DOCSLIB.ORG

2013 Annual Report Bgc Partners, Inc

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2013 Annual Report Bgc Partners, Inc BGC PARTNERS, INC. 2013 ANNUAL REPORT BGC PARTNERS, INC. SELECTED CONSOLIDATED FINANCIAL DATA DISTRIBUTABLE EARNINGS (USD 000’S) 2013 2012 2011 Financial Services Revenues $1,143,217 $1,221,409 $1,369,906 Real Estate Services Revenues 582,878 481,719 57,122 Corporate Revenues 42,089 47,877 49,099 Total Revenues for Distributable Earnings 1,768,184 1,751,005 1,476,127 Pre-tax Distributable Earnings 182,345 196,015 236,952 Post-tax Distributable Earnings 154,701 164,354 199,393 GAAP (USD 000’S) Financial Services Revenues $1,164,218 $1,221,409 $1,369,906 Real Estate Services Revenues 577,191 454,616 47,682 Corporate Revenues 756,677 90,968 47,097 Total Revenues 2,498,086 1,766,993 1,464,685 Income from Operations Before Income Taxes 265,921 55,737 54,359 Net Income For Fully Diluted Shares 96,851 46,242 20,137 PER SHARE DATA Pre-tax Distributable Earnings per Fully Diluted Share $0.57 $0.69 $0.93 Post-tax Distributable Earnings per Fully Diluted Share 0.49 0.58 0.78 GAAP Fully Diluted Earnings per Share 0.36 0.16 0.17 Dividends Declared per Share 0.48 0.63 0.65 ADJUSTED EBITDA (USD 000’S) Adjusted EBITDA $923,004 $317,345 $275,762 BALANCE SHEET (USD 000’S) Cash and Cash Equivalents $716,919 $388,409 $369,713 Notes Payable and Collateralized Borrowings 408,356 451,444 331,916 Redeemable Partnership Interest, Stockholders’ Equity, 769,665 506,251 500,967 and Noncontrolling Interest in Subsidiaries Notes: See the sections towards the end of this document entitled “Distributable Earnings Defined,” “Differences Between Consolidated Results for Distributable Earnings and GAAP,” “Reconciliation of Revenues Under GAAP And Distributable Earnings,” and “Reconciliation of GAAP Income to Distributable Earnings” for a complete definition of these non-GAAP terms and how, when and why management uses them, as well as for the differences between results under GAAP and distributable earnings for the periods discussed in this document. In addition, the Company defines its cash position is as “cash and cash equivalents”, “marketable securities”, and unencumbered “securities owned” on BGC’s balance sheet. BGC PARTNERS, INC. 2013 TOTAL RETURN OF A $1,000 INVESTMENT BGC Partners, Inc Russell 2000 Russell 2000 Financial Services Index Dow Jones US Real Estate Services Index $1,912 2013 Total Return Of A $1,000 Investment91.1% 2,000.002,000 1,800.001,800 1,600.001,600 1,400.001,400 1,200.001,200 1,000.001,000 12/31/2012 03/31/201306/30/2013 09/30/2013 09/30/201312/31/2013 12/31/2013 GAAP Revenue $2,498.1 ( 41%) TOTAL REVENUE $96.9 ( 109%) NET INCOME Distributable Earnings Revenue $1,768.2 ( 6%) TOTAL REVENUE $1,54.7 ( 6%) NET INCOME $795.0 ( 89%) CASH POSITION $923.0 ( 191%) ADJUSTED EBITDA ALL $ AMOUNTS NOTED IN MILLIONS BGC PARTNERS, INC. GLOBAL COVERAGE BGC Financial Services Offices Newmark Grubb Knight Frank NGKF Affiliates and Partner Offices BGC Financial Services Newmark Grubb Knight Frank Beijing Rio De Janeiro North America Chicago Sao Paulo Canada Massachusetts Virginia Copenhagen Seoul Mexico Michigan Washington Dubai Singapore United States Nevada Wisconsin Hong Kong Sydney Alabama New Jersey Houston Tokyo Arizona New York Europe Istanbul Toronto Arkansas North Carolina Asia-Pacific Johannesburg Zurich California North Dakota Africa London Colorado Ohio Middle East Mexico City Connecticut Oklahoma Moscow Delaware Oregon New York Georgia Pennsylvania Nyon Hawaii South Carolina Paris Illinois Tennessee Indiana Texas Maryland Utah BGC PARTNERS, INC. DEAR FELLOW STOCKHOLDERS 2013 was a noteworthy year for BGC Partners, Inc. (“BGC Partners,” “BGC,” or “the Company”) for number of reasons. We sold our benchmark, on-the-run, U.S. Treasury fully electronic trading platform (“eSpeed”) to NASDAQ OMX Group, Inc. (“NASDAQ OMX.”) for an amount expected to be approximately $1.3 billion. Newmark Grubb Knight Frank1 again generated strong double-digit growth year-on-year. And the regulatory fog that has been surrounding the overall industry in our Financial Services segment began to ease up, making our path to continued growth and success more clear. In 2013, BGC’s revenues increased year-on-year by 41.4 percent under U.S. Generally Accepted Accounting Principles (“GAAP”) and by 1.0 percent for distributable earnings.2 GAAP revenue growth was mainly driven by the eSpeed transaction, while revenues for both GAAP and distributable earnings were driven in part by the exceptional results of NGKF. Our Real Estate business generated a 27 percent increase in GAAP revenues in 2013, and has rapidly become a key factor driving the overall results for the Company. Real Estate Services made up one-third of the Company’s revenues for distributable earnings in 2013. NGKF’s strength Howard W. Lutnick substantially offset the impact of challenging industry conditions across the global financial markets. In addition, Chairman and Chief Executive Officer our two businesses counterbalance each other’s seasonality, making us unique amongst our Real Estate and Financial Services peers in that we expect BGC to have strong fourth and first quarters going forward. Our proven business model is based on making accretive acquisitions, profitably and selectively adding to front-office headcount, and investing in our hybrid and fully-electronic trading platform. While this helps us increase our revenues and market share, we also remain focused on reducing expenses, particularly in our Financial Services business. In this year’s letter we discuss highlights and key developments from 2013; the eSpeed transaction; results for our Financial Services and Real Estate Services businesses; Shaun D. Lynn BGC’s overall financial performance for the year; regulatory President changes that may impact the market and BGC; and our POSITIVE TRENDS IN COMMERCIAL REAL ESTATE outlook for the future. With respect to our Real Estate Services business: industry NASDAQ TRANSACTION DEMONSTRATED OUR metrics continued to move in a positive direction in the fourth COMMITMENT TO CREATING VALUE FOR OUR quarter. The combination of moderate economic growth and STOCKHOLDERS low interest rates in the U.S. has continued to be a strong tailwind for commercial real estate. The relatively wide spread We received $750 million in cash upon the closing of our between U.S. Treasuries and commercial cap rates has created eSpeed transaction and just under one million shares of strong investor demand for the yields available through direct NASDAQ OMX common stock in the fourth quarter of ownership of real estate assets and funds. Activity continues to 2013. We expect to receive another approximately 14 million be strong in gateway cities like New York and San Francisco, shares of NASDAQ OMX shares ratably over the next 14 and has also picked up in certain suburban and regional years. Based on the April 4, 2014 closing price of NASDAQ markets such as Arlington, Virginia; Burbank, California; OMX, the value of the stock earn-out is approximately $540 Dallas, Texas; Denver, Colorado; and Seattle, Washington. million, making the total expected consideration for the eSpeed transaction around $1.3 billion. The expected total Overall U.S. commercial property sales volume grew by 19 purchase price is therefore greater than the fully diluted percent year-over-year in 2013 according to Moody’s and equity market capitalization of BGC the day the deal Real Capital Analytics, while CoStar says that prices were was announced. up by 11.2 percent. This was the fourth consecutive year of significant volume growth and strong price increases. The share earn-out is contingent upon NASDAQ OMX, as a whole, producing more than $25 million in gross On the leasing side, vacancy rates, asking rents, and net revenues each year. Given this relatively low threshold, we absorption rates also improved. For example, the U.S. office fully expect to receive all 14.9 million shares. In the event market ended the year with a vacancy rate of 15.0 percent, of certain acceleration events, including NASDAQ OMX an improvement versus 15.7 percent a year earlier. However, undergoing a change of control, the balance of the earn-out is overall industry leasing commission revenues were relatively expected to be paid immediately. flat year-on-year according to NGKF research and CoStar. The NASDAQ OMX acquisition demonstrates the NGKF ONCE AGAIN GREW FASTER THAN THE tremendous value embedded in BGC’s retained technology- OVERALL INDUSTRY based businesses.3 Our high margin, fully electronic products4 grew by approximately 19 percent per year Our Real Estate Services business generated $418.7 million compounded over the past three years. We expect that our in brokerage revenues for distributable earnings or $413.0 retained technology-based businesses will continue to million under GAAP, which represented increases of 16.9 deliver strong growth due to our substantial investment percent and 24.8 percent, respectively, compared with 2012. in technology and the markets’ continuing trend towards Management services and other revenues for both distributable electronification and automation. earnings and GAAP increased by 32.8 percent to $164.2 million. Overall NGKF revenues increased by 21.0 percent to Largely as a result of the eSpeed sale, BGC’s cash position5 $582.9 million for distributable earnings and by 27.0 percent increased to $795.0 million at the end of 2013. This does to $577.2 million under GAAP. Real Estate Services pre-tax not include the more than $500 million dollars in NASDAQ distributable earnings increased by 27.5 percent to $56.2 OMX stock we expect to receive. We believe that we have million, while GAAP income from operations before taxes the financial capacity to grow our profits by making accretive increased by 99.1 percent to $45.6 million.
Load more

Recommended publications
  • Woman Killed in Home Near 29Th, Rock
    TALK TO US: Call Jean Hays, 1B 316-268-6557, or e-mail [email protected] SUNDAY WWW.KANSAS.COM/NEWS LOCAL&STATE JUNE 3, 2012 Now you know. Woman killed in home near 29th, Rock BY TIM POTTER worry about her neighbor and neighborhood of 1980s hous- house. A crime-scene investi- The Wichita Eagle her neighbor’s children. Even- es. A past real estate listing gator’s van blocked the drive- tually, she learned what had said the house offers a “pan- way. A homicide detective Authorities booked a occurred. She began to sob as oramic view of the #6 hole at carried out a laundry basket 47-year-old man into jail she spoke about it Saturday Tallgrass Country Club.” full of personal items and Saturday afternoon on suspi- afternoon. Another neighbor, who also handed it to a man just be- cion of second-degree murder Around the same time, did not want to be identified yond the crime scene tape. in the shooting of a police Lt. Randy Reynolds was because of privacy concerns, Earlier in the day, a coro- 41-year-old woman at her next door, behind crime scene said the woman at the house ner’s vehicle arrived, and a home near 29th and Rock tape. He wore blue plastic where the shooting occurred crime scene investigator took Road, records show. gloves and paced back and had three children and that photographs, looking past the He was being held without forth in the driveway with a she had a boyfriend who has open garage door.
    [Show full text]
  • Bgc Partners, Inc. Q4 2014 Earnings Presentation Disclaimer
    BGC PARTNERS, INC. Q4 2014 EARNINGS PRESENTATION DISCLAIMER Discussion of Forward-Looking Statements by BGC Partners Statements in this document regarding BGC Partners' business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. Except as required by law, BGC undertakes no obligation to release any revisions to any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC's Securities and Exchange Commission filings, including, but not limited to, the risk factors set forth in the Company's public filings, including BGC's most recent Form 10-K and any updates to such risk factors contained in subsequent Form 10-Q or Form 8-K filings. Important Additional Information This communication is provided for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any shares of the common stock of GFI Group Inc. ("GFI") or any other securities. BGC Partners, Inc. and its subsidiary BGC Partners, L.P. have commenced a tender offer for all outstanding shares of common stock of GFI and have filed with the Securities and Exchange Commission ("SEC") a tender offer statement on Schedule TO (including an Offer to Purchase, a Letter of Transmittal and related documents). These documents, as they may be amended from time to time, contain important information, including the terms and conditions of the tender offer, and stockholders of GFI are advised to carefully read these documents before making any decision with respect to the tender offer.
    [Show full text]
  • BGC SEF Application Exhibit B Revised 041014
    Updated April 10, 2014 Exhibit B – Officers, Directors, Governors, and Committee Members. Attach as Exhibit B, a list of the present officers, directors, governors (and, in the case of an Applicant that is not a corporation, the members of all standing committees grouped by committee), or persons performing functions similar to any of the foregoing, of the swap execution facility or of any entity that performs the regulatory activities of the Applicant, indicating for each: a. Name b. Title c. Dates of commencement and termination of present term of office or position d. Length of time each present officer, director, or governor has held the same office or position e. Brief account of the business experience of each officer and director over the last five (5) years f. Any other business affiliations in the derivatives and securities industry g. For directors, list any committees on which they serve and any compensation received by virtue of their directorship h. A description of: (1) Any order of the Commission with respect to such person pursuant to Section 5e of the Act; (2) Any conviction or injunction against such person within the past ten (10) years; (3) Any disciplinary action with respect to such person within the last five (5) years; (4) Any disqualification under Sections 8b and 8d of the Act; (5) Any disciplinary action under Section 8c of the Act; and (6) Any violation pursuant to Section 9 of the Act. Exhibit B ActiveUS 102377896v.11 1 Updated April 10, 2014 Directors of BGC Derivative Markets Name: Louis Scotto Commencement date of August 23, 2013 present position, and position held since: Termination date of Not yet determined present term: Committees of the Board: Not yet determined Compensation received by None virtue of directorship: Other role at BGC Chief Executive Officer Derivative Markets, L.P.: Brief account of business Louis Scotto is responsible for BGC Partners’ operations in experience over the last North America.
    [Show full text]
  • Chicago Industrial Real Estate Market Conditions
    Industrial Real Estate Chicago Market Conditions Presenters & Submarkets Geoffrey Kasselman, Felipe Valdez Ryan Kehoe Brian Carroll Melissa Porcelli, SIOR, LEED AP LEED Green Associate Research Analyst Director Senior Vice President Executive Managing Director, Senior Associate National Industrial Practice Leader NGKF Introduction Chicago Area Overview Far North O’Hare I-55 Corridor NGKF Chicago Overview Near North I-80 Corridor Company Overview BGC has offices in more major global markets: New York* Newmark Grubb Knight Frank is a part of BGC Partners, Inc. (NASDAQ: BGCP), a London leading global brokerage company primarily servicing the world’s wholesale financial Beijing Chicago and real estate markets. Copenhagen BGC’s brokerage business originates from one of the oldest and most established Dubai franchises in the financial services industry, Cantor Fitzgerald, which was founded in 1945 Hong Kong Houston – Over 1,500 brokers and salespeople serve the world’s largest banks and other Istanbul institutional clients in brokering approximately 200 different financial products Johannesburg including rates, credit, foreign exchange, equities and other products across two dozen Mexico City locations globally Moscow Nyon – Since Newmark Grubb Knight Frank became part of BGC, real estate services has Paris come to represent approximately one-third of BGC’s revenues Rio de Janeiro Sao Paulo – BGC had approximately $1.8 billion in revenues in 2012 Seoul Singapore – BGC's clients include many of the world's largest banks, broker-dealers,
    [Show full text]
  • Offer to Exchange $285,000,000 Aggregate Principal Amount of 5.125% Senior Notes Due 2021 for $285,000,000 Aggregate Principal A
    Table of Contents Filed Pursuant to Rule 424(b)(3) Registration No. 333-213163 PROSPECTUS Offer to Exchange $285,000,000 aggregate principal amount of 5.125% Senior Notes due 2021 For $285,000,000 aggregate principal amount of 5.125% Senior Notes due 2021 registered under the Securities Act of 1933, as amended We are offering to exchange $285,000,000 aggregate principal amount of the $300,000,000 aggregate principal amount of our outstanding 5.125% Senior Notes due 2021 that were issued in a private placement on May 27, 2016, which $300,000,000 principal amount we refer to as the “old notes,” for an aggregate principal amount of $285,000,000 of new 5.125% Senior Notes due 2021 that have been registered with the Securities and Exchange Commission (the “SEC”), under the Securities Act of 1933, as amended (the “Securities Act”). We refer to the new notes as the “exchange notes.” We refer to the old notes and the exchange notes collectively as the “notes.” If you participate in the exchange offer, you will receive exchange notes for your old notes that are validly tendered. The terms of the exchange notes are substantially identical to those of the old notes, except that the transfer restrictions and registration rights relating to the old notes will not apply to the exchange notes, and the exchange notes will not provide for the payment of additional interest in the event of a registration default. In addition, the exchange notes will bear a different CUSIP number than the old notes.
    [Show full text]
  • CANTOR FITZGERALD Charity Day
    CANTOR FITZGERALD CHARITY DAY Tuesday September 11, 2018 Robert DeNiro New York City 2017 Cantor Charity Day Cantor Fitzgerald and our affiliate BGC Partners commemorate Ambassadors included: our 658 friends and colleagues and 61 Eurobrokers employees who perished in the September 11, 2001 World Trade Center Bill Clinton Karolina Kurkova attacks by donating 100% of our global revenues on Charity David Costabile Kevin Shattenkirk Dionne Warwick Kristen Davis Day to The Cantor Fitzgerald Relief Fund and dozens of Dr. Ruth Westheimer Padma Lakshmi charities around the world. Gretchen Mol Petra Nemcova Henrik Lundqvist Robert DeNiro Charity Day, originally conceived as a way to raise money for Jake Gyllenhaal Rosie Perez Jeff Hornacek Steve Buschemi The Cantor Fitzgerald Relief Fund to assist the families of Jenny McCarthy Tony Danza Cantor employees who lost their lives on 9/11, has expanded Karina Smirnoff Uzo Aduba to embrace charitable causes around the world. To date, Charity Day has raised $147 million. On Charity Day, participating charities bring celebrity “ambassadors” who join us on our trading floor to conduct trades over the phone with clients. Many distinguished guests have lent their support by joining us on this day, including prominent actors, musicians, sports icons, models, media personalities, royalty and politicians. Bill Clinton FREQUENTLY ASKED QUESTIONS Who is Cantor Fitzgerald? Cantor Fitzgerald, a leading global financial services group at the forefront of CANTOR financial and technological innovation has been a proven and resilient leader for over 65 years. Cantor is a preeminent investment bank serving more than 7,000 institutional clients around the world, recognized for its strengths in fixed income and equity capital markets, investment banking, prime brokerage, and commercial real estate finance and for its global distribution platform.
    [Show full text]
  • Corporate Sponsor Package
    The DaVinci Center for Community Progress, Inc. 470 Charles Street Providence, Rhode Island 02904 Tel: 401.272.7474 Fax: 401.272.7960 Email: [email protected] www.davincicenter.org Accredited Member of United Neighborhood Centers of America, Inc. Miss Universe 2012 On Tuesday, June 17, 2014, the DaVinci Center has the distinct privilege of presenting its 2014 Community Humanitarian Award to Olivia Culpo for her achievements for the betterment of humankind around the world during her tenure as Miss Universe 2012. Olivia has taken her love and compassion for humankind, which she attained in her solid family upbringing, and taken it to a higher level positively aff ecting the lives of millions as indicated in her biography. To commemorate the occasion which will be held at Crowne Plaza Hotel at the Crossing in Warwick, RI, a program booklet will be prepared which will aff ord you the opportunity to congratulate Olivia Culpo for her many accomplishments and for receiving this distinguished recognition. Special pages will be designed for corporate sponsors. Proceeds from corporate sponsorships, program ads, etc. will support the many social service programs for people of all ages at the nationally recognized and accredited DaVinci Center. (Brochure enclosed) We would appreciate your consideration at the corporate level sponsorship outlined in the enclosure. If you wish, you may respond by fi lling out the enclosed form and returning it in the self-addressed, stamped envelope. If you have any questions or concerns, please contact John DeLuca at 401-272-7474. Th ank you in advance for your consideration. We look forward to hearing from you and to honoring an outstanding humanitarian.
    [Show full text]
  • 2015 MISS USA® PAGEANT JUDGES INCLUDE FORMER MISS UNIVERSE and MISS USA WINNERS Pageant Airs Live on REELZ Sunday, July 12 at 8
    2015 MISS USA® PAGEANT JUDGES INCLUDE FORMER MISS UNIVERSE AND MISS USA WINNERS Pageant Airs Live on REELZ Sunday, July 12 at 8pm ET/ 5pm PT (Albuquerque, NM) Friday, July 10, 2015— REELZ today announced the panel of nine telecast judges for the 2015 MISS USA® Pageant are all former titleholders of the Miss Universe Organization. The announcement comes on the heels of the news that Emmy Award-winning host Todd Newton and former Miss Wisconsin USA 2009 Alex Wehrley will co-host the 2015 MISS USA® Pageant, which airs live on REELZ Sunday, July 12 at 8 p.m. ET and 5 p.m. PT. Country music star and former The Voice contestant Adley Stump will perform as guest vocalist with a live in-house band. Music mogul Master P and his daughter Cymphonique– stars of the upcoming REELZ series Master P’s Family Empire– will make special guest appearances with backstage host OK!TV’s Julie Alexandria during the live telecast. The Panel of Judges Includes: Nana Meriwether – In addition to holding the Miss USA 2012 title, Meriwether is a two-time All-American athlete. She captained UCLA volleyball to the semi-finals and broke three NCAA records in the process. She graduated from UCLA with highest honors and a degree in political science, going on to complete postgraduate pre-med studies at USC. Meriwether was born in South Africa where she grew up in rural villages while her father was a medical missionary. She is the co-founder of the non-profit Meriwether Foundation, which serves the most impoverished sectors in five southern African nations.
    [Show full text]
  • BGC Partners, Inc
    SECURITIES AND EXCHANGE COMMISSION FORM 424B7 Prospectus filed pursuant to Rule 424(b)(7) Filing Date: 2012-02-22 SEC Accession No. 0001193125-12-070800 (HTML Version on secdatabase.com) FILER BGC Partners, Inc. Mailing Address Business Address 499 PARK AVENUE 499 PARK AVENUE CIK:1094831| IRS No.: 134063515 | State of Incorp.:DE | Fiscal Year End: 1231 NEW YORK NY 10022 NEW YORK NY 10022 Type: 424B7 | Act: 33 | File No.: 333-175034 | Film No.: 12628543 212-610-2200 SIC: 6200 Security & commodity brokers, dealers, exchanges & services Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Table of Contents Filed Pursuant to Rule 424(b)(3) and Rule 424(b)(7) Registration No. 333-175034 Prospectus Supplement BGC PARTNERS, INC. 7,736,247 Shares of Class A Common Stock This prospectus supplement relates to 7,726,158 shares of Class A common stock, par value $0.01 per share, which we refer to as our Class A common stock, of BGC Partners, Inc., which we refer to as BGC Partners, we, us, or the Company, (i) that have been or may be distributed pursuant to distribution rights that were granted by Cantor Fitzgerald, L.P., which we refer to as Cantor, on April 1, 2008 to certain current and former Cantor partners in connection with the separation of the BGC businesses from Cantor and the merger of BGC Partners, LLC with eSpeed, Inc., and that remain unsold under the registration statement of which this prospectus supplement forms a part, (ii) that have been or may be distributed by Cantor to its partners in payment of previous quarterly partnership distributions payable to such partners by Cantor, or (iii) that may be donated by Cantor to charitable organizations.
    [Show full text]
  • Cantor Fitzgerald's Annual Charity
    ABOUT CANTOR FITZGERALD’S CHARITY DAY Cantor Fitzgerald and our affiliate BGC Partners commemorate our 658 friends and colleagues and 61 Eurobrokers employees who perished in the September 11, 2001 World Trade Center attacks by donating 100% of our global revenues on Charity Day to The Cantor Fitzgerald Relief Fund and dozens of charities around the world. Charity Day, originally conceived as a way to raise money for The Cantor Fitzgerald Relief Fund to assist the families of Cantor employees who lost their lives on 9/11, has expanded to embrace charitable causes around the world. To date, Charity Day has raised approximately $137 million. On Charity Day, participating charities’ celebrity “ambassadors” come to our trading floor to Peyton Manning and Eli Manning conduct trades on the phone with clients. at Cantor’s Charity Day 2016 Many distinguished guests lent their support by joining us on the day. We were proud to welcome actors, musicians, sports icons, models, among many others, including: Ben Stiller Jamie Foxx Margot Robbie Brandon Marshall Jay Pharoah Mark Messier Ed Burns Jeremy Lin Mayor Rudy Giuliani Christy Turlington John Franco Michael J. Fox Curtis “50 Cent” Jackson Jon Bon Jovi Peyton Manning Darryl “DMC” McDaniels Julianna Margulies Uzo Aduba Dikembe Mutombo Kate Upton Vanessa Williams Eli Manning Kim Kardashian Venus Williams Eric Decker Lady Gaga Victor Cruz Henrik Lundqvist Lily Aldridge Walt Frazier Jake Gyllenhaal Louis C.K. Whoopi Goldberg Lily Aldridge at Cantor’s Charity Day 2016 Cantor Fitzgerald’s Annual Charity Day R Monday, September 11, 2017 at Cantor’s offices, New York City FREQUENTLY ASKED QUESTIONS Who is Cantor Fitzgerald? Cantor Fitzgerald, a leading global financial services group at the forefront of financial and technological innovation has been a proven and resilient leader for over 65 years.
    [Show full text]
  • Bgc Partners, Inc. Nasdaq: Bgcp
    BGC PARTNERS, INC. NASDAQ: BGCP HOWARD W. LUTNICK CHAIRMAN AND CHIEF EXECUTIVE OFFICER JUNE 2014 GENERAL INVESTOR PRESENTATION DISCLAIMER Discussion of Forward-Looking Statements by BGC Partners Statements in this document regarding BGC Partners’ business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. Except as required by law, BGC undertakes no obligation to document any revisions to any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC’s Securities and Exchange Commission filings, including, but not limited to, the risk factors set forth in our public filings, including our most recent Form 10-K and any updates to such risk factors contained in subsequent Form 10-Q or Form 8-K filings. Note Regarding Financial Tables and Metrics Excel files with the Company’s quarterly financial results and metrics from full year 2008 through first quarter 2014 are accessible in the various financial results press releases at the “Investor Relations” section of http://www.bgcpartners.com. They are also available directly at ir.bgcpartners.com/news-releases/news-releases. Distributable Earnings This presentation should be read in conjunction with BGC’s most recent financial results press release. Unless otherwise stated, throughout this presentation we refer to our results only on a distributable earnings basis. For a complete description of this term and how, when and why management uses it, see the penultimate page of this presentation. For both this description and a reconciliation to GAAP, see the sections of BGC’s most recent financial results press release entitled “Distributable Earnings Defined”, “Differences Between Consolidated Results for Distributable Earnings and GAAP”, and “Reconciliation of GAAP Income to Distributable Earnings”, which are incorporated by reference, and available in the “Investor Relations” section of our website at http://www.bgcpartners.com.
    [Show full text]
  • NEW YORK – February 24, 2021 – BGC Partners, Inc. (NASDAQ
    NEW YORK – February 24, 2021 – BGC Partners, Inc. (NASDAQ: BGCP) (“BGC Partners” or “BGC” or the “Company”), a leading global brokerage and financial technology company, today reported its financial results for the quarter and year ended December 31, 2020. Howard W. Lutnick, Chairman and CEO of BGC Partners: “I am incredibly proud of our people and their response to this challenging year. Our outstanding performance this quarter reflects our employees’ resolve, ingenuity, and dedication to client service. Fenics, and Corant Global, BGC’s Insurance brokerage business, each generated record revenue. Fenics net revenue grew over 33 percent this quarter, led by a 41 percent improvement in Fenics brokerage revenue. Corant brokerage revenue grew by nearly 13 percent and turned profitable this quarter. This success translated to record fourth quarter post-tax Adjusted Earnings and Adjusted EBITDA. We are well positioned for growth, creating a more profitable, technology-driven business.” SELECT FINANCIAL RESULTS1 Highlights of Consolidated Results 4Q20 4Q19 Change FY20 FY19 Change (USD millions) Revenues $479.4 $487.2 (1.6)% $2,056.7 $2,104.2 (2.3)% GAAP income (loss) from operations before income (19.5) (29.4) 33.8% 77.9 122.1 (36.2)% taxes GAAP net income (loss) for fully diluted shares (2.3) (20.6) 88.6% 70.4 62.1 13.5% Adjusted Earnings before noncontrolling interest in 80.1 73.2 9.4% 353.5 369.4 (4.3)% subsidiaries and taxes Post-tax Adjusted Earnings 73.6 62.4 18.0% 315.4 323.0 (2.3)% Adjusted EBITDA 107.9 81.3 32.8% 430.5 438.1 (1.7)% Per Share Results 4Q20 4Q19 Change FY20 FY19 Change GAAP fully diluted earnings (loss) per share ($0.01) ($0.06) 83.3% $0.13 $0.13 0.0% Post-tax Adjusted Earnings per share $0.13 $0.12 8.3% $0.58 $0.62 (6.5)% 1 U.S.
    [Show full text]