Q2 2024 Full Truck Alliance Co Ltd Earnings Call Transcript
Key Points
- Fulfilled orders in the first half of 2024 grew by 25% year-over-year, significantly outpacing the single-digit growth in the overall freight market.
- Average shipper MAUs reached 2.65 million, an increase of 32.8% year-over-year.
- Total net revenues in the quarter reached RMB2,764 million, up 34.1% year-over-year.
- Transaction service revenues grew by 63% year-over-year, becoming a new growth engine.
- Non-GAAP adjusted operating income and adjusted net income increased by 55.1% and 34.3% year-over-year, respectively.
- Macroeconomic challenges and extreme weather conditions, such as prolonged heavy rains, impacted shipments during the quarter.
- Despite the rapid growth in monthly active shippers, the year-over-year growth in shipper freight listing service revenue was modest.
- Sales and marketing expenses increased to RMB372.3 million from RMB281.8 million in the same period of 2023.
- General and administrative expenses increased to RMB219.2 million from RMB201.7 million in the same period of 2023.
- R&D expenses increased to RMB232.1 million from RMB223.7 million in the same period of 2023.
Ladies and gentlemen, good day, and welcome to Full Truck Alliance's second quarter 2024 earnings conference call. Today's conference is being recorded.
At this time, I would like to turn the conference over to Mao Mao, Head of Investor Relations. Please go ahead.
Thank you, operator. Please note that today's discussion will contain forward-looking statements relating to the company's future performance, which are intended to qualify for the Safe Harbor from liability, as established by the US Private Securities Litigation Reform Act.
Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and discussion.
A general discussion of the risk factors that could affect FTA's business and financial results is included in certain filings of the
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