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Quarterly Results of Operations (Unaudited) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results of Operations (Unaudited) |
5. | Quarterly Results of Operations (Unaudited)
The following tables present the revisions to the Company’s previously issued financial statements for the relevant quarterly periods of 2020 and 2019. As described in Note 4—“Prior Periods’ Financial Statement Revisions,” during 2020 the Company’s management identified the theft of U.K. tax payment related funds from the Company. As a result, the Company has revised its previously issued financial statements. The effect of the revision on the 2020 and 2019 previously issued unaudited quarterly financial results is presented in the tables below. Certain prior period line items in the consolidated statements of comprehensive income (loss) were affected by the revisions of previously issued financial statements, in which all of the changes were related to the change in net income.
|  | December 31, 2020 |  |  | September 30, 2020 |  |  | June 30, 2020 |  |  | March 31, 2020 |
|  |  |  |  |  | (As Revised) |  |  | (As Revised) |  |  | (As Revised) |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 377,146 |  |  | $ | 352,027 |  |  | $ | 382,640 |  |  | $ | 455,855 |
Principal transactions |  |  | 73,687 |  |  |  | 65,182 |  |  |  | 99,453 |  |  |  | 113,311 |
Fees from related parties |  |  | 4,857 |  |  |  | 8,814 |  |  |  | 6,562 |  |  |  | 5,521 |
Data, software and post-trade |  |  | 20,860 |  |  |  | 21,523 |  |  |  | 20,139 |  |  |  | 19,398 |
Interest and dividend income |  |  | (783 | ) |  |  | 2,418 |  |  |  | 6,536 |  |  |  | 4,161 |
Other revenues |  |  | 3,659 |  |  |  | 5,075 |  |  |  | 3,758 |  |  |  | 4,921 |
Total revenues |  |  | 479,426 |  |  |  | 455,039 |  |  |  | 519,088 |  |  |  | 603,167 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 258,687 |  |  |  | 244,419 |  |  |  | 283,616 |  |  |  | 344,928 |
Equity-based compensation and allocations of net income to limited partnership units and FPUs |  |  | 80,515 |  |  |  | 33,007 |  |  |  | 27,819 |  |  |  | 42,204 |
Total compensation and employee benefits |  |  | 339,202 |  |  |  | 277,426 |  |  |  | 311,435 |  |  |  | 387,132 |
Occupancy and equipment |  |  | 45,723 |  |  |  | 45,224 |  |  |  | 47,247 |  |  |  | 51,074 |
Fees to related parties |  |  | 4,954 |  |  |  | 7,610 |  |  |  | 5,194 |  |  |  | 5,435 |
Professional and consulting fees |  |  | 18,072 |  |  |  | 15,637 |  |  |  | 19,805 |  |  |  | 19,956 |
Communications |  |  | 30,470 |  |  |  | 30,088 |  |  |  | 30,524 |  |  |  | 30,521 |
Selling and promotion |  |  | 6,891 |  |  |  | 5,943 |  |  |  | 6,634 |  |  |  | 18,699 |
Commissions and floor brokerage |  |  | 13,646 |  |  |  | 12,933 |  |  |  | 13,520 |  |  |  | 19,277 |
Interest expense |  |  | 21,811 |  |  |  | 19,665 |  |  |  | 17,625 |  |  |  | 17,506 |
Other expenses |  |  | 21,574 |  |  |  | 28,348 |  |  |  | 21,480 |  |  |  | 17,531 |
Total expenses |  |  | 502,343 |  |  |  | 442,874 |  |  |  | 473,464 |  |  |  | 567,131 |
Other income (losses) , net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on divestitures and sale of investments |  |  | 403 |  |  |  | (9 | ) |  |  | — |  |  |  | — |
Gains (losses) on equity method investments |  |  | 1,354 |  |  |  | 1,527 |  |  |  | 1,119 |  |  |  | 1,023 |
Other income (loss) |  |  | 1,687 |  |  |  | 4,779 |  |  |  | 1,129 |  |  |  | (6,015 | )
Total other income (losses), net |  |  | 3,444 |  |  |  | 6,297 |  |  |  | 2,248 |  |  |  | (4,992 | )
Income (loss) from operations before income taxes |  |  | (19,473 | ) |  |  | 18,462 |  |  |  | 47,872 |  |  |  | 31,044 |
Provision (benefit) for income taxes |  |  | (6,729 | ) |  |  | 8,558 |  |  |  | 8,599 |  |  |  | 10,875 |
Consolidated net income (loss) |  | $ | (12,744 | ) |  | $ | 9,904 |  |  | $ | 39,273 |  |  | $ | 20,169 |
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | (10,406 | ) |  |  | 251 |  |  |  | 11,354 |  |  |  | 6,495 |
Net income (loss) available to common stockholders |  | $ | (2,338 | ) |  | $ | 9,653 |  |  | $ | 27,919 |  |  | $ | 13,674 |
Per share data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | (2,338 | ) |  | $ | 9,653 |  |  | $ | 27,919 |  |  | $ | 13,674 |
Basic earnings (loss) per share |  | $ | (0.01 | ) |  | $ | 0.03 |  |  | $ | 0.08 |  |  | $ | 0.04 |
Basic weighted-average shares of common stock outstanding |  |  | 365,259 |  |  |  | 363,244 |  |  |  | 360,614 |  |  |  | 358,001 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | (2,338 | ) |  | $ | 15,278 |  |  | $ | 40,173 |  |  | $ | 19,325 |
Fully diluted earnings (loss) per share |  | $ | (0.01 | ) |  | $ | 0.03 |  |  | $ | 0.07 |  |  | $ | 0.04 |
Fully diluted weighted-average shares of common stock outstanding |  |  | 365,259 |  |  |  | 549,244 |  |  |  | 546,123 |  |  |  | 538,442 |
|  | December 31, 2019 |  |  | September 30, 2019 |  |  | June 30, 2019 |  |  | March 31, 2019 |
|  | (As Revised) |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 382,897 |  |  | $ | 409,765 |  |  | $ | 422,974 |  |  | $ | 430,182 |
Principal transactions |  |  | 71,725 |  |  |  | 75,536 |  |  |  | 90,432 |  |  |  | 84,230 |
Fees from related parties |  |  | 8,218 |  |  |  | 8,208 |  |  |  | 7,221 |  |  |  | 5,795 |
Data, software and post-trade |  |  | 18,151 |  |  |  | 18,364 |  |  |  | 18,741 |  |  |  | 17,910 |
Interest and dividend income |  |  | 2,865 |  |  |  | 3,976 |  |  |  | 7,813 |  |  |  | 3,665 |
Other revenues |  |  | 3,300 |  |  |  | 5,288 |  |  |  | 4,006 |  |  |  | 2,969 |
Total revenues |  |  | 487,156 |  |  |  | 521,137 |  |  |  | 551,187 |  |  |  | 544,751 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 268,696 |  |  |  | 278,744 |  |  |  | 290,271 |  |  |  | 288,200 |
Equity-based compensation and allocations of net income to limited partnership units and FPUs |  |  | 69,389 |  |  |  | 44,093 |  |  |  | 45,002 |  |  |  | 12,141 |
Total compensation and employee benefits |  |  | 338,085 |  |  |  | 322,837 |  |  |  | 335,273 |  |  |  | 300,341 |
Occupancy and equipment |  |  | 47,387 |  |  |  | 44,709 |  |  |  | 45,109 |  |  |  | 46,002 |
Fees to related parties |  |  | 2,858 |  |  |  | 7,123 |  |  |  | 6,457 |  |  |  | 2,927 |
Professional and consulting fees |  |  | 27,553 |  |  |  | 21,262 |  |  |  | 23,347 |  |  |  | 20,005 |
Communications |  |  | 29,715 |  |  |  | 29,882 |  |  |  | 29,974 |  |  |  | 30,411 |
Selling and promotion |  |  | 21,432 |  |  |  | 20,320 |  |  |  | 21,491 |  |  |  | 18,402 |
Commissions and floor brokerage |  |  | 16,377 |  |  |  | 15,831 |  |  |  | 16,791 |  |  |  | 14,618 |
Interest expense |  |  | 16,354 |  |  |  | 15,403 |  |  |  | 15,136 |  |  |  | 13,353 |
Other expenses |  |  | 29,487 |  |  |  | 42,257 |  |  |  | 21,354 |  |  |  | 25,351 |
Total expenses |  |  | 529,248 |  |  |  | 519,624 |  |  |  | 514,932 |  |  |  | 471,410 |
Other income (losses) , net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on divestitures and sale of investments |  |  | (14 | ) |  |  | — |  |  |  | (1,619 | ) |  |  | 20,054 |
Gains (losses) on equity method investments |  |  | 1,064 |  |  |  | 1,530 |  |  |  | 738 |  |  |  | 783 |
Other income (loss) |  |  | 11,642 |  |  |  | 2,095 |  |  |  | 194 |  |  |  | 16,580 |
Total other income (losses), net |  |  | 12,692 |  |  |  | 3,625 |  |  |  | (687 | ) |  |  | 37,417 |
Income (loss) from operations before income taxes |  |  | (29,400 | ) |  |  | 5,138 |  |  |  | 35,568 |  |  |  | 110,758 |
Provision (benefit) for income taxes |  |  | 4,075 |  |  |  | 6,691 |  |  |  | 13,261 |  |  |  | 25,784 |
Consolidated net income (loss) |  | $ | (33,475 | ) |  | $ | (1,553 | ) |  | $ | 22,307 |  |  | $ | 84,974 |
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | (12,914 | ) |  |  | 4,752 |  |  |  | 8,335 |  |  |  | 24,518 |
Net income (loss) available to common stockholders |  | $ | (20,561 | ) |  | $ | (6,305 | ) |  | $ | 13,972 |  |  | $ | 60,456 |
Per share data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | (20,561 | ) |  | $ | (6,305 | ) |  | $ | 13,972 |  |  | $ | 60,456 |
Basic earnings (loss) per share |  | $ | (0.06 | ) |  | $ | (0.02 | ) |  | $ | 0.04 |  |  | $ | 0.18 |
Basic weighted-average shares of common stock outstanding |  |  | 351,431 |  |  |  | 346,060 |  |  |  | 341,272 |  |  |  | 338,403 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | (20,561 | ) |  | $ | (6,305 | ) |  | $ | 21,549 |  |  | $ | 88,670 |
Fully diluted earnings (loss) per share |  | $ | (0.06 | ) |  | $ | (0.02 | ) |  | $ | 0.04 |  |  | $ | 0.17 |
Fully diluted weighted-average shares of common stock outstanding |  |  | 351,431 |  |  |  | 346,060 |  |  |  | 522,984 |  |  |  | 516,066 |
|  | Three Months Ended September 30, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 244,240 |  |  |  | 179 |  |  |  | 244,419 |
Total compensation and employee benefits |  |  | 277,247 |  |  |  | 179 |  |  |  | 277,426 |
Interest expense |  |  | 19,488 |  |  |  | 177 |  |  |  | 19,665 |
Other expenses |  |  | 18,458 |  |  |  | 9,890 |  |  |  | 28,348 |
Total expenses |  |  | 432,628 |  |  |  | 10,246 |  |  |  | 442,874 |
Income (loss) from operations before income taxes |  |  | 28,708 |  |  |  | (10,246 | ) |  |  | 18,462 |
Provision (benefit) for income taxes |  |  | 3,778 |  |  |  | 4,780 |  |  |  | 8,558 |
Consolidated net income (loss) |  | $ | 24,930 |  |  | $ | (15,026 | ) |  | $ | 9,904 |
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | 5,549 |  |  |  | (5,298 | ) |  |  | 251 |
Net income (loss) available to common stockholders |  | $ | 19,381 |  |  | $ | (9,728 | ) |  | $ | 9,653 |
Per share data: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | 19,381 |  |  | $ | (9,728 | ) |  | $ | 9,653 |
Basic earnings (loss) per share |  | $ | 0.05 |  |  | $ | (0.02 | ) |  | $ | 0.03 |
Basic weighted-average shares of common stock outstanding |  |  | 363,244 |  |  |  | — |  |  |  | 363,244 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | 29,575 |  |  | $ | (14,297 | ) |  | $ | 15,278 |
Fully diluted earnings (loss) per share |  | $ | 0.05 |  |  | $ | (0.02 | ) |  | $ | 0.03 |
Fully diluted weighted-average shares of common stock outstanding |  |  | 549,244 |  |  |  | — |  |  |  | 549,244 |
|  | Three Months Ended June 30, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 283,437 |  |  |  | 179 |  |  |  | 283,616 |
Total compensation and employee benefits |  |  | 311,256 |  |  |  | 179 |  |  |  | 311,435 |
Interest expense |  |  | 17,457 |  |  |  | 168 |  |  |  | 17,625 |
Other expenses |  |  | 21,499 |  |  |  | (19 | ) |  |  | 21,480 |
Total expenses |  |  | 473,136 |  |  |  | 328 |  |  |  | 473,464 |
Income (loss) from operations before income taxes |  |  | 48,200 |  |  |  | (328 | ) |  |  | 47,872 |
Provision (benefit) for income taxes |  |  | 8,641 |  |  |  | (42 | ) |  |  | 8,599 |
Consolidated net income (loss) |  | $ | 39,559 |  |  | $ | (286 | ) |  | $ | 39,273 |
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | 11,460 |  |  |  | (106 | ) |  |  | 11,354 |
Net income (loss) available to common stockholders |  | $ | 28,099 |  |  | $ | (180 | ) |  | $ | 27,919 |
Per share data: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | 28,099 |  |  | $ | (180 | ) |  | $ | 27,919 |
Basic earnings (loss) per share |  | $ | 0.08 |  |  | $ | — |  |  | $ | 0.08 |
Basic weighted-average shares of common stock outstanding |  |  | 360,614 |  |  |  | — |  |  |  | 360,614 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | 40,436 |  |  | $ | (263 | ) |  | $ | 40,173 |
Fully diluted earnings (loss) per share |  | $ | 0.07 |  |  | $ | — |  |  | $ | 0.07 |
Fully diluted weighted-average shares of common stock outstanding |  |  | 546,123 |  |  |  | — |  |  |  | 546,123 |
|  | Three Months Ended March 31, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 344,749 |  |  |  | 179 |  |  |  | 344,928 |
Total compensation and employee benefits |  |  | 386,953 |  |  |  | 179 |  |  |  | 387,132 |
Interest expense |  |  | 17,334 |  |  |  | 172 |  |  |  | 17,506 |
Other expenses |  |  | 19,188 |  |  |  | (1,657 | ) |  |  | 17,531 |
Total expenses |  |  | 568,437 |  |  |  | (1,306 | ) |  |  | 567,131 |
Income (loss) from operations before income taxes |  |  | 29,738 |  |  |  | 1,306 |  |  |  | 31,044 |
Provision (benefit) for income taxes |  |  | 8,706 |  |  |  | 2,169 |  |  |  | 10,875 |
Consolidated net income (loss) |  | $ | 21,032 |  |  | $ | (863 | ) |  | $ | 20,169 |
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | 6,718 |  |  |  | (223 | ) |  |  | 6,495 |
Net income (loss) available to common stockholders |  | $ | 14,314 |  |  | $ | (640 | ) |  | $ | 13,674 |
Per share data: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | 14,314 |  |  | $ | (640 | ) |  | $ | 13,674 |
Basic earnings (loss) per share |  | $ | 0.04 |  |  | $ | — |  |  | $ | 0.04 |
Basic weighted-average shares of common stock outstanding |  |  | 358,001 |  |  |  | — |  |  |  | 358,001 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | 20,259 |  |  | $ | (934 | ) |  | $ | 19,325 |
Fully diluted earnings (loss) per share |  | $ | 0.04 |  |  | $ | — |  |  | $ | 0.04 |
Fully diluted weighted-average shares of common stock outstanding |  |  | 538,442 |  |  |  | — |  |  |  | 538,442 |
|  | Three Months Ended December 31, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 271,296 |  |  |  | (2,600 | ) |  |  | 268,696 |
Total compensation and employee benefits |  |  | 340,685 |  |  |  | (2,600 | ) |  |  | 338,085 |
Occupancy and equipment |  |  | 48,987 |  |  |  | (1,600 | ) |  |  | 47,387 |
Interest expense |  |  | 15,636 |  |  |  | 718 |  |  |  | 16,354 |
Other expenses |  |  | 18,886 |  |  |  | 10,601 |  |  |  | 29,487 |
Total expenses |  |  | 522,129 |  |  |  | 7,119 |  |  |  | 529,248 |
Other income (losses), net: |  |  |  |  |  |  |  |  |  |  |  |
Other income (loss) |  |  | 9,462 |  |  |  | 2,180 |  |  |  | 11,642 |
Total other income (losses), net |  |  | 10,512 |  |  |  | 2,180 |  |  |  | 12,692 |
Income (loss) from operations before income taxes |  |  | (24,461 | ) |  |  | (4,939 | ) |  |  | (29,400 | )
Provision (benefit) for income taxes |  |  | 2,095 |  |  |  | 1,980 |  |  |  | 4,075 |
Consolidated net income (loss) |  | $ | (26,556 | ) |  | $ | (6,919 | ) |  | $ | (33,475 | )
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | (10,313 | ) |  |  | (2,601 | ) |  |  | (12,914 | )
Net income (loss) available to common stockholders |  | $ | (16,243 | ) |  | $ | (4,318 | ) |  | $ | (20,561 | )
Per share data: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | (16,243 | ) |  | $ | (4,318 | ) |  | $ | (20,561 | )
Basic earnings (loss) per share |  | $ | (0.05 | ) |  | $ | (0.01 | ) |  | $ | (0.06 | )
Basic weighted-average shares of common stock outstanding |  |  | 351,431 |  |  |  | — |  |  |  | 351,431 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | (16,243 | ) |  | $ | (4,318 | ) |  | $ | (20,561 | )
Fully diluted earnings (loss) per share |  | $ | (0.05 | ) |  | $ | (0.01 | ) |  | $ | (0.06 | )
Fully diluted weighted-average shares of common stock outstanding |  |  | 351,431 |  |  |  | — |  |  |  | 351,431 |
|  | Three Months Ended September 30, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 278,544 |  |  |  | 200 |  |  |  | 278,744 |
Equity-based compensation and allocations of net income to limited partnership units and FPUs |  |  | 40,330 |  |  |  | 3,763 |  |  |  | 44,093 |
Total compensation and employee benefits |  |  | 318,874 |  |  |  | 3,963 |  |  |  | 322,837 |
Interest expense |  |  | 15,258 |  |  |  | 145 |  |  |  | 15,403 |
Other expenses |  |  | 42,757 |  |  |  | (500 | ) |  |  | 42,257 |
Total expenses |  |  | 516,016 |  |  |  | 3,608 |  |  |  | 519,624 |
Income (loss) from operations before income taxes |  |  | 8,746 |  |  |  | (3,608 | ) |  |  | 5,138 |
Provision (benefit) for income taxes |  |  | 6,186 |  |  |  | 505 |  |  |  | 6,691 |
Consolidated net income (loss) |  | $ | 2,560 |  |  | $ | (4,113 | ) |  | $ | (1,553 | )
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | 6,089 |  |  |  | (1,337 | ) |  |  | 4,752 |
Net income (loss) available to common stockholders |  | $ | (3,529 | ) |  | $ | (2,776 | ) |  | $ | (6,305 | )
Per share data: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | (3,529 | ) |  | $ | (2,776 | ) |  | $ | (6,305 | )
Basic earnings (loss) per share |  | $ | (0.01 | ) |  | $ | (0.01 | ) |  | $ | (0.02 | )
Basic weighted-average shares of common stock outstanding |  |  | 346,060 |  |  |  | — |  |  |  | 346,060 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | (3,529 | ) |  | $ | (2,776 | ) |  | $ | (6,305 | )
Fully diluted earnings (loss) per share |  | $ | (0.01 | ) |  | $ | (0.01 | ) |  | $ | (0.02 | )
Fully diluted weighted-average shares of common stock outstanding |  |  | 346,060 |  |  |  | — |  |  |  | 346,060 |
|  | Three Months Ended June 30, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 290,071 |  |  |  | 200 |  |  |  | 290,271 |
Equity-based compensation and allocations of net income to limited partnership units and FPUs |  |  | 43,752 |  |  |  | 1,250 |  |  |  | 45,002 |
Total compensation and employee benefits |  |  | 333,823 |  |  |  | 1,450 |  |  |  | 335,273 |
Interest expense |  |  | 14,985 |  |  |  | 151 |  |  |  | 15,136 |
Other expenses |  |  | 21,765 |  |  |  | (411 | ) |  |  | 21,354 |
Total expenses |  |  | 513,742 |  |  |  | 1,190 |  |  |  | 514,932 |
Income (loss) from operations before income taxes |  |  | 36,758 |  |  |  | (1,190 | ) |  |  | 35,568 |
Provision (benefit) for income taxes |  |  | 14,993 |  |  |  | (1,732 | ) |  |  | 13,261 |
Consolidated net income (loss) |  | $ | 21,765 |  |  | $ | 542 |  |  | $ | 22,307 |
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | 8,154 |  |  |  | 181 |  |  |  | 8,335 |
Net income (loss) available to common stockholders |  | $ | 13,611 |  |  | $ | 361 |  |  | $ | 13,972 |
Per share data: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | 13,611 |  |  | $ | 361 |  |  | $ | 13,972 |
Basic earnings (loss) per share |  | $ | 0.04 |  |  | $ | — |  |  | $ | 0.04 |
Basic weighted-average shares of common stock outstanding |  |  | 341,272 |  |  |  | — |  |  |  | 341,272 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | 21,010 |  |  | $ | 539 |  |  | $ | 21,549 |
Fully diluted earnings (loss) per share |  | $ | 0.04 |  |  | $ | — |  |  | $ | 0.04 |
Fully diluted weighted-average shares of common stock outstanding |  |  | 522,984 |  |  |  | — |  |  |  | 522,984 |
|  | Three Months Ended March 31, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 288,000 |  |  |  | 200 |  |  |  | 288,200 |
Total compensation and employee benefits |  |  | 300,141 |  |  |  | 200 |  |  |  | 300,341 |
Interest expense |  |  | 13,198 |  |  |  | 155 |  |  |  | 13,353 |
Other expenses |  |  | 24,015 |  |  |  | 1,336 |  |  |  | 25,351 |
Total expenses |  |  | 469,719 |  |  |  | 1,691 |  |  |  | 471,410 |
Other income (losses) , net: |  |  |  |  |  |  |  |  |  |  |  |
Other income (loss) |  |  | 21,202 |  |  |  | (4,622 | ) |  |  | 16,580 |
Total other income (losses), net |  |  | 42,039 |  |  |  | (4,622 | ) |  |  | 37,417 |
Income (loss) from operations before income taxes |  |  | 117,071 |  |  |  | (6,313 | ) |  |  | 110,758 |
Provision (benefit) for income taxes |  |  | 29,897 |  |  |  | (4,113 | ) |  |  | 25,784 |
Consolidated net income (loss) |  | $ | 87,174 |  |  | $ | (2,200 | ) |  | $ | 84,974 |
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | 25,306 |  |  |  | (788 | ) |  |  | 24,518 |
Net income (loss) available to common stockholders |  | $ | 61,868 |  |  | $ | (1,412 | ) |  | $ | 60,456 |
Per share data: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | 61,868 |  |  | $ | (1,412 | ) |  | $ | 60,456 |
Basic earnings (loss) per share |  | $ | 0.18 |  |  | $ | — |  |  | $ | 0.18 |
Basic weighted-average shares of common stock outstanding |  |  | 338,403 |  |  |  | — |  |  |  | 338,403 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | 90,765 |  |  | $ | (2,095 | ) |  | $ | 88,670 |
Fully diluted earnings (loss) per share |  | $ | 0.18 |  |  | $ | (0.01 | ) |  | $ | 0.17 |
Fully diluted weighted-average shares of common stock outstanding |  |  | 516,066 |  |  |  | — |  |  |  | 516,066 |
|  | Nine Months Ended September 30, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Consolidated net income (loss) |  | $ | 85,521 |  |  | $ | (16,175 | ) |  | $ | 69,346 |
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  | — |  |  |  |  |
Deferred tax provision (benefit) |  |  | (1,202 | ) |  |  | 8,000 |  |  |  | 6,798 |
Consolidated net income (loss), adjusted for non-cash and non-operating items |  |  | 306,673 |  |  |  | (8,175 | ) |  |  | 298,498 |
Decrease (increase) in operating assets: |  |  |  |  |  |  |  |  |  |  |  |
Accrued commissions receivable, net |  |  | 92,714 |  |  |  | (900 | ) |  |  | 91,814 |
Other assets |  |  | (14,782 | ) |  |  | (317 | ) |  |  | (15,099 | )
Increase (decrease) in operating liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities |  |  | (48,880 | ) |  |  | 9,392 |  |  |  | (39,488 | )
Net cash provided by (used in) operating activities |  | $ | 141,535 |  |  | $ | — |  |  | $ | 141,535 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) investing activities |  | $ | (64,749 | ) |  | $ | — |  |  | $ | (64,749 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) financing activities |  | $ | 29,830 |  |  | $ | — |  |  | $ | 29,830 |
Effect of exchange rate changes on Cash and cash equivalents and Cash segregated under regulatory requirements |  |  | (6,197 | ) |  |  | — |  |  |  | (6,197 | )
Net increase (decrease) in Cash and cash equivalents and Cash segregated under regulatory requirements |  |  | 100,419 |  |  |  | — |  |  |  | 100,419 |
Cash and cash equivalents and Cash segregated under regulatory requirements at beginning of period |  |  | 636,114 |  |  |  | — |  |  |  | 636,114 |
Cash and cash equivalents and Cash segregated under regulatory requirements at end of period |  | $ | 736,533 |  |  | $ | — |  |  | $ | 736,533 |
|  | Six Months Ended June 30, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Consolidated net income (loss) |  | $ | 60,591 |  |  | $ | (1,149 | ) |  | $ | 59,442 |
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Impairment of fixed assets, intangible assets and investments |  |  | 7,485 |  |  |  | 147 |  |  |  | 7,632 |
Deferred tax provision (benefit) |  |  | 722 |  |  |  | 1,900 |  |  |  | 2,622 |
Consolidated net income (loss), adjusted for non-cash and non-operating items |  |  | 212,363 |  |  |  | 898 |  |  |  | 213,261 |
Decrease (increase) in operating assets: |  |  |  |  |  |  |  |  |  |  |  |
Accrued commissions receivable, net |  |  | 51,560 |  |  |  | (900 | ) |  |  | 50,660 |
Other assets |  |  | 8,924 |  |  |  | (6,808 | ) |  |  | 2,116 |
Increase (decrease) in operating liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities |  |  | (85,059 | ) |  |  | 6,810 |  |  |  | (78,249 | )
Net cash provided by (used in) operating activities |  | $ | 73,027 |  |  | $ | — |  |  | $ | 73,027 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) investing activities |  | $ | (42,929 | ) |  | $ | — |  |  | $ | (42,929 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) financing activities |  | $ | 35,074 |  |  | $ | — |  |  | $ | 35,074 |
Effect of exchange rate changes on Cash and cash equivalents and Cash segregated under regulatory requirements |  |  | (14,286 | ) |  |  | — |  |  |  | (14,286 | )
Net increase (decrease) in Cash and cash equivalents and Cash segregated under regulatory requirements |  |  | 50,886 |  |  |  | — |  |  |  | 50,886 |
Cash and cash equivalents and Cash segregated under regulatory requirements at beginning of period |  |  | 636,114 |  |  |  | — |  |  |  | 636,114 |
Cash and cash equivalents and Cash segregated under regulatory requirements at end of period |  | $ | 687,000 |  |  | $ | — |  |  | $ | 687,000 |
|  | Three Months Ended March 31, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Consolidated net income (loss) |  | $ | 21,032 |  |  | $ | (863 | ) |  | $ | 20,169 |
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax provision (benefit) |  |  | 786 |  |  |  | 1,900 |  |  |  | 2,686 |
Consolidated net income (loss), adjusted for non-cash and non-operating items |  |  | 106,621 |  |  |  | 1,037 |  |  |  | 107,658 |
Decrease (increase) in operating assets: |  |  |  |  |  |  |  |  |  |  |  |
Accrued commissions receivable, net |  |  | (59,682 | ) |  |  | (900 | ) |  |  | (60,582 | )
Other assets |  |  | 7,698 |  |  |  | (15,626 | ) |  |  | (7,928 | )
Increase (decrease) in operating liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities |  |  | (60,259 | ) |  |  | 15,489 |  |  |  | (44,770 | )
Net cash provided by (used in) operating activities |  | $ | (71,594 | ) |  | $ | — |  |  | $ | (71,594 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) investing activities |  | $ | (18,383 | ) |  | $ | — |  |  | $ | (18,383 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) financing activities |  | $ | 124,721 |  |  | $ | — |  |  | $ | 124,721 |
Effect of exchange rate changes on Cash and cash equivalents and Cash segregated under regulatory requirements |  |  | (13,496 | ) |  |  | — |  |  |  | (13,496 | )
Net increase (decrease) in Cash and cash equivalents and Cash segregated under regulatory requirements |  |  | 21,248 |  |  |  | — |  |  |  | 21,248 |
Cash and cash equivalents and Cash segregated under regulatory requirements at beginning of period |  |  | 636,114 |  |  |  | — |  |  |  | 636,114 |
Cash and cash equivalents and Cash segregated under regulatory requirements at end of period |  | $ | 657,362 |  |  | $ | — |  |  | $ | 657,362 |
|  | BGC Partners, Inc. Stockholders |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |
|  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Total |  |  | Total |  |  | Total |
Balance, January 1, 2020 |  | $ | 2,271,947 |  |  | $ | 156 |  |  | $ | 2,272,103 |  |  | $ | (1,241,754 | ) |  | $ | (11,335 | ) |  | $ | (1,253,089 | ) |  | $ | 57,911 |  |  | $ | (7,590 | ) |  | $ | 50,321 |  |  | $ | 743,737 |  |  | $ | (18,769 | ) |  | $ | 724,968 |
Consolidated net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,314 |  |  |  | (640 | ) |  |  | 13,674 |  |  |  | 6,718 |  |  |  | (223 | ) |  |  | 6,495 |  |  |  | 21,032 |  |  |  | (863 | ) |  |  | 20,169 |
Balance, March 31, 2020 |  | $ | 2,293,065 |  |  | $ | 156 |  |  | $ | 2,293,221 |  |  | $ | (1,277,956 | ) |  | $ | (11,975 | ) |  | $ | (1,289,931 | ) |  | $ | 56,162 |  |  | $ | (7,813 | ) |  | $ | 48,349 |  |  | $ | 715,956 |  |  | $ | (19,632 | ) |  | $ | 696,324 |
|  | BGC Partners, Inc. Stockholders |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |
|  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Total |  |  | Total |  |  | Total |
Balance, April 1, 2020 |  | $ | 2,293,065 |  |  | $ | 156 |  |  | $ | 2,293,221 |  |  | $ | (1,277,956 | ) |  | $ | (11,975 | ) |  | $ | (1,289,931 | ) |  | $ | 56,162 |  |  | $ | (7,813 | ) |  | $ | 48,349 |  |  | $ | 715,956 |  |  | $ | (19,632 | ) |  | $ | 696,324 |
Consolidated net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 28,099 |  |  |  | (180 | ) |  |  | 27,919 |  |  |  | 11,460 |  |  |  | (106 | ) |  |  | 11,354 |  |  |  | 39,559 |  |  |  | (286 | ) |  |  | 39,273 |
Balance, June 30, 2020 |  | $ | 2,308,973 |  |  | $ | 156 |  |  | $ | 2,309,129 |  |  | $ | (1,253,434 | ) |  | $ | (12,155 | ) |  | $ | (1,265,589 | ) |  | $ | 64,920 |  |  | $ | (7,919 | ) |  | $ | 57,001 |  |  | $ | 762,678 |  |  | $ | (19,918 | ) |  | $ | 742,760 |
|  | BGC Partners, Inc. Stockholders |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |
|  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Total |  |  | Total |  |  | Total |
Balance, January 1, 2020 |  | $ | 2,271,947 |  |  | $ | 156 |  |  | $ | 2,272,103 |  |  | $ | (1,241,754 | ) |  | $ | (11,335 | ) |  | $ | (1,253,089 | ) |  | $ | 57,911 |  |  | $ | (7,590 | ) |  | $ | 50,321 |  |  | $ | 743,737 |  |  | $ | (18,769 | ) |  | $ | 724,968 |
Consolidated net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 42,413 |  |  |  | (820 | ) |  |  | 41,593 |  |  |  | 18,178 |  |  |  | (329 | ) |  |  | 17,849 |  |  |  | 60,591 |  |  |  | (1,149 | ) |  |  | 59,442 |
Balance, June 30, 2020 |  | $ | 2,308,973 |  |  | $ | 156 |  |  | $ | 2,309,129 |  |  | $ | (1,253,434 | ) |  | $ | (12,155 | ) |  | $ | (1,265,589 | ) |  | $ | 64,920 |  |  | $ | (7,919 | ) |  | $ | 57,001 |  |  | $ | 762,678 |  |  | $ | (19,918 | ) |  | $ | 742,760 |
|  | BGC Partners, Inc. Stockholders |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |
|  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Total |  |  | Total |  |  | Total |
Balance, July 1, 2020 |  | $ | 2,308,973 |  |  | $ | 156 |  |  | $ | 2,309,129 |  |  | $ | (1,253,434 | ) |  | $ | (12,155 | ) |  | $ | (1,265,589 | ) |  | $ | 64,920 |  |  | $ | (7,919 | ) |  | $ | 57,001 |  |  | $ | 762,678 |  |  | $ | (19,918 | ) |  | $ | 742,760 |
Consolidated net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19,381 |  |  |  | (9,728 | ) |  |  | 9,653 |  |  |  | 5,549 |  |  |  | (5,298 | ) |  |  | 251 |  |  |  | 24,930 |  |  |  | (15,026 | ) |  |  | 9,904 |
Balance, September 30, 2020 |  | $ | 2,317,706 |  |  | $ | 156 |  |  | $ | 2,317,862 |  |  | $ | (1,237,657 | ) |  | $ | (21,883 | ) |  | $ | (1,259,540 | ) |  | $ | 73,177 |  |  | $ | (13,217 | ) |  | $ | 59,960 |  |  | $ | 802,625 |  |  | $ | (34,944 | ) |  | $ | 767,681 |
|  | BGC Partners, Inc. Stockholders |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |
|  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Total |  |  | Total |  |  | Total |
Balance, January 1, 2020 |  | $ | 2,271,947 |  |  | $ | 156 |  |  | $ | 2,272,103 |  |  | $ | (1,241,754 | ) |  | $ | (11,335 | ) |  | $ | (1,253,089 | ) |  | $ | 57,911 |  |  | $ | (7,590 | ) |  | $ | 50,321 |  |  | $ | 743,737 |  |  | $ | (18,769 | ) |  | $ | 724,968 |
Consolidated net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 61,794 |  |  |  | (10,548 | ) |  |  | 51,246 |  |  |  | 23,727 |  |  |  | (5,627 | ) |  |  | 18,100 |  |  |  | 85,521 |  |  |  | (16,175 | ) |  |  | 69,346 |
Balance, September 30, 2020 |  | $ | 2,317,706 |  |  | $ | 156 |  |  | $ | 2,317,862 |  |  | $ | (1,237,657 | ) |  | $ | (21,883 | ) |  | $ | (1,259,540 | ) |  | $ | 73,177 |  |  | $ | (13,217 | ) |  | $ | 59,960 |  |  | $ | 802,625 |  |  | $ | (34,944 | ) |  | $ | 767,681 |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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