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 first quarter ended March 31, 2024.
First Quarter 2024 Operational
Highlights
- Total number of paying
clients1 increased 23.5% year-over-year to 1,887,270 as of
March 31, 2024.
- Total number of registered
clients2 increased 15.4% year-over-year to 3,812,326 as of
March 31, 2024.
- Total number of
users3 increased 12.3% year-over-year to 22.5 million as
of March 31, 2024.
- Total client
assets increased 11.2% year-over-year to HK$517.9 billion
as of March 31, 2024.
- Daily average client
assets were HK$480.0 billion in the first quarter of 2024,
an increase of 6.0% from the same period in 2023.
- Total trading volume in the
first quarter of 2024 increased by 9.5% year-over-year to
HK$1.3 trillion, in which trading volume for U.S. stocks was HK$1.0
trillion, trading volume for Hong Kong stocks was HK$280.4 billion,
and trading volume for stocks under the Stock Connect was HK$9.5
billion.
- Daily average revenue
trades (DARTs)4 in the first quarter of
2024 increased 7.0% year-over-year to 549,854.
- Margin financing and
securities lending balance increased 8.9% year-over-year
to HK$37.6 billion as of March 31, 2024.
First Quarter 2024 Financial Highlights
- Total revenues increased 3.7% year-over-year
to HK$2,592.5 million (US$331.3 million).
- Total gross profit decreased 3.9%
year-over-year to HK$2,122.2 million (US$271.2 million).
- Net income decreased 13.1% year-over-year to
HK$1,035.1 million (US$132.3 million).
- Non-GAAP adjusted net income5 decreased 11.6%
year-over-year to HK$1,121.1 million (US$143.3 million).
Mr. Leaf Hua Li, Futu’s Chairman and Chief
Executive Officer, said, “New paying clients jumped by 330.8%
year-over-year to 177 thousand, the third highest quarterly growth
in history, thanks to strong market performance and solid execution
in new markets. This paying client growth represented over 50% of
the full-year guidance we gave out during the last earnings call.
We ended the first quarter with around 1.9 million paying clients,
up 23.5% year-over-year and 10.4% quarter-over-quarter. Given
the year-to-date momentum, we would like to raise our
full-year new paying client guidance to 400 thousand for now.”
“In the first quarter, new paying clients from
Hong Kong and Singapore both recorded strong double-digit growth
sequentially, but their total contribution to overall client growth
dipped to around one-third given triple-digit sequential new paying
client growth in other markets. Our recent launch in Malaysia far
exceeded our expectations. With industry-leading product experience
and high brand recognition thanks to our presence in Singapore, we
attracted over 100,000 registered clients within six weeks of
brokerage business launch and became the most downloaded financial
app in Malaysia. Though growth decelerated in the second quarter,
we still expect robust paying client addition in Malaysia for the
rest of the year. In Japan, we continued to streamline the account
opening process, refine product experience and launch targeted
marketing initiatives. As a result, both new paying clients and
average client assets increased meaningfully. Despite rapid client
base expansion, our quarterly paying client retention rate remained
above 98%.”
“While market depreciation of several technology
names posted negative impact on client holdings, we saw
exceptionally strong net asset inflow across all markets during the
quarter, especially in March, when market sentiments in Hong Kong
improved. Total client assets were HK$517.9 billion, up 11.2%
year-over-year and 6.7% quarter-over-quarter. In Singapore, total
client assets and average client assets recorded 25% and 15%
sequential growth, respectively, driven by robust net asset inflow
into equities and cash management products.”
“Total trading volume increased by 40.0%
quarter-over-quarter to HK$1.3 trillion. As clients chased the Hong
Kong market rally, Hong Kong stock trading volume rebounded 18.0%
sequentially to HK$280.4 billion. Clients showed heightened
interests in technology and high-dividend names as well as
leveraged and inverse ETFs. The frenzy around crypto and AI-themed
stocks drove a 48.1% sequential surge in U.S. trading volume to
HK$1.0 trillion. Margin financing and securities lending balance
increased by 13.7% sequentially to an all-time high of HK$37.6
billion.”
“Total client assets in wealth management were
HK$64.0 billion, up 72.8% year-over-year and 11.1%
quarter-over-quarter. Driven by strong demand for U.S. treasury
bills, bond holdings increased by 21.3% sequentially. In Singapore,
wealth management asset balance grew by 37.1% quarter-over-quarter
as money market funds continued to gain traction.”
“We had 430 IPO distribution and IR clients, up
21.8% year-over-year. As of quarter end, over 1,200 companies have
set up enterprise accounts in our social community to interact with
retail investors.”
First Quarter 2024 Financial Results
Revenues
Total revenues were HK$2,592.5 million (US$331.3
million), an increase of 3.7% from HK$2,499.9 million in the first
quarter of 2023.
Brokerage commission and handling charge income
was HK$1,082.1 million (US$138.3 million), an increase of 0.3% from
the first quarter of 2023. Brokerage income grew at a slower pace
than trading volume due to a decrease in blended commission rate
from 8.8bps to 8.1bps.
Interest income was HK$1,354.2 million (US$173.0
million), an increase of 4.6% from the first quarter of 2023. The
increase was mainly driven by higher margin financing income due to
an increase in daily average margin balance and higher interest
income from bank deposits.
Other income was HK$156.2 million (US$20.0
million), an increase of 23.7% from the first quarter of 2023. The
increase was primarily attributable to higher fund distribution
service income.
Costs
Total costs were HK$470.2 million (US$60.1
million), an increase of 61.7% from HK$290.8 million in the first
quarter of 2023.
Brokerage commission and handling charge
expenses were HK$60.3 million (US$7.7 million), a decrease of 16.5%
from the first quarter of 2023. Brokerage expenses didn’t move in
tandem with brokerage income mainly due to cost savings from our
U.S. self-clearing business.
Interest expenses were HK$312.8 million (US$40.0
million), an increase of 139.1% from the first quarter of 2023. The
increase was primarily due to higher expenses associated with our
securities borrowing and lending business.
Processing and servicing costs were HK$97.1
million (US$12.4 million), an increase of 10.7% from the first
quarter of 2023. The increase was primarily due to higher cloud
service and data transmission fees for new markets.
Gross Profit
Total gross profit was HK$2,122.2 million
(US$271.2 million), a decrease of 3.9% from HK$2,209.0 million in
the first quarter of 2023. Gross margin was 81.9%, as compared to
88.4% in the first quarter of 2023.
Operating Expenses
Total operating expenses were HK$929.5 million
(US$118.8 million), an increase of 15.6% from HK$804.1 million in
the first quarter of 2023.
Research and development expenses were HK$335.5
million (US$42.9 million), a decrease of 5.5% from the first
quarter of 2023. The decrease was due to stricter cost control.
Selling and marketing expenses were HK$292.7
million (US$37.4 million), an increase of 107.1% from HK$141.3
million in the first quarter of 2023. This was driven by a 330.8%
year-over-year increase in net new paying clients, offset by lower
client acquisition costs.
General and administrative expenses were
HK$301.3 million (US$38.5 million), a decrease of 2.1% from the
first quarter of 2023. The decrease was primarily due to lower
professional service fees.
Income from Operations
Income from operations decreased by 15.1% to
HK$1,192.7 million (US$152.4 million) from HK$1,405.0 million in
the first quarter of 2023, mostly due to higher marketing expenses.
Operating margin declined to 46.0% from 56.2% in the first quarter
of 2023.
Net Income
Net income decreased by 13.1% to HK$1,035.1
million (US$132.3 million) from HK$1,191.8 million in the first
quarter of 2023. Net income margin for the first quarter of 2024
declined to 39.9% from 47.7% in the year-ago quarter.
Non-GAAP adjusted net income decreased by 11.6%
to HK$1,121.1 million (US$143.3 million) from the first quarter of
2023. Non-GAAP adjusted net income is defined as net income
excluding share-based compensation expenses. 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$7.53 (US$0.96), compared with HK$8.54 in the first
quarter of 2023. Diluted net income per ADS was HK$7.46 (US$0.95),
compared with HK$8.44 in the first quarter of 2023. Each ADS
represents eight Class A ordinary shares.
Conference Call and Webcast
Futu's management will hold an earnings
conference call on Tuesday, May 28, 2024, at 7:30 AM U.S. Eastern
Time (7:30 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
linkhttps://register.vevent.com/register/BId660c7b39e644d93a175d1316d925493.
It will automatically lead to the registration
page of "Futu Holdings Ltd First Quarter 2024 Earnings Conference
Call", where details for RSVP are needed.
Upon registering, all participants will be
provided in confirmation emails with participant dial-in numbers
and personal PINs to access the conference call. Please dial in 10
minutes prior to the call start time using the conference access
information.
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 fully digitalized financial services. Through its
proprietary digital platforms, Futubull and moomoo, the Company
provides a full range of investment services, including trade
execution and clearing, margin financing and securities lending,
and wealth management. The Company has 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. The Company also provides corporate services,
including IPO distribution, investor relations and ESOP solution
services.
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. 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, 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 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$7.8259 to US$1.00, the noon buying rate in effect on
March 29, 2024 in the H.10 statistical release of the Federal
Reserve Board. The Company makes no representation that the HK$ 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 collaborates 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
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 with 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.
FUTU HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands,
except for share
and per share
data)
| |
As of December 31, |
|
As of March 31, |
|
|
2023 |
|
2024 |
|
2024 |
| |
HK$ |
|
HK$ |
|
US$ |
| ASSETS |
|
|
|
|
|
| Cash and cash equivalents |
4,937,538 |
|
6,643,541 |
|
848,917 |
| Cash held on behalf of
clients |
44,369,310 |
|
45,559,208 |
|
5,821,593 |
| Restricted cash |
1,232 |
|
1,179 |
|
151 |
| Term deposit |
5,540 |
|
5,200 |
|
664 |
| Short-term investments |
3,114,613 |
|
3,269,084 |
|
417,726 |
|
Securities purchased under agreements to resell |
133,039 |
|
178,413 |
|
22,798 |
|
Loans and advances-current (net of allowance of HK$45,949 thousand
and HK$41,441 thousand as of December 31, 2023 and March 31, 2024,
respectively) |
32,528,421 |
|
37,592,073 |
|
4,803,546 |
| Receivables: |
|
|
|
|
|
|
Clients |
293,505 |
|
2,433,652 |
|
310,974 |
|
Brokers |
5,189,155 |
|
6,363,276 |
|
813,105 |
|
Clearing organizations |
4,244,793 |
|
2,821,118 |
|
360,485 |
|
Fund management companies and fund distributors |
151,691 |
|
222,871 |
|
28,479 |
|
Interest |
268,504 |
|
248,317 |
|
31,730 |
| Prepaid assets |
54,691 |
|
66,737 |
|
8,528 |
| Other current assets |
135,479 |
|
177,395 |
|
22,668 |
| Total current
assets |
95,427,511 |
|
105,582,064 |
|
13,491,364 |
| |
|
|
|
|
|
| Operating lease right-of-use
assets |
224,092 |
|
204,663 |
|
26,152 |
| Long-term investments |
238,556 |
|
235,162 |
|
30,049 |
| Loans and
advances-non-current |
18,934 |
|
18,959 |
|
2,423 |
| Other non-current assets |
1,226,754 |
|
1,290,500 |
|
164,901 |
| Total non-current
assets |
1,708,336 |
|
1,749,284 |
|
223,525 |
| Total
assets |
97,135,847 |
|
107,331,348 |
|
13,714,889 |
| |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Amounts due to related parties |
69,018 |
|
|
130,804 |
|
|
16,714 |
|
| Payables: |
|
|
|
|
|
|
Clients |
48,762,263 |
|
|
49,032,693 |
|
|
6,265,438 |
|
|
Brokers |
15,648,286 |
|
|
24,590,217 |
|
|
3,142,158 |
|
|
Clearing organizations |
24,096 |
|
|
1,729,714 |
|
|
221,024 |
|
|
Fund management companies and fund distributors |
175,575 |
|
|
173,917 |
|
|
22,223 |
|
|
Interest |
44,109 |
|
|
66,352 |
|
|
8,479 |
|
| Borrowings |
5,651,565 |
|
|
3,730,044 |
|
|
476,628 |
|
|
Securities sold under agreements to repurchase |
- |
|
|
104,000 |
|
|
13,289 |
|
| Lease liabilities-current |
114,682 |
|
|
111,309 |
|
|
14,223 |
|
|
Accrued expenses and other current liabilities |
1,939,004 |
|
|
1,874,506 |
|
|
239,526 |
|
| Total current
liabilities |
72,428,598 |
|
|
81,543,556 |
|
|
10,419,702 |
|
| |
|
|
|
|
|
| Lease
liabilities-non-current |
123,335 |
|
|
107,665 |
|
|
13,757 |
|
| Other non-current
liabilities |
12,183 |
|
|
11,534 |
|
|
1,474 |
|
| Total non-current
liabilities |
135,518 |
|
|
119,199 |
|
|
15,231 |
|
| Total
liabilities |
72,564,116 |
|
|
81,662,755 |
|
|
10,434,933 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Class A ordinary shares |
71 |
|
|
71 |
|
|
9 |
|
|
Class B ordinary shares |
27 |
|
|
27 |
|
|
3 |
|
|
Additional paid-in capital |
18,456,438 |
|
|
18,547,608 |
|
|
2,370,029 |
|
|
Treasury Stock |
(5,199,257 |
) |
|
(5,199,257 |
) |
|
(664,365 |
) |
|
Accumulated other comprehensive loss |
(49,433 |
) |
|
(78,839 |
) |
|
(10,074 |
) |
|
Retained earnings |
11,360,890 |
|
|
12,399,028 |
|
|
1,584,360 |
|
|
Total shareholders' equity |
24,568,736 |
|
|
25,668,638 |
|
|
3,279,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interest |
2,995 |
|
|
(45 |
) |
|
(6 |
) |
|
Total equity |
24,571,731 |
|
|
25,668,593 |
|
|
3,279,956 |
|
|
Total liabilities and equity |
97,135,847 |
|
|
107,331,348 |
|
|
13,714,889 |
|
|
|
|
|
|
|
|
FUTU HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except for share and per
share data)
| |
For the Three Months Ended |
| |
March 31,2023 |
|
March 31,2024 |
|
March 31,2024 |
| |
HK$ |
|
HK$ |
|
US$ |
| Revenues |
|
|
|
|
|
|
Brokerage commission and handling charge income |
1,079,311 |
|
|
1,082,107 |
|
|
138,273 |
|
|
Interest income |
1,294,260 |
|
|
1,354,166 |
|
|
173,036 |
|
|
Other income |
126,282 |
|
|
156,186 |
|
|
19,958 |
|
|
Total revenues |
2,499,853 |
|
|
2,592,459 |
|
|
331,267 |
|
|
Costs |
|
|
|
|
|
|
Brokerage commission and handling charge expenses |
(72,246 |
) |
|
(60,301 |
) |
|
(7,705 |
) |
|
Interest expenses |
(130,840 |
) |
|
(312,842 |
) |
|
(39,975 |
) |
|
Processing and servicing costs |
(87,724 |
) |
|
(97,103 |
) |
|
(12,408 |
) |
|
Total costs |
(290,810 |
) |
|
(470,246 |
) |
|
(60,088 |
) |
|
Total gross profit |
2,209,043 |
|
|
2,122,213 |
|
|
271,179 |
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
Research and development expenses |
(354,899 |
) |
|
(335,487 |
) |
|
(42,869 |
) |
|
Selling and marketing expenses |
(141,278 |
) |
|
(292,664 |
) |
|
(37,397 |
) |
|
General and administrative expenses |
(307,893 |
) |
|
(301,335 |
) |
|
(38,505 |
) |
|
Total operating expenses |
(804,070 |
) |
|
(929,486 |
) |
|
(118,771 |
) |
|
|
|
|
|
|
|
|
Income from Operations |
1,404,973 |
|
|
1,192,727 |
|
|
152,408 |
|
|
|
|
|
|
|
|
|
Others, net |
(7,732 |
) |
|
31,741 |
|
|
4,056 |
|
|
|
|
|
|
|
|
|
Income before income tax expense and share of loss from
equity method investments |
1,397,241 |
|
|
1,224,468 |
|
|
156,464 |
|
|
|
|
|
|
|
|
|
Income tax expense |
(201,701 |
) |
|
(185,641 |
) |
|
(23,721 |
) |
|
Share of loss from equity method investments |
(3,695 |
) |
|
(3,694 |
) |
|
(472 |
) |
|
|
|
|
|
|
|
| Net
income |
1,191,845 |
|
|
1,035,133 |
|
|
132,271 |
|
|
|
|
|
|
|
|
| Attributable
to: |
|
|
|
|
|
| Ordinary shareholders of the
Company |
1,192,043 |
|
|
1,038,138 |
|
|
132,655 |
|
| Non-controlling interest |
(198 |
) |
|
(3,005 |
) |
|
(384 |
) |
|
|
1,191,845 |
|
|
1,035,133 |
|
|
132,271 |
|
| |
|
|
|
|
|
|
|
|
|
Net income per share attributable to ordinary shareholders
of the Company |
|
|
|
|
|
|
Basic |
1.07 |
|
|
0.94 |
|
|
0.12 |
|
| Diluted |
1.06 |
|
|
0.93 |
|
|
0.12 |
|
| |
|
|
|
|
|
| Net income per
ADS |
|
|
|
|
|
| Basic |
8.54 |
|
|
7.53 |
|
|
0.96 |
|
| Diluted |
8.44 |
|
|
7.46 |
|
|
0.95 |
|
| |
|
|
|
|
|
|
Weighted average number of ordinary shares used in
computing net income per share |
|
|
|
|
|
| Basic |
1,116,767,496 |
|
|
1,102,929,775 |
|
|
1,102,929,775 |
|
| Diluted |
1,129,538,989 |
|
|
1,114,429,420 |
|
|
1,114,429,420 |
|
| |
|
|
|
|
|
| Net
income |
1,191,845 |
|
|
1,035,133 |
|
|
132,271 |
|
| Other comprehensive
income/(loss), net of tax |
|
|
|
|
|
| Foreign currency translation
adjustment |
111,435 |
|
|
(29,441 |
) |
|
(3,762 |
) |
| Total comprehensive
income |
1,303,280 |
|
|
1,005,692 |
|
|
128,509 |
|
| |
|
|
|
|
|
| Attributable
to: |
|
|
|
|
|
| Ordinary shareholders of the
Company |
1,303,475 |
|
|
1,008,732 |
|
|
128,897 |
|
| Non-controlling interests |
(195 |
) |
|
(3,040 |
) |
|
(388 |
) |
| |
1,303,280 |
|
|
1,005,692 |
|
|
128,509 |
|
| |
|
|
|
|
|
|
|
|
FUTU HOLDINGS LIMITED
UNAUDITED RECONCILIATIONS OF NON-GAAP AND
GAAP RESULTS
(In thousands)
| |
For the Three Months Ended |
|
|
March 31,2023 |
|
March 31,2024 |
|
March 31,2024 |
| |
HK$ |
|
HK$ |
|
US$ |
| |
|
|
|
|
|
| Net
income |
1,191,845 |
|
1,035,133 |
|
132,271 |
| Add: Share-based compensation
expenses |
76,110 |
|
85,938 |
|
10,981 |
| Adjusted net
income |
1,267,955 |
|
1,121,071 |
|
143,252 |
| |
|
|
|
|
|
Non-GAAP to GAAP reconciling items have no income tax
effect.
Futu (NASDAQ:FUTU)
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