Full Truck Alliance Beats Q3 Consensus Aided By GTV Growth, User Engagement

  • Full Truck Alliance Co Ltd YMM reported third-quarter FY21 net revenue growth of 68.9% year-on-year to $192.7 million, beating the consensus of $171.5 million.
  • Growth Drivers: Revenues from freight matching services grew 102.6% Y/Y to $168.4 million due to increased revenues from freight brokerage service and freight listing service and growth in transaction commissions.
  • The gross transaction value (GTV) rose 48.8% Y/Y to $10.4 billion, and the fulfilled orders increased 78.4% Y/Y to 35.3 million.
  • The average shipper MAUs grew 32.2% Y/Y to 1.61 million.
  • Non-GAAP EPS of $0.00 beat the consensus loss of $(0.01).
  • Full Truck Alliance held $4.2 billion in cash and equivalents and used $12.1 million in operating cash flow.
  • "Our total net revenues increased by 68.9% year-over-year to RMB1.2 billion, despite multiple headwinds, powered by substantial year-over-year growth in GTV and user engagement," CFO Simon Cai said.
  • Outlook: Full Truck Alliance sees Q4 net revenue of RMB1.24 billion - RMB1.31 billion, implying a 46%-54% Y/Y growth.
  • Price Action: YMM shares traded higher by 3.84% at $15.4 in the premarket session on the last check Thursday.
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Posted In: EarningsNewsGuidanceTechBriefs