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 first quarter ended March 31, 2020.
“We are pleased to report that our Company
delivered good financial and operating growth in the first quarter
of 2020,” stated Mr. Wu Tianhua, CEO and Director of UP Fintech.
Total revenues were US$23.2 million, a 136.7% increase from the
first quarter of 2019, and for the first time we generated net
income attributable to UP Fintech of US$3.0 million this quarter.
Our platform is also continuing to attract new users; the number of
accounts with deposits increased by approximately 20,900 this
quarter as the quarterly growth rate in funded accounts was about
2.5 times that of the same quarter last year. Total accounts with
deposits increased 53.1% on a year over year basis. Despite market
volatility, clients also entrusted us with more assets; total
client account balance as of March 31, 2020, rose 79.7%
year-over-year to US$5.5 billion.
Even with the challenges posed by the pandemic,
our firm continued to make progress on multiple new initiatives. In
the first quarter of 2020, we began to onboard Singapore clients
and we added real time market data for Singapore listed equities to
our platform. We look forward to acquiring more offshore users and
giving new clients seamless access to global markets. Just as we
continued to develop our international business, our clients
continued to diversify their trading activity; in the first quarter
of 2020, trading volume in Chinese ADRs only accounted for 25% of
our U.S. equity trading volume. In addition, despite the slowdown
in new listings, our IPO underwriting business has a strong
pipeline and we participated in 4 U.S. IPOs in the first
quarter.
I would also like to elaborate on the
development of our wealth management business; in the first quarter
we officially launched our in-platform “Fund Mall” where users may
subscribe to a wide range of mutual funds that span numerous asset
classes from major institutional asset managers. We have continued
to add funds to this product and clients may now choose from over
50 funds. Going forward, we will add more investment products and
proprietary analytical tools to assist our users in managing their
wealth.
The Company commenced its share repurchase
program on April 1, 2020 and between that day and the end of May
26, 2020, the company repurchased 508,568 ADS for an approximate
consideration of US$1.5 million.
Business Highlights for First Quarter 2020
- Total revenues were US$23.2
million, a 136.7% increase from the first quarter of 2019 and a
16.1% increase from the previous quarter.
- Total net revenues were US$22.2
million, a 131.9% increase from the first quarter of 2019 and a
20.5% increase from the previous quarter.
- Operating income was US$1.9 million
in the first quarter of 2020 as compared to operating loss of
US$4.4 million in the first quarter of 2019 and US$0.7 million in
the previous quarter.
- Non-GAAP operating income was
US$3.1 million in the first quarter of 2020 as compared to non-GAAP
operating loss of US$3.5 million in the first quarter of 2019 and
non-GAAP operating income of US$0.3 million in the previous
quarter. A reconciliation of non-GAAP financial metrics to the most
comparable GAAP metrics is set forth below.
- Net income attributable to UP
Fintech was US$3.0 million, as compared to a net loss of US$2.9
million in the first quarter of 2019 and US$0.6 million in the
previous quarter.
- Non-GAAP net income attributable to
UP Fintech was US$4.2 million, as compared to Non-GAAP net loss of
US$2.0 million in the first quarter of 2019 and a non-GAAP net
income of US$0.3 million in the previous quarter.
- Total account balance was US$5.5
billion as of March 31, 2020, a 79.7% increase from
March 31, 2019 and an 8.8% increase from December 31,
2019.
- Total margin financing and
securities lending balance from all accounts was US$831.8 million
as of March 31, 2020, a 15.6% decrease from March 31,
2019 and a 16.8% decrease from December 31, 2019.
Selected Operating Data for First Quarter
2020
|
As of and for the three months ended |
|
March 31, |
|
December 31, |
|
March 31, |
|
2019 |
|
2019 |
|
2020 |
In 000's |
|
|
|
|
|
|
|
|
Number of customer accounts |
534.0 |
|
|
649.0 |
|
|
743.3 |
|
Number of customers with deposits |
87.6 |
|
|
113.2 |
|
|
134.1 |
|
|
|
|
|
|
|
|
|
|
In USD millions |
|
|
|
|
|
|
|
|
Trading volume |
27,862.8 |
|
|
21,799.6 |
|
|
44,109.9 |
|
Total account balance |
3,057.0 |
|
|
5,051.6 |
|
|
5,493.9 |
|
First Quarter 2020 Financial
Results
REVENUES
Total revenues for the first quarter of 2020
were US$23.2 million, which represented an increase of 136.7% from
US$9.8 million in the first quarter of 2019.
Commissions were US$14.3 million, a 124.6%
increase from US$6.4 million in the first quarter of 2019. This was
due to an increase in trading volume compared to the same period
last year.
Financing service fees were US$1.6 million, a
decrease of 21.6% from US$2.1 million in the first quarter of 2019,
primarily due to a decrease in margin trading activities.
Interest income was US$4.8 million, a 568.6% increase from
US$0.7 million in the first quarter of 2019, primarily due to more
consolidated account customers compared to the same quarter last
year.
Other revenues were US$2.5 million, an increase
of 291.3% from US$0.6 million in the first quarter of 2019. The
increase was primarily due to higher revenue from IPO distribution
services.
Interest expense was US$1.0 million, an increase
of 357.2% from US$0.2 million in the first quarter of 2019. The
interest expense increased as a result of the rapid growth of
consolidated account customers.
OPERATING COSTS AND EXPENSES
Total operating costs and expenses were US$20.3
million, an increase of 45.2% from US$14.0 million in the first
quarter of 2019.
Execution and clearing expenses were US$1.8
million, an increase of 523.8% from US$0.3 million in the first
quarter of 2019, due to an increase in the number of consolidated
accounts as well as an increase in trading volume.
Employee compensation and benefits expenses were
US$10.5 million, an increase of 33.8% from US$7.8 million in the
first quarter of 2019. This increase was primarily due to the
headcount increase of 37.6% compared to the first quarter of
2019.
Occupancy, depreciation, and amortization
expenses were US$1.2 million, an increase of 94.3% from US$0.6
million in the first quarter of 2019, due to an increase in
overseas office space and relevant leasehold improvements.
Communication and market data expenses were
US$1.8 million, an increase of 53.6% from US$1.2 million in the
first quarter of 2019. This increase was due to rapid user growth
and expanded market data usage by our users.
Marketing and branding expenses were US$2.8
million, an increase of 44.6% from US$1.9 million in the first
quarter of 2019. This increase was primarily due to higher
marketing spending this quarter.
General and administrative expenses were US$2.3
million, a slight increase of 4.6% from US$2.2 million in the first
quarter of 2019.
OPERATING INCOME/LOSS AND NET
INCOME/LOSS ATTRIBUTABLE TO UP FINTECH HOLDING LIMITED
Operating income was US$1.9 million in the first
quarter of 2020 as compared to an operating loss of US$4.4 million
in the first quarter of 2019. Non-GAAP operating income was US$3.1
million in the first quarter of 2020 as compared to a non-GAAP
operating loss of US$3.5 million in the first quarter of 2019. A
reconciliation of non-GAAP financial metrics to the most comparable
GAAP metrics is set forth below.
Net income attributable to UP Fintech was US$3.0
million in the first quarter of 2020, as compared to a net loss of
US$2.9 million in the first quarter of 2019. Net income per ADS
– diluted was US$0.021 in the first quarter of 2020, as
compared to a net loss per ADS – diluted of US$0.059 in the
first quarter of 2019.
Non-GAAP net income attributable to UP Fintech,
which excluded share-based compensation, was US$4.2 million in the
first quarter of 2020, as compared to a US$2.0 million non-GAAP net
loss attributable to UP Fintech in the first quarter of 2019.
Non-GAAP net income per ADS – diluted was US$0.030 in the
first quarter of 2020, as compared to a non-GAAP net loss per ADS
– diluted of US$0.041 in the first quarter of 2019.
For the first quarter of 2020, the Company’s
weighted average number of ADSs used in calculating diluted net
income per ADS, was 142,914,154. As of March 31, 2020, the Company
had a total of 2,118,930,666 Class A and B ordinary shares
outstanding, or the equivalent of 141,262,044 ADSs. CERTAIN
BALANCE SHEET ITEMS
As of March 31, 2020, the Company's cash and
cash equivalents and term deposits were US$95.3 million, compared
to US$125.0 million as of December 31, 2019.
Conference Call Information
UP Fintech’s management will hold an earnings conference call at
8:00 AM on May 28, 2020, U.S. Eastern Time (8:00 PM on May 28, 2020
Beijing/Hong Kong Time).
Participants may register for the conference call by navigating
to http://apac.directeventreg.com/registration/event/9190088.
Once preregistration has been complete, participants will receive
dial-in numbers, direct event passcode, and registrant ID. The
conference ID is: 9190088. To join the conference, simply dial the
number in the calendar invite you receive after preregistering,
enter the passcode followed by your PIN, and you will join the
conference instantly.
A telephone replay of the call will be available
after the conclusion of the conference call through June 6,
2020.
Dial-in numbers for the replay are as
follows:
International: |
+61-2-8199-0299 |
Passcode: |
9190088 |
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. 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. 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 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 ContactClark S. SoucyUP
Fintech Holding LimitedEmail: ir@itiger.com
|
|
UP FINTECH HOLDING LIMITED |
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
(All amounts in U.S. dollars ("US$")) |
|
|
|
|
As of December 31, |
|
As of March
31, |
|
2019 |
|
2020 |
|
|
|
US$ |
|
US$ |
|
Assets: |
|
|
|
|
Cash and cash equivalents |
59,408,555 |
|
|
32,857,534 |
|
|
Cash-segregated for regulatory purpose |
317,915,092 |
|
|
223,223,606 |
|
|
Term deposits |
65,601,207 |
|
|
62,480,672 |
|
|
Receivables from customers (net of allowance of US$155,721 and nil
as of March 31, 2020 and December 31, 2019) |
106,113,896 |
|
|
117,350,453 |
|
|
Receivables from brokers, dealers, and clearing organizations: |
|
|
|
|
Related party |
185,047,211 |
|
|
204,055,005 |
|
|
Others |
9,274,205 |
|
|
12,733,790 |
|
|
Financial instruments held, at fair value |
14,881,240 |
|
|
14,100,195 |
|
|
Prepaid expenses and other current assets |
8,020,192 |
|
|
7,656,204 |
|
|
Amounts due from related parties |
3,484,434 |
|
|
3,313,194 |
|
|
Total current
assets |
769,746,032 |
|
|
677,770,653 |
|
|
Non-current
assets: |
|
|
|
|
Right-of-use assets |
5,732,559 |
|
|
7,633,682 |
|
|
Property, equipment and intangible assets, net |
9,535,541 |
|
|
9,429,089 |
|
|
Goodwill |
2,421,403 |
|
|
2,421,403 |
|
|
Long-term investments |
6,017,219 |
|
|
5,977,605 |
|
|
Other non-current assets |
3,045,732 |
|
|
3,014,542 |
|
|
Deferred tax assets |
12,561,461 |
|
|
10,824,843 |
|
|
Total non-current
assets |
39,313,915 |
|
|
39,301,164 |
|
|
Total
assets |
809,059,947 |
|
|
717,071,817 |
|
|
Current
liabilities: |
|
|
|
|
Payables to customers |
512,481,679 |
|
|
428,141,231 |
|
|
Payables to brokers, dealers and clearing organizations: |
|
|
|
|
Related party |
53,774,882 |
|
|
41,295,676 |
|
|
Others |
1,355,112 |
|
|
6,761,831 |
|
|
Accrued expenses and other current liabilities |
16,881,957 |
|
|
14,512,503 |
|
|
Deferred income-current |
697,330 |
|
|
662,747 |
|
|
Lease liabilities-current |
2,401,566 |
|
|
2,667,577 |
|
|
Total current
liabilities |
587,592,526 |
|
|
494,041,565 |
|
|
Deferred income-non-current |
1,552,595 |
|
|
1,389,267 |
|
|
Lease liabilities-non-current |
3,440,092 |
|
|
4,968,010 |
|
|
Deferred tax liabilities |
1,449,000 |
|
|
1,449,000 |
|
|
Total
liabilities |
594,034,213 |
|
|
501,847,842 |
|
|
Mezzanine
equity: |
|
|
|
|
Redeemable non-controlling interest of sponsored fund |
3,084,122 |
|
|
2,748,910 |
|
|
Total Mezzanine equity |
3,084,122 |
|
|
2,748,910 |
|
|
Shareholders’
equity: |
|
|
|
|
Class A ordinary shares |
17,772 |
|
|
17,813 |
|
|
Class B ordinary shares |
3,376 |
|
|
3,376 |
|
|
Additional paid-in capital |
285,767,622 |
|
|
286,989,595 |
|
|
Statutory reserve |
724,008 |
|
|
724,008 |
|
|
Accumulated deficit |
(73,704,745 |
) |
|
(70,672,143 |
) |
|
Accumulated other comprehensive loss |
(866,421 |
) |
|
(4,587,584 |
) |
|
Total
equity |
211,941,612 |
|
|
212,475,065 |
|
|
Total liabilities,
mezzanine equity and equity |
809,059,947 |
|
|
717,071,817 |
|
|
|
|
|
|
|
|
|
|
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 |
|
March
31, |
|
December
31, |
|
March
31, |
|
|
2019 |
|
2019 |
|
2020 |
|
|
US$ |
|
US$ |
|
US$ |
|
Revenues: |
|
|
|
|
|
|
Commissions |
6,354,845 |
|
|
7,326,634 |
|
|
14,272,955 |
|
|
Financing service fees |
2,086,130 |
|
|
2,030,324 |
|
|
1,636,196 |
|
|
Interest income |
713,916 |
|
|
6,618,836 |
|
|
4,773,047 |
|
|
Other revenues |
640,338 |
|
|
3,994,125 |
|
|
2,505,638 |
|
|
Total
revenues |
9,795,229 |
|
|
19,969,919 |
|
|
23,187,836 |
|
|
Interest expense |
(208,721 |
) |
|
(1,513,329 |
) |
|
(954,215 |
) |
|
Total Net Revenues |
9,586,508 |
|
|
18,456,590 |
|
|
22,233,621 |
|
|
Operating costs and
expenses: |
|
|
|
|
|
|
Execution and clearing |
(292,480 |
) |
|
(900,255 |
) |
|
(1,824,627 |
) |
|
Employee compensation and benefits |
(7,817,171 |
) |
|
(10,555,672 |
) |
|
(10,458,234 |
) |
|
Occupancy, depreciation and amortization |
(597,477 |
) |
|
(1,138,710 |
) |
|
(1,160,614 |
) |
|
Communication and market data |
(1,191,390 |
) |
|
(1,933,425 |
) |
|
(1,829,752 |
) |
|
Marketing and branding |
(1,912,507 |
) |
|
(1,732,222 |
) |
|
(2,764,839 |
) |
|
General and administrative |
(2,191,101 |
) |
|
(2,847,910 |
) |
|
(2,291,616 |
) |
|
Total operating costs
and expenses |
(14,002,126 |
) |
|
(19,108,194 |
) |
|
(20,329,682 |
) |
|
Other
(expense)/income: |
|
|
|
|
|
|
Others, net |
986,816 |
|
|
(622,289 |
) |
|
2,780,680 |
|
|
(Loss)/income before
income tax |
(3,428,802 |
) |
|
(1,273,893 |
) |
|
4,684,619 |
|
|
Income tax benefits/(expenses) |
1,083,313 |
|
|
1,034,861 |
|
|
(1,957,732 |
) |
|
Net
(loss)/income |
(2,345,489 |
) |
|
(239,032 |
) |
|
2,726,887 |
|
|
Less: |
|
|
|
|
|
|
Net income/(loss) attributable to redeemable non-controlling
interests |
528,784 |
|
|
317,936 |
|
|
(305,715 |
) |
|
Net (loss)/income
attributable to UP Fintech Holding Limited |
(2,874,273 |
) |
|
(556,968 |
) |
|
3,032,602 |
|
|
|
|
|
|
|
|
|
Other comprehensive
(loss)/income, net of tax: |
|
|
|
|
|
|
Changes in cumulative foreign currency translation adjustment |
187,110 |
|
|
2,592,364 |
|
|
(3,721,163 |
) |
|
Total Comprehensive
(loss)/income |
(2,158,379 |
) |
|
2,353,332 |
|
|
(994,276 |
) |
|
|
|
|
|
|
|
|
Net (loss)/income per
ordinary share: |
|
|
|
|
|
|
Basic |
(0.004 |
) |
|
(0.000 |
) |
|
0.001 |
|
|
Diluted |
(0.004 |
) |
|
(0.000 |
) |
|
0.001 |
|
|
Net (loss)/income per
ADS (1 ADS represents 15 Class A ordinary shares): |
|
|
|
|
|
|
Basic |
(0.059 |
) |
|
(0.004 |
) |
|
0.021 |
|
|
Diluted |
(0.059 |
) |
|
(0.004 |
) |
|
0.021 |
|
|
Weighted average
number of ordinary shares used in calculating net (loss)/income per
ordinary share: |
|
|
|
|
|
|
Basic |
733,445,306 |
|
|
2,114,715,062 |
|
|
2,118,759,654 |
|
|
Diluted |
733,445,306 |
|
|
2,114,715,062 |
|
|
2,143,712,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of Non-GAAP Results of Operations Measures
to the Nearest Comparable GAAP Measures |
(All amounts
in U.S. dollars ("US$"), except for number of ADSs and per ADS
data) |
|
|
For the three months ended March 31, 2019 |
|
For the three months ended December 31, 2019 |
|
For the three months ended March 31, 2020 |
|
|
|
non-GAAP |
|
|
|
|
|
non-GAAP |
|
|
|
|
|
non-GAAP |
|
|
|
GAAP |
|
Adjustment |
|
non-GAAP |
|
GAAP |
|
Adjustment |
|
non-GAAP |
|
GAAP |
|
Adjustment |
|
non-GAAP |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/Income from operations |
(4,415,618 |
) |
|
878,478 |
(1) |
(3,537,140 |
) |
|
(651,604 |
) |
|
902,117 |
(1) |
250,513 |
|
1,903,939 |
|
1,217,014 |
(1) |
3,120,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to UP Fintech Holding Limited |
(2,874,273 |
) |
|
878,478 |
|
(1,995,795 |
) |
|
(556,968 |
) |
|
902,117 |
|
345,149 |
|
3,032,602 |
|
1,217,014 |
|
4,249,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income per ADS
-diluted |
(0.059 |
) |
|
|
|
(0.041 |
) |
|
(0.004 |
) |
|
|
|
0.002 |
|
0.021 |
|
|
|
0.030 |
Weighted average number of
ADSs used in calculating diluted net (loss)/income
per ADS |
48,896,354 |
|
|
|
|
48,896,354 |
|
|
140,981,004 |
|
|
|
|
143,201,410 |
|
142,914,154 |
|
|
|
142,914,154 |
(1) The non-GAAP adjustment represents the
non-cash expense of share-based compensation. |
Non-GAAP to GAAP reconciling items have no income tax
effect.
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