Business
BGC Group Updates its Outlook for the Second Quarter of 2024
NEW YORK, June 28, 2024 /PRNewswire/ -- BGC Group, Inc. (Nasdaq: BGC), today announced that it has updated its outlook for the quarter ending June 30, 2024.
About this update from Bgc Group, Inc.
[{"type":"text","content":"NEW YORK, June 28, 2024 /PRNewswire/ -- BGC Group, Inc. (Nasdaq: BGC), today announced that it has updated its outlook for the quarter ending June 30, 2024.\nUpdated Outlook BGC reaffirmed its previously stated outlook ranges for revenue and pre-tax Adjusted Earnings for the second quarter of 2024. The Company's outlook was contained in BGC's financial results press release issued on April 30, 2024, which can be found at http://ir.bgcg.com.\nNon-GAAP Financial Measures The non-GAAP definitions below include references to certain equity-based compensation instruments, such as restricted stock awards and/or restricted stock units (\"RSUs\"), that the Company has issued and outstanding following its corporate conversion on July 1, 2023. Although BGC is retaining certain defined terms and references, including references to partnerships or partnership units, for purposes of comparability before and after the corporate conversion, such references may not be applicable following the period ended June 30, 2023.\nThis document contains non-GAAP financial measures that differ from the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States (\"GAAP\"). Non-GAAP financial measures used by the Company include \"Adjusted Earnings before noncontrolling interests and taxes\", which is used interchangeably with \"pre-tax Adjusted Earnings\"; \"Post-tax Adjusted Earnings to fully diluted shareholders\", which is used interchangeably with \"post-tax Adjusted Earnings\"; \"Adjusted EBITDA\"; \"Liquidity\"; and \"Constant Currency\". The definitions of these terms are below.\nAdjusted Earnings Defined BGC uses non-GAAP financial measures, including \"Adjusted Earnings before noncontrolling interests and taxes\" and \"Post-tax Adjusted Earnings to fully diluted shareholders\", which are supplemental measures of operating results used by management to evaluate the financial performance of the Company and its consolidated subsidiaries. BGC believes that Adjusted Earnings best reflect the operating earnings generated by the Company on a consolidated basis and are the earnings which management considers when managing its business.\nAs compared with \"Income (loss) from operations before income taxes\" and \"Net income (loss) for fully diluted shares\", both prepared in a...