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6-K 1 tm2523738d1_6k.htm FORM 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2025

 

 

 

Commission File Number: 001-38820

 

 

 

Futu Holdings Limited

 

34/F, United Centre

95 Queensway, Admiralty

Hong Kong S.A.R., People’s Republic of China

+852 2523-3588

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F  x                           Form 40-F  ¨

 

 

 

 


 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Press Release - Futu Announces Second Quarter 2025 Unaudited Financial Results

 

 


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  FUTU HOLDINGS LIMITED
       
  By : /s/ Leaf Hua Li
  Name : Leaf Hua Li
  Title : Chairman of the Board of Directors and Chief Executive Officer

 

Date: August 20, 2025

 

 

 

EX-99.1 2 tm2523738d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

Futu Announces Second Quarter 2025 Unaudited Financial Results

 

HONG KONG, August 20, 2025 (GLOBE NEWSWIRE) -- 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 second quarter ended June 30, 2025.

 

Second Quarter 2025 Operational Highlights

 

· Total number of funded accounts1 increased 40.9% year-over-year to 2,877,126 as of June 30, 2025.
· Total number of brokerage accounts2 increased 29.6% year-over-year to 5,243,591 as of June 30, 2025.
· Total number of users3 increased 16.6% year-over-year to 27.1 million as of June 30, 2025.
· Total client assets increased 68.1% year-over-year to HK$973.9 billion as of June 30, 2025.
· Daily average client assets were HK$895.6 billion in the second quarter of 2025, an increase of 59.9% from the same period in 2024.
· Total trading volume in the second quarter of 2025 increased by 121.2% year-over-year to HK$3.59 trillion, in which trading volume for U.S. stocks was HK$2.70 trillion, and trading volume for Hong Kong stocks was HK$833.5 billion.
· Margin financing and securities lending balance increased 17.2% year-over-year to HK$51.4 billion as of June 30, 2025.

 

Second Quarter 2025 Financial Highlights

 

· Total revenues increased 69.7% year-over-year to HK$5,310.9 million (US$676.6 million).
· Total gross profit increased 81.6% year-over-year to HK$4,639.9 million (US$591.1 million).
· Net income increased 112.7% year-over-year to HK$2,572.6 million (US$327.7 million).
· Non-GAAP adjusted net income4 increased 105.2% year-over-year to HK$2,659.8 million (US$338.8 million).

 

Mr. Leaf Hua Li, Futu’s Chairman and Chief Executive Officer, said, “We concluded the second quarter with approximately 2.9 million funded accounts, up 40.9% year-over-year and 7.6% quarter-over-quarter. We reached a key milestone in our international expansion – as of quarter end, over half of our total funded accounts are from clients outside of Futu Securities Hong Kong.”

 

“During the quarter, we added over 204 thousand new funded accounts, growing 31.6% year-over-year. Trade policy-induced market volatility, coupled with a slate of high-profile IPOs, boosted retail sentiment in Hong Kong, which, for the third quarter in a row, contributed the highest number of new funded accounts across all markets. The U.S. market also recorded solid growth. In the second quarter, we became the official sponsor of the New York Mets, further elevating our brand image in the U.S. and beyond. We also launched crypto trading in most of the states in June, strengthening our value proposition as a one-stop trading platform. In Malaysia, we continued to enrich localized features such as Malaysian IPO financing services and Malaysian Stock Earnings Calendar. In Japan, we partnered with Nasdaq and the Japan Exchange Group to host our inaugural offline investment event, MooFest Japan, which attracted over 12 thousand Tokyo investors to sign up, significantly raising our brand recognition among local retail investors. During the second quarter, our funded account quarterly retention rate again stayed well above 98%, a testament to strong client loyalty.”

 

 

1 The number of funded accounts refers to the number of brokerage accounts with Futu that have a positive account balance. Multiple funded accounts by one client are counted as one funded account.

2 Multiple brokerage accounts by one client are counted as one brokerage account.

3 The number of users refers to the number of user accounts registered with Futu.

4 Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses.

 

 


 

“Bolstered by robust net asset inflow and favorable mark-to-market gains from Hong Kong and U.S. equities, total client assets climbed to a new high of HK$973.9 billion, up 68.1% year-over-year and 17.4% quarter-over-quarter. Notably, net asset inflow during the first half of 2025 almost doubled year-over-year. This robust asset inflow was broad-based as average client assets across all markets saw sequential increase. Margin financing and securities lending balance ended the quarter flat at HK$51.4 billion, as clients unwound leveraged positions during market plunge in April but risk appetite recovered subsequently.”

 

“Total trading volume reached HK$3.59 trillion in the second quarter, up 121.2% year-over-year and 11.6% quarter-over-quarter. The market turmoil in April and the surge of crypto names following favorable policy developments sparked trading interests. U.S. stock trading volume grew 19.7% sequentially to HK$2.70 trillion, led by EV and crypto names. Hong Kong stock trading volume declined 9.0% quarter-over-quarter to HK$833.5 billion, mainly due to softer trading activities in technology names, partly lifted by higher turnover in new consumption stocks.”

 

“Total client assets in wealth management reached HK$163.2 billion as of quarter end, up 104.4% year-over-year and 17.2% quarter-over-quarter. In Hong Kong and Singapore, we added HKD- and RMB-denominated bonds as well as floating-rate bonds to diversify our fixed income offerings. In Hong Kong, we launched principal-protected structured products, and thus became the first online broker to offer structured products to retail investors. We also became the first and only online brokerage platform to distribute ChinaAMC (HK)'s tokenized money market funds.”

 

“As of quarter end, we served 517 IPO distribution and IR clients, up 14.6% year-over-year. During the quarter, we acted as joint bookrunners for several prominent Hong Kong IPOs. In the Haitian Flavouring and Food IPO, we attracted a record 102 thousand subscribers and ranked first among all brokers in both subscriber count and total subscription amount. In the first half of 2025, we partnered with six of the ten largest Hong Kong IPOs by fundraising size and facilitated over HK$10 billion in subscription amount for 12 IPOs each.”

 

Second Quarter 2025 Financial Results

 

Revenues

 

Total revenues were HK$5,310.9 million (US$676.6 million), an increase of 69.7% from HK$3,129.0 million in the second quarter of 2024.

 

Brokerage commission and handling charge income was HK$2,578.6 million (US$328.5 million), an increase of 87.4% from the second quarter of 2024. This was mainly due to higher trading volume, although blended commission rate was softer compared to the year-ago quarter.

 

 


 

Interest income was HK$2,288.2 million (US$291.5 million), an increase of 43.8% from the second quarter of 2024. The increase was mainly driven by higher interest income from securities borrowing and lending business, bank deposits and margin financing.

 

Other income was HK$444.1 million (US$56.6 million), an increase of 175.8% from the second quarter of 2024. The increase was primarily attributable to higher fund distribution service income and currency exchange income.

 

Costs

 

Total costs were HK$670.9 million (US$85.5 million), an increase of 16.8% from HK$574.3 million in the second quarter of 2024.

 

Brokerage commission and handling charge expenses were HK$160.6 million (US$20.5 million), an increase of 84.2% from the second quarter of 2024. This increase was roughly in line with the growth of our brokerage commission and handling charge income.

 

Interest expenses were HK$377.6 million (US$48.1 million), flat compared to the second quarter of 2024, as higher expenses associated with our securities borrowing and lending business were offset by lower margin financing interest expenses.

 

Processing and servicing costs were HK$132.7 million (US$16.9 million), an increase of 21.3% from the second quarter of 2024. The increase was primarily due to higher data transmission fee as well as higher market information and data fee.

 

Gross Profit

 

Total gross profit was HK$4,639.9 million (US$591.1 million), an increase of 81.6% from HK$2,554.7 million in the second quarter of 2024. Gross margin was 87.4%, as compared to 81.6% in the second quarter of 2024.

 

Operating Expenses

 

Total operating expenses were HK$1,296.0 million (US$165.1 million), an increase of 20.6% from HK$1,074.4 million in the second quarter of 2024.

 

Research and development expenses were HK$441.9 million (US$56.3 million), an increase of 18.2% from the second quarter of 2024. This increase was primarily driven by greater investment in AI capabilities.

 

Selling and marketing expenses were HK$429.1 million (US$54.7 million), an increase of 26.8% from HK$338.3 million in the second quarter of 2024. This was driven by higher new funded accounts, partially offset by lower client acquisition costs.

 

General and administrative expenses were HK$424.9 million (US$54.1 million), an increase of 17.3% from the second quarter of 2024. The increase was primarily due to an increase in general and administrative personnel.

 

 


 

Income from Operations

 

Income from operations increased by 125.9% to HK$3,344.0 million (US$426.0 million) from HK$1,480.3 million in the second quarter of 2024. Operating margin increased to 63.0% from 47.3% in the second quarter of 2024 mainly due to strong topline growth and operating leverage.

 

Net Income

 

Net income increased by 112.7% to HK$2,572.6 million (US$327.7 million) from HK$1,209.3 million in the second quarter of 2024. Net income margin for the second quarter of 2025 increased to 48.4% from 38.6% in the year-ago quarter.

 

Non-GAAP adjusted net income increased by 105.2% to HK$2,659.8 million (US$338.8 million) from the second quarter of 2024. 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$18.48 (US$2.35), compared with HK$8.79 in the second quarter of 2024. Diluted net income per ADS was HK$18.24 (US$2.32), compared with HK$8.66 in the second quarter of 2024. Each ADS represents eight Class A ordinary shares.

 

Conference Call and Webcast

 

Futu's management will hold an earnings conference call on Wednesday, August 20, 2025, 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-conf.media-server.com/register/BIdb44c44685fb4f95893e105fc2e064cd.

 

It will automatically lead to the registration page of "Futu Holdings Ltd Second Quarter 2025 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 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$7.8499 to US$1.00, the noon buying rate in effect on June 30, 2025 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the HK$ 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 Relations

Futu Holdings Limited

ir@futuholdings.com

 

 


 

FUTU HOLDINGS LIMITED

 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

 

(In thousands, except for share and per share data)

 

    As of December 31,     As of June 30,  
    2024     2025     2025  
    HK$     HK$     US$  
ASSETS                  
Cash and cash equivalents     11,688,383       6,257,038       797,085  
Cash held on behalf of clients     68,639,816       105,308,081       13,415,213  
Restricted cash     1,121       8,065       1,027  
Term deposit     4,990       5,440       693  
Short-term investments     2,411,074       2,504,765       319,082  
Securities purchased under agreements to resell     316,301       611,017       77,838  
Loans and advances-current (net of allowance of HK$85,252 thousand and HK$148,187 thousand as of December 31, 2024 and June 30, 2025, respectively)     49,695,691       47,452,581       6,044,992  
Receivables:                        
Clients     534,077       844,075       107,527  
Brokers     17,224,387       23,948,019       3,050,742  
Clearing organizations     3,277,063       4,208,316       536,098  
Fund management companies and fund distributors     1,210,472       1,825,260       232,520  
Interest     597,483       706,749       90,033  
Amounts due from related parties     61,200       40,707       5,186  
Prepaid assets     63,497       92,190       11,744  
Other current assets     160,330       1,010,687       128,752  
Total current assets     155,885,885       194,822,990       24,818,532  
                         
Operating lease right-of-use assets     253,212       479,675       61,106  
Long-term investments     573,190       709,457       90,378  
Loans and advances-non-current     18,805       19,016       2,422  
Other non-current assets     2,025,841       2,368,235       301,689  
Total non-current assets     2,871,048       3,576,383       455,595  
Total assets     158,756,933       198,399,373       25,274,127  

 

1 


 

FUTU HOLDINGS LIMITED

 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

 

(In thousands, except for share and per share data)

 

    As of December 31,     As of June 30,  
    2024     2025     2025  
    HK$     HK$     US$  
LIABILITIES                  
Amounts due to related parties     79,090       174,157       22,186  
Payables:                        
Clients     72,379,135       110,940,538       14,132,732  
Brokers     43,697,746       37,240,791       4,744,110  
Clearing organizations     503,396       1,214,362       154,698  
Fund management companies and fund distributors     507,076       2,091,289       266,410  
Interest     86,964       47,057       5,995  
Borrowings     5,702,259       8,119,152       1,034,300  
Securities sold under agreements to repurchase     2,574,659       1,170,504       149,111  
Lease liabilities-current     144,357       161,871       20,621  
Accrued expenses and other current liabilities     4,936,805       3,611,387       460,055  
Total current liabilities     130,611,487       164,771,108       20,990,218  
                         
Lease liabilities-non-current     132,924       342,548       43,638  
Other non-current liabilities     8,061       6,195       788  
Total non-current liabilities     140,985       348,743       44,426  
Total liabilities     130,752,472       165,119,851       21,034,644  
                         
SHAREHOLDERS’ EQUITY                        
Class A ordinary shares     72       72       9  
Class B ordinary shares     27       27       3  
Additional paid-in capital     18,807,369       18,974,362       2,417,147  
Treasury Stock     (5,199,257 )     (5,199,257 )     (662,334 )
Accumulated other comprehensive (loss)/ income     (249,916 )     143,424       18,271  
Retained earnings     14,652,946       19,372,478       2,467,863  
Total shareholders' equity     28,011,241       33,291,106       4,240,959  
                         
                         
Non-controlling interest     (6,780 )     (11,584 )     (1,476 )
Total equity     28,004,461       33,279,522       4,239,483  
Total liabilities and equity     158,756,933       198,399,373       25,274,127  

 

2 


 

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 Six Months Ended  
   

June 30,

2024

   

June 30,

2025

   

June 30,

2025

   

June 30,

2024

   

June 30,

2025

   

June 30,

2025

 
    HK$     HK$     US$     HK$     HK$     US$  
Revenues                                    
Brokerage commission and handling charge income     1,376,300       2,578,602       328,489       2,458,407       4,888,822       622,788  
Interest income     1,591,654       2,288,156       291,489       2,945,820       4,358,625       555,246  
Other income     161,032       444,132       56,578       317,218       758,080       96,572  
Total revenues     3,128,986       5,310,890       676,556       5,721,445       10,005,527       1,274,606  
Costs                                                
Brokerage commission and handling charge expenses     (87,238 )     (160,597 )     (20,458 )     (147,539 )     (304,102 )     (38,740 )
Interest expenses     (377,625 )     (377,629 )     (48,106 )     (690,467 )     (846,962 )     (107,895 )
Processing and servicing costs     (109,436 )     (132,716 )     (16,907 )     (206,539 )     (268,831 )     (34,246 )
Total costs     (574,299 )     (670,942 )     (85,471 )     (1,044,545 )     (1,419,895 )     (180,881 )
Total gross profit     2,554,687       4,639,948       591,085       4,676,900       8,585,632       1,093,725  
                                                 
Operating expenses                                                
Research and development expenses     (373,943 )     (441,925 )     (56,297 )     (709,430 )     (827,904 )     (105,467 )
Selling and marketing expenses     (338,332 )     (429,132 )     (54,667 )     (630,996 )     (888,334 )     (113,165 )
General and administrative expenses     (362,105 )     (424,908 )     (54,129 )     (663,440 )     (840,153 )     (107,027 )
Total operating expenses     (1,074,380 )     (1,295,965 )     (165,093 )     (2,003,866 )     (2,556,391 )     (325,659 )
                                                 
Income from operations     1,480,307       3,343,983       425,992       2,673,034       6,029,241       768,066  
                                                 
Others, net     (42,616 )     (168,114 )     (21,416 )     (10,875 )     (188,712 )     (24,040 )
                                                 

Income before income tax expense and share of loss from equity method investments

    1,437,691       3,175,869       404,576       2,662,159       5,840,529       744,026  
                                                 
Income tax expense     (216,726 )     (579,809 )     (73,862 )     (402,367 )     (1,070,768 )     (136,405 )
Share of loss from equity method investments     (11,667 )     (23,500 )     (2,994 )     (15,361 )     (54,497 )     (6,942 )
                                                 
Net income     1,209,298       2,572,560       327,720       2,244,431       4,715,264       600,679  
                                                 
Attributable to:                                                
Ordinary shareholders of the Company     1,212,190       2,574,209       327,930       2,250,328       4,719,532       601,223  
Non-controlling interest     (2,892 )     (1,649 )     (210 )     (5,897 )     (4,268 )     (544 )
      1,209,298       2,572,560       327,720       2,244,431       4,715,264       600,679  

 

3 


 

FUTU HOLDINGS LIMITED

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Continued)

 

(In thousands, except for share and per share data)

 

 

    For the Three Months Ended     For the Six Months Ended  
   

June 30,

2024

   

June 30,

2025

   

June 30,

2025

   

June 30,

2024

   

June 30,

2025

   

June 30,

2025

 
    HK$     HK$     US$     HK$     HK$     US$  

Net income per share attributable to ordinary shareholders of the

Company

                                               
Basic     1.10       2.31       0.29       2.04       4.24       0.54  
Diluted     1.08       2.28       0.29       2.01       4.19       0.53  
                                                 
Net income per ADS                                                
Basic     8.79       18.48       2.35       16.32       33.92       4.32  
Diluted     8.66       18.24       2.32       16.11       33.52       4.27  
                                                 

Weighted average number of ordinary shares used in computing

net income per share

                                               
Basic     1,103,489,111       1,114,047,038       1,114,047,038       1,103,209,443       1,113,738,611       1,113,738,611  
Diluted     1,119,409,062       1,128,991,818       1,128,991,818       1,117,436,747       1,127,802,882       1,127,802,882  
                                                 
Net income     1,209,298       2,572,560       327,720       2,244,431       4,715,264       600,679  
Other comprehensive (loss)/ income, net of tax                                                
Foreign currency translation adjustment     (67,811 )     327,589       41,732       (97,252 )     392,804       50,039  
Total comprehensive income     1,141,487       2,900,149       369,452       2,147,179       5,108,068       650,718  
                                                 
Attributable to:                                                
Ordinary shareholders of the Company     1,144,361       2,902,320       369,729       2,153,093       5,112,872       651,330  
Non-controlling interest     (2,874 )     (2,171 )     (277 )     (5,914 )     (4,804 )     (612 )
      1,141,487       2,900,149       369,452       2,147,179       5,108,068       650,718  

 

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FUTU HOLDINGS LIMITED

 

UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS

 

(In thousands)

 

    For the Three Months Ended     For the Six Months Ended  
   

June 30,

2024

   

June 30,

2025

   

June 30,

2025

   

June 30,

2024

   

June 30,

2025

   

June 30,

2025

 
    HK$     HK$     US$     HK$     HK$     US$  
Net income     1,209,298       2,572,560       327,720       2,244,431       4,715,264       600,679  
Add: Share-based compensation expenses     86,855       87,254       11,115       172,793       161,453       20,568  
Adjusted net income     1,296,153       2,659,814       338,835       2,417,224       4,876,717       621,247  

 

Non-GAAP to GAAP reconciling items have no income tax effect.

 

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