UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the
“Company”), a leading online brokerage firm focusing on global
investors, today announced its unaudited financial results for the
fourth quarter and full year ended December 31, 2023.
Mr. Wu Tianhua, Chairman and CEO of UP Fintech
stated: “In 2023, our topline mix benefited from our strategy
execution on internationalization and the high interest rate
environment. Total revenue in the fourth quarter was US$70.0
million, representing a 9.6% increase compared to the same quarter
of last year. The full year total revenue amounted to US$272.5
million, a 20.9% increase from 2022. In 2023, we saw significant
improvement in bottom line. Full year net income attributable to UP
Fintech reached US$32.6 million, compared to a net loss of US$2.2
million in 2022. Our non-GAAP full-year net income attributable to
UP Fintech was US$42.7 million, approximately 3.4 times the
non-GAAP full-year net income of 2022.
In the fourth quarter, we added 39,034 new
funded accounts, an increase of 58.6% quarter over quarter and
42.8% year over year, bringing our yearly total to 123,110,
exceeding our yearly guidance of 100,000. The total number of
funded accounts at the end of 2023 reached 904,600, a 15.8%
increase compared to 2022 year-end. By leveraging our strong
presence in the Singapore retail market and exploring online
customer acquisition initiatives in the Southeast Asian regions, we
achieved high growth in new funded accounts this quarter while
further reducing the average customer acquisition cost (“CAC”) to
US$150. Furthermore, we saw record US$8.2 billion net asset inflow
this quarter, combined with US$3.5 billion mark to market gain,
total account balance rose 62.1% quarter over quarter and 118.5%
year over year to US$30.6 billion by the end of 2023. The record
net asset inflow this quarter was primarily due to our continuous
effort to serve and acquire more institutional investors.
We continued to add new products on our platform
to enhance user experience, which we believe is key to our
long-term success. In the fourth quarter, we introduced the Combo
Option Strategy feature, allowing users to execute multi-leg
options trades using net margin calculation. Additionally, we
launched the Fixed Coupon Notes (“FCNs”) product, offering
professional investors a more diversified wealth management
experience. Furthermore, in January of 2024, Hong Kong SFC uplifted
our Type 1 License, now we can offer Virtual Asset dealing services
to Professional Investors. This positions us as one of the first
mainstream online brokerage firms in Hong Kong to receive approval
for such a license upgrade.
In our Corporate business, we underwrote a total
of 9 U.S. and Hong Kong IPOs in the fourth quarter, including
“Shiyue Daotian Group” and “J&T Express”, bringing the total
number of U.S. and Hong Kong IPOs underwritten for the year to 28.
In our ESOP business, we added 30 new clients in the fourth
quarter, bringing the total number of ESOP clients served to 535 as
of December 31, 2023.”
Financial Highlights for Fourth Quarter
2023
- Total revenues
increased 9.6% year-over-year to US$70.0 million.
- Total net revenues
decreased 4.7% year-over-year to US$54.0 million.
- Net loss attributable to
ordinary shareholders of UP Fintech was US$1.8 million
compared to a net income of US$1.2 million in the same quarter of
last year, a decrease of 247.7%.
- Non-GAAP net income
attributable to ordinary shareholders of UP Fintech was
US$1.1 million, compared to a non-GAAP net income of US$4.5 million
in the same quarter of last year, a decrease of 76.5%. A
reconciliation of non-GAAP financial metrics to the most comparable
GAAP metrics is set forth below.
Financial Highlights for Fiscal Year
2023
- Total revenues
increased 20.9% year-over-year to US$272.5 million.
- Total net revenues
increased 9.1% year-over-year to US$225.5 million.
- Net income attributable to
ordinary shareholders of UP Fintech was US$32.6 million
compared to a net loss of US$2.2 million in 2022.
- Non-GAAP net income
attributable to ordinary shareholders of UP Fintech was
US$42.7 million, compared to a non-GAAP net income of US$12.7
million in 2022, an increase of 237.0%.
Operating Highlights as of Year End
2023
- Total account balance increased 118.5%
year-over-year to US$30.6 billion.
- Total margin financing and securities lending
balance increased 17.9% year-over-year to US$2.4
billion.
- Total number of customers with deposit
increased 15.8% year-over-year to 904,600.
Selected Operating Data for Fourth Quarter
2023
|
|
As of and for the three months ended |
|
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
In 000’s |
|
|
|
|
|
|
|
|
|
Number of customer accounts |
|
|
2,008.0 |
|
|
|
2,147.9 |
|
|
|
2,195.7 |
|
Number
of customers with deposits |
|
|
781.5 |
|
|
|
865.5 |
|
|
|
904.6 |
|
Number
of options and futures contracts traded |
|
|
7,432.3 |
|
|
|
8,140.2 |
|
|
|
8,044.5 |
|
In USD millions |
|
|
|
|
|
|
|
|
|
Trading
volume |
|
|
68,541.9 |
|
|
|
80,250.7 |
|
|
|
81,765.2 |
|
Trading volume of stocks |
|
|
20,453.4 |
|
|
|
22,147.8 |
|
|
|
19,711.6 |
|
Total
account balance |
|
|
14,005.3 |
|
|
|
18,878.5 |
|
|
|
30,597.5 |
|
Fourth Quarter 2023 Financial Results
REVENUES
Total revenues were US$70.0 million, an increase
of 9.6% from US$63.9 million in the same quarter of last year.
Commissions were US$22.0 million, a decrease of
11.9% from US$24.9 million in the same quarter of last year, due to
a decrease in trading volume in stock.
Financing service fees were US$3.2 million, an
increase of 18.4% from US$2.7 million in the same quarter of last
year, primarily due to increased interest rates.
Interest income was US$40.0 million, an increase
of 31.3% from US$30.4 million in the same quarter of last year,
primarily due to the increase in margin financing and securities
lending activities.
Other revenues were US$4.9 million, a decrease
of 15.6% from US$5.8 million in the same quarter of last year,
primarily due to the decrease in IPO distribution incomes.
Interest expense was US$16.0 million, an
increase of 122.5% from US$7.2 million in the same quarter of last
year, primarily due to increased interest rates.
OPERATING COSTS AND
EXPENSES
Total operating costs and expenses were US$52.5
million, a slight increase of 3.1% from US$50.9 million in the same
quarter of last year.
Execution and clearing expenses were US$2.2
million, a decrease of 44.2% from US$4.0 million in the same
quarter of last year due to more self-clearing of US and HK
equities.
Employee compensation and benefits expenses were
US$26.5 million, an increase of 8.1% from US$24.5 million in the
same quarter of last year, primarily due to an increase of global
headcount to support our global expansion.
Occupancy, depreciation and amortization
expenses were US$2.2 million, an increase of 8.4% from US$2.0
million in the same quarter of last year due to increased rent.
Communication and market data expenses were
US$8.5 million, an increase of 20.8% from US$7.1 million in the
same quarter of last year due to increased IT-related fees.
Marketing and branding expenses were US$5.8
million, a decrease of 21.8% from US$7.4 million in the same
quarter of last year, as we slowed down our marketing campaign due
to weaker global capital markets.
General and administrative expenses were US$7.3
million, an increase of 23.0% from US$5.9 million in the same
quarter of last year due to an increase in professional service
fees.
NET LOSS/INCOME ATTRIBUTABLE TO ORDINARY
SHAREHOLDERS OF UP FINTECH
Net loss attributable to ordinary shareholders
of UP Fintech was US$1.8 million, as compared to a net income of
US$1.2 million in the same quarter of last year. Net loss per ADS –
diluted was US$0.012, as compared to a net income per ADS – diluted
of US$0.008 in the same quarter of last year.
Non-GAAP net income attributable to ordinary
shareholders of UP Fintech, which excludes share-based compensation
and impairment loss from long-term investments, was US$1.1 million,
as compared to a US$4.5 million non-GAAP net income attributable to
ordinary shareholders of UP Fintech in the same quarter of last
year. Non-GAAP net income per ADS – diluted was US$0.007 as
compared to a non-GAAP net income per ADS – diluted of US$0.029 in
the same quarter of last year.
For the fourth quarter of 2023, the Company’s
weighted average number of ADSs used in calculating non-GAAP net
income per ADS – diluted was 157,931,785. As of December 31, 2023,
the Company had a total of 2,350,504,567 Class A and B ordinary
shares outstanding, or the equivalent of 156,700,304 ADSs.
Full Year 2023 Financial
Results
REVENUES
Total revenues were US$272.5 million, an
increase of 20.9% from US$225.4 million in 2022.
Commissions were US$92.6 million, a decrease of
14.4% from US$108.1 million in 2022, due to a decrease in trading
volume in stock.
Financing service fees were US$12.2 million, an
increase of 54.1% from US$7.9 million in 2022, primarily due to
increased interest rates.
Interest income was US$149.3 million, an
increase of 75.3% from US$85.2 million in 2022, primarily due to
the increase in margin financing and securities lending
activities.
Other revenues were US$18.4 million, a decrease
of 23.8% from US$24.2 million in 2022, primarily due to the
decrease in IPO distribution incomes.
Interest expense was US$47.0 million, an
increase of 151.5% from US$18.7 million in 2022, primarily due to
increased interest rates.
OPERATING COSTS AND
EXPENSES
Total operating costs and expenses were US$192.7
million, a decrease of 6.0% from US$205.0 million in 2022.
Execution and clearing expenses were US$9.1
million, a decrease of 41.8% from US$15.6 million in 2022 due to
lower trading volume.
Employee compensation and benefits expenses were
US$100.8 million, a slight decrease of 1.0% from US$101.7 million
in 2022.
Occupancy, depreciation and amortization
expenses were US$9.4 million, an increase of 4.1% from US$9.0
million in 2022 due to increased rent.
Communication and market data expenses were
US$30.8 million, an increase of 13.6% from US$27.1 million in 2022
due to increased IT-related fees.
Marketing and branding expenses were US$20.9
million, a decrease of 37.0% from US$33.1 million in 2022, as we
slowed down our marketing campaign due to weaker global capital
markets.
General and administrative expenses were US$21.8
million, an increase of 18.9% from US$18.3 million in 2022 due to
an increase in professional service fees.
NET INCOME ATTRIBUTABLE TO ORDINARY
SHAREHOLDERS OF UP FINTECH
Net income attributable to ordinary shareholders
of UP Fintech was US$32.6 million, as compared to a net loss of
US$2.2 million in 2022. Net income per ADS – diluted was US$0.207,
as compared to a net loss per ADS – diluted of US$0.014 in
2022.
Non-GAAP net income attributable to ordinary
shareholders of UP Fintech, which excludes share-based compensation
and impairment loss from long-term investments, was US$42.7
million, as compared to a US$12.7 million non-GAAP net income
attributable to ordinary shareholders of UP Fintech in 2022.
Non-GAAP net income per ADS – diluted was US$0.270 as compared to a
non-GAAP net income per ADS – diluted of US$0.082 in 2022.
CERTAIN OTHER FINANCIAL
ITEMS
As of December 31, 2023, the Company’s cash and
cash equivalents and term deposits were US$327.7 million, compared
to US$278.6 million as of December 31, 2022.
As of December 31, 2023, the allowance balance
of receivables from customers was US$1.0 million compared to US$0.7
million as of December 31, 2022, which was due to an increase in
our user base and stock price fluctuation.
Conference Call Information:
UP Fintech’s management will hold an earnings
conference call at 8:00 AM on March 20, 2024, U.S. Eastern Time
(8:00 PM on March 20, 2023, Singapore/Hong Kong Time).
All participants wishing to attend the call must
preregister online before they may receive the dial-in numbers.
Preregistration may require a few minutes to complete.
Preregistration Information:
Please note that all participants will need to pre-register for
the conference call, using the link:
https://register.vevent.com/register/BId722344b70ee4bfa8b0f820b554d0858
It will automatically lead to the registration
page of “UP Fintech Holding Limited Fourth Quarter And Full Year
2023 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 the
conference call will be available at https://ir.itigerup.com
Use of Non-GAAP Financial
Measures
In evaluating our business, we consider and use
non-GAAP net loss or income attributable to ordinary shareholders
of UP Fintech and non-GAAP net loss or income per ADS - diluted as
supplemental measures to review and assess our operating
performance. The presentation of the non-GAAP financial measures is
not intended to be considered in isolation or as a substitute for
the financial information prepared and presented in accordance with
the United States Generally Accepted Accounting Principles (“U.S.
GAAP”). We define non-GAAP net loss or income attributable to
ordinary shareholders of UP Fintech as net loss or income
attributable to ordinary shareholders of UP Fintech excluding
share-based compensation and impairment loss from long-term
investments. Non-GAAP net loss or income per ADS - diluted is
non-GAAP net loss or income attributable to ordinary shareholders
of UP Fintech divided by the weighted average number of diluted
ADSs.
We present these non-GAAP financial measures
because they are used by our management to evaluate our operating
performance and formulate business plans. Non-GAAP net loss or
income attributable to ordinary shareholders of UP Fintech enables
our management to assess our operating results without considering
the impact of share-based compensation and impairment loss from
long-term investments. We also believe that the use of these
non-GAAP financial measures facilitates investors’ assessment of
our operating performance.
These non-GAAP financial measures are not
defined under U.S. GAAP and are not presented in accordance with
U.S. GAAP. These non-GAAP financial measures have limitations as an
analytical tool. One of the key limitations of using these non-GAAP
financial measures is that they do not reflect all items of income
and expenses that affect our operations. Share-based compensation
and impairment loss from long-term investments have been and may
continue to be incurred in our business and are not reflected in
the presentation of non-GAAP net loss or income attributable to
ordinary shareholders of UP Fintech. Further, these non-GAAP
financial measures may differ from the non-GAAP financial
information used by other companies, including peer companies, and
therefore their comparability may be limited.
These non-GAAP financial measures should not be
considered in isolation or construed as alternatives to total
operating expenses, net loss or income attributable to ordinary
shareholders of UP Fintech or any other measure of performance or
as an indicator of our operating performance. Investors are
encouraged to review these historical non-GAAP financial measures
in light of the most directly comparable GAAP measures. These
non-GAAP financial measures presented here may not be comparable to
similarly titled measures presented by other companies. Other
companies may calculate similarly titled measures differently,
limiting the usefulness of such measures when analyzing our data
comparatively. We encourage investors and others to review our
financial information in its entirety and not rely on a single
financial measure.
About UP Fintech Holding
Limited
UP Fintech Holding Limited is a leading online
brokerage firm focusing on global investors. The Company’s
proprietary mobile and online trading platform enables investors to
trade in equities and other financial instruments on multiple
exchanges around the world. The Company offers innovative products
and services as well as a superior user experience to customers
through its “mobile first” strategy, which enables it to better
serve and retain current customers as well as attract new ones. The
Company offers customers comprehensive brokerage and value-added
services, including trade order placement and execution, margin
financing, IPO subscription, ESOP management, investor education,
community discussion and customer support. The Company’s
proprietary infrastructure and advanced technology are able to
support trades across multiple currencies, multiple markets,
multiple products, multiple execution venues and multiple
clearinghouses.
For more information on the Company, please
visit: https://ir.itigerup.com.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “may,” “might,” “aim,” “likely to,” “will,”
“expects,” “anticipates,” “future,” “intends,” “plans,” “believes,”
“estimates” and similar statements or expressions. Among other
statements, the business outlook and quotations from management in
this announcement, the Company’s strategic and operational plans
and expectations regarding growth, expansion of its business lines
and customer acquisition, and the Company’s plans for future
financing of its business contain forward-looking statements. The
Company may also make written or oral forward-looking statements in
its periodic reports to the U.S. Securities and Exchange Commission
(“SEC”) on Forms 20-F and 6-K, 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, including the earnings conference call. Statements
that are not historical facts, including statements about the
Company’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: the
cooperation with Interactive Brokers LLC and Xiaomi Corporation and
its affiliates; the Company’s ability to effectively implement its
growth strategies; trends and competition in global financial
markets; changes in the Company’s revenues and certain cost or
expense accounting policies; and governmental policies and
regulations affecting the Company’s industry and general economic
conditions in China, Singapore and other countries. Further
information regarding these and other risks is included in the
Company’s filings with the SEC, including the Company’s annual
report on Form 20-F filed with the SEC on April 26, 2023. All
information provided in this press release and in the attachments
is as of the date of this press release, and the Company undertakes
no obligation to update any forward-looking statement, except as
required under applicable law. Further information regarding these
and other risks is included in the Company’s filings with the
SEC.
For investor and media inquiries please
contact:
Investor Relations Contact
UP Fintech Holding Limited
Email: ir@itiger.com
UP FINTECH HOLDING
LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS(All amounts in U.S. dollars
(“US$”)) |
|
|
As of December 31, |
|
|
As of December 31, |
|
|
|
2022 |
|
|
2023 |
|
|
|
US$ |
|
|
US$ |
|
Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
277,660,847 |
|
|
|
322,599,616 |
|
Cash-segregated for regulatory purpose |
|
|
1,678,067,682 |
|
|
|
1,617,154,185 |
|
Term deposits |
|
|
945,533 |
|
|
|
896,683 |
|
Receivables from customers (net of allowance of US$696,508 and
US$991,286 as of December 31, 2022 and December 31,
2023) |
|
|
644,691,190 |
|
|
|
753,361,199 |
|
Receivables from brokers, dealers, and clearing organizations |
|
|
956,945,581 |
|
|
|
541,876,929 |
|
Financial instruments held, at fair value |
|
|
162,535,184 |
|
|
|
428,159,554 |
|
Prepaid expenses and other current assets |
|
|
12,963,375 |
|
|
|
17,936,180 |
|
Amounts due from related parties |
|
|
4,769,475 |
|
|
|
7,987,756 |
|
Total current
assets |
|
|
3,738,578,867 |
|
|
|
3,689,972,102 |
|
Non-current
assets: |
|
|
|
|
|
|
Term deposits |
|
|
— |
|
|
|
4,225,412 |
|
Right-of-use assets |
|
|
13,960,092 |
|
|
|
9,067,885 |
|
Property, equipment and intangible assets, net |
|
|
16,504,065 |
|
|
|
16,429,543 |
|
Goodwill |
|
|
2,492,668 |
|
|
|
2,492,668 |
|
Long-term investments |
|
|
7,928,499 |
|
|
|
7,586,483 |
|
Other non-current assets |
|
|
4,773,925 |
|
|
|
5,282,012 |
|
Deferred tax assets |
|
|
13,122,272 |
|
|
|
10,990,998 |
|
Total non-current
assets |
|
|
58,781,521 |
|
|
|
56,075,001 |
|
Total
assets |
|
|
3,797,360,388 |
|
|
|
3,746,047,103 |
|
Current
liabilities: |
|
|
|
|
|
|
Payables to customers |
|
|
2,996,405,447 |
|
|
|
2,913,306,558 |
|
Payables to brokers, dealers and clearing organizations |
|
|
138,620,746 |
|
|
|
114,771,931 |
|
Accrued expenses and other current liabilities |
|
|
37,777,749 |
|
|
|
42,381,946 |
|
Deferred income-current |
|
|
1,800,298 |
|
|
|
819,809 |
|
Lease liabilities-current |
|
|
5,490,079 |
|
|
|
4,133,883 |
|
Amounts due to related parties |
|
|
461,704 |
|
|
|
10,148,142 |
|
Total current
liabilities |
|
|
3,180,556,023 |
|
|
|
3,085,562,269 |
|
Convertible bonds |
|
|
154,337,483 |
|
|
|
156,887,691 |
|
Deferred income-non-current |
|
|
388,423 |
|
|
|
— |
|
Lease liabilities- non-current |
|
|
8,390,077 |
|
|
|
4,777,134 |
|
Deferred tax liabilities |
|
|
2,059,748 |
|
|
|
3,397,831 |
|
Total
liabilities |
|
|
3,345,731,754 |
|
|
|
3,250,624,925 |
|
Mezzanine
equity |
|
|
|
|
|
|
Subscriptions receivable from redeemable non-controlling
interests |
|
|
(43,496 |
) |
|
|
— |
|
Redeemable non-controlling interest |
|
|
4,685,238 |
|
|
|
6,706,660 |
|
Total Mezzanine
equity |
|
|
4,641,742 |
|
|
|
6,706,660 |
|
Shareholders’
equity: |
|
|
|
|
|
|
Class A ordinary shares |
|
|
22,213 |
|
|
|
22,528 |
|
Class B ordinary shares |
|
|
976 |
|
|
|
976 |
|
Additional paid-in capital |
|
|
495,705,684 |
|
|
|
505,448,080 |
|
Statutory reserve |
|
|
6,171,627 |
|
|
|
8,511,039 |
|
Accumulated deficit |
|
|
(50,366,734 |
) |
|
|
(19,600,434 |
) |
Treasury Stock |
|
|
(2,172,819 |
) |
|
|
(2,172,819 |
) |
Accumulated other comprehensive loss |
|
|
(2,231,411 |
) |
|
|
(3,232,993 |
) |
Total UP Fintech
shareholders’ equity |
|
|
447,129,536 |
|
|
|
488,976,377 |
|
Non-controlling interests |
|
|
(142,644 |
) |
|
|
(260,859 |
) |
Total
equity |
|
|
446,986,892 |
|
|
|
488,715,518 |
|
Total liabilities,
mezzanine equity and equity |
|
|
3,797,360,388 |
|
|
|
3,746,047,103 |
|
UP FINTECH HOLDING LIMITED |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME/(LOSS) |
|
(All amounts in U.S. dollars (“US$”), except for number of
shares (or ADSs) and per share (or ADS) data) |
|
|
|
For the three months ended |
|
|
For the years ended |
|
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
Revenues(a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions |
|
|
24,929,536 |
|
|
|
23,188,375 |
|
|
|
21,954,587 |
|
|
|
108,118,464 |
|
|
|
92,593,458 |
|
Interest related income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing service fees |
|
|
2,682,657 |
|
|
|
3,307,720 |
|
|
|
3,174,949 |
|
|
|
7,903,057 |
|
|
|
12,178,838 |
|
Interest income |
|
|
30,442,796 |
|
|
|
38,298,414 |
|
|
|
39,956,315 |
|
|
|
85,150,424 |
|
|
|
149,291,006 |
|
Other revenues |
|
|
5,799,368 |
|
|
|
5,351,702 |
|
|
|
4,895,109 |
|
|
|
24,193,602 |
|
|
|
18,444,293 |
|
Total revenues |
|
|
63,854,357 |
|
|
|
70,146,211 |
|
|
|
69,980,960 |
|
|
|
225,365,547 |
|
|
|
272,507,595 |
|
Interest expense(a) |
|
|
(7,187,936 |
) |
|
|
(12,130,614 |
) |
|
|
(15,995,738 |
) |
|
|
(18,668,523 |
) |
|
|
(46,957,657 |
) |
Total Net Revenues |
|
|
56,666,421 |
|
|
|
58,015,597 |
|
|
|
53,985,222 |
|
|
|
206,697,024 |
|
|
|
225,549,938 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Execution and clearing(a) |
|
|
(4,021,314 |
) |
|
|
(2,372,142 |
) |
|
|
(2,244,785 |
) |
|
|
(15,607,914 |
) |
|
|
(9,084,089 |
) |
Employee compensation and benefits |
|
|
(24,479,754 |
) |
|
|
(25,976,638 |
) |
|
|
(26,458,931 |
) |
|
|
(101,749,440 |
) |
|
|
(100,750,644 |
) |
Occupancy, depreciation and amortization |
|
|
(2,021,735 |
) |
|
|
(2,235,084 |
) |
|
|
(2,190,610 |
) |
|
|
(9,013,467 |
) |
|
|
(9,387,056 |
) |
Communication and market data(a) |
|
|
(7,062,603 |
) |
|
|
(7,579,357 |
) |
|
|
(8,532,128 |
) |
|
|
(27,138,244 |
) |
|
|
(30,831,488 |
) |
Marketing and branding |
|
|
(7,401,281 |
) |
|
|
(5,163,903 |
) |
|
|
(5,790,739 |
) |
|
|
(33,121,767 |
) |
|
|
(20,859,834 |
) |
General and administrative |
|
|
(5,930,497 |
) |
|
|
(5,447,961 |
) |
|
|
(7,293,530 |
) |
|
|
(18,332,557 |
) |
|
|
(21,791,263 |
) |
Total operating costs and expenses |
|
|
(50,917,184 |
) |
|
|
(48,775,085 |
) |
|
|
(52,510,723 |
) |
|
|
(204,963,389 |
) |
|
|
(192,704,374 |
) |
Other (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others, net |
|
|
(2,122,058 |
) |
|
|
6,725,131 |
|
|
|
(1,664,053 |
) |
|
|
298,150 |
|
|
|
13,148,173 |
|
Income (loss) before income tax |
|
|
3,627,179 |
|
|
|
15,965,643 |
|
|
|
(189,554 |
) |
|
|
2,031,785 |
|
|
|
45,993,737 |
|
Income tax expenses |
|
|
(2,378,919 |
) |
|
|
(2,592,703 |
) |
|
|
(1,498,639 |
) |
|
|
(4,288,665 |
) |
|
|
(12,986,310 |
) |
Net income (loss) |
|
|
1,248,260 |
|
|
|
13,372,940 |
|
|
|
(1,688,193 |
) |
|
|
(2,256,880 |
) |
|
|
33,007,427 |
|
Less: net loss attributable to non-controlling interests |
|
|
(53,236 |
) |
|
|
(21,550 |
) |
|
|
(1,293 |
) |
|
|
(129,215 |
) |
|
|
(98,285 |
) |
Accretion of redeemable non-controlling interests to redemption
value |
|
|
(58,776 |
) |
|
|
(144,700 |
) |
|
|
(148,624 |
) |
|
|
(58,776 |
) |
|
|
(542,187 |
) |
Net income (loss) attributable to ordinary shareholders of
UP Fintech |
|
|
1,242,720 |
|
|
|
13,249,790 |
|
|
|
(1,835,524 |
) |
|
|
(2,186,441 |
) |
|
|
32,563,525 |
|
Other comprehensive income (loss), net of
tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on available-for-sale investments |
|
|
(502,903 |
) |
|
|
— |
|
|
|
(450,325 |
) |
|
|
(768,590 |
) |
|
|
(450,325 |
) |
Changes in cumulative foreign currency translation adjustment |
|
|
3,470,152 |
|
|
|
(1,670,923 |
) |
|
|
7,261,631 |
|
|
|
(8,130,208 |
) |
|
|
(545,498 |
) |
Total Comprehensive income (loss) |
|
|
4,215,509 |
|
|
|
11,702,017 |
|
|
|
5,123,113 |
|
|
|
(11,155,678 |
) |
|
|
32,011,604 |
|
Less: comprehensive loss attributable to non-controlling
interests |
|
|
(57,597 |
) |
|
|
(20,009 |
) |
|
|
(8,222 |
) |
|
|
(130,783 |
) |
|
|
(92,526 |
) |
Accretion of redeemable non-controlling interests to redemption
value |
|
|
(58,776 |
) |
|
|
(144,700 |
) |
|
|
(148,624 |
) |
|
|
(58,776 |
) |
|
|
(542,187 |
) |
Total Comprehensive income (loss) attributable to ordinary
shareholders of UP Fintech |
|
|
4,214,330 |
|
|
|
11,577,326 |
|
|
|
4,982,711 |
|
|
|
(11,083,671 |
) |
|
|
31,561,943 |
|
Net income (loss) per ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.001 |
|
|
|
0.006 |
|
|
|
(0.001 |
) |
|
|
(0.001 |
) |
|
|
0.014 |
|
Diluted |
|
|
0.001 |
|
|
|
0.006 |
|
|
|
(0.001 |
) |
|
|
(0.001 |
) |
|
|
0.014 |
|
Net income (loss) per ADS (1 ADS represents 15 Class A
ordinary shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.008 |
|
|
|
0.085 |
|
|
|
(0.012 |
) |
|
|
(0.014 |
) |
|
|
0.210 |
|
Diluted |
|
|
0.008 |
|
|
|
0.083 |
|
|
|
(0.012 |
) |
|
|
(0.014 |
) |
|
|
0.207 |
|
Weighted average number of ordinary shares used in
calculating net income (loss) per ordinary
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
2,303,576,341 |
|
|
|
2,330,221,225 |
|
|
|
2,336,018,747 |
|
|
|
2,295,154,791 |
|
|
|
2,325,338,439 |
|
Diluted |
|
|
2,330,738,240 |
|
|
|
2,439,248,294 |
|
|
|
2,336,018,747 |
|
|
|
2,295,154,791 |
|
|
|
2,427,268,831 |
|
(a) Includes the following revenues, costs and expenses
resulting from transactions with related parties as follow:
|
|
For the three months ended |
|
|
For the years ended |
|
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions |
|
|
9,582 |
|
|
|
3,898 |
|
|
|
115,236 |
|
|
|
4,001,833 |
|
|
|
122,113 |
|
Interest related income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing service fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,329,490 |
|
|
|
— |
|
Interest income |
|
|
36,439 |
|
|
|
33,687 |
|
|
|
1,270,287 |
|
|
|
4,795,119 |
|
|
|
1,379,238 |
|
Other revenues |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,805,126 |
|
|
|
— |
|
Interest
expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,056,556 |
) |
|
|
— |
|
Execution and clearing |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,751,505 |
) |
|
|
— |
|
Communication and market data |
|
|
(34,650 |
) |
|
|
(39,690 |
) |
|
|
(39,690 |
) |
|
|
(135,117 |
) |
|
|
(150,360 |
) |
Reconciliations of Unaudited Non-GAAP Results of
Operations Measures to the Nearest Comparable GAAP
Measures(All amounts in U.S. dollars (“US$”),
except for number of ADSs and per ADS data) |
|
|
For the three months ended December 31, 2022 |
|
For the three months ended September
30, 2023 |
|
For the three months ended December 31, 2023 |
|
|
|
|
|
|
non-GAAP |
|
|
|
|
|
|
|
|
non-GAAP |
|
|
|
|
|
|
|
|
non-GAAP |
|
|
|
|
|
|
GAAP |
|
|
Adjustment |
|
|
non-GAAP |
|
|
GAAP |
|
|
Adjustment |
|
|
non-GAAP |
|
|
GAAP |
|
|
Adjustment |
|
|
non-GAAP |
|
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
|
|
3,101,266 |
|
(1 |
) |
|
|
|
|
|
|
|
2,744,880 |
|
(1 |
) |
|
|
|
|
|
|
|
2,896,312 |
|
(1 |
) |
|
|
|
|
|
|
|
|
175,000 |
|
(2 |
) |
|
|
|
|
|
|
|
— |
|
(2 |
) |
|
|
|
|
|
|
|
— |
|
(2 |
) |
|
|
Net income (loss) attributable to ordinary
shareholders of UP Fintech |
|
|
1,242,720 |
|
|
|
3,276,266 |
|
|
|
4,518,986 |
|
|
|
13,249,790 |
|
|
|
2,744,880 |
|
|
|
15,994,670 |
|
|
|
(1,835,524 |
) |
|
|
2,896,312 |
|
|
|
1,060,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per ADS - diluted |
|
|
0.008 |
|
|
|
|
|
|
0.029 |
|
|
|
0.083 |
|
|
|
|
|
|
0.100 |
|
|
|
(0.012 |
) |
|
|
|
|
|
0.007 |
|
Weighted average number of
ADSs used in calculating diluted net income (loss)
per ADS |
|
|
155,382,549 |
|
|
|
|
|
|
155,382,549 |
|
|
|
162,616,553 |
|
|
|
|
|
|
162,616,553 |
|
|
|
155,734,583 |
|
|
|
|
|
|
157,931,785 |
|
(1) Share-based compensation.(2) Impairment loss from long-term
investments.
Reconciliations of Unaudited Non-GAAP Results of
Operations Measures to the Nearest Comparable GAAP
Measures(All amounts in U.S. dollars (“US$”),
except for number of ADSs and per ADS data) |
|
|
For the year ended December 31, 2022 |
|
|
For the year ended December 31, 2023 |
|
|
|
|
|
|
non-GAAP |
|
|
|
|
|
|
|
|
non-GAAP |
|
|
|
|
|
|
GAAP |
|
|
Adjustment |
|
|
non-GAAP |
|
|
GAAP |
|
|
Adjustment |
|
|
non-GAAP |
|
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
|
|
14,213,841 |
|
(1 |
) |
|
|
|
|
|
|
|
10,147,362 |
|
(1 |
) |
|
|
|
|
|
|
|
|
647,605 |
|
(2 |
) |
|
|
|
|
|
|
|
— |
|
(2 |
) |
|
|
Net (loss) income attributable to ordinary shareholders of
UP Fintech |
|
|
(2,186,441 |
) |
|
|
14,861,446 |
|
|
|
12,675,005 |
|
|
|
32,563,525 |
|
|
|
10,147,362 |
|
|
|
42,710,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
ADS - diluted |
|
|
(0.014 |
) |
|
|
|
|
|
0.082 |
|
|
|
0.207 |
|
|
|
|
|
|
0.270 |
|
Weighted average number of
ADSs used in calculating diluted net (loss) income per
ADS |
|
|
153,010,319 |
|
|
|
|
|
|
154,915,803 |
|
|
|
161,817,922 |
|
|
|
|
|
|
162,607,678 |
|
(1) Share-based compensation.(2) Impairment loss from long-term
investments.
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