Company Quick10K Filing
BGC Partners
Price5.62 EPS0
Shares346 P/E17
MCap1,945 P/FCF15
Net Debt444 EBIT206
TEV2,388 TEV/EBIT12
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-05-07
10-K 2020-12-31 Filed 2021-03-01
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-12
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-16
8-K 2020-10-28
8-K 2020-09-30
8-K 2020-09-09
8-K 2020-08-14
8-K 2020-08-12
8-K 2020-08-05
8-K 2020-07-30
8-K 2020-07-10
8-K 2020-07-08
8-K 2020-07-08
8-K 2020-06-30
8-K 2020-06-11
8-K 2020-05-05
8-K 2020-03-26
8-K 2020-02-06
8-K 2019-12-20
8-K 2019-12-18
8-K 2019-12-11
8-K 2019-10-28
8-K 2019-10-24
8-K 2019-09-27
8-K 2019-09-25
8-K 2019-09-23
8-K 2019-09-20
8-K 2019-07-25
8-K 2019-06-27
8-K 2019-06-25
8-K 2019-05-07
8-K 2019-03-28
8-K 2019-02-14
8-K 2018-12-20
8-K 2018-11-30
8-K 2018-11-28
8-K 2018-11-23
8-K 2018-11-09
8-K 2018-11-05
8-K 2018-11-02
8-K 2018-10-25
8-K 2018-10-25
8-K 2018-09-25
8-K 2018-09-04
8-K 2018-08-10
8-K 2018-08-03
8-K 2018-08-02
8-K 2018-07-24
8-K 2018-07-18
8-K 2018-06-20
8-K 2018-06-18
8-K 2018-05-03
8-K 2018-03-27
8-K 2018-03-19
8-K 2018-03-06
8-K 2018-02-09
8-K 2018-02-05
8-K 2015-09-29
8-K 2015-08-24
8-K 2015-07-29
8-K 2015-07-10
8-K 2015-06-30
8-K 2015-06-02
8-K 2015-04-29
8-K 2015-04-29
8-K 2015-04-13
8-K 2015-03-31
8-K 2015-02-27
8-K 2015-02-26
8-K 2015-02-20
8-K 2015-02-19
8-K 2015-02-19
8-K 2015-02-11
8-K 2015-02-10
8-K 2015-02-04
8-K 2015-02-02
8-K 2015-01-30
8-K 2015-01-28
8-K 2015-01-22
8-K 2015-01-21
8-K 2015-01-20
8-K 2015-01-13
8-K 2015-01-13
8-K 2015-01-09
8-K 2015-01-07

BGCP 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 bgcp-ex311_9.htm
EX-31.2 bgcp-ex312_7.htm
EX-32 bgcp-ex32_10.htm

BGC Partners Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.20.90.60.40.1-0.22012201420172020
Rev, G Profit, Net Income
0.80.50.1-0.2-0.6-0.92012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Numbers: 0-28191

 

BGC Partners, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

13-4063515

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

499 Park Avenue, New York, NY

10022

(Address of principal executive offices)

(Zip Code)

(212) 610-2200

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class A Common Stock, $0.01 par value

 

BGCP

 

The Nasdaq Stock Market, LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.      Yes       No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes      No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller Reporting Company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes      No

On May 4, 2021, the registrant had 338,503,870 shares of Class A common stock, $0.01 par value, and 45,884,380 shares of Class B common stock, $0.01 par value, outstanding.

 

 


 

BGC PARTNERS, INC.

TABLE OF CONTENTS

 

 

 

Page

PART I—FINANCIAL INFORMATION

 

 

 

 

 

Glossary of Terms, Abbreviations and Acronyms

2

 

 

 

ITEM 1

Financial Statements (unaudited)

13

 

 

 

 

Condensed Consolidated Statements of Financial Condition—At March 31, 2021 and December 31, 2020

13

 

 

 

 

Condensed Consolidated Statements of Operations—For the Three Months Ended March 31, 2021 and March 31, 2020

14

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss)—For the Three Months Ended March 31, 2021 and March 31, 2020

15

 

 

 

 

Condensed Consolidated Statements of Cash Flows—For the Three Months Ended March 31, 2021 and March 31, 2020

16

 

 

 

 

Condensed Consolidated Statements of Changes in Equity—For the Three Months Ended March 31, 2021

18

 

 

 

 

Condensed Consolidated Statements of Changes in Equity—For the Three Months Ended March 31, 2020

19

 

 

 

 

Notes to Condensed Consolidated Financial Statements

20

 

 

 

ITEM 2

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

56

 

 

 

ITEM 3

Quantitative and Qualitative Disclosures About Market Risk

97

 

 

 

ITEM 4

Controls and Procedures

99

 

 

 

PART II—OTHER INFORMATION

 

 

 

 

ITEM 1

Legal Proceedings

101

 

 

 

ITEM 1A

Risk Factors

101

 

 

 

ITEM 2

Unregistered Sales of Equity Securities and Use of Proceeds

101

 

 

 

ITEM 3

Defaults Upon Senior Securities

101

 

 

 

ITEM 4

Mine Safety Disclosures

101

 

 

 

ITEM 5

Other Information

101

 

 

 

ITEM 6

Exhibits

102

 

 

 

SIGNATURES

103

 

 

 

 

 


 

 

GLOSSARY OF TERMS, ABBREVIATIONS AND ACRONYMS

The following terms, abbreviations and acronyms are used to identify frequently used terms and phrases in this report:

 

TERM

DEFINITION

 

 

3.750% Senior Notes

The Company’s $300.0 million principal amount of 3.750% senior notes maturing on October 1, 2024 and issued on September 27, 2019

 

 

4.375% Senior Notes

The Company’s $300.0 million principal amount of 4.375% senior notes maturing on December 15, 2025 and issued on July 10, 2020

 

 

5.125% Senior Notes

The Company’s original $300.0 million principal amount of 5.125% senior notes maturing on May 27, 2021 and issued on May 27, 2016, of which $44.0 million was redeemed through a cash tender offer by the Company on August 14, 2020

 

 

5.375% Senior Notes

The Company’s $450.0 million principal amount of 5.375% senior notes maturing on July 24, 2023 and issued on July 24, 2018

 

 

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

 

 

Algomi

Algomi Limited, a wholly owned subsidiary of the Company, acquired on March 6,

2020

 

 

API

Application Programming Interface

 

 

April 2008 distribution rights shares

Cantor’s deferred stock distribution rights provided to current and former Cantor partners on April 1, 2008

Aqua

Aqua Securities L.P., an alternative electronic trading platform, which offers new pools of block liquidity to the global equities markets and is a 49%-owned equity method investment of the Company and 51% owned by Cantor

 

 

ASC

Accounting Standards Codification

 

 

ASU

Accounting Standards Update

 

 

Audit Committee

Audit Committee of the Board

 

 

BEAT

Base Erosion and Anti-abuse Tax

 

 

Besso

Besso Insurance Group Limited, a wholly owned subsidiary of the Company, acquired on February 28, 2017

 

 

BGC

BGC Partners, Inc. and, where applicable, its consolidated subsidiaries

 

 

BGC or our Class A common stock

BGC Partners Class A common stock, par value $0.01 per share

 

 

BGC or our Class B common stock

BGC Partners Class B common stock, par value $0.01 per share

 

 

BGC Credit Agreement

Agreement between the Company and Cantor, dated March 19, 2018, that provides for each party or its subsidiaries to borrow up to $250.0 million, as amended on August 6, 2018 to increase the facility to $400.0 million

 

 

BGC Financial or BGCF

BGC Financial, L.P

 

 

BGC Global OpCo

BGC Global Holdings, L.P., an operating partnership, which is owned jointly by BGC and BGC Holdings and holds the non-U.S. businesses of BGC

 

 

BGC Group

BGC, BGC Holdings, and BGC U.S. OpCo, and their respective subsidiaries (other than, prior to the Spin-Off, the Newmark Group), collectively

 

 

2


TERM

DEFINITION

 

 

BGC Holdings

BGC Holdings, L.P., an entity owned by Cantor, Founding Partners, BGC employee partners and, after the Separation, Newmark employee partners

 

 

BGC Holdings Distribution

Pro-rata distribution, pursuant to the Separation and Distribution Agreement, by BGC Holdings to its partners of all of the exchangeable limited partnership interests of Newmark Holdings owned by BGC Holdings immediately prior to the distribution, completed on the Distribution Date

 

 

BGC OpCos

BGC U.S. OpCo and BGC Global OpCo, collectively

 

 

BGC Partners

BGC Partners, Inc. and, where applicable, its consolidated subsidiaries

 

 

BGC U.S. OpCo

BGC Partners, L.P., an operating partnership, which is owned jointly by BGC and BGC Holdings and holds the U.S. businesses of BGC

 

 

Board

Board of Directors of the Company

 

 

Brexit

Exit of the U.K. from the EU

 

 

Cantor

Cantor Fitzgerald, L.P. and, where applicable, its subsidiaries

 

 

Cantor group

Cantor and its subsidiaries other than BGC Partners

 

 

Cantor units

Limited partnership interests of BGC Holdings or Newmark Holdings held by the Cantor group, which units are exchangeable into shares of BGC Class A common stock or BGC Class B common stock, or Newmark Class A common stock or Newmark Class B common stock, as applicable

 

 

CCRE

Cantor Commercial Real Estate Company, L.P.

 

 

CECL

Current Expected Credit Losses

 

 

CEO Program

Controlled equity offering program

 

 

CF&Co

Cantor Fitzgerald & Co., a wholly owned broker-dealer subsidiary of Cantor

 

 

CFGM

CF Group Management, Inc., the general partner of Cantor

 

 

CFS

Cantor Fitzgerald Securities, a wholly owned broker-dealer subsidiary of Cantor

 

 

CFTC

Commodity Futures Trading Commission

 

 

Charity Day

BGC’s annual event held on September 11th where employees of the Company raise proceeds for charity

 

 

Class B Issuance

Issuance by BGC of 10,323,366 and 712,907 shares of BGC Class B common stock to Cantor and CFGM, respectively, in exchange for 11,036,273 shares of BGC Class A common stock under the Exchange Agreement, completed on November 23, 2018

 

 

CLOB

Central Limit Order Book

 

 

CME

CME Group Inc., the company that acquired NEX in November 2018

 

 

Company

BGC Partners, Inc. and, where applicable, its consolidated subsidiaries

 

 

Company Debt Securities

The 5.125% Senior Notes, 5.375% Senior Notes, 3.750% Senior Notes, 4.375% Senior Notes and any future debt securities issued by the Company

 

 

Compensation Committee

Compensation Committee of the Board

 

 

Contribution Ratio

Equal to a BGC Holdings limited partnership interest multiplied by one, divided by 2.2 (or 0.4545)

 

 

Converted Term Loan

BGC’s term loan in an aggregate principal amount of $400.0 million entered into on November 22, 2017 in conversion of its then-outstanding borrowings under its revolving credit facility, which Converted Term Loan was assumed by Newmark in connection with the Separation and was repaid on November 6, 2018

 

 

3


TERM

DEFINITION

 

 

Corant

Corant Global Limited, the proposed holding company for all insurance brokerage businesses of BGC, subject to regulatory consent; comprising its broking operations of Ed Broking, Besso, Piiq Risk Partners and Junge, as well as the group’s managing general agents Cooper Gay, Globe Underwriting and Epsilon

 

 

COVID-19

Coronavirus Disease 2019

 

 

CRD

Capital Requirements Directive

 

 

Credit Facility

A $150.0 million credit facility between the Company and an affiliate of Cantor entered into on April 21, 2017, which was terminated on March 19, 2018

 

 

CSC

CSC Commodities UK Limited

 

 

Distribution Date

November 30, 2018, the date that BGC and BGC Holdings completed the Spin-Off and the BGC Holdings Distribution, respectively

 

 

Dodd-Frank Act

Dodd-Frank Wall Street Reform and Consumer Protection Act

 

 

ECB

European Central Bank

 

 

Ed Broking

Ed Broking Group Limited, a wholly owned subsidiary of the Company, acquired on January 31, 2019

 

 

EMIR

European Market Infrastructure Regulation

 

 

EPS

Earnings Per Share

 

 

Equity Plan

Seventh Amended and Restated Long Term Incentive Plan, approved by the Company’s stockholders at the annual meeting of stockholders on June 22, 2016

 

 

ESG

Environmental, social and governance

 

 

eSpeed

Various assets comprising the Fully Electronic portion of the Company’s former benchmark on-the-run U.S. Treasury brokerage, market data and co-location service businesses, sold to Nasdaq on June 28, 2013

 

 

ETR

Effective Tax Rate

 

 

EU

European Union

 

 

Exchange Act

Securities Exchange Act of 1934, as amended

 

 

Exchange Agreement

A letter agreement by and between BGC Partners and Cantor and CFGM, dated June 5, 2015, that grants Cantor and CFGM the right to exchange shares of BGC Class A common stock into shares of BGC Class B common stock on a one-to-one basis up to the limits described therein

 

 

Exchange Ratio

Ratio by which a Newmark Holdings limited partnership interest can be exchanged for shares of Newmark Class A or Class B common stock

 

 

FASB

Financial Accounting Standards Board

 

 

FCA

 

FCM

Financial Conduct Authority of the U.K.

 

Futures Commission Merchant

 

 

February 2012 distribution rights shares

Cantor’s deferred stock distribution rights provided to current and former Cantor partners on February 14, 2012

 

 

Fenics

BGC’s group of electronic brands, offering a number of market infrastructure and connectivity services, Fully Electronic marketplaces, and the Fully Electronic brokerage of certain products that also may trade via Voice and Hybrid execution, including market data and related information services, Fully Electronic brokerage, connectivity software, compression and other post-trade services, analytics related to financial instruments and markets, and other financial technology solutions

 

 

4


TERM

DEFINITION

 

 

Fenics Growth Platforms

Includes Fenics UST, Fenics GO, Lucera, Fenics FX and other newer standalone platforms

 

 

Fenics Integrated

Includes businesses that 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 margins of at least 25%

 

 

Fenics Markets

Includes the Fully Electronic portions of BGC’s brokerage businesses, data, software and post-trade revenues that are unrelated to Fenics Growth Platforms, as well as Fenics Integrated revenues

 

 

FINRA

Financial Industry Regulatory Authority

 

 

Founding Partners

Individuals who became limited partners of BGC Holdings in the mandatory redemption of interests in Cantor in connection with the 2008 separation and merger of Cantor’s BGC division with eSpeed, Inc. (provided that members of the Cantor group and Howard W. Lutnick (including any entity directly or indirectly controlled by Mr. Lutnick or any trust with respect to which he is a grantor, trustee or beneficiary) are not founding partners) and became limited partners of Newmark Holdings in the Separation

 

 

Founding/Working Partners

Holders of FPUs

 

 

FPUs

Founding/Working Partners units in BGC Holdings or Newmark Holdings that are generally redeemed upon termination of employment

 

 

Freedom

Freedom International Brokerage Company, a 45%-owned equity method investment of the Company

 

 

Fully Electronic

Broking transactions intermediated on a solely electronic basis rather than by Voice or Hybrid Broking

 

 

FX

Foreign exchange

 

 

GDPR

General Data Protection Regulation

 

 

GFI

GFI Group Inc., a wholly owned subsidiary of the Company, acquired on January 12, 2016

 

 

GFI Merger

Acquisition of GFI by a wholly owned subsidiary of the Company pursuant to the GFI Merger Agreement, completed on January 12, 2016 after BGC’s acquisition of Jersey Partners, Inc., GFI’s largest shareholder

 

 

GFI Merger Agreement

Agreement in connection with the GFI Merger, dated December 22, 2015

 

 

GILTI

Global Intangible Low-Taxed Income

 

 

Ginga Petroleum

Ginga Petroleum (Singapore) Pte Ltd, a wholly owned subsidiary of the Company, acquired on March 12, 2019

 

 

GUI

Graphical User Interface

 

 

HDUs

LPUs with capital accounts, which are liability awards recorded in “Accrued compensation” in the Company’s statements of financial condition

 

 

Hybrid

Broking transactions executed by brokers and involving some element of Voice broking and electronic trading

 

 

ICAP

ICAP plc, a part of TP ICAP group, and a leading markets operator and provider of execution and information services

 

 

ICE

Intercontinental Exchange

 

 

IMO

Initial Margin Optimization

 

 

Incentive Plan

The Company’s Second Amended and Restated Incentive Bonus Compensation Plan, approved by the Company’s stockholders at the annual meeting of stockholders on June 6, 2017

 

 

Investment in Newmark

Purchase of 16.6 million Newmark Holdings limited partnership units for $242.0 million by BGC Partners and BGC U.S. OpCo on March 7, 2018

 

 

5


TERM

DEFINITION

 

 

Legacy BGC Holdings Units

BGC Holdings LPUs outstanding immediately prior to the Separation

 

 

Legacy Newmark Holdings Units

Newmark Holdings LPUs issued in connection with the Separation

 

 

LGD

Loss Given Default

 

 

LIBOR

London Interbank Offering Rate

 

 

LPUs

Certain limited partnership units in BGC Holdings or Newmark Holdings held by certain employees of BGC Partners or Newmark and other persons who have provided services to BGC Partners or Newmark, which units may include APSIs, APSUs, AREUs, ARPSUs, HDUs, U.K. LPUs, N Units, PLPUs, PPSIs, PPSUs, PSEs, PSIs, PSUs, REUs, and RPUs, along with future types of limited partnership units in BGC Holdings or Newmark Holdings

 

 

Lucera

A wholly owned subsidiary of the Company, also known as “LFI Holdings, LLC” or “LFI,” is a software defined network offering the trading community direct connectivity

 

 

March 2018 Sales Agreement

CEO sales agreement, by and between the Company and CF&Co, dated March 9, 2018, pursuant to which the Company may offer and sell up to an aggregate of $300.0 million of shares of BGC Class A common stock

 

 

MEA

Middle East and Africa region

 

 

MiFID II

Markets in Financial Instruments Directive II, a legislative framework instituted by the EU to regulate financial markets and improve protections for investors by increasing transparency and standardizing regulatory disclosures

 

 

Mint Brokers

A wholly owned subsidiary of the Company, acquired on August 19, 2010, registered as an FCM with both the CFTC and NFA

 

 

Nasdaq

Nasdaq, Inc., formerly known as NASDAQ OMX Group, Inc.

 

 

Newmark

Newmark Group, Inc. (NASDAQ symbol: NMRK), a publicly traded and former majority-owned subsidiary of BGC until the Distribution Date, and, where applicable, its consolidated subsidiaries

 

 

Newmark Class A common stock

Newmark Group Class A common stock, par value $0.01 per share

 

 

Newmark Class B common stock

Newmark Group Class B common stock, par value $0.01 per share

 

 

Newmark Group

Newmark, Newmark Holdings, and Newmark OpCo and their respective subsidiaries, collectively

 

 

Newmark Holdings

Newmark Holdings, L.P.

 

 

Newmark IPO

Initial public offering of 23 million shares of Newmark Class A common stock by Newmark at a price of $14.00 per share in December 2017

 

 

Newmark OpCo

Newmark Partners, L.P., an operating partnership, which is owned jointly by Newmark and Newmark Holdings and holds the business of Newmark

 

 

NYAG

New York Attorney General’s Office

 

 

NEX

NEX Group plc, an entity formed in December 2016, formerly known as ICAP

 

 

NFA

National Futures Association

 

 

Non-GAAP

A financial measure that differs from the most directly comparable measure calculated and presented in accordance with U.S. GAAP, such as Adjusted Earnings and Adjusted EBITDA

 

 

N Units

Non-distributing partnership units of BGC Holdings or Newmark Holdings that may not be allocated any item of profit or loss, and may not be made exchangeable into shares of Class A common stock, including NREUs, NPREUs, NLPUs, NPLPUs, NPSUs, and NPPSUs

 

 

6


TERM

DEFINITION

 

 

OCI

Other comprehensive income (loss), including gains and losses on cash flow and net investment hedges, unrealized gains and losses on available for sale securities (in periods prior to January 1, 2018), certain gains and losses relating to pension and other retirement benefit obligations and foreign currency translation adjustments

 

 

OECD

Organization for Economic Cooperation and Development

 

 

OTC

Over-the-Counter

 

 

OTF

Organized Trading Facility, a regulated execution venue category introduced by MiFID II

 

 

PCD assets

Purchased financial assets with deterioration in credit quality since origination

 

 

PD

Probability of Default

 

 

Period Cost Method

Treatment of taxes associated with the GILTI provision as a current period expense when incurred rather than recording deferred taxes for basis differences

 

 

Poten & Partners

Poten & Partners Group, Inc., a wholly owned subsidiary of the Company, acquired on November 15, 2018

 

 

Preferred Distribution

Allocation of net profits of BGC Holdings or Newmark Holdings to holders of Preferred Units, at a rate of either 0.6875% (i.e., 2.75% per calendar year) or such other amount as set forth in the award documentation

 

 

Preferred Units

Preferred partnership units in BGC Holdings or Newmark Holdings, such as PPSUs, which are settled for cash, rather than made exchangeable into shares of Class A common stock, are only entitled to a Preferred Distribution, and are not included in BGC’s or Newmark’s fully diluted share count

 

 

Real Estate L.P.

CF Real Estate Finance Holdings, L.P., a commercial real estate-related financial and investment business controlled and managed by Cantor, of which Newmark owns a minority interest

 

 

Real GDP

Real Gross Domestic Product is a macroeconomic measure of the value of economic output adjusted for price changes (i.e. inflation or deflation), which transforms the money-value measure, nominal GDP, into an index for quantity of total output

 

 

Record Date

Close of business on November 23, 2018, in connection with the Spin-Off

 

 

Repurchase Agreements

Securities sold under agreements to repurchase that are recorded at contractual amounts, including interest, and accounted for as collateralized financing transactions

 

 

Revolving Credit Agreement                    

The Company’s unsecured senior revolving credit facility with Bank of America, N.A., as administrative agent, and a syndicate of lenders, dated as of November 28, 2018, that provides for a maximum revolving loan balance of $350.0 million, bearing interest at either LIBOR or a defined base rate plus additional margin, amended on December 11, 2019 to extend the maturity date to February 26, 2021 and further amended on February 26, 2020 to extend the maturity date to February 26, 2023

 

 

ROU

Right-of-Use

 

 

RSUs

BGC or Newmark unvested restricted stock units, payable in shares of BGC Class A common stock or Newmark Class A common stock, respectively, held by certain employees of BGC Partners or Newmark and other persons who have provided services to BGC Partners or Newmark, or issued in connection with certain acquisitions

 

 

SaaS

Software as a Service

 

 

SEC

U.S. Securities and Exchange Commission

 

 

Securities Act

Securities Act of 1933, as amended

 

 

SEF

Swap Execution Facility

 

 

7


TERM

DEFINITION

 

 

Separation

Principal corporate transactions pursuant to the Separation and Distribution Agreement, by which BGC, BGC Holdings and BGC U.S. OpCo and their respective subsidiaries (other than the Newmark Group) transferred to Newmark, Newmark Holdings and Newmark OpCo and their respective subsidiaries the assets and liabilities of the BGC Group relating to BGC’s real estate services business, and related transactions, including the distribution of Newmark Holdings units to holders of units in BGC Holdings and the assumption and repayment of certain BGC indebtedness by Newmark

 

 

Separation and Distribution Agreement

Separation and Distribution Agreement, by and among the BGC Group, the Newmark Group, Cantor and BGC Global OpCo, originally entered into on December 13, 2017, as amended on November 8, 2018 and amended and restated on November 23, 2018

 

 

SMCR

Senior Managers Certification Regime

 

 

Spin-Off

Pro-rata distribution, pursuant to the Separation and Distribution Agreement, by BGC to its stockholders of all the shares of common stock of Newmark owned by BGC Partners immediately prior to the Distribution Date, with shares of Newmark Class A common stock distributed to the holders of shares of BGC Class A common stock (including directors and executive officers of BGC Partners) of record on the Record Date, and shares of Newmark Class B common stock distributed to the holders of shares of BGC Class B common stock (Cantor and CFGM) of record on the Record Date, completed on the Distribution Date

 

 

Tax Act

Tax Cuts and Jobs Act enacted on December 22, 2017

 

 

Term Loan

BGC’s term loan in an aggregate principal amount of $575.0 million under a credit agreement with Bank of America, N.A., as administrative agent, and a syndicate of lenders, dated as of September 8, 2017, as amended, which Term Loan was assumed by Newmark in connection with the Separation and repaid on March 31, 2018

 

 

Tower Bridge

Tower Bridge International Services L.P., a subsidiary of the Company, which is 52% owned by the Company and 48% owned by Cantor

 

 

TP ICAP

TP ICAP plc, an entity formed in December 2016, formerly known as Tullett

 

 

Tullett

Tullett Prebon plc, a part of TP ICAP group and an interdealer broker, primarily operating as an intermediary in the wholesale financial and energy sectors

 

 

U.K.

United Kingdom

 

 

U.S. GAAP or GAAP

Generally Accepted Accounting Principles in the United States of America

 

 

UBT

Unincorporated Business Tax

 

 

VIE

Variable Interest Entity

 

 

Voice

Voice-only broking transactions executed by brokers over the telephone

 

 

 

 

 

8


 

SPECIAL NOTE ON FORWARD-LOOKING INFORMATION

This Quarterly Report on Form 10-Q (“Form 10-Q”) contains forward-looking statements. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as “may,” “will,” “should,” “estimates,” “predicts,” “possible,” “potential,” “continue,” “strategy,” “believes,” “anticipates,” “plans,” “expects,” “intends,” and similar expressions are intended to identify forward-looking statements.

Our actual results and the outcome and timing of certain events may differ significantly from the expectations discussed in the forward-looking statements. Factors that might cause or contribute to such a discrepancy include, but are not limited to, the factors set forth below:

 

the impact of the COVID-19 pandemic, including possible successive waves or variants of the virus, on our operations, including the continued ability of our executives, employees, customers, clients, third-party service providers, exchanges and other facilities to perform their functions at normal levels and the availability of the requisite technology to execute trades in certain Fully Electronic offerings while working remotely;

 

macroeconomic and other challenges and uncertainties resulting from the COVID-19 pandemic, such as the extent and duration of the impact on public health, including the distribution of effective vaccines, public acceptance of the vaccines, and governmental and public reactions thereto, including the adoption of vaccine passport requirements by governmental authorities or private operators of public spaces, the U.S. and global economies, financial and insurance markets and consumer and corporate clients and customers, including economic activity, employment levels and market liquidity, as well as the various actions taken in response to the challenges and uncertainties by governments, central banks and others, including us;

 

market conditions, including trading volume and volatility in the demand for the products and services we provide, resulting from the effects of COVID-19 or otherwise, possible disruptions in trading, developments in the insurance industry, potential deterioration of equity and debt capital markets, impact of significant changes in interest rates and our ability to access the capital markets as needed or on reasonable terms and conditions;

 

pricing, commissions and fees, and market position with respect to any of our products and services and those of our competitors;

 

the effect of industry concentration and reorganization, reduction of customers, and consolidation;

 

liquidity, regulatory, cash and clearing capital requirements and the impact of credit market events, including the impact of COVID-19 and actions taken by governments and businesses in response thereto on the credit markets and interest rates;

 

our relationships and transactions with Cantor and its affiliates, including CF&Co, and CCRE, our structure, including BGC Holdings, which is owned by us, Cantor, our employee partners and other partners, and the BGC OpCos, which are owned jointly by us and BGC Holdings, any possible changes to our structure, any related transactions, conflicts of interest or litigation, any impact of Cantor’s results on our credit ratings and associated outlooks, any loans to or from us or Cantor, BGC Holdings, or the BGC OpCos, including the balances and interest rates thereof from time to time and any convertible or equity features of any such loans, CF&Co’s acting as our sales agent or underwriter under our CEO program or other offerings, Cantor’s holdings of the Company’s Debt Securities, CF&Co’s acting as a market maker in the Company’s Debt Securities, CF&Co’s acting as our financial advisor in connection with potential acquisitions, dispositions, or other transactions and our participation in various investments, stock loans or cash management vehicles placed by or recommended by CF&Co;

 

the impact on our stock price of the reduction of our dividend and potential future changes in our capital deployment priorities, including repurchases and dividend policy, as well as reductions in BGC Holdings distributions to partners and the related impact of such reductions, as well as layoffs, salary cuts, and expected lower commissions or bonuses on the repayment of partner loans;

 

the integration of acquired businesses with our other businesses;

 

the rebranding of our current businesses or risks related to any potential dispositions of all or any portion of our existing or acquired businesses;

 

market volatility as a result of the effects of COVID-19, which may not be sustainable or predictable in future periods;

 

economic or geopolitical conditions or uncertainties, the actions of governments or central banks, including the impact of COVID-19 on the global markets, and related government stimulus packages, government “shelter-in-place” mandates and other restrictions on business and commercial activity and timing of reopening of world economies, uncertainty regarding the nature, timing and consequences of Brexit following the withdrawal process, including potential reduction in investment in the U.K. and the failure of the U.K. and the EU to obtain agreement on regulations or adopt “equivalence decisions” governing the financial services industry, and the pursuit of trade, border control or other related policies by the U.S. and/or other countries (including U.S.- China trade relations), political and labor unrest in Hong Kong, China, and other jurisdictions, conflict in the Middle East, the impact of U.S. government shutdowns, elections, political unrest or

9


 

stalemates in the U.S. or abroad, risks of illness of the U.S. President and other governmental officials, and the impact of terrorist acts, acts of war or other violence or political unrest, as well as natural disasters or weather-related or similar events, including hurricanes as well as power failures, communication and transportation disruptions, and other interruptions of utilities or other essential services and the impacts of pandemics and other international health emergencies, including COVID-19;

 

the effect on our businesses, our clients, the markets in which we operate, our possible restructuring, and the economy in general of changes in the U.S. and foreign tax and other laws, including changes in tax rates, repatriation rules, and deductibility of interest, potential policy and regulatory changes in Mexico and other countries, sequestrations, uncertainties regarding the debt ceiling and the federal budget, and other potential political policies;

 

the effect on our businesses of inflationary pressures, infrastructure spending, changes in interest rates, changes in benchmarks, including the phase out of LIBOR and federal and state legislation relating thereto, the level of worldwide governmental debt issuances, austerity programs, government stimulus packages, including those related to COVID-19, increases or decreases in deficits and the impact of increased government tax rates, and other changes to monetary policy, and potential political impasses or regulatory requirements, including increased capital requirements for banks and other institutions or changes in legislation, regulations and priorities;

 

extensive regulation of our businesses and customers, changes in regulations relating to financial services companies and other industries, and risks relating to compliance matters, including regulatory examinations, inspections, investigations and enforcement actions, and any resulting costs, increased financial and capital requirements, enhanced oversight, remediation, fines, penalties, sanctions, and changes to or restrictions or limitations on specific activities, including potential delays in accessing markets, including due to our regulatory status and actions, operations, compensatory arrangements, and growth opportunities, including acquisitions, hiring, and new businesses, products, or services;

 

factors related to specific transactions or series of transactions, including credit, performance, and principal risk, trade failures, counterparty failures, and the impact of fraud and unauthorized trading;

 

the effect on our businesses of any extraordinary transactions, including the possible restructuring of our partnership into a corporate structure, including potential dilution and other impacts;

 

costs and expenses of developing, maintaining, and protecting our intellectual property, as well as employment, regulatory, and other litigation and proceedings, and their related costs, including judgments, indemnities, fines, or settlements paid and the impact thereof on our financial results and cash flows in any given period;

 

certain financial risks, including the possibility of future losses, reduced cash flows from operations, increased leverage, reduced availability under the Revolving Credit Agreement, and the need for short- or long-term borrowings, including from Cantor, our ability to refinance our indebtedness, including in the credit markets, and changes to interest rates and liquidity or our access to other sources of cash relating to acquisitions, dispositions, or other matters, potential liquidity and other risks relating to our ability to maintain continued access to credit and availability of financing necessary to support our ongoing business needs, on terms acceptable to us, if at all, and risks associated with the resulting leverage, including potentially causing a reduction in our credit ratings and the associated outlooks and increased borrowing costs as well as interest rate and foreign currency exchange rate fluctuations;

 

risks associated with the temporary or longer-term investment of our available cash, including in the BGC OpCos, defaults or impairments on our investments, joint venture interests, stock loans or cash management vehicles and collectability of loan balances owed to us by partners, employees, the BGC OpCos or others;

 

our ability to enter new markets or develop new products, trading desks, marketplaces, or services for existing or new clients, including efforts to convert certain existing products to a Fully Electronic trade execution, and to induce such clients to use these products, trading desks, marketplaces, or services and to secure and maintain market share, including changes to the likelihood or timing of such efforts due to COVID-19 or other developments;

 

the impact of any restructuring or similar transactions on our ability to enter into marketing and strategic alliances and business combinations or other transactions in the financial services and other industries, including acquisitions, tender offers, dispositions, reorganizations, partnering opportunities and joint ventures, the failure to realize the anticipated benefits of any such transactions, relationships or growth and the future impact of any such transactions, relationships or growth on our other businesses and our financial results for current or future periods, the integration of any completed acquisitions and the use of proceeds of any completed dispositions, and the value of and any hedging entered into in connection with consideration received or to be received in connection with such dispositions and any transfers thereof;

 

our estimates or determinations of potential value with respect to various assets or portions of our businesses, such as Fenics and our insurance brokerage business (Corant), including with respect to the accuracy of the assumptions or the valuation models or multiples used;

 

our ability to hire and retain personnel, including brokers, salespeople, managers, and other professionals, and recent departures of senior personnel;

10


 

our ability to expand the use of technology for Hybrid and Fully Electronic trade execution in our product and service offerings;

 

our ability to effectively manage any growth that may be achieved, while ensuring compliance with all applicable financial reporting, internal control, legal compliance, and regulatory requirements;

 

our ability to remediate any material weaknesses in our internal controls and our ability to identify and remediate any future material weaknesses or significant deficiencies in our internal controls which could affect our ability to properly maintain books and records, prepare financial statements and reports in a timely manner, control our policies, practices and procedures, operations and assets, assess and manage our operational, regulatory and financial risks, and integrate our acquired businesses and brokers, salespeople, managers and other professionals;

 

the impact of unexpected market moves and similar events;

 

information technology risks, including capacity constraints, failures, or disruptions in our systems or those of the clients, counterparties, exchanges, clearing facilities, or other parties with which we interact, including increased demands on such systems and on the telecommunications infrastructure from remote working during the COVID-19 pandemic, cyber-security risks and incidents, compliance with regulations requiring data minimization and protection and preservation of records of access and transfers of data, privacy risk and exposure to potential liability and regulatory focus;

 

the effectiveness of our governance, risk management, and oversight procedures and impact of any potential transactions or relationships with related parties;

 

the impact of our ESG or “sustainability” ratings on the decisions by clients, investors, ratings agencies, potential clients and other parties with respect to our businesses, investments in us or the market for and trading price of BGC Class A common stock, Company Debt Securities, or other matters;

 

the fact that the prices at which shares of our Class A common stock are or may be sold in one or more of our CEO Program or other offerings, acquisitions, or other transactions may vary significantly, and purchasers of shares in such offerings or other transactions, as well as existing stockholders, may suffer significant dilution if the price they paid for their shares is higher than the price paid by other purchasers in such offerings or transactions;

 

the impact of our recent significant reductions to our dividends and distributions and the timing and amounts of any future dividends or distributions, including our ability to meet expectations with respect to payments of dividends and distributions and repurchases of shares of our Class A common stock and purchases or redemptions of limited partnership interests in BGC Holdings, or other equity interests in us or any of our other subsidiaries, including the BGC OpCos, including from Cantor, our executive officers, other employees, partners, and others, and the net proceeds to be realized by us from offerings of shares of BGC Class A common stock and Company Debt Securities; and

 

the effect on the markets for and trading prices of our Class A common stock and Company Debt Securities due to COVID-19 and other market factors as well as on various offerings and other transactions, including our CEO Program and other offerings of our Class A common stock and convertible or exchangeable debt or other securities, our repurchases of shares of our Class A common stock and purchases or redemptions of BGC Holdings limited partnership interests or other equity interests in us or in our subsidiaries, any exchanges by Cantor of shares of our Class A common stock for shares of our Class B common stock, any exchanges or redemptions of limited partnership units and issuances of shares of our Class A common stock in connection therewith, including in corporate or partnership restructurings, our payment of dividends on our Class A common stock and distributions on limited partnership interests in BGC Holdings and the BGC OpCos, convertible arbitrage, hedging, and other transactions engaged in by us or holders of our outstanding shares, Company Debt Securities, share sales and stock pledge, stock loans, and other financing transactions by holders of our shares (including by Cantor or others), including of shares acquired pursuant to our employee benefit plans, unit exchanges and redemptions, corporate or partnership restructurings, acquisitions, conversions of shares of our Class B common stock and our other convertible securities into shares of our Class A common stock, stock pledge, stock loan, or other financing transactions, and distributions of our Class A common stock by Cantor to its partners, including the April 2008 and February 2012 distribution rights shares.

The foregoing risks and uncertainties, as well as those risks and uncertainties set forth in this Quarterly Report on Form 10-Q, may cause actual results and events to differ materially from the forward-looking statements. The information included herein is given as of the filing date of this Form 10-Q with the SEC, and future results or events could differ significantly from these forward-looking statements. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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WHERE YOU CAN FIND MORE INFORMATION

We file annual, quarterly and current reports, proxy statements and other information with the SEC. These filings are available to the public from the SEC’s website at www.sec.gov.

Our website address is www.bgcpartners.com. Through our website, we make available, free of charge, the following documents as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC: our Annual Reports on Form 10-K; our proxy statements for our annual and special stockholder meetings; our Quarterly Reports on Form 10-Q; our Current Reports on Form 8-K; Forms 3, 4 and 5 and Schedules 13D with respect to our securities filed on behalf of Cantor, CFGM, our directors and our executive officers; and amendments to those documents. Our website also contains additional information with respect to our industry and businesses. The information contained on, or that may be accessed through, our website is not part of, and is not incorporated into, this Quarterly Report on Form 10-Q.

 

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PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

BGC PARTNERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(in thousands, except per share data)

(unaudited)

 

 

 

March 31, 2021

 

 

December 31, 2020

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

574,384

 

 

$

593,646

 

Cash segregated under regulatory requirements

 

 

257,512

 

 

 

257,031

 

Securities owned

 

 

59,527

 

 

 

58,572

 

Marketable securities

 

 

338

 

 

 

349

 

Receivables from broker-dealers, clearing organizations, customers and related broker-dealers

 

 

1,822,549

 

 

 

304,022

 

Accrued commissions and other receivables, net

 

 

854,761

 

 

 

739,009

 

Loans, forgivable loans and other receivables from employees and partners, net

 

 

419,638

 

 

 

408,142

 

Fixed assets, net

 

 

211,233

 

 

 

214,782

 

Investments

 

 

40,004

 

 

 

38,008

 

Goodwill

 

 

556,392

 

 

 

556,211

 

Other intangible assets, net

 

 

281,571

 

 

 

287,157

 

Receivables from related parties

 

 

6,919

 

 

 

11,953

 

Other assets

 

 

485,837

 

 

 

480,418

 

Total assets

 

$

5,570,665

 

 

$

3,949,300

 

Liabilities, Redeemable Partnership Interest, and Equity

 

 

 

 

 

 

 

 

Short-term borrowings

 

$

3,510

 

 

$

3,849

 

Repurchase agreements

 

 

94

 

 

 

 

Accrued compensation

 

 

202,918

 

 

 

220,726

 

Payables to broker-dealers, clearing organizations, customers and related broker-dealers

 

 

1,676,985

 

 

 

179,716

 

Payables to related parties

 

 

47,501

 

 

 

36,252

 

Accounts payable, accrued and other liabilities

 

 

1,435,951

 

 

 

1,363,919

 

Notes payable and other borrowings

 

 

1,313,295

 

 

 

1,315,935

 

Total liabilities

 

 

4,680,254

 

 

 

3,120,397

 

Commitments, contingencies and guarantees (Note 19)

 

 

 

 

 

 

 

 

Redeemable partnership interest

 

 

19,989

 

 

 

20,674

 

Equity

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Class A common stock, par value $0.01 per share; 750,000 shares authorized;

   385,857 and 373,545 shares issued at March 31, 2021 and December 31, 2020,

   respectively; and 334,364 and 323,018 shares outstanding at March 31, 2021 and

   December 31, 2020, respectively

 

 

3,858

 

 

 

3,735

 

Class B common stock, par value $0.01 per share; 150,000 shares authorized;

   45,884 shares issued and outstanding at each of March 31, 2021 and December 31, 2020,

   convertible into Class A common stock

 

 

459

 

 

 

459

 

Additional paid-in capital

 

 

2,365,750

 

 

 

2,354,492

 

Treasury stock, at cost: 51,492 and 50,527 shares of Class A common stock at

   March 31, 2021 and December 31, 2020, respectively

 

 

(318,864

)

 

 

(315,313

)

Retained deficit

 

 

(1,226,187

)

 

 

(1,265,504

)

Accumulated other comprehensive income (loss)

 

 

(32,284

)

 

 

(28,930

)

Total stockholders’ equity

 

 

792,732

 

 

 

748,939

 

Noncontrolling interest in subsidiaries

 

 

77,690

 

 

 

59,290

 

Total equity

 

 

870,422

 

 

 

808,229

 

Total liabilities, redeemable partnership interest, and equity

 

$

5,570,665

 

 

$

3,949,300

 

 

The accompanying Notes to the unaudited Condensed Consolidated Financial Statements are an integral part of these financial statements.

13


BGC PARTNERS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

Commissions

 

$

435,220

 

 

$

455,855

 

Principal transactions

 

 

98,763

 

 

 

113,311

 

Fees from related parties

 

 

3,785

 

 

 

5,521

 

Data, software and post-trade

 

 

21,986

 

 

 

19,398

 

Interest and dividend income

 

 

3,038

 

 

 

4,161

 

Other revenues

 

 

4,784

 

 

 

4,921

 

Total revenues

 

 

567,576

 

 

 

603,167

 

Expenses:

 

 

 

 

 

 

 

 

Compensation and employee benefits

 

 

308,162

 

 

 

344,928

 

Equity-based compensation and allocations of net income to limited partnership units and FPUs

 

 

33,495

 

 

 

42,204

 

Total compensation and employee benefits

 

 

341,657

 

 

 

387,132

 

Occupancy and equipment

 

 

48,133

 

 

 

51,074

 

Fees to related parties

 

 

5,291

 

 

 

5,435

 

Professional and consulting fees

 

 

16,140

 

 

 

19,956

 

Communications

 

 

29,804

 

 

 

30,521

 

Selling and promotion

 

 

7,488

 

 

 

18,699

 

Commissions and floor brokerage

 

 

17,929

 

 

 

19,277

 

Interest expense

 

 

17,853

 

 

 

17,506

 

Other expenses

 

 

16,089

 

 

 

17,531

 

Total expenses

 

 

500,384

 

 

 

567,131

 

Other income (losses), net:

 

 

 

 

 

 

 

 

Gains (losses) on equity method in