新闻稿 - 2019年5月8日

美国嘉盛集团公布2019年第一季度业绩

全球领先在线交易服务提供商嘉盛集团股份有限公司(GAIN Capital Holdings, Inc., 纽交所代码: GCAP)日前公布2019年第一季度财务业绩报告。

2019年第一季度主要业绩亮点 (所有金额皆反映持续经营表现)

  • GAAP净亏损2,840万美元,即每股0.76美元
  • GAAP净收入3,840万美元,较去年同期下降61%
  • 调整后的净亏损2,840万美元,即每股0.76美元
  • 调整后息税折旧摊销前收益(EBITDA)为2,350万美元

运营亮点

  • 新增直客账户较去年同期增长38%,环比增长27%
  • RPM受到极端窄幅波动的市场影响,远低于历史平均水平

美国嘉盛集团财务数据摘要列于下表(所有数额来自持续经营业务)


Three Months Ended March 31,


2019


2018

Net (Loss)/Income

$

(28.4)



$

11.9


Adjusted Net (Loss)/Income (1)

$

(28.4)



$

11.6






Net Revenue

$

38.4



$

98.4


Operating Expenses(2)

(61.9)



(66.6)


Adjusted EBITDA(1)

$

(23.5)



$

31.8






Diluted GAAP EPS

$

(0.76)



$

0.25


Adjusted EPS(1)

$

(0.76)



$

0.26


___________________________________

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

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

2Operating Expenses excludes Depreciation and Amortization, Purchased Intangible Amortization, and certain one-off costs



美国嘉盛集团首席执行官Glenn Stevens表示,“尽管不利的市场环境影响了我们本季度的交易量和RPM,这其中包括CVIX指数触及五年低点、欧元兑美元汇率处于有记录以来最窄的季度区间,但我们的发展举措正开始产生效果,即便是在如此充满挑战的宏观环境下,得益于市场营销投入的增加,我们在新增直客方面实现了38%的强劲增长。”

Glenn Stevens补充道, “我们将持续专注于我们的长期目标,并计划凭借我们颇有影响力的品牌资产、不断创新的交易体验以及对我们核心客户给予更多关注,来实现新客的获取和保留。我们相信,一旦市场状况恢复正常,我们就能从中获益。”

季度营业数据列于下表


Q1 19


Q1 18


Year-over-year Change

Retail Segment






OTC Trading Volume (1) (2)

$

487.3



$

795.4



(38.7)

%

OTC Average Daily Volume

$

7.7



$

12.4



(37.9)

%

12 Month Trailing Active OTC Accounts (3)

120,641



131,764



(8.4)

%

3 Month Trailing Active OTC Accounts (3)

70,051



78,681



(11.0)

%







Futures Segment






Number of Futures Contracts

1,755,873



2,160,231



(18.7)

%

Futures Average Daily Contracts

28,785



35,414



(18.7)

%

12 Month Trailing Active Futures Accounts (3)

7,387



7,959



(7.2)

%

_______________________________________

All volume figures reported in billions.

1 US dollar equivalent of notional amounts traded.

2 For the quarter, indirect volume represented 22% of total retail OTC trading volume.

3 Accounts that executed a transaction during the relevant period.

Condensed Consolidated Statements of Operations


(unaudited)


Three Months Ended


March 31,


2019


2018

REVENUE:




Retail revenue

$

24.3



$

84.1


Futures revenue

8.0



10.6


Other revenue

2.5



1.9


Total non-interest revenue

34.8



96.7


Interest revenue

4.3



2.1


Interest expense

0.6



0.4


Total net interest revenue

3.7



1.7


Net revenue

$

38.4



$

98.4


EXPENSES:




Employee compensation and benefits

$

20.3



$

24.3


Selling and marketing

10.2



6.0


Referral fees

7.1



11.4


Trading expenses

5.5



5.8


General and administrative

12.8



12.5


Depreciation and amortization

4.3



5.4


Purchased intangible amortization

3.3



3.7


Communications and technology

5.7



5.4


Bad debt provision

0.4



1.1


Impairment of investment

0.0



(0.1)


Total operating expense

$

69.5



$

75.4


OPERATING (LOSS)/PROFIT

(31.1)



22.9


Interest expense on long term borrowings

3.3



3.3


(LOSS)/INCOME BEFORE INCOME TAX

(34.4)



19.6


Income tax (benefit)/expense

(6.1)



7.7


Net (loss)/income from continuing operations

(28.4)



11.9


Income from discontinued operations

0.0



4.3


NET (LOSS)/INCOME

(28.4)



16.3


Less (loss)/income attributable to non-controlling interest

0.0



0.2


NET (LOSS)/INCOME APPLICABLE TO GAIN CAPITAL HOLDINGS, INC.

$

(28.4)



$

16.1


 _________________________

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



Condensed Consolidated Balance Sheet

(unaudited)



March 31,


December 31,


2019


2018

ASSETS:




Cash and cash equivalents

$

218.0



$

278.9


Cash and securities held for customers

869.7



842.5


Receivables from brokers

98.7



84.3


Property and equipment, net

29.9



30.6


Intangible assets, net

29.4



32.2


Goodwill

28.0



27.8


Other assets

50.5



36.4


          Total assets

$

1,324.3



$

1,332.5


LIABILITIES AND SHAREHOLDERS' EQUITY:




Payables to customers

$

869.7



$

842.5


Payables to brokers

0.0



1.6


Accrued compensation & benefits

3.3



11.2


Accrued expenses and other liabilities

46.9



41.6


Income tax payable

1.2



5.8


Convertible senior notes

133.7



132.1


          Total liabilities

$

1,054.8



$

1,034.8


Shareholders' equity

269.5



297.8


          Total liabilities and shareholders' equity

$

1,324.3



$

1,332.5


_________________________

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



Income Statement of Discontinued Operations



Three Months Ended March 31,


2019


2018

REVENUE:




Institutional revenue

$

0.0



$

8.5


Total non-interest revenue

0.0



8.5


Net revenue

$

0.0



$

8.5


EXPENSES:




Employee compensation and benefits

$

0.0



$

3.4


Trading expenses

0.0



2.7


Other expenses

0.0



2.1


Total operating expense

0.0



8.1


OPERATING PROFIT

0.0



0.4


INCOME BEFORE INCOME TAX BENEFIT

0.0



0.4


Income tax benefit

0.0



(4.0)


NET INCOME FROM DISCONTINUED OPERATIONS

$

0.0



$

4.3


_________________________

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



Net (Loss)/Income to Adjusted Net (Loss)/Income and Adjusted EPS


(unaudited)


Three Months Ended


March 31,


2019


2018

Net (loss)/income from continuing operations

$

(28.4)



$

11.9


Income tax (benefit)/expense

(6.1)



7.7


Pre-tax (loss)/income

$

(34.4)



$

19.6


Adjustments:




Impairment of investment

0.0



(0.1)


Adjusted pre-tax (loss)/income

$

(34.4)



$

19.5


 Adjusted income tax benefit/(expense)1

6.1



(7.7)


 Income attributable to non-controlling interest

0.0



(0.2)


Adjusted net (loss)/income

$

(28.4)



$

11.6






Adjusted (loss)/earnings per common share




Basic

$

(0.76)



$

0.26


Diluted

$

(0.76)



$

0.26






Weighted average common shares outstanding used in computing (loss)/earnings per common share




Basic

37,525,073



45,017,716


Diluted

37,525,073



45,523,766


_____________________________

1Adjusted income tax (expense)/benefit reflects the Company's GAAP income tax (expense)/benefit adjusted for (a) taxable or deductible items affecting income tax (expense)/benefit that are unrelated to pre-tax income in the period and (b) the tax effect of other taxable adjustments made to the Company's pre-tax income. The tax effect of the adjustments to pre-tax income are calculated using the tax rate applicable for the jurisdiction within which each of the adjustments arose. The Company believes that this non-GAAP financial measure provides investors with a more consistent and stable basis for determining the impact of taxes on the Company's core continuing operations


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



Adjusted Income Tax Reconciliation


(unaudited)



Three Months Ended March 31,


2019


2018





GAAP pre-tax (loss)/income

$

(34.4)



$

19.6


GAAP Tax Rate

17.6

%


39.2

%

Initial adjusted tax benefit/(expense)(1)

6.1



(7.7)


Adjusted tax benefit/(expense)

$

6.1



$

(7.7)






Adjusted pre-tax (loss)/income

$

(34.4)



$

19.5


Adjusted tax rate(2)

17.6

%


39.5

%


1Initial adjusted tax benefit/(expense) calculated as GAAP pre-tax income multiplied by the YTD GAAP Tax Rate

2Adjusted tax rate calculated as Adjusted tax benefit/(expense) divided by Adjusted pre tax (loss)/income



Net (Loss)/Income to Adjusted Net (Loss)/Income and Adjusted EPS


(unaudited)


Three Months Ended


March 31,


2019


2018

Net (loss)/income from continuing operations

$

(28.4)



$

11.9


Income tax (benefit)/expense

(6.1)



7.7


Pre-tax (loss)/income

$

(34.4)



$

19.6


Adjustments:




Impairment of investment

0.0



(0.1)


Adjusted pre-tax (loss)/income

$

(34.4)



$

19.5


Adjusted income tax benefit/(expense)1

6.1



(7.7)


Income attributable to non-controlling interest

0.0



(0.2)


Adjusted net (loss)/income

$

(28.4)



$

11.6






Adjusted (loss)/earnings per common share




Basic

$

(0.76)



$

0.26


Diluted

$

(0.76)



$

0.26






Weighted average common shares outstanding used in computing (loss)/earnings per common share




Basic

37,525,073



45,017,716


Diluted

37,525,073



45,523,766


_____________________________

1Adjusted income tax (expense)/benefit reflects the Company's GAAP income tax (expense)/benefit adjusted for (a) taxable or deductible items affecting income tax (expense)/benefit that are unrelated to pre-tax income in the period and (b) the tax effect of other taxable adjustments made to the Company's pre-tax income. The tax effect of the adjustments to pre-tax income are calculated using the tax rate applicable for the jurisdiction within which each of the adjustments arose. The Company believes that this non-GAAP financial measure provides investors with a more consistent and stable basis for determining the impact of taxes on the Company's core continuing operations


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



Adjusted Income Tax Reconciliation


(unaudited)



Three Months Ended March 31,


2019


2018





GAAP pre-tax (loss)/income

$

(34.4)



$

19.6


GAAP Tax Rate

17.6

%


39.2

%

Initial adjusted tax benefit/(expense)(1)

6.1



(7.7)


Adjusted tax benefit/(expense)

$

6.1



$

(7.7)






Adjusted pre-tax (loss)/income

$

(34.4)



$

19.5


Adjusted tax rate(2)

17.6

%


39.5

%


1Initial adjusted tax benefit/(expense) calculated as GAAP pre-tax income multiplied by the YTD GAAP Tax Rate

2Adjusted tax rate calculated as Adjusted tax benefit/(expense) divided by Adjusted pre tax (loss)/income



Reconciliation of GAAP Net (Loss)/Income to Adjusted EBITDA and Adjusted EBITDA Margin


(unaudited)



Three Months Ended


March 31,


2019


2018

Net revenue

$

38.4



$

98.4


Net (loss)/income from continuing operations

(28.4)



11.9


Net (loss)/income margin %

(74)

%


12

%





Net (loss)/income from continuing operations

$

(28.4)



$

11.9


Depreciation and amortization

4.3



5.4


Purchased intangible amortization

3.3



3.7


Interest expense on long term borrowings

3.3



3.3


Income tax (benefit)/expense

(6.1)



7.7


Impairment of investment

0.0



(0.1)


Adjusted EBITDA

$

(23.5)



$

31.8


Adjusted EBITDA Margin(1)

(61)

%


32

%

_________________________

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

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



Retail



Three Months Ended
March 31,


2019


2018

Trading Revenue

$

24.3



$

84.1


Other Retail Revenue

3.9



1.6


Total Revenue

28.2



85.7






Employee Compensation & Benefits

13.0



15.4


Selling and Marketing

10.0



5.7


Referral Fees

4.4



7.7


Other Operating Expenses

18.2



17.7


Segment (Loss)/Profit

$

(17.4)



$

39.2


Segment (Loss)/Profit Margin %

(62)

%


46

%

_________________________

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



Futures



Three Months Ended
March 31,


2019


2018

Trading Revenue

$

8.0



$

10.6


Other Futures Revenue

1.4



0.8


Total Revenue

9.4



11.5






Employee Compensation & Benefits

2.2



2.5


Selling and Marketing

0.3



0.2


Referral Fees

2.7



3.7


Other Operating Expenses

3.2



3.8


Segment Profit

$

1.1



$

1.2


Segment Profit Margin %

11

%


10

%

____________________________

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

Corporate and Other



Three Months Ended
March 31,


2019


2018

Revenue

$

0.9



$

1.2






Employee Compensation & Benefits

5.1



6.4


Selling and Marketing

0.0



0.1


Other Operating Expenses

2.9



3.3


Loss

$

(7.2)



$

(8.5)


____________________

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

Reconciliation of Segment (Loss)/Profit to (Loss)/Income Before Income Tax (Benefit)/Expense



Three Months Ended
March 31,


2019


2018

Retail segment

$

(17.4)



$

39.2


Futures segment

1.1



1.2


Corporate and other

(7.2)



(8.5)


Segment (Loss)/Profit

(23.5)



31.8






Depreciation and amortization

4.3



5.4


Purchased intangible amortization

3.3



3.7


Impairment of investment

0.0



(0.1)


Operating (loss)/profit

$

(31.1)



$

22.9


Interest expense on long term borrowings

3.3



3.3


(Loss)/income before income tax (benefit)/expense

$

(34.4)



$

19.6


____________________

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


资本回报和股息

第一季度,美国嘉盛集团:

  • 主要专注于通过股息将分红返还给股东,总额合计约为230万美元
  • 以平均每股6.62美元的价格回购632,796股股票
  • 以股票回购和股息的方式向股东派发共计650万美元

美国嘉盛集团董事会宣布派发每公司普通股0.06美元的季度现金分红。分红将于2019年6月28日支付给截至2019年6月24日营业结束时登记在册的股东。


关于美国嘉盛集团

嘉盛集团GAIN Capital为世界各地的零售和机构投资者提供创新的交易技术和优质的执行服务,其中包括外汇,商品和全球股票等场外交易市场和全球交易所多种资产类别。集团总部位于新泽西州的Bedminster,业务遍布北美、欧洲和亚太区。

欲了解更多公司信息,请浏览 www.gaincapital.com

前瞻性陈述

除了历史信息外,此有关盈利的新闻稿包含了反映管理层对未来预期的“前瞻性”陈述。多个重要因素可能导致最终结果与前瞻性陈述产生实质性差异。这些因素在嘉盛集团股份有限公司于2019年3月11日提交给证券交易委员会的截至2018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、嘉盛集团股份有限公司系统或技术出错或发生故障、技术快速发展、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、我们的竞争能力、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。此前瞻性陈述包含了新闻稿发布之时美国嘉盛集团对市场的看法。除法律有相关要求外,美国嘉盛集团无义务因任何理由对任何前瞻性陈述进行修改或公开更新。