BGC Group, Inc. (BGC) Q1 2025 Earnings Call

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WEBVTT 00:00:00.211 -- 00:00:05.013 Greetings, and welcome to the BGC Group First Quarter 2025 Earnings Call. 00:00:05.013 -- 00:00:08.354 At this time, all participants are in a listen-only mode. 00:00:08.354 -- 00:00:11.855 A question-and-answer session will follow the formal presentation. 00:00:11.855 -- 00:00:15.816 If anyone should require operator assistance, please press star zero on your telephone 00:00:15.816 -- 00:00:19.017 keypad. And as a reminder, this conference is being recorded. 00:00:19.017 -- 00:00:24.779 It is now my pleasure to introduce to you Jason Krasikis, Head of Investor Relations. 00:00:24.779 -- 00:00:27.257 Thank you, Jason. You may begin. 00:00:27.257 -- 00:00:31.540 Thank you and hello everyone. This morning we issued BGC's first quarter 2025 financial 00:00:31.540 -- 00:00:35.141 results, which can be found at ir.bgcg.com. 00:00:35.562 -- 00:00:38.564 Any historical results provided on today's call compare only the first quarter of 2025 00:00:38.564 -- 00:00:43.047 with the prior year period, unless otherwise specified. 00:00:43.047 -- 00:00:46.269 We will be referring to our results on a non-GAAP basis, which include the terms adjusted 00:00:46.269 -- 00:00:50.507 earnings and adjusted EBITDA. Please refer to today's investor materials on our website 00:00:50.507 -- 00:00:53.970 for additional details on our financial results and for complete and updated definitions 00:00:53.970 -- 00:00:58.393 of any non-GAAP terms, reconciliations of these items to the corresponding GAAP results, 00:00:58.393 -- 00:01:00.975 and how, when, and why management uses them. 00:01:00.975 -- 00:01:04.738 The outlook discussed today assumes no material acquisitions or dispositions. 00:01:04.738 -- 00:01:09.321 Our expectations are subject to change based on...