Mr. followed Today of I you, a hello as Jung. some highlights Thank the quarter, by first will And overview for over usual, everyone. the of our financials. go key brief
weighing traditional October November fourth challenges business. the while the is in our certain with regions the season and on various began transport, to quarter for peak to The policies, rolling in COVID impacted continued economy, quarter negatively lingering volume freight pandemic freight due experience the fluctuations which
early Following in up, December, gradually December. COVID order platform the restrictions of volume ramped the reaching the removal year peak full the from in
mid-December, truckers a which the volume infected of to large overall COVID, number transport affected capacity. getting in order However, with due declined
New work freight year. last to the truckers we capacity from Year, lows infected within resurging returned industry and Chinese of after activity transport see the recovered the As
in freight orders, was on which willingness strengthened rate many with to increasing average restored fulfillment the in basis balance truckers’ while take XX% reached XX.X% truckers approximately the between quarter, demand average to disruptions, our supply and fourth fulfillment rate policies, The rate due COVID reaching progressively we also shippers. Despite and in our a easing monthly fee December. increase
on our direct user the rate. improved relatively with of are the registration, to contributed overall Moreover, shippers most fulfillment compared platform with the resumption grew, as middlemen, them to number fulfillment and therefore which rate of of shippers of higher new
pushed quarter's users, we at fourth looking to year-over-year to the of our Now, users the of shipper that MAUs quarter million ignited was new overall by previous uptake average in XX.X%. revival continued registration. maintain The increase specifically or during our users able momentum were X.XX the the
Our orders those remain average in the X.X active XX and with shipments million to including past month-over-month stable trucker months. MAUs, fulfilling responding truckers fulfilling
the retention last XX-month and the who to steady quarters In members four rate XX%. remained the around rolling of orders – the retention shipper month's at retention responded truckers those of rolling next XX-month and rate
a maintain rate user high of once again degree the of Our overall demonstrate ability to our stickiness high retention base.
which shippers in continued and user optimizing Along quarter. the with user to are overall our composition both non-paying number a typically fourth our direct increase members, gains are of we as XXX high members
the orders, about importantly, of increase users contribution we of further terms of the More fulfilled increase from as further to user in will continue expect number which scale to these types two expand. XX%
remain This high will year, the users new priority. a of acquisition
activities, build marketing to and marketing will brand initiatives marketing networks. promotional as marketing scenarios traditional awareness our such new In online and towards social through attract consumer addition user precise users to and we channels explore value and high users’
the to team, our both ground our and At groups promotion target offline acquisition operations reach our strategy through user offline. online we'll user local combined with strengthen same time,
acquaintance and more shippers remain we users, first their marketing experience to low- focused model. move into order branding and retaining online plan through the on into channels we and the truckers' their boost for more resources paying acquiring fulfillment to of XXXX, in on and We direct gradually in improving our user conversion to non-paying medium-frequency members. time allocating rate users attract order As inefficient and services, improving replace
transaction to turning platform, and complaining process briefly a healthiness trusted fourth we our of resources Now invest continue the more quarter, user-friendly. in and and it ecosystem. the simplified platform's environment to improving in made We creating the accessible users’
the makes the our access access complaint allows one users for customer on click easier a it hotline button apps’ and upgrades order complaint section. to users detail instance, For the to page service,
product functionalities We the also of disputes. improved reduce possibility fundamentally to our
As in and hence to encouraging truckers. to shipments to example, auto added truckers’ voice between shippers be allow common rational frictions an shippers’ reducing heard, trucker feature cancellation, we response and
penetration protects truckers our shippers. us quarter waiting of credit interest Another notable coverage, ecosystem both fourth widening the role enhances shipper systems and which the users’ of our in the for and the of accomplishment was in
number have percentage five-star shippers. these shippers and truckers recognition to As from shippers, average continue we more in rate as increase the than the the points seen of quality a a XX.X we that significant of the rate by five-star cancellation shippers high as Subsequently, decline whole. and gain number of fulfilment platform order in five-star higher
on and improve refine to rating regulate system ends to continue our their behaviors. will and in we discipline order both proceed, we As
commission improved XX% roughly online increase our or In RMBXXX.X our if the the volatile XX.X% increase sustainable online to XX% was amid fourth in segment quarter of by GTV to service growth maintains the covered a orders. environment, This fourth million. the XX% showing or driven transaction transaction macro measured primarily the by year-over-year fulfilled service, Turning quarter, transaction rate.
For the penetration X percentage has China orders points increased full by of XX%. commission nearly by year, to number approximately –
expand freight Looking find investment, fulfillment time to tiered matching we transaction dynamically platforms our strengthen and amount, our assurance up ahead, adjust our on as and users, Furthermore, based policies. we’ll [ph] freight our beef our commission services. and we will commission strategy
shipper, from with normal in to Additionally, continue high direct given disputes with higher improve fulfillment this quality, order that which rate. from our improve high transaction algo the user occurrence and should price fact ensure goods to commission data our shippers, are in help label ultimately provided composition ship – truckers in disputes gradually that we’ll improve industry, for contribute resolution, efficiency to and are
systems user an In optimizing which for system regulations. our ensuring user summary, We new platform’s base, eco the data during user and our registration value strategy acquisition active created governance security user’s our XXXX, the elevated we while implemented improve resumed, platform’s users. once platform expended and to continue experience, – and user network
We’re under – for dedication created of COVID their hard and team conditions by dedicated restrictions. the their proud our work
core and to to boost same the with our efficiency, improve to gradually leveraging broaden performance our and provide commercialization direct our shippers, high technologies matching direct acquire we’ll freight for industry capabilities more leading forward, and assurances products sharpen by users users. At advantages accuracy algos, the quality further digitalization position. quality industry our our spirit harness and services service we’ll to fortifying recovers, continue Going our
provide to XXXX fourth overview like quarter, XXXX of I’d Now, full and year brief financials. our a
presenting be you today’s encourage time some will read release issued I abbreviated the details. Given for We press today for to limited highlights. through earlier financial our call,
revenue growth fees year-over-year. models, representing from rapid fourth up was from services up revenues including XXXX brokerage Net as billion, the freight and XX.X% the billion our from models representing an revenue freight from in increase increase XXXX fourth billion, RMBX.X a net in The primarily for well commissions the or from revenues for fees billion, Our listing XX.X% and freight transaction year membership quarter service XX.X% commissions increase as online year-over-year. brokerage quarter RMBX.X RMBX.X RMBX.X XX.X% due year-over-year, were total the from transaction matching our services a for to service.
Revenues reached million RMBXXX.X basis. in from fourth X.X% freight brokerage in for by growth increased result by a year-over- service up XXXX, year to XX.X% driven transaction of Net on continued as primarily revenue improved a XX% user quarterly the quarter, [ph] volume RMB penetration.
in RMBXXX.X a the RMBXXX.X RMBX.X service from for Revenues quarter a members. million, a to rose as well improved up take XX.X% total representing the Revenues year-over-year million quarterly a reach fourth primarily increase were On rate year-over-year. to basis to representing transaction XXXX, driven in XXX.X% paying RMBXXX.X full in quarter, fourth net million to year-over-year, from due increase XX.X% year and an as year-over-year increase amounted primarily penetration. in commission by extended XX.X% revenue amounted freight billion the the commissions listing
billion value-added increase XXXX, Revenue RMBX.X in representing from were services year-over-year. XX.X%
to quarter, the value-added For attributable a year-over-year, other from RMBXXX.X net increase in revenues revenue an solutions to credit increase representing XX.X% fourth and increased mainly million, services.
of the fourth increase and to RMBXXX.X of refunds in in million increase tax-related quarter prior in from the of net an related freight XX.X% to with government surcharges refunds tax These year same compared totaled brokerage in RMBXXX.X representing other primarily service. primarily the revenues involving continued period our was The increase period. was of VAT, tax XXXX, costs, due from tax Cost due authorities. RMBXXX.X million, activities costs, in million RMBXXX.X an million in transaction net increase
expenses compared fourth million salary period. RMBXXX.X increase with The Our expenses higher were million sales benefits, an as the online as driven in RMBXXX.X headcount, marketing due sales to increase primarily marketing prior well was a and and marketing expenses. year by in and an in increase in advertising quarter and
The decrease expenses, by RMBX.X with fourth the fees. partially increase million professional year service prior compared in General due primarily compensation and quarter lower was administrative were expenses share-based billion RMBXXX.X an in offset period. in to
prior quarter by million salary due fourth the expenses in The and R&D in an RMBXXX.X headcount. year higher to compared million benefit with expenses increase in the primarily period. RMBXXX.X was were increase R&D driven
was in in was in Loss RMBXXX.X fourth from income the Net of RMBX.X XXXX. net XXXX. with billion the RMBX.X the operations million, with same of in quarter the fourth billion compared period million compared of RMBX.X a quarter period same loss
the adjusted our income was the with in non-GAAP operating measures, in quarter million the XXXX. fourth same million compared of On RMBXXX.X period RMBXXX.X
Our adjusted with fourth RMBXXX.X the quarter period in net the compared same XXXX. income was million in million of RMBXXX.X
compared adjusted compared the ADS diluted RMBX.XX were diluted period of loss of were in adjusted income and and net with XXXX. per period in XXXX. ADS with quarter income basic and same same Non-GAAP Basic net per net fourth non-GAAP of RMBX.XX per in fourth RMBX.XX RMBX.XX the quarter in basic and net income the diluted per basic ADS of the diluted ADS
XX, cash cash, December cash December XXXX. as equivalents, of of XXXX, restricted XX, and our and billion investments with RMBXX.X compared As billion RMBXX totaled short-term
of with of on-balance company trusts of balance of of the was through our December us, X,XXX.X XXXX. of that loans net outstanding As accrued which and of year, unpaid was the amounts the million, X,XXX.X And XXXX. and established for flat year, about the loan all total loan were of interests by small consisting principal RMB total loans, the provisions non-performing million funded ratio total compared with December RMB last XX, XXst of XX, loans X% the end these and December as sheet compared last as
our representing XX.X% of growth to operational be market approximately net subject and of RMB with accuracy at to and for expect Looking first year-over-year hereon. total our the XX%. billion, reasonable outlook a These current of views X.XX and reflect company's we business between revenues billion and which quarter conditions X.XX the preliminary XXXX, changes as the forecasts predicted rate date are be to on cannot the RMB
we the advisors committee with accounting January, big defend firm. an were assistance law in investigation receipted an late and a groundless the outside forensic report. from international to short-seller report, quickly In accounting Upon professional of published firm of launched four allegations forced independent the including ourselves against experts audit a third-party
to allegations of completion that trust findings Today, conclusive standards, the disclosure investors and review, high during reiterate this period We support we want have maintaining the announced were sincerely internal its to substantiated. take to our the not which our received and substantial timely Exchange. York we and appreciate Stock in were with opportunity the the in publicly the of New transparency this key compliance from commitment rules
remarks. would prepared the We our to now concludes to Q&A. like That open call
ahead. go please Operator,
