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.
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.
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.
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 $
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.
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.
Franklin Resources reported first quarter results. Total AUM was $720 billion as of December 31, 2016. The regular quarterly dividend was increased 11% to $0.20 per share, marking the 33rd consecutive annual dividend increase. Diluted earnings per share for the quarter was $0.77. Franklin Resources continues to invest in new product offerings and returned over $1.6 billion to shareholders over the past 12 months through dividends and share repurchases.
Level 3 Communications reported its third quarter 2016 results. Key highlights included:
- Network access margin of 66.8% and adjusted EBITDA margin of 35.2%
- 12% year-over-year growth in adjusted EBITDA
- Generated $281 million in free cash flow
- Provided full year 2016 business outlook of 10-12% adjusted EBITDA growth
The document also included financial details by segment, revenue by service type, expenses, adjusted EBITDA reconciliation, debt metrics, and non-GAAP definitions.
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.
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.
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 $
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.
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.
Franklin Resources reported first quarter results. Total AUM was $720 billion as of December 31, 2016. The regular quarterly dividend was increased 11% to $0.20 per share, marking the 33rd consecutive annual dividend increase. Diluted earnings per share for the quarter was $0.77. Franklin Resources continues to invest in new product offerings and returned over $1.6 billion to shareholders over the past 12 months through dividends and share repurchases.
Level 3 Communications reported its third quarter 2016 results. Key highlights included:
- Network access margin of 66.8% and adjusted EBITDA margin of 35.2%
- 12% year-over-year growth in adjusted EBITDA
- Generated $281 million in free cash flow
- Provided full year 2016 business outlook of 10-12% adjusted EBITDA growth
The document also included financial details by segment, revenue by service type, expenses, adjusted EBITDA reconciliation, debt metrics, and non-GAAP definitions.
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.
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 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.
Iron Mountain reported third quarter 2016 earnings that were in line with its strategic plan for growth. Total revenues increased year-over-year to $943 million, driven primarily by the acquisition of Recall Holdings. Adjusted OIBDA increased 30.5% year-over-year on a constant currency basis. Iron Mountain also achieved $68 million in annualized Recall synergies and made progress on its goals for emerging markets and adjacent businesses. For the full year 2016, Iron Mountain updated its FFO guidance and introduced preliminary guidance for 2017, reflecting the continued stability and growth of its core storage business.
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.
- Franklin Resources reported second quarter results, with Chairman and CEO Greg Johnson and CFO Ken Lewis presenting.
- Performance of some large strategies weighed on overall performance and flows, though some signs of improvement were seen late in the quarter.
- Net long-term outflows were $24.1 billion for the quarter, with global/international equity and fixed income seeing the largest outflows.
- The company remains focused on investing for future growth, including launching new funds and expanding its local presence in countries like Poland.
- Western Union reported Q3 2016 revenue of $1.38 billion, down 2% from Q3 2015 or up 2% on a constant currency basis.
- Operating margin was 20.2% compared to 21.8% in Q3 2015, impacted by a $15 million FTC accrual.
- Full year 2016 revenue outlook was narrowed to approximately 3% growth on a constant currency basis and EPS outlook was affirmed at $1.60 to $1.70.
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.
This document contains forward-looking statements, disclaimers, and definitions related to CPI Card Group's financial reporting. It discusses risks and uncertainties inherent in forward-looking statements. It also provides context around non-GAAP financial measures reported by CPI Card Group and reconciliations to GAAP measures. The document establishes CPI Card Group as a North American leader in payment card solutions with leading market positions in key segments and an attractive financial profile supported by recurring revenue, industry trends, and operating leverage.
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.
The document provides an overview of TDS Telecom's fourth quarter 2016 results and strategic priorities for 2017. Key points include:
- 2016 results showed revenue impacts from competition but improvements in churn. Adjusted EBITDA was up 4% excluding discrete items.
- 2017 priorities are protecting the customer base, driving high margin revenue streams, and continuing cost improvements. Investments will focus on network quality and preparing for VoLTE deployment.
- Guidance for 2017 estimates total operating revenues of $3.8-4 billion and adjusted EBITDA of $650-800 million.
2017 First Quarter Earnings Presentationsanmina2017ir
- The company reported revenue of $1.72B for the first quarter of fiscal 2017, which was in line with guidance of $1.675-1.725B. Non-GAAP diluted EPS was $0.75, above guidance of $0.65-0.70.
- For the second quarter of fiscal 2017, the company expects revenue of $1.675-1.725B and non-GAAP EPS of $0.67-0.72.
- The CEO remarked that demand remains good and the company continues to generate cash, and expects a strong second half of fiscal 2017.
- 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 earnings conference call summary for WCI Communities for Q2 2016:
- Homebuilding revenues increased 14.2% to $132 million and deliveries increased 26.3% to 307 homes. Gross margin was 24.8% and adjusted gross margin was 27.5%.
- Real estate services revenues increased 4.5% to $30.4 million. Brokerage transactions decreased slightly but average selling price increased.
- The company has a land portfolio of over 14,000 owned or controlled home sites positioned for continued growth in Florida. The balance sheet remains conservative with $88 million of cash and available liquidity to execute the growth strategy.
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
Cpi card group presentation june 2016 final webcpi2016ir
The document discusses forward-looking statements and disclaimers, non-GAAP financial measures, and the card payment solutions industry. It provides the following information:
- The document contains forward-looking statements that are based on estimates and assumptions that could cause actual results to differ materially.
- It discusses non-GAAP financial measures like Adjusted EBITDA, Adjusted Net Income, and Adjusted Free Cash Flow that should not be considered alternatives to GAAP measures.
- CPI is a leading provider of card payment solutions in North America with the number one position in several US markets and long-term customer relationships.
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.
- 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
The document provides financial results for Level 3 Communications for the second quarter of 2016. Some key highlights include:
- Core Network Services revenue grew 5.3% year-over-year. North America CNS revenue grew 5.9% and Latin America grew 9.6%.
- Adjusted EBITDA increased 10% to $715 million. Free cash flow was $264 million.
- The company lowered its net debt to adjusted EBITDA leverage ratio to 3.5x.
- For full year 2016, the company expects adjusted EBITDA growth of 10-12% and free cash flow of $1-1.1 billion.
This document contains the 4Q16 earnings presentation for Las Vegas Sands Corp. It discusses the company's financial highlights for the quarter including a 7.4% increase in net revenue and 5.6% increase in net income. It also provides an overview of the company's operations and growth opportunities in Macao, Singapore, and the United States. Additionally, it emphasizes Las Vegas Sands' commitment to returning capital to shareholders through recurring dividends and stock repurchases, having returned over $15 billion to shareholders since 2012.
This document contains forward-looking statements about the company's plans, estimates, beliefs and assumptions. It notes that actual results may differ materially from what is projected. It also discusses non-GAAP financial measures used by the company to supplement GAAP reporting and provides reconciliations of non-GAAP measures. The document is intended for investors and analyzes the company's business model, growth opportunities, and financial performance.
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.
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 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.
Iron Mountain reported third quarter 2016 earnings that were in line with its strategic plan for growth. Total revenues increased year-over-year to $943 million, driven primarily by the acquisition of Recall Holdings. Adjusted OIBDA increased 30.5% year-over-year on a constant currency basis. Iron Mountain also achieved $68 million in annualized Recall synergies and made progress on its goals for emerging markets and adjacent businesses. For the full year 2016, Iron Mountain updated its FFO guidance and introduced preliminary guidance for 2017, reflecting the continued stability and growth of its core storage business.
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.
- Franklin Resources reported second quarter results, with Chairman and CEO Greg Johnson and CFO Ken Lewis presenting.
- Performance of some large strategies weighed on overall performance and flows, though some signs of improvement were seen late in the quarter.
- Net long-term outflows were $24.1 billion for the quarter, with global/international equity and fixed income seeing the largest outflows.
- The company remains focused on investing for future growth, including launching new funds and expanding its local presence in countries like Poland.
- Western Union reported Q3 2016 revenue of $1.38 billion, down 2% from Q3 2015 or up 2% on a constant currency basis.
- Operating margin was 20.2% compared to 21.8% in Q3 2015, impacted by a $15 million FTC accrual.
- Full year 2016 revenue outlook was narrowed to approximately 3% growth on a constant currency basis and EPS outlook was affirmed at $1.60 to $1.70.
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.
This document contains forward-looking statements, disclaimers, and definitions related to CPI Card Group's financial reporting. It discusses risks and uncertainties inherent in forward-looking statements. It also provides context around non-GAAP financial measures reported by CPI Card Group and reconciliations to GAAP measures. The document establishes CPI Card Group as a North American leader in payment card solutions with leading market positions in key segments and an attractive financial profile supported by recurring revenue, industry trends, and operating leverage.
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.
The document provides an overview of TDS Telecom's fourth quarter 2016 results and strategic priorities for 2017. Key points include:
- 2016 results showed revenue impacts from competition but improvements in churn. Adjusted EBITDA was up 4% excluding discrete items.
- 2017 priorities are protecting the customer base, driving high margin revenue streams, and continuing cost improvements. Investments will focus on network quality and preparing for VoLTE deployment.
- Guidance for 2017 estimates total operating revenues of $3.8-4 billion and adjusted EBITDA of $650-800 million.
2017 First Quarter Earnings Presentationsanmina2017ir
- The company reported revenue of $1.72B for the first quarter of fiscal 2017, which was in line with guidance of $1.675-1.725B. Non-GAAP diluted EPS was $0.75, above guidance of $0.65-0.70.
- For the second quarter of fiscal 2017, the company expects revenue of $1.675-1.725B and non-GAAP EPS of $0.67-0.72.
- The CEO remarked that demand remains good and the company continues to generate cash, and expects a strong second half of fiscal 2017.
- 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 earnings conference call summary for WCI Communities for Q2 2016:
- Homebuilding revenues increased 14.2% to $132 million and deliveries increased 26.3% to 307 homes. Gross margin was 24.8% and adjusted gross margin was 27.5%.
- Real estate services revenues increased 4.5% to $30.4 million. Brokerage transactions decreased slightly but average selling price increased.
- The company has a land portfolio of over 14,000 owned or controlled home sites positioned for continued growth in Florida. The balance sheet remains conservative with $88 million of cash and available liquidity to execute the growth strategy.
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
Cpi card group presentation june 2016 final webcpi2016ir
The document discusses forward-looking statements and disclaimers, non-GAAP financial measures, and the card payment solutions industry. It provides the following information:
- The document contains forward-looking statements that are based on estimates and assumptions that could cause actual results to differ materially.
- It discusses non-GAAP financial measures like Adjusted EBITDA, Adjusted Net Income, and Adjusted Free Cash Flow that should not be considered alternatives to GAAP measures.
- CPI is a leading provider of card payment solutions in North America with the number one position in several US markets and long-term customer relationships.
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.
- 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
The document provides financial results for Level 3 Communications for the second quarter of 2016. Some key highlights include:
- Core Network Services revenue grew 5.3% year-over-year. North America CNS revenue grew 5.9% and Latin America grew 9.6%.
- Adjusted EBITDA increased 10% to $715 million. Free cash flow was $264 million.
- The company lowered its net debt to adjusted EBITDA leverage ratio to 3.5x.
- For full year 2016, the company expects adjusted EBITDA growth of 10-12% and free cash flow of $1-1.1 billion.
This document contains the 4Q16 earnings presentation for Las Vegas Sands Corp. It discusses the company's financial highlights for the quarter including a 7.4% increase in net revenue and 5.6% increase in net income. It also provides an overview of the company's operations and growth opportunities in Macao, Singapore, and the United States. Additionally, it emphasizes Las Vegas Sands' commitment to returning capital to shareholders through recurring dividends and stock repurchases, having returned over $15 billion to shareholders since 2012.
This document contains forward-looking statements about the company's plans, estimates, beliefs and assumptions. It notes that actual results may differ materially from what is projected. It also discusses non-GAAP financial measures used by the company to supplement GAAP reporting and provides reconciliations of non-GAAP measures. The document is intended for investors and analyzes the company's business model, growth opportunities, and financial performance.
Level 3 Communications reported its fourth quarter 2016 results in February 2017. The presentation included modified adjustments to prior period results and cautionary statements about forward-looking projections. It noted some statements were based on current expectations and were subject to risks and uncertainties that could cause actual results to differ materially. Important risk factors that could prevent Level 3 from achieving its goals included its ability to increase revenue, develop business support systems, manage network failures, protect its network security, develop new services, and integrate acquisitions. The presentation also provided additional information on the proposed combination of Level 3 and CenturyLink and directed investors to filings with the SEC for more details.
Sem group investor presentation post 4Q and FY 2016 earnings finalSemGroupCorporation
This document discusses SemGroup's non-GAAP financial measure of Adjusted EBITDA and provides context around its use. It notes that Adjusted EBITDA excludes certain non-cash and other selected items in order to increase comparability between reporting periods. It also contains forward-looking statements regarding SemGroup's expectations for future financial performance and growth opportunities.
The presentation provides an overview of Symantec's acquisition of LifeLock and the formation of an integrated consumer digital safety platform. Key points include:
- Symantec will combine Norton's consumer security suite with LifeLock's leading identity protection solution, creating a platform with over 50 million combined customers.
- The acquisition accelerates Symantec's transformation to a digital safety platform that protects consumers' information, devices, identity and connected home.
- LifeLock has demonstrated strong growth and retention rates, with 4.4 million members in the US and an implied customer life of 6.7 years.
- By integrating Norton and LifeLock's offerings, Symantec aims to provide comprehensive protection and monitoring
1) The document is the 1Q16 earnings release and conference call for a bank. It provides highlights of the bank's financial results and performance in key areas like loans, funding, expenses and capital ratios.
2) Loan portfolio decreased 4.7% year-over-year but the bank improved sector diversification. Expenses fell 14.9% due to cost control efforts. Liquidity remained strong with a cash position of 53% of deposits.
3) Business lines like corporate credit, treasury products and capital markets advisory contributed to revenue. The bank maintained a diversified funding profile and excess capital with BIS ratio of 15.1%.
Atento reported its fiscal 2016 fourth quarter and full year results. Revenue declined 4.2% in Q4 but grew 2.4% from multisector clients. Adjusted EBITDA margin was maintained at 13.3% in Q4 through cost discipline. Strong free cash flow of $90 million was generated in Q4. For the full year, revenues declined 1.4% while adjusted EBITDA margins, free cash flow, and leverage met objectives. Management expects a return to revenue growth of 1-5% in fiscal 2017 through continued multisector expansion while maintaining margins and cash generation.
SCE filed its 2018 General Rate Case application in September 2016 requesting a revenue requirement increase of 2.7% in 2018 over presently authorized rates to fund ongoing infrastructure investment and initial grid modernization projects. Key items in the 2018 GRC include $2.1 billion for grid modernization capital and increased depreciation expense to reflect updated cost removal estimates. The rate case schedule includes intervenor testimony in early 2017, evidentiary hearings in mid-2017, and a proposed decision by late 2017.
The document is a disclaimer for forward-looking statements in an institutional presentation, noting that any projections are based on management expectations and are subject to changing market conditions. It also notes that additional unaudited information reflects management's interpretation and should be independently analyzed by readers. The document states that management is not responsible for the accuracy of any financial data discussed for informational purposes only.
Curtiss-Wright Corporation held an earnings conference call on February 16, 2017 to discuss its financial results for the fourth quarter and full year of 2016. Key highlights from 2016 included operating margin expansion of 130 basis points to 14.6%, 12% growth in diluted earnings per share to $4.20, and strong free cash flow of $376 million. For 2017, the company expects sales growth of 3-5% including the acquisition of TTC and continued operating margin improvement through ongoing initiatives. Curtiss-Wright reaffirmed its commitment to balanced capital allocation and delivering solid financial results in 2017.
1) A apresentação institucional da MRV Engenharia descreve a visão e estratégia da empresa, incluindo seu crescimento nos últimos 36 anos.
2) A MRV é a maior construtora residencial do Brasil e uma das maiores do mundo, com presença em 142 cidades e lançamentos de mais de 300 mil unidades.
3) A apresentação destaca as oportunidades no mercado imobiliário brasileiro, com déficit habitacional e potencial de expansão do crédito, e os diferenciais competitivos da MRV, como liderança no programa
Corporate presentation cpfl energia agosto 2016CPFL RI
1) CPFL Energia is the largest integrated private electricity company in Brazil with a market capitalization of R$23.2 billion. It has operations in distribution, generation, trading, and services.
2) In late 2016, State Grid of China proposed to acquire a 23% stake in CPFL Energia for R$25 per share, valuing the company at R$23.2 billion. The transaction is pending regulatory approval.
3) CPFL Energia's distribution segment serves over 7.8 million customers across 8 subsidiaries, covering 561 municipalities with a market share of 12.2%. The acquisition of AES Sul would expand its distribution footprint significantly.
Rockwell Automation is a global company dedicated to industrial automation and information. It has over 22,000 employees, $5.9 billion in fiscal 2016 sales, and serves customers in over 80 countries. The company provides a broad range of industrial automation products and solutions, including control systems, software, industrial networks, safety systems, and more. It focuses on innovation and domain expertise to help customers achieve faster time to market, improved asset utilization, lower total cost of ownership, and enterprise risk management.
Discover reported financial results for full year 2016 and 4Q16. Key highlights include:
- 2016 diluted EPS grew 12% to $5.77 driven by loan growth and lower expenses.
- 4Q16 diluted EPS increased 23% to $1.40 due to higher net interest income and lower expenses.
- Loan balances and credit card sales volumes increased year-over-year for both periods. However, provision for loan losses grew due to higher net charge-offs from loan growth and seasoning.
BMO Capital Markets 26th Global Metals & Mining ConferenceAgnico Eagle Mines
- The document discusses Agnico Eagle's forward-looking statements and provides context for non-GAAP financial measures used. It notes key assumptions and risks that could impact projections.
- Agnico Eagle exceeded 2016 production guidance of 1.6 million ounces at total cash costs of $600 per ounce. Production was 1.66 million ounces at total cash costs of $573 per ounce.
- New four-year guidance forecasts production growth to over 2 million ounces in 2020 as the Amaruq and Meliadine projects come online. Costs are expected to decline as production increases.
Q2 fy17 earnings slides final no guidance1ir_cisco
This document summarizes Cisco's Q2 FY 2017 conference call. Some key highlights include:
- Total revenue was $11.6 billion, down 2% year-over-year. Non-GAAP EPS was flat at $0.57.
- Cisco continues shifting toward software and recurring revenue, with 51% year-over-year growth in product deferred revenue related to recurring software/subscriptions.
- Cisco delivered strong innovation in key areas like security, collaboration, and next-gen data center.
- Cisco continues returning value to shareholders, including a 12% dividend increase to $0.29 per share. Cisco also announced its intent to acquire AppDynamics to provide customers with deep analytics across networks
The document provides an agenda and materials for Belden Inc.'s 2016 Investor Day. It includes presentations on Belden's corporate overview, strategy, financials, and individual business segments. Belden confirms its guidance for Q4 2016 and full year 2016, with revenues between $2.355-2.375 billion and EPS between $5.20-5.30. The company discusses its goals for 5-7% revenue growth, 18-20% EBITDA margin, free cash flow greater than net income, and 13-15% ROIC. Belden reviews its proven track record of achieving these goals and driving upper quartile shareholder returns.
The document provides an update to TIM's 2016-2018 industrial plan, including improved macroeconomic assumptions and updated targets. Key points include an expectation of better GDP growth in 2017-2018 than previously estimated, with inflation and exchange rates also trending positively. The plan update outlines cost optimization programs aimed at reducing operating expenses and capex from 2015 levels, increasing EBITDA margins and revenue market share over the plan period. Coverage targets are also increased under the updated plan.
- The company saw a turnaround in 2016 results, with mobile service net revenues growing 17% year-over-year and normalized EBITDA margins expanding to 33.5% in 2016 from 31.5% in 2015.
- Strong cost control measures led to 12% year-over-year reduction in operating expenses in 2016.
- The company focused on improving the value of its customer base through initiatives like bundling digital services and migrating prepaid customers to control plans. This helped drive postpaid subscriber growth and higher ARPU.
- Network investments expanded 4G coverage significantly, with the number of cities covered growing over 2x to 1,255 cities in 2016. This helped accelerate the shift to
1) TIM's 1Q16 results showed a challenging macro environment but signs of a turnaround with operational metrics stabilizing. Service revenues fell 8% YoY due to regulatory impacts while data usage grew strongly.
2) The company launched initiatives to offset regulatory impacts and adapt its portfolio, focusing on bundling, recurrence, and improving the customer experience to increase ARPU. A workforce restructuring program achieved 40% of targeted efficiency savings.
3) Infrastructure expansion continued with 4G coverage growing, while data traffic and revenues increased sharply. The efficiency program will be further accelerated to drive over R$1 billion in savings through 2017.
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.
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 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.
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 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.
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.
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.
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.
- 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' 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 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.
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.
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.
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.
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., 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.
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.
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.
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.
Similar to 4 q16 earnings-presentation-vfinal-740pm (20)
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3. DISCLAIMER (CONTINUED)
3
Distributable Earnings
This presentation should be read in conjunction with BGC’s most recent financial results press release. Unless otherwise stated, throughout this document BGC refers
to its income statement results only on a distributable earnings basis. For a complete and revised description of this non-GAAP term and how, when, and why
management uses it, see the "Distributable Earnings Defined" pages of this presentation. For both this description and a reconciliation to GAAP, as well as for more
information regarding GAAP results, see BGC’s most recent financial results press release, including the sections called “Distributable Earnings Defined”, “Differences
Between Consolidated Results for Distributable Earnings and GAAP”, and “Reconciliation of GAAP Income (Loss) to Distributable Earnings”. These reconciliations can
also be found in the “Appendix” section of this presentation. Below is a summary of certain GAAP and non-GAAP results for BGC. Segment results on a GAAP and non-
GAAP basis are included towards the end of this presentation.
Adjusted EBITDA
See the sections of BGC’s most recent financial results press release titled “Adjusted EBITDA Defined” and “Reconciliation of GAAP Income (Loss) to Adjusted
EBITDA.”
Liquidity Defined
BGC also uses a non-GAAP measure called “liquidity.” The Company considers liquidity to be comprised of the sum of “cash and cash equivalents”, “marketable
securities”, “reverse repurchase agreements”, “securities owned”, all held for liquidity purposes, less “securities loaned”, all found on the GAAP balance sheet. BGC
considers this an important metric for determining the amount of cash that is available or that could be readily available to the Company on short notice. Net long-term
liquidity is defined as the current market value of Nasdaq shares expected to be received over time with respect to the Nasdaq earn-out, plus liquidity, less long-term
debt.
A discussion of distributable earnings and adjusted EBITDA and reconciliations of these items, as well as liquidity, to GAAP results are found later in this document,
incorporated by reference, and also in our most recent financial results press release and/or are available at http://ir.bgcpartners.com/Investors/default.aspx.
5. 5
SELECT CONSOLIDATED DISTRIBUTABLE EARNINGS FINANCIAL RESULTS
On February 7, 2017, BGC Partners’ Board of Directors declared a quarterly qualified cash dividend of $0.16 per
share payable on March 14, 2017 to Class A and Class B common stockholders of record as of February 28, 2017.
The ex-dividend date will be February 24, 2017
On November 4, 2016, BGC acquired the 80 percent of the Lucera1 business not already owned by the Company.
Because this transaction involved entities under common control, BGC’s financial results have been retrospectively
adjusted to include the results of Lucera in the current and prior periods
Adjusted EBITDA would have improved dramatically for the quarter and full year but for the $391 million gain we
recorded with respect to the Trayport sale last year
Highlights of Consolidated Distributable Earnings Results
(USD millions, except per share data)
4Q 2016 4Q 2015 Change (%) FY 2016 FY 2015 Change (%)
Revenues $673.2 $674.9 (0.2)% $2,612.6 $2,580.4 1.2%
Pre-tax distributable earnings before non-controlling
interest in subsidiaries and taxes
129.1 101.1 27.7% 425.4 360.3 18.1%
Pre-tax distributable earnings per share 0.30 0.26 15.4% 1.00 0.96 4.2%
Post-tax distributable earnings 108.0 81.0 33.4% 358.0 288.5 24.1%
Post-tax distributable earnings per share 0.25 0.21 19.0% 0.84 0.77 9.1%
Adjusted EBITDA 129.1 479.1 (73.0)% 519.8 868.1 (40.1)%
Pre-tax distributable earnings margin 19.2% 15.0% 16.3% 14.0%
Post-tax distributable earnings margin 16.0% 12.0% 13.7% 11.2%
1. Also known as “LFI Holdings, LLC”
6. Total Americas revenue down 3% in 4Q16 and up 2% in FY16
Europe, Middle East & Africa revenue up 5% (up 14% excluding Trayport) in 4Q16 and up
1% (up 9% excluding Trayport) in FY16
Asia Pacific revenue up 2% in 4Q16 and down 2% in FY16
EMEA
31%
Americas FS
17%
Americas RE
45%
APAC
8%
EMEA
31%
Americas FS
20%
Americas RE
40% APAC
8%
FY16
6
GLOBAL REVENUE BREAKDOWN
Note: Percentages may not sum to 100% due to rounding
*Includes GFI offices
FY16 & 4Q16
Global Revenues
4Q16
7. 7
4Q 2016 REVENUES
4Q 2016 SEGMENT DATA (DISTRIBUTABLE EARNINGS BASIS)
4Q 2016 Revenues Pre-tax Earnings Pre-tax Margin
Financial $359.3 $87.7 24.4%
Real Estate $306.1 $49.5 16.2%
Corporate $7.8 ($8.2) NMF
(In USD millions)
Financial Services revenues were down 5%, primarily due to the sale of Trayport and a decrease in
overall FX volumes. Excluding Trayport and the impact of the stronger U.S. dollar, Financial Services
revenues would have been up 1%
Financial Services pre-tax earnings increased by 26% and margins improved approximately 600 basis
points, driven by the successful integration of GFI and the improved profitability of FENICS products
Real Estate Services revenues were up 7%, primarily driven by strong organic growth in capital
markets
Financial
Services
53%
Real
Estate
Services
45%
Corporate
1%
4Q 2015 Revenues Pre-tax Earnings Pre-tax Margin
Financial $378.2 $69.8 18.4%
Real Estate $287.4 $47.2 16.4%
Corporate $9.3 ($15.9) NMF
(In USD millions)
Note: Percentages may not sum to 100% due to rounding
8. 8
FY 2016 REVENUES
FY 2016 SEGMENT DATA (DISTRIBUTABLE EARNINGS BASIS)
FY 2016 Revenues Pre-tax Earnings Pre-tax Margin
Financial $1,523.2 $351.8 23.1%
Real Estate $1,058.3 $130.5 12.3%
Corporate $31.1 ($56.9) NMF
(In USD millions)
Financial Services revenues were down 2%, primarily due to the sale of Trayport
Financial Services pre-tax margins improved 330 basis points as the integration of GFI was
successfully completed and higher margin FENICS products comprised a larger portion of revenues
Real Estate Services revenues were up 6%, primarily driven by strong organic growth in capital
markets
Financial
Services
58%
Real
Estate
Services
41%
Corporate
1%
8
FY 2015 Revenues Pre-tax Earnings Pre-tax Margin
Financial $1,548.2 $306.3 19.8%
Real Estate $998.5 $139.3 14.0%
Corporate $33.8 ($85.3) NMF
(In USD millions)
Note: Percentages may not sum to 100% due to rounding
9. 9
Rates
17%
F/X
11%
Credit
9%
Energy &
Commodities
8%
Equities
and Other
6%
Data, Software, Post-trade
and Other
2%
Leasing and Other
Services
21%
Real Estate Capital
Markets
16%
Real Estate Management
and Other
8%
Corporate
1%
Financial
Services
53%
Real Estate
Services
45%
Corporate
1%
BGC'S 4Q 2016 SIGNIFICANT REVENUE DIVERSITY
Percentages are approximate and may not sum due to rounding
1. Data, software, post-trade and other includes interest, and other revenue for distributable earnings
BGC maintains a highly diverse
revenue base
Wholesale Financial Services
Brokerage revenues and
earnings typically seasonally
strongest in 1st quarter,
weakest in 4th quarter
Commercial Real Estate
Brokerage revenues and
earnings typically seasonally
strongest in 4th quarter,
weakest in 1st quarter
BGC’s Businesses at a Glance
1
10. 10
Rates
18%
F/X
12%
Credit
11%
Energy &
Commodities
9%Equities
and Other
7%
Market data, Software
Solutions & Other
2%
Leasing and Other
Services
20%
Real Estate Capital
Markets
13%
Real Estate Management
and Other
8%
Corporate
1%
Financial
Services
58%
Real Estate
Services
41%
Corporate
1%
BGC'S FY 2016 BUSINESS SHOWS STRONG REVENUE DIVERSITY
10
BGC maintains a highly diverse
revenue base
Wholesale Financial Services
Brokerage revenues and
earnings typically seasonally
strongest in 1st quarter,
weakest in 4th quarter
Commercial Real Estate
Brokerage revenues and
earnings typically seasonally
strongest in 4th quarter,
weakest in 1st quarter
BGC’s Businesses at a Glance
1
Percentages are approximate and may not sum due to rounding
1. Data, software, post-trade and other includes interest, and other revenue for distributable earnings
11. 11
2,454 2,441 2,391 2,353 2,416
1,401 1,417 1,421 1,447 1,444
4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016
Financial Brokerage Real Estate
Financial Services average revenue per front office employee was $151,000 in 4Q 2016, up 4%, largely driven by the
integration and improved productivity of recent acquisitions
Real Estate Services average revenue per front office employee was $172,000 in 4Q 2016, up 1%, primarily driven by the
real estate capital markets brokers hired in 2015 improving production
Historically, BGC’s revenue per front office employee has generally fallen after large acquisitions and significant broker
hires. As the integration of recent acquisitions continues, recently hired brokers improve production, and as more voice
and hybrid revenue is converted to more profitable fully electronic trading, the Company expects broker productivity to grow
BGC’S FRONT OFFICE HEADCOUNT & PRODUCTIVITY
FRONT OFFICE HEADCOUNT
Note: The Real Estate figures are based on brokerage revenues, leasing and capital markets brokers, and exclude staff in management services and other. The Financial Services figures in the above table include
segment revenues from total brokerage revenues, data, software and post-trade, and exclude revenues and salespeople related to Trayport and other income. 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
FRONT OFFICE PRODUCTIVITY
Yr/Yr change: 0%
154 159
615 620
Q4 2015 Q4 2016 FY 2015 FY 2016
3%
1%
(USD Thousands)
3,8003,855 3,858 3,812 3,860
12. 12
DISTRIBUTABLE EARNINGS EXPENSE & PRE-TAX MARGIN TRENDS
BGC Partners’ Compensation Ratio was 59.8% in 4Q 2016 vs. 63.0% in 4Q 2015; The compensation ratio improvement was
primarily driven by reductions in Financial Services compensation ratios
Non-compensation Ratio was 23.8% in 4Q 2016 down from 25.4% a year ago
Pre-tax margins expanded by approximately 420 basis points from 4Q 2015 to 19.2%, driven by the successful integration of GFI
1,625 1,625
425 403
63.0% 62.2% 63.0%
59.8%
40%
50%
60%
70%
80%
90%
100%
$0
$500
$1,000
$1,500
$2,000
FY 2015 FY 2016 4Q 2015 4Q 2016
(USDmillions)
Compensation and Employee Benefits Compensation and Employee Benefits as % of Total Revenue
14.0% 16.3% 15.0% 19.2%
25.6% 25.0% 25.4%
23.8%
0%
6%
12%
18%
24%
30%
10%
12%
14%
16%
18%
20%
FY 2015 FY 2016 4Q 2015 4Q 2016
Pre-tax Margin Non-compensation Expense as a % of Total Revenue
13. RECENTLY ANNOUNCED / COMPLETED BGC & NGKF ACQUISITIONS
13
Regency Capital Partners:
On February 8, 2017, NGKF announced that it acquired the assets of Regency Capital Partners, a real
estate capital advisory firm regarded for its specialized financing expertise, headquartered in San Francisco
Over the past 24 months, Regency Capital Partners has arranged more than $1.6 billion of debt and equity,
solidifying them as one of Northern California’s elite structured finance firms
Besso Insurance Group:
On January 4, 2017, BGC announced an agreement to acquire Besso Insurance Group Limited, an
independent Lloyd’s of London insurance broker with a strong reputation across Property, Casualty, Marine,
Aviation, Professional and Financial Risks and Reinsurance
Walchle Lear Multifamily Advisors:
On January 3, 2017, NGKF announced the completion of its acquisition of Walchle Lear Multifamily
Advisors, a premier multihousing investment sales brokerage firm based in Jacksonville Beach, Florida
Micromega Securities:
On December 22, 2016, BGC and GFI announced that an affiliated entity had entered into an agreement to
acquire Micromega Securities, a Johannesburg-based interdealer broker operating in the South African fixed
income, rates and foreign exchange markets
Sunrise Brokers Group:
On December 20, 2016, BGC announced the completion of its acquisition of Sunrise Brokers Group, a
privately owned financial brokerage with a leading reputation in worldwide equity derivatives
.
15. 15
4Q 2016 FINANCIAL SERVICES SUMMARY
BGC Financial Services Segment Highlights
General:
Pre-tax distributable earnings up over 25%
Pre-tax distributable earnings margin
expanded around 600 basis points, despite the
sale of Trayport, which had pre-tax margins of
approximately 45%1
Rates revenues up over 7%
FENICS2:
FENICS revenues and pre-tax distributable
earnings comprise over 13% and over 28% of
Financial Services totals, respectively, net of
inter-company eliminations
Fully electronic credit revenues up 13% as
compared to a year ago
Quarterly Drivers
Increased activity across rates; decreased
activity across cash equities and foreign
exchange
Completed successful integration of GFI,
achieving our target in annualized synergies
for total GFI cost savings above $125 million
for distributable earnings
Distributable earnings and margins have
improved due to the successful integration of
GFI, as well as reduced overall expenses
across financial services, and increased
FENICS profitability
Trayport generated revenues of $15.8 million,
net of inter-company eliminations, in 4Q 2015,
compared to none in 4Q 2016 due to its sale
in 4Q 2015
1. For the trailing-twelve months ended September 30, 2015
2. ”FENICS” includes “total brokerage revenues” related to fully electronic trading and data, software, and post-trade, all of which are reported within the Financial Services segment and excludes Trayport results. Results shown
by segment or business exclude revenues, earnings and/or losses associated with Corporate items
16. 16
FINANCIAL SERVICES REVENUE COMPOSITION
FINANCIAL SERVICES REVENUE BREAKOUT BY ASSET CLASS
108,060 116,117
75,167 70,816
63,399 62,294
57,061 54,111
42,594 41,950
16,091 14,013
15,834
Q4 2015 Q4 2016
$378,206 $359,301
Data, software, post-trade and other
Energy & commodities
Equity & other
Credit
Foreign Exchange
Rates
(5)%
(2)%
(6)%
7%
1. BGC sold Trayport to Intercontinental Exchange in 4Q 2015
(5)%
% Change
(2)%
NMFTrayport1
Total Financial Services
(USD $000s)
(13)%
17. 17
FENICS Net Revenue Growth1 4Q 2016 FENICS Breakdown2
BUSINESS OVERVIEW: FENICS
4Q16 FENICS revenues comprised over 13% of total Financial Services revenues versus
approximately 3% in 2010 (net of inter-company eliminations), when this was a new business
FENICS pre-tax distributable earnings comprised over 28% of total Financial Services pre-tax
distributable earnings during the fourth quarter (net of inter-company eliminations)
Fully Electronic revenues have grown as a percentage of Financial Services for six consecutive
years
Rates
21%
Credit
27%
F/X
10%
Data,
software and
post trade
(inter-
company)
20%
Data,
software and
post trade
21%
1. Excludes inter-company revenues, revenues related to eSpeed (sold in June 2013), and revenues related to Trayport (sold in December 2015). Results shown by segment or business exclude revenues, earnings and/or
losses associated with Corporate items
2. Excludes a de minimis amount of revenue related to equities and other products
Note: Percentages may not sum to 100% due to rounding
(USD $000s)
0%
4%
8%
12%
16%
-
60,000
120,000
180,000
240,000
FY10 FY11 FY12 FY13 FY14 FY15 FY16
Fenics Revenue FENICS as % of Financial Services
18. 148,298 154,323
34,205 34,975
43,728
54,309
14,671
37,310
52,219
11,749
-
50,000
100,000
150,000
200,000
250,000
300,000
FY15 FY16 4Q15 4Q16
Electronic Brokerage Data, software and post-trade Data, software and post-trade (inter-company)
18
BGC’S FENICS (FULLY ELECTRONIC) REVENUE GROWTH
18
FENICS (Fully Electronic) Revenues1
FY 2016 FENICS revenues up 14% YOY
(USD 000s)
1. “FENICS” results include data, software, and post-trade (inter-company) revenues of $12.3 million and $11.7 million for 4Q16 and 4Q15, respectively, and $52.2 million and $37.3 for FY16 and
FY15, respectively, which are eliminated in BGC’s consolidated financial results. Data, software, and post-trade revenues, net of inter-company eliminations were $12.9 million, $14.7 million, $54.3
million and $43.7 million in 4Q16, 4Q15, FY16, and FY15 respectively. FENICS revenues exclude Trayport net revenues of $15.8 million and $58.6 million for 4Q15 and FY15, respectively. There
were no corresponding Trayport revenues in FY16. Results shown by segment or business exclude revenues, earnings and/or losses associated with Corporate items
$60,625 $60,230
$260,851
$229,336
12,306
12,949
change -1%
19. 19
Note: “FENICS” results include data, software, and post-trade (inter-company) revenues of $12.3 million and $11.7 million for 4Q16 and 4Q15, respectively, and $52.2 million and $37.3 million for FY 2016 and FY 2015,
respectively, which are eliminated in BGC’s consolidated financial results. Data, software, and post-trade revenues, net of inter-company eliminations were $12.9 million, $14.7 million, $54.3 million and $43.7 million in 4Q16,
4Q15, FY 2016, and FY 2015 respectively. Results shown by segment or business exclude revenues, earnings and/or losses associated with Corporate items
FENICS IN REVIEW
Note: numbers may not foot and/or cross foot due to rounding
(USD millions)
FENICS Pre-tax DE margins expanded over 270 bps yr/yr to 42.6% during FY16
FENICS revenues exclude Trayport net revenues of $15.8 million and $58.6 million for 4Q15 and FY 2015, respectively.
There were no corresponding Trayport revenues in FY 2016
Voice/Hybrid/Other Pre-tax DE includes $17.2 million, $17.6 million, $79.6 million, and $60.7 million related to Nasdaq earn-
out income for 4Q16, 4Q15, FY 2016, and FY 2015, respectively, as well as $1.6 million, $5.4 million, $14.3 million, $5.4
million related to the ICE shares received in the sale of Trayport for 4Q16, 4Q15, FY 2016, and FY 2015, respectively
FENICS
Voice / Hybrid /
Other Real Estate Corporate Total FENICS
Voice / Hybrid /
Other Real Estate Corporate Total
Revenue $60.2 $299.1 $306.1 $7.8 $673.2 $260.9 $1,262.4 $1,058.3 $31.1 $2,612.6
Pre-tax DE $24.9 $62.8 $49.5 ($8.2) $129.1 $111.0 $240.7 $130.5 ($56.9) $425.4
Pre-tax DE Margin 41.3% 21.0% 16.2% NMF 19.2% 42.6% 19.1% 12.3% NMF 16.3%
FENICS
Voice / Hybrid /
Other Real Estate Corporate Total FENICS
Voice / Hybrid /
Other Real Estate Corporate Total
Revenue $60.6 $317.6 $287.4 $9.3 $674.9 $229.3 $1,318.8 $998.5 $33.8 $2,580.4
Pre-tax DE $23.6 $46.1 $47.2 ($15.9) $101.1 $91.4 $214.9 $139.3 ($85.3) $360.3
Pre-tax DE Margin 39.0% 14.5% 16.4% NMF 15.0% 39.9% 16.3% 14.0% NMF 14.0%
FENICS
Voice / Hybrid /
Other Real Estate Corporate Total FENICS
Voice / Hybrid /
Other Real Estate Corporate Total
Revenue -0.7% -5.8% 6.5% -15.9% -0.2% 13.7% -4.3% 6.0% -8.2% 1.2%
Pre-tax DE 5.3% 36.2% 4.8% -48.7% 27.7% 21.5% 12.0% -6.3% -33.3% 18.1%
Q4 2016 FY 2016
Yr/Yr Change Yr/Yr Change
Q4 2015 FY 2015
21. 162,263 144,521
73,143 104,740
51,978
56,837
Q4 2015 Q4 2016
21
4Q 2016 Real Estate Segment BreakdownDrivers
NGKF Highlights 4Q 2016 Real Estate Segment Breakdown
BUSINESS OVERVIEW: REAL ESTATE SERVICES
4Q 2016 Real Estate Services revenue
increased 7% compared to 4Q 2015
4Q 2016 Real estate capital markets revenue
increased 43% compared to 4Q 2015
4Q 2016 Management services & other revenue
up 9% compared to 4Q 2015
Mostly organic growth
Overall activity industry-wide was generally
down for leasing (-5% to -10%) and real estate
capital markets (-20%) in 4Q 2016; NGKF
capital markets significantly outpaced relevant
industry-wide metrics
Following the U.S. election, volatility and
uncertainty increased, leading many to delay
real estate transactions
Leasing and other
services
47%
Real estate
capital markets
34%
Management
services &
other revenues
19%
Management services
and other revenues
Real estate capital
markets
Leasing and
other services
Note: Percentages may not sum to 100% due to rounding. Results shown by segment or business exclude revenues, earnings and/or losses associated with Corporate items
287,384
306,098
(USD$000s)
Sources: CoStar, Real Capital Analytics, and/or NGKF Research
23. 23
INDUSTRY FUNDAMENTALS REMAIN STRONG
Cap rates are no longer compressing, but maintain an above-average premium to treasury
yields
2016 U.S. sales volume was 11% below 2015 levels, but surpassed 2014’s activity and was
the third highest yearly total of the past decade
Capital is predominantly focused on primary markets; however, yield-driven, opportunistic
investors continue to bid on well positioned stabilized assets in secondary markets
0
100
200
300
400
500
0%
2%
4%
6%
8%
10%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
SPREAD(BPS)
CAPRATE
Yield Spread Cap Rates, All Property Types 10-Year Treasury Rate
4Q 2016 Yield Spread:
376 bps
Source: Newmark Grubb Knight Frank Research, Real Capital Analytics, Federal Reserve Bank of St. Louis
Historical U.S. Cap Rate Yield Spread Over 10-Year U.S. Treasuries
2002 – 2016 Avg. Yield Spread: 335 bps
25. 25
OUTLOOK COMPARISON
Outlook Compared with a Year Ago Results
BGC anticipates first quarter 2017 revenues of between $655 million and $700
million, compared with $640.7 million a year earlier
BGC anticipates generating pre-tax earnings of between $94 million and $120
million, as compared to $88.3 million a year earlier
BGC anticipates its provision for taxes for distributable earnings to be between
approximately $14 million and $19 million for the first quarter 2017, compared to
$13.6 million a year earlier
BGC intends to update its first quarter outlook before the end of March 2017
27. 27
SELECT CONSOLIDATED GAAP FINANCIAL RESULTS
Highlights of Consolidated GAAP Results (USD millions,
except per share data)
4Q 2016 4Q 2015 Change (%) FY16 FY15 Change (%)
Revenues under both U.S. Generally Accepted Accounting
Principles (“GAAP”) and Distributable Earnings
$673.2 $674.9 (0.2)% $2,612.6 $2,580.4 1.2%
Income from operations before income taxes 37.4 249.5 (85.0)% 188.3 380.6 (50.5)%
Net income for fully diluted shares 23.9 97.7 (75.6)% 157.7 161.6 (2.4)%
Net income per fully diluted share 0.06 0.24 (75.0)% 0.36 0.48 (25.0)%
Pre-tax earnings margin 5.5% 37.0% 7.2% 14.7%
Post-tax earnings margin 3.5% 14.5% 6.0% 6.3%
On November 4, 2016, BGC acquired the 80 percent of the Lucera business not already owned by the
Company. Because this transaction involved entities under common control, BGC’s financial results have
been retrospectively adjusted to include the results of the Lucera business in the current and prior
periods
GAAP net income would have improved dramatically for the quarter and full year but for the $391 million
gain we recorded with respect to the Trayport sale last year
28. 28
BGC PARTNERS, INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
(UNDER GAAP)
Revenues: 2016 2015 2016 2015
Commissions 524,287$ 507,503$ 1,994,227$ 1,931,860$
Principal transactions 70,262 74,184 325,481 313,142
Total brokerage revenues 594,549 581,687 2,319,708 2,245,002
Real estate management services 55,841 51,121 196,801 187,118
Fees from related parties 6,139 6,038 24,200 25,348
Data, software and post-trade 12,949 30,505 54,309 102,371
Interest income 3,316 4,390 12,271 10,643
Other revenues 454 1,183 5,334 9,957
Total revenues 673,248 674,924 2,612,623 2,580,439
Expenses:
Compensation and employee benefits 405,997 479,119 1,653,613 1,696,622
Allocations of net income and grant of exchangeability to limited partnership units and FPUs 60,264 145,718 192,934 259,639
Total compensation and employee benefits 466,261 624,837 1,846,547 1,956,261
Occupancy and equipment 49,149 56,693 199,848 218,026
Fees to related parties 8,714 4,653 23,864 18,755
Professional and consulting fees 15,230 12,234 60,920 66,382
Communications 30,301 30,909 124,080 120,427
Selling and promotion 24,022 26,647 97,852 97,437
Commissions and floor brokerage 10,280 9,478 37,913 35,094
Interest expense 14,172 18,074 57,637 69,359
Other expenses 17,594 63,075 83,868 138,199
Total non-compensation expenses 169,462 221,763 685,982 763,679
Total expenses 635,723 846,600 2,532,529 2,719,940
Other income (losses), net:
Gain (loss) on divestiture and sale of investments - 390,951 7,044 394,347
Gains (losses) on equity method investments 996 (687) 3,543 2,597
Other income (loss) (1,169) 30,909 97,579 123,168
Total other income (losses), net (173) 421,173 108,166 520,112
Income (loss) from operations before income taxes 37,352 249,497 188,260 380,611
Provision (benefit) for income taxes 14,601 79,441 60,252 120,496
Consolidated net income (loss) 22,751$ 170,056$ 128,008$ 260,115$
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries 6,671 106,650 25,531 138,797
Net income (loss) available to common stockholders 16,080$ 63,406$ 102,477$ 121,318$
Per share data:
Basic earnings per share
Net income (loss) available to common stockholders 16,080$ 63,406$ 102,477$ 121,318$
Basic earnings per share 0.06$ 0.25$ 0.37$ 0.50$
Basic weighted-average shares of common stock outstanding 279,833 254,155 277,073 243,460
Fully diluted earnings per share
Net income (loss) for fully diluted shares 23,886$ 97,702$ 157,695$ 161,596$
Fully diluted earnings per share 0.06$ 0.24$ 0.36$ 0.48$
Fully diluted weighted-average shares of common stock outstanding 433,412 405,425 433,226 335,387
Dividends declared per share of common stock 0.16$ 0.14$ 0.62$ 0.54$
Dividends declared and paid per share of common stock 0.16$ 0.14$ 0.62$ 0.54$
Three Months Ended December 31, Year Ended December 31,
29. 29
BGC PARTNERS, INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
(UNDER GAAP)
December 31, December 31,
2016 2015
Assets
Cash and cash equivalents 502,024$ 462,134$
Cash segregated under regulatory requirements 6,895 3,199
Reverse repurchase agreements 54,659 -
Securities owned 35,357 32,361
Marketable securities 164,820 650,400
Receivables frombroker-dealers, clearing organizations, customers and related broker-dealers 497,557 812,344
Accrued commissions receivable, net 374,734 342,299
Loans, forgivable loans and other receivables fromemployees and partners, net 267,527 158,194
Fixed assets, net 165,867 147,505
Investments 33,439 29,759
Goodwill 863,690 811,766
Other intangible assets, net 247,723 233,967
Receivables fromrelated parties 6,967 9,050
Other assets 287,141 289,659
Total assets 3,508,400$ 3,982,637$
Liabilities, Redeemable PartnershipInterest, andEquity
Securities loaned -$ 117,890$
Accrued compensation 333,144 303,959
Payables to broker-dealers, clearing organizations, customers and related broker-dealers 375,152 714,823
Payables to related parties 28,976 22,470
Accounts payable, accrued and other liabilities 595,898 693,539
Notes payable and collateralized borrowings 965,767 840,877
Total liabilities 2,298,937 2,693,558
Redeemable partnership interest 52,577 57,145
Equity
Stockholders' equity:
Class A common stock, par value $0.01 per share; 750,000 and 500,000 shares authorized at December 31, 2016
and December 31, 2015, respectively; 292,549 and 255,859 shares issued at December 31, 2016 and
December 31, 2015, respectively; and 244,870 and 219,063 shares outstanding at December 31, 2016 and
December 31, 2015, respectively 2,925 2,559
Class B common stock, par value $0.01 per share; 150,000 and 100,000 shares authorized at December 31, 2016
and December 31, 2015, respectively; 34,848 shares issued and outstanding at December 31, 2016 and
December 31, 2015, convertible into Class A common stock 348 348
Additional paid-in capital 1,469,064 1,109,000
Contingent Class A common stock 42,472 50,095
Treasury stock, at cost: 47,679 and 36,796 shares of Class A common stock at December 31, 2016 (288,743) (212,331)
and December 31, 2015, respectively
Retained deficit (358,526) (290,208)
Accumulated other comprehensive income (loss) (23,199) (25,056)
Total stockholders' equity 844,341 634,407
Noncontrolling interest in subsidiaries 312,545 597,527
Total equity 1,156,886 1,231,934
Total liabilities, redeemable partnership interest and equity 3,508,400$ 3,982,637$
31. 31
BGC’S ECONOMIC OWNERSHIP AS OF DECEMBER 31, 2016
Public
49%
Cantor
20%
Employees,
Executives, &
Directors
31%
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. The above chart excludes all formerly contingent shares that had not yet been
issued
32. EXPANSION HIGHLIGHTS:
Acquired Continental Realty Ltd.
Headquartered in Columbus and one of the largest commercial brokerage operations in Central Ohio. Acquisition bolsters NGKF’s presence in the Midwest
Acquired Newmark Grubb Mexico City
One of the premier tenant advisory firms in the area with a strong reputation as one of the most well-respected commercial real estate operators in the region
Acquired The CRE Group. Inc
San Francisco Bay Area-based real estate services provider focused on project management, construction management and LEED consulting
Acquired Rudesill-Pera Multifamily, LLC
A premier multifamily brokerage firm based out of Memphis, specializing in multihousing sales since the late 1970s
Aggressively expanded capital markets capabilities
Hired top-tier professionals in major gateway cities including Los Angeles, San Francisco, Boston, Washington, DC, Chicago and Seattle
Partnered with NAI Costa Rica and Caribbean Real Estate Services (CRES)
Operating in Puerto Rico and the Dominican Republic, partnership expands real estate services in Mexico, Central America and the Caribbean
AWARDS:
Ranked #4, Top Brokerage Firms
National Real Estate Investor 2016
Ranked #2 Best Commercial Real Estate Property Management Firm and Ranked #3 Tenant Representation
New York Law Journal 2016
Ranked #6 of the Top 25, Sales Volume 2016
Real Capital Analytics
Ranked #5 Top Brokerage Firms
Commercial Property Executive 2016
Ranked #3 Top Brokers of Multi-Family Properties, ARA, A Newmark Company
Real Estate Alert, First Half 2016
Ranked #3 New York’s Largest Commercial Property Managers
Crain’s New York Business 2016
Ranked Top 100 Global Outsourcing Firms
International Association of Outsourcing Professionals 2016
Ranked #2 Commercial Real Estate Firms, Newmark Cornish & Carey
Silicon Valley Business Journal 2016
Won Two Real Estate Board of New York (REBNY) Awards
Scored the Real Estate Board of New York’s 2015 Most Ingenious Office Deal of the Year Award and 2015 Most Ingenious Retail Deal of the Year Award
2016 NGKF HIGHLIGHTS
32
33. 33
STRONGLY CAPITALIZED; INVESTMENT GRADE CREDIT PROFILE
($ in '000s)
BGC Partners, Inc. 12/31/2016
Cash and Cash Equivalents $502,024
Reverse Repurchase Agreements 54,659
Securities Owned 35,357
Marketable Securities (net) 164,820
Total Liquidity $756,860
BGC Partners, Inc. and Subsidiaries Issuer Maturity 12/31/2016
8.375% Senior Notes GFI 7/19/2018 $246,988
Collateralized Borrowings BGC 3/13/2019 16,210
5.375% Senior Notes BGC 12/9/2019 297,083
5.125% Senior Notes BGC 5/27/2021 296,215
8.125% Senior Notes BGC 6/15/2042 109,271
Total Debt $965,767
BGC Partners, Inc. (Adj. EBITDA and Ratios are FY 2016) 12/31/2016
Adjusted EBITDA $519,826
Leverage Ratio: Total Debt / Adjusted EBITDA 1.9x
Net Leverage Ratio: Net Debt / Adjusted EBITDA 0.4x
Adjusted EBITDA / Interest Expense 9.0x
Total Capital $1,209,463
1
1. Does not include the over $732 million (at Dec 30, 2016 closing price) or the over $750 million (as of Feb 8, 2017 closing price) in Nasdaq shares expected to be received over time
2. Defined as “redeemable partnership interest,” “noncontrolling interest in subsidiaries,” and “total stockholders’ equity”
2
34. 4Q16 INDUSTRY VOLUMES UP; VOLATILITY MIXED
4Q16: Yr/Yr Change in Capital Markets Activity 4Q16: Yr/Yr Change in Average Daily Volatility
Volumes were generally up compared to 4Q 2015
Volatility measures were mixed compared to a year ago; increased volatility often signals
increased trading activity, however severe bouts of volatility often results in lower trading activity
34
Source: Bloomberg, Eurex, CME, ICE, Trax, and Thomson Source: Bloomberg
(ADV excl. Eurex Equity Derivatives)
36%
20%
18%
13%
13%
12%
8%
8%
5%
2%
-2%
-5% 0% 5% 10% 15% 20% 25% 30% 35% 40%
Interest Rate Futures (CME)
Energy & Commodities (CME)
U.S. Treasuries (Primary Dealer)
FX Futures (CME)
European Fixed Income (Trax)
Energy (ICE)
Interest Rate Futures (ICE)
Equity Indices (ICE)
Eurex Equity Derivatives
U.S. Corp. Bonds
(Primary Dealer)
Thomson Reuters FX Spot
7%
4%
-1%
-17%
-18%
-20% -15% -10% -5% 0% 5% 10%
Commodity Volatility Index (BofAML)
FX (CVIX)
U.S. Rates (MOVE)
European Equities (V2X)
U.S. Equities (VIX)
35. 35
VOLUMES AND VOLATILITY GENERALLY MIXED FROM A YEAR AGO
35
1Q17TD Change in Capital Markets Activity 1Q17TD Change in Average Daily Volatility
Source: Bloomberg, CME, ICE and Goldman Sachs Global investment Research
1Q17 to-date industry volumes generally mixed across most of the asset classes we broker
Industry volumes typically correlate to volumes in our Financial Services business
Volatility is generally mixed across most asset classes we broker; increased volatility often
signals higher trading activity, however severe bouts of volatility often result in lower trading
activity
(1/1/2017 – 1/30/2017)
Source: Bloomberg
(1/1/2017 – 1/30/2017)
43%
23%
10%
-1%
-2%
-8%
-13%
-27%
-29%
-40% -30% -20% -10% 0% 10% 20% 30% 40% 50%
Investment Grade Credit
U.S. Agency (Primary Dealer)
U.S. Corp. Bonds (Primary Dealer)
U.S. Treasuries (Primary Dealer)
FX Futures (CME)
Interest Rate Futures (CME)
Energy (ICE)
European Equities
U.S Equities
26%
4%
1%
-45%
-50%
-60% -50% -40% -30% -20% -10% 0% 10% 20% 30%
Commodity Volatility Index (BofAML)
FX (CVIX)
U.S. Rates (MOVE)
European Equities (V2X)
U.S. Equities (VIX)
36. VACANCY RATES CONTINUE TO IMPROVE SIGNALING SUSTAINED
DEMAND FOR COMMERCIAL REAL ESTATE
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
4Q11 4Q12 4Q13 4Q14 4Q15 4Q16
Office Industrial Retail Unweighted Average
Vacancy rates continue to improve, reflecting sustained demand that continues to
outpace construction activity across major commercial real estate property types
Source: CoStar, REIS, and NGKF Research
36
U.S. Vacancy Rates by Asset Class
37. 37
AVERAGE EXCHANGE RATES
Source: Bloomberg
37
Q4 2016 Q4 2015 Jan 1 – Jan 30, 2017 Jan 1 – Jan 30, 2016
US Dollar 1 1 1 1
British Pound 1.243 1.517 1.234 1.442
Euro 1.079 1.096 1.062 1.087
Hong Kong Dollar 0.129 0.129 0.129 0.129
Singapore Dollar 0.709 0.711 0.700 0.699
Japanese Yen 109.500 121.420 115.020 118.390
38. 38
DIFFERENCES BETWEEN CONSOLIDATED RESULTS FOR
DISTRIBUTABLE EARNINGS AND GAAP
38
Differences between Consolidated Results for Distributable Earnings and GAAP
The following sections describe the main differences between results as calculated for distributable earnings and GAAP for the periods discussed herein.
Differences between Other income (losses), net, for Distributable Earnings and GAAP
Distributable earnings calculations for the full year 2016 excluded gains on divestitures and sale of investments of $7.0 million, which primarily related to the
$7.1 million gain on the sale of a non-core Financial Services asset. There was no such item for the fourth quarter of 2016. For the fourth quarter and full
year 2015, distributable earnings excluded the corresponding gains totalling $391.0 million and $394.3 million, respectively, which primarily related to the
$391.0 million gain on the sale of Trayport.
In the fourth quarters of 2016 and 2015, a gain of $1.0 million and a loss of $(0.7) million, respectively, related to BGC’s investments accounted for under the
equity method, were included as part of “Other income (losses), net” under GAAP but were excluded for distributable earnings. For the full years 2016 and
2015, these amounts were gains of $3.5 million and $2.6 million, respectively.
Under GAAP, gains (losses) of $(0.8) million and $9.8 million related to the mark-to-market movements and/or hedging on the Nasdaq shares were
recognized as part of “Other income (losses), net”, in the fourth quarters of 2016 and 2015, respectively. For the full years 2016 and 2015, these GAAP
amounts were $78.7 million and $68.0 million, respectively. In the fourth quarters of 2016 and 2015, BGC recorded other income for distributable earnings
related to the Nasdaq earn-out and associated mark-to-market movements and/or hedging of $17.2 million and $17.6 million, respectively. For the full years
2016 and 2015, these amounts for distributable earnings were $79.6 million and $60.7 million, respectively. Items related to the Nasdaq earn-out are pro-
rated over four quarters as “Other income” for distributable earnings, but recognized as incurred under GAAP.
In the fourth quarter and full year 2016, a gain of $2.0 million and $6.8 million, respectively related to the net realized and unrealized gain on the ICE shares
received as part of the Trayport transaction was included in GAAP “Other income (losses), net”. For both the fourth quarter and full year 2015, the
corresponding GAAP item was $16.3 million, as the Trayport sale occurred in December of 2015. Items related to the ICE shares’ realized and unrealized
gains are pro-rated over four quarters as “Other income” for distributable earnings, but recognized as incurred under GAAP. For distributable earnings, gains
of $1.6 million and $14.3 million related to the ICE shares were recorded the fourth quarter and full year 2016, respectively as “Other income”. For the fourth
quarter and full year 2015, the corresponding distributable earnings items were both $5.4 million.
For the full year 2016, a gain of $18.3 million related to an adjustment of future earn-out payments that will no longer be required was included as part of
“Other income (losses), net” under GAAP but was excluded for distributable earnings. For the full year 2015, a $29.0 million gain with respect to the shares of
GFI owned by the Company prior to the successful completion of BGC’s tender offer for GFI was included as part of “Other income (losses), net” under GAAP
but was excluded for distributable earnings.
For the fourth quarter and full year 2016, additional losses of $2.3 million and $3.6 million, respectively, were included in GAAP “Other income (losses), net”,
but were excluded from distributable earnings as part of “(Gains) and charges with respect to acquisitions, dispositions and / or resolutions of litigation,
charitable contributions, and other non-cash, non-dilutive items, net”. In the year earlier periods, gains of $4.8 million and $10.1 million, were included in
GAAP “Other income (losses), net”, but were excluded for distributable earnings.
39. DIFFERENCES BETWEEN CONSOLIDATED RESULTS FOR
DISTRIBUTABLE EARNINGS AND GAAP (CONTINUED)
Differences between Compensation Expenses for Distributable Earnings and GAAP
In the fourth quarter of 2016, the difference between compensation expenses as calculated for GAAP and distributable earnings included non-cash, non-dilutive net charges
related to the $48.7 million in grants of exchangeability and $11.6 million in allocation of net income to limited partnership units and FPUs, as well as charges related to
additional reserves on employee loans of $0.8 million. For the full year 2016, the corresponding amounts were $141.4 million, $51.5 million, and $16.2 million, respectively.
In the fourth quarter of 2015, the difference between compensation expenses as calculated for GAAP and distributable earnings included non-cash, and/or non-dilutive
charges related to the $134.8 million in grants of exchangeability, $10.9 million allocation of net income to limited partnership units and FPUs, and $47.2 million related to
additional reserves on employee loans. For the full year 2015, the corresponding amounts were $231.4 million, $28.3 million, and $47.2 million, respectively.
For the fourth quarter and full year 2016, $2.6 million, and $12.5 million, respectively, in GAAP non-cash charges related to the amortization of GFI employee forgivable loans
granted prior to the closing of the January 11, 2016 back-end merger with GFI were also excluded from the calculation of pre-tax distributable earnings as part of “(Gains)
and charges with respect to acquisitions, dispositions and / or resolutions of litigation, charitable contributions, and other non-cash, non-dilutive items, net”. A year earlier, the
corresponding charges excluded from distributable earnings were $4.7 million and $16.2 million, respectively. In addition, for the full year 2015, $6.6 million in GAAP charges
related to GFI compensation restructuring was excluded from distributable earnings as part of “(Gains) and charges with respect to acquisitions, dispositions and / or
resolutions of litigation, charitable contributions, and other non-cash, non-dilutive items, net”.
Differences between Certain Non-compensation Expenses for Distributable Earnings and GAAP
The difference between non-compensation expenses in the fourth quarter and full year 2016 as calculated for GAAP and distributable earnings included additional “(Gains)
and charges with respect to acquisitions, dispositions and / or resolutions of litigation, charitable contributions, and other non-cash, non-dilutive items, net”. These included
$5.1 million and $20.1 million, respectively, of non-cash GAAP charges related to amortization of intangibles; $2.2 million and $7.5 million, respectively, of acquisition related
costs; $0.6 million and $4.4 million, respectively, of non-cash GAAP impairment charges; and various other GAAP items that together came to net charges of $1.2 million and
$0.5 million, respectively.
The difference between non-compensation expenses in the fourth quarter and full year 2015 as calculated for GAAP and distributable earnings included additional “(Gains)
and charges with respect to acquisitions, dispositions and / or resolutions of litigation, charitable contributions, and other non-cash, non-dilutive items, net”. These included
$6.0 million and $27.2 million, respectively, of non-cash GAAP charges related to amortization of intangibles; $0.6 million and $13.7 million, respectively, of acquisition
related costs; $0.3 million and $19.1 million, respectively, of non-cash GAAP impairment charges; a $40.0 million reserve related to a commitment to make charitable
contributions with respect to BGC’s annual Charity day; and various other GAAP items that together came to charges of $3.5 million and $2.6 million, respectively.
Differences between Taxes for Distributable Earnings and GAAP
BGC’s GAAP provision for income taxes from 2016 forward is calculated based on an annualized methodology. The Company’s GAAP provision for income taxes was $14.6
million and $79.4 million for the fourth quarter of 2016 and 2015, respectively. The Company includes additional tax-deductible items when calculating the provision for taxes
with respect to distributable earnings using an annualized methodology. These include tax-deductions related to equity-based compensation with respect to limited
partnership unit exchange, employee loan amortization, charitable contributions, and certain net-operating loss carryforwards. The provision for income taxes with respect to
distributable earnings was adjusted by $5.3 million and $(63.9) million for the fourth quarter of 2016 and 2015, respectively.
As a result, the provision for income taxes with respect to distributable earnings was $19.9 million and $15.5 million for the fourth quarter of 2016 and 2015, respectively.
The Company’s GAAP provision for income taxes was $60.3 million and $120.5 million for the full years 2016 and 2015, respectively. The provision for income taxes with
respect to distributable earnings was adjusted by $5.5 million and $(65.1) million for the full years of 2016 and 2015, respectively, for the reasons discussed above. As a
result, the provision for income taxes with respect to distributable earnings was $65.8 million and $55.4 million for the full years 2016 and 2015, respectively.
39
40. 40
DISTRIBUTABLE EARNINGS DEFINED
40
Distributable Earnings Defined
BGC Partners uses non-GAAP financial measures including, but not limited to, "pre-tax distributable earnings” and "post-tax distributable earnings", which are supplemental
measures of operating results that are used by management to evaluate the financial performance of the Company and its consolidated subsidiaries. BGC believes that
distributable earnings best reflect the operating earnings generated by the Company on a consolidated basis and are the earnings which management considers available for,
among other things, distribution to BGC Partners, Inc. and its common stockholders, as well as to holders of BGC Holdings partnership units during any period.
As compared with "income (loss) from operations before income taxes”, and "net income (loss) per fully diluted share”, all prepared in accordance with GAAP, distributable
earnings calculations primarily exclude certain non-cash compensation and other expenses that generally do not involve the receipt or outlay of cash by the Company and/or
which do not dilute existing stockholders, as described below. In addition, distributable earnings calculations exclude certain gains and charges that management believes do
not best reflect the ordinary operating results of BGC.
Adjustments Made to Calculate Pre-Tax Distributable Earnings
Pre-tax distributable earnings are defined as GAAP income (loss) from operations before income taxes and noncontrolling interest in subsidiaries excluding items, such as:
• Non-cash equity-based compensation charges related to limited partnership unit exchange or conversion.
• Non-cash asset impairment charges, if any.
• Non-cash compensation charges for items granted or issued pre-merger with respect to certain mergers or acquisitions by BGC Partners, Inc. To date, these mergers
have only included those with and into eSpeed, Inc. and the back-end merger with GFI Group Inc.
Distributable earnings calculations also exclude certain unusual, one-time or non-recurring items, if any. These charges are excluded from distributable earnings because the
Company views excluding such charges as a better reflection of the ongoing, ordinary operations of BGC.
In addition to the above items, allocations of net income to founding/working partner and other limited partnership units are excluded from calculations of pre-tax distributable
earnings. Such allocations represent the pro-rata portion of pre-tax earnings available to such unit holders. These units are in the fully diluted share count, and are
exchangeable on a one-to-one basis into common stock. As these units are exchanged into common shares, unit holders become entitled to cash dividends rather than cash
distributions. The Company views such allocations as intellectually similar to dividends on common shares. Because dividends paid to common shares are not an expense
under GAAP, management believes similar allocations of income to unit holders should also be excluded when calculating distributable earnings performance measures.
BGC’s definition of distributable earnings also excludes certain gains and charges with respect to acquisitions, dispositions, or resolutions of litigation. This includes the one-
time gains related to the Nasdaq and Trayport transactions. Management believes that excluding such gains and charges also best reflects the ongoing operating
performance of BGC.
However, the payments associated with BGC’s expected annual receipt of Nasdaq stock and related mark-to-market gains or losses are anticipated to be included in the
Company’s calculation of distributable earnings for the following reasons:
• Nasdaq is expected to pay BGC in an equal amount of stock on a regular basis for a 15 year period beginning in 2013 as part of that transaction;
• The Nasdaq earn-out largely replaced the generally recurring quarterly earnings BGC generated from eSpeed; and
• The Company intends to pay dividends and distributions to common stockholders and/or unit holders based on all other income related to the receipt of the earn-out.
41. DISTRIBUTABLE EARNINGS DEFINED (CONTINUED)
To make period-to-period comparisons more meaningful, one-quarter of each annual Nasdaq contingent earn-out amount, as well as gains or losses with respect to associated
mark-to-market movements and/or hedging, will be included in the Company’s calculation of distributable earnings each quarter as “other income”.
The Company also treats gains or losses related to mark-to-market movements and/or hedging with respect to any remaining shares of Intercontinental Exchange, Inc. (“ICE”)
in a consistent manner with the treatment of Nasdaq shares when calculating distributable earnings.
Investors and analysts should note that, due to the large gain recorded with respect to the Trayport sale in December, 2015, and the closing of the back-end merger with GFI in
January, 2016, non-cash charges related to the amortization of intangibles with respect to acquisitions are also excluded from the calculation of pre-tax distributable earnings.
Adjustments Made to Calculate Post-Tax Distributable Earnings
Since distributable earnings are calculated on a pre-tax basis, management intends to also report post-tax distributable earnings to fully diluted shareholders. Post-tax
distributable earnings to fully diluted shareholders are defined as pre-tax distributable earnings, less noncontrolling interest in subsidiaries, and reduced by the provision for
taxes as described below.
The Company’s calculation of the provision for taxes on an annualized basis starts with GAAP income tax provision, adjusted to reflect tax-deductible items. Management uses
this non-GAAP provision for taxes in part to help it to evaluate, among other things, the overall performance of the business, make decisions with respect to the Company’s
operations, and to determine the amount of dividends paid to common shareholders.
The provision for taxes with respect to distributable earnings includes additional tax-deductible items including limited partnership unit exchange or conversion, employee loan
amortization, charitable contributions, and certain net-operating loss carryforwards.
BGC incurs income tax expenses based on the location, legal structure and jurisdictional taxing authorities of each of its subsidiaries. Certain of the Company’s entities are
taxed as U.S. partnerships and are subject to the Unincorporated Business Tax (“UBT”) in New York City. Any U.S. federal and state income tax liability or benefit related to
the partnership income or loss, with the exception of UBT, rests with the unit holders rather than with the partnership entity. The Company’s consolidated financial statements
include U.S. federal, state and local income taxes on the Company’s allocable share of the U.S. results of operations. Outside of the U.S., BGC operates principally through
subsidiary corporations subject to local income taxes. For these reasons, taxes for distributable earnings are presented to show the tax provision the consolidated Company
would expect to pay if 100 percent of earnings were taxed at global corporate rates.
Calculations of Pre-tax and Post-Tax Distributable Earnings per Share
BGC’s distributable earnings per share calculations assume either that:
• The fully diluted share count includes the shares related to any dilutive instruments, such as the Convertible Senior Notes, but excludes the associated interest expense, net
of tax, when the impact would be dilutive; or
• The fully diluted share count excludes the shares related to these instruments, but includes the associated interest expense, net of tax.
The share count for distributable earnings excludes shares expected to be issued in future periods but not yet eligible to receive dividends and/or distributions.
41
42. 42
Each quarter, the dividend to BGC’s common stockholders is expected to be determined by the Company’s Board of Directors with reference to a number of factors,
including post-tax distributable earnings per fully diluted share. In addition to the Company’s quarterly dividend to common stockholders, BGC Partners expects to
pay a pro-rata distribution of net income to BGC Holdings founding/working partner and other limited partnership units, as well as to Cantor for its non-controlling
interest. The amount of this net income, and therefore of these payments, is expected to be determined using the above definition of pre-tax distributable earnings
per share.
Other Matters with Respect to Distributable Earnings
The term “distributable earnings” should not be considered in isolation or as an alternative to GAAP net income (loss). The Company views distributable earnings as
a metric that is not indicative of liquidity or the cash available to fund its operations, but rather as a performance measure.
Pre- and post-tax distributable earnings are not intended to replace the Company’s presentation of GAAP financial results. However, management believes that they
help provide investors with a clearer understanding of BGC Partners’ financial performance and offer useful information to both management and investors regarding
certain financial and business trends related to the Company’s financial condition and results of operations. Management believes that distributable earnings and the
GAAP measures of financial performance should be considered together.
BGC anticipates providing forward-looking quarterly guidance for GAAP revenues and for certain distributable earnings measures from time to time. However, the
Company does not anticipate providing a quarterly outlook for other GAAP results. This is because certain GAAP items, which are excluded from distributable
earnings, are difficult to forecast with precision before the end of each quarter. The Company therefore believes that it is not possible to forecast quarterly GAAP
results or to quantitatively reconcile GAAP results to non-GAAP results with sufficient precision unless BGC makes unreasonable efforts.
The items that are difficult to predict on a quarterly basis with precision and which can have a material impact on the Company’s GAAP results include, but are not
limited, to the following:
• Allocations of net income and grants of exchangeability to limited partnership units and founding partner units, which are determined at the discretion of
management throughout and up to the period-end.
• The impact of certain marketable securities, as well as any gains or losses related to associated mark-to-market movements and/or hedging. These items are
calculated using period-end closing prices.
• Non-cash asset impairment charges, which are calculated and analyzed based on the period-end values of the underlying assets. These amounts may not be
known until after period-end.
• Acquisitions, dispositions and/or resolutions of litigation which are fluid and unpredictable in nature.
For more information on this topic, please see certain tables in the most recent BGC financial results press release including “Reconciliation of GAAP Income (Loss)
to Distributable Earnings”. These tables provide summary reconciliations between pre- and post-tax distributable earnings and the corresponding GAAP measures
for the Company.
DISTRIBUTABLE EARNINGS DEFINED (CONTINUED)
43. 43
ADJUSTED EBITDA DEFINED
Adjusted EBITDA Defined
BGC also provides an additional non-GAAP financial performance measure, “adjusted EBITDA”, which it defines as GAAP “Net income
(loss) available to common stockholders”, adjusted to add back the following items:
• Interest expense;
• Fixed asset depreciation and intangible asset amortization;
• Impairment charges;
• Employee loan amortization and reserves on employee loans;
• Provision (benefit) for income taxes;
• Net income (loss) attributable to noncontrolling interest in subsidiaries;
• Non-cash charges relating to grants of exchangeability to limited partnership interests;
• Non-cash charges related to issuance of restricted shares; and
• Non-cash earnings or losses related to BGC’s equity investments.
The Company’s management believes that adjusted EBITDA is useful in evaluating BGC’s operating performance, because the calculation
of this measure generally eliminates the effects of financing and income taxes and the accounting effects of capital spending and
acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions. Such items may vary for
different companies for reasons unrelated to overall operating performance. As a result, the Company’s management uses these
measures to evaluate operating performance and for other discretionary purposes. BGC believes that adjusted EBITDA is useful to
investors to assist them in getting a more complete picture of the Company’s financial results and operations.
Since adjusted EBITDA is not a recognized measurement under GAAP, investors should use adjusted EBITDA in addition to GAAP
measures of net income when analyzing BGC’s operating performance. Because not all companies use identical EBITDA calculations, the
Company’s presentation of adjusted EBITDA may not be comparable to similarly titled measures of other companies. Furthermore,
adjusted EBITDA is not intended to be a measure of free cash flow or GAAP cash flow from operations, because adjusted EBITDA does
not consider certain cash requirements, such as tax and debt service payments.
For a reconciliation of adjusted EBITDA to GAAP “Net income (loss) available to common stockholders”, the most comparable financial
measure calculated and presented in accordance with GAAP, see the section of this document titled "Reconciliation of GAAP Income
(Loss) to Adjusted EBITDA”.
43
44. 44
RECONCILIATION OF GAAP INCOME TO ADJUSTED EBITDA
(IN THOUSANDS) (UNAUDITED)
Q4 2016 Q4 2015 FY 2016 FY 2015
GAAP Net income (loss) available to common stockholders 16,080$ 63,406$ 102,477$ 121,318$
Add back:
Provision (benefit) for income taxes 14,601 79,441 60,252 120,496
Net income (loss) attributable to noncontrolling interest in subsidiaries 6,671 106,650 25,531 138,797
Employee loan amortization and reserves on employee loans 11,010 55,853 55,799 86,725
Interest expense 14,172 18,074 57,637 69,359
Fixed asset depreciation and intangible asset amortization 18,282 19,857 75,898 83,508
Impairment of fixed assets 646 328 4,383 19,128
Exchangeability charges (1) 48,674 134,812 141,392 231,367
(Gains) losses on equity investments (996) 687 (3,543) (2,597)
Adjusted EBITDA 129,140$ 479,108$ 519,826$ 868,101$
(1) Represents non-cash and non-dilutive charges relating to grants of exchangeability to limited partnership units.
45. 45
RECONCILIATION OF GAAP INCOME (LOSS) TO DISTRIBUTABLE EARNINGS AND
GAAP FULLY DILUTED EPS TO POST-TAX DISTRIBUTABLE EPS
(IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
Q4 2016 Q4 2015 FY2016 FY2015
GAAP income (loss) before income taxes 37,352$ 249,497$ 188,260$ 380,611$
Pre-taxadjustments:
Non-cash (gains) losses related to equity investments, net (996) 687 (3,543) (2,597)
Allocations of net income and grant of exchangeability to limited partnership units and FPUs 60,264 145,718 192,934 259,639
Nasdaq earn-out income (a) 18,032 7,787 849 (7,336)
(Gains) and charges with respect to acquisitions, dispositions and / or resolutions of litigation,
charitable contributions, and other non-cash, non-dilutive items, net 14,413 (302,604) 46,911 (270,012)
Total pre-taxadjustments 91,713 (148,412) 237,151 (20,306)
Pre-tax distributable earnings 129,065$ 101,085$ 425,411$ 360,305$
GAAP net income (loss) available to common stockholders 16,080$ 63,406$ 102,477$ 121,318$
Allocation of net income (loss) to noncontrolling interest in subsidiaries 5,497 102,079 23,918 122,341
Total pre-taxadjustments (fromabove) 91,713 (148,412) 237,151 (20,306)
Income taxadjustment to reflect distributable earnings taxes (5,290) 63,894 (5,516) 65,110
Post-tax distributable earnings 108,000$ 80,967$ 358,030$ 288,463$
Per Share Data
GAAP fully dilutedearnings per share 0.06$ 0.24$ 0.36$ 0.48$
Less: Allocations of net income to limited partnership units and FPUs, net of tax (0.01) (0.06) (0.06) (0.06)
Allocation of net income (loss) to noncontrolling interest in subsidiaries (b) - 0.24 - 0.23
Total pre-taxadjustments (fromabove) 0.21 (0.37) 0.55 (0.05)
Income taxadjustment to reflect distributable earnings taxes (0.01) 0.16 (0.01) 0.17
Post-tax distributable earnings per share (c) 0.25$ 0.21$ 0.84$ 0.77$
Pre-tax distributable earnings per share (c) 0.30$ 0.26$ 1.00$ 0.96$
Fully diluted weighted-average shares of common stock outstanding 433,412 404,067 433,226 390,836
Notes andAssumptions
(a) Distributable earnings for Q4 2016 and Q4 2015 includes $18.0 million and $7.8 million, respectively, and FY2016 and FY2015 includes $0.8 million and $(7.3) million, respectively,
of adjustments associated with the Nasdaq transaction. For Q4 2016 and Q4 2015 income (loss) related to the Nasdaq earn-out shares was $(0.8) million and $9.8 million for GAAP
and $17.2 million and $17.6 million for distributable earnings, respectively. For FY2016 and FY2015 income (loss) related to the Nasdaq earn-out shares was $78.7 million and
$68.0 million for GAAP and $79.6 million and $60.7 million for distributable earnings, respectively.
(b) The Q4 2015 Allocation of net income (loss) to noncontrolling interest in subsidiaries included a significant allocation in the GAAP results related to the gain on the sale of Trayport.
This gain was excluded in the calculation of distributable earnings and, therefore, this allocation was much lower for distributable earnings.
(c) On April 1, 2010, BGC Partners issued $150 million in 8.75 percent Convertible Notes due 2015, which matured and were converted into 24.0 million Class A common shares in
Q2 2015, and on July 29, 2011, BGC Partners issued $160 million in 4.50 percent Convertible Senior Notes due 2016, which matured and were settled for cash and 6.9 thousand
Class A common shares in Q3 2016. The distributable earnings per share calculations for Q4 2015 include 16.3 million shares and for FY2016 and FY2015 include 8.6 million
and 23.0 million shares, respectively, underlying these Notes. The distributable earnings per share calculations exclude the interest expense, net of tax, associated with these Notes.
Note: Certain numbers may not add due to rounding.
46. 46
RECONCILIATION OF FENICS GAAP INCOME BEFORE TAXES TO PRE-TAX
DISTRIBUTABLE EARNINGS
(IN THOUSANDS) (UNAUDITED)
Q4 2016 Q4 2015 FY2016 FY2015
FENICS GAAP income before income taxes (1) 23,289$ 22,224$ 104,773$ 86,931$
Pre-taxadjustments:
Grant of exchangeability to limited partnership units 649 456 2,512 2,293
Amortization of intangible assets 940 940 3,760 2,193
Total pre-taxadjustments 1,589 1,396 6,272 4,486
FENICS Pre-tax distributable earnings 24,878$ 23,620$ 111,045$ 91,417$
(1) Includes market data, software and post-trade revenues along with intercompany revenues which are eliminated
at the segment level upon consolidation.
47. 47
47
FULLY DILUTED WEIGHTED-AVERAGE SHARE COUNT FOR GAAP AND DISTRIBUTABLE EARNINGS
(IN THOUSANDS) (UNAUDITED)
Q4 2016 Q4 2015 FY2016 FY2015
Common stock outstanding 279,833 254,155 277,073 243,460
Limited partnership units 86,290 65,926 79,727 -
Cantor units 50,932 49,902 50,653 49,065
Founding partner units 14,078 15,628 14,563 16,517
4.50% Convertible debt shares - 16,260 8,598 16,260
8.75% Convertible debt shares - - - 6,774
RSUs 573 740 452 741
Other 1,706 2,814 2,160 2,570
Fully dilutedweighted-average share count GAAP 433,412 405,425 433,226 335,387
Distributable Earnings Adjustments:
Limited partnership units - - - 56,808
Other - (1,358) - (1,359)
Fully dilutedweighted-average share count DE 433,412 404,067 433,226 390,836
48. 48
SEGMENT DISCLOSURE – Q4 2016 VS Q4 2015
(IN THOUSANDS) (UNAUDITED)
Financial
Services
Real
Estate Services
Corporate
Items Total
Financial
Services
Real
Estate Services
Corporate
Items Total
Total revenues 359,301$ 306,098$ 7,849$ 673,248$ 378,206$ 287,384$ 9,334$ 674,924$
Total expenses 294,762 257,967 82,994 635,723 332,453 241,647 272,500 846,600
Total other income (losses), net (838) - 665 (173) 9,831 - 411,342 421,173
Income (loss) from operations before income taxes 63,701$ 48,131$ (74,480)$ 37,352$ 55,584$ 45,737$ 148,176$ 249,497$
Pre-taxadjustments:
Non-cash (gains) losses related to equity
investments, net - - (996) (996) - - 687 687
Allocations of net income and grant of
exchangeability to limited partnership units and
FPUs - - 60,264 60,264 - - 145,718 145,718
Nasdaq earn-out income 18,032 - - 18,032 7,787 - - 7,787
(Gains) and charges with respect to acquisitions,
dispositions and / or resolutions of litigation,
charitable contributions, and other non-cash,
non-dilutive items, net 5,980 1,375 7,058 14,413 6,383 1,492 (310,479) (302,604)
Total pre-taxadjustments 24,012 1,375 66,326 91,713 14,170 1,492 (164,074) (148,412)
Pre-tax distributable earnings 87,713$ 49,506$ (8,154)$ 129,065$ 69,754$ 47,229$ (15,898)$ 101,085$
Q4 2016 Q4 2015
49. 49
SEGMENT DISCLOSURE – FY 2016 VS FY 2015
(IN THOUSANDS) (UNAUDITED)
Financial
Services
Real
Estate Services
Corporate
Items Total
Financial
Services
Real
Estate Services
Corporate
Items Total
Total revenues 1,523,235$ 1,058,322$ 31,066$ 2,612,623$ 1,548,159$ 998,450$ 33,830$ 2,580,439$
Total expenses 1,275,397 931,939 325,193 2,532,529 1,331,309 868,664 519,967 2,719,940
Total other income (losses), net 78,701 - 29,465 108,166 68,033 - 452,079 520,112
Income (loss) from operations before income taxes 326,539$ 126,383$ (264,662)$ 188,260$ 284,883$ 129,786$ (34,058)$ 380,611$
Pre-taxadjustments:
Non-cash (gains) losses related to equity
investments, net - - (3,543) (3,543) - - (2,597) (2,597)
Allocations of net income and grant of
exchangeability to limited partnership units and
FPUs - - 192,934 192,934 - - 259,639 259,639
Nasdaq earn-out income 849 - - 849 (7,336) - - (7,336)
(Gains) and charges with respect to acquisitions,
dispositions and / or resolutions of litigation,
charitable contributions, and other non-cash,
non-dilutive items, net 24,384 4,152 18,374 46,910 28,770 9,548 (308,330) (270,012)
Total pre-taxadjustments 25,233 4,152 207,765 237,150 21,434 9,548 (51,288) (20,306)
Pre-tax distributable earnings 351,772$ 130,535$ (56,897)$ 425,410$ 306,317$ 139,334$ (85,346)$ 360,305$
FY2016 FY2015
50. 50
50
LIQUIDITY ANALYSIS
(IN THOUSANDS) (UNAUDITED)
December 31, 2016 December 31, 2015
Cash and cash equivalents 502,024$ 462,134$
Reverse repurchase agreements 54,659 -
Securities owned 35,357 32,361
Marketable securities (1) (2) 164,820 532,510
Total 756,860$ 1,027,005$
(1) As of December 31, 2015, $117.9 million of Marketable securities on our balance sheet
had been lent out in a Securities Loaned transaction and therefore are not included in
this Liquidity Analysis.
(2) The significant decrease in Marketable securities during the year ended
December 31, 2016 was primarily due to selling a significant portion of our position in ICE.