GFI Group Inc. Announces Second Quarter Results

(Results relate to the second quarter 2014 and comparisons are versus the second quarter 2013, unless otherwise stated)

- GAAP Total Revenues: $218.1 Million; GAAP Net Revenues: $186.3 Million

- GAAP Net Loss: $97.8 Million, or ($0.78) per Diluted Share

- GAAP net loss includes a $121.6 Million non-cash pre-tax goodwill impairment charge

- Non-GAAP Net Income: $1.3 Million, or $0.01 per Diluted Share

- Cash Earnings: $19.2 Million, or $0.15 per Diluted Share

- Year to date June 30, 2014 Non-GAAP Net Income: $7.5 Million, or $0.06 per Diluted Share

31 Jul, 2014, 16:34 ET from GFI Group Inc.

NEW YORK, July 31, 2014 /PRNewswire/ -- GFI Group Inc. (NYSE: GFIG), a leading intermediary and provider of trading technologies and support services to the global OTC and listed markets, reported today its financial results for the three and six months ended June 30, 2014.

Highlights of Results

Three months ended

June 30,

Six months ended

June 30,

$ in millions

2014

2013

2014

2013

Total revenues

$

218.1

$

242.3

$

458.8

$

486.7

Net revenues

186.3

198.4

388.8

399.9

Brokerage revenues

155.6

174.0

328.7

350.7

Software, analytics and market data revenue

25.6

21.8

51.4

44.0

Compensation ratio (1)

69.4

%

68.2

%

68.7

%

68.4

%

Non-compensation ratio (1)

31.5

%

27.2

%

29.6

%

27.0

%

Non-GAAP net income (1)

$

1.3

$

7.1

$

7.5

$

14.3

Cash earnings (1)

19.2

27.6

45.5

54.8

 

(1)     Item represents a non-GAAP financial measure; see discussion below, as well as a reconciliation to GAAP in the financial tables attached to this release.

On Wednesday, July 30th, GFI Group, Inc. ("GFI") announced an agreement to sell its Trayport and FENICS businesses to CME Group Inc. ("CME") in a two-step transaction.  First, CME will acquire all the outstanding common stock of GFI for $4.55 per share in CME Class A common stock. Immediately following the acquisition of GFI Group, a private consortium of GFI management led by Executive Chairman Michael Gooch, CEO Colin Heffron and Managing Director Nick Brown, will acquire GFI's wholesale brokerage business from CME for $165 million in cash and the assumption, at closing, of approximately $63 million in unvested deferred compensation and other liabilities. 

After the completion of the transaction, the wholesale brokerage business, including the Kyte Group, will continue as a private company with its management and operations largely unchanged.  The transaction is expected to close in early 2015, subject to GFI shareholder and regulatory approvals.

Regarding GFI's financial results, Colin Heffron, Chief Executive Officer, commented: "In the second quarter revenues from our software, analytics and market data businesses increased 17.4% due to strong growth from Trayport. However, GFI's brokerage business continued to be impacted by a number of cyclical and structural headwinds including muted volatility across asset classes, low interest rates, higher capital requirements and ongoing regulatory changes. As a result, non-GAAP brokerage and net revenues declined 10.6% and 6.8%, respectively.  

"Matching session revenues continue to grow and remain a key focus of our electronic trading strategy in fixed income and foreign exchange products. Matching session revenues grew 49% year over year in cash bond products globally. In the Americas and EMEA, fixed income matching session revenues represented approximately 49% and 17% of total fixed income product revenues, respectively.

"Difficult trading conditions and less favorable foreign currency translation in Europe masked progress in the compensation expense area. However, broker compensation as a percentage of brokerage revenues decreased despite a significant decline in brokerage revenues. Further, our continued discipline with regards to sign-on and retention bonus payments led to an improvement in expense of $2.2 million in 2014. We expect considerable operating leverage if higher volumes return to the global markets. 

"GFI's preliminary July total revenues are tracking down approximately 3.5% year over year.

"GFI's second quarter cash earnings were $19.2 million, or $0.15 per diluted share.

"Given the pending transaction with CME Group, the dividend has been suspended at this time."

GAAP Results: Second Quarter 2014

Net revenues were $186.3 million, compared to $198.4 million in the prior year.  Net loss was $97.8 million, or ($0.78) per diluted share, compared with net income of $6.7 million, or $0.05 per diluted share. Compensation and employee benefits expense was 69.8% of net revenues, versus 67.8% in the prior year quarter.  Non-compensation expenses were $185.3 million, or 99.4% of net revenues, compared to $56.2 million, or 28.3%, in the prior year quarter.  GAAP non-compensation expenses in the second quarter of 2014 include a $121.6 million non-cash pre-tax goodwill impairment charge related to the wholesale brokerage reporting units and Kyte. 

Non-GAAP Results: Second Quarter 2014

Revenues

Net revenues were $184.0 million as compared to $197.3 million in the second quarter of 2013.

Brokerage revenues were $155.6 million compared to $174.0 million in the prior year quarter.  Revenues from fixed income, financial, commodity and equity products were down 9.7%, 14.3%, 1.3% and 17.4%, respectively.  By geographic region, brokerage revenues increased 4.3% in EMEA, but declined 24.0% and 20.3% in the Americas and Asia-Pacific, respectively.

Revenues from trading software, analytics and market data products were $25.6 million, up 17.4% from $21.8 million in the prior year.

Expenses

Our compensation and employee benefits expense was $127.7 million, or 69.4% of net revenues, compared with $134.6 million, or 68.2%, in second quarter of 2013.  Non-compensation expenses were $58.0 million, or 31.5% of net revenues, compared with $53.6 million, or 27.2%, in the prior year.

Earnings

GFI's net income was $1.3 million, or $0.01 per diluted share, compared with $7.1 million, or $0.06 per diluted share, in the prior year second quarter.

The effective non-GAAP year to date tax rate was estimated at a negative 22.1% as compared to 36.0% for full-year 2013. The negative 2014 tax rate was a result of regional shifts in taxable incomes.

GAAP Results: Six Months ended June 30, 2014

Net revenues were $388.8 million for the six months ended June 30, 2014 compared with $399.9 million in the same period of 2013.  Net loss was $93.8 million, or ($0.76) per diluted share for 2014, compared with $11.4 million net income, or $0.09 per diluted share, in 2013. The compensation and employee benefits ratio in 2014 was 68.9% of net revenues versus 67.9% in 2013.  Non-compensation expenses for the six months ended June 30, 2014 were $244.5 million, or 62.9% of net revenues, compared with $120.6 million, or 30.2%, in the same period of 2013. Non-compensation expenses in the six months ended June 30, 2014 include a $121.6 million non-cash pre-tax goodwill impairment charge. 

Non-GAAP Results: Six Months ended June 30, 2014

Net revenues for the six months ended June 30, 2014 were $386.1 million compared to $397.1 million in the same period of 2013. Net income was $7.5 million, or $0.06 per diluted share, for the six months ended June 30, 2014, compared with $14.3 million, or $0.11 per diluted share, in 2013. 

Non-GAAP Financial Measures

To supplement GFI's unaudited financial statements presented in accordance with GAAP, the Company uses certain non-GAAP measures of financial performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies.  In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. The non-GAAP financial measures used by GFI include non-GAAP total revenues, non-GAAP net revenues, non-GAAP provision for or benefit from income taxes, non-GAAP net income, non-GAAP diluted earnings per share, cash earnings and cash earnings per share.  These non-GAAP financial measures currently exclude from the Company's statement of income amortization of acquired intangibles and certain other items that management views as non-operating, non-recurring or non-cash as detailed in the reconciliation included in the financial tables attached to this release.

In addition, GFI may consider whether other significant non-operating, non-recurring or non-cash items that arise in the future should also be excluded in calculating the non-GAAP financial measures it uses.  The non-GAAP financial measures also take into account estimated adjustments to income tax expense with respect to the excluded items.

GFI believes that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding the Company's performance by excluding certain items that may not be indicative of the Company's core business, operating results or future outlook. GFI's management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing the Company's operating results, as well as when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate comparisons of the Company's performance to prior periods.

In addition to the reasons stated above, which are generally applicable to each of the items GFI excludes from its non-GAAP financial measures, the Company believes it is appropriate to exclude amortization of acquired intangibles because when analyzing the operating performance of an acquired business, GFI's management focuses on the total return provided by the investment (i.e., operating profit generated from the acquired entity, as compared to the purchase price paid) without taking into consideration any charges for allocations made for accounting purposes. Further, because the purchase price for an acquisition necessarily reflects the accounting value assigned to intangible assets, when analyzing the operating performance of an acquisition in subsequent periods, the Company's management excludes the GAAP impact of acquired intangible assets on its financial results. GFI believes that such an approach is useful in understanding the long-term return provided by an acquisition and that investors benefit from a supplemental non-GAAP financial measure that excludes the accounting expense associated with acquired intangible assets.

A reconciliation of these non-GAAP financial measures to GAAP is included in the financial tables attached to this release.

Conference Call

GFI has scheduled an investor conference call to discuss its second quarter results at 8:30 a.m. (Eastern Time) on Friday, August 1, 2014. Those wishing to listen to the live conference call via telephone should dial 1-877-870-4263 in North America and +1-412-317-0790 outside of North America, and ask for "GFI".

A live audio web cast of the conference call will be available on the Investor Relations section of GFI's Website. For web cast registration information, please visit: http://www.gfigroup.com. Following the conference call, an archived recording will be available.

Supplementary Financial Information

GFI has posted details of its historical monthly brokerage revenues on the Investor Relations page of its web site under the heading Supplementary Financial Information. The Company currently plans to post this information quarterly in conjunction with its announcement of earnings, but does not undertake a responsibility to continue to provide or update such information.

About GFI Group Inc.

GFI Group Inc. (NYSE: GFIG) is a leading intermediary in the global OTC and Listed markets offering an array of sophisticated trading technologies and products to a broad range of financial market participants.  More than 2,500 institutional clients benefit from GFI's know-how and experience in operating electronic and hybrid markets for cash and derivative products across multiple asset classes, including fixed income, interest rates, foreign exchange, equities, energy and commodities.  GFI's brands include Trayport®, a leading provider of trading solutions for energy markets worldwide and FENICS ®, a market leader in FX options software.  

Founded in 1987 and headquartered in New York, GFI employs over 2,000 people globally, with additional offices in London, Paris, Brussels, Nyon, Dublin, Madrid, Sugar Land (TX), Hong Kong, Tel Aviv, Dubai, Manila, Seoul, Tokyo, Singapore, Sydney, Cape Town, Santiago, Bogota, Buenos Aires, Lima and Mexico City.

Forward-looking Statement

Certain matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "might," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of GFI Group Inc. (the "Company") and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement and Plan of Merger, dated as of July 30, 2014, by and among the Company, CME Group Inc. ("CME"), Commodore Acquisition Corp. and Commodore Acquisition LLC (the "Merger Agreement"), (2) the failure to consummate the merger with CME for reasons including without limitation that the conditions to the merger are not satisfied or waived, the failure to obtain the required stockholder approval, or the failure to receive necessary governmental or regulatory approvals required to complete the transactions contemplated by the Merger Agreement, (3) unexpected costs, charges or expenses resulting from the transactions contemplated by the Merger Agreement, (4) the possible disruption that may be caused by the transactions contemplated by the Merger Agreement to the business and operations of the Company and its relationships with customers, employees and other third parties, (5) economic, political and market factors affecting trading volumes; (6) securities prices or demand for the Company's brokerage services; (7) competition from current and new competitors; (8) the Company's ability to attract and retain key personnel, including highly-qualified brokerage personnel; (9) the Company's ability to identify and develop new products and markets; (10) changes in laws and regulations governing the Company's business and operations or permissible activities; (11) the Company's ability to manage its international operations; (12) financial difficulties experienced by the Company's customers or key participants in the markets in which the Company focuses its brokerage services; (13) the Company's ability to keep up with technological changes; (14) uncertainties relating to litigation and (15) the Company's ability to assess and integrate acquisition prospects. Further information about factors that could affect the Company's financial and other results is included in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

GFI Group Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands except share and per share data)

Three Months Ended

Six Months Ended

June 30,

June 30,

2014

2013

2014

2013

Revenues

Agency commissions 

$        109,692

$        122,476

$        231,107

$        249,048

Principal transactions 

45,948

51,562

97,637

101,627

 Total brokerage revenues

155,640

174,038

328,744

350,675

Clearing services revenues

28,602

39,439

62,766

77,503

Interest income from clearing services

572

431

1,100

1,168

Equity in net earnings of unconsolidated businesses

1,493

2,300

4,047

5,359

Software, analytics and market data

25,595

21,808

51,360

43,966

Other income, net

6,203

4,262

10,827

7,999

    Total revenues

218,105

242,278

458,844

486,670

Interest and transaction-based expenses

Transaction fees on clearing services

26,936

38,424

59,576

75,332

Transaction fees on brokerage services

4,655

5,335

10,158

11,142

Interest expense from clearing services

185

87

354

247

Total interest and transaction-based expenses

31,776

43,846

70,088

86,721

Revenues, net of interest and transaction-based expenses

186,329

198,432

388,756

399,949

Expenses

Compensation and employee benefits

130,003

134,613

267,700

271,628

Communications and market data

13,520

13,743

26,867

27,330

Travel and promotion

7,961

7,857

15,740

15,918

Rent and occupancy

7,890

7,039

15,976

14,251

Depreciation and amortization

8,797

8,334

17,393

16,642

Professional fees

10,107

6,385

16,278

13,112

Interest on borrowings

8,143

7,175

15,927

14,863

Impairment of goodwill

121,619

-

121,619

-

Other expenses

7,237

5,699

14,701

18,523

   Total other expenses

315,277

190,845

512,201

392,267

(Loss) income before (benefit from) provision for income taxes

(128,948)

7,587

(123,445)

7,682

(Benefit from) provision for income taxes

(31,277)

719

(30,183)

(4,140)

Net (loss) income before attribution to non-controlling stockholders

(97,671)

6,868

(93,262)

11,822

Less: Net income attributable to non-controlling interests

125

177

531

457

GFI's net (loss) income

$         (97,796)

$             6,691

$         (93,793)

$           11,365

Basic (loss) earnings per share 

$              (0.78)

$               0.06

$              (0.76)

$               0.10

Diluted (loss) earnings per share

$              (0.78)

$               0.05

$              (0.76)

$               0.09

Weighted average shares outstanding - basic

124,909,412

118,646,703

123,643,160

117,024,375

Weighted average shares outstanding - diluted

124,909,412

126,603,146

123,643,160

126,080,497

GFI Group Inc. and Subsidiaries

Consolidated Statements of Operations (unaudited)

As a Percentage of Net Revenues

Three Months Ended

Six Months Ended

June 30,

June 30,

2014

2013

2014

2013

Revenues

Agency commissions 

58.9%

61.7%

59.5%

62.3%

Principal transactions 

24.7%

26.0%

25.1%

25.4%

 Total brokerage revenues

83.6%

87.7%

84.6%

87.7%

Clearing services revenues

15.4%

19.9%

16.1%

19.4%

Interest income from clearing services

0.3%

0.2%

0.3%

0.3%

Equity in net earnings of unconsolidated businesses

0.8%

1.2%

1.0%

1.3%

Software, analytics and market data

13.7%

11.0%

13.2%

11.0%

Other income, net

3.3%

2.1%

2.8%

2.0%

    Total revenues

117.1%

122.1%

118.0%

121.7%

Interest and transaction-based expenses

Transaction fees on clearing services

14.5%

19.4%

15.3%

18.8%

Transaction fees on brokerage services

2.5%

2.7%

2.6%

2.8%

Interest expense from clearing services

0.1%

0.0%

0.1%

0.1%

Total interest and transaction-based expenses

17.1%

22.1%

18.0%

21.7%

Revenues, net of interest and transaction-based expenses

100.0%

100.0%

100.0%

100.0%

Expenses

Compensation and employee benefits

69.8%

67.8%

68.9%

67.9%

Communications and market data

7.2%

6.9%

6.9%

6.8%

Travel and promotion

4.3%

4.0%

4.0%

4.0%

Rent and occupancy

4.2%

3.5%

4.1%

3.6%

Depreciation and amortization

4.7%

4.2%

4.5%

4.2%

Professional fees

5.4%

3.2%

4.2%

3.3%

Interest on borrowings

4.4%

3.6%

4.1%

3.7%

Impairment of goodwill

65.3%

0.0%

31.3%

0.0%

Other expenses

3.9%

2.9%

3.8%

4.6%

   Total other expenses

169.2%

96.1%

131.8%

98.1%

(Loss) income before (benefit from) provision for income taxes

-69.2%

3.9%

-31.8%

1.9%

(Benefit from) provision for income taxes

-16.8%

0.4%

-7.8%

-1.0%

Net (loss) income before attribution to non-controlling stockholders

-52.4%

3.5%

-24.0%

2.9%

Less: Net income attributable to non-controlling interests

0.1%

0.1%

0.1%

0.1%

GFI's net (loss) income

-52.5%

3.4%

-24.1%

2.8%

 

 

 

GFI Group Inc. and Subsidiaries

Selected Financial Data (unaudited)

(Dollars in thousands except per share data)

Three Months Ended

Six Months Ended

June 30,

June 30,

2014

2013

2014

2013

Brokerage Revenues by Product Categories:

Fixed Income

$            43,858

$            48,578

$            95,593

$            95,320

Financial

46,659

54,414

98,198

106,330

Equity

25,687

31,106

55,730

64,322

Commodity

39,436

39,940

79,223

84,703

   Total brokerage revenues

$         155,640

$         174,038

$          328,744

$          350,675

Brokerage Revenues by Geographic Region:

Americas

$            55,254

$            72,704

$          116,590

$          141,483

Europe, Middle East, and Africa

83,318

79,912

175,887

169,254

Asia-Pacific

17,068

21,422

36,267

39,938

   Total brokerage revenues

$         155,640

$         174,038

$          328,744

$          350,675

June 30,

December 31,

2014

2013

Consolidated Statement of Financial Condition Data:

Cash and cash equivalents

$         172,783

$         174,606

Cash held at clearing organizations, net of customer cash

58,204

52,414

GFI's total balance sheet cash

230,987

227,020

Balance sheet cash per share

1.83

1.84

Total assets (1)

1,441,509

1,161,542

Total debt

250,000

250,000

Stockholders' equity

310,538

407,276

Selected Statistical Data:

Brokerage personnel headcount(2) (4)

1,057

1,121

Employees

2,062

2,087

Broker productivity for the period(3) (4)

$                 145

$                 127

(1)

Total assets include receivables from brokers, dealers and clearing organizations of $666.7 million and $295.7 million at June 30, 2014 and December 31, 2013, respectively. These receivables primarily represent securities transactions entered into in connection with our matched principal business which have not settled as of their stated settlement dates, as well as balances with clearing organizations. These receivables are substantially offset by corresponding payables to brokers, dealers and clearing organizations and to clearing customers, for these unsettled transactions.

(2)

Brokerage personnel headcount includes brokers, traders, trainees and clerks.

(3)

Broker productivity is calculated as brokerage revenues divided by average monthly brokerage personnel headcount for the quarter.

(4)

In the quarter ending March 31, 2014, GFI reclassified certain employees that had previously been included in "Brokerage personnel headcount" to back-office support roles.  The impact to broker productivity was immaterial in all periods presented.  

 

 

GFI Group Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)

(In thousands except share and per share data)

Three Months Ended

Six Months Ended

June 30,

June 30,

2014

2013

2014

2013

GAAP revenues

$     218,105

$     242,278

$     458,844

$     486,670

Mark-to-market (gain) loss on forward hedges of future foreign currency revenues

(100)

319

(27)

(650)

Net loss on available-for-sale investments

431

-

48

-

Fair value mark-to-market gain on contingent consideration/future purchase commitment 

(2,709)

(1,459)

(2,709)

(2,203)

Fair value mark-to-market loss on warrants on investee shares

-

-

-

22

Total Non-GAAP Revenues

215,727

241,138

456,156

483,839

GAAP interest and transaction-based expenses

31,776

43,846

70,088

86,721

Non-GAAP revenues, net of interest and transaction-based expenses

183,951

197,292

386,068

397,118

GAAP other expenses

315,277

190,845

512,201

392,267

Amortization of intangibles

(2,448)

(2,471)

(4,917)

(4,969)

Writedown of investment in unconsolidated affiliate

-

-

(611)

-

Impairment of goodwill

(121,619)

-

(121,619)

-

Modification of compensation arrangements for departing executive

(2,289)

-

(2,289)

-

Expenses from start-up operations

-

(160)

-

(8,573)

Professional fees related to restructuring

(3,250)

-

(3,250)

-

Non-GAAP other expenses

185,671

188,214

379,515

378,725

Non-GAAP pre-tax (loss) income

(1,720)

9,078

6,553

18,393

Income tax impact on Non-GAAP items

28,171

1,097

28,732

5,164

Plus: Non-operating adjustment for the recognition of a tax benefit related to interest income between international affiliates

-

-

-

2,655

Non-GAAP (benefit from) provision for income taxes

(3,106)

1,816

(1,451)

3,679

Less: Net income attributable to non-controlling interests

125

177

531

457

GFI's Non-GAAP net income

$          1,261

$          7,085

$          7,473

$       14,257

Non-GAAP diluted net income per share

$            0.01

$            0.06

$            0.06

$            0.11

Pre-tax adjustments to arrive at cash earnings

Amortization of RSUs

5,855

7,360

13,210

15,502

Amortization of prepaid sign-on and retention bonuses

5,735

7,278

12,328

13,390

Depreciation and other amortization (excluding intangibles)

6,349

5,863

12,476

11,673

Total pre-tax adjustments to cash earnings

17,939

20,501

38,014

40,565

Non-GAAP pre-tax cash earnings from ongoing operations

16,219

29,579

44,567

58,958

Non-GAAP (benefit from) provision for income taxes

(3,106)

1,816

(1,451)

3,679

Less: Net income attributable to non-controlling interests

125

177

531

457

GFI's Non-GAAP net cash earnings from ongoing operations

$       19,200

$       27,586

$       45,487

$       54,822

Non-GAAP cash earnings per share

$            0.15

$            0.22

$            0.35

$            0.43

Weighted average shares outstanding - diluted

130,865,187

126,603,146

131,146,382

126,080,497

 

GFI Group Inc.

Adjusted EBITDA

($ in thousands, except share and per share amounts)

2Q13

3Q13

4Q13

1Q14

2Q14

Last twelve months (LTM)

Net income (loss) per U.S. GAAP before attribution to non-controlling interests

$          6,868

$             (29)

$      (30,865)

$          4,409

$      (97,671)

Plus: Net income attributable to non-controlling interests

(177)

(432)

(37)

(406)

(125)

GFI's net income (loss)

6,691

(461)

(30,902)

4,003

(97,796)

Plus: Extraordinary and other non-recurring pretax items (i.e., non-GAAP adjustments)

1,491

3,488

22,751

2,770

127,228

Plus: Interest expense

7,262

7,755

8,002

7,953

8,328

Less: Interest income

(579)

(630)

(773)

(651)

(704)

Plus: Income tax expense (benefit)

719

(1,127)

2,994

1,094

(31,277)

Plus: Depreciation and amortization expense (excluding intangibles)

5,863

5,981

6,001

6,127

6,349

Plus: Amortization of RSUs

7,360

6,870

6,951

7,355

5,855

Plus: Amortization of prepaid sign-on and retention bonuses

7,278

5,938

6,038

6,593

5,735

Adjusted EBITDA

$        36,085

$        27,814

$        21,062

$        35,244

$        23,718

$         107,838

Weighted average shares outstanding - diluted

131,146,382

Adjusted EBITDA per share (pre-tax)

$               0.82

SOURCE GFI Group Inc.



RELATED LINKS

http://www.gfigroup.com