2013 Q3 Form 10-Q Financial Statement

#000119312513430898 Filed on November 07, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q3
Revenue $404.2M $1.193B $440.3M
YoY Change -8.2% 165.42% 15.39%
Cost Of Revenue $2.000M $2.300M $2.800M
YoY Change -28.57% -28.13% -15.15%
Gross Profit $402.2M $469.0M $440.5M
YoY Change -8.69% 4.45% 16.44%
Gross Profit Margin 99.51% 39.31% 100.04%
Selling, General & Admin $366.1M $913.3M $397.5M
YoY Change -7.9% 117.82% 13.25%
% of Gross Profit 91.02% 194.73% 90.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.500M $8.100M $9.500M
YoY Change -21.05% -12.9% -21.49%
% of Gross Profit 1.86% 1.73% 2.16%
Operating Expenses $390.7M $984.9M $436.7M
YoY Change -10.54% 121.29% 16.64%
Operating Profit $11.52M -$515.9M $3.795M
YoY Change 203.5% -13288.04% -2.69%
Interest Expense $9.164M $9.989M $9.758M
YoY Change -6.09% 31.82% -216.17%
% of Operating Profit 79.56% 257.13%
Other Income/Expense, Net $29.16M $59.78M $26.62M
YoY Change 9.52% 297.26%
Pretax Income $42.66M $208.3M $3.612M
YoY Change 1081.15% 4579.8% -180.27%
Income Tax $10.68M $78.71M $2.623M
% Of Pretax Income 25.02% 37.8% 72.62%
Net Earnings $25.33M $34.47M -$451.0K
YoY Change -5715.52% 1660.27% -77.45%
Net Earnings / Revenue 6.27% 2.89% -0.1%
Basic Earnings Per Share $0.12 $0.20 $0.00
Diluted Earnings Per Share $0.11 $0.18 $0.00
COMMON SHARES
Basic Shares Outstanding 219.2M shares 171.8M shares 146.7M shares
Diluted Shares Outstanding 355.2M shares 378.1M shares 146.7M shares

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $794.9M $1.070B $313.3M
YoY Change 153.71% 191.0% -27.53%
Cash & Equivalents $757.9M $1.070B $313.3M
Short-Term Investments $36.94M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $1.463B $1.708B $1.020B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.221B $2.779B $1.333B
YoY Change 66.53% 137.81% -2.69%
LONG-TERM ASSETS
Property, Plant & Equipment $131.3M $132.2M $140.8M
YoY Change -6.77% -6.83% 8.98%
Goodwill $163.7M $163.7M
YoY Change
Intangibles $19.38M $20.64M
YoY Change
Long-Term Investments $19.44M $21.73M $29.50M
YoY Change -34.12% -32.1% 22.41%
Other Assets
YoY Change
Total Long-Term Assets $727.5M $669.7M $689.6M
YoY Change 5.5% -5.29% 29.7%
TOTAL ASSETS
Total Short-Term Assets $2.221B $2.779B $1.333B
Total Long-Term Assets $727.5M $669.7M $689.6M
Total Assets $2.948B $3.448B $2.023B
YoY Change 45.73% 83.86% 6.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.222B $1.466B $730.0M
YoY Change 67.33% 173.05% 4.41%
Accrued Expenses $182.5M $273.9M $127.3M
YoY Change 43.36% 93.57% -19.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.404B $1.740B $857.3M
YoY Change 63.77% 156.47% 115.56%
LONG-TERM LIABILITIES
Long-Term Debt $423.0M $423.8M $446.5M
YoY Change -5.26% -6.28% 32.61%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $423.0M $423.8M $446.5M
YoY Change -5.26% -6.28% 31.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.404B $1.740B $857.3M
Total Long-Term Liabilities $423.0M $423.8M $446.5M
Total Liabilities $2.140B $2.610B $1.640B
YoY Change 30.44% 77.0% 8.68%
SHAREHOLDERS EQUITY
Retained Earnings -$146.2M -$145.8M
YoY Change
Common Stock $729.2M $717.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $114.4M $110.2M
YoY Change
Treasury Stock Shares 19.04M shares 18.08M shares
Shareholders Equity $481.2M $471.9M $382.7M
YoY Change
Total Liabilities & Shareholders Equity $2.948B $3.448B $2.023B
YoY Change 45.73% 83.86% 6.36%

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q3
OPERATING ACTIVITIES
Net Income $25.33M $34.47M -$451.0K
YoY Change -5715.52% 1660.27% -77.45%
Depreciation, Depletion And Amortization $7.500M $8.100M $9.500M
YoY Change -21.05% -12.9% -21.49%
Cash From Operating Activities $42.60M $52.50M $12.10M
YoY Change 252.07% -44.97% -70.77%
INVESTING ACTIVITIES
Capital Expenditures -$8.500M -$6.400M -$13.00M
YoY Change -34.62% -56.16% 60.49%
Acquisitions
YoY Change
Other Investing Activities -$177.8M $747.3M -$400.0K
YoY Change 44350.0% -3137.8% 300.0%
Cash From Investing Activities -$186.3M $741.0M -$13.40M
YoY Change 1290.3% -1990.31% 63.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -169.4M -60.60M -54.00M
YoY Change 213.7% -1783.33% -147.12%
NET CHANGE
Cash From Operating Activities 42.60M 52.50M 12.10M
Cash From Investing Activities -186.3M 741.0M -13.40M
Cash From Financing Activities -169.4M -60.60M -54.00M
Net Change In Cash -313.1M 732.9M -55.30M
YoY Change 466.18% 1125.59% -137.42%
FREE CASH FLOW
Cash From Operating Activities $42.60M $52.50M $12.10M
Capital Expenditures -$8.500M -$6.400M -$13.00M
Free Cash Flow $51.10M $58.90M $25.10M
YoY Change 103.59% -46.45% -49.29%

Facts In Submission

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782000
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782000
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64367000
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45563000
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220098000
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101536000
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21655000
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297688000
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782000
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32100000
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999000
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-999000
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338000
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8300000
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966000
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301444000
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64500000
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782000
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338000
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6 Patents
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2 Segment
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1 Segment
dei Trading Symbol
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bgcp
dei Entity Registrant Name
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BGC Partners, Inc.
dei Amendment Flag
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false
dei Entity Filer Category
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Accelerated Filer
dei Document Fiscal Year Focus
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2013
dei Document Type
DocumentType
10-Q
dei Document Period End Date
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2013-09-30
dei Entity Central Index Key
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0001094831
dei Current Fiscal Year End Date
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--12-31
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Q3
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us-gaap Earnings Per Share Diluted
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530193 shares
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363148000 shares
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0.36
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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39767000 shares
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5.77
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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286000 shares
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999722 shares
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<div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>9.</b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-Dealers</b></font></td> </tr> </table> <!-- xbrl,body --> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Receivables from and payables to broker-dealers, clearing organizations, customers and related broker-dealers primarily represent amounts due for undelivered securities, cash held at clearing organizations and exchanges to facilitate settlement and clearance of matched principal transactions, spreads on matched principal transactions that have not yet been remitted from/to clearing organizations and exchanges and amounts related to open derivative contracts. The receivables from and payables to broker-dealers, clearing organizations, customers and related broker-dealers consisted of the following (in thousands):</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <!-- Begin Table Head --> <tr> <td width="72%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>September&#xA0;30,<br /> 2013</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>December&#xA0;31,<br /> 2012</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <!-- End Table Head --><!-- Begin Table Body --> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Receivables from broker-dealers, clearing organizations, customers and related broker-dealers:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Contract values of fails to deliver</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">964,608</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">186,799</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Customer receivables</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">149,418</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">51,991</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Cash and cash equivalents held at clearing organizations</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">55,813</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">45,563</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; 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MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Payables to broker-dealers, clearing organizations, customers and related broker-dealers:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Contract values of fails to receive</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,023,305</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">209,321</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; 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MARGIN-LEFT: 5em"><font style="FONT-FAMILY: Times New Roman" size="2">Total</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,189,500</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">254,289</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <!-- End Table Body --></table> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"> &#xA0;</p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">A portion of these receivables and payables are with Cantor. See Note 12&#x2014;&#x201C;Related Party Transactions,&#x201D; for additional information related to these receivables and payables.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Substantially all open fails to deliver, open fails to receive and pending trade transactions as of September&#xA0;30, 2013 have subsequently settled at the contracted amounts.</font></p> </div>
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