Business
BGC Partners Updates its Outlook for the Fourth Quarter of 2022
NEW YORK, Dec. 30, 2022 /PRNewswire/ -- BGC Partners, Inc. (Nasdaq: BGCP) ("BGC Partners" or "BGC" or the "Company"), a leading global brokerage and financial
About this update from Bgc Group, Inc.
[{"type":"text","content":"NEW YORK, Dec. 30, 2022 /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 December 31, 2022.\nUpdated Outlook BGC's revenue and pre-tax Adjusted Earnings for the fourth quarter of 2022 are now expected to be above the midpoint of the range of its previously stated outlook. BGC's revenue would have been approximately $14 million higher, if not for the stronger U.S. dollar during the period, and in-line with last year's fourth quarter revenue, excluding Insurance. This guidance reflects continuing FX headwinds for the euro and pound sterling, which are tracking 11% and 13% lower, respectively, versus the U.S. dollar, on average, compared to the year ago period.\nThe Company's outlook was contained in BGC's financial results press release issued on November 2, 2022, which can be found at http://ir.bgcpartners.com.\nNon-GAAP Financial Measures This 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 ...