UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the
“Company”), a leading online brokerage firm focusing on global
Chinese investors, today announced its unaudited financial results
for the fourth quarter and fiscal year ended December 31, 2019.
“We are pleased to report that our Company
delivered strong growth in the fourth quarter of 2019,” said Mr.
Tianhua Wu, CEO and Director of UP Fintech. “Our total revenues
were US$20.0 million for the fourth quarter of 2019, up 109.9%
year-over-year. Revenue mix is more balanced; interest income1
surpassed commission revenue to account for 37.6% of total
revenues, while in the same period in 2018, interest income only
accounted for 18.6% of total revenues. In the fourth quarter of
2019, we also reported non-GAAP operating income of US$0.3 million,
a significant improvement from the same quarter in 2018. Our
platform is gaining strong traction from users; the number of
accounts with deposits increased by approximately 11,300, an 85.9%
increase from same quarter last year. Clients also entrusted us
with more assets; total client account balance as of December 31,
2019, rose 114.3% year-over-year to US$5.1 billion.
2019 was a significant year in our company’s
development. We completed an initial public offering and certain of
our securities are now listed on the Nasdaq Global Select Market,
and we have made positive progress on our business. First and
foremost, we made the strategic decision to develop self-clearing
capability. We acquired Marsco Investment Corporation (“Marsco”),
and we aim to gradually commence clearing U.S. cash equities in the
second quarter of 2020. Secondly, our firm is expanding our
international reach and we now have a new presence in Singapore and
the U.S. We are confident our international strategy will expand
our client base and provide us with new business opportunities.
Third, we continue to develop our IPO underwriting capabilities and
employee stock ownership plan, or “ESOP,” business. In 2019, we
participated in 18 U.S. IPOs, in 12 of which we served as
underwriter, far exceeding any of our competitors in terms of deal
count. Our ESOP business also grew rapidly and is starting to yield
results. In the fourth quarter, 20% of our new accounts with
deposits came from ESOP clients. Finally, we continue to develop
our asset management capabilities. We recently launched our “Fund
Mall” where our clients may choose from over 30 funds; investing in
new asset management products will lead our users to allocate more
of their wealth on our platform.
Finally, after discussion and agreement by the
board of directors, we have decided to implement a share buyback
program. Over the next twelve months, we will allocate a maximum of
US$20 million to strategically repurchasing our outstanding
American Depositary Shares, or ADSs.”
Business Highlights for Fourth Quarter 2019
- Total revenues were US$20.0 million, a 109.9% increase from the
fourth quarter of 2018 and 30.3% increase from the previous
quarter.
- Total net revenues were US$18.5 million, a 94.0% increase from
the fourth quarter of 2018 and 32.2% increase from the previous
quarter.
- Operating loss was US$0.7 million in the fourth quarter of 2019
as compared to US$3.6 million in the fourth quarter of 2018 and
US$2.5 million in the third quarter of 2019.
- Non-GAAP operating income was US$0.3 million as compared to
non-GAAP operating loss of US$2.8 million in the fourth quarter of
2018 and US$1.3 million in the third quarter of 2019.
- Net loss attributable to UP Fintech was US$0.6 million in the
fourth quarter of 2019, a 71.6% improvement from the fourth quarter
of 2018 and 56.5% improvement from the third quarter of 2019.
- Non-GAAP net income attributable to UP Fintech was US$0.3
million, as compared to non-GAAP net loss of US$1.2 million in the
fourth quarter of 2018 and non-GAAP net income of US$0.7 million in
the third quarter of 2019.
- Customers with deposits increased by approximately 11,300 in
the fourth quarter of 2019, compared to an increase of
approximately 6,100 in the fourth quarter of 2018 and approximately
6,900 in the third quarter of 2019.
- Total account balance was US$5.1 billion as of
December 31, 2019, a 114.3% increase from December 31,
2018 and a 33.3% increase from September 30, 2019.
- Total margin financing and securities lending balance from all
accounts was US$1.0 billion as of December 31, 2019, a 16.1%
increase from December 31, 2018 and a 3.4% increase from September
30, 2019.
Business Highlights for Fiscal Year
2019
- Total revenues were US$58.7 million, a 74.8% increase from
2018.
- Total net revenues were US$54.6 million, a 62.6% increase from
2018.
- Operating loss was US$10.2 million as compared to US$46.9
million in 2018.
- Non-GAAP operating loss was US$6.1 million as compared to
non-GAAP operating loss of US$12.7 million in 2018.
- Net loss attributable to UP Fintech was US$6.6 million in 2019,
an 84.7% improvement from 2018.
- Non-GAAP net loss attributable to UP Fintech was US$1.8
million, as compared to non-GAAP net loss of US$9.0 million in
2018.
|
Selected Operating Data for Fourth Quarter
2019 |
|
|
As of and for the three months ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
2018 |
|
2019 |
|
2019 |
In 000's |
|
|
|
|
|
Number of customer accounts |
502.4 |
|
606.7 |
|
649.0 |
Number of customers with deposits |
81.6 |
|
101.9 |
|
113.2 |
Number of trading customers |
76.2 |
|
93.3 |
|
98.9 |
|
|
|
|
|
|
In USD millions |
|
|
|
|
|
Trading volume |
36,895.2 |
|
25,760.8 |
|
21,799.6 |
Total account balance |
2,357.0 |
|
3,789.2 |
|
5,051.6 |
|
Fourth Quarter
2019 Financial
Results
REVENUES
Total revenues were US$20.0 million,
representing an increase of 109.9% from US$9.5 million in the
fourth quarter of 2018. This increase was driven by higher interest
income and IPO underwriting.
Commissions were US$7.3 million, a 3.5% increase
from US$7.1 million in the fourth quarter of 2018.
Financing service fees were US$2.0 million, an
increase of 18.1% from US$1.7 million in the fourth quarter of 2018
due to increased margin trading activities.
Interest income was US$5.5 million in the fourth
quarter of 2019 compared to US$52.8 thousand in the fourth quarter
of 2018, also due to increased margin trading activities and more
consolidated account customers compared to the same quarter last
year.
Other revenues were US$5.1 million, an increase
of 676.6% from US$0.7 million in the fourth quarter of 2018. The
increase was primarily due to higher revenue from IPO distribution
services.
Interest expense was US$1.5 million, an increase
from nil in the fourth quarter of 2018. The interest expense
increased as a result of the rapid growth of consolidated account
customers compared to the fourth quarter of 2018.
OPERATING COSTS AND EXPENSES
Total operating costs and expenses were US$19.1
million, an increase of 46.1% from US$13.1 million in the fourth
quarter of 2018.
Execution and clearing expenses were US$0.9
million, an increase of 825.7% from US$0.1 million in the fourth
quarter of 2018, due to an increase in the number of consolidated
accounts.
Employee compensation and benefits expenses were
US$10.6 million, an increase of 60.7% from US$6.6 million in the
fourth quarter of 2018. This increase was primarily due to the
headcount increase of 45.1% compared to the fourth quarter of
2018.
Occupancy, depreciation and amortization
expenses were US$1.1 million, an increase of 71.7% from US$0.7
million in the fourth quarter of 2018, due to an increase in
overseas office space and relevant leasehold improvements.
Communication and market data expenses were
US$1.9 million, an increase of 104.3% from US$0.9 million in the
fourth quarter of 2018. This increase was due to rapid user growth
and expanded market data usage by our users.
Marketing and branding expenses were US$1.7
million, a decrease of 25.0% from US$2.3 million in the fourth
quarter of 2018 as we optimized our marketing strategies which led
to higher efficiency.
General and administrative expenses were US$2.8
million, an increase of 14.2% from US$2.5 million in the fourth
quarter of 2018. This increase was primarily due to business
expansion and more professional services.
OPERATING INCOME/LOSS AND NET
INCOME/LOSS ATTRIBUTABLE TO UP FINTECH HOLDING LIMITED
Operating loss was US$0.7 million in the fourth
quarter of 2019 as compared to US$3.6 million in the fourth quarter
of 2018 and US$2.5 million in the third quarter of 2019. Non-GAAP
operating income was US$0.3 million in the fourth quarter of 2019
as compared to non-GAAP operating loss was US$ 2.8 million in the
fourth quarter of 2018 and US$1.3 million in the third quarter of
2019.
Net loss attributable to UP Fintech was US$0.6
million in the fourth quarter of 2019, as compared to a net loss of
US$2.0 million in the fourth quarter of 2018 and US$1.3 million in
the third quarter of 2019. Net loss per ADS – basic and diluted was
US$0.004 in the fourth quarter of 2019, as compared to net loss per
ADS – basic and diluted of US$0.053 in the fourth quarter of
2018.
Non-GAAP net income attributable to UP Fintech,
which excluded share-based compensation and impairment loss from
equity investments, was US$0.3 million in the fourth quarter of
2019, as compared to a US$1.2 million non-GAAP net loss
attributable to UP Fintech in the fourth quarter of 2018. Non-GAAP
net income per ADS – diluted was US$0.002 in the fourth quarter of
2019, as compared to non-GAAP net loss per ADS – diluted
of US$0.034 in the fourth quarter of 2018.
For the fourth quarter of 2019, the Company’s
weighted average number of ADSs used in calculating diluted net
loss per ADS was 140,981,004 and in calculating non-GAAP diluted
net income per ADS, 143,201,410. As of December 31, 2019, the
Company had a total of 2,114,830,171 Class A and B ordinary shares
outstanding, or the equivalent of 140,988,678 ADSs.
Full Year
2019 Financial
Results
REVENUES
Total revenues were US$58.7 million,
representing an increase of 74.8% from US$33.6 million in 2018.
This increase was driven by higher interest income and IPO
underwriting.
Commissions were US$26.7 million, a 2.5%
increase from US$26.0 million in 2018.
Financing service fees were US$7.9 million, an
increase of 23.0% from US$6.4 million in 2018 due to increased
margin trading activities.
Interest income was US$13.7 million in 2019
compared to US$85.4 thousand in 2018, also due to increased margin
trading activities and more consolidated account customers compared
to last year.
Other revenues were US$10.4 million, an increase
of 948.8% from US$1.0 million in 2018. The increase was primarily
due to higher revenue from IPO distribution services.
Interest expense was US$4.1 million, an increase
from nil in 2018. The interest expense increased as a result of the
rapid growth of consolidated account customers compared to
2018.
OPERATING COSTS AND EXPENSES
Total operating costs and expenses were US$64.7
million, a decrease of 19.5% from US$80.5 million in 2018.
Execution and clearing expenses were US$2.5
million, an increase of 879.8% from US$0.3 million in 2018, due to
the increase in the number of consolidated accounts.
Employee compensation and benefits expenses were
US$35.8 million, a decrease of 35.7% from US$55.7 million in 2018.
This decrease was primarily due to a one-time share-based
compensation expense of US$32.4 million in 2018. Excluding this
one-time expense, employee compensation and benefits increased from
US$23.3 million to US$35.8 million, an increase of 53.6% due to the
headcount increase of 49.0% compared to 2018.
Occupancy, depreciation and amortization
expenses were US$3.6 million, an increase of 36.3% from US$2.6
million in 2018, due to an increase in overseas office space and
relevant leasehold improvements.
Communication and market data expenses were
US$6.5 million, an increase of 82.5% from US$3.6 million in 2018.
This increase was due to rapid user growth and expanded market data
usage by our users.
Marketing and branding expenses were US$7.1
million, a decrease of 32.5% from US$10.5 million in 2018 due to
the optimization of our marketing strategies.
General and administrative expenses were US$9.3
million, an increase of 18.2% from US$7.8 million in 2018. This
increase was primarily due to business expansion and more
professional services.
OPERATING LOSS AND NET LOSS
ATTRIBUTABLE TO UP FINTECH HOLDING LIMITED
Operating loss was US$10.2 million as compared
to US$46.9 million in 2018. Non-GAAP operating loss was US$6.1
million as compared to non-GAAP operating loss of US$12.7 million
in 2018.
Net loss attributable to UP Fintech was US$6.6
million, as compared to a net loss of US$43.2 million in 2018. Net
loss per ADS – basic and diluted was US$0.056 in 2019, as compared
to net loss per ADS – basic and diluted of US$1.280 in 2018.
Non-GAAP net loss attributable to UP Fintech,
which excluded share-based compensation and impairment loss from
equity investments, was US$1.8 million in 2019, as compared to a
US$9.0 million non-GAAP net loss attributable to UP Fintech in
2018. Non-GAAP net loss per ADS – diluted was US$0.015 in 2019, as
compared to non-GAAP net loss per ADS – diluted of US$0.267 in
2018. CERTAIN BALANCE
SHEET ITEMS
As of December 31, 2019, the Company’s cash and
cash equivalents and term deposits were US$125.0 million, compared
to US$64.4 million as of December 31, 2018.
Conference Call Information
UP Fintech’s management will hold an earnings conference call at
8:00 AM on March 25, 2020, U.S. Eastern Time (8:00 PM on March 25,
2020 Beijing/Hong Kong Time).
Dial-in numbers for the live conference call are as follows:
International: |
+65 6713-5090 |
China: |
400-620-8038 |
Hong Kong: |
+852-3018-6771 |
United States: |
+1 845-675-0437 |
United Kingdom: |
+44 20-3621-4779 |
Passcode: |
3966645 |
A telephone replay of the call will be available after the
conclusion of the conference call through April 1st, 2020.
Dial-in numbers for the replay are as follows:
International: +61-2-8199-0299 Passcode:
3966645
A live and archived webcast of the conference call will be
available at https://ir.itiger.com.
Use of non-GAAP Financial Measures
In evaluating our business, we consider and use
non-GAAP operating income or loss, non-GAAP net loss or income
attributable to UP Fintech Holding Limited 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 operating
income or loss as total net revenue minus total operating costs and
expense and plus shared-based compensation. Non-GAAP net loss or
income attributable to UP Fintech Holding Limited is net loss or
income attributable to UP Fintech Holding Limited excluding
non-cash expenses such as share-based compensation and one-off
transaction loss such as impairment loss from equity investments.
Non-GAAP net loss or income per ADS - diluted is non-GAAP net loss
or income attributable to UP Fintech Holding Limited divided by
weighted average number of diluted ADSs. Such adjustments have no
impact on income tax.
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 UP Fintech Holding Limited enables our
management to assess our operating results without considering the
impact of share-based compensation and impairment loss from equity
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 equity investment has been and may
continue to be incurred in our business and was not reflected in
the presentation of non-GAAP net loss or income attributable to UP
Fintech Holding Limited. 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 attributable to UP Fintech Holding
Limited 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 Chinese 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.itiger.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, as well as the Company’s strategic and
operational plans, 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. 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 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 relating to the Company’s industry and general economic
conditions in China and other countries. Further information
regarding these and other risks is included in the Company’s
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and 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 ContactUP Fintech Holding
LimitedEmail: ir@itiger.com Tel: +1 (646) 308-1535
|
|
UP FINTECH HOLDING LIMITED |
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
(All amounts in U.S. dollars ("US$")) |
|
|
|
|
As of December 31, |
|
As of December 31, |
|
2018 |
|
2019 |
|
|
|
US$ |
|
US$ |
|
Assets: |
|
|
|
|
Cash and cash equivalents |
34,406,970 |
|
|
59,408,555 |
|
|
Cash-segregated for regulatory purpose |
6,695,436 |
|
|
317,915,092 |
|
|
Term deposits |
29,999,865 |
|
|
65,601,207 |
|
|
Receivables from customers |
353,304 |
|
|
106,113,896 |
|
|
Receivables from brokers, dealers, and clearing organizations: |
|
|
|
|
Related party |
9,619,438 |
|
|
185,047,211 |
|
|
Others |
1,073,972 |
|
|
9,274,205 |
|
|
Financial instruments held, at fair value |
6,435,241 |
|
|
14,881,240 |
|
|
Prepaid expenses and other current assets |
7,058,642 |
|
|
10,815,917 |
|
|
Amounts due from related parties |
8,518,358 |
|
|
3,484,434 |
|
|
Right-of-use assets* |
- |
|
|
5,732,559 |
|
|
Property, equipment and intangible assets, net |
2,330,433 |
|
|
9,535,541 |
|
|
Goodwill |
- |
|
|
2,421,403 |
|
|
Long-term investments |
2,386,691 |
|
|
6,267,226 |
|
|
Deferred tax assets |
6,336,815 |
|
|
12,561,461 |
|
|
Total
assets |
115,215,165 |
|
|
809,059,947 |
|
|
Liabilities: |
|
|
|
|
Payables due to customers |
6,564,154 |
|
|
512,481,679 |
|
|
Payables due to brokers, dealers and clearing organizations: |
|
|
|
|
Related party |
- |
|
|
55,129,994 |
|
|
Accrued expenses and other current liabilities |
10,423,107 |
|
|
16,881,957 |
|
|
Deferred income |
- |
|
|
2,249,925 |
|
|
Lease liabilities* |
- |
|
|
5,841,658 |
|
|
Deferred tax liabilities |
- |
|
|
1,449,000 |
|
|
Total liabilities |
16,987,261 |
|
|
594,034,213 |
|
|
Mezzanine equity: |
|
|
|
|
Series A convertible redeemable preferred shares |
16,486,780 |
|
|
- |
|
|
Series B-1 convertible redeemable preferred shares |
17,169,446 |
|
|
- |
|
|
Series B-2 convertible redeemable preferred shares |
9,593,789 |
|
|
- |
|
|
Series B-3 convertible redeemable preferred shares |
21,470,906 |
|
|
- |
|
|
Series C convertible redeemable preferred shares |
47,980,000 |
|
|
- |
|
|
Subscriptions receivable from Series C convertible redeemable
preferred shares |
(800,000 |
) |
|
- |
|
|
Series C-1 convertible redeemable preferred shares |
10,000,000 |
|
|
- |
|
|
Redeemable non-controlling interest of sponsored fund |
2,204,940 |
|
|
3,084,122 |
|
|
Total Mezzanine equity |
124,105,861 |
|
|
3,084,122 |
|
|
Shareholders’
(deficit)/equity: |
|
|
|
|
Class A ordinary shares |
2,166 |
|
|
17,772 |
|
|
Class B ordinary shares |
3,376 |
|
|
3,376 |
|
|
Series Angel convertible preferred shares |
4,197 |
|
|
- |
|
|
Additional paid-in capital |
42,520,332 |
|
|
285,767,622 |
|
|
Accumulated deficit |
(66,391,306 |
) |
|
(72,980,737 |
) |
|
Accumulated other comprehensive loss |
(544,988 |
) |
|
(866,421 |
) |
|
Total UP Fintech
Holding Limited shareholders’
(deficit)/equity |
(24,406,223 |
) |
|
211,941,612 |
|
|
Non-controlling interests |
(1,471,734 |
) |
|
- |
|
|
Total
(deficit)/equity |
(25,877,957 |
) |
|
211,941,612 |
|
|
Total liabilities,
mezzanine equity and (deficit)/equity |
115,215,165 |
|
|
809,059,947 |
|
|
____________________________________________________________________________________________________*
The Company adopted ASU 2016-02, Leases (Topic 842), beginning on
January 1, 2019. Pursuant to the guidance, the Company recognized
right-of-use assets and lease liabilities on the balance sheets as
of December 31, 2019.
|
UP FINTECH HOLDING LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE (LOSS)/INCOME |
(All amounts in U.S. dollars ("US$"), except for number of
shares (or ADSs) and per share (or ADS) data) |
|
|
For the three months ended |
|
For the year ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
2018 |
|
|
2019 |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
Commissions |
7,081,921 |
|
|
6,244,408 |
|
|
7,326,634 |
|
|
26,043,051 |
|
|
26,697,958 |
|
|
Financing service fees |
1,719,361 |
|
|
1,898,908 |
|
|
2,030,324 |
|
|
6,442,012 |
|
|
7,926,766 |
|
|
Interest income |
52,830 |
|
|
5,055,928 |
|
|
5,483,337 |
|
|
85,361 |
|
|
13,656,450 |
|
|
Other revenues |
660,528 |
|
|
2,129,579 |
|
|
5,129,624 |
|
|
989,841 |
|
|
10,381,726 |
|
|
Total
revenues |
9,514,640 |
|
|
15,328,823 |
|
|
19,969,919 |
|
|
33,560,265 |
|
|
58,662,900 |
|
|
Interest expense |
- |
|
|
(1,364,008 |
) |
|
(1,513,329 |
) |
|
- |
|
|
(4,101,528 |
) |
|
Total Net
Revenues |
9,514,640 |
|
|
13,964,815 |
|
|
18,456,590 |
|
|
33,560,265 |
|
|
54,561,372 |
|
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
Execution and clearing |
(97,255 |
) |
|
(738,576 |
) |
|
(900,255 |
) |
|
(257,115 |
) |
|
(2,519,238 |
) |
|
Employee compensation and
benefits |
(6,569,740 |
) |
|
(9,268,130 |
) |
|
(10,555,672 |
) |
|
(55,656,219 |
) |
|
(35,787,458 |
) |
|
Occupancy, depreciation and
amortization |
(663,308 |
) |
|
(1,052,067 |
) |
|
(1,138,710 |
) |
|
(2,621,699 |
) |
|
(3,572,260 |
) |
|
Communication and market
data |
(946,310 |
) |
|
(1,626,599 |
) |
|
(1,933,425 |
) |
|
(3,558,546 |
) |
|
(6,494,006 |
) |
|
Marketing and branding |
(2,308,646 |
) |
|
(1,504,334 |
) |
|
(1,732,222 |
) |
|
(10,526,940 |
) |
|
(7,103,178 |
) |
|
General and
administrative |
(2,492,734 |
) |
|
(2,291,945 |
) |
|
(2,847,910 |
) |
|
(7,831,860 |
) |
|
(9,259,484 |
) |
|
Total operating costs
and expenses |
(13,077,993 |
) |
|
(16,481,651 |
) |
|
(19,108,194 |
) |
|
(80,452,379 |
) |
|
(64,735,624 |
) |
|
Others, net |
199,396 |
|
|
501,453 |
|
|
(622,289 |
) |
|
725,446 |
|
|
869,028 |
|
|
Loss before income
tax |
(3,363,957 |
) |
|
(2,015,383 |
) |
|
(1,273,893 |
) |
|
(46,166,668 |
) |
|
(9,305,224 |
) |
|
Income tax benefits |
1,247,345 |
|
|
609,845 |
|
|
1,034,861 |
|
|
1,873,113 |
|
|
3,355,366 |
|
|
Net loss |
(2,116,612 |
) |
|
(1,405,538 |
) |
|
(239,032 |
) |
|
(44,293,555 |
) |
|
(5,949,858 |
) |
|
Less: |
|
|
|
|
|
|
|
|
|
|
Net (loss)/ income
attributable to redeemable non-controlling interests |
- |
|
|
(125,799 |
) |
|
317,936 |
|
|
- |
|
|
639,573 |
|
|
Net loss attributable to
non-controlling interests |
(152,170 |
) |
|
- |
|
- |
|
(1,085,823 |
) |
|
- |
|
|
Net loss attributable
to UP Fintech Holding Limited |
(1,964,442 |
) |
|
(1,279,739 |
) |
|
(556,968 |
) |
|
(43,207,732 |
) |
|
(6,589,431 |
) |
|
Other comprehensive
(loss)/ income, net of tax: |
|
|
|
|
|
|
|
|
|
|
Unrealized gain on
available-for-sale investments |
13,309 |
|
|
- |
|
|
- |
|
262,857 |
|
|
- |
|
|
Changes in cumulative foreign
currency translation adjustment |
(144,287 |
) |
|
(2,836,782 |
) |
|
2,592,364 |
|
|
(935,612 |
) |
|
(321,433 |
) |
|
Total Comprehensive
(loss) /income |
(2,247,590 |
) |
|
(4,242,320 |
) |
|
2,353,332 |
|
|
(44,966,310 |
) |
|
(6,271,291 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share: |
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
(0.004 |
) |
|
(0.001 |
) |
|
(0.000 |
) |
|
(0.085 |
) |
|
(0.004 |
) |
|
Net loss per ADS (1
ADS represents 15 Class A ordinary shares): |
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
(0.053 |
) |
|
(0.009 |
) |
|
(0.004 |
) |
|
(1.280 |
) |
|
(0.056 |
) |
|
Weighted average
number of ordinary shares used in calculating net loss per ordinary
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
554,158,263 |
|
|
2,102,723,986 |
|
|
2,114,715,062 |
|
|
506,393,198 |
|
|
1,751,784,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of Non-GAAP Results of Operations Measures
to the Nearest Comparable GAAP Measures |
(All amounts
in U.S. dollars ("US$"), except for number of ADSs and per ADS
data) |
|
|
For the three months ended December 31, 2018 |
|
For the three months ended September 30, 2019 |
|
For the three months ended December 31, 2019 |
|
|
|
non-GAAP |
|
|
|
|
|
non-GAAP |
|
|
|
|
|
non-GAAP |
|
|
|
GAAP |
|
Adjustments |
|
non-GAAP |
|
GAAP |
|
Adjustments |
|
non-GAAP |
|
GAAP |
|
Adjustments |
|
non-GAAP |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/Income from operations |
(3,563,353 |
) |
|
719,798 |
(1) |
|
(2,843,555 |
) |
|
(2,516,836 |
) |
|
1,187,983 |
(1 |
) |
(1,328,853 |
) |
|
(651,604 |
) |
|
902,117 |
(1 |
) |
250,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
719,798 |
(1) |
|
|
|
|
|
1,187,983 |
(1 |
) |
|
|
|
|
902,117 |
(1 |
) |
|
|
|
|
- |
(2) |
|
|
|
|
|
755,524 |
(2 |
) |
|
|
|
|
- |
(2 |
) |
|
Net (loss)/income
attributable to UP Fintech Holding Limited |
(1,964,442 |
) |
|
719,798 |
|
(1,244,644 |
) |
|
(1,279,739 |
) |
|
1,943,507 |
|
663,768 |
|
|
(556,968 |
) |
|
902,117 |
|
345,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/ income per ADS
-diluted |
(0.053 |
) |
|
|
|
(0.034 |
) |
|
(0.009 |
) |
|
|
|
0.005 |
|
|
(0.004 |
) |
|
|
|
0.002 |
Weighted average number of
ADSs used in calculating diluted net (loss)/
income per ADS |
36,943,884 |
|
|
|
|
36,943,884 |
|
|
140,181,599 |
|
|
|
|
142,955,907 |
|
|
140,981,004 |
|
|
|
|
143,201,410 |
(1) Share-based compensation |
(2) Impairment loss from equity investments |
Non-GAAP to GAAP reconciling items have no income tax
effect.
|
Reconciliations of Non-GAAP Results of Operations Measures
to the Nearest Comparable GAAP Measures |
(All amounts
in U.S. dollars ("US$"), except for number of ADSs and per ADS
data) |
|
|
For the year ended December 31, 2018 |
|
For the year ended December 31, 2019 |
|
|
|
non-GAAP |
|
|
|
|
|
non-GAAP |
|
|
|
|
GAAP |
|
Adjustments |
|
non-GAAP |
|
GAAP |
|
Adjustments |
|
non-GAAP |
|
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(46,892,114 |
) |
|
34,204,761 |
(1) |
(12,687,353 |
) |
|
(10,174,252 |
) |
|
4,062,600 |
(1 |
) |
(6,111,652 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,204,761 |
(1) |
|
|
|
|
|
4,062,600 |
(1 |
) |
|
|
|
|
|
- |
(2) |
|
|
|
|
|
755,524 |
(2 |
) |
|
|
Net loss attributable
to UP Fintech Holding Limited |
(43,207,732 |
) |
|
34,204,761 |
|
(9,002,971 |
) |
|
(6,589,431 |
) |
|
4,818,124 |
|
(1,771,307 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per ADS -diluted |
(1.280 |
) |
|
|
|
(0.267 |
) |
|
(0.056 |
) |
|
|
|
(0.015 |
) |
|
Weighted average number of
ADSs used in calculating diluted net loss per ADS |
33,759,547 |
|
|
|
|
33,759,547 |
|
|
116,785,612 |
|
|
|
|
116,785,612 |
|
|
(1) Share-based compensation |
(2) Impairment loss
from equity investments |
Non-GAAP to GAAP reconciling items have no income tax
effect.
__________________________1 Interest income is defined as
financing service fees plus interest income.
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