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FXCM Inc. Announces Third Quarter 2011 Results and October Operating Metrics

FXC a zu myNews hinzufügen Was ist das?

FXCM Inc. (NYSE: FXCM), a leading online provider of foreign exchange, or FX, trading and related services, today announced for the quarter ended September 30, 2011, revenues increased to $109.1 million, compared to $103.4 million for the second quarter 2011 and $90.5 million for the third quarter 2010, an increase of 5% and 20% respectively. Adjusted Pro Forma EBITDA for the third quarter 2011 was $31.4 million compared to $28.5 million for the second quarter 2011 and $27.9 million for the third quarter 2010, an increase of 10% and an increase of 13%, respectively. Adjusted Pro Forma Net Income was $17.1 million, or $0.23 per share on a fully exchanged, fully diluted basis, compared to $15.6 million, or $0.21 per share for the second quarter 2011 and $16.4 million, or $0.22 per share, for the third quarter 2010, an increase of 10% and 4% of Adjusted Pro Forma Net Income, respectively. U.S. GAAP net income for the third quarter 2011 was $3.4 million, or $0.21 cents per fully diluted Class A share.

Adjusted Pro Forma results assume the conversion and exchange of all FXCM Holdings, LLC units into FXCM Inc. Class A shares, resulting in the elimination of the non-controlling interest and the corresponding adjustment to the entity’s tax provision. In addition, Adjusted Pro Forma results eliminate certain non-recurring charges and equity based compensation expense.

For the nine months ended September 30, 2011 revenues increased 16% to $307.1 million, compared to $264.2 million for the corresponding period in 2010. Adjusted Pro Forma EBITDA for the year was $85.5 million, compared to $88.2 million, for the corresponding prior year period, a decrease of 3%. Adjusted Pro Forma Net Income was $46.5 million, or $0.62 per share on a fully exchanged, fully diluted basis, compared to $52.2 million, or $0.69 per share, for the corresponding prior year period, a decrease of 11%. U.S. GAAP net income for the nine months ended September 30, 2011 was $9.5 million, or $0.56 cents per fully diluted Class A share.

"FXCM delivered solid results in the third quarter. Our retail client volume of $1,042 billion was a quarterly record,” said Drew Niv, Chief Executive Officer of FXCM Inc. "We are particularly pleased that our US operations turned in a particularly solid performance with 38% sequential growth in volume from the second quarter 2011.”

"In addition, on October 7^th we closed our acquisition of Foreland Forex in Japan which more than doubles our presence in Japan, the world’s largest retail FX market, and will increase our customer equity in excess of $1 billion,” he continued.

In addition, FXCM Inc. today announced certain key operating metrics for October 2011 for its retail and institutional foreign exchange business. Monthly activities included:

October Monthly Metrics:

Retail Trading Metrics

Retail customer trading volume⁽¹⁾ of $339 billion in October 2011, 8% lower than September 2011 and 24% higher than October 2010.
Average retail customer trading volume⁽¹⁾ per day of $16.2 billion in October 2011, 4% lower than September 2011 and 24% higher than October 2010.
An average of 462,882 retail client trades per day in October 2011, 4% lower than September 2011 and 39% higher than October 2010.
Active accounts⁽²⁾ of 161,991 as of October 31, 2011, an increase of 5,938, or 4% from September 2011, and an increase of 27,352, or 20%, from October 2010.

Institutional Trading Metrics

Institutional customer trading volume⁽¹⁾ of $174 billion in October 2011, 35% higher than September 2011 and 159% higher than October 2010.
Average institutional trading volume⁽¹⁾ per day of $8.3 billion in October 2011, 42% higher than September 2011 and 159% higher than October 2010.
An average of 43,213 institutional client trades per day in October 2011, 90% higher than September 2011 and 969% higher than October 2010.

More information, including historical results for each of the above metrics, can be found on the investor relations page of the Company's corporate website, www.fxcm.com.

This operating data is preliminary and subject to revision and should not be taken as an indication of the financial performance of FXCM Inc. FXCM 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, www.fxcm.com.

⁽¹⁾ Volume that FXCM customers traded in period translated into US dollars.

⁽²⁾ An account that has traded at least once in the previous twelve months.



Consolidated Adjusted Pro Forma and U.S. GAAP Results

	Adjusted Pro Forma (thousands except per share amounts)
	Three Months Ended September 30,							Nine Months Ended September 30,
		2011		2010		% Change			2011		2010	% Change

Total Revenues	$	109,068	$	90,531		20	%	$	307,119	$	264,153	16	%

Referring broker fees		25,720		24,607		5	%		72,253		61,680	17	%
Compensation and benefits		20,835		17,826		17	%		62,142		52,325	19	%
Other expenses		31,088		20,179		54	%		87,254		61,957	41	%

EBITDA		31,425		27,919		13	%		85,470		88,191	-3	%

Depreciation and amortization		5,367		1,831		193	%		14,201		5,292	168	%

Income before income taxes		26,058		26,088		0	%		71,269		82,899	-14	%

Income tax provision		8,932		9,678		-8	%		24,820		30,667	-19	%

Net Income		17,126		16,410		4	%		46,449		52,232	-11	%

Net income attributable to non-controlling interest		-		-		-			-		-	-

Net Income Attributable to FXCM Inc.	$	17,126	$	16,410		4	%	$	46,449	$	52,232	-11	%

Pro forma fully exchanged, fully diluted shares outstanding		74,449		75,300		-1	%		74,978		75,300	0	%

Earnings Per Share	$	0.23	$	0.22		6	%	$	0.62	$	0.69	-11	%



	Unaudited U.S. GAAP (thousands except per share amounts)
	Three Months Ended September 30,							Nine Months Ended September 30,
		2011		2010		% Change			2011		2010	% Change

Total Revenues	$	109,068	$	90,531		20	%	$	307,119	$	264,153	16	%

Referring broker fees		25,720		24,607		5	%		72,253		61,680	17	%
Compensation and benefits		22,955		17,826		29	%		68,662		52,325	31	%
Other expenses		31,350		20,179		55	%		103,516		61,957	67	%

EBITDA		29,043		27,919		4	%		62,688		88,191	-29	%

Depreciation and amortization		5,367		1,831		193	%		14,201		5,292	168	%

Income before income taxes		23,676		26,088		-9	%		48,487		82,899	-42	%

Income tax provision		8,136		(1,449	)	-661	%		10,756		3,517	206	%

Net Income		15,540		27,537		-44	%		37,731		79,382	-52	%

Net income attributable to non-controlling interest		12,142		27,537		-56	%		28,222		79,382	-64	%

Net Income Attributable to FXCM Inc.	$	3,398	$	-				$	9,509	$	-


Net Income (in thousands)	$	3,398						$	9,509

Net Income per Class A Share Basic and Diluted	$	0.21						$	0.56

Average Class A shares outstanding		16,468							16,997


Selected Operating Metrics

	(Unaudited)
	Three Months Ended September 30,						Nine Months Ended September 30,
		2011	2010		% Change		2011		2010		% Change

Total trading volume ($ in billions)	$	1,042	$	776	34	%	$	2,802	$	2,342	20	%

Total active accounts		156,053		134,478	16	%		156,053		134,478	16	%

Trading days in period		66		66				195		194

Daily average trades		438,599		302,438	45	%		366,902		314,337	17	%

Daily average trades per active account		2.8		2.3	22	%		2.5		2.5	0	%

Retail trading revenue per million traded	$	93	$	104	-11	%	$	96	$	100	-4	%

Total customer equity ($ in millions)	$	828.2	$	424.6	95	%	$	828.2	$	424.6	95	%

Non-GAAP Financial Measures

Adjusted Pro Forma EBITDA, Adjusted Pro Forma Net Income and Adjusted Pro Forma Net Income per fully diluted share are non-GAAP financial measures. These measures do not represent and should not be considered as a substitute for net income, net income attributable to FXCM Inc. or net income per Class A share or as a substitute for cash flow from operating activities, each as determined in accordance with GAAP, and our calculations of these measures may not be comparable to similarly entitled measures reported by other companies. See "Adjusted Pro Forma Results” beginning on A-3 of this release for additional information regarding these non-GAAP financial measures and for reconciliations of such measure to the most directly comparable measures calculated in accordance with GAAP.

Declaration of Quarterly Dividend

The company also announced today that its board of directors has declared a quarterly dividend of $0.06 per share on its outstanding Class A common stock. The dividend is payable on December 30, 2011 to Class A stockholders of record at the close of business on December 19, 2011.

Conference Call

As previously announced, FXCM Inc. will host a conference call to discuss its results at 8:15 a.m. (EST) today. This conference call will be available to domestic participants by dialing 866.788.0546 and 857.350.1684 for international participants. The conference ID number is 23809446.

A live, audio webcast, a copy of FXCM's earnings release, and a presentation and replay of this conference call will also be available at http://ir.fxcm.com/.

Disclosure Regarding Forward-Looking Statements

In addition to historical information, this earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect FXCM Inc.’s current views with respect to, among other things, its operations and financial performance for the future. You can identify these forward-looking statements by the use of words such as "outlook,” "believes,” "expects,” "potential,” "continues,” "may,” "will,” "should,” "seeks,” "approximately,” "predicts,” "intends,” "plans,” "estimates,” "anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. FXCM Inc. believes these factors include but are not limited to evolving legal and regulatory requirements of the FX industry, the limited operating history of the FX industry, risks related to the protection of its proprietary technology, risks related to its dependence on FX market makers, market conditions and those other risks described under "Risk Factors” in FXCM Inc.’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2011 and subsequently filed quarterly reports on Form 10-Q.

These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in our SEC filings. FXCM Inc. undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

About FXCM Inc.

FXCM Inc. (NYSE: FXCM) is a global online provider of foreign exchange, or FX, trading and related services to retail and institutional customers world-wide.

At the heart of FXCM's client offering is No Dealing Desk FX trading. Clients benefit from FXCM's large network of forex liquidity providers enabling FXCM to offer competitive spreads on major currency pairs. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. FXCM's U.K. subsidiary, Forex Capital Markets Limited, offers CFD products with no re-quote trading and allows clients to trade oil, gold, silver and stock indices along with FX on one platform. In addition, FXCM offers educational courses on FX trading and provides free news and market research through DailyFX.com.

Trading foreign exchange and CFDs on margin carries a high level of risk, and may not be suitable for all. Read full disclaimer.



ANNEX I

Schedule			Page Number

U.S. GAAP Results
Unaudited U.S. GAAP Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2011 and 2010			A-1
Unaudited U.S. GAAP Consolidated Statements of Financial Condition As of September 30, 2011 and December 31, 2010			A-2

Adjusted Pro Forma Results			A-3
Unaudited Adjusted Pro Forma and U.S. GAAP Consolidated Statements of Operations for the Three Months Ended September 30, 2011 and 2010			A-4
Unaudited Adjusted Pro Forma and U.S. GAAP Consolidated Statements of Operations for the Nine Months Ended September 30, 2011 and 2010			A-5

Reconciliation of EBITDA to U.S. GAAP Net Income			A-6


FXCM Inc. Consolidated Statement of Operations (In thousands, except per share amounts) (Unaudited )
	Three Months Ended September 30,					Nine Months Ended September 30,
		2011		2010			2011		2010
Revenues

Retail trading revenues	$	97,017	$	80,383		$	268,234	$	234,608
Institutional trading revenues		7,720		7,190			21,820		20,779
Interest Income		963		488			2,837		1,493
Other Income		3,368		2,470			14,228		7,273

Total revenues		109,068		90,531			307,119		264,153

Expenses

Referring broker fees		25,720		24,607			72,253		61,680
Compensation and benefits		22,955		17,826			68,662		52,325
Advertising and marketing		9,870		5,601			24,375		16,916
Communication and technology		8,190		6,373			23,559		19,171
General and administrative		13,197		8,178			55,356		25,792
Depreciation and amortization		5,367		1,831			14,201		5,292
Interest expense		93		27			226		78

Total expenses		85,392		64,443			258,632		181,254

Income before income taxes		23,676		26,088			48,487		82,899
Income tax provision		8,136		(1,449	)		10,756		3,517
Net income		15,540		27,537			37,731		79,382
Net income attributable to non-controlling interest		12,142		27,537			28,222		79,382
Net income attributable to FXCM, Inc.	$	3,398	$	-		$	9,509	$	-



Net Income (in thousands)	$	3,398				$	9,509

Net Income per Class A Share
Basic and Diluted	$	0.21				$	0.56

Average Class A shares outstanding		16,468					16,997

A-1


FXCM Inc. Consolidated Statements of Financial Condition As of September 30, 2011 and December 31, 2010 (Amounts in thousands) (Unaudited)
	September 30, 2011		December 31, 2010

Assets

Current assets
Cash and cash equivalents	$	177,582	$	193,330
Cash and cash equivalents, held for customers		828,235		641,152
Due from brokers		8,136		125
Accounts receivables		16,143		18,324
Deferred tax asset		8,017		7,625
Tax receivable		546		1,643
Total current assets		1,038,659		862,199

Deferred tax asset		83,474		90,107
Office, communication and computer equipment, net		32,386		18,709
Intangible assets and goodwill, net		62,284		64,409
Other assets		17,045		12,369
Total assets	$	1,233,848	$	1,047,793

Liabilities and Equity

Current liabilities
Customer account liabilities	$	828,235	$	641,152
Accounts payable and accrued expenses		52,273		37,470
Due to brokers		694		13,314
Deferred tax liability - current		1,650		1,844
Due to related parties - pursuant to tax receivable agreement		3,744		3,817
Deferred revenue		-		6,000
Total current liabilities		886,596		703,597

Deferred tax liability		4,735		5,770
Due to related parties - pursuant to tax receivable agreement		67,702		70,419
Total liabilities		959,033		779,786

Commitments and Contingencies

Stockholders' equity
Class A common stock, par value $0.01 per share;
3,000,000 shares authorized, 15,368,028 and 17,319,000 shares issued and outstanding as of September 30, 2011, and December 31, 2010, respectively		154		173
Class B common stock, par value $0.01 per share;
1,000,000 shares authorized, 100 and 0 shares issued and outstanding as of September 30, 2011, and December 31, 2010, respectively		1		1
Additional paid-in-capital		87,215		101,848
Retained earnings		6,661		146
Accumulated other comprehensive income		67		52
Total stockholders' equity of FXCM, Inc.		94,098		102,220
Non-controlling interest		180,717		165,787
Total stockholders' equity		274,815		268,007
Total liabilities and stockholders' equity	$	1,233,848	$	1,047,793

A-2

Adjusted Pro Forma Results

Throughout the discussion of FXCM Inc.’s results, information is presented on an Adjusted Pro Forma basis, which is a non-generally accepted accounting principles ("non-GAAP”) measure. Adjusted Pro Forma results begin with information prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP”), adjusted to exclude certain items and reflects the conversion of all units of FXCM Holdings, LLC for shares of Class A common stock of FXCM Inc. FXCM believes that the disclosed Adjusted Pro Forma measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare FXCM’s results across several periods and facilitate an understanding of FXCM’s operating results. The Company uses these measures to evaluate its operating performance, as well as the performance of individual employees. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. The differences between Adjusted Pro Forma and U.S. GAAP results are as follows:

	1.	Assumed Exchange of Units of FXCM Holdings, LLC for FXCM Inc. Class A Shares. As a result of the exchange of FXCM Holdings units, the non-controlling interest related to these units is converted to controlling interest. The Company’s management believes that it is useful to provide the per-share effect associated with the assumed exchange of all FXCM Holdings units.

	2.	Stock Based Compensation Expense. Adjustments have been made to the Adjusted Pro Forma Earnings to eliminate expense relating to stock based compensation. The Company’s management believes it is useful to provide the effects of eliminating these expenses.

	3.	Income Taxes. Prior to the initial public offering FXCM was organized as a series of limited liability companies and foreign corporations, and even following the initial public offering not all of the Company’s income is subject to corporate-level taxes. As a result, adjustments have been made to the Adjusted Pro Forma earnings to assume that the Company has adopted a conventional corporate tax structure and is taxed as a C corporation in the U.S. at the prevailing corporate rates, that all deferred tax assets relating to foreign operations are fully realizable within the structure on a consolidated basis and that adjustments for deferred tax assets related to the ultimate tax deductions for equity-based compensation awards are recorded directly to stockholders’ equity. This assumption is consistent with the assumption that all of FXCM Holdings’ units are exchanged for shares of FXCM Inc. Class A common stock, as discussed in Item 1 above, as the assumed exchange would change the tax structure of the Company.

	4.	Regulatory Reserve. During the nine months ended September 30, 2011, the Company established a reserve of $16.3 million regarding a settlement with the NFA and the CFTC relating to trade execution activities. Pursuant to an agreement with a subsidiary of FXCM Holdings LLC, certain founding members of FXCM Holdings agreed to reimburse the cost of these matters, up to $16.3 million. In July 2011 and August 2011, $16.0 million and $0.3 million of additional capital was provided by the respective founding members and their capital accounts were increased and decreased for the funding and expense, respectively, in accordance with their membership interest in Holdings. Consequently there was no impact to FXCM Inc.'s net income for the three and nine months ended September 30, 2011 as the expense was allocated to the respective members for such expenses as permitted under terms of Holdings’ LLC agreement. The Company believes it is useful to provide the effects of eliminating these expenses.

A-3


FXCM Inc. Adjusted Pro Forma Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited)

	Three Months Ended September 30,
	2011									2010
	As Reported		Adjustments				Adjusted Pro Forma			As Reported			Adjustments				Adjusted Pro Forma
Revenues

Retail trading revenues	$	97,017		-			$	97,017		$	80,383			-			$	80,383
Institutional trading revenues		7,720		-				7,720			7,190			-				7,190
Interest income		963		-				963			488			-				488
Other income		3,368		-				3,368			2,470			-				2,470

Total revenues		109,068		-				109,068			90,531			-				90,531

Expenses

Referring broker fees		25,720		-				25,720			24,607			-				24,607
Compensation and benefits		22,955		(2,120	)	⁽¹⁾		20,835			17,826			-				17,826
Advertising and marketing		9,870		-				9,870			5,601			-				5,601
Communication and technology		8,190		-				8,190			6,373			-				6,373
General and administrative		13,197		(262	)	⁽²⁾		12,935			8,178			-				8,178
Depreciation and amortization		5,367		-				5,367			1,831			-				1,831
Interest expense		93		-				93			27			-				27

Total expenses		85,392		(2,382	)			83,010			64,443			-				64,443

Income before income taxes		23,676		2,382				26,058			26,088			-				26,088
Income tax provision		8,136		796		⁽³⁾		8,932			(1,449	)		11,127		⁽³⁾		9,678
Net income		15,540		1,586				17,126			27,537			(11,127	)			16,410
Net income attributable to non-controlling interest		12,142		(12,142	)	⁽⁴⁾		-			27,537			(27,537	)	⁽⁴⁾		-
Net income attributable to FXCM Inc.	$	3,398	$	13,728			$	17,126		$	-		$	16,410			$	16,410


Pro Forma fully exchanged, fully diluted shares outstanding								74,449	⁽⁵⁾									75,300	⁽⁵⁾

Adjusted Pro Forma net income per fully exchanged, fully diluted shares outstanding							$	0.23									$	0.22

⁽¹⁾ Represents the elimination of equity-based compensation.

⁽²⁾ Represents an adjustment to reflect a reserve established relating to a settlement with the NFA and CFTC regarding trade execution activities. Pursuant to an agreement with a subsidiary of FXCM Holdings, certain founding members of FXCM Holdings agreed to reimburse the cost of these matters up to $16.0 million plus additional amounts as approved by such founding members. $16.0 million and $0.3 million were recorded in July 2011 and August 2011, respectively. Consequently, there was no impact to FXCM Inc.'s net income for the three and nine months ended September 30, 2011 as the entire expense was allocated to such founding members. $16.3 million of additional capital was provided by the respective founding members.

⁽³⁾ Represents an adjustment to reflect the assumed effective corporate tax rate of approximately 34.3% and 37.1% for the three months ended September 30, 2011 and 2010, respectively, which includes a provision for U.S. federal income taxes and assumes the highest statutory rates apportioned to each state, local and/or foreign jurisdiction. The adjustment assumes full exchange of existing unitholders FXCM Holdings, LLC units for shares of Class A common stock of the Company.

⁽⁴⁾ Represents the elimination of the non-controlling interest associated with the ownership by existing unitholders of FXCM Holdings, LLC (excluding FXCM, Inc.), as if the unitholders had fully exchanged their FXCM Holdings, LLC units for shares of Class A common stock of the Company.

⁽⁵⁾ Fully diluted shares assuming all unitholders had fully exchanged their FXCM Holdings, LLC units for shares of Class A common stock of the Company.

A-4


FXCM Inc. Adjusted Pro Forma Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited )

	Nine Months Ended September 30,
	2011									2010
	As Reported		Adjustments				Adjusted Pro Forma			As Reported		Adjustments				Adjusted Pro Forma
Revenues

Retail trading revenues	$	268,234		-			$	268,234		$	234,608		-			$	234,608
Institutional trading revenues		21,820		-				21,820			20,779		-				20,779
Interest income		2,837		-				2,837			1,493		-				1,493
Other income		14,228		-				14,228			7,273		-				7,273

Total revenues		307,119		-				307,119			264,153		-				264,153

Expenses

Referring broker fees		72,253		-				72,253			61,680		-				61,680
Compensation and benefits		68,662		(6,520	)	⁽¹⁾		62,142			52,325		-				52,325
Advertising and marketing		24,375		-				24,375			16,916		-				16,916
Communication and technology		23,559		-				23,559			19,171		-				19,171
General and administrative		55,356		(16,262	)	⁽²⁾		39,094			25,792		-				25,792
Depreciation and amortization		14,201		-				14,201			5,292		-				5,292
Interest expense		226		-				226			78		-				78

Total expenses		258,632		(22,782	)			235,850			181,254		-				181,254

Income before income taxes		48,487		22,782				71,269			82,899		-				82,899
Income tax provision		10,756		14,064		⁽³⁾		24,820			3,517		27,150		⁽³⁾		30,667
Net income		37,731		8,718				46,449			79,382		(27,150	)			52,232
Net income attributable to non-controlling interest		28,222		(28,222	)	⁽⁴⁾		-			79,382		(79,382	)	⁽⁴⁾		-
Net income attributable to FXCM Inc.	$	9,509	$	36,940			$	46,449		$	-	$	52,232			$	52,232


Pro Forma fully exchanged, fully diluted shares outstanding								74,978	⁽⁵⁾								75,300	⁽⁵⁾

Adjusted Pro Forma net income per fully exchanged, fully diluted shares outstanding							$	0.62								$	0.69

⁽¹⁾ Represents the elimination of equity-based compensation.

⁽²⁾ Represents an adjustment to reflect a reserve established relating to a settlement with the NFA and the CFTC regarding trade execution activities. Pursuant to an agreement with a subsidiary of FXCM Holdings, certain founding members of FXCM Holdings agreed to reimburse the cost of these matters, up to $16.0 million plus additional amounts as approved by such founding members. Consequently, there was no impact to FXCM Inc.'s net income for the three and nine months ended September 30, 2011 as the entire expense was allocated to such founding members. $16.3 million of additional capital was provided by the respective founding members.

⁽³⁾ Represents an adjustment to reflect the assumed effective corporate tax rate of approximately 34.8% and 37.0% for the nine months ended September 30, 2011 and 2010, respectively, which includes a provision for U.S. federal income taxes and assumes the highest statutory rates apportioned to each state, local and/or foreign jurisdiction. The adjustment assumes full exchange of existing unitholders FXCM Holdings, LLC units for shares of Class A common stock of the Company.

⁽⁵⁾ Fully diluted shares assuming all unitholders had fully exchanged their FXCM Holdings, LLC units for shares of Class A common stock of the Company.

A-5


FXCM Inc. Reconciliation of EBITDA to Net Income (In thousands) (Unaudited )

	Three Months Ended September 30,									Nine Months Ended September 30,
	Adjusted Pro Forma				U.S. GAAP					Adjusted Pro Forma				U.S. GAAP
	2011		2010		2011		2010			2011		2010		2011		2010

Net income attributable to FXCM Inc.	$	17,126	$	16,410	$	3,398	$	-		$	46,449	$	52,232	$	9,509	$	-
Net income attributable to noncontrolling interest		-		-		12,142		27,537			-		-		28,222		79,382
Provision for income taxes		8,932		9,678		8,136		(1,449	)		24,820		30,667		10,756		3,517
Depreciation and amortization		5,367		1,831		5,367		1,831			14,201		5,292		14,201		5,292
EBITDA	$	31,425	$	27,919	$	29,043	$	27,919		$	85,470	$	88,191	$	62,688	$	88,191



A-6

16.05.12	FXCM Launches App Store for Traders (Businesswire)
10.05.12	DIF Broker to White Label FXCM?s MT4 Platform Offering (Businesswire)
09.05.12	FXCM Inc. Announces First Quarter 2012 Results (Businesswire)
03.05.12	FXCM Sponsored Its First University Currency Trading Contest This Semester (Businesswire)
01.05.12	FXCM Inc. Announces First Quarter 2012 Earnings Conference Call (Businesswire)
16.04.12	FXCM Reports Monthly Metrics (Businesswire)
04.04.12	FXCM Trading Station Mobile for iPad® and Android? Tablets (Businesswire)
14.03.12	FXCM Inc. Announces Fourth Quarter 2011 and Full Year 2011 Results Releases February 2012 Operating Metrics (Businesswire)

16.05.12	FXCM Launches App Store for Traders (Businesswire)
10.05.12	DIF Broker to White Label FXCM?s MT4 Platform Offering (Businesswire)
09.05.12	FXCM Inc. Announces First Quarter 2012 Results (Businesswire)
03.05.12	FXCM Sponsored Its First University Currency Trading Contest This Semester (Businesswire)
01.05.12	FXCM Inc. Announces First Quarter 2012 Earnings Conference Call (Businesswire)
16.04.12	FXCM Reports Monthly Metrics (Businesswire)
04.04.12	FXCM Trading Station Mobile for iPad® and Android? Tablets (Businesswire)
14.03.12	FXCM Inc. Announces Fourth Quarter 2011 and Full Year 2011 Results Releases February 2012 Operating Metrics (Businesswire)

16.05.12	FXCM Launches App Store for Traders (Businesswire)
10.05.12	DIF Broker to White Label FXCM?s MT4 Platform Offering (Businesswire)
09.05.12	FXCM Inc. Announces First Quarter 2012 Results (Businesswire)
03.05.12	FXCM Sponsored Its First University Currency Trading Contest This Semester (Businesswire)
01.05.12	FXCM Inc. Announces First Quarter 2012 Earnings Conference Call (Businesswire)
16.04.12	FXCM Reports Monthly Metrics (Businesswire)
04.04.12	FXCM Trading Station Mobile for iPad® and Android? Tablets (Businesswire)
14.03.12	FXCM Inc. Announces Fourth Quarter 2011 and Full Year 2011 Results Releases February 2012 Operating Metrics (Businesswire)

16.05.12	FXCM Launches App Store for Traders (Businesswire)
10.05.12	DIF Broker to White Label FXCM?s MT4 Platform Offering (Businesswire)
09.05.12	FXCM Inc. Announces First Quarter 2012 Results (Businesswire)
03.05.12	FXCM Sponsored Its First University Currency Trading Contest This Semester (Businesswire)
01.05.12	FXCM Inc. Announces First Quarter 2012 Earnings Conference Call (Businesswire)
16.04.12	FXCM Reports Monthly Metrics (Businesswire)
04.04.12	FXCM Trading Station Mobile for iPad® and Android? Tablets (Businesswire)
14.03.12	FXCM Inc. Announces Fourth Quarter 2011 and Full Year 2011 Results Releases February 2012 Operating Metrics (Businesswire)

01.05.12	FXCM Inc. Announces First Quarter 2012 Earnings Conference Call (Businesswire)
03.05.12	FXCM Sponsored Its First University Currency Trading Contest This Semester (Businesswire)
10.05.12	DIF Broker to White Label FXCM?s MT4 Platform Offering (Businesswire)
09.05.12	FXCM Inc. Announces First Quarter 2012 Results (Businesswire)
16.05.12	FXCM Launches App Store for Traders (Businesswire)

Finanzen.net

FXC a Aktie [WKN: A0YJW5 / ISIN: US3026931069]

10.11.2011 12:30

FXCM Inc. Announces Third Quarter 2011 Results and October Operating Metrics

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