0 | $0 | $22.6m | |
| Net Foreign Currency Exchange Gain Loss | — | — | — | ($15.0m) | $2.1m | ($18.9m) | ($339k) | |
| Net PPE Purchase And Sale | — | — | — | ($85.0m) | ($98.9m) | ($74.3m) | ($129.6m) | |
| Net Preferred Stock Issuance | — | — | $385.8m | $0 | $0 | — | — | |
| Operating Gains Losses | — | — | — | ($9.3m) | $1.2m | ($13.8m) | $10.4m | |
| Other Non Cash Items | — | — | — | $12.2m | $12.8m | $37.9m | $39.1m | |
| Preferred Stock Issuance | — | — | $385.8m | $0 | $0 | — | — | |
| Proceeds From Stock Option Exercised | — | — | — | $8k | $1k | $1k | ($13.4m) | |
| Provisionand Write Offof Assets | — | — | — | $198.9m | $233.8m | $296.0m | $443.0m | |
| Purchase Of Business | — | — | — | ($76.6m) | $0 | $0 | ($127.8m) | |
| Purchase Of PPE | — | — | — | ($85.7m) | ($100.3m) | ($75.0m) | ($129.7m) | |
| Repurchase Of Capital Stock | — | — | — | ($1.4b) | ($1.4b) | ($575.3m) | ($406.9m) | |
| Sale Of Business | — | — | — | $1.5m | $0 | $0 | $150.5m | |
| Sale Of PPE | — | — | — | $735k | $1.4m | $675k | $104k | |
| Stock Based Compensation | — | — | — | $919.3m | $441.8m | $496.6m | $281.6m | |
| Unrealized Gain Loss On Investment Securities | — | — | — | $63.4m | ($12.9m) | $20.9m | ($116.2m) | |
| Gain (Loss) on Derivative Instruments, Net, Pretax | — | $18.1m | $3.8m | ($9.2m) | $1.8m | ($2.9m) | $16.6m | |
| Net Cash Provided by (Used in) Operating Activities | ($924.0m) | $574.7m | ($33.2m) | ($2.2m) | $319.7m | $406.9m | $661.6m | |
| Cash flows from investing activities: | ||||||||
| Payments to Acquire Businesses, Net of Cash Acquired | — | $17.7m | $38.0m | $11.1m | $0 | $0 | ($21.5m) | |
| Purchases of short-term investments | ($6.3b) | ($9.4b) | ($23.3b) | ($84.6b) | ($11.6b) | ($2.2b) | ($7.5b) | |
| Purchases of long-term investments | — | — | $0 | $0 | ($9.3b) | ($12.2b) | ($11.5b) | |
| Net Investment Purchase And Sale | — | — | — | $2.3b | $652.7m | ($2.3b) | ($2.6b) | |
| Purchase Of Investment | — | — | — | ($84.6b) | ($20.9b) | ($14.6b) | ($19.1b) | |
| Maturity of short-term investments | $3.2b | $6.6b | $10.1b | $86.9b | $21.6b | $12.2b | $16.5b | |
| Sale Of Investment | — | — | — | $86.9b | $21.6b | $12.2b | $16.5b | |
| Net Cash Provided by (Used in) Investing Activities | ($3.4b) | ($2.7b) | ($2.3b) | $309.0m | $78.0m | ($331.5m) | ($388.6m) | |
| Cash flows from financing activities: | ||||||||
| Net Issuance Payments Of Debt | — | — | $0 | ($9.0m) | $0 | $0 | — | |
| Net Long Term Debt Issuance | — | — | $0 | $0 | — | — | — | |
| Net Short Term Debt Issuance | — | — | $0 | ($9.0m) | $0 | $0 | — | |
| Long Term Debt Payments | — | — | $0 | $0 | — | — | — | |
| Repayment Of Debt | — | — | $0 | ($9.0m) | $0 | $0 | — | |
| Short Term Debt Payments | — | — | $0 | ($9.0m) | $0 | $0 | — | |
| Common Stock Issuance | — | — | $11.1b | $0 | $0 | — | — | |
| Net Common Stock Issuance | — | — | — | ($1.4b) | ($1.4b) | ($575.3m) | ($406.9m) | |
| Payments for Repurchase of Common Stock | — | — | — | — | $25.3m | $0 | $5.0m | |
| Payments of Ordinary Dividends, Common Stock | — | — | — | — | — | $146 | $204 | |
| Common Stock Payments | — | — | — | ($1.4b) | ($1.4b) | ($575.3m) | ($406.9m) | |
| Proceeds from Noncontrolling Interests | — | $0 | $11.5m | $0 | $845k | $0 | $0 | |
| Payments of cash dividend | — | — | — | $0 | $0 | ($1.1b) | ($1.4b) | |
| Cash Dividends Paid | — | — | — | $0 | $0 | ($1.1b) | ($1.4b) | |
| Common Stock Dividend Paid | — | — | — | $0 | $0 | ($1.1b) | ($1.4b) | |
| Net Other Financing Charges | — | — | — | $71.2m | $207.8m | $119.7m | $189.5m | |
| Net Cash Provided by (Used in) Financing Activities | $1.7b | $8.3b | $1.4b | ($192.9m) | ($164.4m) | ($208.2m) | ($236.8m) | |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | $19.9m | ($127.8m) | ($87.7m) | $71.9m | $19.0m | $23.7m | ($38.0m) | |
| Effect Of Exchange Rate Changes | — | — | — | $71.9m | $19.0m | $23.7m | ($38.0m) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | $6.1b | ($909.6m) | $124.3m | $236.0m | ($129.5m) | $30.8m | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | ($2.6b) | $6.1b | ($5.8b) | $857.5m | $1.7b | ($945.5m) | $215.5m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | $1.6b | $684.7m | $757.0m | $971.3m | $815.3m | $881.8m | |
| Cash and cash equivalents and restricted cash, beginning of the year | $4.1b | $10.2b | $4.4b | $5.2b | $6.9b | $6.0b | $6.2b | |
| Cash and cash equivalents | $4.0b | $10.1b | $4.3b | $5.1b | $6.8b | $5.8b | $6.1b | |
| Restricted cash, current | $95.9m | $86.3m | $65.8m | $83.8m | $115.5m | $100.5m | $70.3m | |
| Restricted cash, non-current | — | $13.5m | $13.5m | $0 | $10.0m | $40.0m | $30.0m | |
| Supplemental disclosure of cash flow information: | ||||||||
| Change In Cash Supplemental As Reported | — | — | — | $857.5m | $1.7b | ($945.5m) | $215.5m | |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $39.9m | $9.1m | $10k | $25k | $0 | $90.0m | $100.0m | |
| Taxes paid for employees through repurchase of ordinary shares | $5.2m | $16.4m | $49.6m | $110.5m | $124.7m | $108.7m | $1.0b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.