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 the year ended December 31, 2020.
“Continuous investment in our platform and
innovative range of services drove robust financial performance for
our Company in the fourth quarter of 2020,” stated Mr. Wu Tianhua,
CEO and Director of UP Fintech. “Total revenues were US$47.2
million, a 136.5% increase from the fourth quarter of 2019, and
were bolstered by healthy increases in commissions, interest
income, and revenues derived from our corporate business. The
profitability of our Company continued to improve as Non-GAAP net
income attributable to UP Fintech in the fourth quarter was US$10.3
million, 29.7 times that of the fourth quarter of 2019 and total
Non-GAAP net income attributable to UP Fintech for 2020 was US$22.3
million, a significant improvement from 2019’s loss of US$1.8
million.”
We added 44,000 funded accounts in the fourth
quarter, 3.9 times the number of new funded accounts in the same
quarter of last year; the total number of funded accounts more than
doubled in 2020 to reach 258,700. Clients continued to entrust our
Company with more of their assets; total account balance increased
by US$5.0 billion in the fourth quarter and reached US$16.0
billion, an increase of 215.9% since the end of 2019. We continued
to distinguish ourselves in the marketplace as we enhanced the
functionality of our platform with expanded streaming of Level 2
market data for US equities and grey market for Hong Kong IPOs. Our
strategy to develop our self-clearing capabilities also evidenced
notable progress as a substantial number of our clients are now
having their US cash equity trades cleared by Marsco Investment
Corporation (“Marsco”).
Our corporate businesses continued to perform
well. In the fourth quarter we participated in eight IPOs, of which
we underwrote three. The growth in adoption of our ESOP system
accelerated as we added 35 clients in the fourth quarter for a
cumulative total of 124 clients. Our capabilities to serve
corporate clients has already attracted a distinguished range of
clients and we expect positive momentum going forward as more
companies select our comprehensive service offering.
Financial Highlights for Fourth Quarter
2020
- Total revenues
increased 136.5% year-over-year to US$47.2 million.
- Total net revenues
increased 132.4% year-over-year to US$42.9 million.
- Net income
increased to US$9.4 million from negative US$0.2 million in the
same quarter of last year.
- Net income attributable to
UP Fintech increased to US$8.5 million from negative
US$0.6 million in the same quarter of last year.
- Non-GAAP net income
attributable to UP Fintech increased to US$10.3 million,
compared to US$0.3 million in the same quarter of last year.
Financial Highlights for Fiscal Year 2020
- Total revenues
were US$138.5 million, a 136.1% increase from 2019.
- Total net revenues
were US$128.4 million, a 135.3% increase from 2019.
- Net income
increased to US$19.2 million from negative US$5.9 million in
2019.
- Net income attributable to
UP Fintech increased to US$16.1 million from negative
US$6.6 million in 2019.
- Non-GAAP net income
attributable to UP Fintech increased to US$22.3 million
from negative US$1.8 million in 2019.
Operating Highlights as of Year End
2020
- Total account
balance increased 215.9% year-over-year to US$16.0
billion.
- Total margin financing and
securities lending balance increased 101.0% year-over-year
to US$2.0 billion.
- Total number of customers
with deposits increased 128.4% year-over-year to
258.7K.
Selected Operating Data for Fourth Quarter
2020
|
|
As of and for the three months ended |
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
|
2019 |
|
2020 |
|
2020 |
|
In 000's |
|
|
|
|
|
|
Number of customer accounts |
649.0 |
|
975.6 |
|
1,104.1 |
|
Number of customers with deposits |
113.2 |
|
214.7 |
|
258.7 |
|
|
|
|
|
|
|
|
In USD millions |
|
|
|
|
|
|
Trading volume |
21,799.6 |
|
62,810.7 |
|
65,449.4 |
|
Total account balance |
5,051.6 |
|
10,915.7 |
|
15,956.9 |
Fourth Quarter 2020 Financial Results
REVENUES
Total revenues were US$47.2 million, up 136.5%
from US$20.0 million in the same quarter of last year.
Commissions were US$25.2 million, up 244.5% from
US$7.3 million in the same quarter of last year, driven by an
increase in our user base and market activities.
Financing service fees were US$1.6 million, down
22.2% from US$2.0 million in the same quarter of last year,
primarily due to lower interest rates.
Interest income was US$11.7 million, up 76.5%
from US$6.6 million in the same period of last year. This was
primarily due to an increase in consolidated account customers and
margin activities.
Other revenues were US$8.7 million, up 118.7%
from US$4.0 million in the same quarter of last year, primarily due
to higher revenue from IPO distribution services.
Interest expense was US$4.3 million, an increase
of 186.9% from US$1.5 million in the same quarter of last year as
we have more consolidated account customers.
OPERATING COSTS AND
EXPENSES
Total operating costs and expenses were US$36.3
million, an increase of 89.9% from US$19.1 million in the same
quarter of last year.
Execution and clearing expenses were US$4.2
million, an increase of 362.7% from US$0.9 million in the same
quarter of last year, 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$15.5 million, an increase of 47.3% from US$10.6 million in the
same quarter of last year, primarily due to a headcount increase to
accompany the rapid growth of the business.
Occupancy, depreciation, and amortization
expenses were US$1.3 million, an increase of 11.9% from US$1.1
million in the same quarter last year, due to the increase in
office space and relevant leasehold improvements.
Communication and market data expenses were
US$3.9 million, an increase of 102.6% from US$1.9 million in the
same quarter last year, due to rapid user growth and expanded
market data usage.
Marketing and branding expenses were US$6.5
million, an increase of 277.4% from US$1.7 million in the same
quarter last year. This increase was derived from our continuous
efforts to expand globally in accordance with our
internationalization strategy, which has resulted in client base
growth.
General and administrative expenses were US$4.8
million, an increase of 69.9% from US$2.8 million in the same
quarter last year, primarily due to increased professional services
expenses resulting from business expansion.
NET INCOME/LOSS ATTRIBUTABLE TO UP FINTECH HOLDING
LIMITED
Net income attributable to UP Fintech was US$8.5
million, as compared to a net loss of US$0.6 million in the same
quarter of last year. Net income per ADS – diluted was US$0.059, as
compared to a net loss per ADS – diluted of US$0.004 in the same
quarter of last year.
Non-GAAP net income attributable to UP Fintech,
which excludes share-based compensation and impairment loss from
equity investments, was US$10.3 million, as compared to a US$0.3
million non-GAAP net income attributable to UP Fintech in the same
quarter of last year. Non-GAAP net income per ADS – diluted was
US$0.071, as compared to a non-GAAP net income per ADS – diluted of
US$0.002 in the same quarter of last year.
For the fourth quarter of 2020, the Company’s
weighted average number of ADSs used in calculating diluted net
income per ADS, was 144,502,750. As of December 31, 2020, the
Company had a total of 2,121,539,851 Class A and B ordinary shares
outstanding, or the equivalent of 141,435,990 ADSs.
Full Year 2020 Financial Results
REVENUES
Total revenues were US$138.5 million,
representing an increase of 136.1% from US$58.7 million in
2019.
Commissions were US$77.6 million, a 190.8%
increase from US$26.7 million in 2019, driven by an increase in our
user base and market activities.
Financing service fees were US$6.6 million, down
17.0% from US$7.9 million in 2019, primarily due to lower interest
rates.
Interest income was US$31.8 million, up 92.4%
from US$16.5 million in 2019.This was primarily due to an increase
in consolidated account customers and margin activities.
Other revenues were US$22.5 million, an increase
of 199.2% from US$7.5 million in 2019. The increase was primarily
due to higher revenue from IPO distribution services.
Interest expense was US$10.1 million, an
increase of 146.3% from US$4.1 million in 2019 as we have more
consolidated account customers.
OPERATING COSTS AND EXPENSES
Total operating costs and expenses were US$107.4
million, an increase of 65.8% from US$64.7 million in 2019.
Execution and clearing expenses were US$12.6
million, an increase of 401.9% from US$2.5 million in 2019, due to
the increase in the number of consolidated accounts as well as an
increase in trading volume.
Employee compensation and benefits expenses were
US$50.0 million, an increase of 39.8% from US$35.8 million in 2019,
primarily due to a headcount increase compared to 2019.
Occupancy, depreciation and amortization
expenses were US$4.7 million, an increase of 32.6% from US$3.6
million in 2019, due to an increase in office space and relevant
leasehold improvements.
Communication and market data expenses were
US$10.3 million, an increase of 58.9% from US$6.5 million in 2019.
This increase was due to rapid user growth and expanded market data
usage by our users.
Marketing and branding expenses were US$15.9
million, an increase of 123.4% from US$7.1 million in 2019. This
increase was derived from our continuous efforts to expand globally
in accordance with our internationalization strategy, which has
resulted in client base growth.
General and administrative expenses were US$13.7
million, an increase of 48.5% from US$9.3 million in 2019. This
increase was primarily due to business expansion and more
professional services.
NET INCOME/LOSS ATTRIBUTABLE TO UP FINTECH HOLDING
LIMITED
Net income attributable to UP Fintech was
US$16.1 million, as compared to a net loss of US$6.6 million in
2019. Net income per ADS – diluted was US$0.111, as compared to a
net loss per ADS – diluted of US$0.056 in 2019.
Non-GAAP net income attributable to UP Fintech,
which excludes share-based compensation and impairment loss from
equity investments, was US$22.3 million, as compared to a US$1.8
million non-GAAP net loss attributable to UP Fintech in 2019.
Non-GAAP net income per ADS – diluted was US$0.154, as compared to
a non-GAAP net loss per ADS – diluted of US$0.015 in 2019.
One of the significant subsidiaries of the
Company, Tiger Brokers (NZ) Limited, has decided to change its
functional currency after evaluation of the appropriateness of
functional currency. The evaluation performed by the subsidiary
took into account the nature and development of the business and
was approved by its management and board of directors. The Company
believes this change provides a more accurate view of both the
subsidiary’s and the group’s business and results of operations.
The financial impact of this change has been reflected in the
financial statements for the year ended December 31, 2020.
CERTAIN BALANCE SHEET ITEMS
As of December 31, 2020, the Company's cash and
cash equivalents and term deposits were US$98.4 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 March 26, 2021, U.S. Eastern Time
(8:00 PM on March 26, 2021 Beijing/Hong Kong Time).
Participants may register for the conference call by navigating
to: http://apac.directeventreg.com/registration/event/6867145
Once preregistration has been completed, participants will
receive dial-in numbers, direct event passcode, and registrant ID.
The conference ID is: 6867145.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 April 2, 2021.
Dial-in numbers for the replay are as
follows:
|
International: |
+61-2-8199-0299 |
| Passcode: |
6867145 |
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 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 net loss or income attributable to UP
Fintech Holding Limited as net loss or income attributable to UP
Fintech Holding Limited excluding share-based compensation and
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 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 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 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; foreign and
international regulations and policies and actions by foreign
governmental or regulatory authorities that may affect our
internationalization strategy; 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 December 31, |
|
2019 |
2020 |
| |
US$ |
|
US$ |
| Assets: |
|
|
|
|
Cash and cash equivalents |
59,408,555 |
|
|
79,652,897 |
|
|
Cash-segregated for regulatory purpose |
317,915,092 |
|
|
867,946,754 |
|
|
Term deposits |
65,601,207 |
|
|
18,698,143 |
|
|
Receivables from customers (net of allowance of nil and US$91,788
as of December 31, 2019 and December 31, 2020) |
106,113,896 |
|
|
373,703,918 |
|
|
Receivables from brokers, dealers, and clearing organizations: |
|
|
|
|
Related parties |
185,047,211 |
|
|
764,318,932 |
|
|
Others |
9,274,205 |
|
|
32,547,428 |
|
|
Financial instruments held, at fair value |
14,881,240 |
|
|
562,536 |
|
|
Prepaid expenses and other current assets |
8,020,192 |
|
|
11,214,430 |
|
|
Amounts due from related parties |
3,484,434 |
|
|
3,576,949 |
|
| Total current
assets |
769,746,032 |
|
|
2,152,221,987 |
|
| Non-current
assets: |
|
|
|
|
Right-of-use assets |
5,732,559 |
|
|
7,280,763 |
|
|
Property, equipment and intangible assets, net |
9,535,541 |
|
|
9,693,034 |
|
|
Goodwill |
2,421,403 |
|
|
2,421,403 |
|
|
Long-term investments |
6,017,219 |
|
|
6,480,951 |
|
|
Other non-current assets |
3,045,732 |
|
|
4,299,246 |
|
|
Deferred tax assets |
12,561,461 |
|
|
11,368,967 |
|
| Total non-current
assets |
39,313,915 |
|
|
41,544,364 |
|
| Total
assets |
809,059,947 |
|
|
2,193,766,351 |
|
| Current
liabilities: |
|
|
|
|
Payables to customers |
512,481,679 |
|
|
1,696,164,267 |
|
|
Payables to brokers, dealers and clearing organizations: |
|
|
|
|
Related party |
53,774,882 |
|
|
218,574,120 |
|
|
Others |
1,355,112 |
|
|
5,135,941 |
|
|
Accrued expenses and other current liabilities |
16,881,957 |
|
|
27,138,201 |
|
|
Deferred income-current |
697,330 |
|
|
844,558 |
|
|
Lease liabilities-current |
2,401,566 |
|
|
3,514,592 |
|
| Total current
liabilities |
587,592,526 |
|
|
1,951,371,679 |
|
|
Deferred income-non-current |
1,552,595 |
|
|
1,565,843 |
|
|
Lease liabilities-non-current |
3,440,092 |
|
|
3,692,701 |
|
|
Deferred tax liabilities |
1,449,000 |
|
|
1,449,000 |
|
| Total
liabilities |
594,034,213 |
|
|
1,958,079,223 |
|
| Mezzanine
equity: |
|
|
|
|
Redeemable non-controlling interest of sponsored fund |
3,084,122 |
|
|
- |
|
|
Total Mezzanine equity |
3,084,122 |
|
|
- |
|
| Shareholders’
equity: |
|
|
|
|
Class A ordinary shares |
17,772 |
|
|
17,944 |
|
|
Class B ordinary shares |
3,376 |
|
|
3,376 |
|
|
Additional paid-in capital |
285,767,622 |
|
|
291,827,379 |
|
|
Statutory reserve |
724,008 |
|
|
2,663,551 |
|
|
Accumulated deficit |
(73,704,745 |
) |
|
(59,579,495 |
) |
|
Treasury stock |
- |
|
|
(2,172,819 |
) |
|
Accumulated other comprehensive (loss)/income |
(866,421 |
) |
|
2,927,192 |
|
| Total
equity |
211,941,612 |
|
|
235,687,128 |
|
| Total liabilities,
mezzanine equity and equity |
809,059,947 |
|
|
2,193,766,351 |
|
| |
|
|
|
|
|
|
|
|
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, |
|
|
2019 |
|
2020 |
|
2020 |
|
2019 |
|
2020 |
| |
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
Commissions |
7,326,634 |
|
|
19,472,847 |
|
|
25,237,560 |
|
|
26,697,958 |
|
|
77,628,521 |
|
|
Interest related income |
|
|
|
|
|
|
|
|
|
|
Financing service fees |
2,030,324 |
|
|
1,656,407 |
|
|
1,579,264 |
|
|
7,926,766 |
|
|
6,576,622 |
|
|
Interest income |
6,618,836 |
|
|
8,143,590 |
|
|
11,682,806 |
|
|
16,505,185 |
|
|
31,754,541 |
|
|
Other revenues |
3,994,125 |
|
|
8,815,702 |
|
|
8,736,450 |
|
|
7,532,991 |
|
|
22,537,006 |
|
| Total
revenues |
19,969,919 |
|
|
38,088,546 |
|
|
47,236,080 |
|
|
58,662,900 |
|
|
138,496,690 |
|
|
Interest expense |
(1,513,329 |
) |
|
(2,900,990 |
) |
|
(4,341,848 |
) |
|
(4,101,528 |
) |
|
(10,102,290 |
) |
| Total Net
Revenues |
18,456,590 |
|
|
35,187,556 |
|
|
42,894,232 |
|
|
54,561,372 |
|
|
128,394,400 |
|
| Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
Execution and clearing |
(900,255 |
) |
|
(3,882,200 |
) |
|
(4,165,559 |
) |
|
(2,519,238 |
) |
|
(12,645,113 |
) |
|
Employee compensation and benefits |
(10,555,672 |
) |
|
(12,710,024 |
) |
|
(15,549,026 |
) |
|
(35,787,458 |
) |
|
(50,039,073 |
) |
|
Occupancy, depreciation and amortization |
(1,138,710 |
) |
|
(1,188,225 |
) |
|
(1,273,780 |
) |
|
(3,572,260 |
) |
|
(4,735,881 |
) |
|
Communication and market data |
(1,933,425 |
) |
|
(2,464,133 |
) |
|
(3,916,530 |
) |
|
(6,494,006 |
) |
|
(10,320,505 |
) |
|
Marketing and branding |
(1,732,222 |
) |
|
(3,710,125 |
) |
|
(6,538,162 |
) |
|
(7,103,178 |
) |
|
(15,871,777 |
) |
|
General and administrative |
(2,847,910 |
) |
|
(3,855,960 |
) |
|
(4,838,561 |
) |
|
(9,259,484 |
) |
|
(13,748,818 |
) |
| Total operating costs
and expenses |
(19,108,194 |
) |
|
(27,810,667 |
) |
|
(36,281,618 |
) |
|
(64,735,624 |
) |
|
(107,361,167 |
) |
| Other
income/(expense): |
|
|
|
|
|
|
|
|
|
|
Others, net |
(622,289 |
) |
|
(128,036 |
) |
|
377,953 |
|
|
869,028 |
|
|
996,559 |
|
| (Loss)/income before
income tax |
(1,273,893 |
) |
|
7,248,853 |
|
|
6,990,567 |
|
|
(9,305,224 |
) |
|
22,029,792 |
|
|
Income tax benefits/(expenses) |
1,034,861 |
|
|
(1,459,705 |
) |
|
2,434,661 |
|
|
3,355,366 |
|
|
(2,850,547 |
) |
| Net
(loss)/income |
(239,032 |
) |
|
5,789,148 |
|
|
9,425,228 |
|
|
(5,949,858 |
) |
|
19,179,245 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
Net income attributable to redeemable non-controlling
interests |
317,936 |
|
|
1,015,266 |
|
|
930,589 |
|
|
639,573 |
|
|
3,114,452 |
|
| Net (loss)/income
attributable to UP Fintech Holding Limited |
(556,968 |
) |
|
4,773,882 |
|
|
8,494,639 |
|
|
(6,589,431 |
) |
|
16,064,793 |
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive
(loss)/ income, net of tax: |
|
|
|
|
|
|
|
|
|
|
Unrealized gain on available-for-sale investments |
- |
|
|
- |
|
|
41,149 |
|
|
- |
|
|
41,149 |
|
|
Changes in cumulative foreign currency translation adjustment |
2,592,364 |
|
|
987,879 |
|
|
2,106,619 |
|
|
(321,433 |
) |
|
3,752,464 |
|
| Total Comprehensive
income/(loss) |
2,353,332 |
|
|
6,777,027 |
|
|
11,572,996 |
|
|
(6,271,291 |
) |
|
22,972,858 |
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss)/income per
ordinary share: |
|
|
|
|
|
|
|
|
|
|
Basic |
(0.000 |
) |
|
0.002 |
|
|
0.004 |
|
|
(0.004 |
) |
|
0.008 |
|
|
Diluted |
(0.000 |
) |
|
0.002 |
|
|
0.004 |
|
|
(0.004 |
) |
|
0.007 |
|
| Net (loss)/income per
ADS (1 ADS represents 15 Class A ordinary shares): |
|
|
|
|
|
|
|
|
|
|
Basic |
(0.004 |
) |
|
0.034 |
|
|
0.060 |
|
|
(0.056 |
) |
|
0.114 |
|
|
Diluted |
(0.004 |
) |
|
0.033 |
|
|
0.059 |
|
|
(0.056 |
) |
|
0.111 |
|
| Weighted average
number of ordinary shares used in calculating net
(loss)/income per ordinary share: |
|
|
|
|
|
|
|
|
|
|
Basic |
2,114,715,062 |
|
|
2,114,362,687 |
|
|
2,120,016,218 |
|
|
1,751,784,176 |
|
|
2,117,904,025 |
|
|
Diluted |
2,114,715,062 |
|
|
2,161,052,034 |
|
|
2,167,541,257 |
|
|
1,751,784,176 |
|
|
2,162,232,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of Non-GAAP Results of Operations Measures
to the Nearest Comparable GAAP Measures |
|
|
(All amounts in U.S. dollars ("US$"), except for number of
ADSs and per ADS data) |
|
|
|
|
| |
For the three months ended December 31, 2019 |
|
For the three months ended September 30, 2020 |
|
For the three months ended December 31, 2020 |
|
|
|
|
non-GAAP |
|
|
|
|
|
non-GAAP |
|
|
|
|
|
non-GAAP |
|
|
| |
GAAP |
|
Adjustments |
|
non-GAAP |
|
GAAP |
|
Adjustments |
|
non-GAAP |
|
GAAP |
|
Adjustments |
|
non-GAAP |
| |
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
| |
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
902,117 |
(1) |
|
|
|
|
1,486,460 |
(1) |
|
|
|
|
1,616,918 |
(1) |
|
| |
|
|
- |
(2) |
|
|
|
|
- |
(2) |
|
|
|
|
150,978 |
(2) |
|
|
Net (loss)/income attributable to UP Fintech Holding
Limited |
(556,968 |
) |
|
902,117 |
|
345,149 |
|
4,773,882 |
|
1,486,460 |
|
6,260,342 |
|
8,494,639 |
|
1,767,896 |
|
10,262,535 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
(loss)/income per ADS
-diluted |
(0.004 |
) |
|
|
|
0.002 |
|
0.033 |
|
|
|
0.043 |
|
0.059 |
|
|
|
0.071 |
| Weighted average number of
ADSs used in calculating diluted net
(loss)/income per ADS |
140,981,004 |
|
|
|
|
143,201,410 |
|
144,070,136 |
|
|
|
144,070,136 |
|
144,502,750 |
|
|
|
144,502,750 |
| (1) Share-based
compensation. |
| (2) Impairment
loss from equity investments |
| |
|
|
|
Reconciliations of Non-GAAP Results of Operations Measures
to the Nearest Comparable GAAP Measures |
|
(All amounts in U.S. dollars ("US$"), except for number of
ADSs and per ADS data) |
|
|
| |
For the year ended December 31, 2019 |
|
For the year ended December 31, 2020 |
|
|
|
|
non-GAAP |
|
|
|
|
|
non-GAAP |
|
|
| |
GAAP |
|
Adjustments |
|
non-GAAP |
|
GAAP |
|
Adjustments |
|
non-GAAP |
| |
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
| |
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,062,600 |
(1) |
|
|
|
|
6,054,612 |
(1) |
|
|
|
|
|
755,524 |
(2) |
|
|
|
|
150,978 |
(2) |
|
|
Net (loss)/income attributable to UP Fintech Holding
Limited |
(6,589,431 |
) |
|
4,818,124 |
|
(1,771,307 |
) |
|
16,064,793 |
|
6,205,590 |
|
22,270,383 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net
(loss)/income per ADS
-diluted |
(0.056 |
) |
|
|
|
(0.015 |
) |
|
0.111 |
|
|
|
0.154 |
| Weighted average number of
ADSs used in calculating diluted net
(loss)/income per ADS |
116,785,612 |
|
|
|
|
116,785,612 |
|
|
144,148,822 |
|
|
|
144,148,822 |
|
(1) Share-based compensation |
|
(2) Impairment loss from equity investments |
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