Business
BGC Partners Updates its Outlook for the First Quarter of 2023
NEW YORK, March 31, 2023 /PRNewswire/ -- BGC Partners, Inc. (Nasdaq: BGCP) ("BGC Partners" or "BGC" or the "Company"), a leading global brokerage and
About this update from Bgc Group, Inc.
[{"type":"text","content":"NEW YORK, March 31, 2023 /PRNewswire/ -- BGC Partners, Inc. (Nasdaq: BGCP) (\"BGC Partners\" or \"BGC\" or the \"Company\"), a leading global brokerage and financial technology company, today announced that it has updated its outlook for the quarter ending March 31, 2023.\nUpdated OutlookBGC continued to see broad-based revenue growth across all its asset classes as compared to the first quarter of 2022. BGC's revenue was slightly impacted by the recent turmoil across regional banks and certain global investment banks, which resulted in lower volumes over the last few weeks of the quarter. Accordingly, BGC's revenue and pre-tax Adjusted Earnings for the first quarter of 2023 are now expected to be slightly below the midpoint of the range of its previously stated outlook. BGC's revenue would have been approximately $9 million higher, if not for the stronger U.S. dollar during the period. This guidance reflects continuing strong dollar headwinds compared to the year ago period.\nThe Company's outlook was contained in BGC's financial results press release issued on February 27, 2023, which can be found at http://ir.bgcpartners.com.\nNon-GAAP Financial MeasuresThis 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 DefinedBGC 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...