BGC Group (BGC) Q4 FY2023 earnings: revenue $517 million, up 18.4% on the year

BGC Group, Inc. (BGC) reported revenue of $517 million for Q4 FY2023, the quarter ended 31 December 2023, up 18.4% on the same quarter a year earlier. Net income was $20 million, up 800.0% on the year, and diluted earnings per share $0.04. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue$517 millionup 18.4%

Net income$20 millionup 800.0%

Diluted EPS$0.04

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	517	483	n/a	n/a
Operating income	14.5	17.8	n/a	n/a
Operating margin	2.8%	3.7%	n/a
Interest expense	20.8	20.8	n/a	n/a
Pre-tax income	31.9	23.9	n/a	n/a
Income tax	10.6	5.3	n/a	n/a
Effective tax rate	33.3%	22.3%	n/a
Net income	19.9	17.0	n/a	n/a
Net margin	3.9%	3.5%	n/a
Diluted EPS	$0.04	$0.03	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	174	313	n/a	n/a
Capital expenditure	5.8	2.0	n/a	n/a
Free cash flow	168	311	n/a	n/a
Free cash flow margin	32.4%	64.4%	n/a
Cash from investing	-30.2	-5.2	n/a	n/a
Cash from financing	-49.4	-262	n/a	n/a
Depreciation and amortisation	20.3	21.9	n/a	n/a
Buybacks	28.0	40.1	n/a	n/a
Dividends paid	5.1	4.7	n/a	n/a
Dividend per share	n/a	$0.01	n/a	n/a
Diluted shares, weighted	490m	478m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	885	844	n/a	n/a
Non-controlling interest	13.1	11.5	n/a	n/a
Redeemable equity	0.0	0.0	n/a	n/a
Debt	1,184	1,183	n/a	n/a
Other liabilities	1,094	1,819	n/a	n/a
Total liabilities and equity	3,176	3,858	n/a	n/a
Goodwill	506	501	n/a	n/a
Intangible assets	211	197	n/a	n/a
Cash and equivalents	656	560	n/a	n/a
Other assets	1,803	2,601	n/a	n/a
Total assets	3,176	3,858	n/a	n/a

Questions

What was BGC Group's revenue in Q4 FY2023?

BGC Group (BGC) reported revenue of $517 million for Q4 FY2023, the quarter ended 31 December 2023, up 18.4% on the same quarter a year earlier.

How much did BGC Group earn in Q4 FY2023?

Net income for Q4 FY2023 was $20 million, up 800.0% on the year, and diluted earnings per share $0.04.

When did BGC Group report Q4 FY2023 results?

BGC Group filed its 10-K for the year that ended with the quarter on 29 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	483	517	579	551	561	572	664	784	737	756	955	846
Operating income	17.8	14.5	30.5	50.6	13.1	-13.7	77.7	72.3	31.2	-57.0	108	71.9
Operating margin	4%	3%	5%	9%	2%	-2%	12%	9%	4%	-8%	11%	9%
Interest expense	20.8	20.8	20.1	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	23.9	31.9	71.1	55.2	19.7	27.2	80.0	75.3	33.5	25.0	115	98.9
Tax rate	22%	33%	31%	33%	30%	14%	33%	25%	22%	57%	28%	30%
Net income	17.0	19.9	49.2	37.8	14.7	21.4	55.2	57.5	27.9	14.4	84.1	72.5
Net margin	4%	4%	9%	7%	3%	4%	8%	7%	4%	2%	9%	9%
Diluted EPS	$0.03	$0.04	$0.10	$0.08	$0.03	$0.04	$0.11	$0.11	$0.06	$0.03	$0.17	$0.15
Operating cash flow	313	174	28.1	-53.0	88.3	252	0.8	71.2	142	180	20.2	162
Capital expenditure	2.0	5.8	3.2	10.5	9.6	6.3	5.3	6.3	4.7	5.3	4.8	4.9
Free cash flow	311	168	24.9	-63.5	78.8	246	-4.4	65.0	137	175	15.4	157
Buybacks	40.1	28.0	68.6	79.5	64.1	50.0	23.1	149	41.9	68.0	2.3	112
Dividends paid	4.7	5.1	4.8	9.8	9.8	9.7	9.9	9.7	9.8	9.7	9.7	9.7
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 29 February 2024, accession 0001628280-24-007951: the filing on EDGAR. All of BGC Group, Inc.'s filings: EDGAR company page.

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