NEW YORK, Sept. 13, 2024 /PRNewswire/ -- BGC Group, Inc. (Nasdaq: BGC) and 10 of the world's leading investment banks and market-making firms today announced they will launch the highly anticipated FMX Futures Exchange ("FMX"), an exchange for U.S. interest rate futures, the most widely traded futures contracts in the world, on Monday, September 23, 2024 at 9:00 p.m. ET., which represents the beginning of the trade date Tuesday, September 24, 2024. FMX will initially launch with SOFR futures and will add U. ...

Webcast Available for Investors NEW YORK, Aug. 26, 2024 /PRNewswire/ -- BGC Group, Inc. (Nasdaq: BGC) today announced that its Chairman and CEO, Howard W. Lutnick, is scheduled to present at the Barclays 22nd Annual Global Financial Services Conference at 9:00 a.m. ET on Monday, September 9, 2024. A live webcast of the event will be made available at http://ir.bgcg.com. A replay of the event will also be made available at the same site for a period of 180 days after the conference. Statements made during th ...

NEW YORK, Aug. 26, 2024 /PRNewswire/ -- BGC Group, Inc. (Nasdaq: BGC) ("BGC" or the "Company") today announced an offer to exchange up to $500 million aggregate principal amount of its outstanding 6.600% Senior Notes due 2029 (the "Old Notes") for an equivalent amount of its 6.600% Senior Notes due 2029 registered under the Securities Act of 1933, as amended (the "Exchange Notes"). $500 million aggregate principal amount of Old Notes were issued and sold by the Company in June 2024 in a private offering. Th ...

To be held on Monday, September 16, 2024, at 10:00 a.m. ET NEW YORK, Aug. 13, 2024 /PRNewswire/ -- BGC Group, Inc. (Nasdaq: BGC) today announced details on its annual meeting of stockholders, which will be held virtually at 10:00 a.m. ET on Monday, September 16, 2024. A live audio webcast of the virtual shareholders meeting will be available at http://ir.bgcg.com or directly at www.virtualshareholdermeeting.com/BGC2024. The webcast archive will be available for 365 days, beginning September 16, 2024. Statem ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________ Class A Common Stock, $0.01 par value BGC The Nasdaq Stock Market, LLC FORM 10-Q _________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | |--------------------- ...

BGC Group, Inc. (NASDAQ:BGC) Q2 2024 Earnings Conference Call July 30, 2024 10:00 AM ET Company Participants Jason Chryssicas - Head of IR Howard Lutnick - Chairman of the Board & CEO Sean Windeatt - COO & Co-Global Head of Brokerage Jason Hauf - EVP & CFO Conference Call Participants Patrick Moley - Piper Sandler Operator Greetings. Welcome to BGC Group Incorporated Second Quarter 2024 Earnings Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the form ...

BGC GROUP, INC. NASDAQ: BGC EARNINGS PRESENTATION Q2 2024 ¯bgc 2 DISCLAIMER DISCUSSION OF FORWARD-LOOKING STATEMENTS ABOUT BGC Statements in this document regarding BGC that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking ...

Company Performance - BGC Group shares have increased by approximately 28.7% since the beginning of the year, outperforming the S&P 500's gain of 14.5% [1] - The company reported quarterly earnings of $0.23 per share, matching the Zacks Consensus Estimate, and showing an increase from $0.20 per share a year ago [2] - BGC Group posted revenues of $550.76 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 1.06% and up from $493.08 million year-over-year [9] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.22 on revenues of $534.1 million, and for the current fiscal year, it is $0.92 on revenues of $2.2 billion [12] - The consensus EPS estimate for the upcoming report is projected at $0.15, reflecting a year-over-year change of +400%, with a 12.2% upward revision over the last 30 days [13] Industry Context - The Zacks Industry Rank for Financial - Investment Bank is currently in the bottom 32% of over 250 Zacks industries, indicating potential challenges for stocks in this sector [6] - The performance of BGC Group's stock may be influenced by the overall industry outlook, as top-ranked industries tend to outperform the bottom-ranked ones by a factor of more than 2 to 1 [6]

Financial Performance - BGC reported revenues of $550.8 million for Q2 2024, an increase of 11.7% compared to $493.1 million in Q2 2023[20] - GAAP net income for fully diluted shares was $36.1 million, a significant improvement from a loss of $19.7 million in the same quarter last year, representing a 283.1% increase[3] - Adjusted EBITDA grew by 20.2% to $162.4 million, reflecting strong profitability across all earnings metrics[5] - Total revenues for Q2 2024 were $550.8 million, up from $493.1 million in Q2 2023, representing an increase of 11.7%[32] - Consolidated net income for Q2 2024 was $37.2 million, compared to a loss of $22.2 million in Q2 2023[32] - Adjusted Earnings for Q2 2024 showed a pre-tax increase of 13.1% in compensation and employee benefits, totaling $272.0 million compared to $240.4 million in Q2 2023[24] - Brokerage revenues for Q2 2024 were $493.5 million, an increase of 11.3% from $443.6 million in Q2 2023[78] Revenue Breakdown - Rates revenues increased by 15.1% to $166.0 million, driven by higher volumes in interest rate derivatives[6] - ECS revenues rose by 19.3% to $117.7 million, supported by strong organic growth[6] - Foreign Exchange revenues improved by 14.7% to $88.9 million, driven by emerging markets products and G10 options volumes[6] - Fenics revenues grew by 9.7% to $137.3 million, with Fenics Markets generating $115.1 million, a 7.5% increase[8][23] - Total brokerage revenues for the first half of 2024 reached $1.02 billion, up from $935.8 million in the same period of 2023, marking an increase of 9.2%[32] - The company reported a 22.4% increase in revenues from Fenics Growth Platforms, rising to $22.2 million in Q2 2024 from $18.1 million in Q2 2023[66] Market Performance - FMX UST achieved a record market share of 30% in Q2, up from 28% last quarter and 23% a year ago, with average daily volumes improving by 37%[23] - FMX FX average daily volumes improved by over 30% year-over-year, reaching a record ADV of $8.1 billion[24] - FMX UST volumes increased by 37% and FMX FX volumes rose by 30%, showcasing strong performance in these segments[56] Shareholder Information - BGC declared a quarterly cash dividend of $0.02 per share, payable on September 3, 2024[12] - The fully diluted weighted-average share count for Adjusted Earnings was 496.8 million, a 1.7% decrease year-over-year[11] - Common stock outstanding increased to 475,272 in Q2 2024 from 391,745 in Q2 2023, representing a growth of approximately 21.3%[86] - Fully diluted weighted-average share count for Adjusted Earnings decreased to 496,767 in Q2 2024 from 505,493 in Q2 2023, a decline of about 1.4%[86] Tax and Expenses - The GAAP provision for income taxes in Q2 2024 was $18.0 million, a significant increase of 298.4% from a benefit of $9.1 million in Q2 2023[24] - Total expenses for Q2 2024 decreased by 4.9% to $500.2 million compared to $525.8 million in Q2 2023[24] - Interest expense for Q2 2024 was $21,551 thousand, compared to $19,914 thousand in Q2 2023, indicating an increase in borrowing costs[64] - Equity-based compensation and allocations of net income to limited partnership units and FPUs totaled $66,207 in Q2 2024, down from $126,644 in Q2 2023, a decrease of approximately 47.8%[85] Future Outlook - The company expects Q3 2024 revenues to be between $505 million and $555 million, compared to $482.7 million in Q3 2023[27] - The company has full CFTC approval to launch SOFR futures in September, which is expected to be the largest notional futures contract in the world[56] - The company anticipates providing forward-looking guidance for GAAP revenues and certain non-GAAP measures in the future[57] Asset and Liquidity Position - BGC's total assets reached $4,259,195,000 as of June 30, 2024, up from $3,175,937,000 at December 31, 2023[41] - Stockholders' equity decreased to $858,133,000 at June 30, 2024, compared to $885,083,000 at December 31, 2023[42] - BGC's cash and cash equivalents decreased to $571,659,000 as of June 30, 2024, from $655,641,000 at December 31, 2023[41] - Total liquidity, including financial instruments owned at fair value, was $759,066 thousand as of June 30, 2024, compared to $701,433 thousand at the end of 2023[63] Non-GAAP Measures - Adjusted Earnings are used by management to evaluate overall business performance and are not indicative of liquidity[39] - BGC's non-GAAP Constant Currency revenues provide a clearer comparison of underlying operating performance by eliminating foreign currency fluctuations[58] - The non-GAAP provision for income taxes was adjusted by $6.3 million in Q2 2024, compared to an adjustment of ($14.2) million in Q2 2023, indicating a shift in tax strategy[85]

Core Points - BGC Group, Inc. declared a quarterly dividend of 2 cents and reported its financial results for Q2 2024, ending June 30, 2024 [1] - A conference call to discuss the results is scheduled for 10:00 AM ET today [1] Company Overview - BGC Group, Inc. is a leading global marketplace, data, and financial technology services company, offering a wide range of products including fixed income, foreign exchange, energy, commodities, shipping, equities, and the FMX Futures Exchange [2] - The company's clients include major global banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms [2] Partnerships and Platforms - BGC has partnered with leading global investment banks and market-making firms to create FMX, which includes a U.S. interest rate futures exchange, a spot foreign exchange platform, and the fastest-growing U.S. cash treasuries platform [3]