Revenue during the quarter grew 10.42 percent to $707.43 million from $640.65 million in the previous year period. Total expenses were 96.77 percent of quarterly revenues, up from 96.66 percent for the same period last year. That has resulted in a contraction of 11 basis points in operating margin to 3.23 percent.

Operating income for the quarter was $22.87 million, compared with $21.42 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $125.11 million compared with $91.79 million in the prior year period. At the same time, adjusted EBITDA margin improved 336 basis points in the quarter to 17.68 percent from 14.33 percent in the last year period.

"BGC generated record quarterly revenues, led by 20 percent growth from Newmark, our Real Estate Services3 business", said Howard W. Lutnick, chairman and chief executive officer of BGC. "Our more than 10 percent overall year-on-year top line improvement was also helped by several acquisitions made across both Financial Services and Real Estate Services, as well as by double-digit growth from our rates business. In addition, our GAAP net income, post-tax distributable earnings, and adjusted EBITDA all improved substantially year-on-year. As we continue to invest in the Company, we expect BGC’s revenues and earnings to outperform those of our competitors over time."

For the second-quarter 2017, BGC Partners, Inc. forecasts revenue to be in the range of $675 million to $720 million.

Debt increases substantially
BGC Partners, Inc. has witnessed an increase in total debt over the last one year. It stood at $1,050.68 million as on Mar. 31, 2017, up 25.28 percent or $212.04 million from $838.64 million on Mar. 31, 2016. Short-term debt stood at $87.29 million as on Mar. 31, 2017. Long-term debt stood at $963.39 million as on Mar. 31, 2017. Total debt was 21.41 percent of total assets as on Mar. 31, 2017, compared with 18.43 percent on Mar. 31, 2016.