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Full Truck Alliance Co. Ltd. (YMM 14.71%)
Q2 2022 Earnings Name
Aug 25, 2022, 8:00 a.m. ET
Contents:
- Ready Remarks
- Questions and Solutions
- Name Contributors
Ready Remarks:
Operator
Women and gents, good day, and welcome to Full Truck Alliance’s second quarter 2022 earnings convention name. [Operator instructions] At the moment, I want to flip the convention over to Mao Mao, head of investor relations. Please go forward.
Mao Mao — Investor Relations
Thanks, operator. Please be aware that as we speak’s dialogue will include forward-looking statements referring to the corporate’s future efficiency, that are meant to qualify for the secure harbor from legal responsibility, as established by the U.S. Personal Securities Litigation Reform Act. Such statements aren’t ensures of future efficiency and are topic to sure dangers and uncertainties, assumptions and different components.
A few of these dangers are past the corporate’s management and will trigger precise outcomes to vary materially from these talked about in as we speak’s press launch and dialogue. A basic dialogue of the chance components that might have an effect on FTA’s enterprise and monetary outcomes is included in sure filings of the corporate with the SEC. The corporate doesn’t undertake any obligation to replace this forward-looking data, besides as required by legislation. Throughout as we speak’s name, administration can even focus on sure non-GAAP monetary measures for comparability functions solely.
For a definition of non-GAAP monetary measures, and a reconciliation of GAAP to non-GAAP monetary outcomes, please see the earnings launch issued earlier as we speak. Becoming a member of us as we speak on the decision from FTA’s senior administration are Mr. Hui Zhang, our founder, chairman, and CEO; and Mr. Simon Cai, our CFO.
Administration will start with ready remarks, and the decision will conclude with a Q&A session. As a reminder, this convention is being recorded. As well as, a webcast replay of this name will probably be accessible on FTA’s investor relations web site at ir.fulltruckalliance.com. I’ll now flip the decision over to our founder, chairman, and CEO, Mr.
Zhang. Please go forward, sir.
Hui Zhang — Founder and Chief Govt Officer
[Foreign language]
Mao Mao — Investor Relations
Hey, everybody. Thanks for becoming a member of us as we speak on our second quarter of 2022 earnings convention name.
Hui Zhang — Founder and Chief Govt Officer
[Foreign language]
Mao Mao — Investor Relations
Earlier than I am going into our second quarter efficiency, I want to first present an replace on the cybersecurity evaluate. As most of you might be conscious, the Cybersecurity Assessment Workplace of the Cybersecurity Administration of China initiated a knowledge safety investigation of our Yunmanman and Huochebang apps in July final 12 months to detect any potential information safety dangers. All through the evaluate course of, we have now absolutely cooperated with the CRO and brought complete measures to handle the problems recognized. Though the outcomes of the evaluate haven’t been formally launched, we’re happy to report that the evaluate has made important progress, as each our Yunmanman and Huochebang apps have resumed new person registration as of finish June 29 this 12 months.
Going ahead, we are going to proceed to work carefully with the CRO to adjust to all of the regulatory necessities referring to cybersecurity, information safety and safety of private data. Moreover, we stay dedicated to facilitating the institution of our platform’s information safety pointers and optimization of our cybersecurity system by repeatedly implementing efficient measures. We firmly imagine that an optimized regulatory surroundings is each needed and helpful for the long-term wholesome improvement of the {industry}.
Hui Zhang — Founder and Chief Govt Officer
[Foreign language]
Mao Mao — Investor Relations
Now, transferring on to our second quarter earnings outcomes. The second quarter of 2022 was a difficult one for FTA and the whole logistics {industry}. The resurgence of COVID-19 in April led to widespread restrictions in main Chinese language cities, additional slowing the expansion of the general freight volumes within the logistics {industry} within the second quarter. Whereas most components of China have progressively resumed work and manufacturing because the finish of the second quarter, with sporadic pandemic recurrences persevering with to emerge, it’s clear that we are going to nonetheless face many exterior uncertainties within the street transportation {industry} throughout the second half of the 12 months.
In opposition to this market backdrop, our GTV and the variety of fulfilled orders elevated by 22.8% and 10.7% quarter over quarter to RMB 65.8 billion and RMB 27.8 million, respectively. Common shipper MAU remained at 1.53 million within the second quarter, up 7.7% quarter over quarter and flat 12 months over 12 months.
Hui Zhang — Founder and Chief Govt Officer
[Foreign language]
Mao Mao — Investor Relations
When it comes to monetary efficiency, our complete web revenues continued to develop within the second quarter by 49.3% 12 months over 12 months and 25.3% quarter over quarter to RMB 1.67 billion, as soon as once more beating the high-end of our income steerage. Extra importantly, as we intensified our give attention to monetization enhancement and operational effectivity enchancment, our non-GAAP adjusted web revenue elevated by 168.1% 12 months over 12 months to RMB 266.9 million within the second quarter.
Hui Zhang — Founder and Chief Govt Officer
[Foreign language]
Mao Mao — Investor Relations
Market turbulence within the second half of the 12 months, however our long-term imaginative and prescient and strategic path for improvement, stay agency. As we progress by means of 2022, we stay dedicated to creating FTA a sensible and low-carbon logistics service supplier, driving the transformation of the {industry} and realizing the social worth of our platform by leveraging and amplifying our industry-leading strengths in person expertise and safety, inexperienced operations, and digital innovation, amongst others. We imagine that the resumption of latest person registration for our core apps and our sturdy money place will help us as we navigate the complicated market dynamics.
Hui Zhang — Founder and Chief Govt Officer
[Foreign language]
Mao Mao — Investor Relations
With that, I will now flip the decision over to our CFO, Simon. He’ll go over our operational and monetary leads to extra element.
Simon Cai — Chief Monetary Officer
Thanks, Mr. Zhang, and hi there, everybody. I will undergo the general efficiency of our firm in additional element. As Mr.
Zhang said earlier than, we delivered stable monetary and operational leads to the second quarter, amid the challenges stemming from COVID-related restrictions in addition to continued suspension of latest person registration. Though GTV decreased considerably in Shanghai because of the pandemic, factories in different areas had been in a position to deal with a few of Shanghai’s transport calls for. Nevertheless, adversely impacted by disrupted community operations and lockdown-related truck shortages in sure areas of China, our common success charge declined to twenty.5% within the quarter. Now, that our core apps have resumed new person registration, we have now began to see indicators of success charge restoration in July, and we anticipate the general success charge within the second half of the 12 months to additional enhance.
As well as, the median freight matching time in June was roughly 11 minutes, constantly shorter than in the identical interval final 12 months and the primary quarter, once more demonstrating the continued enchancment in our platform’s algo-driven matching effectivity whereas concurrently leading to elevated order matching accuracy. For instance, earlier than our advisable order operate was launched, truckers used to spend a mean of 5 minutes trying to find transport orders by themselves. Now, counting on advisable orders, they want simply three minutes to determine applicable shipments and full transactions. The iterative upgrading and correct push of our algo within the second quarter have saved time for truckers and drastically improved matching effectivity.
Transferring on to our customers. The retention charge of our shippers and truckers remained steady quarter over quarter. Within the absence of latest person registrations, second quarter development in our shipper MAU primarily got here from the elevated contribution of our direct shippers. Moreover, within the second quarter, largely attributable to nonmember to member conversion, the variety of our entry-level or 688 member MAUs, which incorporates a big group of direct shippers, elevated by over 40% 12 months over 12 months and exceeded that of our second-tier, or 1688 member MAUs, for the primary time.
Such excellent development within the absence of latest member registration once more highlights the core shippers’ recognition of the worth of our platform. Now that new person registration has resumed, we anticipate continued development within the dimension of each our 688 membership and nonmember cohorts. Talking of which, we’re excited to see speedy development within the variety of newly registered customers because the finish of the second quarter. So far, we have now efficiently transformed about 300,000 new month-to-month energetic shippers and practically 300,000 new month-to-month energetic truckers responding to orders.
Following the resumption of latest person recruitment, we launched a sequence of on-line and offline person acquisition initiatives and comprehensively refined our person operation course of, together with rising platform publicity by means of a number of cooperation channels, selling the conversion of latest customers into registered customers by means of exact focusing on and suggestion, and serving to new customers efficiently full their first transaction. We’ve additionally developed personalized advertising and marketing methods for direct shippers and potential paying members. Wanting ahead to the second half of the 12 months, we stay centered on offering extra worthwhile services, optimizing the person expertise on each finish, and enhancing engagement stage and stickiness of latest and current customers, in order to realize steady development of person scale and transaction quantity on our platform. Turning now to our enterprise particulars.
Our on-line transaction service continued to carry out strongly, with revenues rising by 116.2% 12 months over 12 months to RMB 347.8 million within the second quarter. The rise was primarily pushed by greater fee penetration 12 months over 12 months. Given the pandemic’s recurrence within the second quarter, we selected to not broaden our fee mannequin to further cities however, as an alternative, carried out a dynamic fee adjustment technique based mostly on success time and freight value. Due to this ingenious strategy, our commissioned GTV penetration reached 50% regardless of the pandemic’s impression.
Moreover, each person exercise and quantity ranges in commissioned areas remained steady. Amongst them, the next-month retention of commissioned truckers in 195 cities is above 85%, and the next-month retention of our first batch of commissioned truckers in Jiangsu and Zhejiang provinces and in Shanghai metropolis is over 90%. Fee revenues accounted for greater than 20% of our general income within the second quarter, and our fee mannequin’s contribution to the monetization of our platform continued development. For us, the character and success of the fee mannequin hinge on how a lot worth is created for customers.
Sooner or later, whereas repeatedly enhancing the take charge and fee penetration, we can even proceed to improve product capabilities and refine our platform’s matching effectivity to assist shippers ship items sooner and extra conveniently and likewise help a wider vary of truckers to acquire extra orders and revenue. To that finish, person centricity stays our prime precedence. Within the second quarter, every enterprise unit of our platform established a person expertise division, specializing in the great optimization of our product utilization course of to convey a good higher expertise to our customers. Given our rising funding in person expertise enhancement, we anticipate our person grievance charge to proceed to say no.
Moreover, the shipper score system we launched at the start of this 12 months to enhance truckers’ expertise now covers seven provinces and cities. Our truckers have broadly counseled this method, and it has spurred optimistic modifications to the shippers’ aspect as effectively. For instance, shippers with higher rankings are inclined to get pleasure from comparably greater frequency of web page visits and success charge. We’re assured that the shipper score system will assist our most credible shippers discover truckers extra effectively.
Benefiting from these enhancements to our platform eco-system, each 12-month retention of shippers and next-month retention of truckers who responded to transport orders on our platform remained excessive at roughly 85% within the second quarter. Lastly, in response to truckers’ complaints about low freight charges, within the second quarter, our operation workforce instituted varied reminders and suggestions capabilities for shippers and truckers at every stage of the cargo bidding course of to encourage shippers to make extra affordable bids and enhance the general well being and equity within the pricing. For instance, shipments with unreasonable, ultra-low bids are blocked early on within the course of. We additionally inform shippers about applicable pricing and challenge markup steerage earlier than permitting them to position low-priced bids to assist domesticate fairer bidding habits and improve cargo pricing.
On the identical time, we rolled out a devoted communication channel for truckers to offer direct suggestions on low-priced items or to request value will increase on unreasonably priced shipments. Collectively, these measures have successfully improved our platform’s general freight charge, success charge, and trucker satisfaction. Earlier than transferring on to debate our monetary efficiency, I want to spotlight our dedication to fulfilling our duty to our {industry}, surroundings and society, which is on the core of our ongoing success. Since our inception, we have now labored to advance a variety of ESG initiatives throughout the stakeholder communities we serve.
In early July, we unveiled our 2019 to 2021 company social duty report, the primary such report issued throughout China’s whole digital transportation {industry}. In it, we showcased our explorations and achievements in fulfilling our social obligations lately, specializing in our platform technique, scientific and technological innovation, credit score system development, public welfare improvement and inexperienced operation. We attempt to positively impression our customers, workers and the communities during which we stay, and we imagine that creating and assembly long-term ESG objectives will finally gas our sustainable improvement. Now, I want to present a short overview of our second quarter monetary outcomes.
Our complete revenues within the second quarter had been RMB 1.7 billion, representing a rise of 49.3% 12 months over 12 months, primarily attributable to a rise in revenues from freight matching providers. Revenues from freight matching providers, together with service charges from freight brokerage fashions, membership charges from itemizing fashions, and commissions from on-line transaction providers had been RMB1.4 billion within the second quarter, representing a rise of fifty.3% 12 months over 12 months, primarily attributable to a rise in revenues from our freight brokerage service in addition to speedy development in transaction commissions. Revenues from freight brokerage service within the second quarter had been RMB 850.2 million, representing a rise of 41.4% 12 months over 12 months, primarily pushed by important development in transaction quantity on account of improved person penetration. Revenues from freight itemizing service within the second quarter had been RMB 211.7 million, up 20.7% 12 months over 12 months, primarily attributable to a rise in complete paying members.
Revenues from transaction commissions amounted to RMB 347.8 million within the second quarter, a rise of 116.2% 12 months over 12 months, primarily pushed by the continued ramp-up of commissioned GTV penetration, and partially offset by a lower in GTV attributable to COVID outbreaks. Revenues from value-added providers within the second quarter had been RMB 260.4 million, a rise of 43.7% 12 months over 12 months, primarily attributable to elevated revenues from credit score options. Value of revenues within the second quarter was RMB 925.9 million, in contrast with RMB 627.0 million in the identical interval final 12 months. The rise was primarily attributable to a rise in VAT, associated tax surcharges and different tax prices, and web of tax refunds from authorities authorities.
These tax-related prices web of refunds totaled RMB 845.4 million, representing a rise of 47.7% from RMB 572.4 million in the identical interval final 12 months, primarily attributable to a rise in transaction actions involving our freight brokerage service. Gross sales and advertising and marketing bills within the second quarter had been RMB 196.2 million in contrast with RMB 236.8 million in the identical interval final 12 months. The lower was primarily attributable to a lower in promoting and advertising and marketing bills throughout the person registration suspension interval, partially offset by a rise in wage and profit bills pushed by greater gross sales and advertising and marketing headcount. G&A bills within the second quarter had been RMB 344.8 million in contrast with RMB 2,123 million in the identical interval final 12 months.
The lower was primarily attributable to decrease share-based compensation bills. R&D bills within the second quarter had been RMB 216.4 million in contrast with RMB 155.1 million in the identical interval of 2021. The rise was primarily attributable to a rise in wage and advantages bills pushed by greater R&D headcount. Loss from operations within the second quarter was RMB 46.4 million in contrast with RMB 2.0 billion in the identical interval final 12 months.
Internet revenue within the second quarter was RMB 12.7 million in contrast with web lack of RMB 2 billion in the identical interval final 12 months. Underneath non-GAAP measures, our adjusted working revenue within the second quarter was RMB 211.3 million, a rise of 949.9% from RMB 20.1 million in the identical interval final 12 months. Our adjusted web revenue within the second quarter was RMB 266.9 million, a rise of 168.1% from RMB 99.5 million in the identical interval final 12 months. Fundamental and diluted web revenue per ADS had been RMB 0.01 within the second quarter in contrast with fundamental and diluted web loss per ADS of RMB 7.34 in the identical interval final 12 months.
Non-GAAP adjusted fundamental and diluted web revenue per ADS had been RMB 0.25 within the second quarter in contrast with non-GAAP adjusted fundamental and diluted web loss per ADS of RMB 0.49 in the identical interval of 2021. As of June 30, this 12 months, the corporate had money and money equivalents, restricted money, and short-term investments of RMB 26.1 billion in complete in contrast with RMB 26.0 billion as of December final 12 months. For the second quarter of 2022, web money utilized in working actions had been RMB 286.4 million. our enterprise outlook for the third quarter of 2022.
We anticipate our complete revenues to be between RMB 1.65 billion and RMB 1.73 billion, representing a year-over-year development of roughly 32.9% to 39.2%. These forecasts replicate the corporate’s present and preliminary views available on the market and operational situations. The COVID outbreaks are related to substantial uncertainties, together with the geographic scope and period of the outbreaks, the extra restrictive measures that the federal government authorities might take, and the additional impression on the enterprise of shippers, truckers and different ecosystem contributors, all of that are topic to alter and can’t be predicted with affordable accuracy as of the date hereof. By additional unleashing the synergies of our platform’s effectivity and the power of our nationwide street logistics community, we proceed to spur development momentum throughout our enterprise models.
Going ahead, we stay centered on providing higher services for our rising person base to assist retain current shippers and interact new customers whereas guaranteeing high quality development. Because the street transportation {industry} recovers, we stay up for capitalizing on much more promising development prospects to bolster FTA’s main place and amplify the worth we convey to all of our stakeholders. That concludes our ready remarks. We’d now wish to open the decision to Q&A.
Operator, please go forward.
Questions & Solutions:
Operator
[Operator instructions] Our first query comes from Brian Gong with Citi. Please go forward.
Brian Gong — Citi — Analyst
[Foreign language] I’ll translate myself. Thanks, administration, for taking my questions. Congratulations on stable second quarter outcomes. We’ve seen that the corporate introduced the fee guidelines and the cap on fee charges on the finish of June.
Can administration share how will this have any actual impression on fee plans sooner or later? Thanks.
Hui Zhang — Founder and Chief Govt Officer
[Foreign language]
Mao Mao — Investor Relations
We introduced that the fee guidelines might have to extend our pricing mechanisms’ transparency and assist truckers perceive the entire working course of. The publicized fee guidelines have already taken under consideration with the corporate’s long-term marketing strategy and future take charges ramp up. So, we do not assume this announcement will have an effect on the progress of our monetization. From enterprise perspective, our take charge is the bottom throughout {industry} friends, whereas the worth we introduced with our matching providers between shippers and truckers is clear.
Wanting ahead, we are going to proceed to advertise a digitalized, standardized, and clever transportation {industry}. As we additional develop our enterprise ability and optimize our product capabilities, we can even stay dedicated to offering extra worth to our truckers. Subsequent query, please.
Operator
Our subsequent query comes from Ronald Keung with Goldman Sachs. Please go forward.
Ronald Keung — Goldman Sachs — Analyst
[Foreign language] We have seen that the typical freight charge GTV versus orders — divided by orders within the second quarter was practically RMB 2,400, in order that was a 15% year-on-year improve, 10% Q-on-Q. So, what are the principle causes for that and the way ought to we exceed the pattern going ahead? Thanks.
Simon Cai — Chief Monetary Officer
Thanks, Ronald. That is Simon Cai right here. I’ll handle your query. So, to begin with, within the second quarter, we see a rise within the freight charge on a platform.
And that is primarily attributable to lockdown-related trucker shortages in lots of components of China, which led to a speedy freight charge improve in a brief time frame. And secondly, excessive oil costs within the first half of this 12 months additionally contributed to the rise within the freight charge. Typically talking, the impression of oil costs on freight charge materializes slowly over time with a sure lag impact. So, it will get troublesome to quantify the direct results of oil value modifications on the freight charge within the brief time period.
With the easing of COVID outbreaks and the resumption of latest person registration on our core apps, we see that the previous imbalance between provide and demand has progressively begun to equalize. So, as we progress by means of the second half of the 12 months, we anticipate the freight charge to slowly pattern downwards.
Ronald Keung — Goldman Sachs — Analyst
Thanks, Simon.
Operator
Our subsequent query comes from Charlie Chen with China Renaissance. Please go forward.
Charlie Chen — China Renaissance Securities — Analyst
[Foreign language] What are the modifications in person composition and the person exercise, in addition to GTV and order composition within the second quarter amid the COVID-19 resurgence and the weak macro situations? Thanks.
Simon Cai — Chief Monetary Officer
Thanks. Total, we expect the GTV contribution of direct shippers within the second quarter remained steady on a quarterly foundation. Whereas the suspension of latest person registrations nonetheless adversely impression our enterprise within the quarter, the continual optimization of person expertise has actively inspired the nonmember shippers to improve to the membership program. This drives a rise within the variety of current members.
Most of those nonmember shippers improve to our 688 membership stage, which is predominantly comprised of direct shippers. And such a powerful development, within the absence of latest person, new member registration, once more, highlights our shippers excessive dependence on the platform and represents a concrete step ahead towards our long-term development of optimizing our platform’s person ecosystem. When it comes to person habits, our customers proceed to exhibit important stickiness. For the final 4 quarters, the rolling 12-month retention charge of our paying shippers and the following month retention charge of truckers who responded to orders, each stayed at round 85%, unaffected by the brand new person registration suspension.
Furthermore, within the second quarter, we continued implementing efficient operational methods, resembling rising current customers’ transaction frequency by means of focused advertising and marketing campaigns and enhance our shipper score system, which partially offset the destructive impression of the COVID outbreaks. With respect to order composition, because of the COVID’s results within the second quarter, the freight charge fluctuated considerably. Extra customers tended to undertake value negotiation moderately than counting on the tap-and-go mannequin. In consequence, the GTV and order contribution of the negotiated mannequin elevated barely throughout the interval.
Nevertheless, because the outbreak abates, we anticipate our GTV and order contribution from our tap-and-go mannequin to recuperate progressively. As we transfer ahead with the resumption of latest person registration, the market restoration and the continued conversion of direct shippers, we anticipate direct shippers GTV and order contribution to take care of a gentle improve.
Charlie Chen — China Renaissance Securities — Analyst
[Foreign language] Thanks very a lot.
Operator
Our subsequent query comes from Jiulu Li with CICC. Please go forward.
Jiulu Li — CICC — Analyst
[Foreign language] The gross margin within the second quarter is 44.6%, barely decrease than within the first quarter. So, what are the principle causes for the quarter-over-quarter lower? How ought to we anticipate the gross margin to pattern sooner or later?
Simon Cai — Chief Monetary Officer
Certain. The slight quarter-over-quarter lower in gross margin was primarily attributable to the fluctuation of gross margin within the freight brokerage enterprise with the timing distinction of presidency refunds. If we exclude this section, our approximate gross margin for different companies improved each 12 months over 12 months and quarter over quarter. Wanting ahead, we anticipate transaction fee to be the important thing driver of our future income development and profitability enhancements.
As we repeatedly scale up our fee mannequin and optimize operational effectivity, we anticipate our gross margin to enhance additional.
Operator
Our subsequent query comes from Ivy Ji with Credit score Suisse. Please go forward.
Ivy Ji — Credit score Suisse — Analyst
[Foreign language] Thanks, administration, for taking my query. I’ve a query about our opex pattern. So, within the second quarter, we have now seen a really disciplined opex spending, particularly for gross sales and advertising and marketing, which fell by 17% 12 months over 12 months. So, simply wished to know what’s the important thing purpose for this alteration.
And the way ought to we take into consideration the opex and gross sales and advertising and marketing pattern into the second half? Thanks.
Simon Cai — Chief Monetary Officer
Thanks. Our gross sales and advertising and marketing bills primarily encompass wage and advantages associated to gross sales and advertising and marketing personnel, in addition to advertising and marketing and promotion bills. The year-over-year lower in gross sales and advertising and marketing bills within the second quarter was primarily attributable to a discount within the promoting and promotion bills throughout a interval of latest person registration suspension. Going ahead, we anticipate gross sales and advertising and marketing bills to extend within the absolute greenback quantity as new person registration resumes and our new companies proceed to broaden.
On the identical time, we additionally anticipate gross sales and advertising and marketing bills as a share of complete web revenues to say no over time as we preserve income development and enhance working leverage.
Ivy Ji — Credit score Suisse — Analyst
Thanks.
Operator
Our subsequent query comes from Tian Hou with T.H. Capital. Please go forward.
Tian Hou — T.H. Capital — Analyst
Yeah. Good morning administration. I simply have one query. So, there’s lots of dialogue about, , Chinese language authority and the SEC’s dialogue relating to the auditing paper — working paper.
So, at this level, we all know we have not reached agreements however making progress. So, simply surprise what’s your view on the potential delisting danger if, , the 2 governments can’t attain settlement for that PCAOB to examine the working paper on specific firm? Thanks.
Simon Cai — Chief Monetary Officer
Thanks. There are many rumors available on the market as we speak. We’re additionally monitoring the scenario very carefully, and we’re contemplating totally different choices, together with the opportunity of a due major itemizing in Hong Kong. We’ve completed the preliminary evaluation and don’t foresee any main technical points for us to record in Hong Kong.
In the meantime, we’re additionally working carefully with our auditor and regulators on this challenge — on this PCAOB challenge. For the time being, the whole lot continues to be in progress. If there are any additional updates, we are going to inform the market in accordance with all disclosure necessities.
Tian Hou — T.H. Capital — Analyst
OK. Thanks.
Operator
And that concludes the question-and-answer session. I want to flip the convention again over to Mao Mao for any further or closing feedback.
Mao Mao — Investor Relations
Thanks as soon as once more for becoming a member of us as we speak. In case you have any additional questions, please be happy to contact us at Full Truck Alliance immediately, or TPG investor relations. Our contact data for IR in each China and U.S. could be present in as we speak’s press launch.
Have an awesome day.
Operator
[Operator signoff]
Period: 0 minutes
Name contributors:
Mao Mao — Investor Relations
Hui Zhang — Founder and Chief Govt Officer
Simon Cai — Chief Monetary Officer
Brian Gong — Citi — Analyst
Ronald Keung — Goldman Sachs — Analyst
Charlie Chen — China Renaissance Securities — Analyst
Jiulu Li — CICC — Analyst
Ivy Ji — Credit score Suisse — Analyst
Tian Hou — T.H. Capital — Analyst
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