Attached files
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| 8-K - FORM 8-K - KNIGHT CAPITAL GROUP, INC. | d382059d8k.htm |
Exhibit 99.1
KNIGHT CAPITAL GROUP ANNOUNCES CONSOLIDATED EARNINGS OF $0.04 PER DILUTED SHARE FOR THE SECOND QUARTER 2012
Second quarter 2012 earnings negatively impacted by a $35.4 million pre-tax loss, equivalent to a loss of $0.23 per diluted share, related to the Facebook initial public offering
JERSEY CITY, New Jersey (July 18, 2012) – Knight Capital Group, Inc. (NYSE Euronext: KCG) today reported consolidated earnings of $3.3 million, or $0.04 per diluted share, for the second quarter of 2012. The results included pre-tax trading losses of $35.4 million related to the Facebook IPO, equivalent to a loss of $0.23 per diluted share, as well as a $10.0 million pre-tax investment gain in the Corporate and Other segment, equivalent to a gain of $0.07 per diluted share.
For the second quarter of 2011, the company reported consolidated earnings of $17.6 million, or $0.19 per diluted share.
Revenues for the second quarter of 2012 were $289.3 million, compared to $326.0 million for the second quarter of 2011.
“In the second quarter of 2012, Knight performed well during a challenging and eventful period in the capital markets,” said Thomas M. Joyce, Chairman and Chief Executive Officer, Knight Capital Group. “Consolidated revenues remained fairly strong notwithstanding declines in retail and institutional trading activity. Pre-tax earnings were $30.8 million during the quarter, or $0.20 per diluted share, excluding the trading losses from the Facebook IPO and one-time investment gain. We are evaluating all legal rights and remedies in connection with the Facebook IPO.”
“Continuing operations” includes the company’s Market Making, Institutional Sales and Trading, Electronic Execution Services, and Corporate and Other segments. Market Making consists of all global market making across equities, fixed income, foreign exchange, futures and options as well as the company’s activities as a Designated Market Maker at the NYSE. Institutional Sales and Trading includes full-service institutional research, sales and trading as well as equity and debt capital markets, reverse mortgage origination and securitization, and asset management. Electronic Execution Services includes Knight Direct, Knight Hotspot FX and Knight BondPoint. Corporate and Other includes strategic investments primarily in financial services-related ventures, futures execution and custody services, clearing and settlement activity, corporate overhead expenses and all other income and expenses that are not attributable to the other reporting segments.
In the first quarter of 2012, the company modified its quarterly revenue capture and monthly equity volume statistics in order to provide data specific to its U.S. equity market making activity within the Market Making segment. The company’s revenue capture and volume statistics previously also included U.S. institutional sales activity. In the second quarter of 2012, Knight modified the reporting of Knight Hotspot FX notional dollar value traded volume to count one side of the transaction. The company previously counted total client volume to include both sides of the transaction. The company posts its U.S. equity market making and Knight Hotspot FX volume statistics to its web site each month, and discloses, in quarterly SEC filings, its U.S. equity market making revenue capture. The company’s web site has been updated to show the new monthly volume statistics dating back to the beginning of 2010.
| Q2 2012 | Q2 2011 | |||||||
| Revenues ($ thousands) |
289,254 | 325,982 | ||||||
| Net income ($ thousands) |
3,291 | 17,572 | ||||||
| Diluted EPS ($) |
0.04 | 0.19 | ||||||
| U.S. equity Market Making statistics: |
||||||||
| Average daily dollar value traded ($ billions) |
20.9 | 23.4 | ||||||
| Average daily trades (thousands) |
3,303.1 | 3,253.8 | ||||||
| Nasdaq and Listed shares traded (billions) |
45.7 | 48.4 | ||||||
| FINRA OTC Bulletin Board and Other shares traded (billions) |
166.9 | 261.8 | ||||||
| Average revenue capture per U.S. equity dollar value traded (bps) |
0.80 | 0.93 | ||||||
| Average revenue capture per U.S. equity dollar value traded, excluding impact of Facebook IPO (bps) * |
1.00 | 0.93 | ||||||
| Average daily Knight Direct equity shares (millions) |
218.8 | 162.2 | ||||||
| Average daily Knight Hotspot FX notional dollar value traded ($ billions)** |
28.1 | 31.5 | ||||||
| YTD 2012 | YTD 2011 | |||||||
| Revenues ($ thousands) |
638,279 | 665,758 | ||||||
| Net income ($ thousands) |
36,397 | 48,064 | ||||||
| Diluted EPS ($) |
0.39 | 0.51 | ||||||
| U.S. equity Market Making statistics: |
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| Average daily dollar value traded ($ billions) |
21.5 | 24.4 | ||||||
| Average daily trades (thousands) |
3,324.3 | 3,347.7 | ||||||
| Nasdaq and Listed shares traded (billions) |
93.0 | 104.9 | ||||||
| FINRA OTC Bulletin Board and Other shares traded (billions) |
338.1 | 582.6 | ||||||
| Average revenue capture per U.S. equity dollar value traded (bps) |
0.92 | 0.97 | ||||||
| Average revenue capture per U.S. equity dollar value traded, excluding impact of Facebook IPO (bps) * |
1.01 | 0.97 | ||||||
| Average daily Knight Direct equity shares (millions) |
217.3 | 163.7 | ||||||
| Average daily Knight Hotspot FX notional dollar value traded ($ billions)** |
28.0 | 29.5 | ||||||
| * | Statistic excludes $26.0 million in trading losses related to the Facebook IPO. |
| ** | In the second quarter of 2012, Knight modified the reporting of Knight Hotspot FX notional dollar value traded volume to count one side of the transaction. The company previously counted total client volume to include both sides of the transaction. The company posts Knight Hotspot FX volume statistics each month to its web site, which has been updated to show one-sided volume statistics dating back to the beginning of 2010. |
Market Making
During the second quarter of 2012, the Market Making segment generated total revenues of $113.5 million and pre-tax income of $5.9 million. The results included $26.0 million in trading losses related to the Facebook IPO. In the second quarter of 2011, Market Making reported total revenues of $145.0 million and pre-tax income of $39.2 million. Market Making had pre-tax margins of 5 percent in the second quarter of 2012 compared to pre-tax margins of 27 percent in the second quarter of 2011.
“Market Making managed effectively given a decline in retail trading activity to the lowest level since the start of the financial crisis in 2008,” said Mr. Joyce. “Amid heightened competition for reduced volumes, Knight maintained market share of retail U.S. equity volume year over year while Knight Link grew its percentage of consolidated U.S. equity volume executed. For the quarter, revenue capture, excluding the effect of the Facebook IPO, improved compared to the same period a year ago which reflects considerable work to enhance trading technologies.”
Institutional Sales and Trading
During the second quarter of 2012, the Institutional Sales and Trading segment generated total revenues of $109.7 million and a pre-tax loss of $7.5 million. The results included $9.4 million in trading losses related to the Facebook IPO. In the second quarter of 2011, Institutional Sales and Trading reported total revenues of $134.9 million and a pre-tax loss of $4.0 million.
“Institutional Sales and Trading continued the turnaround effort even as institutional trading activity slowed in the U.S. and Europe,” said Mr. Joyce. “Measures to right-size the cost structure across equities and fixed income are taking hold as evidenced in part by the decrease in expenses year over year. The teams are recalibrating the client offering and selectively adding talent to further grow revenues. At Urban, both origination and securitization increased compared to the same period a year ago.”
Electronic Execution Services
During the second quarter of 2012, the Electronic Execution Services segment generated total revenues of $43.3 million and pre-tax income of $11.3 million. In the second quarter of 2011, Electronic Execution Services reported total revenues of $41.9 million and pre-tax income of $11.8 million. Electronic Execution Services had pre-tax margins of 26 percent in the second quarter of 2012 compared to pre-tax margins of 28 percent in the second quarter of 2011.
“Electronic Execution Services produced market share gains across all products,” said Mr. Joyce. “Knight Direct grew average daily volume 35 percent year over year. With a cooling off in institutional foreign exchange trading, Knight Hotspot FX posted a smaller relative decline in dollar volume than the broader market. Average daily transactions by Knight BondPoint rose 11 percent during the quarter.”
Corporate and Other
During the second quarter of 2012, the Corporate and Other segment reported a pre-tax loss of $4.4 million, which included a $10.0 million pre-tax gain relating to a change in the tax status of a strategic investment accounted for under the equity method of accounting. In the second quarter of 2011, the Corporate and Other segment reported a pre-tax loss of $17.6 million.
“While the second quarter of 2012 proved difficult, Knight is accustomed to adjusting and forging ahead in various market conditions,” said Mr. Joyce. “As a firm, we’re stronger across the board than just a few years ago. In advancing our corporate growth strategy, Knight acquired the futures division of Penson Financial Services during the quarter which fills a strategic gap in our client offering.”
Headcount at June 30, 2012 was 1,535 full-time employees, compared to 1,465 full-time employees at June 30, 2011. The increase was largely attributable to the acquisition of the futures division of Penson Financial Services, Inc.
As of June 30, 2012, the company had $364.8 million in cash and cash equivalents. The company had $1.5 billion in stockholders’ equity as of June 30, 2012, equivalent to a book value of $16.15 per diluted share. The company had a book value of $15.05 per diluted share as of June 30, 2011.
During the second quarter of 2012, the company repurchased 850,000 shares for $11.1 million under the company’s existing stock repurchase program. To date, the company has repurchased 76.7 million shares for $879.1 million. The company has approximately $120.9 million available to repurchase shares under the program. The company cautions that there are no assurances that any further repurchases may actually occur.
* * *
Copies of this earnings release and other company information can be obtained on Knight’s website, http://www.knight.com. The company will conduct its second quarter 2012 earnings conference call for analysts, investors and the media at 9:00 a.m. Eastern Time (ET) today, July 18, 2012. To access Knight’s earnings conference call, please dial 800-768-6563 for domestic callers or 785-830-7991 for international callers. When prompted, please enter passcode 9845852. A replay of the second quarter 2012 earnings conference call will be available by dialing 888-203-1112 for domestic callers or 719-457-0820 for international callers. When prompted, please enter passcode 9845852. The conference call will be webcast live at 9:00 a.m. ET for all investors and interested parties on Knight’s website. In addition, the company will release its monthly volume statistics for June 2012 on its website at http://www.knight.com/ourfirm/volumestats.asp before the start of trading today.
* * *
About Knight
Knight Capital Group (NYSE Euronext: KCG) is a global financial services firm that provides access to the capital markets across multiple asset classes to a broad network of clients, including broker-dealers, institutions and corporations. Knight is headquartered in Jersey City, N.J. with a global presence across the Americas, Europe, and the Asia Pacific regions. For further information about Knight, please visit www.knight.com.
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical facts and are based on current expectations, estimates and projections about the Company’s industry, 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 the Company’s ability to recover the damages that are attributable to the manner in which NASDAQ OMX handled the Facebook IPO, risks related to the corporate restructuring in the third quarter 2011, including the ability to recognize anticipated cost savings, the possibility of unexpected costs or expenditures, and the impact of the restructuring on the Company’s businesses and results of operations, risks associated with changes in market structure, legislative, regulatory and financial rules changes, risks associated with the Company’s changes to its organizational structure and management and the costs, integration, performance and operation of businesses recently acquired or developed organically, or that may be acquired or developed organically in the future. Readers should carefully review the risks and uncertainties disclosed in the Company’s reports with the U.S. Securities and Exchange Commission (SEC), including, without limitation, those detailed under the headings “Certain Factors Affecting Results of Operations” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2011, and in other reports or documents the Company files with, or furnishes to, the SEC from time to time. This information should also be read in conjunction with the Company’s Consolidated Financial Statements and the Notes thereto contained in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2011, and in other reports or documents the Company files with, or furnishes to, the SEC from time to time.
CONTACTS
| Kara Fitzsimmons | Jonathan Mairs | |||
| Managing Director, | Director, | |||
| Media Relations | Corporate Communications | |||
| 201-356-1523 or | & Investor Relations | |||
| kfitzsimmons@knight.com | 201-356-1529 or | |||
| jmairs@knight.com |
KNIGHT CAPITAL GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||
| Revenues |
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| Commissions and fees |
$ | 175,123 | $ | 195,514 | $ | 357,703 | $ | 378,072 | ||||||||
| Net trading revenue |
96,675 | 125,808 | 253,222 | 277,596 | ||||||||||||
| Interest, net |
5,924 | 2,306 | 13,062 | 5,406 | ||||||||||||
| Investment income and other, net |
11,532 | 2,354 | 14,292 | 4,684 | ||||||||||||
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| Total revenues |
289,254 | 325,982 | 638,279 | 665,758 | ||||||||||||
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| Expenses |
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| Employee compensation and benefits |
130,878 | 140,126 | 278,132 | 289,090 | ||||||||||||
| Execution and clearance fees |
53,193 | 58,737 | 106,448 | 112,186 | ||||||||||||
| Communications and data processing |
24,427 | 21,691 | 46,757 | 42,414 | ||||||||||||
| Payments for order flow |
20,155 | 22,337 | 41,843 | 43,046 | ||||||||||||
| Interest |
13,981 | 9,540 | 27,439 | 19,420 | ||||||||||||
| Depreciation and amortization |
13,476 | 13,524 | 26,789 | 26,733 | ||||||||||||
| Occupancy and equipment rentals |
6,361 | 7,146 | 12,880 | 14,500 | ||||||||||||
| Business development |
5,898 | 7,250 | 11,057 | 10,961 | ||||||||||||
| Professional fees |
5,132 | 5,514 | 10,867 | 9,868 | ||||||||||||
| Writedown of assets and lease loss accrual |
— | — | — | 945 | ||||||||||||
| Other |
10,397 | 10,663 | 16,711 | 17,057 | ||||||||||||
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| Total expenses |
283,898 | 296,528 | 578,923 | 586,220 | ||||||||||||
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| Income from continuing operations before income taxes |
5,356 | 29,454 | 59,356 | 79,538 | ||||||||||||
| Income tax expense |
2,065 | 11,704 | 22,959 | 31,155 | ||||||||||||
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| Income from continuing operations, net of tax |
3,291 | 17,750 | 36,397 | 48,383 | ||||||||||||
| Loss from discontinued operations, net of tax |
— | (178 | ) | — | (319 | ) | ||||||||||
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| Net income |
$ | 3,291 | $ | 17,572 | $ | 36,397 | $ | 48,064 | ||||||||
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| Basic earnings per share from continuing operations |
$ | 0.04 | $ | 0.19 | $ | 0.41 | $ | 0.52 | ||||||||
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| Diluted earnings per share from continuing operations |
$ | 0.04 | $ | 0.19 | $ | 0.39 | $ | 0.51 | ||||||||
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| Basic earnings per share |
$ | 0.04 | $ | 0.19 | $ | 0.41 | $ | 0.52 | ||||||||
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| Diluted earnings per share |
$ | 0.04 | $ | 0.19 | $ | 0.39 | $ | 0.51 | ||||||||
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| Shares used in computation of basic earnings per share |
89,624 | 92,493 | 89,685 | 92,184 | ||||||||||||
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| Shares used in computation of diluted earnings per share |
92,682 | 94,682 | 93,167 | 94,884 | ||||||||||||
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KNIGHT CAPITAL GROUP, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
| June 30, 2012 | December 31, 2011 | |||||||
| (In thousands) | ||||||||
| ASSETS |
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| Cash and cash equivalents |
$ | 364,798 | $ | 467,633 | ||||
| Cash and securities segregated under federal and other regulations |
190,391 | 11,010 | ||||||
| Financial instruments owned, at fair value: |
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| Equities |
1,641,451 | 1,416,090 | ||||||
| Listed equity options |
191,157 | 280,384 | ||||||
| Debt securities |
262,598 | 134,631 | ||||||
| Loan inventory |
183,900 | 206,572 | ||||||
| Other financial instruments |
11,927 | 21,483 | ||||||
| Securitized HECM loan inventory |
2,738,917 | 1,722,631 | ||||||
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| Total financial instruments owned, at fair value |
5,029,950 | 3,781,791 | ||||||
| Collateralized agreements: |
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| Securities borrowed |
1,910,481 | 1,494,647 | ||||||
| Receivable from brokers, dealers and clearing organizations |
888,186 | 623,897 | ||||||
| Fixed assets and leasehold improvements, at cost, less accumulated depreciation and amortization |
107,787 | 111,464 | ||||||
| Investments |
101,427 | 83,231 | ||||||
| Goodwill |
344,460 | 337,843 | ||||||
| Intangible assets, less accumulated amortization |
88,539 | 92,889 | ||||||
| Other assets |
179,748 | 148,546 | ||||||
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| Total assets |
$ | 9,205,767 | $ | 7,152,951 | ||||
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| LIABILITIES & EQUITY |
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| Liabilities |
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| Financial instruments sold, not yet purchased, at fair value: |
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| Equities |
$ | 1,256,365 | $ | 1,369,750 | ||||
| Listed equity options |
178,990 | 254,506 | ||||||
| Debt securities |
237,163 | 63,073 | ||||||
| Other financial instruments |
8,000 | 34,563 | ||||||
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| Total financial instruments sold, not yet purchased, at fair value |
1,680,518 | 1,721,892 | ||||||
| Collateralized financings: |
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| Securities loaned |
1,249,973 | 697,998 | ||||||
| Financial instruments sold under agreements to repurchase |
550,185 | 420,320 | ||||||
| Liability to GNMA trusts, at fair value |
2,717,323 | 1,710,627 | ||||||
| Other secured financings |
96,439 | 59,405 | ||||||
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| Total collateralized financings |
4,613,920 | 2,888,350 | ||||||
| Payable to brokers, dealers and clearing organizations |
289,810 | 322,660 | ||||||
| Payable to customers |
431,838 | 23,664 | ||||||
| Accrued compensation expense |
111,883 | 188,939 | ||||||
| Accrued expenses and other liabilities |
174,407 | 121,083 | ||||||
| Long-term debt |
406,425 | 424,338 | ||||||
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| Total liabilities |
7,708,801 | 5,690,926 | ||||||
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| Equity |
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| Class A common stock |
1,701 | 1,664 | ||||||
| Additional paid-in capital |
881,331 | 850,837 | ||||||
| Retained earnings |
1,469,717 | 1,433,320 | ||||||
| Treasury stock, at cost |
(855,099 | ) | (823,023 | ) | ||||
| Accumulated other comprehensive loss |
(684 | ) | (773 | ) | ||||
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| Total equity |
1,496,966 | 1,462,025 | ||||||
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| Total liabilities and equity |
$ | 9,205,767 | $ | 7,152,951 | ||||
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KNIGHT CAPITAL GROUP, INC.
PRE-TAX EARNINGS BY BUSINESS SEGMENT*
Amounts in millions
(Unaudited)
| For the three months ended June 30, |
For the six months
ended June 30, |
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| 2012 | 2011 (1) | 2012 | 2011 (1) | |||||||||||||
| Market Making |
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| Revenues (2) |
$ | 113.5 | $ | 145.0 | $ | 265.7 | $ | 312.2 | ||||||||
| Expenses |
107.6 | 105.9 | 214.6 | 209.7 | ||||||||||||
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| Pre-tax earnings |
5.9 | 39.2 | 51.1 | 102.5 | ||||||||||||
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| Institutional Sales and Trading |
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| Revenues (2) |
109.7 | 134.9 | 251.9 | 262.3 | ||||||||||||
| Expenses |
117.2 | 138.9 | 244.8 | 273.9 | ||||||||||||
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| Pre-tax (loss) earnings |
(7.5 | ) | (4.0 | ) | 7.2 | (11.7 | ) | |||||||||
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| Electronic Execution Services |
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| Revenues |
43.3 | 41.9 | 87.5 | 82.3 | ||||||||||||
| Expenses |
31.9 | 30.1 | 63.9 | 59.1 | ||||||||||||
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| Pre-tax earnings |
11.3 | 11.8 | 23.6 | 23.2 | ||||||||||||
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| Corporate and Other |
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| Revenues (3) |
22.8 | 4.1 | 33.2 | 9.0 | ||||||||||||
| Expenses |
27.2 | 21.7 | 55.7 | 43.5 | ||||||||||||
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| Pre-tax (loss) (3) |
(4.4 | ) | (17.6 | ) | (22.5 | ) | (34.5 | ) | ||||||||
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| Consolidated |
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| Revenues (2) (3) |
289.3 | 326.0 | 638.3 | 665.8 | ||||||||||||
| Expenses |
283.9 | 296.5 | 578.9 | 586.2 | ||||||||||||
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| Pre-tax earnings (2) (3) |
$ | 5.4 | $ | 29.5 | $ | 59.4 | $ | 79.5 | ||||||||
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| * | Totals may not add due to rounding. |
| (1) | - Prior period amounts have been recast to conform with current period segment presentation. Such recast had no effect on previously reported Consolidated Pre-tax earnings. |
| (2) | - Included in revenues for the three and six months ended June 30, 2012 is a Facebook IPO trading loss of $35.4 million which includes $26.0 million for Market Making and $9.4 million for Institutional Sales and Trading. |
| (3) | - Included in revenues for the three and six months ended June 30, 2012 is a gain on a strategic investment of $10.0 million. |
Knight Capital Group, Inc.
Regulation G Reconciliation of Non-GAAP financial measures
(in millions)
| Three months ended June 30, 2012 | Market Making | Institutional Sales and Trading |
Electronic Execution Services |
Corporate and Other |
Consolidated | |||||||||||||||
| GAAP Pre-Tax Income |
$ | 5.9 | $ | (7.5 | ) | $ | 11.3 | $ | (4.4 | ) | $ | 5.4 | ||||||||
| Facebook IPO trading losses |
26.0 | 9.4 | 0.1 | — | 35.4 | |||||||||||||||
| Investment gain |
— | — | — | (10.0 | ) | (10.0 | ) | |||||||||||||
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| Pre-Tax Income, excluding Facebook IPO & Investment Gain |
$ | 31.9 | $ | 1.9 | $ | 11.4 | $ | (14.4 | ) | $ | 30.8 | |||||||||
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| Three months ended June 30, 2012 | Market Making | Institutional Sales and Trading |
Electronic Execution Services |
Corporate and Other |
Consolidated | |||||||||||||||
| GAAP Diluted EPS |
$ | 0.04 | $ | (0.05 | ) | $ | 0.07 | $ | (0.03 | ) | $ | 0.04 | ||||||||
| Facebook IPO trading losses |
0.17 | 0.06 | — | — | 0.23 | |||||||||||||||
| Investment gain |
— | — | — | (0.07 | ) | (0.07 | ) | |||||||||||||
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| Diluted EPS, excluding Facebook IPO & Investment Gain |
$ | 0.21 | $ | 0.01 | $ | 0.07 | $ | (0.10 | ) | $ | 0.20 | |||||||||
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