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, 2022.
Mr. Wu Tianhua, Chairman and CEO of UP Fintech
stated: "The macro environment remained challenging in the fourth
quarter, despite these headwinds, our total revenue for the quarter
was US$63.9 million, an increase of 15.2% quarter over quarter and
2.7% year over year. Net income attributable to UP Fintech was
US$1.2 million this quarter, a significant improvement versus a net
loss of US$5.4 million in the same quarter of last year. Our
non-GAAP net income attributable to UP Fintech was US$4.5 million,
compared to a non-GAAP net income of US$0.1 million in the same
quarter of last year.
In the fourth quarter we added 27,300 funded
accounts, bringing our yearly total to 108,100, exceeding our
yearly guidance of 100,000. The total number of funded accounts at
the end of 2022 reached 781,500. Of the newly funded accounts in
the fourth quarter, over 90% came from outside Mainland China. We
saw US$1.4 billion net asset inflow this quarter, and total account
balance increased 8.1% sequentially to US$14.0 billion. Client
quality remains strong, the average net asset inflows of new
clients in Singapore during the fourth quarter was nearly
US$12,000, further increased from prior quarters, demonstrating our
growing presence in this key market and unwavering commitment to
providing our clients with exceptional services. In addition, the
overall average customer acquisition cost (“CAC”) was US$271 in the
fourth quarter, decreased 17% quarter over quarter, demonstrating
we keep acquiring high quality clients while being prudent with
marketing and branding expenses.
We continued to invest in research and
development to better serve our users and improve operating
efficiency. Building upon our self-clearing capability and
fractional shares functions, we launched the recurring investment
feature for U.S. equities, specifically designed for long-term
investors and those with a fixed investment budget. In Hong Kong,
we are able to offer local users with one of the most competitive
pricing packages in the industry with user friendly experience.
Our corporate businesses continued to perform
well in the fourth quarter of 2022. During this period, we
underwrote a total of 17 U.S. and Hong Kong IPOs, bringing the
total number of U.S. and Hong Kong IPOs underwritten for the year
to 48. According to Wind data, in 2022, we ranked third globally in
terms of deal counts for U.S. IPOs underwriting. Additionally, in
our ESOP business, we added 26 new clients in the fourth quarter,
bringing the total number of ESOP clients served to 419 as of
December 31, 2022."
Financial Highlights for Fourth Quarter
2022
- Total revenues were US$63.9 million, an
increase of 2.7% year-over-year and an increase of 15.2%
quarter-over-quarter.
- Total net revenues were US$56.7 million, a
decrease of 2.9% year-over-year and an increase of 10.9%
quarter-over-quarter.
- Net income attributable to ordinary shareholders of UP
Fintech was US$1.2 million compared to a net loss of
US$5.4 million in the same quarter of last year.
- Non-GAAP net income attributable to ordinary
shareholders of UP Fintech was US$4.5 million, compared to
a non-GAAP net income of US$0.1 million in the same quarter of last
year. A reconciliation of non-GAAP financial metrics to the most
comparable GAAP metrics is set forth below.
Financial Highlights for Fiscal Year 2022
- Total revenues were US$225.4 million, a 14.8%
decrease from 2021.
- Total net revenues were US$206.7 million, a
16.0% decrease from 2021.
- Net loss attributable to ordinary shareholders of UP
Fintech was US$2.2 million compared to a net income of
US$14.7 million in 2021.
- Non-GAAP net income attributable to ordinary
shareholders of UP Fintech decreased to US$12.7 million
from US$24.5 million in 2021.
Operating Highlights as of Year End 2022
- Total account balance decreased 18.0%
year-over-year to US$14.0 billion.
- Total margin financing and securities lending
balance increased 12.6% year-over-year to US$2.0
billion.
- Total number of customers with deposit
increased 16.1% year-over-year to 781,500.
Selected Operating Data for Fourth Quarter
2022
|
As of and for the three months ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
2021 |
|
2022 |
|
2022 |
In 000's |
|
|
|
|
|
Number of customer accounts |
1,845.9 |
|
1,970.4 |
|
2,008.0 |
Number of customers with
deposits |
673.4 |
|
754.1 |
|
781.5 |
Number of options and futures
contracts traded |
8,200.3 |
|
7,704.5 |
|
7,432.3 |
In USD
millions |
|
|
|
|
|
Trading volume |
85,896.3 |
|
78,161.3 |
|
68,541.9 |
Trading volume of stocks |
33,302.9 |
|
23,522.4 |
|
20,453.4 |
Total account balance |
17,082.5 |
|
12,958.9 |
|
14,005.3 |
Fourth Quarter 2022 Financial Results
REVENUES
Total revenues were US$63.9 million, an increase
of 2.7% from US$62.2 million in the same quarter of last year.
Commissions were US$24.9 million, a decrease of
16.5% from US$29.9 million in the same quarter of last year, due to
a decrease in trading volume and market activities.
Financing service fees were US$2.7 million, an
increase of 17.6% from US$2.3 million in the same quarter of last
year, primarily due to increased interest rates.
Interest income was US$30.4 million, an increase
of 50.2% from US$20.3 million in the same quarter of last year, due
to the increase in margin financing and securities lending
activities and interest income from bank deposits driven by higher
interest rates.
Other revenues were US$5.8 million, a decrease
of 40.7% from US$9.8 million in the same quarter of last year,
primarily due to the slowdown in underwriting related business,
currency exchange service and advertising service.
Interest expense was US$7.2 million, an increase
of 87.6% from US$3.8 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$50.9
million, a decrease of 21.5% from US$64.9 million in the same
quarter of last year.
Execution and clearing expenses were US$4.0
million, a decrease of 41.5% from US$6.9 million in the same
quarter of last year due to cost savings from our U.S.
self-clearing business and lower trading volume.
Employee compensation and benefits expenses were
US$24.5 million, a decrease of 13.7% from US$28.4 million in the
same quarter of last year, as we adjusted our headcount in response
to challenges arising from market backdrop.
Occupancy, depreciation and amortization
expenses were US$2.0 million, an increase of 12.3% from US$1.8
million in the same quarter of last year due to increase in
overseas office space and relevant leasehold improvements.
Communication and market data expenses were
US$7.1 million, a decrease of 8.7% from US$7.7 million in the same
quarter of last year due to IT service fees that occurred in that
quarter of last year.
Marketing and branding expenses were US$7.4
million, a decrease of 36.2% from US$11.6 million in the same
quarter of last year, as we slowed down marketing campaign due to
weaker market backdrop.
General and administrative expenses were US$5.9
million, a decrease of 30.5% from US$8.5 million in the same
quarter of last year due to a professional service fee and
consulting expense resulting from business expansion occurred in
that quarter of last year.
NET INCOME/LOSS ATTRIBUTABLE TO ORDINARY
SHAREHOLDERS OF UP FINTECH
Net income attributable to ordinary shareholders
of UP Fintech was US$1.2 million, as compared to a net loss of
US$5.4 million in the same quarter of last year. Net income per ADS
– diluted was US$0.008, as compared to a net loss per ADS – diluted
of US$0.036 in the same quarter of last year.
Non-GAAP net income attributable to ordinary
shareholders of UP Fintech, which excludes share-based
compensation, impairment loss from long-term investments and fair
value change from convertible bonds, was US$4.5 million, as
compared to a US$0.1 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$0.029 as
compared to a non-GAAP net loss per ADS – diluted of US$0.000 in
the same quarter of last year.
For the fourth quarter of 2022, the Company’s
weighted average number of ADSs used in calculating non-GAAP net
income per ADS – diluted was 155,382,549. As of December 31, 2022,
the Company had a total of 2,319,014,789 Class A and B ordinary
shares outstanding, or the equivalent of 154,600,986 ADSs.
Full Year 2022 Financial
Results
REVENUES
Total revenues were US$225.4 million,
representing a decrease of 14.8% from US$264.5 million in 2021.
Commissions were US$108.1 million, a 26.5%
decrease from US$147.2 million in 2021, mainly due to a decrease in
trading volume and market activities.
Financing service fees were US$7.9 million, down
14.7% from US$9.3 million in 2021, primarily due to the decrease in
margin financing and securities lending activities offsetting
increased interest rates.
Interest income was US$85.2 million, up 21.1%
from US$70.3 million in 2021. This was primarily due to increased
interest rates and the increase in interest income from bank
deposits.
Other revenues were US$24.2 million, a decrease
of 35.8% from US$37.7 million in 2021. The decrease was primarily
due to the slowdown in underwriting related business and currency
exchange service.
Interest expense was US$18.7 million, an
increase of 1.6% from US$18.4 million in 2021, primarily due to
increased interest rates offsetting cost savings from self-clearing
and a slowdown of Hong Kong IPO financing.
OPERATING COSTS AND
EXPENSES
Total operating costs and expenses were US$205.0
million, a decrease of 10.3% from US$228.5 million in 2021.
Execution and clearing expenses were US$15.6
million, a decrease of 49.9% from US$31.1 million in 2021, due to
more self-clearing of US cash equities and options.
Employee compensation and benefits expenses were
US$101.7 million, an increase of 16.7% from US$87.2 million in
2021, primarily due to a global headcount increase compared to
2021.
Occupancy, depreciation and amortization
expenses were US$9.0 million, an increase of 46.9% from US$6.1
million in 2021, due to an increase in overseas office space and
relevant leasehold improvements.
Communication and market data expenses were
US$27.1 million, an increase of 22.7% from US$22.1 million in 2021,
due to rapid user growth and expanded market data coverage.
Marketing and branding expenses were US$33.1
million, a decrease of 44.1% from US$59.3 million in 2021 as we
slowed down marketing campaign due to weaker market backdrop.
General and administrative expenses were US$18.3
million, a decrease of 19.3% from US$22.7 million in 2021,
primarily due to professional service fee and consulting expense
resulting from business expansion occurred in last year.
NET INCOME/LOSS ATTRIBUTABLE TO ORDINARY
SHAREHOLDERS OF UP FINTECH
Net loss attributable to ordinary shareholders
of UP Fintech was US$2.2 million, as compared to a net income of
US$14.7 million in 2021. Net loss per ADS-diluted was US$0.014, as
compared to a net income of US$0.094 in 2021.
Non-GAAP net income attributable to ordinary
shareholders of UP Fintech, which excludes share-based
compensation, impairment loss from equity investments and fair
value change from convertible bonds, was US$12.7 million, as
compared to US$24.5 million in 2021. Non-GAAP net income per
ADS-diluted was US$0.082 as compared to US$0.157 in 2021.
CERTAIN OTHER FINANCIAL
ITEMS
As of December 31, 2022, the Company's cash and
cash equivalents and term deposits were US$278.6 million, compared
to US$272.1 million as of December 31, 2021.
As of December 31, 2022, the allowance balance
of receivables from customers was US$0.7 million compared to US$0.5
million as of December 31, 2021, which was due to an increase in
our user base and stock price fluctuation.
Changes of Operating Data Disclosure:
For the purpose of providing more relevant
information to facilitate investors’ understanding of our business,
the Company had determined to provide the number of contracts
traded of options and futures on a quarterly basis starting from
the first quarter ended March 31, 2022. Historically, the Company
had disclosed total trading volume of stocks, options and futures
(notional volume) on an aggregate basis. Beginning in the first
quarter of 2022, the Company began disclosing the trading volume of
stocks on a stand-alone basis and the number of contracts traded of
options and futures. As a result of this change, our trading volume
as reported for prior quarters will be retrospectively recast to
represent trading volume of stocks on a stand-alone basis in
addition to trading volume on an aggregate basis. The effect of
this recast is illustrated in the table below:
|
As of and for the three months ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
2021 |
|
2022 |
|
2022 |
In USD
millions |
|
|
|
|
|
Historic presentation: trading
volume |
85,896.3 |
|
78,161.3 |
|
68,541.9 |
New presentation: trading
volume of stocks |
33,302.9 |
|
23,522.4 |
|
20,453.4 |
We have adopted this change because our
management has determined that the number of options and futures
contracts traded is a more relevant metric for understanding and
managing our business than the trading volume of options and
futures presented on an aggregate basis with trading volume of
stocks. In future disclosures of our earnings, we expect to report
trading volume of stocks and the number of options and futures
contracts traded in lieu of aggregate trading volume. This change
did not affect previously disclosed operating data other than as
described above.
Conference Call Information:
UP Fintech’s management will hold an earnings
conference call at 8:00 AM on March 29, 2023, U.S. Eastern Time
(8:00 PM on March 29, 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/BI472a59725b704a3bb965b7f04666ab74
It will automatically lead to the registration
page of "UP Fintech Holding Limited Fourth Quarter and Full Year
2022 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, impairment loss from long-term
investments and fair value change from convertible bonds. 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, impairment loss from
long-term investments and fair value change from convertible bonds.
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,
impairment loss from long-term investments and fair value change
from convertible bonds 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 and expansion of its business
lines, 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; the
effects of the global COVID-19 pandemic; 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 28, 2022. 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
SHEETSAll amounts in U.S. dollars
("US$")
|
As of December 31, |
|
|
As of December 31, |
|
|
2021 |
|
|
2022 |
|
|
US$ |
|
|
US$ |
|
Assets: |
|
|
|
|
|
Cash and cash equivalents |
269,057,708 |
|
|
277,660,847 |
|
Cash-segregated for regulatory purpose |
1,431,827,247 |
|
|
1,678,067,682 |
|
Term deposits |
3,044,461 |
|
|
945,533 |
|
Receivables from customers (net of allowance of US$518,741 and
US$696,508 as of December 31, 2021 and December 31,
2022) |
664,657,453 |
|
|
644,691,190 |
|
Receivables from brokers, dealers, and clearing organizations: |
|
|
|
|
|
Related parties |
804,639,024 |
|
|
— |
|
Others |
75,143,153 |
|
|
956,945,581 |
|
Financial instruments held, at fair value |
3,902,987 |
|
|
162,535,184 |
|
Prepaid expenses and other current assets |
16,051,623 |
|
|
12,963,375 |
|
Amounts due from related parties |
2,947,871 |
|
|
4,769,475 |
|
Total current
assets |
3,271,271,527 |
|
|
3,738,578,867 |
|
Non-current
assets: |
|
|
|
|
|
Right-of-use assets |
6,613,520 |
|
|
13,960,092 |
|
Property, equipment and intangible assets, net |
14,031,652 |
|
|
16,504,065 |
|
Goodwill |
2,492,668 |
|
|
2,492,668 |
|
Long-term investments |
9,777,844 |
|
|
7,928,499 |
|
Other non-current assets |
4,973,085 |
|
|
4,773,925 |
|
Deferred tax assets |
12,258,360 |
|
|
13,122,272 |
|
Total non-current
assets |
50,147,129 |
|
|
58,781,521 |
|
Total
assets |
3,321,418,656 |
|
|
3,797,360,388 |
|
Current
liabilities: |
|
|
|
|
|
Payables to customers |
2,509,492,814 |
|
|
2,996,405,447 |
|
Payables to brokers, dealers and clearing organizations: |
|
|
|
|
|
Related parties |
170,338,199 |
|
|
— |
|
Others |
499,978 |
|
|
138,620,746 |
|
Accrued expenses and other current liabilities |
33,746,177 |
|
|
37,777,749 |
|
Deferred income-current |
1,213,647 |
|
|
1,800,298 |
|
Lease liabilities-current |
2,610,041 |
|
|
5,490,079 |
|
Amounts due to related parties |
2,039,287 |
|
|
461,704 |
|
Total current
liabilities |
2,719,940,143 |
|
|
3,180,556,023 |
|
Convertible bonds |
|
|
|
|
|
Related parties |
25,330,766 |
|
|
— |
|
Others |
123,510,910 |
|
|
154,337,483 |
|
Deferred income-non-current |
1,382,091 |
|
|
388,423 |
|
Lease liabilities- non-current |
3,092,913 |
|
|
8,390,077 |
|
Deferred tax liabilities |
1,535,965 |
|
|
2,059,748 |
|
Total
liabilities |
2,874,792,788 |
|
|
3,345,731,754 |
|
Mezzanine
equity |
|
|
|
|
|
Subscriptions receivable from redeemable non-controlling
interests |
— |
|
|
(43,496 |
) |
Redeemable non-controlling interest |
— |
|
|
4,685,238 |
|
Total Mezzanine
equity |
— |
|
|
4,641,742 |
|
Shareholders’
equity: |
|
|
|
|
|
Class A ordinary shares |
20,599 |
|
|
22,213 |
|
Class B ordinary shares |
2,221 |
|
|
976 |
|
Additional paid-in capital |
484,335,291 |
|
|
495,705,684 |
|
Statutory reserve |
3,562,888 |
|
|
6,171,627 |
|
Accumulated deficit |
(45,788,131 |
) |
|
(50,366,734 |
) |
Treasury Stock |
(2,172,819 |
) |
|
(2,172,819 |
) |
Accumulated other comprehensive income (loss) |
6,665,819 |
|
|
(2,231,411 |
) |
Total UP Fintech
shareholders' equity |
446,625,868 |
|
|
447,129,536 |
|
Non-controlling interests |
— |
|
|
(142,644 |
) |
Total
equity |
446,625,868 |
|
|
446,986,892 |
|
Total liabilities,
mezzanine equity and equity |
3,321,418,656 |
|
|
3,797,360,388 |
|
|
|
|
|
|
|
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, |
|
|
2021 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
Revenues(a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions |
29,859,784 |
|
|
24,501,996 |
|
|
24,929,536 |
|
|
147,198,648 |
|
|
108,118,464 |
|
Interest related income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing service fees |
2,281,978 |
|
|
2,145,245 |
|
|
2,682,657 |
|
|
9,268,819 |
|
|
7,903,057 |
|
Interest income |
20,267,624 |
|
|
24,798,274 |
|
|
30,442,796 |
|
|
70,335,156 |
|
|
85,150,424 |
|
Other revenues |
9,785,272 |
|
|
3,960,860 |
|
|
5,799,368 |
|
|
37,685,539 |
|
|
24,193,602 |
|
Total
revenues |
62,194,658 |
|
|
55,406,375 |
|
|
63,854,357 |
|
|
264,488,162 |
|
|
225,365,547 |
|
Interest expense(a) |
(3,831,380 |
) |
|
(4,300,550 |
) |
|
(7,187,936 |
) |
|
(18,378,823 |
) |
|
(18,668,523 |
) |
Total Net
Revenues |
58,363,278 |
|
|
51,105,825 |
|
|
56,666,421 |
|
|
246,109,339 |
|
|
206,697,024 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Execution and clearing(a) |
(6,868,211 |
) |
|
(3,221,630 |
) |
|
(4,021,314 |
) |
|
(31,143,578 |
) |
|
(15,607,914 |
) |
Employee compensation and benefits |
(28,366,044 |
) |
|
(24,158,644 |
) |
|
(24,479,754 |
) |
|
(87,160,214 |
) |
|
(101,749,440 |
) |
Occupancy, depreciation and amortization |
(1,800,886 |
) |
|
(2,476,021 |
) |
|
(2,021,735 |
) |
|
(6,134,991 |
) |
|
(9,013,467 |
) |
Communication and market data(a) |
(7,733,877 |
) |
|
(6,525,131 |
) |
|
(7,062,603 |
) |
|
(22,121,263 |
) |
|
(27,138,244 |
) |
Marketing and branding |
(11,594,222 |
) |
|
(7,397,094 |
) |
|
(7,401,281 |
) |
|
(59,264,634 |
) |
|
(33,121,767 |
) |
General and administrative |
(8,527,769 |
) |
|
(3,512,556 |
) |
|
(5,930,497 |
) |
|
(22,705,839 |
) |
|
(18,332,557 |
) |
Total operating costs
and expenses |
(64,891,009 |
) |
|
(47,291,076 |
) |
|
(50,917,184 |
) |
|
(228,530,519 |
) |
|
(204,963,389 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Change from convertible bonds(a) |
— |
|
|
— |
|
|
— |
|
|
4,194,848 |
|
|
— |
|
Others, net |
195,214 |
|
|
1,165,814 |
|
|
(2,122,058 |
) |
|
(2,719,196 |
) |
|
298,150 |
|
Income (loss) before
income tax |
(6,332,517 |
) |
|
4,980,563 |
|
|
3,627,179 |
|
|
19,054,472 |
|
|
2,031,785 |
|
Income tax benefits (expenses) |
953,401 |
|
|
(1,720,070 |
) |
|
(2,378,919 |
) |
|
(4,363,771 |
) |
|
(4,288,665 |
) |
Net income
(loss) |
(5,379,116 |
) |
|
3,260,493 |
|
|
1,248,260 |
|
|
14,690,701 |
|
|
(2,256,880 |
) |
Less: net loss attributable to non-controlling interests |
— |
|
|
(75,979 |
) |
|
(53,236 |
) |
|
— |
|
|
(129,215 |
) |
Accretion of redeemable non-controlling interests to redemption
value |
— |
|
|
— |
|
|
(58,776 |
) |
|
— |
|
|
(58,776 |
) |
Net income (loss)
attributable to ordinary shareholders of UP Fintech |
(5,379,116 |
) |
|
3,336,472 |
|
|
1,242,720 |
|
|
14,690,701 |
|
|
(2,186,441 |
) |
Other comprehensive
income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on available-for-sale investments |
— |
|
|
— |
|
|
(502,903 |
) |
|
1,899,605 |
|
|
(768,590 |
) |
Changes in cumulative foreign currency translation adjustment |
1,519,564 |
|
|
(6,047,049 |
) |
|
3,470,152 |
|
|
1,839,022 |
|
|
(8,130,208 |
) |
Total Comprehensive
income (loss) |
(3,859,552 |
) |
|
(2,786,556 |
) |
|
4,215,509 |
|
|
18,429,328 |
|
|
(11,155,678 |
) |
Less: comprehensive loss attributable to non-controlling
interests |
— |
|
|
(73,186 |
) |
|
(57,597 |
) |
|
— |
|
|
(130,783 |
) |
Accretion of redeemable non-controlling interests to redemption
value |
— |
|
|
— |
|
|
(58,776 |
) |
|
— |
|
|
(58,776 |
) |
Total Comprehensive
income (loss) attributable to ordinary shareholders of Up
Fintech |
(3,859,552 |
) |
|
(2,713,370 |
) |
|
4,214,330 |
|
|
18,429,328 |
|
|
(11,083,671 |
) |
Net income (loss) per
ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
(0.002 |
) |
|
0.001 |
|
|
0.001 |
|
|
0.007 |
|
|
(0.001 |
) |
Diluted |
(0.002 |
) |
|
0.001 |
|
|
0.001 |
|
|
0.006 |
|
|
(0.001 |
) |
Net income (loss) per
ADS (1 ADS represents 15 Class A ordinary shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
(0.036 |
) |
|
0.022 |
|
|
0.008 |
|
|
0.100 |
|
|
(0.014 |
) |
Diluted |
(0.036 |
) |
|
0.021 |
|
|
0.008 |
|
|
0.094 |
|
|
(0.014 |
) |
Weighted average
number of ordinary shares used in calculating net loss per ordinary
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
2,266,866,528 |
|
|
2,298,890,869 |
|
|
2,303,576,341 |
|
|
2,205,186,257 |
|
|
2,295,154,791 |
|
Diluted |
2,266,866,528 |
|
|
2,424,940,484 |
|
|
2,330,738,240 |
|
|
2,335,717,204 |
|
|
2,295,154,791 |
|
(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, |
|
|
2021 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions |
4,865,912 |
|
|
993 |
|
|
9,582 |
|
|
30,446,244 |
|
|
4,001,833 |
|
Interest related income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing service fees |
2,281,978 |
|
|
— |
|
|
— |
|
|
9,268,819 |
|
|
1,329,490 |
|
Interest income |
6,696,241 |
|
|
32,805 |
|
|
36,439 |
|
|
31,776,764 |
|
|
4,795,119 |
|
Other revenues |
2,847,951 |
|
|
— |
|
|
— |
|
|
15,556,298 |
|
|
1,805,126 |
|
Interest expense |
(2,848,865 |
) |
|
— |
|
|
— |
|
|
(13,938,263 |
) |
|
(2,056,556 |
) |
Execution and clearing |
(3,348,491 |
) |
|
— |
|
|
— |
|
|
(17,510,426 |
) |
|
(1,751,505 |
) |
Communication and market
data |
(25,000 |
) |
|
(46,200 |
) |
|
(34,650 |
) |
|
(94,333 |
) |
|
(135,117 |
) |
Fair Value Change from
convertible bonds |
— |
|
|
— |
|
|
— |
|
|
2,860,123 |
|
|
— |
|
Reconciliations of Unaudited Non-GAAP
Results of Operations Measures to the Nearest Comparable GAAP
Measures(All amounts in U.S. dollars ("US$"),
except for number of ADSs and per ADS data)
|
For the three months ended December 31,2021 |
|
For the three months ended September 30,2022 |
|
For the three months ended December 31,2022 |
|
|
|
|
non-GAAP |
|
|
|
|
|
|
non-GAAP |
|
|
|
|
|
|
non-GAAP |
|
|
|
|
GAAP |
|
|
Adjustment |
|
|
non-GAAP |
|
GAAP |
|
Adjustment |
|
|
non-GAAP |
|
GAAP |
|
Adjustment |
|
|
non-GAAP |
|
US$ |
|
|
US$ |
|
|
US$ |
|
US$ |
|
US$ |
|
|
US$ |
|
US$ |
|
US$ |
|
|
US$ |
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
Unaudited |
|
|
|
|
5,455,318 |
|
(1 |
) |
|
|
|
|
3,298,276 |
|
(1 |
) |
|
|
|
|
3,101,266 |
|
(1 |
) |
|
|
|
|
|
— |
|
(2 |
) |
|
|
|
|
— |
|
(2 |
) |
|
|
|
|
175,000 |
|
(2 |
) |
|
Net income (loss)
attributableto ordinary shareholders ofUP Fintech |
(5,379,116 |
) |
|
5,455,318 |
|
|
76,202 |
|
3,336,472 |
|
3,298,276 |
|
|
6,634,748 |
|
1,242,720 |
|
3,276,266 |
|
|
4,518,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
ADS -diluted |
(0.036 |
) |
|
|
|
|
0.000 |
|
0.021 |
|
|
|
|
0.041 |
|
0.008 |
|
|
|
|
0.029 |
Weighted average number ofADSs
used in calculating dilutednet income (loss) per ADS |
151,124,435 |
|
|
|
|
|
161,049,884 |
|
161,662,699 |
|
|
|
|
161,662,699 |
|
155,382,549 |
|
|
|
|
155,382,549 |
(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$"), except for number of
ADSs and per ADS data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31,2021 |
|
For the year ended December 31,2022 |
|
|
|
non-GAAP |
|
|
|
|
|
|
|
non-GAAP |
|
|
|
|
GAAP |
|
Adjustment |
|
|
non-GAAP |
|
GAAP |
|
|
Adjustment |
|
|
non-GAAP |
|
US$ |
|
US$ |
|
|
US$ |
|
US$ |
|
|
US$ |
|
|
US$ |
|
Unaudited |
|
Unaudited |
|
|
Unaudited |
|
Unaudited |
|
|
Unaudited |
|
|
Unaudited |
|
|
|
13,370,377 |
|
(1 |
) |
|
|
|
|
|
14,213,841 |
|
(1 |
) |
|
|
|
|
600,000 |
|
(2 |
) |
|
|
|
|
|
647,605 |
|
(2 |
) |
|
|
|
|
(4,194,848 |
) |
(3 |
) |
|
|
|
|
|
— |
|
(3 |
) |
|
Net income (loss)
attributable to ordinary shareholders of UP
Fintech |
14,690,701 |
|
9,775,529 |
|
|
24,466,230 |
|
(2,186,441 |
) |
|
14,861,446 |
|
|
12,675,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
ADS - diluted |
0.094 |
|
|
|
|
0.157 |
|
(0.014 |
) |
|
|
|
|
0.082 |
Weighted average number of
ADSs used in calculating dilutednet income (loss) per ADS |
155,714,480 |
|
|
|
|
155,714,480 |
|
153,010,319 |
|
|
|
|
|
154,915,803 |
(1) Share-based compensation.(2) Impairment loss from long-term
investments(3) Fair value change from convertible bonds
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