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.
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.
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.
This document provides an earnings presentation for BGC Partners for Q3 2014. Some key highlights include:
- Revenues for Q3 2014 were $449.8 million, up 8.5% from Q3 2013. Pre-tax distributable earnings were $65.8 million, up 75.8% from Q3 2013.
- Financial services revenues were $261.2 million, with pre-tax earnings of $55 million. Real estate revenues were $179.1 million, with pre-tax earnings of $23.9 million.
- BGC also announced a tender offer to acquire GFI Group for $5.25 per share in cash, representing a premium to GFI's previous
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.
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.
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 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.
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.
This document provides an earnings presentation for BGC Partners for Q3 2014. Some key highlights include:
- Revenues for Q3 2014 were $449.8 million, up 8.5% from Q3 2013. Pre-tax distributable earnings were $65.8 million, up 75.8% from Q3 2013.
- Financial services revenues were $261.2 million, with pre-tax earnings of $55 million. Real estate revenues were $179.1 million, with pre-tax earnings of $23.9 million.
- BGC also announced a tender offer to acquire GFI Group for $5.25 per share in cash, representing a premium to GFI's previous
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.
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.
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 $
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.
The document is BGC Partners' 4Q 2013 earnings presentation. It provides an overview of BGC Partners' 4Q 2013 financial results compared to 4Q 2012, including a 41.9% increase in post-tax distributable earnings per share. It also discusses segment results, with Financial Services revenues down slightly and Real Estate Services revenues up significantly. Additionally, it reviews BGC's business lines, product diversity, front office metrics, and provides context around current market conditions.
The document is BGC Partners' 4Q 2013 earnings presentation. It provides an overview of BGC Partners' 4Q 2013 financial results compared to 4Q 2012, including a 41.9% increase in post-tax distributable earnings per share. It also discusses segment results, with Financial Services revenues down slightly and Real Estate Services revenues up significantly. Additionally, it reviews drivers and trends across various financial products and asset classes.
- Microsoft reported fiscal Q4 2005 revenue of $10.2 billion, a 9% increase over the previous year. Operating income was $3 billion including legal charges and stock-based compensation.
- Server and tools revenue grew 16% driven by strong demand for flagship server products like SQL Server. Client revenue grew 10% from higher OEM sales.
- For fiscal Q1 2006, Microsoft expects revenue of $9.7-9.8 billion, operating income of $4.3-4.5 billion, and EPS of $0.29-0.31. For fiscal 2006, guidance is for revenue of $43.7-44.5 billion and EPS of $1.27-
Brink's to acquire dunbar investor presentation final 05302018investorsbrinks
This document discusses Brink's acquisition of Dunbar Armored for $520 million to strengthen its U.S. operations. The acquisition combines the #2 and #4 largest U.S. cash management companies. Dunbar has $390 million in LTM revenue and $43 million in LTM adjusted EBITDA. Brink's expects to achieve $40-45 million in cost synergies. The acquisition is expected to be accretive in year 1 and add approximately $0.90 to non-GAAP EPS in year 2. The acquisition and other initiatives are expected to reduce Brink's effective tax rate beginning in 2019.
First quarter 2017 financial results and strategic priorities for TDS and its subsidiaries U.S. Cellular and TDS Telecom.
Key highlights include:
- U.S. Cellular reduced postpaid handset churn to 1.08%, launched new unlimited plans, and saw adjusted EBITDA rise 11%.
- TDS Telecom grew revenues across wireline, cable, and hosted/managed services segments and increased adjusted EBITDA 13%.
- Guidance for 2017 remains unchanged with goals of growing revenues, operating cash flow, and adjusted EBITDA for both companies.
- 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
- Sanmina reported financial results for Q4 and full year FY2017, with revenue coming in slightly below outlook for Q4 but within the annual guidance range
- On a non-GAAP basis, Q4 revenue was $1.755B and diluted EPS was $0.64, compared to an outlook of $1.725-1.775B and $0.73-0.79
- For Q1 2018, revenue outlook is $1.75-1.8B and non-GAAP diluted EPS is expected to be $0.68-0.74
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.
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.
TDS Telecom reported third quarter 2017 results with the following highlights:
- Total operating revenues were $285 million, down 1% year-over-year.
- Wireline revenues grew 2% driven by growth in IPTV and residential revenue per connection.
- Cable revenues increased 12% from broadband growth of 10%.
- Hosted and Managed Services revenues declined 18% from lower hardware installation spending.
- Adjusted EBITDA was $80 million, up 14% year-over-year, driven by growth in Wireline and Cable offset by declines in Hosted and Managed Services.
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 held an Investor & Analyst Day on May 29, 2014 to provide an overview and updates on the company. The presentation included:
- BGC has two business segments: Financial Services and Real Estate Services (Newmark Grubb Knight Frank)
- Financial Services revenues account for 62% of total revenues while Real Estate Services accounts for 36%
- BGC has a long track record of revenue growth and acquiring companies to expand its services
- Continuity of experienced executive and business management teams
BGC Partners reported financial results for Q2 2014 with revenues of $430.3 million, down 8.7% from Q2 2013. Pre-tax distributable earnings were $53 million, down slightly by 1.6% year-over-year. The company declared a quarterly cash dividend of $0.12 per share. Financial services revenues were $271.5 million while real estate revenues were $149.1 million. Industry volatility and trading volumes remained low compared to prior periods, challenging BGC's financial performance.
BGC Partners reported financial results for 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.
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.
The document provides an agenda for an investor workshop on December 7, 2017. The agenda includes presentations on Principal's spread and risk businesses, capital management, and a panel Q&A session. It also includes forward-looking statements and discusses the use of non-GAAP financial measures.
Lkq corporations first quarter 2018 earnings call presentationcorporationlkq
- LKQ reported revenue of $2.721 billion for Q1 2018, up 16.1% from Q1 2017, with organic revenue growth of 3.7% for parts and services. Net income was $153 million.
- Segment EBITDA was $295 million for Q1 2018, up 1.7% from Q1 2017. Diluted EPS was $0.49 per share, up 8.9% from Q1 2017.
- Revenue growth was driven by acquisitions in Europe and organic growth in North America. Margins declined due to mix shift to Europe and higher costs.
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 investor presentation in September 2015 to discuss the company's businesses and financial results. The presentation provided an overview of BGC's two business segments: Financial Services and Real Estate Services. It highlighted the company's diversified revenue streams, growth strategy through acquisitions, and increasing focus on fully electronic trading. Select financial metrics from Q2 2015 showed over 60% revenue growth and margin expansion compared to the prior year.
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.
The document is BGC Partners' 4Q 2013 earnings presentation. It provides an overview of BGC Partners' 4Q 2013 financial results compared to 4Q 2012, including a 41.9% increase in post-tax distributable earnings per share. It also discusses segment results, with Financial Services revenues down slightly and Real Estate Services revenues up significantly. Additionally, it reviews BGC's business lines, product diversity, front office metrics, and provides context around current market conditions.
The document is BGC Partners' 4Q 2013 earnings presentation. It provides an overview of BGC Partners' 4Q 2013 financial results compared to 4Q 2012, including a 41.9% increase in post-tax distributable earnings per share. It also discusses segment results, with Financial Services revenues down slightly and Real Estate Services revenues up significantly. Additionally, it reviews drivers and trends across various financial products and asset classes.
- Microsoft reported fiscal Q4 2005 revenue of $10.2 billion, a 9% increase over the previous year. Operating income was $3 billion including legal charges and stock-based compensation.
- Server and tools revenue grew 16% driven by strong demand for flagship server products like SQL Server. Client revenue grew 10% from higher OEM sales.
- For fiscal Q1 2006, Microsoft expects revenue of $9.7-9.8 billion, operating income of $4.3-4.5 billion, and EPS of $0.29-0.31. For fiscal 2006, guidance is for revenue of $43.7-44.5 billion and EPS of $1.27-
Brink's to acquire dunbar investor presentation final 05302018investorsbrinks
This document discusses Brink's acquisition of Dunbar Armored for $520 million to strengthen its U.S. operations. The acquisition combines the #2 and #4 largest U.S. cash management companies. Dunbar has $390 million in LTM revenue and $43 million in LTM adjusted EBITDA. Brink's expects to achieve $40-45 million in cost synergies. The acquisition is expected to be accretive in year 1 and add approximately $0.90 to non-GAAP EPS in year 2. The acquisition and other initiatives are expected to reduce Brink's effective tax rate beginning in 2019.
First quarter 2017 financial results and strategic priorities for TDS and its subsidiaries U.S. Cellular and TDS Telecom.
Key highlights include:
- U.S. Cellular reduced postpaid handset churn to 1.08%, launched new unlimited plans, and saw adjusted EBITDA rise 11%.
- TDS Telecom grew revenues across wireline, cable, and hosted/managed services segments and increased adjusted EBITDA 13%.
- Guidance for 2017 remains unchanged with goals of growing revenues, operating cash flow, and adjusted EBITDA for both companies.
- 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
- Sanmina reported financial results for Q4 and full year FY2017, with revenue coming in slightly below outlook for Q4 but within the annual guidance range
- On a non-GAAP basis, Q4 revenue was $1.755B and diluted EPS was $0.64, compared to an outlook of $1.725-1.775B and $0.73-0.79
- For Q1 2018, revenue outlook is $1.75-1.8B and non-GAAP diluted EPS is expected to be $0.68-0.74
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.
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.
TDS Telecom reported third quarter 2017 results with the following highlights:
- Total operating revenues were $285 million, down 1% year-over-year.
- Wireline revenues grew 2% driven by growth in IPTV and residential revenue per connection.
- Cable revenues increased 12% from broadband growth of 10%.
- Hosted and Managed Services revenues declined 18% from lower hardware installation spending.
- Adjusted EBITDA was $80 million, up 14% year-over-year, driven by growth in Wireline and Cable offset by declines in Hosted and Managed Services.
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 held an Investor & Analyst Day on May 29, 2014 to provide an overview and updates on the company. The presentation included:
- BGC has two business segments: Financial Services and Real Estate Services (Newmark Grubb Knight Frank)
- Financial Services revenues account for 62% of total revenues while Real Estate Services accounts for 36%
- BGC has a long track record of revenue growth and acquiring companies to expand its services
- Continuity of experienced executive and business management teams
BGC Partners reported financial results for Q2 2014 with revenues of $430.3 million, down 8.7% from Q2 2013. Pre-tax distributable earnings were $53 million, down slightly by 1.6% year-over-year. The company declared a quarterly cash dividend of $0.12 per share. Financial services revenues were $271.5 million while real estate revenues were $149.1 million. Industry volatility and trading volumes remained low compared to prior periods, challenging BGC's financial performance.
BGC Partners reported financial results for 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.
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.
The document provides an agenda for an investor workshop on December 7, 2017. The agenda includes presentations on Principal's spread and risk businesses, capital management, and a panel Q&A session. It also includes forward-looking statements and discusses the use of non-GAAP financial measures.
Lkq corporations first quarter 2018 earnings call presentationcorporationlkq
- LKQ reported revenue of $2.721 billion for Q1 2018, up 16.1% from Q1 2017, with organic revenue growth of 3.7% for parts and services. Net income was $153 million.
- Segment EBITDA was $295 million for Q1 2018, up 1.7% from Q1 2017. Diluted EPS was $0.49 per share, up 8.9% from Q1 2017.
- Revenue growth was driven by acquisitions in Europe and organic growth in North America. Margins declined due to mix shift to Europe and higher costs.
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 investor presentation in September 2015 to discuss the company's businesses and financial results. The presentation provided an overview of BGC's two business segments: Financial Services and Real Estate Services. It highlighted the company's diversified revenue streams, growth strategy through acquisitions, and increasing focus on fully electronic trading. Select financial metrics from Q2 2015 showed over 60% revenue growth and margin expansion compared to the prior year.
Q22015 investor presentation v final 2airbgcpartners
BGC Partners held an investor presentation in September 2015 to discuss the company's businesses and financial results. The presentation provided an overview of BGC's two business segments: Financial Services and Real Estate Services. It summarized Q2 2015 results which showed revenue and profitability growth compared to Q2 2014, driven by acquisitions and increased activity in certain asset classes. The presentation also discussed BGC's strategy of pursuing acquisitions and growing its fully electronic trading platform.
This document provides an investor presentation by BGC Partners, Inc. for June 2013. It discusses forward-looking statements and risks, financial metrics such as distributable earnings and adjusted EBITDA, an overview of BGC's two business segments of financial services and real estate services, and details on the eSpeed transaction where BGC will sell its U.S. Treasury trading platform to NASDAQ OMX. It also provides segment revenue breakdowns, growth opportunities in electronic trading, and the diversification of BGC's financial services business.
BGC Partners held an earnings presentation for Q3 2013. Key highlights included:
- Revenues for Q3 2013 were $414.4 million, down 7% from Q3 2012.
- Pre-tax distributable earnings per share were $0.12 for Q3 2013, down 25% from Q3 2012.
- Adjusted EBITDA was $78.7 million for Q3 2013, up 24% from Q3 2012.
- The presentation provided financial results and analysis for BGC's business segments and products.
- BGC Partners reported financial results for Q4 2014 with revenues of $515.5 million, up 19.1% from Q4 2013. Pre-tax distributable earnings were $72.6 million, up 57.8% from the prior year.
- The company declared a quarterly cash dividend of $0.12 per share to be paid in March 2015.
- Revenues increased in the Americas by 31% year-over-year while declining slightly in EMEA and APAC. Real estate comprised 48% of total revenues, the largest percentage in company history.
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 presented at an investor conference in June 2013. The presentation discussed BGC's forward-looking statements and provided an overview of the company's business segments and financial performance. It noted that BGC has two business segments - Financial Services and Real Estate Services - and that it aims to grow through hiring, acquisitions, and expanding its fully electronic trading platform. The presentation also provided details on BGC's recent sale of its eSpeed business to NASDAQ OMX and outlined its plans for using the sale proceeds.
1 q2014 earnings presentation final finalirbgcpartners
BGC Partners reported financial results for Q1 2014 with the following highlights:
- Revenues were $445.9 million, down 0.9% year-over-year excluding revenues from eSpeed platform sale.
- Pre-tax distributable earnings were $56.2 million, up 24.7% year-over-year.
- Financial Services revenues were $287.1 million, down 4.4% excluding eSpeed, with pre-tax margins of 20.6%. Real Estate revenues were $149.8 million with pre-tax margins of 10.1%.
- Industry volumes and volatility remained low compared to historical levels, challenging Financial Services business.
BGC Partners 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.
The document discusses forward-looking statements and risks associated with them. It notes that any forward-looking statements are based on information available at the time and that actual results may differ due to risks and uncertainties outlined in SEC filings. The document also provides an overview of LKQ Corporation, including its mission, strategic initiatives, operating segments, European and North American markets, and historical financial performance. It achieved strong organic revenue growth and has pursued an acquisition strategy focused on markets where it can be a leader.
BGC Partners reported financial results for Q1 2014 with the following highlights:
- Revenues were $445.9 million, down 0.9% year-over-year excluding revenues from eSpeed platform sale.
- Pre-tax distributable earnings were $56.2 million, up 24.7% year-over-year.
- Financial Services revenues were $287.1 million, down 4.4% excluding eSpeed, with pre-tax margins of 20.6%. Real Estate revenues were $149.8 million with pre-tax margins of 10.1%.
- Industry volumes and volatility remained low compared to historical levels, challenging Financial Services business.
Raymond James 12th Annual North American Equities Conferencecorporationlkq
The document discusses forward-looking statements and the risks associated with them. It notes that actual results may differ from projections and that all statements are based on information available at the time and may be updated. Risks that could affect projections are discussed in annual and quarterly SEC filings.
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.
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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.
1 q2014 earnings presentation final finalirbgcpartners
BGC Partners reported financial results for Q1 2014 with the following highlights:
- Revenues were $445.9 million, down 0.9% year-over-year excluding revenues from eSpeed platform sale.
- Pre-tax distributable earnings were $56.2 million, up 24.7% year-over-year.
- Financial Services revenues were $287.1 million, down 4.4% excluding eSpeed, with pre-tax margins of 20.6%. Real Estate revenues were $149.8 million with pre-tax margins of 10.1%.
- Industry volumes and volatility remained low compared to historical levels, challenging Financial Services business.
BGC Partners held an investor presentation in September 2015 to discuss the company's businesses and financial results. The presentation provided an overview of BGC's two business segments: Financial Services and Real Estate Services. It summarized Q2 2015 results which showed revenue and profitability growth compared to Q2 2014, driven by acquisitions and increased activity in certain asset classes. The presentation also discussed BGC's diversified revenue streams, acquisition strategy, and growth in its fully electronic trading business.
Lkq second quarter 2016 earnings call presentationcorporationlkq
- LKQ reported financial results for the second quarter of 2016, with revenue increasing 33.3% year-over-year to $4.4 billion driven by organic growth and acquisitions. Net income was $140.7 million for Q2 2016 compared to $119.7 million for the same period in 2015.
- Segment EBITDA margin increased to 13.0% for Q2 2016 from 12.7% in Q2 2015. Revenue growth was driven by organic growth in parts and services of 5.4% as well as acquisition growth including the addition of the glass segment through the acquisition of PGW.
- For the first half of 2016, revenue increased 21.0% to $
BGC Partners reported financial results for 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.
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.
The document provides an overview of BGC Partners, Inc., including its two business segments: Financial Services and Real Estate Services. It discusses BGC's solid business foundation, diversified revenues, growth opportunities through synergies from the GFI acquisition, and history of successful acquisitions. Key metrics highlighted include a 26.5% year-over-year increase in Q1 2015 revenues and a 33.7% increase in pre-tax distributable earnings. An outlook for Q2 2015 forecasts a 51-58% increase in revenues and a 32-51% increase in pre-tax distributable earnings.
BGC Partners is a global brokerage firm with two main business segments: Financial Services and Real Estate Services. In the first quarter of 2017, BGC saw strong year-over-year growth in distributable earnings per share of 27.8% and adjusted EBITDA of 36.3%, driven by increases in both its Financial Services and Real Estate Services segments. The document provides an overview of BGC's business lines and products within each segment.
March 2017 general investor presentation v finalirbgcpartners
BGC Financial Services reported strong results for 4Q 2016. Pre-tax distributable earnings were up over 25% and the pre-tax distributable earnings margin expanded by around 600 basis points. Rates revenues increased over 7% and fully electronic credit revenues grew 13%. The integration of the GFI acquisition was completed successfully, achieving annualized synergies above $125 million. Distributable earnings and margins improved due to the GFI integration and reduced expenses. Trayport, which was sold in 4Q 2015, generated $15.8 million in revenues in 4Q 2015 compared to none in the current quarter. BGC has a track record of successful, accretive acquisitions in Financial Services.
November 2016 general investor presentation v finalirbgcpartners
This document provides an overview of BGC Partners, Inc., a global brokerage company with two business segments: Financial Services and Real Estate Services. It discusses BGC's diversified revenue streams by geography, product class, and business line. The document also highlights BGC's strong track record of growth, liquidity position, and opportunities from acquisitions and rising interest rates. Financial tables show year-over-year growth in distributable earnings for the third quarter of 2016.
BGC Partners 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
BGC Partners released earnings results for the fourth quarter of 2013. Some key highlights include:
- Revenues for the quarter were $432.9 million, down slightly from $436.3 million in the same period in 2012.
- Pre-tax distributable earnings were $46 million, up 31% from $35.1 million in Q4 2012.
- The Board of Directors declared a quarterly cash dividend of $0.12 per share.
$125
$100
$75
$25.9
$50
$25
$0
$25.3
FY 2012
FY 2013
Q4 2012
Q4
The document is an investor presentation by Newmark Group, Inc. discussing the rationale for and benefits of spinning off from BGC Partners. Key points include:
- The spin-off would finalize the separation of Newmark and BGC Partners and enhance Newmark's ability to invest and grow its business independently.
- It would give Newmark more flexibility to return capital to shareholders and increase the liquidity of Newmark stock.
- The spin-off can be done in a tax-efficient manner for both Newmark and its shareholders without materially impacting their financial or credit profiles.
Newmark Group, Inc. presented an investor presentation in November 2018. The presentation discussed Newmark's full suite of commercial real estate services, the rationale for and benefits of spinning off from BGC Partners, and Newmark's strong operating performance and outperformance of the commercial real estate industry in 2018. Newmark has consistently grown its adjusted EBITDA and expanded its margins since its IPO through both organic growth and acquisitions.
- BGC Partners' Financial Services segment revenues increased 17% year-over-year to $516.6 million in the first quarter of 2018, driven by double-digit percentage increases in brokerage revenues across rates, foreign exchange, equities, insurance, and energy and commodities.
- Pre-tax Adjusted Earnings for the segment increased approximately 31% year-over-year, with pre-tax margins rising to 25%, 270 basis points higher than the prior year.
- The growth was primarily organic across equities, insurance, and other asset classes, as well as from other products such as rates, foreign exchange, and energy and commodities.
This document provides an overview of BGC Partners, Inc. for an analyst day presentation in May 2018. It includes disclaimers about forward-looking statements and non-GAAP financial measures. The document also provides information on BGC's financial services and real estate services segments, noting the revenues for each segment. It highlights some of the acquisitions and growth BGC has experienced since 2014, more than doubling revenues in some of its businesses. The document is intended to inform analysts about BGC's current business and performance.
This document provides an agenda and overview for an analyst day presentation by BGC Partners, Inc. It includes discussions of the company's financial overview, Fenics electronic markets and solutions businesses, Besso insurance brokerage, and Sunrise Brokers. Newmark, a subsidiary of BGC Partners, will also present. The document provides disclaimers regarding forward-looking statements and reconciliations between GAAP and non-GAAP financial measures. It outlines BGC Partners leadership including Chairman and CEO Howard Lutnick and CFO Steve McMurray. The agenda spans from 10:00am to 12:35pm and includes an introduction, multiple business segment presentations, Q&A, and lunch.
This document provides an agenda and overview for an analyst day presentation by BGC Partners, Inc. It includes discussions of the company's financial overview, Fenics electronic markets and solutions, Besso Insurance, Sunrise Brokers, and Newmark. It also notes that Howard Lutnick is the Chairman and CEO of BGC Partners and has held leadership roles at Cantor Fitzgerald since 1983. Disclaimers are provided regarding forward-looking statements, financial metrics, terminology, and non-GAAP financial measures.
1 q2018 bgcp earnings presentation vfinal final 1135pmirbgcpartners
BGC Partners held an earnings presentation for its first quarter 2018 financial results. Some key highlights included total revenues increasing 22% year-over-year and pre-tax adjusted earnings increasing 55% year-over-year. Financial services revenues were up 17% driven by double digit growth across various asset classes. Real estate services revenues increased 28% in the Americas. The presentation provided an overview of BGC Partners' business segments and financial performance.
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.
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.
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Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
4. Date
4
SELECT Q2 2015 RESULTS COMPARED TO Q2 2014
Highlights of Consolidated Results (USD millions, except per share data) Q2 2015 Q2 2014 Change (%)
Revenues for distributable earnings $684.6 $430.3 59.1
Pre-tax distributable earnings before non-controlling interest in subsidiaries and taxes 77.5 53.0 46.3
Pre-tax distributable earnings per share 0.21 0.16 31.3
Post-tax distributable earnings 64.6 43.5 48.6
Post-tax distributable earnings per share 0.18 0.13 38.5
Adjusted EBITDA 109.1 63.9 70.6
Effective tax rate 15.0% 15.0%
Pre-tax distributable earnings margin 11.3% 12.3%
Post-tax distributable earnings margin 9.4% 10.1%
On July 27, 2015, BGC Partners’ Board of Directors declared a quarterly cash dividend of $0.14 per
share, an increase of 16.7% from the prior year, payable on September 4, 2015 to Class A and Class B
common stockholders of record as of August 21, 2015. The ex-dividend date will be August 19, 2015.
5. Date
5
GLOBAL REVENUE BREAKDOWN
Note: percentages may not sum to 100% due to rounding. *Includes GFI offices
5
EMEA
32%
Americas
60%
APAC
9%
Q2 2015 Revenues
Americas revenue up 58% yr/yr
Europe, Middle East & Africa revenue up 61% yr/yr
Asia Pacific revenue up 59% yr/yr
Strengthening of the U.S. dollar reduced non-U.S. Financial Services revenues by more than $27 million during
the quarter, mostly in EMEA
6. Date
6
Q2 2015 REVENUES
Q2 2015 SEGMENT DATA (DISTRIBUTABLE EARNINGS BASIS)
Q2 2015 Revenues Pre-tax Earnings Pre-tax Margin
Financial $435.0 $68.4 15.7%
Real Estate $239.7 $29.9 12.5%
Corporate $9.8 ($20.8) NMF
(In USD millions)
Financial Services revenues were up over 60% primarily related to the consolidation of GFI Group
Financial Services pre-tax margins decreased due to the consolidation of GFI Group
Real Estate Services revenues up 61%, primarily driven by increases in capital markets, and leasing &
other services
Real Estate Services pre-tax margins increased 210 bps due to higher overall revenues and increased
contribution from higher margin capital markets business
Financial
Services
64%
Real Estate
35%
Corporate
1%
6
Q2 2014 Revenues Pre-tax Earnings Pre-tax Margin
Financial $271.5 $49.9 18.4%
Real Estate $149.1 $15.5 10.4%
Corporate $9.7 ($12.3) NMF
(In USD millions)
7. Date
7
Rates
19%
F/X
12%
Credit
11%
Energy &
Commodities
8%
Equities
and Other
8%
Market data, Software &
Other1
6%
Leasing and Other
Services
19%
Real Estate Capital
Markets
9%
Real Estate Management
& Other
7%
Corporate
1%
Financial
Services
64%
Real Estate
Services
35%
Corporate
1%
BGC'S BUSINESS SHOWS STRONG REVENUE DIVERSITY
7Percentages are approximate for rounding purposes.
1Market data, software solutions, interest, and other revenue for distributable earnings (including NASDAQ OMX earn-out)
BGC maintains a diverse revenue
base with no one asset class or
product group generating more
than 20% of total revenues
Wholesale Financial
Brokerage revenues and
earnings typically seasonally
strongest in 1st quarter,
weakest in 4th quarter
Commercial Real Estate
Brokerage revenues and
profitability typically
seasonally strongest in 4th
quarter, weakest in 1st quarter
BGC’s Business at a Glance
8. Date
8
1,519 1,620 1,619
2,579 2,543
879
1,135 1,244
1,293 1,308
Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
Financial Brokerage Real Estate
Q2 2015 Real Estate Services average revenue per front office employee was $149,000, up 19% from Q2 2014;
Q2 2015 Financial Services average revenue per front office employee was $157,000, down 9% from Q2 2014;
Historically, BGC’s revenue per front office employee has generally fallen immediately after a large acquisition. As the
integration of GFI continues, and as more voice and hybrid revenue is converted to more profitable fully electronic trading,
the Company expects Financial Services broker productivity to grow.
BGC’S FRONT OFFICE PRODUCTIVITY GROWTH
FRONT OFFICE HEADCOUNT
Note: The Real Estate figures are based on brokerage revenues, leasing and capital markets brokers, and exclude appraisers and both revenues and staff in management services and “other.” The Financial Services
calculations in the above table include segment revenues from “total brokerage revenues” “market data,” and “software solutions”, and exclude revenues and salespeople related to Trayport. The average revenues for all
producers are approximate and based on the total revenues divided by the weighted-average number of salespeople and brokers for the period.
2,398
2,755
2,863
3,872
FRONT OFFICE PRODUCTIVITY
155 154
619 636
Q2 2014 Q2 2015 FY 2013 FY 2014
-1%
($ Thousands)
3,851
10. Date
10
Q2 2015 FINANCIAL SERVICES SUMMARY
BGC Financial Services Segment Highlights
Revenues up over 60%
Pre-tax profit up over 37%
Fully electronic revenues and pre-tax profits up
over 182% and 120%, respectively (ex.
Trayport)
Energy & Commodities revenues increased by
317% as compared to a year ago
Equities and other revenues increased 77%
FX revenues up 67%; fully electronic FX
revenues up over 114%
Credit revenues up 26%; fully electronic credit
revenues up 138%
Quarterly Drivers
Acquisitions of GFI, R.P. Martin, and Remate
Increased activity across FX, energy, and
commodities; reflected strong demand from
many of our customers
Volatility levels have increased across most
asset classes we broker
FS revenues would have been over $27
million higher if not for the strengthening U.S.
Dollar
11. Date
11
INDUSTRY VOLUMES MIXED; VOLATILITY UP
11
Yr/Yr Change in Capital Markets Activity Yr/Yr Change in Average Daily Volatility
Source: Bloomberg, SIFMA, Eurex, CME, ICE, and Thomson
(ADV, except Eurex and credit derivatives outstanding)
Generally, increased price volatility increases demand for hedging instruments, including for many of the
cash and derivative products that BGC brokers
Volumes were mixed when compared to the prior year
Implied volatility measures were uniformly up from a year ago; increased volatility often signals increased
trading activity
42%
22%
18%
10%
4%
-1%
- 3%
-11%
-17%
-24%
-28%
-40% -30% -20% -10% 0% 10% 20% 30% 40% 50%
FX Futures (CME)
Energy & Commodities (CME)
Eurex Equity Derivatives
Energy (ICE)
Thomson Reuters FX Spot
Interest Rate Futures (CME)
U.S. Treasuries (Primary Dealer)
U.S. Corp. Bonds (Primary Dealer)
Equity Derivatives (ICE)
Interest Rate Futures (ICE)
Dealer-Dealer CDS Outstanding
71%
60%
45%
43%
8%
0% 10% 20% 30% 40% 50% 60% 70% 80%
FX (CVIX)
Commodity Volatility Index
(MLCXV3M)
European Equities (V2X)
U.S. Rates (MOVE)
U.S. Equities (VIX)
Source: Bloomberg
12. Date
12
FINANCIAL SERVICES REVENUE COMPOSITION
FINANCIAL SERVICES REVENUE BREAKOUT
104,677
126,346
49,279
82,404
58,923
74,194
13,154
54,815
30,483
54,001
14,984
25,459
17,822
Q2 2014 Q2 2015
$271,500
$435,041
Market data, software
and other1
+70%
Energy & commodities2
Equity & Other
Credit
Foreign Exchange
Rates
+77%
+317%
+26%
+67%
+21%
NMFTrayport
1 Includes $13.3MM and $11.1MM related to the Nasdaq earnout in Q215 and Q214
2 Excludes $17.8MM of revenues related to Trayport.
+60%
% Change
13. Date
13
$22.6
$25.1
$27.9
$40.8
$63.7
Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
$3,538.3
$3,919.4
$4,909.3
$5,642.6
$5,886.1
Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
BGC’S FULLY ELECTRONIC (FENICS) GROWTH (EXCLUDING TRAYPORT)
13
Fully Electronic Revenues1
($ Billions)
Fully electronic revenues up over 182% from Q2 2014; Fully electronic pre-tax earnings up over
120%
Fully electronic volumes up approximately 66% from Q2 2014
Fully Electronic Brokerage Volumes
($ Millions)
1 ”Fully Electronic” includes “total brokerage revenues” related to fully electronic trading and market data and software solutions, all of which are reported within the Financial Services
segment. Fully electronic revenues exclude $17.8 million of revenues related to Trayport. Q2’15 “Fully Electronic” revenues also includes $13.0 million of intra-company revenues that are
eliminated in BGC’s consolidated financial results. Net of intra-company revenues, market data and software solutions was $9.9 million. There were no corresponding intra-company
revenues in Q2’14.
14. Date
BGC’S ELECTRONIC BUSINESSES COMPARE FAVORABLY TO OTHER
HIGHLY VALUABLE ELECTRONIC PLATFORMS
1 HotSpot P/EBITDA multiple extrapolated from reported 16x P/EBITDA at $365mm purchase price. $435mm represents total consideration, including $365mm in cash share of tax benefits.
See source: http://www.bloomberg.com/news/articles/2015-01-28/bats-buys-hotspot-currencies-platform-for-365-million
2 360T volume growth as reported by Aite Group research; revenues and pre-tax estimates reported by Barclays and Citi research
3 MarketAxess market cap as of close of business 7/22/2015
4 BGC fully electronic annual revenues are shown on an annualized run-rate basis and based on Q2’15 actuals
Note: Data for FXAll, HotSpot and eSpeed is as of the most recent period immediately prior to announcement of transactions. MarketAxess information is from either FY14 actuals or
Bloomberg 2015 consensus estimates.
$400
million
$4,000
million
KCG HotSpot
Sold (2015): $435mm
• MR Qtr. Vol Growth: 9%
• P/EBITDA: 19x1
FXAll
Sold (2012): $625mm
• MR FY Revenues: $123mm (+16%)
• Pre-tax earnings / margin: $42.3mm / 36%
• MR Qtr. ADV: 92.4mm (+3%)
• P/E (pre-tax): 14.8x
• P/S: 5.1x
MarketAxess
Market Cap $3,656mm3
• FY14 Revenues: $286mm
• Projected Rev Growth Rate: 15%
• Pre-tax earnings / margin: 128.7 / 45%
• P/E (FY15) (pre-tax) 28.4x
• P/S (FY15): 12.8x
Recent Sale / Current Market Cap of Fully Electronic Peers
eSpeed
Sold (2013) $1,234mm
• MR FY Revenues: $99mm (-2%)
• Volume growth: +13%
• Pre-tax earnings / margin: $57.6mm / 58%
• P/E (pre-tax): 21.4x
• P/S: 12.5x
360T
Announced Sale (2015)
$795mm / (€725mm)
• FY Run-rate Revenues: $72.5mm / €65mm
• EBITDA Margin: 50%
• MR Qtr. ADV: $67bn / €60bn (+17%) 2
• P/EBITDA: 22x
• P/S: 11.2x
(in USD millions) Annualized Revenues
Annualized Revenue
Growth
Volume Growth Pretax Earnings Margin
Annualized Pretax
Earnings
BGC Fully Electronic4
>$250 >190%% 66% 42.7% >$100
15. Date
15
Note: For all periods, “Fully Electronic” results include fully electronic trading in the “total brokerage revenues” GAAP income statement line item, “market data”
revenues , and all “software solutions” revenues, excluding Trayport. All of the aforementioned are reported within the Financial Services segment. “Fully Electronic”
results also include $13.0 million of intra-company revenues, which are eliminated in BGC’s consolidated financial results. Net of intra-company revenues, market data
and software solutions was $9.9 million. There were no corresponding intra-company revenues in Q2’14
“Voice/Hybrid” includes results from the “Financial Services” segment, “Voice/Hybrid” and “Other” from “Financial Services” segment; $13.3 million and $11.1 million
related to the NASDAQ OMX stock earn-out for Q215 and Q214, respectively and; $17.8 million of revenue for Q215 related to Trayport.
Q2 2015 fully electronic revenues and pre-tax distributable earnings marked another record quarter for
BGC
Excluding Trayport, fully electronic revenues increased 182.3% in Q2 2015, while fully electronic Pre-tax
distributable earnings were up 120.4%
Increases in fully electronic revenues driven by addition of GFI coupled with strong double-digit organic
growth
STRONG GROWTH SEEN IN FULLY ELECTRONIC BUSINESS
Fully
Electronic1
Voice / Hybrid
/ Other Real Estate
Corporate /
Other Total
Fully
Electronic1
Voice / Hybrid
/ Other Real Estate
Corporate /
Other Total
Revenue $63.7 $371.4 $239.7 $9.8 $684.6 182.3% 49.2% 60.8% 1.0% 59.1%
Pre-Tax DE $27.2 $41.2 $29.9 ($20.8) $77.5 120.4% 9.7% 93.4% NMF 46.3%
Pre-tax DE Margin 42.7% 11.1% 12.5% NMF 11.3%
Fully
Electronic1
Voice / Hybrid
/ Other Real Estate
Corporate /
Other Total
Revenue $22.6 $248.9 $149.1 $9.7 $430.3
Pre-Tax DE $12.3 $37.5 $15.5 ($12.3) $53.0
Pre-tax DE Margin 54.7% 15.1% 10.4% NMF 12.3%
Q2 2015
Q2 2014
Yr/Yr Change
16. Date
16
RECENT DEVELOPMENTS REGARDING THE BGC / GFI MERGER
Following the issuance of new GFI shares in Q1 2015, BGC now owns approximately 67%
of GFI’s outstanding common stock. Full merger expected by Q1 2015
Numerous serious parties are participating in the process at a valuation that reflects its
continuing growth in the year following last year’s announced transaction, its’ high margins,
leading technology, and strategic importance in the global energy and commodities markets
We still anticipate completing a transaction before the end of 2015
De minimis front-office turnover at GFI
BGC guaranteed the outstanding debt of GFI resulting in credit rating upgrades, which will
reduce interest expense going forward
By the time we complete the full merger with GFI we expect to have combined all of our
fully electronic assets (ex. Trayport) under the FENICS name.
The well-known, and proven technology of BGC and GFI, coupled with their global footprint
combined with the leading edge, and highly respected technology company FENICS, will
create a financial technology powerhouse.
17. Date
EXPECTED GFI COST SYNERGIES UPDATE
Year 1
Year 2
$50 Million
(annualized run rate)
$90 Million
(annualized run rate)
Network infrastructure
Telephone lines
Vendors
Disaster recovery
Interest expense
Data centers
Duplicative real estate
Other support expenses
Planned GFI Integration Cost Savings / Synergies:
Integration and cost saving/synergy targets remain on track to reach at least $50 million by Q1’16
and $90 million by Q1’17
BGC freed up capital set aside for regulatory and clearing purposes, allowing for more efficient use
of the balance sheet
17
18. Date
18
VOLUMES GENERALLY UP; VOLATILITY UP FROM A YEAR AGO
18
Q2 2015TD Volume Change Y/Y Q2 2015TD Implied Volatility Change Y/Y
Source: Bloomberg, SIFMA, Eurex, CME, ICE, and Goldman Sachs Global investment Research
07/01/2015 – 07/24/2015
July industry volumes generally up across most of the asset classes we broker
Industry volumes correlate to volumes in our Financial Services business
Volatility has increased across most asset classes we broker; increased volatility often signals higher
trading activity
07/01/2015 – 07/24/2015
190%
69%
59%
50%
26%
0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200%
FX (CVIX)
Commodity Volatility Index
(MLCXV3M)
European Equities (V2X)
U.S. Rates (MOVE)
U.S. Equities (VIX)
Source: Bloomberg
38%
32%
20%
12%
8%
8%
-6%
-
24%
-27%
-40% -30% -20% -10% 0% 10% 20% 30% 40% 50%
European Equities
FX Futures (CME)
U.S Equities
Energy (CME)
U.S. Treasuries (Primary Dealer)
Energy (ICE)
U.S. Corp. Bonds (Primary Dealer)
ICE Equity Derivatives
U.S. Agency (Primary Dealer)
-
20. Date
89,088
131,524
20,866
61,178
39,138
47,033
Q2 2014 Q2 2015
20
Q2 2015 Real Estate Segment BreakdownDrivers
NGKF Highlights Q2 2015 Real Estate Segment Breakdown
BUSINESS OVERVIEW: REAL ESTATE SERVICES
Q2 2015 Real Estate Services revenues
increased by 61% as compared to last year
Capital markets revenues increased over 193%
from Q2 2014
Leasing and other revenues up approximately
48% from a year ago
Pre-tax distributable earnings increased over
93%
20
Superior yields in low interest rate environment
continue to make Real Estate an attractive
investment class
Additions of Cornish, ARA, and Computerized
Facility Integration (“CFI”)
Strengthening U.S. economy and accommodative
monetary policy aids the Real Estate recovery
Improved credit environment and availability
Positive industry trends continue in commercial sales
volumes
Leasing and other
services
55%
Real estate
capital markets
26%
Management
services &
other revenues
20%
Management services
and other revenues
Real estate capital
markets
Leasing and
other services
Note: Percentages may not sum to 100% due to rounding
149,092
239,735(USDMillions)
21. Date
21
NGKF vs. Industry Trends
NGKF BROKERAGE REVENUES OUTPACE INDUSTRY TRENDS
23%
30%
75%
Leasing Activity Sales Volumes U.S. CMBS Issuance
(TTM)
NGKF Brokerage
Revenue
Source: Commercial Mortgage Alert, Moody’s RCA, and NGKF Research
NGKF brokerage revenue growth continued to outpace industry-wide lending, sales and leasing trends
NGKF capital markets and leasing and other services revenues up 193% and 48% respectively
Combined (office, industrial, and retail) vacancy rates continue to trend lower to 8.3% at the end of Q2
2015, an approximate 70 bps improvement from a year ago
Note: U.S. CMBS issuance is shown on a TTM basis; net absorption is on a TTM basis through May 2015; sales volumes are quarterly and are for all commercial
property sales of $2.5 million or greater.
+/- 3%
22. Date
VACANCY RATES CONTINUE TREND DOWN SIGNALING STRONG
DEMAND FOR COMMERCIAL REAL ESTATE
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15
Office
Industrial
Retail
Multifamily
Vacancy rates continue their downward trend reflecting higher demand and higher rates of
occupancy across major commercial real estate asset classes
Source: CoStar, REIS, and NGKF Research
23. Date
23
NGKF ANNOUNCED ACQUISITIONS IN Q2 2015
Computer Facilities Integration (CFI) Excess Space Retail Services
CFI provides corporate real estate, facilities
management, and enterprise asset management
information consulting, and technology solutions
The Company employs 140 people and has been in
operation for 25 years
Manages over 3 billion square feet globally for Fortune
500 companies, owner-occupiers, government agencies,
healthcare and higher education clients
A Fortune 50 company engaged CFI to deploy a
workplace management system as a tool to track space
usage across more than 20 million sq. feet of labs and
administrative offices worldwide.
CFI implemented a workplace management software
system, which provides the client a holistic view of space
and capacity use, as well as monitoring capital project,
real estate-related analytics, and energy use.
By transforming space usage and real estate
management from reactive to proactive, facility use
increased by 20%, saving the client $4 million a year.
CFI Case Study Excess Space Case Study
Excess Space represented a Fortune 100 company in
the disposition of their surplus real estate nationwide,
which came about due to a recent acquisition of a
competitor. This necessitated the immediate sale of 120+
fee-simple properties (predominantly freestanding
buildings).
Within the first year, Excess Space completed 101 sales
for its client, with a total value of over $40 million.
Excess Space is a premier consulting and advisory firm
dedicated to real estate disposition and lease restructuring
for retailers throughout the U.S. and Canada
The Company advises some of the nation’s leading
supermarkets, department stores, banks, drug stores and
restaurants
Since its establishment in 1992, Excess Space has
generated an estimated $4 billion in cost savings for
clients
24. Date
NEW OFFICES:
Acquired Computerized Facility Integration, LLC ("CFI")
A premier real estate strategic consulting and systems integration firm that manages over three billion square feet
globally for Fortune 500 companies, owner-occupiers, government agencies, healthcare and higher education clients
Acquired Excess Space Retail Services
A leading provider of real estate disposition, lease restructuring and lease renewal services, as well as related
valuations for retailers nationwide and currently advises on 35.6 million square feet of retail space in North America
Expanded further into Latin America
Addition of an affiliate office in Puerto Rico
Acquired Apartment Realty Advisors (ARA) in 2014
The nation’s largest full-service investment advisory firm focusing exclusively on the multihousing industry
AWARDS:
NGKF has moved into the #3 Top Brokerage Firms (up from #4 in 2014)
Commercial Property Executive 2015
ARA, A Newmark Company, Ranked #2 Top Brokers of Multi-Family Properties
Real Estate Alert 2014
#4 New York’s Largest Commercial Property Managers
Crain’s New York Business 2014
One of the Top 100 Global Outsourcing Firms
International Association of Outsourcing Professionals 2015
Completed 5 of the top 10 office leasing deals and the #1 Deal in Manhattan
Crain’s New York Business Year End 2014
Newmark Cornish & Carey, Ranked #1 Commercial Real Estate Firm
Silicon Valley Business Journal 2015
Top 10 in Sales Volume
Based Upon Real Capital Analytics Survey 2015
TOP
Global Outsourcing
Firms 2015
100
24
RECENT NGKF HIGHLIGHTS
2
Apartment Realty
Advisors
3,317.1 77 17.7 2,330.4 57 14.0 42.3
#4 NGKF
26. Date
26
OUTLOOK COMPARISON
Third Quarter 2015 Outlook Compared with Third Quarter 2014 Results
The Company expects to produce its fourth consecutive record quarter of distributable
earnings revenues and its fifth quarter in a row of record pre-tax distributable earnings.
BGC anticipates distributable earnings revenues to increase by between approximately 51
percent and 61 percent and to be between $680 million to $725 million, compared with
$449.8 million.
The Company’s outlook for revenues would have been approximately $22 million higher
but for the strengthening of the U.S. dollar compared with a year earlier.
The Company expects pre-tax distributable earnings to increase by between approximately
22 percent and 44 percent and to be in the range of $80 million to $95 million, versus
$65.8 million.
BGC anticipates its effective tax rate for distributable earnings to remain approximately 15
percent.
BGC intends to update its third quarter outlook before the end of September 2015.
28. Date
28
BGC PARTNERS COMPENSATION RATIO
BGC Partners Compensation Ratio was 62.3% in Q2 2015 vs. 61.1% in Q2 2014
Commercial Real Estate brokers generally have a higher compensation ratio than IDBs with significant
electronic trading revenues
$793.5
$1,036.8
$1,091.2
$1,128.5
$262.9
$426.4
53.8%
59.2%
61.7% 61.3%
61.1%
62.3%
40%
50%
60%
70%
80%
90%
100%
$0
$200
$400
$600
$800
$1,000
$1,200
2011 2012 2013 2014 Q2 2014 Q2 2015
($millions)
Compensation and Employee Benefits Compensation and Employee Benefits as % of Total Revenue
29. Date
29
NON-COMPENSATION EXPENSES & PRE-TAX MARGIN
16.1%
11.2% 10.3%
13.4%
11.3%
30.2%
29.6%
28.0%
25.3%
26.4%
0%
10%
20%
30%
40%
50%
FY 2011 FY 2012 FY 2013 FY 2014 Q2 2015
Pre-tax distributable earnings as % of Total Revenue Non-comp Expenses as a % of Total Revenue
Non-comp expenses were 26.4% of distributable earnings revenues in Q2 2015 vs. 26.6% in Q2 2014
Pre-tax distributable earnings margin was 11.3% in Q2 2015 vs. 12.3% in Q2 2014
Post-tax distributable earnings margin was 9.4% in Q2 2015 vs. 10.1% in Q2 2014
Real Estate Services pre-tax margins are typically seasonally slowest in the first quarter and strongest
in the fourth quarter
30. Date
30
BGC’S ECONOMIC OWNERSHIP AS OF JUNE 30, 2015
Public
43%
Cantor
26%
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. 30
31. Date
31
AVERAGE EXCHANGE RATES
Source: Oanda.com
31
Q2 2015 Q2 2014 July 1 – July 24, 2015 July 1 – July 24, 2014
US Dollar 1 1 1 1
British Pound 1.531 1.683 1.557 1.711
Euro 1.106 1.372 1.102 1.359
Hong Kong Dollar 0.129 0.129 0.129 0.129
Singapore Dollar 0.745 0.798 0.737 0.804
Japanese Yen (Inverted) 121.320 102.130 123.13 101.580
32. Date
32
DISTRIBUTABLE EARNINGS DEFINED
32
BGC Partners uses non-GAAP financial measures including "revenues for distributable earnings," "pre-tax distributable earnings" and "post-tax distributable earnings," which are
supplemental measures of operating performance that are used by management to evaluate the financial performance of the Company and its consolidated subsidiaries. BGC
Partners 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 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," "net income (loss) for fully diluted shares," and "fully diluted earnings (loss) per share," all prepared in
accordance with GAAP, distributable earnings calculations primarily exclude certain non-cash compensation and other expenses which generally do not involve the receipt or outlay
of cash by the Company, which do not dilute existing stockholders, and which do not have economic consequences, 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.
Revenues for distributable earnings are defined as GAAP revenues excluding the impact of BGC Partners, Inc.'s non-cash earnings or losses related to its equity investments.
Revenues for distributable earnings include the collection of receivables which would have been recognized for GAAP other than for the effect of acquisition accounting. Revenues
for distributable earnings also exclude certain one-time or unusual gains that are recognized under GAAP, because the Company does not believe such gains are reflective of its
ongoing, ordinary operations.
Pre-tax distributable earnings are defined as GAAP income (loss) from operations before income taxes excluding items that are primarily non-cash, non-dilutive, and non-economic,
such as:
Non-cash stock-based equity compensation charges for REUs granted or issued prior to the merger of BGC Partners, Inc. with and into eSpeed, Inc., as well as post-merger non-
cash, non-dilutive equity-based compensation related to partnership unit exchange or conversion.
Allocations of net income to founding/working partner and other limited partnership units, including REUs, RPUs, PSUs, LPUs, and PSIs.
Non-cash asset impairment charges, if any.
Distributable earnings calculations also exclude charges related to purchases, cancellations or redemptions of partnership interests and certain unusual, one-time or non-recurring
items, if any.
“Compensation and employee benefits” expense for distributable earnings will also include broker commission payouts relating to the aforementioned collection of receivables.
BGC’s definition of distributable earnings also excludes certain gains and charges with respect to acquisitions, dispositions, or resolutions of litigation. This exclusion pertains to the
one-time gain related to the NASDAQ OMX transaction. Management believes that excluding these gains and charges best reflects the operating performance of BGC. However,
because NASDAQ OMX is expected to pay BGC in an equal amount of stock on a regular basis for 15 years as part of the transaction, the payments associated with BGC’s receipt
of such stock are expected to be included in the Company’s calculation of distributable earnings. To make quarter-to-quarter comparisons more meaningful, one-quarter of the
annual contingent earn-out amount will be included in the Company’s calculation of distributable earnings each quarter as “other revenues.”
Since distributable earnings are calculated on a pre-tax basis, management intends to also report "post-tax distributable earnings" and "post-tax distributable earnings per fully
diluted share:"
"Post-tax distributable earnings" are defined as pre-tax distributable earnings adjusted to assume that all pre-tax distributable earnings were taxed at the same effective rate.
"Post-tax distributable earnings per fully diluted share" are defined as post-tax distributable earnings divided by the weighted-average number of fully diluted shares for the period.
33. Date
DISTRIBUTABLE EARNINGS DEFINED (continued)
BGC’s distributable earnings per share calculations assume either that:
The fully diluted share count includes the shares related to the 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.
Each quarter, the dividend to BGC’s common stockholders is expected to be determined by the Company’s Board of Directors with reference to 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, including REUs, RPUs, LPUs, PSUs and PSIs, and to Cantor for its noncontrolling interest.
The amount of all of these payments is expected to be determined using the above definition of pre-tax distributable earnings per share.
Certain employees who are holders of RSUs may be granted pro-rata payments equivalent to the amount of dividends paid to common stockholders. Under GAAP, a
portion of the dividend equivalents on RSUs is required to be taken as a compensation charge in the period paid. However, to the extent that they represent cash payments
made from the prior period's distributable earnings, they do not dilute existing stockholders and are therefore excluded from the calculation of distributable earnings.
The term “distributable earnings” is not meant to be an exact measure of cash generated by operations and available for distribution, nor should it be considered in isolation
or as an alternative to cash flow from operations or GAAP net income (loss.) The Company views distributable earnings as a metric that is not necessarily indicative of
liquidity or the cash available to fund its operations.
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.
Management does not anticipate providing an outlook for GAAP “revenues,” “income (loss) from operations before income taxes,” “net income (loss) for fully diluted shares,”
and “fully diluted earnings (loss) per share,” because the items previously identified as excluded from “pre-tax distributable earnings” and “post-tax distributable earnings” are
difficult to forecast. Management will instead provide its outlook only as it relates to “revenues for distributable earnings,” “pre-tax distributable earnings,” and “post-tax
distributable earnings.”
For more information on this topic, please see the tables in the most recent BGC financial results press release entitled “Reconciliation of Revenues Under GAAP and
Distributable Earnings,” and “Reconciliation of GAAP Income (Loss) to Distributable Earnings,” which provide a summary reconciliation between pre- and post-tax
distributable earnings and the corresponding GAAP measures for the Company in the periods discussed in this document. The reconciliations for prior periods do not
include the results of GFI.
34. Date
34
ADJUSTED EBITDA DEFINED
BGC also provides an additional non-GAAP financial measure, “adjusted EBITDA,” which it defines as GAAP income from operations
before income taxes, adjusted to add back interest expense as well as the following non-cash items:
Employee loan amortization;
Fixed asset depreciation and intangible asset amortization;
Non-cash impairment charges;
Charges relating to grants of exchangeability to limited partnership interests;
Charges related to redemption of units;
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 this measure is useful in evaluating BGC’s operating performance compared to that of its
competitors, because the calculation of adjusted EBITDA 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, because adjusted EBITDA does not consider certain cash
requirements, such as tax and debt service payments.
For a reconciliation of adjusted EBITDA to GAAP income (loss) from operations before income taxes, 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 (and Comparison to Pre-Tax Distributable Earnings.)”
34
35. Date
35
RECONCILIATION OF GAAP INCOME TO ADJUSTED EBITDA
BGC PARTNERS, INC.
Reconciliation of GAAP Income to Adjusted EBITDA
(and Comparison to Pre-Tax Distributable Earnings)
(in thousands) (unaudited)
Q2 2015 Q2 2014
GAAP Income from continuing operations before income taxes 17,289$ 14,915$
Add back:
Employee loan amortization 11,695 7,194
Interest expense 18,439 9,230
Fixed asset depreciation and intangible asset amortization 23,684 10,789
Impairment of fixed assets 13,195 474
Exchangeability charges
1
25,581 20,041
(Gains) losses on equity investments (833) 1,288
Adjusted EBITDA 109,050$ 63,931$
Pre-Tax distributable earnings 77,524$ 52,997$
1
Represents non-cash, non-economic, and non-dilutive charges relating to grants of exchangeability to limited partnership units
36. Date
36
RECONCILIATION OF INCOME UNDER GAAP TO DISTRIBUTABLE EARNINGS
Q2 2015 Q2 2014
GAAP income before income taxes 17,289$ 14,915$
Pre-tax adjustments:
Non-cash (gains) losses related to equity investments, net (833) 1,288
Real Estate purchased revenue, net of compensation and other expenses (a) 3,089 2,206
Allocations of net income and grant of exchangeability to limited partnership units and FPUs 26,200 22,402
NASDAQ OMX earn-out revenue (b) 15,418 9,389
Gains and charges with respect to acquisitions, dispositions and / or resolutions of litigation, and other non-cash, non-dilutive,
non-economic items (c) 16,362 2,798
Total pre-tax adjustments 60,235 38,083
Pre-tax distributable earnings 77,524$ 52,997$
GAAP net income available to common stockholders 9,347$ 7,601$
Allocation of net income to noncontrolling interest in subsidiaries 4,422 2,174
Total pre-tax adjustments (from above) 60,235 38,083
Income tax adjustment to reflect effective tax rate (9,357) (4,350)
Post-tax distributable earnings 64,647$ 43,508$
Pre-tax distributable earnings per share (d) 0.21$ 0.16$
Post-tax distributable earnings per share (d) 0.18$ 0.13$
Fully diluted weighted-average shares of common stock outstanding 386,469 366,674
Notes and Assumptions
(a) Represents revenues related to the collection of receivables, net of compensation, and non-cash charges on acquired receivables, which would
have been recognized for GAAP other than for the effect of acquisition accounting.
(b) Distributable earnings for the second quarter of 2015 and 2014 includes $15.4 million and $9.4 million, respectively, of adjustments associated with the NASDAQ OMX
transaction. For Q2 2015 and Q2 2014 the revenues related to the NASDAQ OMX earn-outs were $(2.1) million and $1.7 million for GAAP and $13.3 million and
$11.1 million for distributable earnings, respectively.
(c) The Q2 2015 adjustment includes $13.2 million of GAAP impairment charges which were excluded from distributable earnings.
(d) On April 1, 2010, BGC Partners issued $150 million in 8.75 percent Convertible Senior 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 $160 million in 4.50 percent Convertible Senior Notes due 2016. The distributable earnings per share calculations
for the quarters ended June 30, 2015 and 2014 include 19.7 million and 40.1 million of additional shares, respectively, underlying these Notes. The distributable earnings
per share calculations exclude the interest expense, net of tax, associated with these Notes.
Note: Certain numbers may not add due to rounding.
BGC PARTNERS, INC.
RECONCILIATION OF GAAP INCOME TO DISTRIBUTABLE EARNINGS
(in thousands, except per share data)
(unaudited)
37. Date
37
37
RECONCILIATION OF REVENUES UNDER GAAP AND DISTRIBUTABLE EARNINGS
BGC PARTNERS, INC.
RECONCILIATION OF REVENUES UNDER GAAP AND DISTRIBUTABLE EARNINGS
(in thousands)
(unaudited)
Q2 2015 Q2 2014
GAAP Revenue 669,131$ 417,202$
Plus: Other Income (losses), net 3,058 379
Adjusted GAAP 672,189 417,581
Adjustments:
NASDAQ OMX Earn-out Revenue 1 15,418 9,389
Revenue with respect to acquisitions, dispositions, resolutions of litigation, and other (3,485) -
Non-cash (gains) losses related to equity investments (833) 1,288
Real Estate purchased revenue 1,303 2,053
Distributable Earnings Revenue 684,591$ 430,311$
1 Q2 2015 and Q2 2014 revenues related to the NASDAQ OMX earn-out shares were $(2.1) million and $1.7 million for GAAP and $13.3 million and $11.1 million
for distributable earnings, respectively.
Note: Certain numbers may not add due to rounding.