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
second quarter ended June 30, 2023.
Mr. Wu Tianhua, Chairman and CEO of UP Fintech
stated: “In the second quarter, we continued to execute our
strategy of optimizing revenue structure and fine-tuning expense
management, as a result, we have achieved remarkable growth in
profitability compared to the prior quarter and to the same quarter
of last year. Our GAAP net income attributable to UP Fintech for
the second quarter was US$13.2 million, representing a
quarter-over-quarter increase of 65.6%. Our non-GAAP net income
attributable to UP Fintech for the second quarter was US$15.3
million, representing a quarter-over-quarter increase of 48.4% and
a year-over-year increase of 342%.
In the second quarter we added 29,077 funded
accounts, and the total number of funded accounts at the end of the
second quarter reached 840,900. This quarter, we experienced strong
net asset inflows of over US$1.6 billion. However, this was
partially offset by a mark-to-market loss of US$492 million due to
underperformance in Chinese American Depositary Receipts (“ADRs”)
and Hong Kong market. Despite this, our total account balance
increased sequentially by 7.1% to reach US$17.3 billion. In
addition, the average customer acquisition cost (“CAC”) in the
second quarter was US$162, further decreased from US$171 in the
previous quarter. This indicates that our ongoing international
expansion has been well received by local investors in various
regions and ROI remains at an industry-leading level, gives us the
flexibility to dynamically adjust customer acquisition strategies
in the future.
We continued to invest in research and
development to enhance operational efficiency and user experience.
We have been gradually progressing self-clearing of Hong Kong
equities during the first half of this year. This has helped us to
maintain the clearing cost as a percentage of commission income at
less than 10% in the second quarter. Additionally, we have launched
a recurring investment feature for Hong Kong equities in the second
quarter, which is specifically designed for long-term investors and
those with a fixed investment budget. This makes us one of the few
brokers to offer a recurring investment function for both U.S. and
Hong Kong stocks. We also added the Hong Kong Futures feature in
June to better serve our local clients.
In our wealth management business, Tiger Vault,
we launched the Hong Kong dollar money market fund in the second
quarter after introducing the U.S. dollar money market fund in the
first quarter. This provides users with an alternative to better
manage their idle cash in the rate hike cycle. In addition, we
recently launched TigerGPT in July, which is available for free to
registered users in all markets we have entered except Mainland
China.
Our corporate businesses continued to perform
well in the second quarter of 2023. During this period, we
underwrote a total of 7 U.S. and Hong Kong IPOs, and served as the
exclusive lead bank for Ispire Technology Inc. U.S. IPO. In our
ESOP business, we added 30 new clients in the second quarter,
bringing the total number of ESOP clients served to 478 as of June
30, 2023.”
Financial Highlights for Second Quarter
2023
- Total revenues increased 23.5% year-over-year
to US$66.1 million.
- Total net revenues increased 11.4%
year-over-year to US$55.6 million.
- Net income attributable to ordinary shareholders of UP
Fintech was US$13.2 million compared to a net loss of
US$0.9 million in the same quarter of last year.
- Non-GAAP net income attributable to ordinary
shareholders of UP Fintech was US$15.3 million, compared
to a non-GAAP net income of US$3.5 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.
Operating Highlights for Second Quarter
2023
- Total account balance increased 16.2%
year-over-year to US$17.3 billion.
- Total margin financing and securities lending
balance increased 27.0% year-over-year to US$2.1
billion.
- Total number of customers with deposit
increased 15.0% year-over-year to 840,900.
Selected Operating Data for Second Quarter
2023
|
|
As of and for the three months ended |
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
2022 |
|
2023 |
|
2023 |
In 000’s |
|
|
|
|
|
|
Number of customer
accounts |
|
1,935.0 |
|
2,060.5 |
|
2,119.1 |
Number of customers with
deposits |
|
731.4 |
|
811.9 |
|
840.9 |
Number of options and futures
contracts traded |
|
8,039.1 |
|
7,885.6 |
|
7,758.0 |
In USD
millions |
|
|
|
|
|
|
Trading volume |
|
85,475.8 |
|
67,044.1 |
|
65,135.9 |
Trading volume of stocks |
|
30,737.7 |
|
22,990.5 |
|
19,313.7 |
Total account balance |
|
14,860.2 |
|
16,128.5 |
|
17,269.4 |
|
|
|
|
|
|
|
Second Quarter 2023 Financial Results
REVENUES
Total revenues were US$66.1 million, an increase
of 23.5% from US$53.5 million in the same quarter of last year.
Commissions were US$22.0 million, a decrease of
22.0% from US$28.2 million in the same quarter of last year, due to
a decrease in trading volume.
Financing service fees were US$2.8 million, an
increase of 88.5% from US$1.5 million in the same quarter of last
year, primarily due to increased interest rates.
Interest income was US$36.4 million, an increase
of 152.2% from US$14.5 million in the same quarter of last year,
primarily due to the increase in margin financing and securities
lending activities.
Other revenues were US$4.8 million, a decrease
of 48.9% from US$9.3 million in the same quarter of last year,
primarily due to the slowdown in IPO subscription and promotion and
advertising services.
Interest expense was US$10.4 million, an
increase of 195.3% from US$3.5 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$45.5
million, a decrease of 12.2% from US$51.9 million in the same
quarter of last year.
Execution and clearing expenses were US$2.0
million, a decrease of 47.2% from US$3.9 million in the same
quarter of last year due to lower trading volume.
Employee compensation and benefits expenses were
US$23.9 million, a decrease of 6.7% from US$25.6 million in the
same quarter of last year, as we restructure our organizational
framework in response to the business adjustments.
Occupancy, depreciation and amortization
expenses were US$2.5 million, a slight increase of 2.4% from US$2.5
million in the same quarter of last year.
Communication and market data expenses were
US$7.8 million, an increase of 8.1% from US$7.2 million in the same
quarter of last year due to increased use of market data
platforms.
Marketing and branding expenses were US$4.7
million, a decrease of 43.6% from US$8.4 million in the same
quarter of last year, as we slowed down our marketing campaign due
to weaker market backdrop.
General and administrative expenses were US$4.5
million, a slight increase of 4.8% from US$4.3 million in the same
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$13.2 million, as compared to a net loss of
US$0.9 million in the same quarter of last year. Net income per ADS
– diluted was US$0.084, as compared to a net loss per ADS – diluted
of US$0.006 in the same quarter of last year.
Non-GAAP net income attributable to ordinary
shareholders of UP Fintech, which excludes share-based compensation
was US$15.3 million, as compared to a US$3.5 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$0.097 as compared to a non-GAAP net income per ADS – diluted
of US$0.022 in the same quarter of last year.
For the second quarter of 2023, the Company’s
weighted average number of ADSs used in calculating non-GAAP net
income per ADS – diluted was 161,147,584. As of June 30, 2023, the
Company had a total of 2,335,446,517 Class A and B ordinary shares
outstanding, or the equivalent of 155,696,434 ADSs.
CERTAIN OTHER FINANCIAL
ITEMS
As of June 30, 2023, the Company’s cash and cash
equivalents and term deposits were US$325.0 million, compared to
US$278.6 million as of December 31, 2022.
As of June 30, 2023, the allowance balance of
receivables from customers was US$0.9 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 August 29, 2023, U.S. Eastern Time
(8:00 PM on August 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/BI52d262f17f494dac964b98458d4983e9
It will automatically lead to the registration
page of “UP Fintech Holding Limited Second Quarter 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. 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. 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
has 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; 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 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 ofDecember 31, |
|
|
As ofJune 30, |
|
|
|
2022 |
|
|
2023 |
|
|
|
US$ |
|
|
US$ |
|
Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
277,660,847 |
|
|
324,102,449 |
|
Cash-segregated for regulatory purpose |
|
1,678,067,682 |
|
|
1,563,645,091 |
|
Term deposits |
|
945,533 |
|
|
939,327 |
|
Receivables from customers (net of allowance of US$696,508
and US$852,839 as of December 31, 2022 and June 30,
2023) |
|
644,691,190 |
|
|
774,040,018 |
|
Receivables from brokers, dealers, and clearing organizations |
|
956,945,581 |
|
|
654,829,230 |
|
Financial instruments held, at fair value |
|
162,535,184 |
|
|
353,234,456 |
|
Prepaid expenses and other current assets |
|
12,963,375 |
|
|
14,542,004 |
|
Amounts due from related parties |
|
4,769,475 |
|
|
4,568,966 |
|
Total current
assets |
|
3,738,578,867 |
|
|
3,689,901,541 |
|
Non-current
assets: |
|
|
|
|
|
|
Right-of-use assets |
|
13,960,092 |
|
|
10,331,111 |
|
Property, equipment and intangible assets, net |
|
16,504,065 |
|
|
16,851,859 |
|
Goodwill |
|
2,492,668 |
|
|
2,492,668 |
|
Long-term investments |
|
7,928,499 |
|
|
7,796,810 |
|
Other non-current assets |
|
4,773,925 |
|
|
5,334,852 |
|
Deferred tax assets |
|
13,122,272 |
|
|
11,167,867 |
|
Total non-current
assets |
|
58,781,521 |
|
|
53,975,167 |
|
Total
assets |
|
3,797,360,388 |
|
|
3,743,876,708 |
|
Current
liabilities: |
|
|
|
|
|
|
Payables to customers |
|
2,996,405,447 |
|
|
2,849,552,661 |
|
Payables to brokers, dealers and clearing organizations |
|
138,620,746 |
|
|
217,886,297 |
|
Accrued expenses and other current liabilities |
|
37,777,749 |
|
|
32,490,953 |
|
Deferred income-current |
|
1,800,298 |
|
|
2,722,387 |
|
Lease liabilities-current |
|
5,490,079 |
|
|
4,764,706 |
|
Amounts due to related parties |
|
461,704 |
|
|
50,885 |
|
Total current
liabilities |
|
3,180,556,023 |
|
|
3,107,467,889 |
|
Convertible bonds |
|
154,337,483 |
|
|
155,594,685 |
|
Deferred income-non-current |
|
388,423 |
|
|
— |
|
Lease liabilities- non-current |
|
8,390,077 |
|
|
5,338,571 |
|
Deferred tax liabilities |
|
2,059,748 |
|
|
2,729,647 |
|
Total
liabilities |
|
3,345,731,754 |
|
|
3,271,130,792 |
|
Mezzanine
equity |
|
|
|
|
|
|
Subscriptions receivable from redeemable non-controlling
interests |
|
(43,496 |
) |
|
— |
|
Redeemable non-controlling interest |
|
4,685,238 |
|
|
6,258,585 |
|
Total Mezzanine
equity |
|
4,641,742 |
|
|
6,258,585 |
|
Shareholders’
equity: |
|
|
|
|
|
|
Class A ordinary shares |
|
22,213 |
|
|
22,377 |
|
Class B ordinary shares |
|
976 |
|
|
976 |
|
Additional paid-in capital |
|
495,705,684 |
|
|
500,031,188 |
|
Statutory reserve |
|
6,171,627 |
|
|
6,171,627 |
|
Accumulated deficit |
|
(50,366,734 |
) |
|
(28,968,612 |
) |
Treasury Stock |
|
(2,172,819 |
) |
|
(2,172,819 |
) |
Accumulated other comprehensive loss |
|
(2,231,411 |
) |
|
(8,378,764 |
) |
Total UP Fintech
shareholders’ equity |
|
447,129,536 |
|
|
466,705,973 |
|
Non-controlling interests |
|
(142,644 |
) |
|
(218,642 |
) |
Total
equity |
|
446,986,892 |
|
|
466,487,331 |
|
Total liabilities,
mezzanine equity and equity |
|
3,797,360,388 |
|
|
3,743,876,708 |
|
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 six months ended |
|
|
|
June 30, |
|
|
March 31, |
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
|
US$ |
|
Revenues(a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions |
|
28,216,614 |
|
|
25,438,506 |
|
|
22,011,990 |
|
|
58,686,932 |
|
|
47,450,496 |
|
Interest related income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing service fees |
|
1,508,697 |
|
|
2,852,583 |
|
|
2,843,586 |
|
|
3,075,155 |
|
|
5,696,169 |
|
Interest income |
|
14,452,868 |
|
|
34,587,516 |
|
|
36,448,761 |
|
|
29,909,354 |
|
|
71,036,277 |
|
Other revenues |
|
9,297,933 |
|
|
3,447,071 |
|
|
4,750,411 |
|
|
14,433,374 |
|
|
8,197,482 |
|
Total
revenues |
|
53,476,112 |
|
|
66,325,676 |
|
|
66,054,748 |
|
|
106,104,815 |
|
|
132,380,424 |
|
Interest expense(a) |
|
(3,529,347 |
) |
|
(8,407,961 |
) |
|
(10,423,344 |
) |
|
(7,180,037 |
) |
|
(18,831,305 |
) |
Total Net
Revenues |
|
49,946,765 |
|
|
57,917,715 |
|
|
55,631,404 |
|
|
98,924,778 |
|
|
113,549,119 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Execution and clearing(a) |
|
(3,856,210 |
) |
|
(2,431,835 |
) |
|
(2,035,327 |
) |
|
(8,364,970 |
) |
|
(4,467,162 |
) |
Employee compensation and benefits |
|
(25,635,651 |
) |
|
(24,406,288 |
) |
|
(23,908,787 |
) |
|
(53,111,042 |
) |
|
(48,315,075 |
) |
Occupancy, depreciation and amortization |
|
(2,468,543 |
) |
|
(2,432,786 |
) |
|
(2,528,576 |
) |
|
(4,515,711 |
) |
|
(4,961,362 |
) |
Communication and market data(a) |
|
(7,181,403 |
) |
|
(6,956,631 |
) |
|
(7,763,372 |
) |
|
(13,550,510 |
) |
|
(14,720,003 |
) |
Marketing and branding |
|
(8,366,559 |
) |
|
(5,184,197 |
) |
|
(4,720,995 |
) |
|
(18,323,392 |
) |
|
(9,905,192 |
) |
General and administrative |
|
(4,342,120 |
) |
|
(4,500,720 |
) |
|
(4,549,052 |
) |
|
(8,889,504 |
) |
|
(9,049,772 |
) |
Total operating costs
and expenses |
|
(51,850,486 |
) |
|
(45,912,457 |
) |
|
(45,506,109 |
) |
|
(106,755,129 |
) |
|
(91,418,566 |
) |
Other
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others, net |
|
1,680,037 |
|
|
331,666 |
|
|
7,755,429 |
|
|
1,254,394 |
|
|
8,087,095 |
|
(Loss) income before
income tax |
|
(223,684 |
) |
|
12,336,924 |
|
|
17,880,724 |
|
|
(6,575,957 |
) |
|
30,217,648 |
|
Income tax expenses |
|
(663,366 |
) |
|
(4,317,220 |
) |
|
(4,577,748 |
) |
|
(189,676 |
) |
|
(8,894,968 |
) |
Net (loss)
income |
|
(887,050 |
) |
|
8,019,704 |
|
|
13,302,976 |
|
|
(6,765,633 |
) |
|
21,322,680 |
|
Less: net loss attributable to non-controlling interests |
|
— |
|
|
(51,014 |
) |
|
(24,428 |
) |
|
— |
|
|
(75,442 |
) |
Accretion of redeemable non-controlling interests to redemption
value |
|
— |
|
|
(107,285 |
) |
|
(141,578 |
) |
|
— |
|
|
(248,863 |
) |
Net (loss) income
attributable to ordinary shareholders of UP Fintech |
|
(887,050 |
) |
|
7,963,433 |
|
|
13,185,826 |
|
|
(6,765,633 |
) |
|
21,149,259 |
|
Other comprehensive
(loss) income, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on available-for-sale investments |
|
— |
|
|
— |
|
|
— |
|
|
(265,687 |
) |
|
— |
|
Changes in cumulative foreign currency translation adjustment |
|
(6,546,751 |
) |
|
388,546 |
|
|
(6,524,752 |
) |
|
(5,553,311 |
) |
|
(6,136,206 |
) |
Total Comprehensive
(loss) income |
|
(7,433,801 |
) |
|
8,408,250 |
|
|
6,778,224 |
|
|
(12,584,631 |
) |
|
15,186,474 |
|
Less: comprehensive loss attributable to non-controlling
interests |
|
— |
|
|
(51,422 |
) |
|
(12,873 |
) |
|
— |
|
|
(64,296 |
) |
Accretion of redeemable non-controlling interests to redemption
value |
|
— |
|
|
(107,285 |
) |
|
(141,578 |
) |
|
— |
|
|
(248,863 |
) |
Total Comprehensive
(loss) income attributable to ordinary shareholders of Up
Fintech |
|
(7,433,801 |
) |
|
8,352,387 |
|
|
6,649,519 |
|
|
(12,584,631 |
) |
|
15,001,907 |
|
Net (loss) income per
ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
(0.000 |
) |
|
0.003 |
|
|
0.006 |
|
|
(0.003 |
) |
|
0.009 |
|
Diluted |
|
(0.000 |
) |
|
0.003 |
|
|
0.006 |
|
|
(0.003 |
) |
|
0.009 |
|
Net (loss) income per
ADS (1 ADS represents 15 Class A ordinary shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
(0.006 |
) |
|
0.052 |
|
|
0.085 |
|
|
(0.044 |
) |
|
0.137 |
|
Diluted |
|
(0.006 |
) |
|
0.051 |
|
|
0.084 |
|
|
(0.044 |
) |
|
0.135 |
|
Weighted average
number of ordinary shares used in calculating net loss per
ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
2,293,793,839 |
|
|
2,312,971,270 |
|
|
2,321,875,787 |
|
|
2,286,567,867 |
|
|
2,317,687,839 |
|
Diluted |
|
2,293,793,839 |
|
|
2,404,737,701 |
|
|
2,417,213,764 |
|
|
2,286,567,867 |
|
|
2,413,294,307 |
|
(a) Includes the following revenues, costs and expenses
resulting from transactions with related parties as follow:
|
|
For the three months ended |
|
For the six months ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
|
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Commissions |
|
5,221 |
|
1,197 |
|
1,782 |
|
3,991,258 |
|
2,979 |
|
Interest related income |
|
|
|
|
|
|
|
|
|
|
|
Financing service fees |
|
— |
|
— |
|
— |
|
1,329,490 |
|
— |
|
Interest income |
|
33,864 |
|
40,612 |
|
34,652 |
|
4,725,875 |
|
75,264 |
|
Other revenues |
|
— |
|
— |
|
— |
|
1,805,126 |
|
— |
|
Interest expense |
|
— |
|
— |
|
— |
|
(2,056,556 |
) |
— |
|
Execution and clearing |
|
— |
|
— |
|
— |
|
(1,751,505 |
) |
— |
|
Communication and market
data |
|
(29,267 |
) |
(34,650 |
) |
(36,330 |
) |
(54,267 |
) |
(70,980 |
) |
Reconciliations of Unaudited Non-GAAP Results of Operations
Measures to the Nearest Comparable GAAP Measures(All
amounts in U.S. dollars (“US$”), except for number of ADSs and per
ADS data) |
|
|
For the three months ended June 30,2022 |
|
For the three months ended March 31,2023 |
|
For the three months ended June 30,2023 |
|
|
|
|
non-GAAP |
|
|
|
|
|
|
non-GAAP |
|
|
|
|
|
|
non-GAAP |
|
|
|
|
|
GAAP |
|
Adjustment |
|
|
non-GAAP |
|
GAAP |
|
Adjustment |
|
|
non-GAAP |
|
GAAP |
|
Adjustment |
|
|
non-GAAP |
|
|
US$ |
|
US$ |
|
|
US$ |
|
US$ |
|
US$ |
|
|
US$ |
|
US$ |
|
US$ |
|
|
US$ |
|
|
Unaudited |
|
Unaudited |
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
Unaudited |
|
|
|
|
4,355,016 |
|
(1) |
|
|
|
|
2,363,930 |
|
(1) |
|
|
|
|
2,142,240 |
|
(1) |
|
Net (loss) income
attributable to ordinary shareholders of UP
Fintech |
|
(887,050 |
) |
4,355,016 |
|
|
3,467,966 |
|
7,963,433 |
|
2,363,930 |
|
|
10,327,363 |
|
13,185,826 |
|
2,142,240 |
|
|
15,328,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
per ADS - diluted |
|
(0.006 |
) |
|
|
|
0.022 |
|
0.051 |
|
|
|
|
0.066 |
|
0.084 |
|
|
|
|
0.097 |
Weighted average number
of ADSs used in calculating
diluted net income (loss) per ADS |
|
152,919,589 |
|
|
|
|
154,509,515 |
|
160,315,847 |
|
|
|
|
160,315,847 |
|
161,147,584 |
|
|
|
|
161,147,584 |
(1) Share-based compensation.
UP Fintech (NASDAQ:TIGR)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
UP Fintech (NASDAQ:TIGR)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024