UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the
“Company”), a leading online brokerage firm focusing on global
investors, today announced its unaudited financial results for the
second quarter ended June 30, 2021.
“Market backdrop was relatively weaker compared
to the first quarter, but I am happy to report that the Company
still achieved substantial expansion in the second quarter,” stated
Mr. Wu Tianhua, CEO and Director of UP Fintech. “As we continue to
invest in our internationalization, there was a significant
increase in the number of newly funded accounts and the total
account balance. We added 153,100 funded accounts in the second
quarter, an increase of 353.5% year over year and 30.4% quarter
over quarter; of these newly acquired accounts, over 60% came from
international markets. Total account balance reached US$23.9
billion despite challenging market conditions, nearly triple that
of the same period last year and 11.8% increase from the first
quarter of this year.
Total revenues were US$60.2 million, a 98.7%
increase from the second quarter of 2020. We increased investment
in self clearing, user acquisition and talent recruiting, which are
essential to our future growth, which resulted in increasing
operating costs and expenses compared to same quarter last
year.
Our corporate businesses also demonstrated
strong growth in the second quarter as we continued to serve an
ever more diverse range of clients. In the second quarter we added
51 ESOP clients, many of which were private firms with valuations
in excess of one billion USD. The swift development of our ESOP
business is a testament to our Company’s ability to rapidly scale
and market innovative new products and services; we launched ESOP
just over two years ago and now already serve 216 corporate
clients. We also participated in 17 IPOs in Hong Kong and the U.S.
during the second quarter. We look forward to collaborating with
our next generation clients as they grow.
Our wealth management business and proprietary
self-clearing system continue to develop nicely. By the end of the
second quarter, over 50.0% of clients were having their U.S. cash
equities trades cleared by TradeUP Securities Inc. (formerly known
as Marsco Investment Corporation). We also added 48 funds to our
digital wealth management product, The Fund Mall, during the
quarter.
Finally, we continue to focus on enriching the
content our clients may engage with on our platform. We will
continue to upgrade the products and services that we offer to both
our individual clients, as well as our corporate partners, as we
expand both our geographic footprint as well as the capabilities
integrated into our leading fintech platform.
Financial Highlights for Second Quarter
2021
- Total revenues
increased 98.7% year-over-year to US$60.2 million.
- Total net revenues
increased 95.0% year-over-year to US$55.4 million.
- Net loss was
US$21.5 million compared to a net income of US$4.4 million in the
same quarter of last year.
- Net loss attributable to UP
Fintech was US$21.5 million compared to a net income of
US$2.9 million in the same quarter of last year.
- Non-GAAP net loss
attributable to UP Fintech was US$4.4 million, compared to
a non-GAAP net income of US$4.7 million in the same quarter of last
year. A reconciliation of non-GAAP financial metrics to the most
comparable GAAP metrics is set forth below.
Operating Highlights for Second Quarter
2021
- Total account
balance increased 188.9% year-over-year to US$23.9
billion.
- Total margin financing and
securities lending balance increased 187.7% year-over-year
to US$3.5 billion.
- Total number of customers
with deposits increased 215.2% year-over-year to 529.1
thousand.
Selected Operating Data for Second Quarter
2021
|
As of and for the three months ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
2020 |
|
2021 |
|
2021 |
In 000's |
|
|
|
|
|
Number of customer accounts |
833.9 |
|
1,400.2 |
|
1,649.0 |
Number of customers with deposits |
167.8 |
|
376.0 |
|
529.1 |
|
|
|
|
|
|
In USD millions |
|
|
|
|
|
Trading volume |
46,755.7 |
|
123,831.5 |
|
102,006.0 |
Total account balance |
8,283.1 |
|
21,414.6 |
|
23,932.7 |
Second Quarter 2021 Financial Results
REVENUES
Total revenues were US$60.2 million, up 98.7%
from US$30.3 million in same quarter of last year.
Commissions were US$30.9 million, up 63.7% from
US$18.9 million in same quarter of last year, driven by an increase
in our user base and trading volume.
Financing service fees were US$2.2 million, up
31.6% from US$1.7 million in the same quarter of last year,
primarily due to an increase in margin trading balance.
Interest income was US$16.8 million, up 134.9%
from US$7.2 million in same period of last year. This was also due
to an increase in our user base and margin activities.
Other revenues were US$10.2 million, up 301.5%
from US$2.5 million in the same quarter of last year, primarily due
to the growth of our underwriting business and currency exchange
service.
Interest expense was US$4.8 million, an increase
of 153.8% from US$1.9 million in the same quarter of last year,
primarily due to an increase in our user base and margin
activities.
OPERATING COSTS AND EXPENSES
Total operating costs and expenses were US$62.5
million, an increase of 171.0% from US$23.1 million in the same
quarter of last year.
Execution and clearing expenses were US$6.6
million, an increase of 131.2% from US$2.8 million in the same
quarter of last year, due to an increase in our user base and
trading volume.
Employee compensation and benefits expenses were
US$20.6 million, an increase of 81.6% from US$11.3 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$1.5 million, an increase of 31.5% 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$5.1 million, an increase of 142.7% from US$2.1 million in the
same quarter last year, due to rapid user growth and expanded
market data coverage.
Marketing and branding expenses were US$23.7
million, an increase of 715.6% from US$2.9 million in the same
quarter last year. This increase was derived from our continuous
efforts to expand globally in accordance with our
internationalization strategy.
General and administrative expenses were US$5.1
million, an increase of 83.9% from US$2.8 million in the same
quarter last year, primarily due to increased professional services
expenses and general expenses resulting from business
expansion.
NET INCOME/LOSS ATTRIBUTABLE TO UP FINTECH HOLDING
LIMITED
Net loss attributable to UP Fintech was US$21.5
million, as compared to a net income of US$2.9 million in the same
quarter of last year. Net loss per ADS – diluted was US$0.149 , as
compared to a net income per ADS – diluted of US$0.021 in the same
quarter of last year.
Non-GAAP net loss attributable to UP Fintech,
which excludes share-based compensation, impairment loss from
equity investments and fair value change from convertible bonds,
was US$4.4 million, as compared to a US$4.7 million non-GAAP net
income attributable to UP Fintech in the same quarter of last year.
Non-GAAP net loss per ADS – diluted was US$0.030 as compared to a
non-GAAP net income per ADS – diluted of US$0.033 in the same
quarter of last year.
For the second quarter of 2021, the Company’s
weighted average number of ADSs used in calculating net loss per
ADS – diluted and non-GAAP net loss per ADS – diluted was
144,357,366. As of June 30, 2021, the Company had a total of
2,268,234,941 Class A and B ordinary shares outstanding, or the
equivalent of 151,215,663 ADSs.
CERTAIN
OTHER FINANCIAL ITEMS
Fair value change from convertible bonds has increased to about
US$ 13.7 million due to change of fair market value of the stock
price in this quarter which is one of the significant inputs to
evaluate the convertible bonds.
As of June 30, 2021, the Company's cash and cash
equivalents and term deposits were US$313.2 million, compared to
US$98.4 million as of December 31, 2020.
Conference Call Information
UP Fintech’s management will hold an earnings conference call at
8:00 AM on September 10, 2021, U.S. Eastern Time (8:00 PM on
September 10, 2021 Beijing/Hong Kong Time).
Participants may register for the conference call by navigating
to http://apac.directeventreg.com/registration/event/3996772
Once preregistration has been complete, participants will
receive dial-in numbers, direct event passcode, and registrant ID.
The conference ID is: 3996772.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 September 24,
2021.
Dial-in numbers for the replay are as
follows:
International: +61-2-8199-0299Passcode:
3996772
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,
impairment loss from equity investments and fair value change from
convertible bonds. 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, impairment loss from equity
investments and fair value change from convertible bonds. 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,
impairment loss from equity investment and fair value change from
convertible bonds have 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, including the earnings conference call. Statements
that are not historical facts, including statements about the
Company’s beliefs and expectations, are forward−looking statements.
Forward−looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward−looking
statement, including but not limited to the following: the
cooperation with Interactive Brokers LLC and Xiaomi Corporation and
its affiliates; the Company’s ability to effectively implement its
growth strategies; trends and competition in global financial
markets; changes in the Company’s revenues and certain cost or
expense accounting policies; the effects of the global COVID-19
pandemic; and governmental policies and regulations affecting the
Company’s industry and general economic conditions in China and
other countries. Further information regarding these and other
risks is included in the Company’s filings with the SEC, including
the Company’s annual report on Form 20-F filed with the SEC on
April 28, 2021. 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 June 30, |
2020 |
2021 |
|
US$ |
|
US$ |
Assets: |
|
|
|
Cash and cash equivalents |
79,652,897 |
|
|
310,353,294 |
|
Cash-segregated for regulatory purpose |
867,946,754 |
|
|
2,050,346,425 |
|
Term deposits |
18,698,143 |
|
|
2,826,603 |
|
Receivables from customers (net of allowance of US$91,788 and
US$453,494 as of December 31, 2020 and June 30, 2021) |
372,215,645 |
|
|
1,017,267,950 |
|
Receivables from brokers, dealers, and clearing organizations: |
|
|
|
Related party |
764,318,932 |
|
|
1,322,752,241 |
|
Others |
32,547,428 |
|
|
92,733,335 |
|
Financial instruments held, at fair value |
562,536 |
|
|
3,674,420 |
|
Prepaid expenses and other current assets |
11,214,430 |
|
|
15,597,678 |
|
Amounts due from related parties |
5,065,222 |
|
|
6,296,163 |
|
Total current
assets |
2,152,221,987 |
|
|
4,821,848,109 |
|
Non-current
assets: |
|
|
|
Right-of-use assets |
7,280,763 |
|
|
6,311,909 |
|
Property, equipment and intangible assets, net |
9,693,034 |
|
|
10,860,584 |
|
Goodwill |
2,421,403 |
|
|
2,421,403 |
|
Long-term investments |
6,480,951 |
|
|
7,172,621 |
|
Other non-current assets |
4,299,246 |
|
|
4,279,388 |
|
Deferred tax assets |
9,919,967 |
|
|
12,645,898 |
|
Total non-current
assets |
40,095,364 |
|
|
43,691,803 |
|
Total
assets |
2,192,317,351 |
|
|
4,865,539,912 |
|
Current
liabilities: |
|
|
|
Payables to customers |
1,696,164,267 |
|
|
3,528,446,275 |
|
Payables to brokers, dealers and clearing organizations: |
|
|
|
Related party |
218,574,120 |
|
|
375,518,085 |
|
Others |
5,135,941 |
|
|
314,324,003 |
|
Accrued expenses and other current liabilities |
27,138,201 |
|
|
39,962,609 |
|
Deferred income-current |
844,558 |
|
|
794,256 |
|
Lease liabilities-current |
3,514,592 |
|
|
3,842,384 |
|
Amounts due to related parties |
- |
|
|
13,457,238 |
|
Total current
liabilities |
1,951,371,679 |
|
|
4,276,344,850 |
|
Convertible bonds |
|
|
|
Related party |
- |
|
|
39,383,882 |
|
Others |
- |
|
|
129,515,045 |
|
Deferred income-non-current |
1,565,843 |
|
|
1,182,387 |
|
Lease liabilities- non-current |
3,692,701 |
|
|
2,338,313 |
|
Deferred tax liabilities |
- |
|
|
231,506 |
|
Total
liabilities |
1,956,630,223 |
|
|
4,448,995,983 |
|
Shareholders’
equity: |
|
|
|
Class A ordinary shares |
17,944 |
|
|
19,531 |
|
Class B ordinary shares |
3,376 |
|
|
3,151 |
|
Additional paid-in capital |
291,827,379 |
|
|
472,742,053 |
|
Statutory reserve |
2,663,551 |
|
|
2,663,551 |
|
Accumulated deficit |
(59,579,495 |
) |
|
(60,030,081 |
) |
Treasury Stock |
(2,172,819 |
) |
|
(2,172,819 |
) |
Accumulated other comprehensive income |
2,927,192 |
|
|
3,318,543 |
|
Total shareholders’
equity |
235,687,128 |
|
|
416,543,929 |
|
Total liabilities and
shareholders’ equity |
2,192,317,351 |
|
|
4,865,539,912 |
|
UP FINTECH
HOLDING LIMITED |
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME/(LOSS) |
(All amounts
in U.S. dollars ("US$"), except for number of shares (or ADSs) and
per share (or ADS) data) |
|
|
For the three months ended |
|
For the six months ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
Revenues(a): |
|
|
|
|
|
|
|
|
|
Commissions |
18,896,965 |
|
|
52,894,103 |
|
|
30,943,412 |
|
|
32,918,114 |
|
|
83,837,515 |
|
Interest related income |
|
|
|
|
|
|
|
|
|
Financing service fees |
1,698,009 |
|
|
2,239,870 |
|
|
2,234,256 |
|
|
3,340,951 |
|
|
4,474,126 |
|
Interest income |
7,170,421 |
|
|
15,631,913 |
|
|
16,846,112 |
|
|
11,928,145 |
|
|
32,478,025 |
|
Other revenues |
2,543,208 |
|
|
10,511,488 |
|
|
10,210,600 |
|
|
4,984,854 |
|
|
20,722,088 |
|
Total revenues |
30,308,603 |
|
|
81,277,374 |
|
|
60,234,380 |
|
|
53,172,064 |
|
|
141,511,754 |
|
Interest expense(a) |
(1,905,837 |
) |
|
(5,532,690 |
) |
|
(4,836,621 |
) |
|
(2,859,452 |
) |
|
(10,369,311 |
) |
Total Net Revenues |
28,402,766 |
|
|
75,744,684 |
|
|
55,397,759 |
|
|
50,312,612 |
|
|
131,142,443 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
Execution and clearing(a) |
(2,834,243 |
) |
|
(8,213,722 |
) |
|
(6,552,785 |
) |
|
(4,597,354 |
) |
|
(14,766,507 |
) |
Employee compensation and benefits |
(11,327,994 |
) |
|
(16,462,536 |
) |
|
(20,569,963 |
) |
|
(21,780,023 |
) |
|
(37,032,499 |
) |
Occupancy, depreciation and amortization |
(1,112,509 |
) |
|
(1,215,248 |
) |
|
(1,463,185 |
) |
|
(2,273,876 |
) |
|
(2,678,433 |
) |
Communication and market data(a) |
(2,110,059 |
) |
|
(3,953,961 |
) |
|
(5,120,366 |
) |
|
(3,939,842 |
) |
|
(9,074,327 |
) |
Marketing and branding(a) |
(2,907,004 |
) |
|
(12,803,374 |
) |
|
(23,709,115 |
) |
|
(5,623,490 |
) |
|
(36,512,489 |
) |
General and administrative |
(2,772,639 |
) |
|
(4,051,434 |
) |
|
(5,098,401 |
) |
|
(5,054,297 |
) |
|
(9,149,835 |
) |
Total operating costs and expenses |
(23,064,448 |
) |
|
(46,700,275 |
) |
|
(62,513,815 |
) |
|
(43,268,882 |
) |
|
(109,214,090 |
) |
Other income/(expense): |
|
|
|
|
|
|
|
|
|
Fair value change from convertible bonds |
- |
|
|
(29,870 |
) |
|
(13,733,130 |
) |
|
- |
|
|
(13,763,000 |
) |
Others, net |
2,004,332 |
|
|
(934,829 |
) |
|
(954,500 |
) |
|
746,642 |
|
|
(1,889,329 |
) |
Income/(loss) before income tax |
7,342,650 |
|
|
28,079,710 |
|
|
(21,803,686 |
) |
|
7,790,372 |
|
|
6,276,024 |
|
Income tax (expenses)/benefits |
(2,918,988 |
) |
|
(7,023,382 |
) |
|
296,772 |
|
|
(3,825,503 |
) |
|
(6,726,610 |
) |
Net income/(loss) |
4,423,662 |
|
|
21,056,328 |
|
|
(21,506,914 |
) |
|
3,964,869 |
|
|
(450,586 |
) |
Less: |
|
|
|
|
|
|
|
|
|
Net income attributable to redeemable non-controlling
interests |
1,474,312 |
|
|
- |
|
|
|
|
1,168,597 |
|
|
- |
|
Net
(loss)/income attributable to UP Fintech Holding
Limited |
2,949,350 |
|
|
21,056,328 |
|
|
(21,506,914 |
) |
|
2,796,272 |
|
|
(450,586 |
) |
|
Other comprehensive (loss)/ income, net of
tax: |
|
|
|
|
|
|
|
|
|
Changes in cumulative foreign currency translation adjustment |
(66,025 |
) |
|
(235,850 |
) |
|
627,201 |
|
|
657,966 |
|
|
391,351 |
|
Total Comprehensive income/(loss) |
4,357,637 |
|
|
20,820,478 |
|
|
(20,879,713 |
) |
|
4,622,835 |
|
|
(59,235 |
) |
|
|
|
|
|
|
|
|
|
|
Net income/(loss) per ordinary share: |
|
|
|
|
|
|
|
|
|
Basic |
0.001 |
|
|
0.010 |
|
|
(0.010 |
) |
|
0.001 |
|
|
0.000 |
|
Diluted |
0.001 |
|
|
0.010 |
|
|
(0.010 |
) |
|
0.001 |
|
|
0.000 |
|
Net income/(loss) per ADS (1 ADS represents 15 Class A
ordinary shares): |
|
|
|
|
|
|
|
|
|
Basic |
0.021 |
|
|
0.148 |
|
|
(0.149 |
) |
|
0.020 |
|
|
(0.003 |
) |
Diluted |
0.021 |
|
|
0.143 |
|
|
(0.149 |
) |
|
0.020 |
|
|
(0.003 |
) |
Weighted average number of ordinary shares used in
calculating net income/(loss) per ordinary share: |
|
|
|
|
|
|
|
|
|
Basic |
2,118,493,263 |
|
|
2,128,130,208 |
|
|
2,165,360,496 |
|
|
2,118,626,461 |
|
|
2,146,848,196 |
|
Diluted |
2,141,752,437 |
|
|
2,210,465,791 |
|
|
2,165,360,496 |
|
|
2,143,307,674 |
|
|
2,146,848,196 |
|
|
|
|
|
|
|
|
|
|
|
(a) Includes the following revenues, costs and expenses
resulting from transactions with related parties as follow:
|
|
For the three months ended |
|
For the six months ended |
|
June
30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
Revenues: |
|
|
|
|
|
|
|
|
|
Commissions |
9,399,501 |
|
|
13,334,528 |
|
|
5,923,448 |
|
|
18,435,993 |
|
|
19,257,976 |
|
Interest related income |
|
|
|
|
|
|
|
|
|
Financing service fees |
1,698,009 |
|
|
2,239,870 |
|
|
2,234,255 |
|
|
3,340,951 |
|
|
4,474,125 |
|
Interest income |
4,502,880 |
|
|
9,281,680 |
|
|
8,528,598 |
|
|
7,081,753 |
|
|
17,810,278 |
|
Other revenues |
591,026 |
|
|
5,957,010 |
|
|
3,767,259 |
|
|
967,869 |
|
|
9,724,269 |
|
Interest expense |
(1,018,128 |
) |
|
(4,259,765 |
) |
|
(3,570,503 |
) |
|
(1,897,770 |
) |
|
(7,830,268 |
) |
|
|
|
|
|
|
|
|
|
|
Execution and clearing |
(1,377,773 |
) |
|
(5,908,113 |
) |
|
(4,099,296 |
) |
|
(3,060,314 |
) |
|
(10,007,409 |
) |
Communication and market data |
- |
|
|
- |
|
|
(44,333 |
) |
|
- |
|
|
(44,333 |
) |
Marketing and branding |
(134,249 |
) |
|
- |
|
|
- |
|
|
(286,705 |
) |
|
- |
|
Reconciliations of Non-GAAP Results of Operations Measures
to the Nearest Comparable GAAP Measures |
(All amounts in U.S. dollars ("US$"), except for number of
ADSs and per ADS data) |
|
|
For the three months ended June 30, 2020 |
|
For the three months ended March 31, 2021 |
|
For the three months ended June 30, 2021 |
|
|
|
non-GAAP |
|
|
|
|
|
non-GAAP |
|
|
|
|
|
non-GAAP |
|
|
|
GAAP |
|
Adjustment |
|
non-GAAP |
|
GAAP |
|
Adjustment |
|
non-GAAP |
|
GAAP |
|
Adjustment |
|
non-GAAP |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,734,220 |
(1 |
) |
|
|
|
|
1,799,208 |
(1 |
) |
|
|
|
|
3,420,845 |
(1 |
) |
|
|
|
|
- |
(2 |
) |
|
|
|
|
600,000 |
(2 |
) |
|
|
|
|
- |
(2 |
) |
|
|
|
|
- |
(3 |
) |
|
|
|
|
29,870 |
(3 |
) |
|
|
|
|
13,733,130 |
(3 |
) |
|
Net income/(loss) attributable to UP Fintech Holding
Limited |
2,949,350 |
|
1,734,220 |
|
4,683,570 |
|
21,056,328 |
|
2,429,078 |
|
23,485,406 |
|
(21,506,914 |
) |
|
17,153,975 |
|
(4,352,939 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) per ADS
-diluted |
0.021 |
|
|
|
0.033 |
|
0.143 |
|
|
|
0.159 |
|
(0.149 |
) |
|
|
|
(0.030 |
) |
Weighted average number of ADSs used in calculating diluted net
income/(loss) per ADS |
142,783,496 |
|
|
|
142,783,496 |
|
147,364,386 |
|
|
|
147,364,386 |
|
144,357,366 |
|
|
|
|
144,357,366 |
|
(1) Share-based compensation. |
(2) Impairment loss from equity investments |
(3) Fair value change from convertible bonds |
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