Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq:
FUTU), a leading tech-driven online brokerage and wealth
management platform, today announced its unaudited financial
results for the fourth quarter and full year ended December 31,
2021.
Fourth Quarter and Full Year 2021
Operational Highlights
- Total number of paying
clients1 increased 140.8% year-over-year
to 1,244,222 as of December 31, 2021.
- Total number of registered
clients2 increased 93.8% year-over-year
to 2,751,239 as of December 31, 2021.
- Total number of
users3 increased 45.8% year-over-year to
17.4 million as of December 31, 2021.
- Total client
assets increased 43.0% year-over-year to HK$407.8 billion
as of December 31, 2021.
- Daily average client
assets were HK$428.0 billion in the fourth quarter of
2021, an increase of 75.1% from the same period in 2020.
- Total trading volume in the
fourth quarter of 2021 increased 1.3% year-over-year to
HK$1.2 trillion, in which trading volume for US stocks was HK$777.2
billion, trading volume for Hong Kong stocks was HK$402.9 billion,
and trading volume for stocks under the Stock Connect was HK$43.8
billion. Total trading volume in 2021 increased 77.2%
year-over-year to HK$6.1 trillion.
- Daily average revenue
trades (DARTs)4 in the fourth quarter of 2021 increased
17.6% year-over-year to 543,806. DARTs in 2021 increased 93.5%
year-over-year to 640,581.
- Margin financing and
securities lending balance increased 55.3% year-over-year
to HK$30.3 billion as of December 31, 2021.
Fourth Quarter 2021 Financial
Highlights
- Total revenues
increased 35.1% year-over-year to HK$1,602.8 million (US$205.5
million).
- Total gross profit
increased 46.8% year-over-year to HK$1,386.0 million (US$177.7
million).
- Net income
decreased 6.3% year-over-year to HK$498.8 million (US$64.0
million).
- Non-GAAP adjusted net
income5 decreased 3.5% year-over-year to HK$533.4 million
(US$68.4 million).
Full Year 2021 Financial
Highlights
- Total revenues
increased 114.9% year-over-year to HK$7,115.3 million (US$912.3
million).
- Total gross profit
increased 126.0% year-over-year to HK$5,909.3 million (US$757.6
million).
- Net income
increased 112.0% year-over-year to HK$2,810.2 million (US$360.3
million).
- Non-GAAP adjusted net
income increased 113.3% year-over-year to HK$2,909.1
million (US$373.0 million).
Mr. Leaf Hua Li, Futu’s Chairman and Chief
Executive Officer, said, “Despite sluggish equities market
performance, we continued to deliver strong operating and financial
results in the fourth quarter of 2021.”
“As of year-end, our paying clients surpassed
1.2 million, up 140.8% year-over-year, representing another year of
rapid client base expansion. We exceeded our full-year paying
client guidance by adding approximately 728 thousand paying clients
in 2021. Despite the negative impacts from a series of headline
news in the fourth quarter, we still achieved positive net paying
client addition across all markets and maintained approximately 97%
quarterly paying client retention. About 90% of new paying clients
in the quarter came from Hong Kong, Singapore and the U.S.”
“Total client assets came down sequentially to
HK$407.8 billion, representing a 43.0% year-over-year growth and
3.8% quarter-over-quarter decline. The decline was mainly due to
marked-to-market loss and, to a lesser extent, asset outflow post
the headline news. However, net asset inflow remained positive in
each market, totaling over HK$10 billion. In Singapore, average
client assets increased 25.7% sequentially, thanks to robust asset
inflow across client cohorts and the higher-quality clients we
acquired in the fourth quarter.”
“Total trading volume was HK$1.2 trillion, up
1.3% year-over-year. The 9.2% sequential decline can be mainly
attributed to fewer trading days in the quarter, despite a higher
trading turnover of 3.1 times. Hong Kong stock trading volume
declined quarter-over-quarter amid deteriorating market sentiments,
while U.S. stock trading increased on the back of elevated trading
volume in some U.S. tech names, higher options trading volume and
higher trading volume from Singapore clients.”
“Futu Securities International (Hong Kong)
Limited established wealth management partnerships with four
reputable fund houses, including Fidelity and AXA. We also expanded
our wealth management partners in Singapore to 20. Total client
assets in wealth management reached HK$18.8 billion, up 83.5%
year-over-year and 6.2% quarter-over-quarter. We distributed a
flagship multi-asset hedge fund from a leading global alternative
asset manager, which was met with high client demand. We ended the
quarter with a 120.3% sequential increase in private fund asset
balance. In the fourth quarter, we also launched auto-rebalancing
function for our mutual fund portfolio product.”
“Futu I&E had 236 IPO and IR clients and 400
ESOP clients as of quarter-end, up 124.8% and 151.6%
year-over-year, respectively. We acted as joint bookrunners for
several high-profile HK IPOs, including that of SenseTime, to which
we contributed over 20% of the retail subscribers.”
Fourth Quarter 2021 Financial Results
Revenues
Total revenues were HK$1,602.8 million (US$205.5
million), an increase of 35.1% from HK$1,186.4 million in the
fourth quarter of 2020.
Brokerage commission and handling charge income
was HK$856.9 million (US$109.9 million), an increase of 19.3% from
the fourth quarter of 2020. The rise was mainly driven by an
increase in blended commission rate from 5.9bps to 7.0bps.
Interest income was HK$617.6 million (US$79.2
million), an increase of 83.3% from the fourth quarter of 2020. The
increase in interest income was mainly due to higher margin
financing income on the back of higher daily average margin
financing balance, despite lower IPO financing interest income amid
a less active IPO market.
Other income was HK$128.3 million (US$16.4
million), a decrease of 2.2% from the fourth quarter of 2020. The
decrease was primarily due to lower IPO financing service charge
income, partially offset by higher currency exchange service
income, underwriting fee income and funds distribution service
income.
Costs
Total costs were HK$216.9 million (US$27.8
million), a decrease of 10.4% from HK$242.2 million in the fourth
quarter of 2020.
Brokerage commission and handling charge
expenses were HK$87.7 million (US$11.2 million), a decrease of
34.2% from the fourth quarter of 2020. The expenses declined
year-over-year due to an upgraded service package with our U.S.
clearing house and lower IPO financing service charge expenses.
Interest expenses were HK$55.6 million (US$7.1
million), a decrease of 13.7% from the fourth quarter of 2020. The
decrease was due to lower IPO financing interest expenses,
partially offset by higher interest expenses associated with our
securities borrowing and lending business. Interest expenses for
margin financing didn’t rise in tandem with margin financing
interest income due to lower funding costs.
Processing and servicing costs were HK$73.5
million (US$9.4 million), an increase of 64.8% from the fourth
quarter of 2020. The increase was primarily due to an increase in
cloud service fees to support overseas market expansion and process
a higher number of concurrent trades.
Gross Profit
Total gross profit was HK$1,386.0 million
(US$177.7 million), an increase of 46.8% from HK$944.3 million in
the fourth quarter of 2020. Gross margin was 86.5%, as compared to
79.6% in the fourth quarter of 2020.
Operating Expenses
Total operating expenses were HK$825.5 million
(US$105.8 million), an increase of 127.1% from HK$363.5 million in
the fourth quarter of 2020.
Research and development expenses were HK$270.6
million (US$34.7 million), an increase of 66.9% from the fourth
quarter of 2020. The increase was primarily due to an increase in
research and development personnel to support new product
offerings, build U.S. clearing capabilities, and provide more
customized product experiences in international markets.
Selling and marketing expenses were HK$337.0
million (US$43.2 million), an increase of 199.6% from HK$112.5
million in the fourth quarter of 2020. The rise was due to higher
marketing spending, especially in Singapore and the U.S.
General and administrative expenses were
HK$217.9 million (US$27.9 million), an increase of 145.1% from the
fourth quarter of 2020. The increase was primarily due to an
increase in general and administrative personnel.
Net Income
Net income decreased by 6.3% to HK$498.8 million
(US$64.0 million) from HK$532.5 million in the fourth quarter of
2020. The decrease was mainly due to higher spending associated
with our overseas market expansion and a higher income tax rate of
12.9%. Net income margin for the fourth quarter of 2021 was
31.1%.
Non-GAAP adjusted net income decreased by 3.5%
to HK$533.4 million (US$68.4 million) from the fourth quarter of
2020. Non-GAAP adjusted net income is defined as net income
excluding share-based compensation expenses and impairment from
equity method investment. For further information, see "Use of
Non-GAAP Financial Measures" at the bottom of this press
release.
Net Income per ADS
Basic net income per American Depositary Share
(“ADS”) was HK$3.26 (US$0.42), compared with HK$3.88 in the fourth
quarter of 2020. Diluted net income per ADS was HK$3.22 (US$0.42),
compared with HK$3.83 in the fourth quarter of 2020. Each ADS
represents eight Class A ordinary shares.
Full year 2021 Financial Results
Revenues
Total revenues were HK$7,115.3 million (US$912.3
million), an increase of 114.9% from HK$3,310.8 million in
2020.
Brokerage commission and handling charge income
was HK$3,913.0 million (US$501.7 million), an increase of 96.6%
from HK$1,990.1 million in 2020. The increase was mainly due to the
77.2% year-over-year increase in trading volume and higher blended
commission rate.
Interest income was HK$2,518.2 million (US$322.9
million), an increase of 160.8% from HK$965.6 million in 2020. The
increase in interest income was mainly driven by higher margin
financing interest income and higher securities borrowing and
lending interest income.
Other income was HK$684.1 million (US$87.7
million), an increase of 92.6% from HK$355.1 million in 2020. The
growth was primarily due to an increase in currency exchange
service income, enterprise public relationship service charge
income and underwriting fee income.
Costs
Total costs were HK$1,206.1 million (US$154.6
million), an increase of 73.3% from HK$696.0 million in 2020.
Brokerage commission and handling charge
expenses were HK$572.2 million (US$73.4 million), an increase of
58.3% from HK$361.5 million in 2020. The expenses didn’t grow in
tandem with brokerage commission and handling charges income due to
an upgraded service package with our U.S. clearing house in the
second half of 2021.
Interest expenses were HK$376.9 million (US$48.3
million), an increase of 103.6% from HK$185.1 million in 2020. The
increase was primarily due to higher margin financing interest
expenses and higher expenses associated with our securities
borrowing and lending business. Interest expenses for margin
financing didn’t rise in tandem with margin financing interest
income due to lower funding costs.
Processing and servicing costs were HK$257.0
million (US$33.0 million), an increase of 72.0% from HK$149.4
million in 2020. The growth was primarily due to an increase in
cloud service fees and data transmission fees as we continued to
enhance our IT infrastructure.
Gross Profit
Total gross profit was HK$5,909.3 million
(US$757.6 million), an increase of 126.0% from HK$2,614.9 million
in 2020. Gross profit margin increased from 79.0% in 2020 to 83.0%
in 2021.
Operating Expenses
Total operating expenses were HK$2,726.4 million
(US$349.6 million), an increase of 137.7% from HK$1,147.0 million
in 2020.
Research and development expenses were HK$805.3
million (US$103.3 million), an increase of 56.9% from HK$513.3
million in 2020. The increase was primarily due to an increase in
research and development headcount.
Selling and marketing expenses were HK$1,392.1
million (US$178.5 million), an increase of 261.3% from HK$385.3
million in 2020. The increase was primarily due to higher branding
and marketing spending.
General and administrative expenses were
HK$529.0 million (US$67.8 million), an increase of 113.0% from
HK$248.4 million in 2020. The increase was primarily due to an
increase in headcount for general and administrative personnel.
Net Income
Net income increased by 112.0% to HK$2,810.2
million (US$360.3 million) from HK$1,325.5 million in 2020, driven
by strong topline growth and stable cost structure.
Non-GAAP adjusted net income increased by 113.3%
to HK$2,909.1 million (US$373.0 million) from HK$1,364.0 million in
2020. Non-GAAP adjusted net income is defined as net income
excluding share-based compensation expenses and impairment from
equity method investment. For further information, see "Use of
Non-GAAP Financial Measures" at the bottom of this press
release.
Net Income per ADS
Basic net income per American Depositary Share
(“ADS”) was HK$18.72 (US$2.40), compared with HK$10.23 in 2020.
Diluted net income per ADS was HK$18.43 (US$2.36), compared with
HK$10.10 in 2020. Each ADS represents eight Class A ordinary
shares.
New Share Repurchase
Program
The Company announced that it had repurchased
US$300 million of ADSs in open market transactions, which is the
maximum repurchase amount approved under its share repurchase
program previously announced on November 3, 2021. In addition, the
Company's board of directors has authorized a new share repurchase
program under which the Company may repurchase up to US$500 million
worth of its ADSs, until December 31, 2023. The Company plans to
fund the repurchases from its existing cash balance.
Under the new share repurchase program, Futu may
repurchase its ADSs from time to time in the open market at
prevailing market prices, in privately negotiated transactions, in
block trades and/or through other legally permissible means,
depending on market conditions and in accordance with applicable
rules and regulations. Futu's board of directors will review the
share repurchase program periodically, and may modify, suspend or
terminate the share repurchase program at any time.
Conference Call and Webcast
Futu's management will hold an earnings
conference call on Friday, March 11, 2022, at 7:30 AM U.S. Eastern
Time (8:30 PM on the same day, Beijing/Hong Kong Time).
Please note that all participants will need to
pre-register for the conference call, using the
link http://apac.directeventreg.com/registration/event/5599588.
It will automatically lead to the registration page of "Futu
Holdings Ltd Fourth Quarter and Full Year 2021 Earnings Conference
Call", where details for RSVP are needed. When requested to submit
a participant conference ID, please enter the number "5599588".
Upon registering, all participants will be
provided in confirmation emails with participant dial-in numbers,
Direct Event passcodes and unique registrant IDs to access the
conference call. Please dial in 10 minutes prior to the call start
time using the conference access information.
A telephone replay will be available after the
conclusion of the conference call through 7:59 AM U.S. Eastern
Time, March 19, 2022. The dial-in details are:
International: |
+61-2-8199-0299 |
US: |
+1-646-254-3697 |
Hong Kong: |
+852-3051-2780 |
Passcode: |
5599588 |
|
|
Additionally, a live and archived webcast of
this conference call will be available at
https://ir.futuholdings.com/.
About Futu Holdings Limited
Futu Holdings Limited (Nasdaq: FUTU) is an
advanced technology company transforming the investing experience
by offering a fully digitalized brokerage and wealth management
platform. The Company primarily serves the emerging affluent
population, pursuing a massive opportunity to facilitate a
once-in-a-generation shift in the wealth management industry and
build a digital gateway into broader financial services. The
Company provides investing services through its proprietary digital
platforms, Futubull and moomoo, each a highly integrated
application accessible through any mobile device, tablet or
desktop. The Company's primary fee-generating services include
trade execution – which allows its clients to trade securities,
such as stocks, ETFs, warrants, options and futures across
different markets – as well as margin financing and securities
lending. Futu has also embedded social media tools to create a
network centered around its users and provide connectivity to
users, investors, companies, analysts, media and key opinion
leaders.
Use of Non-GAAP Financial
Measures
In evaluating the business, the Company
considers and uses non-GAAP adjusted net income, a non-GAAP
measure, as a supplemental measure to review and assess its
operating performance. The presentation of the non-GAAP financial
measure is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with U.S. GAAP. The Company defines non-GAAP adjusted
net income as net income excluding share-based compensation
expenses and impairment from equity method investment. The Company
presents the non-GAAP financial measure because it is used by the
management to evaluate the operating performance and formulate
business plans. Non-GAAP adjusted net income enables the management
to assess the Company's operating results without considering the
impact of share-based compensation expenses and impairment from
equity method investment, which are non-cash charges. The Company
also believes that the use of the non-GAAP measure facilitates
investors' assessment of its operating performance.
Non-GAAP adjusted net income is not defined
under U.S. GAAP and is not presented in accordance with U.S. GAAP.
This non-GAAP financial measure has limitations as analytical
tools. One of the key limitations of using non-GAAP adjusted net
income is that it does not reflect all items of expense that affect
the Company's operations. Share-based compensation expenses have
been and may continue to be incurred in the business and is not
reflected in the presentation of non-GAAP adjusted net income.
Impairment from equity method investment may not continue to be
incurred in the business and are not reflected in the presentation
of non-GAAP adjusted net income. Further, the non-GAAP measure may
differ from the non-GAAP information used by other companies,
including peer companies, and therefore their comparability may be
limited.
The Company compensates for these limitations by
reconciling the non-GAAP financial measure to the nearest U.S. GAAP
performance measure, all of which should be considered when
evaluating the Company's performance.
For more information on this non-GAAP financial
measure, please see the table captioned "Unaudited Reconciliations
of Non-GAAP and GAAP Results" set forth at the end of this press
release.
Exchange Rate Information
This announcement contains translations of
certain HK dollars (“HK$”) amounts into U.S. dollars ("US$") at
specified rates solely for the convenience of the reader. Unless
otherwise stated, all translations from HK$ to US$ were made at the
rate of HK$7.7996 to US$1.00, the noon buying rate in effect on
December 30, 2021 in the H.10 statistical release of the Federal
Reserve Board. The Company makes no representation that the HK$ or
US$ amounts referred could be converted into US$ or HK$, as the
case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the "safe harbor"
provisions of the United States Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar
statements. Among other things, the quotations from the management
team of the Company, contain forward-looking statements. Futu may
also make written or oral forward-looking statements in its
periodic reports to the SEC, in its annual report to shareholders,
in press releases and other written materials and in oral
statements made by its officers, directors or employees to third
parties. Statements that are not historical facts, including
statements about Futu's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Futu's goal and strategies; Futu's expansion plans;
Futu's future business development, financial condition and results
of operations; Futu's expectations regarding demand for, and market
acceptance of, its credit products; Futu's expectations regarding
keeping and strengthening its relationships with borrowers,
institutional funding partners, merchandise suppliers and other
parties it collaborate with; general economic and business
conditions; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in Futu's filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and Futu does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
For investor inquiries, please
contact:
Investor RelationsFutu Holdings
Limitedir@futuholdings.com
|
FUTU HOLDINGS LIMITEDUNAUDITED CONDENSED
CONSOLIDATED BALANCE
SHEETS(In thousands, except for share and per share data) |
|
|
|
As of December 31 |
|
As of December 31 |
|
|
2020 |
|
2021 |
|
2021 |
|
|
HK$ |
|
HK$ |
|
US$ |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
1,034,668 |
|
|
4,555,096 |
|
|
584,016 |
|
Cash held on behalf of
clients |
|
42,487,090 |
|
|
54,734,351 |
|
|
7,017,584 |
|
Restricted cash |
|
- |
|
|
2,065 |
|
|
265 |
|
Term deposit |
|
300,000 |
|
|
- |
|
|
- |
|
Short-term investments |
|
- |
|
|
1,169,741 |
|
|
149,974 |
|
Securities purchased under
agreements to resell |
|
- |
|
|
106,203 |
|
|
13,616 |
|
Loans and advances (net of
allowance of HK$9,075 thousand and HK$12,258 thousand as of
December 31, 2020 and 2021, respectively) |
|
18,825,366 |
|
|
29,587,306 |
|
|
3,793,439 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
Clients |
|
735,145 |
|
|
469,577 |
|
|
60,205 |
|
Brokers |
|
5,780,461 |
|
|
7,893,927 |
|
|
1,012,094 |
|
Clearing organizations |
|
1,243,928 |
|
|
1,961,121 |
|
|
251,439 |
|
Fund management companies and fund distributors |
|
297,622 |
|
|
72,340 |
|
|
9,275 |
|
Interest |
|
19,876 |
|
|
50,829 |
|
|
6,517 |
|
Prepaid assets |
|
11,422 |
|
|
18,306 |
|
|
2,347 |
|
Other current assets |
|
106,887 |
|
|
81,594 |
|
|
10,461 |
|
Total current
assets |
|
70,842,465 |
|
|
100,702,456 |
|
|
12,911,232 |
|
|
|
|
|
|
|
|
|
|
|
Operating lease right-of-use
assets |
|
208,863 |
|
|
243,859 |
|
|
31,266 |
|
Long-term investments |
|
- |
|
|
23,394 |
|
|
2,999 |
|
Other non-current assets |
|
286,439 |
|
|
568,805 |
|
|
72,928 |
|
Total non-current
assets |
|
495,302 |
|
|
836,058 |
|
|
107,193 |
|
Total
assets |
|
71,337,767 |
|
|
101,538,514 |
|
|
13,018,425 |
|
LIABILITIES |
|
|
|
|
|
|
|
Amounts due to related parties |
|
87,169 |
|
|
87,459 |
|
|
11,213 |
|
Payables: |
|
|
|
|
|
|
|
Clients |
|
46,062,842 |
|
|
59,127,439 |
|
|
7,580,830 |
|
Brokers |
|
4,533,581 |
|
|
7,599,233 |
|
|
974,311 |
|
Clearing organizations |
|
324,266 |
|
|
393,782 |
|
|
50,487 |
|
Fund management companies and fund distributors |
|
127,442 |
|
|
56,690 |
|
|
7,268 |
|
Interest |
|
5,493 |
|
|
15,359 |
|
|
1,969 |
|
Borrowings |
|
5,482,818 |
|
|
6,357,405 |
|
|
815,094 |
|
Securities sold under
agreements to repurchase |
|
5,453,037 |
|
|
4,467,861 |
|
|
572,832 |
|
Lease liabilities -
current |
|
66,333 |
|
|
96,860 |
|
|
12,419 |
|
Accrued expenses and other
current liabilities |
|
717,183 |
|
|
2,176,213 |
|
|
279,015 |
|
Total current
liabilities |
|
62,860,164 |
|
|
80,378,301 |
|
|
10,305,438 |
|
|
|
|
|
|
|
|
|
Lease liabilities -
non-current |
|
155,898 |
|
|
163,719 |
|
|
20,990 |
|
Other non-current
liabilities |
|
14,015 |
|
|
10,935 |
|
|
1,404 |
|
Total non-current
liabilities |
|
169,913 |
|
|
174,654 |
|
|
22,394 |
|
Total
liabilities |
|
63,030,077 |
|
|
80,552,955 |
|
|
10,327,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
Class A ordinary shares |
|
47 |
|
|
58 |
|
|
7 |
|
Class B ordinary shares |
|
38 |
|
|
38 |
|
|
5 |
|
Additional paid-in
capital |
|
6,960,369 |
|
|
17,935,752 |
|
|
2,299,573 |
|
Treasury Stock |
|
- |
|
|
(1,178,755 |
) |
|
(151,130 |
) |
Accumulated other
comprehensive income |
|
4,974 |
|
|
75,994 |
|
|
9,742 |
|
Retained earnings |
|
1,342,262 |
|
|
4,152,472 |
|
|
532,396 |
|
Total shareholders'
equity |
|
8,307,690 |
|
|
20,985,559 |
|
|
2,690,593 |
|
Total liabilities and
shareholders' equity |
|
71,337,767 |
|
|
101,538,514 |
|
|
13,018,425 |
|
FUTU HOLDINGS LIMITEDUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In
thousands, except for share and per share data) |
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
December 31,2020 |
|
December 31,2021 |
|
December 31,2021 |
|
December 31,2020 |
|
December 31,2021 |
|
December 31,2021 |
|
|
HK$ |
|
HK$ |
|
US$ |
|
HK$ |
|
HK$ |
|
US$ |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage commission and handling charge income |
|
718,334 |
|
|
856,936 |
|
|
109,869 |
|
|
1,990,138 |
|
|
3,913,027 |
|
|
501,696 |
|
Interest income |
|
336,935 |
|
|
617,590 |
|
|
79,182 |
|
|
965,627 |
|
|
2,518,198 |
|
|
322,862 |
|
Other income |
|
131,175 |
|
|
128,283 |
|
|
16,447 |
|
|
355,057 |
|
|
684,095 |
|
|
87,709 |
|
Total
revenues |
|
1,186,444 |
|
|
1,602,809 |
|
|
205,498 |
|
|
3,310,822 |
|
|
7,115,320 |
|
|
912,267 |
|
Costs |
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage commission and
handling charge expenses |
|
(133,166 |
) |
|
(87,697 |
) |
|
(11,244 |
) |
|
(361,486 |
) |
|
(572,159 |
) |
|
(73,357 |
) |
Interest expenses |
|
(64,418 |
) |
|
(55,616 |
) |
|
(7,131 |
) |
|
(185,090 |
) |
|
(376,902 |
) |
|
(48,323 |
) |
Processing and servicing
costs |
|
(44,587 |
) |
|
(73,540 |
) |
|
(9,429 |
) |
|
(149,378 |
) |
|
(257,003 |
) |
|
(32,951 |
) |
Total
costs |
|
(242,171 |
) |
|
(216,853 |
) |
|
(27,804 |
) |
|
(695,954 |
) |
|
(1,206,064 |
) |
|
(154,631 |
) |
Total gross
profit |
|
944,273 |
|
|
1,385,956 |
|
|
177,694 |
|
|
2,614,868 |
|
|
5,909,256 |
|
|
757,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses |
|
(162,105 |
) |
|
(270,633 |
) |
|
(34,698 |
) |
|
(513,283 |
) |
|
(805,325 |
) |
|
(103,252 |
) |
Selling and marketing
expenses |
|
(112,527 |
) |
|
(336,969 |
) |
|
(43,203 |
) |
|
(385,320 |
) |
|
(1,392,070 |
) |
|
(178,480 |
) |
General and administrative
expenses |
|
(88,908 |
) |
|
(217,901 |
) |
|
(27,937 |
) |
|
(248,404 |
) |
|
(529,048 |
) |
|
(67,830 |
) |
Total operating
expenses |
|
(363,540 |
) |
|
(825,503 |
) |
|
(105,838 |
) |
|
(1,147,007 |
) |
|
(2,726,443 |
) |
|
(349,562 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Others, net |
|
(2,113 |
) |
|
12,169 |
|
|
1,560 |
|
|
(17,238 |
) |
|
2,478 |
|
|
318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expense |
|
578,620 |
|
|
572,622 |
|
|
73,416 |
|
|
1,450,623 |
|
|
3,185,291 |
|
|
408,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
(46,318 |
) |
|
(73,813 |
) |
|
(9,463 |
) |
|
(124,793 |
) |
|
(375,081 |
) |
|
(48,090 |
) |
Share of gain/(loss) from
equity method investment |
|
158 |
|
|
- |
|
|
- |
|
|
(307 |
) |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
532,460 |
|
|
498,809 |
|
|
63,953 |
|
|
1,325,523 |
|
|
2,810,210 |
|
|
360,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary shareholders of the Company |
|
532,460 |
|
|
498,809 |
|
|
63,953 |
|
|
1,325,523 |
|
|
2,810,210 |
|
|
360,302 |
|
Net income per share attributable to ordinary shareholders
of the Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
0.49 |
|
|
0.41 |
|
|
0.05 |
|
|
1.28 |
|
|
2.34 |
|
|
0.30 |
|
Diluted |
|
0.48 |
|
|
0.40 |
|
|
0.05 |
|
|
1.26 |
|
|
2.30 |
|
|
0.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
3.88 |
|
|
3.26 |
|
|
0.42 |
|
|
10.23 |
|
|
18.72 |
|
|
2.40 |
|
Diluted |
|
3.83 |
|
|
3.22 |
|
|
0.42 |
|
|
10.10 |
|
|
18.43 |
|
|
2.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in computing net income per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,097,641,588 |
|
|
1,225,793,977 |
|
|
1,225,793,977 |
|
|
1,036,865,727 |
|
|
1,200,912,670 |
|
|
1,200,912,670 |
|
Diluted |
|
1,112,217,169 |
|
|
1,240,512,753 |
|
|
1,240,512,753 |
|
|
1,050,143,014 |
|
|
1,219,672,508 |
|
|
1,219,672,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
532,460 |
|
|
498,809 |
|
|
63,953 |
|
|
1,325,523 |
|
|
2,810,210 |
|
|
360,302 |
|
Other comprehensive
income, net of Tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustment |
|
14,500 |
|
|
46,936 |
|
|
6,018 |
|
|
9,420 |
|
|
71,020 |
|
|
9,104 |
|
Total comprehensive
income |
|
546,960 |
|
|
545,745 |
|
|
69,971 |
|
|
1,334,943 |
|
|
2,881,230 |
|
|
369,406 |
|
FUTU HOLDINGS LIMITEDUNAUDITED
RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS(In
thousands) |
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
December 31,2020 |
|
December 31,2021 |
|
December 31,2021 |
|
December 31,2020 |
|
December 31,2021 |
|
December 31,2021 |
|
|
HK$ |
|
HK$ |
|
US$ |
|
HK$ |
|
HK$ |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
532,460 |
|
|
498,809 |
|
|
63,953 |
|
|
1,325,523 |
|
|
2,810,210 |
|
|
360,302 |
|
Add: Share-based compensation
expenses |
|
14,521 |
|
|
34,618 |
|
|
4,438 |
|
|
32,573 |
|
|
98,913 |
|
|
12,682 |
|
Impairment from equity method investment |
|
5,888 |
|
|
- |
|
|
- |
|
|
5,888 |
|
|
- |
|
|
- |
|
Adjusted net income |
|
552,869 |
|
|
533,427 |
|
|
68,391 |
|
|
1,363,984 |
|
|
2,909,123 |
|
|
372,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP to GAAP reconciling items have no income tax
effect.
______________________________________
1 The number of paying clients refers to the
number of clients with assets in their trading accounts with Futu.2
The number of registered clients refers to the number of users who
open one or more trading accounts with Futu.3 The number of users
refers to the number of user accounts registered with Futu.4 The
number of Daily Average Revenue Trades (DARTs) refers to the number
of average trades per day that generate commissions or fees.5
Non-GAAP adjusted net income is defined as net income excluding
share-based compensation expenses and impairment from equity method
investment.
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