Business
BGC Partners Updates its Outlook for the Third Quarter of 2021
NEW YORK, Sept. 30, 2021 /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, Sept. 30, 2021 /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 September 30, 2021.\nUpdated OutlookBGC reaffirmed its previously stated outlook ranges for revenue and pre-tax Adjusted Earnings for the third quarter of 2021. The Company's outlook was contained in BGC's financial results press release issued on August 4, 2021, 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\"; and \"Liquidity\". 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 accordance with GAAP, Adjusted Earnings calculations primarily exclude certain non-cash items and other expenses that generally do not involve the receipt or outlay of cash by the Company and/or which do not dilute existing stockholders. In addition, Adjusted Earnings calculations exclude certain gains and charges that management believes do not best reflect the ordinary results of BGC. Adjusted Earnings is calculated by taking the most comp...