FXCM Group Provides Financial Information for Second Quarter 2017
(Thomson Reuters ONE) -
NEW YORK, Aug. 09, 2017 (GLOBE NEWSWIRE) -- FXCM Group, LLC ("FXCM Group" or
"FXCM"), a leading international provider of online foreign exchange trading,
CFD trading, spread betting and related services, today provided selected
financial information regarding its second quarter 2017 results.
"In the second quarter of this year we were able to generate solid Adjusted
EBITDA from continuing operations of $10.5 million in a difficult environment of
particularly low volatility," said Brendan Callan, CEO of FXCM. "This is in
large part due to strong revenue capture in our FX and CFD businesses coupled
with a substantial cost reduction earlier this year."
"With the expected proceeds from the pending sale of our stake in FastMatch, we
expect our balance sheet to further improve as we continue to pay down our debt
to Leucadia," continued Callan. "We remain very optimistic about the future of
our business."
FXCM Group, LLC (US Millions) (unaudited)
Selected Income Statement Data
Three months ended June 30, 2017
Total Net Revenues $ 49.4
Operating Expenses ((1)) $ 39.3
Loss from Continuing Operations $ (1.9 )
Net Loss $ (2.4 )
Adjusted EBITDA Continuing Operations((2) ) $ 10.5
(1) Excludes depreciation and amortization of $5.0 million
(2) See reconciliation following
Selected Balance Sheet Data
As at June 30, 2017
Cash and Cash Equivalents $ 123.9
Cash and cash equivalents, held for customers $ 352.3
Total Assets $ 596.7
Credit Agreement to Leucadia $ 119.7
Total Members' Capital $ 55.2
Selected Customer Trading Metrics for Continuing Operations
Three months ended June 30, 2017
Tradeable accounts 109,829
Active accounts 125,285
Daily average trades 340,478
Daily average trades per active account 2.7
Total trading volume (billions) $ 612
Trading revenue per million traded $ 80
Average customer trading volume per day (billions) $ 9.4
Trading days 65
Reconciliation of U.S. GAAP Net Loss to Adjusted EBITDA(1) - Continuing
Operations
Three months ended June 30, 2017
(US Millions) (unaudited)
Net loss $ (2.4 )
Adjustments:
Net Loss attributable to non-controlling interests((2)) (0.5 )
Loss from discontinued operations, net of tax((3)) 1.1
Income tax provision 0.9
Interest on borrowings 8.3
Gain on derivative liabilities - Leucadia financing((4)) (2.1 )
General and administrative((5)) 0.4
Depreciation and amortization 5.0
Gain on sale of equity method investment((6)) (0.2 )
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Total Adjustments 12.9
--------------------
Adjusted EBITDA((1)) - Continuing Operations $ 10.5
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(1) Adjusted EBITDA from Continuing Operations is a Non-GAAP measure that
is not prepared under any comprehensive set of accounting rules or
principles and does not reflect all of the amounts associated with the
Company's results of operations as determined in accordance with U.S.
GAAP.
(2) Represents the elimination of the share of net loss allocated among
the non-controlling interests to calculate total consolidated net
income (loss) from the Company's operations.
(3) Represents the elimination of the loss attributable to discontinued
operations, net of tax, in order to calculate income attributable to
continuing operations only.
(4) Represents the elimination of the loss or gain attributable to the
derivative liabilities embedded in the Company's financing agreement
with Leucadia, as it is a non-operating, non-cash loss or gain.
(5) Represents the elimination of $0.4 million of charges for client
adjustments related to various trading platform issues.
(6) Represents the elimination of a gain on sale of an equity method
investment which was impaired in 2016.
NON-GAAP FINANCIAL MEASURES
In addition to financial results reported in accordance with U.S. GAAP, we have
provided Adjusted EBITDA, a Non-GAAP financial measure. We believe this Non-GAAP
measure, when presented in conjunction with the comparable U.S. GAAP measure, is
useful to investors in better understanding our current financial performance as
seen through the eyes of management and facilitates comparisons of our
historical operating trends across several periods. We believe that investors
use Adjusted EBITDA as a supplemental measure to evaluate the overall operating
performance of companies in our industry that present similar measures, although
the methods used by other companies in calculating Adjusted EBITDA may differ
from our method, even if similar terms are used to identify such measure.
Adjusted EBITDA provides us with an understanding of the results from the
primary operations of our business by excluding the effects of certain gains,
losses or other charges that do not reflect the normal earnings of our core
operations or that may not be indicative of our future outlook and prospects.
Internally, Adjusted EBITDA is used by management for various purposes,
including to evaluate our operating performance and operational strategies, and
as a basis for strategic planning, forecasting and for compensation purposes.
Adjusted EBITDA does not represent and should not be considered as a substitute
for net income or net income attributable to FXCM Group, LLC, each as determined
in accordance with U.S. GAAP. Adjusted EBITDA reflects the following adjustments
to net income:
Regulatory and Legal Costs. Adjustments have been made to eliminate certain
costs or recoveries (including client reimbursements, regulatory fines and
settlements from lawsuits) associated with certain regulatory and legal matters.
Given the nature of these expenses, they are not viewed by management as
expenses incurred in the ordinary course of business and we believe it is useful
to show the effects of eliminating these expenses.
Gain on sale of equity method investment. An adjustment has been made to
eliminate the gain on the sale of an equity method investment which had
previously been impaired in December 2016. Given the nature of this gain, it is
not viewed by management as income in the ordinary course of business and we
believe it is useful to show the effects of eliminating this gain.
About FXCM Group, LLC
FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading,
spread betting and related services. The company's mission is to provide global
traders with access to the world's largest and most liquid market by offering
innovative trading tools, hiring excellent trading educators, meeting strict
financial standards and striving for the best online trading experience in the
market. Clients have the advantage of mobile trading, one-click order execution
and trading from real-time charts. In addition, FXCM offers educational courses
on FX trading and provides trading tools, proprietary data and premium
resources. FXCM Pro provides retail brokers, small hedge funds and emerging
market banks access to wholesale execution and liquidity, while providing high
and medium frequency funds access to prime brokerage services via FXCM Prime.
Trading foreign exchange and CFDs on margin carries a high level of risk, which
may result in losses that could exceed your deposits, therefore may not be
suitable for all investors. Read full disclaimer.
FXCM Group is a holding company of Forex Capital Markets Limited, inclusive of
all EU branches (FXCM UK), FXCM Australia Pty. Limited (FXCM AU), and all
affiliates of aforementioned firms, or other firms under the FXCM group of
companies [collectively "FXCM"].
Jaclyn Sales, 646-432-2463
Vice-President, Corporate Communications
jsales(at)fxcm.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: FXCM, Inc. via GlobeNewswire
Datum: 09.08.2017 - 21:20 Uhr
Sprache: Deutsch
News-ID 555991
Anzahl Zeichen: 10661
contact information:
Town:
New York
Kategorie:
Business News
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