BGC Group, Inc. (BGC) Q2 2025 Earnings Call

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WEBVTT 00:00:00.250 -- 00:00:05.379 It is now my pleasure to introduce your host, Jason Crisikis, Head of Investor Relations. 00:00:05.379 -- 00:00:08.320 Thank you. You may be. 00:00:08.444 -- 00:00:12.470 Thank you and hello, everyone. This morning, we issued BGC's second quarter 2025 financial 00:00:12.470 -- 00:00:15.893 results, which can be found at ir.bgcg.com. 00:00:16.317 -- 00:00:19.723 Any historical results provided on today's call compare only the second quarter of 2025 00:00:19.723 -- 00:00:23.369 with the prior year period, unless otherwise specified. 00:00:23.369 -- 00:00:27.313 All references on today's call to historic and record results are to BGC standalone financial 00:00:27.313 -- 00:00:29.896 results excluding Newmark prior to the spinoff in November 2018. 00:00:29.896 -- 00:00:34.321 We will be referring to our results on a non-GAAP basis, which include the terms adjusted 00:00:34.321 -- 00:00:38.485 earnings and adjusted EBITDA. Please refer to today's investor materials on our website 00:00:38.485 -- 00:00:41.569 for additional details on our financial results and for complete and updated definitions 00:00:41.569 -- 00:00:45.833 of any non-GAAP terms, reconciliations of these items to the corresponding GAAP results, 00:00:45.833 -- 00:00:48.136 and how, when, and why management uses them. 00:00:48.136 -- 00:00:51.685 The outlook discussed today assumes no material acquisitions or dispositions. 00:00:51.685 -- 00:00:56.172 Our expectations are subject to change based on various macroeconomic, social, political, 00:00:56.172 -- 00:00:58.134 and or other factors. 00:00:58.134 -- 00:01:01.159 Information on this call contains forward-looking statements including, without limitation, 00:01:01.159 -- 00:01:04.023 statements about our economic outl...