Business
BGC Partners Updates its Outlook for the Second Quarter of 2022
NEW YORK, June 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, June 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 June 30, 2022.\nUpdated OutlookBGC's revenue for the second quarter of 2022 is now expected to be slightly below the midpoint of the range of its previously stated outlook, while pre-tax Adjusted Earnings is expected to be around the midpoint. BGC's expected second quarter 2022 revenue would have been higher than the previously stated midpoint and in-line with the year ago period, excluding Insurance, if not for the strengthening of the U.S. Dollar during the period. \nThe Company's outlook was contained in BGC's financial results press release issued on May 2, 2022, 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\"; and \"Liquidity\". 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 business.\nAs compared with \"Income (loss) from operations before income taxes\" and \"Net income (loss) for fully diluted shares\", both prepared in accordance with GAAP, Adjusted Earnings calculations primarily exclude certain non-cash items and other expenses that generally do not invo...