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Bgc Partners, Inc. Annual Report 2016 Annual Report 2016 Report Annual Bgc Partners, Inc BGC PARTNERS, INC. ANNUAL REPORT 2016 ANNUAL 2016 ANNUAL REPORT BGC PARTNERS, INC. BGC PARTNERS, © 2017 BGC Partners, Inc. All rights reserved. Printed on recycled paper using vegetable inks. BGC PARTNERS, INC. CORPORATE BOARD OF DIRECTORS HEADQUARTERS Howard W. Lutnick 499 Park Avenue ABOUT BGC PARTNERS, INC. Chairman of the New York, NY 10022 Board of Directors and T: +1 212 610 2200 BGC Partners is a leading global BGC’s customers include Chief Executive Officer brokerage company servicing many of the world’s largest Linda A. Bell INTERNATIONAL the financial and real estate banks, broker-dealers, Director HEADQUARTERS markets. BGC owns GFI Group investment banks, trading firms, Stephen T. Curwood One Churchill Place Inc., a leading intermediary and hedge funds, governments, Director Canary Wharf provider of trading technologies corporations, property owners, John H. Dalton London E14 5RD and support services to the real estate developers, and Director United Kingdom global OTC and listed markets. investment firms. BGC’s William J. Moran T: +44 20 7894 7700 The Company’s Financial common stock trades on the Director Services offerings include fixed NASDAQ Global Select Market INVESTOR RELATIONS & income securities, interest under the ticker symbol BGC EUROPEAN GP REQUESTS FOR ANNUAL rate swaps, foreign exchange, (NASDAQ: BGCP). BGC also has LIMITED, BOARD OF REPORT ON FORM 10-K equities, equity derivatives, an outstanding bond issuance DIRECTORS credit derivatives, commodities, of Senior Notes due June 15, Jason A. McGruder futures, and structured 2042, which trade on the New Stephen J. Harper Head of Investor Relations products. BGC provides a wide York Stock Exchange under the James R. Lightbourne Copies of the Company’s range of services, including symbol (NYSE: BGCA). BGC Shaun D. Lynn Annual Report on Form 10-K, trade execution, broker-dealer Partners is led by Chairman along with news releases, other and Chief Executive Officer Steven R. McMurray services, clearing, trade recent SEC filings, and general compression, post trade, Howard W. Lutnick. For more Stephen M. Merkel stock information are available information, and other services information, please visit http:// Paul M. Pion without charge by going to to a broad range of financial www.bgcpartners.com. You David P. Richards ir.bgcpartners.com, or by can also follow the Company at and non-financial institutions. J. Simon Smith calling Investor Relations at https://twitter.com/bgcpartners Through brands including +1 212 610 2426, or by writing and/or https://www.linkedin. Sean A. Windeatt FENICS, BGC Trader, Capitalab, to Investor Relations at BGC com/company/bgc-partners. Partners’ corporate headquarters Lucera, and FENICS Market BGC PARTNERS, INC. Data, BGC offers financial BGC, BGC Trader, GFI, FENICS, technology solutions, market MANAGEMENT LEGAL COUNSEL FENICS.COM, Capitalab, data, and analytics related to Howard W. Lutnick Morgan, Lewis & Bockius LLP Swaptioniser, Newmark, Grubb numerous financial instruments Chairman of the 101 Park Avenue & Ellis, ARA, Computerized and markets. Board of Directors and New York, NY 10178-0060 Facility Integration, Landauer, Chief Executive Officer Lucera, and Excess Space, Real Estate Services are offered Shaun D. Lynn INDEPENDENT REGISTERED Excess Space Retail Services, through brands including President Inc., and Grubb are trademarks/ PUBLIC ACCOUNTING FIRM Newmark Grubb Knight Frank, Sean A. Windeatt service marks, and/or registered Ernst & Young LLP Newmark Cornish & Carey, Chief Operating Officer trademarks/service marks 5 Times Square ARA, Computerized Facility Stephen M. Merkel and/or service marks of New York, NY 10036 Integration, NGKF Valuation Executive Vice President, BGC Partners, Inc. and/or its & Advisory, and Excess Space. General Counsel and Secretary affiliates. Knight Frank is a STOCK LISTING Under these names and Steven R. McMurray service mark of Knight Frank NASDAQ: BGCP others, the Company provides Chief Financial Officer (Nominees) Limited. a wide range of commercial TRANSFER AGENT real estate services, including American Stock Transfer leasing and corporate advisory, & Trust Company investment sales and financial 6201 15th Avenue services, consulting, project Brooklyn, NY 11219 and development management, T: +1 718 921 8124 and property and facilities www.amstock.com management. 317963_NKF_CVR_R3.indd 4-6 4/20/17 2:30 PM WE GENERATED RECORD REVENUES FOR THE 6TH CONSECUTIVE YEAR. THE ENVIRONMENT IN WHICH WE OPERATE IS IMPROVING. ECONOMIC GROWTH, INCREASING INTEREST RATES, AND A MORE FAVORABLE REGULATORY OUTLOOK FOR FINANCIAL SERVICE FIRMS ARE ALL POSITIVE DEVELOPMENTS FOR BGC AND ITS CLIENTS. HOWARD W. LUTNICK SHAUN D. LYNN Chairman & Chief Executive Officer President 2016 FINANCIAL PERFORMANCE SELECTED FINANCIAL DATA U.S. GAAP (USD THOUSANDS) 2016-2015 % Change 2016 2015 2014 TOTAL RETURN OF A $1,000 INVESTMENT 2013 - 2016 Financial Services income (loss) + 104% 15% $326,539 $284,883 222,051 from operations before income taxes $2,000 BGC Partners Real Estate Services income (loss) Russell 2000 from operations before income taxes -3% 126,383 129,786 69,136 $1,800 Russell 2000 Financial Services Index Corporate income (loss) Dow Jones U.S. Real Estate Index from operations before income taxes NMF (264,662) (34,058) (304,949) $1,600 Total income (loss) from operations before income taxes -51% 188,260 380,611 (13,762) $1,400 Net income for fully diluted shares -2% 157,695 161,596 (3,050) $1,200 DISTRIBUTABLE EARNINGS (USD THOUSANDS) $1,000 Financial Services pre-tax distributable earnings 15% $351,772 $306,317 $205,742 $800 Real Estate Services pre-tax distributable earnings -6% 130,535 139,334 85,708 2013 2014 2015 2016 Corporate pre-tax distributable earnings NMF (56,896) (85,346) (61,490) Total pre-tax distributable earnings 18% 425,411 360,305 229,960 Post-tax distributable earnings 24% 358,030 288,463 190,726 REVENUES (USD THOUSANDS) PER SHARE DATA (USD) $2,580,439 TOTAL Post-tax distributable earnings per fully diluted share 9% 0.84 0.77 0.58 41% 1% GAAP fully diluted earnings per share -25% 0.36 0.48 (0.01) 60% / $1,548,159 $1,058,322 $31,066 Dividends declared per share 15% 0.62 0.54 0.48 39% / $998,450 ADJUSTED EBITDA (USD THOUSANDS) 1% / $33,830 Adjusted EBITDA 1 -40% $519,826 $868,101 $236,146 BALANCE SHEET (USD THOUSANDS) Liquidity -26% $756,860 $1,027,005 $826,917 $1,789,579 TOTAL Notes payable and collateralized borrowings 15% 965,767 840,877 706,700 $2,612,623 TOTAL 58% / $1,046,431 Total capital 2 -6% 1,206,315 1,289,079 638,990 40% / $708,793 58% 2% / $34,355 1. Excluding the $391 million gain on sale of Trayport plus certain expenses in 2015, adjusted EBITDA would have been approximately $517 million $1,523,235 in 2015. Excluding a resolution of litigation expense in 2014, adjusted EBITDA would have been approximately $329 million in 2014. Investors may consider excluding these gains and charges from adjusted EBITDA because the Company does not consider them to be part of BGC’s ongoing, ordinary operations. For more information, see sections of this document titled "Adjusted EBITDA Defined" and "Reconciliation of GAAP Income Financial Services Real Estate Services Corporate Revenues (loss) to Adjusted EBITDA." 2. Defined as redeemable partnership interest, stockholders' equity, and noncontrolling interest in subsidiaries. SELECTED FINANCIAL DATA U.S. GAAP (USD THOUSANDS) 2016-2015 % Change 2016 2015 2014 Financial Services income (loss) + 104% 15% $326,539 $284,883 222,051 from operations before income taxes Real Estate Services income (loss) from operations before income taxes -3% 126,383 129,786 69,136 Corporate income (loss) from operations before income taxes NMF (264,662) (34,058) (304,949) Total income (loss) from operations before income taxes -51% 188,260 380,611 (13,762) Net income for fully diluted shares -2% 157,695 161,596 (3,050) DISTRIBUTABLE EARNINGS (USD THOUSANDS) Financial Services pre-tax distributable earnings 15% $351,772 $306,317 $205,742 Real Estate Services pre-tax distributable earnings -6% 130,535 139,334 85,708 2016 Corporate pre-tax distributable earnings NMF (56,896) (85,346) (61,490) Total pre-tax distributable earnings 18% 425,411 360,305 229,960 Post-tax distributable earnings 24% 358,030 288,463 190,726 PER SHARE DATA (USD) $2,580,439 TOTAL Post-tax distributable earnings per fully diluted share 9% 0.84 0.77 0.58 GAAP fully diluted earnings per share -25% 0.36 0.48 (0.01) 60% / $1,548,159 Dividends declared per share 15% 0.62 0.54 0.48 39% / $998,450 ADJUSTED EBITDA (USD THOUSANDS) Adjusted EBITDA 1 -40% $519,826 $868,101 $236,146 BALANCE SHEET (USD THOUSANDS) Liquidity -26% $756,860 $1,027,005 $826,917 $1,789,579 TOTAL Notes payable and collateralized borrowings 15% 965,767 840,877 706,700 58% / $1,046,431 Total capital 2 -6% 1,206,315 1,289,079 638,990 40% / $708,793 1. Excluding the $391 million gain on sale of Trayport plus certain expenses in 2015, adjusted EBITDA would have been approximately $517 million in 2015. Excluding a resolution of litigation expense in 2014, adjusted EBITDA would have been approximately $329 million in 2014. Investors may consider excluding these gains and charges from adjusted EBITDA because the Company does not consider them to be part of BGC’s ongoing, ordinary operations. For more information, see sections of this document titled "Adjusted EBITDA Defined" and "Reconciliation of GAAP Income (loss) to Adjusted EBITDA." 2. Defined as redeemable partnership interest, stockholders' equity, and noncontrolling interest in subsidiaries. DEAR FELLOW STOCKHOLDERS 2016 was another successful revenues generated by Newmark follows, in this year’s letter, we IN 2016, NGKF BROKERED $57.4 year for BGC Partners, Inc. Grubb Knight Frank’s 4 real estate will focus on key developments (“BGC Partners”, “BGC”, or the capital markets business.
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