Q1 2022 UP Fintech Holding Ltd Earnings Call
Today's conference is scheduled to begin shortly please continue to standby. We thank you for your patience. Today's conference is scheduled to begin shortly please continue to standby. We thank you for your patience.
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Ladies and gentlemen, thank you for standing by and welcome to up Fintech holding limited first quarter 2022 earnings conference call. At this time all participants are in a listen only mode. There would be a presentation followed by question and answer session I.
I must advise you that this conference is being recorded today Joseph June 2022.
I'd now like to hand, the conference over to your first speaker today Ms. Jane. Thank you. Please go ahead.
Thank you operator, Hello, everyone and thank you for joining us for the call today, I think that holding limited's first quarter two neutral neutral earnings release was distributed earlier today and is available on our IR website at IR I thought I tried their dot com as well as <unk>.
Global Newswire services.
On the call today, So I think I missed your old Gela, Chairman and Chief Executive Officer, Mr. Joe Jones, Chief Financial Officer, Mr. Oklahoma, Lei CEO of U S Tiger Securities and Mr. Kenny job, our financial controller.
Mr.
I will give an overview of our business operations and discuss corporate highlights Mr. Joe well, then discuss our financial results and then we'll both be available to answer your questions. During the Q&A session that follows their remarks.
Now, let me cover the Safe Harbor.
We're about to make contain forward looking statements within the meaning of the U S. Private Securities Litigation Reform Act of 1995.
Number of factors could cause actual results to differ materially from those contained in any forward looking statement for more information about factors that could cause actual results to materially differ from those in the forward looking statements. Please refer to our form 6K furnished today June 10th.
So stay tuned there too and our annual report on form 20-F filed on April 28, two niche and you too we undertake no obligation to update any forward looking statement, except as required under applicable law.
And it's my pleasure to now introduce our chairman and Chief Executive Officer, Mr. Mitchell.
Mr. <unk> will make remarks in Chinese which will be followed by English translation. Mr. Hu. Please go ahead with your remarks.
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Hello, everyone. Thank you for joining the Tiger brokers first quarter to neutral neutral earnings conference call.
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[noise] macro environment was more difficult in the first quarter versus a year ago, which led to a slowdown in trading commissions and underwriting revenue total revenue in the first quarter was $52 6 million U S. Dollar decreased 35, 2% year over year, but intra.
Shifting how stayed flat thanks to the gradual buildup ourself in Kuwait, a self clearing for U S Securities.
On a quarter over quarter basis total trading volume increased 6% from fourth quarter last year with moderate increases in trading Commission.
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We added 30170 found it accounts this quarter with over 80% coming from outside of China. Our total number of funded accounts also exceeded 700000 by the end of the first quarter, an increase of 87 point to 1% for all of them.
Same quarter last year, our goal is to acquire 100000 youll find it accomplished year total client asset decreased year over year to $15 $2 billion due to mark to market loss, but we saw strong net asset inflow of three five.
In U S dollars this corridor demonstrating their confidence in our platform even with increased market uncertainty.
Gee I like without some bullish a year with us we can project.
Now I would like to update on several key business developments at our company.
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Our internationalization, it's progressing well I know first quarter over 80% of newly found in new users, but you're right for overseas markets demonstrating the appeal of our next generation Fintech platform across the region.
In the first quarter, we officially launched in Australia, and our ranking as the head of competitors and the local I'll ask Appstore will also sell lots of efforts to localize our products for example in Australia, we launched option trading for cash accounts and Singapore, we added.
Level two market data, so think about stocks and he's working with ASCII acts to life changing investor education, So promote Singapore market.
We have been in Singapore for only two years and now they have already becomes our company's largest market and home, but we're confident we can achieve similar results in other countries or regions.
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We continue to invest in research and development to improve operational efficiency and to enhance user experience in March we started yourself clearing and self custodian, Singapore appetite, so what kind of fully leverage our self developed brokerage infrastructure to better silver thank god.
In the U S by the end of the first quarter over 90% of cash actors and 70 per cent of options contract.
Read yourself cleared through our U S subsidiaries. So it does strengthening our competitive advantages and trading securities.
We are also in the process to upgrade our Hong Kong trading system. So we kept our self clearing Hong Kong advocates in the next couple of quarters to achieve better unit economics.
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Our IPO underwriting business continued to perform even with wake market backdrop in the first quarter, we underwrote love, So and chalking since your IPO in Hong Kong and the U S. We were underwriter for southern U S ideal, making us one of the most.
Active U S underwriters. According to want those listing when data comes out.
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In terms of corporate services, we added 13 clients Tiger community in the first quarter and reached 300 corporate clients in total including clients such as Alibaba and W. W. Singapore, we are proud to be the brake connecting issuers.
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Or as the business continues to expand in the first quarter. We added 25, new companies to a total of 338 is up clients a year or two year growth rate of one O. Five first that we provide a comprehensive self services from plant design.
Digital management and have become the go to choice for many startup and public company.
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Now I would like to invite our CFO Jong to go over our financials.
Okay.
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Let me go through our financial performance for the first quarter all numbers are in U S. Dollar.
Total revenue was $52 6 million down 35% year over year as weaker market backdrop in the first quarter slowdown commissioning on the underwriting revenue.
And I always market sentiment marching out of securities lending balance also decreased but we managed to increase net interest related income by 8% year over year by lowering interest expense and a generally more securities lending revenue through a self clearing.
As we mentioned in the earnings release.
Starting from this quarter, we will report our diversity of treating mostly U S auction in the U S futures using number of contracts.
Cash equities will be reported on a standalone basis using trading volume.
This change will not affect previously disclosed operating data.
He used to help investors better understand our operation.
So far this quarter Commission from cash equities were 22 million.
Congress for 72% of total commission the order of 28 person emotionally commissions from derivative trading.
Based on $34 7 billion in equity trading volume this quarter take rate is six threep for cash equities.
In the first quarter of last year.
The equity accounted for 76% of total commission and the derivatives accounted for 24% cash equity take rate was 6.6 0.6 bps.
In the first quarter last year.
Well on the cost.
Execution and clearing expense were $4 5 million.
Decreased 45% year over year, and 34% quarter over quarter, primarily due to a more self clearing of U S equities.
Employee compensation increased 67% year over year to $27 5 million.
As nausea, we kept adding head count across region to support our global expansion.
And I wish the head count increase occupancy expense increased 69% to 2 million.
SG&A increased 12% to $4 5 million year over year.
Marketing expense for $10 million in the first quarter decreased 22% year over year.
We already put in with our marketing spending because we feel now is not the best market window to attract high quality users.
We will keep a close eye on C. S E N a payback to adjust our marketing strategy.
Communication and market data expenses were $6 4 million.
An increase of 61 person from a year ago due to rapid user growth.
Total operating costs were 55 million increased 17, six person from the same quarter last year.
non-GAAP net loss, which excludes share based compensation and the impairment loss from the laundry investment was one 9 million this quarter.
So I have concluded my remarks, operator, please open the life for Q&A. Thanks.
Thank you ladies and gentlemen, we will now begin the question and answer session. If you wish you ask a question. Please press star one on your telephone everybody to for your name to be announced if you wish to withdraw your request. Please press the pound or husky.
Please standby, while we compile the question and answer roster.
So once again to sell one for questions.
Our first question comes from the line of Hunter, who see ICC. Please ask your question.
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Thanks for taking my question. This is a handful of SEC I have two questions first of all could you. Please help breakdown and Daniel and you're paying clients in the region for the first quarter and how about the mix of our full year guidance I think in any we see the acquisition cost per paying client went off a lot in the first quarter.
Oh, what would be the reason and how do we see the trend in the coming quarters. Thanks.
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Thiago, let me translate okay. So too high so to your first question. Okay. So in the first quarter about 15% off the funded dot com came from mainland China, including yourself clients.
80% came from Singapore, and the rest five person from Australia, New Zealand and the U S. In total 85 personal with the Sunday I'll Count this quarter is from outside of China.
So our target is to acquire at least 100000 newly funded outcome. This year. We accept we expect the distribution will be around 50 person from mainland, China, 60 person, France, Singapore and Taiwan.
25% foreign countries regions like Hong Kong, Australia, and the U S.
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Okay. So in general the market sentiment is this week's investors prefer to stay on the Sinai. So customer accounts are funded our conversion rate will be lower that's the CIC tends to be higher reverses Marquis is more active.
In addition to the Marquis effect, we launched our servicing Australia in the first quarter when we enter a new market similar to what we have done in Singapore, where we will spend more on branding to promote our company.
Pantheon accounted for around 25% of our marketing expenses in the first quarter and we expect Brendon remains a big portion of our marketing for the next few quarters, so badly expenses plus training all worse.
Various marketing strategies are also leads to a higher C. I see when we just enter a new market.
So in short, we already put on which the marketing spending.
So you can see our total marketing expense decreased year over year and quarter over quarter, but keep a very close eye on C. H D N a payback to make sure we can.
Have a nice healthy you know like you'll need classic model and we're below it just might be very dynamics to address all of our marketing strategy. Thank you.
Well, so we don't see I don't think I think that's very helpful.
Thank you. Your next question comes from the line of Julia Chung from C. T. Please ask your question.
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Oh, what's going on I find Asia. Thank you for taking my question. This is Julia Zhou from Citi Research I have two questions here first.
Or could you give more color on the subsea young programs fall U S. Hong Kong, Singapore, there's lots of talk about the pace in the near to midterm and uncontroversial.
Unemployed confusion and second could you share the updates on the Hong Kong business, especially the time nice while acquiring retail customer and the sales and marketing budget like the land because.
Perhaps in Hong Kong versus auto market. Thank you.
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Okay.
So so to answer your question regarding Hong Kong, So as communicated before hours Hong Kong strategy will piece III stage first stage is that I'll be more active in Hong Kong IPO.
Right now it's a we are very activity in Hong Kong IPO underwriting Snyder.
First quarter real work on multiple deals and.
And I make a genomics.
Just not to book building today are Tiger is also underwriter. So we will keep expending, our Hong Kong underwriting business.
And then second stable.
To use Hong Kong to cure you know, our Hong Kong Securities Tradings. So this step was a debit delayed due to COVID-19 earlier. This year now we have completed several rounds of testing with Hong Kong exchange and these upgrades in the trading system to handle more volume.
We talked to you we targeted for use type of Hong Kong to execute atmosphere hung contributing in the next couple of quarters.
The first stage, which is the retail marketing.
So you know additional upgrades in our trading infrastructures. We are also fine tuning our product.
Experienced formulary marketing strategies.
Our goal is to.
Average you know our global operation experience to help us to explain the Hong Kong.
Our aim is to start retail marketing towards later this year.
In terms of our customer acquisition costs in Hong Kong.
So right now I'm, giving away Havent launched we don't have a firm grasp, but we understand you know the acquisition costs and Hong Kong among our peers is pretty high. So what are we going to do is to leverage the experience and the low house and also the strategies.
Other regions to all types of Hong Kong hopefully by then you know when we launch we can't find a sustainable CSC and the payback model.
Yes.
And regarding South Korea, I would just answer it in English.
So overall, our self clearing progress is according to schedule.
But I know first quarter way, we self clear over 90% of U S cash equities and over 70% of the U S options. So clearing expense for both products actually have decreased from close to 20 personal of commissioning.
In the first quarter last year to single digits this quarter.
So clearing expense various based on trading volume and product mix are used this quarter's clearing expense as a example, within the full 25 million clearing expense about to play them on unions are expensive, we pay to interactive broker primarily for Hong Kong Securities and the U S option theory.
About 1.5 million, Singapore, local clearing out a custodian expense.
We expect to expand our clearing expense to further go down as well.
We started South Korea, Singapore equities in April .
And we can't we'll clear more U S options through U S Tiger and the youth Tiger broker Hong Kong for hung kind of execution once we finish the system upgrades.
Sure.
Thank you management.
And next question comes from Cindy Wang from China Renaissance. Please go ahead.
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What's your question.
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Singapore for the first quarter and no show they've got some quota F L X.
The competitive landscape in Singapore.
Second question is for the Australia market I think that's all cause enter into Australia market in March this year can management share some as the customer acquisition cost that's out there.
Costa nurse numbers et cetera in the Australia market. Thank you.
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Thank you.
Okay.
So first of all of Australia.
That's our Australia business after Chinese new year, so far or outbreaks ahead of our competitor has seen no call App store.
Now still at a very early stage, we are trying out different marketing strategies. For example, we sponsored a local rugby team to build our brand and why not be more localized.
So far she is she looks very high giving them plenty of expense and a small number of Sunday accounts Ah, but I understand you know as we already mentioned earlier and I when we enter a new market, where you're beginning to see all look relatively higher so hopefully in the next couple of quarters, we can't improve unit economics with better understanding of the local market.
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Our Singapore so.
We have a leading position in Singapore. So far is our biggest market at homebase over 80% of the annuity funded icon is from Singapore This quarter.
Asset quality remains very good you've only weak market sentiment in the first quarter, we saw very healthy they're asking inflow from Singapore users average deposit for new users in the first quarter is around 7500 U S dollars.
Improved from average first deposit of 6500 U S started in the fourth quarter.
Users also very sticky.
Users, we acquired in the first quarter last year as a cohort for the past five quarters. We sold later asking for inflow from this cohort every quarter.
Let Ashley inflow this quarter for the company's $33 5 billion U S daughter of which $2 6 billion came from Singapore region.
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Okay. Thank you.
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So first of all I, Singapore right now based on the New survey, we accounted for the already registered already that snapback accounted for 19% of the population are above age 20. So we think first of all we are very appeal to the younger generation and also based on the person who used to teach we feel it's very sticky.
A lot of room to grow.
So we still have a lot of market to tap into.
On a comparable arps here. So we feel we are still in a very a leading market position. This caught a singapore as kind of C&I. This quarter. We're now 80 personnel off the Sunday outcome confronting up which shows now we still have already shrunk graph in the local market.
In terms of CIC so.
The average CIC for Singapore, It did increase a little bit for the past couple of quarters due to the.
Weaker market backdrop, so the CFC, forcing a poor user is spending about $250 U S dollar.
250 U S dollar for the past quarter, so compared to the group's average CACI is actually lower means our marketing strategies more effective against our plan. Our plan he has shrunk or in Singapore. Thank.
Thank you.
Sure. Thank you.
Right. Thank you there are no further questions I'll turn the call back to the management team for closing remarks.
I'd like to thank everyone for joining our call today and now closing the call on behalf of the management team here at Tiger. We do appreciate your participation in today's call. If you have any further questions. Please reach out to our Investor Relations team. This concludes our call and thank you very much.
Full time.
Thank you.
Thank you, ladies and gentlemen that this concludes our conference for today. Thank you for participating you may all disconnect.
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