BGC(US:BGC)2023-02-27 21:26Financial Performance Highlights - BGC's Q4 2022 revenues (excluding Insurance) reached $436.5 million, a decrease of 1.2% year-over-year, but increased by 1.9% on a constant currency basis[7] - Full year 2022 revenues (excluding Insurance) were $1.7953 billion, down 2.3% compared to 2021, but up 1.4% on a constant currency basis[7] - Adjusted EBITDA for Q4 2022 was $124 million, a decrease of 46.2% year-over-year[7] - Full year 2022 Adjusted EBITDA was $486.2 million, a decrease of 17.4% compared to 2021[7] - Post-tax Adjusted Earnings per share for FY 2022 increased by 6.2% to $0.69[7] FENICS Business Overview - FENICS revenue for FY 2022 was $449 million, representing 25% of BGC's overall revenue (excluding Insurance), with a CAGR of 21% from 2014 to 2022[21] - FENICS Markets revenue for FY 2022 was $397 million, up 11% year-over-year (up 17% in constant currency)[23] - FENICS Growth Platforms revenue for FY 2022 was $53 million, up 16% year-over-year (up 18% in constant currency)[23] - FENICS' operating strategy focuses on converting voice/hybrid business into higher-margin technology-driven FENICS revenue and continuing to grow and scale BGC's FENICS Growth Platforms[21] Q1 2023 Outlook - First quarter-to-date 2023 revenue performance shows growth across all asset classes, with FENICS growth accelerating[9] - BGC's revenue outlook for Q1 2023 is approximately $10 million higher on a Constant Currency basis[11] - BGC expects to update its quarterly outlook towards the end of March 2023[11] Capital Structure and Credit Profile - BGC has a strong balance sheet and liquidity, providing financial flexibility[48] - Total liquidity as of December 31, 2022, was $524.308 million[47] - BGC maintains an investment-grade credit rating from Fitch, S&P, Kroll Bond Rating Agency, and Japanese Credit Rating Agency (JCR)[48]