First Quarter 2017 Highlights:
Global Brokerage, Inc. (NASDAQ:GLBR), today announced for the
quarter ended March 31, 2017, U.S. GAAP trading revenue from
continuing operations of $45.1 million, compared to $58.9 million
for the quarter ended March 31, 2016. U.S. GAAP net loss
attributable to Global Brokerage, Inc. from continuing operations
was $24.5 million (U.S. GAAP net income from continuing operations
includes a $23.9 million goodwill impairment charge) for the
quarter ended March 31, 2017, or $3.99 per diluted share,
compared to U.S. GAAP net income attributable to Global Brokerage,
Inc. from continuing operations of $61.9 million (including a
$110.8 million gain on derivative liabilities), or $11.05 per
diluted share, for the quarter ended March 31, 2016.
The net gain/loss on derivative liabilities
consists of non-cash changes in the value of embedded derivatives
associated with the Leucadia Letter and Credit Agreements (as
described further below). The Letter Agreement is a component
of the financing package provided by Leucadia National Corp.
("Leucadia"). On January 15, 2015, FXCM Group, LLC (“FXCM Group”)
customers suffered negative equity balances due to the
unprecedented move in the Swiss Franc after the Swiss National Bank
("SNB") discontinued its peg of the Swiss Franc to the Euro.
On January 16, 2015, FXCM Group entered into a financing agreement
with Leucadia that permitted FXCM Group’s regulated subsidiaries to
meet their regulatory capital requirements and continue normal
operations after significant losses were incurred resulting from
the events of January 15, 2015.
On September 1, 2016 we completed the restructuring
of the financing arrangements with Leucadia (the "Leucadia
Restructuring Transaction"). We amended the terms of the Amended
and Restated Credit Agreement (the "Credit Agreement") and replaced
the Amended and Restated Letter Agreement (the "Letter Agreement")
with a new Limited Liability Company Agreement.
The Company sold its United States domiciled
accounts in February 2017 and withdrew from registration in the
United States. Results for the United States operations have
been reclassified to discontinued operations for both the current
and prior year.
U.S. GAAP trading revenue from discontinued
operations for the quarter ended March 31, 2017 was $12.6 million,
compared to $17.2 million for the quarter ended March 31,
2016. U.S. GAAP net loss attributable to Global Brokerage,
Inc. from discontinued operations was $5.4 million for the quarter
ended March 31, 2017, or $0.88 per diluted share, compared to
U.S. GAAP net loss attributable to Global Brokerage, Inc. from
discontinued operations of $12.2 million, or $2.17 per diluted
share, for the quarter ended March 31, 2016.
Adjusted EBITDA from continuing and discontinued
operations for the quarter ended March 31, 2017 was $5.6 million,
compared to $10.3 million for the quarter ended March 31, 2016.
Adjusted EBITDA is a Non-GAAP financial measure.
This measure does not represent and should not be considered as a
substitute for net income, net income attributable to Global
Brokerage, Inc. or net income per Class A share or as a substitute
for cash flow from operating activities, each as determined in
accordance with U.S. GAAP, and our calculations of these measures
may not be comparable to similarly entitled measures reported by
other companies. See "Non-GAAP Financial Measures" beginning on A-3
of this release for additional information regarding these Non-GAAP
financial measures and for reconciliations of such measures to the
most directly comparable measures calculated in accordance with
U.S. GAAP.
On May 2, 2017, the Nasdaq Stock Market notified us
that, for the prior 30 consecutive business days, the market value
of our publicly held shares does not meet the requirement for
continued listing under the Nasdaq Global Select Market listing
rules which could lead to our eventual delisting from the Nasdaq
Global Select Market, by October 30, 2017 if not rectified. This
could lead to an event of default under the terms of our debt
arrangements and accordingly we believe that the potential
delisting raises substantial doubt about our ability to continue as
a going concern. We are working with financial and legal advisers
to explore refinancing alternatives.
Selected Customer Trading Metrics from
Continuing Operations |
|
|
Three Months Ended March 31, |
|
|
2017 |
|
|
2016 |
Tradeable accounts |
|
109,080 |
|
|
112,708 |
Active accounts |
|
130,832 |
|
|
132,734 |
Daily average
trades |
|
427,436 |
|
|
557,270 |
Daily average trades
per active account |
|
3.3 |
|
|
4.2 |
Total trading volume(1)
(billions) |
$ |
679 |
|
$ |
917 |
Trading revenue per
million traded(1) |
$ |
66 |
|
$ |
64 |
Average customer
trading volume per day(1) (billions) |
$ |
10.6 |
|
$ |
14.3 |
Trading days |
|
64 |
|
|
64 |
More information, including historical results for each of the
above metrics, can be found on the investor relations page of
Global Brokerage, Inc.'s
website ir.globalbrokerage.info.
This operating data is preliminary and subject to
revision and should not be taken as an indication of the financial
performance of Global Brokerage, Inc. Global Brokerage, Inc.
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 ir.globalbrokerage.info.
Disclosure Regarding Forward-Looking
Statements
In addition to historical information, this
earnings release may contain "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, Section
21E of the Securities Exchange Act of 1934 and/or the Private
Securities Litigation Reform Act of 1995, which reflect Global
Brokerage's current views with respect to, among other things, its
operations and financial performance in the future. These
forward-looking statements are not historical facts and are based
on current expectations, estimates and projections about Global
Brokerage’s industry, business plans, management's beliefs and
certain assumptions made by management, many of which, by their
nature, are inherently uncertain and beyond our control.
Accordingly, readers are cautioned that any such forward-looking
statements are not guarantees of future performance and are subject
to certain risks, uncertainties and assumptions that are difficult
to predict including, without limitation, risks associated with
Global Brokerage’s strategy to focus on its operations outside the
United States, risks associated with the events that took place in
the currency markets on January 15, 2015 and their impact on Global
Brokerage's capital structure, risks associated with Global
Brokerage's ability to recover all or a portion of any capital
losses, risks relating to the ability of Global Brokerage to
satisfy the terms and conditions of or make payments pursuant to
the terms of the finance agreements with Leucadia, as well as risks
associated with Global Brokerage’s obligations under its other
financing agreements, risks related to Global Brokerage's
dependence on FX market makers, market conditions, risks associated
with the outcome of any potential litigation or regulatory
inquiries to which Global Brokerage may become subject, risks
associated with potential reputational damage to Global Brokerage
resulting from its sale of US customer accounts, and those other
risks described under "Risk Factors" in Global Brokerage’s Annual
Report on Form 10-K, Global Brokerage’s latest Quarterly Report on
Form 10-Q, and other reports or documents Global Brokerage files
with, or furnishes to, the SEC from time to time, which are
accessible on the SEC website at sec.gov. This information should
also be read in conjunction with Global Brokerage's Consolidated
Financial Statements and the Notes thereto contained in Global
Brokerage’s Annual Report on Form 10-K, Global Brokerage’s latest
Quarterly Report on Form 10-Q, and in other reports or documents
that Global Brokerage files with, or furnishes to, the SEC from
time to time, which are accessible on the SEC website
at sec.gov.
About Global Brokerage,
Inc.
Global Brokerage, Inc. (NASDAQ:GLBR) is a
holding company with an indirect effective 37.3% ownership of FXCM
Group LLC (“FXCM Group”) through its equity interest in Global
Brokerage Holdings LLC with an economic interest in FXCM Group of
up to 33.5% depending on the amount of cash cumulatively
distributed by FXCM Group pursuant to the distribution provisions
of the Amended and Restated Limited Liability Company Agreement of
FXCM Group, LLC.
ANNEX
I |
|
|
|
|
|
|
|
Schedule |
|
|
Page Number |
|
|
|
|
U.S. GAAP
Results |
|
|
|
Unaudited U.S. GAAP
Condensed Consolidated Statements of Operations for the Three
Months Ended March 31, 2017 and 2016 |
|
|
A-1 |
Unaudited U.S. GAAP
Condensed Consolidated Statements of Financial Condition As of
March 31, 2017 and December 31, 2016 |
|
|
A-2 |
|
|
|
|
Non-GAAP
Financial Measures |
|
|
A-3 |
Reconciliation of U.S.
GAAP Reported Net Income (Loss) to Adjusted EBITDA |
|
|
A-4 |
Schedule of Cash and
Cash Equivalents and Amounts Due to/from Brokers |
|
|
A-5 |
Global
Brokerage, Inc. |
|
|
|
|
|
Condensed
Consolidated Statements of Operations |
|
|
|
|
|
(In thousands,
except per share amounts) |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
Revenues |
|
|
|
|
|
Trading
revenue |
$ |
45,145 |
|
|
$ |
58,874 |
|
|
|
Interest
income |
|
386 |
|
|
|
335 |
|
|
|
Brokerage
interest expense |
|
(217 |
) |
|
|
(198 |
) |
|
|
Net
interest revenue |
|
169 |
|
|
|
137 |
|
|
|
Other
income |
|
550 |
|
|
|
1,383 |
|
|
|
Total net revenues |
|
45,864 |
|
|
|
60,394 |
|
|
|
Operating
Expenses |
|
|
|
|
|
Compensation and benefits |
|
13,321 |
|
|
|
19,605 |
|
|
|
Referring
broker fees |
|
7,361 |
|
|
|
9,750 |
|
|
|
Advertising and marketing |
|
3,643 |
|
|
|
3,530 |
|
|
|
Communication and technology |
|
5,974 |
|
|
|
7,235 |
|
|
|
Trading
costs, prime brokerage and clearing fees |
|
661 |
|
|
|
641 |
|
|
|
General
and administrative |
|
9,966 |
|
|
|
11,708 |
|
|
|
Depreciation and amortization |
|
5,218 |
|
|
|
6,297 |
|
|
|
Goodwill
impairment loss |
|
23,917 |
|
|
|
- |
|
|
|
Total operating expenses |
|
70,061 |
|
|
|
58,766 |
|
|
|
Operating
(loss) income |
|
(24,197 |
) |
|
|
1,628 |
|
|
|
Other Expense
(Income) |
|
|
|
|
|
Loss
(gain) on derivative liabilities — Letter & Credit
Agreement |
|
550 |
|
|
|
(110,831 |
) |
|
|
Loss on
equity method investments, net |
|
- |
|
|
|
189 |
|
|
|
Interest
on borrowings |
|
14,361 |
|
|
|
20,553 |
|
|
|
(Loss) income
from continuing operations before income taxes |
|
(39,108 |
) |
|
|
91,717 |
|
|
|
Income tax (benefit)
provision |
|
(83 |
) |
|
|
567 |
|
|
|
(Loss) income
from continuing operations |
|
(39,025 |
) |
|
|
91,150 |
|
|
|
Loss from discontinued
operations, net of tax |
|
(27,699 |
) |
|
|
(31,974 |
) |
|
|
Net (loss)
income |
|
(66,724 |
) |
|
|
59,176 |
|
|
|
Net
(loss) income attributable to non-controlling interest in Global
Brokerage Holdings, LLC |
|
(10,184 |
) |
|
|
23,452 |
|
|
|
Net loss
attributable to redeemable non-controlling interest in FXCM Group,
LLC |
|
(16,771 |
) |
|
|
- |
|
|
|
Net loss
attributable to other non-controlling interests |
|
(9,841 |
) |
|
|
(14,011 |
) |
|
|
Net (loss)
income attributable to Global Brokerage, Inc. |
$ |
(29,928 |
) |
|
$ |
49,735 |
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations attributable to Global Brokerage, Inc. |
$ |
(24,524 |
) |
|
$ |
61,887 |
|
|
|
Loss from discontinued
operations attributable to Global Brokerage, Inc. |
|
(5,404 |
) |
|
|
(12,152 |
) |
|
|
Net (loss)
income attributable to Global Brokerage, Inc. |
$ |
(29,928 |
) |
|
$ |
49,735 |
|
|
|
|
|
|
|
|
|
Weighted average shares
of Class A common stock outstanding - Basic and Diluted |
|
6,143 |
|
|
|
5,603 |
|
|
|
|
|
|
|
|
|
Net (loss) income per
share attributable to stockholders of Class A common stock of
Global Brokerage, Inc. - Basic and Diluted |
|
|
|
|
|
Continuing operations |
$ |
(3.99 |
) |
|
$ |
11.05 |
|
|
|
Discontinued operations |
|
(0.88 |
) |
|
|
(2.17 |
) |
|
|
Net
(loss) income attributable to Global Brokerage, Inc. |
$ |
(4.87 |
) |
|
$ |
8.88 |
|
|
|
A-1
Global
Brokerage, Inc. |
|
|
|
|
Condensed
Consolidated Statements of Financial Condition |
|
|
|
|
As of March 31,
2017 and December 31, 2016 |
|
|
|
|
(Amounts in
thousands except share data) |
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
March 31, 2017 |
|
December 31, 2016 |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and
cash equivalents |
|
$ |
144,100 |
|
|
$ |
200,914 |
|
Cash and
cash equivalents, held for customers |
|
|
380,250 |
|
|
|
428,542 |
|
Due from
brokers |
|
|
1,716 |
|
|
|
3,363 |
|
Accounts
receivable, net |
|
|
6,469 |
|
|
|
5,236 |
|
Tax
receivable |
|
|
353 |
|
|
|
199 |
|
Assets
held for sale |
|
|
64,607 |
|
|
|
330,497 |
|
Total current assets |
|
|
597,495 |
|
|
|
968,751 |
|
Deferred tax asset |
|
|
429 |
|
|
|
330 |
|
Office, communication
and computer equipment, net |
|
|
31,743 |
|
|
|
32,815 |
|
Goodwill |
|
|
- |
|
|
|
23,479 |
|
Other intangible
assets, net |
|
|
3,583 |
|
|
|
6,285 |
|
Other assets |
|
|
10,300 |
|
|
|
7,364 |
|
Total assets |
|
$ |
643,550 |
|
|
$ |
1,039,024 |
|
Liabilities,
Redeemable Non-Controlling Interest and Stockholders'
Deficit |
|
|
|
|
Current
liabilities |
|
|
|
|
Customer
account liabilities |
|
$ |
380,250 |
|
|
$ |
428,542 |
|
Accounts
payable and accrued expenses |
|
|
39,223 |
|
|
|
55,491 |
|
Due to
brokers |
|
|
2,327 |
|
|
|
1,471 |
|
Credit
Agreement — Related Party |
|
|
121,120 |
|
|
|
- |
|
Other
liabilities |
|
|
1,645 |
|
|
|
2,629 |
|
Liabilities held for sale |
|
|
2,984 |
|
|
|
235,719 |
|
Total current liabilities |
|
|
547,549 |
|
|
|
723,852 |
|
Deferred tax
liability |
|
|
283 |
|
|
|
215 |
|
Senior convertible
notes |
|
|
163,283 |
|
|
|
161,425 |
|
Credit Agreement —
Related Party |
|
|
- |
|
|
|
150,516 |
|
Other liabilities |
|
|
6,562 |
|
|
|
7,319 |
|
Total liabilities |
|
|
717,677 |
|
|
|
1,043,327 |
|
Redeemable
non-controlling interest |
|
|
30,313 |
|
|
|
46,364 |
|
Stockholders’
Deficit |
|
|
|
|
Class A
common stock, par value $0.01 per share; 3,000,000,000 shares
authorized, 6,143,297 shares issued and outstanding as of March 31,
2017 and December 31, 2016 |
|
|
61 |
|
|
|
61 |
|
Class B
common stock, par value $0.01 per share; 1,000,000 shares
authorized, 8 issued and outstanding as of March 31, 2017 and
December 31, 2016 |
|
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
|
390,054 |
|
|
|
389,917 |
|
Accumulated deficit |
|
|
(490,835 |
) |
|
|
(460,907 |
) |
Accumulated other comprehensive loss |
|
|
(1,573 |
) |
|
|
(2,312 |
) |
Total
stockholders’ deficit, Global Brokerage, Inc. |
|
|
(102,292 |
) |
|
|
(73,240 |
) |
Non-controlling
interests |
|
|
(2,148 |
) |
|
|
22,573 |
|
Total stockholders’ deficit |
|
|
(104,440 |
) |
|
|
(50,667 |
) |
Total
liabilities, redeemable non-controlling interest and stockholders’
deficit |
|
$ |
643,550 |
|
|
$ |
1,039,024 |
|
A-2
NON-GAAP FINANCIAL MEASURES
In addition to financial results reported in
accordance with U.S. GAAP, we have provided Adjusted EBITDA, a Non-
GAAP financial measure. We believe this Non-GAAP measure, when
presented in conjunction with the comparable U.S. GAAP measure, is
useful to investors in better understanding our current financial
performance as seen through the eyes of management and facilitates
comparisons of our historical operating trends across several
periods. We believe that investors use Adjusted EBITDA as a
supplemental measure to evaluate the overall operating performance
of companies in our industry that present similar measures,
although the methods used by other companies in calculating
Adjusted EBITDA may differ from our method, even if similar terms
are used to identify such measure.
Adjusted EBITDA provides us with an understanding
of the results from the primary operations of our business by
excluding the effects of certain gains, losses or other charges
that do not reflect the normal earnings of our core operations or
that may not be indicative of our future outlook and prospects.
Internally, Adjusted EBITDA is used by management for various
purposes, including to evaluate our operating performance and
operational strategies, as a basis for strategic planning and
forecasting, and for compensation purposes.
Adjusted EBITDA does not represent and should not
be considered as a substitute for net income or net income
attributable to Global Brokerage, Inc., each as determined in
accordance with U.S. GAAP. Adjusted EBITDA reflects the
following adjustments to net income:
1. Compensation Expense/Lucid Minority Interest.
Our reported U.S. GAAP results reflect the portion of the 49.9% of
Lucid earnings allocated among the non-controlling members of Lucid
based on services provided as a component of compensation expense
under Allocation of income to Lucid members for services provided
within discontinued operations. Adjustments have been made to
eliminate this allocation of Lucid's earnings attributable to
non-controlling members. We believe that this adjustment
provides a more meaningful view of the Company's operating expenses
and the Company's economic arrangement with Lucid's non-controlling
members. This adjustment has no impact on net income from
continuing operations as reported by the Company.
2. Regulatory and Legal Costs. Adjustments have
been made to eliminate certain costs or recoveries (including
client reimbursements, regulatory fines and settlements from
lawsuits) associated with certain regulatory and legal matters.
Given the nature of these expenses, they are not viewed by
management as expenses incurred in the ordinary course of business
and we believe it is useful to show the effects of eliminating
these expenses.
3. SNB Costs. Adjustments have been made to
eliminate certain costs/income (including the net losses associated
with client debit balances, gains/losses on the derivative
liabilities related to the Letter and Credit Agreements with
Leucadia, costs related to the implementation of a Stockholder
Rights Plan, costs related to the Leucadia Restructuring
Transaction, professional costs, adjustments to the Company's tax
receivable agreement contingent liability and insurance recoveries)
associated with the January 15, 2015 SNB event. Given the nature of
these expenses, they are not viewed by management as expenses
incurred in the ordinary course of business and we believe it is
useful to show the effects of eliminating these expenses.
4. Cybersecurity Incident. Adjustments have been
made to eliminate certain costs/income related to investigative and
other professional services, costs of communications with
customers, remediation activities associated with the incident and
insurance recoveries. Given the nature of these expenses, we
believe it is useful to show the effects of eliminating these
expenses.
5. Discontinued Operations. Adjustments have been
made to eliminate the impact of certain expenses/income associated
with discontinued operations, including severance, restructuring
costs, gains or losses on classification as held for sale assets,
gains or losses from completed asset sales and a gain related to
the disposition of an equity method investment. Given the nature of
these items, they are not viewed by management as activity in the
ordinary course of business and we believe it is useful to show the
effect of eliminating these items.
6. Goodwill Impairment. An adjustment has been made
to eliminate a charge to write-off the goodwill of the
Company. Given the atypical nature of this expense for us, we
believe it is useful to show the effect of eliminating this
expense.
A-3
(Unaudited) |
Reconciliation of U.S. GAAP Net Income (Loss)
to Adjusted EBITDA |
|
Three Months Ended March 31, |
|
|
2017 |
|
|
|
2016 |
|
|
Continuing Ops |
Disc Ops |
Combined |
|
Continuing Ops |
Disc Ops |
Combined |
Net (loss)
income |
$ |
(39,025 |
) |
$ |
(27,699 |
) |
$ |
(66,724 |
) |
|
$ |
91,150 |
|
$ |
(31,974 |
) |
$ |
59,176 |
|
Adjustments: |
|
|
|
|
|
|
|
Net
Revenues(1) |
|
- |
|
|
- |
|
|
- |
|
|
|
44 |
|
|
- |
|
|
44 |
|
Allocation of net income to Lucid members for services
provided(2) |
|
- |
|
|
774 |
|
|
774 |
|
|
|
- |
|
|
1,201 |
|
|
1,201 |
|
General
and administrative(3) |
|
1,107 |
|
|
5,364 |
|
|
6,471 |
|
|
|
1,117 |
|
|
369 |
|
|
1,486 |
|
Compensation & Benefits(4) |
|
- |
|
|
4,385 |
|
|
4,385 |
|
|
|
- |
|
|
- |
|
|
- |
|
Depreciation and amortization |
|
5,218 |
|
|
700 |
|
|
5,918 |
|
|
|
6,297 |
|
|
947 |
|
|
7,244 |
|
Loss on
classification as held for sale |
|
- |
|
|
20,440 |
|
|
20,440 |
|
|
|
- |
|
|
31,511 |
|
|
31,511 |
|
Goodwill
impairment |
|
23,917 |
|
|
- |
|
|
23,917 |
|
|
|
- |
|
|
- |
|
|
- |
|
Loss
(gain) on derivative liabilities - Letter & Credit
Agreement |
|
550 |
|
|
- |
|
|
550 |
|
|
|
(110,831 |
) |
|
- |
|
|
(110,831 |
) |
Interest
on borrowings |
|
14,361 |
|
|
- |
|
|
14,361 |
|
|
|
20,553 |
|
|
- |
|
|
20,553 |
|
Income
tax (benefit) provision |
|
(83 |
) |
|
(7 |
) |
|
(90 |
) |
|
|
567 |
|
|
15 |
|
|
582 |
|
Gain on
completed dispositions |
|
- |
|
|
(4,414 |
) |
|
(4,414 |
) |
|
|
- |
|
|
(679 |
) |
|
(679 |
) |
Total
adjustments |
|
45,070 |
|
|
27,242 |
|
|
72,312 |
|
|
|
(82,253 |
) |
|
33,364 |
|
|
(48,889 |
) |
Adjusted
EBITDA |
$ |
6,045 |
|
$ |
(457 |
) |
$ |
5,588 |
|
|
$ |
8,897 |
|
$ |
1,390 |
|
$ |
10,287 |
|
(1) Represents a $0.1 million charge in Q1 2016 for tax
receivable agreement payments.
(2) Represents the elimination of the 49.9% of
Lucid's earnings allocated among the non-controlling interests
recorded as compensation for U.S. GAAP purposes included in
discontinued operations.
(3) For the three months ended March 31, 2017,
represents $0.9 million of professional fees primarily related to
shareholder litigation, partially offset by $0.4 million of
insurance recoveries to reimburse for costs related to the January
15, 2015 SNB event, and a $0.6 million reserve related to
pre-August 2010 trade execution practices, recorded in continuing
operations; and $1.1 million of professional fees, primarily
related to the regulatory settlement, $4.0 million of restructuring
costs related to a marketing agreement due to the Company ceasing
operations in the United States, and a $0.3 million reserve for
potential regulatory fines related to the events of January 15,
2015, recorded in discontinued operations. For the three
months ended March 31, 2016, represents $1.1 million of
professional fees related to the Leucadia debt restructuring and
the Stockholders Rights Plan, recorded in continuing operations,
and $0.4 million of professional fees related to the January 15,
2015 SNB event, recorded in discontinued operations.
(4) Represents $4.4 million of employee severance
expense related to the restructuring plan as a result of the
withdrawal from business in the United States.
A-4
Schedule of Cash and Cash Equivalents and Due to/from
Brokers |
|
(Unaudited) |
March 31, 2017 |
|
December 31, 2016 |
|
Continuing Ops |
Disc Ops |
Combined |
|
Continuing Ops |
Disc Ops |
Combined |
Cash & Cash Equivalents |
$ |
144,100 |
|
$ |
10,773 |
|
$ |
154,873 |
|
|
$ |
200,914 |
|
$ |
9,378 |
|
$ |
210,292 |
|
Due From Brokers |
|
1,716 |
|
|
5,832 |
|
|
7,548 |
|
|
|
3,363 |
|
|
14,090 |
|
|
17,453 |
|
Due to Brokers |
|
(2,327 |
) |
|
(54 |
) |
|
(2,381 |
) |
|
|
(1,471 |
) |
|
(45 |
) |
|
(1,516 |
) |
Operating Cash |
$ |
143,489 |
|
$ |
16,551 |
|
$ |
160,040 |
|
|
$ |
202,806 |
|
$ |
23,423 |
|
$ |
226,229 |
|
A-5
Investor Relations
investorrelations@globalbrokerage.info
Global Brokerage (CE) (USOTC:GLBR)
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