Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq:
FUTU), a leading tech-driven online brokerage and wealth
management platform, today announced its unaudited financial
results for the fourth quarter and full year ended December 31,
2023.
Fourth Quarter and Full Year 2023 Operational
Highlights
- Total number of paying
clients1 increased 15.0% year-over-year to 1,710,106 as of
December 31, 2023.
- Total number of registered
clients2 increased 10.2% year-over-year to 3,561,966 as of
December 31, 2023.
- Total number of
users3 increased 10.5% year-over-year to 21.6 million as
of December 31, 2023.
- Total client
assets increased 16.3% year-over-year to HK$485.6 billion
as of December 31, 2023.
- Daily average client
assets were HK$470.3 billion in the fourth quarter of
2023, an increase of 22.8% from the same period in 2022.
- Total trading volume in the
fourth quarter of 2023 decreased by 12.5% year-over-year
to HK$956.6 billion, in which trading volume for U.S. stocks was
HK$704.6 billion, trading volume for Hong Kong stocks was HK$237.7
billion, and trading volume for stocks under the Stock Connect was
HK$10.7 billion. Total trading volume in 2023 declined 12.8%
year-over-year to HK$4.2 trillion.
- Daily average revenue
trades (DARTs)4 in the fourth quarter of
2023 declined 22.2% year-over-year to 369,729. DARTs in
2023 declined 27.2% year-over-year to 428,745.
- Margin financing and
securities lending balance increased 24.2% year-over-year
to HK$33.1 billion as of December 31, 2023.
Fourth Quarter 2023 Financial
Highlights
- Total revenues increased 4.1% year-over-year
to HK$2,373.3 million (US$303.8 million).
- Total gross profit increased 0.1%
year-over-year to HK$1,939.8 million (US$248.3 million).
- Net income decreased 8.6% year-over-year to
HK$876.4 million (US$112.2 million).
- Non-GAAP adjusted net income5 decreased 6.3%
year-over-year to HK$950.5 million (US$121.7 million).
Full Year 2023 Financial
Highlights
- Total revenues
increased 31.4% year-over-year to HK$10,008.4 million (US$1,281.3
million).
- Total gross profit
increased 28.0% year-over-year to HK$8,472.2 million (US$1,084.7
million).
- Net income
increased 46.2% year-over-year to HK$4,278.9 million (US$547.8
million).
- Non-GAAP adjusted net
income increased 45.9% year-over-year to HK$4,569.8
million (US$585.1 million).
Mr. Leaf Hua Li, Futu’s Chairman and Chief
Executive Officer, said, “In 2023, we added over 220 thousand
paying clients, bringing the total number of paying clients to 1.7
million, up 15.0% year-over-year. We acquired over 59 thousand
paying clients in the fourth quarter, down 8.6%
quarter-over-quarter. In Hong Kong, client acquisition trended down
due to sluggish Hong Kong stock market performance. In Singapore,
client acquisition sustained the momentum in the third quarter as
clients continued to demonstrate heightened interest in money
market funds. Our efforts to reduce friction in the account opening
process, combined with targeted marketing, led to an increase in
client acquisition in Japan towards year-end, which further
accelerated in the first quarter owing to the Japan stock market's
exceptional performance. We officially launched our brokerage
business in Malaysia on February 26th, 2024. Leveraging the high
brand awareness we garnered in the region through our rapid share
gain in Singapore, we added over 30,000 clients within just one
week of official launch, the fastest growth we have seen in any new
market. Overall, we saw strong paying client growth across all
markets in the first quarter as U.S. equities continued to post new
highs and sentiments around Chinese equities rebounded. We are
confident about client acquisition in 2024 and are guiding for 350
thousand net new paying clients.”
“Total client assets increased by 16.3%
year-over-year and 3.7% quarter-over-quarter to HK$485.6 billion,
driven by robust net asset inflow across all regions and market
appreciation of our clients’ U.S. stock holdings. Notably, client
assets in Singapore grew 25% sequentially as we continued to
attract higher quality clients with our richer product portfolio
and growing brand awareness. Margin financing and securities
lending balance increased by 2.1%.”
“Total trading volume decreased by 12.2%
quarter-over-quarter to HK$956.6 billion. Hong Kong stock trading
volume fell by 12.8% sequentially to HK$237.7 billion against weak
market performance. U.S. stock trading volume declined by 12.4%
quarter-over-quarter to HK$704.6 billion due to lower turnover of
the key U.S. technology names, partially offset by resilient
trading turnover of leveraged and inverse ETFs.”
“Wealth management asset balance was HK$57.6
billion, up 82.3% year-over-year and 10.9% quarter-over-quarter.
Clients’ bond holdings jumped by over 60% sequentially given robust
demand for U.S. Treasury bills. In Hong Kong, we enriched our
structured note offerings for professional investors. In Singapore,
we entered into an exclusive distribution agreement with Fullerton
Fund Management for its SGD-denominated money market fund, the
first and only SGD T+0 money market fund for retail investors in
Singapore.”
“We had 414 IPO distribution and IR clients as
of quarter end, up 24.3% year-over-year. We underwrote 37 Hong Kong
IPOs in 2023 and ranked first among all brokers, according to Wind.
In the quarter, we acted as joint bookrunners for several
high-profile HK IPOs, including those of J&T Express and
UBTech.”
Fourth Quarter 2023 Financial Results
Revenues
Total revenues were HK$2,373.3 million (US$303.8
million), an increase of 4.1% from HK$2,280.7 million in the fourth
quarter of 2022.
Brokerage commission and handling charge income
was HK$904.0 million (US$115.7 million), a decrease of 13.8% from
the fourth quarter of 2022. This was mainly due to lower trading
volume.
Interest income was HK$1,331.9 million (US$170.5
million), an increase of 17.1% from the fourth quarter of 2022. The
increase was mainly driven by higher interest income from bank
deposits and higher margin financing income due to an increase in
daily average margin balance.
Other income was HK$137.3 million (US$17.6
million), an increase of 45.6% from the fourth quarter of 2022. The
increase was primarily attributable to higher fund distribution
service income.
Costs
Total costs were HK$433.5 million (US$55.5
million), an increase of 26.7% from HK$342.2 million in the fourth
quarter of 2022.
Brokerage commission and handling charge
expenses were HK$59.2 million (US$7.6 million), a decrease of 7.5%
from the fourth quarter of 2022. This decline was roughly in line
with the decrease of our brokerage commission and handling charge
income.
Interest expenses were HK$270.8 million (US$34.7
million), an increase of 48.8% from the fourth quarter of 2022. The
increase was primarily due to higher expenses associated with our
securities borrowing and lending business and higher margin
financing interest expenses.
Processing and servicing costs were HK$103.5
million (US$13.3 million), an increase of 7.6% from the fourth
quarter of 2022. The increase was primarily due to higher cloud
service fee for new markets and higher system usage fee.
Gross Profit
Total gross profit was HK$1,939.8 million
(US$248.3 million), an increase of 0.1% from HK$1,938.5 million in
the fourth quarter of 2022. Gross margin was 81.7%, as compared to
85.0% in the fourth quarter of 2022.
Operating Expenses
Total operating expenses were HK$916.0 million
(US$117.3 million), an increase of 12.0% from HK$817.9 million in
the fourth quarter of 2022.
Research and development expenses were HK$363.1
million (US$46.5 million), an increase of 8.6% from the fourth
quarter of 2022. This was primarily due to an increase in research
and development headcount to support new product offerings in new
markets, though the magnitude of the headcount growth decelerated
throughout 2023.
Selling and marketing expenses were HK$182.5
million (US$23.4 million), an increase of 19.2% from HK$153.1
million in the fourth quarter of 2022. This was driven by a 41%
year-over-year increase in net new paying clients, offset by lower
client acquisition costs.
General and administrative expenses were
HK$370.4 million (US$47.4 million), an increase of 12.1% from the
fourth quarter of 2022. The increase was primarily due to an
increase in general and administrative personnel, partially offset
by lower professional service fees.
Income from Operations
Income from operations decreased by 8.6% to
HK$1,023.8 million (US$131.1 million) from HK$1,120.7 million in
the fourth quarter of 2022. Operating margin declined to 43.1% from
49.1% in the fourth quarter of 2022.
Net Income
Net income decreased by 8.6% to HK$876.4 million
(US$112.2 million) from HK$958.7 million in the fourth quarter of
2022. Net income margin for the fourth quarter of 2022 declined to
36.9% from 42.0% in the year-ago quarter.
Non-GAAP adjusted net income decreased by 6.3%
to HK$950.5 million (US$121.7 million) from the fourth quarter of
2022. Non-GAAP adjusted net income is defined as net income
excluding share-based compensation expenses. For further
information, see "Use of Non-GAAP Financial Measures" at the bottom
of this press release.
Net Income per ADS
Basic net income per American Depositary Share
(“ADS”) was HK$6.40 (US$0.82), compared with HK$6.88 in the fourth
quarter of 2022. Diluted net income per ADS was HK$6.31 (US$0.81),
compared with HK$6.80 in the fourth quarter of 2022. Each ADS
represents eight Class A ordinary shares.
Full Year 2023 Financial Results
Revenues
Total revenues were HK$10,008.4 million
(US$1,281.3 million), an increase of 31.4% from HK$7,614.0 million
in 2022.
Brokerage commission and handling charge income
was HK$3,944.8 million (US$505.0 million), a decrease of 1.6% from
HK$4,007.6 million in 2022. This was mainly due to lower trading
volume, largely offset by higher blended commission rate.
Interest income was HK$5,536.4 million (US$708.8
million), an increase of 72.2% from HK$3,214.3 million in 2022. The
increase in interest income was mainly driven by higher interest
income from bank deposits and securities borrowing and lending
business.
Other income was HK$527.2 million (US$67.5
million), an increase of 34.5% from HK$392.1 million in 2022. The
increase was primarily attributable to higher fund distribution
service income.
Costs
Total costs were HK$1,536.2 million (US$196.7
million), an increase of 54.2% from HK$996.1 million in 2022.
Brokerage commission and handling charge
expenses were HK$249.6 million (US$32.0 million), a decrease of
24.3% from HK$329.8 million in 2022. This was attributable to lower
trading volume and cost savings from our U.S. self-clearing
business.
Interest expenses were HK$910.8 million
(US$116.6 million), an increase of 211.4% from HK$292.5 million in
2022. The increase was mainly driven by higher expenses associated
with our securities borrowing and lending business.
Processing and servicing costs were HK$375.9
million (US$48.1 million), an increase of 0.6% from HK$373.8
million in 2022.
Gross Profit
Total gross profit was HK$8,472.2 million
(US$1,084.7 million), an increase of 28.0% from HK$6,617.9 million
in 2022. Gross profit margin declined from 86.9% in 2022 to 84.7%
in 2023.
Operating Expenses
Total operating expenses were HK$3,464.7 million
(US$443.6 million), an increase of 13.6% from HK$3,049.0 million in
2022.
Research and development expenses were
HK$1,440.9 million (US$184.5 million), an increase of 17.9% from
HK$1,222.1 million in 2022. The increase was primarily due to an
increase in research and development headcount.
Selling and marketing expenses were HK$710.3
million (US$90.9 million), a decrease of 20.7% from HK$895.8
million in 2022. The decrease was mainly due to slower paying
client growth and lower customer acquisition costs.
General and administrative expenses were
HK$1,313.5 million (US$168.2 million), an increase of 41.1% from
HK$931.1 million in 2022. The increase was primarily due to an
increase in headcount for general and administrative personnel,
especially in new markets.
Income from Operations
Income from operations increased by 40.3% to
HK$5,007.5 million (US$641.1 million) from HK$3,568.9 million in
2022. Operating margin increased to 50.0% from 46.9% in 2022
primarily due to strong topline growth and operating leverage.
Net Income
Net income increased by 46.2% to HK$4,278.9
million (US$547.8 million) from HK$2,926.9 million in 2022.
Non-GAAP adjusted net income increased by 45.9%
to HK$4,569.8 million (US$585.1 million) from HK$3,131.4 million in
2022. Non-GAAP adjusted net income is defined as net income
excluding share-based compensation expenses. For further
information, see "Use of Non-GAAP Financial Measures" at the bottom
of this press release.
Net Income per ADS
Basic net income per American Depositary Share
(“ADS”) was HK$31.00 (US$3.97), compared with HK$20.55 in 2022.
Diluted net income per ADS was HK$30.59 (US$3.92), compared with
HK$20.34 in 2022. Each ADS represents eight Class A ordinary
shares.
New Share Repurchase
Program
The Company announced its US$500 million share
repurchase program in March 2022, and by 2023 year-end, the
expiration date, the Company had repurchased an aggregate of 11
million ADSs with approximately US$365 million in open market
transactions. In addition, the Company's board of directors has
authorized a new share repurchase program under which the Company
may repurchase up to US$500 million worth of its ADSs, until
December 31, 2025. The Company plans to fund the repurchases from
its existing cash balance.
Under the new share repurchase program, Futu may
repurchase its ADSs from time to time in the open market at
prevailing market prices, in privately negotiated transactions, in
block trades and/or through other legally permissible means,
depending on market conditions and in accordance with applicable
rules and regulations. Futu's board of directors will review the
share repurchase program periodically, and may modify, suspend or
terminate the share repurchase program at any time.
Conference Call and Webcast
Futu's management will hold an earnings
conference call on Thursday, March 14, 2023, at 7:30 AM U.S.
Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time).
Please note that all participants will need to
pre-register for the conference call, using the link
https://register.vevent.com/register/BI6ca5f071faa5463a85ad66444ee71849.
It will automatically lead to the registration
page of "Futu Holdings Ltd Fourth Quarter and Full Year 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
this conference call will be available at
https://ir.futuholdings.com/.
About Futu Holdings Limited
Futu Holdings Limited (Nasdaq: FUTU) is an
advanced technology company transforming the investing experience
by offering fully digitalized financial services. Through its
proprietary digital platforms, Futubull and moomoo, the Company
provides a full range of investment services, including trade
execution and clearing, margin financing and securities lending,
and wealth management. The Company has embedded social media tools
to create a network centered around its users and provide
connectivity to users, investors, companies, analysts, media and
key opinion leaders. The Company also provides corporate services,
including IPO distribution, investor relations and ESOP solution
services.
Use of Non-GAAP Financial
Measures
In evaluating the business, the Company
considers and uses non-GAAP adjusted net income, a non-GAAP
measure, as a supplemental measure to review and assess its
operating performance. The presentation of the non-GAAP financial
measure is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with U.S. GAAP. The Company defines non-GAAP adjusted
net income as net income excluding share-based compensation
expenses. The Company presents the non-GAAP financial measure
because it is used by the management to evaluate the operating
performance and formulate business plans. Non-GAAP adjusted net
income enables the management to assess the Company's operating
results without considering the impact of share-based compensation
expenses, which are non-cash charges. The Company also believes
that the use of the non-GAAP measure facilitates investors'
assessment of its operating performance.
Non-GAAP adjusted net income is not defined
under U.S. GAAP and is not presented in accordance with U.S. GAAP.
This non-GAAP financial measure has limitations as analytical
tools. One of the key limitations of using non-GAAP adjusted net
income is that it does not reflect all items of expense that affect
the Company's operations. Share-based compensation expenses have
been and may continue to be incurred in the business and are not
reflected in the presentation of non-GAAP adjusted net income.
Further, the non-GAAP measure may differ from the non-GAAP
information used by other companies, including peer companies, and
therefore their comparability may be limited.
The Company compensates for these limitations by
reconciling the non-GAAP financial measure to the nearest U.S. GAAP
performance measure, all of which should be considered when
evaluating the Company's performance.
For more information on this non-GAAP financial
measure, please see the table captioned "Unaudited Reconciliations
of Non-GAAP and GAAP Results" set forth at the end of this press
release.
Exchange Rate Information
This announcement contains translations of
certain HK dollars (“HK$”) amounts into U.S. dollars ("US$") at
specified rates solely for the convenience of the reader. Unless
otherwise stated, all translations from HK$ to US$ were made at the
rate of HK$7.8109 to US$1.00, the noon buying rate in effect on
December 29, 2023 in the H.10 statistical release of the Federal
Reserve Board. The Company makes no representation that the HK$ or
US$ amounts referred could be converted into US$ or HK$, as the
case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the "safe harbor"
provisions of the United States Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar
statements. Among other things, the quotations from the management
team of the Company, contain forward-looking statements. Futu may
also make written or oral forward-looking statements in its
periodic reports to the SEC, 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 Futu'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: Futu's goal and strategies; Futu's expansion plans;
Futu's future business development, financial condition and results
of operations; Futu's expectations regarding demand for, and market
acceptance of, its credit products; Futu's expectations regarding
keeping and strengthening its relationships with borrowers,
institutional funding partners, merchandise suppliers and other
parties it collaborates with; general economic and business
conditions; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in Futu'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 Futu does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
For investor inquiries, please
contact:
Investor RelationsFutu Holdings
Limitedir@futuholdings.com
_________________________
1 The number of paying clients refers to the
number of clients with assets in their trading accounts with
Futu.2 The number of registered clients refers to the number
of users with one or more trading accounts with Futu.3 The number
of users refers to the number of user accounts registered with
Futu.4 The number of Daily Average Revenue Trades (DARTs) refers to
the number of average trades per day that generate commissions or
fees.5 Non-GAAP adjusted net income is defined as net income
excluding share-based compensation expenses.
|
FUTU HOLDINGS LIMITEDUNAUDITED CONDENSED
CONSOLIDATED BALANCE
SHEETS(In thousands, except for share and per share data) |
|
|
| |
As of December 31, |
|
As of December 31, |
|
|
2022 |
|
2023 |
|
2023 |
| |
HK$ |
|
HK$ |
|
US$ |
| ASSETS |
|
|
|
|
|
| Cash and cash equivalents |
5,028,898 |
|
4,937,538 |
|
632,134 |
| Cash held on behalf of
clients |
50,685,472 |
|
44,369,310 |
|
5,680,435 |
| Restricted cash |
1,215 |
|
1,232 |
|
158 |
| Term deposit |
5,860 |
|
5,540 |
|
709 |
| Short-term investments |
675,064 |
|
3,114,613 |
|
398,752 |
| Securities purchased under
agreements to resell |
32,000 |
|
133,039 |
|
17,032 |
| Loans and advances-current
(net of allowance of HK$27,840 thousand and HK$45,949 thousand as
of December 31, 2022 and December 31, 2023, respectively) |
26,676,358 |
|
32,528,421 |
|
4,164,491 |
| Receivables: |
|
|
|
|
|
|
Clients |
513,358 |
|
293,505 |
|
37,576 |
|
Brokers |
5,914,963 |
|
5,189,155 |
|
664,348 |
|
Clearing organizations |
3,066,953 |
|
4,244,793 |
|
543,445 |
|
Fund management companies and fund distributors |
79,086 |
|
151,691 |
|
19,420 |
|
Interest |
254,310 |
|
268,504 |
|
34,376 |
| Prepaid assets |
28,507 |
|
54,691 |
|
7,002 |
| Other current assets |
102,258 |
|
135,479 |
|
17,345 |
| Total current
assets |
93,064,302 |
|
95,427,511 |
|
12,217,223 |
| |
|
|
|
|
|
| Operating lease right-of-use
assets |
196,864 |
|
224,092 |
|
28,690 |
| Long-term investments |
239,694 |
|
238,556 |
|
30,541 |
| Loans and
advances-non-current |
36,765 |
|
18,934 |
|
2,424 |
| Other non-current assets |
965,205 |
|
1,226,754 |
|
157,055 |
| Total non-current
assets |
1,438,528 |
|
1,708,336 |
|
218,710 |
| Total
assets |
94,502,830 |
|
97,135,847 |
|
12,435,933 |
| |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Amounts due to related parties |
52,725 |
|
|
69,018 |
|
|
8,836 |
|
| Payables: |
|
|
|
|
|
|
Clients |
57,209,066 |
|
|
48,762,263 |
|
|
6,242,848 |
|
|
Brokers |
11,815,274 |
|
|
15,648,286 |
|
|
2,003,391 |
|
|
Clearing organizations |
51,867 |
|
|
24,096 |
|
|
3,085 |
|
|
Fund management companies and fund distributors |
90,801 |
|
|
175,575 |
|
|
22,478 |
|
|
Interest |
9,864 |
|
|
44,109 |
|
|
5,647 |
|
| Borrowings |
2,480,532 |
|
|
5,651,565 |
|
|
723,549 |
|
| Lease liabilities-current |
109,416 |
|
|
114,682 |
|
|
14,682 |
|
| Accrued expenses and other
current liabilities |
1,706,159 |
|
|
1,939,004 |
|
|
248,243 |
|
| Total current
liabilities |
73,525,704 |
|
|
72,428,598 |
|
|
9,272,759 |
|
| |
|
|
|
|
|
| Lease
liabilities-non-current |
101,727 |
|
|
123,335 |
|
|
15,789 |
|
| Other non-current
liabilities |
13,620 |
|
|
12,183 |
|
|
1,560 |
|
| Total non-current
liabilities |
115,347 |
|
|
135,518 |
|
|
17,349 |
|
| Total
liabilities |
73,641,051 |
|
|
72,564,116 |
|
|
9,290,108 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| SHAREHOLDERS’
EQUITY |
|
|
|
|
|
| Class A ordinary shares |
68 |
|
|
71 |
|
|
9 |
|
| Class B ordinary shares |
29 |
|
|
27 |
|
|
3 |
|
| Additional paid-in
capital |
18,154,442 |
|
|
18,456,438 |
|
|
2,362,908 |
|
| Treasury Stock |
(4,324,565 |
) |
|
(5,199,257 |
) |
|
(665,641 |
) |
| Accumulated other
comprehensive loss |
(47,846 |
) |
|
(49,433 |
) |
|
(6,329 |
) |
| Retained earnings |
7,079,416 |
|
|
11,360,890 |
|
|
1,454,492 |
|
| Total shareholders'
equity |
20,861,544 |
|
|
24,568,736 |
|
|
3,145,442 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Non-controlling interest |
235 |
|
|
2,995 |
|
|
383 |
|
| Total
equity |
20,861,779 |
|
|
24,571,731 |
|
|
3,145,825 |
|
| Total liabilities and
equity |
94,502,830 |
|
|
97,135,847 |
|
|
12,435,933 |
|
|
|
|
|
|
|
|
|
FUTU HOLDINGS LIMITEDUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In
thousands, except for share and per share data) |
| |
| |
For the Three Months Ended |
|
For the Twelve Months Ended |
| |
December 31,2022 |
|
December 31,2023 |
|
December 31,2023 |
|
December 31,2022 |
|
December 31,2023 |
|
December 31,2023 |
| |
HK$ |
|
HK$ |
|
US$ |
|
HK$ |
|
HK$ |
|
US$ |
| Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage commission and handling charge income |
1,048,592 |
|
|
903,999 |
|
|
115,736 |
|
|
4,007,642 |
|
|
3,944,779 |
|
|
505,035 |
|
| Interest income |
1,137,843 |
|
|
1,331,945 |
|
|
170,524 |
|
|
3,214,327 |
|
|
5,536,422 |
|
|
708,807 |
|
| Other income |
94,284 |
|
|
137,318 |
|
|
17,580 |
|
|
392,058 |
|
|
527,217 |
|
|
67,498 |
|
| Total
revenues |
2,280,719 |
|
|
2,373,262 |
|
|
303,840 |
|
|
7,614,027 |
|
|
10,008,418 |
|
|
1,281,340 |
|
| Costs |
|
|
|
|
|
|
|
|
|
|
|
| Brokerage commission and
handling charge expenses |
(63,994 |
) |
|
(59,166 |
) |
|
(7,575 |
) |
|
(329,789 |
) |
|
(249,567 |
) |
|
(31,951 |
) |
| Interest expenses |
(181,978 |
) |
|
(270,784 |
) |
|
(34,667 |
) |
|
(292,503 |
) |
|
(910,759 |
) |
|
(116,601 |
) |
| Processing and servicing
costs |
(96,198 |
) |
|
(103,539 |
) |
|
(13,256 |
) |
|
(373,840 |
) |
|
(375,904 |
) |
|
(48,126 |
) |
| Total
costs |
(342,170 |
) |
|
(433,489 |
) |
|
(55,498 |
) |
|
(996,132 |
) |
|
(1,536,230 |
) |
|
(196,678 |
) |
| Total gross
profit |
1,938,549 |
|
|
1,939,773 |
|
|
248,342 |
|
|
6,617,895 |
|
|
8,472,188 |
|
|
1,084,662 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
| Research and development
expenses |
(334,464 |
) |
|
(363,132 |
) |
|
(46,490 |
) |
|
(1,222,077 |
) |
|
(1,440,893 |
) |
|
(184,472 |
) |
| Selling and marketing
expenses |
(153,080 |
) |
|
(182,461 |
) |
|
(23,360 |
) |
|
(895,772 |
) |
|
(710,348 |
) |
|
(90,943 |
) |
| General and administrative
expenses |
(330,342 |
) |
|
(370,397 |
) |
|
(47,421 |
) |
|
(931,144 |
) |
|
(1,313,464 |
) |
|
(168,158 |
) |
| Total operating
expenses |
(817,886 |
) |
|
(915,990 |
) |
|
(117,271 |
) |
|
(3,048,993 |
) |
|
(3,464,705 |
) |
|
(443,573 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Income from
operations |
1,120,663 |
|
|
1,023,783 |
|
|
131,071 |
|
|
3,568,902 |
|
|
5,007,483 |
|
|
641,089 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Others, net |
8,880 |
|
|
(16,749 |
) |
|
(2,144 |
) |
|
(210,295 |
) |
|
33,442 |
|
|
4,281 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Income before income
tax expense and share of loss from equity
method investments |
1,129,543 |
|
|
1,007,034 |
|
|
128,927 |
|
|
3,358,607 |
|
|
5,040,925 |
|
|
645,370 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Income tax expense |
(166,390 |
) |
|
(125,812 |
) |
|
(16,107 |
) |
|
(413,962 |
) |
|
(748,479 |
) |
|
(95,825 |
) |
| Share of loss from equity
method investments |
(4,428 |
) |
|
(4,836 |
) |
|
(619 |
) |
|
(17,752 |
) |
|
(13,497 |
) |
|
(1,728 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net
income |
958,725 |
|
|
876,386 |
|
|
112,201 |
|
|
2,926,893 |
|
|
4,278,949 |
|
|
547,817 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Attributable
to: |
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shareholders of the Company |
958,776 |
|
|
878,225 |
|
|
112,436 |
|
|
2,926,944 |
|
|
4,281,474 |
|
|
548,140 |
|
|
Non-controlling interest |
(51 |
) |
|
(1,839 |
) |
|
(235 |
) |
|
(51 |
) |
|
(2,525 |
) |
|
(323 |
) |
|
|
958,725 |
|
|
876,386 |
|
|
112,201 |
|
|
2,926,893 |
|
|
4,278,949 |
|
|
547,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income per share
attributable to ordinary shareholders of the
Company |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.86 |
|
|
0.80 |
|
|
0.10 |
|
|
2.57 |
|
|
3.88 |
|
|
0.50 |
|
| Diluted |
0.85 |
|
|
0.79 |
|
|
0.10 |
|
|
2.54 |
|
|
3.82 |
|
|
0.49 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Net income per
ADS |
|
|
|
|
|
|
|
|
|
|
|
| Basic |
6.88 |
|
|
6.40 |
|
|
0.82 |
|
|
20.55 |
|
|
31.00 |
|
|
3.97 |
|
| Diluted |
6.80 |
|
|
6.31 |
|
|
0.81 |
|
|
20.34 |
|
|
30.59 |
|
|
3.92 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
number of ordinary shares used in computing
net income per share |
|
|
|
|
|
|
|
|
|
|
|
| Basic |
1,115,322,083 |
|
|
1,097,155,166 |
|
|
1,097,155,166 |
|
|
1,139,377,763 |
|
|
1,104,899,411 |
|
|
1,104,899,411 |
|
| Diluted |
1,127,497,510 |
|
|
1,112,774,804 |
|
|
1,112,774,804 |
|
|
1,151,021,697 |
|
|
1,119,653,571 |
|
|
1,119,653,571 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Net
income |
958,725 |
|
|
876,386 |
|
|
112,201 |
|
|
2,926,893 |
|
|
4,278,949 |
|
|
547,817 |
|
| Other comprehensive
income/(loss), net of tax |
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency translation
adjustment |
2,802 |
|
|
81,589 |
|
|
10,446 |
|
|
(123,840 |
) |
|
(1,587 |
) |
|
(203 |
) |
| Total comprehensive
income |
961,527 |
|
|
957,975 |
|
|
122,647 |
|
|
2,803,053 |
|
|
4,277,362 |
|
|
547,614 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Attributable
to: |
|
|
|
|
|
|
|
|
|
|
|
| Ordinary shareholders of the
Company |
961,560 |
|
|
959,786 |
|
|
122,879 |
|
|
2,803,086 |
|
|
4,279,887 |
|
|
547,937 |
|
| Non-controlling interest |
(33 |
) |
|
(1,811 |
) |
|
(232 |
) |
|
(33 |
) |
|
(2,525 |
) |
|
(323 |
) |
| |
961,527 |
|
|
957,975 |
|
|
122,647 |
|
|
2,803,053 |
|
|
4,277,362 |
|
|
547,614 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
FUTU HOLDINGS LIMITEDUNAUDITED
RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS(In
thousands) |
| |
| |
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
December 31,2022 |
|
December 31,2023 |
|
December 31,2023 |
|
December 31,2022 |
|
December 31,2023 |
|
December 31,2023 |
| |
HK$ |
|
HK$ |
|
US$ |
|
HK$ |
|
HK$ |
|
US$ |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net
income |
958,725 |
|
876,386 |
|
112,201 |
|
2,926,893 |
|
4,278,949 |
|
547,817 |
| Add: Share-based compensation
expenses |
55,824 |
|
74,077 |
|
9,484 |
|
204,529 |
|
290,831 |
|
37,234 |
| Adjusted net
income |
1,014,549 |
|
950,463 |
|
121,685 |
|
3,131,422 |
|
4,569,780 |
|
585,051 |
| |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP to GAAP reconciling items have no income tax
effect.
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