BGC Partners : 4Q 2020 Excel Tables

US GAAP Bal Sheet

BGC PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except per share data)
(unaudited)
December 31,	December 31,
2020	2019
Assets
Cash and cash equivalents	$ 593,646	$ 415,379
Cash segregated under regulatory requirements	257,031	220,735
Securities owned	58,572	57,525
Marketable securities	349	14,228
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers	304,022	551,445
Accrued commissions and other receivables, net	739,009	788,284
Loans, forgivable loans and other receivables from employees and partners, net	408,142	315,590
Fixed assets, net	214,782	204,841
Investments	38,008	40,349
Goodwill	556,211	553,745
Other intangible assets, net	287,157	303,224
Receivables from related parties	11,953	14,273
Other assets	480,418	447,296
Total assets	$ 3,949,300	$ 3,926,914
Liabilities, Redeemable Partnership Interest, and Equity
Short-term borrowings	$ 3,849	$ 4,962
Securities loaned	-	13,902
Accrued compensation	220,726	215,085
Payables to broker-dealers, clearing organizations, customers and related broker-dealers	179,716	416,566
Payables to related parties	36,252	72,497
Accounts payable, accrued and other liabilities	1,363,919	1,312,609
Notes payable and other borrowings	1,315,935	1,142,687
Total liabilities	3,120,397	3,178,308
Redeemable partnership interest	20,674	23,638
Equity
Stockholders' equity:
Class A common stock, par value $0.01 per share; 750,000 shares authorized; 373,545 and 358,440 shares
issued at December 31, 2020 and December 31, 2019, respectively; and 323,018 and 307,915 shares
outstanding at December 31, 2020 and December 31, 2019, respectively	3,735	3,584
Class B common stock, par value $0.01 per share; 150,000 shares authorized; 45,884 shares issued and
outstanding at each of December 31, 2020 and December 31, 2019, convertible into Class A common stock	459	459
Additional paid-in capital	2,354,492	2,272,103
Treasury stock, at cost: 50,527 and 50,525 shares of Class A common stock at	(315,313)	(315,308)
December 31, 2020 and December 31, 2019, respectively
Retained deficit	(1,265,504)	(1,253,089)
Accumulated other comprehensive income (loss)	(28,930)	(33,102)
Total stockholders' equity	748,939	674,647
Noncontrolling interest in subsidiaries	59,290	50,321
Total equity	808,229	724,968
Total liabilities, redeemable partnership interest and equity	$ 3,949,300	$ 3,926,914

US GAAP P&L

BGC PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended December 31,	Year Ended December 31,
Revenues:	2020	2019	2020	2019
Commissions	$ 377,146	$ 382,897	$ 1,567,668	$ 1,645,818
Principal transactions	73,687	71,725	351,633	321,923
Total brokerage revenues	450,833	454,622	1,919,301	1,967,741
Fees from related parties	4,857	8,218	25,754	29,442
Data, software and post-trade	20,860	18,151	81,920	73,166
Interest and dividend income	(783)	2,865	12,332	18,319
Other revenues	3,659	3,300	17,413	15,563
Total revenues	479,426	487,156	2,056,720	2,104,231
Expenses:
Compensation and employee benefits	258,687	268,696	1,131,650	1,125,911
Equity-based compensation and allocations of net income to limited partnership units and FPUs	80,515	69,389	183,545	170,625
Total compensation and employee benefits	339,202	338,085	1,315,195	1,296,536
Occupancy and equipment	45,723	47,387	189,268	183,207
Fees to related parties	4,954	2,858	23,193	19,365
Professional and consulting fees	18,072	27,553	73,470	92,167
Communications	30,470	29,715	121,603	119,982
Selling and promotion	6,891	21,432	38,167	81,645
Commissions and floor brokerage	13,646	16,377	59,376	63,617
Interest expense	21,811	16,354	76,607	60,246
Other expenses	21,574	29,487	88,933	118,449
Total non-compensation expenses	163,141	191,163	670,617	738,678
Total expenses	502,343	529,248	1,985,812	2,035,214
Other income (losses), net:
Gains (losses) on divestitures and sale of investments	403	(14)	394	18,421
Gains (losses) on equity method investments	1,354	1,064	5,023	4,115
Other income (loss)	1,687	11,642	1,580	30,511
Total other income (losses), net	3,444	12,692	6,997	53,047
Income (loss) from operations before income taxes	(19,473)	(29,400)	77,905	122,064
Provision (benefit) for income taxes	(6,729)	4,075	21,303	49,811
Consolidated net income (loss)	$ (12,744)	$ (33,475)	$ 56,602	$ 72,253
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries	(10,406)	(12,914)	7,694	24,691
Net income (loss) available to common stockholders	$ (2,338)	$ (20,561)	$ 48,908	$ 47,562
Per share data:
Basic earnings (loss) per share
Net income (loss) available to common stockholders	$ (2,338)	$ (20,561)	$ 48,908	$ 47,562
Basic earnings (loss) per share	$ (0.01)	$ (0.06)	$ 0.14	$ 0.14
Basic weighted-average shares of common stock outstanding	365,259	351,431	361,736	344,332
Fully diluted earnings (loss) per share
Net income (loss) for fully diluted shares	$ (2,338)	$ (20,561)	$ 70,430	$ 62,054
Fully diluted earnings (loss) per share	$ (0.01)	$ (0.06)	$ 0.13	$ 0.13
Fully diluted weighted-average shares of common stock outstanding	365,259	351,431	546,848	459,743

Recon of GAAP to AE

BGC PARTNERS, INC.
RECONCILIATION OF GAAP INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES TO ADJUSTED EARNINGS AND GAAP FULLY DILUTED EPS TO POST-TAX ADJUSTED EPS
(in thousands, except per share data)
(unaudited)
Q4 2020	Q4 2019	FY 2020	FY 2019
GAAP income (loss) from operations before income taxes	$ (19,473)	$ (29,400)	$ 77,905	$ 122,064
Pre-tax adjustments:
Compensation adjustments:
Equity-based compensation and allocations of net income to limited partnership units and FPUs (1)	80,515	69,389	183,545	170,625
Other Compensation charges (2)	3,658	10,897	37,209	14,868
Total Compensation adjustments	84,173	80,286	220,754	185,493
Non-Compensation adjustments:
Amortization of intangibles (3)	6,536	5,964	28,251	29,085
Acquisition related costs	353	(408)	2,880	1,941
Certain rent charges (4)	-	3,603	-	10,292
Impairment charges	4,158	3,168	9,397	4,450
Other (5)	3,892	20,126	18,150	58,959
Total Non-Compensation adjustments	14,939	32,453	58,678	104,727
Other income (losses), net adjustments:
Losses (gains) on divestitures	(403)	14	(394)	(18,421)
Fair value adjustment of investments (6)	(605)	(4,594)	431	(20,324)
Other net (gains) losses (7)	1,463	(5,519)	(3,909)	(4,169)
Total other income (losses), net adjustments	455	(10,099)	(3,872)	(42,914)
Total pre-tax adjustments	99,567	102,640	275,560	247,306
Adjusted Earnings before noncontrolling interest in subsidiaries and taxes	$ 80,094	$ 73,240	$ 353,465	$ 369,370
GAAP net income (loss) available to common stockholders	$ (2,338)	$ (20,561)	$ 48,908	$ 47,562
Allocation of net income (loss) to noncontrolling interest in subsidiaries (8)	(9,534)	(16,880)	8,459	19,278
Total pre-tax adjustments (from above)	99,567	102,640	275,560	247,306
Income tax adjustment to reflect adjusted earnings taxes (9)	(14,101)	(2,834)	(17,507)	8,848
Post-tax adjusted earnings	$ 73,594	$ 62,365	$ 315,420	$ 322,994
Per Share Data
GAAP fully diluted earnings (loss) per share	$ (0.01)	$ (0.06)	$ 0.13	$ 0.13
Less: Allocations of net income (loss) to limited partnership units, FPUs, and noncontrolling interest in subsidiaries, net of tax	(0.01)	-	(0.02)	-
Total pre-tax adjustments (from above)	0.18	0.19	0.50	0.47
Income tax adjustment to reflect adjusted earnings taxes	(0.03)	(0.01)	(0.03)	0.02
Post-tax adjusted earnings per share	0.13	0.12	0.58	0.62
Fully diluted weighted-average shares of common stock outstanding	553,611	532,017	546,848	524,550
Dividends declared per share of common stock	$ 0.01	$ 0.14	$ 0.17	$ 0.56
Dividends declared and paid per share of common stock	$ 0.01	$ 0.14	$ 0.17	$ 0.56
(1) The components of equity-based compensation and allocations of net income to limited partnership units and FPUs are as follows (in thousands):
Q4 2020	Q4 2019	FY 2020	FY 2019
Issuance of common stock and grants of exchangeability	$ 56,016	$ 47,783	$ 84,966	$ 105,961
Allocations of net income	1,854	892	14,006	20,491
LPU amortization	19,994	18,558	74,282	36,708
RSU amortization	2,651	2,156	10,291	7,465
Equity-based compensation and allocations of net income to limited partnership units and FPUs	$ 80,515	$ 69,389	$ 183,545	$ 170,625
(2) GAAP expenses in the fourth quarter of 2020 and 2019 included certain one-off costs associated with the cost reduction program of $0.9 million and $2.0 million, respectively. For the full years 2020 and 2019, these amounts were $22.8 million and $2.0 million, respectively. The fourth quarter of 2020 also included certain loan impairments related to the cost reduction program of $0.7 million. For the full year 2020, these amounts were $10.6 million. GAAP expenses in the fourth quarter of 2020 and 2019 included certain acquisition-related compensation expenses of $1.9 million and $11.5 million, respectively. For the full years 2020 and 2019, these amounts were $3.1 million and $14.9 million, respectively.
(3) Includes non-cash GAAP charges related to the amortization of intangibles with respect to acquisitions.
(4) Includes certain rent charges incurred by the Company during the build-out phase of the Company's new UK based headquarters.
(5) Includes various other GAAP items. Pre-tax Adjusted Earnings in each presented period of 2020 and 2019 exclude the impact of the employee theft of funds, including penalties and interest, and other immaterial revisions that have been made to previously issued financial statements. Adjusted Earnings for the full year of 2019 also exclude the impact of certain GAAP charges recorded in the third quarter of 2019 as part of "Other expenses", primarily related to litigation matters such as the Company's settlement with the Commodity Futures Trading Commission and the New York Attorney General's Office. Each of the above-referenced items are consistent with BGC's normal practice of excluding certain GAAP gains and charges from Adjusted Earnings that management believes do not best reflect the ordinary results of the Company, including with respect to non-recurring or unusual gains or losses, as well as resolutions of litigation.
(6) Includes non-cash gains of $0.6 million and $4.6 million, respectively, related to fair value adjustments of investments held by BGC in the fourth quarters of 2020 and 2019. For the full years 2020 and 2019, these amounts were ($0.4) million and $20.3 million, respectively.
(7) For the fourth quarters of 2020 and 2019, includes non-cash gains of $1.4 million and $1.1 million, respectively, related to BGC's investments accounted for under the equity method. For the full years 2020 and 2019, these amounts were $5.0 million and $4.1 million, respectively. The fourth quarter of 2020 also includes a net loss of $2.8 million related to an investment impairment of $1.2 million as well as various other GAAP items, while the fourth quarter of 2019 also included a net gain of $4.4 million for various other GAAP items. For the full years 2020 and 2019, these amounts were a net gain of $2.8 million and a net gain of $0.1 million, respectively. The full year 2020 also included a net loss of $3.9 million related to investment impairment.
(8) Primarily represents Cantor's pro-rata portion of net income.
(9) BGC's GAAP provision for income taxes is calculated based on an annualized methodology. The Company's GAAP provision for income taxes was $(6.7) million and $4.1 million for the fourth quarters of 2020 and 2019, respectively. For the full years 2020 and 2019, these amounts were $21.3 million and $49.8 million, respectively. The Company includes additional tax-deductible items when calculating the provision for taxes with respect to Adjusted Earnings using an annualized methodology. These include tax-deductions related to equity-based compensation with respect to limited partnership unit exchange, employee loan amortization, and certain net-operating loss carryforwards. The non-GAAP provision for income taxes was adjusted ($14.1) million and ($2.8) million for the fourth quarters of 2020 and 2019, respectively. For the full years 2020 and 2019, these adjustment amounts were ($17.5) million and $8.8 million, respectively. As a result, the provision for income taxes with respect to Adjusted Earnings was $7.4 million and $6.9 million for the fourth quarters of 2020 and 2019, respectively. For the full years 2020 and 2019, these amounts were $38.8 million and $41.0 million, respectively. The calculation of taxes for Adjusted Earnings excluded the effect of the 2017 U.S. Tax Cuts and Jobs Act.
Note: Certain numbers may not add due to rounding.
Note: BGC will update the trend table for FY 2018 as well as full quarterly data for 2018 - 2020 contemporaneous with our 10-K filing

FD WASO GAAP to AE

BGC PARTNERS, INC.
FULLY DILUTED WEIGHTED-AVERAGE SHARE COUNT
UNDER GAAP AND FOR ADJUSTED EARNINGS
(in thousands)
(unaudited)
Q4 2020	Q4 2019	FY 2020	FY 2019
Common stock outstanding	365,259	351,431	361,736	344,332
Limited partnership units	-	-	118,459	114,006
Cantor units	-	-	52,363	-
Founding partner units	-	-	12,308	-
RSUs	-	-	737	38
Other	-	-	1,245	1,367
Fully diluted weighted-average share count under GAAP	365,259	351,431	546,848	459,743
Non-GAAP Adjustments:
Limited partnership units	120,667	113,629	-	-
Cantor units	52,363	52,363	-	52,363
Founding partner units	12,292	12,351	-	12,444
RSUs	1,971	1,204	-	-
Other	1,059	1,039	-	-
Fully diluted weighted-average share count for Adjusted Earnings	553,611	532,017	546,848	524,550
Note: BGC's fully diluted weighted-average share count under GAAP may differ from the fully diluted weighted-average share count for Adjusted Earnings in order to avoid anti-dilution in certain periods.

Liquidity Analysis

BGC PARTNERS, INC.
LIQUIDITY ANALYSIS
(in thousands)
(unaudited)
December 31, 2020	December 31, 2019
Cash and cash equivalents	$ 593,646	$ 415,379
Securities owned	58,572	57,525
Marketable securities (1)	349	326
Total Liquidity	$ 652,567	$ 473,230
(1) As of December 31, 2019, $13.9 million of Marketable securities on our balance sheet had been lent in a Securities loaned transaction and, therefore, are not included in this Liquidity Analysis.

EBITDA

BGC PARTNERS, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS TO ADJUSTED EBITDA
(in thousands)
(unaudited)
Q4 2020	Q4 2019	FY 2020	FY 2019
GAAP net income (loss) available to common stockholders	$ (2,338)	$ (20,561)	$ 48,908	$ 47,562
Add back:
Provision (benefit) for income taxes	(6,729)	4,075	21,303	49,811
Net income (loss) attributable to noncontrolling interest in subsidiaries (1)	(10,406)	(12,914)	7,694	24,691
Interest expense	21,811	16,354	76,607	60,246
Fixed asset depreciation and intangible asset amortization	21,040	20,478	84,115	79,188
Impairment of long-lived assets	4,158	3,243	9,396	4,638
Equity-based compensation and allocations of net income to limited partnership units and FPUs (2)	80,515	69,389	183,545	170,625
(Gains) losses on equity method investments (3)	(125)	(1,064)	(1,091)	(4,115)
Other non-cash GAAP items (4)	-	2,294	-	5,443
Adjusted EBITDA	$ 107,926	$ 81,294	$ 430,477	$ 438,089
(1) Primarily represents Cantor's pro-rata portion of net income.
(2) Represents BGC employees' pro-rata portion of net income and non-cash and non-dilutive charges relating to equity-based compensation. See Footnote 1 to the table titled "Reconciliation of GAAP Income (Loss) from Operations before Income Taxes to Adjusted Earnings and GAAP Fully Diluted EPS to Post-Tax Adjusted EPS" for more information.
(3) For the fourth quarters of both 2020 and 2019, includes non-cash gains of $1.4 million and $1.1 million, respectively, related to BGC's investments accounted for under the equity method. For the full years 2020 and 2019, these amounts were $5.0 million and $4.1 million, respectively. The fourth quarter of 2020 also includes a net loss of $1.2 million related to an investment impairment. The full year 2020 also included a net loss of $3.9 million related to investment impairment.
(4) Non-cash charges of amortized rents incurred by the Company during the build-out phase of the Company's new UK based headquarters.
Note: BGC will update the trend table for FY 2018 as well as full quarterly data for 2018 - 2020 contemporaneous with our 10-K filing

Fenics Revenues

BGC PARTNERS, INC.
Revenues from Fenics are presented in the table below. "Brokerage revenues" include revenues from Fenics Integrated from the second quarter of 2020 onward.
Desks are categorized as "Fenics Integrated" if they utilize sufficient levels of technology such that significant amounts of their transactions can be or
are executed without broker intervention and have expected pre-tax Adjusted Earnings margins of at least 25 percent.
Inter-company revenues represent the amount that Fenics charges certain desks for the use of its technology and are eliminated upon consolidation.
2020	2019
Q4	Q3	Q2	Q1	FULL YEAR	Q4	Q3	Q2	Q1	FULL YEAR
Fenics Revenues (in thousands)
Rates	31,422	27,151	29,731	25,097	113,401	20,780	22,704	24,333	26,221	94,038
Credit	13,114	14,559	17,690	20,509	65,872	14,488	16,458	18,801	23,250	72,997
F/X	16,998	15,421	9,412	8,894	50,725	7,525	8,035	8,291	7,663	31,514
Energy & Commodities	35	41	74	185	335	116	43	148	102	409
Equity derivatives and cash equities	876	843	1,489	1,380	4,588	1,381	1,220	1,474	1,594	5,669
Brokerage revenues	62,445	58,015	58,396	56,065	234,921	44,290	48,460	53,047	58,830	204,627
Data, software, and post-trade	20,860	21,523	20,139	19,398	81,920	18,151	18,364	18,741	17,910	73,166
Fenics net revenues	83,305	79,538	78,535	75,463	316,841	62,441	66,824	71,788	76,740	277,793
Data, software, and post-trade (inter-company)	17,366	14,068	21,653	25,950	79,037	21,393	20,245	21,161	16,694	79,493
Total Fenics revenues	100,671	93,606	100,188	101,413	395,878	83,834	87,069	92,949	93,434	357,286
Note: Certain other reclassifications may have been made to previously reported amounts to conform to the current presentation and to show results on a consistent basis across periods.

Revenues after reclassification

BGC PARTNERS, INC.
The table below shows historical revenues after the reclassification of certain insurance revenues from other revenues to insurance brokerage revenues.
The reclassification took place within insurance and total revenues were unchanged.
2020	2019	2018
Q4	Q3	Q2	Q1	FULL YEAR	Q4	Q3	Q2	Q1	FULL YEAR	Q4	Q3	Q2	Q1	FULL YEAR
Revenues (in thousands):
Rates	124,495	119,325	133,034	167,240	544,094	129,549	156,765	152,959	155,611	594,884	128,874	121,984	141,400	157,567	549,825
Credit	68,882	68,053	95,780	97,189	329,904	70,438	72,382	78,166	85,727	306,713	67,484	67,111	75,526	82,050	292,171
Foreign exchange	73,213	73,281	74,393	94,366	315,253	80,369	86,492	101,899	101,558	370,318	94,706	96,988	102,307	102,255	396,256
Energy and commodities	71,706	65,871	71,326	83,738	292,641	71,456	73,012	73,887	70,342	288,697	54,048	58,213	56,658	60,202	229,121
Insurance	48,819	43,269	45,783	44,836	182,707	43,277	39,692	41,417	31,404	155,790	15,155	19,211	17,792	16,779	68,937
Equity derivatives and cash equities	63,718	47,410	61,777	81,797	254,702	59,533	56,958	65,078	69,770	251,339	74,890	62,145	70,014	81,216	288,265
Total brokerage revenues	450,833	417,209	482,093	569,166	1,919,301	454,622	485,301	513,406	514,412	1,967,741	435,157	425,652	463,697	500,069	1,824,575
Data, software and post-trade	20,860	21,523	20,139	19,398	81,920	18,151	18,364	18,741	17,910	73,166	18,169	16,547	15,370	15,099	65,185
Fees from related parties, interest and dividend income and other revenues	7,733	16,307	16,856	14,603	55,499	14,383	17,472	19,040	12,429	63,324	13,025	13,443	11,976	9,606	48,050
Total revenues	479,426	455,039	519,088	603,167	2,056,720	487,156	521,137	551,187	544,751	2,104,231	466,351	455,642	491,043	524,774	1,937,810

Insurance GAAP Pre-Tax Income

BGC PARTNERS, INC.
Insurance Business GAAP Pre-tax Income (loss)
(in thousands)
Q4 2020	Q3 2020	Q2 2020	Q1 2020	FY 2020	Q4 2019	Q3 2019	Q2 2019	Q1 2019	FY 2019
Income (loss) from operations before income taxes	(1,622)	(8,185)	(7,338)	(8,490)	(25,635)	(9,697)	(1,623)	(3,656)	(3,008)	(17,984)

US GAAP P&L (Q419 FY19)

BGC PARTNERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
As Reported	As Revised	As Reported	As Revised
Q4 2019	Adjustments	Q4 2019	FY 2019	Adjustments	FY 2019
Revenues:
Commissions	$ 382,897	$ -	$ 382,897	$ 1,645,818	$ -	$ 1,645,818
Principal transactions	71,725	-	71,725	321,923	-	321,923
Total brokerage revenues	454,622	-	454,622	1,967,741	-	1,967,741
Fees from related parties	8,218	-	8,218	29,442	-	29,442
Data, software and post-trade	18,151	-	18,151	73,166	-	73,166
Interest and dividend income	2,865	-	2,865	18,319	-	18,319
Other revenues	3,300	-	3,300	15,563	-	15,563
Total revenues	487,156	-	487,156	2,104,231	-	2,104,231
Expenses:
Compensation and employee benefits	271,296	(2,600)	268,696	1,127,911	(2,000)	1,125,911
Equity-based compensation and allocations of net income to limited partnership units and FPUs	69,389	-	69,389	165,612	5,013	170,625
Total compensation and employee benefits	340,685	(2,600)	338,085	1,293,523	3,013	1,296,536
Occupancy and equipment	48,987	(1,600)	47,387	184,807	(1,600)	183,207
Fees to related parties	2,858	-	2,858	19,365	-	19,365
Professional and consulting fees	27,553	-	27,553	92,167	-	92,167
Communications	29,715	-	29,715	119,982	-	119,982
Selling and promotion	21,432	-	21,432	81,645	-	81,645
Commissions and floor brokerage	16,377	-	16,377	63,617	-	63,617
Interest expense	15,636	718	16,354	59,077	1,169	60,246
Other expenses	18,886	10,601	29,487	107,423	11,026	118,449
Total non-compensation expenses	181,444	9,719	191,163	728,083	10,595	738,678
Total expenses	522,129	7,119	529,248	2,021,606	13,608	2,035,214
Other income (losses), net:
Gains (losses) on divestitures and sale of investments	(14)	-	(14)	18,421	-	18,421
Gains (losses) on equity method investments	1,064	-	1,064	4,115	-	4,115
Other income (loss)	9,462	2,180	11,642	32,953	(2,442)	30,511
Total other income (losses), net	10,512	2,180	12,692	55,489	(2,442)	53,047
Income (loss) from operations before income taxes	(24,461)	(4,939)	(29,400)	138,114	(16,050)	122,064
Provision for income taxes	2,095	1,980	4,075	53,171	(3,360)	49,811
Consolidated net income (loss)	$ (26,556)	$ (6,919)	$ (33,475)	$ 84,943	$ (12,690)	$ 72,253
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries	(10,313)	(2,601)	(12,914)	29,236	(4,545)	24,691
Net income (loss) available to common stockholders	$ (16,243)	$ (4,318)	$ (20,561)	$ 55,707	$ (8,145)	$ 47,562

US GAAP Balance Sheet (DEC 19)

BGC PARTNERS, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except per share data)
(unaudited)
As Reported	As Revised
December 31, 2019	Adjustments	December 31, 2019
Assets
Cash and cash equivalents	$ 415,379	$ -	$ 415,379
Cash segregated under regulatory requirements	220,735	-	220,735
Securities owned	57,525	-	57,525
Marketable securities	14,228	-	14,228
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers	551,445	-	551,445
Accrued commissions and other receivables, net	778,415	9,869	788,284
Loans, forgivable loans and other receivables from employees and partners, net	315,590	-	315,590
Fixed assets, net	204,841	-	204,841
Investments	40,349	-	40,349
Goodwill	553,745	-	553,745
Other intangible assets, net	303,224	-	303,224
Receivables from related parties	14,273	-	14,273
Other assets	446,371	925	447,296
Total assets	$ 3,916,120	$ 10,794	$ 3,926,914
Liabilities, Redeemable Partnership Interest, and Equity
Short-term borrowings	$ 4,962	$ -	$ 4,962
Accrued compensation	215,085	-	215,085
Securities loaned	13,902	-	13,902
Payables to broker-dealers, clearing organizations, customers and related broker-dealers	416,566	-	416,566
Payables to related parties	72,497	-	72,497
Accounts payable, accrued and other liabilities	1,283,046	29,563	1,312,609
Long-term debt	1,142,687	-	1,142,687
Total liabilities	3,148,745	29,563	3,178,308
Redeemable partnership interest	23,638	-	23,638
Equity
Stockholders' equity:
Class A common stock, par value $0.01 per share; 750,000 shares authorized; 358,440 shares
issued at December 31, 2019; and 307,915 shares outstanding at December 31, 2019	3,584	-	3,584
Class B common stock, par value $0.01 per share; 150,000 shares authorized; 45,884 shares issued and
outstanding at December 31, 2019, convertible into Class A common stock	459	-	459
Additional paid-in capital	2,271,947	156	2,272,103
Treasury stock, at cost: 50,525 shares of Class A common stock at December 31, 2019	(315,308)	-	(315,308)
Retained deficit	(1,241,754)	(11,335)	(1,253,089)
Accumulated other comprehensive income (loss)	(33,102)	-	(33,102)
Total stockholders' equity	685,826	(11,179)	674,647
Noncontrolling interest in subsidiaries	57,911	(7,590)	50,321
Total equity	743,737	(18,769)	724,968
Total liabilities, redeemable partnership interest and equity	$ 3,916,120	$ 10,794	$ 3,926,914

Rec GAAP to AE (Q419 & FY19

BGC PARTNERS, INC.
RECONCILIATION OF GAAP INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES TO ADJUSTED EARNINGS AND GAAP FULLY DILUTED EPS TO POST-TAX ADJUSTED EPS
(in thousands, except per share data)
As Reported	As Revised	As Reported	As Revised
Q4 2019	Adjustments	Q4 2019	FY 2019	Adjustments	FY 2019
GAAP income (loss) before income taxes	$ (24,461)	$ (4,939)	$ (29,400)	$ 138,114	$ (16,050)	$ 122,064
Pre-tax adjustments:
Compensation adjustments:
Equity-based compensation and allocations of net income to limited partnership units and FPUs	$ 69,389	$ -	$ 69,389	$ 165,612	$ 5,013	$ 170,625
Other Compensation charges	13,497	(2,600)	10,897	16,868	(2,000)	14,868
Total Compensation adjustments	82,886	(2,600)	80,286	182,480	3,013	185,493
Non-Compensation adjustments:
Amortization of intangibles	5,964	-	5,964	29,085	-	29,085
Acquisition related costs	(408)	-	(408)	1,941	-	1,941
Certain rent charges	3,603	-	3,603	10,292	-	10,292
Impairment charges	3,168	-	3,168	4,450	-	4,450
Other	10,407	9,719	20,126	48,364	10,595	58,959
Total Non-Compensation adjustments	22,734	9,719	32,453	94,132	10,595	104,727
Other income (losses), net adjustments:
Losses (gains) on divestitures	$ 14	$ -	$ 14	$ (18,421)	$ -	$ (18,421)
Fair value adjustment of investments	(2,414)	(2,180)	(4,594)	(22,766)	2,442	(20,324)
Other net (gains) losses	(5,519)	-	(5,519)	(4,169)	-	(4,169)
Total other income (losses), net adjustments	(7,919)	(2,180)	(10,099)	(45,356)	2,442	(42,914)
Total pre-tax adjustments	97,701	4,939	102,640	231,256	16,050	247,306
Pre-tax adjusted earnings	$ 73,240	$ -	$ 73,240	$ 369,370	$ -	$ 369,370
GAAP net income (loss) available to common stockholders	(16,243)	(4,318)	(20,561)	55,707	(8,145)	47,562
Allocation of net income (loss) to noncontrolling interest in subsidiaries	(14,279)	(2,601)	(16,880)	23,823	(4,545)	19,278
Total pre-tax adjustments (from above)	97,701	4,939	102,640	231,256	16,050	247,306
Income tax adjustment to reflect adjusted earnings taxes	(5,775)	2,941	(2,834)	11,247	(2,399)	8,848
Post-tax adjusted earnings	$ 61,404	$ 961	$ 62,365	$ 322,033	$ 961	$ 322,994
Per Share Data
GAAP fully diluted earnings (loss) per share	$ (0.05)	$ (0.01)	$ (0.06)	$ 0.16	$ (0.03)	$ 0.13
Less: Allocations of net income (loss) to limited partnership units, FPUs, and noncontrolling interest in subsidiaries, net of tax	-	-	-	(0.01)	0.01	-
Total pre-tax adjustments (from above)	0.18	0.01	0.19	0.44	0.03	0.47
Income tax adjustment to reflect adjusted earnings taxes	(0.01)	0.00	(0.01)	0.02	(0.00)	0.02
Post-tax adjusted earnings per share	0.12	0.00	0.12	0.61	0.01	0.62
Fully diluted weighted-average shares of common stock outstanding	532,017	532,017	524,550	524,550

EBITDA (Q419 & FY19)

BGC PARTNERS, INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS TO ADJUSTED EBITDA
(in thousands)
(unaudited)
As Reported	As Revised	As Reported	As Revised
Q4 2019	Adjustments	Q4 2019	FY 2019	Adjustments	FY 2019
GAAP net income (loss) available to common stockholders	$ (16,243)	$ (4,318)	$ (20,561)	$ 55,707	$ (8,145)	$ 47,562
Add back:
Provision (benefit) for income taxes	2,095	1,980	4,075	53,171	(3,360)	49,811
Net income (loss) attributable to noncontrolling interest in subsidiaries (1)	(10,313)	(2,601)	(12,914)	29,236	(4,545)	24,691
Interest expense	15,636	718	16,354	59,077	1,169	60,246
Fixed asset depreciation and intangible asset amortization	20,478	-	20,478	79,188	-	79,188
Impairment of long-lived assets	3,243	-	3,243	4,638	-	4,638
Equity-based compensation and allocations of net income to limited partnership units and FPUs (2)	69,389	-	69,389	165,612	5,013	170,625
(Gains) losses on equity method investments (3)	(1,064)	-	(1,064)	(4,115)	-	(4,115)
Other non-cash GAAP items (4)	2,294	-	2,294	5,443	-	5,443
Adjusted EBITDA	$ 85,515	$ (4,221)	$ 81,294	$ 447,957	$ (9,868)	$ 438,089
(1) Primarily represents Cantor's pro-rata portion of net income.
(2) Represents BGC employees' pro-rata portion of net income and non-cash and non-dilutive charges relating to equity-based compensation. See Footnote 1 to the table titled "Reconciliation of GAAP Income (Loss) from Operations before Income Taxes to Adjusted Earnings and GAAP Fully Diluted EPS to Post-Tax Adjusted EPS" for more information.
(3) For the fourth quarter of 2019, includes non-cash gains of $1.1 million, related to BGC's investments accounted for under the equity method. For the full year 2019, this amount was $4.1 million.
(4) Non-cash charges of amortized rents incurred by the Company during the build-out phase of the Company's new UK based headquarters.
Note: Beginning in the first quarter of 2019, when calculating Adjusted EBITDA, BGC will add all charges relating to equity-based compensation and will no
longer exclude GAAP charges with respect to employee loan amortization and reserves on employee loans.