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26.10.2017 22:10
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PR Newswire
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GAIN Capital Reports Third Quarter 2017 Results
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PR Newswire
BEDMINSTER, N.J., Oct. 26, 2017
BEDMINSTER, N.J., Oct. 26, 2017 /PRNewswire/ --
Key Results and Highlights for the Third Quarter
- Net revenue increased 13% year-over-year to $81.3 million
- GAAP net loss of $2.6 million, or $0.04 per share; adjusted net income of $2.1 million, or $0.05 per share
- Recognized a non-cash charge associated with the refinancing of Convertible Senior Notes due 2018
- Adjusted EBITDA of $14.7 million, compared to $3.3 million Q3 2016
- Retail OTC and ECN average daily volume increased by 6% and 53%, respectively
GAIN Capital Holdings, Inc. ("GAIN") (NYSE: GCAP), a leading global provider of online trading services, announced financial results for the third quarter of 2017.
Net revenue for the quarter was $81.3 million, up from $72.2 million in the third quarter of 2016. Adjusted net income for the quarter was $2.1 million, which excludes a non-recurring, non-cash charge associated with the refinancing of $71.8 million of Convertible Senior Notes due 2018, compared to an adjusted net loss of $5.8 million in the third quarter of 2016. Adjusted EBITDA for the quarter was $14.7 million, up from $3.3 million in the third quarter of 2016. GAIN's financial highlights are included in the chart below.
| | Three Months Ended | | Nine Months Ended | |||||||||||
| | 2017 | | 2016 | | 2017 | | 2016 | |||||||
| Net Income/(Loss) | $ | (2.6) | | $ | (4.7) | | $ | (7.5) | | $ | 14.5 | |||
| Adjusted Net Income/(Loss)(1) | $ | 2.1 | | $ | (5.8) | | $ | (4.9) | | $ | 24.1 | |||
| | | | | | | | | |||||||
| Net Revenue | $ | 81.3 | | $ | 72.2 | | $ | 238.9 | | $ | 296.1 | |||
| Operating Expenses | (66.6) | | (68.9) | | (211.1) | | (233.4) | |||||||
| Adjusted EBITDA(1) | $ | 14.7 | | $ | 3.3 | | $ | 27.8 | | $ | 62.7 | |||
| | | | | | | | | |||||||
| Diluted GAAP EPS | $ | (0.04) | | $ | (0.11) | | $ | (0.12) | | $ | 0.25 | |||
| Adjusted EPS(1) | $ | 0.05 | | $ | (0.12) | | $ | (0.09) | | $ | 0.49 | |||
| | | | | | | | | | | | | | | |
| 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. | ||||||||||||||
"Our solid third quarter results reflect GAIN's ability to continue to execute and create value, even amid a period of multi-year low volatility levels," said Glenn Stevens, CEO of GAIN Capital. "Our year-over-year growth in revenue and adjusted EBITDA reflect our strategic focus on organic growth initiatives and effective cost management, which is on track to deliver total fixed cost savings of $15 million for 2017. The combination of strong cash flow generation and recent capital raises has improved our balance sheet and provided GAIN increased flexibility to pursue growth opportunities while continuing to return cash to shareholders."
| Quarterly Operating Metrics | | | | |||||
| | Q3 17 | Q3 16 | Year-over-year | |||||
| Retail Segment | | | | |||||
| OTC Trading Volume (1) | $ | 644.8 | | $ | 612.4 | | 5.3 | % |
| OTC Average Daily Volume | $ | 9.9 | | $ | 9.3 | | 6.5 | % |
| Active OTC Accounts (2) | 133,813 | | 129,921 | | 3.0 | % | ||
| | | | | |||||
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