Full Truck Alliance Co. Ltd. Announces First Quarter 2023 Unaudited Financial Results

GUIYANG,China,May 22,2023 -- Full Truck Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM),a leading digital freight platform,today announced its unaudited financial results for the first quarter ended March 31,2023.

First Quarter 2023 Financial and Operational Highlights

Total net revenues in the first quarter of 2023 were RMB1,702.3 million (US$247.9 million),an increase of 27.7% from RMB1,332.6 million in the same period of 2022.

Net income in the first quarter of 2023 was RMB411.4 million (US$59.9 million),compared with a net loss of RMB192.0 million in the same period of 2022.

Non-GAAP adjusted net income[1] in the first quarter of 2023 was RMB514.8 million (US$75.0 million),an increase of 171.4% from RMB189.7 million in the same period of 2022.

Fulfilled orders[2] in the first quarter of 2023 reached 30.3 million,an increase of 20.5% from 25.2 million in the same period of 2022.

Average shipper MAUs[3] in the first quarter of 2023 reached 1.75 million,an increase of 23.3% from 1.42 million in the same period of 2022.

"We are pleased to deliver another strong quarter of growth to kick off 2023. Improved user activity among truckers and shippers drove daily order volume and fulfillment rates to all-time highs,illustrating the unique appeal of our platform while underpinning our rapid business expansion and the achievement of our long-term strategic goals," said Mr. Peter Hui Zhang,Founder,Chairman and Chief Executive Officer of FTA. "Supported by this firm foundation,we will move through the year with confidence and remain focused on scaling user base and order volume,exploring new initiatives and products to further strengthen our lead in China's digital freight market and sustain our topline growth."

Mr. Simon Cai,Chief Financial Officer of FTA,commented,"The Company once again beat market expectations with its substantial growth in revenue and profits for the first quarter of 2023. We achieved revenues of RMB1.7 billion,up 27.7% year-over-year,and non-GAAP adjusted net income of RMB514.8 million,up 171.4% year-over-year. This outstanding performance across our businesses speaks to the strength of our business model and further accelerates our monetization efficiency. Going forward,we will continue to pursue profitable growth for our platform by driving an increased contribution from direct shippers,while also boosting operational efficiency through technology and innovation."

[1] Non-GAAP adjusted net income is defined as net income/(loss) 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) tax effects of non-GAAP adjustments. See "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.

First Quarter 2023 Financial Results

Net Revenues (including value added taxes,or "VAT," of RMB700.4 million and RMB884.4 million for the three months ended March 31,2022,and 2023,respectively). Total net revenues in the first quarter of 2023 were RMB1,representing an increase of 27.7% from RMB1,332.6 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 first quarter of 2023 were RMB1,397.5 million (US$203.5 million),representing an increase of 24.9% from RMB1,118.6 million in the same period of 2022. The increase was primarily due to an increase in revenues from freight brokerage service as well as continued growth in transaction commissions.

Freight brokerage service. Revenues from freight brokerage service in the first quarter of 2023 were RMB772.6 million (US$112.5 million),an increase of 16.6% from RMB662.4 million in the same period of 2022,primarily attributable to continued growth in transaction volume as a result of expanded user coverage.

Freight listing service. Revenues from freight listing service in the first quarter of 2023 were RMB223.9 million (US$32.6 million),an increase of 13.1% from RMB198.0 million in the same period of 2022,primarily due to an increase in total paying members.

Transaction commission. Revenues from transaction commissions amounted to RMB401.0 million (US$58.4 million) in the first quarter of 2023,an increase of 55.3% from RMB258.2 million in the same period of 2022,primarily driven by an increase in order volume as well as an uptick in transaction commission per order.

Value-added services. Revenues from value-added services in the first quarter of 2023 were RMB304.8 million (US$44.4 million),an increase of 42.4% from RMB214.0 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 RMB503.3 million and RMB611.5 million for the three months ended March 31,respectively). Cost of revenues in the first quarter of 2023 was RMB849.4 million (US$123.7 million),compared with RMB683.9 million in the same period of 2022. The increase was primarily due to an increase in VAT,related tax surcharges and other tax costs,net of tax refunds from government authorities. These tax-related costs net of refunds totaled RMB766.4 million,representing an increase of 28.1% from RMB598.3 million in the same period of 2022,primarily due to the continued increase in transaction activities involving our freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in the first quarter of 2023 were RMB245.7 million (US$35.8 million),compared with RMB192.0 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 first quarter of 2023 were RMB179.5 million (US$26.1 million),compared with RMB458.4 million in the same period of 2022. The decrease was primarily due to lower share-based compensation expenses.

Research and Development Expenses. Research and development expenses in the first quarter of 2023were RMB229.9 million (US$33.5 million),compared with RMB221.0 million in the same period of 2022. The increase was primarily due to higher salary and benefits expenses.

Income/(Loss) from Operations. Income from operations in the first quarter of 2023 was RMB165.8 million (US$24.1 million),compared with a loss of RMB252.0 million in the same period of 2022.

Non-GAAP Adjusted Operating Income.[4]Non-GAAP adjusted operating income in the first quarter of 2023 was RMB272.4 million (US$39.7 million),an increase of 104.4% from RMB133.2 million in the same period of 2022.

Net Income/(Loss).Net income in the first quarter of 2023 was RMB411.4 million (US$59.9 million),compared with a net loss of RMB192.0 million in the same period of 2022.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the first quarter of 2023 was RMB514.8 million (US$75.0 million),an increase of 171.4% from RMB189.7 million in the same period of 2022.

Basic and Diluted Net Income/(Loss) per ADS[5] and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.[6]Basic and diluted net income per ADS were RMB0.38 (US$0.06) in the first quarter of 2023,compared with basic and diluted net loss per ADS of RMB0.18 in the same period of 2022. Non-GAAP adjusted basic and diluted net income per ADS were RMB0.48 (US$0.07) in the first quarter of 2023,compared with non-GAAP adjusted basic and diluted net income per ADS of RMB0.17 in the same period of 2022.

Balance Sheet and Cash Flow

As of March 31,2023,the Company had cash and cash equivalents,restricted cash,short-term investments and long-term deposits of RMB25.8 billion (US$3.8 billion) in total,compared with RMB26.3 billion as of December 31,2022.

As of March 31,the total outstanding balance of the 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 RMB2,759.3 million (US$401.8 million),compared with RMB2,648.4 million as of December 31,2022. The total non-performing loan ratio[7] for these loans was 2.1% as of March 31,compared with 2.0% as of December 31,2022.

In the first quarter of 2023,net cash provided by operating activities was RMB86.8 million (US$12.6 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 and (iii) compensation cost incurred in relation to continuing service terms in business acquisitions. See "Reconciliationsof GAAP and Non-GAAP Results" at the end of this press release.

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

[6] Non-GAAP adjusted basic and diluted income per ADS is net income/(loss) 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 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.

[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.

Business Outlook

The Company expects its total net revenues to be between RMB1.91 billion and RMB2.01 billion for the second quarter of 2023,representing a year-over-year growth rate of approximately 14.5% to 20.5%. 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.

Change to Board of Directors and Executive Officers

Mr. Wenjian Dai resigned from his position as a member of the Board of Directors of the Company for personal reasons. Mr. Langbo Guo was appointed as a new director to fill the vacancy,effective May 22,2023. Following Mr. Dai's resignation,his prior role as a member of the Company's compensation committee will be assumed by Ms. Guizhen Ma. The Company would like to express its gratitude for Mr. Dai's service.

Effective on the same date,Mr. Guo was also promoted from Chief Strategy Officer to President of the Company. Mr. Guo will assume greater responsibilities in his new role,including taking charge of certain of the Company's middle and back office functions and business operations.

Share Repurchase Update

On March 3,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 May 21,the Company had repurchased an aggregate of approximately 5.6 million ADSs for approximately US$37.4 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 RMB6.8676 to US$1.00,the exchange rate in effect as of March 31,as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ 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 May 22,or 8:00 P.M. Beijing Time,to discuss its financial results and operating performance for the first quarter of 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:

1534611

The replay will be accessible through May 29,by dialing the following numbers:

United States:

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

1773949

A live and archived webcast of the conference call will also be available on the Company's investor relations website at http://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-GAAPadjusted net income,non-GAAPadjusted 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 anon-GAAPfinancial 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 definesnon-GAAP adjusted operating incomeas income/(loss) 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 continuing service terms in business acquisitions. The Company definesnon-GAAP adjusted net incomeas net income/(loss) 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) tax effects of non-GAAP adjustments. The Company definesnon-GAAP adjusted net income attributable to ordinary shareholdersas net income/(loss) 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 and (iv) tax effects of non-GAAP adjustments. The Company definesnon-GAAP adjusted basic and diluted net income per shareas non-GAAP adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares,respectively. The Company definesnon-GAAP adjusted basic and diluted net income per ADSas non-GAAP adjusted net income attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADSs,respectively.

Thenon-GAAPfinancial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Thenon-GAAP financial measures have limitations as an analytical tool. The non-GAAPfinancial 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-GAAPfinancial 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 incomeattributable to ordinary shareholders and non-GAAP adjusted basic and diluted net incomeper share should not be considered in isolation or construed as an alternative to operating income/(loss),net income/(loss),net income/(loss)attributable to ordinary shareholders and basic and diluted net income/(loss)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'sroad 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 inChina; 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:

InChina:

Full Truck Alliance Co. Ltd.

Mao Mao

E-mail:IR@amh-group.com

The Piacente Group,Inc.

Hui Fan

Tel: +86-10-6508-0677

E-mail:FTA@thepiacentegroup.com

Inthe United States:

The Piacente Group,Inc.

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,

March 31,

2022

2023

2023

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

5,137,312

6,820,432

993,132

Restricted cash - current

83,759

89,979

13,102

Short-term investments

21,087,089

18,896,770

2,751,583

Accounts receivable,net

13,015

20,922

3,046

Loans receivable,net

2,648,449

2,759,256

401,779

Prepayments and other current assets

2,034,427

2,309,695

336,318

Total current assets

31,004,051

30,897,054

4,498,960

Long-term deposits

-

34,359

5,003

Property and equipment,net

108,824

145,029

21,118

Investments in equity investees

1,774,270

1,282

256,171

Intangible assets,net

502,421

488,026

71,062

Goodwill

3,124,828

3,828

455,010

Deferred tax assets

41,490

43,216

6,293

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

132,000

122,205

17,794

Other non-current assets

8,427

6,943

1,011

Total non-current assets

5,692,260

5,723,888

833,462

TOTAL ASSETS

36,696,311

36,620,942

5,332,422

LIABILITIES,MEZZANINE EQUITY AND

SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

27,953

28,479

4,147

Amounts due to related parties

122,152

120,523

17,550

Prepaid for freight listing fees and other service fees

462,080

429,143

62,488

Income tax payable

52,233

65,752

9,574

Other tax payable

721,597

624,999

91,007

Operating lease liabilities - current

44,590

42,744

6,224

Accrued expenses and other current liabilities

1,301,160

1,232,392

179,449

Total current liabilities

2,731,765

2,544,032

370,439

Deferred tax liabilities

121,611

118,356

17,234

Operating lease liabilities - non-current

35,931

28,076

4,088

Total non-current liabilities

157,542

146,432

21,322

TOTAL LIABILITIES

2,889,307

2,690,464

391,761

MEZZANINE EQUITY

Redeemable noncontrolling interests

149,771

152,290

22,175

SHAREHOLDERS' EQUITY

Ordinary shares

1,377

1,377

201

Treasury stock

-

(81,321)

(11,841)

Additional paid-in capital

47,758,178

47,846,855

6,967,042

Accumulated other comprehensive income

2,511,170

2,215,860

322,654

Accumulated deficit

(16,613,492)

(16,204,583)

(2,359,570)

TOTAL SHAREHOLDERS' EQUITY

33,657,233

33,778,188

4,918,486

TOTAL LIABILITIES,MEZZANINE EQUITY AND

SHAREHOLDERS' EQUITY

36,422

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

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

Three Months Ended

March 31,

December 31,

2022

2022

2023

2023

RMB

RMB

RMB

US$

Net Revenues (including value added taxes,"VAT",

of RMB700.4 million and RMB884.4 million for the three months

ended March 31,2022 and 2023,respectively)

1,560

1,922,473

1,702,257

247,869

Operating expenses:

Cost of revenues (including VAT net of refund of VAT of

RMB503.3 million and RMB611.5 million for the three months

ended March 31,respectively)(1)

(683,882)

(951,779)

(849,373)

(123,678)

Sales and marketing expenses(1)

(192,043)

(281,129)

(245,677)

(35,773)

General and administrative expenses(1)

(458,415)

(408,181)

(179,507)

(26,138)

Research and development expenses(1)

(220,956)

(250,207)

(229,879)

(33,473)

Provision for loans receivable

(49,980)

(53,900)

(52,878)

(7,700)

Total operating expenses

(1,605,276)

(1,945,196)

(1,557,314)

(226,762)

Other operating income

20,715

17,453

20,821

3,032

Income (loss) from operations

(252,001)

(5,270)

165,764

24,139

Other income (expense)

Interest income

56,320

202,324

246,114

35,837

Interest expenses

(93)

-

-

-

Foreign exchange (loss) gain

1,126

1,531

(97)

(14)

Investment income

14,484

1,212

2,713

395

Unrealized gains (loss) from fair value changes of

short-term investments and derivative assets

(16,341)

4,986

9,961

1,450

Other income,net

8,882

5,085

6,663

970

Share of loss in equity method investees

(213)

(73)

(310)

(45)

Total other income

64,165

215,065

265,044

38,593

Net income (loss) before income tax

(187,836)

209,795

430,808

62,732

Income tax expense

(4,172)

(14,110)

(19,380)

(2,822)

Net income (loss)

(192,008)

195,685

411,428

59,910

Less: net loss attributable to non-controlling interests

(14)

-

-

-

Less: measurement adjustment attributable to redeemable non-

controlling interests

-

1,845

2,519

367

Net income (loss) attributable to ordinary shareholders

(191,994)

193,840

408,909

59,543

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (CONTINUED)

(All amounts in thousands,

2022

2022

2023

2023

RMB

RMB

RMB

US$

Net income (loss) per share

—Basic

(0.01)

0.01

0.02

0.00

—Diluted

(0.01)

0.01

0.02

0.00

Net income (loss) per ADS*

—Basic

(0.18)

0.18

0.38

0.06

—Diluted

(0.18)

0.18

0.38

0.06

Weighted average number of ordinary shares used

in computing net income (loss) per share

—Basic

21,858,931,448

21,246,855,688

21,293,430,120

21,120

—Diluted (2)

21,305,376,233

21,352,354,948

21,948

Weighted average number of ADSs used in

computing net income (loss) per ADS

—Basic

1,092,946,572

1,062,342,784

1,064,671,506

1,506

—Diluted (2)

1,065,268,812

1,067,617,747

1,747

* Each ADS represents 20 ordinary shares.

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

Three Months Ended

March 31,

2022

2022

2023

2023

RMB

RMB

RMB

US$

Cost of revenues

1,348

1,806

263

Sales and marketing expenses

9,160

12,163

11,197

1,630

General and administrative expenses

337,732

201,514

58,841

8,568

Research and development expenses

15,245

19,749

17,482

2,546

Total

363,485

235,238

89,326

13,007

(2) Weighted average number of ordinary shares/ADSs used in computing diluted net (loss) income per share/ADS are adjusted by the potentially dilutive

effects of ordinary shares/ADSs issuable upon the exercise of outstanding share options.

FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands,

2022

2022

2023

2023

RMB

RMB

RMB

US$

Income (loss) from operations

(252,139

Add:

Share-based compensation expense

363,485

235,238

89,326

13,007

Amortization of intangible assets resulting from

business acquisitions

14,121

14,121

13,021

1,896

Compensation cost incurred in relation to acquisitions

7,644

4,281

4,281

623

Non-GAAP adjusted operating income

133,249

248,370

272,392

39,665

Net income (loss)

(192,910

Add:

Share-based compensation expense

363,281

623

Tax effects of non-GAAP adjustments

(3,530)

(3,255)

(474)

Non-GAAP adjusted net income

189,712

445,795

514,801

74,962

FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED)

(All amounts in thousands,

2022

2022

2023

2023

RMB

RMB

RMB

US$

Net income (loss) attributable to ordinary shareholders

(191,543

Add:

Share-based compensation expense

363,255)

(474)

Non-GAAP adjusted net income attributable to

ordinary shareholders

189,726

443,950

512,282

74,595

Non-GAAP adjusted net income per share

—Basic

0.01

0.02

0.02

0.00

—Diluted

0.01

0.02

0.02

0.00

Non-GAAP adjusted net income per ADS

—Basic

0.17

0.42

0.48

0.07

—Diluted

0.17

0.42

0.48

0.07