新闻稿 - 2016年08月17日

嘉盛集团公布2016年二季度及上半年财报

2016年8月4日，纽约，贝德敏斯特/美通社消息

第二季度 上半年
  • - 净收入1.083亿美元
  • - 净盈利1080万美元
  • - 调整后息税折旧摊销前收益
  • - (EBITDA)2760万美元
  • - 稀释后每股收益0.19美元
  • - 调整后稀释每股收益0.27美元
  • - 净收入2.238亿美元
  • - 净盈利1920万美元
  • - 调整后息税折旧摊销前收益
  • - (EBITDA)5940万美元
  • - 稀释后每股收益0.36美元
  • - 调整后稀释每股收益0.61美元

全球领先的网上交易服务提供商 - 嘉盛集团(纽交所代码：GCAP，下文简称 “嘉盛”)公布了2016年二季度和上半年财报。

二季度净盈利1080万美元，好于去年同期的亏损710万美元。调整后息税折旧摊销前收益(EBITDA)2760万美元，高于去年同期的900万美元。嘉盛截至6月30日三个月及上半年的财报要点，请看下图。

Three Months Ended June 30,

First Half

2016

2015(2)

2016

2015(2)

Net Revenue

$

108.3

$

111.5

$

223.8

$

204.4

Operating Expenses

(80.7)

(98.0)

(164.5)

(171.1)

Galvan Earnout Adjustment

—

(4.5)

—

(4.5)

Adjusted EBITDA(1)

$

27.6

$

9.0

$

59.4

$

28.9

Net Income

$

10.8

$

(7.1)

$

19.2

$

(1.7)

Adjusted Net Income(1)

$

13.1

$

2.7

$

29.9

$

13.4

GAAP EPS

$

0.19

$

(0.16)

$

0.36

$

(0.07)

Adjusted EPS(1)

$

0.27

$

0.05

$

0.61

$

0.29

Note: Dollars in millions, except where noted otherwise. Columns may not add due to rounding.

1 See below for reconciliation of non-GAAP financial measures.

2 As restated. See the Company's Form 10-Q/A filed on May 3, 2016 for additional information.

 

嘉盛首席执行官Glenn Stevens表示：“我们二季度和上半年的财报反映出嘉盛多元化策略及成本控制方案成功执行带来的好处。截至2016年6月30日的过去12个月，嘉盛净收入超过4.5亿美元、净盈利达到3100万美元、调整后息税折旧摊销前收益(EBITDA)大约为1.11亿美元，其中2016年二季度是嘉盛连续第四个季度调整后息税折旧摊销前收益(EBITDA)超过2000万美元。此外，我们成功处理了欧盟公投前后的客户交易，突显出嘉盛风险管理的核心能力。”

零售类

2016年二季度，嘉盛零售类净收入8940万美元，分类盈利3150万美元，增加35%。

截至2016年6月30日的过去12个月，零售类净收入3.767亿美元，分类盈利1.266亿美元，增加34%。

机构类

2016年二季度，嘉盛机构类净收入750万美元，分类盈利140万美元，增加20%。

截至2016年6月30日的过去12个月，机构类净收入3060万美元，分类盈利730万美元，增加24%。

期货类

2016年二季度，嘉盛期货类净收入1290万美元，分类盈利180万美元，增加14%。

截至2016年6月30日的过去12个月，期货类净收入4850万美元，分类盈利440万美元，增加9%。

资本收益和股息

二季度，嘉盛以6.68美元的平均价格回购275,924股。

嘉盛董事会宣布派发每公司普通股0.05美元的季度现金分红。分红将在2016年9月20日支付给截至2016年9月13日营业结束时登记在册的股东。

7月运营指标

零售类指标

场外交易日均交易额101亿美元，环比增加3.8%，同比增加39.0%。

场外交易额2127亿美元，环比减少8.2%，同比减少44.3%。

活跃场外交易账户139,007个，环比持平，同比增加.

机构类指标

ECN日均交易额83亿美元，环比减少14.3%，同比增加21.2%。

ECN交易额1736亿美元，环比减少18.2%，同比增加10.7%。

Swap Dealer日均交易额24亿美元，环比减少2.4%，同比增加28.6%。

Swap Dealer交易额497亿美元，环比减少6.9%，同比减少34.8%。

期货类指标

• 期货日均合约29,630张，环比减少10.4%，同比减少2.1%。

• 期货合约数8,719张，环比下降1.2%，同比下降1.1%。

1名义交易额之美元等值数额

2过去12个月当中执行过交易的账户

电话会议

嘉盛将于美东时间2016年8月4日下午4：30召开电话会议。投资者可通过拨打电话+1.888.349.0112（美国国内）或+1.412.317.6001，参与现场电话会议。请告诉接线员您要参加嘉盛集团的电话会议。

嘉盛网站“投资者关系”部门（(http://ir.gaincapital.com)）将对电话会议的内容进行现场音频网络直播，并上载相应的演示副本。另外，该部门也将上载有关盈利演示文稿的PDF副本。

您可于电话会议结束后1个月内拨打电话+1-877-344-7529（美国国内）或+1-412-317-0088（海外），并输入密码10090499#收听音频重播。电话会议结束后约1小时可开始收听该重播内容。

更多企业信息或报名通知，请访问http://ir.gaincapital.com。

关于嘉盛集团

嘉盛集团 (NYSE:GCAP) 为世界各国的零售和机构投资者提供创新的交易技术和交易执行服务，提供包括外汇、商品和全球股市在内的多种资产的场外和场内交易渠道。嘉盛集团总部位于新泽西州的贝德敏斯特，其全球业务遍及北美、欧洲和亚太等地区。详情访问公司网站www.gaincapital.com。

 

Condensed Consolidated Statements of Income

In millions except share data

(unaudited)

 

Three Months Ended

Six Months Ended

June 30,

June 30,

2016

2015(1)

2016

2015(1)

REVENUE:

Retail revenue

$

88.1

$

86.4

$

183.1

$

159.4

Institutional revenue

7.2

8.4

13.9

18.3

Futures revenue

12.7

10.8

24.8

22.3

Other revenue

(0.1)

5.8

1.5

4.5

Total non-interest revenue

108.0

111.5

223.3

204.4

Interest revenue

0.4

0.3

0.8

0.7

Interest expense

0.1

0.3

0.2

0.6

Total net interest revenue

0.3

—

0.5

0.1

Net revenue

$

108.3

$

111.5

$

223.8

$

204.4

EXPENSES:

Employee compensation and benefits

26.6

30.7

53.0

52.8

Selling and marketing

6.8

8.4

13.2

13.0

Referral fees

17.6

29.5

38.2

56.1

Trading expenses

7.8

8.1

16.2

15.1

General and administrative

15.0

14.1

31.1

23.5

Depreciation and amortization

3.6

2.7

6.7

4.7

Purchased intangible amortization

3.8

4.3

7.8

6.4

Communications and technology

5.7

5.8

11.0

8.6

Bad debt provision

1.2

1.2

1.8

4.6

Acquisition expenses

—

2.4

—

2.5

Restructuring expenses

—

1.9

0.8

1.9

Integration expenses

1.0

12.3

1.9

12.4

Legal settlement

—

—

9.4

—

Total operating expenses

89.1

121.6

191.0

201.6

Operating profit

19.2

(10.2)

32.8

2.9

Interest on long term borrowings

2.6

2.6

5.2

4.1

Income before income tax expense/(benefit)

16.6

(12.7)

27.7

(1.2)

Income tax (benefit)/expense

5.0

(6.0)

7.4

(0.3)

Equity in net loss of affiliate

—

—

—

—

Net income

$

11.6

$

(6.7)

$

20.3

$

(0.9)

Net income attributable to non-controlling interests

0.7

0.4

1.1

0.8

NET INCOME APPLICABLE TO GAIN CAPITAL HOLDINGS, INC.

$

10.8

$

(7.1)

$

19.2

$

(1.7)

Earnings per common share:

Basic

$

0.19

$

(0.16)

$

0.36

$

(0.07)

Diluted

$

0.19

$

(0.16)

$

0.36

$

(0.07)

Weighted averages common shares outstanding used in computing earnings per share:

Basic

48,546,253

49,070,387

48,584,534

46,154,717

Diluted

48,737,188

49,070,387

48,860,533

46,154,717

Note: Dollars in millions, except where noted otherwise. Columns may not add due to rounding.

1 As restated. See the Company's Form 10-Q/A filed on May 3, 2016 for additional information.

 

 

Condensed Consolidated Balance Sheet

In millions

(unaudited)

 

June 30,

December 31,

2016

2015(1)

ASSETS:

Cash and cash equivalents

$

89.4

$

171.9

Cash and securities held for customers

1,060.8

920.6

Receivables from brokers

218.1

121.2

Prepaid assets

7.4

7.8

Property and equipment - net of accumulated depreciation

33.5

30.4

Intangible assets, net of accumulated amortization

78.1

91.5

Goodwill

32.9

34.0

Other assets

51.3

47.2

Total assets

$

1,571.6

$

1,424.6

LIABILITIES AND SHAREHOLDERS' EQUITY:

Payables to customers

1,060.8

920.6

Payables to brokers

4.8

—

Accrued compensation & benefits

8.9

12.4

Accrued expenses and other liabilities

50.9

51.6

Income tax payable

7.0

1.1

Convertible senior notes

122.3

121.7

Total liabilities

$

1,254.8

$

1,107.4

Redeemable non-controlling interests

13.2

11.0

Shareholders' equity

$

303.5

$

306.1

Total liabilities and shareholders' equity

$

1,571.6

$

1,424.6

Note: Dollars in millions, except where noted otherwise. Columns may not add due to rounding.

1 As restated. See the Company's Form 10-Q/A filed on May 3, 2016 for additional information.

 

 

(*) Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted EPS

Adjusted net income is a non-GAAP financial measure and represents our net income excluding restructuring, acquisition and integration related expenses, adjustment to fair value of contingent consideration and other non-recurring items. This non-GAAP financial measure has certain limitations, including that it does not have a standardized meaning and, therefore, our definition may be different from similar non-GAAP financial measures used by other companies and/or analysts. Thus, it may be more difficult to compare our financial performance to that of other companies. We believe our reporting of adjusted net income assists investors in evaluating our operating performance. However, because adjusted net income is not a measure of financial performance calculated in accordance with GAAP, such measure should be considered in addition to, but not as a substitute for, other measures of our financial performance reported in accordance with GAAP, such as net income.

 

 

 

Net Income to Adjusted Net Income and Adjusted EPS

In millions, except per share data

(unaudited)

 

Three Months Ended

Six Months Ended

June 30,

June 30,

2016

2015(1)

2016

2015(1)

Net income applicable to Gain Capital Holdings Inc.

$

10.8

$

(7.1)

$

19.2

$

(1.7)

Income tax

5.0

(6.0)

7.4

(0.3)

Non-controlling interest

0.7

0.4

1.1

0.8

Pre-tax income

$

16.6

$

(12.7)

$

27.7

$

(1.2)

Expense adjustments

1.1

16.7

12.1

19.3

Adjusted Pre-tax income

$

17.7

$

3.9

$

39.8

$

18.1

Adjusted income tax

(3.9)

(0.9)

(8.7)

(4.0)

Non-controlling interest

(0.7)

(0.4)

(1.1)

(0.8)

Adjusted net income

$

13.1

$

2.7

$

29.9

$

13.4

Adjusted earnings per common share

Basic

$

0.27

$

0.05

$

0.62

$

0.29

Diluted

$

0.27

$

0.05

$

0.61

$

0.29

Weighted averages common shares outstanding used in computing earnings per common share

Basic

48,546,253

49,070,387

48,584,534

46,154,717

Diluted

48,737,188

49,070,387

48,860,533

46,154,717



Note: Dollars in millions, except where noted otherwise. Columns may not add due to rounding.

1 As restated. See the Company's Form 10-Q/A filed on May 3, 2016 for additional information.

 

 

Reconciliation of GAAP Net Income to Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA is a non-GAAP financial measure that represents our earnings before interest, taxes, depreciation and amortization, purchased intangible amortization, restructuring, acquisition and integration-related expenses, non-controlling interest, adjustment to fair value of contingent consideration and bad debt expense related to the SNB event in January of 2015. This non-GAAP financial measure has certain limitations, including that it does not have a standardized meaning and, therefore, our definition may be different from similar non-GAAP financial measures used by other companies and/or analysts. Thus, it may be more difficult to compare our financial performance to that of other companies. We believe our reporting of adjusted EBITDA assists investors in evaluating our operating performance. However, because adjusted EBITDA is not a measure of financial performance calculated in accordance with GAAP, such measure should be considered in addition to, but not as a substitute for, other measures of our financial performance reported in accordance with GAAP, such as net income.

 

 

 

Reconciliation of GAAP Net Income to Adjusted EBITDA and Adjusted EBITDA Margin

In millions

(unaudited)

 





Three Months Ended

Six Months Ended

June 30,

June 30,

2016

2015(1)

2016

2015(1)

Net revenue

$

108.3

$

111.5

$

223.8

$

204.4

Net income applicable to Gain Capital Holdings Inc.

10.8

(7.1)

19.2

(1.7)

Net income margin %

10

%

(6)%

9

%

(1)%








Net income

10.8

(7.1)

19.2

(1.7)

Depreciation and amortization

3.6

2.7

6.7

4.7

Purchased intangible amortization

3.8

4.3

7.8

6.4

Interest expense

2.6

2.6

5.2

4.1

Income tax expense

5.0

(6.0)

7.4

(0.3)

Acquisition expenses

—

2.4

—

2.5

Restructuring expenses

—

1.9

0.8

1.9

Integration costs

1.0

12.3

1.9

12.4

Legal settlement

—

—

9.4

—

Bad debt related to SNB event in January of 2015

—

—

—

2.5

Acquisition contingent consideration adjustment

—

(4.5)

—

(4.5)

Net income attributable to non-controlling interest

0.7

0.4

1.1

0.8

Adjusted EBITDA

$

27.6

$

9.0

$

59.4

$

28.9

Adjusted EBITDA Margin(2)

26

%

8

%

27

%

14

%












Note: Dollars in millions, except where noted otherwise. Columns may not add due to rounding.

1 As restated. See the Company's Form 10-Q/A filed on May 3, 2016 for additional information.

2 Adjusted EBITDA margin is calculated as adjusted EBITDA divided by net revenue.

 

 

Segment Information:

ASC 280, Disclosures about Segments of an Enterprise and Related Information, establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker, or decision making group, in deciding how to allocate resources and in assessing performance. Reportable segments are defined as an operating segment that either (a) exceeds 10% of revenue, or (b) reported profit or loss in absolute amount exceeds 10% of profit of all operating segments that did not report a loss or (c) exceeds 10% of the combined assets of all operating segments. The Company's operations relate to global trading services and solutions. Based on the Company's management strategies, and common production, marketing, development and client coverage teams, the Company has concluded that it operates in three operating segments: Retail Segment, Institutional Segment and Futures Segment.

 

 

Retail



Three Months Ended June 30,

Six Months Ended June 30,

2016

2015(1)

2016

2015(1)

Trading Revenue

$

88.1

$

86.5

$

182.8

$

157.2

Other Retail Revenue

1.3

1.1

3.3

3.7

Total Revenue

89.4

87.6

186.1

160.9







Employee Comp & Ben

16.9

20.4

33.6

32.6

Marketing

6.5

8.1

12.7

12.3

Referral Fees

13.7

25.9

30.3

48.5

Other Operating Expense

20.8

20.7

41.7

32.0

Segment Profit

$

31.5

$

12.5

$

67.8

$

35.5

Segment Profit Margin %

35

%

14

%

36

%

22

%

 

 

Institutional

Three Months EndedJune 30,

Six Months EndedJune 30,

2016

2015(1)

2016

2015(1)

ECN

$

5.3

$

6.0

$

10.1

$

12.2

Swap Dealer

2.2

2.8

4.5

6.7

Total Revenue

7.5

8.9

14.6

19.0

Employee Comp & Ben

3.5

4.3

6.7

8.3

Other Operating Expense

2.6

2.5

5.0

5.1

Segment Profit

$

1.4

$

2.1

$

2.9

$

5.6

Segment Profit Margin %

20

%

23

%

20

%

29

%

Note: Dollars in millions, except where noted otherwise. Columns may not add due to rounding.

1As restated. See the Company's Form 10-Q/A filed on May 3, 2016 for additional information.

 

 

Futures

Three Months EndedJune 30,

Six Months EndedJune 30,

2016

2015(1)

2016

2015(1)

Revenue

$

12.9

$

10.9

$

25.1

$

22.4

Employee Comp & Ben

3.1

2.7

6.1

5.2

Marketing

0.2

0.3

0.4

0.6

Referral Fees

3.9

3.6

8.0

7.5

Other Operating Expense

3.9

3.3

7.9

6.9

Segment Profit

$

1.8

$

1.0

$

2.7

$

2.2

Segment Profit Margin %

14

%

9

%

11

%

10

%

 

 

Corporate and Other

Three Months EndedJune 30,

Six Months EndedJune 30,

2016

2015(1)

2016

2015(1)

Revenue

$

(1.5)

$

(0.4)

$

(2.0)

$

(2.3)

Employee Comp & Ben

3.1

3.4

6.6

6.9

Other Operating Expense

2.5

2.6

5.5

5.1

Loss

$

(7.1)

$

(6.6)

$

(14.0)

$

(14.4)
td>

Note: Dollars in millions, except where noted otherwise. Columns may not add due to rounding.

1 As restated. See the Company's Form 10-Q/A filed on May 3, 2016 for additional information.

前瞻性陈述

本新闻发布除了历史信息，还含有反映管理层对未来预期的“前瞻性陈述”。多个重要因素有可能使真实财务表现与本声明产生重大差别。这些因素在嘉盛集团于2016年5月6日提交给证监会的、截至2015年12月31日的整个年报的10-K表格里都有提到。多个重要因素包括但不限于：现有或新增潜在竞争对手的举措、市场交易量波动、金融市场波动性、行业规则变更、嘉盛集团系统或技术出措或发生故障、技术有快速更新换代、通胀的影响、客户交易模式、我们提供的产品和服务的成功性、我们继续创新以满足我们的客户对新产品或者增强型产品需求的能力、我们成功整合所收购之资产和公司的能力、我们有力竞争的能力、税收政策或会计规则的变更、汇率以及商品价格的波动、利率的不利变化或波动、国内外总体经济、商业、信贷和金融市场状况，还有鉴于未来财务表现和融资需求我们继续支付季度分红的能力。此处包含的前瞻性声明表达了截至此新闻发布之日时嘉盛集团的观点。除法律有相关要求外，嘉盛集团无义务因任何理由对任何前瞻性声明进行修改或公开更新。

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访问 http://www.prnewswire.com/news-releases/gain-capital-reports-second-quarter-and-first-half-2016-results-300309371.html，阅读此美通社稿件的原始版本

资料来源： GAIN Capital Holdings, Inc.