BGC(US:BGC)2025-02-14 13:07Revenue Performance - BGC Group reported record revenues of $572.3 million for Q4 2024, a 10.8% increase from $516.8 million in Q4 2023, and full-year revenues of $2,262.8 million, up 11.7% from $2,025.4 million in FY23[3][9]. - Total revenues for Q4 2024 reached $572.3 million, a 10.8% increase from $516.8 million in Q4 2023[31]. - Total brokerage revenues for Q4 2024 were $516.1 million, an 11.8% increase from $461.8 million in Q4 2023[7]. - ECS revenues grew by 28.0% to $134.1 million in Q4 2024, driven by strong growth in the energy sector and the acquisition of Sage Energy Partners[10]. - Foreign Exchange revenues increased by 21.3% to $93.6 million, primarily due to higher options and emerging market foreign exchange volumes[10]. - Fenics revenues reached $142.1 million in Q4 2024, an 8.6% increase, with Fenics Growth Platforms growing by 20.2%[13][14]. - Rates revenues increased by 8.8% to $169.6 million in Q4 2024, compared to $155.8 million in Q4 2023[86]. - Credit revenues decreased by 4.9% to $62.4 million in Q4 2024, down from $65.6 million in Q4 2023[86]. - Interest and dividend income, along with fees from related parties, decreased by 6.9% to $23.7 million in Q4 2024 from $25.4 million in Q4 2023[86]. Earnings and Profitability - The company's pre-tax adjusted earnings for Q4 2024 were $129.5 million, a 16.9% increase year-over-year, while post-tax adjusted earnings rose by 21.9% to $123.5 million, resulting in post-tax adjusted earnings per share of $0.25, a 19.0% improvement[3][9]. - Basic earnings per share for Q4 2024 were $0.05, compared to $0.04 in Q4 2023, indicating a 25.0% increase[33]. - Consolidated net income for the year ended December 31, 2024, was $123.2 million, compared to $38.8 million in 2023, representing a significant increase of 217.5%[31]. - GAAP net income available to common stockholders for Q4 2024 was $25,203,000, compared to $19,945,000 in Q4 2023, marking a 26% increase[81]. - Adjusted earnings before noncontrolling interest in subsidiaries and taxes for Q4 2024 reached $129,527,000, up 17% from $110,814,000 in Q4 2023[68]. - Adjusted EBITDA for FY 2024 was $714,273,000, representing a 24% increase from $573,727,000 in FY 2023[81]. Expenses and Liabilities - Total expenses under GAAP for Q4 2024 were $586.0 million, a 16.7% increase from $502.2 million in Q4 2023[17]. - Total liabilities increased to $2.51 billion in 2024, up from $2.28 billion in 2023, which is a rise of 10.2%[29]. - Total compensation and employee benefits for the year were $1.49 billion, up from $1.35 billion in 2023, reflecting an increase of 10.7%[31]. Cash and Assets - Cash and cash equivalents rose to $711.6 million in 2024, compared to $655.6 million in 2023, marking an increase of 8.5%[29]. - Total assets increased to $3.59 billion as of December 31, 2024, up from $3.18 billion in 2023, reflecting a growth of 13.0%[29]. - Total liquidity as of December 31, 2024, was $897,781,000, an increase of 28% from $701,433,000 on December 31, 2023[80]. Dividends and Shareholder Returns - BGC's Board of Directors declared a quarterly cash dividend of $0.02 per share, payable on March 20, 2025[24]. - The company declared dividends of $0.02 per share in Q4 2024, up from $0.01 per share in Q4 2023[68]. Future Outlook and Strategy - The company expects Q1 2025 revenues to be between $610 million and $660 million, compared to $578.6 million in Q1 2024[23]. - The company plans to continue focusing on market expansion and new product development to drive future growth[30]. - The company continues to expand its market presence through partnerships and the development of new platforms, including the FMX Futures Exchange[92]. Accounting and Financial Metrics - The company adjusts its earnings calculations to exclude non-cash GAAP items, such as amortization of intangibles and acquisition-related costs, to better reflect underlying performance[45]. - BGC's Adjusted Earnings are calculated on a pre-tax basis, with a focus on equity-based compensation charges that can lower the non-GAAP effective tax rate[50]. - The company uses a Constant Currency metric to provide a clearer comparison of revenues, excluding the effects of foreign exchange fluctuations, which is important given its significant non-U.S. dollar revenues[64]. - Management believes that Adjusted Earnings provide a clearer understanding of BGC's financial performance and should be considered alongside GAAP results[55]. - The company excludes certain non-cash GAAP items from Adjusted Earnings to reflect ongoing operations more accurately[54]. - The fully diluted share count includes shares related to dilutive instruments, impacting the calculation of Adjusted Earnings per share[52]. - BGC's Adjusted EBITDA is defined as GAAP net income available to common stockholders, adjusted for various non-cash items, providing insight into operating performance[57].