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DISCLAIMER
ESPEED TRANSACTION DETAILS
3
SELECT 2Q2013 RESULTS COMPARED TO 2Q2012
4
2Q2013 GLOBAL REVENUE BREAKDOWN
5
New York Paris
Hong
Kong London
Singapore
EMEA
37.4%Americas
52.1%
APAC
10.5%
2Q2013 Revenues
2Q2013 PRODUCT DIVERSITY
6
Rates 29.4%
Credit 14.3%
Foreign exchange 12.9%
Equities and other asset
classes 8.6%
Real estate brokerage
22.1%
Real estate management
services 8.5%
Other revenues, interest income &
related parties 3.0%
Market data & software solutions
1.3%
Financial Services67.1%
Real Estate Services30.5%
Corporate2.3%
2Q2013 SEGMENT DATA
7
2Q2013 Revenues 2Q2013 Revenues Pre-tax
Earnings Pre-tax Margin
Financial $316.3 $56.4 17.8%
Real Estate $143.9 $11.1 7.7%
Corporate $10.9 ($13.7) NMF
In USD millions
2Q2012 Revenues Pre-tax
Earnings Pre-tax Margin
Financial $309.2 $58.5 18.9%
Real Estate $144.1 $14.0 9.7%
Corporate $11.8 ($16.5) NMF
2Q VOLATILITY SLIGHTLY INCREASED FROM RECENT LOWS
8
BUSINESS OVERVIEW: RATES
9
Rates29.4%
$0
$100
$200
$300
$400
$500
$600
FY 2011 FY 2012 Q2 2012 Q2 2013
$578.5 $532.4
$134.4 $138.3
(US
D m
illio
ns)
Interest Rate Derivatives
US Treasuries
Global Government Bonds
Agencies
Interest Rate Futures
Dollar Derivatives
Repurchase Agreements
Non-Deliverable Swaps
Interest rate Swaps & Options
Rates Revenue Growth
2.9%
% of 2Q2013 Total Distributable Earnings Revenue Example of Products
Global sovereign and corporate debt issuance cause long-term tailwinds in our Rates business
Near-term headwinds due to quantitative easing
Low interest rates in most major economies holding down volumes
Interest rate volatility increased from recent lows in 2Q 2013 due to uncertainty over the timing of a reduction in quantitative easing
Drivers
Fed UST
Primary Dealer Volume
BGC Overall Rates Revenue
Eurex Rates Volume
CME Rates Volume
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
BGC ELECTRONIC RATES REVENUES GENERALLY OUTPERFORM
10
33%
7%
(3%)
BGC Fully Electronic
Rates Revenue
excluding eSpeed
8%
3%
24%
BGC Fully Electronic
Rates Revenue
Credit
14.3%
BUSINESS OVERVIEW: CREDIT
11
Credit Derivatives
Asset-Backed Securities
Convertibles
Corporate Bonds
High yield Bonds
Emerging Market Bonds
Credit Revenue Growth
% of 2Q2013 Total Distributable Earnings Revenue Example of Products
Industry derivatives volumes generally lower
Large bank corporate bond trading activity impacted due in part to Basel 3 capital requirements
Reduced front office headcount and consolidated desks expected to improve long term profitability in this asset class but lowered revenues short-term
Drivers
$0
$100
$200
$300
$400
$500
FY 2011 FY 2012 Q2 2012 Q2 2013
$315.0 $284.6
$70.1 $67.3
(US
D m
illio
ns)
BGC Total Credit
Revenue
TRACE All Bond Dollar Volumes
-20% -15% -10% -5% 0% 5% 10% 15% 20% 25%
BGC’S CREDIT DESKS REFLECT MIXED INDUSTRY TRENDS
12
20%
Creditex Revenue (14%)
2Q2013 YoY Growth
8% BGC Fully Electronic Credit Revenue
(4%)
Dealer to Dealer
Notional Outstanding (12%)
BUSINESS OVERVIEW: FOREIGN EXCHANGE
13
Foreign Exchange Revenue Growth
% of 2Q2013 Total Distributable Earnings Revenue Example of Products
FX volume returned to normal levels globally during the quarter
BGC had strong performance during 2Q in voice and electronic FX
Drivers
FX
12.9%
$0
$25
$50
$75
$100
$125
$150
$175
FY 2011 FY 2012 Q2 2012 Q3 2013
$218.4 $208.0
$53.2 $60.7
(US
D m
illio
ns)
14.0%
In virtually all currency pairs
Options
Exotics
Spot
Forwards
Non-deliverable forwards
BGC’S FULLY ELECTRONIC FX REVENUES OUTPERFORMED MARKET
14
2Q2013 YoY Growth
3%
12% 13% 14%
27%
38%
0%
5%
10%
15%
20%
25%
30%
35%
40%
(Grow
th)
CME FX Futures
Volumes
EBS FX
Average Daily
Volumes
BGC’s Spot
FX Revenue
Reuters Spot
FX Volumes
BGC Total FX
Revenue
BGC’s Fully Electronic
FX Volume
40%
6%
15%
0%
10%
20%
30%
40%
50%
UK Singapore NorthAmerica
(AD
V G
row
th)
April 2013 YoY OTC
Central Bank FX Average
Daily Volume Growth
BUSINESS OVERVIEW: EQUITIES & OTHER ASSET CLASSES
15
Equity Derivatives
Cash Equities
Index Futures
Commodities
Energy Derivatives
Other Derivatives and Futures
Equities & Other Asset Classes Revenue Growth
% of 2Q2013 Total Distributable Earnings Revenue Example of Products
Lower global equity cash & derivatives volumes industry-wide
Reduced front office headcount and consolidated desks expected to improve long term profitability in this asset class but lowered revenues short-term
Drivers
Equities
& Other
8.6%
$0
$25
$50
$75
$100
$125
$150
$175
$200
$225
FY 2011 FY 2012 Q2 2012 Q2 2013
$214.5
$156.1
$41.7 $40.7
(US
D m
illi
on
s)
“EQUITIES AND OTHER”: REFLECTS LOWER EUROPEAN VOLUMES
16
2Q2013 YoY Change
-42%
-18%
-18%
-3%
12%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
Euronext
EquityDerivative
Volume
Eurex Equity
DerivativeVolume
Deutsche
Borse's XetraVolume
BGC Equity &
Other AssetClasses
Revenues
OCC Equity
OptionVolume
BUSINESS OVERVIEW: REAL ESTATE SERVICES
17
Leasing Advisory
Global Corporate Services
Retail Services
Property & Facilities Management
Consulting
Program and Project Management
Industrial Services
Valuation
Property Sales
Capital Markets (Includes: Debt & Equity Raising, Mortgage)
Real Estate Services Revenue
% of 2Q2013 Total Distributable Earnings Revenue Example of Products
Average rents and vacancies improve YoY
Real Capital Analytics commercial sales volumes up 13% YoY in 2Q
Low interest rates make Real Estate a more attractive investment class
CoStar Value Weighted Composite Index up 9.4% YoY (May)
Excluding non-core Grubb & Ellis purchased assets, NGKF up 8% YoY*
Drivers
Management
Services 8.5%
Real Estate
Brokerage
22.1%
$0
$25
$50
$75
$100
$125
$150
Q2 2012 Q2 2013
$105.6 $104.0
$37.9 $39.8
Real Estate
Brokerage Rev
(Purple)
Management
Services
(Grey)
$143.5 (total) $143.8 (total)
NGKF REVENUE ANALYSIS
18
($ in millions) 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013
Actual Revenues $144.1 $141.1 $148.7 $114.2 $143.8
Actual YoY Revenue Change NA NA $91.6 $66.3 ($0.2)
Actual YoY % Change NA NA 160% 139% 0%
Adjusted Revenues $132.1 $135.9 $144.2 $112.4 $142.5
Adjusted YoY Revenue Change NA NA $87.1 $64.5 $10.5
Adjusted YoY % Change NA NA 152% 135% 8%
Note: Grubb & Ellis Acquisition closed April 13, 2012.
REAL ESTATE MARKET IMPROVING NATIONALLY
19
US Office & Industrial Market Asking Rent & Vacancy
Asking Rent & Vacancy (Office) Asking Rent & Vacancy (Industrial)
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
'06 '07 '08 '09 '10 '11 '12 '13
billions
Entity Portfolio
Individual
Suburban Office
Industrial
CBD Office
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
'06 '07 '08 '09 '10 '11 '12 '13
Apartment
Retail
QUARTERLY SALES MARKET TRENDS CONTINUE TO IMPROVE
20
Real Capital Analytics commercial sales volumes up 13% YoY in 2Q 2013
Cap rates remain well above 10-year UST yields.
Average Cap Rates by Sector
Transaction Volume
U.S. Composite Indices: Equal- and Value-Weighted Data
Through May 2013
Value-Weighted up 9.4% YoY
Equal-Weighted up 8.0% YoY
0
25
50
75
100
125
150
175
200
225
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Ind
ex V
alu
e (2
00
0 D
ec
= 1
00
)
U.S. Composite - Value Weighted U.S. Composite - Equal Weighted
BGC’S FRONT OFFICE OVERVIEW
21
Front Office Productivity (in thousands) Front Office Headcount
1,757 1,735 1,721 1,641 1,587
854 840 830 894 898
0
500
1,000
1,500
2,000
2,500
2Q2012 3Q2012 4Q2012 1Q2013 2Q2013Real Estate Financial Brokerage
$0
$200
$400
$600
$800
$1,000
$1,200
2011 2012 2Q2012 2Q2013
$776
$639
$157$169
($ t
ho
usa
nd
s)
Y-on-Y change: (4.8%)
(Fro
nt O
ffic
e E
mplo
yees) 2,611 2,551 2,575
2,535 2,485 total
$10
$15
$20
$25
$30
$35
$40
$45
2Q2012 3Q2012 4Q2012 1Q2013 2Q2013
$36.6$35.8
$33.3
$39.6$38.6
($ m
illi
on
s)
$5
$10
$15
2Q2012 3Q2012 4Q2012 1Q2013 2Q2013
$13.4
$11.6
$9.7
$13.2
$14.4
($ t
rill
ion
s)BGC’S FULLY ELECTRONIC BROKERAGE METRICS
22
Fully Electronic Brokerage Notional Volumes (in trillions)
•
Fully Electronic Revenues (in millions)*
* This includes fees captured in both the “total brokerage revenues” and “ fees from related party” line items related to fully electronic trading within the Financial Services
Segment.
23
BGC’S TECHNOLOGY-BASED BUSINESSES HAVE HIGHER
MARGINS
Percentage of fully electronic from each of ≈110 e-brokered desks range from <10% to 100%
Profit margins = highest for US Treasuries, spot FX, Market Data and Software Solutions
Profit margins for retained electronic products vary, though are generally higher than for voice-
brokered products
Over time, we believe margins for newer e-brokered products should expand as their markets mature
• “
*BGC sold only its on-the-run, benchmark 2-, 3-, 5-, 7-, 10-, and 30-year fully electronic trading platform for U.S. Treasury
Notes and Bonds. For the purposes of this analysis, the assets being sold to NASDAQ OMX are referred to as “eSpeed.”
Voice/Hybrid 85.9%
RetainedTech***
6.9%
eSpeed*7.3%
24
BGC WILL RETAIN NEARLY HALF OF TECHNOLOGY-BASED REVENUES
Technology-Based Products** = 14.2% of 2Q2013
Financial Services Segment Revenues
*BGC sold its on-the-run, benchmark, 2-, 3-, 5-, 7-, 10-, and 30-year fully electronic trading platform for U.S. Treasury Notes and Bonds. For the purposes of this
analysis, the assets sold to NASDAQ OMX are referred to as “eSpeed.” See our 7/1/2013 8-K for more details.
**Technology-Based Products = fully electronic brokerage, fees from related parties related to fully electronic trading, market data, and software solutions.
*** Retained Tech = businesses remaining with BGC post-eSpeed transaction.
Note: These figures are those recorded in the Financial Services segment and exclude those revenues and expenses included in corporate items.
Pre-tax margin
≈ 45%
Pre-tax margin
≈60%
$19.5
$21.9
2Q2012 2Q2013
$23.4 $22.9
0
5
10
15
20
25
30
2Q2012 2Q2013
0
20
40
60
80
100
120
FY2010 FY2011 FY2012 FY2010 FY2011 FY2012
RETAINED TECH-BASED PRODUCTS HAVE GROWN FASTER
25
Note: These eSpeed figures are only those recorded in the Financial Services segment and exclude those included in corporate items
$97.9 $104.3
$93.6
$48.3
$71.4
$77.7
26
TECH-BASED PRODUCTS HAVE MUCH HIGHER MARGINS
In $MM
Note: For all periods, “Technology Based” revenues includes fully electronic trading in the “total brokerage revenues” GAAP income statement line item, the
portion of “fees from related parties” line item related to fully electronic trading, all “market data” revenues , and all “software solutions” revenues. Real Estate
revenues are included in Voice/Hybrid.
*Before Corporate allocations
Technology
- Based
Voice /
Hybrid
Corporate /
Other Total
Technology
- Based
Voice /
Hybrid
Corporate /
Other Total
Revenue $45 $415 $11 $471 $43 $410 $12 $465
Pre-Tax DE $23 $44 ($14) $54 $21 $51 ($17) $56
Pre-tax DE Margin 52% 11% NMF 11% 50% 12% NMF 12%
Technology
- Based
Voice /
Hybrid
Corporate /
Other Total
Technology
- Based
Voice /
Hybrid
Corporate /
Other Total
Revenue $171 $1,532 $48 $1,751 $176 $1,251 $50 $1,476
Pre-Tax DE $85 $173 ($62) $196 $90 $208 ($61) $237
Pre-tax DE Margin 50% 11% NMF 11% 51% 17% NMF 16%
Technology
- Based
Voice /
Hybrid
Corporate /
Other Total
Technology
- Based
Voice /
Hybrid
Corporate /
Other Total
Revenue $46 $392 $12 $450 $46 $347 $11 $404
Pre-Tax DE $25 $41 ($21) $45 $24 $53 ($19) $58
Pre-tax DE Margin 54% 10% NMF 10% 53% 15% NMF 14%
Q2 2013 Q2 2012
FY2012 FY2011
Q1 2013 Q1 2012
BGC PARTNERS COMPENSATION RATIO
27
$713.3 $749.8 $793.5$1,036.8
$565.2
60.9%
56.2% 53.8%
59.2% 61.4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
$1,100
2009 2010 2011 2012 1H 2013
($ m
illio
ns)
Compensation and Employee Benefits Compensation and Employee Benefits as % of Total Revenue
NON-COMPENSATION EXPENSES & PRE-TAX MARGIN
28
9.8%13.8%
16.1%11.2% 10.7%
29.2% 30.0% 30.2% 29.6%27.9%
0%
10%
20%
30%
40%
50%
Pre-tax distributable earnings as % of Total Revenue Non-comp Expenses as a % of Total Revenue
FY 2009 FY 2010 FY 2011 FY 2012
1H 2013
ADJUSTED EBITDA
29
BGC Partners, Inc
Reconciliation of GAAP Income to Adjusted EBITDA
(and Comparison to Pre-Tax Distributable Earnings, in $000s)
Q2 2013 Q2 2012
Income from operations before income taxes 208,251$ 4,450$
Add back:
Employee loan amortization 10,223 7,418
Interest expense 9,989 7,578
Fixed asset depreciation and intangible asset amortization 12,284 12,237
Impairment of fixed assets 351 218
Exchangeability charges (1) 12,900 38,131
Redemption of partnership units, issuance of restricted shares and compensation
related partnership loans 464,594 -
Losses on equity investments 1,224 2,652
Adjusted EBITDA 719,816$ 72,684$
Pre-Tax distributable earnings 53,835$ 55,929$
(1) Represents non-cash, non-economic, and non-dilutive charges relating to grants of exchangeability to limited partnership units.
118
108
122
113
119
105
97
107
122
115 115
93
$122
$112
$131
$107
$129 $129
$114
$134 $132
$112 $112
$84
50
75
100
125
150
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2010 Revenue
2011 Revenue
116120 120
100
118
10499
93
112108
100
80
$127
$107 $102
108113
106
50
75
100
125
150
175
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2012 Revenue
2013 Revenue
MONTHLY REVENUE EXCLUDING REAL ESTATE SERVICES ($MM)
30
BG
C M
on
thly
Dis
trib
uta
ble
Ea
rnin
gs
Re
ve
nu
es
($
MM
)
First 21 trading days of
July down about 8% per
day excluding eSpeed
Revenue for August
2010 included $11.6M in
“other revenues” as the
result of a favorable
arbitration ruling
pertaining to Refco
Securities.
BGC’S ECONOMIC OWNERSHIP AS OF 6/30/13
31
Public
42%Cantor
24%
Employees,
Executives, & Directors
34%
AVERAGE EXCHANGE RATES
32
Average
2Q2013 2Q2012 July 1- 30th, 2013 July 1- 30th, 2012
US Dollar 1 1 1 1
British Pound 1.536 1.583 1.518 1.560
Euro 1.306 1.285 1.308 1.231
Hong Kong Dollar 0.129 0.129 0.129 0.129
Singapore Dollar 0.801 0.791 0.789 0.793
Japanese Yen* 98.770 80.130 99.740 79.060
* Inverted
DISTRIBUTABLE EARNINGS