Full Truck Alliance Stock Gains On Q2 Earnings Beat, Robust Q3 Guidance

Full Truck Alliance Co Ltd YMM reported second-quarter FY21 net revenue growth of 100.9% year-on-year to $173.3 million, beating the analyst consensus of $162.56 million.
Growth Drivers: Revenues from freight matching services grew 109.8% Y/Y to $145.2 million due to increased revenues from freight brokerage service and freight listing service and growth in transaction commissions.
The gross transaction value (GTV) rose 57.8% Y/Y to $11.5 billion, and the fulfilled orders increased 87.9% Y/Y to 36 million.
The average shipper MAUs grew 40.3% Y/Y to 1.53 million, while the cost margin declined by 1,190 bps to 56%.
Non-GAAP EPS of $0.08 beat the analyst consensus of $0.
Full Truck Alliance held $4.2 billion in cash and equivalents and used $7.6 million in operating cash flow.
Outlook: Full Truck Alliance sees Q3 net revenue between RMB1.04 billion - RMB1.15 billion, implying a 42%-56.2% Y/Y growth.
Price Action: YMM shares traded higher by 6.04% at $14.04 in the market session on the last check Tuesday.

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