Business
BGC Partners Updates its Outlook for the Second Quarter of 2023 and Provides an Update on the Corporate Conversion
NEW YORK, June 29, 2023 /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 29, 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 June 30, 2023, and provided an update on the timing of its corporate conversion.\nUpdated OutlookBGC reaffirmed its previously stated outlook ranges for revenue and pre-tax Adjusted Earnings for the second quarter of 2023. The Company's outlook was contained in BGC's financial results press release issued on May 3, 2023, which can be found at http://ir.bgcpartners.com. \nCorporate Conversion Update:BGC Partners, Inc. is expected to complete its corporate conversion to a Full C-Corporation on Saturday, July 1, 2023. The Company will change its name to \"BGC Group, Inc.\" and its Nasdaq ticker symbol to \"BGC\" from \"BGCP\".\nThe Company plans to issue a press release on July 3, 2023, under its new name BGC Group, Inc. to announce the completion of the corporate conversion. The Company will also update its main website to http://www.bgcg.com and its investor relations website to http://ir.bgcg.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 consid...