Futu Holdings Limited (“Futu” or the “Company”) (NASDAQ:
FUTU), a leading tech-driven online brokerage and wealth
management platform in China, today announced its unaudited
financial results for the fourth quarter and full year ended
December 31, 2019.
Fourth Quarter and Full Year 2019
Operational Highlights
- Total number of registered clients1 increased
42.9% year-over-year to 717,842 as of December 31, 2019.
- Total number of paying clients2 increased
49.4% year-over-year to 198,382 as of December 31, 2019.
- Total number of users3 increased 34.7%
year-over-year to 7.5 million as of December 31, 2019.
- Total client assets increased 71.1%
year-over-year to HK$87.1 billion as of December 31, 2019.
- Daily average client assets were HK$80.0
billion in the fourth quarter of 2019, an increase of 57.6% from
the same period in 2018.
- Total trading volume in the fourth quarter of
2019 decreased 1.8% year-over-year to HK$224.8 billion.
Total trading volume in 2019
decreased 3.8% year-over-year to HK$872.7 billion.
- Daily average revenue trades (DARTs)4
in the fourth quarter of 2019 increased 4.5%
year-over-year to 105,093. DARTs in
2019 increased 8.7% year-over-year to 105,511.
- Margin financing and securities lending
balance increased 52.2% year-over-year to HK$4.8 billion
as of December 31, 2019.
Fourth Quarter 2019 Financial
Highlights
- Total revenues increased 36.8% year-over-year
to HK$310.9 million (US$39.9 million).
- Total gross profit increased 37.6%
year-over-year to HK$224.1 million (US$28.8 million).
- Net income increased 14.9% year-over-year to
HK$43.9 million (US$5.6 million).
- Non-GAAP adjusted net income5 increased 19.1%
year-over-year to HK$49.3 million (US$6.3 million).
Full year 2019 Financial
Highlights
- Total revenues increased 30.9% year-over-year
to HK$1,061.6 million (US$136.3 million).
- Total gross profit increased 38.8%
year-over-year to HK$779.9 million (US$100.1 million).
- Net income increased 19.6% year-over-year to
HK$165.7 million (US$21.3 million).
- Non-GAAP adjusted net income5 increased 21.9%
year-over-year to HK$181.6 million (US$23.3 million).
_____________________
1 The number of registered clients refers to the
number of users who open one or more trading accounts on Futu’s
platform.2 The number of paying clients refers to the number of the
clients with assets in their trading accounts on Futu’s platform.3
The number of users refers to the number of user accounts
registered with our Futu NiuNiu applications or websites.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.
“We are pleased to report another strong
quarter, driven by robust growth in the number of paying clients
and total client assets,” said Mr. Leaf Hua Li, Futu’s Chairman and
Chief Executive Officer. “We added 21,620 paying clients in the
fourth quarter of 2019, the highest quarterly paying client net
addition we have witnessed so far. As a result, the total number of
paying clients reached over 198 thousand as of year-end,
representing a 49% increase year-over-year.”
“We attribute the strong paying client growth to
a combination of optimized marketing efforts, upbeat market
sentiment and high-profile Hong Kong IPOs. In the fourth quarter,
we selectively worked with a number of targeted third-party
channels whose client profiles are similar to our own. The active
IPO market was also in our favor: our clients’ total subscription
for the IPOs of Alibaba and Poly Property Development both exceeded
HK$5.0 billion. Notably, our clients accounted for 13% of Alibaba’s
total number of retail subscribers and 5% of its public tranche
allocation. The strong demand from Alibaba’s secondary listing in
Hong Kong leads us to believe that our business will be a key
beneficiary of the continued dual and secondary listings of
high-quality Chinese new economy companies in Hong Kong.”
“Our total client assets jumped 71%
year-over-year to HK$87.1 billion. We are encouraged to see that
clients continue to entrust us with more assets, and we are seeing
a growing share of their assets flowing into our mutual fund
distribution business. Total client assets in mutual funds
surpassed HK$6.0 billion as of year-end, representing over 100%
sequential growth. We have established comprehensive fund selection
criteria and continue to source and onboard the best-performing
fund products across asset classes from top-notch Chinese and
global fund houses. We expect to distribute over 50 mutual funds on
our platform by mid-2020.”
“Given that our business is 100% online, our
operating metrics haven’t demonstrated much negative impact from
the outbreak of COVID-19 so far. The launch of new products may be
delayed in the first quarter, but we do not believe such delay will
weigh on the long-term growth prospects of our business.”
Mr. Arthur Yu Chen, Futu’s Chief Financial
Officer, added, “In the fourth quarter, we recorded total revenue
of HK$310.9 million, up 36.8% from the same period in 2018. Total
trading volume was HK$224.8 billion, up 7% sequentially, but
remained relatively flat on a year-over-year basis. In 2020, we
will continue to expand our portfolio of trading products to cater
to the needs of various clients. As we continue to prioritize
paying client growth, client retention and net asset inflow, we
will also focus on cost control and the delivery of greater
operating leverage.”
Fourth Quarter 2019 Financial
Results
Revenues
Total revenues were HK$310.9 million (US$39.9
million), an increase of 36.8% from HK$227.2 million in the fourth
quarter of 2018.
Brokerage commission and handling charge income
was HK$151.6 million (US$19.5 million), an increase of 33.8% from
HK$113.3 million in the fourth quarter of 2018. The increase was
mainly due to higher brokerage income from IPO subscription service
and higher blended commission rates due to the increasing
penetration of derivatives trading.
Interest income was HK$128.0 million (US$16.4
million), an increase of 24.5% from HK$102.8 million in the fourth
quarter of 2018. The increase was mainly due to higher margin
interest income driven by higher daily average margin financing and
securities lending balance and higher interest income from IPO
financing.
Other income was HK$31.4 million (US$4.0
million), an increase of 185.5% from HK$11.0 million in the fourth
quarter of 2018. The rise was primarily due to the Company’s new
mutual fund distribution business and higher IPO financing service
charge income.
Costs
Total costs were HK$86.8 million (US$11.1
million), an increase of 35.0% from HK$64.3 million in the fourth
quarter of 2018.
Brokerage commission and handling charge
expenses were HK$30.8 million (US$3.9 million), an increase of
50.2% from HK$20.5 million in the fourth quarter of 2018. The rise
was mainly due to higher IPO subscription costs.
Interest expenses were HK$31.2 million (US$4.0
million), an increase of 39.3% from HK$22.4 million in the same
period of 2018. The increase was primarily due to higher IPO
financing interest expense.
Processing and servicing costs were HK$24.9
million (US$3.2 million), an increase of 16.9% from HK$21.3 million
in the fourth quarter of 2018. The rise was primarily due to the
increase in both market information and data fees and cloud service
fees, as the Company continued to expand its market data services
and enhance infrastructure.
Gross Profit
Total gross profit was HK$224.1 million (US$28.8
million), an increase of 37.6% from HK$162.9 million in the fourth
quarter of 2018.
Gross margin was 72.1%, compared with 71.7% in
the fourth quarter of 2018.
Operating Expenses
Total operating expenses were HK$181.4 million
(US$23.3 million), an increase of 80.7% from HK$100.4 million in
the fourth quarter of 2018.
Research and development expenses were HK$74.3
million (US$9.5 million), an increase of 63.7% from HK$45.4 million
in the fourth quarter of 2018. The rise was primarily due to the
continued increase in research and development headcount as the
Company enriched its product offerings.
Selling and marketing expenses were HK$51.3
million (US$6.6 million), an increase of 110.2% from HK$24.4
million in the fourth quarter of 2018. The rise was primarily due
to higher branding and marketing spending in the fourth quarter of
2019 as the Company further diversified its marketing channels.
General and administrative expenses were HK$55.7
million (US$7.2 million), an increase of 82.0% from HK$30.6 million
in the fourth quarter of 2018. The rise was primarily due to an
increase in headcount for general and administrative personnel and
higher professional service fees.
Net Income
Net income increased by 14.9% to HK$43.9 million
(US$5.6 million) from HK$38.2 million in the fourth quarter of
2018. The increase was primarily due to lower taxation as the
Company benefited from tax incentives for high-tech enterprises in
the fourth quarter of 2019.
Non-GAAP adjusted net income increased by 19.1%
to HK$49.3 million (US$6.3 million) from HK$41.4 million in the
corresponding period of 2018. 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$0.35 (US$0.05); diluted net income per ADS was
HK$0.35 (US$0.05). Each ADS represents eight Class A ordinary
shares.
Full Year 2019 Financial
Results
Revenues
Total revenues were HK$1,061.6 million (US$136.3
million), an increase of 30.9% from HK$811.3 million in 2018.
Brokerage commission and handling charge income
was HK$511.4 million (US$65.6 million), an increase of 25.3% from
HK$408.0 million in 2018. The increase was mainly attributable to
higher blended commission rates and IPO subscription fees.
Interest income was HK$464.9 million (US$59.7
million), an increase of 28.9% from HK$360.6 million in 2018. The
increase was mainly attributable to higher margin financing and
securities lending balance, and higher bank deposit interest
income.
Other income was HK$85.3 million (US$10.9
million), an increase of 99.3% from HK$42.8 million in 2018. The
rise was primarily due to the Company’s new mutual fund
distribution business and higher IPO subscription service charge
income.
Costs
Total costs were HK$281.7 million (US$36.2
million), an increase of 12.9% from HK$249.6 million in 2018.
Brokerage commission and handling charge
expenses were HK$100.6 million (US$12.9 million), an increase of
25.6% from HK$80.1 million in 2018. The rise was roughly in line
with the Company’s brokerage commission income.
Interest expenses were HK$89.2 million (US$11.5
million), a decrease of 6.7% from HK$95.6 million in the same
period of 2018. The decrease was primarily because the Company had
fully repaid funds borrowed from other parties by the end of the
first quarter of 2019.
Processing and servicing costs were HK$91.9
million (US$11.8 million), an increase of 24.5% from HK$73.8
million in 2018. The rise was primarily due to the increase in both
market information and data fees and data transmission fee, as the
Company continued to expand its market data services and enhance
infrastructure.
Gross Profit
Total gross profit was HK$779.9 million
(US$100.1 million), an increase of 38.8% from HK$561.7 million in
2018.
Gross margin was 73.5%, compared with 69.2% in
2018. The rise was primarily due to greater operating leverage as a
result of the Company’s larger scale and improved operating
efficiency, as well as higher net interest margin in 2019.
Operating Expenses
Total operating expenses were HK$591.9 million
(US$76.0 million), an increase of 67.7% from HK$353.0 million in
2018.
Research and development expenses were HK$262.3
million (US$33.7 million), an increase of 73.6% from HK$151.1
million in 2018. The rise was primarily due to the continued
increase in research and development headcount as the Company
enriched its product offerings.
Selling and marketing expenses were HK$164.7
million (US$21.1 million), an increase of 67.9% from HK$98.1
million in 2018. The rise was primarily due to higher branding and
marketing spending in 2019.
General and administrative expenses were
HK$164.9 million (US$21.2 million), an increase of 58.9% from
HK$103.8 million in 2018. The rise was primarily due to an increase
in headcount for general and administrative personnel and higher
professional service fees.
Net Income
Net income increased by 19.6% to HK$165.7
million (US$21.3 million) from HK$138.5 million in 2018. The
increase was primarily due to lower taxation as the company
benefited from tax incentives for high-tech enterprises in
2019.
Non-GAAP adjusted net income increased by 21.9%
to HK$181.6 million (US$23.3 million) from HK$149.0 million in the
same period in 2018. 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$1.38 (US$0.18); diluted net income per ADS was
HK$1.25 (US$0.16). Each ADS represents eight Class A ordinary
shares.
Conference Call and Webcast
Futu's management will hold an earnings
conference call on Wednesday, March 18, 2020, at 8:00 AM U.S.
Eastern Time (8:00 PM on the same day, Beijing/Hong Kong Time).
Dial-in details for the earnings conference call are as
follows:
|
International: |
+65-6713-5090 |
|
China: |
800-819-0121 |
|
US: |
+1-845-675-0437 |
|
Hong Kong: |
+852-3018-6771 |
|
Passcode: |
Futu |
A telephone replay will be available after the
conclusion of the conference call through 8:59 AM U.S. Eastern
Time, March 26, 2020. The dial-in details are:
|
International: |
+61-2-8199-0299 |
|
US: |
+1-646-254-3697 |
|
Passcode: |
9155905 |
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 a fully digitized brokerage and wealth management
platform. The Company primarily serves the emerging affluent
Chinese population, pursuing a massive opportunity to facilitate a
once-in-a-generation shift in the wealth management industry and
build a digital gateway into broader financial services. The
Company provides investing services through its proprietary digital
platform, Futu NiuNiu, a highly integrated application accessible
through any mobile device, tablet or desktop. The Company’s primary
fee-generating services include trade execution and margin
financing which allow its clients to trade securities, such as
stocks, warrants, options and exchange-traded funds, or ETFs,
across different markets. Futu enhances the user and client
experience with market data and news, research, as well as powerful
analytical tools, providing them with a data rich foundation to
simplify the investing decision-making process. Futu has also
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.
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 is 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$7.7894 to US$1.00, the noon buying rate in effect on
December 31, 2019 in the H.10 statistical release of the Federal
Reserve Board. The Company makes no representation that the HK$ 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 expectation of its collection
efficiency and delinquency, 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 collaborate 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 and media inquiries, please
contact:
Futu Holdings Limited
IR inquiries:Daniel YuanTel: +86 (755) 8663-6688
ext. 8925E-mail: ir@futuholdings.com
Media inquiries:Amanda MuTel: +86 (755)
8663-6688 ext. 8147E-mail: futupr@futunn.com
|
FUTU HOLDINGS LIMITED |
|
|
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
|
(In thousands, except for share and per share
data) |
|
|
|
|
As of December 31 |
|
As of December 31 |
|
|
2018 |
|
2019 |
|
2019 |
|
|
HK$ |
|
HK$ |
|
US$ |
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
215,617 |
|
|
362,574 |
|
|
46,547 |
|
|
Cash held on behalf of clients |
11,771,487 |
|
|
14,540,863 |
|
|
1,866,750 |
|
|
Available-for-sale financial securities |
59,348 |
|
|
93,773 |
|
|
12,039 |
|
|
Equity method investment |
- |
|
|
6,166 |
|
|
792 |
|
|
Loans and advances |
3,086,904 |
|
|
4,188,689 |
|
|
537,742 |
|
|
Receivables: |
|
|
|
|
|
|
|
|
|
Clients |
120,256 |
|
|
247,017 |
|
|
31,712 |
|
|
Brokers |
425,849 |
|
|
1,226,348 |
|
|
157,438 |
|
|
Clearing organization |
175,955 |
|
|
304,080 |
|
|
39,038 |
|
|
Interest |
49,427 |
|
|
16,892 |
|
|
2,169 |
|
|
Prepaid assets |
8,810 |
|
|
12,470 |
|
|
1,601 |
|
|
Operating lease right-of-use assets |
- |
|
|
161,617 |
|
|
20,748 |
|
|
Other assets |
149,279 |
|
|
239,435 |
|
|
30,739 |
|
|
Total assets |
16,062,932 |
|
|
21,399,924 |
|
|
2,747,315 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
Amounts due to related parties |
8,591 |
|
|
33,628 |
|
|
4,317 |
|
|
Payables: |
|
|
|
|
|
|
|
|
|
Clients |
12,304,717 |
|
|
15,438,879 |
|
|
1,982,037 |
|
|
Brokers |
920,871 |
|
|
1,484,243 |
|
|
190,547 |
|
|
Interest |
2,405 |
|
|
519 |
|
|
67 |
|
|
Borrowings |
1,576,251 |
|
|
1,467,586 |
|
|
188,408 |
|
|
Securities sold under agreements to repurchase |
- |
|
|
1,590 |
|
|
204 |
|
|
Operating lease liabilities |
- |
|
|
172,466 |
|
|
22,141 |
|
|
Accrued expenses and other liabilities |
149,818 |
|
|
252,460 |
|
|
32,411 |
|
|
Total liabilities |
14,962,653 |
|
|
18,851,371 |
|
|
2,420,132 |
|
|
|
|
|
|
|
|
|
|
|
|
MEZZANINE EQUITY |
|
|
|
|
|
|
|
|
|
Series A convertible redeemable preferred shares |
68,072 |
|
|
- |
|
|
- |
|
|
Series A-1 convertible redeemable preferred shares |
14,587 |
|
|
- |
|
|
- |
|
|
Series B convertible redeemable preferred shares |
282,627 |
|
|
- |
|
|
- |
|
|
Series C convertible redeemable preferred shares |
777,835 |
|
|
- |
|
|
- |
|
|
Series C-1 convertible redeemable preferred shares |
107,351 |
|
|
- |
|
|
- |
|
|
Total mezzanine equity |
1,250,472 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’(DEFICIT)/EQUITY |
|
|
|
|
|
|
|
|
|
Pre-IPO ordinary shares |
31 |
|
|
- |
|
|
- |
|
|
Class A ordinary shares |
- |
|
|
36 |
|
|
5 |
|
|
Class B ordinary shares |
- |
|
|
42 |
|
|
5 |
|
|
Additional paid-in capital |
- |
|
|
2,536,182 |
|
|
325,594 |
|
|
Accumulated other comprehensive loss |
(1,299 |
) |
|
(4,446 |
) |
|
(570 |
) |
|
(Accumulated deficit)/Retained earnings |
(148,925 |
) |
|
16,739 |
|
|
2,149 |
|
|
Total shareholders' (deficit)/equity |
(150,193 |
) |
|
2,548,553 |
|
|
327,183 |
|
|
Total liabilities, mezzanine equity and
shareholder's (deficit)/equity |
16,062,932 |
|
|
21,399,924 |
|
|
2,747,315 |
|
|
|
|
|
|
|
|
|
|
|
|
FUTU HOLDINGS LIMITED |
|
|
|
UNAUDITED 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, |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
2018 |
2019 |
2019 |
2018 |
2019 |
2019 |
|
|
HK$ |
|
HK$ |
|
US$ |
|
HK$ |
|
HK$ |
|
US$ |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage commission and handling charge income |
113,328 |
|
|
151,590 |
|
|
19,461 |
|
|
407,990 |
|
|
511,365 |
|
|
65,649 |
|
|
Interest income |
102,848 |
|
|
127,958 |
|
|
16,427 |
|
|
360,585 |
|
|
464,903 |
|
|
59,684 |
|
|
Other income |
11,000 |
|
|
31,362 |
|
|
4,026 |
|
|
42,768 |
|
|
85,287 |
|
|
10,949 |
|
|
Total revenues |
227,176 |
|
|
310,910 |
|
|
39,914 |
|
|
811,343 |
|
|
1,061,555 |
|
|
136,282 |
|
|
Costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage commission and handling charge expenses |
(20,513 |
) |
|
(30,762 |
) |
|
(3,949 |
) |
|
(80,127 |
) |
|
(100,550 |
) |
|
(12,909 |
) |
|
Interest expenses |
(22,448 |
) |
|
(31,174 |
) |
|
(4,002 |
) |
|
(95,624 |
) |
|
(89,238 |
) |
|
(11,456 |
) |
|
Processing and servicing costs |
(21,294 |
) |
|
(24,884 |
) |
|
(3,195 |
) |
|
(73,843 |
) |
|
(91,916 |
) |
|
(11,800 |
) |
|
Total costs |
(64,255 |
) |
|
(86,820 |
) |
|
(11,146 |
) |
|
(249,594 |
) |
|
(281,704 |
) |
|
(36,165 |
) |
|
Total gross profit |
162,921 |
|
|
224,090 |
|
|
28,768 |
|
|
561,749 |
|
|
779,851 |
|
|
100,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses |
(45,440 |
) |
|
(74,322 |
) |
|
(9,541 |
) |
|
(151,097 |
) |
|
(262,345 |
) |
|
(33,680 |
) |
|
Selling and marketing expenses |
(24,391 |
) |
|
(51,337 |
) |
|
(6,591 |
) |
|
(98,062 |
) |
|
(164,701 |
) |
|
(21,144 |
) |
|
General and administrative expenses |
(30,563 |
) |
|
(55,706 |
) |
|
(7,151 |
) |
|
(103,831 |
) |
|
(164,850 |
) |
|
(21,164 |
) |
|
Total operating expenses |
(100,394 |
) |
|
(181,365 |
) |
|
(23,283 |
) |
|
(352,990 |
) |
|
(591,896 |
) |
|
(75,988 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others, net |
(1,947 |
) |
|
(1,767 |
) |
|
(227 |
) |
|
(7,959 |
) |
|
(9,462 |
) |
|
(1,215 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense |
60,580 |
|
|
40,958 |
|
|
5,258 |
|
|
200,800 |
|
|
178,493 |
|
|
22,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from equity method investments |
- |
|
|
(334 |
) |
|
(43 |
) |
|
- |
|
|
(543 |
) |
|
(70 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expenses)/benefit |
(22,406 |
) |
|
3,318 |
|
|
426 |
|
|
(62,288 |
) |
|
(12,286 |
) |
|
(1,577 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
38,174 |
|
|
43,942 |
|
|
5,641 |
|
|
138,512 |
|
|
165,664 |
|
|
21,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares redemption value accretion |
(16,740 |
) |
|
- |
|
|
- |
|
|
(66,998 |
) |
|
(12,309 |
) |
|
(1,580 |
) |
|
Income allocation to participating preferred shareholders |
(10,363 |
) |
|
- |
|
|
- |
|
|
(34,576 |
) |
|
(10,196 |
) |
|
(1,309 |
) |
|
Net income attributable to ordinary shareholders of the
Company |
11,071 |
|
|
43,942 |
|
|
5,641 |
|
|
36,938 |
|
|
143,159 |
|
|
18,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to ordinary shareholders
of the Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.02 |
|
|
0.04 |
|
|
0.01 |
|
|
0.09 |
|
|
0.17 |
|
|
0.02 |
|
|
Diluted |
0.02 |
|
|
0.04 |
|
|
0.01 |
|
|
0.07 |
|
|
0.16 |
|
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
0.35 |
|
|
0.05 |
|
|
|
|
|
1.38 |
|
|
0.18 |
|
|
Diluted |
|
|
|
0.35 |
|
|
0.05 |
|
|
|
|
|
1.25 |
|
|
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares used in
computing net income per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
403,750,000 |
|
|
995,325,912 |
|
|
995,325,912 |
|
|
403,750,000 |
|
|
832,790,329 |
|
|
832,790,329 |
|
|
Diluted |
511,536,122 |
|
|
1,007,588,968 |
|
|
1,007,588,968 |
|
|
511,536,122 |
|
|
917,897,426 |
|
|
917,897,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
38,174 |
|
|
43,942 |
|
|
5,641 |
|
|
138,512 |
|
|
165,664 |
|
|
21,267 |
|
|
Other comprehensive income, net of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
5,653 |
|
|
(5,205 |
) |
|
(668 |
) |
|
754 |
|
|
(3,147 |
) |
|
(404 |
) |
|
Total comprehensive income |
43,827 |
|
|
38,737 |
|
|
4,973 |
|
|
139,266 |
|
|
162,517 |
|
|
20,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUTU HOLDINGS LIMITED |
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
|
|
(In thousands) |
|
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
2018 |
2019 |
2019 |
2018 |
2019 |
2019 |
|
|
HK$ |
|
HK$ |
|
US$ |
|
HK$ |
|
HK$ |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash generated from operating activities |
1,074,362 |
|
|
3,161,694 |
|
|
405,897 |
|
|
4,470,167 |
|
|
1,969,434 |
|
|
252,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
(47,336 |
) |
|
(80,958 |
) |
|
(10,393 |
) |
|
(78,052 |
) |
|
(160,057 |
) |
|
(20,548 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in)/generated from financing
activities |
(325,251 |
) |
|
147,850 |
|
|
18,981 |
|
|
35,690 |
|
|
1,151,622 |
|
|
147,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents
and restricted cash |
8,807 |
|
|
(44,647 |
) |
|
(5,732 |
) |
|
7,457 |
|
|
(44,666 |
) |
|
(5,734 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash, cash equivalents and restricted
cash |
710,582 |
|
|
3,183,939 |
|
|
408,753 |
|
|
4,435,262 |
|
|
2,916,333 |
|
|
374,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at beginning of the
period |
11,276,522 |
|
|
11,719,498 |
|
|
1,504,544 |
|
|
7,551,842 |
|
|
11,987,104 |
|
|
1,538,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at end of the
period |
11,987,104 |
|
|
14,903,437 |
|
|
1,913,297 |
|
|
11,987,104 |
|
|
14,903,437 |
|
|
1,913,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
215,617 |
|
|
362,574 |
|
|
46,547 |
|
|
215,617 |
|
|
362,574 |
|
|
46,547 |
|
|
Cash held on behalf of clients |
11,771,487 |
|
|
14,540,863 |
|
|
1,866,750 |
|
|
11,771,487 |
|
|
14,540,863 |
|
|
1,866,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash
at end of the period |
11,987,104 |
|
|
14,903,437 |
|
|
1,913,297 |
|
|
11,987,104 |
|
|
14,903,437 |
|
|
1,913,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion to preferred shares redemption value |
16,740 |
|
|
- |
|
|
- |
|
|
66,998 |
|
|
12,309 |
|
|
1,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUTU HOLDINGS LIMITED |
|
|
|
UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP
RESULTS |
|
|
|
(In thousands) |
|
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
|
December
31,2018 |
|
December
31,2019 |
|
December
31,2019 |
|
December
31,2018 |
|
December
31,2019 |
|
December
31,2019 |
|
|
HK$ |
|
HK$ |
|
US$ |
|
HK$ |
|
HK$ |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
38,174 |
|
43,942 |
|
5,641 |
|
138,512 |
|
165,664 |
|
21,267 |
|
Add: share-based compensation expenses |
3,197 |
|
5,382 |
|
691 |
|
10,440 |
|
15,967 |
|
2,050 |
|
Adjusted net income |
41,371 |
|
49,324 |
|
6,332 |
|
148,952 |
|
181,631 |
|
23,317 |
Futu (NASDAQ:FHL)
過去 株価チャート
から 3 2024 まで 4 2024
Futu (NASDAQ:FHL)
過去 株価チャート
から 4 2023 まで 4 2024
