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 Members
Ready Remarks:
Operator
Girls and gents, good day, and welcome to Full Truck Alliance’s second quarter 2022 earnings convention name. [Operator instructions] Presently, I want to flip the convention over to Mao Mao, head of investor relations. Please go forward.
Mao Mao — Investor Relations
Thanks, operator. Please word that at present’s dialogue will comprise forward-looking statements regarding the corporate’s future efficiency, that are supposed to qualify for the protected harbor from legal responsibility, as established by the U.S. Non-public 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 at present’s press launch and dialogue. A common dialogue of the danger components that would 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 info, besides as required by regulation. Throughout at present’s name, administration may also talk about 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 at present. Becoming a member of us at present 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 can be out there 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 Government Officer
[Foreign language]
Mao Mao — Investor Relations
Whats up, everybody. Thanks for becoming a member of us at present on our second quarter of 2022 earnings convention name.
Hui Zhang — Founder and Chief Government 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 Evaluation 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 knowledge safety dangers. All through the evaluate course of, we’ve totally cooperated with the CRO and brought complete measures to deal with 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 consumer 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 regarding cybersecurity, knowledge safety and safety of non-public info. Moreover, we stay dedicated to facilitating the institution of our platform’s knowledge safety pointers and optimization of our cybersecurity system by repeatedly implementing efficient measures. We firmly imagine that an optimized regulatory surroundings is each crucial and helpful for the long-term wholesome growth of the {industry}.
Hui Zhang — Founder and Chief Government Officer
[Foreign language]
Mao Mao — Investor Relations
Now, shifting on to our second quarter earnings outcomes. The second quarter of 2022 was a difficult one for FTA and your entire 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 elements of China have progressively resumed work and manufacturing for the reason that finish of the second quarter, with sporadic pandemic recurrences persevering with to emerge, it’s clear that we’ll nonetheless face many exterior uncertainties within the highway transportation {industry} throughout the second half of the 12 months.
Towards 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 Government Officer
[Foreign language]
Mao Mao — Investor Relations
When it comes to monetary efficiency, our whole 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 steering. Extra importantly, as we intensified our concentrate on 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 Government 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 route for growth, stay agency. As we progress by 2022, we stay dedicated to creating FTA a wise 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 consumer expertise and safety, inexperienced operations, and digital innovation, amongst others. We imagine that the resumption of recent consumer registration for our core apps and our robust money place will assist us as we navigate the advanced market dynamics.
Hui Zhang — Founder and Chief Government Officer
[Foreign language]
Mao Mao — Investor Relations
With that, I am going to now flip the decision over to our CFO, Simon. He’ll go over our operational and monetary ends in extra element.
Simon Cai — Chief Monetary Officer
Thanks, Mr. Zhang, and whats up, everybody. I am going to undergo the general efficiency of our firm in additional element. As Mr.
Zhang said earlier than, we delivered stable monetary and operational ends in the second quarter, amid the challenges stemming from COVID-related restrictions in addition to continued suspension of recent consumer registration. Though GTV decreased considerably in Shanghai as a result of pandemic, factories in different areas had been in a position to deal with a few of Shanghai’s delivery calls for. Nevertheless, adversely impacted by disrupted community operations and lockdown-related truck shortages in sure areas of China, our common achievement charge declined to twenty.5% within the quarter. Now, that our core apps have resumed new consumer registration, we’ve began to see indicators of achievement charge restoration in July, and we count on the general achievement 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 really useful order operate was launched, truckers used to spend a mean of 5 minutes looking for delivery orders by themselves. Now, counting on really useful orders, they want simply three minutes to determine acceptable 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 recent consumer 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 recent member registration once more highlights the core shippers’ recognition of the worth of our platform. Now that new consumer registration has resumed, we count on continued development within the measurement 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 for the reason that finish of the second quarter. To this point, we’ve efficiently transformed about 300,000 new month-to-month lively shippers and almost 300,000 new month-to-month lively truckers responding to orders.
Following the resumption of recent consumer recruitment, we launched a collection of on-line and offline consumer acquisition initiatives and comprehensively refined our consumer operation course of, together with growing platform publicity by a number of cooperation channels, selling the conversion of recent customers into registered customers by exact focusing on and suggestion, and serving to new customers efficiently full their first transaction. We have now additionally developed custom-made advertising methods for direct shippers and potential paying members. Trying ahead to the second half of the 12 months, we stay targeted on offering extra priceless services, optimizing the consumer expertise on each finish, and bettering engagement stage and stickiness of recent and current customers, in order to realize steady development of consumer 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 growing 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 increase our fee mannequin to further cities however, as an alternative, applied a dynamic fee adjustment technique primarily based on achievement time and freight worth. Due to this creative method, our commissioned GTV penetration reached 50% regardless of the pandemic’s impression.
Moreover, each consumer 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 bettering the take charge and fee penetration, we may also proceed to improve product features and refine our platform’s matching effectivity to assist shippers ship items sooner and extra conveniently and in addition assist a wider vary of truckers to acquire extra orders and revenue. To that finish, consumer centricity stays our high precedence. Within the second quarter, every enterprise unit of our platform established a consumer expertise division, specializing in the excellent optimization of our product utilization course of to carry a good higher expertise to our customers. Given our rising funding in consumer expertise enhancement, we count on our consumer criticism charge to proceed to say no.
Moreover, the shipper ranking system we launched originally of this 12 months to enhance truckers’ expertise now covers seven provinces and cities. Our truckers have broadly recommended this method, and it has spurred constructive adjustments to the shippers’ facet as effectively. For instance, shippers with higher rankings are inclined to get pleasure from comparably greater frequency of web page visits and achievement charge. We’re assured that the shipper ranking 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 delivery 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 staff instituted varied reminders and suggestions features for shippers and truckers at every stage of the cargo bidding course of to encourage shippers to make extra cheap 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 acceptable pricing and situation markup steering earlier than permitting them to put low-priced bids to assist domesticate fairer bidding habits and improve cargo pricing.
On the similar time, we rolled out a devoted communication channel for truckers to offer direct suggestions on low-priced items or to request worth will increase on unreasonably priced shipments. Collectively, these measures have successfully improved our platform’s general freight charge, achievement charge, and trucker satisfaction. Earlier than shifting on to debate our monetary efficiency, I want to spotlight our dedication to fulfilling our accountability to our {industry}, surroundings and society, which is on the core of our ongoing success. Since our inception, we’ve labored to advance a variety of ESG initiatives inside the stakeholder communities we serve.
In early July, we unveiled our 2019 to 2021 company social accountability 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 growth 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 targets will finally gas our sustainable growth. Now, I want to present a quick overview of our second quarter monetary outcomes.
Our whole 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 companies. Revenues from freight matching companies, together with service charges from freight brokerage fashions, membership charges from itemizing fashions, and commissions from on-line transaction companies 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 because of improved consumer 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 whole 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 companies 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. Price 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 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 bills throughout the consumer registration suspension interval, partially offset by a rise in wage and profit bills pushed by greater gross sales and advertising 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. Primary and diluted web revenue per ADS had been RMB 0.01 within the second quarter in contrast with primary and diluted web loss per ADS of RMB 7.34 in the identical interval final 12 months.
Non-GAAP adjusted primary and diluted web revenue per ADS had been RMB 0.25 within the second quarter in contrast with non-GAAP adjusted primary 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 whole 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 count on our whole 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 circumstances. The COVID outbreaks are related to substantial uncertainties, together with the geographic scope and length of the outbreaks, the extra restrictive measures that the federal government authorities could take, and the additional impression on the enterprise of shippers, truckers and different ecosystem individuals, all of that are topic to vary and can’t be predicted with cheap accuracy as of the date hereof. By additional unleashing the synergies of our platform’s effectivity and the power of our nationwide highway logistics community, we proceed to spur development momentum throughout our enterprise models.
Going ahead, we stay targeted on providing higher services for our rising consumer base to assist retain current shippers and have interaction new customers whereas guaranteeing high quality development. Because the highway 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 carry to all of our stakeholders. That concludes our ready remarks. We might 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 have now 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 Government Officer
[Foreign language]
Mao Mao — Investor Relations
We introduced that the fee guidelines may 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 companies between shippers and truckers is clear.
Trying 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 features, we may also 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 common freight charge GTV versus orders — divided by orders within the second quarter was almost RMB 2,400, in order that was a 15% year-on-year improve, 10% Q-on-Q. So, what are the primary 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, initially, 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 elements of China, which led to a speedy freight charge improve in a brief time period. And secondly, excessive oil costs within the first half of this 12 months additionally contributed to the rise within the freight charge. Usually talking, the impression of oil costs on freight charge materializes slowly over time with a sure lag impact. So, it will get tough to quantify the direct results of oil worth adjustments on the freight charge within the brief time period.
With the easing of COVID outbreaks and the resumption of recent consumer 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 the second half of the 12 months, we count on 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 adjustments in consumer composition and the consumer exercise, in addition to GTV and order composition within the second quarter amid the COVID-19 resurgence and the weak macro circumstances? Thanks.
Simon Cai — Chief Monetary Officer
Thanks. General, we predict the GTV contribution of direct shippers within the second quarter remained steady on a quarterly foundation. Whereas the suspension of recent consumer registrations nonetheless adversely impression our enterprise within the quarter, the continual optimization of consumer 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 robust development, within the absence of recent consumer, 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 consumer ecosystem. When it comes to consumer conduct, our customers proceed to exhibit important stickiness. For the final 4 quarters, the rolling 12-month retention charge of our paying shippers and the subsequent month retention charge of truckers who responded to orders, each stayed at round 85%, unaffected by the brand new consumer registration suspension.
Furthermore, within the second quarter, we continued implementing efficient operational methods, similar to growing current customers’ transaction frequency by focused advertising campaigns and enhance our shipper ranking system, which partially offset the unfavorable impression of the COVID outbreaks. With respect to order composition, as a result of COVID’s results within the second quarter, the freight charge fluctuated considerably. Extra customers tended to undertake worth negotiation moderately than counting on the tap-and-go mannequin. Consequently, the GTV and order contribution of the negotiated mannequin elevated barely throughout the interval.
Nevertheless, because the outbreak abates, we count on our GTV and order contribution from our tap-and-go mannequin to get better progressively. As we transfer ahead with the resumption of recent consumer registration, the market restoration and the continued conversion of direct shippers, we count on direct shippers GTV and order contribution to keep up a gradual 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 primary causes for the quarter-over-quarter lower? How ought to we count on the gross margin to pattern sooner or later?
Simon Cai — Chief Monetary Officer
Positive. 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. Trying ahead, we count on 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 count on 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’ve seen a really disciplined opex spending, particularly for gross sales and advertising, which fell by 17% 12 months over 12 months. So, simply needed to grasp what’s the important thing motive for this transformation.
And the way ought to we take into consideration the opex and gross sales and advertising pattern into the second half? Thanks.
Simon Cai — Chief Monetary Officer
Thanks. Our gross sales and advertising bills primarily include wage and advantages associated to gross sales and advertising personnel, in addition to advertising and promotion bills. The year-over-year lower in gross sales and advertising bills within the second quarter was primarily attributable to a discount within the promoting and promotion bills throughout a interval of recent consumer registration suspension. Going ahead, we count on gross sales and advertising bills to extend within the absolute greenback quantity as new consumer registration resumes and our new companies proceed to increase.
On the similar time, we additionally count on gross sales and advertising bills as a proportion of whole 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 may be quite a lot of dialogue about, you recognize, Chinese language authority and the SEC’s dialogue concerning the auditing paper — working paper.
So, at this level, we all know we’ve not reached agreements however making progress. So, simply marvel what’s your view on the potential delisting danger if, you recognize, the 2 governments can’t attain settlement for that PCAOB to examine the working paper on explicit firm? Thanks.
Simon Cai — Chief Monetary Officer
Thanks. There are many rumors available on the market at present. We’re additionally monitoring the scenario very carefully, and we’re contemplating completely different choices, together with the potential of a due major itemizing in Hong Kong. We have now completed the preliminary evaluation and don’t foresee any main technical points for us to listing in Hong Kong.
In the meantime, we’re additionally working carefully with our auditor and regulators on this situation — on this PCAOB situation. For the time being, all the pieces 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 at present. When you’ve got any additional questions, please be happy to contact us at Full Truck Alliance instantly, or TPG investor relations. Our contact info for IR in each China and U.S. could be present in at present’s press launch.
Have a fantastic day.
Operator
[Operator signoff]
Length: 0 minutes
Name individuals:
Mao Mao — Investor Relations
Hui Zhang — Founder and Chief Government 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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