BGC Group Inc
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
BGC$11.07+0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows—For the and
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Consolidated net income (loss) | $99,929 | $17,512 |
| Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities: | ||
| Fixed asset depreciation and intangible asset amortization | 60,745 | 60,117 |
| Employee loan amortization and reserves on employee loans | 44,752 | 35,645 |
| Equity-based compensation and allocations of net income to limited partnership units and FPUs | 247,978 | 277,285 |
| Deferred compensation expense | 37 | 38 |
| Losses (gains) on equity method investments | (6,894) | (6,568) |
| Unrealized/realized losses (gains) on financial instruments owned, at fair value and other investments | (38,769) | 914 |
| Amortization of discount (premium) on notes payable | 386 | 2,708 |
| Impairment of fixed assets, intangible assets and investments | 451 | 3,013 |
| Deferred tax provision (benefit) | (3,087) | (22,678) |
| Change in estimated acquisition earn-out payables | 499 | 723 |
| Forfeitures of Class A common stock | (988) | (796) |
| Other | 3,162 | — |
| Consolidated net income (loss), adjusted for non-cash and non-operating items | 408,201 | 367,913 |
| Decrease (increase) in operating assets: | ||
| Financial instruments owned, at fair value | (166,714) | (5,562) |
| Receivables from broker-dealers, clearing organizations, customers and related broker-dealers | (824,559) | (614,776) |
| Accrued commissions receivable, net | (55,288) | (26,848) |
| Loans, forgivable loans and other receivables from employees and partners, net | (49,098) | (47,525) |
| Receivables from related parties | (2,894) | (4,570) |
| Other assets | (24,954) | 6,348 |
| Increase (decrease) in operating liabilities: | ||
| Repurchase agreements | 1,962 | — |
| Accrued compensation | (23,317) | (6,902) |
| Payables to broker-dealers, clearing organizations, customers and related broker-dealers | 796,347 | 597,329 |
| Payables to related parties | (2,097) | 9,243 |
| Accounts payable, accrued and other liabilities | 5,873 | (42,949) |
| Net cash provided by (used in) operating activities | $63,462 | $231,701 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Purchases of fixed assets | $(23,312) | $(9,101) |
| Capitalization of software development costs | (31,412) | (33,946) |
| Proceeds from equity method investments | 1,815 | 9,467 |
| Payments for acquisitions, net of cash acquired | — | (26,502) |
| Purchase of investment carried under measurement alternative | (3,699) | — |
| Loan to related parties | (180,000) | — |
| Repayment of loan to related parties | 30,000 | — |
| Purchase of other assets | (498) | (399) |
| Net cash provided by (used in) investing activities | $(207,106) | $(60,481) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Issuance of long-term debt borrowings, net of deferred issuance costs | $769,493 | $755,212 |
| Repayments of long-term debt borrowings | (515,000) | (623,251) |
| Issuance of short-term borrowings from related parties | 275,000 | — |
| Repayment of short-term borrowings from related parties | (275,000) | — |
| Earnings distributions to limited partnership interests and other noncontrolling interests | (7,805) | (19,041) |
| Redemption and repurchase of equity awards | (97,332) | (102,494) |
| Dividends to stockholders | (24,443) | (12,267) |
| Repurchase of Class A common stock | (212,192) | (86,537) |
| Proceeds from sale of Cantor Units in BGC Holdings | — | 11,539 |
| Short term borrowings, net of repayments | — | (1,917) |
| Pre-acquisition cash capital contribution to Futures Exchange Group | — | (18,703) |
| Proceeds from non-controlling interests | 171,667 | — |
| Payments on acquisition earn-outs | (1,000) | — |
| Other | (26,667) | — |
| Net cash provided by (used in) financing activities | $56,721 | $(97,459) |
| Effect of exchange rate changes on Cash and cash equivalents and Cash segregated under regulatory requirements | (2,473) | 223 |
| Net increase (decrease) in Cash and cash equivalents, and Cash segregated under regulatory requirements | (89,396) | 73,984 |
| Cash and cash equivalents and Cash segregated underregulatory requirements at beginning of period | 672,896 | 502,010 |
| Cash and cash equivalents and Cash segregated under regulatory requirements at end of period | $583,500 | $575,994 |
| Supplemental cash information: | ||
| Cash paid during the period for taxes | $82,804 | $47,449 |
| Cash paid during the period for interest | 41,154 | 47,791 |
| Supplemental non-cash information: | ||
| Issuance of Class A common stock upon exchange of limited partnership interests | $— | $45,868 |
| Issuance of Class A and contingent Class A common stock and limited partnership interests for acquisitions | 3,760 | 7,275 |
| ROU assets and liabilities | 16,709 | 27,075 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.