XML 29 R13.htm IDEA: XBRL DOCUMENT v3.20.4
Quarterly Results of Operations (Unaudited)
12 Months Ended
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