2015 Q1 Form 10-Q Financial Statement

#000119312515181904 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $547.6M $444.8M
YoY Change 23.11% -0.04%
Cost Of Revenue $4.600M $1.800M
YoY Change 155.56% -35.71%
Gross Profit $543.0M $440.8M
YoY Change 23.19% -1.03%
Gross Profit Margin 99.17% 99.1%
Selling, General & Admin $485.5M $398.1M
YoY Change 21.95% -0.72%
% of Gross Profit 89.41% 90.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.60M $10.82M
YoY Change 53.42% -13.92%
% of Gross Profit 3.06% 2.45%
Operating Expenses $543.1M $429.0M
YoY Change 26.58% -0.52%
Operating Profit -$85.00K $11.76M
YoY Change -100.72% -16.8%
Interest Expense $15.90M $9.335M
YoY Change 70.35% -3.76%
% of Operating Profit 79.41%
Other Income/Expense, Net $31.79M -$4.498M
YoY Change -806.71% -125.99%
Pretax Income $36.27M $11.25M
YoY Change 222.51% -17.89%
Income Tax $10.05M $744.0K
% Of Pretax Income 27.7% 6.62%
Net Earnings $14.06M $8.008M
YoY Change 75.51% 14.43%
Net Earnings / Revenue 2.57% 1.8%
Basic Earnings Per Share $0.06 $0.04
Diluted Earnings Per Share $0.06 $0.04
COMMON SHARES
Basic Shares Outstanding 222.0M shares 220.6M shares
Diluted Shares Outstanding 338.5M shares 322.1M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $704.9M $680.7M
YoY Change 3.57% 101.14%
Cash & Equivalents $648.3M $639.0M
Short-Term Investments $56.66M $41.65M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $2.836B $1.669B
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.261B $2.308B
YoY Change 41.28% 28.47%
LONG-TERM ASSETS
Property, Plant & Equipment $162.2M $119.7M
YoY Change 35.47% -14.16%
Goodwill $888.9M $171.4M
YoY Change 418.58%
Intangibles $307.3M $17.74M
YoY Change 1632.12%
Long-Term Investments $30.70M $15.52M
YoY Change 97.76% -33.09%
Other Assets $23.30M
YoY Change
Total Long-Term Assets $2.029B $764.6M
YoY Change 165.38% 8.67%
TOTAL ASSETS
Total Short-Term Assets $3.261B $2.308B
Total Long-Term Assets $2.029B $764.6M
Total Assets $5.290B $3.073B
YoY Change 72.16% 22.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.348B $1.355B
YoY Change 73.25% 16.31%
Accrued Expenses $287.3M $200.9M
YoY Change 43.01% 39.9%
Deferred Revenue
YoY Change
Short-Term Debt $60.00M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.753B $1.556B
YoY Change 76.89% 18.9%
LONG-TERM LIABILITIES
Long-Term Debt $991.4M $408.0M
YoY Change 142.99% -8.62%
Other Long-Term Liabilities $18.20M $1.900M
YoY Change 857.89%
Total Long-Term Liabilities $1.010B $409.9M
YoY Change 146.3% -8.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.753B $1.556B
Total Long-Term Liabilities $1.010B $409.9M
Total Liabilities $4.306B $2.326B
YoY Change 85.16% 11.18%
SHAREHOLDERS EQUITY
Retained Earnings -$281.4M -$186.3M
YoY Change 51.04%
Common Stock $840.8M $762.8M
YoY Change 10.22%
Preferred Stock
YoY Change
Treasury Stock (at cost) $206.5M $136.2M
YoY Change 51.58%
Treasury Stock Shares
Shareholders Equity $394.5M $448.6M
YoY Change
Total Liabilities & Shareholders Equity $5.290B $3.073B
YoY Change 72.16% 22.9%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $14.06M $8.008M
YoY Change 75.51% 14.43%
Depreciation, Depletion And Amortization $16.60M $10.82M
YoY Change 53.42% -13.92%
Cash From Operating Activities -$52.40M $100.0K
YoY Change -52500.0% -98.67%
INVESTING ACTIVITIES
Capital Expenditures $5.499M $3.315M
YoY Change 65.88% -50.08%
Acquisitions $118.0M $4.733M
YoY Change 2393.2% 2111.68%
Other Investing Activities -$116.2M -$4.800M
YoY Change 2320.83% 700.0%
Cash From Investing Activities -$125.4M -$10.80M
YoY Change 1061.11% -6.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.843M $19.14M
YoY Change -69.46% 490.77%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -39.20M -67.30M
YoY Change -41.75% 49.89%
NET CHANGE
Cash From Operating Activities -52.40M 100.0K
Cash From Investing Activities -125.4M -10.80M
Cash From Financing Activities -39.20M -67.30M
Net Change In Cash -217.0M -78.00M
YoY Change 178.21% 59.18%
FREE CASH FLOW
Cash From Operating Activities -$52.40M $100.0K
Capital Expenditures $5.499M $3.315M
Free Cash Flow -$57.90M -$3.215M
YoY Change 1700.9% -474.27%

Facts In Submission

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640761000
CY2014Q4 us-gaap Securities Borrowed
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62736000
CY2014Q4 us-gaap Assets Fair Value Disclosure
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180735000
CY2014Q4 us-gaap Available For Sale Securities
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97500000
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0
CY2014Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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12185000
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51715000
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16927000
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17392000
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15795000
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144700000
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676659000
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FinancialInstrumentsOwnedAtFairValue
32508000
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32508000
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410000
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228331000
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361069000
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12144000
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3691000
CY2014Q4 us-gaap Foreign Currency Contract Asset Fair Value Disclosure
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3098000
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2751127000
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3508000
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8864000
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27980000
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200958000
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292050000
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130775000
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39530000
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17392000
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60300000
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559142000
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153000
CY2014Q4 bgcp Notional Value Of Limited Partnership Units With Post Termination Pay Out Amount
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68800000
CY2014Q4 bgcp Derivative Liabilities Gross Amount Offset In Balance Sheet
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183000
CY2014Q4 bgcp Derivative Assets Gross Amounts Offset In Balance Sheet
DerivativeAssetsGrossAmountsOffsetInBalanceSheet
183000
CY2014Q4 bgcp Derivative Asset After Master Netting Arrangement Or Similar Agreement
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3508000
CY2014Q4 bgcp Amount Of Asset Backed Commercial Paper Facility
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125000000
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2000000 shares
CY2014Q4 bgcp Derivative Fair Value Of Derivative Asset Amount Not Offset Against Financial Instruments
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstFinancialInstruments
0
CY2014Q4 bgcp Estimated Fair Value Of Limited Partnership Units
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11800000
CY2014Q4 bgcp Receivable From Net Pending Trades
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884000
CY2014Q4 bgcp Receivable From Open Derivative Contracts
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3508000
CY2014Q4 bgcp Payable For Open Derivative Contracts
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153000
CY2014Q4 bgcp Notes Payable And Collateralized Borrowings
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556700000
CY2014Q4 bgcp Derivative Fair Value Of Derivative Liability Amount Not Offset Against Financial Instruments
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstFinancialInstruments
0
CY2015Q1 bgcp Tendered Shares Owned By Parent
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17100000 shares
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13000000
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0.10 pure
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100000000
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P2Y2M12D
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P2Y3M18D
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361000
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12301000
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-3839000
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403000
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3332000
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102720000
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55821000
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693000
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105132000
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13716000
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50907000
CY2014 bgcp Re Allocation Of Equity Due To Additional Investment By Founding Working Partners
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110000
CY2014 bgcp Grant Of Exchangeability And Redemption Of Limited Partnership Interests
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90067000
CY2014 bgcp Redemption Of Founding Working Partner Units
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2359000
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7000000
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0.04
CY2014Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
925000 shares
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64000
CY2014Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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0.12
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322074000 shares
CY2014Q1 us-gaap Earnings Per Share Basic
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0.04
CY2014Q1 us-gaap Common Stock Dividends Per Share Declared
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0.12
CY2014Q1 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
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3600000 shares
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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44700000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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220608000 shares
CY2014Q1 us-gaap Repayments Of Secured Debt
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1601000
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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729000
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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11558000
CY2014Q1 us-gaap Increase Decrease In Due From Employee Current
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1696000
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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296000
CY2014Q1 us-gaap Increase Decrease In Securities Borrowed
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2735000
CY2014Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
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336000
CY2014Q1 us-gaap Profit Loss
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10502000
CY2014Q1 us-gaap Principal Transactions Revenue
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79507000
CY2014Q1 us-gaap Marketable Securities Unrealized Gain Loss
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-2838000
CY2014Q1 us-gaap Increase Decrease In Other Operating Assets
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30416000
CY2014Q1 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
11176000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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11246000
CY2014Q1 us-gaap Brokerage Commissions Revenue
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303598000
CY2014Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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4733000
CY2014Q1 us-gaap Payments For Software
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2534000
CY2014Q1 us-gaap Payments Of Dividends Common Stock
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26376000
CY2014Q1 us-gaap Other Income
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10419000
CY2014Q1 us-gaap Derivative Gain Loss On Derivative Net
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564000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
8259000
CY2014Q1 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
701000
CY2014Q1 us-gaap Sales Revenue From Energy Commodities And Services
SalesRevenueFromEnergyCommoditiesAndServices
13054000
CY2014Q1 us-gaap Revenues Excluding Interest And Dividends
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442717000
CY2014Q1 us-gaap Nonoperating Income Expense
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-4498000
CY2014Q1 us-gaap Increase Decrease In Restricted Cash For Operating Activities
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6886000
CY2014Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
49731000
CY2014Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
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7600000
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
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19135000
CY2014Q1 us-gaap Other Nonoperating Income Expense
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-2223000
CY2014Q1 us-gaap Increase Decrease In Financial Instruments Used In Operating Activities
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3422000
CY2014Q1 us-gaap Increase Decrease Due From Affiliates
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-6882000
CY2014Q1 us-gaap Capitalized Computer Software Impairments
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3200000
CY2014Q1 us-gaap Revenues
Revenues
444789000
CY2014Q1 us-gaap Revenue From Related Parties
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7032000
CY2014Q1 us-gaap Payments To Acquire Equity Method Investments
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113000
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
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3315000
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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8008000
CY2014Q1 us-gaap Net Income Loss
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8008000
CY2014Q1 us-gaap Interest On Convertible Debt Net Of Tax
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0
CY2014Q1 us-gaap Interest Paid
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6654000
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2072000
CY2014Q1 us-gaap Capitalized Computer Software Amortization
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2400000
CY2014Q1 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
87545000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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-433000
CY2014Q1 us-gaap Management Fees Revenue
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39826000
CY2014Q1 us-gaap Increase Decrease In Brokerage Receivables
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1033649000
CY2014Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-2275000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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10798000
CY2014Q1 us-gaap Business Acquisitions Pro Forma Revenue
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682900000
CY2014Q1 us-gaap Asset Impairment Charges
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3249000
CY2014Q1 us-gaap Deferred Income Tax Expense Benefit
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552000
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10819000
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124000
CY2014Q1 us-gaap Interest Expense
InterestExpense
9335000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
429045000
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11089000
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1807000
CY2014Q1 us-gaap Adjustments Noncash Items To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
74294000
CY2014Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1200000
CY2014Q1 us-gaap Amortization Of Intangible Assets
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600000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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-77901000
CY2014Q1 us-gaap Cost Of Services Direct Labor
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275299000
CY2014Q1 us-gaap Floor Brokerage Exchange And Clearance Fees
FloorBrokerageExchangeAndClearanceFees
4206000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
744000
CY2014Q1 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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-35083000
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NoninterestExpense
419710000
CY2014Q1 us-gaap Depreciation
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7800000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-67271000
CY2014Q1 us-gaap Occupancy Net
OccupancyNet
40921000
CY2014Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
0
CY2014Q1 us-gaap Distribution Made To Limited Partner Cash Distributions Declared
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2200000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable Related Parties
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4335000
CY2014Q1 us-gaap Marketing And Advertising Expense
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18025000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-10818000
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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2539000
CY2014Q1 us-gaap Other Expenses
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16582000
CY2014Q1 us-gaap Increase Decrease In Payables To Broker Dealers
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1031984000
CY2014Q1 us-gaap Increase Decrease In Financial Instruments Sold Not Yet Purchased
IncreaseDecreaseInFinancialInstrumentsSoldNotYetPurchased
-165000
CY2014Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2494000
CY2014Q1 us-gaap Capitalized Computer Software Additions
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2500000
CY2014Q1 us-gaap Communication
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20458000
CY2014Q1 us-gaap Increase Decrease In Accrued Salaries
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7797000
CY2014Q1 bgcp Foreign Exchange Brokerage Revenue
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52066000
CY2014Q1 bgcp Allocation Of Income To Limited Partnership Interest Diluted
AllocationOfIncomeToLimitedPartnershipInterestDiluted
3548000
CY2014Q1 bgcp Collection Of Receivables And Associated Expenses
CollectionOfReceivablesAndAssociatedExpenses
700000
CY2014Q1 bgcp Equities And Other Brokerage Revenue
EquitiesAndOtherBrokerageRevenue
29697000
CY2014Q1 bgcp Allocation Of Income To Limited Partnership Interest
AllocationOfIncomeToLimitedPartnershipInterest
3871000
CY2014Q1 bgcp Dividend Equivalent Expense On Rsus
DividendEquivalentExpenseOnRsus
2000
CY2014Q1 bgcp Limited Partnership Units Average Redemption Price Per Unit
LimitedPartnershipUnitsAverageRedemptionPricePerUnit
6.33
CY2014Q1 bgcp Capitalization Of Patent Defense And Registration Costs
CapitalizationOfPatentDefenseAndRegistrationCosts
123000
CY2014Q1 bgcp Rates Revenue
RatesRevenue
113672000
CY2014Q1 bgcp Issuance Of Common Stock Upon Exchange Of Limited Partnership Interests
IssuanceOfCommonStockUponExchangeOfLimitedPartnershipInterests
22123000
CY2014Q1 bgcp Sublease Provision Adjustment
SubleaseProvisionAdjustment
-1455000
CY2014Q1 bgcp Real Estate Brokerage Revenue
RealEstateBrokerageRevenue
21625000
CY2014Q1 bgcp Redemption Of Founding Working Partner Interests
RedemptionOfFoundingWorkingPartnerInterests
367000
CY2014Q1 bgcp Temporary Equity Earnings Distributions
TemporaryEquityEarningsDistributions
121000
CY2014Q1 bgcp Incremental Common Shares Attributable To Limited Partnership Interests
IncrementalCommonSharesAttributableToLimitedPartnershipInterests
100036000 shares
CY2014Q1 bgcp Compensation And Employee Benefit Net
CompensationAndEmployeeBenefitNet
306622000
CY2014Q1 bgcp Earnings Distributions To Noncontrolling Interests
EarningsDistributionsToNoncontrollingInterests
12151000
CY2014Q1 bgcp Incremental Common Shares Attributable To Other Instruments
IncrementalCommonSharesAttributableToOtherInstruments
505000 shares
CY2014Q1 bgcp Allocation Of Net Income And Grant Of Exchangeability To Limited Partnership Units And Founding Working Partner Units
AllocationOfNetIncomeAndGrantOfExchangeabilityToLimitedPartnershipUnitsAndFoundingWorkingPartnerUnits
31323000
CY2014Q1 bgcp Related Party Revenue
RelatedPartyRevenue
0
CY2014Q1 bgcp Employee Loan Amortization And Reserve On Employee Loans
EmployeeLoanAmortizationAndReserveOnEmployeeLoans
7090000
CY2014Q1 bgcp Equity Based Compensation And Allocations Of Net Income To Limited Partnership Units And Founding Or Working Partner Units
EquityBasedCompensationAndAllocationsOfNetIncomeToLimitedPartnershipUnitsAndFoundingOrWorkingPartnerUnits
34314000
CY2014Q1 bgcp Credit Revenue
CreditRevenue
65446000
CY2014Q1 bgcp Exchange Of Founding Working Partner Interests
ExchangeOfFoundingWorkingPartnerInterests
134000
CY2014Q1 bgcp Market Data And Software Solutions Revenue
MarketDataAndSoftwareSolutionsRevenue
2335000
CY2014Q1 bgcp Redemption And Repurchase Of Limited Partnership Interests
RedemptionAndRepurchaseOfLimitedPartnershipInterests
8008000
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
8.98
CY2015Q1 dei Document Type
DocumentType
10-Q
CY2015Q1 dei Entity Registrant Name
EntityRegistrantName
BGC PARTNERS, INC.
CY2015Q1 dei Trading Symbol
TradingSymbol
BGCP
CY2015Q1 us-gaap Due To And From Broker Dealers And Clearing Organizations Disclosure
DueToAndFromBrokerDealersAndClearingOrganizationsDisclosure
<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>10.</b></td> <td valign="top" align="left"><b>Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-Dealers</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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, including derivative contracts into which the Company may enter into to minimize the effect of price changes of the Company&#x2019;s NASDAQ OMX shares (see Note 11&#x2014;&#x201C;Derivatives&#x201D;). As of March&#xA0;31, 2015 and December&#xA0;31, 2014, receivables from and payables to broker-dealers, clearing organizations, customers and related broker-dealers consisted of the following (in thousands):</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="74%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>March&#xA0;31,<br /> 2015</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>December&#xA0;31,<br /> 2014</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Receivables from broker-dealers, clearing organizations, customers and related broker-dealers:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Contract values of fails to deliver</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,260,195</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">559,142</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Receivables from clearing organizations</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">159,264</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">60,300</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Other receivables from broker-dealers and customers</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">20,140</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">16,927</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net pending trades</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">8,411</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">884</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Open derivative contracts</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">10,078</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,508</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</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 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total</p> </td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,458,088</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">640,761</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</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> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Payables to broker-dealers, clearing organizations, customers and related broker-dealers:</p> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Contract values of fails to receive</p> </td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,219,044</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">552,790</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Payables to clearing organizations</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">73,907</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">79,848</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Other payables to broker-dealers and customers</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">24,072</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">13,378</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Open derivative contracts</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,828</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">153</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</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 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total</p> </td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,319,851</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">646,169</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</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> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> A portion of these receivables and payables are with Cantor. See Note 13&#x2014;&#x201C;Related Party Transactions,&#x201D; for additional information related to these receivables and payables.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Substantially all open fails to deliver, open fails to receive and pending trade transactions as of March&#xA0;31, 2015 have subsequently settled at the contracted amounts.</p> </div>
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On January 13, 2015, the Company entered into a settlement agreement with Tullett Prebon plc that resolves all ten outstanding lawsuits involving the two companies, including those matters described in the preceding paragraphs. In exchange for such agreement, the Company agreed to pay $100 million in the aggregate to Tullett. In addition, for a period of one year, the Company and Tullett agreed not to hire the senior employees, including desk heads, of the other party and its subsidiaries, which includes employees of GFI should the Company close on its acquisition of GFI. As of December 31, 2014, the Company had accrued the settlement amount and all related expenses incurred through such date in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). The Company paid one quarter of the settlement on January 20, 2015, and paid the remaining settlement amount on March 31, 2015.
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1124000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-125392000
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
9171000
CY2015Q1 us-gaap Other Expenses
OtherExpenses
21814000
CY2015Q1 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
1982000
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
275000
CY2015Q1 us-gaap Increase Decrease In Payables To Broker Dealers
IncreaseDecreaseInPayablesToBrokerDealers
1032280000
CY2015Q1 us-gaap Increase Decrease In Financial Instruments Sold Not Yet Purchased
IncreaseDecreaseInFinancialInstrumentsSoldNotYetPurchased
-1557000
CY2015Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
17771000
CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
12169000
CY2015Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
197000
CY2015Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
3100000
CY2015Q1 us-gaap Communication
Communication
24937000
CY2015Q1 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
3200000
CY2015Q1 us-gaap Dividends Common Stock
DividendsCommonStock
26509000
CY2015Q1 us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
-88568000
CY2015Q1 bgcp Foreign Exchange Brokerage Revenue
ForeignExchangeBrokerageRevenue
72941000
CY2015Q1 bgcp Allocation Of Income To Limited Partnership Interest Diluted
AllocationOfIncomeToLimitedPartnershipInterestDiluted
6686000
CY2015Q1 bgcp Collection Of Receivables And Associated Expenses
CollectionOfReceivablesAndAssociatedExpenses
3200000
CY2015Q1 bgcp Percentage Of Preferred Partnership Units Awarded
PercentageOfPreferredPartnershipUnitsAwarded
0.006875 pure
CY2015Q1 bgcp Redemptions And Repurchases Average Price
RedemptionsAndRepurchasesAveragePrice
8.47
CY2015Q1 bgcp Equities And Other Brokerage Revenue
EquitiesAndOtherBrokerageRevenue
36215000
CY2015Q1 bgcp Limited Partnership Units Exchange Ratio
LimitedPartnershipUnitsExchangeRatio
1 pure
CY2015Q1 bgcp Issuance Of Contingent Common Stock And Limited Partnership Units For Acquisitions
IssuanceOfContingentCommonStockAndLimitedPartnershipUnitsForAcquisitions
12800000
CY2015Q1 bgcp Allocation Of Income To Limited Partnership Interest
AllocationOfIncomeToLimitedPartnershipInterest
10137000
CY2015Q1 bgcp Gain Loss On Divestiture And Or Sale Of Investment
GainLossOnDivestitureAndOrSaleOfInvestment
-215000
CY2015Q1 bgcp Limited Partnership Units Average Redemption Price Per Unit
LimitedPartnershipUnitsAverageRedemptionPricePerUnit
8.65
CY2015Q1 bgcp Post Termination Award Payout Period
PostTerminationAwardPayoutPeriod
Four equal yearly installments
CY2015Q1 bgcp Payment Specified Percentage Of Gross Proceeds From Sale Of Shares
PaymentSpecifiedPercentageOfGrossProceedsFromSaleOfShares
0.02 pure
CY2015Q1 bgcp Capitalization Of Patent Defense And Registration Costs
CapitalizationOfPatentDefenseAndRegistrationCosts
552000
CY2015Q1 bgcp Rates Revenue
RatesRevenue
122011000
CY2015Q1 bgcp Incremental Common Shares Attributable To Limited Partnership Interests
IncrementalCommonSharesAttributableToLimitedPartnershipInterests
114564000 shares
CY2015Q1 bgcp Compensation And Employee Benefit Net
CompensationAndEmployeeBenefitNet
383867000
CY2015Q1 bgcp Real Estate Brokerage Revenue
RealEstateBrokerageRevenue
53742000
CY2015Q1 bgcp Redemptions And Repurchases
RedemptionsAndRepurchases
2774751 shares
CY2015Q1 bgcp Issuance Of Common Stock Upon Exchange Of Limited Partnership Interests
IssuanceOfCommonStockUponExchangeOfLimitedPartnershipInterests
17946000
CY2015Q1 bgcp Sublease Provision Adjustment
SubleaseProvisionAdjustment
462000
CY2015Q1 bgcp Redemption Of Founding Working Partner Interests
RedemptionOfFoundingWorkingPartnerInterests
20000
CY2015Q1 bgcp Number Of Subsidiaries
NumberOfSubsidiaries
2 Subsidiaries
CY2015Q1 bgcp Issuance Of Class Common Stock For Acquisitions
IssuanceOfClassCommonStockForAcquisitions
14719000
CY2015Q1 bgcp Earnings Distributions To Noncontrolling Interests
EarningsDistributionsToNoncontrollingInterests
17771000
CY2015Q1 bgcp Incremental Common Shares Attributable To Other Instruments
IncrementalCommonSharesAttributableToOtherInstruments
957000 shares
CY2015Q1 bgcp Allocation Of Net Income And Grant Of Exchangeability To Limited Partnership Units And Founding Working Partner Units
AllocationOfNetIncomeAndGrantOfExchangeabilityToLimitedPartnershipUnitsAndFoundingWorkingPartnerUnits
37054000
CY2015Q1 bgcp Related Party Revenue
RelatedPartyRevenue
120000
CY2015Q1 bgcp Employee Loan Amortization And Reserve On Employee Loans
EmployeeLoanAmortizationAndReserveOnEmployeeLoans
8066000
CY2015Q1 bgcp Number Of Operating Partnerships
NumberOfOperatingPartnerships
2 Partnership
CY2015Q1 bgcp Restricted Stock Units Vesting Description
RestrictedStockUnitsVestingDescription
Each RSU is settled in one share of Class A common stock upon completion of the vesting period.
CY2015Q1 bgcp Equity Based Compensation And Allocations Of Net Income To Limited Partnership Units And Founding Or Working Partner Units
EquityBasedCompensationAndAllocationsOfNetIncomeToLimitedPartnershipUnitsAndFoundingOrWorkingPartnerUnits
43124000
CY2015Q1 bgcp Grant Of Exchangeability And Redemption Of Limited Partnership Interests
GrantOfExchangeabilityAndRedemptionOfLimitedPartnershipInterests
32198000
CY2015Q1 bgcp Redemption Of Founding Working Partner Units
RedemptionOfFoundingWorkingPartnerUnits
64000
CY2015Q1 bgcp Senior Notes Redemption Price Percentage
SeniorNotesRedemptionPricePercentage
1.00 pure
CY2015Q1 bgcp Credit Revenue
CreditRevenue
67175000
CY2015Q1 bgcp Limited Partnership Interests Exchange Ratio
LimitedPartnershipInterestsExchangeRatio
1 pure
CY2015Q1 bgcp Issuance Of Class A Common Stock For Acquisitions
IssuanceOfClassACommonStockForAcquisitions
1919000
CY2015Q1 bgcp Market Data And Software Solutions Revenue
MarketDataAndSoftwareSolutionsRevenue
11527000
CY2015Q1 bgcp Cash And Cash Equivalents Classified As Assets Held For Sale
CashAndCashEquivalentsClassifiedAsAssetsHeldForSale
10990000
CY2015Q1 bgcp Redemption And Repurchase Of Limited Partnership Interests
RedemptionAndRepurchaseOfLimitedPartnershipInterests
7311000
CY2015Q1 bgcp Partnership Unit Repurchase Price Description
PartnershipUnitRepurchasePriceDescription
Repurchased by the Company at the average price of shares of Class A common stock sold under our Controlled Equity Offering less 2%, or $91,558.
CY2015Q1 bgcp Deferred Compensation Arrangement With Individual Compensation Expense Not Yet Recognized Period For Recognition
DeferredCompensationArrangementWithIndividualCompensationExpenseNotYetRecognizedPeriodForRecognition
P1Y8M23D
CY2015Q1 bgcp Cash Received Upon Conversion Of Deferred Cash Award
CashReceivedUponConversionOfDeferredCashAward
6.10

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