BGC Group Inc.

05/07/2025 | Press release | Distributed by Public on 05/07/2025 05:59

2025 Q1 Earnings Supplemental

US GAAP Bal Sheet

BGC GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except per share data)
(unaudited)
March 31, December 31,
2025 2024
Assets
Cash and cash equivalents $ 966,357 $ 711,584
Cash segregated under regulatory requirements 19,409 21,689
Financial instruments owned, at fair value 179,730 186,197
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers 1,279,425 365,490
Accrued commissions and other receivables, net 401,539 324,213
Loans, forgivable loans and other receivables from employees and partners, net 404,569 360,060
Fixed assets, net 189,474 190,012
Investments 41,644 39,267
Goodwill 540,666 540,290
Other intangible assets, net 235,957 240,910
Receivables from related parties 5,813 7,323
Other assets 619,893 604,932
Total assets $ 4,884,476 $ 3,591,967
Liabilities, Redeemable Partnership Interest, and Equity
Accrued compensation $ 189,222 $ 227,869
Payables to broker-dealers, clearing organizations, customers and related broker-dealers 1,113,821 225,377
Payables to related parties 53,722 28,960
Accounts payable, accrued and other liabilities 696,120 692,982
Notes payable and other borrowings 1,688,640 1,337,540
Total liabilities 3,741,525 2,512,728
Equity
Stockholders' equity:
Class A common stock, par value $0.01 per share; 1,500,000,000 shares authorized; 431,386,582 and 424,361,066 shares issued at March 31, 2025 and December 31, 2024, respectively; and
378,134,216 and 374,296,914 shares outstanding at March 31, 2025 and December 31, 2024, respectively 4,314 4,244
Class B common stock, par value $0.01 per share; 300,000,000 shares authorized; 109,452,953 and 109,452,953 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively, convertible into Class A common stock 1,095 1,095
Additional paid-in capital 2,348,207 2,311,104
Treasury stock, at cost: 53,252,366 and 50,064,152 shares of Class A common stock at March 31, 2025 and December 31, 2024, respectively (355,084) (331,728)
Retained deficit (981,052) (1,026,359)
Accumulated other comprehensive income (loss) (53,696) (59,849)
Total stockholders' equity 963,784 898,507
Noncontrolling interest in subsidiaries 179,167 180,732
Total equity 1,142,951 1,079,239
Total liabilities, redeemable partnership interest and equity $ 4,884,476 $ 3,591,967

US GAAP P&L

BGC GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended March 31,
Revenues: 2025 2024
Commissions $ 494,711 $ 415,172
Principal transactions 116,078 112,849
Total brokerage revenues 610,789 528,021
Fees from related parties 4,422 4,421
Data, network and post-trade 32,500 30,903
Interest and dividend income 11,629 9,764
Other revenues 4,900 5,505
Total revenues 664,240 578,614
Expenses:
Compensation and employee benefits 341,648 290,842
Equity-based compensation and allocations of net income to limited partnership units and FPUs 75,323 96,081
Total compensation and employee benefits 416,971 386,923
Occupancy and equipment 42,569 40,806
Fees to related parties 8,350 7,215
Professional and consulting fees 15,669 14,259
Communications 30,629 30,008
Selling and promotion 19,441 16,771
Commissions and floor brokerage 17,492 17,392
Interest expense 24,654 20,136
Other expenses 10,747 14,558
Total non-compensation expenses 169,551 161,145
Total expenses 586,522 548,068
Other income (losses), net:
Gains (losses) on equity method investments 2,358 1,790
Other income (loss) (98) 38,762
Total other income (losses), net 2,260 40,552
Income (loss) from operations before income taxes 79,978 71,098
Provision (benefit) for income taxes 26,549 22,057
Consolidated net income (loss) $ 53,429 $ 49,041
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries (1,735) (169)
Net income (loss) available to common stockholders $ 55,164 $ 49,210
Per share data:
Basic earnings (loss) per share
Net income (loss) attributable to common stockholders $ 52,780 $ 46,378
Basic earnings (loss) per share $ 0.11 $ 0.10
Basic weighted-average shares of common stock outstanding 479,166 470,517
Fully diluted earnings (loss) per share
Net income (loss) for fully diluted shares $ 52,806 $ 46,417
Fully diluted earnings (loss) per share $ 0.11 $ 0.10
Fully diluted weighted-average shares of common stock outstanding 485,549 477,973

Total Revenues

BGC GROUP, INC.
Total Revenues by Quarter
(in thousands)
Q1 2025 YTD 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 FY 2023
Revenues:
Rates $ 200,945 $ 200,945 $ 169,590 $ 174,313 $ 166,044 $ 175,085 $ 685,032 $ 155,802 $ 145,703 $ 144,209 $ 164,737 $ 610,451
ECS ("Energy, Commodities, and Shipping") 149,937 149,937 134,104 112,921 117,743 118,464 483,232 104,739 93,120 98,688 89,659 386,206
Foreign Exchange 110,035 110,035 93,648 92,076 88,946 84,023 358,693 77,226 79,795 77,527 80,158 314,706
Credit 86,936 86,936 62,404 68,000 69,381 87,592 287,377 65,642 63,747 65,806 89,549 284,744
Equities 62,936 62,936 56,313 53,336 51,406 62,857 223,912 58,365 52,665 57,373 68,114 236,517
Total Brokerage Revenues $ 610,789 $ 610,789 $ 516,059 $ 500,646 $ 493,520 $ 528,021 $ 2,038,246 $ 461,774 $ 435,030 $ 443,603 $ 492,217 $ 1,832,624
Data, Network, and Post-trade 32,500 32,500 32,587 32,661 30,812 30,903 126,963 29,551 27,797 27,000 27,122 111,470
Interest and dividend income, Fees from related parties and Other revenues 20,951 20,951 23,686 27,804 26,429 19,690 97,609 25,435 19,867 22,477 13,528 81,307
Total Revenues $ 664,240 $ 664,240 $ 572,332 $ 561,111 $ 550,761 $ 578,614 $ 2,262,818 $ 516,760 $ 482,694 $ 493,080 $ 532,867 $ 2,025,401

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Recon of GAAP to AE

BGC GROUP INC.
RECONCILIATION OF GAAP INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES TO ADJUSTED EARNINGS AND GAAP FULLY DILUTED EPS TO POST-TAX ADJUSTED EPS
(in thousands, except per share data)
(unaudited)
Q1 2025 Q1 2024
GAAP income (loss) from operations before income taxes $ 79,978 $ 71,098
Pre-tax adjustments:
Compensation adjustments:
Equity-based compensation and allocations of net income to limited partnership units and FPUs (1) 75,323 96,081
Total Compensation adjustments 75,323 96,081
Non-Compensation adjustments:
Amortization of intangibles (2) 5,461 4,905
Impairment charges 372 209
Other (3) 773 3,173
Total Non-Compensation adjustments 6,606 8,287
Other income (losses), net adjustments:
Fair value adjustment of investments (4) (580) (36,615)
Other net (gains) losses (5) (1,080) (3,501)
Total other income (losses), net adjustments (1,660) (40,116)
Total pre-tax adjustments 80,269 64,252
Adjusted Earnings before noncontrolling interest in subsidiaries and taxes $ 160,247 $ 135,350
GAAP net income (loss) available to common stockholders $ 55,164 $ 49,210
Total pre-tax adjustments (from above) 80,269 64,252
Income tax adjustment to reflect adjusted earnings taxes (6) 7,546 9,740
Post-tax adjusted earnings $ 142,979 $ 123,202
Per Share Data
GAAP fully diluted earnings (loss) per share $ 0.11 $ 0.10
Total pre-tax adjustments (from above) 0.16 0.13
Income tax adjustment to reflect adjusted earnings taxes 0.02 0.02
Post-tax adjusted earnings per share $ 0.29 $ 0.25
Fully diluted weighted-average shares of common stock outstanding 501,512 494,950
Dividends declared per share of common stock $ 0.02 $ 0.01
Dividends declared and paid per share of common stock $ 0.02 $ 0.01
(1) The components of equity-based compensation and allocations of net income to limited partnership units and FPUs are as follows (in thousands):
Q1 2025 Q1 2024
Issuance of common stock and grants of exchangeability $ 26,641 $ 33,832
Allocations of net income and dividend equivalents 551 1,294
RSU, RSU Tax Account, and restricted stock amortization 48,131 60,955
Equity-based compensation and allocations of net income to limited partnership units and FPUs $ 75,323 $ 96,081
(2) Includes non-cash GAAP charges related to the amortization of intangibles with respect to acquisitions.
(3) GAAP expenses in the first quarter of 2025 and 2024 included resolutions of litigation and other matters, including their related professional fees, as well as certain other professional fees, of $0.6 million and $1.3 million, respectively, as well as various other GAAP items. GAAP expenses in the first quarter of 2024, included $2.0 million of reserves in connection with unsettled trades and receivables with sanctioned Russian entities. The above-referenced items are consistent with BGC's normal practice of excluding certain GAAP gains and charges from Adjusted Earnings that management believes do not best reflect the ordinary results of the Company, including with respect to certain non-recurring or unusual gains or losses, as well as resolutions of litigation.
(4) The first quarter of 2025 and 2024 included non-cash gains of $0.6 million and $36.6 million, respectively, related to fair value adjustments of investments held by BGC.
(5) The first quarter of 2025 and 2024 included non-cash gains of $2.4 million and $1.8 million, respectively, related to BGC's investments accounted for under the equity method. The first quarter of 2025 and 2024 also included net losses of $1.3 million and net gains of $1.7 million, respectively, related to other recoveries and various other GAAP items.
(6) BGC's GAAP provision (benefit) for income taxes is calculated based on an annualized methodology. The Company's GAAP provision (benefit) for income taxes was $26.5 million and $22.1 million for the first quarters of 2025 and 2024, respectively. The Company includes additional tax-deductible items when calculating the provision for taxes with respect to Adjusted Earnings using an annualized methodology. These include tax-deductions related to equity-based compensation, employee loan amortization, and certain net-operating loss carryforwards. The non-GAAP provision for income taxes was adjusted by $7.5 million and $9.7 million for the first quarters of 2025 and 2024, respectively. As a result, the provision (benefit) for income taxes with respect to Adjusted Earnings was $19.0 million and $12.3 million for the first quarters of 2025 and 2024, respectively.
Note: Certain numbers may not add due to rounding.

Recon of GAAP to AE Trend

BGC GROUP INC.
RECONCILIATION OF GAAP INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES TO ADJUSTED EARNINGS AND GAAP FULLY DILUTED EPS TO POST-TAX ADJUSTED EPS
(in thousands, except per share data)
Q1 2025 YTD 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 FY 2023
GAAP income (loss) from operations before income taxes $ 79,978 $ 79,978 $ 27,172 $ 19,709 $ 55,164 $ 71,098 $ 173,143 $ 31,889 $ 23,866 $ (31,277) $ 33,231 $ 57,709
Pre-tax adjustments:
Compensation adjustments:
Equity-based compensation and allocations of net income to limited partnership units and FPUs $ 75,323 $ 75,323 $ 121,165 $ 85,690 $ 66,207 $ 96,081 $ 369,143 $ 78,093 $ 69,268 $ 126,644 $ 81,373 $ 355,378
Other Compensation charges - - 5,469 - - - 5,469 (298) (116) 3,005 413 3,004
Total Compensation adjustments 75,323 75,323 126,634 85,690 66,207 96,081 374,612 77,795 69,152 129,649 81,786 358,382
Non-Compensation adjustments:
Amortization of intangibles 5,461 5,461 5,378 4,595 4,688 4,905 19,566 4,080 4,077 4,196 3,684 16,037
Impairment charges 372 372 295 173 69 209 746 131 246 997 1,770 3,144
Other 773 773 11,185 21,429 2,842 3,173 38,629 12,199 10,324 3,690 4,041 30,254
Total Non-Compensation adjustments 6,606 6,606 16,858 26,197 7,599 8,287 58,941 16,410 14,647 8,883 9,495 49,435
Other income (losses), net adjustments:
Losses (gains) on divestitures - - (38,769) - - - (38,769) - - - - -
Fair value adjustment of investments (580) (580) (504) - - (36,615) (37,119) (3,251) 2 - 1,321 (1,928)
Other net (gains) losses (1,080) (1,080) (1,864) (4,860) (3,192) (3,501) (13,417) (12,029) (5,759) (1,715) (1,223) (20,726)
Total other income (losses), net adjustments (1,660) (1,660) (41,137) (4,860) (3,192) (40,116) (89,305) (15,280) (5,757) (1,715) 98 (22,654)
Total pre-tax adjustments 80,269 80,269 102,355 107,027 70,614 64,252 344,248 78,925 78,042 136,817 91,379 385,163
Pre-tax adjusted earnings $ 160,247 $ 160,247 $ 129,527 $ 126,736 $ 125,778 $ 135,350 $ 517,391 $ 110,814 $ 101,908 $ 105,540 $ 124,610 $ 442,872
GAAP net income (loss) available to common stockholders 55,164 55,164 25,203 14,747 37,828 49,210 126,988 19,945 17,046 (19,704) 18,978 36,265
Allocation of net income (loss) to noncontrolling interest in subsidiaries - - - - - - - - - (2,864) 2,299 (565)
Total pre-tax adjustments (from above) 80,269 80,269 102,355 107,027 70,614 64,252 344,248 78,925 78,042 136,817 91,379 385,163
Income tax adjustment to reflect adjusted earnings taxes 7,546 7,546 (4,028) 4,809 6,282 9,740 16,803 2,427 (1,005) (14,239) 2,964 (9,853)
Post-tax adjusted earnings $ 142,979 $ 142,979 $ 123,530 $ 126,583 $ 114,724 $ 123,202 $ 488,039 $ 101,297 $ 94,083 $ 100,010 $ 115,620 $ 411,010
Post-tax adjusted earnings per share from continuing operations $ 0.29 $ 0.29 $ 0.25 $ 0.26 $ 0.23 $ 0.25 $ 0.99 $ 0.21 $ 0.19 $ 0.20 $ 0.23 $ 0.82
Fully diluted weighted-average shares of common stock outstanding 501,512 501,512 495,481 494,837 496,767 494,950 495,199 490,717 490,717 505,493 501,067 503,842
Dividends declared per share of common stock $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.01 $ 0.07 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.04
Dividends declared and paid per share of common stock $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.01 $ 0.07 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.04

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Equity-Based Compensation

BGC GROUP INC.
Components of equity-based compensation and allocations of net income to limited partnership units and FPUs are as follows:
(in thousands)
Q1 2025 YTD 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 FY 2023
Issuance of common stock and grants of exchangeability $ 26,641 $ 26,641 $ 82,964 $ 37,928 $ 29,943 $ 33,832 $ 184,667 $ 17,500 $ 242 $ 101,938 $ 51,966 $ 171,646
Allocations of net income and dividend equivalents 551 551 572 1,286 1,044 1,294 4,196 2,148 1,137 637 2,380 6,302
LPU amortization - - - - - - - - - 19,447 21,431 40,878
RSU, RSU Tax Account, and restricted stock amortization 48,131 48,131 37,629 46,476 35,220 60,955 180,280 58,445 67,889 4,622 5,596 136,552
Equity-based compensation and allocations of net income to limited partnership units and FPUs $ 75,323 $ 75,323 $ 121,165 $ 85,690 $ 66,207 $ 96,081 $ 369,143 $ 78,093 $ 69,268 $ 126,644 $ 81,373 $ 355,378

EBITDA

BGC GROUP INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS TO ADJUSTED EBITDA
(in thousands)
(unaudited)
Q1 2025 Q1 2024
GAAP net income (loss) available to common stockholders $ 55,164 $ 49,210
Add back:
Provision (benefit) for income taxes 26,549 22,057
Net income (loss) attributable to noncontrolling interest in subsidiaries (1,735) (169)
Interest expense 24,654 20,136
Fixed asset depreciation and intangible asset amortization 21,870 20,689
Impairment of long-lived assets 372 209
Equity-based compensation and allocations of net income to limited partnership units and FPUs (1) 75,323 96,081
(Gains) losses on equity method investments (2) (2,358) (1,790)
Other non-cash GAAP expenses (3) - 2,000
Adjusted EBITDA $ 199,839 $ 208,423
(1) Represents BGC employees' pro-rata portion of net income and non-cash and non-dilutive charges relating to equity-based compensation. See Footnote 1 to the table titled "Reconciliation of GAAP Income (Loss) from Operations before Income Taxes to Adjusted Earnings and GAAP Fully Diluted EPS to Post-Tax Adjusted EPS" for more information.
(2) The first quarters of 2025 and 2024 included non-cash gains of $2.4 million and $1.8 million, respectively, related to BGC's investments accounted for under the equity method.
(3) The first quarter of 2024 included $2.0 million of non-cash reserves in connection with unsettled trades and receivables with sanctioned Russian entities.

EBITDA Trend

BGC GROUP INC.
RECONCILIATION OF GAAP NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS TO ADJUSTED EBITDA
(in thousands)
(unaudited)
Q1 2025 YTD 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 FY 2023
GAAP net income (loss) available to common stockholders $ 55,164 $ 55,164 $ 25,203 $ 14,747 $ 37,828 $ 49,210 $ 126,988 $ 19,945 $ 17,046 $ (19,704) $ 18,978 $ 36,265
Add back:
Provision (benefit) for income taxes 26,549 26,549 3,873 5,996 17,989 22,057 49,915 10,626 5,314 (9,067) 12,061 18,934
Net income (loss) attributable to noncontrolling interest in subsidiaries (1) (1,735) (1,735) (1,904) (1,034) (653) (169) (3,760) 1,318 1,506 (2,506) 2,192 2,510
Interest expense 24,654 24,654 24,263 25,125 21,551 20,136 91,075 20,795 20,780 19,914 15,742 77,231
Fixed asset depreciation and intangible asset amortization 21,870 21,870 20,689 19,895 20,161 20,689 81,434 20,300 21,864 19,194 19,059 80,417
Impairment of long-lived assets 372 372 295 173 69 209 746 131 246 997 1,770 3,144
Equity-based compensation and allocations of net income to limited partnership units and FPUs (2) 75,323 75,323 121,165 85,690 66,207 96,081 369,143 78,093 69,268 126,644 81,373 355,378
(Gains) losses on equity investments (3) (2,358) (2,358) (1,536) (2,360) (2,744) (1,790) (8,430) (2,584) (2,094) (2,412) (2,062) (9,152)
Other non-cash GAAP expenses (4) - - - 3,162 2,000 2,000 7,162 3,000 2,000 2,000 2,000 9,000
Adjusted EBITDA $ 199,839 $ 199,839 $ 192,048 $ 151,394 $ 162,408 $ 208,423 $ 714,273 $ 151,624 $ 135,930 $ 135,060 $ 151,113 $ 573,727
(1) Primarily represents Cantor's pro-rata portion of net income prior to the Corporate Conversion that was completed on July 1, 2023.
(2) Represents BGC employees' pro-rata portion of net income and non-cash and non-dilutive charges relating to equity-based compensation. See Footnote 1 to the table titled "Reconciliation of GAAP Income (Loss) from Operations before Income Taxes to Adjusted Earnings and GAAP Fully Diluted EPS to Post-Tax Adjusted EPS" for more information.
(3) Non-cash gains related to BGC's investments accounted for under the equity method.
(4) The third quarter of 2024 includes $3.2 million of non-cash charges incurred by the Company for exiting a lease. Preceding periods include Non-cash reserves in connection with unsettled trades and receivables with sanctioned Russian entities.

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FD WASO GAAP to AE

BGC GROUP INC.
FULLY DILUTED WEIGHTED-AVERAGE SHARE COUNT
UNDER GAAP AND FOR ADJUSTED EARNINGS
(in thousands)
(unaudited)
Q1 2025 Q1 2024
Common stock outstanding 479,166 470,517
Other (1) 6,383 7,456
Fully diluted weighted-average share count under GAAP 485,549 477,973
Non-GAAP Adjustments:
RSUs 15,595 14,423
Restricted Stock 368 2,554
Fully diluted weighted-average share count for Adjusted Earnings 501,512 494,950
(1) Primarily consists of contracts to issue shares of BGC common stock.
Note: BGC's fully diluted weighted-average share count under GAAP may differ from the fully diluted weighted-average share count for Adjusted Earnings in order to avoid anti-dilution in certain periods.

Liquidity Analysis

BGC GROUP INC.
LIQUIDITY ANALYSIS
(in thousands)
(unaudited)
March 31, December 31,
2025 2024
Cash and cash equivalents $ 966,357 $ 711,584
Financial instruments owned, at fair value 179,730 186,197
Total Liquidity $ 1,146,087 $ 897,781

Fenics Revenue

BGC GROUP INC.
Fenics Revenue by Quarter
(in thousands)
Q1 2025 YTD 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 FY 2023
Fenics Markets $ 145,525 $ 145,525 $ 116,671 $ 116,791 $ 115,093 $ 127,410 $ 475,965 $ 109,637 $ 106,968 $ 107,038 $ 122,973 $ 446,616
Fenics Growth Platforms 27,132 27,132 25,450 25,272 22,169 21,938 94,829 21,173 18,405 18,107 17,381 75,066
Total Fenics Revenue $ 172,657 $ 172,657 $ 142,121 $ 142,063 $ 137,262 $ 149,348 $ 570,794 $ 130,810 $ 125,373 $ 125,145 $ 140,354 $ 521,682

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Fenics Revenue by Asset Class

BGC GROUP INC.
Fenics Revenue by Quarter
(in thousands)
Q1 2025 YTD 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 FY 2023
Fenics Revenues:
Rates $ 71,111 $ 71,111 $ 53,558 $ 51,236 $ 47,099 $ 52,511 $ 204,404 $ 46,704 $ 43,639 $ 45,869 $ 49,531 $ 185,743
Energy & commodities and other - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Foreign Exchange 31,705 31,705 28,318 28,663 30,203 27,493 114,677 25,477 25,839 25,285 27,191 103,792
Credit 35,753 35,753 24,725 26,700 27,462 36,622 115,509 27,148 26,102 24,426 32,871 110,547
Equities 1,556 1,556 2,914 2,783 1,655 1,798 9,150 1,909 1,928 2,545 3,619 10,001
Total Fenics Brokerage Revenues $ 140,125 $ 140,125 $ 109,515 $ 109,382 $ 106,419 $ 118,424 $ 443,740 $ 101,238 $ 97,508 $ 98,125 $ 113,212 $ 410,083
Data, Network, and Post-trade 32,500 32,500 32,587 32,661 30,812 30,903 126,963 29,551 27,797 27,000 27,122 111,470
Other revenues 32 32 19 20 31 21 91 21 68 20 20 129
Total Revenues $ 172,657 $ 172,657 $ 142,121 $ 142,063 $ 137,262 $ 149,348 $ 570,794 $ 130,810 $ 125,373 $ 125,145 $ 140,354 $ 521,682

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