| 10-Q | 2020-03-31 | Filed 2020-05-13 |
| 10-K | 2019-12-31 | Filed 2020-03-16 |
| 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 2019-03-11 |
| 10-Q | 2018-09-30 | Filed 2018-11-06 |
| 10-Q | 2018-06-30 | Filed 2018-08-09 |
| 10-Q | 2018-03-31 | Filed 2018-05-09 |
| 10-K | 2017-12-31 | Filed 2018-03-14 |
| 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 2017-03-15 |
| 10-Q | 2016-09-30 | Filed 2016-11-08 |
| 10-Q | 2016-06-30 | Filed 2016-08-09 |
| 10-Q | 2016-03-31 | Filed 2016-05-09 |
| 10-K | 2015-12-31 | Filed 2016-03-17 |
| 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 2015-03-16 |
| 10-Q | 2014-09-30 | Filed 2014-11-10 |
| 10-Q | 2014-06-30 | Filed 2014-08-11 |
| 10-Q | 2014-03-31 | Filed 2014-05-12 |
| 10-K | 2013-12-31 | Filed 2014-03-17 |
| 10-Q | 2013-09-30 | Filed 2013-11-12 |
| 10-Q | 2013-06-30 | Filed 2013-08-08 |
| 10-Q | 2013-03-31 | Filed 2013-05-10 |
| 10-K | 2012-12-31 | Filed 2013-03-18 |
| 10-Q | 2012-09-30 | Filed 2012-11-09 |
| 10-Q | 2012-06-30 | Filed 2012-08-09 |
| 10-Q | 2012-03-31 | Filed 2012-05-10 |
| 10-K | 2011-12-31 | Filed 2012-03-15 |
| 10-Q | 2011-09-30 | Filed 2011-11-10 |
| 10-Q | 2011-06-30 | Filed 2011-08-05 |
| 10-Q | 2011-03-31 | Filed 2011-05-16 |
| 10-K | 2010-12-31 | Filed 2011-03-30 |
| 8-K | 2020-05-08 | Earnings, Regulation FD, Other Events |
| 8-K | 2020-05-08 | Regulation FD, Exhibits |
| 8-K | 2020-04-23 | Earnings, Regulation FD, Other Events, Exhibits |
| 8-K | 2020-04-10 | Regulation FD, Exhibits |
| 8-K | 2020-04-10 | Earnings |
| 8-K | 2020-03-09 | Regulation FD, Exhibits |
| 8-K | 2020-02-27 | Earnings, Regulation FD, Other Events, Exhibits |
| 8-K | 2020-02-27 | Enter Agreement, Shareholder Rights, Exhibits |
| 8-K | 2020-02-10 | Regulation FD, Exhibits |
| 8-K | 2020-01-13 | Earnings, Exhibits |
| 8-K | 2020-01-02 | Leave Agreement |
| 8-K | 2019-12-10 | Regulation FD, Exhibits |
| 8-K | 2019-11-11 | Regulation FD, Exhibits |
| 8-K | 2019-10-25 | Earnings, Regulation FD, Other Events, Exhibits |
| 8-K | 2019-10-07 | Officers |
| 8-K | 2019-10-07 | Earnings, Exhibits |
| 8-K | 2019-09-10 | Regulation FD, Exhibits |
| 8-K | 2019-08-15 | Officers |
| 8-K | 2019-08-09 | Regulation FD, Exhibits |
| 8-K | 2019-08-08 | Enter Agreement, Exhibits |
| 8-K | 2019-07-25 | Earnings, Regulation FD, Other Events, Exhibits |
| 8-K | 2019-07-18 | Accountant, Exhibits |
| 8-K | 2019-07-11 | Shareholder Vote |
| 8-K | 2019-07-09 | Earnings, Exhibits |
| 8-K | 2019-06-05 | Regulation FD, Exhibits |
| 8-K | 2019-06-05 | Regulation FD, Exhibits |
| 8-K | 2019-05-09 | Regulation FD, Exhibits |
| 8-K | 2019-04-25 | Earnings, Regulation FD, Other Events, Exhibits |
| 8-K | 2019-04-09 | Enter Agreement, Shareholder Rights, Enter Agreement, Other Events, Exhibits |
| 8-K | 2019-04-08 | Earnings, Exhibits |
| 8-K | 2019-04-02 | Officers |
| 8-K | 2019-03-11 | Regulation FD, Exhibits |
| 8-K | 2019-02-28 | Earnings, Regulation FD, Other Events, Exhibits |
| 8-K | 2019-02-08 | Regulation FD, Exhibits |
| 8-K | 2019-02-04 | Officers |
| 8-K | 2019-01-08 | Earnings, Exhibits |
| 8-K | 2018-12-10 | Regulation FD, Exhibits |
| 8-K | 2018-11-28 | Officers |
| 8-K | 2018-11-09 | Regulation FD, Exhibits |
| 8-K | 2018-10-25 | Earnings, Regulation FD, Other Events, Exhibits |
| 8-K | 2018-10-22 | Officers |
| 8-K | 2018-10-04 | Earnings, Exhibits |
| 8-K | 2018-09-14 | Officers |
| 8-K | 2018-09-11 | Regulation FD, Exhibits |
| 8-K | 2018-08-13 | Regulation FD, Exhibits |
| 8-K | 2018-07-26 | Earnings, Regulation FD, Other Events, Exhibits |
| 8-K | 2018-07-12 | Shareholder Vote |
| 8-K | 2018-07-09 | Earnings, Exhibits |
| 8-K | 2018-07-06 | M&A, Exhibits |
| 8-K | 2018-06-08 | Regulation FD, Exhibits |
| 8-K | 2018-05-29 | Enter Agreement, Exhibits |
| 8-K | 2018-05-09 | Regulation FD, Exhibits |
| 8-K | 2018-04-26 | Earnings, Regulation FD, Other Events, Exhibits |
| 8-K | 2018-04-06 | Regulation FD, Exhibits |
| 8-K | 2018-03-27 | Other Events, Exhibits |
| 8-K | 2018-03-12 | Earnings, Exhibits |
| 8-K | 2018-03-08 | Earnings, Regulation FD, Other Events, Exhibits |
| 8-K | 2018-02-08 | Regulation FD, Exhibits |
| 8-K | 2018-01-17 | Officers |
| 8-K | 2018-01-10 | Regulation FD, Exhibits |
We are a global provider of trading services and solutions, specializing in over-the-counter, or OTC, and exchange-traded markets. Our retail and futures segments service customers in more than 180 countries worldwide, and we conduct business from our offices in Bedminster, New Jersey; New York, New York; Chicago, Illinois; Powell, Ohio; London, England; Tokyo, Japan; Sydney, Australia; Shanghai, China; Hong Kong; Dubai, U.A.E.; Krakow, Poland and Singapore.
We have invested considerable resources since our inception to develop our proprietary trading platforms to provide our customers with advanced price discovery, trade execution and order management functions, while improving our ability to acquire and service our customers efficiently, as well as manage market and credit risk associated with our customer's trading activity. Today our customers can trade through web-based, downloadable and mobile trading platforms and have access to innovative trading tools to assist them with research and analysis, trade execution and account management.
We operate our business in two segments. Through our retail segment, we provide customers around the world access to a diverse range of global financial markets. We offer our customers access to over 15,000 global financial markets, including spot foreign exchange (forex), precious metals trading, as well as contracts for difference (CFDs), which are investment products with returns linked to the performance of underlying assets. We offer CFDs on currencies, commodities, indices, individual equities, cryptocurrencies, bonds, options and interest rate products. In the United Kingdom, we offer spread bets, which are investment products similar to CFDs, but that offer more favorable tax treatment for residents of that country. In addition to these OTC products, our futures segment offers exchange-traded futures and options on futures on more than 30 global exchanges. Each of our operating segments is discussed in more detail below. For financial information regarding our segments, please refer to Note 23 to our audited consolidated financial statements included in this Annual Report.
| Comps ($MM TTM) | Market Cap | Gross Margin | EV/EBITDA | Ret on Assets | Assets | Liabilities | Revenue | G Profit | Net Income | EBITDA | EV |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Piper Jaffray (PJC) | 1,021 | 0% | 7.1 | 7% | 1,344 | 582 | 800 | 0 | 100 | 141 | 997 |
| Wisdomtree Investments (WETF) | 941 | 77% | 30.6 | 2% | 954 | 457 | 132 | 101 | 15 | 34 | 1,034 |
| INTL FCStone (INTL) | 813 | 3% | -6.5 | 1% | 9,936 | 9,342 | 26,345 | 841 | 67 | 227 | -1,470 |
| Associated Capital Group (AC) | 800 | 0% | 11.7 | 3% | 993 | 55 | 15 | 0 | 31 | 38 | 449 |
| Ladenburg Thalmann (LTS) | 561 | 0% | 6.4 | 4% | 801 | 414 | 1,380 | 0 | 31 | 74 | 476 |
| Gamco Investors (GBL) | 506 | 0% | 4.3 | 45% | 179 | 147 | 307 | 0 | 81 | 103 | 444 |
| Cowen (COWN) | 480 | 0% | 7.1 | 1% | 4,817 | 3,567 | 1,028 | 0 | 34 | 58 | 415 |
| Oppenheimer Holdings (OPY) | 429 | 0% | 6.4 | 2% | 2,203 | 1,637 | 981 | 0 | 36 | 86 | 553 |
| Greenhill (GHL) | 318 | 0% | 8.3 | -3% | 459 | 430 | 283 | 0 | -13 | 24 | 201 |
| Siebert Financial (SIEB) | 247 | 0% | 21.3 | 40% | 24 | 4 | 27 | 0 | 10 | 11 | 243 |
| Gain Capital (GCAP) | 208 | -3% | 104.0 | -2% | 1,288 | 1,035 | 169 | -5 | -32 | -7 | -777 |
| Net 1 UEPS (UEPS) | 203 | 40% | -0.4 | -45% | 671 | 263 | 316 | 126 | -304 | -251 | 107 |
| China Finance Online (JRJC) | 90 | 0% | 81 | 54 | 0 | 0 | 0 | 0 | 77 | ||
| JMP Group (JMP) | 72 | 0% | 6.7 | 0% | 233 | 162 | 64 | 0 | 1 | 16 | 109 |
| National Holdings (NHLD) | 35 | 0% | 1.5 | 0% | 81 | 30 | 214 | 0 | 0 | 2 | 3 |
| Payment Data Systems (PYDS) | 30 | 22% | -6.1 | -7% | 60 | 50 | 24 | 5 | -4 | -2 | 14 |
| Cohen (COHN) | 7 | 0% | -37.7 | -0% | 7,447 | 7,408 | 49 | 0 | -3 | -1 | 39 |
| XP (XP) | |||||||||||
| Ladenburg Thalmann Financial Services (LTSF) | 0% | 0.9 | 4% | 818 | 569 | 1,429 | 0 | 32 | 73 | 64 | |
| Usio (USIO) | 21% | 6.8 | -6% | 62 | 54 | 21 | 4 | -4 | -2 | -14 |
| Balance Sheet ($MM) | 2011-06-30 | 2011-09-30 | 2011-12-31 | 2012-03-31 | 2012-09-30 | 2012-12-31 | 2013-03-31 | 2013-06-30 | 2013-09-30 | 2013-12-31 | 2014-03-31 | 2014-06-30 | 2014-09-30 | 2014-12-31 | 2015-03-31 | 2015-06-30 | 2015-09-30 | 2015-12-31 | 2016-03-31 | 2016-06-30 | 2016-09-30 | 2016-12-31 | 2017-03-31 | 2017-06-30 | 2017-09-30 | 2017-12-31 | 2018-03-31 | 2018-06-30 | 2018-09-30 | 2018-12-31 | 2019-03-31 | 2019-06-30 | 2019-09-30 |
| Cash | 346 | 371 | 371 | 351 | 427 | 446 | 457 | 477 | 684 | 739 | 806 | 840 | 850 | 760 | 827 | 1,109 | 986 | 921 | 876 | 1,061 | 1,055 | 945 | 1,042 | 947 | 960 | 979 | 1,203 | 1,281 | 1,250 | 1,017 | 993 | 968 | 985 |
| Accounts Receivable | 5 | 6 | 4 | 3 | 4 | 6 | 4 | 4 | 5 | 5 | 5 | 5 | 8 | 6 | 4 | 6 | 6 | 7 | 1 | 0 | 0 | ||||||||||||
| Inventory | |||||||||||||||||||||||||||||||||
| PP&E | 7 | 7 | 8 | 8 | 27 | 30 | 31 | 32 | 42 | 44 | 47 | 49 | 49 | 50 | 51 | 67 | 72 | 75 | 80 | 82 | 85 | 90 | 95 | 102 | 109 | 93 | 99 | 97 | 91 | 91 | 30 | 29 | 29 |
| Assets | 491 | 495 | 506 | 505 | 620 | 630 | 650 | 689 | 1,012 | 1,111 | 1,187 | 1,215 | 1,260 | 1,186 | 1,239 | 1,641 | 1,516 | 1,425 | 1,397 | 1,572 | 1,542 | 1,430 | 1,493 | 1,416 | 1,429 | 1,449 | 1,455 | 1,475 | 1,442 | 1,333 | 1,324 | 1,304 | 1,288 |
| Accounts Payable | |||||||||||||||||||||||||||||||||
| Long-Term Debt | |||||||||||||||||||||||||||||||||
| Liabilities | 325 | 324 | 341 | 341 | 450 | 466 | 487 | 510 | 789 | 877 | 940 | 970 | 997 | 911 | 957 | 1,295 | 1,173 | 1,108 | 1,078 | 1,255 | 1,236 | 1,129 | 1,214 | 1,120 | 1,136 | 1,158 | 1,147 | 1,119 | 1,083 | 1,035 | 1,055 | 1,041 | 1,035 |
| Stockholders' Equity | 166 | 171 | 165 | 164 | 170 | 164 | 164 | 179 | 223 | 234 | 239 | 237 | 252 | 265 | 272 | 333 | 332 | 306 | 307 | 304 | 293 | 294 | 273 | 291 | 289 | 286 | 306 | 353 | 357 | 298 | 269 | 263 | 253 |
| Income Statement ($MM) | 2011-06-30 | 2011-09-30 | 2011-12-31 | 2012-03-31 | 2012-09-30 | 2012-12-31 | 2013-03-31 | 2013-06-30 | 2013-09-30 | 2013-12-31 | 2014-03-31 | 2014-06-30 | 2014-09-30 | 2014-12-31 | 2015-03-31 | 2015-06-30 | 2015-09-30 | 2015-12-31 | 2016-03-31 | 2016-06-30 | 2016-09-30 | 2016-12-31 | 2017-03-31 | 2017-06-30 | 2017-09-30 | 2017-12-31 | 2018-03-31 | 2018-06-30 | 2018-09-30 | 2018-12-31 | 2019-03-31 | 2019-06-30 | 2019-09-30 |
| Revenue | 35 | 72 | 63 | ||||||||||||||||||||||||||||||
| Cost of Revenue | 58 | 59 | 57 | ||||||||||||||||||||||||||||||
| Gross Profit | 32 | 28 | 3 | 37 | -13 | 27 | 15 | 7 | 33 | 19 | 31 | -23 | 13 | 6 | |||||||||||||||||||
| R&D | |||||||||||||||||||||||||||||||||
| SG&A | 9 | 9 | 8 | 7 | 6 | 7 | 11 | 11 | 11 | 17 | 15 | 19 | 14 | 14 | 14 | 23 | 24 | 22 | 22 | 22 | 18 | 21 | 19 | 20 | 18 | 20 | 19 | 21 | 22 | 23 | 22 | 24 | |
| Tax | 6 | 4 | 9 | -1 | 1 | -8 | 1 | 7 | 3 | 14 | 0 | 8 | 5 | 6 | 3 | -4 | 0 | -3 | 2 | 5 | -3 | 6 | 0 | 4 | 0 | -0 | 4 | -0 | 4 | 6 | 2 | -1 | |
| Net Income | 10 | 8 | -3 | -1 | 3 | -4 | 4 | 17 | 6 | 4 | 2 | -5 | 16 | 18 | 9 | -8 | 9 | 16 | 9 | 12 | -4 | 21 | -19 | 14 | -2 | -4 | 16 | 67 | 12 | -2 | -28 | 1 | -2 |
| Cash Flow ($MM) | 2011-06-30 | 2011-09-30 | 2011-12-31 | 2012-03-31 | 2012-09-30 | 2012-12-31 | 2013-03-31 | 2013-06-30 | 2013-09-30 | 2013-12-31 | 2014-03-31 | 2014-06-30 | 2014-09-30 | 2014-12-31 | 2015-03-31 | 2015-06-30 | 2015-09-30 | 2015-12-31 | 2016-03-31 | 2016-06-30 | 2016-09-30 | 2016-12-31 | 2017-03-31 | 2017-06-30 | 2017-09-30 | 2017-12-31 | 2018-03-31 | 2018-06-30 | 2018-09-30 | 2018-12-31 | 2019-03-31 | 2019-06-30 | 2019-09-30 |
| Cash Operating | 32 | 9 | -5 | 8 | -32 | 52 | -9 | -29 | 10 | -27 | 102 | 54 | -37 | 54 | 59 | 2 | 34 | -87 | 154 | 24 | -35 | 19 | 36 | -9 | -2 | 14 | -17 | -23 | -7 | 42 | |||
| Cash Investing | -1 | -2 | -1 | 39 | -1 | -1 | -6 | -2 | -10 | -1 | -24 | -0 | -1 | -10 | 2 | -7 | -6 | -6 | -5 | -14 | -11 | -6 | -7 | -4 | -4 | 92 | -6 | -6 | -4 | -5 | |||
| Cash Financing | -5 | -5 | -10 | -2 | 8 | -2 | -13 | 40 | -1 | -1 | -2 | -2 | -10 | -2 | -8 | -6 | -7 | -4 | -3 | -7 | -9 | -7 | -3 | -3 | -6 | -6 | -6 | -6 | -4 | -2 | |||