新闻稿 - 2015年05月5日

嘉盛集团发布2015年第一季度业绩报告

2015年第一季度

  • - 净收入9290万美元,增长14%
  • - 稀释后每股收益0.18美元,上涨100%
  • - 稀释后每股现金收益0.27美元,上涨69%
  • - 净盈利830万美元,增长118%
  • - 调整后息税折旧摊销前收益(EBITDA)1970万美元,增长63%

2015年5月5日,新泽西贝德敏斯特/美通社消息 -- 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”)发布2015年第一季度财报。

首席执行官 Glenn Stevens表示:“我们对嘉盛第一季度的表现感到非常满意。1月15日瑞士央行事件中嘉盛专业的风险管理再次让我们脱颖而出,在交出亮丽的一季度财报之同时,也进一步增强了我们的竞争优势。重要的是,除了继续执行规模扩张、产品和收益流多元化的战略计划以外,我们还严格控制运营支出,从而实现两位数的同比盈利增长。”

“我们一季度零售交易量创历史新高,虽然其中相当一部分都集中于欧元/美元单向交易,由此抑制了我们本季的盈利。我们也看到其他运营指f标强劲增长,包括创纪录的期货合约数,以及活跃账户数季度环比大幅上扬”,Stevens 先生补充道。

Stevens先生最后说道:“我们在这期间还积极推进City Index收购计划,并于4月1日完成收购。我们很高兴在此重申,通过这次并购,我们的目标是未来两年实现4500万-5500万美元的成本协同效应。这次收购City Index扩大了我们的公司规模,合并后实体的年交易量将高达3万亿美元,同时,通过美国以外地区的关键产品类别 - 差价合约,我们也进一步多元化了公司的零售交易量,从外汇延伸到商品、股指和股市等相关资产类别。今天,嘉盛对市场环境的适应能力已大大增强,其规模也足以构建一个可获得持续盈利增长的平台。”

第一季度财报要点

(以2014第一季度为参照进行比较)

  • 净收入9290万美元,前值8140万美元,增长14%
  • 净盈利830万美元,前值380万美元,增长118%
  • 稀释后每股收益0.18美元,前值0.09美元,上涨100%
  • 调整后稀释每股收益*0.23美元,前值0.13美元,上涨77%
  • 稀释后每股现金收益* 0.27美元,前值0.16美元,上涨 69%
  • 调整后息税折旧摊销前收益(EBITDA)* 1970万美元,前值1210万美元,增长63%
  • 零售场外交易额7986亿美元,前值5723亿美元,增长40%
  • GTX机构交易额1.23万亿美元,前值1.21万亿美元,增长2%
  • 期货合约总数240万张,前值160万张,增长51%

*下见非公认会计准则 (GAAP) 财务衡量指标调节表

零售场外交易业务

2015年第一季度,嘉盛零售场外交易业务带来了6610万美元的收入,较2014年一季度5120万美元增长29%。零售场外交易额为7986亿美元,较2014年一季度5723亿美元增长40%。日均零售场外交易额126亿美元,较2014年一季度91亿美元增长38%。

通过我们2014年7月收购的咨询业务,2015年第一季度的零售场外交易业务创造了240万美元的佣金收入。

机构业务

嘉盛GTX机构平台2015年第一季度总业务收入为990万美元,2014年同期为880万美元。GTX当季日均机构交易额为196亿美元,较去年同期增长2%。 Sales Trader 业务收入550万美元,去年同期收入1450万美元。我们的 Sales Trader业务收入下降反映了嘉盛2014年四季度对资产回报率更高的客户业务所进行的调整。

期货

2015年第一季度场内交易期货业务运营收入为1040万美元,较2014年同期650万美元增长60%。2015年第一季度期货合约总数为240万张,较2014年同期160万张增长51%。当季日均期货合约数达39034张,较2014年同期的24960增长56%。

City Index

基于英国GAAP会计准则的City Index 2015年一季度初步财报显示,公司净收入3720万美元,相比2014年同期2790万美元增长33%。调整后EBITDA* 200万美元,较2014年一季度的110万美元增长82%。总交易量2861亿美元,较2014年1季度的2347亿美元增长22%。

嘉盛和City Index 2015年第一季度综合预估**财报显示,净收入1.301亿美元,调整后EBITDA* 2170万美元,客户资产总额11亿美元。OTC场外零售交易量预估值**1.1万亿美元,总活跃账户数153540。

嘉盛于2015年4月1日完成对City Index的收购,将从2015年第二季度开始整合City Index业绩发布财报。

(*City Index调整后EBITDA计算跟嘉盛集团计算方法一致)

(**嘉盛和City Index财报结果直接相加得出)

分红

嘉盛董事会宣布派分每公司普通股0.05美元的季度分红。分红将在2015年6月23日支付给截至2015年6月12日营业结束登记在册的股东。


 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 Operations

In millions except share data

(unaudited)




Three Months Ended


March 31,


2015


2014

REVENUE:




Trading revenue

$

66.1



$

51.2


Commission revenue

28.2



29.8


Other revenue

(1.4)



0.1


Total non-interest revenue

92.9



81.1


Interest revenue

0.3



0.4


Interest expense

0.3



0.1


Total net interest revenue



0.3


Total net revenue

92.9



81.4


EXPENSES:




Employee compensation and benefits

22.1



21.8


Selling and marketing

4.6



6.1


Referral fees

26.6



20.7


Trading expense

7.0



6.9


General and administrative

9.3



9.2


Depreciation and amortization

2.0



2.2


Purchased intangible amortization

2.2



1.0


Communication and technology

2.8



4.0


Bad debt provision

3.3



0.6


Acquisition expense



0.4


Restructuring



0.4


Integration

0.1



1.5


Total operating expense

80.0



74.8


Operating income

12.9



6.6


Interest on long term borrowings

1.5



1.4


Income before tax expense

11.4



5.2


Income tax expense

2.8



1.3


Net income

$

8.6



$

3.9


Net income attributable to non-controlling interest

$

0.3



$

0.1


Net income applicable to Gain Capital Holdings Inc.

$

8.3



$

3.8


Earnings per common share(1)




Basic

$

0.19



$

0.10


Diluted

$

0.18



$

0.09


Weighted averages common shares outstanding used




in computing earnings per common share:




Basic

43,206,628



39,543,586


Diluted

44,150,505



42,627,628








(1) Adjusted for the impact of the GAA/TT put option.

 

 

Condensed Consolidated Balance Sheet

In millions

(unaudited)






March 31,


December 31,


2015


2014

ASSETS:




Cash and cash equivalents

$

90.1



$

139.4


Cash and securities held for customers

826.8



759.6


Short term investments

0.2



0.2


Receivables from banks and brokers

176.2



134.9


Property and equipment - net of accumulated depreciation

17.9



18.8


Prepaid assets

3.0



2.5


Goodwill

33.7



34.6


Intangible assets, net

58.5



60.8


Other assets

33.0



35.1


Total assets

$

1,239.4



$

1,185.9


LIABILITIES AND SHAREHOLDERS' EQUITY:




Payables to customer, brokers, dealers, FCM'S and other regulated entities

$

826.8



$

759.6


Accrued compensation & benefits

5.8



16.9


Accrued expenses and other liabilities

54.4



64.4


Income tax payable

0.9



1.5


Senior convertible notes

69.0



68.4


Total liabilities

$

956.9



$

910.8


Non-controlling interest

10.5



10.2


Shareholders' Equity

272.0



264.9


Total liabilities and shareholders' equity

$

1,239.4



$

1,185.9


 

(*) 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 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 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


March 31,


2015


2014

Net income applicable to Gain Capital Holdings Inc.

$

8.3



$

3.8


Add back, net of tax:




Acquisition expense



0.3


Restructuring



0.3


Integration

0.1



1.1


Bad debt related to SNB event in January of 2015

1.9




Adjusted net income

$

10.3



$

5.5






Adjusted earnings per common share:




Basic

$

0.24



$

0.14


Diluted

$

0.23



$

0.13


Weighted averages common shares outstanding used




in computing earnings per common share:




Basic

43,206,628



39,543,586


Diluted

44,150,505



42,627,628


 

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

Cash net income is a non-GAAP financial measure and represents our net income excluding depreciation and amortization, purchased intangible amortization and non-cash interest expense. 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 cash net income assists investors in evaluating our operating performance. However, because cash 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 Cash Net Income and Cash EPS

In millions, except per share data

(unaudited)




Three Months Ended


March 31,


2015


2014

Net income applicable to Gain Capital Holdings Inc.

$

8.3



$

3.8


Add back, net of tax:




Depreciation and amortization

1.5



1.7


Purchased intangible amortization

1.7



0.8


Non-cash interest expense

0.5



0.4


Cash net income

$

12.0



$

6.7






Cash earnings per common share:




Basic

$

0.28



$

0.17


Diluted

$

0.27



$

0.16


Weighted averages common shares outstanding used




in computing earnings per common share:




Basic

43,206,628



39,543,586


Diluted

44,150,505



42,627,628


 

Reconciliation of GAAP Net Income to Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure that represents our earnings before interest, taxes, depreciation and amortization, restructuring, acquisition and integration-related expenses, non-controlling interest 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

In millions

(unaudited)




Three Months Ended


March 31,


2015


2014

Net income applicable to Gain Capital Holdings Inc.

8.3



3.8


Depreciation and amortization

2.0



2.2


Purchased intangible amortization

2.2



1.0


Interest expense

1.5



1.4


Income tax expense

2.8



1.3


Acquisition expense



0.4


Restructuring



0.4


Integration

0.1



1.5


Bad debt related to SNB event in January of 2015

2.5




Net income attributable to non-controlling interest

0.3



0.1


Adjusted EBITDA

$

19.7



$

12.1










 

前瞻性陈述

本新闻发布中的前瞻性陈述包括但不限于嘉盛集团以及/或者City Index (Holdings) Limited(下文简称City Index)对嘉盛集团与City Index合并后公司实力及机遇之相关预期的“前瞻性”声明。财务报表中的前瞻性声明包括但不限于:成本和收入协同效应之预期以及业务合并的战略基础,其中包括产品种类,增长机会,价值创造、财务实力以及闭合时间等相关内容。所有前瞻性声明都是基于当前预期和和信心以及多种假设。嘉盛集团或者City Index并不保证将实现这些预期或者证明这些信心无误。此外,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2014年3月17日提交给证监会的整个年报的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、包括期货公司监管措施的变化在内的行业规则变更、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、我们于期货行业有力竞争的能力、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。

非GAAP会计准则

本财报中包括多种非GAAP会计准则,包括调整后EBITDA、调整后净盈利、调整后每股利润以及现金每股利润。这些非GAAP准则财务衡量指标具有一定局限性,其内涵无标准化界定,所以,我们的定义可能与其他公司/或分析师使用的类似非GAAP财务衡量指标有所不同。因此,就我们公司的财务业绩与其他公司进行比较可能更为困难。我们认为这些非GAAP财务衡量指标能帮助投资者评估公司的历史和预期运营表现。然而,这些非GAAP财务衡量指标并非按GAAP进行计算的财务业绩衡量指标,因此应将其作为其他符合GAAP财务业绩衡量指标,如收益净值,的补充加以考量,而非GAAP之替代指标。

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资料来源: GAIN Capital Holdings, Inc.