BGC Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>BGC Group, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

BGC Group, Inc. (BGC) filed a Annual Report (10-K) with the SEC on February 29, 2024. BGC Group, Inc. filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Security & Commodity Brokers, Dealers, Exchanges & Services. BGC Group, Inc. was formerly known as BGC Partners, Inc. and ESPEED INC. The filing includes financial data for fiscal years 2020, 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking BGC Group, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of BGC Group's financial performance and business operations for the fiscal year 2023, crucial for investors assessing the company's current standing. The detailed financial statements and risk factors within the report offer insights into the company's market position and potential challenges within the financial services sector.

Risk Assessment

Risk Level: medium — BGC Group, Inc. shows moderate risk based on this filing. The company operates in the Security & Commodity Brokers, Dealers, Exchanges & Services industry, which is subject to significant regulatory oversight and market volatility, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand BGC Group's performance and outlook in the financial services sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-29 — Filing Date (Date of submission)
• 001-35591 — SEC File Number (Company's SEC file number)
• 0001094831 — Central Index Key (Company's Central Index Key)

Key Players & Entities

• BGC Group, Inc. (company) — Filer name
• BGC Partners, Inc. (company) — Former company name
• ESPEED INC (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-29 (date) — Filing date
• 499 PARK AVENUE (address) — Business and mailing address
• New York (location) — City for business and mailing address
• 6200 (industry_code) — Standard Industrial Classification

FAQ

Risk Factors

• Regulatory Environment [high — regulatory]: The company operates in a highly regulated industry, subject to extensive rules and oversight from various governmental and self-regulatory bodies.
• Market Volatility [high — market]: The financial markets in which the company operates are subject to significant volatility, which can impact trading volumes and revenues.
• Operational Risks [medium — operational]: The company faces risks related to its operations, including technology failures, cybersecurity threats, and the ability to attract and retain key personnel.
• Credit and Counterparty Risk [medium — financial]: The company is exposed to credit and counterparty risk in its trading and clearing activities.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.01 — which registered Class A Common Stock, $0.01 par value BGC The Nasdaq Stock Market,
• $300.0 million — an offer and sell up to an aggregate of $300.0 million of shares of BGC Class A common stock
• $250.0 m — rty or its subsidiaries to borrow up to $250.0 million, as amended on August 6, 2018 to
• $400.0 m — ust 6, 2018 to increase the facility to $400.0 million, and assumed by BGC Group on Octo
• $255.5 million — iaries BGC Group 3.750% Senior Notes $255.5 million principal amount of 3.750% senior notes
• $288.2 million — Offer BGC Group 4.375% Senior Notes $288.2 million principal amount of 4.375% senior notes
• $347.2 million — Offer BGC Group 8.000% Senior Notes $347.2 million principal amount of 8.000% senior notes
• $44.5 million — g the Exchange Offer on October 6, 2023 $44.5 million aggregate principal amount of the BGC P
• $11.8 million — g the Exchange Offer on October 6, 2023 $11.8 million aggregate principal amount of the BGC P
• $450.0 million — ing BGC Partners 5.375% Senior Notes $450.0 million principal amount of 5.375% senior notes
• $350.0 million — 018 BGC Partners 8.000% Senior Notes $350.0 million principal amount of 8.000% senior notes
• $2.8 million — g the Exchange Offer on October 6, 2023 $2.8 million aggregate principal amount of the BGC P
• $150.0 million — avirus Disease 2019 Credit Facility A $150.0 million credit facility between BGC Group and a
• $534.9 million — of the Insurance brokerage business for $534.9 million in gross cash proceeds after closing ad
• $14.00 — A common stock by Newmark at a price of $14.00 per share in December 2017 Newmark Op

Filing Documents

• bgcp-20231231.htm (10-K) — 4583KB
• bgc-20231231xexx41.htm (EX-4.1) — 34KB
• bgc-20231231xexx211.htm (EX-21.1) — 116KB
• bgc-20231231xexx231.htm (EX-23.1) — 3KB
• bgc-20231231xexx311.htm (EX-31.1) — 7KB
• bgc-20231231xexx312.htm (EX-31.2) — 7KB
• bgc-20231231xexx321.htm (EX-32.1) — 6KB
• bgc-20231231xexx971.htm (EX-97.1) — 32KB
• bgcp-20231231_g1.jpg (GRAPHIC) — 128KB
• bgcp-20231231_g2.jpg (GRAPHIC) — 48KB
• bgcp-20231231_g3.jpg (GRAPHIC) — 122KB
• image_0a.jpg (GRAPHIC) — 8KB
• 0001628280-24-007951.txt (&nbsp;) — 24389KB
• bgcp-20231231.xsd (EX-101.SCH) — 177KB
• bgcp-20231231_cal.xml (EX-101.CAL) — 207KB
• bgcp-20231231_def.xml (EX-101.DEF) — 1035KB
• bgcp-20231231_lab.xml (EX-101.LAB) — 1733KB
• bgcp-20231231_pre.xml (EX-101.PRE) — 1421KB
• bgcp-20231231_htm.xml (XML) — 3549KB

Business

Business 14 ITEM 1A.

Risk Factors

Risk Factors 38 ITEM 1B. Unresolved Staff Comments 68 ITEM 1C. Cybersecurity 68 ITEM 2.

Properties

Properties 69 ITEM 3.

Legal Proceedings

Legal Proceedings 70 ITEM 4. Mine Safety Disclosures 70 PART II ITEM 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 71 ITEM 6. [Reserved] 73 ITEM 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 73 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 116 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 118 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 193 ITEM 9A.

Controls and Procedures

Controls and Procedures 193 ITEM 9B. Other Information 193 ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 193 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 194 ITEM 11.

Executive Compensation

Executive Compensation 194 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 194 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 194 ITEM 14. Principal Accountant Fees and Services 194 PART IV ITEM 15. Exhibits and Financial Statement Schedules 195 ITEM 16. Form 10K Summary 200 Except as otherwise indicated or the context otherwise requires, as used herein, the terms "BGC," the "Company," "we," "our," and "us" refer to: (i) following the closing of the Corporate Conversion, effective July 1, 2023, BGC Group and its consolidated subsidiaries, including BGC Partners; and (ii) prior to the effective time of the Corporate Conversion, BGC Partners and its consolidated subsidiaries. See Note 1—"Organization and Basis of Presentation" to the Consolidated Financial Statements herein for more information regarding the Corporate Conversion, and refer to the "Glossary of Terms, Abbreviations and Acronyms" for the definitions of terms used above and throughout the remainder of this Annual Report on Form 10-K. Table of Contents GLOSSARY OF TERMS, ABBREVIATIONS AND ACRONYMS The following terms, abbreviations and acronyms are used to identify frequently used terms and phrases that may be used in this report: TERM DEFINITION 2019 Form S-4 Registration Statement On September 13, 2019, BGC filed a registration statement on Form S-4 with respect to the offer and sale of up to 20.0 million shares of BGC Class A common stock in connection with business combination transactions, including acquisition of other businesses, assets, properties or securities 2023 Deed of Amendment On July 12, 2023, Mr. Windeatt executed a Deed of Amendment amending his existing Deed of Adherence with the U.K. Partnership regarding his employment ACER Agency for the Cooperation of Energy Regulators Adjusted Earnings A non-GAAP financial measure used by the Company to evaluate financial performance, which primarily exclude

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View this 10-K filing on SEC EDGAR