This document provides an earnings presentation for BGC Partners for Q3 2014. Some key highlights include:
- Revenues for Q3 2014 were $449.8 million, up 8.5% from Q3 2013. Pre-tax distributable earnings were $65.8 million, up 75.8% from Q3 2013.
- Financial services revenues were $261.2 million, with pre-tax earnings of $55 million. Real estate revenues were $179.1 million, with pre-tax earnings of $23.9 million.
- BGC also announced a tender offer to acquire GFI Group for $5.25 per share in cash, representing a premium to GFI's previous
- BGC Partners reported financial results for Q4 2014 with revenues of $515.5 million, up 19.1% from Q4 2013. Pre-tax distributable earnings were $72.6 million, up 57.8% from the prior year.
- The company declared a quarterly cash dividend of $0.12 per share to be paid in March 2015.
- Revenues increased in the Americas by 31% year-over-year while declining slightly in EMEA and APAC. Real estate comprised 48% of total revenues, the largest percentage in company history.
Q22015 earnings presentation v final (working version)irbgcpartners
BGC Partners reported financial results for Q2 2015 with revenues up 59% year-over-year and distributable earnings per share up 38.5% year-over-year. Financial services revenues increased over 60% due to the consolidation of GFI Group, while real estate services revenues grew 61%. Market volatility increased across most asset classes, contributing to higher trading activity. BGC maintained a diverse revenue base across geographic regions, products, and services.
This document provides an earnings presentation for BGC Partners for Q2 2015. It includes a disclaimer regarding forward-looking statements. There are then sections summarizing key financial results for Q2 2015 compared to Q2 2014, including a 59.1% increase in revenues and a 48.6% increase in post-tax distributable earnings. Subsequent sections provide breakdowns of revenue and headcount by business segment and geographic region, as well as details on revenue composition and industry volumes.
Q22015 earnings presentation v final (working version)irbgcpartners
BGC Partners reported financial results for the second quarter of 2015. Revenues increased 59% compared to the second quarter of 2014, driven by the consolidation of GFI Group. Financial services revenues grew over 60% and pre-tax profits increased over 37% compared to the prior year. Volatility levels increased across most asset classes, which typically drives increased demand for hedging. The strengthening US dollar negatively impacted non-US revenues.
BGC Partners held an earnings presentation for Q2 2015. The presentation included the following key points:
- Revenues for Q2 2015 were $684.6 million, up 59.1% from Q2 2014, with pre-tax distributable earnings of $77.5 million, up 46.3%.
- Financial services revenues were $435 million, up over 60% due to the consolidation of GFI Group, while real estate revenues were $239.7 million, up 61%.
- BGC maintains a diverse revenue base across different asset classes and geographies to reduce risk.
BGC Partners reported financial results for the first quarter of 2015 with revenues increasing 26.5% year-over-year to $563.9 million. Pre-tax distributable earnings were up 33.7% to $75.2 million compared to the prior year. The financial services segment saw revenues increase 24% to $355.7 million driven by the consolidation of GFI Group and increased activity in foreign exchange, equities, energy and commodities. Real estate services revenues were also up 34% to $200.4 million, led by increases in capital markets and leasing. BGC expects to realize annual cost synergies of $50-$90 million from the integration of GFI Group.
The document provides an overview of BGC Partners, Inc., including its two business segments: Financial Services and Real Estate Services. It discusses BGC's solid business foundation, diversified revenues, growth opportunities through synergies from the GFI acquisition, and history of successful acquisitions. Key metrics highlighted include a 26.5% year-over-year increase in Q1 2015 revenues and a 33.7% increase in pre-tax distributable earnings. An outlook for Q2 2015 forecasts a 51-58% increase in revenues and a 32-51% increase in pre-tax distributable earnings.
BGC Partners reported financial results for the third quarter of 2015. Revenues increased 55.8% to $700.9 million compared to the third quarter of 2014, driven by the acquisition of GFI Group. Pre-tax distributable earnings were up 33.9% to $88.1 million. The fully electronic division, FENICS, saw revenues increase 142% and pre-tax earnings rise 82% over the prior year. BGC maintained a diverse revenue base across its business segments and geographies.
- BGC Partners reported financial results for Q4 2014 with revenues of $515.5 million, up 19.1% from Q4 2013. Pre-tax distributable earnings were $72.6 million, up 57.8% from the prior year.
- The company declared a quarterly cash dividend of $0.12 per share to be paid in March 2015.
- Revenues increased in the Americas by 31% year-over-year while declining slightly in EMEA and APAC. Real estate comprised 48% of total revenues, the largest percentage in company history.
Q22015 earnings presentation v final (working version)irbgcpartners
BGC Partners reported financial results for Q2 2015 with revenues up 59% year-over-year and distributable earnings per share up 38.5% year-over-year. Financial services revenues increased over 60% due to the consolidation of GFI Group, while real estate services revenues grew 61%. Market volatility increased across most asset classes, contributing to higher trading activity. BGC maintained a diverse revenue base across geographic regions, products, and services.
This document provides an earnings presentation for BGC Partners for Q2 2015. It includes a disclaimer regarding forward-looking statements. There are then sections summarizing key financial results for Q2 2015 compared to Q2 2014, including a 59.1% increase in revenues and a 48.6% increase in post-tax distributable earnings. Subsequent sections provide breakdowns of revenue and headcount by business segment and geographic region, as well as details on revenue composition and industry volumes.
Q22015 earnings presentation v final (working version)irbgcpartners
BGC Partners reported financial results for the second quarter of 2015. Revenues increased 59% compared to the second quarter of 2014, driven by the consolidation of GFI Group. Financial services revenues grew over 60% and pre-tax profits increased over 37% compared to the prior year. Volatility levels increased across most asset classes, which typically drives increased demand for hedging. The strengthening US dollar negatively impacted non-US revenues.
BGC Partners held an earnings presentation for Q2 2015. The presentation included the following key points:
- Revenues for Q2 2015 were $684.6 million, up 59.1% from Q2 2014, with pre-tax distributable earnings of $77.5 million, up 46.3%.
- Financial services revenues were $435 million, up over 60% due to the consolidation of GFI Group, while real estate revenues were $239.7 million, up 61%.
- BGC maintains a diverse revenue base across different asset classes and geographies to reduce risk.
BGC Partners reported financial results for the first quarter of 2015 with revenues increasing 26.5% year-over-year to $563.9 million. Pre-tax distributable earnings were up 33.7% to $75.2 million compared to the prior year. The financial services segment saw revenues increase 24% to $355.7 million driven by the consolidation of GFI Group and increased activity in foreign exchange, equities, energy and commodities. Real estate services revenues were also up 34% to $200.4 million, led by increases in capital markets and leasing. BGC expects to realize annual cost synergies of $50-$90 million from the integration of GFI Group.
The document provides an overview of BGC Partners, Inc., including its two business segments: Financial Services and Real Estate Services. It discusses BGC's solid business foundation, diversified revenues, growth opportunities through synergies from the GFI acquisition, and history of successful acquisitions. Key metrics highlighted include a 26.5% year-over-year increase in Q1 2015 revenues and a 33.7% increase in pre-tax distributable earnings. An outlook for Q2 2015 forecasts a 51-58% increase in revenues and a 32-51% increase in pre-tax distributable earnings.
BGC Partners reported financial results for the third quarter of 2015. Revenues increased 55.8% to $700.9 million compared to the third quarter of 2014, driven by the acquisition of GFI Group. Pre-tax distributable earnings were up 33.9% to $88.1 million. The fully electronic division, FENICS, saw revenues increase 142% and pre-tax earnings rise 82% over the prior year. BGC maintained a diverse revenue base across its business segments and geographies.
January 2016 General Investor Presentationirbgcpartners
This document provides an overview of BGC Partners, Inc., a global brokerage company with two business segments: Financial Services and Real Estate Services. It discusses BGC's solid business model, diversified revenues, profitable acquisitions, growing electronic business, and expectations for continued dividend payments. Financial highlights from 3Q2015 show strong revenue and earnings growth compared to the prior year.
- Level 3 reported third quarter 2015 results on October 28, 2015
- Key highlights included year-over-year CNS enterprise revenue growth of 8.3% in North America and adjusted EBITDA of $657 million
- The company updated its full-year 2015 adjusted EBITDA growth outlook to 15-17% compared to previous outlook of 14-17%
The document provides an overview of BGC Partners, Inc., a global brokerage company with two business segments: Financial Services and Real Estate Services. It discusses BGC's solid business model, track record of acquisitions, and third quarter 2015 financial results which showed revenue growth of 55.8% and distributable earnings per share growth of 11.8% year-over-year. The document also outlines BGC's revenue diversification by asset class, region, and business segment.
3 q16 earnings presentation vfinal final irbgcpartners
BGC Partners reported financial results for the third quarter of 2016. Total revenues decreased 6% year-over-year to $643.5 million due to lower volumes in foreign exchange, equities, and commodities markets. However, pre-tax distributable earnings increased 8% to $106.8 million and margins expanded to 16.6% due to cost cutting measures and growth in higher margin electronic businesses. Financial Services revenues declined 13% but pre-tax earnings rose 2% and margins improved 350 basis points from increased contributions from fully electronic trading. Real Estate Services revenues grew 4% primarily from strong capital markets performance.
September 2016 general investor presentationirbgcpartners
BGC's Financial Services segment saw year-over-year growth in pre-tax distributable earnings of 6% in 2Q2016. The segment's pre-tax distributable earnings margins expanded 260 basis points despite the sale of Trayport, which had high margins of approximately 45%. BGC's fully electronic FENICS business saw revenues and pre-tax earnings increase 6% and 19% respectively through organic growth, with pre-tax margins expanding 545 basis points. Voice/hybrid credit revenues were up 3% and energy & commodities revenues up 4% year-over-year. BGC reached its $100 million cost savings target from the GFI acquisition two quarters ahead of schedule and now expects $
The document is BGC Partners' 4Q 2013 earnings presentation. It provides an overview of BGC Partners' 4Q 2013 financial results compared to 4Q 2012, including a 41.9% increase in post-tax distributable earnings per share. It also discusses segment results, with Financial Services revenues down slightly and Real Estate Services revenues up significantly. Additionally, it reviews drivers and trends across various financial products and asset classes.
The document is BGC Partners' 4Q 2013 earnings presentation. It provides an overview of BGC Partners' 4Q 2013 financial results compared to 4Q 2012, including a 41.9% increase in post-tax distributable earnings per share. It also discusses segment results, with Financial Services revenues down slightly and Real Estate Services revenues up significantly. Additionally, it reviews BGC's business lines, product diversity, front office metrics, and provides context around current market conditions.
BGC Partners reported financial results for the fourth quarter and full year of 2016. For the quarter, revenues were $673.2 million, down slightly from the previous year, while pre-tax distributable earnings increased 27.7% to $129.1 million. For the full year, revenues increased 1.2% to $2.6 billion and pre-tax distributable earnings rose 18.1% to $425.4 million. The financial services segment saw a 5% revenue decline for the quarter and a 2% decline for the year, while real estate services revenue increased 7% for the quarter and 6% for the year, driven by strong capital markets growth.
BGC Partners reported financial results for Q2 2014 with revenues of $430.3 million, down 8.7% from Q2 2013. Pre-tax distributable earnings were $53 million, down slightly by 1.6% year-over-year. The company declared a quarterly cash dividend of $0.12 per share. Financial services revenues were $271.5 million while real estate revenues were $149.1 million. Industry volatility and trading volumes remained low compared to prior periods, challenging BGC's financial performance.
BGC Partners reported financial results for the first quarter of 2017, with revenues increasing 10.4% year-over-year to $707.4 million. Pre-tax distributable earnings were up 37.6% to $121.5 million compared to $88.3 million in the prior year quarter. Financial services revenues grew 6% to $441.2 million, driven by higher rates and acquisitions, while pre-tax earnings increased 13% with margins up 160 basis points. Real estate services revenues increased 20% to $258 million due to strong organic growth. BGC maintained a highly diversified revenue base and continues to benefit from acquisition synergies.
1) The document is BGC Partners' Q3 2014 investor presentation which provides an overview of the company's Financial Services and Real Estate Services segments.
2) BGC Partners has diversified revenues across geographies and asset classes in Financial Services and product categories in Real Estate Services.
3) The company has a history of successful acquisitions that have been accretive to earnings and expanded its services, and continues to selectively acquire businesses.
The acquisition of Berkeley Point dramatically increases the scope, scale, and revenues of BGC's Real Estate Services segment. Berkeley Point has experienced strong growth, with revenues increasing 55% year-over-year and GAAP pre-tax income excluding non-cash MSR income increasing 52% year-over-year for the twelve months ended March 31, 2017. The combination is expected to be a powerful catalyst for growth across BGC's real estate services businesses.
September 2016 general investor presentationv v final 9 14-16irbgcpartners
BGC Partners reported strong year-over-year growth in distributable earnings for the second quarter of 2016 and full year 2015. For the second quarter, pre-tax distributable earnings increased 6.7% year-over-year driven by growth in the Financial Services segment, particularly in its fully electronic FENICS business. BGC's business is diversified by geography, asset class, and between its Financial Services and Real Estate Services segments. The company has a track record of successful acquisitions that have been accretive to earnings.
The document summarizes Integrys Energy Group's second quarter 2008 earnings conference call. Key points include:
1) Integrys reported income available for common shareholders of $24.1 million for Q2 2008 compared to a net loss of $16.4 million in Q2 2007, resulting in diluted EPS of $0.31 versus a loss of $0.22.
2) Integrys projects $756 million in increased regulated utility rate base from 2008-2010 and plans to file rate cases to incorporate this growth.
3) Integrys expects 2008 diluted EPS to be between $3.33-$3.53, adjusted EPS to be $3.63-$3.83
- Sanmina reported financial results for Q4 and full year FY2017, with revenue coming in slightly below outlook for Q4 but within the annual guidance range
- On a non-GAAP basis, Q4 revenue was $1.755B and diluted EPS was $0.64, compared to an outlook of $1.725-1.775B and $0.73-0.79
- For Q1 2018, revenue outlook is $1.75-1.8B and non-GAAP diluted EPS is expected to be $0.68-0.74
BGC Partners held an Investor & Analyst Day on May 29, 2014 to provide an overview and updates on the company. The presentation included:
- BGC has two business segments: Financial Services and Real Estate Services (Newmark Grubb Knight Frank)
- Financial Services revenues account for 62% of total revenues while Real Estate Services accounts for 36%
- BGC has a long track record of revenue growth and acquiring companies to expand its services
- Continuity of experienced executive and business management teams
BGC Partners held an earnings presentation for Q3 2013. Key highlights included:
- Revenues for Q3 2013 were $414.4 million, down 7% from Q3 2012.
- Pre-tax distributable earnings per share were $0.12 for Q3 2013, down 25% from Q3 2012.
- Adjusted EBITDA was $78.7 million for Q3 2013, up 24% from Q3 2012.
- The presentation provided financial results and analysis for BGC's business segments and products.
03 27-17 march investor presentation finalAES_BigSky
The document provides an overview of The AES Corporation's 2017-2020 strategic roadmap. It discusses AES' diversified portfolio of generation and utility businesses, focus on growth in high-growth markets, and targets of 8-10% average annual growth in key metrics through 2020. AES plans to allocate $3.75 billion in discretionary cash through 2020 to maximize returns, including investments in natural gas and renewable projects. The presentation also covers AES' cost savings initiatives, debt reduction goals, and regulatory developments regarding its Dayton Power and Light subsidiary.
Brink's to acquire dunbar investor presentation final 05302018investorsbrinks
This document discusses Brink's acquisition of Dunbar Armored for $520 million to strengthen its U.S. operations. The acquisition combines the #2 and #4 largest U.S. cash management companies. Dunbar has $390 million in LTM revenue and $43 million in LTM adjusted EBITDA. Brink's expects to achieve $40-45 million in cost synergies. The acquisition is expected to be accretive in year 1 and add approximately $0.90 to non-GAAP EPS in year 2. The acquisition and other initiatives are expected to reduce Brink's effective tax rate beginning in 2019.
First quarter 2017 financial results and strategic priorities for TDS and its subsidiaries U.S. Cellular and TDS Telecom.
Key highlights include:
- U.S. Cellular reduced postpaid handset churn to 1.08%, launched new unlimited plans, and saw adjusted EBITDA rise 11%.
- TDS Telecom grew revenues across wireline, cable, and hosted/managed services segments and increased adjusted EBITDA 13%.
- Guidance for 2017 remains unchanged with goals of growing revenues, operating cash flow, and adjusted EBITDA for both companies.
1 q2014 earnings presentation final finalirbgcpartners
BGC Partners reported financial results for Q1 2014 with the following highlights:
- Revenues were $445.9 million, down 0.9% year-over-year excluding revenues from eSpeed platform sale.
- Pre-tax distributable earnings were $56.2 million, up 24.7% year-over-year.
- Financial Services revenues were $287.1 million, down 4.4% excluding eSpeed, with pre-tax margins of 20.6%. Real Estate revenues were $149.8 million with pre-tax margins of 10.1%.
- Industry volumes and volatility remained low compared to historical levels, challenging Financial Services business.
BGC Partners held an earnings presentation for Q3 2013. Some key highlights included:
- Revenues for Q3 2013 were $414.4 million, down 7% from Q3 2012.
- Pre-tax distributable earnings per share were $0.12 for Q3 2013, down 25% from $0.16 in Q3 2012.
- Adjusted EBITDA was $78.7 million for Q3 2013, up 24% from $63.7 million in Q3 2012.
BGC plans to use the proceeds from the sale of its eSpeed platform to NASDAQ OMX to repay debt, make acquisitions, invest in organic growth, and repurchase shares
January 2016 General Investor Presentationirbgcpartners
This document provides an overview of BGC Partners, Inc., a global brokerage company with two business segments: Financial Services and Real Estate Services. It discusses BGC's solid business model, diversified revenues, profitable acquisitions, growing electronic business, and expectations for continued dividend payments. Financial highlights from 3Q2015 show strong revenue and earnings growth compared to the prior year.
- Level 3 reported third quarter 2015 results on October 28, 2015
- Key highlights included year-over-year CNS enterprise revenue growth of 8.3% in North America and adjusted EBITDA of $657 million
- The company updated its full-year 2015 adjusted EBITDA growth outlook to 15-17% compared to previous outlook of 14-17%
The document provides an overview of BGC Partners, Inc., a global brokerage company with two business segments: Financial Services and Real Estate Services. It discusses BGC's solid business model, track record of acquisitions, and third quarter 2015 financial results which showed revenue growth of 55.8% and distributable earnings per share growth of 11.8% year-over-year. The document also outlines BGC's revenue diversification by asset class, region, and business segment.
3 q16 earnings presentation vfinal final irbgcpartners
BGC Partners reported financial results for the third quarter of 2016. Total revenues decreased 6% year-over-year to $643.5 million due to lower volumes in foreign exchange, equities, and commodities markets. However, pre-tax distributable earnings increased 8% to $106.8 million and margins expanded to 16.6% due to cost cutting measures and growth in higher margin electronic businesses. Financial Services revenues declined 13% but pre-tax earnings rose 2% and margins improved 350 basis points from increased contributions from fully electronic trading. Real Estate Services revenues grew 4% primarily from strong capital markets performance.
September 2016 general investor presentationirbgcpartners
BGC's Financial Services segment saw year-over-year growth in pre-tax distributable earnings of 6% in 2Q2016. The segment's pre-tax distributable earnings margins expanded 260 basis points despite the sale of Trayport, which had high margins of approximately 45%. BGC's fully electronic FENICS business saw revenues and pre-tax earnings increase 6% and 19% respectively through organic growth, with pre-tax margins expanding 545 basis points. Voice/hybrid credit revenues were up 3% and energy & commodities revenues up 4% year-over-year. BGC reached its $100 million cost savings target from the GFI acquisition two quarters ahead of schedule and now expects $
The document is BGC Partners' 4Q 2013 earnings presentation. It provides an overview of BGC Partners' 4Q 2013 financial results compared to 4Q 2012, including a 41.9% increase in post-tax distributable earnings per share. It also discusses segment results, with Financial Services revenues down slightly and Real Estate Services revenues up significantly. Additionally, it reviews drivers and trends across various financial products and asset classes.
The document is BGC Partners' 4Q 2013 earnings presentation. It provides an overview of BGC Partners' 4Q 2013 financial results compared to 4Q 2012, including a 41.9% increase in post-tax distributable earnings per share. It also discusses segment results, with Financial Services revenues down slightly and Real Estate Services revenues up significantly. Additionally, it reviews BGC's business lines, product diversity, front office metrics, and provides context around current market conditions.
BGC Partners reported financial results for the fourth quarter and full year of 2016. For the quarter, revenues were $673.2 million, down slightly from the previous year, while pre-tax distributable earnings increased 27.7% to $129.1 million. For the full year, revenues increased 1.2% to $2.6 billion and pre-tax distributable earnings rose 18.1% to $425.4 million. The financial services segment saw a 5% revenue decline for the quarter and a 2% decline for the year, while real estate services revenue increased 7% for the quarter and 6% for the year, driven by strong capital markets growth.
BGC Partners reported financial results for Q2 2014 with revenues of $430.3 million, down 8.7% from Q2 2013. Pre-tax distributable earnings were $53 million, down slightly by 1.6% year-over-year. The company declared a quarterly cash dividend of $0.12 per share. Financial services revenues were $271.5 million while real estate revenues were $149.1 million. Industry volatility and trading volumes remained low compared to prior periods, challenging BGC's financial performance.
BGC Partners reported financial results for the first quarter of 2017, with revenues increasing 10.4% year-over-year to $707.4 million. Pre-tax distributable earnings were up 37.6% to $121.5 million compared to $88.3 million in the prior year quarter. Financial services revenues grew 6% to $441.2 million, driven by higher rates and acquisitions, while pre-tax earnings increased 13% with margins up 160 basis points. Real estate services revenues increased 20% to $258 million due to strong organic growth. BGC maintained a highly diversified revenue base and continues to benefit from acquisition synergies.
1) The document is BGC Partners' Q3 2014 investor presentation which provides an overview of the company's Financial Services and Real Estate Services segments.
2) BGC Partners has diversified revenues across geographies and asset classes in Financial Services and product categories in Real Estate Services.
3) The company has a history of successful acquisitions that have been accretive to earnings and expanded its services, and continues to selectively acquire businesses.
The acquisition of Berkeley Point dramatically increases the scope, scale, and revenues of BGC's Real Estate Services segment. Berkeley Point has experienced strong growth, with revenues increasing 55% year-over-year and GAAP pre-tax income excluding non-cash MSR income increasing 52% year-over-year for the twelve months ended March 31, 2017. The combination is expected to be a powerful catalyst for growth across BGC's real estate services businesses.
September 2016 general investor presentationv v final 9 14-16irbgcpartners
BGC Partners reported strong year-over-year growth in distributable earnings for the second quarter of 2016 and full year 2015. For the second quarter, pre-tax distributable earnings increased 6.7% year-over-year driven by growth in the Financial Services segment, particularly in its fully electronic FENICS business. BGC's business is diversified by geography, asset class, and between its Financial Services and Real Estate Services segments. The company has a track record of successful acquisitions that have been accretive to earnings.
The document summarizes Integrys Energy Group's second quarter 2008 earnings conference call. Key points include:
1) Integrys reported income available for common shareholders of $24.1 million for Q2 2008 compared to a net loss of $16.4 million in Q2 2007, resulting in diluted EPS of $0.31 versus a loss of $0.22.
2) Integrys projects $756 million in increased regulated utility rate base from 2008-2010 and plans to file rate cases to incorporate this growth.
3) Integrys expects 2008 diluted EPS to be between $3.33-$3.53, adjusted EPS to be $3.63-$3.83
- Sanmina reported financial results for Q4 and full year FY2017, with revenue coming in slightly below outlook for Q4 but within the annual guidance range
- On a non-GAAP basis, Q4 revenue was $1.755B and diluted EPS was $0.64, compared to an outlook of $1.725-1.775B and $0.73-0.79
- For Q1 2018, revenue outlook is $1.75-1.8B and non-GAAP diluted EPS is expected to be $0.68-0.74
BGC Partners held an Investor & Analyst Day on May 29, 2014 to provide an overview and updates on the company. The presentation included:
- BGC has two business segments: Financial Services and Real Estate Services (Newmark Grubb Knight Frank)
- Financial Services revenues account for 62% of total revenues while Real Estate Services accounts for 36%
- BGC has a long track record of revenue growth and acquiring companies to expand its services
- Continuity of experienced executive and business management teams
BGC Partners held an earnings presentation for Q3 2013. Key highlights included:
- Revenues for Q3 2013 were $414.4 million, down 7% from Q3 2012.
- Pre-tax distributable earnings per share were $0.12 for Q3 2013, down 25% from Q3 2012.
- Adjusted EBITDA was $78.7 million for Q3 2013, up 24% from Q3 2012.
- The presentation provided financial results and analysis for BGC's business segments and products.
03 27-17 march investor presentation finalAES_BigSky
The document provides an overview of The AES Corporation's 2017-2020 strategic roadmap. It discusses AES' diversified portfolio of generation and utility businesses, focus on growth in high-growth markets, and targets of 8-10% average annual growth in key metrics through 2020. AES plans to allocate $3.75 billion in discretionary cash through 2020 to maximize returns, including investments in natural gas and renewable projects. The presentation also covers AES' cost savings initiatives, debt reduction goals, and regulatory developments regarding its Dayton Power and Light subsidiary.
Brink's to acquire dunbar investor presentation final 05302018investorsbrinks
This document discusses Brink's acquisition of Dunbar Armored for $520 million to strengthen its U.S. operations. The acquisition combines the #2 and #4 largest U.S. cash management companies. Dunbar has $390 million in LTM revenue and $43 million in LTM adjusted EBITDA. Brink's expects to achieve $40-45 million in cost synergies. The acquisition is expected to be accretive in year 1 and add approximately $0.90 to non-GAAP EPS in year 2. The acquisition and other initiatives are expected to reduce Brink's effective tax rate beginning in 2019.
First quarter 2017 financial results and strategic priorities for TDS and its subsidiaries U.S. Cellular and TDS Telecom.
Key highlights include:
- U.S. Cellular reduced postpaid handset churn to 1.08%, launched new unlimited plans, and saw adjusted EBITDA rise 11%.
- TDS Telecom grew revenues across wireline, cable, and hosted/managed services segments and increased adjusted EBITDA 13%.
- Guidance for 2017 remains unchanged with goals of growing revenues, operating cash flow, and adjusted EBITDA for both companies.
1 q2014 earnings presentation final finalirbgcpartners
BGC Partners reported financial results for Q1 2014 with the following highlights:
- Revenues were $445.9 million, down 0.9% year-over-year excluding revenues from eSpeed platform sale.
- Pre-tax distributable earnings were $56.2 million, up 24.7% year-over-year.
- Financial Services revenues were $287.1 million, down 4.4% excluding eSpeed, with pre-tax margins of 20.6%. Real Estate revenues were $149.8 million with pre-tax margins of 10.1%.
- Industry volumes and volatility remained low compared to historical levels, challenging Financial Services business.
BGC Partners held an earnings presentation for Q3 2013. Some key highlights included:
- Revenues for Q3 2013 were $414.4 million, down 7% from Q3 2012.
- Pre-tax distributable earnings per share were $0.12 for Q3 2013, down 25% from $0.16 in Q3 2012.
- Adjusted EBITDA was $78.7 million for Q3 2013, up 24% from $63.7 million in Q3 2012.
BGC plans to use the proceeds from the sale of its eSpeed platform to NASDAQ OMX to repay debt, make acquisitions, invest in organic growth, and repurchase shares
BGC Partners presented at an investor conference in June 2013. The presentation discussed BGC's forward-looking statements and provided an overview of the company's business segments and financial performance. It noted that BGC has two business segments - Financial Services and Real Estate Services - and that it aims to grow through hiring, acquisitions, and expanding its fully electronic trading platform. The presentation also provided details on BGC's recent sale of its eSpeed business to NASDAQ OMX and outlined its plans for using the sale proceeds.
The document discusses forward-looking statements and risks associated with them. It notes that any forward-looking statements are based on information available at the time and that actual results may differ due to risks and uncertainties outlined in SEC filings. The document also provides an overview of LKQ Corporation, including its mission, strategic initiatives, operating segments, European and North American markets, and historical financial performance. It achieved strong organic revenue growth and has pursued an acquisition strategy focused on markets where it can be a leader.
Raymond James 12th Annual North American Equities Conferencecorporationlkq
The document discusses forward-looking statements and the risks associated with them. It notes that actual results may differ from projections and that all statements are based on information available at the time and may be updated. Risks that could affect projections are discussed in annual and quarterly SEC filings.
October 2014 NGKF – GCS Investor Presentationirbgcpartners
This document provides an overview and disclaimer for an investor presentation by BGC Partners, Inc. It discusses BGC's two business segments: Financial Services and Real Estate Services. For Real Estate Services, it summarizes that the business has seen strong revenue and earnings growth recently, provides recurring and variable revenue streams, and has expanded its footprint through the recent acquisition of Cornish & Carey Commercial.
Lkq second quarter 2016 earnings call presentationcorporationlkq
- LKQ reported financial results for the second quarter of 2016, with revenue increasing 33.3% year-over-year to $4.4 billion driven by organic growth and acquisitions. Net income was $140.7 million for Q2 2016 compared to $119.7 million for the same period in 2015.
- Segment EBITDA margin increased to 13.0% for Q2 2016 from 12.7% in Q2 2015. Revenue growth was driven by organic growth in parts and services of 5.4% as well as acquisition growth including the addition of the glass segment through the acquisition of PGW.
- For the first half of 2016, revenue increased 21.0% to $
BGC Partners reported financial results for Q1 2014 with the following highlights:
- Revenues were $445.9 million, down 0.9% year-over-year excluding revenues from eSpeed platform sale.
- Pre-tax distributable earnings were $56.2 million, up 24.7% year-over-year.
- Financial Services revenues were $287.1 million, down 4.4% excluding eSpeed, with pre-tax margins of 20.6%. Real Estate revenues were $149.8 million with pre-tax margins of 10.1%.
- Industry volumes and volatility remained low compared to historical levels, challenging Financial Services business.
BGC Partners held an investor presentation in September 2015 to discuss the company's businesses and financial results. The presentation provided an overview of BGC's two business segments: Financial Services and Real Estate Services. It summarized Q2 2015 results which showed revenue and profitability growth compared to Q2 2014, driven by acquisitions and increased activity in certain asset classes. The presentation also discussed BGC's diversified revenue streams, acquisition strategy, and growth in its fully electronic trading business.
BGC Partners reported financial results for the second quarter of 2016. Revenues declined slightly year-over-year but pre-tax and post-tax distributable earnings increased due to improved margins. The financial services segment saw higher pre-tax profits and margins despite the sale of the Trayport business, driven by growth in fully electronic trading. BGC completed its acquisition of Sunrise Brokers Group and CRE Group to expand its offerings.
BGC Partners reported first quarter 2016 earnings. Financial highlights included revenues of $660.1 million, up 17.1% from the first quarter of 2015. Pre-tax distributable earnings were $90.8 million, up 20.7% year-over-year. The company saw revenue growth across all regions. BGC's board also declared a quarterly cash dividend of $0.16 per share, an increase of 14.3% from the prior year. Financial Services revenues increased 23% due to the acquisition of GFI Group, while pre-tax earnings for the segment rose over 31% and margins expanded. Real Estate Services revenues grew over 7% from organic growth and acquisitions.
BGC Partners reported strong financial results for Q4 2015 and FY 2015. Revenues for Q4 2015 were up 34% to $692 million and up 43% for FY 2015 to $2.64 billion. Pre-tax distributable earnings were up 26% for Q4 2015 and 34% for FY 2015. BGC maintained a highly diverse revenue base across its financial services and real estate segments. The company has a strong liquidity position of over $1 billion and low leverage of 0.96x, maintaining an investment grade credit profile.
LKQ to Acquire Rhiag Group-Investor/Analyst Conference Callcorporationlkq
LKQ announced its plans to acquire Rhiag Group, a leading automotive mechanical parts distributor in Europe. The acquisition would establish LKQ as the clear #1 player in Europe and accelerate its pan-European strategy. LKQ will acquire Rhiag for total consideration of €1.0375 billion, including cash and assumed debt. The transaction value represents a multiple of 10.6 times Rhiag's estimated 2015 adjusted EBITDA. The acquisition is expected to be financed through cash, existing credit facilities, and assumed debt.
Q22015 investor presentation v final 2airbgcpartners
BGC Partners held an investor presentation in September 2015 to discuss the company's businesses and financial results. The presentation provided an overview of BGC's two business segments: Financial Services and Real Estate Services. It summarized Q2 2015 results which showed revenue and profitability growth compared to Q2 2014, driven by acquisitions and increased activity in certain asset classes. The presentation also discussed BGC's strategy of pursuing acquisitions and growing its fully electronic trading platform.
This document provides an investor presentation by BGC Partners, Inc. for June 2013. It discusses forward-looking statements and risks, financial metrics such as distributable earnings and adjusted EBITDA, an overview of BGC's two business segments of financial services and real estate services, and details on the eSpeed transaction where BGC will sell its U.S. Treasury trading platform to NASDAQ OMX. It also provides segment revenue breakdowns, growth opportunities in electronic trading, and the diversification of BGC's financial services business.
June 2016 general investor presentationirbgcpartners
This presentation provides an overview of BGC Partners, a global brokerage company with two business segments: Financial Services and Real Estate Services. It discusses BGC's diversified revenue streams, growth opportunities through acquisitions and hiring, and expectations around cost savings and future dividend payments. Key metrics on revenue, earnings, and staffing are presented for the first quarter of 2016 and full year 2015 to illustrate the company's financial performance and stability.
1 q2014 earnings presentation final finalirbgcpartners
BGC Partners reported financial results for Q1 2014 with the following highlights:
- Revenues were $445.9 million, down 0.9% year-over-year excluding revenues from eSpeed platform sale.
- Pre-tax distributable earnings were $56.2 million, up 24.7% year-over-year.
- Financial Services revenues were $287.1 million, down 4.4% excluding eSpeed, with pre-tax margins of 20.6%. Real Estate revenues were $149.8 million with pre-tax margins of 10.1%.
- Industry volumes and volatility remained low compared to historical levels, challenging Financial Services business.
BGC Partners released earnings results for the fourth quarter of 2013. Some key highlights include:
- Revenues for the quarter were $432.9 million, down slightly from $436.3 million in the same period in 2012.
- Pre-tax distributable earnings were $46 million, up 31% from $35.1 million in Q4 2012.
- The Board of Directors declared a quarterly cash dividend of $0.12 per share.
$125
$100
$75
$25.9
$50
$25
$0
$25.3
FY 2012
FY 2013
Q4 2012
Q4
BGC Partners held an investor presentation in September 2015 to discuss the company's businesses and financial results. The presentation provided an overview of BGC's two business segments: Financial Services and Real Estate Services. It highlighted the company's diversified revenue streams, growth strategy through acquisitions, and increasing focus on fully electronic trading. Select financial metrics from Q2 2015 showed over 60% revenue growth and margin expansion compared to the prior year.
BGC Partners reported strong financial results for the second quarter of 2017. Total revenues increased 12.8% to $737.8 million compared to the second quarter of 2016. Pre-tax distributable earnings were $131.5 million, up 27% year-over-year, resulting in a pre-tax distributable earnings margin of 17.8%. Financial services revenues grew 10% to $432.3 million, while pre-tax earnings increased 38% to $111 million and the pre-tax margin expanded over 500 basis points. Real estate services revenues rose 16.6% to $295.3 million, with pre-tax earnings up 38% and margins improving 190 basis points. BGC also announced
November 2016 general investor presentation v finalirbgcpartners
This document provides an overview of BGC Partners, Inc., a global brokerage company with two business segments: Financial Services and Real Estate Services. It discusses BGC's diversified revenue streams by geography, product class, and business line. The document also highlights BGC's strong track record of growth, liquidity position, and opportunities from acquisitions and rising interest rates. Financial tables show year-over-year growth in distributable earnings for the third quarter of 2016.
BGC Partners is a global brokerage firm with two main business segments: Financial Services and Real Estate Services. In the first quarter of 2017, BGC saw strong year-over-year growth in distributable earnings per share of 27.8% and adjusted EBITDA of 36.3%, driven by increases in both its Financial Services and Real Estate Services segments. The document provides an overview of BGC's business lines and products within each segment.
March 2017 general investor presentation v finalirbgcpartners
BGC Financial Services reported strong results for 4Q 2016. Pre-tax distributable earnings were up over 25% and the pre-tax distributable earnings margin expanded by around 600 basis points. Rates revenues increased over 7% and fully electronic credit revenues grew 13%. The integration of the GFI acquisition was completed successfully, achieving annualized synergies above $125 million. Distributable earnings and margins improved due to the GFI integration and reduced expenses. Trayport, which was sold in 4Q 2015, generated $15.8 million in revenues in 4Q 2015 compared to none in the current quarter. BGC has a track record of successful, accretive acquisitions in Financial Services.
The document is an investor presentation by Newmark Group, Inc. discussing the rationale for and benefits of spinning off from BGC Partners. Key points include:
- The spin-off would finalize the separation of Newmark and BGC Partners and enhance Newmark's ability to invest and grow its business independently.
- It would give Newmark more flexibility to return capital to shareholders and increase the liquidity of Newmark stock.
- The spin-off can be done in a tax-efficient manner for both Newmark and its shareholders without materially impacting their financial or credit profiles.
Newmark Group, Inc. presented an investor presentation in November 2018. The presentation discussed Newmark's full suite of commercial real estate services, the rationale for and benefits of spinning off from BGC Partners, and Newmark's strong operating performance and outperformance of the commercial real estate industry in 2018. Newmark has consistently grown its adjusted EBITDA and expanded its margins since its IPO through both organic growth and acquisitions.
The document discusses BGC Partners' earnings presentation for the third quarter of 2018. It provides an overview of BGC Partners' consolidated financial results for the third quarter, including an 18.2% increase in revenues year-over-year. It also summarizes the key drivers of the Financial Services segment's performance, including a 7% increase in revenues driven by double-digit growth in brokerage revenues for energy and commodities. Pre-tax adjusted earnings for the segment increased approximately 6% year-over-year.
This document provides an overview of BGC Partners, Inc. and its subsidiaries, including Newmark Group. It discusses BGC's financial services and real estate services segments. For financial services, it notes the voice/hybrid and fully electronic Fenics businesses. For real estate services, it outlines Newmark's commercial real estate services. It also provides consolidated revenue breakdowns by segment and region. The document contains various disclaimers about forward-looking statements, non-GAAP financial measures, and definitions of terms. It highlights BGC's diversified businesses and growth opportunities, as well as the planned spin-off of Newmark by year-end 2018.
This document provides an overview of BGC Partners, Inc. and its subsidiaries, including Newmark Group. It discusses BGC's financial services and real estate services segments. For financial services, it notes the voice/hybrid and fully electronic Fenics businesses. For real estate services, it outlines Newmark's commercial real estate services. It also provides consolidated revenue breakdowns by segment and product type. The document discusses BGC's strategy to grow its profitable Fenics business and complete the planned spin-off of Newmark by year-end 2018.
The document provides an earnings presentation for BGC Partners for the second quarter of 2018. It includes disclaimers about forward-looking statements and non-GAAP financial measures. The summary highlights consolidated revenue growth of 13.1% year-over-year for the second quarter. Pre-tax adjusted earnings grew 30.3% and post-tax adjusted earnings grew 24.6% over the same period. Financial results are broken down by segment and geography. Compensation and productivity metrics for front office employees in each segment are also presented, along with trends in expenses and pre-tax margins.
This document provides an earnings presentation for BGC Partners, Inc. for the second quarter of 2018. It includes forward-looking statements and non-GAAP financial measures. Key highlights include revenues increasing 13.1% year-over-year to $960.1 million. GAAP income from operations before taxes declined 30.1% to $65.9 million while post-tax Adjusted Earnings, a non-GAAP measure, rose 24.6% to $144.1 million. The presentation also provides segment results and definitions for non-GAAP terms used.
This document provides an overview of BGC Partners' annual stockholders meeting on June 20, 2018. It includes disclaimers about forward-looking statements and non-GAAP financial measures. The highlights section summarizes BGC's consolidated financial results for the first quarter of 2018, showing increases in revenues, net income, adjusted earnings, and adjusted EBITDA compared to the first quarter of 2017. It also discusses BGC's proposed spin-off of Newmark Group and provides an outlook for BGC's second quarter 2018 consolidated revenues and adjusted earnings.
- BGC Partners' Financial Services segment revenues increased 17% year-over-year to $516.6 million in the first quarter of 2018, driven by double-digit percentage increases in brokerage revenues across rates, foreign exchange, equities, insurance, and energy and commodities.
- Pre-tax Adjusted Earnings for the segment increased approximately 31% year-over-year, with pre-tax margins rising to 25%, 270 basis points higher than the prior year.
- The growth was primarily organic across equities, insurance, and other asset classes, as well as from other products such as rates, foreign exchange, and energy and commodities.
This document provides an overview of BGC Partners, Inc. for an analyst day presentation in May 2018. It includes disclaimers about forward-looking statements and non-GAAP financial measures. The document also provides information on BGC's financial services and real estate services segments, noting the revenues for each segment. It highlights some of the acquisitions and growth BGC has experienced since 2014, more than doubling revenues in some of its businesses. The document is intended to inform analysts about BGC's current business and performance.
This document provides an agenda and overview for an analyst day presentation by BGC Partners, Inc. It includes discussions of the company's financial overview, Fenics electronic markets and solutions businesses, Besso insurance brokerage, and Sunrise Brokers. Newmark, a subsidiary of BGC Partners, will also present. The document provides disclaimers regarding forward-looking statements and reconciliations between GAAP and non-GAAP financial measures. It outlines BGC Partners leadership including Chairman and CEO Howard Lutnick and CFO Steve McMurray. The agenda spans from 10:00am to 12:35pm and includes an introduction, multiple business segment presentations, Q&A, and lunch.
This document provides an agenda and overview for an analyst day presentation by BGC Partners, Inc. It includes discussions of the company's financial overview, Fenics electronic markets and solutions, Besso Insurance, Sunrise Brokers, and Newmark. It also notes that Howard Lutnick is the Chairman and CEO of BGC Partners and has held leadership roles at Cantor Fitzgerald since 1983. Disclaimers are provided regarding forward-looking statements, financial metrics, terminology, and non-GAAP financial measures.
1 q2018 bgcp earnings presentation vfinal final 1135pmirbgcpartners
BGC Partners held an earnings presentation for its first quarter 2018 financial results. Some key highlights included total revenues increasing 22% year-over-year and pre-tax adjusted earnings increasing 55% year-over-year. Financial services revenues were up 17% driven by double digit growth across various asset classes. Real estate services revenues increased 28% in the Americas. The presentation provided an overview of BGC Partners' business segments and financial performance.
BGC Partners reported financial results for 4Q 2017 and FY 2017. Revenues increased 18.3% for 4Q 2017 and 15.3% for FY 2017 compared to the prior year periods. Pre-tax and post-tax adjusted earnings, as well as adjusted earnings per share, increased for both periods compared to the previous years, reflecting strong financial performance. BGC also declared a $0.18 per share quarterly cash dividend to shareholders of record in February 2018.
- BGC Partners reported financial results for the third quarter of 2017 with total revenues of $827 million, up 12.5% year-over-year, and pre-tax distributable earnings of $156.6 million, up 28.4% year-over-year.
- Financial Services revenues were $416.7 million in 3Q 2017, with pre-tax earnings of $87.6 million, excluding the impact of Nasdaq payments. Real Estate Services revenues were $399.4 million, with pre-tax earnings of $66.9 million, excluding Nasdaq payments.
- BGC maintains a highly diverse revenue base across its Financial Services and Real Estate Services segments, with
General investor presentation september 2017irbgcpartners
BGC Partners provides an overview of its Financial Services segment. The segment includes voice/hybrid brokerage and fully electronic trading (FENICS). In 2Q 2017, voice/hybrid accounted for 87% of segment revenues and pre-tax distributable earnings were up 38% year-over-year with margins expanding over 500 basis points. Product revenues were diversified across rates, foreign exchange, credit, and other asset classes. BGC expects regulatory reform, rising interest rates, and a growing global economy to drive further opportunities in Financial Services.
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June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
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ZKsync airdrop of 3.6 billion ZK tokens is scheduled by ZKsync for next week.pdfSOFTTECHHUB
The world of blockchain and decentralized technologies is about to witness a groundbreaking event. ZKsync, the pioneering Ethereum Layer 2 network, has announced the highly anticipated airdrop of its native token, ZK. This move marks a significant milestone in the protocol's journey, empowering the community to take the reins and shape the future of this revolutionary ecosystem.
4. SELECT Q3 2014 RESULTS COMPARED TO Q3 2013
Highlights of Consolidated Results
(USD millions, except per share data) Q3 2014 Q3 2013 Change
(%)
Revenues for distributable earnings $449.8 $414.4 8.5
Pre-tax distributable earnings before non-controlling interest
in subsidiaries and taxes 65.8 37.4 75.8
Pre-tax distributable earnings per share 0.19 0.12 58.3
Post-tax distributable earnings 56.0 31.0 80.5
Post-tax distributable earnings per share 0.17 0.10 70.0
Adjusted EBITDA 107.7 78.7 36.9
Effective tax rate 15.0% 14.5%
Pre-tax distributable earnings margin 14.6% 9.0%
Post-tax distributable earnings margin 12.4% 7.5%
BGC Partners’ Board of Directors declared a quarterly cash dividend of $0.12 per
share payable on December 9, 2014, with an ex-dividend date of November 20,
2014 to Class A and Class B Date
common stockholders of record as of November 24,
2014.
4
5. Q3 2014 GLOBAL REVENUE BREAKDOWN
Americas revenue up 16% Y/Y
Europe, Middle East & Africa revenue down 1% Y/Y
Asia Pacific revenue down 9% Y/Y
New York Paris
Date
Hong
London Kong
Singapore
Q3 2014 Revenues
EMEA 28%
Americas
64%
APAC 8%
IDBs typically seasonally strongest in 1st quarter, weakest in 4th quarter
Real Estate typically seasonally strongest in 4th quarter, weakest in 1st quarter
Note: percentages may not sum to 100% due to rounding.
5
6. Q3 2014 SEGMENT DATA (DISTRIBUTABLE EARNINGS BASIS)
Date
Q3 2014 Revenues
Q3 2014 Revenues Pre‐tax
Earnings
Pre‐tax
Margin
(In USD millions)
Financial $261.2 $55.0 21.1%
Real Estate $179.1 $23.9 13.3%
Corporate $9.4 ($13.1) NMF
(In USD millions)
For the third quarter Real Estate comprised approx. 40% of BGC’s total distributable
earnings revenues, which represents the largest percentage in the Company’s history
Pre-tax margins increased 950 bps and 285 bps in Financial Services and Real Estate
segments, respectively, year-over-year
Q3 2013 Revenues Pre‐tax
Earnings
Pre‐tax
Margin
Financial $256.7 $29.7 11.6%
Real Estate $148.1 $15.5 10.5%
Corporate $9.6 ($7.8) NMF
Financial
Services
58%
Real Estate
40%
Corporate
2%
6
7. BGC’S FRONT OFFICE OVERVIEW
Front Office Headcount Front Office Productivity
2,432 2,385 2,385 2,398
1,545 1,501 1,497 1,519 1,620
Date
887 884 888 879
1,135
2,800
2,300
1,800
1,300
800
300
-200
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Real Estate Financial Brokerage
$144
$153
$155
$150
$145
$140
$135
Q3 2013 Q3 2014
($ thousands)
(Front Office Employees)
For Q3 2014 Real Estate Services front office average revenue per front office employee was up
over 19% Y/Y;
Financial Services average revenue per front office employee was up 1% Y/Y
Note: The Real Estate figures are based on brokerage revenues, leasing and capital markets brokers, and exclude appraisers and both revenues and staff in management services and “other.”
The Financial Services calculations in the above table include segment revenues from “total brokerage revenues” “market data,” and “software solutions.” The average revenues for all producers
are approximate and based on the total revenues divided by the weighted-average number of salespeople and brokers for the period.
7
2,755
8. ANNOUNCEMENT OF BGC’S TENDER OFFER FOR GFI GROUP INC.
On October 22, 2014, BGC Partners commenced a cash tender offer to acquire
GFI Group for $5.25 per share
BGC’S offer of $5.25 per share in cash represents a premium of more than 15% to
the $4.55 per share all-stock transaction announced by CME Group and GFI
Group on July 30, 2014 and a premium of more than 68% to the price of GFI
Group shares on July 29, 2014, the last day prior to the announcement of the CME
transaction
BGC remains confident that it will deliver significant benefits to GFI’s brokers and
employees as they become part of a larger, better capitalized and more diversified
company
BGC expects to drive increased productivity per broker, meaningful synergies,
substantial earnings accretion, stronger cash flow, shareholder value and superior
service to customers
Date
BGC has secured committed financing from Morgan Stanley Senior Funding, Inc.
and the offer has no financing condition – BGC has also received early termination
of the waiting period under the Hart-Scott-Rodino Antitrust Act
8
10. Q3 2014 FINANCIAL SERVICES SUMMARY
BGC Financial Services Segment Highlights
FS margins improved over 950 bps as a result of increased higher margined fully
electronic revenues and ongoing cost management efforts
Energy & Commodities continued to show strong growth, up over 78% year-over-year
Fully electronic Credit revenues up 82% year-over-year
Fully electronic Spot FX revenues up 75%, and overall FX revenues up 19%
Market data and software solutions revenues up 46% from a year ago
Industry Drivers
Increased activity across FX and Equities and Other asset classes, reflecting strong
demand from many of our customers
Date
Volatility levels picked up across most asset classes in September, but remained
subdued during July and August
Market volumes were generally mixed across industry-wide asset classes
10
11. FINANCIAL SERVICES REVENUE BREAKOUT
Revenues By Asset Class
% Change
14,473 10,936
43,429 34,862
Date
93,538
109,110
53,545
54,410
56,233
47,393
Q3 2014 Q3 2013
Equities and
other2
Foreign
exchange
Credit
Rates
1. Includes $11.5MM and $8.0MM related to the Nasdaq earnout in Q314 and Q313, respectively
2. Equities and other includes revenues from energy & commodities
9.6% 6.9%
90.4% 93.1%
Fully
Electronic
Voice
Brokerage &
Other1
Q3 2014 Q3 2013
$261,218 $256,711
FS Revenue Composition
Market data,
software solutions
and other1
+32%
+25%
+19%
-2%
-14%
11
12. INDUSTRY VOLUMES AND VOLATILITY PICKED UP IN SEPTEMBER AFTER
SLOWER SUMMER MONTHS
Year-over-Year Change in Capital Markets Activity
Dealer-Dealer CDS Outstanding
Eurex Equity Derivatives
U.S. Corp. Bonds (Primary Dealer)
Energy (ICE)
U.S. Treasuries (Primary Dealer)
Energy & Commodities (CME)
1%
-10%
U.S. Investment Grade Debt
FX Futures (CME)
U.S. Agency
U.S. Equity Options
EBS (FX)
Source: Bloomberg, SIFMA, Eurex, CME, ICE and Goldman Sachs Global Investment Research
U.S. Rates (MOVE)
FX (CVIX)
European Equities (V2X)
-8%
-35%
U.S. Equities (VIX)
Energy (VXXLE)
BGC’s Financial Service revenues have historically been correlated with industry-wide volumes
Date
(ADV, except credit derivatives outstanding)
Year-over-Year Change
Average Daily (realized) Volatility
12
and volatility levels
Generally, increased price volatility increases demand for hedging instruments, including for
many of the cash and derivative products that BGC brokers
Volumes exhibited mixed trends across asset classes, while realized volatility measures were
uniformly down from a year ago
-7%
-11%
-35%
-40% -35% -30% -25% -20% -15% -10% -5% 0%
10%
8%
2%
0%
0%
-7%
-9%
-24%
-27%
-30% -25% -20% -15% -10% -5% 0% 5% 10% 15%
13. Q414 VOLUMES & VOLATILITY-TO-DATE TRENDING UP FROM A YEAR
AGO
Date
13
4Q14TD Implied Volatility Change Y/Y
10/1/2014 – 10/27/2014
50%
20%
24%
0%
-7%
FX (CVIX)
U.S. Rates (MOVE)
U.S. Equities (VIX)
European Equities (V2X)
Energy (VXXLE)
-10% 0% 10% 20% 30% 40% 50% 60%
Source: Bloomberg, Goldman Sachs Investment Research
1. CME FX and ICE Energy volumes from 10/1/2014 – 10/25/2014
4Q14 to-date volumes up across most of the asset classes we broker
Volatility has increased across most of the asset classes we broker and are up from intra-year lows
exhibited during the second and third quarters of this year
Increased volatility typically results in increased volume in our Financial Services business
14. Date
$17.8
$18.2
$23.5
$22.6
$25.1
$25
$20
$15
$10
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
($ millions)
$2,167.0
$2,755.1
$3,116.3
$3,538.3
$3,919.4
$4,500
$4,000
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
($ billions)
BGC’S FULLY ELECTRONIC BROKERAGE METRICS
Fully Electronic Brokerage Volumes
High margin Fully electronic revenue comprised 9.6% of total Financial Services
revenues vs. 6.9% in Q3 2013
Fully Electronic Revenues1
1.”Fully Electronic” includes fees captured in both the “total brokerage revenues” and “ fees from related party” line items related to fully electronic trading and market
data and software solutions, all of which are reported within the Financial Services segment.
14
15. EXPANDING MARGINS AIDED BY FULLY ELECTRONIC
Q3 2014 Q3 2013 YOY Change
Fully electronic revenues increased 40% from Q3 2013
Fully electronic Pre-tax distributable earnings up 74%
Fully electronic margins have expanded ~1,000 bps from a year ago
Date
Revenue and Pre-Tax DE amounts denoted in USD millions
Note: For all periods, “Fully Electronic” revenues include fully electronic trading in the “total brokerage revenues” GAAP income statement line item, the portion of “fees
from related parties” line item related to fully electronic trading, all “market data” revenues , and all “software solutions” revenues. All of the aforementioned are reported
within the Financial Services segment. “Voice/Hybrid” includes results from the “Real Estate Services” segment, “Voice/Hybrid” and “Other” from “Financial Services”
segment, and also includes $11.5 million and $8.0 million from the NASDAQ OMX stock earn-out for 3Q14 and 3Q13, respectively.
15
Fully
Electronic
Voice /
Hybrid /
Other Corporate Total
Fully
Electronic
Voice /
Hybrid /
Other Corporate Total
Fully
Electronic
Voice /
Hybrid /
Other Corporate Total
Revenue $25 $415 $9 $450 $18 $387 $10 $414 40% 7% -2% 9%
Pre-Tax DE $14 $65 ($13) $66 $8 $37 ($8) $37 74% 75% NMF 76%
Pre-tax DE Margin 55% 16% NMF 15% 45% 10% NMF 9%
17. NGKF Highlights % of Q3 2014 Total Distributable Earnings Revenue
Date
358.1
418.7
107.5 138.5
123.6
164.2
40.5
40.6
FY 2012 FY 2013 Q3 2013 Q3 2014
Real Estate Mgmt.
Services & Other
Real Estate
Brokerage
BUSINESS OVERVIEW: REAL ESTATE SERVICES
Real Estate Services pre-tax distributable
earnings increased by 54% as compared to
last year
Pre-tax margins up 285 bps
Brokerage revenues up approx. 29%
Revenue per broker/salesperson up over 19%
Improved efficiencies from successful
integrations of prior period acquisitions
Real Estate Services Revenue
Industry Drivers
Superior yields in low interest rate
environment continue to make Real Estate
an attractive investment class
Strengthening U.S. economy and
accommodative monetary policy aids the
Real Estate recovery
Positive industry trends continue in sales
volumes and net absorption
(USD Millions)
$148.1
$179.1
17
$481.7
$582.9
18. NEWMARK GRUBB KNIGHT FRANK
RECENT BUSINESS HIGHLIGHTS
NGKF closed on its acquisition of Cornish & Carey Commercial on August 13, 2014
Cornish & Carey has more than 275 brokers in thirteen strategically located offices throughout Northern
California, including in San Francisco, Palo Alto and Santa Clara
Cornish & Carey had approximately $135 million in revenue in 2013
Completed 5 of the top 10 office leasing deals and the #1 deal in Manhattan -Crain’s New York
Cornish & Carey has been named Largest Bay Area Commercial Brokerage Firm and Most Active
Brokerage Firm -San Francisco Business Times
Top 10 in sales volume based upon Real Capital Analytics Survey
Ranked #4 Most Powerful Brokerage Firm and #7 Top Property Manager
-Commercial Property Executive
Ranked #4 “Top 25 Brokers”, with a 19% increase from last year -National Real Estate Investor
Ranked #8 “Top Overall Brokers in First Half”, representing sellers in deals of at least $25 million
-Real Estate Alert
Date
18
NEW OFFICES
AWARDS
8 Newmark Grubb 808.7 27.1 417.0 205.8 71.7 1,530.3 2.1 121.2
#8 NGKF
THoaplf Overall Brokers First
Brokers representing sellers
in deals of at least $25 million
19. NGKF BROKERAGE REVENUES OUTPACE INDUSTRY TRENDS
Date
19
6%
11% 12%
29%
35%
30%
25%
20%
15%
10%
5%
0%
CMBS
Originations
Sales Volumes Net Absorption NGKF Brokerage
Revenues
Commercial Real Estate
Q3 2014 to Q3 2013 Change
Source: Commercial Mortgage Alert, CoStar, Moody’s RCA
NGKF brokerage revenue growth significantly outpaced industry-wide
lending, sales and leasing trends
Note: CMBS issuance and net absorption figures are shown on a TTM basis; sales volumes are quarterly and are for all commercial property sales of $2.5
million or greater
20. U.S. ECONOMIC TRENDS POSITIVE FOR COMMERCIAL REAL ESTATE
Economists Expect Favorable Conditions to Continue for the U.S.
Date
4.6%
GDP Growth
3.0% 3.0%
2.2%
3.0% 2.9%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
2Q14A 3Q2014E 4Q14E FY/YE14E FY/YE15E FY/YE16E
4.0%
3.0%
2.0%
1.0%
10-Year Note
Source: Bloomberg and WSJ surveys of economists.
6.2%
Unemployment Rate
6.1%
5.9%
6.2%
5.6%
5.4%
7.0%
6.0%
5.0%
2Q14A 3Q2014E 4Q14E FY/YE14E FY/YE15E FY/YE16E
2.53% 2.49%
2.67% 2.67%
3.37%
3.72%
0.0%
2Q14A 3Q2014E 4Q14E FY/YE14E FY/YE15E FY/YE16E
Fed Funds Rate
0.25% 0.25% 0.25% 0.25%
0.95%
1.78%
2.0%
1.0%
0.0%
2Q14A 3Q2014E 4Q14E FY/YE14E FY/YE15E FY/YE16E
20
22. FOURTH QUARTER 2014 OUTLOOK COMPARED WITH FOURTH
QUARTER 2013 RESULTS
The Company expects distributable earnings revenues to increase by
between approximately 10 percent and 18 percent and to be between
approximately $475 million and $510 million, compared with $432.9 million.
BGC Partners anticipates pre-tax distributable earnings to increase by
between approximately 50 percent and 72 percent and to be in the range of
$69 million to $79 million, versus $46.0 million.
The Company expects its effective tax rate for distributable earnings to be
approximately 15 percent, compared with 14.5 percent
Date
BGC intends to update its fourth quarter outlook in the third week of
December
22
24. BGC PARTNERS COMPENSATION RATIO
Date
$749.8
$793.5
$1,036.8
$1,091.2
$810.1
$257.0 $271.8
56.2% 53.8%
59.2%
61.7% 61.1% 62.0%
60.4%
100%
90%
80%
70%
60%
50%
40%
$1,200
$1,000
$800
$600
$400
$200
$0
2010 2011 2012 2013 YTD 2014 Q3 2013 Q3 2014
($ millions)
Compensation and Employee Benefits Compensation and Employee Benefits as % of Total Revenue
BGC Partners Compensation Ratio was 60.4% in Q3 2014 vs. 62.0% in Q3 2013
Commercial Real Estate brokers generally have a higher compensation ratio than IDBs with significant electronic
trading revenues
24
25. NON-COMPENSATION EXPENSES & PRE-TAX MARGIN
Date
13.8%
16.1%
11.2% 10.3%
13.2%
30.0%
30.2%
29.6%
28.0% 25.7%
50%
40%
30%
20%
10%
0%
FY 2010 FY 2011 FY 2012 FY 2013 YTD 2014
Pre-tax distributable earnings as % of Total Revenue Non-comp Expenses as a % of Total Revenue
Non-comp expenses were 24.9% of distributable earnings revenues in Q3 2014 vs. 29.0% in Q3 2013
Pre-tax distributable earnings margin was 14.6% in Q3 2014 vs. 9.0% in Q3 2013
Post-tax distributable earnings margin was 12.4% in Q3 2014 vs. 7.5% in Q3 2013
25
26. BGC’S ECONOMIC OWNERSHIP AS OF 9/30/2014
Employees,
Executives,
& Directors
34%
Date
Public
Cantor 45%
21%
Note: Employees, Executives, and Directors ownership figure attributes all units (PSUs, FPUs, RSUs, etc.) and distribution rights to founding partners & employees and also includes all A shares owned
by BGC executives and directors. Cantor ownership includes all A and B shares owned by Cantor as well as all Cantor exchangeable units and certain distribution rights. Public ownership includes all A
shares not owned by executives or directors of BGC. The above chart excludes shares related to convertible debt.
26
27. AVERAGE EXCHANGE RATES
Date
Source: Oanda.com
27
Average
Q3 2014 Q3 2013 October 1 - October 29, 2014 October 1 - October 29, 2013
US Dollar 1 1 1 1
British Pound 1.671 1.550 1.608 1.610
Euro 1.327 1.325 1.267 1.363
Hong Kong Dollar 0.129 0.129 0.129 0.129
Singapore Dollar 0.799 0.789 0.784 0.804
Japanese Yen* 103.880 98.900 107.930 97.780
* Inverted
30. Date
ADJUSTED EBITDA
30
BGC Partners, Inc.
Reconciliation of GAAP Income to Adjusted EBITDA
(and Comparison to Pre-Tax Distributable Earnings)
(in thousands) (unaudited)
Q3 2014 Q3 2013
GAAP Income from continuing operations before income taxes $ 2 9,937 $ 4 2,663
Add back:
Employee loan amortization 7,133 7,744
Interest expense 9,197 9,164
Fixed asset depreciation and intangible asset amortization 11,163 10,666
Impairment of fixed assets 376 410
Exchangeability charges (1) 47,293 5,376
Losses on equity investments 2,640 2,705
Adjusted EBITDA $ 107,739 $ 7 8,728
Pre-Tax distributable earnings $ 6 5,770 $ 3 7,410
(1) Represents non-cash, non-economic, and non-dilutive charges relating to grants of exchangeability to limited partnership units
31. RECONCILIATION OF INCOME UNDER GAAP TO DISTRIBUTABLE EARNINGS
BGC Partners, Inc.
RECONCILIATION OF GAAP INCOME TO DISTRIBUTABLE EARNINGS
(in thousands, except per share data)
Date
31
(unaudited)
Q3 2014 Q3 2013
GAAP income before income taxes $ 29,937 $ 42,663
Pre-tax adjustments:
Non-cash losses related to equity investments, net 2,640 2,705
Real Estate purchased revenue, net of compensation and other expenses (a) 1,532 1,915
Allocations of net income and grant of exchangeability to limited partnership units and FPUs 52,516 10,365
NASDAQ OMX earn-out revenue (b) (34,419) (23,896)
Gains and charges with respect to acquisitions, dispositions and / or resolutions of litigation, charitable
contributions and other non-cash, non-dilutive, non-economic items 13,564 3,658
Total pre-tax adjustments 35,833 (5,253)
Pre-tax distributable earnings $ 65,770 $ 37,410
GAAP net income available to common stockholders $ 7,211 $ 25,326
Allocation of net income to Cantor's noncontrolling interest in subsidiaries 3,991 5,697
Total pre-tax adjustments (from above) 35,833 (5,253)
Income tax adjustment to reflect effective tax rate 8,942 5,251
Post-tax distributable earnings $ 55,978 $ 31,021
Pre-tax distributable earnings per share (c) $ 0.19 $ 0.12
Post-tax distributable earnings per share (c) $ 0.17 $ 0.10
Fully diluted weighted-average shares of common stock outstanding 371,360 355,167
Notes and Assumptions
(a) Represents revenues related to the collection of receivables, net of compensation, and non-cash charges on acquired receivables, which would
have been recognized for GAAP other than for the effect of acquisition accounting.
(b) Distributable earnings for the third quarter of 2014 and 2013 includes $34.4 million and $23.9 million, respectively, of adjustments associated with the
NASDAQ OMX transaction. BGC recognized $45.9 million for GAAP and $11.5 million for distributable earnings for the quarter ended September 30, 2014,
compared with $31.9 million for GAAP and $8.0 million for distributable earnings for the quarter ended September 30, 2013.
(c) On April 1, 2010, BGC Partners issued $150 million in 8.75 percent Convertible Senior Notes due 2015. On July 29, 2011, BGC Partners issued $160 million
in 4.50 percent Convertible Senior Notes due 2016. The distributable earnings per share calculations for the quarters ended September 30, 2014 and 2013
include an additional 40.2 million and 39.9 million shares, respectively, underlying these Notes. The distributable earnings per share calculations
exclude the interest expense, net of tax, associated with these Notes.
Note: Certain numbers may not add due to rounding.
32. RECONCILIATION OF REVENUES UNDER U.S. GAAP AND DISTRIBUTABLE EARNINGS
BGC Partners, Inc.
RECONCILIATION OF REVENUES UNDER GAAP AND DISTRIBUTABLE EARNINGS
(in thousands)
(unaudited)
Date
32
Q3 2014 Q3 2013
GAAP Revenue $ 4 36,216 $ 4 04,189
Plus: Other Income (losses), net 43,252 29,156
Adjusted GAAP 479,468 433,345
Adjustments:
NASDAQ OMX Earn-out Revenue (1) (34,419) (23,896)
Other revenue with respect to acquisitions, dispositions, and resolutions of litigation (380) -
Non-cash losses related to equity investments 2,640 2,705
Real Estate purchased revenue 2,456 2,227
Distributable Earnings Revenue $ 4 49,765 $ 414,381
(1) $45.9 million recognized in Q3 2014 for GAAP and $11.5 million recognized for distributable earnings, compared
with $31.9 million recognized in Q3 2013 for GAAP and $8.0 million recognized for distributable earnings.