Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| Additionally, we are very glad to see the quality of our newly acquired customers further improved in the fourth quarter |
| Benefiting from the higher interest rate environment, fourth quarter total revenue reached US $70 million, a 9.6% increase compared to the same period of last year |
| Our local business is gradually expanding, and the user quality also improved from time-to-time |
| We have made significant improvement in various aspects, including product offering, industry know-how, user base, and profitability |
| This valuable experience will help us to have sustainable growth in the future |
| We are proud of our international reach and will continue to serve our clients with dedication and innovation |
| Additionally, the average net asset inflow from newly acquired clients in the fourth quarter exceeded $5,000 USD, indicating a good user quality in the Hong Kong market and a big growth opportunity for us to explore in the future |
| So given the foreign exchange rate was relatively stable in the first quarter, we expect the profitability in the first quarter will be much better than the fourth quarter |
| We believe that the markets we have already entered have tremendous potential |
| Additionally, we saw significant improvement in our bottom line in 2023, primarily due to our brand strength and R&D capabilities, which enabled us to save costs and deploy resources more efficiently |
| [Foreign Language] Our 2B business continues to perform well |
| And in terms of run rate, so we have seen an increase in trading activities during the first two months of this year, and we also saw very strong client-led asset inflow |
| We have seen an increase in organic traffic and month-to-month referrals and led to high number of new funded accounts in the fourth quarter |
| Total client assets jumped 62.1% quarter-over-quarter and more than doubled year-over-year, to US $30.6 billion at the end of 2023 |
| In the fourth quarter, by leveraging our strong presence in the Singapore, we were working with partners to explore customer acquisition initiatives in the Southeast Asian region, which resulted in a rise in quarterly new funded accounts while reducing average CAC to a historical low of below US $150 |
| In terms of total client assets, the trend of asset inflow remains strong |
| [Foreign Language] In 2023, we continue to advance our internationalization strategy, further solidifying our leading position in Singapore and officially enter Hong Kong |
| In markets like Australia, New Zealand and Hong Kong, we have even more room to improve and expand |
| We saw a record US $8.2 billion net asset inflow this quarter, in addition to US $3.5 billion from market-to-market gain |
| Total revenue was $70 million this quarter, remain last quarter-over-quarter, and increased 9.6% year-over-year |
| Full year net profit reached US $32.6 million, non-GAAP net profit reached US $42.7 million, a record high since our company founding and representing a jump of 14.8 times and 3.4 times of the same figure in 2022 |
| [Foreign Language] We continuance to add new products on our platform, to enhance user experience, which we believe is the key to our long-term success |
| In the fourth quarter these efforts gain more trust and recommendation from global investors, who transferred their provision to our platform |
| In the first quarter of this year, we uplifted the Type 1 License with SFC, allowing professional investors to -- sorry, allowing PI users to trade crypto on the Tiger Hong Kong platform |
| Our full year total revenue amounted to US $273 million, representing a 21% increase from 2022 |
| For the year of 2023, total GAAP profit was $32.6 million and non-GAAP net income was $42.7 million, a historical high in our company history |
| The average net asset inflow of newly acquired clients in Singapore was above US $16,000 in the fourth quarter, setting a historic high since our launch into the Singapore retail market |
| This positions us as one of the first mainstream online brokerage firms in Hong Kong to receive approval for such a license upgrade |
| So in 2024, our focus will remain on the markets they've already entered by optimizing the efficiency of our R&D resources, introducing more product features, including virtual assets trading to enhance our ARPU and profitability |
| Also, we have been optimizing our product offering over the past year, and we are quite satisfied with the level of improvement in our current product features |
| Statement |
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| First one is, the net profit has increased significantly in 2023, but profitability in Q4 was dropped sequentially, mainly because of the FX loss |
| The sequential drop in bottom line was primarily due to a non cash foreign exchange losses resulted from the depreciation of the U.S |
| dollar against other currency, we recorded a US $7 million non-cash foreign exchange loss versus a US $2 million foreign exchange gain in the third quarter, resulting our non-GAAP net income decline quarter-by-quarter to US $1.1 million |
| So the total net revenue decreased $4 million quarter-over-quarter |
| Wu Tianhua [Foreign Language] So the non-GAAP bottom line decreased in the first quarter versus the third quarter |
| We have also navigated through market turbulence, geopolitical and regulatory uncertainties |
| The third reason is foreign exchange losses |
| GAAP net loss was $1.8 million |
| Marketing expense were $5.8 million this quarter, decreased 22% year-over-year as we remember (16:16) them as marketing campaigns |
| As a result, the contribution of the increased current asset from this kind of institutional investors to our commission revenue was fairly limited in the fourth quarter so far |
| A number of factors could cause actual results to differ materially from those contained in any forward-looking statement |
| We saw the customer AUM has increased significantly in the fourth quarter, but the commission turnover did not improve that much |
| Execution and clearing expense were $2.2 million, decreased to 44% from the same quarter of last year, primarily due to more efficiency in self-clearing for U.S |
| So, combine those two factors, so it leads to a non cash decrease of about $9 million on a sequential basis |
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