BGC Group, Inc. Files Q2 2024 10-Q

TL;DR

BGC Group dropped its Q2 10-Q. Check financials.

AI Summary

BGC Group, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details are provided within the report, which is a standard quarterly disclosure for publicly traded companies.

Why It Matters

This filing provides investors and analysts with a detailed look into BGC Group's financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks beyond those already associated with publicly traded companies.

Key Numbers

• 2024 Q2 — Reporting Period (Covers the second quarter of 2024.)
• 12/31 — Fiscal Year End (Indicates the company's fiscal year concludes on December 31st.)

Key Players & Entities

• BGC Group, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240808 (date) — Filing date
• 499 PARK AVENUE (location) — Company's business and mailing address
• BGC Partners, Inc. (company) — Former company name

FAQ

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
• $500.0 million — Offer BGC Group 6.600% Senior Notes $500.0 million principal amount of 6.600% senior notes
• $347.2 million — , 2024 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

Filing Documents

• bgcp-20240630.htm (10-Q) — 3301KB
• bgcp-20240630xexx311.htm (EX-31.1) — 8KB
• bgcp-20240630xexx312.htm (EX-31.2) — 8KB
• bgcg-20240630xexx32.htm (EX-32) — 7KB
• bgcp-20240630_g1.jpg (GRAPHIC) — 47KB
• 0001628280-24-035883.txt ( ) — 17555KB
• bgcp-20240630.xsd (EX-101.SCH) — 135KB
• bgcp-20240630_cal.xml (EX-101.CAL) — 127KB
• bgcp-20240630_def.xml (EX-101.DEF) — 746KB
• bgcp-20240630_lab.xml (EX-101.LAB) — 1233KB
• bgcp-20240630_pre.xml (EX-101.PRE) — 1037KB
• bgcp-20240630_htm.xml (XML) — 2849KB

—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 June 30, 2024 and December 31, 2023 17 Condensed Consolidated Statements of Operations—For the Three and Six Months Ended June 30, 2024 and June 30, 2023 18 Condensed Consolidated Statements of Comprehensive Income (Loss)—For the Three and Six Months Ended June 30, 2024 and June 30, 2023 19 Condensed Consolidated Statements of Cash Flows—For the Six Months Ended June 30, 2024 and June 30, 2023 20 Condensed Consolidated Statements of Changes in Equity—For the Three and Six Months Ended June 30, 2024 and June 30, 2023 22 Notes to Condensed Consolidated Financial Statements 26 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 78 ITEM 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 115 ITEM 4

Controls and Procedures

Controls and Procedures 117

—OTHER INFORMATION

PART II—OTHER INFORMATION ITEM 1

Legal Proceedings

Legal Proceedings 118 ITEM 1A

Risk Factors

Risk Factors 118 ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds 118 ITEM 3 Defaults Upon Senior Securities 118 ITEM 4 Mine Safety Disclosures 118 ITEM 5 Other Information 118 ITEM 6 Exhibits 119

Signatures

Signatures 120 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 APAC Asia-Pacific API Application Programming Interface April 2008 distribut

View Full Filing

View this 10-Q filing on SEC EDGAR