UNITED STATES

SECURITIES AND EXCHANGECOMMISSION

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 ofChina

+852 2523-3588

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annualreports 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 SecuritiesExchange 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

 

 

 

Exhibit 99.1

 

Futu Announces Second Quarter 2025 UnauditedFinancial Results

 

HONG KONG, August 20, 2025 (GLOBE NEWSWIRE) -- FutuHoldings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealthmanagement 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 of59.9% from the same period in 2024.
·Total trading volume in the second quarter of 2025 increased by 121.2% year-over-year to HK$3.59trillion, 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 billionas 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. LeafHua Li, Futu’s Chairman and Chief Executive Officer, said, “We concluded the second quarter with approximately 2.9 millionfunded accounts, up 40.9% year-over-year and 7.6% quarter-over-quarter. We reached a key milestone in our internationalexpansion – as of quarter end, over half of our total funded accounts are from clients outside of Futu Securities Hong Kong.”

 

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

 

 

1 The number of funded accounts refersto the number of brokerage accounts with Futu that have a positive account balance. Multiple funded accounts by one client are countedas one funded account.

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

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

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

 

 

 

 

“Bolsteredby robust net asset inflow and favorable mark-to-market gains from Hong Kong and U.S. equities, total client assets climbed to a new highof 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 almostdoubled 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 duringmarket plunge in April but risk appetite recovered subsequently.”

 

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

 

“Totalclient 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 productsto retail investors. We also became the first and only online brokerage platform to distribute ChinaAMC (HK)'s tokenized moneymarket funds.”

 

“Asof quarter end, we served 517 IPO distribution and IR clients, up 14.6% year-over-year. During the quarter, we acted as joint bookrunnersfor several prominent Hong Kong IPOs. In the Haitian Flavouring and Food IPO, we attracted a record 102 thousand subscribers andranked first among all brokers in both subscriber count and total subscription amount. In the first half of 2025, we partnered with sixof 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$676.6million), an increase of 69.7% from HK$3,129.0 million in the second quarter of 2024.

 

Brokerage commission and handling charge incomewas 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 tradingvolume, although blended commission rate was softer compared to the year-ago quarter.

 

 

 

 

Interest income was HK$2,288.2 million (US$291.5million), an increase of 43.8% from the second quarter of 2024. The increase was mainly driven by higher interest income from securitiesborrowing 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 incomeand 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 expenseswere 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 withthe growth of our brokerage commission and handling charge income.

 

Interest expenses were HK$377.6 million (US$48.1million), flat compared to the second quarter of 2024, as higher expenses associated with our securities borrowing and lending businesswere 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 feeas well as higher market information and data fee.

 

Gross Profit

 

Total gross profit was HK$4,639.9 million (US$591.1million), 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% inthe 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$441.9million (US$56.3 million), an increase of 18.2% from the second quarter of 2024. This increase was primarily driven by greater investmentin 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$424.9million (US$54.1 million), an increase of 17.3% from the second quarter of 2024. The increase was primarily due to an increase in generaland administrative personnel.

 

 

 

 

Income from Operations

 

Income from operations increased by 125.9% toHK$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% from47.3% 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 to48.4% 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 excludingshare-based compensation expenses. For further information, see "Use of Non-GAAP Financial Measures" at the bottom of this pressrelease.

 

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 conferencecall 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 topre-register for the conference call, using the link

 

https://register-conf.media-server.com/register/BIdb44c44685fb4f95893e105fc2e064cd.

 

It will automatically lead to the registrationpage of "Futu Holdings Ltd Second Quarter 2025 Earnings Conference Call", where details for RSVP are needed.

 

Upon registering, all participants will be providedin confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes priorto the call start time using the conference access information.

 

Additionally, a live and archived webcast ofthis conference call will be available at https://ir.futuholdings.com/.

 

About Futu Holdings Limited

 

Futu Holdings Limited (Nasdaq: FUTU) is an advancedtechnology company transforming the investing experience by offering fully digitalized financial services. Through its proprietary digitalplatforms, Futubull and moomoo, the Company provides a full range of investment services, including trade execution andclearing, margin financing and securities lending, and wealth management. The Company has embedded social media tools to create a networkcentered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders. The Companyalso provides corporate services, including IPO distribution, investor relations and ESOP solution services.

 

 

 

 

Use of Non-GAAP Financial Measures

 

In evaluating the business, the Companyconsiders and uses non-GAAP adjusted net income, a non-GAAP measure, as a supplemental measure to review and assess its operatingperformance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute forthe financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted net income asnet income excluding share-based compensation expenses. The Company presents the non-GAAP financial measure because it is used bythe management to evaluate the operating performance and formulate business plans. Non-GAAP adjusted net income enables themanagement to assess the Company's operating results without considering the impact of share-based compensation expenses, which arenon-cash charges. The Company also believes that the use of the non-GAAP measure facilitates investors' assessment of its operatingperformance.

 

Non-GAAP adjusted net income is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. Thisnon-GAAP financial measure has limitations as analytical tools. One of the key limitations of using non-GAAP adjusted net income isthat it does not reflect all items of expense that affect the Company's operations. Share-based compensation expenses have been andmay continue to be incurred in the business and is not reflected in the presentation of non-GAAP adjusted net income. Further, thenon-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore theircomparability may be limited.

 

The Company compensates for these limitationsby reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluatingthe Company's performance.

 

For more information on this non-GAAP financialmeasure, please see the table captioned "Unaudited Reconciliations of Non-GAAP and GAAP Results" set forth at the end of thispress release.

 

Exchange Rate Information

 

This announcement contains translations of certainHK 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$1.00, the noon buying rate in effecton June 30, 2025 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the HK$ orUS$ 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 of1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Amongother things, the quotations from the management team of the Company, contain forward-looking statements. Futu may also make written ororal forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and otherwritten materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historicalfacts, including statements about Futu's beliefs and expectations, are forward-looking statements. Forward-looking statements involveinherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-lookingstatement, 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, merchandisesuppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to anyof the foregoing. Further information regarding these and other risks is included in Futu's filings with the SEC. All information providedin this press release and in the attachments is as of the date of this press release, and Futu does not undertake any obligation to updateany 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 sharedata)

 

   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 sharedata)

 

   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 STATEMENTSOF COMPREHENSIVE INCOME

 

(In thousands, except for share and per sharedata)

 

   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 

 

 

FUTUHOLDINGS LIMITED

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTSOF COMPREHENSIVE INCOME (Continued)

 

(In thousands, except for share and per sharedata)

 

 

   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 GAAPRESULTS

 

(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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