新闻稿 - 2019年10月24日

嘉盛集团股份有限公司公布2019年第三季度业绩

中国,2019年10月24日 —— 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年第三季度财务业绩报告。

2019年第三季度主要业绩亮点(所有金额皆反映持续经营表现)

  • GAAP净亏损210万美元,即每股0.06美元
  • GAAP净收入6,670万美元
  • 调整后的净亏损280万美元,即每股0.07美元
  • 调整后息税折旧摊销前收益(EBITDA)为600万美元

运营亮点

  • 零售跟踪三个月的直客活跃账户数量实现连续三个季度增长
  • 营销投资带动新增直客账户同比增长97%,环比增长32%
  • 美国股市的波动促使期货日平均合约较去年同期增长24%

嘉盛集团股份有限公司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 September 30,


Nine Months Ended September 30,


2019


2018


2019


2018

Net (Loss)/Income

$

(2.1)



$

10.0



$

(29.5)



$

28.7


Adjusted Net (Loss)/Income(1)

$

(2.8)



$

13.8



$

(28.7)



$

31.7










Net Revenue

$

66.7



$

95.5



$

180.6



$

278.1


Operating Expenses(2)

(60.7)



(65.0)



(185.1)



(196.8)


Adjusted EBITDA(1)

$

6.0



$

30.5



$

(4.4)



$

81.3










Diluted GAAP EPS

$

(0.06)



$

0.22



$

(0.79)



$

0.60


Adjusted EPS(1)

$

(0.07)



$

0.31



$

(0.77)



$

0.70


___________________________________

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


嘉盛集团股份有限公司首席执行官Glenn Stevens表示,“第三季度业绩继续显示客户参与度提升的积极迹象,我们零售跟踪三个月的直接活跃账户数量连续第三季度实现增长,表明即使处于市场波幅异常较低的环境下,我们的营销工作仍有助增加活跃账户。此外,新增账户实现了直接增长,较2018年第三季度增长97%,较上一季度增长32%,进一步证明我们营销的有效性。期货方面,由于美国股市出现小幅波动,带动期货日平均合约增加24%。随着新客户的兴趣和活动日益增长,我们相信能够在市场状况回归常态后,从中受益。”

季度营业数据列于下表


Q3 19


Q3 18


Year-over-
year Change

Retail Segment






OTC Trading Volume (1) (2)

$

463.1



$

506.5



(8.6)

%

OTC Average Daily Volume

$

7.0



$

7.8



(10.3)

%

12 Month Trailing Active OTC Accounts (3)

118,751



129,182



(8.1)

%

3 Month Trailing Active OTC Accounts (3)

72,909



71,597



1.8

%







Futures Segment






Number of Futures Contracts

2,041,253



1,622,114



25.8

%

Futures Average Daily Contracts

31,895



25,748



23.9

%

12 Month Trailing Active Futures Accounts (3)

7,406



7,550



(1.9)

%

_______________________________________

All retail volume figures reported in billions.

1 US dollar equivalent of notional amounts traded.

2 For the quarter, indirect volume represented 21% of total retail OTC trading volume.

3 Accounts that executed a transaction during the relevant period.


资本回报和股息

第三季度,嘉盛集团股份有限公司专注于通过股息将分红返还给股东,总额合计约为220万美元。

嘉盛集团股份有限公司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12月17日支付给截至2019年12月10日营业结束时登记在册的股东。


关于嘉盛集团股份有限公司

嘉盛集团股份有限公司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。

Condensed Consolidated Statements of Operations

(unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2019


2018


2019


2018

REVENUE:








Retail revenue

$

52.8



$

82.9



$

137.5



$

239.1


Futures revenue

9.4



8.7



27.6



30.4


Other revenue

0.8



1.2



4.3



1.7


Total non-interest revenue

62.9



92.8



169.4



271.2


Interest revenue

4.3



3.3



13.1



8.2


Interest expense

0.6



0.5



1.8



1.3


Total net interest revenue

3.8



2.8



11.3



6.9


Net revenue

$

66.7



$

95.5



$

180.6



$

278.1


EXPENSES:








Employee compensation and benefits

$

19.3



$

22.9



$

62.2



$

69.7


Selling and marketing

10.4



10.2



30.7



23.0


Referral fees

7.6



8.1



22.2



30.0


Trading expenses

5.2



5.8



16.1



17.1


General and administrative

13.3



12.2



37.8



38.9


Depreciation and amortization

4.1



4.7



12.8



15.4


Purchased intangible amortization

1.8



3.5



7.0



10.8


Communications and technology

4.4



5.5



14.9



16.4


Bad debt provision

0.5



0.3



1.4



1.7


Contingent provision

0.0



5.0



0.0



5.0


Impairment of investment

0.0



0.0



0.0



(0.1)


Total operating expense

$

66.6



$

78.2



$

205.0



$

227.9


OPERATING PROFIT/(LOSS)

0.1



17.3



(24.4)



50.2


Interest expense on long term borrowings

3.4



3.4



10.1



10.1


(LOSS)/INCOME BEFORE INCOME TAX

(3.3)



13.9



(34.5)



40.1


Income tax (benefit)/expense

(1.2)



4.0



(5.0)



11.4


NET (LOSS)/INCOME FROM CONTINUING
OPERATIONS

(2.1)



10.0



(29.5)



28.7


Income from discontinued operations

0.0



2.3



0.0



67.3


NET (LOSS)/INCOME

(2.1)



12.3



(29.5)



96.0


Less income attributable to non-controlling interest

0.0



0.1



0.0



0.6


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

$

(2.1)



$

12.2



$

(29.5)



$

95.4


 _________________________

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

Condensed Consolidated Balance Sheet

(unaudited)



September 30,


December 31,


2019


2018

ASSETS:




Cash and cash equivalents

$

200.7



$

278.9


Cash and securities held for customers

849.8



842.5


Receivables from brokers

107.7



84.3


Property and equipment, net

28.8



30.6


Intangible assets, net

24.5



32.2


Goodwill

27.5



27.8


Other assets

49.0



36.4


Total assets

$

1,288.0



$

1,332.5


LIABILITIES AND SHAREHOLDERS' EQUITY:




Payables to customers

$

849.8



$

842.5


Payables to brokers

2.5



1.6


Accrued compensation and benefits

5.4



11.2


Accrued expenses and other liabilities

37.6



41.6


Income tax payable

2.7



5.8


Convertible senior notes

136.9



132.1


Total liabilities

$

1,035.0



$

1,034.8


Shareholders' equity

253.0



297.8


Total liabilities and shareholders' equity

$

1,288.0



$

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 September 30,


Nine Months Ended September 30,


2019


2018


2019


2018

REVENUE:








Institutional revenue

$

0.0



$

0.0



$

0.0



$

16.4


Total non-interest revenue

0.0



0.0



0.0



16.4


Interest revenue

0.0



0.0



0.0



0.1


Total net interest revenue

0.0



0.0



0.0



0.1


Net revenue

$

0.0



$

0.0



$

0.0



$

16.5


EXPENSES:








Employee compensation and benefits

$

0.0



$

0.1



$

0.0



$

6.0


Trading expenses

0.0



0.0



0.0



5.4


Other expenses

0.0



0.0



0.0



4.0


Total operating expense

0.0



0.1



0.0



15.4


OPERATING (LOSS)/PROFIT

0.0



(0.1)



0.0



1.1


(Loss)/gain on sale of discontinued operations

0.0



(0.1)



0.0



69.4


(LOSS)/INCOME BEFORE INCOME
TAX BENEFIT

0.0



(0.3)



0.0



70.6


Income tax (benefit)/expense

0.0



(2.6)



0.0



3.2


NET INCOME FROM DISCONTINUED
OPERATIONS

$

0.0



$

2.3



$

0.0



$

67.3


_________________________

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


GAAP收益净值与调整后收益净值、调整后每股收益和调整后所得税调节表

调整后收益净值为非公认会计准则(GAAP)财务衡量指标,体现的是收益净值扣除某些一次性成本和收益后所得收益数值。该非GAAP准则财务衡量指标具有一定局限性,其内涵无标准化界定,所以,我们的定义可能与其他公司/或分析师使用的类似非GAAP财务衡量指标有所不同。因此,就我们公司的财务业绩与其他公司进行比较可能更为困难。我们认为这些指标将有助于投资者评估公司运营表现。然而,鉴于它们并非按GAPP进行计算的财务业绩或所得税费用衡量指标,因此应将其作为其他符合GAAP财务业绩衡量指标的补充加以考量,而非GAAP之替代指标。

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

(unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2019


2018


2019


2018

Net (loss)/income from continuing operations

$

(2.1)



$

10.0



$

(29.5)



$

28.7


Income tax (benefit)/expense

(1.2)



4.0



(5.0)



11.4


Pre-tax (loss)/income

$

(3.3)



$

13.9



$

(34.5)



$

40.1


Adjustments:








Contingent provision2

0.0



5.0



0.2



5.0


Impairment of investment

0.0



0.0



0.0



(0.1)


Adjusted pre-tax (loss)/income

$

(3.3)



$

18.9



$

(34.3)



$

45.0


 Adjusted income tax benefit/(expense)1

0.5



(5.0)



5.6



(12.6)


 Income attributable to non-controlling interest

0.0



(0.1)



0.0



(0.6)


Adjusted net (loss)/income

$

(2.8)



$

13.8



$

(28.7)



$

31.7










Adjusted (loss)/earnings per common share








Basic

$

(0.07)



$

0.31



$

(0.77)



$

0.71


Diluted

$

(0.07)



$

0.31



$

(0.77)



$

0.70










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








Basic

37,404,223



44,553,903



37,371,676



44,787,875


Diluted

37,404,223



44,984,721



37,371,676



45,270,797


_____________________________

1Adjusted income tax benefit/(expense) reflects the Company's GAAP income tax benefit/(expense) adjusted for (a) taxable or deductible items affecting income tax benefit/(expense) that are unrelated to pre-tax (loss)/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 (loss)/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.

2Q319 YTD represents a contingency related to a legacy US regulatory matter. Q318 and Q318 YTD represent a prior year contractual dispute with a service provider.

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 September 30,


Nine Months Ended September 30,


2019


2018


2019


2018









GAAP pre-tax (loss)/income

$

(3.3)



$

13.9



$

(34.5)



$

40.1


GAAP tax rate

14.5

%


28.4

%


14.5

%


28.4

%

Initial adjusted tax benefit/(expense)(1)

0.5



(4.0)



5.0



(11.4)










Uncertain tax position(3)

0.0



0.0



0.2



(0.2)


One off adjustments(4)

0.0



(1.0)



(0.1)



(1.0)


Basis adjustment(5)

0.0



0.0



0.5



0.0


Adjusted tax benefit/(expense)

$

0.5



$

(5.0)



$

5.6



$

(12.6)










Adjusted pre-tax (loss)/income

$

(3.3)



$

18.9



$

(34.3)



$

45.0


Adjusted tax rate(2)

14.5

%


26.4

%


16.4

%


28.1

%













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

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

3Q319 YTD represents an adjustment of $0.2 million caused by a prior year's tax audit; Q318 YTD adjustment caused by a favorable tax ruling of $(0.2) million relating to a prior year, both included within Initial adjusted tax benefit/(expense)

4Represents the tax effect of the adjustments to pre-tax (loss)/income, calculated using the tax rate applicable for the jurisdiction within which each of the adjustments arose

5Represents a basis adjustment to deferred taxes of $0.5 million relating to a prior year


公认会计准则(GAAP)收益净值与调整后息税折旧摊销前利润和调整后息税折旧摊销前利润率调节表

调整后息税折旧摊销前利润(EBITDA)为非公认会计准则(GAAP)财务衡量指标,体现的是未计利息、税项、折旧及摊销、已购无形资产摊销、可转换票据利息、非控制性权益以及某些一次性成本和收益前的净值。该非GAAP准则财务衡量指标具有一定局限性,其内涵无标准化界定,所以,我们的定义可能与其他公司/或分析师使用的类似非GAAP财务衡量指标有所不同。因此,就我们公司的财务业绩与其他公司进行比较可能更为困难。我们认为该EBITDA数据将有助于投资者评估公司运营表现。然而,EBITDA并非按GAAP进行计算的财务业绩衡量指标,因此应将其作为其他符合GAAP财务衡量指标的补充加以考量,而非GAAP之替代指标。

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

(unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2019


2018


2019


2018

Net revenue

$

66.7



$

95.5



$

180.6



$

278.1


Net (loss)/income from continuing operations

(2.1)



10.0



(29.5)



28.7


Net (loss)/income margin %

(3)

%


10

%


(16)

%


10

%









Net (loss)/income from continuing operations

$

(2.1)



$

10.0



$

(29.5)



$

28.7


Depreciation and amortization

4.1



4.7



12.8



15.4


Purchased intangible amortization

1.8



3.5



7.0



10.8


Interest expense on long term borrowings

3.4



3.4



10.1



10.1


Income tax (benefit)/expense

(1.2)



4.0



(5.0)



11.4


Contingent provision

0.0



5.0



0.2



5.0


Impairment of investment

0.0



0.0



0.0



(0.1)


Adjusted EBITDA

$

6.0



$

30.5



$

(4.4)



$

81.3


Adjusted EBITDA Margin(1)

9

%


32

%


(2)

%


29

%

_________________________

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.


分部门信息:

ASC280,关于企业部门和相关信息的披露,建立关于经营部门信息的报告标准。经营部门作为企业的组成部分,主要经营决策者或决策小组在决定如何分配资源和评估绩效时,可以获得单独的财务信息,以定期做出评估。可报告的分部门被定义为:(a)超过收入的10%,或(b)报告损益的绝对金额超过未报告损益的所有经营部门利润的10%,或(c)超过所有经营部门总资产的10%。基于公司的管理策略,以及共同的生产、营销、开发和客服团队,公司分零售和期货两个业务板块运营。

Retail



Three Months Ended
September 30,


Nine Months Ended
September 30,


2019


2018


2019


2018

Trading revenue

$

52.8



$

82.9



$

137.5



$

239.1


Other retail revenue

4.2



2.9



12.4



7.0


Total revenue

$

57.0



$

85.9



$

149.9



$

246.1










 Employee compensation and benefits

12.5



14.4



39.0



43.4


Selling and marketing

10.2



10.0



30.0



22.1


Referral fees

4.6



5.3



13.4



20.0


Other operating expenses

17.3



17.2



51.7



53.2


Segment Profit

$

12.4



$

39.0



$

15.9



$

107.3


 Segment Profit Margin %

22

%


45

%


11

%


44

%

_________________________

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

Futures



Three Months Ended
September 30,


Nine Months Ended
September 30,


2019


2018


2019


2018

Trading revenue

$

9.4



$

8.7



$

27.6



$

30.4


Other futures revenue

1.2



1.1



4.1



2.9


Total revenue

$

10.6



$

9.7



$

31.7



$

33.3










 Employee compensation and benefits

2.5



2.4



7.5



7.8


Selling and marketing

0.2



0.2



0.6



0.6


Referral fees

3.0



2.8



8.8



10.0


Other operating expenses

3.3



3.0



9.9



10.4


Segment Profit

$

1.7



$

1.3



$

4.8



$

4.5


Segment Profit Margin %

16

%


13

%


15

%


14

%

____________________________

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

Corporate and Other



Three Months Ended
September 30,


Nine Months Ended
September 30,


2019


2018


2019


2018

Other loss

$

(0.9)



$

(0.1)



$

(0.9)



$

(1.3)










Employee compensation and benefits

4.3



6.1



15.7



18.4


Selling and marketing

0.0



0.1



0.0



0.2


Other operating expenses

2.8



3.6



8.6



10.6


Loss

$

(8.1)



$

(9.8)



$

(25.3)



$

(30.5)


____________________

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
September 30,


Nine Months Ended
September 30,


2019


2018


2019


2018

Retail segment

$

12.4



$

39.0



$

15.9



$

107.3


Futures segment

1.7



1.3



4.8



4.5


Corporate and other

(8.1)



(9.8)



(25.3)



(30.5)


Segment Profit/(Loss)

6.0



30.5



(4.6)



81.3










Depreciation and amortization

4.1



4.7



12.8



15.4


Purchased intangible amortization

1.8



3.5



7.0



10.8


Contingent provision

0.0



5.0



0.0



5.0


Impairment of investment

0.0



0.0



0.0



(0.1)


Operating profit/(loss)

$

0.1



$

17.3



$

(24.4)



$

50.2


Interest expense on long term borrowings

3.4



3.4



10.1



10.1


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

$

(3.3)



$

13.9



$

(34.5)



$

40.1


____________________

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


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嘉盛集团股份有限公司对市场的看法。除法律有相关要求外,嘉盛集团股份有限公司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。