BGC Group, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>BGC Group, Inc. has filed its Q1 2024 10-Q report, detailing financial positions and historical company name changes.</b>

AI Summary

BGC Group, Inc. (BGC) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. BGC Group, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal executive offices are located at 499 Park Avenue, New York, NY 10022. BGC Group, Inc. was formerly known as BGC Partners, Inc. and ESPEED INC. The filing includes data related to common stock, additional paid-in capital, retained earnings, and noncontrolling interests as of various dates in 2023 and 2024.

Why It Matters

For investors and stakeholders tracking BGC Group, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and position of BGC Group, Inc., crucial for evaluating investment decisions. Understanding the company's historical name changes (BGC Partners, Inc., ESPEED INC) is important for tracking its corporate evolution and potential impacts on its business.

Risk Assessment

Risk Level: low — BGC Group, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures, indicating a routine update on the company's financial status.

Analyst Insight

Review the detailed financial statements within the 10-Q to assess BGC Group's performance and financial health for Q1 2024.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-09 — Filing Date (Filed as of date)
• 0001094831 — Central Index Key (Filer's Central Index Key)
• 001-35591 — SEC File Number (SEC file number)

Key Players & Entities

• BGC Group, Inc. (company) — Filer name
• BGC Partners, Inc. (company) — Former company name
• ESPEED INC (company) — Former company name
• 499 Park Avenue (location) — Business address
• New York (location) — Business address city
• NY (location) — Business address state
• 10022 (location) — Business address zip

FAQ

Industry Context

BGC Group operates in the securities and commodities brokerage, dealing, and exchange services industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Examine any disclosures related to changes in accounting policies or significant business events.
3. Compare Q1 2024 results to previous periods if comparative data is available in the full filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance during the quarter.)

Year-Over-Year Comparison

This is the initial data extracted from the 10-Q filing for the period ending March 31, 2024. Comparative data from the previous filing is not yet available in this extract.

Key Financial Figures

• $0.01 — which registered Class A Common Stock, $0.01 par value BGC The Nasdaq Stock Market,
• $300.0 million — ld 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, as
• $400.0 million — ch 8, 2024, to increase the facility to $400.0 million at a rate equal to 25 basis points less
• $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 — the Exchange Offer on October 6, 2023, $44.5 million aggregate principal amount of the BGC P
• $11.8 million — 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 — the Exchange Offer on October 6, 2023, $2.8 million aggregate principal amount of the BGC P
• $150.0 million — uirements Directive Credit Facility A $150.0 million credit facility between BGC Group and a
• $172 million — argo, being the banks which contributed $172 million between April 23, 2024 and April 24, 20
• $667 million — FMX at a post-money equity valuation of $667 million. The FMX Equity Partners received an ad

Filing Documents

• bgcp-20240331.htm (10-Q) — 2713KB
• bgcp-20240331xexx311.htm (EX-31.1) — 8KB
• bgcp-20240331xexx312.htm (EX-31.2) — 8KB
• bgcg-20240331xexx32.htm (EX-32) — 7KB
• bgcp-20240331_g1.jpg (GRAPHIC) — 47KB
• 0001628280-24-022251.txt (&nbsp;) — 15744KB
• bgcp-20240331.xsd (EX-101.SCH) — 136KB
• bgcp-20240331_cal.xml (EX-101.CAL) — 122KB
• bgcp-20240331_def.xml (EX-101.DEF) — 764KB
• bgcp-20240331_lab.xml (EX-101.LAB) — 1219KB
• bgcp-20240331_pre.xml (EX-101.PRE) — 1031KB
• bgcp-20240331_htm.xml (XML) — 2347KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Glossary of Terms, Abbreviations and Acronyms 2 ITEM 1

Financial Statements (unaudited)

Financial Statements (unaudited) 17 Condensed Consolidated Statements of Financial Condition—At March 31, 2024 and December 31, 2023 17 Condensed Consolidated Statements of Operations—For the Three Months Ended March 31, 2024 and March 31, 2023 18 Condensed Consolidated Statements of Comprehensive Income (Loss)—For the Three Months Ended March 31, 2024 and March 31, 2023 19 Condensed Consolidated Statements of Cash Flows—For the Three Months Ended March 31, 2024 and March 31, 2023 20 Condensed Consolidated Statements of Changes in Equity—For the Three Months Ended March 31, 2024 and March 31, 2023 22 Notes to Condensed Consolidated Financial Statements 24 ITEM 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 71 ITEM 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 105 ITEM 4

Controls and Procedures

Controls and Procedures 108

—OTHER INFORMATION

PART II—OTHER INFORMATION ITEM 1

Legal Proceedings

Legal Proceedings 109 ITEM 1A

Risk Factors

Risk Factors 109 ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds 109 ITEM 3 Defaults Upon Senior Securities 109 ITEM 4 Mine Safety Disclosures 109 ITEM 5 Other Information 109 ITEM 6 Exhibits 111

Signatures

Signatures 112 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 unaudited Condensed 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 Quarterly Report on Form 10-Q. 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 Adjusted Earnings A non-GAAP financial measure used by the Company to evaluate financial performance, which primarily excludes (i) certain non-cash items and other expenses that generally do not involve the receipt or outlay of cash and do not dilute existing stockholders, and (ii) certain gains and charges that management believes do not best reflect the ordinary results of BGC ADV Average daily volume API Application Programming Interface April 2008 distribution rights shares Can

View Full Filing

View this 10-Q filing on SEC EDGAR