FXCM Inc. (NYSE: FXCM), a leading online provider of foreign exchange, or FX, trading and related services, today announced for the quarter ended June 30, 2013, revenues of $140.1 million, compared to $91.7 million for the quarter ended June 30, 2012, an increase of 53%. U.S. GAAP net income attributable to FXCM Inc. was $10.1 million for the Second Quarter 2013 or $0.32 per fully diluted FXCM Inc. Class A share, compared to a loss of $1.4 million or $0.06 per FXCM Inc. Class A share for the Second Quarter 2012.
Adjusted Pro Forma EBITDA for the Second Quarter 2013 was $54.5 million, compared to $21.0 million for the Second Quarter 2012, an increase of 159%. Adjusted Pro Forma Net Income was $23.3 million or $0.31 per share for the Second Quarter 2013, compared to $7.9 million or $0.11 per fully diluted, fully exchanged share for the Second Quarter 2012, an increase of 196% and 182% respectively.
For the six months ended June 30, 2013, revenues were $263.0 million, compared to $194.3 million for the six months ended June 30, 2012, an increase of 35%. U.S. GAAP net income attributable to FXCM Inc. was $17.0 million for the six months ended June 30, 2013 or $0.55 per fully diluted FXCM Inc. Class A share, compared to $1.4 million or $0.07 per FXCM Inc. Class A share for the six months ended June 30, 2012.
Adjusted Pro Forma EBITDA for the six months ended June 30, 2013 was $98.3 million, compared to $45.9 million for the six months ended June 30, 2012, an increase of 114%. Adjusted Pro Forma Net Income was $40.8 million or $0.54 per share for the six months ended June 30, 2013, compared to $20.4 million or $0.28 per fully diluted, fully exchanged share for the six months ended June 30, 2012, an increase of 100% and 93%, respectively.
“FXCM turned in one of its best quarters with record revenues and our second highest EBITDA ever – only slightly below the fourth quarter of 2008, when volatility spiked to levels more than double what we saw in the second quarter,” said Drew Niv, Chief Executive Officer. “We have expanded the scale of our business to the point that we were able to deliver outstanding results in a much more moderate climate.”
“We now have $374 million of cash and are undrawn on our $155 million credit facility – leaving us with plenty of liquidity to pursue acquisitions,” he added.
Adjusted Pro Forma results assume the conversion and exchange of all FXCM Holdings, LLC Units into FXCM Inc. Class A common stock, resulting in the elimination of the non-controlling interest and the corresponding adjustment to the entity’s tax provision. In addition, Adjusted Pro Forma results eliminate certain non-recurring charges and equity based compensation expense regarding a grant of stock options at the time of FXCM’s initial public offering (“IPO”) in December 2010 and reclassifies the allocation of earnings of Lucid non-controlling members recorded as compensation expense to net income attributable to non-controlling interest.
FXCM Inc. today announced certain key operating metrics for July 2013 for its retail and institutional foreign exchange business. Monthly activities included:
July 2013 Operating Metrics
Retail Trading Metrics
- Retail customer trading volume(1) of $388 billion in July 2013, 2% lower than June 2013 and 35% higher than July 2012.
- Average retail customer trading volume(1) per day of $16.9 billion in July 2013, 17% lower than June 2013 and 30% higher than July 2012.
- An average of 456,044 retail client trades per day in July 2013, 22% lower than June 2013 and 28% higher than July 2012.
- Tradable accounts(2) of 194,519 as of July 30, 2013, an increase of 3,521, or 2% from June 2013, and a decrease of 12,226 or 6%, from July 2012.
Institutional Trading Metrics
- Institutional customer trading volume(1) of $185 billion in July 2013, 1% higher than June 2013 and 208% higher than July 2012.
- Average institutional trading volume(1) per day of $8 billion in July 2013, 13% lower than June 2013 and 196% higher than July 2012.
- An average of 44,139 institutional client trades per day in July 2013, 8% higher than June 2013 and 604% higher than July 2012.
“July continued the strong trading environment of the Second Quarter,” continued Niv. “We are pleased to report near-record levels in most of our key operating metrics.”
More information, including historical results for each of the above metrics, can be found on the investor relations page of the Company´s corporate website, www.fxcmespanol.com/prhome.
This operating data is preliminary and subject to revision and should not be taken as an indication of the financial performance of FXCM Inc. FXCM undertakes no obligation to publicly update or review previously reported operating data. Any updates to previously reported operating data will be reflected in the historical operating data that can be found on the Investor Relations page of the Company’s corporate website, www.fxcmespanol.com/prhome.
(1) Volume that FXCM’s customers traded in period is translated into U.S. dollars.
(2) A Tradable Account is an account with sufficient funds to place a trade in accordance with FXCM’s trading policies.
Condensed Consolidated Adjusted Pro Forma and U.S. GAAP Results
| Unaudited Adjusted Pro Forma | Unaudited Adjusted Pro Forma | |||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
| 2013 | 2012 | % Change | 2013 | 2012 | % Change | |||||||||||||||||
| Total net revenues | $ | 140,133 | $ | 91,683 | 53 | % | $ | 262,997 | $ | 194,273 | 35 | % | ||||||||||
| Referring broker fees | 22,422 | 19,968 | 12 | % | 43,772 | 40,157 | 9 | % | ||||||||||||||
| Compensation and benefits | 24,529 | 19,830 | 24 | % | 45,999 | 40,939 | 12 | % | ||||||||||||||
| Loss on equity method investments, net | 397 | - | 0 | % | 545 | - | 0 | % | ||||||||||||||
| Other expenses | 38,306 | 30,879 | 24 | % | 74,421 | 67,239 | 11 | % | ||||||||||||||
| EBITDA | 54,479 | 21,006 | 159 | % | 98,260 | 45,938 | 114 | % | ||||||||||||||
| Depreciation and amortization | 12,481 | 6,863 | 82 | % | 24,455 | 13,044 | 87 | % | ||||||||||||||
| Interest on borrowings | 1,290 | 271 | 376 | % | 2,107 | 540 | 290 | % | ||||||||||||||
| Income before income taxes | 40,708 | 13,872 | 193 | % | 71,698 | 32,354 | 122 | % | ||||||||||||||
| Income tax provision | 9,365 | 5,124 | 83 | % | 18,960 | 11,091 | 71 | % | ||||||||||||||
| Net income | 31,343 | 8,748 | 258 | % | 52,738 | 21,263 | 148 | % | ||||||||||||||
| Net income attributable to non-controlling interest in FXCM Holdings, LLC | - | - | 0 | % | - | - | 0 | % | ||||||||||||||
| Net income attributable to non-controlling interest in Lucid Markets Trading Limited | 8,043 | 873 | 821 | % | 11,921 | 873 | 1266 | % | ||||||||||||||
| Net income attributable to FXCM Inc. | $ | 23,300 | $ | 7,875 | 196 | % | $ | 40,817 | $ | 20,390 | 100 | % | ||||||||||
| Pro forma fully exchanged, diluted weighted average shares outstanding | 75,715 | 72,848 | 4 | % | 75,750 | 72,761 | 4 | % | ||||||||||||||
| Earnings per share | $ | 0.31 | $ | 0.11 | 182 | % | $ | 0.54 | $ | 0.28 | 93 | % | ||||||||||
| Unaudited U.S. GAAP | Unaudited U.S. GAAP | |||||||||||||||||||||
| (thousands, except per share amounts) | (thousands, except per share amounts) | |||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
| 2013 | 2012 | % Change | 2013 | 2012 | % Change | |||||||||||||||||
| Total net revenues | $ | 140,133 | $ | 91,683 | 53 | % | $ | 262,997 | $ | 194,273 | 35 | % | ||||||||||
| Compensation and benefits | 26,587 | 33,802 | -21 | % | 50,120 | 57,019 | -12 | % | ||||||||||||||
| Allocation of net income to Lucid members for services provided | 15,004 | - | 0 | % | 15,004 | - | 0 | % | ||||||||||||||
| Total compensation and benefits | 41,591 | 33,802 | 23 | % | 65,124 | 57,019 | 14 | % | ||||||||||||||
| Referring broker fees | 22,422 | 19,968 | 12 | % | 43,772 | 40,157 | 9 | % | ||||||||||||||
| Other expenses | 38,306 | 34,804 | 10 | % | 74,421 | 71,164 | 5 | % | ||||||||||||||
| Loss on equity method investments, net | 397 | - | 0 | % | 545 | - | 0 | % | ||||||||||||||
| Depreciation and amortization | 12,481 | 6,863 | 82 | % | 24,455 | 13,044 | 87 | % | ||||||||||||||
| Interest on borrowings | 1,290 | 271 | 2,107 | 540 | 290 | % | ||||||||||||||||
| Income before income taxes | 23,646 | (4,025 | ) | 687 | % | 52,573 | 12,349 | 326 | % | |||||||||||||
| Income tax provision | 6,390 | (1,109 | ) | 676 | % | 14,349 | 1,258 | 1041 | % | |||||||||||||
| Net income | 17,256 | (2,916 | ) | 692 | % | 38,224 | 11,091 | 245 | % | |||||||||||||
| Net income attributable to non-controlling interest in FXCM Holdings, LLC | 14,093 | (2,348 | ) | 700 | % | 24,323 | 8,771 | 177 | % | |||||||||||||
| Net income attributable to non-controlling interest in Lucid Markets Trading Limited | (6,961 | ) | 873 | -897 | % | (3,083 | ) | 873 | -453 | % | ||||||||||||
| Net income attributable to FXCM Inc. | $ | 10,124 | $ | (1,441 | ) | 803 | % | $ | 16,984 | $ | 1,447 | 1074 | % | |||||||||
| Net income | $ | 10,124 | $ | (1,441 | ) | 803 | % | $ | 16,984 | $ | 1,447 | 1074 | % | |||||||||
| Weighted average Class A shares outstanding - Basic | 30,695 | 22,296 | 38 | % | 29,589 | 20,142 | 47 | % | ||||||||||||||
| Weighted average Class A shares outstanding - Diluted | 31,829 | 22,296 | 43 | % | 30,759 | 20,142 | 53 | % | ||||||||||||||
| Net income per Class A share | ||||||||||||||||||||||
| Basic | $ | 0.33 | $ | (0.06 | ) | 650 | % | $ | 0.57 | $ | 0.07 | 714 | % | |||||||||
| Net income per Class A share | ||||||||||||||||||||||
| Diluted | $ | 0.32 | $ | (0.06 | ) | 633 | % | $ | 0.55 | $ | 0.07 | 686 | % | |||||||||
| Selected Operating Metrics | |||||||||||||||||||
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| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
| 2013 | 2012 | % Change | 2013 | 2012 | % Change | ||||||||||||||
| Total trading volume ($ in billions) | $ | 1,152 | $ | 869 | 33 | % | $ | 2,193 | $ | 1,854 | 18 | % | |||||||
| Total institutional trading volume ($ in billions) | $ | 558 | $ | 402 | 39 | % | $ | 931 | $ | 800 | 16 | % | |||||||
| Total active accounts | 182,225 | 174,218 | 5 | % | 182,225 | 174,218 | 5 | % | |||||||||||
| Trading days in period |
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